johor of final dividend for financial year 2007. pengisytiharan dividen akhir bagi tahun kewangan...

JohorLandBERHAD 12379-K

Laporan Tahunan 2008 Annual Report

“The cactus rose symbolises durability and sustainability –

JLand’s core development and corporate philosophy. Its

radiating petals denote symmetry and orderly growth – the

way JLand has progressed from building house units to

residential neighbourhoods to thriving township. The succulent

petals of the plant depict JLand’s capacity to endure the

challenging economic climate.”

“Ros kaktus melambangkan ketahanan serta kelestarian –

iaitu teras kepada pembangunan dan falsafah korporat JLand.

Kelopaknya yang bersemarak melambangkan pertumbuhan

yang sekata dan tersusun – seperti mana JLand berkembang

maju daripada membina unit-unit rumah kepada perjiranan

kediaman dan seterusnya kepada perbandaran yang pesat

membangun. Ketebalan kelopak tumbuhan ini adalah

gambaran kepada keupayaan JLand untuk mengharungi

persekitaran ekonomi yang serba mencabar.”

Rationale Rasional

SINGAPORE

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BANDAR DATO’ ONN

To be the LEADING property company

Menjadi syarikat PENERAJU di sektor hartanah

Corporate Vision Visi Korporat

10Board of DirectorsLembaga Pengarah 24

Statement To ShareholdersPenyata Kepada Para Pemegang Saham

Johor Land Berhad • Laporan Tahunan 2008 Annual Report2

Laporan Tahunan 2008 Annual Report • Johor Land Berhad 3

02 Corporate Vision Visi Korporat 04 Corporate Profile Profil Korporat06 5 Years’ Financial Performance Prestasi Kewangan 5 Tahun 08 2008 Financial Calendar Kalendar Kewangan 2008 09 Corporate Information Maklumat Korporat 10 Board of Directors Lembaga Pengarah 12 Profile of the Board of Directors Profil Lembaga Pengarah22 Corporate Structure Struktur Korporat23 Teraju Committee Jawatankuasa Teraju

24 Statement to Shareholders Penyata Kepada Para Pemegang Saham 44 2008 Corporate Diary Diari Korporat 2008 46 Audit Committee Report50 Statement on Corporate

Governance56 Statement on Internal Control60 Statement on Directors’

Responsibility61 Additional Disclosure

Information64 Financial Statements122 Location of Land Bank and

Projects123 List of Properties

130 Shareholdings’ Statistics132 Notice of Annual General

Meeting137 Notis Mesyuarat Agung Tahunan142 Statement Accompanying The Notice of Annual General

Meeting143 Penyata Bersama Notis Mesyuarat Agung Tahunan144 Corporate Directory• Proxy Form Borang Proksi

Contents Kandungan

442008 Corporate DiaryDiari Korporat 2008 64

Financial Statements


Corporate ProfileProfil Korporat

Johor Land Berhad (JLand) is a successful property developer listed on the Main Board of Bursa Malaysia Securities Berhad with a strong track record of building thriving communities in Johor going back to 1972. One of its key achievements is the development of residential neighbourhoods in the Township of Pasir Gudang.

JLand’s long term commitment to sustainable development and its ability to respond to the needs of the local market has made JLand a dominant property developer in Johor. This commitment and this ability is made possible through understanding homeowners’ need for quality and functionality. Our success is in giving our customers value for their money and assets with potential for appreciation.

The company currently has a prime land bank of over 3,000 acres in Johor. In its endeavour to be a premier property company in the country, it intends to expand its presence throughout Malaysia and the region and to widen its involvement in other sectors of the property industry. JLand is prepared to develop viable parcels of land in areas outside its present area of operation and to participate in acquiring, developing and owning investment properties.

Johor Land Berhad (JLand) merupakan pemaju hartanah berjaya yang disenaraikan di Papan Utama Bursa Malaysia Securities Berhad dan mempunyai rekod pencapaian yang kukuh dalam membangunkan komuniti yang berkembang di Johor sejak tahun 1972. Salah satu pencapaian utamanya adalah pembangunan kediaman perjiranan di Perbandaran Pasir Gudang.

Komitmen jangka panjang JLand untuk pembangunan yang berterusan dan keupayaannya bertindak balas terhadap keperluan pasaran tempatan menjadikan JLand sebuah pemaju hartanah yang terutama di Johor. Komitmen dan keupayaan ini tercapai melalui kefahaman terhadap kehendak pemilik kediaman untuk kualiti dan fungsi kediaman. Kejayaan kami adalah dalam memberi pulangan nilai wang dan potensi peningkatan nilai aset kepada pelanggan-pelanggan kami.

Syarikat kini mempunyai lebih dari 3,000 ekar simpanan tanah utama di Johor. Dalam usahanya untuk menjadi syarikat hartanah yang unggul di negara ini, JLand berhasrat untuk memperluaskan aktivitinya ke seluruh Malaysia dan rantau ini serta memperluaskan penglibatannya dalam sektor-sektor lain dalam industri hartanah. JLand bersedia untuk membangunkan tanah-tanah yang berdaya maju di luar kawasan operasi sedia ada dan untuk melibatkan diri dalam mengambilalih, membangun dan memiliki pelaburan hartanahnya sendiri.

Johor Land Berhad (JLand) is a successful property developer listed on the Main Board of Bursa Malaysia Securities Berhad

Johor Land Berhad (JLand) merupakan pemaju hartanah berjaya yang disenaraikan di Papan Utama Bursa Malaysia Securities Berhad



5 Years’ Financial PerformancePrestasi Kewangan 5 Tahun

RM’000 2004 2005 2006 2007 2008

Revenue 108,416 88,783 74,660 63,356 138,694

Perolehan

Profit Before Tax 36,226 22,261 22,099 8,268 25,289

Keuntungan Sebelum Cukai

Total Assets 721,552 755,777 757,365 809,887 894,636

Jumlah Aset

Shareholders’ Equity 618,826 631,903 639,962 640,466 653,331

Ekuiti Pemegang Saham

Earnings Per Share (sen) 12.54 7.17 7.68 2.90 8.30

Pendapatan Sesaham (sen)

Net Assets Per Share (sen) 6.17 5.22 5.28 5.29 5.40

Aset Bersih Sesaham (sen)


2008

2007

2005

2004

138,694

63,356

2006 74,660

88,783

108,416

RevenuePerolehan

RM (’000)RM (’000)

2008

2007

2005

2004

25,289

8,268

2006 22,099

22,261

36,226

Profit Before TaxKeuntungan Sebelum Cukai

RM (’000)RM (’000)

2008

2007

2005

2004

894,636

809,887

2006 757,365

755,777

721,552

Total AssetsJumlah Aset

RM (’000)RM (’000)

2008

2007

2005

2004

653,331

640,466

2006 639,962

631,903

618,826

Shareholders’ EquityEkuiti Pemegang Saham

RM (’000)RM (’000)

2008

2007

2005

2004

8.30

2.90

2006 7.68

7.17

12.54

Earning Per SharePendapatan Sesaham

SenSen

2008

2007

2005

2004

5.40

5.29

2006 5.28

5.22

6.17

Net Assets Per ShareAset Bersih Sesaham

SenSen


2008 Financial Calendar Kalendar Kewangan 2008

27/02/2008

Quarterly report on consolidated results for the financial period ended 31/12/2007.Laporan suku tahun kewangan yang disatukan bagi tempoh berakhir 31/12/2007.

14/04/2008

Declaration of final dividend for financial year 2007.Pengisytiharan dividen akhir bagi tahun kewangan 2007.

24/04/2008

Notice of 33rd Annual General Meeting and Extraordinary General Meeting.Notis Mesyuarat Agung Tahunan kali ke-33 dan Mesyuarat Agung Luarbiasa.

21/05/2008

33rd Annual General Meeting & Extraordinary General Meeting.Mesyuarat Agung Tahunan kali ke-33 & Mesyuarat Agung Luarbiasa.

21/05/2008


26/08/2008


26/11/2008


03/12/2008

Declaration of interim dividend for financial year 2008.Pengisytiharan dividen interim bagi tahun kewangan 2008.

31/12/2008

Date of entitlement for interim dividend 2008.Tarikh kelayakan menerima dividen interim 2008.


ComPANy SECREtARIES / SEtIAUSAhA-SEtIAUSAhA SyARIkAt

JAmALLUDIN BIN kALAm LS 02710

IDhAm JIhADI BIN ABU BAkARACIS (MAICSA 7007381)

BoARD of DIRECtoRSLEmBAGA PENGARAh

tAN SRI DAto’ mUhAmmAD ALI hAShImChairman / PengerusiNon Independent Non Executive ChairmanPengerusi Bukan Bebas Bukan Eksekutif

mohD tALhAR BIN ABDUL RAhmANDeputy Chairman / Timbalan PengerusiNon Independent Non Executive Deputy ChairmanTimbalan Pengerusi Bukan Bebas Bukan Eksekutif

A.f.m ShAfIQUL hAfIZManaging Director / Pengarah Urusan

kUA hWEE SIm •Independent Non Executive DirectorPengarah Bebas Bukan Eksekutif

DAto hJ hASSAN BIN hJ mohD yUNoS •Independent Non Executive DirectorPengarah Bebas Bukan Eksekutif

DR mohD hAfEtZ BIN AhmADIndependent Non Executive DirectorPengarah Bebas Bukan Eksekutif

LUkmAN BIN hJ. ABU BAkAR •Non Independent Non Executive DirectorPengarah Bukan Bebas Bukan Eksekutif

ABDUL mALEk BIN tALIBNon Independent Non Executive DirectorPengarah Bukan Bebas Bukan Eksekutif

yUSof BIN RAhmAtNon Independent Non Executive DirectorPengarah Bukan Bebas Bukan Eksekutif

• Audit Committee / Jawatankuasa Audit

StoCk EXChANGE LIStINGPENyENARAIAN BURSA SAhAm Main Board of Bursa Malaysia Securities BerhadPapan Utama Bursa Malaysia Securities Berhad

AUDItoRSJURUAUDIt KPMG

PRINCIPAL BANkERSBANk-BANk UtAmA Malayan Banking BerhadBank Muamalat Malaysia Berhad

Corporate Information Maklumat Korporat

REGIStERED offICEPEJABAt BERDAftAR Level 2, Persada Johor International Convention CentreJalan Abdullah Ibrahim80000 Johor BahruJohor, MalaysiaTel : 07-219 2692Fax/Faks : 07-223 3175

ShARE REGIStRARPENDAftAR SAhAm Pro Corporate Management Services Sdn Bhd(Company No. 349501-M)Suite 2, 17th FloorKompleks Tun Abdul RazakJalan Wong Ah Fook80000 Johor BahruJohor, MalaysiaTel : 07-222 5044Fax/Faks : 07-222 3044E-mail : [email protected]

Board of Directors Lembaga Pengarah

Tan Sri Dato’ Muhammad Ali Hashim(Chairman / Pengerusi)

A.F.M Shafiqul Hafiz(Managing Director / Pengarah Urusan)

Mohd Talhar Bin Abdul Rahman(Deputy Chairman / Timbalan Pengerusi)

Kua Hwee Sim


Dr Mohd Hafetz Bin Ahmad

Dato Hj Hassan Bin Hj Mohd Yunos

Lukman Bin Hj. Abu Bakar

Abdul Malek Bin Talib

Yusof Bin Rahmat



Tan Sri is the President and Chief Executive Off icer (CEO) of Johor Corporation (JCorp), the ultimate holding corporation of JLand, and has held that position since January 1982.

He graduated from the University of Malaya with a Bachelor of Economics (Honours) degree in 1969 and part icipated in the S e n i o r E x e c u t i v e P r o g r a m m e , S t a n f o r d University, USA in 1985. Tan Sri was conferred the Honorary Doctorate of Management by Universiti Teknologi Malaysia (UTM) o n 1 9 A u g u s t 2 0 0 0 ; Honorary Doctorate in E n t r e p r e n e u r s h i p b y U n i v e r s i t i T e k n o l o g i Mara (UiTM) on 24 May 2 0 0 7 ; a n d H o n o r a r y Doctorate in Technology Management by Universiti

Tun Hussien Onn Malaysia (UTHM) on 2 September 2007.

Tan Sr i ’s tenac i ty , bus iness acumen and entrepreneurial leadership has enabled JCorp to grow into one of Malaysia’s leading conglomerates with more than 250 companies, 8 of which are listed on Bursa Malaysia Securities Berhad and another on the London Stock Exchange. Market capitalisation of JCorp’s portion of PLC shares stood at RM3.7 billion at end 2008. This highly diversified Group offers meaningful career opportunities to more than 50,000 employees.

As President and CEO of JCorp Group, Tan Sri had also successfully steered the Group through extreme business challenges, especially when the JCorp Group was hard hit by the 1997 Asian Crisis. In 2006-2007, JCorp through Kulim (Malaysia) Berhad had also successfully acquired two PLC’s namely QSR Brands Berhad and KFC Holdings (Malaysia)

Tan Sri Dato’ Muhammad Ali Hashim, aged 62, a Malaysian, is a Non Independent Non Executive Chairman of JLand. Tan Sri was appointed to the Board on 1 January 2006.

Tan Sri Dato’ Muhammad Ali Hashim, berusia 62 tahun, warganegara Malaysia, merupakan Pengerusi Bukan Bebas Bukan Eksekutif JLand. Tan Sri telah dilantik ke Lembaga Pengarah pada 1 Januari 2006.

Profile of the Board of DirectorsProfil Lembaga Pengarah

Tan Sri adalah Presiden dan Ketua Eksekutif Kumpulan Johor Corporation (JCorp), perbadanan induk JLand, sejak Januari 1982.

Beliau berkelulusan Ijazah Sarjana Muda Ekonomi (Kepujian) dari Universiti Malaya pada tahun 1969 dan telah menyertai Program Eksekutif Kanan, Stanford University, Amerika Syarikat pada tahun 1985. Tan Sri telah dianugerahkan Ijazah Kehormat Doktor Pengurusan dari Universiti Teknologi Malaysia (UTM) pada 19 Ogos 2000; Ijazah Kehormat Doktor Keusahawanan dari Universiti Teknologi Mara (UiTM) pada 24 Mei 2007; dan Ijazah Kehormat Doktor Falsafah Pengurusan Teknologi dari Universiti Tun Hussien Onn Malaysia (UTHM) pada 2 September 2007.

Berkeperibadian gigih dan cekal, tinggi semangat keusahawanan ser ta berdaya kep imp inan berwawasan, Tan Sri telah membina JCorp sehingga menjadi sebuah konglomerat Malaysia yang unggul yang memiliki lebih dari 250 buah syarikat, dengan 8 buah tersenarai di Bursa Malaysia Securities Berhad dan sebuah lagi di Bursa Saham London. Permodalan pasaran bagi saham-saham milik JCorp sehingga Disember 2008 adalah berjumlah RM3.7 bilion. Keunggulan Kumpulan JCorp yang menerajui pelbagai bidang telah dapat memberikan peluang kerjaya kepada lebih 50,000 orang anggota pekerja.

Sebagai Presiden dan Ketua Eksekutif Kumpulan JCorp, Tan Sri telah berjaya mengemudikan Kumpulan dalam menghadapi cabaran bisnes terutama ketika JCorp dilanda Krisis Ekonomi Asia pada tahun 1997. Pada tahun 2006-2007, JCorp melalui Kulim (Malaysia) Berhad telah berjaya mengambilalih dua syarikat tersenarai iaitu QSR Brands Berhad dan KFC Holdings (Malaysia) Bhd, berjaya mengatasi tentangan yang hebat yang juga telah menjadi satu mercu tanda di dalam pengambilalihan korporat di Malaysia.

JCorp telah berjaya menguruskan satu-satunya pihak berkuasa tempatan Malaysia yang diuruskan berteraskan prinsip swasta, iaitu Majlis Perbandaran Pasir Gudang (MPPG) (dahulunya dikenali sebagai Pihak Berkuasa Tempatan Pasir Gudang), dengan Tan Sri selaku Presiden yang bertanggungjawab sebagai Datuk Bandar daripada Januari 1982

tAN SRI DAto’ mUhAmmAD ALI hAShImChairman / Pengerusi


Bhd, overcoming a protracted hostile challenge. This had led to the exercise becoming one of Malaysian landmark corporate acquisitions.

JCorp has also successfully managed Malaysia’s one and only ‘market-driven’ local authority, namely the Pasir Gudang Municipal Council (PGMC) (previously known as Pasir Gudang Local Authority), with Tan Sri as President with mayorial responsibilities from January 1982 up to July 2008. JCorp was the single most important agency responsible for Pasir Gudang’s development into one of Malaysia’s vibrant and dynamics industrial townships. PGMC made history by becoming the first business-driven Local Authority in Malaysia to issue a Mudharabah Bond rated triple ‘A’ by Ratings Agency Malaysia (RAM).

Tan Sri sits as Chairman of Kulim (Malaysia) Berhad, KPJ Healthcare Berhad, QSR Brands Berhad, KFC Holdings (Malaysia) Bhd and Sindora Berhad which are JCorp’s subsidiaries listed on the Main Board of Bursa Malaysia Securities Berhad. Tan Sri also sits as Chairman of Damansara Realty Berhad, an associate company of JCorp listed on the Main Board of Bursa Malaysia Securities Berhad.

Tan Sri is also active as a Council Member of Malaysian Industrial Development Authority (MIDA), President of the Malaysian Kite Council and President of Malaysian Yachting Association, Vice President of the Malaysian Islamic Chamber of Commerce (MICC) and Chairman of the MICC Corporate Bureau and Chairman of Kumpulan Waqaf An-Nur Berhad, an Islamic endowment institution that spearheads JCorp Group’s CSR programs, including the unique Corporate Waqaf Concept initiated by JCorp. He is the Chairman of Damansara REIT Managers Sdn Bhd and also the Chairman and/or Director of several other companies within the JCorp Group.

Other than as disclosed, he does not have any family relationship with any director and/or major shareholder of JLand. He has no personal interest in any business arrangement involving JLand. He has not been convicted for any offences. He attended all four (4) Board of Directors’ Meetings of the Company in the financial year ended 31 December 2008.

sehingga Julai 2008. JCorp merupakan agensi utama yang bertanggungjawab ke atas pembangunan Pasir Gudang sehingga berjaya dimajukan menjadi sebuah bandar perindustrian yang unggul dan dinamik di Malaysia. MPPG telah menempa sejarah dengan menjadi Pihak Berkuasa Tempatan di Malaysia yang pertama menerbitkan Bon Mudharabah dengan penarafan tiga ‘A’ oleh Ratings Agency Malaysia (RAM).

Tan Sri adalah Pengerusi Kulim (Malaysia) Berhad, KPJ Healthcare Berhad, QSR Brands Berhad, KFC Holdings (Malaysia) Bhd dan Sindora Berhad, syarikat-syarikat di dalam Kumpulan JCorp yang tersenarai di Papan Utama Bursa Malaysia Securities Berhad. Tan Sri juga adalah Pengerusi Damansara Realty Berhad, syarikat sekutu JCorp yang tersenarai di Papan Utama Bursa Malaysia Securities Berhad.

Tan Sri juga aktif sebagai Ahli Majlis Lembaga Pembangunan Industri Malaysia (MIDA), Presiden Majlis Pelayang Malaysia dan Presiden Persatuan Pelayar Malaysia, Naib Presiden Dewan Perdagangan Islam Malaysia (DPIM), Pengerusi Biro Korporat DPIM dan Pengerusi Kumpulan Waqaf An-Nur Berhad, sebuah institusi waqaf Islam yang menerajui program “CSR” Kumpulan JCorp, termasuk Konsep Waqaf Korporat yang unik yang dimulakan oleh JCorp. Beliau adalah Pengerusi Damansara REIT Managers Sdn Bhd dan juga Pengerusi dan/atau Pengarah di dalam beberapa buah syarikat lain dalam Kumpulan JCorp.

Selain daripada yang telah dimaklumkan, beliau tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama JLand. Beliau juga tidak mempunyai sebarang kepentingan peribadi di dalam sebarang urusan perniagaan yang melibatkan JLand. Beliau tidak pernah dijatuhkan hukuman atas sebarang kesalahan. Beliau telah menghadiri kesemua empat (4) Mesyuarat Lembaga Pengarah Syarikat bagi tahun kewangan berakhir 31 Disember 2008.


On 1 February 2001, he was appoin ted as the Chairman and with effect from 1 January 2006, he resigned as the Chairman and was re-appointed as the Deputy Chairman on 6 January 2006.

He is a Chartered Surveyor by profession and was made a Fellow of the Royal Insti tut ion of Chartered Surveyors in 1973. He became a Fellow of the Institution of Surveyors (Malaysia) in 1985. He served in both the State a n d M a l a y s i a n C i v i l Serv ices; in the Local Government and Housing Department, Johor from 1964 to 1967, and as

Director of Valuation in the Ministry of Finance from 1968 to 1972. In 1974, he co-founded C H Williams Talhar & Wong (WTW), a Valuation and Property Consultancy Firm and became the Group Chairman of WTW since 1982. He sits on the Board of Pelaburan Johor Berhad, a public company.

Other than as disclosed, he does not have any family relationship with any director and/or major shareholder of JLand. He has no personal interest in any business arrangement involving JLand. He has not been convicted for any offences. He attended two (2) Board of Directors’ Meetings of the Company in the financial year ended 31 December 2008.


mohD tALhAR BIN ABDUL RAhmANDeputy Chairman /Timbalan Pengerusi

Pada 1 Februari 2001, beliau telah dilantik sebagai Pengerusi dan berkuatkuasa daripada 1 Januari 2006, beliau meletakkan jawatan sebagai Pengerusi dan dilantik semula sebagai Timbalan Pengerusi pada 6 Januari 2006.

Beliau ialah seorang “Chartered Surveyor” dan telah menjadi “Fellow of the Royal Institution of Chartered Surveyor” pada tahun 1973. Beliau merupakan “Fellow of the Institution of Surveyors” (Malaysia) pada tahun 1985. Beliau telah berkhidmat di Perkhidmatan Awam Peringkat Negeri dan Malaysia; di Jabatan Perumahan dan Kerajaan Tempatan, Johor dari tahun 1964 hingga 1967 dan sebagai Pengarah Penilaian di Kementerian Kewangan dari tahun 1968 hingga 1972. Pada tahun 1974, beliau telah bersama-sama menubuhkan C H Williams Talhar & Wong (WTW), sebuah Firma Penilaian dan Perunding Hartanah dan menjadi Pengerusi Kumpulan WTW sejak tahun 1982. Beliau adalah Pengarah Pelaburan Johor Berhad, sebuah syarikat awam.

Selain daripada yang dimaklumkan, beliau tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama JLand. Beliau juga tidak mempunyai kepentingan peribadi dalam sebarang urusan perniagaan yang melibatkan JLand. Beliau juga tidak pernah dijatuhkan hukuman atas sebarang kesalahan. Beliau telah menghadiri dua (2) Mesyuarat Lembaga Pengarah Syarikat bagi tahun kewangan berakhir pada 31 Disember 2008.

Mohd Talhar Bin Abdul Rahman, aged 69, a Malaysian, is a Non Independent Non Executive Director and also the Deputy Chairman of JLand. He was appointed as a Director of JLand on 15 April 1996.

Mohd Talhar Bin Abdul Rahman, berusia 69 tahun, warganegara Malaysia, merupakan Pengarah Bukan Bebas Bukan Eksekutif dan juga sebagai Timbalan Pengerusi JLand. Beliau telah dilantik sebagai Pengarah JLand pada 15 April 1996.


He graduated with a Bachelor of Science Degree majoring in Civil Engineering from East P a k i s t a n U n i v e r s i t y o f Engineering and Technology, Dhaka in 1967. He also holds a Master of Science Degree in Civil Engineering from Middle East Technical University of Ankara, Turkey which he obtained in 1971. He is also registered with the Institute of Engineers, Australia, as a C h a r t e r e d P r o f e s s i o n a l Engineer. In 1992, he attended a Senior Management Program on Public Enterprise at Harvard, USA.

He has been a National Council Member of International Real Estate Federation (FIABCI) Malaysian Chapter since 2000 and has been elected a Board Member of FIABCI International for the term 2009 till 2012.

He began his career as an Engineer in Dhaka, East Pakistan in 1968. His career in Malaysia dates back to 1974 when he joined Public Works Department of Malaysia as a Project Engineer. Later he joined Johor Corporation in 1983 and has held various positions within the Group before being appointed as the Managing Director of JLand in 1988 and as the Chief Executive of the Property Development Division of Johor Corporation since 1991.

In addition, he is the Chairman of Hotel Selesa Sdn Bhd, Hotel Selesa (JB) Sdn Bhd, Sibu Island Resorts Sdn Bhd and TPM Technopark Sdn Bhd. Besides that, he is the Deputy Chairman of Puteri Hotels Sdn Bhd and also Chairman and Director of several other companies within the Johor Corporation Group.


A.f.m ShAfIQUL hAfIZManaging Director /Pengarah Urusan

A.F.M Shafiqul Hafiz, aged 62, a Bangladeshi and Malaysian Permanent Resident, was appointed to the Board and as Managing Director of JLand since 1 May 1988.

A.F.M Shafiqul Hafiz, berusia 62 tahun, warganegara Bangladesh dengan taraf Penduduk Tetap Malaysia, telah dilantik ke Lembaga Pengarah dan sebagai Pengarah Urusan JLand sejak 1 Mei 1988.

Beliau memiliki Ijazah Sarjana Muda Sains dengan pengkhususan dalam Kejuruteraan Awam dari East Pakistan University of Engineering and Technology, Dhaka pada tahun 1967. Beliau juga memegang Ijazah Sarjana Sains dengan pengkhususan dalam Kejuruteraan Awam dari Middle East Technical University of Ankara, Turki yang telah diperolehinya pada tahun 1971. Beliau juga berdaftar dengan “Institute of Engineers” Australia sebagai “Chartered Professional Engineer”. Pada tahun 1992, beliau telah menghadiri Program Pengurusan Atasan mengenai Perusahaan Awam di Harvard, Amerika Syarikat.

Beliau adalah Ahli Majlis Kebangsaan “International Real Estate Federation” (FIABCI) Bahagian Malaysia sejak tahun 2000 dan telah dipilih sebagai Ahli Lembaga Pengarah FIABCI Antarabangsa bagi tempoh 2009 hingga tahun 2012.

Beliau memulakan kerjayanya sebagai Jurutera di Dhaka, Pakistan Timur pada tahun 1968. Kerjaya beliau di Malaysia bermula sejak tahun 1974 apabila beliau menyertai Jabatan Kerja Raya Malaysia sebagai Jurutera Projek. Beliau kemudian telah berkhidmat dengan Johor Corporation pada tahun 1983 dan telah memegang pelbagai jawatan di dalam Kumpulan sebelum dilantik sebagai Pengarah Urusan JLand pada tahun 1988 dan sebagai Ketua Eksekutif Bahagian Pembangunan Hartanah Johor Corporation sejak tahun 1991.

Sebagai tambahan, beliau merupakan Pengerusi Hotel Selesa Sdn Bhd, Hotel Selesa (JB) Sdn Bhd, Sibu Island Resorts Sdn Bhd dan TPM Technopark Sdn Bhd. Selain daripada itu, beliau merupakan Timbalan Pengerusi Puteri Hotels Sdn Bhd dan juga Pengerusi dan Pengarah di beberapa buah syarikat dalam Kumpulan Johor Corporation.

Selain dari yang dimaklumkan, beliau tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama JLand. Beliau juga tidak mempunyai kepentingan peribadi dalam sebarang urusan perniagaan yang melibatkan JLand. Beliau juga tidak pernah dijatuhkan hukuman atas sebarang kesalahan. Beliau telah menghadiri kesemua empat (4) Mesyuarat Lembaga Pengarah Syarikat bagi tahun kewangan berakhir pada 31 Disember 2008.



She is also the Chairman of the Audit Committee. She is a Fellow of the Association o f Char tered Cer t i f ied Accountant, United Kingdom and a Registered Accountant of Malaysia and Singapore. She has more than thirty years of corporate and f inancial exper ience in several industries within Malaysia and overseas.

She is currently a Director of QSR Brands Berhad and KFC Holdings (Malaysia) Bhd, Ku l im (Malays ia) Berhad and Sindora Berhad w h i c h a r e J o h o r Corporation’s subsidiaries listed on the Main Board of Bursa Malaysia Securities Berhad. She is a member

of the respective Audit Committee for all those listed companies. As a professional Accountant, she also provides financial training for companies within Malaysia.

Other than as disclosed, she does not have any family relationship with any director and/or major shareholder of JLand. She has no personal interest in any business arrangement involving JLand. She has not been convicted for any offences. She attended all four (4) Board of Directors’ Meetings of the Company in the f inancia l year ended 31 December 2008.

kUA hWEE SImDirector / Pengarah

Beliau juga adalah Pengerusi Jawatankuasa Audit. Beliau merupakan “Fellow of the Association of Chartered Certified Accountant”, United Kingdom dan merupakan seorang Akauntan Berdaftar di Malaysia dan Singapura. Beliau memiliki pengalaman di dalam kewangan korporat selama lebih daripada tiga puluh tahun di dalam beberapa industri di Malaysia dan luar negara.

Beliau kini adalah Pengarah QSR Brands Berhad dan KFC Holdings (Malaysia) Bhd, Kulim (Malaysia) Berhad dan Sindora Berhad yang merupakan syarikat-syarikat anak Johor Corporation yang tersenarai di Papan Utama Bursa Malaysia Securities Berhad. Beliau adalah ahli bagi setiap Jawatankuasa Audit di syarikat yang tersenarai di atas. Sebagai Akauntan profesional, beliau juga memberikan latihan kewangan kepada syarikat-syarikat di Malaysia.

Selain daripada yang dimaklumkan, beliau tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama JLand. Beliau juga tidak mempunyai kepentingan peribadi dalam sebarang urusan perniagaan yang melibatkan JLand. Beliau juga tidak pernah dijatuhkan hukuman atas sebarang kesalahan. Beliau telah menghadiri kesemua empat (4) Mesyuarat Lembaga Pengarah Syarikat bagi tahun kewangan berakhir pada 31 Disember 2008.

Kua Hwee Sim, aged 56, a Malaysian, is an Independent Non Executive Director. She was first appointed to the Board of JLand on 1 May 1996.

Kua Hwee Sim, berusia 56 tahun, warganegara Malaysia, merupakan Pengarah Bebas Bukan Eksekutif. Beliau telah dilantik ke dalam Lembaga Pengarah JLand pada 1 Mei 1996.


He is also a member of the Audit Committee. Dato Hj Hassan is a Barrister-at-Law from Lincoln’s Inn and was called to the Malaysian Bar in 1965. He had served in the Malaysian Judicial and Legal Services for several years.

Currently he is in legal practice, a senior partner of the firm of Hassan Yunos & Co. He is principally in corporate and real property a n d w a s i n v o l v e d a t inception and in the early stages of the development of Johor Corporation.

Other than as disclosed, he does not have any family relationship with any director

and/or major shareholder of JLand. He has no personal interest in any business arrangement involving JLand. He has not been convicted for any offences. He attended all four (4) Board of Directors’ Meetings of the Company in the financial year ended 31 December 2008.

DAto hJ hASSAN BIN hJ mohD yUNoSDirector / Pengarah

Dato Hj Hassan Bin Hj Mohd Yunos, aged 73, a Malaysian, is an Independent Non Executive Director. He was appointed to the Board of JLand on 1 August 2005.

Dato Hj Hassan Bin Hj Mohd Yunos, berusia 73 tahun, warganegara Malaysia, merupakan Pengarah Bebas Bukan Eksekutif. Beliau telah dilantik ke dalam Lembaga Pengarah JLand pada 1 Ogos 2005.

Beliau juga merupakan Ahli Jawatankuasa Audit. Dato Hj Hassan merupakan Barrister-at-Law daripada Lincoln’s Inn dan diterima serta diperakui sebagai Peguambela dan Peguamcara Malaysia pada tahun 1965. Beliau pernah berkhidmat di Badan Kehakiman dan Perkhidmatan Perundangan selama beberapa tahun.

Kini, beliau terlibat dalam bidang guaman dan merupakan Rakan Kongsi Kanan di firma Hassan Yunos & Co. Beliau terlibat dalam bidang korporat dan hartanah dan turut terlibat dalam pembangunan Johor Corporation di awal penubuhannya.




He is also a member of the A u d i t C o m m i t t e e . H e graduated with a Bachelor of Urban and Regional Planning f rom the Univers i ty of Technology Malaysia in 1982 before joining Johor Corporation as a Town Planning Officer in the same year. He also holds a Post Graduate Diploma (Housing, Building and Planning) from Institute for Housing Studies, Rotterdam, Holland in 1985.

H e h a s h e l d v a r i o u s posi t ions in subsidiary companies within the JCorp Group. He was a Deputy Manager of JCorp in the year of 1989. Then, he was appointed as a Manager in 1 9 9 2 a n d w a s a l s o appointed as the Deputy Secretary of Pasir Gudang Local Authority. He was appointed as the Deputy General Manager of Sindora Berhad on 1 September

1993 and promoted as the General Manager of Sindora Berhad in 1995. He became the Secretary of Pasir Gudang Local Authority on 1 April 2004. On 1 January 2006, he was promoted to Senior General Manager of JCorp cum the Secretary of Pasir Gudang Local Authority. On 1 July 2008, he was appointed as President of Pasir Gudang Municipal Council.

He also sits as a Director of Damansara Realty Berhad, an associate company of JCorp, listed on the Main Board of Bursa Malaysia Securities Berhad and as a Director of Syarikat Pengangkutan Maju Berhad, Penawar Ekspress Line Berhad and several other companies within the JCorp Group.

Other than as disclosed, he does not have any family relationship with any director and/or major shareholder of JLand. He has no personal interest in any business arrangement involving JLand. He has not been convicted for any offences. He attended three (3) Board of Directors’ Meetings of the Company in the financial year ended 31 December 2008.

LUkmAN BIN hJ. ABU BAkARDirector / Pengarah

Beliau juga merupakan Ahli Jawatankuasa Audit. Beliau berkelulusan Ijazah Sarjana Muda Perancang Bandar dan Wilayah dari Universiti Teknologi Malaysia pada tahun 1982 sebelum berkhidmat di Johor Corporation sebagai Pegawai Perancang Bandar pada tahun yang sama. Beliau juga memiliki Diploma Lepasan Ijazah (Perumahan, Pembinaan dan Perancang) daripada Institute for Housing Studies, Rotterdam, Holland pada tahun 1985.

Beliau telah memegang pelbagai jawatan di syarikat-syarikat subsidiari dalam Kumpulan JCorp. Beliau merupakan Timbalan Pengurus di JCorp pada tahun 1989. Kemudian, beliau dilantik sebagai Pengurus pada tahun 1992 dan juga dilantik sebagai Timbalan Setiausaha Pihak Berkuasa Tempatan Pasir Gudang. Beliau dilantik sebagai Timbalan Pengurus Besar Sindora Berhad pada 1 September 1993 dan dilantik sebagai Pengurus Besar Sindora Berhad pada tahun 1995. Beliau seterusnya menjadi Setiausaha Pihak Berkuasa Tempatan Pasir Gudang pada 1 April 2004. Pada 1 Januari 2006, beliau dinaikkan pangkat sebagai Pengurus Besar Kanan JCorp merangkap Setiausaha Pihak Berkuasa Tempatan Pasir Gudang. Pada 1 Julai 2008, beliau telah dilantik sebagai Yang Dipertua Majlis Perbandaran Pasir Gudang.

Beliau juga adalah Pengarah Damansara Realty Berhad, sebuah syarikat sekutu dalam Kumpulan JCorp, yang tersenarai di Papan Utama Bursa Malaysia Securities Berhad dan sebagai Pengarah Syarikat Pengangkutan Maju Berhad, Penawar Ekspress Line Berhad dan beberapa syarikat lain dalam Kumpulan JCorp.

Selain daripada yang dimaklumkan, beliau tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama JLand. Beliau juga tidak mempunyai kepentingan peribadi dalam sebarang urusan perniagaan yang melibatkan JLand. Beliau tidak pernah dijatuhkan hukuman atas sebarang kesalahan. Beliau telah menghadiri tiga (3) Mesyuarat Lembaga Pengarah Syarikat bagi tahun kewangan berakhir pada 31 Disember 2008.

Lukman Bin Hj. Abu Bakar, aged 49, a Malaysian, is a Non Independent Non Executive Director of JLand. He was appointed to the Board of JLand on 1 August 2006.

Lukman Bin Hj. Abu Bakar, berusia 49 tahun, warganegara Malaysia, merupakan Pengarah Bukan Bebas Bukan Eksekutif JLand. Beliau telah dilantik sebagai Lembaga Pengarah JLand pada 1 Ogos 2006.


He is currently the Managing Director of Damansara Assets Sdn Bhd, a member of the JCorp Group of Companies. He is also the Chairman and Director of several other companies within the JCorp Group. Previously, he was the Chief Operating Officer of JLand. Prior to that, he had worked with Pembinaan P r e f a b S d n B h d a n d JCorp.

He holds a Bachelor in Civil Engineering from Michigan State University, USA and later obtained his Master in Business Administration from Henley Management College, London. He is also a Professional Engineer

registered with the Board of Engineers, Malaysia.


ABDUL mALEk BIN tALIBDirector / Pengarah

Abdul Malek Bin Talib, aged 46, a Malaysian, is a Non Independent Non Executive Director of JLand. He was appointed to the Board of JLand on 1 January 2007.

Abdul Malek Bin Talib, berusia 46 tahun, warganegara Malaysia, merupakan Pengarah Bukan Bebas Bukan Eksekutif JLand. Beliau telah dilantik ke dalam Lembaga Pengarah JLand pada 1 Januari 2007.

Beliau kini adalah Pengarah Urusan Damansara Assets Sdn Bhd, syarikat di dalam Kumpulan JCorp. Beliau juga adalah Pengerusi dan Pengarah di beberapa buah syarikat dalam Kumpulan JCorp. Sebelum itu, beliau adalah Ketua Pegawai Operasi JLand. Beliau juga pernah bekerja di Pembinaan Prefab Sdn Bhd dan JCorp.

Beliau memiliki Ijazah Sarjana Muda Kejuruteraan Awam daripada Michigan State University, Amerika Syarikat dan kemudian memperolehi Sarjana dalam Pengurusan Perniagaan daripada Henley Management College, London. Beliau juga merupakan seorang Jurutera Profesional yang berdaftar dengan Lembaga Jurutera Malaysia.




He graduated with Bachelor o f C i v i l E n g i n e e r i n g ( H o n o u r s ) f r o m t h e University of Sheff ield, United Kingdom in 1980 b e f o r e j o i n i n g J o h o r Corporation in the same year. He has held various posi t ions in subsidiary compan ies w i t h i n t he Corporation. In January 1997, he was appointed as the Chief Executive of the P r o j e c t D e v e l o p m e n t Division, Johor Corporation. He was appointed as the Managing Director of TPM Technopark Sdn Bhd, a company within the Johor Corporation Group since January 2002.

Other than as disclosed, he does not have any family relationship with any director and/or major shareholder of JLand. He has no personal interest in any business arrangement involving JLand. He has not been convicted for any offences. He attended three (3) Board of Directors’ Meetings of the Company in the financial year ended 31 December 2008.

yUSof BIN RAhmAtDirector / Pengarah

Beliau memiliki Ijazah Sarjana Muda Kepujian dalam Kejuruteraan Awam daripada University of Sheffield, United Kingdom pada tahun 1980 sebelum berkhidmat di Johor Corporation pada tahun yang sama. Beliau memegang pelbagai jawatan dalam syarikat-syarikat anak dalam Perbadanan. Pada Januari 1997, beliau di lant ik sebagai Ketua Eksekut i f Bahagian Pembangunan Projek, Johor Corporation. Beliau telah dilantik sebagai Pengarah Urusan TPM Technopark Sdn Bhd, sebuah syarikat dalam Kumpulan Johor Corporation sejak Januari 2002.

Selain daripada yang dimaklumkan, beliau tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama JLand. Beliau juga tidak mempunyai kepentingan peribadi dalam sebarang urusan perniagaan yang melibatkan JLand. Beliau juga tidak pernah dijatuhkan hukuman atas sebarang kesalahan. Beliau telah menghadiri tiga (3) Mesyuarat Lembaga Pengarah Syarikat bagi tahun kewangan berakhir pada 31 Disember 2008.

Yusof Bin Rahmat, aged 51, a Malaysian, is a Non Independent Non Executive Director. He was appointed to the Board of JLand on 1 January 2007.

Yusof Bin Rahmat, berusia 51 tahun, warganegara Malaysia, merupakan Pengarah Bukan Bebas Bukan Eksekutif. Beliau telah dilantik ke dalam Lembaga Pengarah JLand pada 1 Januari 2007.


He graduated with an MBBS from the Univers i ty of Malaya in 1975. In 1982, he obtained his specialist degree, MRCOG, f rom t h e R o y a l C o l l e g e o f O b s t e t r i c i a n s a n d Gynaecologists, London, United Kingdom. He was admi t ted as a Fe l low o f t he Roya l Co l l ege o f O b s t e t r i c i a n s a n d Gynaecologists in 2001.

D r H a f e t z d i d h i s housemanship in 1975-1976 a t H o s p i t a l S u l t a n a h Aminah, Johor Bahru . Subsequently he worked in the same hospital in the Outpatients Department, and the Department of Obstetrics and Gynaecology. From 1978 till 1983, he worked initially as a Trainee Lecturer, then as Lecturer i n the Depar tmen t o f

Obstetrics and Gynaecology, Medical Faculty, University of Malaya.

He joined Johor Specialist Hospital as a Consultant Obstetrician and Gynaecologist in June 1983 and is still in full time clinical practice. Since September 1994 till present, he concurrently holds the post of Medical Director of the hospital. He sits on the Board of Directors of KPJ Johor Specialist Hospital, Kluang Utama Specialist Hospital, Kumpulan Waqaf An-Nur Berhad and Damansara REIT Managers Sdn Bhd. In 2004-2005, Dr Hafetz was the President of the Obstetrical and Gynaecological Society of Malaysia (OGSM).


DR mohD hAfEtZ BIN AhmADDirector / Pengarah

Dr Mohd Hafetz Bin Ahmad, aged 58, a Malaysian, is an Independent Non Executive Director. He was appointed to the Board of JLand on 22 May 2007.

Dr Mohd Hafetz Bin Ahmad, berumur 58 tahun, warganegara Malaysia, merupakan Pengarah Bebas Bukan Eksekutif. Beliau telah dilantik ke dalam Lembaga Pengarah JLand pada 22 Mei 2007.

Beliau memiliki Ijazah Perubatan (MBBS) daripada Universiti Malaya pada tahun 1975. Pada tahun 1982, beliau memperolehi Ijazah Kepakaran, MRCOG daripada “Royal College of Obstetricians and Gynaecologists” London, United Kingdom. Beliau dikurniakan “Fellow of the Royal College Obstetricians and Gynaecologists”, pada tahun 2001.

Dr Hafetz memulakan kerjayanya sebagai Doktor Pelatih pada tahun 1975 hingga tahun 1976 di Hospital Sultanah Aminah, Johor Bahru. Beliau meneruskan perkhidmatannya sebagai Pegawai Perubatan di hospital yang sama di Jabatan Pesakit Luar dan Jabatan Perbidanan dan Sakit Puan. Daripada tahun 1978 hingga 1983, beliau bertugas sebagai Pensyarah Pelatih, kemudiannya sebagai Pensyarah di Jabatan Perbidanan dan Sakit Puan, Fakulti Perubatan di Universiti Malaya.

Beliau menyertai Hospital Pakar Johor sebagai Pakar Perunding Perbidanan dan Sakit Puan sejak Jun 1983 dan masih berkhidmat sepenuh masa dalam bidang tersebut. Dari September 1994 hingga kini, beliau juga memegang jawatan Pengarah Perubatan di hospital berkenaan. Beliau adalah Ahli Lembaga Pengarah KPJ Hospital Pakar Johor, Hospital Pakar Kluang Utama, Kumpulan Waqaf An-Nur Berhad dan Damansara REIT Managers Sdn Bhd. Pada tahun 2004 hingga tahun 2005, Dr Hafetz telah memegang jawatan Presiden Persatuan Perbidanan dan Sakit Puan Malaysia (OGSM).

Selain daripada yang dimaklumkan, beliau tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana pengarah dan/atau pemegang saham utama JLand. Beliau tidak mempunyai kepentingan peribadi dalam sebarang urusan perniagaan yang melibatkan JLand. Beliau juga tidak pernah dijatuhkan hukuman atas sebarang kesalahan. Beliau telah menghadiri kesemua empat (4) Mesyuarat Lembaga Pengarah Syarikat bagi tahun kewangan berakhir pada 31 Disember 2008.


Corporate Structure Struktur Korporat

JohoR LAND BERhAD 12379-K

Property Development,

Construction, Property Investment

and Investment Holding

Pembangunan Hartanah,

Pembinaan, Pelaburan Hartanah

dan Pemegang Pelaburan

100% PEmBINAAN PREfAB SDN BhD 30936-AProperty DevelopmentPembangunan Hartanah

30.07%REvERtEX (mALAySIA) SDN BhD 13437-VManufacturer of Specialty Latex Concentrate and Industrial ChemicalsPengeluar Pati Susu Getah Asli dan Bahan Kimia Industri

100% ADvANCE DEvELoPmENt SDN BhD 13974-AProperty DevelopmentPembangunan Hartanah

100%JohoR LAND mANUfACtURING SDN BhD 301430-DDormantTidak aktif


Teraju Committee Jawatankuasa Teraju

mARIANA BINtI SIDISenior General Manager (Finance)Pengurus Besar Kanan (Kewangan)

ShEIkh BAhNAN BIN ShEIkh BAkIRDeputy General Manager, Quality Assurance DepartmentTimbalan Pengurus Besar, Jabatan Jaminan Mutu

A.f.m ShAfIQUL hAfIZManaging DirectorPengarah Urusan

AZIZUL BIN kAtANDeputy General Manager, Johor Bahru Division/Quality DepartmentTimbalan Pengurus Besar, Bahagian Johor Bahru/Jabatan Kualiti

NoRfAZAhAh BINtI AhmADDeputy General Manager, Managing Director’s OfficeTimbalan Pengurus Besar, Pejabat Pengarah Urusan

mohD RAZIf BIN AB. RAhImGeneral Manager, Bandar Dato’ Onn DivisionPengurus Besar, Bahagian Bandar Dato’ Onn

SEth BIN JAmALUDDINDeputy General Manager, Marketing DepartmentTimbalan Pengurus Besar, Jabatan Pemasaran

mohD hIZAm BIN ABDUL RAUfDeputy General Manager, Sales Documentation DepartmentTimbalan Pengurus Besar, Jabatan Dokumentasi Jualan

fADZILAh BINtI mohD othmANSenior Manager, Human Resource & Administration DepartmentPengurus Kanan, Jabatan SumberManusia & Pentadbiran

Corporate Diary 2008Kalendar Korporat 2008

oN BEhALf of thE BoARD of DIRECtoRS, WE ARE DELIGhtED to PRESENt thE ANNUAL REPoRt AND fINANCIAL StAtEmENtS of JohoR LAND BERhAD (“JLAND” oR “thE GRoUP”) foR thE fINANCIAL yEAR ENDED 31 DECEmBER 2008 (“fy2008”).

PARA PEmEGANG SAhAm,

BAGI PIHAK LEMBAGA PENGARAH, KAMI DENGAN SUKACITANYA MEMBENTANGKAN LAPORAN T A H U N A N D A N P E N Y A T A KEWANGAN JOHOR LAND BERHAD (“JLAND” ATAU “KUMPULAN”) BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2008 (“TK2008”).

Statement to ShareholdersPenyata Kepada Para Pemegang Saham



oPERAtING ENvIRoNmENt

The year 2008 brought with it a challenging operating environment even as the effects of the global financial meltdown and ensuing recession were felt throughout the world. Bank Negara Malaysia (“the Central Bank of Malaysia”) reported that the Malaysian economy experienced slower growth in 2008 with gross domestic product (“GDP”) growth dropping to 4.6% against 6.3% growth in 2007. The Malaysian construction industry too was not spared the flood of challenges triggered off by the unprecedented upsurge in crude oil prices and the ripple effects of the global financial meltdown. From the 18% to 26% rise in electricity tariffs, to the sudden 20% to 30% spike in building material costs, to the massive 40% rise in petrol pump prices, industry players were inundated by one challenge after another.

As a consequence, the project margins of many players dwindled. Forced to adopt a cautious approach, key players put mega projects on hold while carefully scrutinising all expansion opportunities. Others decided to tender for new jobs only when prices stabilised. By the time price fluctuations had evened out around the end of the third quarter of 2008, many players were left with lower revenue and reduced profitability. These market uncertainties led to demand for property weakening over 2008 and buyers becoming more prudent with their spending. Even as many buyers adopted a wait-and-watch stance, the property market sector began to get softer. At the time of writing, all sectors of the Malaysian economy including the construction and property sectors are feeling the ripple effects of the global crisis and a more challenging outlook is expected for 2009.

PERSEkItARAN oPERASI

Tahun 2008 telah membawa bersamanya persekitaran operasi yang mencabar dengan kesan kegawatan kewangan global dan disusuli kemelesetan yang dirasai di seluruh dunia. Bank Negara Malaysia (“Bank Pusat Malaysia”) melaporkan bahawa ekonomi Malaysia mengalami pertumbuhan yang lebih perlahan pada tahun 2008 dengan pertumbuhan keluaran dalam negara kasar (“KDNK”) jatuh kepada 4.6% berbanding dengan pertumbuhan sebanyak 6.3% pada tahun 2007. Industri pembinaan Malaysia juga tidak terkecuali dilanda cabaran yang disebabkan oleh lonjakan harga minyak mentah yang tidak pernah terjadi sebelumnya serta kesan getaran kegawatan kewangan global. Dengan kenaikan tarif elektrik dari 18% kepada 26%, serta lonjakan mendadak dari 20% kepada 30% dalam kos bahan binaan, sehinggalah kepada kenaikan yang tinggi sebanyak 40% bagi harga minyak petrol, para penggiat industri berterusan dilanda satu demi satu cabaran.

Akibatnya, margin projek kebanyakan penggiat industri telah merosot. Pendekatan yang lebih berhati-hati terpaksa digunapakai dan penggiat utama perlu menangguhkan projek mega sambil meneliti secara terperinci semua peluang perkembangan. Yang lain pula memutuskan untuk mendapatkan kerja-kerja baru hanya setelah harga stabil. Apabila turun naik harga menjadi lebih terkawal pada persekitaran akhir suku ketiga tahun 2008, ramai penggiat memperolehi hasil yang lebih rendah serta penguncupan keuntungan. Ketidaktentuan pasaran telah menyebabkan permintaan terhadap hartanah berkurangan sepanjang tahun 2008 dan para pembeli menjadi lebih berhemat dalam perbelanjaan. Dengan ramai pembeli mengambil sikap tunggu dan lihat, sektor hartanah mula mengalami kelembapan. Ketika penyata ini ditulis, semua sektor ekonomi Malaysia termasuk sektor pembinaan dan hartanah sedang merasai kesan gegaran krisis global dan ramalan untuk tahun 2009 dijangkakan lebih mencabar.


Amidst this weak operating environment, JLand once again demonstrated its resilience and ability to adapt to changing business conditions. The many years of experience and expertise garnered from owning strategically located land banks and developing property projects ranging from affordable homes to exclusive neighbourhoods, continued to hold us in good stead over 2008. In order to attract buyers, we continued to focus our efforts on creating product differentiation through innovative designs and competitive pricing. To ensure that the new units could easily be absorbed by the market, we embarked on a strategy of rolling out new projects in staggered phases instead of launching the entire project up front as is normally done. In line with our strategy of creating affordable and value-for-money products, we continued to keep a close eye on product mix, unit built-up and pricing.

fINANCIAL PERfoRmANCE

We are pleased to report that despite the flagging operating environment, the Group experienced stellar growth for the financial year ended 31 December 2008 with revenue increasing by 118.91% to RM138.69 million from RM63.36 million in the preceding year. This improved performance was attributable to higher sales and progress billings from our core property projects. Similarly, profit before tax (“PBT”) increased to RM25.29 million in FY2008 compared to PBT of RM8.27 million in FY2007.

The quality of the Group’s balance sheet too improved with net tangible assets growing to RM653.33 million in 2008, against the RM640.47 million recorded in the preceding year. JLand’s gearing to date remains at a minimal level in line with FY2007’s ratio (0.28 in 2008 against 0.22 in 2007).

DIvIDENDS

The Group is highly appreciative of our shareholders’ support and commitment and we are consistently looking for ways to return value to you. For the year under review, the Board of Directors paid an interim dividend of 4% gross (less Malaysian income tax at 25%) on 30 January 2009. We cherish our shareholders’ confidence in the Group, and ask that you continue to lend us your strong support and steadfast commitment as we work together to face a l l challenges.

CoRPoRAtE DEvELoPmENt

JLand’s proposed acquisition of a 50.98% equity stake in Windsor Trade Holdings Sdn Bhd ( “WTHSB”) fo r a cash consideration of RM15 million is pending finalisation. WTHSB, through its 80% owned company Windsor Trade Sdn Bhd, has been granted a 30-year concession for the operation of the Sandakan Integrated Trade Exchange Terminal (“SITExT”) in Sabah under the “build, operate, own and transfer” concept. The remaining 20% is in the hands of the S a b a h E c o n o m i c D e v e l o p m e n t Corporation.

Biarpun berlatarkan persekitaran operasi yang lemah, JLand sekali lagi memperlihatkan ketahanan serta kemampuannya untuk berhadapan dengan keadaan perniagaan yang berubah. Berbekalkan pengalaman dan kepakaran yang diraih selama bertahun-tahun dengan memiliki simpanan tanah di lokasi yang strategik serta membangunkan projek hartanah yang terdiri daripada rumah mampu milik sehinggalah kepada perjiranan yang eksklusif, ia terus meletakkan kami pada kedudukan yang kukuh sepanjang tahun 2008. Dalam usaha untuk menarik para pembeli, kami terus menumpukan usaha untuk mencipta perbezaan dalam produk menerusi reka bentuk inovatif serta penetapan harga yang kompetitif. Bagi memastikan unit-unit baru dapat diterima di pasaran, kami telah memulakan strategi pelancaran projek baru dalam fasa yang berperingkat berbanding dengan pelancaran keseluruhan projek sekali gus seperti yang biasa dilakukan. Seiring dengan strategi kami untuk menghasilkan produk yang mampu dimiliki dan memberi nilai untuk wang, kami terus memberi tumpuan kepada campuran produk, binaan unit dan penetapan harga.

PREStASI kEWANGANKami dengan sukacitanya melaporkan bahawa biarpun persekitaran operasi kian lemah, Kumpulan mengalami pertumbuhan yang cemerlang bagi tahun kewangan berakhir 31 Disember 2008 dengan peningkatan perolehan sebanyak 118.91% kepada RM138.69 juta daripada RM63.36 juta pada tahun sebelumnya. Peningkatan prestasi ini berpunca daripada jualan dan tuntutan kemajuan kerja yang lebih tinggi daripada projek hartanah utama kami. Justeru itu, keuntungan sebelum cukai meningkat kepada RM25.29 juta bagi TK2008 berbanding dengan keuntungan sebelum cukai sebanyak RM8.27 juta bagi TK2007.

Kualiti lembaran imbangan Kumpulan juga bertambah baik dengan aset ketara bersih meningkat kepada RM653.33 juta pada tahun 2008, berbanding RM640.47 juta yang dicatatkan pada tahun sebelumnya. Sehingga kini, penggearan JLand kekal pada tahap minimum, setara dengan nisbah TK2007 (0.28 pada tahun 2008 berbanding 0.22 pada tahun 2007).

DIvIDEN

Kumpulan amat menghargai sokongan serta komitmen para pemegang saham dan kami sentiasa berusaha untuk memberi pulangan kepada anda. Untuk tahun di bawah kajian, Lembaga Pengarah telah membayar dividen interim sebanyak 4% kasar (ditolak 25% cukai pendapatan Malaysia) pada 30 Januari 2009. Kami menghargai keyakinan para pemegang sah am terhadap Kumpulan, dan berharap agar anda terus memberi sokongan yang padu serta komitmen yang teguh dalam kita bersama-sama berusaha menangani segala cabaran.

PERkEmBANGAN koRPoRAt

Cadangan pengambi la l ihan 50 .98% kepentingan ekuiti dalam Windsor Trade Holdings Sdn Bhd (“WTHSB”) oleh JLand dengan pertimbangan bayaran sebanyak RM15 juta, kini dalam proses penyelesaian. WTHSB, menerusi 80% pemilikan syarikat ke atas Windsor Trade Sdn Bhd, telah diberikan konsesi selama 30 tahun untuk operasi Sandakan Integrated Trade Exchange Terminal (“SITExT”) di Sabah di bawah konsep “bina, kendali, milik dan pindah”. Baki 20% lagi dipegang oleh Perbadanan Kemajuan Ekonomi Negeri Sabah.


oPERAtIoNAL hIGhLIGhtS

Core Business– Property DevelopmentJLand’s operating philosophy advocates that all levels of our organisation place a high priority on meeting the needs of our customers. We never forget who we are working for and our customers always come first. Where other developers merely build houses, we create homes, sustain communities and enrich lives. We are committed to adopting a holistic approach in all that we undertake. Quality too, remains a top priority; and creativity, our forte. We are pleased to present an overview of the developments that took place in the year under review.

Pasir Gudang Division

Taman Bukit DahliaTaman Buk i t Dahl ia , a 417-acre development is our premier project in Pasir Gudang. Upon its completion by the end of 2010, this development will house more than 4,100 units of various types, including terraced houses, semi-detached houses, bungalows and commercial complexes. Strategically located between Masai and Pasir Gudang, Taman Bukit Dahlia’s surrounding amenit ies include the landscaped Tasik Perdana, schools, a polytechnic, a police station, a hospital and banks, as well as access to neighbouring hypermarkets, racing tracks, a sports complex and Bukit Layang-Layang where the Annual International Kites Festival is held.

The year saw a total of 190 units of Damai double storey terraced houses (valued at RM30 million) launched in February 2008 and 46 units of Perdana Phase 2 double storey semi-detached houses (valued at RM13 million) launched in May 2008. More recently, in January 2009, 15 units of double storey shop offices (valued at RM5.6 million) were launched. Going forward, we will launch 114 units of Prima double storey terraced houses (valued at RM19 million) in the second quarter of 2009. The third quarter of 2009 will see 205 units of Kristal Phase 3 single storey terraced houses (valued at RM27 million) and 72 units of Pesona Phase 3 double storey terraced houses (valued at RM14 million) expected to be launched.



Bandar tiram Division

Bandar Tiram, Taman Bukit Tiram and Kota TinggiBandar Tiram is an ongoing development project in Ulu Tiram that is being developed by JLand. When completed, the development will consist of 12,300 units of houses as well as neighbourhood and town centre shop units. Scheduled for completion by 2020, the entire project has a total gross development value (“GDV”) of RM2.6 billion and a projected gross profit of RM800 million. Bandar Tiram is being developed in stages and the first phase of the township will comprise a mix of 1,574 residential and commercial units with a total GDV of RM200 million. The second quarter of 2009 will see 83 units of Orchid single storey terraced houses valued at RM12 million expected to be launched at Bandar Tiram Phase 1.

At Phase 3 of Taman Bukit Tiram, 11 units of three storey shop offices valued at RM6 million were launched in March 2008. Over the second quarter of 2009, 20 units of double storey semi-detached houses valued at RM7 million are targeted for launch.

In Kota Tinggi, 28 units of double storey shop offices at the Kota Sentral Phase 2 development were launched in January 2008. All 28 units valued at RM15 million have been sold to date.

tINJAUAN oPERASI

Bisnes teras– Pembangunan hartanahFalsafah operasi JLand mengesyorkan bahawa semua peringkat organisasi kami meletakkan keutamaan yang tinggi dalam memenuhi keperluan para pelanggan. Kami tidak pernah lupa untuk siapa kami bekerja dan pelanggan kami sentiasa diberi keutamaan. Jika para pemaju lain sekadar membina rumah, kami mencipta kediaman, mengekalkan komuniti dan memperkayakan kehidupan. Kami komited dalam menggunapakai pendekatan yang holistik dalam setiap apa yang kami lakukan. Malah, kualiti juga kekal sebagai keutamaan teratas; dan kreat iv i t i merupakan kepakaran kami. Kami dengan sukacitanya membentangkan tinjauan operasi yang berlaku untuk tahun di bawah kajian.

Bahagian Pasir Gudang

Taman Bukit DahliaPembangunan seluas 417 ekar di Taman Bukit Dahlia merupakan projek utama kami di Pasir Gudang. Apabila siap menjelang penghujung tahun 2010, projek pembangunan ini akan menempatkan lebih daripada 4,100 unit pelbagai jenis rumah, termasuk rumah teres, rumah berkembar, banglo serta kompleks komersial. Selain kedudukannya yang strategik di antara Masai dan Pasir Gudang, Taman Bukit Dahlia dikelilingi pelbagai kemudahan termasuk Tasik Perdana yang dihiasi landskap, sekolah-sekolah, politeknik, balai polis, hospital dan bank-bank serta akses ke kawasan perjiranan yang menempatkan pasar raya besar, litar perlumbaan, kompleks sukan dan Bukit Layang-Layang di mana Festival Layang-Layang Antarabangsa Tahunan diadakan.

Tahun ini menyaksikan sejumlah 190 unit rumah teres dua tingkat Damai (bernilai RM30 juta) dilancarkan pada Februari 2008 dan 46 unit rumah berkembar dua tingkat Perdana Fasa 2 (bernilai RM13 juta) dilancarkan pada Mei 2008. Baru-baru ini, pada Januari 2009, 15 unit kedai pejabat dua tingkat (bernilai RM5.6 juta) telah dilancarkan. Dalam melangkah ke hadapan, kami akan melancarkan 114

unit rumah teres dua tingkat Prima (bernilai RM19 juta) pada suku kedua 2009. Menjelang suku ketiga tahun 2009, 205 unit rumah teres satu tingkat Kristal Fasa 3 (bernilai RM27 juta) dan 72 unit rumah teres dua tingkat Pesona Fasa 3 (bern i la i 14 ju ta ) d i jangka akan dilancarkan.

Bahagian Bandar tiram

Bandar Tiram, Taman Bukit Tiram dan Kota TinggiBandar Tiram merupakan sebuah projek pembangunan di Ulu Tiram yang sedang dilaksanakan oleh JLand. Apabila siap kelak, pembangunan ini akan merangkumi 12,300 unit rumah beserta kawasan perjiranan dan unit-unit kedai pusat bandar. Dijadualkan siap menjelang tahun 2020, keseluruhan projek ini mempunyai nilai pembangunan kasar berjumlah RM2.6 bilion dan unjuran keuntungan kasar sebanyak RM800 juta. Bandar Tiram sedang dimajukan secara berperingkat dan fasa pertama perbandaran ini merangkumi campuran 1,574 unit kediaman dan komersial dengan nilai pembangunan kasar berjumlah RM200 juta. Pada suku kedua tahun 2009, 83 unit rumah teres satu tingkat Orchid bernilai RM12 juta dijangka akan dilancarkan di Bandar Tiram Fasa 1.

Di Fasa 3 Taman Bukit Tiram, 11 unit kedai pejabat tiga tingkat bernilai RM6 juta telah dilancarkan pada Mac 2008. Menjelang suku kedua tahun 2009, 20 unit rumah berkembar dua tingkat bernilai R M 7 j u t a t e l a h d i s a s a r u n t u k dilancarkan.

Di Kota Tinggi, pembangunan 28 unit kedai pejabat dua tingkat di Kota Sentral Fasa 2 telah dilancarkan pada Januari 2008. Sehingga kini, kesemua 28 unit yang benilai RM15 juta telahpun dijual.


tebrau Division

Bandar Dato’ OnnJLand’s latest property offering, Bandar Dato’ Onn, promises to be one of the most sought-after addresses in Iskandar Malaysia. Spread over 1,514 acres of freehold land and located only 12 km from the Johor Bahru city centre, this premier development has been planned as a self-contained city and a place for more than 90,000 residents to call home. The township is scheduled to be completed over a 10 to 15-year period and will feature approximately 17,800 properties with expected gross sales and gross profit of RM4.0 billion and RM1.2 billion respectively.

Bandar Dato’ Onn is accessible via a dedicated interchange that provides direct uninterrupted access to the township. The township wil l incorporate some 19 t h o r o u g h l y p l a n n e d , e x c l u s i v e neighbourhoods aimed at bringing out the finest aspects of community living, plus a vibrant 118-acre commercial hub. These distinctive features, as well as its emphasis on green areas and recreational parks, will make Bandar Dato’ Onn one of the most beautiful and modern townships in Southern Malaysia to live in.

To date, JLand has also completed 10 show houses at Bandar Dato’ Onn for pub l ic v iewing . The f i rs t phase, Neighbourhood 10, comprises 662 units of double storey terraced houses and double storey semi-detached houses with a GDV of RM178 million. Phase 1 of Neighbourhood 10 comprising 295 units

Bahagian tebrau

Bandar Dato’ OnnHartanah terbaru yang ditawarkan oleh JLand, Bandar Dato’ Onn, menjanjikan akan menjadi salah satu alamat kediaman yang paling diidamkan di Iskandar Malaysia. Dengan tanah pegangan bebas yang meliputi keluasan 1,514 ekar dan terletak hanya 12 km dari pusat bandar Johor Bahru, kawasan pembangunan utama ini telah dirancang sebagai sebuah bandar serba lengkap dan menjadi tumpuan bagi lebih 90,000 penduduk yang akan menjadikannya kediaman. Perbandaran ini dijadualkan siap dalam tempoh 10 hingga 15 tahun dan akan menampilkan lebih kurang 17,800 hartanah dengan jangkaan jualan kasar serta keuntungan kasar, masing-masing sebanyak RM4.0 bilion dan RM1.2 bilion.

Bandar Dato’ Onn boleh diakses melalui persimpangan bertingkat yang menyediakan laluan terus tanpa gangguan ke bandar. Bandar ini merangkumi 19 perjiranan eksklusif yang dirancang teliti dan disasar untuk menyerlahkan aspek terhebat dalam kehidupan berkomuniti, serta sebuah hab perdagangan yang memberangsangkan seluas 118 ekar. Ciri-ciri unggul ini, di samping penekanan terhadap kawasan hijau dan taman rekreasi, akan menjadikan Bandar Dato’ Onn salah satu bandar paling cantik dan moden untuk didiami di Selatan Malaysia.

Sehingga kini, JLand juga telah menyiapkan 10 buah rumah contoh di Bandar Dato’ Onn untuk dilawati oleh orang ramai. Fasa pertama, Perjiranan 10, terdiri daripada 662 unit rumah teres dua tingkat dan rumah berkembar dua t ingkat dengan ni la i pembangunan kasar berjumlah RM178 juta. Fasa 1 Perjiranan 10 yang merangkumi 295

of double storey terraced houses and double storey semi detached houses are scheduled for completion in 2009. Phase 2 was launched in January 2008 and consists of 144 units of Celocia 1, 2 and 3 double storey terraced houses and 106 units of Cleome 1, 2 and 3 double storey terraced houses with an estimated valued of RM61 million. Phase 3 was launched in August 2008 and consists of 40 units of Sapphire double storey terraced houses, 22 units of Emerald 2 double storey semi-detached houses, and 6 units of Cleome 3 double storey terraced houses with a total estimated value of RM27 million.

In spite of the uncertainties clouding the global economy, we continue to pay strong attention to the master planning of Bandar Dato’ Onn. The development work at Bandar Dato’ Onn has been progressing according to schedule and we anticipate strong interest in our innovative product offerings. In 2009, we plan to launch Neighbourhood 14 which will comprise 693 residential and commercial units with an estimated value of RM147 million and Neighbourhood 11 comprising 642 residential units with an estimated value of RM164 million.

othER BUSINESS ACtIvItIES

In 2008, JLand garnered rental income amounting to RM668,840.00 from several development projects including 38 units of apartments at Taman Cendana, 45 two to three storey commercial units at Senai Commercial Park, and 81 three storey


unit rumah teres dua tingkat dan rumah berkembar dua tingkat dijadualkan siap pada tahun 2009. Fasa 2 telah dilancarkan pada Januari 2008 dan terdiri daripada 144 unit rumah teres dua tingkat Celocia 1, 2 dan 3 serta 106 unit rumah teres dua tingkat Cleome 1, 2 dan 3 dengan nilai anggaran RM61 juta. Fasa 3 telah dilancarkan pada Ogos 2008 dan terdiri daripada 40 unit rumah teres dua tingkat Sapphire, 22 unit rumah berkembar dua tingkat Emerald 2, serta 6 unit rumah teres dua tingkat Cleome 3 dengan jumlah nilai anggaran sebanyak RM27 juta.

Biarpun ketidaktentuan menyelubungi ekonomi global, kami terus memberi tumpuan yang utama kepada perancangan induk Bandar Dato’ Onn. Kerja-kerja pembangunan di Bandar Dato’ Onn telah berjalan mengikut jadual dan kami menjangkakan minat yang mendalam terhadap penawaran produk kami yang inovatif ini. Pada tahun 2009, kami merancang untuk melancarkan Perjiranan 14 yang akan merangkumi 693 unit kediaman dan komersial dengan nilai anggaran RM147 juta serta Perjiranan 11 yang terdiri daripada 642 unit kediaman dengan nilai anggaran RM164 juta.

AktIvItI PERNIAGAAN LAIN

Pada tahun 2008, JLand telah memperolehi pendapatan sewa berjumlah RM668,840.00 daripada beberapa projek pembangunan, termasuk 38 unit pangsapuri di Taman Cendana, 45 unit komersial dua dan tiga tingkat di Senai Commercial Park, dan 81 unit kedai pejabat tiga tingkat di Taman Mawar dan Tebrau Business Park. Sejumlah lapan unit kedai pejabat dalam lingkungan hartanah ini telah dijual sepanjang tahun.

shop offices at Taman Mawar and Tebrau Business Park. A total of eight units of shop offices within these properties were sold off during the year.

We continue to hold a 30.07% stake in Revertex (Malaysia) Sdn Bhd, one of the world’s largest producers of specialty natural rubber latex concentrates and industrial chemicals. For FY2008, the company turned in revenue and PBT of RM569.09 million and RM44.01 million respectively against revenue of RM531 million and PBT of RM41.71 million in FY2007.

hUmAN CAPItAL DEvELoPmENt

JLand is committed to developing the full potential of one of our greatest assets – our people. At every step of the way we are continuously looking out for the people that make us proud of doing what we do. Our human capital development sys tem is essent ia l l y a two-way relationship. We provide the opportunity for all our employees to develop to their highest potential and hold in high esteem, the contributions, hard work, knowledge and skills that our employees bring to the table. We like to think of this synergy as a meeting of minds and take pride that we have successful ly managed to establish a powerful, self motivated and independent thinking workforce that is both robust and competitive.

The basic job requirements at JLand call for the employment of support staff with a SPM certificate and junior executives with a diploma, while executives and senior executives and management requ i re a bas i c deg ree . Sen io r Management level personnel are also encouraged to have an MBA. Excellent performers without the required academic background may also be promoted depending on performance, vacancies and recommendations from their superiors and approval from top management.



In line with our objective of enhancing the competencies of our human capital, JLand continues to bring well-crafted training programmes into play. In 2008, we invested RM348,200.00 (or 5% of our emolument) on human capital and quality training with an average of 35 training hours per person for all 139 of our employees. To equip our employees with new knowledge and skills as well as to upgrade their competencies, we rolled out 5-skil l based training programmes, 39-knowledge based ones and 4 programmes focusing on attributes.

Nine of our middle managers and 13 senior executives were involved in a total of 80 hours training related to effective business presentation skills. Follow-up sessions were held to assess the participants’ progress and to provide feedback on areas for improvement. Going forward, practice sessions will be ar ranged to fur ther enhance the presentation skills that these employees have acquired. In the area of occupational safety and health, members of our Occupational Safety & Health Committee as well as 34 technical staff and 27 of our contractors and consultants were involved in training relating to safety and health measures in construction. This training will go a long way in ensuring that construction-related accidents, hazards and risks are minimised.

K a m i t e r u s m e m e g a n g 3 0 . 0 7 % kepentingan dalam Revertex (Malaysia) Sdn Bhd, iaitu salah sebuah pengeluar pati susu getah asli serta bahan kimia industri terbesar di dunia. Untuk TK2008, syarikat telah memperolehi perolehan serta keuntungan sebelum cukai masing-masing sebanyak RM569.09 juta dan RM44.01 juta berbanding perolehan sebanyak RM531 juta dan keuntungan sebelum cukai berjumlah RM41.71 juta pada TK2007.

PEmBANGUNAN moDAL INSAN

JLand komited dalam membangunkan sepenuhnya potensi salah satu aset terbesar kami – anggota pekerja kami. Dalam setiap langkah yang diatur kami terus mencari individu yang membuatkan kami bangga dengan apa yang kami lakukan. Sistem pembangunan modal insan kami pada asasnya merupakan hubungan dua hala. Kami menyediakan peluang untuk semua anggota pekerja kami mengembangkan potensi terbaik mereka dan kami amat menghargai sumbangan, kerja keras, pengetahuan serta kemahiran yang dicurahkan oleh anggota pekerja kami. Kami cenderung menganggap sinergi ini sebagai suatu persepakatan yang utuh dan berbangga bahawa kami telah berjaya mewujudkan tenaga kerja yang berkeupayaan, memiliki motivasi diri dan tajam fikiran serta teguh dan berdaya saing.

Kelayakan kerja yang asas di JLand memerlukan pengambilan anggota pekerja sokongan yang memiliki sijil SPM dan eksekutif muda yang mempunyai diploma, manakala eksekutif serta eksekutif kanan dan pengurusan memerlukan ijazah asas. Anggota pekerja peringkat pengurusan kanan turut digalakkan mendapatkan MBA. Anggota pekerja yang menunjukkan prestasi cemerlang walaupun tanpa latarbelakang akademik yang disyaratkan, juga boleh diberi kenaikan pangkat, bergantung kepada prestasi, kekosongan jawatan serta sokongan dari Ketua Jabatan mereka dan kelulusan daripada pihak pengurusan atasan.

Selaras dengan matlamat kami untuk memantapkan kecekapan modal insan kami, JLand terus mengenengahkan

program-program latihan yang telah dirangka dengan terperinci. Pada tahun 2008, kami telah melabur sebanyak RM348,200.00 (atau 5% dar ipada emolumen kami) dalam modal insan serta latihan berkualiti dengan purata 35 jam latihan setiap orang untuk kesemua 139 anggota pekerja kami. Bagi melengkapkan anggota pekerja kami dengan pengetahuan d a n k e m a h i r a n b a r u s e r t a mempertingkatkan kecekapan mereka, kami telah melancarkan 5 program latihan berasaskan kemahiran, 39 berasaskan pengetahuan dan 4 program yang menumpukan kepada perlakuan.

Seramai sembilan pengurus peringkat pertengahan dan 13 eksekutif kanan terlibat dalam latihan yang mengambil jumlah masa 80 jam dan berkaitan dengan kemah i ran pe rsembahan perniagaan yang berkesan. Sesi lanjutan telah diadakan untuk menilai kemajuan para peserta dan bagi memberikan maklum balas tentang perkara-perkara yang boleh dipertingkatkan. Dalam melangkah ke hadapan, sesi latihan akan diatur bagi memantapkan lagi kemahiran persembahan yang dimiliki anggota pekerja ini. Dari segi keselamatan dan k e s i h a t a n p e k e r j a a n , a n g g o t a Jawatankuasa Keselamatan & Kesihatan Pekerjaan kami beserta 34 anggota pekerja teknikal dan 27 kontraktor serta konsultan kami telah terlibat dalam latihan yang berkaitan dengan langkah-langkah keselamatan dan kesihatan dalam bidang pembinaan. Latihan ini akan memberikan pulangan yang bermanfaat dalam memastikan bahawa kemalangan, bahaya serta risiko yang berkaitan dengan pembinaan dapat diminimumkan.


Some 22 of our Internal Quality Auditors underwent a refresher course to improve their audits skills as well as sharing the sum of their experiences and knowledge with one another. On top of this, we conducted two courses to enhance the concept and culture of “Kerja Sebagai Ibadah”– work and career as a means of doing good and attaining spir i tual fulfilment. We plan to conduct four more similar sessions in 2009. The year also saw 34 of our technical employees undergoing refresher courses and sharing experiences and knowledge relating to building specifications. This programme aims to ensure that the quality of our products is in line with the required industry standards. Another six of these programmes will be organised in 2009.

JLand’s Social and Recreation Club also undertook various fun-filled and family-oriented activities over the course of the year which included the Group’s Sports Day and Recreation Program With Families at Sunway Lagoon. On top of this, employees took part in the “Program Tadarus A l -Quran” organ ised for employees over the Ramadan month as well as breaking of fast and Hari Raya festive activities.

QUALIty ImPRovEmENt INItIAtIvES

The Group’s qual i ty management initiatives form an integral part of our core business processes and highlight our commitment to continually improving all aspects of business performance. As JLand focuses on being quality-inclined

Seramai 22 orang Juruaudit Kualiti Dalaman kami telah menjalani kursus peningkatan kefahaman bagi memantapkan lagi kemahiran audi t mereka di samping berkongsi pengalaman dan pengetahuan antara satu sama lain. Selain itu, kami telah mengendalikan dua kursus bagi mempertingkatkan konsep serta budaya “Kerja Sebagai Ibadah” – kerja dan kerjaya sebagai wadah untuk melakukan kebaikan dan memenuhi kepuasan rohaniah. Kami merancang untuk mengadakan empat lagi sesi yang sama pada tahun 2009. Tahun ini turut menyaksikan 34 anggota pekerja teknikal kami menjalani kursus peningkatan kefahaman dan berkongsi pengalaman serta pengetahuan yang berkaitan dengan spesifikasi binaan. Program ini bertujuan memastikan bahawa kualiti produk-produk kami adalah selaras dengan keperluan piawaian industri. Enam lagi program sebegini akan dilaksanakan pada tahun 2009.

Kelab Kebajikan dan Rekreasi JLand turut melaksanakan pelbagai aktiviti yang amat menceriakan dan berbentuk kekeluargaan di sepanjang tahun, termasuk Kejohanan Sukan Kumpulan dan Program Beriadah Bersama Keluarga di Sunway Lagoon. Selain itu, anggota pekerja juga mengambil bahagian dalam “Program Tadarus Al-Quran” yang dikendalikan untuk anggota pekerja di sepanjang bulan Ramadan di samping aktiviti berbuka puasa dan sambutan Hari Raya.

INISIAtIf kECEmERLANGAN kUALItI

Inisiatif pengurusan kualit i Kumpulan membentuk sebahagian penting proses bisnes teras kami serta menyerlahkan iltizam kami untuk terus memantapkan semua aspek prestasi bisnes. Sedang JLand memberikan penumpuan kepada kecenderungan terhadap kualiti dan menyerapkan aktiviti pemantauan serta pengukuran ke dalam proses bisnes

and integrating monitoring and measuring activities into key business processes, we are strengthening our internal work culture and becoming more effective. Even as we commit to maintaining the highest standards of quality in the products and serv ices we de l i ver , our qua l i t y management system ensures that the focus on competitive pricing, high quality products, on-time delivery and excellent customer service is sustained throughout the Group.

The journey to quality excellence is a never-ending one and to keep ourselves constantly on our toes, we are actively pursuing quality initiative such as JLand’s Innovative Creative Circle (“ICC”) and Suggest ion Scheme. Our qua l i t y improvement initiatives have not only helped us to deliver better quality products and services, they have helped elevate the confidence and esteem of JLand’s staff and have contributed significantly to building a stronger team of high achievers. In 2008, our ICC teams continued to give of their best at the National Level Quality Convention with five of our teams (i.e. B’ONN, TOP Q, X-BEST, Symbiosis and Q&D) receiving the Three Gold Star Awards. Team B’ONN was named Overall Winner for the Services Sector (National Level) and the best among the top 10 teams. JLand was aptly chosen to receive Appreciation Partner in Competitiveness Creativity and Innovation Programme Category (Service Sector) 2008 by Malaysia Product iv i ty Corporat ion, attesting to the high standards of our products and services.

utama, kami turut memperkukuhkan budaya kerja dalaman kami dan menjadikannya lebih berkesan. Dalam kami beriltizam untuk mengekalkan tahap kualiti yang tertinggi dalam produk serta perkhidmatan yang kami berikan, sistem pengurusan kualiti kami memastikan bahawa fokus terhadap penetapan harga yang kompetitif, produk berkualiti tinggi, penyerahan yang tepat pada masanya serta perkhidmatan pelanggan yang cemerlang dikekalkan di serata Kumpulan.

Perjalanan ke arah kecemerlangan kualiti m e r u p a k a n p e r j a l a n a n y a n g t i a d a penghujungnya dan demi memastikan kami sentiasa bersedia, kami aktif meneruskan inisiatif kualiti seperti Innovative Creative Circle (“ICC”) dan Skim Cadangan JLand. Inisiatif penambahbaikan kualiti kami bukan sekadar membantu kami memberikan kualiti produk serta perkhidmatan yang lebih baik, malah ia telah membantu meningkatkan keyakinan dan harga diri anggota pekerja JLand serta banyak menyumbang kepada pembinaan sebuah pasukan yang lebih mantap yang terdiri daripada mereka yang berjaya meraih kejayaan cemerlang. Pada tahun 2008, kumpulan ICC kami terus memberikan yang terbaik di Konvensyen Kualiti Peringkat Kebangsaan dengan lima daripada kumpulan kami iaitu B’ONN, TOP Q, X-BEST, Symbiosis dan Q&D menerima Anugerah Emas Tiga Bintang. Kumpulan B’ONN telah dipilih sebagai Pemenang Keseluruhan untuk Sektor Perkhidmatan Peringkat Kebangsaan dan 10 Kumpulan Terbaik. Justeru, JLand telah dinobatkan sebagai penerima Penghargaan Rakan Daya Saing Program Kreativit i dan Inovasi (Kategor i Perkh idmatan) 2008 o leh Perbadanan Produktiviti Malaysia, seterusnya membuktikan ketinggian standard produk dan perkhidmatan kami.


CoRPoRAtE RESPoNSIBILIty PRoGRAmmE

Corporate Responsibility (“CR”) has long been an integral part of the JLand’s business philosophy. Creating value for all stakeholders including our shareholders, employees, regulatory author i t ies, customers and the communities we operate in, is essential to our long term success and sustained growth. We seek to enrich the lives of the needy and less fortunate through sponsorship assistance to NGOs, charitable organisations and welfare institutions. Even as we reach out to the communities we operate in, we in turn are touched by the many lives we have impacted and have became a better company because of this.

In fulfilling our responsibilities to the community, we invested close to RM0.5 million for our 2008 CR programme. This included initiatives to enrich the community through a focus on education. As a major sponsor fo r “Tunas B is ta r i ” , an entrepreneurs’ development programme organised by Johor Corporation in co l labora t ion w i th the Educat ion Department of Johor, we channelled some RM150,000.00 towards the year’s programme. This programme involves s tudents f rom secondary schools throughout Johor coming together to set up their own companies and acquire the requisite knowledge and experience to become good entrepreneurs. To date, JLand has contributed more than RM1.5 million to the programme since 2001. We also organised and sponsored the “Bengkel UPSR” preparatory programme for 250 students of Sekolah Kebangsaan Taman Cendana and Sekolah Kebangsaan Pasir Gudang 4 in collaboration with the Education Department of Berita Harian.



Our support for the community over 2008 included a contribution of RM120,000.00 to the Darul Hanan orphanage in Pasir Gudang. To date, JLand has donated more than RM1.82 million to Darul Hanan since the latter’s inception in 1996. A sum of RM30,000.00 was also channelled to the “Tabung Tijarah Ramadan”, a TV programme aired during the Ramadan fasting month. Organised by Johor Corporation and Jabatan Kemajuan Islam Malaysia (“JAKIM”), this TV production is specially designed to help the poor and less privileged in the community. To date, RM150,000.00 was contributed to The Tijarah Programme since its launching in 2005. We also channelled RM20,000.00 to the International Kites Festival and RM10,000.00 to the Natoleo Waqaf An-Nur Pasir Gudang Golf Tournament. On top of this, JLand initiated a community recycling initiative at Taman Bukit Dahlia to inculcate a sense of environmental consc iousness among the area ’s residents.

PRoGRAm tANGGUNGJAWAB koRPoRAt

Tanggungjawab Korporat sudah lama menjadi sebahagian penting falsafah perniagaan JLand. Mencipta nilai untuk semua pihak yang berkepentingan termasuk para pemegang saham, anggota pekerja, pihak berkuasa kawal selia, pelanggan serta komuniti di mana kami beroperasi adalah penting untuk kejayaan kami da lam jangka pan jang dan pertumbuhan yang mapan. Kami berusaha memperbaiki kehidupan golongan yang memerlukan dan kurang bernasib baik menerusi bantuan penajaan kepada Organisasi Bukan Kerajaan, badan amal dan institusi kebajikan. Dalam kami menghulurkan bantuan kepada komuniti di mana kami beroperasi, kami kembali tersentuh dengan begitu banyak kehidupan yang berjaya diubah, lantas menjadikan kami sebuah syarikat yang lebih baik.

Dalam memenuhi tanggungjawab kami terhadap komuniti, kami telah melaburkan hampir RM0.5 juta untuk program Tanggungjawab Korporat pada tahun 2008. Ini termasuklah inisiatif untuk memperkayakan komuniti menerusi tumpuan terhadap pendidikan. Sebagai penaja utama Tunas Bistari, iaitu sebuah program pembangunan usahawan yang dianjurkan oleh Johor Corporation dengan kerjasama Jabatan Pelajaran Johor, kami telah menyalurkan sejumlah RM150,000.00 kepada program ini untuk tahun 2008. Program ini melibatkan para pelajar daripada sekolah menengah di seluruh Johor bekerjasama menubuhkan syarikat mereka sendiri dan meraih pengetahuan serta pengalaman yang diperlukan untuk menjadi usahawan berjaya. Sehingga kini, JLand telah menyumbang lebih dari RM1.5 juta kepada program tersebut sejak tahun 2001. Kami turut menganjur dan menaja program persediaan Bengkel UPSR untuk 250 pelajar Sekolah Kebangsaan Taman Cendana dan Sekolah Kebangsaan Pasir Gudang 4 menerusi kerjasama dengan Bahagian Pendidikan Berita Harian.

Sokongan kami terhadap komunit i sepanjang tahun 2008 termasuklah sumbangan berjumlah RM120,000.00 kepada rumah anak yatim Darul Hanan di Pasir Gudang. Sehingga kini, JLand telah mendermakan lebih daripada RM1.82 juta kepada Darul Hanan sejak ia ditubuhkan pada tahun 1996. Sejumlah RM30,000.00 turut disalurkan kepada Tabung Tijarah Ramadan, iaitu sebuah program televisyen yang disiarkan pada bulan Ramadan. Dikelolakan oleh Johor Corporation dan Jabatan Kemajuan Islam Malaysia (“JAKIM”), program televisyen ini telah dirangka khusus untuk membantu golongan miskin dan kurang bernasib baik dalam komuniti. Sehingga kini, sebanyak RM150,000.00 telah disumbangkan kepada Program Tijarah sejak ia dilancarkan pada tahun 2 0 0 5 . K a m i t u r u t m e n y a l u r k a n RM20,000.00 kepada Festival Layang-Layang Antarabangsa dan RM10,000.00 kepada Kejohanan Golf Natoleo Waqaf An-Nur Pasir Gudang. Selain itu, JLand telah melaksanakan Program Kitar Semula dalam komuniti Taman Bukit Dahlia bagi menerapkan rasa kesedaran terhadap alam sekitar di kalangan para penduduk setempat.


oUtLook AND PRoSPECtS

operating EnvironmentThe global economy is in the throes of an unprecedented downturn. Despi te concerted interest rate cuts and liquidity injection, the global credit crisis continues to deepen with little sign of abating. The International Monetary Fund has projected world growth to fall to 0.5% in 2009, the lowest rate since World War II. The US economy is forecast to contract 1.65%, the European Union 2%, and Japan 2.6%. Growth is expected to slow to 6.7% in China and 5.1% in India, while the ASEAN-5 is expected to experience some 2.7% growth.

In Malaysia, there has been l i t t le consensus over our projected economic growth for 2009. At the time of writing, in view of the deeper decline in macro indicators, the Malaysian Institute of Economic Research and Bank Negara Malaysia on altogether different fronts have revised GDP growth downwards to 1.3% and between –1% and 1% respectively. Increasing job losses, worse-than-expected trade numbers from Malaysia’s main trading partners, as well as slumping industrial production and export figures, are beginning to result in rapidly declining business and consumer confidence as the reality of an impending recession begins to sink in.

Prompted by the sharper deterioration of the global economy in the fourth quarter of 2008 and the increased risk of contraction of the Malaysian economy, Bank Negara Malaysia has to date cut its benchmark Overnight Policy Rate (“OPR”)

PRoSPEk DAN mASA DEPAN

Persekitaran operasiEkonomi global kini berada di ambang kemelesetan yang tidak pernah berlaku sebelumnya. Sungguhpun terdapat potongan kadar cukai yang bersepadu dan suntikan kecairan, krisis kredit global terus meruncing dengan tiada tanda akan reda. Tabung Kewangan Antarabangsa telah mengunjurkan pertumbuhan dunia akan jatuh kepada 0.5% pada tahun 2009, iaitu kadar terendah sejak Perang Dunia Kedua. Ekonomi Amerika Syarikat diramalkan akan menguncup 1.65%, Kesatuan Eropah 2% dan Jepun 2.6%. Pertumbuhan dijangka akan perlahan kepada 6.7% di China dan 5.1% di India, sementara ASEAN-5 d i jangka akan mengalami pertumbuhan dalam anggaran 2.7%.

Di Malaysia, tidak ada kesepakatan yang jitu berhubung unjuran pertumbuhan ekonomi bagi tahun 2009. Ketika penyata ini ditulis, berdasarkan kepada penurunan yang semakin meruncing dalam penunjuk makro, Institut Penyelidikan Ekonomi Malaysia dan Bank Negara Malaysia telah mengkaji semula penurunan pertumbuhan KDNK, masing-masing kepada 1.3% dan di antara –1% dan 1%. Peningkatan kehilangan pekerjaan, angka dagangan yang lebih teruk dari jangkaan daripada rakan niaga utama Malaysia, dan penurunan pengeluaran perindustrian serta angka eksport, telah mula mengakibatkan kemerosotan yang pantas dalam bisnes serta keyakinan pengguna bila mana hakikat akan berlakunya kemelesetan mula dirasai.

Didorong oleh kemerosotan ekonomi global yang lebih runcing pada suku keempat tahun 2008 serta meningkatnya risiko penguncupan ekonomi Malaysia, Bank Negara Malaysia buat masa ini telah mengurangkan tanda aras Kadar Polisi Semalaman (“OPR”)

three times to 2% from 3.5% in November 2008 (after leaving the OPR unchanged at 3.5% for about three years). The Statutory Reserve Requirement (“SRR”) was also adjusted downwards from 2.0% to 1.0% effective 1 March 2009 to further reduce the cost of intermediation.

Fiscal pump-priming of the Malaysian economy has been stepped up following the tabling of a second stimulus package worth RM60 billion in Parliament on 10 March 2009. This mini budget aims to help companies and workers affected by the global slowdown. It comes in the wake of the first stimulus package worth RM7 billion announced in November 2008, of which more than 70% has been disbursed at the time of writing. While global efforts have been intensified to counter the effects of the slowdown, risks remain on the downside and recovery is likely to be slow and protracted all around. While there are predictions of a marginal improvement in Malaysia’s growth to 3.8% in 2010 in line with the World Bank’s forecast of world growth at 3.0% for the same year, only time will tell how this plays out.

ISkANDAR mALAySIA StImULUS

Since its launch in November 2006, Iskandar Malaysia had received RM43 billion worth of investments, far exceeding the initial target of RM47 billion by the year 2010. Investments into Iskandar Malaysia are expected to create a spill-over effect on other parts of the state of Johor. The arrival of investors, be they local or foreign investors, is expected to

sebanyak tiga kali kepada 2% daripada 3.5% pada November 2008 (setelah membiarkan OPR tidak berubah pada kadar 3.5% selama lebih kurang tiga tahun). Keperluan Rizab Berkanun (“SRR”) turut dilaraskan menurun daripada 2.0% kepada 1.0% berkuatkuasa 1 Mac 2009 bagi mengurangkan lagi kos pengantaraan.

Rangsangan fiskal ekonomi Malaysia telah dipertingkatkan berikutan pembentangan pakej rangsangan kedua bernilai RM60 bilion di Parlimen pada 10 Mac 2009. Bajet mini ini bertujuan untuk membantu syarikat-syarikat dan para pekerja yang terjejas oleh kegawatan global. Ia hadir selepas pakej rangsangan pertama yang bernilai RM7 bilion diumumkan pada November 2008, yang mana lebih dari 70% telahpun diagihkan sewaktu penyata ini ditulis. Meskipun usaha global telah dipertingkatkan bagi mengekang kesan kegawatan, namun risiko kekal suram dan pemulihan berkemungkinan perlahan ser ta ber lan jutan d i serata tempat . Sungguhpun terdapat ramalan peningkatan yang marginal dalam pertumbuhan ekonomi Malaysia kepada 3.8% pada tahun 2010, yakni selaras dengan ramalan Bank Dunia tentang pertumbuhan ekonomi dunia pada kadar 3.0% untuk tahun yang sama, namun hanya masa yang akan menentukannya.

RANGSANGAN ISkANDAR mALAySIA

Sejak pelancarannya pada November 2006, Iskandar Malaysia telah menerima pelaburan bernilai RM43 bilion, jauh menjangkaui sasaran awal sebanyak RM47 bi l ion menjelang tahun 2010. Pelaburan ke atas Iskandar Malaysia dijangka akan mewujudkan kesan limpahan ke kawasan-kawasan lain di negeri Johor. Kedatangan para pelabur, sama ada pelabur tempatan atau asing, d i jangka akan mewujudkan peluang


create manifold job opportunities in this region, while the presence of new residents bodes well for the property market in Southern Johor. Under the Ninth Malaysian Plan (“9MP”), the Federal Government has allocated RM6.8 billion for infrastructure projects in Iskandar Malaysia. To date, some 18 projects worth RM1.6 billion that include road packages, drainage projects and river cleaning jobs, have been awarded. Ultimately, once all these infrastructural development projects come on-stream, they will transform Johor into a world class community.

The fact that JLand’s land banks are strategically located right at the centre of Iskandar Malaysia, bodes immensely well for us. All in all, the Group is looking at an estimated GDV of more than RM7 bil l ion when these land banks are eventually developed over the next 10 to 15 years.

GoING foRWARD

Going forward into 2009, as a result of deteriorating global economic conditions, the Malaysian economy is expected to register lower growth. Consequently, the property market is expected to soften further even as property prices and demand weakens between 5% and 10% in 2009. Mindful of the economic challenges on several fronts, JLand will continue to take prudent and appropriate measures to enable us to sustain our performance.

Akin to other property players, JLand has adopted a cautious stance amidst this tough and uncertain operating environment. To ride out this troubled period, we will maintain our primary focus on preserving capital value while undertaking cost mitigating measures and deferring or staggering our launches. Notwithstanding the flagging economy, the Group expects to sustain our performance for 2009 as we take prudent measures to keep construction costs in check and price our



products competitively. We will also continue to be proactive in identifying market preferences and will develop new products in line with market needs. This strategy will ultimately shape and drive the sales of our products.

The Group’s business strategies have been formulated based on market demand in the geographical areas of Pasir Gudang, Ulu Tiram and Tebrau. Each of these areas has adopted a different business strategy depending on market demand. For example, our properties at Bandar Dato’ Onn target those home buyers looking to upgrade and incorporate differential features and concepts in terms of layout planning, design and finishes. We will continue to conduct more in-depth product research and development initiatives to ensure that our products are market-oriented and acceptable to buyers. Today’s buyers are more concerned with the elements of security and ensuring a

pekerjaan yang berbagai di rantau ini, manakala kehadiran penghuni baru membawa petanda baik bagi pasaran hartanah di Selatan Johor. Di bawah Rancangan Malays ia Kesembi lan (“RMK9”), Kerajaan Persekutuan telah memperuntukkan RM6.8 bilion untuk projek prasarana di Iskandar Malaysia. Sehingga kini, lebih 18 projek bernilai RM1.6 bilion termasuk pakej jalan raya, p ro j ek sa l i r an se r t a ke r j a - ke r j a pembersihan sungai telahpun diberikan. Apabila kesemua projek pembangunan prasarana ini mula beroperasi, ia akan merubah Johor menjadi sebuah komuniti bertaraf dunia.

Hakikat bahawa simpanan tanah JLand terletak di lokasi yang strategik, iaitu tepat di tengah-tengah Iskandar Malaysia merupakan petanda yang amat baik buat kami. Secara keseluruhannya, Kumpulan menganggarkan GDV melebihi RM7 bilion apabila simpanan tanah ini dimajukan kemudiannya dalam tempoh 10 hingga 15 tahun akan datang.

mELANGkAh kE hADAPAN

Dalam melangkah ke tahun 2009, akibat daripada keadaan ekonomi global yang kian merosot, ekonomi Malaysia dijangka akan mencatatkan pertumbuhan yang lebih rendah. Justeru itu, pasaran hartanah dijangka akan bertambah lembab dengan harga hartanah dan permintaan menurun antara 5% dan 10% pada tahun 2009. Menyedari akan cabaran ekonomi berhubung beberapa perkara, JLand akan terus mengambil langkah yang bijak dan wajar bagi membolehkan kami mengeka lkan prestasi.

Seperti mana penggiat hartanah yang lain, JLand mengamalkan sikap berhati-hati berdasarkan persekitaran operasi yang sukar dan tidak menentu. Dalam mengharungi tempoh yang sukar ini, kami akan mengekalkan tumpuan utama kami untuk memelihara nilai modal sambil m e l a k s a n a k a n l a n g k a h - l a n g k a h pengurangan kos ser ta menunda pelancaran atau melakukannya secara berperingkat. Sungguhpun ekonomi

merosot, Kumpulan menjangkakan dapat mengekalkan prestasi kami untuk tahun 2009 dengan mengambil langkah yang bijak untuk mengawasi kos pembinaan dan menetapkan harga yang kompetitif untuk produk kami. Kami juga akan terus bersikap proaktif dalam mengenal pasti keutamaan pasaran dan akan mencipta produk-produk baru yang seiring dengan keperluan pasaran. Strategi ini akhirnya akan membentuk dan memacu penjualan produk-produk kami.

Strategi bisnes Kumpulan telah dirumus berdasarkan permintaan pasaran di kawasan geografi Pasir Gudang, Ulu Tiram dan Tebrau. Setiap kawasan ini mengguna pakai strategi bisnes yang berlainan mengikut permintaan pasaran. Contohnya, hartanah kami di Bandar Dato’ Onn mensasarkan pembeli rumah yang mahukan peningkatan ser ta penerapan ciri-ciri dan konsep yang berbeza dari segi perancangan susun atur, reka bentuk dan kemasan. Kami akan terus melakukan kaji selidik produk yang lebih mendalam serta inisiatif pembangunan bagi memastikan produk-produk kami adalah berasaskan pasaran dan boleh diterima pembeli. Para pembeli hari ini lebih menitikberatkan unsur-unsur keselamatan di samping memastikan persekitaran yang sejahtera buat seluruh keluarga. Oleh kerana itu kami harus melakukan peningkatan secara konsisten, mengekalkan kreativiti kami dan bersikap inovat i f da lam usaha kami untuk memuaskan keinginan dan keperluan para pelanggan kami yang bijak menilai.

Kami akan terus meneroka peluang projek yang baru serta memajukan simpanan tanah kami yang sedia ada di Tebrau, Ulu Tiram dan Pasir Gudang. Kami akan terus membina jenama JLand, mencipta konsep pembangunan yang menarik serta menghasilkan rumah berkualit i dan perjiranan yang tersendiri buat para pelanggan di perbandaran yang telah siap kami majukan. Kami juga akan mencari peluang-peluang baru bagi mempelbagaikan portfolio bisnes kami serta meneroka aliran keuntungan yang


wholesome environment for the entire family. As such we need to consistently make improvements, maintain our creativity and be innovative as we work to satisfy the needs and requirements of these discerning customers.

We will continue to explore new project opportunities and develop our existing land banks in Tebrau, Ulu Tiram and Pasir Gudang. We will continue to build up the JLand brand, create interesting development concepts and deliver quality homes and distinctive neighbourhood to our customers in our establ ished townships. We will also look at new opportunities to diversify our business portfolio and explore revenue streams that will complement our core property development operations. To maintain sustainable long-term growth, JLand will consider the acquisition of additional land in prime areas within strategic locations elsewhere in the country. We wil l undertake the necessary due diligence measures to ensure that any potential venture will generate good revenue streams and strong shareholder returns. All in all, we believe that the sum of these efforts will help the Group ride out the economic downturn and provide us with a strong base to launch out from when market conditions return to normal.

APPRECIAtIoN

JLand has much to be thankful for. Above all, we have been blessed with a resilient and dedicated network of supporters. On behalf of the Board of Directors, allow us to say how truly appreciative we are of our shareholders, customers, financiers, business associates, and consultants as well as the many government departments who have steadfastly supported over the years. Our heartfelt gratitude goes to the multitude of home buyers who have shown their confidence in our houses and neighbourhoods. Our success is in no small way owing to our committed and hard working management and staff who continue to display a spirit of excellence in all that they undertake. Last but not least, our sincere appreciation to all fellow Directors for their wisdom and insights.

As we set our sights on becoming the leading property company in this part of the world, we invite all our stakeholders to join us as we continue on our journey to success. Rest assured that we at JLand will work hard to tap every opportunity and overcome all challenges before us. We trust that you will continue to lend us your unwavering support as we press on to greater heights.

akan melengkapkan operasi teras kami dalam pembangunan hartanah. Bagi mengekalkan kemapanan pertumbuhan jangka panjang, JLand akan menimbangkan pemilikan tanah tambahan di kawasan-kawasan penting di mana-mana lokasi strategik yang lain di dalam negara. Kami akan gigih berusaha bagi memastikan sebarang kerja sama yang berpotensi akan menghasilkan perolehan yang teguh serta pulangan buat para pemegang saham. Secara amnya, kami percaya bahawa keseluruhan usaha ini akan dapat membantu Kumpulan mengharungi kemelesetan ekonomi dan memberikan kami asas yang kukuh untuk melonjak jauh apabila keadaan pasaran kembali pulih.

PENGhARGAAN

Terdapat banyak perkara yang perlu JLand syukur i . Pal ing pent ing, kami te lah dianugerahkan kelompok penyokong yang teguh serta berdedikasi. Bagi pihak Lembaga Pengarah, izinkan kami menyatakan betapa kami amat menghargai para pemegang saham, pelanggan, pembiaya, rakan perniagaan dan konsultan serta jabatan-jabatan kerajaan yang teguh menyokong kami selama bertahun-tahun. Penghargaan ini turut ditujukan kepada ribuan pembeli rumah yang telah memperlihatkan keyakinan mereka terhadap kediaman dan kawasan perjiranan kami. Kejayaan kami banyak bergantung kepada pihak pengurusan serta anggota pekerja kami yang komited dan rajin berusaha dengan terus memperlihatkan semangat yang cemerlang dalam setiap apa yang mereka lakukan.

Akhir kata, penghargaan kami yang seikhlasnya buat semua anggota Pengarah di atas kebijaksanaan dan pengetahuan mereka yang mendalam.

Dalam usaha kami menumpukan perhatian untuk menjadi sebuah syarikat hartanah terulung di rantau ini, kami menjemput semua pihak yang berkepentingan untuk bersama kami dalam meneruskan perjalanan menggapai kejayaan. Kami memberi jaminan bahawa kami di JLand akan bekerja keras untuk mencari setiap peluang dan mengatasi semua cabaran yang dihadapi. Kami percaya anda akan terus memberikan kami sokongan yang tidak berbelah bagi dalam kami berusaha menggapai kejayaan cemerlang.

tAN SRI DAto’ mUhAmmAD ALI hAShIm

Chairman / Pengerusi

A.f.m ShAfIQUL hAfIZ

Managing Director / Pengarah Urusan


2008 Corporate DiaryDiari Korporat 2008


“Majlis Ramah Mesra, Gotong Royong dan Ki tar Semula” organised by Johor Land Berhad with residents of Pesona and Indah, Taman Bukit Dahlia, Pasir Gudang.

Majlis Ramah Mesra, Gotong Royong dan Kitar Semula anjuran Johor Land Berhad bersama para penduduk Pesona dan Indah, Taman Buki t Dahl ia , Pasi r Gudang.

Chinese New Year Carnival with customers at Sales Office, Tiram.

Karn iva l Tahun Baru C ina bersama para pelanggan di Pejabat Jualan, Tiram.

Official launching of Tijarah Ramadan Fourth (4th) Season was held at Tun Hussein Onn Hall, Putra World Trade Centre. JLand contributed RM30,000.00 to the program.

Ma j l i s Pe lanca ran T i j a rah Ramadan Musim ke Empat (4) telah diadakan di Dewan Tun Hussein Onn, Pusat Dagangan Dunia Putra. JLand menyumbang RM30,000.00 untuk program tersebut.

Pedoman Meeting was held at Main Hall, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, Johor Bahru.

Mesyuarat Pedoman diadakan di Dewan Utama, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, Johor Bahru.

The 33rd Annual General Meeting and Extraordinary General Meeting of JLand was held at Main Hall, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, Johor Bahru.

Mesyuarat Agung Tahunan kali ke 33 dan Mesyuarat Agung Luarbiasa JLand diadakan di Dewan Utama, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, Johor Bahru.

Official Launching of Tunas Bistari 2008. JLand contributed RM150,000.00 to the program.

Majlis Pelancaran Tunas Bistari 2008. JLand menyumbang RM150,000.00 untuk program berkenaan.

“Malam MPC bersama Industri” organised by Malaysia Productivity Corporation was held at Sapphire Hall, Mandarin Oriental Hotel, Kua la Lumpur . JLand was awarded the Appreciation Partner in Competitiveness Creativity and Innovation Programme Category (Services Sector).

Malam MPC bersama Industri dianjurkan oleh Perbadanan Produkt iv i t i Malays ia te lah diadakan di Dewan Sapphire, Hotel Mandarin Oriental, Kuala Lumpur. JLand telah dianugerahkan Penghargaan Rakan Daya Saing Program Kreativiti dan Inovasi (Kategori Perkhidmatan).

04 Jan/Jan 05 Feb/Feb 24 Feb/Feb 20 Mar/Mac

21 May/Mei 14 June/Jun 21 Aug/Ogos 24 Aug/Ogos

JLand participated in “Maulidur Rasul 2008” at Masjid Jamek, Pasir Gudang.

JLand menyertai Majlis Maulidur Rasul 2008 di Masjid Jamek, Pasir Gudang.


01 Apr/Apr 05-06 Apr/Apr 04 May/Mei 10 May/Mei

16 Sep/Sep 17 Sep/Sep 20 Oct/Okt 12-14 Nov/Nov

Sales launching of double storey semi-detached houses “Perdana Dahlia Phase 2” at Sales Office, Taman Buki t Dahl ia , Pasi r Gudang.

P e l a n c a r a n j u a l a n r u m a h berkembar dua tingkat “Perdana Dahlia Fasa 2” di Pejabat Jualan, Taman Buki t Dahl ia , Pasi r Gudang.

JLand participated in “Hari Mekar” Johor Corporation, which was held at Persada Johor International Convention Centre, Johor Bahru.

JLand menyertai Hari Mekar Johor Corporation yang telah diadakan di Pusat Konvensyen Antarabangsa Persada Johor, Johor Bahru.

Labour Day Party with customers at Show Houses, Bandar Dato’ Onn, Johor Bahru and Sales Office, Tiram.

Parti Hari Buruh bersama para pelanggan di Rumah Contoh, Bandar Dato’ Onn, Johor Bahru dan Pejabat Jualan, Tiram.

“Mesra Ria Aidilfitri” for staff was held at Main Hall, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, Johor Bahru.

Majlis Mesra Ria Aidilfitri untuk anggota pekerja telah diadakan di Dewan Utama, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, Johor Bahru.

Exclusive Interview by Med ia w i th Mr A .F .M Shafiqul Hafiz, Managing Director of JLand.

Temuramah Eksklusif oleh Media bersama En A.F.M Shafiqul Hafiz, Pengarah Urusan JLand.

The ICC Convention JLand 2008 was held at Main Hall, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, Johor Bahru.

Konvensyen ICC JLand 2008 telah diadakan di Dewan Utama, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, Johor Bahru.

“Bengkel UPSR” organised by Johor Land Berhad in collaboration with the Berita Harian was held at Selesa Hotel, Pasir Gudang. 250 students were involved in the program.

Bengkel UPSR anjuran Johor Land Berhad dengan kerjasama Berita Harian diadakan di Hotel Selesa, Pasir Gudang. 250 orang pelajar terlibat dalam program ini.

Student Visit from University Technology of Malaysia, Skudai, Johor.

Lawatan Pelajar dari Universiti Teknologi Malaysia, Skudai, Johor.


Audit Committee Report

tERmS of REfERENCE

The Audit Committee was established on 2 September 1996 to act as a Committee for the Board of Directors.

ComPoSItIoN of mEmBERS

members No. of meetings attended

Percentage

kua hwee Sim (Chairman)Independent Non Executive Director(appointed as Chairman w.e.f 15 February 2007)

5 out of 5 100%

Dato hj hassan bin hj mohd yunosIndependent Non Executive Director(appointed as Member w.e.f 1 May 2007)

5 out of 5 100%

Lukman bin hj. Abu BakarNon Independent Non Executive Director(appointed as Member w.e.f 15 August 2006)

4 out of 5 *80%

*overseas

oBJECtIvES

The objectives of the Audit Committee are:-

1. To ensure compliance with Paragraph 15, Part C of the Bursa Malaysia Securities Berhad (“Bursa Securities”) Listing Requirements.

2. To ensure the independence of the External Auditors, the integrity of management and the adequacy of disclosures to shareholders.

3. To assist the Board of Directors in fulfilling its fiduciary responsibilities by ensuring that the results of internal and external audit findings are fully considered and properly resolved.

ComPoSItIoN

The Board shall elect an Audit Committee, comprising not fewer than three members of whom the majority must be Independent Directors. The Chairman of the Audit Committee shall be appointed by the Board.

mEEtINGS of thE AUDIt CommIttEE

1. The Audit Committee is to meet not less than four (4) times a year.

2. The quorum for each meeting shall be two (2) members of the Audit Committee both of whom shall be Independent Directors.

3. The Audit Committee may regulate its own procedures in respect of the convening of meetings, the notice to be given of such meetings, the voting and proceedings thereof, the keeping of minutes and the custody, production and inspection of such minutes.

4. The Cha i rman o f t he Aud i t Committee shall submit a report of each meeting to the Board.

5. The Managing Director, the Group Financial Controller and the Head of Internal Audit attended all meetings. O t h e r m e m b e r s o f s e n i o r management attended some of the meetings upon invitation by the Audit Committee. The Company Secretary is the Secretary to the Audit Committee.


6. During the financial year ended 31 December 2008 the Audit Committee held a total of 5 meetings. The details of attendance of the Audit Committee Members are as per table above.

AUthoRIty

The Audit Committee is authorised by the Board:-

1. To investigate any matters within its terms of reference;

2. To have the resources which are required to perform its duties;

3. To have full and unrestricted access to any information pertaining to the listed issuer;

4. To have direct communicat ion channels with the external auditors and person(s) carrying out the internal audit function or activity (if any);

5. To be able to obtain independent professional or other advice;

6. To be able to convene meetings with the External Auditors, the Internal Auditor or both, excluding the attendance of other directors and employees of the company, whenever deemed necessary.

fUNCtIoNS

Pursuant to Para 15.13 of the Bursa Securities Listing Requirements, the Audit Committee amongst others, shall review, appraise and report to the Board on:-

1. The appointment of the External Auditors, their audit fees and in the event of their resignation or dismissal with full explanatory statements.

2. The adequacy of the scope, functions, competency and resources of the internal audit function and results of the internal audit procedures.

3. The quality and effectiveness of the entire accounting and internal control system of the Group.

4. The adequacy of the audit effort by both the External and Internal Auditors.

5. The adequacy of the disclosures of information essential to give a true and fair presentation of the financial affairs of the Group.

6. A n y m a t e r i a l d i s c o v e r i e s o f adjustments made by the External or Internal Auditors.

7. The quarterly results and yearly financial statements, prior to the approval by the Board, focusing particularly on:-

(i) Changes in major accounting policies and their implementation and the e f fec ts o f such changes;

(ii) Significant and unusual events; and

(iii) C o m p l i a n c e w i t h s t a t e d accounting standards and other legal requirements.

8. Any related party transactions and conflict of interest situation that may arise, including any transactions, procedures or course of conduct that raise question of management integrity.

9. The ass is tance g iven by the employees to the External Auditors.

10. Any such other functions as may be agreed to by the Audit Committee and the Board.

SUmmARy of ACtIvItIES

The Audit Committee has during the financial year ended 31 December 2008 discharged the following functions:-

1. Reviewed the unaudited quarterly results and financial statements of the Company and its subsidiaries.


Audit Committee Report

2. Reviewed the financial statements of the Group and Company for the financial year ended 31 December 2008 with the External Auditors and discussed before it was approved by the Board.

3. Reviewed and endorsed the Audit Plan of the Group for the financial year ended 31 December 2009.

4. Deliberated Audit Report on audit assignments.

5. Reviewed and discussed recent developments on accounting and auditing standards issued by the Malaysian Accounting Standards Board.

6. Rev iewed the re l a ted pa r t y transactions entered into by the Company and JCorp Group of Companies.

7. Met with the External Auditors w i thout the presence o f the Management, pursuant to the Best Practices of Malaysian Code of Corporate Governance.

StAtEmENt oN INtERNAL AUDIt fUNCtIoN

The Internal Audit Function of the Company is to independently perform all the planned activities with impartiality, proficiency and due professional care. The Internal Audit Function is perform in-house and to provide independent assurance on the ef f ic iency and effectiveness of the internal control implemented by Management. In this context, the Internal Audit Function forms an integral part of the management process.

The Head of the Internal Audit will report directly to the Audit Committee. The scopes of work undertaken by Internal Audit Function are broadly divided into three categories:

1. operational audit – compliance;

2. special audit;

3. operational audit – technical.

The cost incurred for Internal Audit Function for the financial year 2008 was RM170,421 which include among others, training to enhance the skil ls and competency of the internal auditors.

In carrying out the scope of their duties, the Audit Committee updates the Board from time to time on the issues and concerns discussed during the Audit Committee Meetings including those revised by the External Auditors and where appropriate, make the necessary recommendations to the Board.


Corporate

Governance

50 Statement on Corporate Governance

56 Statement on Internal Control

60 Statement on Directors’ Responsibility

61 Additional Disclosure Information


Statement on Corporate Governance

the Board of Directors (“the Board”) of Johor Land Berhad (“JLand” or “the Company”) fully

appreciates the importance of exercising high standards of corporate governance in the

conduct of the Company’s business and affairs through transparency, accountability and

corporate governance.

the Board continues to apply the principles and best practices as governed by the Listing

Requirements of Bursa malaysia Securities Berhad to undertake additional measures,

principles and recommendation embodied in malaysia Code on Corporate Governance and

strive to adopt the substance and not merely the form behind the corporate governance

prescription.

A. BoARD of DIRECtoRS

1. Board Composition

The Board composition is reviewed on a regular basis. The Board comprises members from diverse professional backgrounds with a wide range of business and financial experience relevant to lead and manage the Company. The Board is responsible for the Company’s overall Group strategy and objectives, its major capital expenditure projects and the consideration of significant financial matters.

2. Board meeting

During the financial year under review, the Board conducted four (4) meetings to review and discuss the Group’s operations, approved quarterly reports and annual financial statements. At every meeting, the Board papers were delivered in advance to faci l i tate informed decision making. The Board also discussed reports f rom Audi t Committee and proposals by the Management that require the Board’s approval.


The attendance record for each Director is as follows:-

Directors No. of meetings attended Percentage

tan Sri Dato’ muhammad Ali hashim(Non Independent Non Executive Chairman)

4 out of 4 100%

mohd talhar bin Abdul Rahman(Non Independent Non Executive Deputy Chairman)

*2 out of 4 50%

A.f.m Shafiqul hafiz(Managing Director)

4 out of 4 100%

kua hwee Sim(Independent Non Executive Director)

4 out of 4 100%

Dato hj hassan bin hj mohd yunos(Independent Non Executive Director)

4 out of 4 100%

Dr mohd hafetz bin Ahmad(Independent Non Executive Director)

4 out of 4 100%

Lukman bin hj. Abu Bakar(Non Independent Non Executive Director)

*3 out of 4 75%

Abdul malek bin talib(Non Independent Non Executive Director)

4 out of 4 100%

yusof bin Rahmat(Non Independent Non Executive Director)

*3 out of 4 75%

*overseas



3. Board Balance

The Board presently consists of nine (9) members, compr is ing the Managing Di rector , three (3) I n d e p e n d e n t N o n E x e c u t i v e D i rec to rs , and f i ve (5 ) Non Independent Non Executive Directors including the Chairman, as required by the Listing Requirements of Bursa Malaysia Securities Berhad.

The Managing Director has the principal responsibility of reporting, clarifying and communicating matters to the Board. The Board has also appointed Dato Hj Hassan Bin Hj Mohd Yunos as the Sen io r Independent Non Executive Director, t o w h o m c o n c e r n s m a y b e conveyed.

4. Supply of Information

The Board has a formal schedule of matters reserved specifically for the Board’s consideration in ensuring the effectiveness of its decisions. The Board i s supp l ied w i th information in a timely manner and appropriate quality to enable them to discharge their duties and due notice is given to Directors with regard to issues to be discussed. All resolut ions are recorded and thereafter circulated to the Directors for comments before minutes of proceedings are f inal ised and confirmed.

Directors are given access to information within the Company and are free to seek independent professional advice at the Company’s expense, if necessary, in furtherance of their duties. Directors are also entitled to have access to the advice and services of the Company Secretaries.

5. Directors’ training

Recognising the demands of their role as Directors, the Directors of the Company continue to equip themselves wi th the re levant professional advancement particularly i n t he co rpo ra te r egu la to r y d e v e l o p m e n t s a n d c u r r e n t developments of the industry. All D i rec to rs had a t tended and s u c c e s s f u l l y c o m p l e t e d t h e Mandatory Accreditation programme as prescribed by Bursa Securities and they were also informed and encouraged to attend the professional programmes organised by various professional bodies.

6. Appointments to the Board

In the event of a need to appoint new member(s) of the Board, the actual decision as to who shall be nominated is the responsibility of the full Board after considering the recommendations by the Nomination and Remunerat ion Commit tee (“NRC”) of Johor Corporat ion (“JCorp”). The NRC will propose

perspective nominees for the Board and assess Directors on a regular basis to ensure the effectiveness of the Board for the long term interest of the Company by considering the skills, knowledge, expertise and experience, professionalism and integrity of the candidates.

7. Re-Election

In accordance with the Company’s Articles of Association, any Director so appointed shall hold office only until the next following Annual General Meeting, and shall then be eligible for re-election.

In addition at every succeeding Annual General Meeting, one-third (1/3) of the Directors, or, if their number is not a multiple of three (3), the number nearest to, but not exceeding one-third (1/3), shall retire from office. All Directors shall retire from office once at least in each three (3) years and can offer himself for re-election at the Annual General Meeting.

The Managing Director shall subject to provisions of any contract between him and the Company be subject to the same provisions as to resignation and removal as the other Directors of the Company and if he ceases to hold the office of Director for any cause he shall ipso facto and immediately cease to be a Managing Director.


8. Directorship in other Companies

In ensuring continuous commitment from the Directors to discharge their duties effectively, none of the Directors of the Company holds more than 10 directorships in public listed companies and more than 15 directorships in non-public listed companies.

9. Board Committees

The Board has delegated certain specific responsibilities to two (2) committees which operate within clearly defined term of references, with the main objective to assist the Board in discharging its duties and responsibilities.

i. tender Board Committee The Tender Board Committee

is chaired by Dato Hj Hassan B in Hj Mohd Yunos. I ts deliberation includes scope of work, tender est imate, period of complet ion and recommendations by Tender Evaluation Committee.

ii Audit Committee The Audit Committee (“AC”) is

currently chaired by Kua Hwee Sim and comprises three (3) members, of which two (“2”) members are independent Directors. AC meets regularly at least four (“4”) times a year. The Managing Director, Chief Finance Off icer, Head of

Internal Audit and external auditors attend such meetings by invitation. The function and activities carried out by AC during the year under review are contained in the Audit Committee Report as presented on page 46 to 48 of this Annual Report.

iii Nomination And Remuneration Committee

In line with Johor Corporation’s (JCorp’s) Group-wide corporate practice, the functions and responsibil i t ies of JLand’s Nomination and Remuneration Committees (“NRC”) are vested with the Group Nomination and Remuneration Committees of JCorp. JLand is directly represented at the JCorp Group NRC by its Chairman and Managing Director who are respectively the Chairman and official member of the JCorp Group NRC.

The prime consideration of centralising NRC function at the Group’s centre is the strategic advantage that the Centre provides by allowing wider access and greater reach to a much larger pool of talent, skills and expertise as well as to benchmark remunerations on a Group-wide basis.

10. Board’s Effectiveness

The Board forms an important structure/platform of the overall sound internal control system. A streamlined format for the Board of Directors’ evaluat ion forms is distributed every year to fulfil the substantive requirement of Chapter 15.27b and 15.26 of Bursa Securities. The evaluation covers areas on St ra tegy and P lann ing; R isk Management; Tone at the Top; M e a s u r i n g a n d M o n i t o r i n g Performance; Transformational T r a n s a c t i o n s ; M a n a g e m e n t Evaluation; Compensation and Succession Planning; Transparency; and Board Dynamics.

DIRECtoRS’ REmUNERAtIoN

As indicated in Paragraph 9 above, the Nomination and Remuneration Committee of JCorp is also responsible for making recommendations on the framework, policy and procedures in reviewing and determining the specific remuneration package of the Directors in JLand.

The objectives of the remuneration policy are:

• to ensure that individual rewards and incent ives fa i r ly re la te to the performance of the individual, the Company and the interests of shareholders; and

• to attract and retain the most qualified and experienced senior executives.



The Committee, where appropriate, seeks independent advice and also has access to pool information on the latest remuneration and compensation packages practised in the market.

Details of the remuneration paid/payable to each Director for the financial year are as below:-

Directors Basic Salary(Rm)

fees & Allowances

(Rm)

Bonuses & others(Rm)

Benefits-in-kind(Rm)

total(Rm)

tan Sri Dato’ muhammad Ali hashim(Non Independent Non Executive Chairman)

— 62,000 — — 62,000

mohd talhar bin Abdul Rahman(Non Independent Non Executive Deputy Chairman)

— 30,800 — — 30,800

A.f.m Shafiqul hafiz(Managing Director)

264,000 128,200 168,029 52,921 613,150

kua hwee Sim(Independent Non Executive Director)

— 34,100 — — 34,100

Dato hj hassan Bin hj mohd yunos(Independent Non Executive Director)

— 33,100 — — 33,100

Dr mohd hafetz bin Ahmad(Independent Non Executive Director)

— 31,600 — — 31,600

Lukman bin hj. Abu Bakar(Non Independent Non Executive Director)

— 32,400 — — 32,400

Abdul malek bin talib(Non Independent Non Executive Director)

31,600 26,576 58,176

yusof bin Rahmat(Non Independent Non Executive Director)

— 31,200 — — 31,200


ShAREhoLDERS

(a) Relationship with Shareholders and Investors

The Board acknowledges the need for shareholders and investors to be informed of all material business matters affecting the Group. The timely release financial results on qua r te r l y bas i s p rov ide t he shareholders with an overview of the Group’s performance and operations. In addition, to ensure that shareholders and investors are well informed of major developments of the Group, in format ion is disseminated to shareholders and investors through various disclosures and announcements to Bursa Securities as well as through the annual report and where appropriate, c i rculars and press releases. However, any information that may be regarded as undisclosed material information about the Group will be safeguarded.

The Group also maintains a website www.jland.com.my for shareholders and public to access corporate information and events related to the Group.

(b) Annual General meeting

The Annual General Meet ing (“AGM”) is the principal forum for dialogue with shareholders. The Company values feedback from its shareholders and encourages them to actively participate in discussion

and deliberations. Members of the Board and Senior Management are present and available to respond to shareholders’ questions during the meeting. Item of special business included in the notice of the meeting wil l be accompanied by a full explanation of the effects of a proposed resolution.

ACCoUNtABILIty AND AUDIt

(a) financial Reporting

The Board acknowledges and accepts full responsibility for preparing a balanced and comprehensive assessment of the Group’s operation and prospects each time it releases its quarterly reports and annual financial statements to shareholders. On this matter, the Board is assisted by the Audit Committee, whose terms and reference are defined in the Audit Committee Report published in this Annual Report.

(b) Internal Control

The Statement on Internal Control is set out in page 56 to 59 of this Annual Report provides an overview of the Group’s approach in maintaining a sound system of internal control to safeguard shareholders’ investment and the Group’s assets.

(c) Relationship with the Auditors

The Board on its own and through the Audit Committee has a formal and transparent management for maintaining appropriate relationship with the External Auditors. There is a formal and transparent arrangement in the review of the External Auditors’ a u d i t p l a n , r e p o r t , i n t e r n a l control issues and procedures. Representatives from the External Auditors were also invited to attend every Audit Committee Meeting.

(d) Audit Committee

The Audit Committee Report for the financial year is provided in page 46 to 48 of this Annual Report.

ComPLIANCE to thE CoDE

JLand Group was in compliance with the principles of and best practices in corporate governance throughout the financial year ended 31 December 2008.

Signed on behalf of the Board of Directors in accordance with its resolution dated 27 February 2009.

tAN SRI DAto’ mUhAmmAD ALI hAShImChairman

A.f.m ShAfIQUL hAfIZManaging Director


Statement on Internal Control

the Board of Directors (“the Board”) of Johor Land Berhad (“the Company” or “JLand”) is

pleased to provide the Statement on Internal Control pursuant to paragraph 15.27 (b) of the

Listing Requirements.

the Board recognises and accepts its responsibility in ensuring and maintaining a sound

system of internal control to safeguard shareholders’ investment and the company’s assets.

The Board acknowledges its ultimate responsibilities in reviewing the adequacy and the integrity of internal control systems and management information systems of JLand Group, including systems for compliance with applicable laws, regulations, rules, directives and guidelines as well as identifying principal risks and ensures the implementation of appropriate systems to manage the risks. The Group’s internal control system is designed to manage rather than eliminate risk of failure to achieve business objectives and can only provide reasonable assurance and not absolute assurance against material misstatement or loss.

In providing the Statement on Internal Control for the Group, pursuant to Para 46 of the “Statement on Internal Control – Guidance for Directors of Public Listed Companies” (“the Guidance”), the Board wishes to inform that it has excluded the assessment of controls on associated company i.e. Revertex (M) Sdn Bhd (“Revertex”), where the assurance on internal control of the company is obtained through JLand’s representation on the board of Revertex.

During the year under review, the Group continue to enhance the system of internal control and risk management, in order to better quantify its compliance with the Malaysian Code on Corporate Governance and Bursa Securities Listing Requirements.

The Board believes that the Group’s system of internal control, financial or otherwise, should provide reasonable assurance regarding the achievement of objectives of ensuring effectiveness and efficiency of operations, reliability and transparency of financial information and compliance with laws and regulations.

PRINCIPAL fEAtURES of thE JLAND GRoUP’S SyStEm of INtERNAL CoNtRoL

The principal features which formed part of the JLand Group’s system of internal control can be summarised as follows:

1. Risk management The JLand Group’s financial profile

is the result of a system of internal control and r isk management designed to mitigate risks which


arise in the course of business. The Board acknowledges that all areas of the JLand Group’s business activities involve some degree of risk and is committed to ensure that there is effective risk management to manage risks within defined parameters and standards.

JLand has appointed a Chief Risk Officer to oversee the function of the Risk Management Committee. A Risk Management Report shall be tabled at the Audit Committee Meeting twice yearly.

The purpose of the establishment of the Risk Management Committee is for identifying, evaluating and managing the significant risks faced by JLand Group. The process is done on an ongoing process which is undertaken at each level of operations. Emphasis is placed on reviewing and updating the process for identifying and evaluating the s igni f icant r isks af fect ing the b u s i n e s s , a n d p o l i c i e s a n d procedures by which these risks are managed.

Management is responsible for identification and evaluation of significant risks applicable to their areas of business, together with the design and operation of suitable internal controls. These risks are assessed on a continual basis and may be associated with a variety internal and external sources inc lud ing cont ro l b reakdown, disruption in information systems,

competition, natural catastrophe and regulatory requirements. The Chief Risk Officer reports on significant changes in the business and the external environment which affects significant risks. Where areas for improvement in the system are identified, the Board considers the recommendations made by the Audit Commi t tee and the i n te rna l auditors.

The Board will pursue its ongoing process of identifying, assessing and managing key bus iness, operational and financial risks faced by its business units concerned as well as regularly reviewing planned strategies to determine whether risks are mitigated and well-managed, and to ensure compliance with the guidelines issued by the relevant authorities.

2. Authorisation Procedures JLand Group has a clear definition

of authorisation procedures and a clear line of accountability, with strict authorisation, approval and control procedures within which senior management operates. Responsibility levels are communicated throughout the Group which set out, among o the rs , au tho r i sa t ion leve ls , segregation of duties and other control procedures.

3. Authority Levels JLand Group has delegated authority

levels for major tenders, capital expenditure projects, acquisitions

and disposal of businesses and other significant transactions to the Executive Directors. The approval of capital and revenue proposals above certain limit is reserved for decisions by the Board. Other investment decisions are delegated for approval in accordance with authority limits. Comprehensive appraisal and monitoring procedures are applied to all major investment decisions.

The authority of Directors is required for decisions on key treasury matters including financing of corporate and investment funding requirements, interest rate risk management, i n v e s t m e n t s , i n s u r a n c e a n d d e s i g n a t i o n o f a u t h o r i s e d signatories.

4. financial Performance Interim financial results are reviewed

by the Audi t Commit tee and approved by the Board upon recommendat ion of the Audi t Committee before release to Bursa Securities. The full year financial results and analyses of the Group’s state of affairs are disclosed to shareholders after review and audit by the external auditors.

5. Internal Compliance JLand Group monitors compliance

with its internal financial controls through management reviews and reports which are internally reviewed by key personnel. Updates of internal policies and procedures are


Statement on Internal Control

No. Committee function

1 Group Top ManagementCommittee (TERAJU)

JLand conducts weekly meeting which comprises Managing Director and department heads. The purpose of the meeting is to deliberate operational issues and decide on company matters.

2 Selling Price Committee To discuss and decide on the appropriate selling price of residential houses and commercial properties.

3 Quality Management Review To supervise the implementation of ISO Quality System and to ensure the company maintains the ISO certification.

4 Interview Committee To interview perspective candidate and recommending for their appointment.

5 Agreement Committee To evaluate all agreement entered by the company including sale and purchase agreement.

6 Tender Evaluation Committee To recommend to the Tender Board the award of contracts for projects to contractors in accordance with the Contract Administration Guidelines & Procedures of the Company.

7 Negotiation Committee To negotiate with the contractors in order to get reasonable contract price.

undertaken to reflect changing risks or resolve operational deficiencies. Internal audit visits are systematically arranged over specific periods to monitor and scrutinise compliance with procedures and assess the integrity of financial information provided.

6. ISo Procedures manual Internal control procedures are

documented in comprehensive ISO 9001:2000 standard operating procedures manuals. JLand has obtained ISO certification since year

1999. The ISO certification is being renewed on continuous basis. For the financial year 2008, IQNet and SIRIM QAS International Sdn Bhd have issued certification that JLand has implemented and maintains a Quality Management System which fulfills the requirements of ISO 9001:2000 for Design Management, Development of Res iden t ia l and Commerc ia l Properties. The certificate was issued on 10 September 2008 and valid until 23 August 2011.

7. Governance Committees At the management level, various

committees have been formed to ensure that decisions are made collectively and after thorough discussion. JLand has established fifteen (15) Governance Committees to facilitate the operations.


No. Committee function

8 Technical Interview Committee To analyse technical information on tenders received from contractors. The committee is a sub-committee of the Tender Board.

9 Variation Order Committee To evaluate and recommend for Variation Orders on additional construction cost or reduction of construction cost.

10 Extension of Time/Certificate of Non-Completion (EOT)

To evaluate and recommend for Extension of Time for the delay in progress work.

11 Certificate of Practical Completion (CPC)

To evaluate and approve the issuance of Certificate of Practical Completion.

12 Certificate of Making Good Defect/Final Payment (CMGD)

To evaluate and approve the issuance of Certificate of Making Good Defect and Final Payment.

13 Occupational Safety & Health (OSHA)

To provide measures on safety and health of the Company’s staff and to ensure the compliance with Occupational Safety & Health Act 1994.

14 Board of Survey To evaluate and approve the disposal of fixed assets and to determine insurance coverage for company assets and properties.

15 Tender Opening Committee To open and verify tender submission prior to evaluation by Tender Evaluation Committee.

thE BoARD’S CoNCLUSIoN

The Board is of the view that the system of internal controls being instituted throughout the financial year 2008 is sound and effective. Reviews of all the control procedures will be continuously carried out to ensure the ongoing effectiveness and adequacy of the systems of internal control, so as to safeguard shareholders’ investment and the JLand Group’s asset.


tAN SRI DAto’ mUhAmmAD ALI hAShIm A.f.m ShAfIQUL hAfIZChairman Managing Director


Statement on Directors’ Responsibility

The Directors consider that, in preparing the financial statements of the Group and of the Company for the financial year ended 31 December 2008, the Group and the Company have used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates. The Directors also consider that all applicable approved accounting standards in Malaysia have been followed and confirm that the financial statements have been prepared on a going concern basis.

The Directors are responsible for ensuring that the Company and its subsidiaries keep accounting records which disclose with reasonable accuracy at any time the financial position of the Group and of the Company and which enable them to ensure that the financial statements comply with the provisions of the Companies Act, 1965. The Directors are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.


Pursuant to Paragraph 15.27(a) of the Listing Requirements of

Bursa malaysia Securities Berhad.

tAN SRI DAto’ mUhAmmAD ALI hAShImChairman

A.f.m ShAfIQUL hAfIZManaging Director


Additional Disclosure Information

UtILISAtIoN of PRoCEEDS

The company did not implement any fund raising exercise during the financial year.

ShARE BUy-BACk

During the financial year, the Company did not implement any repurchase in the open market. As at 31 December 2008, the Company repurchased 951,800 units of its issued shares from the open market. The average price paid for the shares repurchased was RM0.892 per shares.

The total shares repurchased are being held as treasury shares and carried out as cost in accordance with the requirement of Section 67A of Companies Act 1965. None of the treasure shares has been resold, cancelled or distributed as share dividends as at the date of this report.

o P t I o N , W A R R A N t S o R CoNvERtIBLE SECURItIES

No options, warrants or Convertible Securities were exercised during the financial year.

AmERICAN DEPoSItoRy RECEIPt (“ADR”) oR GLoBAL DEPoSItoRy RECEIPt (“GDR”)

The Company did not sponsor any ADR or GDR programme during the financial year.

SANCtIoNS AND/oR PENALtIES

There were no public sanctions and/or penalties imposed on the Company and its subsidiaries, Directors or management by any regulatory bodies during the financial year.

NoN-AUDIt fEES

The amount of non-audit fees payable to the External Auditors by the Group for the financial year ended 31 December 2008 is as follows:

Auditors Services Rm

KPMG Professional fee for services rendered in relation with the review of Statement on Internal Control

5,000

vARIAtIoN IN RESULtS

There was no material variation between the audited results for the financial year ended 31 December 2008 and the unaudited results previously released for the financial quarter ended 31 December 2008.

PRofIt GUARANtEE

The Company d id not make any arrangement during the financial year which requires profit guarantee.


Additional Disclosure Information

mAtERIAL CoNtRACt

On 31 December 2008, the Company entered into a Sale and Purchase Agreement for the disposal of 2.0 acres of land held under PTD 84134, Bandar Dato’ Onn, Mukim Tebrau, District of Johor Bahru for a total cash consideration of RM4,356,000.00 to Damansara Assets Sdn Bhd, a wholly-owned subsidiary of JCorp.

Save as disclosed above, there were no other material contracts entered into by the Company and its subsidiaries involving Directors and substantial shareholders’ interests subsisting at 31 December 2008 or entered into since the end of the previous financial year ended 31 December 2007 except as disclosed under Note 15 and 29 of the financial statements on pages 108 and 121 respectively.

At an Extraordinary General Meeting held on 21 May 2008 the Company obtained a Shareholders’ mandate to allow the Group to enter into Recurrent Related Party Transaction of revenue or trading nature. Details of the actual unaudited amount of Recurrent Transactions from 1 January 2008 to 31 December 2008 are as follows:-

Company transacting Party Nature of transactionRelationship of transacting party

Actual value of transaction from 1 January to 31 December 2008(Rm’000)

JLand and/or subsidiaries

Kulim (Malaysia)Berhad (KMB)

Sale of fresh fruit bunches through KMB:– sales value– commission payable to KMB

A subsidiary owned by JCorp, a Major Shareholder of JLand, by virtue of Section 6A of the Act^ 3,894

*463

4,357


EPA Management Sdn Bhd

Sale of fresh fruit bunches– sales value

A subsidiary company of JCorp via Kulim (Malaysia) Berhad 2,319


Teraju Fokus Sdn Bhd

Security and related services provided to the JLand Group

An associate company of JCorp, a Major Shareholder of JLand, by virtue of Section 6A of the Act^

*531


Damansara Assets Sdn Bhd

Rental of office space to JLand and other related expenses

Disposal of land or land-based property by JLand

Wholly-owned subsidiary of JCorp, a Major Shareholder of JLand, by virtue of Section 6A of the Act^

*120

4,356

4,476


Company transacting Party Nature of transactionRelationship of transacting party

Actual value of transaction from 1 January to 31 December 2008(Rm’000)


TMR Urusharta Sdn Bhd

Maintenance of Kompleks Mutiara Johor Land

A subsidiary company of JCorp via Damansara Assets Sdn Bhd

*386


Sibu Island Resort Sdn Bhd

Service rendered as project manager of construction projects

A subsidiary company of JCorp via Kumpulan Penambang Sdn Bhd

160


JCorp Miscellaneous services rendered by JCorp to the JLand Group (for example secretarial services, staff training, legal advisory, internal audit services)

JCorp is a Major Shareholder of JLand by virtue of Section 6A of the Act^

*34

* Denotes amounts payable by JLand to transacting parties

^ Interested directors, Major shareholders and persons connected are as follows:-

(i) Tan Sri Dato’ Muhammad Ali Hashim is the Chairman of JLand cum President and Chief Executive Officer of JCorp. He is also the Chairman of various other companies within the JCorp Group.

(ii) Mohd Talhar bin Abdul Rahman is a Non Independent Non Executive Deputy Chairman of JLand and is a partner of a firm of professional valuers, Messrs C H Williams Talhar & Wong Sdn. Bhd. that provides professional services to JLand via the JCorp Group.

(iii) A.F.M Shafiqul Hafiz is the Managing Director of JLand and also holds directorships in various other companies within the JCorp Group.

(iv) Lukman Bin Hj. Abu Bakar is a Non Independent Non Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group.

(v) Abdul Malek Bin Talib is Non Independent Non Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group.

(vi) Yusof Bin Rahmat is a Non Independent Non Executive Director of JLand. He also holds directorships in various other companies within the JCorp Group.


Financial

Statements65 Directors’ Report

70 Statement by Directors

70 Statutory Declaration

71 Independent Auditors’ Report

73 Balance Sheets

74 Income Statements

75 Statement of Changes in Equity

76 Cash Flow Statements

79 Notes to the Financial Statements


Directors’ Report For the year ended 31 December 2008

The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the year ended 31 December 2008.

PRINCIPAL ACtIvItIES

The principal activities of the Company consist of the housing development and investment holdings. The principal activities of its subsidiaries are disclosed in Note 5 to the financial statements. There has been no significant change in the nature of these activities during the financial year.

RESULtS

Group Company

Rm’000 Rm’000

Profit for the year 19,184 3,793

RESERvES AND PRovISIoNS

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

DIvIDENDS

Since the end of the previous financial year, the Company paid:

i) an interim dividend of 4 sen per ordinary share less tax at 27% totalling RM3,534,609 (2.92 sen net per ordinary share) in respect of the year ended 31 December 2007 on 25 January 2008;

ii) a final dividend of 3 sen per ordinary share less tax at 26% totalling RM2,687,273 (2.22 sen net per ordinary share) in respect of the year ended 31 December 2007 on 7 July 2008; and

iii) an interim dividend of 4 sen per ordinary share less tax at 25% totalling RM3,631,446 (2.96 sen net per ordinary share) in respect of the year ended 31 December 2008 on 30 January 2009.

The Directors do not recommend the payment of any final dividend in respect of the current financial year.



DIRECtoRS of thE ComPANy

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

Tan Sri Dato’ Muhammad Ali HashimMohd Talhar bin Abdul RahmanA.F.M Shafiqul HafizKua Hwee SimDato Hj. Hassan bin Hj. Mohd. YunosDr. Mohd Hafetz bin AhmadLukman bin Hj. Abu BakarAbdul Malek bin TalibYusof bin Rahmat

DIRECtoRS’ INtEREStS

The interests and deemed interests in the shares of the Company and of its related corporations (other than wholly-owned subsidiaries) of those who were Directors at year end (including the interests of the spouses or children of the Directors who themselves are not Directors of the Company) as recorded in the Register of Directors’ Shareholdings are as follows:

Number of ordinary shares of Rm1.00 each

Name of Directors InterestAt 1 January

2008 Bought Sold

At31 December

2008

Company

Tan Sri Dato’ Muhammad Ali Hashim Direct 100,360 — — 100,360

Deemed 4,300 — — 4,300

Mohd Talhar bin Abdul Rahman Direct 7,920 — — 7,920

A.F.M Shafiqul Hafiz Direct 67,800 — — 67,800

Kua Hwee Sim Direct 9,000 — — 9,000

Dr. Mohd Hafetz bin Ahmad Direct 2,000 — — 2,000

Deemed 4,770 — — 4,770




2008 Bought Sold

At31 December

2008

Related companies– KPJ Healthcare BerhadTan Sri Dato’ Muhammad Ali Hashim Direct 81,100 36,100 — 117,200

Deemed 12,000 — — 12,000A.F.M Shafiqul Hafiz Direct — 81,600 (51,600) 30,000Dr. Mohd Hafetz bin Ahmad Direct 8,000 — — 8,000

– Sindora BerhadTan Sri Dato’ Muhammad Ali Hashim Direct 73,977 30,000 — 103,977Dr. Mohd Hafetz bin Ahmad Direct 1,067 — (1,067) —Abdul Malek bin Talib Direct 106 — — 106

– QSR Brands BerhadA.F.M Shafiqul Hafiz Direct 1,000 — — 1,000

– Sergam BerhadA.F.M Shafiqul Hafiz Direct 1 — — 1



2008 Bought Sold

At31 December

2008

– Kulim (Malaysia) BerhadTan Sri Dato’ Muhammad Ali Hashim Direct 284,000 96,200 — 380,200

Deemed 22,400 — — 22,400A.F.M Shafiqul Hafiz Direct 1,000 65,000 (36,000) 30,000Dr. Mohd Hafetz bin Ahmad Direct — 8,000 — 8,000

Deemed 12,020 — (1,000) 11,020Lukman bin Hj. Abu Bakar Direct — 3,000 — 3,000Abdul Malek bin Talib Direct 100 — — 100

None of the other Directors holding office at 31 December 2008 had any interest in the ordinary shares of the Company and of its related corporations during the year.

DIRECtoRS’ INtEREStS (CoNtINUED)



DIRECtoRS’ BENEfItS

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

There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.

ISSUE of ShARES

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

oPtIoNS GRANtED ovER UNISSUED ShARES

No options were granted to any person to take up unissued shares of the Company during the financial year.

othER StAtUtoRy INfoRmAtIoN

Before the balance sheets and income statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertain that:

i) all known bad debts have been written off and adequate provision has been made for doubtful debts, and

ii) all current assets have been stated at the lower of cost and net realisable value.

At the date of this report, the Directors are not aware of any circumstances:

i) that would render the amount written off for bad debts, or the amount of the provision for doubtful debts in the Group and in the Company inadequate to any substantial extent, or

ii) that would render the value attributed to the current assets in the financial statements of the Group and of the Company misleading, or

iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate, or

iv) not otherwise dealt with in this report or the financial statements, that would render any amount stated in the financial statements of the Group and of the Company misleading.


othER StAtUtoRy INfoRmAtIoN (CoNtINUED)

At the date of this report, there does not exist:

i) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and which secures the liabilities of any other person, or

ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.

No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become enforceable within the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the ability of the Group and of the Company to meet their obligations as and when they fall due.

In the opinion of the Directors, the results of the operations of the Group and of the Company for the year ended 31 December 2008 have not been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item, transaction or event occurred in the interval between the end of that financial year and the date of this report.

AUDItoRS

The auditors, Messrs KPMG, have indicated their willingness to accept re-appointment.

Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:

tan Sri Dato’ muhammad Ali hashim A.f.m Shafiqul hafiz

Johor Bahru,Date: 13 March 2009


Statement by Directorspursuant to Section 169(15) of the Companies Act, 1965

Statutory Declarationpursuant to Section 169(16) of the Companies Act, 1965

In the opinion of the Directors, the financial statements set out on pages 73 to 121 are drawn up in accordance with Financial Reporting Standards and the Companies Act, 1965 in Malaysia and so as to give a true and fair view of the financial position of the Group and of the Company at 31 December 2008 and of their financial performance and cash flows for the financial year then ended.

Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:

tan Sri Dato’ muhammad Ali hashim A.f.m Shafiqul hafiz

Johor Bahru,Date: 13 March 2009

I, Mariana binti Sidi, the officer primarily responsible for the financial management of JohoR LAND BERhAD, do solemnly and sincerely declare that the financial statements set out on pages 73 to 121 are, to the best of my knowledge and belief, correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by the abovenamed in Johor Bahru in the State of Johor on 13 March 2009.

mariana binti Sidi

Before me: k. AmUDALINGAmPLP, PIS, PPNCommissioner for OathsJ-133


Independent Auditors’ Reportto the members of Johor Land Berhad(Company No. 12379-K)(Incorporated in Malaysia)

REPoRt oN thE fINANCIAL StAtEmENtS

We have audited the financial statements of Johor Land Berhad, which comprise the balance sheets as at 31 December 2008 of the Group and of the Company, and the income statements, statements of changes in equity and cash flow statements of the Group and of the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 73 to 121.

Directors’ Responsibility for the Financial StatementsThe Directors of the Company are responsible for the preparation and fair presentation of these financial statements in accordance with Financial Reporting Standards and the Companies Act, 1965 in Malaysia. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

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

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Directors, as well as evaluating the overall presentation of the financial statements.

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

OpinionIn our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards and the Companies Act, 1965 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as of 31 December 2008 and of their financial performance and cash flows for the year then ended.


Independent Auditors’ Reportto the members of Johor Land Berhad(Company No. 12379-K)(Incorporated in Malaysia)

REPoRt oN othER LEGAL AND REGULAtoRy REQUIREmENtS

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

a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiaries have been properly kept in accordance with the provisions of the Act.

b) We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s financial statements are in form and content appropriate and proper for the purposes of the preparation of the financial statements of the Group and we have received satisfactory information and explanations required by us for those purposes.

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

othER mAttERS

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

kPmG Ang Ah LeckFirm Number: AF 0758 Approval Number: 1991/09/09 (J)Chartered Accountants Chartered Accountant

Johor BahruDate: 13 March 2009


Balance SheetsAs at 31 December 2008

Group Company

Note2008

Rm’0002007

Rm’0002008

Rm’0002007

Rm’000

AssetsProperty, plant and equipment 3 2,045 2,766 1,925 2,018Investment properties 4 28,800 29,034 28,800 28,384Investments in subsidiaries 5 — — 19,548 19,548Investments in associates 6 54,360 46,527 37,189 37,189Land held for future development 7 480,268 493,690 470,223 483,597Deferred tax assets 8 15,694 16,123 15,149 15,533

total non-current assets 581,167 588,140 572,834 586,269

Property development projects 9 207,213 135,377 161,738 102,673Inventories 10 26,376 35,841 16,770 18,301Trade and other receivables 11 74,033 45,193 70,831 49,990Short term investments 12 102 117 102 117Tax recoverable 36 2,137 — 2,137Cash and bank balances 13 5,709 3,082 3,720 2,394

total current assets 313,469 221,747 253,161 175,612

total assets 894,636 809,887 825,995 761,881

EquityShare capital 122,000 122,000 122,000 122,000Reserves 369,115 369,115 369,115 369,115Retained earnings 162,216 149,351 127,063 129,589

total equity attributable to equity holders of the Company/total equity 14 653,331 640,466 618,178 620,704

Liabilities Loans and borrowings/ total non-current liabilities 15 24,993 60,645 14,264 35,717

Trade and other payables 16 43,125 21,465 44,731 22,574Loans and borrowings 15 165,715 83,351 142,287 79,351Dividend payable 3,632 3,535 3,632 3,535Taxation 3,840 425 2,903 —

total current liabilities 216,312 108,776 193,553 105,460

total liabilities 241,305 169,421 207,817 141,177

total equity and liabilities 894,636 809,887 825,995 761,881

The accompanying notes form an integral part of the financial statements.


Income StatementsFor the year ended 31 December 2008

Group Company

Note2008

Rm’0002007

Rm’0002008

Rm’0002007

Rm’000

Revenue 17 138,694 63,356 103,705 89,239

Cost of goods sold (94,970) (42,367) (70,333) (37,736)

Gross profit 43,724 20,989 33,372 51,503

Other income 2,317 4,001 1,121 2,656

Distribution expenses (5,581) (4,897) (4,358) (4,099)

Administrative expenses (12,177) (11,776) (11,071) (10,717)

Other expenses (188) (1,418) (186) (2,220)

Results from operating activities 28,095 6,899 18,878 37,123

Interest income 68 142 34 62

Finance costs 18 (12,210) (7,975) (11,054) (7,490)

operating profit/(loss) 19 15,953 (934) 7,858 29,695

Share of profit after tax and minority interest of equity accounted associates 9,336 9,202 — —

Profit before tax 25,289 8,268 7,858 29,695

Tax expense 20 (6,105) (1,578) (4,065) (10,171)

Profit for the year 19,184 6,690 3,793 19,524

Attributable to:

Equity holders of the Company

Profit for the year 19,184 6,690 3,793 19,524

Basic earnings per ordinary share (sen) 21 8.30 2.90

Diluted earnings per ordinary share (sen) 21 4.60 1.98



Statement of Changes in EquityFor the year ended 31 December 2008

Attributable to equity holders of the Company

Non-distributable Distributable

Note

Sharecapital

Rm’000

Sharepremium

reserveRm’000

Convertibleunsecured

loan stocks-equityportionRm’000

treasurysharesRm’000

Retainedearnings

Rm’000

totalequity

Rm’000

GRoUP

At 1 January 2007 122,000 78,582 291,388 (855) 148,847 639,962

Profit for the year — — — — 6,690 6,690

Dividends to shareholders 22 — — — — (6,186) (6,186)

At 31 December 2007 122,000 78,582 291,388 (855) 149,351 640,466



At 31 December 2008 122,000 78,582 291,388 (855) 162,216 653,331

ComPANy

At 1 January 2007 122,000 78,582 291,388 (855) 116,251 607,366



At 31 December 2007 122,000 78,582 291,388 (855) 129,589 620,704



At 31 December 2008 122,000 78,582 291,388 (855) 127,063 618,178



Cash Flow StatementsFor the year ended 31 December 2008

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Cash flows from operating activities

Profit before tax 25,289 8,268 7,858 29,695

Adjustments for:-Impairment losses:– Investment in a subsidiary — — — 30– Goodwill — 30 — —– Quoted shares 24 — 24 —Change in fair value on investment properties (416) (2,251) (416) (2,251)Depreciation 540 496 443 392Finance costs 12,210 7,975 11,054 7,490(Gain)/Loss on disposal of:– Property, plant and equipment (324) (18) (105) (18)– Quoted shares 39 (108) 39 (108)– Investment properties (250) (465) — —Write off:– Property, plant and equipment 1 690 1 2– Investment in associate — 132 — —Dividend income– Quoted shares (4) (8) (4) (8)– Subsidiaries — — — (32,370)– Associate — — (2,032) (4,119)Interest income (68) (142) (34) (62)Share in results of associate (9,336) (9,202) — —

operating profit/(loss) before changes in working capital 27,705 5,397 16,828 (1,327)Changes in working capital:

Inventories 9,465 12,391 1,531 26,640Trade and other receivables (28,840) (6,856) (20,841) (3,782)Trade and other payables 8,352 6,085 8,849 (1,090)Property development projects (57,581) (16,029) (44,857) (23,812)

Cash (used in)/generated from operations (40,899) 988 (38,490) (3,371)Interest received 68 142 34 62Dividend received 1,503 3,007 1,503 26,637Interest paid (10,117) (4,920) (8,961) (4,435)Tax (paid)/refunded (160) (3,934) 1,887 (2,286)

Net cash (used in)/from operating activities (49,605) (4,717) (44,027) 16,607



Group Company

Note 2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Cash flows from investing activities

Acquisition of:-– Property, plant and equipment 23 (85) (665) (84) (638)– Quoted investments (1,041) (563) (1,041) (563)– Investment properties — (25,637) — (25,637)– Additional investment in a subsidiary — (30) — (30)Land held for future development (834) (10,968) (834) (10,968)Proceeds from disposal of:-– Property, plant and equipment 864 18 113 18– Investment properties 900 3,000 — —– Quoted investments 993 730 993 730Dividends received 4 8 4 8

Net cash from/(used in) investing activities 801 (34,107) (849) (37,080)

Cash flows from financing activitiesPayment of finance lease liabilities (32) (60) (32) (60)Net proceeds from borrowings 8 5 8 5Drawdown of:– Bridging loan 65,781 16,248 46,842 —– Term loan 25,000 — 25,000 —Dividends paid to shareholders of the Company (6,213) (2,651) (6,213) (2,651)Interest paid on convertible unsecured loan stocks (6,500) (19,800) (6,500) (19,800)Repayment of:– Term loan (4,971) — (4,971) —– Bridging loan (13,710) — — —

Net cash from/(used in) financing activities 59,363 (6,258) 54,134 (22,506)

Net increase/(decrease) in cash and cash equivalents 10,559 (45,082) 9,258 (42,979)Cash and cash equivalents at 1 January (71,203) (26,121) (71,891) (28,912)

Cash and cash equivalents at 31 December (60,644) (71,203) (62,633) (71,891)



Cash and cash equivalents included in the cash flow statements comprise the following balance sheet amounts:

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Cash and bank balances 5,709 3,082 3,720 2,394Bank overdrafts (66,353) (74,285) (66,353) (74,285)

(60,644) (71,203) (62,633) (71,891)


Cash Flow StatementsFor the year ended 31 December 2008

Notes to the Financial Statements


Johor Land Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Board of Bursa Malaysia Securities Berhad. The addresses of the principal place of business and registered office of the Company are as follows:

Principal place of businessKompleks Mutiara Johor LandJalan Bukit MutiaraBandar Dato’ Onn81100 Johor BahruJohor

Registered officeLevel 2, Persada Johor International Convention CentreJalan Abdullah Ibrahim80000 Johor BahruJohor

The consolidated financial statements of the Company as at and for the year ended 31 December 2008 comprise the Company and its subsidiaries and the Group’s interest in associates.

The principal activities of the Company consist of the housing development and investment holdings. The principal activities of its subsidiaries are disclosed in Note 5.

The holding and ultimate holding corporation during the financial year is Johor Corporation, a body corporate established under the Johor Corporation Enactment (No. 4 of 1968) (as amended by Enactment No. 5 of 1995).

The financial statements were approved by the Board of Directors on 13 March 2009.


1. BASIS of PREPARAtIoN

(a) Statement of compliance The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting

Standards (FRS), the Companies Act, 1965 and accounting principles generally accepted in Malaysia.

The Group and the Company have not applied the following accounting standards (including its consequential amendments) and interpretations that have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective:

fRSs/Interpretations Effective date FRS 4, Insurance Contracts 1 January 2010 FRS 7, Financial Instruments: Disclosures 1 January 2010 FRS 8, Operating Segment 1 July 2009 FRS 139, Financial Instruments: Recognition and Measurement 1 January 2010 IC Interpretation 9, Reassessment of Embedded Derivatives 1 January 2010 IC Interpretation 10, Interim Financial Reporting and Impairment 1 January 2010

The Group and the Company plan to apply the abovementioned FRSs/Interpretations from the annual period beginning 1 January 2010.

The impact of applying FRS 4, FRS 7 and FRS 139 on the financial statements upon first adoption as required by paragraph 30(b) of FRS 108, Accounting Policies, Changes in Accounting Estimates and Errors is not disclosed by virtue of the exemptions given in the respective FRSs. The initial application of the above standards (and its consequential amendments) and interpretations is not expected to have any material impact on the financial statements of the Group and the Company.

(b) Basis of measurement The financial statements have been prepared on the historical cost except for investment properties in Note 2(g).

(c) functional and presentation currency These financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functional currency. All financial

information are presented in RM, has been rounded to the nearest thousand, unless otherwise stated.



1. BASIS of PREPARAtIoN (CoNtINUED)

(d) Use of estimates and judgements The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the

application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant effect on the amounts recognised in the financial statements other than those disclosed in the following notes:

Note 2(g) – valuation of investment properties Note 2r(iii) – revenue recognition on property development

2. SIGNIfICANt ACCoUNtING PoLICIES

The accounting policies set out below have been applied consistently to the periods presented in these financial statements, and have been applied consistently by Group entities, unless otherwise stated.

(a) Basis of consolidation(i) Subsidiaries Subsidiaries are entities, including unincorporated entities, controlled by the Group. Control exists when the Group has

the ability to exercise its power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account. Subsidiaries are consolidated using the purchase method of accounting.

Under the purchase method of accounting, the financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

Investments in subsidiaries are stated in the Company’s balance sheet at cost less any impairment losses.



2. SIGNIfICANt ACCoUNtING PoLICIES (CoNtINUED)

(a) Basis of consolidation (continued)(ii) Associates Associates are entities, including unincorporated entities, in which the Group has significant influence, but not control,

over the financial and operating policies.

Associates are accounted for in the consolidated financial statements using the equity method. The consolidated financial statements include the Group’s share of the profit or loss of the equity accounted associates, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases.

When the Group’s share of losses exceeds its interest in an equity accounted associate, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investee.

Investments in associates are stated in the Company’s balance sheet at cost less any impairment losses.

(iii) Changes in Group composition Where a subsidiary issues new equity shares to minority interest for cash consideration and the issue price has been

established at fair value, the reduction in the Group’s interests in the subsidiary is accounted for as a disposal of equity interest with the corresponding gain or loss recognised in the income statements.

When the Group purchases a subsidiary’s equity shares from minority interest for cash consideration and the purchase price has been established at fair value, the accretion of the Group’s interests in the subsidiary is accounted for as a purchase of equity interest for which the acquisition method of accounting is applied.

The Group treats all other changes in group composition as equity transactions between the Group and its minority shareholders. Any difference between the Group’s share of net assets before and after the change, and any consideration received or paid, is adjusted to or against Group reserves.

(iv) Minority interest Minority interest at the balance sheet date, being the portion of the net identifiable assets of subsidiaries attributable to

equity interests that are not owned by the Company, whether directly or indirectly through subsidiaries, are presented in the consolidated balance sheet and statement of changes in equity within equity, separately from equity attributable to the equity holders of the Company. Minority interest in the results of the Group are presented on the face of the consolidated income statement as an allocation of the total profit or loss for the year between minority interest and the equity holders of the Company.

Where losses applicable to the minority exceed the minority’s interest in the equity of a subsidiary, the excess, and any further losses applicable to the minority, are charged against the Group’s interest except to the extent that the minority has a binding obligation to, and is able to, make additional investment to cover the losses. If the subsidiary subsequently reports profits, the Group’s interest is allocated with all such profits until the minority’s share of losses previously absorbed by the Group has been recovered.



(a) Basis of consolidation (continued)(v) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions,

are eliminated in preparing the consolidated financial statements.

Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

(b) foreign currency Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange

rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies are translated at exchange rates at the dates of the transactions except for those that are measured at fair value, which are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognised in the income statements.

(c) Property, plant and equipment(i) Recognition and measurement Items of property, plant and equipment are stated at cost less any accumulated depreciation and any accumulated

impairment losses.

Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly attributable to bringing the asset to working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. The cost of self-constructed assets also includes the cost of materials and direct labour and, for qualifying assets, borrowing costs are capitalised in accordance with the Group’s accounting policy. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.

The cost of property, plant and equipment recognised as a result of a business combination is based on fair value at acquisition date. The fair value of property is the estimated amount for which a property could be exchanged between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. The fair value of other items of plant and equipment is based on the quoted market prices for similar items.

When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net within “other income” or “other expenses” respectively in the income statements.




(c) Property, plant and equipment (continued)(ii) Reclassification to investment property Property that is being constructed for future use as investment property is accounted for as property, plant and

equipment until construction or development is complete, at which time it is remeasured to fair value and reclassified as investment property. Any gain or loss arising on re-measurement is recognised in the income statements.

(iii) Subsequent costs The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item

if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of those parts that are replaced is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in the income statement as incurred.

(iv) Depreciation Depreciation is recognised in the income statement on a straight-line basis over the estimated useful lives of each part

of an item of property, plant and equipment. Freehold land is not depreciated.

The estimated useful lives for the current and comparative periods are as follows:

Buildings 10 – 50 years Plant and machinery 5 – 8.3 years Furniture, fittings and equipment 4 – 5 years and replacement basis Motor vehicles 5 years

Depreciation methods, useful lives and residual values are reassessed at the balance sheet date.

(d) Leased assets(i) Finance lease Leases in terms of which the Group or the Company assume substantially all the risks and rewards of ownership are

classified as finance leases. Upon initial recognition the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset.

Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed.



(d) Leased assets (continued)(ii) Operating lease Leases, where the Group does not assume substantially all the risks and rewards of the ownership are classifies as

operating leases and, except for property interest held under operating lease, the leased assets are not recognised on the Group’s balance sheet. Property interest held under an operating lease, which is held to earn rental income or for capital appreciation or both, is classified as investment property.

Leasehold land that normally has an indefinite economic life and title is not expected to pass to the lessee by the end of the lease term is treated as an operating lease. The payment made on entering into or acquiring a leasehold land is accounted for as prepaid lease payments, except for leasehold land classified as investment property, land held for future development and property development projects.

Payments made under operating leases are recognised in the income statements on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.

(e) Intangible assets Goodwill Goodwill arises on business combinations and is measured at cost less any accumulated impairment losses.

Goodwill represents the excess of the cost of the acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree.

Any excess of the Group’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities over the cost of acquisition is recognised immediately in income statement.

(f) Investments in debt and equity securities Investments in debt and equity securities are recognised initially at fair value plus attributable transaction costs.

Subsequent to initial recognition, all current investments are carried at the lower of cost and market value, determined on an individual investment basis by category of investments.

On disposal of an investment, the difference between net disposal proceeds and its carrying amount is recognised in the income statements.




(g) Investment properties(i) Investment property carried at fair value Investment properties are properties which are owned or held under a leasehold interest to earn rental income or for

capital appreciation or for both. These include land held for a currently undetermined future use. Properties that are occupied by the companies in the Group are accounted for as owner-occupied rather than as investment properties.

Investment properties are measured initially at cost and subsequently at fair value with any change therein recognised in the income statements.

When an item of property, plant and equipment is transferred to investment property following a change in its use, any difference arising at the date of transfer between the carrying amount of the item immediately prior to transfer and its fair value is recognised directly in equity as a revaluation of property, plant and equipment. However, if a fair value gain reverses a previous impairment loss, the gain is recognised in the income statements. Upon disposal of an investment property, any surplus previously recorded in equity is transferred to retained earnings; the transfer is not made through the income statements.

(ii) Reclassification to/from investment property When an item of inventory or property development is transferred to investment property following a change in its use,

any difference arising at the date of transfer between the carrying amount of the item immediately prior to the transfer and its fair value is recognised in the income statements.

When the use of a property changes such that it is reclassified as property, plant and equipment/inventories/property development, its fair value at the date of reclassification becomes its cost for subsequent accounting.

(iii) Determination of fair value An external, independent valuation firm, having appropriate recognised professional qualifications and recent experience

in the location and category of property being valued, values the Group’s investment property portfolio annually.

The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.

In the absence of current prices in an active market, the valuations are prepared by considering the aggregate of the estimated cash flows expected to be received from renting out the property. A yield that reflects the specific risks inherent in the net cash flows then is applied to the net annual cash flows to arrive at the property valuation.

Valuations reflect, where appropriate: the type of tenants actually in occupation or responsible for meeting lease commitments or likely to be in occupation after letting vacant accommodation, and the market’s general perception of their creditworthiness; the allocation of maintenance and insurance responsibilities between the Group and the lessee; and the remaining economic life of the property. When rent reviews or lease renewals are pending with anticipated reversionary increases, it is assumed that all notices and where appropriate counter-notices have been served validly and within the appropriate time.

Significant assumptions in arriving at the fair value of investment properties are disclosed in Note 4.



(h) Inventories Inventories of completed houses are stated at the lower of cost and net realisable value. Cost is mainly determined on specific

identification basis and includes the cost of freehold/leasehold land and construction, and the appropriate development overheads.

Inventories, other than completed houses, are stated at the lower of cost (determined on the ‘first-in, first-out’ basis and the weighted-average method) and net realisable value. The cost of raw materials, consumables and other inventories comprise the original cost of purchase plus the cost of bringing the inventories to their present location. Net realisable value represents the estimated selling price in the ordinary course of business less selling and distribution costs and all other estimated costs of completion and the estimated costs necessary to make the sale.

(i) Property development projects Property development projects consist of land held for future development and current development expenditure which

comprise construction and other related development costs including borrowings costs, is stated at cost less any accumulated impairment losses.

The Group and the Company consider as current asset that proportion of property development projects on which sales have been launched and/or the project is expected to be completed within the normal operating cycle of two to three years. Cost of property development projects classified as current assets are stated at the lower of cost and net realisable value.

When the outcome of a property development project cannot be estimated reliably, property development revenue is recognised to the extent of property development costs incurred that is probable of recovery.

Any anticipated loss on a property development project (including costs to be incurred over the defects liability period), is recognised as an expense immediately.

Accrued billings represent the excess of property development revenue recognised in the income statements over billings to purchasers while progress billings represent the excess of billings to purchasers over property development revenue recognised in the income statements.

(j) Receivables Receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from

another entity is established.

Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.

Receivables are not held for the purpose of trading.




(k) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments which

have an insignificant risk of changes in value. For the purpose of the cash flow statement, cash and cash equivalents are presented net of bank overdrafts and pledged deposits, if any.

(l) Impairment of assets The carrying amounts of assets except for financial assets, inventories, deferred tax assets, and investment property that is

measured at fair value, non-current assets (or disposal groups) classified as held for sale are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill the recoverable amount is estimated usually at each reporting date.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected to benefit from the synergies of the combination.

An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. Impairment losses are recognised in the income statements. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (groups of units) on a pro rata basis.

An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses are credited to the income statements in the year in which the reversals are recognised.



(m) Equity instruments All equity instruments are stated at cost on initial recognition and are not re-measured subsequently.

(i) Issue expenses Incremental costs directly attributable to issue of equity instruments are recognised as a deduction from equity.

(ii) Repurchase of share capital When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly

attributable costs, is recognised as a deduction from equity and is not re-valued for subsequent changes in the fair value or market price of shares. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity.

Where treasury shares are distributed as share dividends, the cost of the treasury shares is applied in the reduction of the share premium account or distributable reserves, or both.

Where treasury shares are reissued by re-sale in the open market, the difference between the sales consideration net of directly attributable costs and the carrying amount of the treasury shares is recognised in equity.

(n) Compound financial instruments A compound financial instrument is a non-derivative financial instrument that contains both a liability and an equity

component.

Compound financial instruments issued by the Group comprise convertible notes that can be converted to share capital at the option of the holder, and the number of shares to be issued does not vary with changes in their fair value.

The liability component of a compound financial instrument is recognised initially at the fair value of a similar liability that does not have an equity conversion option. The equity component is recognised initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.

Subsequent to initial recognition, the liability component of a compound financial instruments is measured at amortised cost using the effective interest method. The equity component of a compound financial instruments is not remeasured subsequent to initial recognition.

(o) Loans and borrowings Loans and borrowings are stated at amortised cost with any difference between cost and redemption value being recognised

in the income statements over the period of the loans and borrowings using the effective interest method.




(p) Employee benefits Short-term employee benefits Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are

measured on an undiscounted basis and are expensed as the related service is provided.

A provision is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

The Group’s contribution to statutory pension funds are charged to the income statements in the year to which they relate. Once the contributions have been paid, the Group has no further payment obligations.

(q) Payables Payables are measured initially and subsequently at cost. Payables are recognised when there is a contractual obligation to

deliver cash or another financial asset to another entity.

(r) Revenue recognition(i) Goods sold Revenue from the sale of goods is measured at fair value of the consideration received or receivable, net of returns

and allowances, trade discounts and volume rebates. Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, and there is no continuing management involvement with the goods.

(ii) Rental income Rental income from investment property is recognised in the income statement on a straight-line basis over the term of

the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease.

(iii) Revenue from property development Revenue from property development activities is recognised based on the stage of completion measured by reference

to surveys of work performed.

Where the financial outcome of a property development activity cannot be reliably estimated, property development revenue is recognised only to the extent of property development costs incurred that is probable will be recoverable, and property development costs on the development units sold are recognised as an expense in the period in which they are incurred.

Any expected loss on a development project, including costs to be incurred over the defects liability period, is recognised immediately in the income statement.

(iv) Dividend income Dividend income is recognised when the right to receive payment is established.



(s) Interest income and borrowing costs Interest income is recognised as it accrues, using the effective interest method.

All borrowing costs are recognised in the income statements using the effective interest method, in the period in which they are incurred except to the extent that they are capitalised as being directly attributable to the property development projects which necessarily takes a substantial period of time to be prepared for its intended use or sale.

The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are interrupted or completed.

(t) tax expense Tax expense comprises current and deferred tax. Tax expense is recognised in the income statements except to the extent

that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit (tax loss). Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax liability is recognised for all taxable temporary differences.

A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

(u) Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by

dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise convertible notes.

(v) Segment reporting A segment is a distinguishable component of the Group that is engaged either in providing products or services (business

segment), or in providing products or services within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those of other segments.



3. PRoPERty, PLANt AND EQUIPmENt

Land andbuildings

Plant andmachinery

officeequipment,

furnitureand fittings

motorvehicles total

Rm’000 Rm’000 Rm’000 Rm’000 Rm’000

Group

At cost

At 1 January 2007 2,562 985 1,280 1,935 6,762

Additions — — 665 — 665

Disposals/Written off — (985) (251) — (1,236)

Transfer to investment properties (496) — — — (496)

At 31 December 2007/1 January 2008 2,066 — 1,694 1,935 5,695

Additions — — 56 304 360

Disposals/Written off (659) — (14) (450) (1,123)

At 31 December 2008 1,407 — 1,736 1,789 4,932

Accumulated depreciationAt 1 January 2007 291 303 970 1,415 2,979Depreciation charge 69 — 194 233 496Disposals/Written off — (303) (243) — (546)

At 31 December 2007/1 January 2008 360 — 921 1,648 2,929Depreciation charge 62 — 244 234 540Disposals/Written off (127) — (13) (442) (582)

At 31 December 2008 295 — 1,152 1,440 2,887

Carrying amountsAt 31 December 2008 1,112 — 584 349 2,045

At 31 December 2007 1,706 — 773 287 2,766


Land andbuildings

officeequipment,

furnitureand fittings

motorvehicles total

Rm’000 Rm’000 Rm’000 Rm’000

CompanyAt costAt 1 January 2007 1,767 1,074 1,872 4,713Transfer to investment property (496) — — (496)Additions — 638 — 638 Disposal/Written off — (209) — (209)

At 31 December 2007/1 January 2008 1,271 1,503 1,872 4,646Additions — 55 304 359Disposals/Written off — (14) (450) (464)

At 31 December 2008 1,271 1,544 1,726 4,541

Accumulated depreciation

At 1 January 2007 161 895 1,388 2,444

Depreciation charge 15 153 224 392

Disposals/Written off — (208) — (208)

At 31 December 2007/1 January 2008 176 840 1,612 2,628

Depreciation charge 15 203 225 443

Disposals/Written off — (13) (442) (455)

At 31 December 2008 191 1,030 1,395 2,616

Carrying amounts

At 31 December 2008 1,080 514 331 1,925

At 31 December 2007 1,095 663 260 2,018

3. PRoPERty, PLANt AND EQUIPmENt (CoNtINUED)



Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Carrying amounts of land and buildings

At cost

Freehold land 499 894 499 499

Buildings 613 812 581 596

1,112 1,706 1,080 1,095

Assets under finance lease Included in property, plant and equipment of the Group and of the Company are motor vehicles acquired under finance lease

agreement with carrying amount of RM262,000 (2007: NIL). The leased motor vehicles secure lease obligations (see Note 15).

4. INvEStmENt PRoPERtIES

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

At fair valueAt 1 January 29,034 3,185 28,384 —Additions — 25,637 — 25,637Transfer from property, plant and equipment — 496 — 496Disposal (650) (2,535) — —Change in fair value 416 2,251 416 2,251

At 31 December 28,800 29,034 28,800 28,384

3. PRoPERty, PLANt AND EQUIPmENt (CoNtINUED)


Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Included in the above are:

Leasehold land with unexpired lease period of less than 50 years — 94 — —Factory buildings — 556 — —Sports complex 9,120 8,820 9,120 8,820Freehold land 19,680 19,564 19,680 19,564

28,800 29,034 28,800 28,384

The Company’s investment properties were revalued in December 2008 by independent professional qualified valuers using an open market value method. Certain freehold land with fair value of RM1,300,000 (2007: RM1,250,000) are currently vacant.

The following are recognised in the income statement in respect of investment properties:

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Rental income 590 527 590 527Direct operating expenses– income generating investment properties 1,597 897 1,597 897– non income generating investment properties 101 85 — —

Security Freehold land with carrying amount of RM18,380,000 (2007: NIL) is charged to bank as security for borrowings as disclosed in

Note 15.

4. INvEStmENt PRoPERtIES (CoNtINUED)



5. INvEStmENtS IN SUBSIDIARIES

Company

2008Rm’000

2007Rm’000

Unquoted investment – at cost 21,078 21,078

Less: Impairment losses (1,530) (1,530)

19,548 19,548

The subsidiaries, all incorporated in Malaysia are as follows:

Effective ownership interest

Name of Company Principal activities2008

%2007

%

Advance Development Sdn. Bhd. Property developer 100 100

Pembinaan Prefab Sdn. Bhd. Property developer 100 100

Johor Land Manufacturing Sdn. Bhd. Dormant 100 100

6. INvEStmENtS IN ASSoCIAtES

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Unquoted shares, at cost 45,713 45,713 45,713 45,713

Dividend received out of pre-acquisition profits (8,524) (8,524) (8,524) (8,524)

Share of post-acquisition results of associates 17,171 9,338 — —

54,360 46,527 37,189 37,189


6. INvEStmENtS IN ASSoCIAtES (CoNtINUED)

Summary financial information on the associate:

Name of companyCountry

incorporation

Effective ownership

interest Revenue Profittotal

assetstotal

liabilities

(%) (100%)Rm’000

(100%)Rm’000

(100%)Rm’000

(100%)Rm’000

2008

Revertex (Malaysia) Sdn. Bhd.# Malaysia 30.07 569,089 31,264 266,826 (133,044)

2007

Revertex (Malaysia) Sdn. Bhd.# Malaysia 30.07 531,003 29,748 277,888 (169,918)

The principal activities of the associate are manufacture and sale of concentrated natural rubber latex, compounds, synthetic resin emulsions, alkyd resins, polyester resins and plasticisers.

# Audited by another firm of accountants.

Contingent liabilities

Company

2008Rm’000

2007Rm’000

Share of associates’ contingent liabilities incurred jointly with other investors

– Bank guarantees for trade financing to suppliers (unsecured) 1,534 1,041



7. LAND hELD foR fUtURE DEvELoPmENt

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

At costFreehold land 465,823 468,078 455,730 456,046Long leasehold land 27,867 31,931 27,867 31,931

At 1 January 493,690 500,009 483,597 487,977Additions 834 10,968 834 10,968Disposal (756) (808) (756) (808)

493,768 510,169 483,675 498,137Transfer to land and development expenditure

– Freehold land (11,429) (13,223) (11,381) (11,284)– Leasehold land (2,071) (3,256) (2,071) (3,256)

(13,500) (16,479) (13,452) (14,540)

At 31 December 480,268 493,690 470,223 483,597

Included in the above are:Freehold land 453,638 465,823 443,593 455,730Leasehold land 26,630 27,867 26,630 27,867

480,268 493,690 470,223 483,597

The status of the land titles are as follows:– registered in the name of the holding corporation 9,723 25,058 9,723 25,058– in the process of being transferred to the name of

the Company 304,658 342,911 304,658 342,911– in the progress of being issued 19,254 18,800 19,254 18,800

333,635 386,769 333,635 386,769

Security Freehold and leasehold land of the Group and of the Company with carrying amount of RM55,335,000 (2007: RM23,443,000) and

RM53,035,000 (2007: RM21,115,000) are charged to the bank as security for borrowings granted to the Group and Company as disclosed in Note 15.


8. DEfERRED tAX ASSEtS

Recognised deferred tax assets and liabilities Deferred tax assets and liabilities attributable to the following:

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Property, plant and equipment (96) (113) (95) (112)

Investment properties (667) (585) (667) (585)

Convertible unsecured loan stocks (“CULS”) 15,814 16,178 15,814 16,178

Others 643 643 97 52

15,694 16,123 15,149 15,533

Movement in temporary differences during the year:

At1 January

2007

Recognisedin incomestatement

At 31December

2007

Recognisedin incomestatement

At 31December

2008

Rm’000 Rm’000 Rm’000 Rm’000 Rm’000

Group

Property, plant and equipment (74) (39) (113) 17 (96)

Changes in fair value of investment properties — (585) (585) (82) (667)

Convertible unsecured loan stocks 15,860 318 16,178 (364) 15,814

Others — 643 643 — 643

15,786 337 16,123 (429) 15,694

Company

Property, plant and equipment (73) (39) (112) 17 (95)

Changes in fair value of investment properties — (585) (585) (82) (667)

Convertible unsecured loan stocks 15,860 318 16,178 (364) 15,814

Others — 52 52 45 97

15,787 (254) 15,533 (384) 15,149



9. PRoPERty DEvELoPmENt PRoJECtS

Property development projects comprise the following:

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Land

– Freehold land 14,968 1,583 11,284 —

– Long leasehold land 8,934 4,822 8,078 4,822

Development cost 130,063 120,331 88,786 74,863

153,965 126,736 108,148 79,685

Add: Costs incurred during the year

– Development costs 141,039 41,991 110,178 30,095

Transfer from land held for property development 13,500 16,479 13,452 14,540

308,504 185,206 231,778 124,320

Less: Costs recognised as an expense in income statement

– Previous year (18,588) (24,676) (5,475) (16,172)

– Current year (75,259) (18,588) (57,121) (5,475)

Sub-total 214,657 141,942 169,182 102,673

Transfer to inventories (7,444) (6,565) (7,444) —

207,213 135,377 161,738 102,673

The title to the long leasehold land is held in escrow by the holding corporation.

Included in the development cost of the Group and of the Company is interest expenses capitalised during the financial year of RM1,302,000 (2007: RM668,000) and RM421,000 (2007: NIL) respectively.

Freehold and long leasehold land of the Group and of the Company with carrying amount of RM14,056,000 (2007: NIL) and RM12,556,000 (2007: NIL) are charged to the bank as security for borrowings granted to the Group and Company as disclosed in Note 15.


10. INvENtoRIES

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Completed houses 26,351 35,822 16,745 18,282

Other inventories 25 19 25 19

26,376 35,841 16,770 18,301

Certain titles of the completed houses of the Group and of the Company with carrying amount of RM26,123,000 (2007: RM28,838,000) and RM16,745,000 (2007: RM18,282,000) are held in escrow by the holding corporation.

11. tRADE AND othER RECEIvABLES

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Trade receivables 41,103 39,771 33,565 33,128Progress billings receivable 13,325 245 7,922 —Other receivables, deposits and prepayments 14,278 3,946 10,739 915Due from holding corporation– non-trade 329 436 329 436Due from subsidiaries

– trade — — 11,726 12,888– non-trade — — 1,605 1,828

— — 13,331 14,716Due from related companies

– trade 4,139 — 4,139 —– non-trade 859 795 806 795

4,998 795 4,945 795

74,033 45,193 70,831 49,990

Included in other receivables is a deposit of RM9,819,000 (2007: NIL) paid for the proposed acquisition of 4,000,000 existing ordinary shares of RM1.00 each in Windsor Trade Holdings Sdn. Bhd. (“WTHSB”) and subscription of 10,000,000 new ordinary shares of RM1.00. (see Note 28)



12. ShoRt tERm INvEStmENtS

Group/Company

2008Rm’000

2007Rm’000

Quoted shares in Malaysia

At cost 102 117

Market value 102 117

13. CASh AND BANk BALANCES

Included in cash and bank balances of the Group and of the Company is an amount of RM4,587,000 (2007: RM2,662,000) and RM3,581,000 (2007: RM2,281,000), of which the utilisation is subject to the Housing Developers (Housing Development Account) Regulations 2002.

14. ShARE CAPItAL AND RESERvES

Share capital

Group/CompanyGroup/Company

Number of ordinary shares

2008Rm’000

2007Rm’000

2008‘000

2007‘000

Ordinary shares of RM1.00 each:

Authorised 500,000 500,000 500,000 500,000

Issued and fully paid 122,000 122,000 122,000 122,000


14. ShARE CAPItAL AND RESERvES (CoNtINUED)

Reserves

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Non-distributable

Share premium reserve 78,582 78,582 78,582 78,582

CULS (Note 15) 291,388 291,388 291,388 291,388

Treasury shares (855) (855) (855) (855)

369,115 369,115 369,115 369,115

Distributable

Retained earnings 162,216 149,351 127,063 129,589

531,331 518,466 496,178 498,704

total equity 653,331 640,466 618,178 620,704

Share premium Share premium arose in 1996 from the following:

Group/Company

Rm’000

Special issue of 42,952,000 ordinary shares of RM1.00 each at RM2.20 per share for acquisition of land and landed properties 51,542

Restricted public issue of 10,000,000 new ordinary shares of RM1.00 each at RM2.20 per share to the entitled shareholders of Kulim (Malaysia) Berhad 12,000

Public issue of 15,000,000 new ordinary shares of RM1.00 each at RM2.20 per share 18,000

Less: Listing expenses (2,960)

78,582



14. ShARE CAPItAL AND RESERvES (CoNtINUED)

treasury shares At the Extraordinary General Meeting held on 21 May 2008, the Company’s shareholders renewed the scheme to repurchase its

own shares. The Directors of the Company are committed to enhance the value of the Company to its shareholders and believe that the repurchase scheme can be applied in the best interest of the Company and its shareholders.

The number of outstanding shares in issue after deducting treasury shares held at the financial year end is 121,048,200 (2007: 121,048,200) ordinary shares of RM1.00 each.

Treasury shares have no rights to voting, dividends and participation in any other distribution. Treasury shares shall not be taken into account in calculating the number of percentage of shares or of a class of shares in the Company for any purposes including substantial shareholding, take-overs, notices, the requisitioning of meetings, the quorum for a meeting and the result of a vote on a resolution at a meeting.

None of the treasury shares has been resold or distributed as share dividends during the financial year.

Section 108 tax credit and tax exempt account Subject to agreement by the Inland Revenue Board, the Company has sufficient Section 108 tax credit and tax exempt account

to frank the payment of dividends out of its entire distributable reserves at 31 December 2008.

The Finance Act, 2007 introduced a single tier company income tax system with effect from year of assessment 2008. As such, the Section 108 tax credit as at 31 December 2007 will be available to the Company until such time the credit is fully utilised or upon expiry of the six-year transitional period on 31 December 2013, whichever is earlier.


15. LoANS AND BoRRoWINGS

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Non-currentSecuredBridging loans 10,729 24,928 — —

Finance lease liabilities 188 — 188 —

Term loan 14,076 — 14,076 —

24,993 24,928 14,264 —

UnsecuredCULS — 35,717 — 35,717

24,993 60,645 14,264 35,717

Current

Secured

Bank overdrafts 36,450 20,093 36,450 20,093

Finance lease liabilities 55 — 55 —

Term loan 5,953 — 5,953 —

Bridging loans 66,270 — 46,842 —

Revolving credits 5,074 5,074

113,802 20,093 94,374 20,093

Unsecured

Bank overdrafts 29,903 54,192 29,903 54,192

Revolving credits 4,000 9,066 — 5,066

CULS 18,010 — 18,010 —

51,913 63,258 47,913 59,258

165,715 83,351 142,287 79,351

190,708 143,996 156,551 115,068

Security Certain bank overdrafts and term loan facilities of the Company are secured by way of fixed charge on freehold land and leasehold land

of the Company with carrying amount RM53,788,000 (2007: RM21,115,000) and a corporate guarantee by the holding corporation.

Bridging loans of the Group and of the Company are secured over freehold land with carrying amount of RM33,983,000 (2007: RM4,352,000) and RM30,183,000 (2007: NIL) respectively.



15. LoANS AND BoRRoWINGS (CoNtINUED)

terms and debt repayment schedule

year ofmaturity

Carryingamount Under 1 year 1 – 2 years 2 – 5 years

Rm’000 Rm’000 Rm’000 Rm’000

Group2008Term loan 2012 20,029 5,953 13,329 747Finance lease liabilities 2013 243 55 111 77Revolving credits 9,074 9,074 — —Bank overdrafts 66,353 66,353 — —CULS 2009 18,010 18,010 — —Bridging loans 2010 – 2013 76,999 66,270* 10,729* —

190,708 165,715 24,169 824

2007Revolving credits 9,066 9,066 — —Bank overdrafts 74,285 74,285 — —CULS 2009 35,717 — 35,717 —Bridging loan 2010 24,928 — — 24,928

143,996 83,351 35,717 24,928

Company2008Term loan 2012 20,029 5,953 13,329 747Finance lease liabilities 2013 243 55 111 77Revolving credits 5,074 5,074 — —Bank overdrafts 66,353 66,353 — —CULS 2009 18,010 18,010 — —Bridging loans 2013 46,842 46,842* — —

156,551 142,287 13,440 824

2007Revolving credits 5,066 5,066 — —Bank overdrafts 74,285 74,285 — —CULS 2009 35,717 — 35,717 —

115,068 79,351 35,717 —

* The repayment period of the bridging loans stretches from 2010 to 2013. However, the above repayment disclosures are based on the management’s expectation of repayment based on redemption of units sold.



Finance lease liabilities are payable as follows:

Group/Company2008

minimumlease

paymentsRm’000

InterestRm’000

PrincipalRm’000

Less than one year 62 7 55

Between one and five years 210 22 188

272 29 243

Convertible unsecured loan stocks

Group/Company

2008Rm’000

2007Rm’000

At 1 January/31 December 330,000 330,000

The movement of the liability component of the CULS during the year is as follows:

Group/Company

2008Rm’000

2007Rm’000

At 1 January 35,717 52,462

Interest charged 2,093 3,055

Interest accrued (19,800) (19,800)

At 31 December 18,010 35,717




On 15 December 2004, the Company issued 330,000,000 five (5) years Convertible Unsecured Loan Stocks (“CULS”) at nominal value RM1.00 each as part of purchase consideration for the acquisition of freehold agricultural land zoned for development located at Mukim of Tebrau, Johor Bahru from its holding corporation.

The salient features of the CULS are as follows:

a) The total issuance is RM330 million.

b) The interest rate of CULS is as follows (less any Malaysian income or withholding tax applicable thereto which is required to be deducted):

Period (from issue date) Interest rate per annum First 24 months (Year 1 and 2) 1% Next 36 months (Year 3, 4 and 5) 6%

The interest rate is payable annually in arrears on the last day of every 12 months period commencing from the issue date, 15 December 2004 until the maturity date, 15 December 2009 (‘Interest Payment Date’), calculated on the basis of a year of 365 days and on the actual number of days elapsed and accrues daily from and including the issue date or the previous Interest Payment Date.

c) The CULS are redeemable in full or in part at their nominal value, at the option of the Company which will be determined by the independent Directors of the Company. The redemption will be dependent on inter-alia, the availability of profits and cash flows of the Company.

d) The conversion of the CULS into new ordinary shares of RM1.00 each of the Company at a conversion price of RM1.00 per share is at the option of the CULS holder and may take place at any time after the second anniversary from the date of issue of the CULS until the maturity date.

e) The remaining CULS not redeemed or converted on maturity date will be automatically converted into ordinary shares.

f) The CULS will not be listed on the Bursa Malaysia Securities Berhad or any other stock exchange.

The CULS have been classified separately into their components parts as liability or as equity on the balance sheet in accordance with FRS 132, Financial Instruments: Disclosure and Presentation. The fair value of the liability component calculated using a prevailing market interest rate at the date of issuance for a similar non-convertible loan stock. The residual amount, representing the fair value of the equity component, including deferred tax asset, is included in shareholders’ equity.


16. tRADE AND othER PAyABLES

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Trade payables 15,646 13,136 15,640 13,007Other payables and accrued expenses 9,989 7,182 9,827 6,592Due to holding corporation– non-trade 14,162 834 14,162 829Due to a subsidiary– non-trade — — 1,833 1,833Due to related companies

– trade 11 11 11 11– non-trade 3,317 302 3,258 302

3,328 313 3,269 313

43,125 21,465 44,731 22,574

17. REvENUE

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Property development 130,017 53,993 92,263 43,186Sales of land 1,601 3,490 1,601 3,490Sales of goods – fresh fruit bunches 6,213 4,330 6,213 4,330Management fee 194 189 927 389Rental income 669 1,354 669 1,354Dividend income — — 2,032 36,490

138,694 63,356 103,705 89,239

18. fINANCE CoStS

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Bank overdrafts 6,426 4,138 6,423 4,138CULS 2,093 3,055 2,093 3,055Term loans 1,711 — 1,711 —Bridging loans 983 312 — —Revolving credits 464 458 291 284Other borrowings 533 12 536 13

12,210 7,975 11,054 7,490



19. oPERAtING PRofIt/(LoSS)

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

operating profit/(loss) is arrived at after charging/(crediting)

Audit fees 112 104 86 80

Impairment loss:

– investment in a subsidiary — — — 30

– quoted shares in Malaysia 24 — 24 —

Allowance for doubtful debts

– third parties 160 231 160 231

– a subsidiary — — (27) 1,957

Bad debts written off — 75 — —

Change in fair value on investment properties (416) (2,251) (416) (2,251)

Depreciation 540 496 443 392

Property, plant and equipment written off 1 690 1 2

Personnel expenses (including key management personnel):

– Contributions to Employees Provident Fund 781 713 781 712

– Wages, salaries and others 6,605 6,159 6,605 6,152

Rental expenses 1 264 1 264

(Gain)/Loss on disposal of:

– Property, plant and equipment (324) (18) (105) (18)

– Quoted shares in Malaysia 39 (108) 39 (108)

– Investment properties (250) (465) — —

Investment in associate written off — 132 — —

Gross dividends from quoted shares in Malaysia (4) (8) (4) (8)

Rental income (669) (1,354) (669) (1,354)


19. oPERAtING PRofIt/(LoSS) (CoNtINUED)

key management personnel compensation Key management personnel is defined as those persons having authority and responsibility for planning, directing and controlling

the activities of the Group either directly or indirectly. The key management personnel includes all the Directors of the Group, and certain members of senior management of the Group.

Key management personnel compensation is as follows:

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Directors

– Fees 315 286 315 286

– Remuneration 511 805 511 805


– Monetary value of benefits-in-kind 53 60 53 60

Total short-term employee benefits 926 1,228 926 1,228

Directors of a subsidiary

– Fees — 14 — —

– Remuneration — 106 — —

– Contributions to Employees Provident Fund — 8 — —

Total short-term employee benefits — 128 — —

Other key management personnel:

– Wages, salaries and others 386 400 386 400


– Monetary value of benefits-in-kind 11 11 11 11

438 454 438 454

1,364 1,810 1,364 1,682

Other key management personnel comprises persons other than the Directors of Group entities, having authority and responsibility for planning, directing and controlling the activities of the entity either directly or indirectly.



20. tAX EXPENSE

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Tax expense

– Current year 6,027 1,381 4,030 9,392– (Over)/Under provided in prior years (351) 534 (349) 525

5,676 1,915 3,681 9,917Deferred tax expense/(income)

– Origination and reversal of temporary differences 523 (221) 478 370– Over provided in prior years (94) (116) (94) (116)

429 (337) 384 254

6,105 1,578 4,065 10,171Share of tax of equity accounted associates 3,633 3,355 — —

9,738 4,933 4,065 10,171

Rm’000 Rm’000 Rm’000 Rm’000

Reconciliation of effective tax expenseProfit for the year 19,184 6,690 3,793 19,524Total tax expense 9,738 4,933 4,065 10,171

Profit excluding tax 28,922 11,623 7,858 29,695

Tax at Malaysian tax rate of 26% (2007: 27%) 7,548 3,168 2,043 8,018Effect of lower tax rate for certain subsidiaries (60) (30) — —Non deductible expenses 2,116 715 1,859 1,158Effect of change in tax rate* 606 597 606 597Non taxable income (59) (126) — —Difference in effective tax rate of equity accounted associates 32 (48) — —Effect of unrecognised deferred tax — 251 — —Others — (12) — (11)

10,183 4,515 4,508 9,762(Over)/Under provided in prior years (445) 418 (443) 409

Tax expense 9,738 4,933 4,065 10,171

* The corporate tax rate is at 26% for year of assessment 2008 and 25% for the subsequent years of assessment. Consequently, deferred tax assets are measured using these tax rates.


21. EARNINGS PER oRDINARy ShARE

Basic earnings per ordinary share The calculation of basic earnings per ordinary share at 31 December 2008 was based on the profit attributable to ordinary

shareholders and a weighted average number of ordinary shares outstanding calculated as follows:

Group

2008Rm’000

2007Rm’000

Profit attributable to ordinary shareholders 19,184 6,690

Numbers Numbers

‘000 ‘000

Weighted average number of ordinary shares

Number of shares in issue at beginning of year 122,000 122,000

Effect of treasury shares held (952) (952)

Effect of conversion of CULS (Note 29) 110,000 110,000

Weighted average number of ordinary shares in issue 231,048 231,048

Basis earnings per ordinary share (sen) 8.30 *2.90

* The comparative figures for basic and diluted earnings per ordinary share have been revised to incorporate the conversion of CULS subsequent to year end (Note 29).



21. EARNINGS PER oRDINARy ShARE (CoNtINUED)

Diluted earnings per ordinary share The calculation of diluted earnings per ordinary share at 31 December 2008 was based on profit attributable to ordinary

shareholders and a weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares, calculated as follows:

Group/Company

2008Rm’000

2007Rm’000

Profit attributable to ordinary shareholders 19,184 6,690

Add: Assuming savings in interest expense on CULS, net of tax 1,549 2,230

Adjusted net profit for calculating diluted earnings per ordinary share 20,733 8,920

Numbers Numbers

‘000 ‘000

Weighted average number of ordinary shares 231,048 231,048

Assuming full conversion of CULS as at the date of issue 220,000 220,000

Weighted average number of ordinary shares (diluted) at 31 December 451,048 451,048

Diluted earnings per ordinary share (sen) 4.60 1.98

22. DIvIDENDS

Dividends recognised in the current year by the Company are:

Sen per share total amount Date of payment

Rm’000

2008

2007 – Final, net of tax 2.2 2,687 7 July 2008

2008 – Interim, net of tax 3.0 3,632 30 January 2009

Total amount 6,319

2007

2006 – Final, net of tax 2.2 2,651 29 June 2007

2007 – Interim, net of tax 2.9 3,535 25 January 2008

Total amount 6,186


23. ACQUISItIoN of PRoPERty, PLANt AND EQUIPmENt

During the financial year, the Group and the Company acquired property, plant and equipment with an aggregate cost of RM360,000 (2007: RM665,000) and RM359,000 (2007: RM638,000) respectively of which RM275,000 and RM275,000 was financed by finance lease liabilities.

24. fINANCIAL INStRUmENtS

Financial risk management objectives and policies Exposure to credit, liquidity, cash flow and interest rate risks arise in the normal course of the Group’s and of the Company’s

business. The Group and the Company have formulated a financial risk management framework whose principal objective is to minimise the Group’s and the Company’s exposure to risks and/or costs associated with the financing, investing and operating activities of the Group and of the Company.

Credit risks At balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented

by the carrying amount of each financial asset in the balance sheet.

Liquidity risk The Group and the Company monitors and maintains a level of cash and cash equivalents deemed adequate by management to

finance the operations and to mitigate the effects of fluctuation in cash flow.

Cash flow risk The Group and the Company review their cash flow position regularly to manage their exposure to fluctuations in future cash flows

associated with their monetary financial instruments.

Interest rate risk The Group’s and the Company’s investment in fixed-rate debt securities and its fixed rate borrowings are exposed to a risk of

change in their fair value due to changes in interest rates. The Group’s and Company’s investments in variable-rate borrowings are exposed to a risk of change in cash flows due to changes in interest rates. Investments in equity securities and short term receivables and payables are not exposed to interest rate risk.

There is no formal hedging policy with respect to interest rate exposure. Exposure to interest rate risk is monitored on an ongoing basis and the Group and the Company endeavour to keep the exposure at an acceptable level.

Interest expense on the CULS is calculated on the effective yield basis by applying the effective interest rate 5.745% (2007: 5.745%) for an equivalent non-convertible loan stock to liability component of the CULS.



24. fINANCIAL INStRUmENtS (CoNtINUED)

Effective interest rate and repricing analysis In respect of interest-earning financial assets and interest-bearing financial liabilities, the following table indicates their average

effective interest rates at the balance sheet date and the periods in which they mature, or if earlier, reprice.

Group

Averageeffectiveinterest

rate totalLess than

1 year1 – 2years

2 – 5years

% Rm’000 Rm’000 Rm’000 Rm’000

2008fixed rate instrumentsSecured finance lease liabilities 2.30 243 55 111 77Secured bridging loans 8.25 76,999 66,270 10,729 —Unsecured CULS – liability 5.70 18,010 18,010 — —

95,252 84,335 10,840 77

floating rate instrumentsSecured bank overdrafts 7.0 – 7.2 36,450 36,450 — —Secured term loan 6.7 – 7.0 20,029 20,029 — —Unsecured bank overdrafts 7.2 29,903 29,903 — —Unsecured revolving credits 5.9 4,000 4,000 — —Secured revolving credits 5,074 5,074 — —

95,456 95,456 — —

2007fixed rate instrumentsUnsecured CULS – liability 5.7 35,717 — 35,717 —Secured bridging loan 7.3 24,928 — — 24,928

60,645 — 35,717 24,928

floating rate instrumentsUnsecured bank overdrafts 8.0 74,285 74,285 — —Unsecured revolving credits 4.4 – 5.6 9,066 9,066 — —

83,351 83,351 — —



Company

Averageeffectiveinterest

rate totalLess than

1 year1 – 2years

2 – 5years

% Rm’000 Rm’000 Rm’000 Rm’000

2008fixed rate instrumentsSecured finance lease liabilities 2.30 243 55 111 77Secured bridging loans 8.25 46,842 46,842 — —Unsecured CULS – liability 5.70 18,010 18,010 — —

65,095 64,907 111 77

floating rate instrumentsSecured bank overdrafts 7.0 – 7.2 36,450 36,450 — —Secured term loan 6.7 – 7.0 20,029 20,029 — —Unsecured bank overdrafts 7.2 29,903 29,903 — —Secured revolving credits 5.9 5,074 5,074 — —

91,456 91,456 — —

2007fixed rate instrumentsUnsecured CULS – liability 5.7 35,717 — 35,717 —

floating rate instrumentsSecured bank overdrafts 8.0 20,093 20,093 — —Unsecured bank overdrafts 8.0 54,192 54,192 — —Unsecured revolving credits 5.6 5,066 5,066 — —

79,351 79,351 — —




Fair values Recognised financial instruments The carrying amounts of current financial assets and liabilities approximate their fair values due to the relatively short term nature

of these financial instruments.

The Company provides financial guarantees to bank for credit facility extended to a subsidiary. The fair value of such financial guarantee is not expected to be material as the probability of the subsidiary defaulting on the credit line is remote.

The fair value of other financial assets and liabilities, together with the carrying amounts shown in the balance sheets, are as follows:

2008 2007

CarryingamountRm’000

fairvalue

Rm’000

CarryingamountRm’000

fairvalue

Rm’000

Group

Short term investment in quoted shares 102 102 117 117

Finance lease liabilities (243) (243) — —

Bridging loans (76,999) (71,415) (24,928) (24,928)

CULS – liability (18,010) (18,010) (35,717) (35,717)

Company

Short term investment in quoted shares 102 102 117 117

Finance lease liabilities (243) (243) — —

Bridging loan (46,842) (43,696) — —

CULS – liability (18,010) (18,010) (35,717) (35,717)



Estimation of fair values The following summarises the methods used in determining the fair values of financial instruments reflected in the table.

Fair value of quoted shares is based on quoted market prices at the balance sheet date without any deduction for transaction costs.

The carrying amount of convertible unsecured loan stocks approximates its fair value as the instrument is calculated using a prevailing market rate at the date of issuance for a similar convertible loan stocks.

The carrying amount of the term loan approximates its fair values as the effective interest rate is comparable to the movements in the market interest rate.

25. CoNtINGENt LIABILItIES

Company

2008Rm’000

2007Rm’000

Corporate guarantees given to a licensed bank for banking facilities granted to a subsidiary (secured) 30,157 24,928

26. RELAtED PARtIES

For the purposes of these financial statements, parties are considered to be related to the Group or the Company if the Group or the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group or the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.



26. RELAtED PARtIES (CoNtINUED)

The significant related party transactions of the Group and of the Company are as follows:

Group Company

2008Rm’000

2007Rm’000

2008Rm’000

2007Rm’000

Holding corporationInterest accrued on CULS 20,197 20,523 20,197 20,523Services expenses 5 34 — 24Services income — 11 — 11

SubsidiariesManagement fee receivable — — 733 200Sales of completed houses — — — 10,556

Related companiesInterest charged 130 — 130 —Sales of motor vehicles 63 — 63 —Sales of land 4,356 — 4,356 —Sales of finished goods– fresh fruit bunches 6,213 4,330 6,213 4,330Services expenses 3,026 2,210 3,026 2,210Services income 206 48 206 48Rental expenses — 278 — 278Secretarial fees expenses 12 — 12 —Security service expenses 531 556 531 550Annual report expenses 46 60 46 60Registrar fees expenses 112 133 112 133Insurance expenses 195 236 175 209

Related partiesProfessional fees paid to firms in which certain Directors are partners 106 54 85 54

A charitable organisation in which the spouse of a Director is the Chairman– Donation 120 120 120 120– Sale of land — 2,500 — 2,500– Balance outstanding in respect of the sale of land — 2,250 — 2,250

Donation to a Foundation in which a Director is the Chairman 150 150 150 150


27. SEGmENt REPoRtING

There is no segment information presented as the Group is primarily engaged in housing development activities and operates principally in Malaysia.

28. SIGNIfICANt EvENt

On 6 February 2008, the Company entered into a Sale and Purchase Agreement Cum Subscription of Sale Agreement with Tengku Shaifful Bahri Bin Tengku Zainal Abidin (the Vendor) and Windsor Trade Holdings Sdn. Bhd. (“WTHSB”) in respect of the proposed acquisition of 4,000,000 existing ordinary shares of RM1.00 each in WTHSB and subscription of 10,000,000 new ordinary shares of RM1.00 each.

The total consideration of RM15,000,000 to be paid by the Company for the Proposed Acquisition shall be funded via the Company’s internally generated funds and/or borrowings.

As at to date, the Company has obtained approval from the Foreign Investment Committee on the Proposed Acquisition.

The completion of the acquisition is still subject to certain conditions precedent as stated in the Sale and Purchase Agreement. (see Note 11)

29. SUBSEQUENt EvENt

On 19 February 2009, the 110,000,000 CULS were converted into 110,000,000 units of new ordinary shares of RM1.00 each. The 110,000,000 new ordinary shares were granted for listing on Bursa Malaysia Securities Berhad on 26 February 2009. With the conversion, the issued and paid-up capital of the Company is RM232,000,000 divided into 232,000,000 units of ordinary shares of RM1.00 each.

30. CAPItAL CommItmENt

Group

2008Rm’000

2007Rm’000

InvestmentContracted but not provided for 5,181 —


Location of Land Bank and Projects

LAND BANk

1 Pagoh Land (55.65 acres)2 Bandar Dato’ Onn (1,402.75 acres)3 Bandar Tiram (1,088.55 acres)4 Inderaputra Land (0.84 acres)5 Taman Bukit Dahlia (177.28 acres)

PRoJECt

6 Taman Komersil Senai7 Tebrau Business Park8 Green Plains9 Taman Bukit Tiram10 Taman Mawar

11 Kota Sentral12 Taman Cendana13 Taman Seroja14 Perumahan Bandar Tenggara

1

23

4 5

7

89

10

11

1213

DAERAHSEGAMAT

DAERAHLEDANG

DAERAHMUAR

DAERAHMERSING

DAERAHKULAIJAYA

DAERAHPONTIAN

DAERAHBATU PAHAT

DAERAHKLUANG

DAERAHKOTA TINGGI

DAERAHJOHOR BAHRU

6

14


List of Properties

Revaluation of land and buildings will be carried out only if there are intended sales or when market values have changed materially. Details of the landed properties owned by the JLand Group as at 31 December 2008 are as follows:

Net book

value as at tenure/Approx. Land area/ 31.12.2008 Acquisitiontitle/Location age of building Existing use Built-up area Rm’000 Date

A. fIXED ASSEtS

Bungalow lot at Green PlainsPTD 57050 HS(D) 187333 Freehold/14 years Double storey 4,423.00 sq metres 877 1998Mukim of Tebrau bungalow 400.00 sq metresDistrict of Johor Bahru

Shophouse at taman BintangPTD 22925 HS(D) 13369 Freehold/12 years Double storey 143.07 sq metres 203 1995Mukim of Senai-Kulai shop house 272.00 sq metresDistrict of Johor Bahru

B. INvEStmENt PRoPERtIES

Bungalow lot at taman BertamLot 4429 – 4431 Freehold 3 vacant 2,222.00 sq metres 780 1995HS(D) 1664 – 1666 bungalow lotsMukim 6, Seberang Prai UtaraPenang

Lot 4453 – 4454 Freehold 2 vacant 1,482.00 sq metres 520 2004HS(D) 5824 – 5825 bungalow lotsMukim 6, Seberang Prai UtaraPenang

kompleks mutiara Johor LandPTD 84127 HS(D) 281731 Freehold/14 years Sport 24.69 acres 27,500 2007Mukim of Tebrau Complex 357.24 sq metresDistrict of Johor Bahru


List of Properties

Net book


C. fUtURE DEvELoPmENt

Bandar tiram (Phase 1)PTD 143340 – 143999 Freehold Mixed housing 53.83 acres 16,351 2001HS(D) 443338 – 443988 developmentMukim of TebrauDistrict of Johor Bahru

PTD 195750 – 196052HS(D) 443040 – HS(D) 443337Mukim of PlentongDistrict of Johor Bahru

Bandar tiram (Phase 2)PTD 113308 – 113435 Freehold Oil palm estate 76.63 acres 10,213 1995HS(D) 375296 – 375423Mukim of TebrauDistrict of Johor Bahru

Bandar tiram (Phase 3)PTD 105766 Freehold Oil palm estate 572.49 acres 42,809 1995HS(D) 354246PTD 105767 HS(D) 354247Mukim of TebrauDistrict of Johor Bahru

PTD 105769 Freehold Oil palm estate 170.64 acres 7,764 1995HS(D) 354249 PTD 105770 HS(D) 354250PTD 14616 – 14618HS(D) 62950 – 62952Mukim of TebrauDistrict of Johor Bahru(Owned by ADSB)


Net book


C. fUtURE DEvELoPmENt (Cont’d.)

Bandar tiram (Phase 4)PTD 105768 Freehold Oil palm estate 97.31 acres 7,277 1995HS(D) 354248Mukim of TebrauDistrict of Johor Bahru

Bandar tiram (Phase 5)Lot 12 CT 556, Lot 14 CT 557 Freehold Oil palm estate 117.65 acres 8,797 1995Lot 18 CT 561Lot 860 CT 562Lot 2016 CT 567Part of Lot 1176 CT 565 Part of Lot 1182 CT 566Mukim of Kota TinggiDistrict of Kota Tinggi

taman Bukit tiram (Phase 2)PTD 144544 – 144557 Freehold 14 vacant 0.61 acres 49 1995HS(D) 449681 – 449694 ShopofficeMukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

PTD 85036 – 85077 Freehold 42 vacant 4.44 acres 353 1995HS(D) 307437 – 307478 bungalow lotsMukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

PTD 85080 – 85139 Freehold Mixed housing 6.43 acres 512 1995HS(D) 307479 – 307538 developmentPTD 85275 – 85533HS(D) 307673 – 307929Mukim of TebrauDistrict of Johor Bahru(Owned by ADSB)


List of Properties

Net book



taman Bukit tiram (Phase 3)PTD 88267 – 88273 Freehold 7 vacant 3.37 acres 405 1995HS(D) 302582 – 302588 bungalow lotsMukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

PTD 130271 – 130297 Freehold Mixed housing 4.30 acres 443 1995HS(D) 401455 – 401481 developmentMukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

PTD 138183 – 138387 Freehold Mixed housing 5.03 acres 519 1995HS(D) 427149 – 427350 developmentPTD 138421 – 238443HS(D) 427379 – 427401Mukim of TebrauDistrict of Johor Bahru(Owned by ADSB)

taman Bukit Dahlia (Block A)PTD 156278 – 156289 99 years lease Mixed housing 16.03 acres 3,608 1995HS(D) 318171 – 318182 Expiring on developmentPTD 156312 – 156335 22.6.2100HS(D) 318205 – 318228PTD 156358 – 156381HS(D) 318251 – 318273PTD 156404 – 156415HS(D) 318296 – 318307PTD 156290 – 156311HS(D) 318183 – 318204PTD 156336 – 156357HS(D) 318229 – 318250PTD 156382 – 156403HS(D) 318274 – 318295


Net book



taman Bukit Dahlia (Block A)PTD 156446 – 156473 HS(D) 318337 – 318364 PTD 156532 – 156559 HS(D) 318935 – 318962PTD 156417 – 156445HS(D) 318308 – 318336PTD 156474 – 156500HS(D) 318365 – 318391PTD 156501 – 156531HS(D) 318904 – 318934PTD 156560 – 156588HS(D) 318963 – 318991

PTD 190546 – 190639 99 years leaseHS(D) 436699 – 436792 Expiring on PTD 190641 – 190652 07.11.2105HS(D) 436793 – 436804PTD 190654 – 190703HS(D) 436805 – 436854Mukim of PlentongDistrict of Johor Bahru

taman Bukit Dahlia (Block C)Development land 99 years lease Mixed housing 54.40 acres 5,800 1995Mukim of Plentong (Land titles is developmentDistrict of Johor Bahru yet to be issued)

taman Bukit Dahlia (Block D)Development land 99 years lease Mixed housing 48.24 acres 5,781 1995Mukim of Plentong (Land titles is developmentDistrict of Johor Bahru yet to be issued)


List of Properties

Net book



taman Bukit Dahlia (Block E)PTD 179254 – 179322 99 years lease Mixed housing 10.89 acres 2,415 1995HS(D) 371082 – 371150 Expiring on developmentPTD 179337 – 179348 30.6.2103HS(D) 371165 – 371176PTD 179350 – 179451HS(D) 371177 – 371278PTD 179907 – 179937HS(D) 371734 – 371764 PTD 179989 – 180016HS(D) 371816 – 371843PTD 180059 – 180083HS(D) 371886 – 371910PTD 180118 – 180138HS(D) 371945 – 371965 PTD 180173 – 180216HS(D) 372000 – 372043Mukim of PlentongDistrict of Johor Bahru

taman Bukit Dahlia (Block f)PTD 155634 – 155669 99 years lease Mixed housing 3.95 acres 976 1995HS(D) 317527 – 317562 Expiring on developmentMukim of Plentong 2.7.2100District of Johor Bahru

PTD 179207 – 179208 Freehold Mixed housing 1.52 acres 352 1995HS(D) 391369 – 391370 developmentPTD 179223 – 179240HS(D) 391385 – 391402Mukim of PlentongDistrict of Johor Bahru

Development land 99 years lease Mixed housing 42.25 acres 4,154 1995Mukim of Plentong (Land title is developmentDistrict of Johor Bahru yet to be issued)


Net book



Bandar Dato’ onnPTD 139444 – 139467 Freehold Mixed housing 28.28 acres 15,059 2004HS(D) 455063 – 455086 developmentPTD 139469 – 139597HS(D) 455087 – 455215PTD 139624 – 139697HS(D) 455216 – 455289PTD 139699 – 139718HS(D) 455290 – 455309PTD 139728 – 139735HS(D) 455310 – 455317PTD 139738 – 139787HS(D) 455318 – 455367PTD 139795 – 139839HS(D) 455368 – 455412PTD 139842 – 139912HS(D) 455413 – 455483PTD 139914 – 140085HS(D) 455484 – 455655Mukim of TebrauDistrict of Johor Bahru

Development land Freehold Mixed housing 1,329.78 acres 327,096 2004Mukim of Tebrau (Land titles is development/District of Johor Bahru yet to be issued) oil palm estate

PTD 84126 & 84128 Freehold Vacant land 16.41 acres 8,589 2006HS(D) 281730 & 281732Mukim of TebrauDistrict of Johor Bahru

Inderaputra LandPTB 21108 HS(D) 380523 Freehold Vacant land 3,409.22 sq metres 7,049 2000Mukim of Bandar Johor BahruDistrict of Johor Bahru

Pagoh LandDevelopment land Leasehold Mixed housing 55.65 acres 3,896 1998Mukim of Jorak (Land title is developmentDistrict of Muar yet to be issued)


Authorised Share Capital : RM500,000,000Issued & Fully Paid-Up Capital : RM232,000,000 less 951,800 Treasury Shares = 231,048,200Class of Shares : Ordinary Share of RM1/= each

votING RIGht of ShAREhoLDERS

Every member of the Company present in person or by proxy shall have one vote on a show of hand and in the case of a poll shall have one vote for every share of which he/she is the holder.

Break down of Shareholdings

Size of ShareholdingsNo. of

Shareholders % No. of Shares %Less than 100 715 8.26 25,130 0.01

100 – 1,000 4,136 47.80 2,334,437 1.01

1,001 – 10,000 3,154 36.46 11,568,966 5.01

10,001 – 100,000 570 6.59 15,857,150 6.86

100,001 to less than 5% of Issued Capital 75 0.87 31,563,714 13.66

5% and above of Issued Capital 2 0.02 169,698,803 73.45

totAL 8,652 100.00 231,048,200 100.00

toP thIRty SECURItIES ACCoUNt hoLDERS

(Without aggregating the securities from different securities accounts belonging to the same depositor)

Name No. of Shares %

1 Johor Corporation 150,942,420 65.33


3 Kumpulan Waqaf An-Nur Berhad 4,318,937 1.87

4 Amanah Raya Noms (T) Sdn Bhd – A/C Skim Amanah Saham Bumiputera 3,294,580 1.43


6 Ke-Zan Noms (T) Sdn Bhd – A/C Kim Eng Secs Pte Ltd for Md Yusoff bin Md Ali 1,400,000 0.61

7 DB (M) Nom (A) Sdn Bhd – A/C Exempt An for Deutsche Bank AG Singapore (PWM Asing) 1,000,000 0.43

8 HSBC Noms (A) Sdn Bhd – A/C Exempt An for HSBC Private Bank (Suisse) S.A. (SPORE TST ACCL) 996,500 0.43

9 Terengganu Incorporated Sdn Bhd 850,060 0.37

10 Ke-Zan Noms (T) Sdn Bhd – A/C Mohd Fauzy bin Abdullah 840,000 0.36

11 Quah Wee Lai 645,000 0.28

12 Zalaraz Sdn Bhd 638,690 0.28

13 Citigroup Noms (A) Sdn Bhd – A/C Exempt An for OCBC Securities Private Limited (Client A/C-NR) 610,947 0.26

Shareholdings’ StatisticsAs at 31 March 2009


toP thIRty SECURItIES ACCoUNt hoLDERS (CoNt’D.)

(Without aggregating the securities from different securities accounts belonging to the same depositor)


14 Khalid bin Mohamad Jiwa 547,000 0.24

15 Shoptra Jaya (M) Sdn Bhd 501,800 0.22

16 HLG Nom (A) Sdn Bhd – A/C Exempt An for UOB Kay Hian Pte Ltd (A/C Clients) 448,120 0.19

17 OSK Noms (T) Sdn Bhd – A/C DMG & Partners Securities Pte Ltd for Tan Hian-Tsin (31-12122) 436,000 0.19

18 Citigroup Noms (A) Sdn Bhd – A/C Exempt An for Citibank NA, Singapore (Julius Baer) 433,500 0.19

19 Citigroup Noms (A) Sdn Bhd – A/C Exempt An for Citibank NA (Charles Schwab) 424,200 0.18

20 HDM Noms (T) Sdn Bhd – A/C Mohd Fauzy bin Abdullah (M09) 415,000 0.18

21 Tabung Amanah Warisan Negeri Johor 402,950 0.17

22 Mayban Noms (T) Sdn Bhd – A/C Liew Kon Sing @ Liew Kong 387,150 0.17

23 Lee Siew Hoon 380,600 0.16

24 Suraya Elland Yusoff 352,000 0.15

25 Johor Corporation 350,980 0.15

26 Mayban Noms (T) Sdn Bhd – A/C Chuang Show Chuan (014084102077) 350,000 0.15

27 Arshad bin Ayub 317,980 0.14

28 Philip Goey Soon Loong 305,500 0.13

29 Mayban Noms (T) Sdn Bhd – A/C Wong Soot Yin @ Ong Soot Yin (014084423225) 300,000 0.13

30 Lim Kian Huat 297,600 0.13

SUBStANtIAL ShAREhoLDERS

Direct Indirect


No. of Shares %

1 Johor Corporation – 5 a/cs 172,944,083 74.85 — —

ANALySIS of ShAREhoLDERS

No. of Shareholders % No. of Shares %

Malaysian – Bumiputra 923 10.67 189,740,969 82.12

– Others 6,680 77.21 28,861,487 12.49

Foreigners 1,049 12.12 12,445,744 5.39

totAL 8,652 100.00 231,048,200 100.00


Notice of Annual General Meeting

NOTICE IS HEREBY GIVEN THAT the Thirty Fourth (34th) Annual General Meeting of Johor Land Berhad will be held at Tanjung Puteri 306, Persada Johor International Convention Centre, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor on Friday, 22 May 2009 at 11.00 a.m. for the following purposes:-

AS oRDINARy BUSINESSES:-

1. To receive and adopt the Report and the Audited Financial Statements for the financial year ended 31 December 2008 and the Reports of the Directors and Auditors thereon;

2. To re-elect the following Directors who retire in accordance with the Company’s Articles of Association:-(i) Kua Hwee Sim (Article 87)(ii) Abdul Malek Bin Talib (Article 87)(iii) Yusof Bin Rahmat (Article 87)

3. To re-elect Dato Hj Hassan Bin Hj Mohd Yunos, who is over the age of seventy (70) who retires in accordance with Section 129(6) of the Companies Act, 1965;

4. To approve the payment of Directors’ fees in respect of the financial year ended 31 December 2008;

5. To re-appoint Messrs KPMG as Auditors of the Company and to authorise the Directors to fix their remuneration;

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

Resolution 1

Resolution 2Resolution 3Resolution 4

Resolution 5

Resolution 6

Resolution 7


AS SPECIAL BUSINESSES:-

To consider, and if thought fit, to pass the following Resolutions as Ordinary Resolutions:-

7. oRDINARy RESoLUtIoN 1 AUthoRIty to ISSUE ShARES PURSUANt to SECtIoN 132(D) of thE ComPANIES ACt, 1965

“thAt pursuant to Section 132(D) of the Companies Act, 1965, the Directors be and are hereby authorised to allot and issue shares of the Company at any time until the conclusion of the next Annual General Meeting (“AGM”), upon such terms and conditions and for such purposes as the Directors may, in their absolute discretion shall deem fit provided always that the aggregate number of shares to be allotted and issued shall not exceed ten percent (10%) of the issued share capital of the Company for the time being, subject always to the approval of all relevant regulatory bodies being obtained for such allotment and issue.” (See note)

8. oRDINARy RESoLUtIoN 2 PRoPoSED RENEWAL of thE ShARE BUy-BACk AUthoRIty

“thAt, subject always to the Companies Act, 1965 (“Act”), the provisions of the Articles of Association of the Company and the Listing Requirements (“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa Securities”) and any other relevant authorities, the Company be and is hereby authorised, to the extent permitted by law, to purchase its own ordinary share of RM1.00 each in the Company (“Shares”) as may be determined by the Directors of the Company from time to time through Bursa Securities upon such terms and conditions as the Directors may deem fit an expedient in the interests of the Company provided that:-

(a) The maximum number of Shares which may be purchased by the Company shall not exceed ten percent (10%) of the total issued and paid-up share capital of the Company for the time being subject to the restriction that the issued and paid-up capital of the Company does not fall below the applicable minimum share capital requirement of the Listing Requirements;

(b) The maximum fund to be allocated by the Company for the purpose of purchasing its Shares shall not exceed the retained profits and the share premium account of the Company; and

(c) Upon completion of the purchase by the Company of its own Shares, the Directors of the Company are authorised to deal with the shares so bought-back in their absolute discretion in any of the following manners:-

(i) cancel the Shares so purchased; or

(ii) retain the Shares so purchased as treasury shares and held by the Company; or

(iii) retain part of the Shares so purchased as treasury shares and cancel the remainder,

and the treasury shares may be distributed as dividend to the Company’s shareholders and/or resold in the open market in accordance with the relevant rules of Bursa Securities and/or subsequently cancelled.

Resolution 8



AND thAt the authority conferred by this resolution shall continue to be in force until:-

(a) the conclusion of the next AGM of the Company at which such resolution was passed, at which time it shall lapse, unless by an ordinary resolution passed at that meeting, the authority is renewed either unconditionally or subject to conditions; or

(b) the expiration of the period within which the next AGM is required to be held pursuant to Section 143(1) of the Act (but shall not extend to such extension as may be allowed pursuant to Section 143(2) of the Act; or

(c) revoked or varied by a resolution passed by the shareholders of the Company in general meeting,

whichever is earlier.

AND thAt authority be and is hereby unconditionally and generally given to the Directors of the Company; to take all such steps as are necessary or expedient (including without limitation, the opening and maintaining of central depository account(s) under the Securities Industry (Central Depositories) Act, 1991) to implement, finalise and give full effect to the Proposed Share Buy-Back with full power to assent to any conditions, modifications and/or amendments as may be imposed by the relevant authorities and with full power to do all such acts and things thereafter in accordance with the Act, the provisions of the Memorandum and Articles of Association of the Company and the guidelines issued by Bursa Securities and any other relevant authorities.” (See note)

9. oRDINARy RESoLUtIoN 3 PRoPoSED RENEWAL of ShAREhoLDERS’ mANDAtE oN RECURRENt RELAtED PARty

tRANSACtIoNS of A REvENUE oR tRADING NAtURE (“PRoPoSED ShAREhoLDERS’ mANDAtE”)

“thAt authority be and is hereby given in line with Chapter 10.09 of the Listing Requirements of the Bursa Securities, for the Company, its subsidiaries or any of them, to renew the shareholders’ mandate for Recurrent Related Party Transactions of a Revenue or Trading nature for any of the aforesaid companies to enter into and to give effect to the specified Recurrent Related Party Transactions; all with the particulars of which are set out in the Circular to Shareholders dated 24 April 2009 (“Circular”) with the Related Parties as described in the Circular, provided that such transactions are of revenue or trading nature, which are necessary for the day-to-day operations of the Company and/or its subsidiaries, within the ordinary course of business of the Company and/or its subsidiaries, made on an arm’s length basis and on normal commercial terms which those generally available to the public and are not detrimental to the minority shareholders of the Company; and

Resolution 9


AND thAt such authority shall continue to be in force until:-

(a) the conclusion of the next AGM of the Company following this AGM, at which time the authority shall lapse unless by a resolution passed at a general meeting, such authority is renewed; or

(b) the expiration of the period within which the next AGM after the date that is required by law to be held pursuant to Section 143(1) of the Companies Act (but shall not extent to such extensions as may be allowed pursuant to Section 143(2) of the Companies Act); or

(c) revoked or varied by a resolution passed by the shareholders of the Company at a general meeting;

whichever is earlier;

AND thAt the Directors of the Company be authorised to complete and do all such acts and things (including executing all such documents as may be required) as they may consider expedient or necessary or give effect to the Proposed Shareholder’ Mandate.” (See note)

By Order of the BoardJohoR LAND BERhAD

JAmALLUDIN BIN kALAm (LS 02710)IDhAm JIhADI BIN ABU BAkAR ACIS (MAICSA 7007381)Secretaries

Venue: JOHOR BAHRUDated: 24 APRIL 2009

Resolution 10



Resolution 8Your Board would like to act expeditiously to expand your Group’s core business, if and when they arise. Although the investment sum involved may not be too substantial to require shareholders’ approval at an Extraordinary General Meeting, the Directors may consider it appropriate to finance such potential business opportunities by the issue of a limited number of new shares. In order to facilitate the process, it is thus appropriate that the Directors be authorised to issue shares in the Company up to an amount not exceeding in total 10% of the existing issued capital of the Company for such purpose during the period. This authority, unless revoked or varied at a general meeting, will take effect until the next AGM of the Company pursuant to Section 132(D) of the Companies Act, 1965.

Resolution 9The proposed Resolution 9 if passed will enable the Company to utilise any of its surplus financial resources to purchase its own shares from the market.

Resolution 10The proposed Resolution 10 if passed is primarily to authorise the Company and/or its unlisted subsidiaries to enter into arrangements or transactions with Related Parties, particulars of which are set out in Sect ion 3 .1(a) o f the C i rcu lar to Shareholders dated 24 April 2009 circulated together with this Annual Report, which are necessary for the day-to-day operations of the Group and are based on normal commercial terms that are not favourable to the Related Parties than those generally made to the public.

Notes:-

1. A member entitled to attend and vote at this meeting is entitled to appoint a proxy and vote instead of him. A proxy may but need not be a member of the Company.

2. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or if the appointer is a Corporation/Company either under its common seal or under the hand of its attorney duly authorised.

3. If a member appoints two proxies to attend at the same meeting, the instrument of proxy must specify the proportion of his shareholdings to be represented by each proxy.

4. The instrument appointing a proxy must be deposited at the Registered Office of the Company, at Level 2, Persada Johor International Convention Centre, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor not less than forty eight (48) hours before the time appointed for holding the meeting or any adjournment thereof.

EXPLANAtoRy NotE oN SPECIAL BUSINESSES:-


Notis Mesyuarat Agung Tahunan

DENGAN INI DIBERITAHU BAHAWA Mesyuarat Agung Tahunan Johor Land Berhad kali ke Tiga Puluh Empat (34) akan diadakan di Tanjung Puteri 306, Pusat Konvensyen Antarabangsa Persada Johor, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor pada hari Jumaat, 22 Mei 2009 pada jam 11.00 pagi bagi tujuan-tujuan berikut:-

SEBAGAI URUSAN-URUSAN BIASA:-

1. Menerima dan meluluskan Laporan dan Penyata Kewangan Beraudit bagi tahun kewangan berakhir 31 Disember 2008 serta Laporan Pengarah-Pengarah dan Juruaudit berkaitan dengannya;

2. Melantik semula Pengarah-Pengarah berikut yang bersara mengikut Tataurusan Syarikat:-(i) Kua Hwee Sim (Artikel 87) (ii) Abdul Malek Bin Talib (Artikel 87)(iii) Yusof Bin Rahmat (Artikel 87)

3. Melantik semula Dato Hj Hassan Bin Hj Mohd Yunos yang berumur melebihi tujuh puluh tahun (70) yang bersara mengikut Seksyen 129(6) Akta Syarikat, 1965;

4. Meluluskan pembayaran yuran Pengarah bagi tahun kewangan berakhir 31 Disember 2008;

5. Melantik semula Tetuan KPMG sebagai Juruaudit Syarikat dan memberi kuasa kepada Pengarah-pengarah untuk menetapkan bayaran mereka;

6. Menjalankan sebarang urusan Syarikat yang lain di mana notis yang sewajarnya telah diberi;

Resolusi 1

Resolusi 2Resolusi 3Resolusi 4

Resolusi 5

Resolusi 6

Resolusi 7



SEBAGAI URUSAN-URUSAN khAS:-

Untuk mempertimbangkan dan sekiranya didapati wajar, meluluskan Resolusi-Resolusi Biasa berikut:-

7. RESoLUSI BIASA 1 kUASA mENERBItkAN SAhAm DI BAWAh SEkSyEN 132(D) AktA SyARIkAt, 1965

“BAhAWA selaras dengan peruntukan Seksyen 132(D) Akta Syarikat 1965, adalah dan dengan ini para Pengarah diberi kuasa untuk memperuntukkan dan menerbitkan saham-saham Syarikat pada bila-bila masa sehingga penutup Mesyuarat Agung Tahunan yang akan datang, mengikut terma-terma dan syarat-syarat tertentu dan untuk tujuan-tujuan tertentu sebagaimana para Pengarah mungkin, mengikut budibicara mutlak mereka, fikirkan wajar dengan syarat bahawa agregat bilangan saham yang akan diperuntukkan dan diterbitkan tidak melebihi sepuluh peratus (10%) daripada modal saham Syarikat yang diterbitkan buat ketika ini, tertakluk sentiasa kepada kelulusan pihak-pihak berkuasa yang berkaitan diperolehi bagi peruntukan dan terbitan saham demikian.” (Lihat nota)

8. RESoLUSI BIASA 2 CADANGAN PEmBAhARUAN BIDANGkUASA PEmBELIAN-BALIk SAhAm

“BAhAWA tertakluk kepada Akta Syarikat, 1965 (“Akta”), peruntukan-peruntukan oleh Tataurusan Syarikat dan Syarat-syarat Penyenaraian (“Syarat Penyenaraian”) oleh Bursa Malaysia Securities Berhad (“Bursa Securities”) dan lain-lain pihak berkuasa yang berkaitan, Syarikat dengan ini diberikuasa pada tahap yang dibenarkan oleh undang-undang untuk membeli saham biasanya bernilai tara RM1.00 sesaham di dalam Syarikat (“Saham”) sebagaimana yang akan ditentukan oleh para Pengarah dari masa ke semasa melalui Bursa Securities berdasarkan terma-terma dan syarat-syarat yang mana para Pengarah beranggapan wajar untuk kepentingan Syarikat dengan syarat:

(a) Bilangan maksima Saham yang dibeli tidak melebihi sepuluh peratus (10%) dari jumlah modal diterbitkan dan berbayar Syarikat pada bila-bila masa tertakluk kepada had modal yang diterbitkan dan berbayar Syarikat adalah tidak kurang daripada keperluan minima modal Syarikat di bawah Syarat Penyenaraian;

(b) Jumlah maksima dana yang diperuntukkan oleh Syarikat bagi tujuan pembelian Saham hendaklah tidak melebihi daripada jumlah keuntungan terkumpul dan akaun premium saham Syarikat; dan

(c) Selepas selesai pembelian Saham oleh Syarikat, Pengarah-pengarah adalah diberikuasa untuk menguruskan Saham yang dibeli balik menurut kuasa mutlak mereka dengan mana-mana cara berikut:-

(i) batalkan Saham yang dibeli; atau

(ii) simpan Saham yang dibeli sebagai saham perbendaharaan dan dipegang oleh Syarikat; atau

(iii) simpan sebahagian Saham yang dibeli sebagai saham perbendaharaan dan sebahagian lagi dibatalkan,

dan saham perbendaharaan boleh dibahagikan sebagai dividen kepada pemegang-pemegang saham Syarikat dan/atau dijual balik di pasaran terbuka menurut undang-undang yang berkaitan dari Bursa Securities dan/atau seterusnya dibatalkan.

Resolusi 8


DAN BAhAWA kuasa yang diberikan oleh resolusi in akan berkuatkuasa sehingga:-

(a) Selesai Mesyuarat Agung Tahunan Syarikat berikutnya di mana kuasa tersebut akan luput kecuali dengan resolusi biasa yang diluluskan di dalam mesyuarat agung tersebut, kuasa tersebut akan diperbaharui samada bersyarat atau tanpa syarat; atau

(b) tamat tempoh di mana Mesyuarat Agung Tahunan berikutnya selepas tarikh yang disyaratkan oleh undang-undang akan diadakan menurut Seksyen 143 (1) Akta tersebut (tetapi lanjutannya tidak boleh dilanjutkan seperti yang dibenarkan menurut Seksyen 143 (2) Akta tersebut; atau

(c) dibatalkan atau diubah melalui resolusi yang diluluskan oleh pemegang saham Syarikat dalam mesyuarat agung,

yang mana lebih awal;

DAN BAhAWA para Pengarah dengan ini tanpa syarat dan secara umum diberikuasa untuk melaksanakan semua tindakan-tindakan dan perkara-perkara (termasuk membuka dan mengekalkan akaun (akuan-akaun) depositari berpusat di bawah Akta Industri Sekuriti (Depositari Berpusat) 1991) untuk melaksanakan, menyelesaikan dan memberi kesan penuh kepada Cadangan Pembaharuan Bidangkuasa Pembelian-Balik Saham dengan kuasa penuh untuk memberi persetujuan kepada sebarang syarat-syarat, pembetulan-pembetulan, perubahan-perubahan (sekiranya ada) menurut peruntukan-peruntukan Akta, Tataujud dan Tataurusan Syarikat dan garis panduan yang dikeluarkan oleh Bursa Securities dan lain-lain pihak berkuasa tempatan berkaitan.” (Lihat nota)

9. RESoLUSI BIASA 3 CADANGAN PEmBAhARUAN mANDAt PEmEGANG SAhAm DAN mANDAt tAmBAhAN UNtUk tRANSAkSI

BERULANG DENGAN PIhAk BERkAItAN yANG BERUNSURkAN PENDAPAtAN AtAU DAGANGAN (“CADANGAN mANDAt PARA PEmEGANG SAhAm”)

“BAhAWA dengan ini kuasa diberi selaras dengan Bab 10.09 Syarat-syarat Penyenaraian Bursa Securities (“Syarat-syarat Penyenaraian”), untuk syarikat, anak-anak syarikatnya atau sesiapa di kalangan mereka untuk memperbaharui mandat pemegang saham bagi Urusniaga Transaksi Berulang Pihak Berkaitan yang berunsurkan pendapatan atau dagangan bagi mana-mana syarikat yang berkaitan untuk mengadakan dan bagi memberikan kesan ke atas Urusniaga Transaksi Berulang Pihak Berkaitan tersebut; di mana butiran yang berkaitan seperti yang dinyatakan di dalam Pekeliling kepada para pemegang saham bertarikh 24 April 2009 (“Pekeliling tersebut”) dengan pihak-pihak berkaitan seperti yang diterangkan di dalam Pekeliling tersebut dengan syarat transaksi-transaksi tersebut adalah berunsur bisnes biasa Syarikat dan/atau syarikat-syarikat subsidiarinya, dibuat berdasarkan kesaksamaan dan menurut terma-terma komersial yang kebiasaannya disediakan kepada awam dan tidak merugikan pemegang saham minoriti Syarikat;

Resolusi 9



DAN BAhAWA kuasa yang diberikan ini akan berkuatkuasa sehingga:-

(a) Selesai Mesyuarat Agung Tahunan Syarikat berikutnya di mana kuasa tersebut akan luput kecuali dengan satu resolusi yang diluluskan di dalam mesyuarat agung, kuasa tersebut akan diperbaharui; atau

(b) tamat tempoh di mana Mesyuarat Agung Tahunan berikutnya selepas tarikh yang disyaratkan oleh undang-undang akan diadakan menurut Seksyen 143(1) Akta tersebut (tetapi lanjutannya tidak boleh dilanjutkan seperti yang dibenarkan menurut Seksyen 143(2) Akta tersebut; atau

(c) dibatalkan atau diubah melalui resolusi yang diluluskan oleh pemegang saham Syarikat dalam mesyuarat agung;

yang mana lebih awal.

DAN BAhAWA para Pengarah Syarikat adalah dan dengan ini diberikuasa untuk menyelesaikan dan melakukan semua tindakan dan perkara (termasuk melaksanakan semua dokumen sebagaimana yang diperlukan) sebagaimana mereka fikirkan sesuai atau perlu untuk memberi kesan kepada Cadangan Mandat Pemegang Saham.” (Lihat nota)

Dengan Perintah Lembaga PengarahJohoR LAND BERhAD

JAmALLUDIN BIN kALAm (LS 02710)IDhAm JIhADI BIN ABU BAkAR ACIS (MAICSA 7007381)Setiausaha-Setiausaha

Tempat: JOHOR BAHRUTarikh: 24 APRIL 2009

Resolusi 10


Resolusi 8Lembaga Pengarah perlu bert indak merebut peluang-peluang memperbesarkan perniagaan utama Kumpulan dengan segera, apabila dan jika peluang-peluang itu muncul. Biarpun jumlah pelaburannya mungkin tidak terlalu besar sehingga perlu mendapatkan kelulusan para pemegang saham menerusi Mesyuarat Agung Luarbiasa, para Pengarah mungkin perlu untuk membiayai peluang perniagaan yang berpotensi i tu dengan menerbi tkan sebilangan saham-saham baru. Bagi memenuhi proses ini, adalah wajar para Pengarah diberikan kuasa menerbitkan saham-saham dalam Syarikat dengan jumlahnya tidak melebihi sepuluh peratus (10%) daripada terbitan modal saham Syarikat sedia ada untuk tujuan itu dalam tempoh berkenaan. Kuasa ini kecuali d ibata lkan atau d iubahsuai da lam mesyuarat agung, akan berkuatkuasa sehingga tamat Mesyuarat Agung Tahunan Syarikat berikutnya menurut Seksyen 132(D) Akta Syarikat, 1965.

Resolusi 9Resolusi 9 yang dicadangkan, j ika diluluskan, adalah untuk memberi kuasa kepada Syarikat menggunakan mana-mana sumber lebihan kewangannya untuk membeli saham-sahamnya dari pasaran.

Resolusi 10Resolusi 10 yang dicadangkan, sekiranya diluluskan, adalah khusus untuk memberi kuasa kepada Syarikat dan/atau syarikat-syarikat subsidiarinya yang tidak tersenarai untuk membuat penentuan-penentuan atau transaksi-transaksi dengan Pihak-Pihak Berka i tan , yang mana bu t i rannya diterangkan di dalam Seksyen 3.1(a) di dalam Pekeliling kepada para Pemegang Saham bertarikh 24 April 2009 yang diedarkan bersama-sama dengan Laporan Tahunan ini, yang perlu untuk operasi harian Kumpulan dan yang berdasarkan kepada terma-terma komersial yang lazim yang tidak lebih memihak kepada pihak-pihak berkaitan dari yang ada pada umumnya disediakan untuk awam.

Nota:-

1. Seorang ahli yang berhak menghadiri dan mengundi dalam Mesyuarat ini berhak melantik seorang proksi untuk menghadiri bagi pihak dirinya. Seorang proksi tidak semestinya seorang ahli syarikat.

2. Suratcara perlantikan proksi hendaklah dibuat secara bertulis oleh pelantik atau wakil mutlak yang berkuasa atau jika pelantik adalah sebuah Perbadanan/Syar ikat suratcara mest i lah disempurnakan di bawah meterai Perbadanan/Syarikat atau di dalam bidang kuasa wakil mutlak.

3. Apabila seorang ahli melantik dua orang proksi dalam mesyuarat yang sama, perlantikan tersebut hendaklah menyatakan bilangan saham yang akan diwakili oleh proksi masing-masing.

4. Suratcara perlantikan proksi hendaklah sampai di Pejabat Berdaftar Syarikat, di Aras 2, Pusat Konvensyen Antarabangsa Persada Johor, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor tidak lewat dari empat puluh lapan (48) jam sebelum mesyuarat ditetapkan atau sebarang mesyuarat penangguhannya.

NotA kEtERANGAN BAGI URUSAN-URUSAN khAS:-


Statement Accompanying The Notice of Annual General Meeting

1. Directors who are standing for re-election at the Thirty Fourth (34th) Annual General Meeting of the Company scheduled to be held at Tanjung Puteri 306, Persada Johor International Convention Centre, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor on Friday, 22 May 2009 at 11.00 a.m are as follows:-

(i) Kua Hwee Sim (Article 87) Resolution 2

(ii) Abdul Malek Bin Talib (Article 87) Resolution 3

(iii) Yusof Bin Rahmat (Article 87) Resolution 4

(v) Dato Hj Hassan Bin (Section 129(6) of the Resolution 5 Hj Mohd Yunos Companies Act, 1965)

The profiles of the Directors standing for re-election are on pages 16, 17, 19, 20.

2. The Thirty Third (33rd) Annual General Meeting of the Company was held at Main Hall, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, 81100 Johor Bahru, Johor on Wednesday, 21 May 2008 at 12.00 noon.

3. Four (4) Board of Directors’ meetings were held during the financial year ended 31 December 2008.


Penyata Bersama Notis Mesyuarat Agung Tahunan

1. Para Pengarah yang menawarkan diri untuk dipilih semula pada Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh Empat (34) yang dijadualkan akan diadakan di Tanjung Puteri 306, Pusat Konvensyen Antarabangsa Persada Johor, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor pada hari Jumaat, 22 Mei 2009 pada jam 11.00 pagi adalah seperti berikut:-

(i) Kua Hwee Sim (Artikel 87) Resolusi 2

(ii) Abdul Malek Bin Talib (Artikel 87) Resolusi 3

(iii) Yusof Bin Rahmat (Artikel 87) Resolusi 4

(v) Dato Hj Hassan Bin (Seksyen 129(6) Resolusi 5 Hj Mohd Yunos Akta Syarikat, 1965)

Profil para Pengarah yang menawarkan diri untuk dipilih semula adalah seperti di muka surat 16, 17, 19, 20.

2. Mesyuarat Agung Tahunan Syarikat yang ke Tiga Puluh Tiga (33) telah diadakan di Dewan Utama, Kompleks Mutiara Johor Land, Jalan Bukit Mutiara, Bandar Dato’ Onn, 81100 Johor Bahru, Johor pada hari Rabu, 21 Mei 2008 pada jam 12.00 tengahari.

3. Empat (4) mesyuarat Ahli Lembaga Pengarah telah diadakan pada tahun kewangan berakhir 31 Disember 2008.


Corporate Directory

JohoR LAND BERhAD(Company No: 12379-K)

main officeKompleks Mutiara Johor LandJalan Bukit MutiaraBandar Dato’ Onn81100 Johor BahruJohor, MalaysiaTel : 07-356 4888Fax : 07-356 4889

Johor Bahru DivisionKompleks Mutiara Johor LandJalan Bukit MutiaraBandar Dato’ Onn81100 Johor BahruJohor, MalaysiaTel : 07-356 4888Fax : 07-356 4889

Bandar Dato’ onn Division/Sales officeKompleks Mutiara Johor LandJalan Bukit MutiaraBandar Dato’ Onn81100 Johor BahruJohor, MalaysiaTel : 07-356 4888Fax : 07-356 4889

Bandar tiram Division/Sales officeTaman Bukit Tiram81800 Ulu TiramJohor, MalaysiaTel : 07-863 2692Fax : 07-863 4692

Pasir Gudang DivisionNo. 23, Jalan DahliaTaman Bukit Dahlia81700 Pasir GudangJohor, MalaysiaTel : 07-251 5692Fax : 07-256 4611

Pasir Gudang Sales officeMini Dahlia, Persiaran Dahlia 1Taman Bukit Dahlia81700 Pasir GudangJohor, MalaysiaTel : 07-252 2692Fax : 07-252 8108

ADvANCE DEvELoPmENt SDN BhD(Company No: 13974-A)Kompleks Mutiara Johor LandJalan Bukit MutiaraBandar Dato’ Onn81100 Johor BahruJohor, MalaysiaTel : 07-356 4888Fax : 07-356 4889

JohoR LAND mANUfACtURING SDN BhD(Company No: 301430-D)Kompleks Mutiara Johor LandJalan Bukit MutiaraBandar Dato’ Onn81100 Johor BahruJohor, MalaysiaTel : 07-356 4888Fax : 07-356 4889

PEmBINAAN PREfAB SDN BhD(Company No: 30936-A)Kompleks Mutiara Johor LandJalan Bukit MutiaraBandar Dato’ Onn81100 Johor BahruJohor, MalaysiaTel : 07-356 4888Fax : 07-356 4889

REvERtEX (mALAySIA) SDN BhD(Company No: 13437-V)1½ Miles, Jalan Batu PahatK.B. 50886000 KluangJohor, MalaysiaTel : 07-773 1000Fax : 07-772 4669

Proxy Form

Signed this day of 2009. Signature of Member(s)/ Common Seal of Appointer

Notes:-

1. A member entitled to attend and vote at this meeting is entitled to appoint a proxy and vote instead of him. A proxy may but need not be a member of the Company.

2. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or if the appointer is a Corporation/Company either under its common seal or under the hand of its attorney duly authorised.

3. If a member appoints two proxies to attend at the same meeting, the instrument of proxy must specify the proportion of his shareholdings to be represented by each proxy.

4. The instrument appointing a proxy must be deposited at the Registered Office of the Company, at Level 2, Persada Johor International Convention Centre, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor not less than forty eight (48) hours before the time appointed for holding the meeting or any adjournment thereof.

(*) Please strike out whichever inapplicable.

*I/We (BLOCK LETTERS)

of being *a member/members of JohoR LAND BERhAD hereby appoint the *Chairman of the Meeting or

as *my/our Proxy to vote for *me/us on *my/our behalf at the Thirty Fourth (34th) Annual General Meeting of the Company to be held on Friday, 22 May 2009 at 11.00 a.m. or at any adjournment of such meeting.

Should you desire to direct your Proxy how to vote on the resolutions set out in the Notice of Meeting and as summarised below, please indicate with an “X” in the appropriate space. If no direction as to voting is given, the Proxy will vote or abstain at his/her discretion.

RESoLUtIoN DESCRIPtIoN foR AGAINSt

1 To receive the report and the Audited Financial Statements

2 To re-elect Kua Hwee Sim as Director (Article 87)

3 To re-elect Abdul Malek Bin Talib as Director (Article 87)

4 To re-elect Yusof Bin Rahmat as Director (Article 87)

5 To re-elect Dato Hj Hassan Bin Hj Mohd Yunos as Director (Section 129(6) of the Companies Act, 1965)

6 To approve Directors’ fees

7 To re-appoint Auditors

8 To approve issuance of shares

9 To approve share buy-back authority

10 To approve proposed shareholders’ mandate

Number of shares

COMPANY SECRETARY

JohoR LAND BERhAD (12379-K)

Level 2, Persada Johor International Convention Centre

Jalan Abdullah Ibrahim

80000, Johor Bahru

Johor, Malaysia

FOLD HERE

STAMP

FOLD HERE

Borang Proksi

Ditandatangani pada haribulan 2009. Tandatangan Ahli/Ahli-ahli/ Cop Mohor PelantikNota:-1. Seorang ahli yang berhak menghadiri dan mengundi dalam Mesyuarat ini berhak melantik seorang proksi untuk menghadiri bagi pihak dirinya. Seorang proksi tidak

semestinya seorang ahli Syarikat.

2. Suratcara perlantikan proksi hendaklah dibuat secara bertulis oleh pelantik atau wakil mutlak yang berkuasa atau jika pelantik adalah sebuah perbadanan/syarikat, suratcara mestilah disempurnakan di bawah meterai perbadanan/syarikat atau di dalam bidang kuasa wakil mutlak.

3. Apabila seorang Ahli melantik dua orang proksi dalam mesyuarat yang sama, perlantikan tersebut hendaklah menyatakan bilangan saham yang akan diwakili oleh proksi masing-masing.

4. Suratcara perlantikan proksi hendaklah sampai di Pejabat Berdaftar Syarikat, di Aras 2, Pusat Konvensyen Antarabangsa Persada Johor, Jalan Abdullah Ibrahim, 80000 Johor Bahru, Johor tidak lewat dari empat puluh lapan (48) jam sebelum mesyuarat ditetapkan atau sebarang mesyuarat penangguhannya.

(*) Sila potong mana-mana yang tidak berkenaan.

*Saya/Kami (HURUF BESAR)

beralamat sebagai *ahli/ahli-ahli JohoR LAND BERhAD dengan ini melantik *Pengerusi Mesyuarat atau

sebagai Proksi *saya/kami untuk mengundi bagi pihak *saya/kami dalam Mesyuarat Agung Tahunan Syarikat kali Ke Tiga Puluh Empat (34) yang akan diadakan pada hari Jumaat, 22 Mei 2009, jam 11.00 pagi atau di sebarang penangguhannya.

Jika anda ingin mengarahkan Proksi anda mengundi ke atas resolusi-resolusi yang dinyatakan di dalam Notis Mesyuarat dan seperti ringkasan di bawah, tandakan dengan “X” dalam ruang yang disediakan. Jika tiada arahan tertentu diberi, Proksi anda akan mengundi atau berkecuali mengikut budi bicaranya sendiri.

RESoLUSI kEtERANGAN mENyokoNG mENENtANG

1 Menerima laporan dan Penyata Kewangan Beraudit

2 Melantik semula Kua Hwee Sim sebagai Pengarah (Artikel 87)

3 Melantik semula Abdul Malek Bin Talib sebagai Pengarah (Artikel 87)

4 Melantik semula Yusof Bin Rahmat sebagai Pengarah (Artikel 87)

5 Melantik semula Dato Hj Hassan Bin Hj Mohd Yunos sebagai Pengarah (Seksyen 129(6) Akta Syarikat, 1965)

6 Meluluskan bayaran Yuran Pengarah

7 Melantik semula Juruaudit

8 Meluluskan penerbitan saham-saham

9 Meluluskan bidangkuasa pembelian balik saham

10 Meluluskan cadangan mandat para pemegang saham

Bilangan Saham

SETIAUSAHA SYARIKAT

JohoR LAND BERhAD (12379-K)

Aras 2, Pusat Konvensyen Antarabangsa Persada Johor

Jalan Abdullah Ibrahim

80000, Johor Bahru

Johor, Malaysia

LIPAT DI SINI

SETEM

LIPAT DI SINI

Johor Land Berhad (12379-K)

Kompleks Mutiara Johor LandJalan Bukit MutiaraBandar Dato’ Onn81100 Johor BahruJohor, Malaysia

Tel : +60 (7)356 4888Fax : +60 (7)356 4889Web : www.jland.com.my

johor of final dividend for financial year 2007. pengisytiharan dividen akhir bagi tahun kewangan...

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