united malayan land bhd a fresh - ir.chartnexus.comir.chartnexus.com/umland/misc/ar_2005.pdf ·...

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annual report 2005laporan tahunan

U n i t e d M a l a y a n L a n d B h d(Company No. 4131-M)

a freshperspective

p e r s p e k t i f b a r u

a freshperspective

p e r s p e k t i f b a r u

when you start looking at things from new angles...

On the cover gambar muka depan“Rumah Impiana” Bandar Seri AlamPhoto taken at sunriseGambar diambil sewaktu mentari terbit

A FRESH PERSPECTIVE

A new vision and sense of purpose has emerged at UM Land. Gaining from freshperspectives and new zeal, the corporation has re-aligned its vision, mission andgoals with the view of becoming a property developer of distinction. The stage is set and the players are ready. Our passion for innovation and quality is set to colour the lives of homeowners and investors.

PERSPEKTIF BARU

UM Land telah mencorak peralihan senario yang baru dengan mewujudkan pendekatan yang lebih eksklusif dalam visinya. Untuk mencapai kejayaan yang berterusan, Kumpulan telah menggariskan semula visi, misi dan matlamatnya bagi menjadikan UM Land sebuah pemaju hartanah yang terunggul. Pelan tindakan telah disusun. Matlamat utama telah diselarikan. Adalah menjadi cita-cita kami di UM Land agar innovasi dan kualiti mampu mewarnai kehidupan para pemilik rumah dan pelabur.

Apabila anda menelit i dari pelbagai perspektif . . .

...you gain new insights

. . .anda akan memperolehi pemahaman baru

A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 1

there comes a time to stop...

and look at where we are

going.

Adakalanya, kita perlu berhenti seketika . . .

sebelum mengorak langkah seterusnya

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U N I T E D M A L AYA N L A N D B H D

V I S I O N wawa s a n

to be a property developer of distinction,

creating quality lifestyles and communities.

Untuk menjadi pemaju hartanah terunggul

yang mewujudkan gaya hidup berkualit i dan

komuniti bersepadu.

M I S S I O N m a t l a m a t

to develop a brand that represents quality

and innovation which creates value and

is the preferred choice.

Untuk mencipta jenama yang melambangkan

nilai kualit i dan inovasi yang t inggi serta menjadi

pemaju hartanah pi l ihan utama.

A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 3

That time is now.

Kini tibalah masanya.KESIMPULANKini tiba masanya untuk UM Land mengorak langkahmelalui metamorfosis yang bakal dilihat dapatmemperkukuhkan lagi kedudukan sebagai pemajudinamik yang bereputasi tinggi dalam pembangunankediaman-kediaman eksklusif.

OVERVIEWIt’s time for a facelift. A metamorphosis as UM Land transforms itself into a dynamicdeveloper with stronger brand positioningand a portfolio of designer homes.

A time todiscover

better routes.

A time to check and

update our map.Masa untuk mengkaji semula

kemajuan yang dicapai danmemperbaiki hala tuju kita .

Masa untuk mencarisumber dan idea baru.

A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 4

62 Corporate Governance Statement86 Penyata Urusan Tadbir Korporat

68 Statement on Internal Control92 Penyata Kawalan Dalaman

70 Audit Committee Report94 Laporan Jawatankuasa Audit

73 Additional Compliance Information97 Maklumat Pematuhan Tambahan

78 List of Properties 102 Senarai Hartanah

80 Analysis of Shareholdings80 Analisa Pegangan Saham

83 Notice of Annual General Meeting104 Notis Mesyuarat Agung Tahunan

107 Financial Statements151 Penyata Kewangan

Form of Proxy Borang Proksi

6 Corporate Information6 Maklumat Korporat

8 Board of Directors’ Profile8 Profil Lembaga Pengarah

16 Senior Management16 Pengurusan Kanan

18 Message from Our New Chairman19 Perutusan daripada Pengerusi Baru

20 Letter to Shareholders26 Perutusan Kepada

Para Pemegang Saham

32 Corporate Structure32 Struktur Korporat

33 Transforming to makea difference43 Transformasi untuk mencipta

kemajuan

54 Corporate Calendar 54 Kalendar Korporat

59 Financial Calendar59 Kalendar Kewangan

60 Five-Year Group Financial Highlights60 Prestasi Kewangan Kumpulan

Bagi Lima Tahun

i n s i d e kandungan mukasurata n n u a l r e p o r t ‘ 0 5

A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 5

BOARD OF DIRECTORS lembaga pengarah

ChairmanPengerusi

Joint Deputy Chairman Naib Pengerusi Bersama

Joint Deputy Chairman / Executive DirectorNaib Pengerusi Bersama / Pengarah Eksekutif

YBhg Tan Sri Dato’ Musa bin Hitam

Encik Lui Chong Chee

YBhg Dato’ Ng Eng Tee

YBhg Datuk Mohd Khamil bin JamilResigned as Director on 31 March 2006Meletak jawatan sebagai Pengarah pada 31 Mac 2006

YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed

YB Datuk Nur Jazlan bin Tan Sri Mohamed

Dr Choo Kian KoonResigned as Director on 17 March 2006 Meletak jawatan sebagai Pengarah pada 17 Mac 2006

Tuan Syed Azmin bin Mohd Nursin @ Syed NorAppointed as Director on 3 May 2006 Dilantik sebagai Pengarah pada 3 Mei 2006

Encik Ng Eng Soon

YBhg Dato’ Mohd Hanafiah bin Omar

Encik Soong Hee SangAppointed as Director on 22 March 2006 Dilantik sebagai Pengarah pada 22 Mac 2006

Puan Rita Lau Chen ChenResigned as Alternate Director on 17 March 2006 Meletak jawatan sebagai Pengarah Gilir pada 17 Mac 2006

Also Alternate Director to Juga Pengarah Gilir kepadaEncik Lui Chong Chee

Alternate Director to Pengarah Gilir kepadaDr Choo Kian Koon

COMPANY SECRETARY setiausaha syarikat

Puan Zuraidah Mohd Yusoff (MAICSA 7001552)

CorporateI N F O R M AT I O N

6

A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 6


7m a k l u m a t k o r p o r a t

REGISTERED OFFICEpejabat berdaftar

Suite 1.1, 1st FloorKompleks AntarabangsaJalan Sultan Ismail50250 Kuala Lumpur

Tel No : 03-2142 1611 Fax No : 03-2142 1826

SHARE REGISTRARpendaftar saham

Securities Services (Holdings) Sdn BhdLevel 7, Menara Milenium Pusat Bandar DamansaraDamansara Heights50490 Kuala Lumpur

Tel No : 03-2084 9000 Fax No : 03-2094 9940

AUDITORSjuruaudit

PricewaterhouseCoopers11th Floor, Wisma Sime DarbyJalan Raja Laut50350 Kuala Lumpur

PRINCIPAL BANKERSbank-bank utama

OCBC Bank (Malaysia) BerhadAlliance Bank Malaysia BerhadBumiputra-Commerce Bank BerhadMalayan Banking Berhad

STOCK EXCHANGE LISTINGpenyenaraian bursa saham

Main Board Papan Utama, Bursa Malaysia Securities Berhad

Stock Code : UMLANDStock No : 4561

A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 7

8

YBhg Tan Sri Dato’ Musa bin Hitam, aged 71 and a Malaysian, was appointed as an Independent Non-Executive Director andChairman of UM Land on 26 January 2006. He is also Chairman of the Executive Committee of UM Land.

Tan Sri Musa held a number of key government posts, including Chairman of Federal Land Development Authority (FELDA),Deputy Minister of Trade & Industry, Minister of Primary Industries and Minister of Education before becoming Malaysia’s fifth DeputyPrime Minister and Minister of Home Affairs from 1981 to 1986. Between 1990 and 1991, he was Malaysia’s Special Envoy to the UnitedNations and from 1995 to 2002 he was the Prime Minister’s Special Envoy to the Commonwealth Ministerial Action group. Tan Sri Musaalso led the Malaysian delegations to the UN Commission on Human Rights from 1993 to 1998 and was elected Chairman of the 52ndSession of the Commission in 1995.

Tan Sri Musa obtained his Bachelor of Arts degree from the University of Malaya and Masters degree in International Relations fromthe University of Sussex, United Kingdom. He served briefly as Senior Lecturer at the University Malaya and was a Fellow at the Centrefor International Affairs, Harvard University, United States of America. He is currently a Fellow of the Malaysian Institute ofManagement, Chairman of the Malaysia/China Business Council and Co-Chairman of the ASEAN/China Eminent Persons Group. He is also Chairman of Eminent Persons Group to draft the ASEAN Charter and Chairman of the World Islamic Economic Forum.

He is also currently the Chairman of Kumpulan Guthrie Berhad and Lion Industries Corporation Berhad, both companies listed onthe Main Board of Bursa Malaysia Securities Berhad.

Tan Sri Musa has no family relationship with any director or major shareholder of UM Land. He has never been charged for anyoffences and does not have any conflict of interest with UM Land.

YBhg Tan Sri Dato’ Musa bin Hitam, berusia 71 tahun dan seorang warganegara Malaysia, telah dilantik sebagai Pengarah BebasBukan Eksekutif dan Pengerusi UM Land pada 26 Januari 2006. Beliau juga adalah Pengerusi Jawatankuasa Eksekutif bagi UM Land.

Tan Sri Musa telah menjawat beberapa jawatan kanan kerajaan, termasuk Pengerusi Lembaga Kemajuan Tanah Persekutuan(FELDA), Timbalan Menteri Perdagangan & Industri, Menteri Perusahaan Utama dan Menteri Pendidikan sebelum menjadi TimbalanPerdana Menteri Malaysia yang kelima dan Menteri Hal Ehwal Dalam Negeri dari tahun 1981-1986. Di antara tahun 1990 dan 1991, beliaumenjadi Utusan Khas Malaysia kepada Pertubuhan Bangsa-bangsa Bersatu dan dari tahun 1995 hingga 2002, beliau menjadi UtusanKhas Perdana Menteri kepada Kumpulan Bertindak Menteri-menteri Komanwel. Tan Sri Musa juga telah memimpin delegasi Malaysiake Suruhanjaya Hak Asasi Manusia UN dari tahun 1993 hingga 1998 dan telah dipilih sebagai Pengerusi bagi Sesi Suruhanjaya ke-52,pada tahun 1995.

Tan Sri Musa memiliki Ijazah Sarjana Muda Sastera dari Universiti Malaya dan Ijazah Sarjana pengkhususan dalam bidangPerhubungan Antarabangsa dari Universiti Sussex, United Kingdom. Beliau turut berkhidmat sebagai Pensyarah Kanan di UniversitiMalaya dan ahli Fellow di Pusat Hal Ehwal Antarabangsa, Universiti Harvard, Amerika Syarikat. Kini, beliau adalah ahli Fellow diInstitut Pengurusan Malaysia, Pengerusi Majlis Perniagaan Malaysia/Cina dan Pengerusi Bersama Kumpulan Tokoh-tokoh UtamaASEAN/Cina. Beliau juga adalah Pengerusi Kumpulan Tokoh Utama bagi merangka Piagam ASEAN dan Pengerusi Forum EkonomiIslam Sedunia.

Tan Sri Musa juga adalah Pengerusi bagi Kumpulan Guthrie Berhad dan Lion Industries Corporation Berhad, kedua-dua syarikatyang disenarai di Papan Utama Bursa Malaysia Securities Berhad.

Tan Sri Musa tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang saham utama UM Land. Beliau tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land.

B O A R D O F D I R E C T O R S ’

P r o f i l e

from left to right

YBhg Tan Sri Dato’ Musa bin Hitam

YBhg Dato’ Ng Eng Tee

Encik Lui Chong Chee

A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 8


9

YBhg Dato’ Ng Eng Tee, berusia 56 tahun, merupakanPengarah Eksekutif Bukan Bebas dan menyertai LembagaPengarah UM Land pada 31 Oktober 1995 sebagai PengarahUrusan dan Ketua Pegawai Eksekutif Kumpulan sehingga beliau melepaskan jawatan tersebut pada Januari 2001. Beliaumenyandang jawatannya kini sebagai Naib Pengerusi Bersama/Pengarah Eksekutif pada 28 Ogos 2002.

Dato’ Ng adalah ahli Jawatankuasa Imbuhan, JawatankuasaLembaga Tender, Jawatankuasa Risiko dan JawatankuasaEksekutif UM Land. Dato’ Ng, seorang warganegara Singapuraadalah bekas graduan Politeknik Singapura. Selain dari UM Land,beliau juga adalah Pengarah Urusan Chee Tat Holdings(Singapore) Pte Ltd dan turut menganggotai Lembaga Pengarahbeberapa syarikat persendirian di Malaysia.

Di samping itu, Dato’ Ng juga merupakan Presiden KingGeorge Financial Corporation dan Pengarah Allied HotelProperties Incorporated, kedua-duanya disenarai di Bursa SahamKanada. Beliau juga adalah pengasas dan ahli sepanjang hayatKelab Presiden Universiti Simon Fraser.

Selain dari apa yang dinyatakan, Dato’ Ng tidak mempunyaisebarang pertalian kekeluargaan dengan mana-mana pengarahatau pemegang saham utama UM Land. Beliau tidak pernahdisabit dengan sebarang kesalahan dan tiada sebarang konflikkepentingan dengan UM Land.

YBhg Dato’ Ng Eng Tee, aged 56, a Non-Independent ExecutiveDirector joined the UM Land Board on 31 October 1995 asManaging Director and Group Chief Executive Officer until herelinquished the position in January 2001. He assumed his currentposition as Joint Deputy Chairman/Executive Director on 28 August 2002.

Dato’ Ng is a member of the Remuneration Committee,Tender Board Committee, Risk Committee and the ExecutiveCommittee of UM Land. A Singapore citizen, he graduated fromSingapore Polytechnic. Besides UM Land, Dato’ Ng is theManaging Director of Chee Tat Holdings (Singapore) Pte Ltd. He also sits on the Board of several private limited companies in Malaysia.

Dato’ Ng is also the President of King George FinancialCorporation and a Director of Allied Hotel PropertiesIncorporated, both listed on the Canadian Stock Exchange. He isalso a founding life member of the Presidents Club of SimonFraser University.

Other than as disclosed, Dato’ Ng does not have any familyrelationship with any director or major shareholder of UM Land.He has never been charged for any offences and does not have anyconflict of interest with UM Land.

Encik Lui Chong Chee, berusia 45 tahun dan seorangwarganegara Singapura, adalah Naib Pengerusi Bersama UM Land. Beliau menyertai Lembaga Pengarah UM Land sebagaiPengarah Bukan Bebas Bukan Eksekutif pada 1 Ogos 2005. Beliaujuga adalah ahli Jawatankuasa Imbuhan UM Land.

Beliau kini adalah Ketua Pegawai Eksekutif CapitaLandResidential Limited, sebuah syarikat yang diperbadankan di Republik Singapura, yang merupakan syarikat subsidiari milikpenuh CapitaLand Limited. Beliau pernah menjawat sebagaiKetua Pegawai Kewangan CapitaLand Limited sebelum ini.

Beliau memiliki Ijazah Sarjana Muda Sains (magna cumlaude) dalam bidang Pentadbiran Perniagaan dan Ijazah Sarjana Pentadbiran Perniagaan dari Universiti New York,Amerika Syarikat.

Lui Chong Chee tidak mempunyai sebarang pertaliankekeluargaan dengan mana-mana pengarah atau pemegangsaham utama UM Land kecuali sebagai pengarah nominiCapitaLand. Beliau tidak pernah disabit dengan sebarangkesalahan dan tiada sebarang konflik kepentingan dengan UM Land.

Encik Lui Chong Chee, aged 45 and a Singaporean, is the JointDeputy Chairman of UM Land. He joined the UM Land Board as aNon-Independent Non-Executive Director on 1 August 2005. He isalso a member of the Remuneration Committee of UM Land.

He is currently the Chief Executive Officer of CapitaLandResidential Limited, a company incorporated in the Republic ofSingapore, which is a wholly owned subsidiary of CapitaLandLimited. Prior to this, he was the Chief Financial Officer ofCapitaLand Limited.

He graduated from New York University, United States of America with a Bachelor of Science in Business Administration(magna cum laude). He also holds a Master in BusinessAdministration from New York University.

Lui Chong Chee does not have any family relationship withany director or major shareholder of UM Land except by virtue ofbeing a nominee of CapitaLand. He has never been charged forany offences and does not have any conflict of interest with UM Land.

p r o f i l l e m b a g a p e n g a r a h

A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 9

10 B O A R D O F D I R E C T O R S ’ P R O F I L E (cont’d)

YBhg Datuk Mohd Khamil bin Jamil, berusia 50 tahun, telah dilantik untuk menganggotai Lembaga Pengarah UM Land sebagaiPengarah Bukan Bebas Bukan Eksekutif pada 20 Februari 2004. Beliau merupakan bekas Pengerusi Jawatankuasa Risiko dan ahliJawatankuasa Lembaga Tender UM Land.

Beliau telah memulakan kerjayanya di Bank Bumiputra Malaysia Bhd dari Ogos 1980 hingga November 1989. Sebagai seorangBarrister di Gray’s Inn, England, beliau menjadi ahli di Badan Peguam Inggeris dalam tahun 1983 dan Badan Peguam Malaysia padaSeptember 1990. Beliau merupakan rakan kongsi beberapa firma guaman sebelum menceburkan diri dalam bidang perniagaan padatahun 2001.

Datuk Mohd Khamil juga adalah pengarah DRB-Hicom Berhad, sebuah syarikat yang disenarai di Papan Utama Bursa MalaysiaSecurities Berhad.

Datuk Mohd Khamil, seorang warganegara Malaysia, memegang Ijazah Sarjana Muda Undang-undang (Kepujian) dari Universiti London.

Datuk Mohd Khamil tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang sahamutama UM Land kecuali sebagai pengarah nomini Tradewinds Corporation Berhad. Beliau tidak pernah disabit dengan sebarangkesalahan dan tiada sebarang konflik kepentingan dengan UM Land.

Beliau meletak jawatan sebagai Pengarah pada 31 Mac 2006.

YBhg Datuk Mohd Khamil bin Jamil, aged 50 was appointed to the UM Land Board as a Non-Independent Non-Executive Directoron 20 February 2004. He was the Chairman of the Risk Committee and a member of the Tender Board Committee of UM Land.

He started his executive career with Bank Bumiputra Malaysia Bhd from August 1980 until November 1989. He is a Barrister-at-Lawat Gray’s Inn, England and was called to the English Bar in 1983 and the Malaysian Bar in September 1990. He was a practicing partnerof several legal firms before venturing into business in 2001.

Datuk Mohd Khamil is also director of DRB-Hicom Berhad, a company listed on the Main Board of Bursa Malaysia Securities Berhad.Datuk Mohd Khamil, a Malaysian citizen holds a Bachelor of Law (Honours) Degree from University of London. Datuk Mohd Khamil has no family relationship with any director or major shareholder of UM Land except by virtue of being

a nominee of Tradewinds Corporation Berhad. He has never been charged for any offences and does not have any conflict of interestwith UM Land.

He has resigned as Director on 31 March 2006.

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11p r o f i l l e m b a g a p e n g a r a h (samb.)

Encik Ng Eng Soon, berusia 48 tahun danseorang warganegara Singapura, menyertaiLembaga Pengarah UM Land sebagai PengarahBukan Bebas Bukan Eksekutif pada 31 Oktober1995. Beliau kini merupakan PengarahEksekutif Chee Tat Holdings (Singapore) PteLtd dan adalah adik kepada Dato’ Ng Eng Tee.

Encik Ng telah menamatkan pengajiannya dari London School of Economics, UnitedKingdom dengan memiliki Ijazah Sarjana MudaSains pengkhususan di dalam bidang Ekonomi.

Selain dari apa yang dinyatakan, Encik Ng tidak mempunyai sebarang pertaliankekeluargaan dengan mana-mana Pengarahatau pemegang saham utama UM Land kecualisebagai pengarah nomini Chee Tat Holdings(Singapore) Pte Ltd. Beliau tidak pernah disabitdengan sebarang kesalahan dan tiada sebarangkonflik kepentingan dengan UM Land.

Encik Ng Eng Soon, aged 48 and aSingaporean, joined the UM Land Board as aNon-Independent Non-Executive Director on 31October 1995. He is currently the ExecutiveDirector of Chee Tat Holdings (Singapore) PteLtd and is the brother of YBhg Dato’ Ng Eng Tee.

He graduated from the London School ofEconomics, United Kingdom with a Bachelor ofScience Degree majoring in Economics.

Other than as disclosed, he has no familyrelationship with any director or majorshareholder of UM Land except by virtue ofbeing a nominee of Chee Tat Holdings(Singapore) Pte Ltd. He has never been chargedfor any offences and does not have any conflictof interest with UM Land.

YBhg Dato’ Mohd Hanafiah bin Omar, berusia 61 tahun, adalah Pengarah Bebas Bukan Eksekutif UM Land. Beliau telah dilantik untuk menganggotai Lembaga Pengarah pada 10 Januari 2005 dan adalah ahli Jawatankuasa Risiko.

Beliau telah memulakan kerjayanya dengan Kementerian Kewangan sebagai pegawai di Bahagian Kewangan (Luar),Perbendaharaan Persekutuan pada tahun 1968 dan pernah memegang beberapa jawatan sebelum dilantik sebagai Pengarah pertamaUnit Penyelarasan dan Penyertaan Bumiputra di Jabatan Perdana Menteri, Pulau Pinang pada tahun 1977. Dalam tahun 1983, beliautelah dilantik sebagai Pengurus Besar pertama bagi Lembaga Kemajuan kawasan Pulau Pinang dan seterusnya dilantik sebagai KetuaPasukan Petugas bagi Penswastaan, Unit Perancangan Ekonomi dalam tahun 1986. Beliau menjadi Timbalan Setiausaha Agung di Kementerian Kemajuan Tanah dan Wilayah, dari tahun 1989 hingga 1991. Pada tahun 1991, beliau telah menyertai Arab MalaysianDevelopment Berhad (AMDB) sebagai Pengurus Besar Kanan (Korporat) dan kemudiannya sebagai Pengarah Eksekutif AMDB. Beliaujuga telah memegang jawatan Pengarah Eksekutif Indah Water Konsortium Sdn Bhd dari tahun 1998 hingga 2000. Sebelum ini, beliau menjawat jawatan Pengerusi dan Pengarah Integrated Rubber Corporation Berhad (dahulunya dikenali sebagai Berjuntai TinDredging Berhad).

Dato’ Mohd Hanafiah, seorang warganegara Malaysia, memegang Ijazah Sarjana Muda Sastera (Kepujian) dari Universiti Malayadan Diploma dalam bidang Ekonomi dari Universiti Colorado, Amerika Syarikat serta Ijazah Sarjana Pentadbiran Perniagaan(Kewangan) dari Universiti Michigan, Amerika Syarikat.

YBhg Dato’ Mohd Hanafiah bin Omar, aged 61, is an Independent Non-Executive Director of UM Land. He was appointed to theUM Land Board on 10 January 2005 and is a member of the Risk Committee.

He started his career with the Ministry of Finance as an officer in its Finance Division (External) Federal Treasury in 1968 and hadheld several positions before his appointment as the first Director of the Bumiputra Coordination and Participation Unit, PrimeMinister’s Department, Penang in 1977. In 1983, he was appointed as the first General Manager of Penang Regional DevelopmentAuthority and was subsequently appointed as the Head of Task Force on Privatisation, Economic Planning Unit in 1986. He became theDeputy Secretary General of the Ministry of Land and Regional Development, from 1989 to 1991. In 1991, he joined Arab MalaysianDevelopment Berhad (AMDB) as a Senior General Manager (Corporate) and was subsequently an Executive Director of AMDB. He wasan Executive Director of Indah Water Konsortium Sdn Bhd from 1998 to 2000. Previously, he was the Chairman and Director ofIntegrated Rubber Corporation Berhad (formerly known as Berjuntai Tin Dredging Berhad).

Dato’ Mohd Hanafiah, a Malaysian citizen holds a Bachelor of Arts (Honours) from University of Malaya and Diploma in Economicsfrom University of Colorado, United States of America and Masters in Business Administration (Finance) from Michigan StateUniversity, United States of America.

from left to right

YBhg Datuk Mohd Khamil bin Jamil

Encik Ng Eng Soon

YBhg Dato’ Mohd Hanafiah bin Omar


A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 11

YB Datuk Nur Jazlan bin Tan Sri Mohamed, berusia 40 tahun, menyertai Lembaga Pengarah UM Land pada 19 Oktober 1994 sebagai Pengarah Bebas Bukan Eksekutif. Beliauadalah ahli Jawatankuasa Audit dan Jawatankuasa PencalonanUM Land.

Datuk Nur Jazlan, seorang warganegara Malaysia, adalah ahliFellow kepada Association of Chartered Certified Accountants(ACCA), United Kingdom. Beliau pernah memegang jawatan AhliMajlis dan Pengerusi Jawatankuasa Perhubungan Awam bagiInstitut Akauntan Malaysia serta Ahli Majlis Persekutuan AkauntanASEAN sehingga September 2005.

Di samping pengalaman korporatnya, Datuk Nur Jazlan turutaktif dalam bidang politik. Beliau adalah Ketua UMNO Pulai,Johor dan Pengerusi Barisan Nasional bahagian tersebut. Beliaumerupakan ahli EXCO Pemuda UMNO dari tahun 1996 hingga2004. Pada Pilihan Raya Agung yang diadakan pada Mac 2004,beliau telah dilantik sebagai Ahli Parlimen Kawasan ParlimenPulai (Johor). Beliau juga merupakan Setiausaha jawatankuasahal ehwal luar negeri dan jawatankuasa ekonomi dan kewanganbagi Kelab Ahli Parlimen.

Beliau juga turut menganggotai Lembaga Pengarah TelekomMalaysia Berhad (TM), sebuah syarikat yang disenarai di PapanUtama Bursa Malaysia Securities Berhad. Di samping itu, beliaujuga adalah ahli Lembaga Pesuruhjaya PT ExcelcomindoPratama, Indonesia dan Pengerusi Multinet Pakistan (Private)Limited yang merupakan syarikat-syarikat subsidiari TM. DatukNur Jazlan juga adalah Pengarah Prinsiptek Corporation Berhad.

Datuk Nur Jazlan tidak mempunyai sebarang pertaliankekeluargaan dengan mana-mana pengarah atau pemegangsaham utama UM Land. Beliau tidak pernah disabit dengansebarang kesalahan dan tiada sebarang konflik kepentingandengan UM Land.

YB Datuk Nur Jazlan bin Tan Sri Mohamed, aged 40 joinedthe UM Land Board on 19 October 1994 as an Independent Non-Executive Director. He is a member of the Audit Committee andNomination Committee of UM Land.

Datuk Nur Jazlan, a Malaysian citizen, is a fellow member ofthe Association of Chartered Certified Accountants (ACCA),United Kingdom. He was a Council Member and Chairman of Public Relations Committee of Malaysian Institute ofAccountants as well as Council Member of the ASEAN Federationof Accountants until September 2005.

In addition to his corporate experience, Datuk Nur Jazlan isalso active in politics. He is the Head of UMNO Pulai, Johor andalso Chairman of Barisan Nasional for the division. He was anEXCO member of UMNO Youth from 1996 to 2004. He was electedas a Member of Parliament for Pulai Parliamentary Constituency(Johor) in the last General Election held in March 2004. He is alsoSecretary of foreign affairs committee and the economics andfinance committee of the Backbenchers Club of Parliament.

He also sits on the Board of Telekom Malaysia Berhad (TM), a company listed on the Main Board of Bursa Malaysia SecuritiesBerhad. He is a member of the Board of Commissioners of PTExcelcomindo Pratama, Indonesia and Chairman of MultinetPakistan (Private) Limited, subsidiaries of TM. Datuk Nur Jazlanis also a Director of Prinsiptek Corporation Berhad.

Datuk Nur Jazlan has no family relationship with anydirector or major shareholder of UM Land. He has never beencharged for any offences and does not have any conflict of interestwith UM Land.

YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed,aged 56, joined the UM Land Board as an Independent Non-Executive Director on 19 October 1994. He is also theChairman of the Audit Committee and a member of theNomination Committee of UM Land.

Besides UM Land, he is also the Chairman of CenturyLogistics Holdings Berhad, a company listed on the Second Boardof Bursa Malaysia Securities Berhad.

Datuk Syed Ahmad Khalid, a Malaysian citizen graduatedfrom the University of Ohio, United States of America with aMasters Degree majoring in Economics and International Tradeand Finance.

Datuk Syed Ahmad Khalid has no family relationship withany director or major shareholder of UM Land. He has never beencharged for any offences and does not have any conflict of interestwith UM Land.

YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed,berusia 56 tahun, menyertai Lembaga Pengarah UM Landsebagai Pengarah Bebas Bukan Eksekutif pada 19 Oktober 1994.Beliau juga merupakan Pengerusi Jawatankuasa Audit dan ahliJawatankuasa Pencalonan UM Land.

Selain dari UM Land, beliau juga adalah Pengerusi CenturyLogistics Holdings Berhad, sebuah syarikat yang disenarai dipapan kedua Bursa Malaysia Securities Berhad.

Datuk Syed Ahmad Khalid, seorang warganegara Malaysiatelah menamatkan pengajiannya di Universiti Ohio, AmerikaSyarikat dengan Ijazah Sarjana pengkhususan di dalam bidangEkonomi dan Perdagangan dan Kewangan Antarabangsa.

Datuk Syed Ahmad Khalid tidak mempunyai sebarangpertalian kekeluargaan dengan mana-mana Pengarah ataupemegang saham utama UM Land. Beliau juga tidak pernahdisabit dengan sebarang kesalahan dan tiada sebarang konflikkepentingan dengan UM Land.

12 B O A R D O F D I R E C T O R S ’ P R O F I L E (cont’d)

A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 12

Dr Choo Kian Koon, aged 54, joined the UM Land Board as a Non-Independent Non-Executive Director on 1 January 2003. He was a member of the Executive Committee, Audit Committeeand Tender Board Committee of UM Land.

Dr Choo was the Senior Vice President, Malaysia Investment,at CapitaLand Residential Limited. He has worked as an estatesofficer with the Singapore Ministry of Defence and was a seniorlecturer with the National University of Singapore. He was alsowith property consultants Richard Ellis and Jones Lang LaSallewhere he has held several senior local and regional positions. Heis a Fellow of the Singapore Institute of Surveyors and Valuers, amember of the Royal Institution of Chartered Surveyors, and anaffiliate of the Singapore Institute of Planners.

Dr Choo, a Singapore citizen, graduated in 1974 from theUniversity of Singapore with a Bachelor of Science in EstateManagement. He also holds a Masters Degree in EnvironmentalPlanning from the University of Nottingham, United Kingdom,and a PhD (Urban Planning) with a Certificate of Achievement inUrban Design from the University of Washington, United Statesof America.

Dr Choo has no family relationship with any director or majorshareholder of UM Land except by virtue of being a nominee ofCapitaLand. He has never been charged for any offences and doesnot have any conflict of interest with UM Land.

He resigned as Director on 17 March 2006.

from left to right

YB Datuk Nur Jazlan bin Tan Sri Mohamed

YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed

Dr Choo Kian Koon

13p r o f i l l e m b a g a p e n g a r a h (samb.)

Dr Choo Kian Koon, berusia 54 tahun, menyertai LembagaPengarah UM Land pada 1 Januari 2003 sebagai Pengarah BukanBebas Bukan Eksekutif. Beliau merupakan bekas ahliJawatankuasa Eksekutif, Jawatankuasa Audit dan JawatankuasaLembaga Tender UM Land.

Dr Choo merupakan bekas Naib Presiden Kanan, PelaburanMalaysia, di CapitaLand Residential Limited. Beliau pernahberkhidmat sebagai pegawai estet di Kementerian PertahananSingapura dan sebagai pensyarah kanan di UniversitiKebangsaan Singapura. Beliau juga pernah menyandangbeberapa jawatan kanan setempat dan serantau ketikaberkhidmat dengan Richard Ellis dan Jones Lang La Salle. Beliau merupakan ahli Fellow Singapore Institute of Surveyorsand Valuers, ahli Royal Institution of Chartered Surveyors dananggota gabungan Singapore Institute of Planners.

Dr. Choo, seorang warganegara Singapura, telahmenamatkan pengajiannya di Universiti Singapura pada tahun1974 dan memiliki Ijazah Sarjana Muda Sains dalam bidangPengurusan Estet. Beliau juga memegang Ijazah SarjanaPerancangan Alam Sekitar dari Universiti Nottingham, UnitedKingdom dan memiliki Kedoktoran (Perancangan Bandar)dengan Sijil Pencapaian di dalam Seni Reka Perbandaran dariUniversiti Washington, Amerika Syarikat.

Dr. Choo tiada sebarang pertalian kekeluargaan denganmana-mana pengarah atau pemegang saham utama UM Landkecuali sebagai pengarah nomini CapitaLand. Beliau tidakpernah disabit dengan sebarang kesalahan dan tiada sebarangkonflik kepentingan dengan UM Land.

Beliau meletak jawatan sebagai Pengarah pada 17 Mac 2006.


A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 13

Puan Rita Lau Chen Chen, berusia 39 tahun, menyertaiLembaga Pengarah UM Land pada 21 Julai 2004 sebagaipengarah gilir kepada Dr Choo Kian Koon.

Beliau kini merupakan Naib Presiden Kanan, Pembangunan& Kewangan Korporat CapitaLand Residential Limited. Beliaupernah berkhidmat dengan Pidemco Land Limited sebelumpenggabungannya dengan DBS Land Limited untuk membentukCapitaLand Limited.

Sebelum ini, beliau pernah berkhidmat dengan BanqueNational de Paris sebagai Penolong Naib Presiden. Beliaumemulakan kerjayanya di Pejabat Auditor Negara Singapura dimana beliau telah menyandang jawatan Penolong Setiausahakepada Majlis Penasihat Presiden.

Puan Rita Lau, seorang warganegara Singapura telahmenamatkan pengajiannya dari Universiti KebangsaanSingapura dengan Ijazah Sarjana Muda Sains dalam bidangKimia (Kepujian Kelas Kedua) dalam tahun 1991. Beliau turutmemegang Ijazah Sarjana Pentadbiran Perniagaan (Kepujian)dari Kolej Imperial, London.

Puan Rita Lau tidak mempunyai sebarang pertaliankekeluargaan dengan mana-mana pengarah atau pemegang sahamutama UM Land kecuali sebagai pengarah nomini CapitaLand.Beliau juga tidak pernah disabit dengan sebarang kesalahan dantiada sebarang konflik kepentingan dengan UM Land.

Beliau meletak jawatan sebagai pengarah gilir kepada Dr Choo Kian Koon pada 17 Mac 2006.

Encik Soong Hee Sang, berusia 47 tahun dan seorangwarganegara Singapura, menyertai Lembaga Pengarah UM Landsebagai pengarah gilir kepada Encik Lui Chong Chee, pada 5 September 2005.

Beliau kini merupakan Ketua Pegawai Eksekutif CapitaLandResidential (Pasaran Baru) dan Timbalan Ketua PegawaiEksekutif, Kewangan dan Perkhidmatan Korporat bagiCapitaLand Residential Limited. Sebelum ini, beliau berkhidmatsebagai Ketua Pegawai Eksekutif CapitaCommercial Trust danTimbalan Ketua Pegawai Eksekutif serta Pengarah Urusan,Pejabat dan Industri bagi CapitaLand Commercial Limited.

Encik Soong Hee Sang memiliki Ijazah Sarjana Muda Sains(Kepujian) dalam bidang Pengurusan Estet dan Ijazah SarjanaPentadbiran Perniagaan dari Universiti Kebangsaan Singapura.

Beliau tiada sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang saham utama UM Landkecuali sebagai pengarah nomini CapitaLand. Beliau tidakpernah disabit dengan sebarang kesalahan dan tiada sebarangkonflik kepentingan dengan UM Land.

Beliau telah dilantik sebagai Pengarah pada 22 Mac 2006.Beliau kekal sebagai pengarah gilir kepada Encik Lui Chong Chee.

Encik Soong Hee Sang, aged 47 and a Singaporean, joined theUM Land Board on 5 September 2005 as an alternate director toEncik Lui Chong Chee.

He is currently the Chief Executive Officer of CapitaLandResidential (New Markets) and Deputy Chief Executive Officer,Finance and Corporate Services of CapitaLand ResidentialLimited. Prior to this, he was with CapitaCommercial Trust asCEO and CapitaLand Commercial Limited as Deputy CEO andMD, Office and Industrial.

Soong Hee Sang graduated from National University ofSingapore with Bachelor of Science in Estate Management(Honours) and holds a Master in Business Administration fromNational University of Singapore.

He has no family relationship with any director or majorshareholder of UM Land except by virtue of being a nominee ofCapitaLand. He has never been charged for any offences and doesnot have any conflict of interest with UM Land.

He was appointed as Director on 22 March 2006. He remains asalternate director to Encik Lui Chong Chee.

14

Puan Rita Lau Chen Chen, aged 39, joined the UM Land Board on21 July 2004 as an alternate director to Dr Choo Kian Koon.

She is currently the Senior Vice President, CorporateDevelopment & Finance of CapitaLand Residential Limited. Shewas with Pidemco Land Limited before its merger with DBS LandLimited to form CapitaLand Limited.

Prior to this, she was with Banque National de Paris Singapore asAssistant Vice President. She started her career with the SingaporeAuditor - General’s Office where she also assumed the position ofAssistant Secretary to the Council of Presidential Advisors.

Rita Lau, a Singapore citizen, graduated from the NationalUniversity of Singapore with a Bachelor of Science in Chemistry(Second Upper Honours) in 1991. She also holds a Master of BusinessAdministration (Distinction) from Imperial College, London.

Rita Lau has no family relationship with any director ormajor shareholder of UM Land except by virtue of being anominee of CapitaLand. She has never been charged for anyoffences and does not have any conflict of interest with UM Land.

She resigned as an alternate director to Dr Choo Kian Koon on17 March 2006.

B O A R D O F D I R E C T O R S ’ P R O F I L E (cont’d)

A/R '06(4 Col)-0004 23/05/2006 12:12 PM Page 14

*Not in picture

Tuan Syed Azmin bin Mohd Nursin @ Syed Nor,a Malaysian, aged 43, was appointed as a Non-Independent Non-Executive Director of UM Land Board on 3 May 2006.

He graduated with a Bachelor of Science, majoring inBusiness Management from University of Berkeley, United Statesof America. Upon his graduation in 1984, he has been involved in several private business ventures which include trading in commodities, housing development, manufacturing and stock broking.

He was appointed as Executive Director of CN AsiaCorporation Berhad in 1997 until 2005, responsible for thecorporate affairs and business development. In 1999, he was one ofthe Founders / Director of an IT company, Commerce Dot ComSdn Bhd which undertook one of the Government’s ElectronicCommerce Project, e-Perolehan.

He is currently an Executive Director of Amtek HoldingsBerhad, an Independent Non-Executive Director of Engtex Group Berhad, a Non-Independent Non-Executive Director ofTradewinds Corporation Berhad and Tradewinds (M) Berhad, allcompanies listed on Bursa Malaysia Securities Berhad, and is alsoDirector and/or Shareholder of several private limited companies.

He does not have any family relationship with any director ofUM Land. He is a nominee of Tradewinds Corporation Berhad, a major shareholder of UM Land and a brother of YBhg Tan SriDato’ Syed Mokhtar Shah bin Syed Nor, a deemed substantialshareholder of the Company. He has had no convictions for anyoffences and does not have any conflict of interest with UM Land.

*Tiada dalam gambar

Tuan Syed Azmin bin Mohd Nursin @ Syed Nor, berusia 43 tahun dan seorang warganegara Malaysia, telah dilantik sebagai Pengarah Bukan Bebas Bukan EksekutifLembaga Pengarah UM Land pada 3 Mei 2006.

Beliau adalah bekas graduan Universiti Berkeley, AmerikaSyarikat dengan Ijazah Sarjana Muda Sains pengkhususan dalambidang Pengurusan Perniagaan. Setelah tamat pengajian padatahun 1984, beliau terlibat di dalam beberapa perniagaanpersendirian termasuk perdagangan komoditi, pembangunanhartanah, perkilangan dan pembrokeran saham.

Beliau telah dilantik sebagai Pengarah Eksekutif CN Asia Corporation Berhad pada tahun 1997 sehingga 2005,dimana beliau dipertanggungjawabkan untuk menguruskan halehwal korporat dan pembangunan perniagaan. Pada tahun 1999,beliau telah menjadi salah seorang daripada Pengasas / PengarahCommerce Dot Com Sdn Bhd, sebuah syarikat IT yangmengendalikan Projek Elektronik Perdagangan Kerajaan, e-Perolehan.

Beliau kini merupakan Pengarah Eksekutif Amtek HoldingsBerhad, Pengarah Bebas Bukan Eksekutif Engtex Group Berhadserta Pengarah Bukan Bebas Bukan Eksekutif TradewindsCorporation Berhad dan Tradewinds (M) Berhad, kesemuasyarikat disenarai di Bursa Malaysia Securities Berhad. Beliaujuga adalah Pengarah dan/atau Pemegang Saham kepadabeberapa syarikat sendirian berhad.

Beliau tidak mempunyai sebarang pertalian kekeluargaandengan mana-mana pengarah UM Land. Beliau merupakanpengarah nomini Tradewinds Corporation Berhad, pemegangsaham utama UM Land dan adik kepada YBhg Tan Sri Dato’ Syed Mokhtar Shah bin Syed Nor, seorang pemegang sahamberkepentingan besar Syarikat. Beliau tidak pernah disabitdengan sebarang kesalahan dan tiada sebarang konflikkepentingan dengan UM Land.

15

from left to right

Encik Soong Hee Sang

Puan Rita Lau Chen Chen


p r o f i l l e m b a g a p e n g a r a h (samb.)

A/R '06(4 Col)-0004 23/05/2006 12:13 PM Page 15

16 p e n g u r u s a n k o r p o r a t

from left to right

Encik Mohd Dinniah YusofSenior General Manager, TaxPengurus Besar Kanan, Cukai

Cik Yap Man YingSenior Manager, FinancePengurus Kanan, Kewangan

Puan Aminah AbdullahAssistant General Manager,Group Human Resourcesand AdministrationPenolong Pengurus Besar, Sumber Manusia Kumpulandan Pentadbiran

Encik Long Foo LumGeneral Manager, Business DevelopmentPengurus Besar, Pembangunan Perniagaan

Encik Pee Tong LimActing Group Chief Executive Officer/Director, Finance & CorporatePemangku Ketua Pegawai Eksekutif Kumpulan/Pengarah, Kewangan & Korporat

Puan Zuraidah Mohd YusoffAssistant General Manager, Secretarial/LegalPenolong Pengurus Besar, Kesetiausahaan/Perundangan

Cik Leong Chooi KuenAssistant General Manager,Corporate, Tax Planning & Risk ManagementPenolong Pengurus Besar, Korporat, Perancangan Cukai & Pengurusan Risiko

Management –Corporate

A/R '06(4 Col)-0004 23/05/2006 12:13 PM Page 16

Standing from left to right

Encik Zulkifli TahmaliActing Director, OperationsPemangku Pengarah, OperasiUnited Malayan Land Bhd

Encik Cheong Ho KuanGeneral ManagerPengurus BesarSeri Alam Properties Sdn Bhd

Encik Ng Tay GuanGeneral ManagerPengurus BesarBangi Heights Development Sdn Bhd

Encik Abdul Aziz Abdul HamidManager, Group SecurityPengurus, Keselamatan KumpulanUnited Malayan Land Bhd

YM Tengku Mahmood Tengku Ismail General Manager, Group Technical Liaison Pengurus Besar, Perhubungan Teknikal KumpulanUnited Malayan Land Bhd

Encik Koh AlanGeneral ManagerPengurus BesarSuasana Sentral Two Sdn Bhd

Sitting from left to right

Encik Chia Lui MengGeneral Manager, Cost Management and ControlPengurus Besar, Pengurusan Kos dan KawalanUnited Malayan Land Bhd

Encik Wong Kuen KongActing General ManagerPemangku Pengurus BesarDynasty View Sdn Bhd

Encik Lee Kar FookAssistant General Manager, Asset ManagementPenolong Pengurus Besar, Pengurusan AsetUnited Malayan Land Bhd


17p e n g u r u s a n o p e r a s i

Management –Operations

A/R '06(4 Col)-0004 23/05/2006 12:13 PM Page 17

Capitalising on opportunities in nichedevelopments and joint ventures, I observe thatthe Group has made its mark not only increating thriving townships, but also in high-end city living - a popular and growingtrend in modern urban markets. It is thus anopportune time for UM Land to reposition itselfand gain greater visibility.

It is indeed a great honour to lead the Groupforward into new horizons and outstandingachievements.

I thank the Directors and everyone within thisorganisation for the trust and confidence thatthey have placed in me. I look forward toworking with my fellow members on the Boardand UM Land's dynamic management team,making strides in positioning UM Land as a progressive organisation and a developer of distinction.

The year 2006 marks the onset

of a new phase of growth for

UM Land. Coming on board as the

new chairman in January 2006,

I am stepping on as the Group

takes off.

18

messagefrom our new chairman

YBHG TAN SRI DATO’ MUSA BIN HITAMChairman

A/R '06(4 Col)-0004 23/05/2006 12:13 PM Page 18

Saya mendapati bahawa Kumpulan telahberjaya memanfaatkan segala peluang yangada dalam kegiatan pembangunan usaha sama dan khusus, untuk mewujudkan bandar-bandar maju serta penginapaneksklusif yang menawarkan impian gayahidup terkini. Pembangunan sebegini semakinpopular di pasaran urban moden. Makaamatlah sesuai untuk UM Land mengoraklangkah baru untuk terus mengukuh danmenyerlahkan kedudukan istimewa ini.

Saya merasa amat berbesar hati di ataspenghormatan yang telah diberi untukmenerajui Kumpulan ke arah pencapaian baruyang lebih dinamik.

Saya mengucapkan ribuan terima kasihkepada para Pengarah dan semua ahliorganisasi atas kepercayaan dan keyakinanyang telah diberikan kepada saya. Saya berharapan untuk bekerjasama denganahli Lembaga Pengarah dan pihak pengurusanUM Land yang sungguh berkebolehan, untukterus mengekalkan kedudukan UM Landsebagai sebuah organisasi yang progresif sertapemaju yang terunggul.

Tahun 2006 menandakan permulaan fasakemajuan yang baru bagi UM Land. Pelantikan

saya sebagai pengerusi baru UM Land kini seiring dengan perkembangan fasa baru ini.

19p e r u t u s a n d a r i p a d a p e n g e r u s i b a r u

YBHG TAN SRI DATO’ MUSA BIN HITAMPengerusi


A/R '06(4 Col)-0004 23/05/2006 12:13 PM Page 19

On behalf of the Board of Directors of UnitedMalayan Land Bhd, it gives us great pleasure topresent to you the Annual Report and the FinancialStatements of the Company and the Group for thefinancial year ended 31 December 2005.

I N B R I E F

2005 saw the global economy easing and Malaysia’seconomic growth moderating to a steady 5.3 percent. Amidst this background, it is our pleasure toreport that the Group accelerated to new heights asit enjoyed a 30 per cent increase in revenue and a heightened profile in towering high-enddevelopments. It was a year of expansion as weembarked on joint ventures, land lease arrangementand launched a new township as well as a nichedevelopment project. All in all, a successful lead upto 2006, as UM Land embarks on a repositioningstrategy to gain greater repute and recognition.

Of significant note, we are proud to welcome ourformer Deputy Prime Minister of Malaysia YBhgTan Sri Dato’ Musa bin Hitam as our new chairmanthis year. Shareholders of UM Land approved hisappointment at an extraordinary general meetingheld on 26 January 2006. Having dedicated time andinsights into reformulating a 5-year strategicroadmap, UM Land, together with its managementteam, is set to capitalise on his new leadership andenergy to see this plan through to fruition.

20

Letter to

Shareholders

D e a r s h a r e h o l d e r s

A/R '06(4 Col)-0004 23/05/2006 12:13 PM Page 20

A M AC R O P E R S P E C T I V E

After growing an impressive 7.1 per cent in 2004, the Malaysian economy registered a GDP growth of 5.3 per cent lastyear (Source: BNM Fourth Quarter Report 2005). This was mainly due to the easing of global economic growth fuelledby rising oil prices and a short-term slump caused by the technology down-cycle.

2005 was overall a mixed year where demand for mid-end mass housing was softening on a backdrop of increasingsupply whereas well-conceptualised lifestyle projects, especially high-end condominiums in prime sites within KlangValley and Kuala Lumpur city centre continued to attract market interest and registered respectable sales.

The residential property sector, despite its resilience, was increasingly competitive and many developers had to contendwith slower take-up rates and moderated earnings growth. While an overbuilt situation has emerged in the lower-pricedhousing segment, particularly apartments in the RM150,000 to RM250,000 range, demand for landed properties in betteraddresses remained good.

Competition among developers remained intense and this has given cause to developers to take stock and rethinkstrategies to sustain profit growth. In this shift towards a buyers market, innovative designs in accessible locations, arecognised brand name and strong marketing expertise are crucial factors in gaining a leading edge.

On the regulatory end, stringent measures taken against irresponsible developers resulted in more discerning homebuyers and investors. This trend has placed the Group in good standing with our consistent track record and ouremphasis in good customer service.

21

Net Earnings per Share Pendapatan bersih sesaham

Sen

Profit Before Tax Keuntungan Sebelum Cukai

RM Million Juta

Revenue Hasil RM Million Juta

150.

97

’01

135.

82

’02

108.

79

’03

164.

85

’04

214.

80

’05 ’01 ’02 ’03 ’04 ’05

14.6

6

18.0

7

23.6

6

35.0

2

36.8

6

’01 ’02 ’03 ’04 ’05

4.3 4.4

6.1

8.9

12.6


Suasana Sentral Loft

A/R '06(4 Col)-0004 23/05/2006 12:13 PM Page 21

D R I V I N G P E R F O R M A N C E

For the financial year under review, the Group posted revenues of RM214.81 million, representing an increaseof RM49.96 million or 30 per cent compared to RM164.85 million in 2004. The increase in revenue was largelycontributed by the Group’s high-end condominium project, Suasana Sentral Loft, launched in early 2005 andSeri Austin, a mixed township development in Mount Austin within the Tebrau growth corridor of JohorBahru, launched in July 2005.

Despite the positive growth in revenues, the Group’s profit before tax of RM36.86 million was only marginallyhigher than that of 2004 financial year at RM35.02 million. Even though gross margins of products rolled outduring the year held up strongly, up front marketing and selling expenses for new projects of Suasana Sentral

Loft and Seri Austin in the face of intense competition hassomewhat moderated the increase in pre-tax profits. Further,new set-ups in operating units of these developmentscontributed to a rise in personnel expenses and relatedoverheads.

On the other hand, net profits of RM29.21 million achieved infinancial year 2005 was 42 per cent or RM8.64 million abovethe RM20.57 million recorded in 2004. The boost at net profitswas attributed to lower taxes as a result of tax write-backs ina subsidiary company. The higher net profits of the Group hasin turn led to an enhancement in earnings per share from 8.8 sen in 2004 to 12.6 sen in 2005, a healthy increase of over 43 per cent.

22


A/R '06(4 Col)-0004 23/05/2006 3:11 PM Page 22

S H A R I N G T H E R E WA R D SFor the financial year ended 31 December 2005, theDirectors are pleased to propose a final gross dividend of5.0 sen per share, less income tax, subject to the approvalof shareholders at the forthcoming Annual GeneralMeeting. Together with an interim gross dividend of 2.5 sen per share, less income tax, paid on 22 Feb 2006;the total dividend for the financial year is 7.5 sen pershare less income tax.

C R E AT I N G N E W I N R O A D SIt was an eventful year with several high points as theGroup reaped the harvest of its expansion strategy.Along with new phases in its existing townshipdevelopments, UM Land’s smart partnership in creatingniche luxury lifestyle projects made the headlines. Thenotable highlights of the year were:

• Launch of Suasana Sentral Loft luxurycondominiumsIntroducing resort living in an urban setting, SuasanaSentral Loft raised the bar of luxurious living when it was launched in January 2005.

A sequel to the adjacent 100 per cent sold Suasana Sentral condominum, SuasanaSentral Loft’s super sleek sensual style set pulses rising and registered 90 per cent takeup just within five months of its launch. This niche project is a result of UM Land’scontinued initiatives in seeking smart partnership opportunities with reputablepartners; in this case, Malaysian Resources Corporation Berhad.

• Launch of Seri Austin townshipThe promise of well designed properties with good value proved successful when UM Land launched the township of Seri Austin, located within Mount Austin - Tebrau growth corridor of Johor Bahru, in July 2005. Its first product, the single storey“Mezza Homes” terrace houses with a mezzanine floor received overwhelmingresponse with 60 per cent sold on its first day of launch and 88 per cent sold to-date.Later in November, in line with UM Land’s new aggressive marketing approach, acarnival-style day-long celebration was held to unveil its impressive show village. Theevent, which also featured new launches of its double-storey Azeanna and Azaleaterrace houses, attracted huge crowds.

• Handover of Seri Bukit Ceylon serviced residencesUM Land’s pioneering foray into niche developments and smart partnerships registeredmuch satisfaction with the successful handing over of Seri Bukit Ceylon servicedresidences in October 2005.

The Ascott International Management Group now manages 96 units of these servicedresidences under its Somerset brand name. The Ascott International ManagementGroup is a member of CapitaLand Group of Companies and also one of the world’sleading serviced residences owner and operator. It has proven itself internationallywith serviced apartments extending across major cities in Asia, Australia, NewZealand, UK and The Gulf Region.

The successful handover of this serviced residences project is an impetus for the Groupto invest in more of such developments with attractive returns and short gestation period.

• Joint venture with Bolton and CapitaLand on development of a landmarkresidential projectIdentifying a promising new development at the beginning of year 2006, UM Landentered into a joint venture with Bolton and CapitaLand to acquire, develop and marketa 4.3-acre parcel of prime residential site located along Jalan Mayang and Jalan YapKwan Seng. The joint venture would see UM Land and Bolton holding equal stakes of 35 per cent each whilst CapitaLand owns the balance of 30 per cent.


23

Azeanna Homes, Seri Austin

A/R '06(4 Col)-0004 23/05/2006 3:11 PM Page 23

24

This move signals UM Land’s determination tocapitalize opportunities through smart partnershipswith strategic landbank owners and successfulproperty companies following its remarkablesuccess in its joint venture with MRCB to developthe Suasana Sentral Loft condominium project.With Singapore’s CapitaLand as one of South EastAsia’s largest and experienced premier propertycompany; and Bolton’s unique insight in developinghigh-end residential properties, the combined talentand expertise of all three partners promisesoutstanding results.

The site is one of the largest plots of land zoned forresidential development within the popular KLCCvicinity. Taking advantage of the trend of high-endcity living, a landmark condominium is slated forlaunch in 2007.

B R AV I N G N E W C H A L L E N G E S

Although global uncertainties brought aboutprimarily by the upswing in oil prices have yet to dissipate, the current stable political andeconomic climate should cushion the impact well in2006. Fiscal measures to boost the economy bybringing forward some RM2.4 billion worth ofprojects under the Ninth Malaysian Plan paves apromising start to 2006, in which GDP is expected togrow to 6 per cent (Source: Bank Negara Malaysia2005 Annual Report).

UM Land looks forward to 2006 as a year of continuedpromise even though the increase in interest rateposes some challenges to the current conduciveconsumer environment. Malaysia’s high savings rate(36.4 per cent of gross national product) and a budget focused on providing a more conducive and enabling environment for the private sector, keep prospects encouraging. Coupled with a youngdemographic profile, declining average householdsize and urban migration, we believe there is aconsistent and sustainable stream of house buyers tomaintain a stable and resilient property market.

Against this supportive environment, 2006 will be a year for introduction of new strategies andinitiatives for the Group as we forge ahead withdevelopment plans that are already in motion.

In our continuing spate of launches for existingtownships, we aim to create differentiation and raisethe appeal factor by building homes with uniquethemes and identities. To achieve sales targets, moreemphasis will be placed on competitive pricing,increasing brand awareness, enhancing customersexperience and improving marketing channels.

Well-conceptualised show villages, carnival-like saleslaunches and impressive show interiors are steps wehave already taken to move towards this direction.We are committed to explore more innovativeproduct designs and novel marketing techniques toproactively create demand for our homes.

P OW E R I N G N E W D I R E C T I O N S

There is a saying that goes, “In movement there islife. In change there is power.”

The exciting news this year is the exhilarating freshapproaches the Group is embarking upon to powerdynamic growth by embracing a new vision andmission. This is laid out in a five year (2006 - 2010)Group strategic plan.

Our road map is driven by a growth strategyencompassing aggressive marketing and branding,product innovation, acquisition of strategiclandbanks and smart partnerships.

On the operations end, UM Land has embarked on a productivity strategy focusing on core businessprocesses, human resources systems, information &communication management and the implementationof a performance-based remuneration system toimprove the quality of our human capital.

These constructive strategies are critical in liftingour profile above the teeming field of competitorsand making UM Land a developer of distinction.


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25

S U R G I N G A H E A D

Refreshed. Recharged. We are ready to take a huge leap forward.

To lead us towards our new vision, we have the former Deputy Prime Minister of Malaysia YBhg Tan Sri Dato’Musa bin Hitam on board as our new independent non-executive director and chairman. We are fortunateto have someone of his calibre and track record to guide the Group. His visionary leadership will be atremendous asset in shaping the new face of UM Land.

Our appreciation goes to our outgoing Group Chief Executive Officer (CEO), Encik Wan Abdullah bin WanIbrahim. His contribution and leadership has been essential in bringing UM Land to the forefront of a newhorizon and we wish him well in his future endeavours. In the interim, our Director, Finance and Corporate,Encik Pee Tong Lim is covering all Group CEO’s duties.

Our vote of thanks to our fellow colleagues, YBhg Datuk Mohd Khamil bin Jamil, Dr Choo Kian Koon andPuan Rita Lau Chen Chen who have resigned from the Board subsequent to the Company’s financial year-end. The Group has certainly benefited from their wise counsel during their tenure on the Board. On asimilar note, we welcome Encik Soong Hee Sang and Tuan Syed Azmin bin Mohd Nursin @ Syed Nor as newdirectors on the Board.

Our warm appreciation also goes to our fellow knowledgeable colleagues on the Board. We would like toassure our stakeholders that the Board will continue to work with management to achieve our corporategoals through sound business strategies, good management practices, and guided by the principles oftransparency and corporate governance.

And for standing by us and sharing our vision, we wish to thank our valued shareholders, businessassociates and customers. Our heartfelt gratitude lies with our sterling employees. A ship does not reach itsport through focus alone, and their determination to realise our goals has empowered UM Land to cutthrough challenging waters with ease and speed.

LUI CHONG CHEEJoint Deputy Chairman

DATO’ NG ENG TEEJoint Deputy Chairman/Executive Director

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26

Bagi pihak Lembaga Pengarah United Malayan Land Bhd, kami dengan sukacitanya, membentangkan LaporanTahunan serta Penyata Kewangan Syarikat dan Kumpulan bagi tahun kewangan berakhir 31 Disember 2005.

S E C A R A R I N G K A S

Tahun 2005, menyaksikan kadar pertumbuhan ekonomi global mula menurun dan pertumbuhan ekonomiMalaysia dinilai pada kadar selesa 5.3 peratus. Walau bagaimanapun, di sebalik keadaan ini, suka cita kamimelaporkan bahawa Kumpulan telah mencatat kejayaan yang cemerlang dengan peningkatan hasil Kumpulansebanyak 30 peratus dan profil pembangunan mewah kami juga bertambah baik. Tahun 2005, merupakantahun perkembangan dimana UM Land memasuki projek-projek usaha sama baru, pemajakan tanah sertapelancaran sebuah bandar baru dan projek pembangunan khusus. Secara keseluruhannya, UM Land terusberkembang maju memasuki tahun 2006 dengan perlaksanaan strategi baru telah dimulakan untukmemperkukuhkan kedudukan Kumpulan dan mempertingkatkan reputasinya.

Kami dengan bangganya mengalukan pelantikan bekas timbalan Perdana Menteri Malaysia YBhg Tan Sri Dato’Musa bin Hitam sebagai pengerusi baru kami. Para pemegang saham UM Land telah meluluskan pelantikanbeliau di mesyuarat agung luar biasa pada 26 Januari 2006. Dengan berdedikasikan masa dan semangat barudalam merangka semula pelan strategi 5-tahun, UM Land bersama pihak pengurusan dibawah pimpinan beliauyakin dapat menjayakan perlaksanaan pelan strategi tersebut.

Perutusan kepada

Para Pemegang Saham

P a r a p e m e g a n g s a h a m ya n g d i h o r m a t i

Document1 23/05/2006 4:47 PM Page 1

27

Net Tangible Assets per ShareAset Ketara Bersih Sesaham

RM

Shareholders’ Equity Ekuiti Pemegang Saham

RM Million Juta

Total Assets Jumlah Aset

RM Million Juta

1,06

6.19

’01

1,00

4.13

’02

978.

48

’03

1,14

3.54

’04

1,19

1.83

’05 ’01 ’02 ’03 ’04 ’05

711.

21

713.

08

719.

57

733.

97

746.

40

’01 ’02 ’03 ’04 ’05

3.07

3.08 3.10 3.16 3.22


P E R S P E K T I F M A K R O

Setelah menikmati pertumbuhan cemerlang sebanyak 7.1 peratusdalam tahun 2004, ekonomi Malaysia mencatatkan pertumbuhanGDP sebanyak 5.3 peratus tahun lepas (Sumber: Laporan SukuKeempat BNM 2005). Punca utamanya adalah penurunan kadarekonomi global akibat kenaikan harga minyak dan kemerosotanjangka pendek kitaran sektor teknologi.

Secara keseluruhan, tahun 2005 didapati agak berbeza di manapermintaan untuk kediaman kelas sederhana telah menurunsementara bekalannya pula semakin bertambah. Sementara itu,permintaan untuk projek berkonsep penginapan eksklusif,terutamanya kondominium-kondominium mewah di lokasiunggul Lembah Klang dan pusat bandar raya Kuala Lumpur,terus menarik minat pasaran dan mencatatkan penjualan yang baik.

Sektor hartanah perumahan, walaupun kukuh, telah menjadisemakin kompetitif. Kebanyakan pemaju memperolehi hasiljualan lebih rendah dan pertumbuhan perolehan yang sederhana.Walaupun segmen perumahan kos rendah-sederhana mengalamikeadaan terlebih bina terutamanya pangsapuri dalam lingkunganharga RM150,000 hingga RM250,000 di pasaran, permintaanuntuk harta bertanah di lokasi-lokasi baik masih tinggi.


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Persaingan di kalangan pemaju kekal sengit dengan penyusunan semula strategi untuk berdaya saing bagimengukuhkan keuntungan. Keadaan ini telah memanfaatkan para pembeli kerana persaingan ini telahmenghasilkan pelbagai projek menarik dengan reka bentuk inovatif di lokasi-lokasi yang mudah diakses.Pemaju juga telah menekankan kepentingan jenama yang bereputasi tinggi serta khidmat pakar pemasaranyang cekap.

Undang-undang berhubung pemaju telah diperketatkan dan tindakan tegas diambil terhadap pemaju yangtidak bertanggungjawab. Akibatnya, para pembeli dan pelabur menjadi semakin arif dalam pemilihanmereka. Senario ini telah memanfaatkan Kumpulan kerana ia mempunyai rekod prestasi yang cemerlangdengan khidmat pelanggan yang memuaskan.

U L A S A N K E WA N G A N

Bagi tahun kewangan yang ditinjau, Kumpulan telah mencatatkan hasil sebanyak RM214.81 juta, iaitukenaikan sebanyak RM49.96 juta atau 30 peratus berbanding RM164.85 juta dalam tahun 2004. Peningkatanhasil ini khasnya sumbangan daripada projek kondominium mewah Kumpulan iaitu Suasana Sentral Loftyang dilancarkan pada awal tahun 2005 dan pembangunan bandar bercampur Seri Austin di koridor majuMount Austin - Tebrau, Johor Bahru, yang dilancarkan pada Julai 2005.

Meskipun pertumbuhan hasil kekal positif, keuntungan sebelum cukai Kumpulan hanya meningkatkepada RM36.86 juta berbanding RM35.02 juta pada tahun kewangan 2004. Ini kerana walaupun marginkasar produk kekal kukuh sepanjang tahun, perbelanjaan tambahan untuk pemasaran dan penjualan bagiprojek-projek baru seperti Suasana Sentral Loft dan Seri Austin terpaksa dilaksanakan untuk menyaingipembangunan lain di pasaran. Di samping itu, unit-unit operasi yang ditubuhkan bagi menguruskanprojek-projek baru ini menyebabkan kos kakitangan dan kos-kos berkaitan turut bertambah.

Dalam pada itu, keuntungan bersih bagi tahun kewangan 2005 adalah sebanyak RM29.21 juta. Ini mewakilipeningkatan sebanyak 42 peratus atau RM8.64 juta lebih tinggi daripada RM20.57 juta yang dicatatkandalam tahun 2004. Pencapaian cemerlang ini berpunca terutamanya daripada cukai yang lebih rendahselepas kemasukan kira semula cukai bagi sebuah syarikat subsidiari. Selaras itu, pendapatan sesahamKumpulan telah meningkat lebih daripada 43 peratus, iaitu daripada 8.8 sen dalam tahun 2004 kepada 12.6 sen dalam tahun 2005.

P E N G A G I H A N K E U N T U N G A N

Bagi tahun kewangan berakhir 31 Disember 2005, para Pengarah dengan sukacitanya mencadangkanpembayaran dividen kasar akhir sebanyak 5.0 sen sesaham, tolak cukai pendapatan, tertakluk kepadakelulusan para pemegang saham di Mesyuarat Agung Tahunan yang akan datang. Bersama dividen interimkasar sebanyak 2.5 sen sesaham, tolak cukai pendapatan dibayar pada 22 Februari 2006, jumlah keseluruhandividen bagi tahun kewangan ialah 7.5 sen sesaham, tolak cukai pendapatan.


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P E R I S T I WA - P E R I S T I WA P E N T I N G

Tahun lepas telah menyaksikan pelbagai peristiwa penting danpencapaian cemerlang dalam strategi perkembangan Kumpulan.Di samping pembinaan fasa-fasa baru bagi pembangunanbandaran sedia ada, UM Land telah mewujudkan beberapaperkongsian pintar bagi menguruskan projek-projek gaya hidupmewah. Antara pencapaian pentingnya adalah:

• Pelancaran Kondominium Mewah Suasana Sentral Loft Projek Suasana Sentral Loft yang dilancarkan pada Januari 2005 telah membawa makna baru kepada konsep kehidupan urban mewah. Seiring dengan kejayaan Kondominium Suasana Sentralyang habis dijual sepenuhnya, projek Suasana Sentral Loftmenawarkan keunggulan gaya hidup yang diimpikan danberjaya mencatatkan jualan sebanyak 95 peratus dalam masahanya lima bulan selepas pelancarannya. Kejayaan projek

khusus ini adalah inisiatif gabungan perkongsian pintar di antara Kumpulan dan Malaysian ResourcesCorporation Berhad, sebuah organisasi yang bereputasi.

• Pelancaran Seri AustinPada Julai 2005, UM Land telah mengotakan janjinya untuk menyediakan kediaman selesa dan unik yangbernilai tinggi melalui pelancaran projek Seri Austin yang bertempat di koridor maju Mount Austin -Tebrau, Johor Bahru. Produk pertamanya, ‘Mezza Homes’ rumah teres setingkat dengan tingkatmezzanine, telah menerima sambutan hangat. 60 peratus unit berjaya dijual pada hari pelancarannyasahaja dan setakat ini, jualan telah mencapai 88 peratus. Pada bulan November pula, seiring denganstrategi pemasaran agresif UM Land, pelancaran rumah-rumah pamerannya telah dilaksanakan dalamsuasana karnival yang cukup meriah dan berjaya menarik minat ramai pembeli. Rumah teres dua tingkatAzeanna dan Azalea turut dilancarkan pada hari yang sama.

• Penyerahan pangsapuri khidmat Seri Bukit CeylonProjek khusus dan usaha perkongsian pintar pertama UM Land iaitu pangsapuri khidmat Seri BukitCeylon telah menunjukkan prestasi yang sungguh memuaskan dilihat daripada penyerahannya padabulan Oktober 2005.

Kini, 96 buah unit pangsapuri khidmat tersebut diuruskan oleh Ascott International Management Group,di bawah jenama Somerset. Ascott International Management Group merupakan ahli KumpulanCapitaLand dan terkenal sebagai salah satu pemilik dan pengurus kediaman pangsapuri khidmat yangterkemuka di dunia. Keunggulan Ascott telah terbukti di peringkat antarabangsa dengan kejayaannyamenguruskan beberapa hotel dan pangsapuri khidmat yang mewah di bandar-bandar utama di Asia,Australia dan New Zealand, UK serta “The Gulf Region”.

Kejayaan penyerahan projek pangsapuri khidmat ini telah mendorong Kumpulan untuk terus melabur didalam projek-projek sebegini yang berpotensi untuk menjana pulangan tinggi dan mempunyai tempohpembangunan yang singkat.

• Usaha sama dengan Bolton dan CapitaLand dalam pembangunan projek perumahan berprestijDi awal tahun 2006, satu projek pembangunan yang berpotensi telah dikenalpasti. Dengan pembentukanusaha sama antara UM Land dengan Bolton dan CapitaLand untuk memperoleh, membangun danmemasarkan tapak kediaman seluas 4.3 ekar yang terletak di kawasan Jalan Mayang dan Jalan Yap KwanSeng. Di bawah usaha sama ini, Bolton dan UM Land memegang kepentingan sama rata sebanyak 35 peratus sementara CapitaLand memiliki 30 peratus ekuiti yang selebihnya.

Usaha sama ini menandakan kesungguhan UM Land untuk memanfaatkan peluang yang ada denganmewujudkan perkongsian pintar dengan pemilik simpanan tanah yang strategik dan syarikat hartanahterkemuka. Lebih-lebih lagi selepas kejayaan kondominium Suasana Sentral Loft yang telah dibangunkanbersama MRCB. Berbekalkan reputasi tinggi CapitaLand di Asia Tenggara serta keunikan dan kepakaranBolton dalam menyediakan hartanah perumahan yang mewah, perkongsian antara ketiga-tiga pihak inimenjanjikan hasil yang melebihi jangkaan. Tapak ini merupakan salah satu zon kediaman terbesar dikawasan popular KLCC. Selaras dengan trend semasa yang menggemari gaya hidup mewah di pusatbandar raya, sebuah kondominium mewah akan dilancarkan di sini dalam tahun 2007.

Rumah Deanna, Seri Austin

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K E C E K A L A NMENGHARUNGI RINTANGAN

Walaupun ketidaktentuan global yangtimbul akibat kenaikan harga minyakmasih belum reda, kestabilan suasanapolitik dan ekonomi semasa dijangkadapat mengurangkan kesannya dalamtahun 2006. Langkah-langkah fiskal telah diambil untuk membangunkankembali ekonomi, seperti perlaksanaan projek-projek bernilai RM2.4 bilion di bawah Rancangan Malaysia Ke-9. Ini menunjukkan satu permulaan yang

baik bagi tahun 2006 di mana GDP dijangkameningkat kepada 6 peratus (Laporan TahunanBank Negara Malaysia 2005).

Walaupun kenaikan kadar faedah mungkinmenjanjikan kestabilan pasaran pengguna padatahun 2006, UM Land tetap melihatnya sebagaitahun yang penuh dengan kemungkinan. Prospekperkembangan tetap wujud dengan adanya kadarsimpanan Malaysia yang tinggi (36.4 peratusdaripada keluaran dalam negara kasar) danbelanjawan yang dirangka untuk menggalakkandan memberi lebih manfaat kepada sektor swasta.Berganding dengan profil demografik yang muda,saiz keluarga yang sederhana dan pemindahan ke kawasan urban meyakinkan kami bahawapembeli masih mampu berbelanja dan ini akanmengekalkan kestabilan pasaran hartanah.

Dengan adanya kestabilan ini, Kumpulanbercadang untuk memperkenalkan strategi sertainisiatif baru pada tahun 2006 dan akan terusmelaksanakan rancangan pembangunan pesatnya.

Pelancaran fasa-fasa baru akan diteruskan di dalam pembangunan yang sedia ada. Kami bercadang untuk membawa perspektif baru danmenambahkan daya tarikan rumah-rumah kamidengan menawarkan tema dan identiti yang unik.Untuk mencapai sasaran jualan kami, penekananlebih akan diberi kepada penjenamaan dankepuasan pelanggan di samping peningkatansaluran pemasaran.

Antara langkah-langkah yang telah diambiltermasuk menyediakan rumah-rumah pameranyang mempunyai konsep-konsep canggih dengan hiasan dalaman yang menawan sertaperancangan pelancaran jualan yang lebih menarik.Kami juga akan menerokai reka bentuk yang lebihinovatif dan teknik-teknik pemasaran baru untukmemasarkan kediaman kami secara proaktif.

M E N J A N A K E M A J U A N B A R U

Sesuatu perubahan pasti akan membawa kemajuandan kejayaan.

Bersandarkan prinsip ini, Kumpulan berharapuntuk mencapai visi dan misi barunya melaluipendekatan baru yang pasti akan membawakemajuan dan pertumbuhan yang dinamik. Ini dijelaskan di dalam pelan strategik 5-tahun (2006 - 2010) Kumpulan.

Hala tujuan kami dibuat berdasarkan strategipertumbuhan yang melibatkan penjenamaanpemasaran yang agresif, inovasi produk,pengambilalihan simpanan tanah yang strategikserta perkongsian pintar.

Dari segi peningkatan operasi, UM Land telahmemulakan strategi produktiviti yang lebihtertumpu kepada proses perniagaan utama, sistemsumber manusia, pengurusan maklumat &komunikasi dan pembentukan sistem imbuhanmenurut prestasi untuk meningkatkan kualitisumber manusia kami.

Strategi-strategi membina ini penting untukmenyerlahkan kedudukan kami di dalam pasaranyang semakin bersaing dan seterusnyamerealisasikan UM Land sebagai pemaju hartanahyang terunggul.

Rumah Azeanna, Seri Austin

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P E N G H A R G A A N

Dengan semangat baru, kami bersedia untuk melangkah lebih jauh ke hadapan.

Kami berasa amat bertuah dengan pelantikan bekas Timbalan Perdana Menteri Malaysia YBhg Tan SriDato’ Musa bin Hitam sebagai pengarah bukan eksekutif dan pengerusi baru UM Land. Bakat dan rekodprestasi hebat beliau yang dibawa bersama akan membantu Kumpulan untuk mencapai visi barunya. Kamimenganggap kebijaksanaan dan wawasan jauh beliau sebagai aset yang amat berharga dalammelaksanakan proses transformasi UM Land.

Kami juga mengambil kesempatan untuk merakamkan setinggi-tinggi penghargaan dan mengucapkanselamat maju jaya kepada bekas Ketua Pegawai Eksekutif Kumpulan (CEO), Encik Wan Abdullah bin WanIbrahim yang telah meninggalkan Kumpulan. Sumbangan dan kepimpinan beliau amat dihargai danmerupakan aspek penting yang telah berjaya membawa UM Land memasuki era yang baru. Buat waktu ini,Pengarah Kewangan dan Korporat, Encik Pee Tong Lim akan menguruskan semua tugas CEO Kumpulan.

Kami juga ingin mengucapkan ribuan terima kasih kepada rakan-rakan sekerja, YBhg Datuk Mohd Khamilbin Jamil, Dr Choo Kian Koon dan Puan Rita Lau Chen Chen yang telah meletak jawatan daripada Lembagaselepas penghujung tahun kewangan Syarikat. Kumpulan amat menghargai segala nasihat bermanfaat yangdiberikan sepanjang perkhidmatan mereka dalam Lembaga. Pada masa yang sama, kami ingin mengalu-alukan pelantikan Encik Soong Hee Sang dan Tuan Syed Azmin bin Mohd Nursin @ Syed Nor sebagaipengarah Lembaga.

Penghargaan turut kami tujukan kepada semua rakan sekerja yang berpengalaman dalam LembagaPengarah.

Kepada para pemegang saham, kami memberi jaminan bahawa Lembaga akan terus bekerjasama denganpihak pengurusan untuk mencapai matlamat-matlamat korporat melalui strategi perniagaan yang mantapdan amalan pengurusan yang cekap berpandukan prinsip-prinsip ketelusan dan urusan tadbir korporat yang wajar.

Terima kasih diucapkan kepada para pemegang saham, rakan perniagaan dan pelanggan kami ataskesetiaan dan sokongan berterusan anda. Penghargaan turut diberi kepada semua kakitangan kami. Sepertimana kapal bergantung kepada pengemudinya untuk selamat tiba ke pelabuhan, UM Land bergantungkepada kesungguhan kakitangannya untuk mengemudikan syarikat dan mengharungi segala cabaran bagimerealisasikan matlamat kami dengan cekap dan berkesan.

LUI CHONG CHEENaib Pengerusi Bersama

DATO’ NG ENG TEENaib Pengerusi Bersama/Pengarah Eksekutif

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100%COUNTRY EQUITY SDN BHD Investment Holding Pegangan Pelaburan

32 C O R P O R AT E S T R U C T U R E s t r u k t u r k o r p o r a t

100%

100%

100%

100%

70%

35%

UM LAND BENA SDN BHD Property Development and Related Activities Pembangunan Hartanah dan Aktiviti Berkaitan

UM LAND ASSETS SDN BHD Property Investment Pelaburan Hartanah

UM RESIDENCES SDN BHDDevelopment of Serviced Apartments Pembangunan Pangsapuri Khidmat

100%UM DEVELOPMENT SDN BHD Property Development and Related Activities Pembangunan Hartanah dan Aktiviti Berkaitan

100%EXQUISITE SKYLINE SDN BHDProperty Development Pembangunan Hartanah

DYNASTY VIEW SDN BHD Property Development and Related Activities Pembangunan Hartanah dan Aktiviti Berkaitan

SUASANA SENTRAL TWO SDN BHDProperty Development and Related Activities Pembangunan Hartanah dan Aktiviti Berkaitan

ALPINE RETURN SDN BHD Property Development and Related Activities Pembangunan Hartanah dan Aktiviti Berkaitan

SERI ALAM PROPERTIES SDN BHDProperty Development Pembangunan Hartanah

*UM LEISURE SDN BHDGeneral Trading Perdagangan Am

100%

100%

Investment holding and provision of management servicesPegangan pelaburan dan peruntukan perkhidmatan pengurusan

100% SERI ALAM GOLF & EQUESTRIAN CLUB SDN BHD Operation of a Recreational Club and Related Activities Operasi Kelab Rekreasi dan Aktiviti Berkaitan

70% BANGI HEIGHTS DEVELOPMENT SDN BHD Property Development and Property InvestmentPembangunan Hartanah dan Pelaburan Hartanah

100% SERI ALAM LEISURE SDN BHD Investment Holding Pegangan Pelaburan

100% *PMS SERVICES SDN BHD Project Management Pengurusan Projek

100% SERI ALAM HOTEL RESORT SDN BHD General Trading Perdagangan Am

40% IPJORA HOLDINGS SDN BHD Developing, Building, Owning and Operating Serviced ApartmentsPembangunan, Pembinaan, Pemilik dan Operasi Pangsapuri Khidmat

*Inactive subsidiary company anak syarikat tidak aktif

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33

Transformingto make a

difference.

Improve:- business processes

- quality of human capital

- HR systems and information

- communication management

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Savouring the vast openness and soothing freshgreen foliage in Bandar Seri Alam, it is easy to believethat you are standing on one of the largest modernintegrated townships in Johor. But it is hard toimagine that just 18 km separates you from the hustleand bustle of Johor Bahru city centre.

Located within the Johor Bahru - Pasir Gudanggrowth corridor, Bandar Seri Alam’s vast landbankopens up unrivalledopportunities when it comesto development. To date, 1,796acres have been developedwith a variety of homes,strategic commercial areas,and a generously landscapedpark. Still young and alivewith potential, Bandar Seri Alam is UM Land’sflagship township.

This 3,700-acre township development, set to behome to 150,000 inhabitants, is enjoying greaterpopularity since the recent launch of its beautifulshow village. Its good accessibility and readyinfrastructure provide a favourable setting forquality homes in a variety of sizes and layout styles.Here, visitors get a taste of the variety of options.Whatever families are looking for - be it modern

and exquisite homes, orspacious and functionallayouts or practical andvalue-for-money investments- the choice and variety aresure to delight.

B a n d a r Seri Alam

Beyond developing, UM Land is makingheadlines with its current focus on

strategic marketing initiatives. Nowhereis this more apparent than in this

flagship township.

top Impiana Homes

bottom Elegance Homes

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35

With constant interest being generated,the population here is projected toincrease by 15,000 in three years as betteraccess and additional amenities attractfurther interest. These include theupcoming opening of Tesco Seri Alam -the first Tesco Hypermarket in JohorBahru, upgrading of the Pasir GudangHighway, opening of the Senai-PasirGudang Highway, and an additionalroute to the city centre.

Currently over 45,000 residents call Bandar Seri Alam homeand enjoy the wholesome living environment it offers withthe surfeit of green space and outdoor activity. The lovelylakes and parks are hubs for recreational activities thatfacilitate daily community interaction and beckon healthyoutdoor living. Another high point for families with school-going children is the existence of seven schools within thetownship, including a Chinese school and a JapaneseInternational School. With its combination of qualityinfrastructure, innovative designs, value-added facilities and close-knit community, Bandar Seri Alam has drawn continuous interest and attention from discerninghome purchasers.

The Bandar Seri Alam team has been successful in increasingthe township’s visibility to the Johor market. Ongoing mediaadvertisements that emphasise the UM Land brand, billboardsand outdoor displays are some of the recent initiatives thathave helped create more awareness and sales!

A steady stream of community and corporate events enhancea sense of traditional communal living. The carnivalatmosphere of the Seri Alam Fest in 2005 drew residents andnon-residents alike in celebration. Other activities includegatherings to commemorate tsunami victims, collection offunds for tsunami victims, various ‘gotong-royong’ activities,and poolside parties for condominium residents.

centre Secret Garden Homes

left Impiana Homes

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Enjoying a smooth uninterrupted drive down the Kuala Lumpur - Seremban highway andthe dedicated Putra-Mahkota interchange, it takes only 30 minutes to reach the peacefuloasis of Bandar Seri Putra from Kuala Lumpur city centre.

Set amidst relatively pristine environs, overlookinga range of undulating hills, driving through thetown’s wide palm-lined roads is a refreshing andrelaxing experience. The unpolluted industrial-free surrounds, free of traffic congestion, is asoothing balm to weary nerves – indeed a breath offresh air from the noisy Kuala Lumpur traffic. Inthe completed phases, clusters of well-designed homes, colourfulchild-care centres, green fields, a landscaped park and appealingplayground nooks greet you - an ideal enclave for family life.

Judging from the impressive decor of many units, it is clear thatresidents have put savings from the surprisingly affordable homes togood use in landscaping and interior decorating. In the rusticallycharming commercial district, quaint coffee shops sit alongsideinternet cafes reflecting the thriving diversity of residents who callthis town home. Neighbourly chats and friendly greetings reflect themore leisurely paced life that one enjoys at Bandar Seri Putra.

top and left D’ Sentral Terrace Homes

B a n d a rSeri Putra

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Destined to house a population of 35,000, about 50 per cent of the township has been developed and is inhabited by apopulation of above 10,000. Residents enjoy fast and easy accessto Putrajaya, Kuala Lumpur International Airport and thenearby education hub encompassing various universities andcolleges such as University Putra Malaysia, UniversityKebangsaan Malaysia and Selangor International IslamicUniversity (KUIS). Overall feedback echoes a positive note with much appreciation voiced about their spacious and competitively priced value-for-money homes. Many were happywith the quality workmanship of the homes and well-developed

infrastructure, not to mention the steady increasein investment value.

As pioneers in the new township they look forwardto more facilities and amenities, and with therecent setting up of a police station and post office,life is getting more convenient. A primary andsecondary school, mosque and food centre aresome of the upcoming amenities that will boostinterest and investment value in Bandar Seri Putra.

As more amenities, facilities andcommercial entities sprout within theSeri Putra haven, a vibrant dynamism

is being injected into the wholesomecommunity lifestyle.

37


bottom left D’ Puncak Putra Homes

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Within the increasingly popular growth corridor of Tebrau, Mount Austin is athriving area known for its great accessibility and residential appeal. Here, excellentaccess via Jalan Tebrau and Pasir Gudang highway to Johor Bahru city centre, anundulating terrain, proximity to a 36-hole golf and country resort and a generous

sprinkling of commercial centres spell middle-class suburban elegance. Seri Austin,comprising 500-acre of freehold land, leverageson this advantageous location together withhomes of quality design and affordable pricingto deliver on its theme of a ‘Simply Better’lifestyle.

Planned as a healthy and conducivecommunity living environment, thedevelopment comprises individual precinctslinked by green linear parks. Homes areclustered into cosy precincts with limitedentry points for greater privacy and security.The number of units within each precinct isalso planned to ensure optimal residencywithin the neighbourhood.

To shape a healthy close-knit neighbourhood,emphasis is placed on providing amplerecreational area for residents to relax, unwindand become acquainted. Parks, jogging tracksand bicycle lanes will be built throughout Seri Austin development to better promote ahealthy outdoor lifestyle.

38

Seri Aust in

top Deanna Homes

left Azalea Homes

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39


It is a concept that seems to have hit the jackpot judging from the overwhelming response received at Seri Austin’s inaugural launch. Held in July 2005, the launch featured a carnival-like event with pony andelephant rides, eagle and snake shows, inflatable games and paragliders, providing extraordinary family funand entertainment. This was followed by the unveiling of the Seri Austin show village in November. The show village, part of the Group’s mission to enhance customers’ experience, features six different types ofhouses and offers buyers a chance to see, feel and touch the ‘Simply Better’ value homes that boast betterdesign and superior quality, yet remain competitively priced.

The strong popularity of Seri Austin is not just due to the good modern layouts and attractive architecture ofthe homes. In placing itself one up over the surrounding developments, the Group has taken a more proactiveapproach in marketing. Emphasis is currently placed on increasing brand awareness and improving marketingcommunications. These have given the project more exposure and prominence, making it the talk of the town.

The integrated development is expected to have a population of 29,000 upon full completion in 2011. To date,three phases have been launched. Highlights for the coming year include cluster houses and larger doublestorey houses.

Seri Austin is gainingprominence due to severaladvantages. These includea strong corporate brand,excellent developmentrecord and enhancedpromotions grounded byhomes of better designsand superior quality.

bottom Azalea Homes

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The unique concept of thesunken bath speaks ofromantic indulgence whilethe infinity pool withunderwater piped music andthe sky club on the 38thfloor, with its lounge club,gym, barbeque pits andfunction rooms overlookingthe city, encapsulate theconcept of spectacular living.

40


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As international prestige shines on Kuala LumpurSentral, a development built around a world classtransportation hub, UM Land basks in the afterglowof the immensely well-received launch of Suasana Sentral Loft, named for its trademark lofty ceilings. A landmark in both physical andmaterial sense, The Loft, as it is popularly known,boasts great location, outstanding design and abreakthrough concept. If you are a travel-lovingurbanite with a taste for luxurious living, this is theplace to be.

Located strategically within proximity of theSentral Station - the nation’s gateway to the world -Suasana Sentral Loft offers a ‘live, work and play’lifestyle within a metropolitan enclave. Offices,retail outlets, banks, serviced apartments and 5-starhotels are some of the neighbourhood amenities youcan leverage your lifestyle on, within this MSC-status development. It also accords an internationaljet setting lifestyle, as Kuala Lumpur InternationalAirport is just a 28-minute ERL ride away!

The Suasana Sentral Loft enjoyed an overwhelming90 per cent take-up within months of its soft launchhence a runaway success! Great location, ideallayout, positive investment potential and uniqueconcept are few of the many merits well recognisedby its purchasers. With foreign purchasers makingup 20 per cent of its total profile is testimony to itsinternational appeal.

Further, secondary market transactions for theadjacent project, Suasana Sentral Condominium,have been trending upwards since 2002, someenjoying total capital appreciation of more than 40 per cent. The fact that over 60 per cent ofpurchasers are driven by an investment objectivefurther validates its anticipated promisinginvestment returns.

The building’s design and architecture is created to produce aclean minimalist look and streamlined finishing. Integratedwith natural landscape and a mystical environment, it is set to raise eyebrows and catapult it to new standards in high-endcondominium development in the city.

Suasana Sentral Loft has achieved several firsts for its infinitypool complete with underwater piped music; brazen masterbathrooms with wide paneled glass windows and see-through glass walls topped with exotic large sunken baths;to literally top up all these is an exclusive rooftop Sky Club overlooking the scenic Lake Garden, and this comesequipped with a trendy lounge, gymnasium, barbeque pits andfunction rooms.

Already the talk of the town, Suasana Sentral Loft has addedwords like ‘alluring’ and ‘epicurean’ into the professionalvocabulary of architects. If driving a fast car makes you feelyounger, then living in Suasana Sentral Loft is sure to heightenyour sense of passion and inspiration. All in all, it is a projectthat is truly in a class of its own.

41

U N I T E D M A L AYA N L A N D B H Dtop Sunken bath, Suasana Sentral Loft

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Often the one drawback of working in the city is the woe of being part of thepeak hour city traffic. The buzz and excitement of the Bukit Bintang area,encompassing the tourist havens of Bintang Walk, Starhill and Sungei Wang;is especially renowned for being at the heart of the best in shopping, diningand entertainment that Kuala Lumpur has to offer. Also in close proximity lies the prominent KLCC PetronasTwin Towers. Therein lies the ultimate advantage of Seri Bukit Ceylon serviced residences, UM Land’s maidenforay into niche development. It offers you an urban lifestyle minutes away from where you want to be.

What makes this development even more appealing is that the serviced residences are managed by theprestigious Ascott International Management Group under the Somerset brand name - hence the assuranceof quality maintenance for these units is built into the affordably packaged price.

With all 246 units handed over, many have already invested in the value-for-money lifestyle within this nicheproject. Whether business suites, serviced residences or condominiums, properties within this convenientwell-maintained project promises good returns especially when backed by the dependability of a reputeddeveloper and its strategic alliance with Ascott International Management Group.

Feeling ‘lucky’ to have bought a unit sums up the feelingsof many investors who are currently benefiting from anappreciation in value that good maintenance andSomerset’s positive reputation brings.

The advantages are endless. Beyond the easy walkingdistance to the central business district, leading shoppingcentres and popular food and entertainment hubs; those living here enjoy easy access to Raja Chulan andBukit Bintang monorail stations, and many luxuriousextras within the building such as use of a business centre,pool and gym facilities, housekeeping services and laundryservices. In short, it offers everything that young urbanitesand dynamic executives yearn for!

Convenient living in a well-maintained and

prominent building withinwalking distance to all the

joys of city living makesSeri Bukit Ceylon an

outstanding investment.

Seri Bukit Ceylon

42

top Duplex Business Suite

bottom Serviced Residence

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43

Transformasiuntuk

menciptakemajuan.

Peningkatan:- proses perniagaan

- kualit i sumber manusia

- sistem sumber manusia danmaklumat

- pengurusan komunikasi

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Sambil menikmati keindahan kawasan-kawasan hijau yang luas di Bandar Seri Alam, kemungkinanbesar anda merasa seakan-akan sedang berada di sebuah bandar moden terbesar di Johor. Tapi, sebenarnya anda berada hanya 18km daripada kesibukan pusat bandar Johor Bahru.

Bandar Seri Alam terletak di dalam lingkungan koridor pembangunan Johor Bahru - Pasir Gudang.Simpanan tanahnya yang luas menawarkan pelbagai peluang pembangunan. Setakat ini, 1,796 ekartanah telah dibangunkan dengan pembinaan pelbagai jenis rumah kediaman, kawasan komersial yangstrategik serta sebuah taman luas yang lengkap dengan lanskap yang menawan. Keadaanpembangunan Bandar Seri Alam yang begitu pesat dan penuh berpotensi menjadikannya projekperbandaran teragung UM Land.

Perbandaran seluas 3,700 ekar ini boleh menampung 150,000orang penduduk. Popularitinya semakin meningkat setelahpelancaran rumah-rumah pamerannya yang cukup menawanbaru-baru ini. Lokasinya yang mudah diakses sertainfrastruktur yang sedia ada menyediakan suatu keadaanyang sesuai untuk pembinaan pelbagai jenis kediamanberkualiti dengan pelbagai saiz dan reka bentuk. Apa juayang diidamkan oleh keluarga anda – sama ada rumah yang moden dan canggih, atau yang luas dengan susun aturyang praktikal dengan nilai terbaik untuk wang anda –pilihan-pilihan yang ada pastinya memuaskan.

Buat masa ini, 45,000 orang penduduk yang menetap diBandar Seri Alam amat berpuas hati dengan keadaanpersekitaran hidup di sini khasnya kawasan-kawasan hijauyang luas untuk mereka nikmati pelbagai aktiviti luar rumah.Tasik dan taman yang indah menjadi tumpuan bagi aktiviti-aktiviti rekreasi yang diadakan untuk menjalin kemesraansesama penduduk di samping menggalakkan kegiatan riadahyang sihat. Bagi keluarga yang mempunyai anak-anak yangbersekolah, terdapat tujuh buah sekolah di sini termasuksebuah sekolah Cina dan sebuah Sekolah AntarabangsaJepun. Kombinasi infrastruktur yang berkualiti, reka bentukyang inovatif, kemudahan tambah nilai serta kemesraankomuniti, terus menarik minat para pembeli rumah untukmeninjau kehebatan Bandar Seri Alam.

4444

B a n d a r Seri Alam

atas Rumah Secret Garden

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Pengurusan Seri Alam telah berjaya menyerlahkanlagi kehebatan bandar ini di pasaran Johor.Pengiklanan media, penampilan melalui papan-papan iklan dan pameran luar dibuat secaraberterusan untuk mempertingkatkan jenama UMLand. Langkah-langkah inisiatif ini bukan sahajatelah membantu mencipta kesedaran terhadapprojek ini, malah telah meningkatkan jualan!

Acara-acara kemasyarakatan dan korporat kerapdijalankan untuk memupuk semangat kekeluargaandi kalangan penduduk. Misalnya, kemeriahan Pesta Seri Alam 2005 telah berjaya menarik minatpenduduk Bandar ini dan juga orang awam.Aktiviti-aktiviti lain yang dianjurkan termasukperhimpunan bagi memperingati mangsa-mangsatsunami, pengumpulan derma untuk mangsa-mangsa tsunami, gotong-royong dan jamuandiadakan di tepi kolam renang bagi penghunikondominium.

Dengan minat pembeli yangberterusan populasi pendudukdijangka akan meningkat sebanyak15,000 orang dalam masa tigatahun, terutamanya denganlokasinya yang mudah dihubungiserta kemudahan tambahan yangsedang dibina. Ini termasukpembukaan Tesco Seri Alam –Pasar Raya Tesco pertama di JohorBahru yang akan dibina,

penaikkan taraf Lebuh Raya Pasir Gudang,pembukaan Lebuh Raya Senai - Pasir Gudang danpembinaan laluan tambahan ke pusat bandar.


45

Di samping menjalaniaktiviti pembangunan, UM Land turut aktifmelaksanakan langkah-langkahpemasaran strategik yang agresif. Inisiatif ini jelas kelihatan dalam projekperbandaranteragungnya – Bandar Seri Alam.

kiri Rumah Impiana

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46

B a n d a rSeri Putra

atas Rumah D’ Puncak Putra

Dari pusat bandar Kuala Lumpur, perjalanan lancar terus ke lebuh raya Kuala Lumpur - Seremban danpersimpangan Putra - Mahkota, anda akan sampai ke Bandar Seri Putra, sebuah oasis nyaman dalammasa 30 minit sahaja.

Apabila anda memandu melalui bandar ini sambil menikmati persekitarannyayang nyaman dan pemandangan bukit-bukau yang indah beralun, iasememangnya satu pengalaman yang menyegarkan. Bandar Seri Putra terletakdi dalam persekitaran yang bebas daripada aktiviti perindustrian dan kesesakanlalu lintas, lalu menjadikannya kawasan yang amat menenangkan dan sunyidaripada kesibukan trafik di Kuala Lumpur. Fasa-fasa yang sudah siap termasukkelompok rumah-rumah yang indah reka bentuknya, pusat jagaan kanak-kanakyang berwarna ceria, padang-padang yang menghijau, taman berlanskap indahdan taman-taman permainan yang menarik serta suasana yang sungguh sesuaiuntuk kehidupan keluarga bahagia.

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47

Apabila melihat rumah-rumah di sini yang cantik diubah suaidengan seni taman yang indah, jelaslah bahawa penduduk-penduduk berpuas hati dengan penjimatan yang mereka perolehidaripada pembelian pada harga yang amat berpatutan. Daerahperniagaannya yang berciri kedesaan, terdiri daripada beberapakedai kopi yang menarik dan kafe internet yang sedia menantikunjungan pelanggan. Kedamaian dan kemesraan yang terjalin diBandar Seri Putra juga boleh dirasai apabila melihat penduduk-penduduknya bersembang dan beramah-mesra dalam suasana yangcukup harmoni.

Bandar ini boleh menampung 35,000 penduduk dan setakat inihampir 50 peratus daripada kawasannya telah dibangunkan dan kinididiami lebih daripada 10,000 orang penduduk. Para penduduk di sini menikmati akses yang cepat dan mudah ke Putrajaya,Lapangan Terbang Antarabangsa Kuala Lumpur dan pusat-pusatpendidikan tinggi berhampiran seperti Universiti Putra Malaysia, Universiti Kebangsaan Malaysia danKolej Universiti Islam Antarabangsa Selangor (KUIS). Berdasarkan maklum balas yang diterima,penduduk Bandar Seri Putra amat berpuas hati dengan pembelian rumah mereka kerana ruangdalamannya yang luas serta harganya yang berpatutan. Mereka turut gembira dengan kualiti seni binabangunan dan infrastruktur yang disediakan di samping menikmati nilai pelaburan yang kianmeningkat.

Sebagai kumpulan penduduk pertama di sini, mereka mengharapkan penyediaan lebih banyakkemudahan serta perkhidmatan. Baru-baru ini, penghuni Bandar Seri Putra mula menikmatikemudahan operasi balai polis dan pejabat pos. Tidak lama lagi, sebuah sekolah rendah dan sekolahmenengah, masjid dan pusat makan akan dibina yang pastinya akan meningkatkan lagi keistimewaandan nilai pelaburan di Bandar Seri Putra.

Apabila lebih banyak kemudahan,ameniti serta entiti komersial wujud

di Bandar Seri Putra, maka wujudlahsatu kehidupan berkomuniti

menyeluruh yang lebih dinamik.

atas Rumah D’ Punchak Putra

kanan Rumah D’ Sentral Terrace


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Di koridor pembangunan Tebrau yang semakinpopular, Mount Austin merupakan sebuahkawasan yang pesat membangun dengan aksesyang mudah dan kawasan perumahan yangmenarik. Di sini, akses mudah melalui JalanTebrau dan lebuh raya Pasir Gudang ke bandarraya Johor Bahru, kawasan beralun yang luas,berhampiran dengan resort golf 36-lubang serta berberapa pusat komersial menawarkankeunggulan kehidupan pinggir kota bagigolongan kelas pertengahan.

Seri Austin merangkumi kawasan hartanahpegangan bebas seluas 500 ekar dengan lokasinyayang baik, serta reka bentuk rumah berkualitidan harga berpatutan menawarkan gaya hidupselaras dengan temanya “Simply Better”.

Dirancang agar sesuai untuk suasana kehidupankomuniti yang sihat, pembangunan termasukpresint-presint individu yang dihubungkanantara satu sama lain oleh taman-taman linear.Demi keselamatan dan privasi penduduk, rumah-rumah dibina secara berkelompokan didalampresint-presint dengan jalan masuk terhad.Jumlah unit di setiap presint turut dirancang rapiuntuk menjamin kediaman optima di kawasankejiranan ini.

Untuk memupuk suasana kejiranan yang sihatdan rapat, kawasan rekreasi yang mencukupidisediakan untuk penduduk bersantai danmenenangkan fikiran sambil beramah-mesra.Taman-taman, trek joging dan laluan basikal jugaakan dibina di segenap pembangunan Seri Austinuntuk menggalakkan gaya hidup yang sihat.

Sambutan hangat yang diterima semasapelancaran rasmi Seri Austin membuktikankejayaan konsep ini. Pada Julai 2005, pelancaranprojek ini telah berlangsungdalam suasana karnival yangmeriah dengan pelbagai aktiviti menarik untuk seisikeluarga diantaranya, aktivitimenunggang kuda dan gajah,pertunjukan burung helang danular, pelbagai permainan danpertunjukan “paraglider”.

atas Rumah Azalea

Seri Aust in

48

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Pembangunan Seri Austin semakin populardisebabkan kelebihannya seperti penjenamaankorporat yang kukuh, rekod pembangunanyang cemerlang, ditambah pula denganpembinaan rumah-rumah dengan reka bentukyang menawan dan berkualiti tinggi.

Ia diikuti dengan perasmian desa pameran SeriAustin pada bulan November. Desa pameran ini,sebahagian daripada misi Kumpulan dalammeningkatkan pengalaman pelanggan,mempamerkan enam jenis rumah yang berlainanyang menawarkan peluang untuk pelangganmelihat, merasa and mengalami nilai kediamanyang “Simply Better” yang mempunyai pelbagaireka bentuk yang menawan dan berkualiti tingginamun berharga kompetitif.

Kepopularan Seri Austin bukan semata-matakerana rekabentuk moden dan seni binakediamannya yang menawan. Kumpulan telahmengambil langkah yang proaktif dalampemasaran untuk lebih menonjol daripadapembangunan dipersekitarannya. Keutamaandiberikan untuk meningkatkan kesedaran jenamadan memperbaiki komunikasi pemasaran. Ini telah memberikan projek lebih pendedahan dan keunggulan - menjadikannya buah mulutorang ramai.

Pembangunan bersepadu ini dijangkaakan menempatkan 29,000 orangpenduduk apabila lengkap pada tahun2011. Setakat ini, tiga fasa telahdilancarkan. Produk kemuncak bagitahun depan termasuk rumahberkelompok dan rumah dua tingkatyang lebih luas.


atas Rumah Azalea

tengah dan bawah Rumah Deanna

49

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Pembangunan Kuala Lumpur Sentral yangbertaraf antarabangsa, di sekitar pusatpengangkutan yang bertaraf dunia telahmembawa pelbagai manfaat kepada projekSuasana Sentral Loft oleh UM Land. Ini jelas terbukti apabila projek kediaman ini yang mendapat namanya daripadaperkataan Lofty (bermaksud tinggi - sesuai

dengan silingnya yang tinggi) menerimasambutan yang amat menggalakkan setelahdilancarkan. Suasana Sentral Loft dilihatsebagai satu mercu tanda hebat di dalamlokasi yang unggul, lengkap dengan reka bentuk menarik serta konsep baru yang canggih. Jika anda gemarmelancong dan inginkan kehidupan mewah di bandar, inilah tempat yang paling sesuaiuntuk anda.

Kedudukan Suasana Sentral Loft di kawasanstrategik berhampiran dengan gerbangantarabangsa Stesen Sentral Kuala Lumpur,menawarkan gaya hidup yang diimpikan,ianya lengkap dengan segala kemudahanharian, pejabat dan hiburan di dalamkawasan metropolitan yang eksklusif.Antara kemudahan di sini termasuk pejabat,pusat-pusat komersial, bank, pangsapurikhidmat dan hotel-hotel bertaraf limabintang. Lapangan Terbang AntarabangsaKuala Lumpur yang terletak hanya 28 minitsahaja menaiki ERL dari sini turutmemudahkan pergerakan mereka yanggemar melancong ke luar negara.Kesemuanya tersedia demi keselesaan hidupanda di dalam pembangunan yangberstatus MSC ini.


50

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Hanya beberapa bulan sahaja selepas pelancaranprojek, 90 peratus daripada unit-unitnya berjayadijual! Para pembeli berminat dengan keistimewaanyang ditawarkan seperti lokasinya yang unggul,rekaan dalamannya yang menarik, potensi pelaburanyang tinggi serta konsep uniknya. 20 peratus daripadapembelinya merupakan pelabur asing. Ini jelasmenunjukkan tarikannya begitu ketara di pasaranantarabangsa. Projek jirannya, Kondominium SuasanaSentral, turut menunjukkan peningkatan nilaisemenjak tahun 2002. Malah ada yang telah mendapatkeuntungan daripada kenaikan nilai pelaburansebanyak 40 peratus. Dengan 60 peratus daripadapembelian hartanah tersebut untuk tujuanpelaburan, jelaslah bahawa projek ini berpotensiuntuk memberi pulangan pelaburan yang tinggi.

Reka bentuk dan seni bina bangunan ini mempunyaipenampilan yang ringkas lagi kemas. Tambahan pula,dengan lanskap semula jadi dan persekitaran yangindah, ia bakal menjadi mercu tanda yangmenampilkan satu pembangunan kondominiumserba mewah di bandar raya Kuala Lumpur.

Suasana Sentral Loft menawarkan pelbagaikeistimewaannya yang tersendiri dan unik sepertikolam renang infiniti yang lengkap dengan muzik di dalam air serta bilik mandi utama yangmenakjubkan dengan tingkap-tingkap besar berpanelkaca, dinding kaca lut sinar dan tab mandi besar“sunken” yang eksotik. Di samping itu, di tingkat 38bangunan pula terdapat kelab eksklusif, iaitu SkyClub, yang menyediakan ruang istirehat, gimnasium,tempat BBQ serta bilik pelbagai guna. Daripada SkyClub ini, anda boleh menikmati keindahan TamanTasik Perdana.

Keunggulan Suasana Sentral Loft dan ciri-ciri uniknya amat mengkagumkan sehingga ia hangatdiperkatakan di kalangan para arkitek. Sekiranyamemandu kereta laju membuat anda merasa lebihmuda, kehidupan di Suasana Sentral Loft pasti akanmenambahkan semangat dan inspirasi anda. Secarakeseluruhannya, projek ini benar-benar unik danberciri tersendiri.

Konsep unik tab mandi “sunken”yang eksotik menambahkan lagi

suasana romantik sementara kolamrenangnya yang lengkap dengan

muzik di dalam air, Sky Club, kelabeksklusif di tingkat 38 yang menghala

ke pemandangan indah di pusatbandar, kelab istirehat, gimnasium,

tempat BBQ dan bilik pelbagai gunamelengkapkan gaya hidup serba

mewah yang diidamkan.

51

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52Seri Bukit

Ceylon

Kesibukan trafik kerapkali menjadi kesukaran bagi mereka yangbekerja di pusat bandar. Sememangnya berada di kawasan yang riuhdengan pelbagai aktiviti, berhampiran kawasan Bukit Bintang danMenara Kembar Petronas KLCC khasnya, dikelilingi pelbagai pusatkunjungan pelancong seperti Bintang Walk, Starhill dan SungeiWang yang terkenal sebagai pusat membeli-belah, menjamu seleradan hiburan utama di KL.

Di sinilah terletaknya keistimewaan pangsapuri khidmat Seri BukitCeylon, yang merupakan projek ulung UM Land dalampembangunan khusus. Ia menawarkan gaya hidup urban mewahyang serba lengkap di pusat bandar raya.

atas Duplex Business Suite

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53

Apa yang lebih menarik adalah ianya diuruskanoleh Kumpulan Ascott International Management,di bawah jenama Somerset. Ini menjaminkanpenyelenggaraan yang berkualiti yang telahdinilaikan sekali dalam pakej harga yangberpatutan bagi unit-unitnya.

Penyerahan kesemua 246 unit telah pun dibuat danramai telah mula menikmati gaya hidup yangditawarkan oleh projek khusus ini. Sama ada ianyamerupakan bilik suit perniagaan, pangsapurikhidmat ataupun kondominium, semua hartanahdi dalam projek ini menjanjikan pulangan yangtinggi terutama sekali dengan sokongan daripadapemaju yang bereputasi tinggi serta perikatanstrategik dengan Kumpulan Ascott InternationalManagement.

Ramai pemilik merasa bertuah sebab unit-unityang telah dibeli semakin meningkat nilainya. Inidisebabkan projek ini menyediakan khidmatpenyelenggaraan yang baik serta jaminan Somersetyang bereputasi tinggi.

Terdapat banyak kelebihan lain di sini. Di sampinglokasinya yang berhampiran dengan pusatperniagaan utama, pusat membeli-belah terkemukadan pusat makan dan hiburan yang popular,penghuni juga menikmati akses mudah ke stesenmonorel Raja Chulan dan Bukit Bintang. Merekajuga menikmati pelbagai kemudahan tambahan di dalam bangunannya sendiri seperti pusatperniagaan, kolam renang, gimnasium sertaperkhidmatan opsional seperti dobi dan mengemasrumah. Secara ringkasnya, ia menawarkan segalakeselesaan hidup yang diperlukan oleh golonganurban muda dan eksekutif dinamik hari ini!

Kehidupan selesa yang dilengkapikemudahan serba moden dan bangunan

indah serta memenuhi impian kehidupanurban pasti meningkatkan lagi pulangan

nilai pelaburan Seri Bukit Ceylon.

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C o r p o r a t e

Bandar Seri Alam Johor, 5 JanuaryLed by a monk from Thailand,200 Buddhists gathered at theBandar Seri Alam Town Park

to release birds and turtles in memoryof the tsunami victims.Bandar Seri Alam Johor, 5 JanuariDiketuai oleh seorang sami dari Thailand,seramai 200 penganut agama Buddhaberkumpul di Taman Bandar Seri Alam untukmelepaskan burung dan penyu sebagai tandamemperingati mangsa-mangsa tsunami.

januaryjanuari

Bandar Seri Alam Johor, 19 February More than 200 guestswere treated to games, entertainment

and a delicious buffet during theBandar Seri Alam Gong Xi Fa Cai

celebrations.

Bandar Seri Alam Johor, 19 Februari Lebih daripada 200 orang tetamu

diraikan dengan pelbagai jenis permainan,hiburan serta hidangan bufet yang enak sempena

sambutan Gong Xi Fa Cai Bandar Seri Alam.

Kuala Lumpur, 21 FebruarySuasana Sentral Two Sdn Bhd, a 70:30 joint

venture between UM Land and MRCB, held amedia launch to unveil

the Suasana SentralLoft’s captivating

development concept.Kuala Lumpur, 21 Februari

Suasana Sentral Two Sdn Bhd, projekusaha sama 70:30 di antara UM Land dan

MRCB, mengadakan pelancaran mediauntuk memperkenalkan projek

pembangunan Suasana Sentral Loft dankonsep uniknya.

Bandar Seri Alam Johor, 27 February Bandar Seri Alam residents,in a joint effort with Majlis PerbandaranJohor Bahru Tengah and the HealthDepartment, organised a “Majlis Gotong-royongMenangani Wabak Denggi” to effectivelyeliminate surrounding aedes breeding areas.

Bandar Seri Alam Johor, 27 Februari Penduduk Bandar Seri Alam bersamadengan Majlis Perbandaran Johor Bahru Tengah danJabatan Kesihatan, menganjurkan Majlis Gotong-royongMenangani Wabak Denggi untuk menghapuskankawasan-kawasan pembiakan nyamuk aedes.

!

!

K a l e n d a r

!

februaryfebruari

54

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55

C a l e n d a r ’ 0 5

Bandar Seri Alam, 25 MacSeri Alam Properties Sdn Bhdmenyerahkan kunci bagi 160 unit Fasa 5C Rumah Teres Dua Tingkat Doric dan Corinthian.

marchmac

K o r p o r a tBandar Seri Putra,

Selangor, 8 AprilBangi Police Station began its

operations in a central locationwithin Bandar Seri Putra.

Bandar Seri Putra Selangor, 8 AprilBalai Polis Bangi memulakan operasi di lokasi pusat

di dalam Bandar Seri Putra.

Bandar Seri Putra Selangor, 12 AprilPOS Malaysia started operations at its newoutlet in Bandar Seri Putra.

Bandar Seri Putra Selangor, 12 AprilPOS Malaysia memulakan operasi cawangan barunya diBandar Seri Putera.

!

!

aprilapril

Bandar Seri Alam Johor, 3 MarchA newly-renovated workshop for the

Johor Children Spastic School was opened in Bandar Seri Alam.

Bandar Seri Alam Johor, 3 MacSatu bengkel yang baru diubahsuai bagi Sekolah Kanak-kanak

Spastik Johor dibuka di Bandar Seri Alam.

Kuala Lumpur, 4 MarchSuasana Sentral Two Sdn Bhd

organised a Directors’ Cocktail Night tocelebrate the overwhelming sales

garnered by the Suasana Sentral Loft.

Kuala Lumpur, 4 MacSuasana Sentral Two Sdn Bhd menganjurkan Majlis

Koktel Pengarah untuk meraikan pencapaian jualanlumayan daripada Suasana Sentral Loft.

Bandar Seri Alam, 25 MarchSeri Alam Properties Sdn Bhdhanded over keys for 160 units ofits Phase 5C Doric and CorinthianDouble Storey Terraces.

maymei

Bandar Seri Alam Johor, 8 MayThe ‘Rediscover Seri Alam’ campaign was kicked off at

the Seri Alam Fest. It brought together about 5,000visitors from all walks of life to celebrate, experience

and rediscover Seri Alam’s appeal as a family township.

Bandar Seri Alam Johor, 8 MeiKempen ‘Rediscover Seri Alam’ telah dilancarkan di Pesta Seri Alam.

Ia berjaya menarik lebih kurang 5,000 orang pengunjung dari pelbagailapisan masyarakat untuk meraikan, mengalami dan mengenali ciri-ciri

unggul dalam kehidupan kekeluargaan di Bandar Seri Alam.

!

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56

Bandar Seri Alam, Johor, 20 AugustTesco Stores (M) Sdn Bhd, one of the biggest and most established

names among hypermarkets in Malaysia, signed a 30-year land leasewith Seri Alam Properties Sdn Bhd. The event was witnessed by

Johor Menteri Besar, YAB Datuk Abdul Ghani Othman. Also presentwas State Domestic Trade and Consumer Affairs Committee

Chairman Datuk K.S. Balakrishnan.

julyjulai

Kuala Lumpur, 29 to 30 JuneThe Group initiated a review of its Strategic Plan

and started it with an External EnvironmentalAnalysis and an organisational Audit Survey

Kuala Lumpur, 29 hingga 30 JunKumpulan menjalankan kajian ke atas Pelan Strategik bermula

dengan Analisis Persekitaran Luar dan Tinjauan Audit Organisasi.

Bandar Seri Alam, 8 JulySeri Alam Properties Sdn Bhd

handed over keys to 64 units ofSuperlink Lakeside Residency,

a gated community.

Bandar Seri Alam, 8 JulaiSeri Alam Properties Sdn Bhd menyerahkan kunci bagi 64 unit Superlink Lakeside Residency, sebuah perumahan komuniti berpagar.

Bandar Seri Putra, Selangor, 24 JulyBandar Seri Putralaunched its inauguralProperty Fest with theunveiling of the SeriPutra show village

showcasing its new series of townhousesand double-storey terraces.

Bandar Seri Putra Selangor, 24 JulaiBandar Seri Putra melancarkan Pesta Hartanah pertamanya dengan pelancaran desa pameransiri baru rumah bandar dan teres dua tingkat.

Seri Austin, Johor Bahru, 26 JulyDatuk Bandar of Johor Bahru, Datuk Wahidbin Dahlan, officiated the Seri Austin SalesGallery and the Seri Austin Fest down south,marking its maiden launch with as muchfun and excitement! The events wereinjected with fun-filled carnival atmosphereand are meant to represent the signaturestyle for all UM Land’s future launches.

Seri Austin, Johor Bahru, 26 JulaiDatuk Bandar Johor Bahru, Datuk Wahid bin Dahlan telahmerasmikan Galeri Jualan Seri Austin dan Pesta Seri Austin di dalam suasana yang menyeronokkan dan menghiburkan!Acara-acara telah berlangsung di dalam suasana karnivalyang sungguh meriah. Semua pelancaran UM Land di masadepan akan berlangsung di dalam suasana kemeriahanseperti ini.

Kuching, Sarawak 28 JulyUM Land Group celebrated its Family Day inKuching, Sarawak, from 28 July till 31 July. Over 575employees enjoyed a fun-packed 3-day getaway that

included games and sports, a citytour, trips to tourist attractions aswell as a ‘Flora and fauna’-themeddinner.

Kuching, Sarawak 28 JulaiKumpulan UM Land meraikan Hari Keluarga di Kuching, Sarawak dari 28 Julai hingga 31 Julai.Lebih daripada 575 orang kakitangan menyertaipercutian 3 hari ini yang penuh dengan acarapermainan dan sukan, kunjungan ke pusatbandar dan pusat tarikan pelancong serta majlismakan malam yang bertemakan ‘Flora and fauna’.

!

! !

junejun

Bandar Seri Alam, Johor, 20 OgosTesco Stores (M) Sdn Bhd, salah satu pasar raya terbesar dan terkemuka

di Malaysia, menandatangani perjanjian pajakan tanah 30-tahundengan Seri Alam Properties Sdn Bhd. Acara ini telah disaksikan oleh

tetamu kehormat, Menteri Besar Johor, YAB Datuk Abdul GhaniOthman. Turut hadir bersama ialah Pengerusi Jawatankuasa

Perdagangan Domestik dan Hal EhwalPengguna Negeri, Datuk K.S. Balakrishnan.

augustogos

C o r p o r a t eK a l e n d a r

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57Pasir Gudang Johor, 10 SeptemberSeri Alam Properties Sdn Bhd kicked off itsAnnual Golf Invitational - the Seri AlamMerdeka Classic at the Tanjong Puteri Golfand Country Resort. All sporting participantswere decked in red and blue - UM Land’scorporate colours.

Pasir Gudang Johor, 10 SeptemberSeri Alam Properties Sdn Bhd melancarkan Acara Golf Tahunan - Seri Alam Merdeka Classic di Tanjong Puteri Golf and Country Resort. Semua peserta telahberpakaian merah dan biru warna korporat UM Land.

Kuala Lumpur, 14 OctoberSuasana Sentral Two Sdn Bhd organized a

Majlis Berbuka Puasa with the orphansfrom Asrama Darul Falah Perkim.

Kuala Lumpur, 14 OktoberSuasana Sentral Two Sdn Bhd menganjurkan Majlis

Berbuka Puasa dengan anak-anak yatim daripada AsramaDarul Falah Perkim.

Kuala Lumpur, 20 OctoberUM Residences Sdn Bhdhanded over keys to 246 units of

serviced residencesin its Seri BukitCeylon development.

Kuala Lumpur, 20 OktoberUM Residences Sdn Bhdmenyerahkan kunci bagi246 unit pangsapurikhidmat Seri Bukit Ceylon.

!

Seri Austin, Johor Bahru, 13 November

Dynasty View Sdn Bhd unveiled itsAzeanna single-storey homes and

Azalea double-storey homes as part ofa day-long carnival celebration which

attracted a 6,000 strong crowd.

Seri Austin, Johor Bahru, 13 November Dynasty View Sdn Bhd melancarkan rumah satutingkat Azeanna dan rumah dua tingkat Azalea

di karnival pelancaran yang berjaya menarik 6,000 orang pengunjung.

novembernovember

Kuala Lumpur, 20 November UM Residences Sdn Bhd held a Hari Raya get-togetherparty at its newly completed Seri Bukit Ceylonserviced residences for all proud property owners. Thepoolside event served to welcome residents and fostera closer community. The highlight of the day was a

lucky draw that rewarded 42homeowners with new electricalappliances for their homes.

Kuala Lumpur, 20 November UM Residences Sdn Bhd mengadakanjamuan Hari Raya di pangsapuri khidmatSeri Bukit Ceylon yang baru siap untuksemua pemilik unit. Acara berlangsung di tepi kolam renang dan bertujuan untukmenyambut kedatangan para penghuniserta menjalinkan kemesraan komuniti.Acara kemuncak pada hari tersebut adalahcabutan bertuah di mana 42 orang pemilikrumah telah memenangi barangan alatelektrik untuk rumah baru mereka.

!

Bandar Seri Alam Johor, 20 NovemberMarked the final release of the Idaman Series

homes and the second type of Elegance SeriesHomes – refreshing designs that inspired visitors

to “Rediscover Seri Alam”.Bandar Seri Alam Johor,

20 November Menandakan pelancaran terakhir rumah SiriIdaman dan Rumah Siri Elegance (jenis kedua) yang

menawarkan reka bentuk unik yang mengkagumkanpengunjung ke pesta “Rediscover Seri Alam”. !

septemberseptember

octoberoktober

C a l e n d a r ’ 0 5 K o r p o r a t

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58

!

Kuala Lumpur, 18 January

The year started off on a positivefooting with the signing

ceremony between UM Land, Bolton andCapitaLand committing to their joint venture

on the Mayang Land project, located invicinity of Kuala Lumpur City Centre (KLCC)

Kuala Lumpur, 18 JanuariTanda permulaan tahun

yang baik melalui majlis menandatanganiusaha sama di antara UM Land, Bolton dan

CapitaLand bagi melaksanakan projek MayangLand, yang terletak di persekitaran “Kuala

Lumpur City Centre (KLCC)”.

Kuala Lumpur, 26 JanuaryAn Extraordinary General Meeting was held to approve the appointment ofYBhg Tan Sri Dato’ Musa bin Hitam asChairman of UM Land.Kuala Lumpur, 26 JanuariMesyuarat Agung Luar Biasa telah diadakanuntuk meluluskan pelantikan YBhg Tan Sri Dato’Musa bin Hitam sebagai Pengerusi UM Land.

decemberdisember Kuala Lumpur, 6 - 12 December

Group Chief Executive Officer, EncikWan Abdullah bin Wan Ibrahimcommunicated UM Land’s 5-year Group Strategic Plan to allemployees across the board.

Kuala Lumpur, 6 - 12 Disember Ketua Pegawai Eksekutif Kumpulan, Encik WanAbdullah bin Wan Ibrahim, menjelaskan Pelan Strategik 5-tahun Kumpulan kepada semua kakitangan di seluruh organisasi.

Bandar Seri Alam Johor, 24 DecemberSeri Alam Properties Sdn Bhd got people in a Christmasspirit with the launch of the Suria and Impiana terraces.Both featured spectacularly-designed spacious layouts in a tropical setting.

Bandar Seri Alam Johor, 24 Disember Seri Alam Properties Sdn Bhd menyemarakkan semangatKrismas dengan melancarkan rumah teres Suria dan Impiana. Kedua-duanyamenawarkan susun atur yang hebat dan luas di dalam persekitaran tropika.

novembernovember

Kuala Lumpur, 23 November The Board of Directors gave their seal of approval to UM Land’s 5-yearGroup Strategic Plan 2006–2010.Kuala Lumpur, 23 November Lembaga Pengarah meluluskan Pelan Strategik 5-tahunKumpulan 2006–2010.

Bandar Seri Alam Johor, 11 December Residents of Vista Seri Alam enjoyeda poolside party to get to know one

another in BandarSeri Alam.

Bandar Seri Alam Johor,11 Disember Penghuni VistaSeri Alam beramah mesra dimajlis yang diadakan di tepikolam renang untuk menjalinkemesraan sesama pendudukdi Bandar Seri Alam.

!

january ‘06januari ‘06

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5959FINANCIAL

Calendar

Kuala Lumpur, UM Land reported its Quarter 4 financial 28 February/Februari results for the financial year ended 31 December

2004 to Bursa Malaysia Securities.

UM Land melaporkan keputusan kewangan Sukutahun keempat bagi tahun kewangan berakhir31 Disember 2004 kepada Bursa Malaysia Sekuriti.

Kuala Lumpur, UM Land announced its Quarter 1 financial30 May/Mei results for the financial period ending 31 December


UM Land mengumumkan keputusan kewanganSuku tahun pertama bagi tempoh kewanganberakhir 31 Disember 2005 kepada Bursa MalaysiaSekuriti.

Kuala Lumpur, UM Land held its 44th Annual General Meeting25 June/Jun at Crowne Plaza Mutiara, Kuala Lumpur.

UM Land mengadakan Mesyuarat AgungTahunan ke-44 di Crowne Plaza Mutiara, Kuala Lumpur.

Kuala Lumpur, UM Land announced its Quarter 2 financial24 August/Ogos results for the financial year ending 31 December


UM Land mengumumkan keputusan kewanganSuku tahun kedua bagi tahun kewangan berakhir31 Disember 2005 kepada Bursa Malaysia Sekuriti.

Kuala Lumpur, A final dividend of 7.5 sen gross per ordinary27 September share less tax, in respect of the financial year

ended 31 December 2004, was paid on 27 September 2005. This final net dividendamounted to RM12.53 million.

Dividen kasar akhir sebanyak 7.5 sen setiap saham, tolak cukai bagi tahun kewangan berakhir 31 Disember 2004 telah dibayar pada 27 September 2005. Demikian, dividen bersih akhir berjumlah RM 12.53 juta.

Kuala Lumpur, UM Land announced its Quarter 3 financial23 November results for the financial year ending 31 December


UM land mengumumkan keputusan kewanganSuku tahun ketiga bagi tahun kewangan berakhir31 Disember 2005 kepada Bursa Malaysia Sekuriti.

K a l e n d a r K e w a n g a n

59

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60 F I V E - Y E A R G R O U P F I N A N C I A L H I G H L I G H T Sp r e s t a s i k ewa n g a n k u m p u l a n b a g i l i m a t a h u n

2001 2002 2003 2004 2005RM million RM million RM million RM million RM million

RM Juta RM Juta RM Juta RM Juta RM Juta

Revenue 150.97 135.82 108.79 164.85 214.80Hasil

Profit before tax 14.66 18.07 23.66 35.02 36.86Keuntungan sebelum cukai

Shareholders’ equity 711.21 713.08 719.57 733.97 746.40Ekuiti pemegang saham

Total assets 1,066.19 1,004.13 978.48 1,143.54 1,191.83Jumlah aset

Issued and paid-up capital 231.63 231.63 232.35 232.35 232.35Modal diterbitkan dan berbayar

Gross dividend rate (%) 5.0 5.0 5.0 7.5 7.5Kadar dividen kasar (%)

Net earnings per share (sen) 4.3 4.4 6.1 8.9 12.6*Pendapatan bersih sesaham (sen)

Net tangible assets per share (RM) 3.07 3.08 3.10 3.16 3.22**Aset ketara bersih sesaham (RM)

* Net earnings per share (EPS) is calculated based on the weighted average number of shares of 232,005,534 in issue during the year. Pendapatan bersih sesaham (EPS) dikira berdasarkan purata bilangan saham berwajaran sebanyak 232,005,534 yang diterbit sepanjang tahun.

** Net tangible assets (NTA) per share is calculated based on the reduced number of shares of 231,957,933 in issue which is net of share buyback.Aset ketara bersih (NTA) sesaham dikira berdasarkan bilangan saham yang dikurangkan iaitu sebanyak 231,957,933 yang diterbit selepaspembelian balik saham.

A/R '06(2 Col) Eng-0004 23/05/2006 6:24 PM Page 60


61

Every new beginning

leads us forward

to new hopesand new

opportunities .

Setiap langkah

pembaharuanpasti membawa

bersamanyapeluang

dan harapanbaru.

A/R '06(2 Col) Eng-0004 23/05/2006 6:25 PM Page 61

62

The Board of Directors of United Malayan Land Bhd (UM Land or the Company) will continueits commitment in ensuring that the highest standards of corporate governance are practicedthroughout the Group. This is a fundamental part of discharging its responsibilities for theGroup’s continued progress and success in addition to safeguarding and enhancingshareholders’ investment and value whilst protecting the interests of other stakeholders ofthe Group.

The Board is pleased to report that the Group has strengthened its application of theprinciples and best practices recommended by the Malaysian Code on Corporate Governance(the Code) throughout the financial year ended 31 December 2005.

B O A R D O F D I R E C T O R S

The Board comprises members from diverse professional backgrounds with a wide range of business and financial experiencesrelevant to guide, lead and manage the Group towards achieving its business goals and objectives.

Board Composition and Balance

The Board currently has nine (9) members comprising eight (8) non-executive Directors and one (1) executive Director of whomfour (4) are independent. This composition is in compliance with paragraph 15.02 of the Listing Requirements of BursaMalaysia Securities Berhad (Bursa Securities) where at least two (2) or one-third of its members are independent directors. A brief profile of each member of the Board are presented on pages 8 to 15 of this Annual Report.

The Board recognizes that all Directors have equal responsibilities for the Group’s operations. The role of the independent non-executive Directors is particularly important in ensuring that the strategies proposed by Management are fullydeliberated and examined taking into account the long term interest of the shareholders and other stakeholders in which theGroup conducts its business.

There is a clear separation of role between the Chairman and the Group Chief Executive Officer with clear division ofresponsibilities to ensure proper balance of power and authority.

Appointments to the Board

The Nomination Committee is responsible for making recommendations for appointments to the Board and Board committees.This is to ensure that the level and make-up of its members are of the necessary calibre, experience and qualification neededto lead and manage the Group successfully.

Roles and Responsibil it ies

The Board retains full and effective responsibility for the overall strategic direction of the Group. It ensures that Managementdevelop and maintain sound policies and practices which will help to promote and drive long term sustainable growth andshareholders value. To this end, the Board had assumed the following responsibilities in accordance with the Best Practices ofthe Code:

• Determine the strategic plan for the Company and Group;

• Overseeing the conduct of the Group’s businesses;

• Identifying and managing principal risks affecting the Group;

• Reviewing the adequacy and integrity of the Group’s internal control system;

• Implementing succession planning for timely succession of Management within the Group; and

• Maintaining an effective investor relations programme and shareholders communication policy for the Group.

C O R P O R AT E G OV E R N A N C E S TAT E M E N T

A/R '06(2 Col) Eng-0004 23/05/2006 6:25 PM Page 62


63

Meetings

The Board meets on a scheduled basis, at least four (4) times a year with additional meetings convened as and when importantissues and decisions are required. During the financial year ended 31 December 2005, the Board met five (5) times to deliberateand consider a variety of significant matters including the review of the Group’s 5-year strategic plan, budget, quarterlyfinancial statements, corporate proposals and other related business matters that require deliberation and approval.

Details of attendance of each director who were in office during the financial year ended 31 December 2005 are set out below.All Directors in office during the said period have complied with the minimum 50% attendance requirement under the ListingRequirements of Bursa Securities.

%Directors Attendance of attendance

Tan Sri Dato’ Musa bin Hitam (Appointed on 26 January 2006) - Not applicable -

Lui Chong Chee (Appointed on 1 August 2005) 1/2 50

Dato’ Ng Eng Tee 5/5 100

Datuk Mohd Khamil bin Jamil (Resigned on 31 March 2006) 4/5 80

Datuk Syed Ahmad Khalid bin Syed Mohammed 5/5 100

Datuk Nur Jazlan bin Tan Sri Mohamed 5/5 100

Dr Choo Kian Koon (Resigned on 17 March 2006) 5/5 100

Syed Azmin bin Mohd Nursin @ Syed Nor (Appointed on 3 May 2006) - Not applicable -

Ng Eng Soon 5/5 100

Dato’ Mohd Hanafiah bin Omar 4/5 80

Tham Kui Seng (Resigned on 1 August 2005) 1/2 50

Pee Tong Lim (Resigned on 21 March 2005) 1/1 100

Soong Hee Sang (Appointed as Alternate Director to - Not applicable -Lui Chong Chee on 5 September 2005 and as a Director on 22 March 2006)

Rita Lau Chen Chen (Alternate Director to Dr Choo Kian Koon) - Not applicable -(Resigned on 17 March 2006)

Ahmad Shaifuldin bin Mahamad Sharudi (Alternate Director to Datuk Mohd Khamil - Not applicable -bin Jamil) (Resigned on 10 November 2005)

Note: Attendance record of alternate directors shall be read in concurrence with attendance record of their respective Principals.

Supply of Information

The Board of Directors has full and unrestricted access to all information pertaining to the Group’s businesses and affairs toenable them to discharge their duties effectively.

Prior to each Board meeting, Management provides an agenda together with comprehensive reports for each agenda item tobe discussed to each director in a timely manner to enable Directors to obtain further clarification or explanation, wherenecessary, in order to be adequately informed before the meeting.

The Directors also have access to independent professional advice, where necessary and appropriate, in the furtherance oftheir duties at the Company’s expense. All Directors have full access to the advice and services of the Company Secretary. TheCompany Secretary attends to all corporate secretarial administration matters of the Group in addition to attending meetingsof the Board and Board committees.

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64 C O R P O R AT E G OV E R N A N C E S TAT E M E N T (cont’d)

Directors ’ Training

All Directors have successfully completed the Mandatory Accreditation Programme conducted by Bursatra Sdn Bhd andattended relevant training programmes under the Continuing Education Programmes (CEP).

Further to the repealed Practice Note 15/2003 and Guidance Notes 10 on CEP requirements effective 1 January 2005, it is nolonger mandatory for Directors to undergo CEP. Nonetheless, listed companies must evaluate and determine the training needsof its directors on a continuous basis. As such, Directors of the Company are actively encouraged to attend relevant trainingprogrammes to further enhance their skills and knowledge whilst keeping abreast with industry developments.

Re-election

In accordance with the Company’s Articles of Association, one-third of the Directors for the time being shall retire from officeat every Annual General Meeting. Retiring Directors can offer themselves for re-election.

Directors who are appointed as additional directors or to fill casual vacancies during the year are subject to re-election by theshareholders at the next Annual General Meeting following their appointments.

Directors who are over the age of seventy years are required to submit themselves for re-appointment annually in accordancewith Section 129(6) of Companies Act, 1965. Presently, YBhg Tan Sri Dato’ Musa bin Hitam is subject to such re-appointment.

Directorships in other Companies

Pursuant to the Listing Requirements of Bursa Securities, each member of the Board shall hold not more than ten (10)directorships in public listed companies and not more than fifteen (15) directorships in non-public listed companies. Thisensures that their commitment, resources and time are focused for an effective input to the Board and the Company. AllDirectors are in compliance with this requirement.

Directors ’ Remuneration

Directors’ remuneration is determined at levels which enable the Company to attract and retain Directors with the relevantexperience and expertise needed to manage the Group effectively. For executive Directors, the component parts ofremuneration are structured so as to link rewards to corporate and individual performance. For non-executive Directors, thelevel of remuneration reflects the experience and level of responsibilities undertaken by these directors.

The determination of remuneration packages for non-executive Directors, including the non-executive Chairman, is a matterfor the Board as a whole. The Directors concerned are required to abstain from deliberations and voting on decisions in respectof their individual remuneration.

The remuneration package of the Directors is as follows:-

i. Basic salary - Basic salary for executive Directors is recommended upon consideration of individual performance and ratesof salary for similar positions in comparable companies.

ii. Fees - Directors’ fees are based on fixed sum as determined by the Board after considering comparable organizations andDirectors’ participation in various Board committees. The fees are approved by the shareholders at the Annual GeneralMeeting of the Company.

iii. Bonus Scheme - The Group operates a non-contractual bonus scheme for its executive Directors, which is determinedbased on the Group’s level of profit and individual’s performance during the period. Bonuses payable to executive Directorsare reviewed and approved by the Remuneration Committee after consultation with the Board.

iv. Benefits-in-kind - Other customary benefits such as medical care, car, driver, etc are made available as appropriate.

v. Directors’ Share Option - The executive Directors are eligible to participate in the Company’s Employees’ Share OptionScheme on the same terms and conditions as those offered to employees. The executive Directors’ movement in shareoptions during the year under review is reflected in the audited financial statements. No share options were offered tonon-executive Directors during the year under review.

A summary of the total remuneration of the Directors in office for the financial year ended 31 December 2005, distinguishingbetween executive and non-executive Directors, in aggregate with categorisation into appropriate components and the numberof directors whose remuneration falls into each successive bands of RM50,000 are disclosed as follows :-

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Directors ’ Remuneration (cont’d)

Executive Non-ExecutiveDirectors Directors Total

(RM) (RM) (RM)

Basic salaries and bonus 450,000 – 450,000Fees 25,000 169,000 194,000Meeting allowance 9,000 58,000 67,000Benefits-in-kind 20,525 – 20,525

––––––––––––––––––––––––––– ––––––––––––––––––––––––––– –––––––––––––––––––––––––––Total 504,525 227,000 731,525

======================= ======================= =======================

Executive Non-ExecutiveDirectors Directors Total

RM 0 - RM50,000 – 8 8RM50,001 - RM100,000 – 1 1RM450,001 - RM500,000 – – –RM500,001 - RM550,000 1 – 1

––––––––––––––––––––––––––– ––––––––––––––––––––––––––– –––––––––––––––––––––––––––Total 1 9 10

======================= ======================= =======================Board Committees

The Board is supported by Board committees which have been delegated with specific responsibilities within clearly definedterms of references primarily to assist the Board in the execution of its duties and responsibilities. With the exception of theExecutive Committee to which the Board has granted discretionary authority to deliberate and decide certain operationalmatters, the ultimate responsibility for final decision on all matters lies with the entire Board.

The following Board Committees were established by the Board with clearly defined terms of references:

Audit Committee

The Committee is authorized by the Board to investigate any activities within its terms of reference and shall have unrestrictedaccess to both the internal and external auditors and members of Management of the Group. The activities carried out by theCommittee during the year under review are summarized in the Audit Committee Report and its Terms of Reference as statedin pages 70 to 72 of this Annual Report.

BOARD OFDIRECTORS

Audit Committee

Executive Committee

Tender Board Committee

Remuneration Committee

Nomination Committee

Risk Committee

BoardCommittees

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66 C O R P O R AT E G OV E R N A N C E S TAT E M E N T (cont’d)

Executive Committee

The role of the Executive Committee (EXCO) is to assist the Board in reviewing major operational and financial issues,monitoring progress and performance of business units in addition to ensuring the achievement of the Group’s strategic goalsand objectives.

The functions of the EXCO include but are not limited to :-

• evaluation of the Group’s strategic plans;

• recommending all major investments and business deals to the Board;

• advising Management on the overall policies and practices of the Company and the Group;

• reviewing the performance evaluation and reward system to be used as a basis of measurement of Management’seffectiveness;

• monitoring the development and implementation of an investor relation programme; and

• such other functions as may be delegated by the Board from time to time.

Tender Board Committee

The Committee is tasked by the Board to oversee the Group’s tender and contract procurement processes in compliance withthe Group’s relevant policies and requirements. In addition, the Committee also considers, evaluates and approves tenderawards which are within its financial authority limit, taking into consideration various factors such as price, usage of productsand services and other relevant factors.

Remuneration Committee

The role of the Remuneration Committee is to recommend a remuneration framework for all executive Directors by ensuringthat the remuneration framework recommended reflects the Group’s performance. Additionally, the Committee also reviewsand approves annual salaries, incentive arrangements, service agreements and employment conditions for executive Directorsand employees as well as performing regular review of the competitiveness of the Group’s remuneration structure and policy.

Nomination Committee

The Nomination Committee recommends to the Board, candidates for all directorships of the Board and Board Committees andreview the structure and balance of appointments between executives and non-executives. Additionally it also reviews therequired mix of skills and experience and other qualities of all directorships.

Risk Committee

The Risk Committee assists the Board to actively focus and deliberate on all risk oversight responsibilities of the Group. TheCommittee reports to the Board and is tasked with maintaining an effective risk management system which will contributetowards the achievement of the Group’s strategic, financial, operational and other business objectives. Ultimately, the Board isresponsible for the Group’s overall responsibility for risk oversight within the Group.

I N V E S T O R R E L AT I O N S A N D S H A R E H O L D E R C O M M U N I C AT I O N

The Group supports the Code’s principle to encourage shareholders and investors participation and is committed to regular andproactive communication with shareholders and investors. Formal channels of communication such as press conferences areused to inform major developments in its business and operations. Established procedures are also in place to ensure the timelyrelease of share price sensitive information to the public.

During the year under review, the Company has participated in Bursa Securities’ research scheme aimed at profiling localcompanies by research analysts set up under the Capital Market Development Fund Bursa Research Scheme. Under thisscheme, Standard & Poor’s and CIMB Securities Sdn Bhd will provide research coverage on the Company for a period of twoyears. The objective of the Company’s participation in the research scheme is to enhance its communication channels with itsshareholders and investors.

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Shareholders also have the opportunity to communicate their views and discuss with the Board on matters affecting theCompany at the Annual and Extraordinary General Meetings (General Meetings). All shareholders are encouraged to attendGeneral Meetings and participate in the proceedings. Every opportunity is given to the shareholders to seek clarification fromBoard members on the resolutions being proposed and the Group’s performance and activities.

Shareholders and investors can also access the Company’s website (www.umland.com.my) for Corporate information, thequarterly financial results and all public announcements made by the Company.

AC C O U N TA B I L I T Y A N D A U D I T

Financial Reporting

The Directors ensure that the financial statements are prepared in accordance with Companies Act, 1965 and the applicableapproved accounting standards set by the Malaysian Accounting Standards Board so as to present a balanced andunderstandable assessment of the Group’s financial position and prospects.

Directors’ Responsibility Statement in respect of the preparation of the Annual Financial Statements

The Board is responsible for ensuring that the financial statements gives a true and fair view of the state of affairs of the Groupas at the end of the financial year and of the results and cashflow for the financial year then ended.

In preparing the financial statements, the Directors have ensured that relevant accounting policies were applied consistentlyand made judgements and estimates that are reasonable and prudent. The Directors have also ensured that all applicableaccounting standards have been followed and financial statements were prepared on the going concern basis as the Directorshave a reasonable expectation, having made enquiries, that the Company and Group have adequate resources to continue inoperational existence for the foreseeable future.

The Directors also have responsibility for ensuring that the Company keeps accounting records which disclose with reasonableaccuracy the financial position of the Company and of the Group which enable them to ensure that the financial statementscomply with the provisions of Companies Act, 1965.

The Directors have overall responsibilities for taking such steps as are reasonably open to them to safeguard the assets of theGroup to prevent and detect fraud and other irregularities.

Internal Controls

The Board acknowledge their responsibility for the Group’s system of internal controls not only financial controls but alsooperational and compliance controls as well as risk management.

The Directors’ Statement on Internal Control set out on pages 68 to 69 of this Annual Report provides an overview of the stateof internal control within the Group.

Relationship With The Auditors

The Board, through the Audit Committee maintains a transparent and professional relationship with the Company’s Auditors,both external and internal. A full report of the Audit Committee enumerating its role in relation to the internal and externalauditors is set out on pages 70 to 72 of this Annual Report.

This statement is made in accordance with the Board’s resolution dated 30 March 2006.

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68 S TAT E M E N T O N I N T E R N A L C O N T R O L

I N T R O D U C T I O N

Paragraph 15.27(b) of the Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) requires the board ofdirectors of public listed companies to include in its annual report a “statement about the state of internal control of the listedissuer as a group”. The Board of Directors (“Board”) of the Company is committed to maintaining a sound system of internalcontrol in the Group and is pleased to provide the following statement, which outlines the nature and scope of internal controlof the Group during the financial year.

B O A R D ’ S R E S P O N S I B I L I T Y

The Board is ultimately responsible for the Group’s system of internal controls which includes the establishment of anappropriate control environment and framework as well as reviewing its adequacy and integrity. Because of the limitationsthat are inherent in any system of internal controls, it can only provide reasonable but not absolute assurance against materialmisstatement or loss, as it is designed to manage rather than eliminate the risk of failure to achieve business objectives. Thesystem of internal controls covers, inter alia, risk management procedures and financial, operational and compliance controls.

The Board has established an ongoing process for identifying, evaluating and managing significant risks faced by the Group.This process has been in place throughout the year and up to the date of approval of the annual report and financial statements.It has been regularly reviewed by the Board and accords with the Statement on Internal Control: Guidance for Directors ofPublic Listed Companies (“Internal Control Guidance”) issued by the Task Force on Internal Control with the support andendorsement of Bursa Securities.

Whilst the Board maintains ultimate control over risk and control issues, it has delegated to the executive management theimplementation of the system of risk management and internal control within an established framework. The Board hasestablished key policies and has carried out a specific assessment of the Group’s risk management and internal control systems.

E N T E R P R I S E R I S K M A N A G E M E N T F R A M E WO R K

The Board fully supports the contents of the Internal Control Guidance and through the Audit Committee, continually reviewsthe adequacy and effectiveness of the risk management processes in place within the various business units of the Group. As such, the Board has formalised the process for identifying, evaluating and managing significant risks faced by the Groupthrough the establishment of an enterprise risk management framework.

Management is responsible for the management of risk, for developing, operating and monitoring the system of internalcontrol and for providing assurance to the Board that it has done so in accordance with the policies adopted by the Board.Further independent assurance is provided by the outsourced internal audit function, which performs its internal audit workon the Group’s operations in accordance with the internal audit plan.

The Board believes that maintaining a sound system of internal controls is premised on a clear understanding and appreciationof the following key elements of the Group’s enterprise risk management framework:

• A risk policy and procedures manual is in place and it outlines mainly the risk management strategies and policies, riskcommunication structure and monitoring of the Group’s risk management framework. This document is subject to reviewsand improvement from time to time in order to enhance risk management processes.

• During the financial year, a sub-board committee known as the Risk Committee has been established to enable the mainBoard perform a more active and meaningful oversight role of risk management within UM Land Group. The riskcommunication structure was revised to reflect the formation of this sub-board committee including the adoption of theterms of reference for the Risk Committee.

• A Risk Management Committee, headed by the Group Chief Executive Officer, is placed with the responsibility to identifyand communicate to the Risk Committee the present and potential critical risks the Group faces, their changes andmanagement’s action plans to manage these risks.

• The appointment of the Group Risk Coordinator at the Group level as well as Risk Coordinators at business unit levelensures that there is clear leadership, direction and coordination of the group-wide application of risk management.

• The management teams of the respective business units, on an ongoing basis, formulate action plans with implementationtimescales to address key risks and control issues in line with their risk profiles.

• The risk profiles of the respective business units are re-assessed regularly and were updated three times during thefinancial year in line with the risk management programme. Periodic updates on the risk profiles of business units arecommunicated to the Risk Management Committee and the Board.

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The Board considers that the enterprise risk management framework is robust, but will still subject the framework tocontinuous improvement, taking into consideration better practices and the changing business environment.

To further promote risk management culture within the Group, a risk management training session involving relevantexecutive and management staff was carried out during the financial year to reinforce their understanding of enterprise riskmanagement in addition to improving risk management knowledge and practices.

I N T E R N A L A U D I T F U N C T I O N

The internal audit function of the Group is outsourced to external consultants who report directly to the Audit Committee.

Internal audit evaluates the internal controls within the key activities of the Group’s businesses on the basis of an annualinternal audit plan presented to the Audit Committee for approval. The internal audit function adopts a risk-based approachand prepares its internal audit strategy and plan based on the risk profiles of the major business units of the Group.

The internal audit reports, including management’s action plans to improve the internal control system, are reviewed by theAudit Committee. The Audit Committee presents its findings to the Board based on the frequency of internal audit cycles setout in the internal audit plan.

For further details, please refer to the Audit Committee Report.

O T H E R R I S K A N D C O N T R O L P R O C E S S E S

The current system of internal control and risk management in the Group has within it, the following elements:

• There is in place an organisational structure with formally defined lines of responsibility and delegation of authority.

• A 5-year business plan outlining strategies towards achievement of corporate and business objectives of the Group, whichprovides a basis for monitoring the Group’s business performance.

• Established financial limits of authority, which have been approved by the Executive Committee of the Board, are in placeto ensure proper accountability and delegation of authority.

• A budgetary control system is in place whereby annual budgets are prepared by business units and approved by the Board.Review of actual performance against budget is regularly carried out, and this review encompasses both financial and non-financial key performance indicators. All major variances are reported to the Board. Appropriate remedial and correctiveactions will be taken by the management to minimise the adverse effect of such variances, where necessary.

• Standard operating procedures in respect of certain operational areas have been established to regulate the day-to-dayoperations within the Group. Such standard operating procedures are reviewed from time to time to address changes inbusiness operating environment.

W E A K N E S S E S I N I N T E R N A L C O N T R O L S T H AT R E S U LT I N M AT E R I A L L O S S E S

There were no material losses incurred during the current financial year as a result of weaknesses in internal control.Management continues to take measures to strengthen the control environment.

This statement is made in accordance with the resolution of the Board dated 30 March 2006.

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70

T E R M S O F R E F E R E N C E

The Audit Committee (AC) was established by the Board of Directors in 1995 to assist the Board in carrying out itsresponsibilities. The AC is governed by its Terms of Reference as stipulated on pages 71 to 72 of the Annual Report.

M E M B E R S H I P

The Audit Committee currently comprise three members out of which two are independent non-executive Directors namely:

1. Datuk Syed Ahmad Khalid bin Syed Mohammed Chairman/Independent Non-Executive Director

2. Datuk Nur Jazlan bin Tan Sri Mohamed Member/Independent Non-Executive Director

3. Soong Hee Sang Member/Non-Independent Non-Executive Director(Appointed on 22 March 2006)

4. Dr Choo Kian Koon Member/Non-Independent Non-Executive Director(Resigned on 17 March 2006)

M E E T I N G S

The AC shall meet at least four times a year. During the financial year ended 31 December 2005, the AC held a total of eight (8)meetings. Details of attendance by the AC members are set out below:

Attendance

Datuk Syed Ahmad Khalid bin Syed Mohammed 8/8

Datuk Nur Jazlan bin Tan Sri Mohamed 8/8

Dr Choo Kian Koon 8/8

Soong Hee Sang Not Applicable

The meetings were also attended by the senior management of the Group and the Group’s external auditors upon invitationby the Chairman of the Committee to provide input during deliberations on issues raised.

S U M M A RY O F AC T I V I T I E S D U R I N G T H E Y E A R

The Audit Committee performed the following activities during the financial year in the discharge of their duties andresponsibilities in accordance with its Terms of Reference:

• Reviewed and recommended the quarterly and year end financial results, external audit plans and related fees for theGroup to the Board for approval;

• Reviewed findings of audit examination conducted by the external auditors during the financial year;

• Quarterly review of recurrent related party transactions of the Group covered by the shareholders’ mandate and whererelevant, additional related party transactions and their appropriate disclosure requirements;

• Reviewed and approved internal audit plan for Cycle 6 and 7 including related fees for the Group;

• Reviewed internal audit recommendation arising from internal audit reviews in the respective cycles and management’saction plans to address the key improvement areas based on their implementation priority.

I N T E R N A L A U D I T F U N C T I O N

The internal audit review for the year 2005 covered the Company, Seri Alam Properties Sdn Bhd, Bangi Heights DevelopmentSdn Bhd, UM Residences Sdn Bhd, Suasana Sentral Two Sdn Bhd and Dynasty View Sdn Bhd with the overall scope andemphasis areas concentrated on high and significant risk areas of the following business processes:

A U D I T C O M M I T T E E R E P O RT

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Strategic processes

• Strategic management

Core processes

• Sales and marketing

• Project management

Resources processes

• Financial management

• Human resource management

• Legal and regulatory

The Audit Committee reviewed results of the internal audit exercise and considered the major findings of the exercise,including the recommendations by the internal auditors in key areas with improvement opportunities as well asmanagement’s proposed remedial action plans. Follow-up reviews on these highlighted observations and action plans will becarried out by the internal auditors in their subsequent review cycles in conjunction with Management-initiated reporting tothe Committee from time to time on measures undertaken to address key improvement areas.

T E R M S O F R E F E R E N C E O F T H E A U D I T C O M M I T T E E

COMPOSITION

The Audit Committee shall be appointed by the Board from amongst their number and shall consist of not less than 3 members, a majority of whom shall be independent directors of the Company. The Chairman of the Committee shall be anindependent director.

MEETINGS

Meetings shall be held not less than four times a year. A quorum shall be formed when a majority of the Committee membersare independent directors. The Chairman may call for a meeting upon the request of any Committee member, the ManagingDirector and the internal and external auditors. The attendance of employees, other directors, representatives of the internaland external auditors at such meetings will be at the Committee’s invitation.

The Secretary to the Audit Committee shall be the Company Secretary or Assistant Company Secretary or any other personappointed by the Committee. The Secretary will be responsible for keeping the minutes of meetings of the Committee andcirculating them to Committee members and other members of the Board of Directors.

AUTHORITY

The Committee is authorised by the Board to investigate any activities within its terms of reference and shall have unrestrictedaccess to both the internal and external auditors and members of management of the Group. The Committee is also authorisedby the Board to obtain independent professional advice and to secure the attendance of outsiders with relevant experience andexpertise if it considers this necessary in the performance of their duties.

DUTIES

The duties of the Committee shall be:-

• To consider the appointment of the external auditors, the audit fee and any questions of resignation and dismissal;

• To discuss with the external auditors:

– The audit plan;

– Their evaluation of the system of internal controls; and

– The audit report on the financial statements.

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DUTIES (cont’d)

• To ensure co-ordination of the external audit process where more than one audit firm is involved;

• To review the assistance given by employees of the Group to the external and internal auditors;

• To review the quarterly and year-end financial statements of the Company, focusing particularly on:

– Changes in accounting policies and practices;

– Significant and unusual events;

– Significant adjustments arising from the audit;

– The going concern assumption; and

– Compliance with accounting standards and other legal requirements.

• To discuss findings and matters arising from the interim and final audits, and any matters the auditors may wish to discuss;

• To review the internal and external auditors’ management letter and management’s response;

• To do the following where an internal audit function exits:

– Review the adequacy of the scope, functions and resources of the internal audit function, and that it has the necessaryauthority to carry out its work;

– Review the internal audit programme and results of the internal audit process and where necessary, ensure thatappropriate action is taken on the recommendations of the internal audit function; and

– Review any appraisal or assessment of the performance of members of the internal audit function.

• To review any related party transactions and conflict of interest situation that may arise within the Company or the Group;

• To consider the major findings of internal and special investigations and management’s response; and

• To consider other matters as defined by the Board.

A U D I T C O M M I T T E E R E P O RT (cont’d)

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73ADDITIONAL COMPLIANCE INFORMATION

1. S H A R E B U Y B AC K

During the financial year, the Company repurchased 76,800 of its own shares from the open market of Bursa Securities fora total consideration of RM75,356. Details of the shares repurchased are as follows:

No. of Highest Lowest AverageOrdinary Gross Gross GrossShares of Total Purchase Price Paid Price Paid Price Paid

Month RM1 Each Consideration* Per Share Per Share Per Share

RM RM RM RM

January 1,100 1,229 1.040 0.995 1.010

February 900 1,024 1.020 0.995 1.007

March 2,300 2,442 1.010 0.985 0.994

April 2,700 2,794 1.020 0.940 0.967

May 12,800 12,431 1.000 0.930 0.949

June 11,400 11,009 1.120 0.920 0.943

July 1,600 1,820 1.040 0.990 1.015

August 600 690 1.060 1.020 1.042

September 17,800 17,117 1.020 0.935 0.948

October 5,600 5,731 1.030 0.920 0.993

November 14,500 13,776 0.990 0.900 0.936

December 5,500 5,293 0.995 0.900 0.926––––––––––––––––––––––––––––––––––––––––––––––––––––

76,800 75,356–––––––––––––––––––––––––––––––––––––––––––––––

*Includes incidental cost such as commission, clearing fee and stamp duty.

Since the implementation of the share buy back scheme, the Company has purchased 388,700 of its own shares at a totalpurchase consideration, including incidental cost, of RM449,807 or at an average gross price of RM1.140 per share. These shares are now being held as treasury shares.

2. M AT E R I A L C O N T R AC T S

Save as disclosed below, there are no material contracts of the Company and/or its subsidiaries, involving directors' andmajor shareholders' interest, either still subsisting at the end of the financial year or, if not then subsisting, entered intosince the end of the previous financial year:

(i) On 7 March 2003, UM Residences Sdn Bhd (“UMR”), a wholly-owned subsidiary of the Company, entered into a jointventure agreement with Liang Court (Malaysia) Sdn Bhd (“LCSB”), a subsidiary of CapitaLand Limited which inturn is a major shareholder of the Company, to establish a joint venture partnership (“Partnership”) to govern thematerial aspects and conduct of the business of operation and management of the following:

(a) 48 units of the Seri Bukit Ceylon serviced residences located between the 5th and 8th floor which had beenpurchased by LCSB for purposes of the leasing agreements to be entered into between LCSB and the Partnership;

(b) another 48 units of the Seri Bukit Ceylon serviced residences located between the 9th and 12th floor for purposesof the leasing agreements to be entered into between UMR and the Partnership; and

(a) and (b) collectively referred to as “Somerset Serviced Residences” and

(c) other units of the Seri Bukit Ceylon serviced residences owned by individual owners (other than LCSB and UMR) (“Corporate Serviced Residences”) which are leased to UMR or its nominee pursuant to leasingagreements for subsequent re-letting to third parties,

(a), (b) and (c) collectively referred to as the “Business”, by the Partnership.

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74 ADDITIONAL COMPLIANCE INFORMATION (cont’d)

The Partnership also entered into a management agreement dated 7 March 2003 with Ascott InternationalManagement (Malaysia) Sdn Bhd (“AIM”), a subsidiary of CapitaLand Limited which in turn is a major shareholderof the Company, for purposes of engagement and appointment of AIM to operate, maintain, manage and market theBusiness for and on behalf of the Partnership. As consideration for the management services to be rendered by AIM,the Partnership has agreed to pay, inter alia, the following fees to AIM for each operating year during the initial 5-year period from the date of commencement:

• 3% of the total revenue of the Somerset Service Residences for that operating year;

• 10% of the gross operating profit of the Somerset Service Residences for that operating year; and

• 5% of the total revenue of the Corporate Service Residences for that operating year.

(ii) Joint venture and shareholders agreement dated 28 April 2004 between the Company and Malaysian ResourcesCorporation Berhad (“MRCB”) to govern a joint venture company, namely Suasana Sentral Two Sdn Bhd (“SSTwo”),for the development of the Suasana Sentral Loft condominium project in Kuala Lumpur Sentral.

(iii) Tenancy agreement dated 6 October 2004 between the Company and Tradewinds Corporation Berhad, a majorshareholder of the Company. The tenancy agreement is for the rental of office space at RM34,326.60 per month fora duration of 3 years from 1 August 2004 to 31 July 2007.

(iv) Management agreement dated 2 January 2005 between SSTwo, a subsidiary of the Company, and CapitaLandResidential Limited, a major shareholder of the company. The management agreement is for the procurement ofmanagement assistance at Singapore Dollar 17,026 per month for the period from 1 January 2005 to 30 June 2005.

(v) Sale and purchase agreement dated 31 March 2005 between SSTwo and Datuk Mohd Khamil bin Jamil for sale of acondominium for a cash consideration of RM659,072. Datuk Mohd Khamil bin Jamil was a former director of theCompany and SSTwo.

(vi) Sale and purchase agreement dated 31 March 2005 between SSTwo and Pee Tong Lim for sale of a condominium fora cash consideration of RM562,108. Pee Tong Lim is the Acting Group Chief Executive Officer of the Company anda director of SStwo.

(vii) Sale and purchase agreements dated 5 April 2005 and 9 August 2005 between SSTwo and Shahril Ridza bin Ridzuanfor sale of two condominiums for a total cash consideration of RM991,078. Shahril Ridza bin Ridzuan is a directorof SSTwo and MRCB which in turn is a major shareholder of SSTwo.

(viii) Sale and purchase agreement dated 11 April 2005 between SSTwo and Dato’ Ahmad bin Hj Ibnihajar for sale of acondominium for a cash consideration of RM416,506. Dato’ Ahmad bin Hj Ibnihajar is a director of MRCB.

(ix) Sale and purchase agreement dated 12 April 2005 between SSTwo and Wan Abdullah bin Wan Ibrahim for sale of acondominium for a cash consideration of RM607,220. Wan Abdullah bin Wan Ibrahim was a former alternatedirector of SSTwo and former Group Chief Executive Officer of the Company.

(x) Sale and purchase agreement dated 19 April 2005 between SSTwo and Datuk Azlan bin Mohd Zainol for sale of acondominium for a cash consideration of RM653,072. Datuk Azlan bin Mohd Zainol is a director of MRCB.

(xi) Sale and purchase agreement dated 25 April 2005 between SSTwo and Abdul Rahman bin Ahmad for sale of acondominium for a cash consideration of RM493,800. Abdul Rahman bin Ahmad is a director of MRCB.

(xii) Sale and purchase agreement dated 25 April 2005 between SSTwo and Dennis Ng Yew Kim for sale of acondominium for a cash consideration of RM672,592. Dennis Ng Yew Kim is the son of Dato’ Ng Eng Tee who in turnis a director of SSTwo, and major shareholder and director of the Company.

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2. M AT E R I A L C O N T R AC T S (cont’d)

(xiii) Sale and purchase agreement dated 28 April 2005 between SSTwo and Ahmad Zaki bin Zahid for sale of acondominium for a cash consideration of RM647,072. Ahmad Zaki bin Zahid is a director of MRCB.

(xiv) Sale and purchase agreement dated 29 April 2005 between SSTwo and Datuk Nur Jazlan bin Tan Sri Mohamed forsale of a condominium for a cash consideration of RM639,072. Datuk Nur Jazlan bin Tan Sri Mohamed is a directorof the Company.

(xv) Sale and purchase agreement dated 2 June 2005 between SSTwo and Dr Choo Kian Koon for sale of a condominiumfor a cash consideration of RM398,522. Dr Choo Kian Koon was a former director of SSTwo and the Company.

(xvi) Sale and purchase agreements dated 13 June 2005 and 11 August 2005 between SSTwo and Chan Chee Meng for saleof two condominiums for a total cash consideration of RM702,528. Chan Chee Meng is a director of SSTwo.

(xvii) Sale and purchase agreement dated 27 July 2005 between SSTwo and Datuk Zahari bin Omar for sale of acondominium for a cash consideration of RM432,461. Datuk Zahari bin Omar is a director of MRCB.

(xviii) Joint venture agreement dated 18 January 2006 between the Company, Bolton Berhad ("Bolton"), Acegoal Pte Ltd("Acegoal") and Alpine Return Sdn Bhd ("ARSB") to govern ARSB, the joint-venture company for the proposedcondominium development project on a piece of land located along Jalan Mayang, Kuala Lumpur. Pursuant to thesaid agreement, the issued and paid-up capital of ARSB shall be increased to RM40,000,000 and will be subscribedby the Company, Bolton and Acegoal in the proportion of 35%, 35% and 30% respectively. Acegoal is an indirectwholly-owned subsidiary of CapitaLand Limited which in turn is a major shareholder of the Company.

3. N O N - A U D I T F E E S

Non-audit fees paid to external auditors for the financial year ended 31 December 2005 amounted to RM79,420.

4. RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

At an extraordinary general meeting held on 28 June 2005, the Company had obtained shareholders' mandate to allow theCompany and/or its subsidiaries to enter into recurrent related party transactions of a revenue or trading nature. Pursuantto Paragraph 10.09(1)(b) of the Bursa Securities Listing Requirements, the details of the recurrent related party transactionsconducted during the current financial year are disclosed as follows:

Mandated Related Parties Nature of Transactions Value Interested Parties

RM

Bangi Heights Development Provision of 1,920,000 Interested Major ShareholderSdn Bhd management services • CapitaLand Limited

Interested Directors• Lui Chong Chee• Soong Hee Sang

Interested Former Directors• Tham Kui Seng• Dr Choo Kian Koon• Rita Lau Chen Chen

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76 ADDITIONAL COMPLIANCE INFORMATION (cont’d)

4. RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE (cont’d)

Mandated Related Parties Nature of Transactions Value Interested Parties

RM

CapitaLand Residential Procurement of (338,273) Interested Major ShareholderLimited management services • CapitaLand Limited



Suasana Sentral Two Provision of 740,000 Interested Major ShareholderSdn Bhd management services • CapitaLand Limited



Tradewinds Corporation Rental of office premise (496,901) Interested Major ShareholdersBerhad • Tradewinds Corporation Berhad

• Perspective Lane (M) Sdn Bhd• Restu Jernih Sdn Bhd• Tan Sri Syed Mokhtar Shah

bin Syed Nor

Interested Director• Syed Azmin bin Mohd Nursin @

Syed Nor

Interested Former Directors• Datuk Mohd Khamil bin Jamil• Ahmad Shaifuldin bin

Mahamad Sharudi

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77

5. F I N A N C I A L A S S I S TA N C E

At an extraordinary general meeting held on 28 June 2005, the Company had obtained shareholders' mandate to allow theCompany and/or its subsidiaries to provide/receive financial assistance to/from related parties. Pursuant to Paragraph10.09(1)(b) of the Bursa Securities Listing Requirements, the details of financial assistance provided to/procured fromrelated parties during the current financial year are disclosed as follows:

Balance as atType of Financial 31 December

Mandated Related Parties Assistance 2005 Interested Parties

RM

Bangi Heights Development 7,999,208 Interested Major ShareholderSdn Bhd • CapitaLand Limited



Bangi Heights Development 33,189,707 Interested Major ShareholderSdn Bhd • CapitaLand Limited



Suasana Sentral Two 27,958 Interested Major ShareholderSdn Bhd • CapitaLand Limited



Pooling of funds from the Companyand/or subsidiaries to Bangi HeightsDevelopment Sdn Bhd via centralisedtreasury management for a duration not exceeding 3 years

Pooling of funds from Bangi Heights Development Sdn Bhd to the Company and/orsubsidiaries via centralised treasury management for a duration not exceeding 3 years

Pooling of funds from the Companyand/or subsidiariesto Suasana SentralTwo Sdn Bhd via centralised treasury management for a duration not exceeding 3 years

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78 L I S T O F P R O P E RT I E S as at 31 December 2005

Description & Age of Land Net Book Date of LastLocation Existing Use Tenure Buildings Area Value Revaluation

Year Acre RM’000

BANDAR SERI ALAM

Mukim of Plentong Vacant land Freehold – 217.98 –District of Johor Bahru - Government reserve

6 Jalan Lembah Corporate office Freehold 9 7.95 16,031Bandar Seri Alam81750 Johor Darul Takzim

1 Jalan Purnama Equestrian clubhouse Freehold 8 59.16 10,928Bandar Seri Alam81750 Johor Darul Takzim

3 Jalan Persiaran Japanese school Freehold 8 5.01 7,867Bandar Seri Alam81750 Johor Darul Takzim

Mukim of Plentong Vacant Freehold – 680.21 295,008District of Johor Bahru development land

- Residential 279.58 219,784- Commercial 2.96 3,847- Recreational & others 372.28 45,144- School & hostel 0.72 744 - Agriculture reserve 24.67 25,489

Mukim of Plentong On-going development Freehold – 7.21 5,674District of Johor Bahru - Residential

Mukim of Plentong Vacant Freehold – 910.75 212,438 District of Johor Bahru development land

- Residential 468.62 117,157- Commercial 115.60 42,815- Industrial 49.84 9,534- Recreational & others 254.78 36,693- School & hostel 21.91 6,239

Mukim of Plentong On-going development Freehold – 118.27 38,311

District of Johor Bahru - Residential 116.35 35,963- Commercial 1.92 2,348

Mukim of Plentong Completed properties Freehold – 93.13 53,597

District of Johor Bahru - Residential 91.95 51,087- Commercial 1.18 2,510

Sub-total 2,099.67 639,854

Oct ‘96

May ‘90

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79

Description & Age of Land Net Book Date of LastLocation Existing Use Tenure Buildings Area Value Revaluation

Year Acre RM’000

BANDAR SERI PUTRAMukim of Kajang Vacant Freehold – 178.59 136,288District of Ulu Langat development landSelangor - Residential 90.79 46,769

- Commercial 87.80 89,519

Mukim of Dengkil Vacant Freehold – 25.75 12,141 District of Sepang development landSelangor - Industrial

Mukim of Kajang On-going development Freehold – 35.85 36,660District of Ulu Langat - ResidentialSelangor

Mukim of Kajang Completed properties Freehold – 4.09 3,768

District of Ulu Langat - Bungalow lots 3.25 1,919Selangor - Residential 0.07 276

- Commercial 0.77 1,573

Bangi Old Town Completed properties Freehold – 28.24 18,103

District of Ulu Langat - Bungalow lots 28.20 17,833Selangor - Residential 0.04 270

Sub-total 272.52 206,960

SERI AUSTINMukim of Tebrau Vacant land Freehold – 145.06 – District of Johor Bahru - Government reserve

Mukim of Tebrau Vacant Freehold – 301.89 126,379District of Johor Bahru development land

- Residential 290.54 120,461- Commercial 11.35 5,918

Mukim of Tebrau On-going development Freehold – 44.13 19,112 District of Johor Bahru - Residential

Sub-total 491.08 145,491

SERI BUKIT CEYLON8 Lorong Ceylon Completed properties Freehold – 0.62 3,326Off Jalan Raja Chulan - Service apartments50250 Kuala Lumpur and condominium

SUASANA SENTRAL LOFTLot 80, Seksyen 70 On-going development Freehold – 2.04 36,536 Kuala Lumpur - Residential

Grand total 2,865.93 1,032,167

Note : There has been no revaluation since the date of acquisition.

Note

Note

Note

Note

A/R '06(2 Col) Eng-0004 23/05/2006 6:25 PM Page 79

80 A N A LY S I S O F S H A R E H O L D I N G S as at 30 April 2006

a n a l i s a p e g a n g a n s a h a m pada 30 April 2006

AUTHORISED SHARE CAPITAL : 500,000,000Modal Saham Dibenarkan

ISSUED AND PAID-UP SHARE CAPITAL : 232,346,633Modal Saham Diterbit dan Berbayar

CLASS OF SHARES : ORDINARY SHARES OF RM1.00 EACHJenis Saham Saham Biasa bernilai RM1.00 sesaham

SUBSTANTIAL SHAREHOLDERS Pemegang Saham Utama

DIRECT INTEREST INDIRECT INTERESTKepentingan Langsung Kepentingan Tidak Langsung

LIST OF SUBSTANTIAL SHAREHOLDERS NO. OF SHARES NO. OF SHARESSenarai Pemegang Saham Utama Bil Saham % Bil Saham %

Wawasan Perangsang Mewah Sdn Bhd 57,153,500 24.60

Opal Holdings Pte Ltd 48,084,500 20.70

Chee Tat Holdings (S) Pte Ltd 17,828,634 7.67

Tradewinds Resources Sdn Bhd 17,826,000 7.67

Perspective Lane (M) Sdn Bhd 17,826,000 7.67

Restu Jernih Sdn Bhd 17,826,000 7.67

Tan Sri Syed Mokhtar Shah bin Syed Nor 17,826,000 7.67

Mohamed Ali Rashed Alabbar 57,153,500 24.60

Nor Azman bin Abd Halim 57,153,500 24.60

Vanda Holdings Pte Ltd 48,084,500 20.70

CapitaLand Residential Limited 50,064,500 21.55

CapitaLand Limited 50,064,500 21.55

Temasek Holdings (Private) Limited 50,064,500 21.55

Dato’ Ng Eng Tee 7,888,441 3.40 25,226,437 10.86

Ng Eng Soon 7,151,032 3.08 17,828,634 7.67

Ng Eng Ghee 6,560,864 2.82 17,826,634 7.67

DIRECTORS’ SHAREHOLDING Pegangan Saham Para Pengarah

DIRECT INTEREST INDIRECT INTERESTKepentingan Langsung Kepentingan Tidak Langsung

LIST OF SUBSTANTIAL SHAREHOLDERS NO. OF SHARES NO. OF SHARESSenarai Pemegang Saham Utama Bil Saham % Bil Saham %

Dato’ Ng Eng Tee 7,888,441 3.40 25,226,437 10.86

Ng Eng Soon 7,151,032 3.08 17,828,634 7.68

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81

SIZE OF SHAREHOLDINGS Saiz Pegangan Saham

NO. OF % OF NO. OF % OF SHARE SAIZ OF SHAREHOLDERS SHAREHOLDERS SHAREHOLDERS SHARES CAPITALSaiz Pegangan Saham Bil. Pemegang Saham % Pemegang Saham Bil. Saham Bil. Modal Saham

1-99 56 3.24 1,461 0.00

100 - 1,000 368 21.31 321,275 0.14

1,001 - 10,000 989 57.27 4,286,705 1.84

10,001-100,000 246 14.24 7,429,373 3.20

100,001 to less than 64 3.71 79,415,185 34.185% of issued shares

100,001 hingga kurang dari5% saham diterbitkan

5% and above of issued shares 4 0.23 140,892,634 60.64

5% dan ke atas saham diterbitkan

TOTAL Jumlah 1,727 100.00 232,346,633 100

LIST OF THIRTY LARGEST SHAREHOLDERS AS AT 30 APRIL 2006Senarai Tiga Puluh Pemegang Saham Terbesar Pada 30 April 2006

Name NO. OF SHARES % OF SHARE CAPITAL Nama Bil. Saham Bil. Modal Saham

1. Wawasan Perangsang Mewah Sdn Bhd 57,153,500 24.60

2. Opal Holdings Pte Ltd 48,084,500 20.70

3. Chee Tat Holdings (S) Pte Ltd 17,828,634 7.67

4. Mayban Trustees Berhad 17,826,000 7.67Pledged Securities Account for Tradewinds Resources Sdn Bhd

5. Khong Guan Flour Milling Limited 11,400,000 4.91

6. ICL Nominees (Asing) Sdn Bhd 7,151,032 3.08OCBC Securities Private Limited for Ng Eng Soon

7. HDM Nominees (Asing) Sdn Bhd 6,560,864 2.82UOB Kay Hian Pte Ltd for Ng Eng Ghee

8. Amsec Nominees (Asing) Sdn Bhd 3,939,618 1.70Fraser Securities Pte Ltd for Ng Yew Hui

9. Amsec Nominees (Asing) Sdn Bhd 3,939,617 1.70Fraser Securities Pte Ltd for Ng Yew Fong

10. Amsec Nominees (Asing) Sdn Bhd 3,939,617 1.70Fraser Securities Pte Ltd for Ng Yew Chuan

11. Amsec Nominees (Asing) Sdn Bhd 3,938,210 1.69Fraser Securities Pte Ltd for Ng Suat Paik Alice

12. Mayban Nominees (Tempatan) Sdn Bhd 3,496,800 1.50Pledged Securities Account for Musa Michael Lee Abdullah

SUB-TOTAL Jumlah kecil 185,258,392 79.74

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82 A N A LY S I S O F S H A R E H O L D I N G S as at 30 April 2006 (cont’d)

a n a l i s a p e g a n g a n s a h a m pada 30 April 2006 (samb.)

LIST OF THIRTY LARGEST SHAREHOLDERS AS AT 30 APRIL 2006Senarai Tiga Puluh Pemegang Saham Terbesar Pada 30 April 2006

Name NO. OF SHARES % OF SHARE CAPITAL Nama Bil. Saham Bil. Modal Saham

Brought forward Di bawa kehadapan 185,258,392 79.74

13. EB Nominees (Tempatan) Sendirian Berhad 3,180,000 1.37Pledged Securities Account for Ng Eng Tee

14. Ng Eng Tee 3,108,441 1.34

15. Khong Guan Group Pte Ltd 2,830,875 1.22

16. HDM Nominees (Asing) Sdn Bhd 1,980,000 0.85DBS Vickers Secs (S) Pte Ltd for Prime Securities Pte Ltd

17. AMMB Nominees (Asing) Sdn Bhd 1,600,000 0.69AmTrustee Berhad for King George Financial Corporation

18. Amsec Nominees (Asing) Sdn Bhd 1,600,000 0.69Pledged Securities Account for Ng Eng Tee

19. AMMB Nominees (Asing) Sdn Bhd 1,500,000 0.65AmTrustee Berhad for King George Park Ltd

20. Ng Yew Khim, Dennis 1,500,000 0.65

21. Hup Hock Trading Sendirian Berhad 1,406,250 0.61

22. Lembaga Tabung Haji 1,062,000 0.46

23. Ng Suet Ning, Tammy 1,000,000 0.43

24. Wong Winifred 1,000,000 0.43

25. Kah Hong Pte Limited 930,000 0.40

26. Taisho Company Sdn Berhad 927,000 0.40

27. Mayban Securities Nominees (Tempatan) Sdn Bhd 828,200 0.36Malayan Banking Berhad for Musa Michael Lee Abdullah

28. Amsec Nominees (Asing) Sdn Bhd 797,800 0.34Pledged Securities Account for Ng Yew Khim, Dennis

29. Victoria Prize Sdn Bhd 619,000 0.27

30. Khong Guan Biscuit Factory Sdn Berhad 574,500 0.25

TOTAL Jumlah 211,702,458 91.11

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83N O T I C E O F A N N U A L G E N E R A L M E E T I N G

NOTICE IS HEREBY GIVEN THAT THE

ANNUAL GENERAL MEETING of United Malayan Land Bhd will be held to transact the following businesses:-

Venue : Nirwana Ballroom 2, Lower Lobby, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur

Date : Tuesday, 20 June 2006

Time : 11.30 a.m.

Ordinary Resolution 1











O R D I N A RY B U S I N E S S :

1. To receive the Audited Accounts for the financial year ended 31 December 2005 together with theReports of the Directors and Auditors thereon.

2. To approve the payment of a Final Dividend of 5.0 sen per ordinary share, less tax, for the financialyear ended 31 December 2005.

3. To re-elect the following Directors, each of whom retires by rotation in accordance with Article 94 of the Company’s Articles of Association:-

i) YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed

ii) Encik Ng Eng Soon

4. To re-elect the following Directors, each of whom retires in accordance with Article 99 of theCompany’s Articles of Association:-

i) Encik Lui Chong Chee

ii) Encik Soong Hee Sang

iii) Tuan Syed Azmin bin Mohd Nursin @ Syed Nor

5. To consider and, if thought fit, to pass the following resolution:-

“That pursuant to Section 129(6) of the Companies Act, 1965, YBhg Tan Sri Dato’ Musa bin Hitam bere-appointed a Director of the Company to hold office until the next Annual General Meeting.”

6. To approve the payment of Directors’ fees for the financial year ended 31 December 2005.

7. To re-appoint Messrs PricewaterhouseCoopers as Auditors of the Company for the ensuing year andto authorise the Directors to fix their remuneration.

S P E C I A L B U S I N E S S :

8. To consider, and if thought fit, to pass the following ordinary resolution:-

AUTHORITY TO DIRECTORS TO ISSUE SHARES

“THAT subject always to the Companies Act, 1965, the Company’s Articles of Association andapproval of the relevant government/regulatory authorities, the Directors be and are herebyauthorised pursuant to Section 132D of the Companies Act, 1965, to issue shares in the Company atany time until the conclusion of the next Annual General Meeting and upon such terms andconditions and for such purposes as the Directors may, in their absolute discretion deem fit,provided that the aggregate number of shares to be issued does not exceed 10% of the issued sharecapital of the Company for the time being.”

9. To transact any other business of the Company for which due notice shall have been received inaccordance with the Companies Act, 1965.

45th

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84 N O T I C E O F A N N U A L G E N E R A L M E E T I N G (cont’d)

NOTICE IS ALSO HEREBY GIVEN THAT the Final Dividend of 5.0 sen per ordinary share, less tax, for the financial year ended31 December 2005, if approved by the shareholders at the 45th Annual General Meeting, will be paid on 19 September, 2006 toall shareholders registered in the Record of Depositors at the close of business on 12 September, 2006.

A Depositor with the Bursa Malaysia Depository Sdn Bhd shall qualify for entitlement to the dividend only in respect of:-

A) Shares transferred into the Depositor’s Securities Account before 12.30 p.m. on 12 September, 2006 in respect of ordinarytransfers; and

B) Shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of Bursa MalaysiaSecurities Berhad.

BY ORDER OF THE BOARD

ZURAIDAH MOHD YUSOFFMAICSA 7001552Company Secretary

Kuala Lumpur26 May 2006

NOTES:

1. Proxy• A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy

need not be a member of the Company. The instrument appointing a proxy shall be in writing under the hand of the appointor or hisattorney duly authorised in writing, or if the appointor is a corporation, under its common seal or in some other manner approved by itsdirectors.

• The Form of Proxy must be deposited at the Company’s Share Registrar, Securities Services (Holdings) Sdn Bhd at Level 7, MenaraMilenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur not less than forty-eight (48) hoursbefore the time set for the meeting or any adjournment thereof.

2. Authority to Directors to Issue SharesThis resolution, if passed, will give powers to the Directors to issue ordinary shares in the capital of the Company up to an aggregate amountnot exceeding 10% of the issued and paid-up share capital of the Company for the time being without having to convene a general meeting.This authority, unless revoked or varied at a general meeting, will expire at the next Annual General Meeting.

3. Statement Accompanying the Notice of Annual General MeetingAdditional information pursuant to Paragraph 8.28(2) of the Listing Requirements of Bursa Malaysia Securities Berhad is set out in AnnexureA in the Company’s 2005 Annual Report.

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85

ANNEXURE A

S TAT E M E N T AC C O M PA N Y I N G N O T I C E O F A N N U A L G E N E R A L M E E T I N G (Pursuant to Paragraph 8.28(2) of the Listing Requirements of Bursa Malaysia Securities Berhad)

Directors who are standing for re-election and re-appointment at the 45th Annual General Meeting of the Company scheduledto be held on Tuesday, 20 June 2006 at 11.30 a.m. at Nirwana Ballroom 2, Lower Lobby, Crowne Plaza Mutiara Kuala Lumpur,Jalan Sultan Ismail, 50250 Kuala Lumpur are:-

1. RE-ELECTION PURSUANT TO ARTICLE 94 OF THE COMPANY’S ARTICLES OF ASSOCIATION:-

a) YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed (Ordinary Resolution 3)

b) Encik Ng Eng Soon (Ordinary Resolution 4)

2. RE-ELECTION PURSUANT TO ARTICLE 99 OF THE COMPANY’S ARTICLES OF ASSOCIATION:-

a) Encik Lui Chong Chee (Appointed on 1 August 2005) (Ordinary Resolution 5)

b) Encik Soong Hee Sang (Appointed on 22 March 2006) (Ordinary Resolution 6)

c) Tuan Syed Azmin bin Mohd Nursin @ Syed Nor (Appointed on 3 May 2006) (Ordinary Resolution 7)

3. RE-APPOINTMENT PURSUANT TO SECTION 129(6), COMPANIES ACT, 1965

a) YBhg Tan Sri Dato’ Musa bin Hitam (Appointed on 26 January 2006) (Ordinary Resolution 8)

Please refer to the Profile of the Board of Directors on pages 8 to 15 of the Annual Report 2005 for further information on theabovenamed Directors who are standing for re-election and re-appointment.

A total of five (5) Board Meetings were held in the financial year ended 31 December 2005. Details of attendance of Directorsstanding for re-election and re-appointment, at the Board Meetings are as follows:-

Name of Directors No. of Meetings Attended

1. YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed 5/5

2. Encik Ng Eng Soon 5/5

3. Encik Lui Chong Chee (Appointed on 1 August 2005) 1/2

4. YBhg Tan Sri Dato’ Musa bin Hitam (Appointed on 26 January 2006) Not Applicable

5. Encik Soong Hee Sang (Appointed on 22 March 2006) Not Applicable

6. Tuan Syed Azmin bin Mohd Nursin @ Syed Nor(Appointed on 3 May 2006) Not Applicable

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86 P E N YATA U R U S A N TA D B I R KO R P O R AT

Lembaga Pengarah United Malayan Land Bhd (UM Land atau Syarikat) akan terusberkomited untuk memastikan piawaian tertinggi diamalkan dalam urusan tadbir korporatKumpulan. Ini merupakan tugas utama dalam melaksanakan tanggungjawab mereka demi perkembangan dan kejayaan berterusan Kumpulan di samping menjaga danmempertingkatkan pelaburan dan nilai para pemegang saham sambil melindungikepentingan lain-lain pemegang saham berkepentingan dalam Kumpulan.

Lembaga Pengarah dengan sukacitanya melaporkan bahawa Kumpulan telah mengukuhkanpenerapan prinsip-prinsip tersebut dan mematuhi amalan terbaik Kod Urusan TadbirKorporat Malaysia (Kod), sepanjang tahun kewangan berakhir 31 Disember 2005.

L E M B A G A P E N G A R A H

Lembaga Pengarah terdiri daripada ahli-ahli profesional yang berpengalaman luas dalam bidang perniagaan dan kewanganyang relevan untuk memimpin, meneraju dan menguruskan Kumpulan ke arah pencapaian matlamat dan objektifperniagaannya.

Komposisi dan Keseimbangan Lembaga Pengarah

Lembaga Pengarah terdiri daripada sembilan (9) orang ahli, yang merangkumi lapan (8) orang Pengarah bukan eksekutif danseorang Pengarah eksekutif, di mana empat (4) daripada mereka adalah pengarah bebas. Komposisi ini mematuhi perenggan15.02 Keperluan Penyenaraian Bursa Malaysia Securities Berhad (Bursa Sekuriti) di mana sekurang-kurangnya dua atau satupertiga daripada ahlinya merupakan pengarah bebas. Profil ringkas bagi setiap orang ahli Lembaga dibentangkan di mukasurat 8 hingga 15 Laporan Tahunan ini.

Lembaga Pengarah mengiktiraf bahawa semua Pengarah mempunyai tanggungjawab yang sama dalam menguruskan operasiKumpulan. Kehadiran Pengarah bebas bukan eksekutif terutamanya, adalah penting untuk memastikan strategi-strategi yangdicadangkan oleh Pengurusan dibincangkan dan dikaji sepenuhnya untuk melindungi kepentingan jangka panjang parapemegang saham dan lain-lain pemegang saham yang berkepentingan di mana Kumpulan mengendalikan perniagaannya.

Terdapat perbezaan nyata dalam pembahagian tugas dan tanggungjawab di antara Pengerusi dan Ketua Pegawai EksekutifKumpulan bagi memastikan keseimbangan kuasa yang wajar.

Pelantikan ke Lembaga Pengarah

Jawatankuasa Pencalonan bertanggungjawab untuk mencadangkan pelantikan ke Lembaga dan jawatankuasa Lembaga. Inidibuat untuk memastikan bahawa tahap serta komposisi ahli-ahlinya terdiri daripada mereka yang berkaliber,berpengalaman dan berkelayakan untuk menerajui dan mengurus Kumpulan dengan berjaya.

Peranan dan Tanggungjawab

Lembaga Pengarah bertanggungjawab sepenuhnya ke atas hala tuju strategik keseluruhan Kumpulan. Ia memastikan bahawaPengurusan membangunkan dan mengekalkan dasar dan amalan yang kukuh untuk membantu menggalakkanpertumbuhan dan meningkatkan nilai pemegang saham secara berterusan. Berhubung dengan ini, Lembaga telahmenjalankan tanggungjawab tersebut selaras dengan Amalan Terbaik Kod:

• Menentukan perancangan strategik Syarikat dan Kumpulan;

• Mengawal selia pengendalian perniagaan Kumpulan;

• Mengenal pasti dan menguruskan risiko-risiko utama yang mempengaruhi Kumpulan;

• Mengkaji kecukupan dan keutuhan sistem kawalan dalaman Kumpulan;

• Melaksanakan perancangan turutan untuk memastikan penggantian Pengurusan dalam Kumpulan dilakukan tepat padawaktunya; dan

• Mengekalkan program perhubungan dengan pelabur dan polisi komunikasi dengan pemegang saham yang berkesanuntuk Kumpulan.

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87

Mesyuarat

Lembaga Pengarah bertemu sekurang-kurangnya empat (4) kali setahun dan mesyuarat tambahan diadakan apabila perkara-perkara mustahak serta keputusan penting perlu dibuat. Sepanjang tahun kewangan berakhir 31 Disember 2005,Lembaga Pengarah telah bermesyuarat sebanyak lima (5) kali untuk berbincang dan menimbangkan pelbagai perkarapenting, termasuk mengkaji pelan strategik 5-tahun Kumpulan, penyata kewangan suku tahunan, beberapa cadangankorporat serta lain-lain urusan perniagaan berkaitan yang memerlukan kelulusan sewajarnya.

Butiran kehadiran setiap orang Pengarah yang berkhidmat pada tahun kewangan berakhir 31 Disember 2005 dibentangkandi bawah Semua Pengarah yang berkhidmat telah memenuhi keperluan kehadiran minimum sebanyak 50% di bawahKeperluan Penyenaraian Bursa Sekuriti.

%Pengarah Kehadiran Kehadiran

Tan Sri Dato’ Musa bin Hitam (Dilantik pada 26 Januari 2006) - Tidak Berkenaan -

Lui Chong Chee (Dilantik pada 1 Ogos 2005) 1/2 50

Dato’ Ng Eng Tee 5/5 100

Datuk Mohd Khamil bin Jamil (Meletak jawatan pada 31 Mac 2006) 4/5 80

Datuk Syed Ahmad Khalid bin Syed Mohammed 5/5 100

Datuk Nur Jazlan bin Tan Sri Mohamed 5/5 100

Dr Choo Kian Koon (Meletak jawatan pada 17 Mac 2006) 5/5 100

Syed Azmin bin Mohd Nursin @ Syed Nor (Dilantik pada 3 Mei 2006) - Tidak Berkenaan -

Ng Eng Soon 5/5 100

Dato’ Mohd Hanafiah bin Omar 4/5 80

Tham Kui Seng (Meletak jawatan pada 1 Ogos 2005) 1/2 50

Pee Tong Lim (Meletak jawatan pada 21 Mac 2005) 1/1 100

Soong Hee Sang (Dilantik sebagai Pengarah Gilir kepada - Tidak Berkenaan -Lui Chong Chee pada 5 September 2005 dan sebagai Pengarah pada 22 Mac 2006)

Rita Lau Chen Chen (Pengarah Gilir kepada Dr Choo Kian Koon) - Tidak Berkenaan -(Meletak jawatan pada 17 Mac 2006)

Ahmad Shaifuldin bin Mahamad Sharudi (Pengarah Gilir kepada Datuk Mohd Khamil - Tidak Berkenaan -bin Jamil) (Meletak jawatan pada 10 November 2005)

Nota: Rekod kehadiran pengarah gilir akan dibaca bersama rekod kehadiran Prinsipal masing-masing.

Bekalan Maklumat

Lembaga Pengarah mempunyai akses penuh tanpa batasan, kepada semua maklumat perniagaan dan hal ehwal Kumpulanuntuk membolehkannya melaksanakan tugas dengan berkesan.

Sebelum setiap mesyuarat Lembaga, Pengurusan akan menyerahkan agenda serta laporan komprehensif bagi setiap perkaraagenda yang akan dibincangkan kepada setiap orang pengarah untuk membolehkan para Pengarah mendapatkan huraianatau penjelasan lanjut, jika perlu, agar mereka cukup bersedia sebelum mesyuarat berlangsung.

Dalam melaksanakan tugas mereka, Pengarah juga boleh mendapatkan nasihat profesional bebas di bawah tanggunganSyarikat, jika perlu. Kesemua Pengarah boleh mendapatkan nasihat serta khidmat Setiausaha Syarikat. Setiausaha Syarikatmenguruskan semua perkara berkenaan pentadbiran kesetiausahaan korporat Kumpulan dan menghadiri mesyuaratLembaga dan jawatankuasa Lembaga.

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Latihan Para Pengarah

Semua Pengarah telah menyertai dan melengkapkan Program Akreditasi Mandatori yang dikelolakan oleh Bursatra Sdn Bhddan telah menghadiri program-program latihan yang relevan di bawah Program Pendidikan Lanjut (CEP).

Berhubung dengan pemansuhan Nota Amalan 15/2003 dan Nota-Nota Panduan 10 bagi keperluan CEP yang berkuatkuasapada 1 Januari 2005, para Pengarah tidak lagi diwajibkan untuk menjalani CEP. Bagaimanapun, syarikat-syarikat tersenaraimesti menilai dan menentukan keperluan latihan para pengarahnya secara berterusan. Para Pengarah Syarikat digalakkanuntuk menghadiri program latihan yang relevan untuk mempertingkatkan kemahiran dan pengetahuan mereka agarsehaluan dengan perkembangan industri.

Pemilihan Semula

Selaras dengan Tataurusan Syarikat, satu pertiga daripada para Pengarah semasa hendaklah bersara daripada jawatan padasetiap Mesyuarat Agung Tahunan. Pengarah yang bersara boleh menawarkan diri untuk pemilihan semula.

Pengarah yang dilantik sebagai pengarah tambahan atau untuk mengisi kekosongan dalam tahun adalah tertakluk kepadapemilihan semula oleh para pemegang saham di Mesyuarat Agung Tahunan yang akan datang, selepas pelantikan mereka.

Pengarah yang berumur lebih tujuh puluh tahun diwajibkan untuk menawarkan diri mereka untuk perlantikan semula setiaptahun, selaras dengan Seksyen 129 (6) Akta Syarikat, 1965. Buat masa ini, YBhg Tan Sri Dato’ Musa bin Hitam tertakluk kepadapelantikan semula ini.

Jawatan Pengarah di dalam Syarikat lain

Selaras dengan keperluan Penyenaraian Bursa Sekuriti, setiap orang ahli Lembaga boleh menjadi pengarah bagi tidak lebihdaripada sepuluh (10) syarikat awam tersenarai dan tidak melebihi lima belas (15) syarikat bukan awam tersenarai. Ini bagimemastikan bahawa komitmen, sumber dan masa mereka tertumpu dalam pemberian input yang berkesan kepada LembagaPengarah dan Syarikat. Semua Pengarah mematuhi syarat ini.

Imbuhan Para Pengarah

Imbuhan para Pengarah ditentukan atas tahap yang membolehkan Syarikat menarik serta mengekalkan Pengarah yangberpengalaman dengan kemahiran yang relevan bagi menguruskan Kumpulan dengan berkesan. Komponen imbuhanPengarah eksekutif disusun agar ia sejajar dengan prestasi korporat serta individu. Bagi Pengarah bukan eksekutif, tahapimbuhan mereka disesuaikan dengan pengalaman dan tahap tanggungjawab yang dipikul.

Pakej imbuhan bagi Pengarah bukan eksekutif termasuk Pengerusi bukan eksekutif, ditentukan oleh Lembaga Pengarah.Pengarah yang terbabit perlu mengambil sikap berkecuali dalam perbincangan dan pengundian berhubung ganjaranindividu mereka.

Pakej imbuhan para Pengarah adalah seperti berikut:-

i. Gaji pokok - Gaji pokok bagi Pengarah eksekutif dicadangkan setelah menimbangkan prestasi individu dan kadar gajiuntuk jawatan serupa di dalam syarikat yang setanding.

ii. Yuran - Yuran Pengarah adalah berdasarkan jumlah tetap yang ditentukan oleh Lembaga setelah menimbangkanorganisasi setanding dan penyertaan Pengarah dalam pelbagai jawatankuasa Lembaga. Yuran diluluskan oleh parapemegang saham di Mesyuarat Agung Tahunan Syarikat.

iii. Skim Bonus - Kumpulan mengamalkan skim bonus tidak berkontrak, bagi para Pengarah eksekutif, yang ditentukanmengikut tahap keuntungan Kumpulan dan prestasi individu dalam tempoh tersebut. Bonus yang harus dibayar kepadapara Pengarah eksekutif dikaji dan diluluskan oleh Jawatankuasa Imbuhan selepas berunding dengan Lembaga.

iv. Manfaat barangan - Manfaat biasa lain seperti penjagaan perubatan, kereta, pemandu, dll disediakan sewajarnya.

v. Opsyen Saham Pengarah - Para Pengarah eksekutif layak menyertai Skim Opsyen Saham Kakitangan Syarikat menurutsyarat dan peraturan sama seperti yang ditawarkan kepada kakitangan. Pergerakan opsyen saham para Pengaraheksekutif sepanjang tahun yang ditinjau dinyatakan di dalam penyata kewangan beraudit. Tiada opsyen sahamditawarkan kepada Pengarah bukan eksekutif sepanjang tahun yang ditinjau.

Ringkasan jumlah imbuhan para Pengarah, yang berbeza bagi Pengarah eksekutif dan Pengarah bukan eksekutif, dalamagregat mengikut kategori komponen yang bersesuaian serta bilangan pengarah, yang mana imbuhannya termasuk dalamsetiap kelompok urutan RM50,000, bagi tahun kewangan berakhir 31 Disember 2005, dibentangkan seperti berikut:

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Pengarah Pengarah Bukan Eksekutif Eksekutif Jumlah

(RM) (RM) (RM)

Gaji pokok dan bonus 450,000 – 450,000Yuran 25,000 169,000 194,000Elaun Mesyuarat 9,000 58,000 67,000Manfaat barangan 20,525 – 20,525

–––––––––––––––––––––––––––––– –––––––––––––––––––––––––––––– ––––––––––––––––––––––––––––––Jumlah 504,525 227,000 731,525

=========================== =========================== ===========================Pengarah Pengarah Bukan Eksekutif Eksekutif Jumlah

(RM) (RM) (RM)

RM 0 - RM50,000 – 8 8RM50,001 - RM100,000 – 1 1RM450,001 - RM500,000 – – –RM500,001 - RM550,000 1 – 1

–––––––––––––––––––––––––––––– –––––––––––––––––––––––––––––– ––––––––––––––––––––––––––––––Jumlah 1 9 10

=========================== =========================== ===========================

Jawatankuasa Lembaga Pengarah

Lembaga Pengarah telah menyerahkan tanggungjawab tertentu kepada jawatankuasa Lembaga, yang beroperasi mengikuthad bidang rujukan yang jelas, terutamanya untuk membantu Lembaga melaksanakan tugas dan tanggungjawabnya. Denganpengecualian terhadap Jawatankuasa Eksekutif, yang telah diberi kuasa oleh Lembaga Pengarah untuk menimbang danmemutuskan perkara-perkara operasi tertentu mengikut budi bicaranya, tanggungjawab muktamad untuk membuatkeputusan akhir bagi semua perkara terletak pada Lembaga Pengarah.

Jawatankuasa Lembaga berikut telah ditubuhkan oleh Lembaga Pengarah dengan had bidang rujukan yang jelas:

Jawatankuasa Audit

Lembaga Pengarah memberi kuasa kepada Jawatankuasa ini untuk menyiasat sebarang aktiviti di bawah bidang rujukannyadan turut mempunyai akses tanpa batasan kepada kedua-dua juruaudit dalaman dan luar serta anggota PengurusanKumpulan. Ringkasan aktiviti-aktiviti Jawatankuasa dalam tahun yang ditinjau dinyatakan dalam Laporan JawatankuasaAudit dan Bidang Rujukannya yang dibentangkan di muka surat 94 hingga 96 di dalam Laporan Tahunan ini.

LEMBAGAPENGARAH

Jawatankuasa Audit

Jawatankuasa Eksekutif

Jawatankuasa Lembaga Tender

Jawatankuasa Imbuhan

Jawatankuasa Pencalonan

Jawatankuasa Risiko

JawatankuasaLembagaPengarah

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Jawatankuasa Eksekutif

Jawatankuasa Eksekutif (EXCO) berperanan untuk membantu Lembaga mengkaji isu-isu operasi dan kewangan utama, memantauperkembangan dan prestasi unit-unit perniagaan serta memastikan pencapaian matlamat dan objektif strategik Kumpulan.

Fungsi-fungsi EXCO merangkumi tetapi tidak terbatas kepada:-

• menilai pelan strategik Kumpulan;

• mencadangkan semua pelaburan dan urusan perniagaan penting kepada Lembaga Pengarah;

• menasihati Pengurusan mengenai dasar dan amalan keseluruhan bagi Syarikat dan Kumpulan;

• mengkaji semula penilaian prestasi dan sistem imbuhan untuk digunakan sebagai asas mengukur keberkesanan Pengurusan;

• memantau pembangunan dan pelaksanaan program perhubungan pelabur; dan

• fungsi lain yang mungkin diserahkan oleh Lembaga Pengarah dari masa ke masa.

Jawatankuasa Lembaga Tender

Jawatankuasa ini bertanggungjawab untuk mengawasi proses pemerolehan tender dan kontrak Kumpulan agar mematuhidasar serta keperluan relevan Kumpulan. Jawatankuasa turut menimbang, menilai dan meluluskan tender dalam bidang hadkuasa kewangannya dengan mengambil kira pelbagai faktor seperti harga, penggunaan produk dan perkhidmatan sertafactor-faktor lain yang relevan.

Jawatankuasa Imbuhan

Jawatankuasa ini bertanggungjawab untuk mencadangkan rangka kerja imbuhan untuk semua Pengarah eksekutif denganmemastikan bahawa rangka kerja tersebut mencerminkan prestasi Kumpulan. Jawatankuasa turut mengkaji semula danmeluluskan gaji tahunan, insentif, perjanjian khidmat dan syarat-syarat pekerjaan bagi Pengarah eksekutif dan kakitangan disamping mengkaji secara tetap, tahap kompetitif bagi struktur dan dasar imbuhan Kumpulan.

Jawatankuasa Pencalonan

Jawatankuasa Pencalonan mencadangkan kepada Lembaga Pengarah, calon-calon Pengarah bagi Lembaga Pengarah danJawatankuasa Lembaga serta mengkaji semula struktur dan keseimbangan pelantikan di antara eksekutif dan bukaneksekutif. Ia turut mengkaji kepelbagaian kemahiran dan pengalaman serta kualiti-kualiti lain yang diperlukan.

Jawatankuasa Risiko

Jawatankuasa Risiko membantu Lembaga memfokus dan membincangkan tanggungjawab penyeliaan risiko Kumpulan.Jawatankuasa Risiko melapor kepada Lembaga Pengarah dan bertanggungjawab untuk mengekalkan sistem pengurusanrisiko yang berkesan untuk menyumbang terhadap pencapaian objektif-objektif strategik, kewangan, operasi dan perniagaanKumpulan. Secara muktamadnya, Lembaga bertanggungjawab ke atas kewajipan keseluruhan Kumpulan terhadap kekhilafanrisiko di dalam Kumpulan.

P E R H U B U N G A N D E N G A N PA R A P E L A B U R D A N KO M U N I K A S I D E N G A N PA R AP E M E G A N G S A H A M

Kumpulan menyokong prinsip Kod untuk menggalakkan penyertaan pemegang saham dan pelabur serta berkomited untukmewujudkan komunikasi yang tetap dan proaktif dengan mereka. Saluran komunikasi formal seperti sidang akhbar diadakanuntuk memaklumkan tentang perkembangan penting dalam perniagaan dan operasi. Prosedur-prosedur tetap turut diwujudkanuntuk memastikan maklumat sensitif mengenai harga saham dimaklumkan kepada pihak awam tepat pada masanya.

Sepanjang tahun yang ditinjau, Syarikat telah mengambil bahagian dalam skim penyelidikan Bursa Sekuriti yang bertujuanuntuk memprofilkan syarikat-syarikat tempatan oleh pakar analisis, yang ditubuhkan di bawah Skim Penyelidikan DanaPembangunan Pasaran Modal Bursa. Di bawah skim ini, Standard & Poor’s dan CIMB Securities Sdn Bhd akan menyediakanliputan penyelidikan Syarikat bagi tempoh dua tahun. Objektif penyertaan Syarikat dalam skim penyelidikan ini adalah untukmempertingkatkan saluran komunikasi syarikat dengan pemegang saham dan pelabur.

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Para pemegang saham juga berpeluang untuk membincangkan pandangan mereka mengenai perkara-perkara yang berkaitandengan Syarikat bersama Lembaga Pengarah di Mesyuarat Agung Tahunan dan Mesyuarat Agung Luar Biasa (MesyuaratAgung). Lembaga menggalakkan semua pemegang saham untuk menghadiri dan mengambil bahagian dalam perkara-perkara Mesyuarat Agung. Pemegang saham diberi peluang untuk bertanya mengenai resolusi-resolusi yang dicadangkanserta prestasi dan aktiviti Kumpulan.

Para pemegang saham dan pelabur juga boleh mengunjungi laman web Syarikat (www.umland.com.my) untuk mendapatkanmaklumat Korporat, keputusan kewangan suku tahunan dan semua pengumuman awam yang dibuat oleh Syarikat.

A K A U N TA B I L I T I D A N A U D I T

Laporan Kewangan

Para Pengarah memastikan bahawa penyata kewangan telah disediakan selaras dengan Akta Syarikat, 1965 dan piawaianperakaunan berpatutan yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia agar dapat memberikan penilaian yangseimbang dan boleh difahami terhadap kedudukan kewangan serta prospek Kumpulan.

Penyata Tanggungjawab Para Pengarah berhubung penyediaan Penyata Kewangan Tahunan

Lembaga Pengarah bertanggungjawab untuk memastikan penyata kewangan memberikan gambaran yang benar dansaksama mengenai hal ehwal Kumpulan pada akhir tahun kewangan serta aliran tunai bagi tempoh tersebut.

Dalam menyediakan penyata kewangan, para Pengarah telah mematuhi dasar perakaunan yang bersesuaian secara konsistendan telah membuat keputusan serta anggaran yang munasabah dan berhemat. Para Pengarah turut memastikan bahawasemua piawaian perakaunan yang sah telah dipatuhi dan telah menyediakan penyata kewangan berdasarkan andaian bahawaperniagaan akan berterusan memandangkan para Pengarah mempunyai jangkaan yang munasabah, setelah membuatsiasatan, bahawa Kumpulan dan Syarikat mempunyai sumber yang mencukupi untuk meneruskan operasi sejauh yangnampak pada masa depan.

Para Pengarah juga bertanggungjawab untuk memastikan Syarikat menyimpan rekod-rekod perakaunan yang mendedahkankedudukan kewangan Syarikat dan Kumpulan dengan ketepatan munasabah, yang membolehkan mereka memastikanbahawa penyata kewangan tersebut mematuhi peruntukan Akta Syarikat, 1965.

Para Pengarah bertanggungjawab untuk mengambil langkah-langkah yang sewajarnya untuk melindungi aset Kumpulan danmencegah serta mengesan penipuan dan sebarang perkara lain yang menyimpang dari kebiasaan.

Kawalan Dalaman

Lembaga Pengarah mengakui tanggungjawab mereka terhadap sistem kawalan dalaman Kumpulan yang merangkumikawalan kewangan, operasi dan kawalan pematuhan di samping pengurusan risiko.

Penyata Kawalan Dalaman Para Pengarah yang dibentangkan di muka surat 92 hingga 93 Laporan Tahunan ini, memberigambaran mengenai keadaan kawalan dalaman Kumpulan.

Hubungan dengan Juruaudit

Lembaga Pengarah mengekalkan hubungan yang profesional dan telus dengan Juruaudit luar dan dalaman Syarikat melaluiJawatankuasa Audit. Laporan lengkap Jawatankuasa Audit yang menjelaskan peranannya berhubung juruaudit dalaman danluar dibentangkan di muka surat 94 hingga 96 Laporan Tahunan ini.

Penyata ini dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 30 Mac 2006.

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P E N G E N A L A N

Perenggan 15.27(b) Keperluan Penyenaraian Bursa Malaysia Securities Berhad (“Bursa Sekuriti”) memerlukan pihak lembagapengarah syarikat yang disenarai awam untuk mengemukakan dalam laporan tahunannya suatu “penyata tentang keadaankawalan dalaman syarikat tersebut sebagai sebuah kumpulan”. Lembaga Pengarah (“Lembaga”) Syarikat adalah komiteduntuk mengekalkan keadaan sistem kawalan dalaman Kumpulan yang kukuh dan dengan sukacitanya membentangkanpenyata berikut, yang menggariskan ciri-ciri dan skop kawalan dalaman Kumpulan sepanjang tahun kewangan.

TA N G G U N G J AWA B L E M B A G A

Lembaga mempunyai tanggungjawab muktamad terhadap sistem kawalan dalaman Kumpulan termasuk mewujudkankawalan persekitaran dan rangka kerja yang bersesuaian serta mengkaji semula kecukupan dan keutuhannya.Memandangkan terdapatnya had-had yang tidak dapat dielakkan di dalam mana-mana sistem kawalan dalaman, sistem inidireka untuk menguruskan, berbanding menghapuskan risiko yang boleh mengelakkan pencapaian objektif perniagaanKumpulan. Sistem kawalan dalaman merangkumi prosedur pengurusan risiko serta kawalan kewangan, operasi dan pematuhan.

Lembaga telah menetapkan suatu proses berterusan bagi mengenal pasti, menilai dan menguruskan risiko-risiko penting yangdihadapi oleh Kumpulan. Proses ini telah dikekalkan sepanjang tahun sehingga ke tarikh kelulusan laporan tahunan danpenyata kewangan. Ia telah dikaji semula dengan kerap oleh Lembaga dan adalah selaras dengan Penyata Kawalan Dalaman:Panduan untuk Para Pengarah Syarikat Senarai Awam (“Panduan Kawalan Dalaman”) yang dikeluarkan oleh Pasukan PetugasKawalan Dalaman dengan sokongan dan pengesahan daripada Bursa Sekuriti.

Sungguhpun Lembaga mengekalkan kawalan muktamad terhadap isu-isu risiko dan kawalan, ia telah membahagikanpelaksanaan sistem pengurusan risiko dan kawalan dalaman mengikut rangka kerja yang telah ditetapkan kepada pihakpengurusan eksekutif. Lembaga telah menetapkan polisi-polisi utama dan telah melaksanakan penilaian khusus berkaitansistem pengurusan risiko dan kawalan dalaman Kumpulan.

R A N G K A K E R J A P E N G U R U S A N R I S I KO O R G A N I S A S I

Lembaga menyokong sepenuhnya isi kandungan Panduan Kawalan Dalaman dan melalui Jawatankuasa Audit, ia berterusanmengkaji semula kecukupan dan keberkesanan proses pengurusan risiko yang dijalankan di dalam pelbagai unit perniagaanKumpulan. Dengan itu, Lembaga telah memformalkan proses mengenal pasti, menilai dan menguruskan risiko-risiko pentingyang dihadapi oleh Kumpulan menerusi penubuhan rangka kerja pengurusan risiko organisasi.

Pihak pengurusan bertanggungjawab terhadap pengurusan risiko, membangun, mengendali dan memantau sistem kawalandalaman serta memberi jaminan kepada Lembaga bahawa ia telah dilaksanakan menurut dasar-dasar yang diterima olehLembaga. Jaminan bebas yang selanjutnya diberikan melalui fungsi juruaudit dalaman yang didapati daripada sumber luaruntuk menjalankan audit dalaman ke atas operasi Kumpulan selaras dengan perancangan audit dalaman.

Lembaga percaya bahawa sistem kawalan dalaman yang kukuh harus dikekalkan berdasarkan pemahaman yang jelas sertapenghargaan ke atas unsur-unsur utama rangka kerja pengurusan risiko organisasi Kumpulan seperti yang berikut:

• Melaksanakan satu buku panduan polisi dan prosedur risiko yang menggariskan strategi serta polisi pengurusan risiko,struktur komunikasi risiko dan pemantauan rangka kerja pengurusan risiko Kumpulan. Dokumen ini adalah tertaklukkepada kajian dan pembaikan dari masa ke masa untuk mempertingkatkan proses pengurusan risiko.

• Dalam tahun kewangan ini, satu Jawatankuasa Lembaga yang dikenali sebagai Jawatankuasa Risiko telah ditubuhkanuntuk membantu Lembaga mengawal pengurusan risiko secara lebih aktif dan berkesan di dalam Kumpulan UM Land.Struktur komunikasi risiko telah disemak untuk menggambarkan pembentukan Jawatankuasa Lembaga ini termasukpenerimapakaian bidang rujukan bagi Jawatankuasa Risiko.

• Sebuah Jawatankuasa Pengurusan Risiko, diketuai oleh Ketua Pegawai Eksekutif Kumpulan, diberi tanggungjawab untukmengenal pasti dan melaporkan kepada Jawatankuasa Risiko semua risiko kritikal yang wujud dan berkemungkinandihadapi oleh Kumpulan, perubahan risiko serta pelan tindakan pihak pengurusan untuk menguruskan risiko-risikotersebut.

• Pelantikan Penyelaras Risiko Kumpulan di peringkat Kumpulan serta Penyelaras Risiko di peringkat unit perniagaandapat memastikan adanya kepimpinan, arah tuju serta penyelarasan yang jelas bagi penerapan pengurusan risiko diseluruh Kumpulan.

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• Kumpulan pengurusan bagi unit perniagaan masing-masing, telah menghasilkan pelan tindakan berserta skala masapelaksanaan bagi mengatasi isu-isu risiko dan kawalan yang penting menurut profil risiko mereka.

• Profil risiko bagi setiap unit perniagaan akan dinilai semula secara kerap dan telah dikemaskinikan sebanyak tiga kalisepanjang tahun kewangan, selaras dengan program pengurusan risiko. Pengemaskinian berkala ke atas profil unitperniagaan akan dilaporkan kepada Jawatankuasa Pengurusan Risiko dan Lembaga.

Lembaga beranggapan bahawa rangka kerja pengurusan risiko organisasi adalah kukuh, tetapi masih tertakluk kepadapenambahbaikan yang berterusan, dengan mengambil kira amalan kerja terbaik serta persekitaran perniagaan yang berubah ubah.

Untuk menggalakkan budaya pengurusan risiko di dalam Kumpulan, sesi latihan pengurusan risiko yang melibatkaneksekutif dan kakitangan pengurusan berkenaan telah dijalankan pada tahun kewangan untuk mengukuhkan pemahamantentang pengurusan risiko syarikat di samping meningkatkan pengetahun dan amalan pengurusan risiko.

F U N G S I A U D I T D A L A M A N

Fungsi audit dalaman Kumpulan diserahkan kepada perunding luar yang melapor terus kepada Jawatankuasa Audit.

Audit dalaman akan menaksir kawalan dalaman berkaitan aktiviti utama perniagaan Kumpulan berdasarkan strategi auditdalaman tahunan yang dikemukakan kepada Jawatankuasa Audit untuk diluluskan. Fungsi audit dalaman mengguna pakaipendekatan berasaskan risiko dan menyediakan strategi serta perancangan auditnya berdasarkan profil risiko unit-unitperniagaan utama Kumpulan.

Laporan audit dalaman, termasuk tindakan penambahbaikan yang disarankan oleh pihak pengurusan, akan dikaji semulaoleh Jawatankuasa Audit. Jawatankuasa Audit akan membentangkan penemuannya kepada Lembaga berdasarkan kekerapankitaran audit dalaman yang ditetapkan di dalam perancangan strategik audit dalaman.

Untuk maklumat lanjut, sila rujuk kepada Laporan Jawatankuasa Audit.

R I S I KO L A I N D A N P R O S E S K AWA L A N

Sistem kawalan dalaman dan pengurusan risiko semasa Kumpulan mempunyai elemen-elemen berikut:

• Terdapatnya struktur organisasi yang secara formal menggariskan dengan jelas tanggungjawab serta pembahagian kuasa.

• Perancangan perniagaan 5-tahun yang menggariskan strategi pencapaian objektif korporat dan perniagaan Kumpulan,berdasarkan pemantauan prestasi perniagaan Kumpulan.

• Terdapatnya had kuasa kewangan yang diluluskan oleh Jawatankuasa Eksekutif bagi memastikan kebertanggungjawapandan pembahagian kuasa yang sewajarnya.

• Terdapatnya sistem kawalan belanjawan di mana belanjawan tahunan disediakan oleh unit-unit perniagaan dandiluluskan oleh Lembaga. Kajian semula prestasi sebenar berbanding belanjawan kerap dijalankan dan merangkumikedua-dua penunjuk utama prestasi kewangan dan bukan kewangan. Semua perubahan penting akan dilaporkan kepadaLembaga. Tindakan pemulihan yang sewajarnya akan diambil oleh pihak pengurusan, di mana perlu, bagi mengurangkankesan daripada perubahan tersebut.

• Prosedur kendalian standard berkaitan bidang pengendalian tertentu telah diwujudkan bagi mengawal selia operasiharian Kumpulan. Proses kendalian standard ini akan kerap dikaji semula dari masa ke masa untuk mengatasi perubahan-perubahan dalam persekitaran kendalian perniagaan.

K E L E M A H A N K AWA L A N D A L A M A N YA N G M E N G A K I B AT K A N K E R U G I A NP E N T I N G

Tiada sebarang kerugian ketara yang berlaku dalam tahun kewangan semasa akibat daripada kelemahan di dalam kawalandalaman. Pihak Pengurusan akan terus mengambil langkah-langkah untuk memperkukuhkan persekitaran kawalandalaman.

Penyata ini disediakan selaras dengan resolusi Lembaga Pengarah bertarikh 30 Mac 2006.

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94 L A P O R A N J AWATA N K U A S A A U D I T

B I D A N G T U G A S

Jawatankuasa Audit (JA) telah ditubuhkan oleh Lembaga Pengarah pada tahun 1955 untuk membantu Lembaga Pengarahmelaksanakan tanggungjawab mereka. JA dikawal menurut Bidang Tugas yang dinyatakan di muka surat 95 hingga 96Laporan Tahunan ini.

K E A H L I A N

Jawatankuasa Audit kini terdiri daripada tiga orang ahli, yang mana dua daripadanya adalah Pengarah bebas bukan eksekutifiaitu:

1. Datuk Syed Ahmad Khalid bin Syed MohammedPengerusi/Pengarah Bebas Bukan Eksekutif

2. Datuk Nur Jazlan bin Tan Sri MohamedAhli/Pengarah Bebas Bukan Eksekutif

3. Soong Hee SangAhli/Pengarah Bukan Bebas Bukan Eksekutif(Dilantik pada 22 Mac 2006)

4. Dr Choo Kian KoonAhli/Pengarah Bukan Bebas Bukan Eksekutif(Meletak jawatan pada 17 Mac 2006)

M E S Y U A R AT

JA bersidang sekurang-kurangnya empat kali dalam setahun. Sepanjang tahun kewangan berakhir 31 Disember 2005, JA telahmengadakan sebanyak lapan (8) mesyuarat. Butiran tentang kehadiran ahli JA dibentangkan seperti di bawah:

Kehadiran

Datuk Syed Ahmad Khalid bin Syed Mohammed 8/8

Datuk Nur Jazlan bin Tan Sri Mohamed 8/8

Dr. Choo Kian Koon 8/8

Soong Hee Sang Tidak Berkenaan

Mesyuarat-mesyuarat tersebut turut dihadiri pengurusan kanan Kumpulan serta juruaudit luaran Kumpulan setelahdijemput oleh Pengerusi Jawatankuasa untuk memberi pandangan mereka semasa menimbangkan perkara-perkara yangdibangkitkan.

R I N G K A S A N A K T I V I T I S E PA N J A N G TA H U N

Jawatankuasa Audit telah menjalankan aktiviti-aktiviti berikut sepanjang tahun kewangan dalam melaksanakan tugas sertatanggungjawab menurut Bidang Tugas mereka.

• Menyemak dan mencadangkan kepada Lembaga Pengarah kelulusan keputusan kewangan suku tahunan serta akhirtahun, rancangan audit luaran dan yuran yang berkaitan bagi Kumpulan;

• Menyemak hasil penemuan pemeriksaan audit yang dikendalikan oleh juruaudit luaran sepanjang tahun kewangan;

• Kajian terhadap urus niaga suku tahunan Kumpulan dengan pihak berkaitan yang berulangan dan termaktub di bawahmandat yang diberikan para pemegang saham dan di mana relevan, urus niaga tambahan pihak berkaitan serta keperluanpendedahan yang sewajarnya;

• Menyemak dan meluluskan rancangan audit dalaman bagi Kitaran 6 dan 7 termasuk yuran yang berkaitan bagiKumpulan;

• Menyemak cadangan audit dalaman yang timbul daripada kajian semula audit dalaman dalam kitaran masing-masingserta pelan tindakan pengurusan untuk menangani bidang peningkatan utama menurut keutamaan pelaksanaan mereka.

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95

P E R A N A N A U D I T D A L A M A N

Kajian semula audit dalaman bagi tahun 2005 meliputi Syarikat, Seri Alam Properties Sdn Bhd, Bangi Heights DevelopmentSdn Bhd, UM Residences Sdn Bhd, Suasana Sentral Two Sdn Bhd dan Dynasty View Sdn Bhd dengan skop keseluruhan danbahagian yang menitikberatkan bidang yang berisiko tinggi dan ketara bagi proses perniagaan berikut:

Proses-proses Strategik

• Pengurusan strategik

Proses-proses utama

• Jualan dan pemasaran

• Pengurusan projek

Proses-proses sumber

• Pengurusan kewangan

• Pengurusan sumber manusia

• Perundangan dan kawal atur

Jawatankuasa Audit telah menyemak keputusan audit dalaman yang dijalankan dan telah menimbangkan hasil penemuanpentingnya, termasuk cadangan oleh juruaudit dalaman dalam bidang utama dan peluang peningkatan yang ada serta pelantindakan pemulihan yang disarankan oleh pihak pengurusan. Susulan kajian semula untuk menentukan status pelaksanaanpelan tindakan berhubung pemerhatian penting akan dilaksanakan oleh juruaudit dalaman pada kitaran kajian semula yangberikutnya bersama dengan laporan Pengurusan kepada Jawatankuasa dari masa ke masa tentang langkah-langkah yangtelah diambil untuk menangani bidang peningkatan utama.

B I D A N G R U J U K A N J AWATA N K U A S A A U D I T

KOMPOSISI

Jawatankuasa ini hendaklah dilantik oleh Lembaga Pengarah dari kalangan mereka dan hendaklah terdiri dari tidak kurangdaripada 3 orang ahli, majoriti hendaklah merupakan pengarah bebas Syarikat. Pengerusi Jawatankuasa hendaklahmerupakan pengarah bebas.

MESYUARAT

Mesyuarat perlu diadakan sekurang-kurangnya empat kali setahun. Satu korum akan dibentuk apabila sebahagian besardaripada ahli Jawatankuasa merupakan pengarah bebas. Pengerusi boleh memanggil untuk bermesyuarat mengikutpermintaan dari mana-mana ahli Jawatankuasa, Pengarah Urusan dan juruaudit dalaman serta luaran. Kehadiran kakitangan,pengarah lain, wakil juruaudit dalaman serta luaran di mesyuarat tersebut bergantung kepada jemputan daripada pihakJawatankuasa.

Setiausaha Syarikat atau Penolong Setiausaha Syarikat atau mana-mana individu yang dilantik oleh Jawatankuasa hendaklahmenjadi Setiausaha Jawatankuasa Audit. Setiausaha bertanggungjawab mengambil minit mesyuarat dan mengedarkannyakepada setiap orang ahli Jawatankuasa dan Lembaga Pengarah.

BIDANG KUASA

Jawatankuasa ini diberi kuasa oleh Lembaga Pengarah untuk menyiasat sebarang aktiviti mengikut bidang rujukannya danakan mempunyai akses tanpa batasan kepada juruaudit dalaman dan juruaudit luaran serta ahli pengurusan Kumpulan.Jawatankuasa ini turut diberi kuasa oleh Lembaga Pengarah untuk mendapatkan nasihat profesional bebas dan mendapatkansumber-sumber luar yang berpengalaman dan berkemahiran relevan jika dianggap perlu dalam melaksanakan tugas mereka.

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96 L A P O R A N J AWATA N K U A S A A U D I T (samb.)

B I D A N G R U J U K A N J AWATA N K U A S A A U D I T (samb.)

TUGAS

Tugas-tugas Jawatankuasa adalah:-

• Untuk mempertimbangkan pelantikan, peletakan jawatan dan penyingkiran juruaudit luaran serta yuran audit;

• Untuk membincangkan dengan juruaudit luaran:

– Perancangan audit;

– Penilaian mereka terhadap sistem kawalan dalaman; dan

– Laporan audit berkaitan penyata kewangan.

• Untuk memastikan penyelarasan proses audit luaran di mana lebih daripada satu firma juruaudit terlibat;

• Untuk menyemak bantuan yang diberikan kepada juruaudit luaran dan dalaman oleh kakitangan Kumpulan;

• Untuk menyemak penyata kewangan suku tahunan dan akhir tahun Syarikat, dengan tumpuan khusus kepada:

– Perubahan dalam dasar dan amalan perakaunan;

– Peristiwa penting dan luar biasa;

– Pelarasan penting yang timbul daripada audit;

– Andaian bahawa perniagaan akan berterusan; dan

– Pematuhan kepada piawaian perakaunan dan keperluan perundangan yang lain.

• Untuk membincangkan hasil penemuan serta perkara-perkara yang timbul daripada audit sementara dan akhir, dansebarang perkara yang ingin dibincangkan oleh juruaudit;

• Untuk menyemak surat pengurusan daripada juruaudit dalaman dan luaran serta jawapan balas pihak pengurusan;

• Untuk melakukan yang berikut, di mana fungsi audit dalaman wujud:

– Menyemak sama ada skop, fungsi dan sumber jabatan audit dalaman adalah mencukupi kuasa yang diperlukanuntuk menjalankan tugasnya;

– Menyemak program audit dalaman serta keputusan proses audit dalaman dan di mana perlu, memastikan tindakanyang sewajarnya diambil berkaitan cadangan juruaudit dalaman; dan

– Menyemak sebarang penilaian atau taksiran tentang prestasi anggota juruaudit dalaman.

• Untuk menyemak sebarang urus niaga pihak berkaitan serta kemungkinan timbulnya percanggahan kepentingan didalam Syarikat atau Kumpulan;

• Untuk menimbangkan penemuan penting daripada penyiasatan dalaman serta penyiasatan khas dan jawapan balas pihakpengurusan; dan

• Untuk menimbangkan perkara-perkara lain sebagaimana yang ditetapkan oleh Lembaga Pengarah.

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97MAKLUMAT PEMATUHAN TAMBAHAN

1. B E L I A N B A L I K S A H A M

Sepanjang tahun kewangan, Syarikat telah membeli balik 76,800 sahamnya daripada pasaran terbuka Bursa Sekuritidengan jumlah balasan sebanyak RM75,356. Butiran belian balik saham adalah seperti berikut:

Bil. Saham Harga Kasar Harga Kasar Harga KasarBiasa Jumlah Tertinggi Terendah Purata

Bernilai Balasan Sesaham Sesaham Sesaham Bulan RM1 Sesaham Pembelian* Dibayar Dibayar Dibayar

RM RM RM RM

Januari 1,100 1,229 1.040 0.995 1.010Februari 900 1,024 1.020 0.995 1.007Mac 2,300 2,442 1.010 0.985 0.994April 2,700 2,794 1.020 0.940 0.967Mei 12,800 12,431 1.000 0.930 0.949Jun 11,400 11,009 1.120 0.920 0.943Julai 1,600 1,820 1.040 0.990 1.015Ogos 600 690 1.060 1.020 1.042September 17,800 17,117 1.020 0.935 0.948Oktober 5,600 5,731 1.030 0.920 0.993November 14,500 13,776 0.990 0.900 0.936Disember 5,500 5,293 0.995 0.900 0.926

––––––––––––––––––––––––––––––––––––––––––––––76,800 75,356

––––––––––––––––––––––––––––––––––––––––––

* Termasuk kos sampingan seperti komisyen, yuran penjelasan dan duti setem.

Sejak pelaksanaan skim belian balik saham, Syarikat telah membeli balik 388,700 sahamnya dengan jumlah balasantermasuk kos sampingan berjumlah RM449,807 atau pada harga kasar purata RM1.140 sesaham. Saham-saham tersebutkini disimpan sebagai saham perbendaharaan.

2. KO N T R A K- KO N T R A K P E N T I N G

Kecuali dinyatakan di bawah ini, Syarikat dan/atau anak syarikat tiada sebarang kontrak penting yang melibatkankepentingan para pengarah dan pemegang saham utama, sama ada ia masih wujud pada penghujung tahun kewangan,atau jika ia tidak wujud, dibuat sejak penghujung tahun kewangan sebelumnya:

(i) Pada 7 Mac 2003, UM Residences Sdn Bhd (“UMR”), sebuah anak syarikat milik penuh Syarikat, telah memasukiperjanjian usaha sama dengan Liang Court (Malaysia) Sdn Bhd (“LCSB”), sebuah anak syarikat CapitaLand Limited,yang merupakan pemegang saham utama Syarikat, bagi menubuhkan sebuah perkongsian usaha sama(“Perkongsian”) untuk mentadbir aspek-aspek penting serta perjalanan perniagaan berhubung pengendalian danpengurusan yang berikut:

(a) 48 unit pangsapuri khidmat Seri Bukit Ceylon yang terletak di antara tingkat 5 dan 8, yang telah dibeli olehLCSB bagi tujuan perjanjian penyewaan yang akan dibuat di antara LCSB dan Perkongsian;

(b) 48 unit pangsapuri khidmat Seri Bukit Ceylon lain yang terletak di antara tingkat 9 dan 12, bagi tujuanperjanjian penyewaan yang akan dibuat di antara UMR dan Perkongsian; dan

(a) dan (b) secara kolektif dirujuk sebagai “Pangsapuri Khidmat Somerset” dan

(c) unit-unit lain pangsapuri khidmat Seri Bukit Ceylon yang dimiliki oleh pemilik-pemilik individu (selaindaripada LCSB dan UMR) (“Pangsapuri Khidmat Korporat”) yang disewakan kepada UMR atau penamanyaselaras dengan perjanjian penyewaan untuk penyewaan semula kepada pihak ketiga yang berikutnya.

(a), (b) dan (c) secara kolektif dirujuk sebagai “Perniagaan”, oleh Perkongsian.

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98 MAKLUMAT PEMATUHAN TAMBAHAN (samb.)

Perkongsian juga telah memasuki perjanjian pengurusan bertarikh 7 Mac 2003 dengan Ascott InternationalManagement (Malaysia) Sdn Bhd (“AIM”), anak syarikat CapitaLand Limited, iaitu pemegang saham utamaSyarikat, bertujuan mengambil dan melantik AIM untuk mengendali, menyelenggara, mengurus dan memasarkanPerniagaan untuk dan bagi pihak Perkongsian. Sebagai balasan kepada perkhidmatan pengurusan yang akandiberikan oleh AIM, Perkongsian telah bersetuju untuk membayar, antara lain, yuran-yuran berikut kepada AIMbagi setiap tahun ia beroperasi semasa tempoh 5 tahun terawal dari tarikh permulaannya.

• 3% daripada jumlah hasil Pangsapuri Khidmat Somerset bagi tahun operasi tersebut;

• 10% daripada untung kasar operasi Pangsapuri Khidmat Somerset bagi tahun operasi tersebut, dan

• 5% daripada jumlah hasil Pangsapuri Khidmat Korporat bagi tahun operasi tersebut.

(ii) Perjanjian usaha sama dan pemegang-pemegang saham bertarikh 28 April 2004 di antara Syarikat dan MalaysianResources Corporation Berhad (“MRCB”) untuk mentadbir sebuah syarikat usaha sama, iaitu Suasana Sentral Two Sdn Bhd (“SSTwo”), untuk projek pembangunan kondominium Suasana Sentral Loft di Kuala Lumpur Sentral.

(iii) Perjanjian penyewaan bertarikh 6 Oktober 2004 di antara Syarikat dan Tradewinds Corporation Berhad, iaitu pemegang saham utama Syarikat. Perjanjian ini adalah untuk penyewaan ruang pejabat pada hargaRM34,326.60 sebulan selama 3 tahun, dari 1 Ogos 2004 hingga 31 Julai 2007.

(iv) Perjanjian pengurusan bertarikh 2 Januari 2005 di antara SSTwo, sebuah anak syarikat, dan CapitaLand ResidentialLimited, sebuah pemegang saham utama syarikat. Perjanjian pengurusan ini adalah untuk tujuan pemerolehankhidmat pengurusan pada harga 17,026 Dolar Singapura sebulan bagi tempoh di antara 1 Januari 2005 hingga 30 Jun 2005

(v) Perjanjian jual beli bertarikh 31 Mac 2005 di antara SSTwo dan Datuk Mohd Khamil bin Jamil bagi jualankondominum untuk balasan tunai sebanyak RM659,072. Datuk Mohd Khamil bin Jamil adalah bekas pengarahSyarikat dan SSTwo.

(vi) Perjanjian jual beli bertarikh 31 Mac 2005 di antara SSTwo dan Pee Tong Lim bagi jualan kondominium untukbalasan tunai sebanyak RM562,108. Pee Tong Lim adalah Pemangku Ketua Pegawai Eksekutif bagi Syarikat danPengarah SSTwo.

(vii) Perjanjian jual beli bertarikh 5 April 2005 dan 9 Ogos 2005 di antara SSTwo dan Shahril Ridza bin Ridzuan bagijualan dua buah kondominium untuk jumlah balasan tunai sebanyak RM991,078. Shahril Ridza bin Ridzuanadalah pengarah SSTwo dan MRCB, iaitu pemegang saham utama SSTwo.

(viii) Perjanjian jual beli bertarikh 11 April 2005 di antara SSTwo dan Dato’ Ahmad bin Hj Ibnihajar bagi jualankondominium untuk balasan tunai sebanyak RM416,505. Dato’ Ahmad bin Hj. Ibnihajar adalah pengarah MRCB.

(ix) Perjanjian jual beli bertarikh 12 April 2005 di antara SSTwo dan Wan Abdullah bin Wan Ibrahim bagi jualankondominium untuk balasan tunai sebanyak RM607,220. Wan Abdullah bin Wan Ibrahim adalah bekas pengarahgilir SSTwo dan bekas Ketua Pegawai Eksekutif Kumpulan bagi Syarikat.

(x) Perjanjian jual beli bertarikh 19 April 2005 di antara SSTwo dan Datuk Azlan bin Mohd Zainol bagi jualankondominium untuk balasan tunai sebanyak RM653,072. Datuk Azlan bin Mohd Zainol adalah pengarah MRCB.

(xi) Perjanjian jual beli bertarikh 25 April 2005 di antara SSTwo dan Abdul Rahman bin Ahmad bagi jualankondominium untuk balasan tunai sebanyak RM493,800. Abdul Rahman bin Ahmad adalah pengarah MRCB.

(xii) Perjanjian jual beli bertarikh 25 April 2005 di antara SSTwo dan Dennis Ng Yew Kim bagi jualan kondominiumuntuk balasan tunai sebanyak RM672,592. Dennis Ng Yew Kim adalah anak kepada Dato’ Ng Eng Tee, iaitupengarah SSTwo dan pemegang saham utama serta pengarah Syarikat.

(xiii) Perjanjian jual beli bertarikh 28 April 2005 di antara SSTwo dan Ahmad Zaki bin Zahid bagi jualan kondominiumuntuk balasan tunai sebanyak RM647,072. Ahmad Zaki bin Zahid adalah pengarah MRCB.

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2. KO N T R A K- KO N T R A K P E N T I N G (samb.)

(xiv) Perjanjian jual beli bertarikh 29 April 2005 di antara SSTwo dan Datuk Nur Jazlan bin Tan Sri Mohamed bagi jualankondominium untuk balasan tunai sebanyak RM639,072. Datuk Nur Jazlan bin Tan Sri Mohamed adalah pengarahSyarikat.

(xv) Perjanjian jual beli bertarikh 2 Jun 2005 di antara SSTwo dan Dr Choo Kian Koon bagi jualan kondominium untukbalasan tunai sebanyak RM398,522. Dr Choo Kian Koon adalah bekas pengarah SSTwo dan Syarikat.

(xvi) Perjanjian jual beli bertarikh 13 Jun 2005 dan 11 Ogos 2005 di antara SSTwo dan Chan Chee Meng bagi jualan duabuah kondominium untuk jumlah balasan tunai sebanyak RM702,528. Chan Chee Meng adalah pengarah SSTwo.

(xvii) Perjanjian jual beli bertarikh 27 Julai 2005 di antara SSTwo dan Datuk Zahari bin Omar bagi jualan kondominiumuntuk balasan tunai sebanyak RM432,461. Datuk Zahari bin Omar adalah pengarah MRCB.

(xviii) Perjanjian usaha sama bertarikh 18 Januari 2006 di antara Syarikat, Bolton Berhad (“Bolton”), Acegoal Pte Ltd(“Acegoal”) dan Alpine Return Sdn Bhd (“ARSB”) untuk mentadbir ARSB, iaitu syarikat usaha sama untuk projekpembangunan kondominium yang terletak di kawasan Jalan Mayang, Kuala Lumpur. Menurut perjanjian ini,modal terbitan dan berbayar ARSB akan ditambahkan kepada RM40,000,000 dan akan dilanggan oleh Syarikat,Bolton dan Acegoal, pada kadar 35%, 35% dan 30% masing-masing. Acegoal adalah anak syarikat milik penuh tidaklangsung CapitaLand Limited, iaitu pemegang saham utama Syarikat.

3. Y U R A N - Y U R A N B U K A N A U D I T

Yuran bukan audit yang dibayar kepada juruaudit luaran bagi tahun kewangan berakhir 31 Disember 2005 berjumlah RM79,420.

4. U R U S N I A G A P I H A K B E R K A I TA N YA N G B E R U L A N G D A N B E R B E N T U KP E N G H A S I L A N ATA U P E R N I A G A A N

Pada mesyuarat agung luar biasa yang diadakan pada 28 Jun 2005, Syarikat telah memperolehi mandat daripada parapemegang saham untuk membenarkan Syarikat dan/atau anak syarikatnya memasuki urusniaga pihak berkaitan, yangberulang dan berbentuk penghasilan atau perniagaan. Menurut Perenggan 10.09 (1)(b) Keperluan Penyenaraian BursaSekuriti, butiran urusniaga pihak berkaitan yang berulang yang dilaksanakan sepanjang tahun kewangan semasa adalahseperti berikut:

Pihak Berkaitan Jenisyang Diberi Mandat Urusniaga Nilai Pihak yang Berkepentingan

RM

Bangi Heights Development Peruntukan 1,920,000 Pemegang Saham Utama yang Sdn Bhd khidmat Berkepentingan

pengurusan • CapitaLand Limited

Pengarah yang Berkepentingan• Lui Chong Chee• Soong Hee Sang

Bekas Pengarah yang Berkepentingan• Tham Kui Seng• Dr Choo Kian Koon• Rita Lau Chen Chen

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100 MAKLUMAT PEMATUHAN TAMBAHAN (samb.)

4. U R U S N I A G A P I H A K B E R K A I TA N YA N G B E R U L A N G D A N B E R B E N T U KP E N G H A S I L A N ATA U P E R N I A G A A N (samb.)

Pihak Berkaitan Jenisyang Diberi Mandat Urusniaga Nilai Pihak yang Berkepentingan

RM

CapitaLand Residential Pemerolehan (338,273) Pemegang Saham Utama yang Limited khidmat Berkepentingan




Suasana Sentral Two Peruntukan 740,000 Pemegang Saham Utama yangSdn Bhd khidmat Berkepentingan




Tradewinds Corporation Penyewaan (496,901) Pemegang Saham Utama yang Berhad premis Berkepentingan

pejabat • Tradewinds Corporation Berhad• Perspective Lane (M) Sdn Bhd• Restu Jernih Sdn Bhd• Tan Sri Syed Mokhtar Shah bin Syed Nor

Pengarah yang Berkepentingan• Syed Azmin bin Mohd Nursin @ Syed Nor

Bekas Pengarah yang Berkepentingan• Datuk Mohd Khamil bin Jamil• Ahmad Shaifuldin bin Mahamad Sharudi

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5. BANTUAN KEWANGAN

Pada mesyuarat agung luar biasa yang diadakan pada 28 Jun 2005, Syarikat telah memperolehi mandat daripada parapemegang saham untuk membenarkan Syarikat dan/atau anak syarikatnya menyediakan/menerima bantuan kewangankepada/daripada pihak yang berkaitan. Menurut Perenggan 10.09 (1)(b) Keperluan Penyenaraian Bursa Sekuriti, butiranbantuan kewangan di beri kepada/diterima daripada pihak berkaitan yang berulang yang dilaksanakan sepanjang tahunkewangan semasa adalah seperti berikut:

Baki PadaPihak Berkaitan Jenis Bantuan 31 Disemberyang Diberi Mandat Kewangan 2005 Pihak yang Berkepentingan

RM

Bangi Heights Development 7,999,208 Pemegang Saham Utama yangSdn Bhd Berkepentingan

• CapitaLand Limited



Bangi Heights Development 33,189,707 Pemegang Saham Utama yangSdn Bhd Berkepentingan




Suasana Sentral Two 27,958 Pemegang Saham Utama yangSdn Bhd Berkepentingan





101

Pengumpulan danadaripada BangiHeights DevelopmentSdn Bhd kepadaSyarikat dan/atauanak syarikat melalui pengurusanperbendaharaanberpusat untuktempoh tidakmelebihi 3 tahun

Pengumpulan danadaripada Syarikatdan/atau anaksyarikat kepadaSuasana Sentral TwoSdn Bhd melaluipengurusanperbendaharaanberpusat untuktempoh tidakmelebihi 3 tahun

Pengumpulan danadaripada Syarikatdan/atau anaksyarikat kepada BangiHeights DevelopmentSdn Bhd melaluipengurusanperbendaharaanberpusat untuktempoh tidakmelebihi 3 tahun

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102 S E N A R A I H A RTA N A H pada 31 Disember 2005

Tarikh Nilai Penilaian

Keterangan & Usia Keluasan Buku Semula Lokasi Kegunaan Semasa Hak Milik Bangunan Tanah Bersih Terakhir

Tahun Ekar RM’000

BANDAR SERI ALAM

Mukim Plentong Tanah kosong Pegangan – 217.98 –Daerah Johor Bahru - Simpanan kerajaan bebas

6 Jalan Lembah Pejabat korporat Pegangan 9 7.95 16,031Bandar Seri Alam bebas81750 Johor Darul Takzim

1 Jalan Purnama Rumah kelab Pegangan 8 59.16 10,928Bandar Seri Alam ekuestrian bebas81750 Johor Darul Takzim

3 Jalan Persiaran Sekolah Jepun Pegangan 8 5.01 7,867Bandar Seri Alam bebas81750 Johor Darul Takzim

Mukim Plentong Tanah pembangunan Pegangan – 680.21 295,008Daerah Johor Bahru kosong bebas

- Perumahan 279.58 219,784- Komersil 2.96 3,847- Rekreasi & lain-lain 372.28 45,144- Sekolah & asrama 0.72 744 - Simpanan pertanian 24.67 25,489

Mukim Plentong Pembangunan sedang Pegangan – 7.21 5,674Daerah Johor Bahru dijalankan bebas

- Perumahan

Mukim Plentong Tanah pembangunan Pegangan – 910.75 212,438 Daerah Johor Bahru kosong bebas

- Perumahan 468.62 117,157- Komersil 115.60 42,815- Perindustrian 49.84 9,534- Rekreasi & lain-lain 254.78 36,693- Sekolah & asrama 21.91 6,239

Mukim Plentong Pembangunan sedang Pegangan – 118.27 38,311 Daerah Johor Bahru dijalankan bebas

- Perumahan 116.35 35,963- Komersil 1.92 2,348

Mukim Plentong Hartanah siap dibina Pegangan – 93.13 53,597

Daerah Johor Bahru - Perumahan bebas 91.95 51,087- Komersil 1.18 2,510

Jumlah kecil 2,099.67 639,854

Okt ‘96

Mei ‘90

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103

Tarikh Nilai Penilaian

Keterangan & Usia Keluasan Buku Semula Lokasi Kegunaan Semasa Hak Milik Bangunan Tanah Bersih Terakhir

Tahun Ekar RM’000

BANDAR SERI PUTRAMukim Kajang Tanah pembangunan Pegangan – 178.59 136,288Daerah Ulu Langat kosong bebasSelangor - Perumahan 90.79 46,769

- Komersil 87.80 89,519

Mukim Dengkil Tanah pembangunan Pegangan – 25.75 12,141 Daerah Sepang kosong bebasSelangor - Perindustrian

Mukim Kajang Pembangunan sedang Pegangan – 35.85 36,660Daerah Ulu Langat dijalankan bebasSelangor - Perumahan

Mukim Kajang Hartanah siap dibina Pegangan – 4.09 3,768

Daerah Ulu Langat - Lot banglo bebas 3.25 1,919Selangor - Perumahan 0.07 276

- Komersil 0.77 1,573

Pekan Lama Bangi Hartanah siap dibina Pegangan – 28.24 18,103

Daerah Ulu Langat - Lot banglo bebas 28.20 17,833Selangor - Perumahan 0.04 270

Jumlah kecil 272.52 206,960

SERI AUSTINMukim Tebrau Tanah kosong Pegangan – 145.06 – Daerah Johor Bahru - Simpanan kerajaan bebas

Mukim Tebrau Tanah pembangunan Pegangan – 301.89 126,379Daerah Johor Bahru kosong bebas

- Perumahan 290.54 120,461- Komersil 11.35 5,918

Mukim Tebrau Pembangunan sedang Pegangan – 44.13 19,112 Daerah Johor Bahru dijalankan bebas

- Perumahan

Jumlah kecil 491.08 145,491

SERI BUKIT CEYLON8 Lorong Ceylon Hartanah siap dibina Pegangan – 0.62 3,326Off Jalan Raja Chulan - Pangsapuri khidmat bebas50250 Kuala Lumpur dan kondominium

SUASANA SENTRAL LOFTLot 80, Seksyen 70 Pembangunan sedang Pegangan – 2.04 36,536 Kuala Lumpur dijalankan bebas

- Perumahan

Jumlah besar 2,865.93 1,032,167

Nota : Tiada penilaian semula semenjak tarikh pemerolehan

Nota

Nota

Nota

Nota

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104

DENGAN INI ADALAH DIMAKLUMKAN BAHAWA

MESYUARAT AGUNG TAHUNAN United Malayan Land Bhd yang ke– akan diadakan untuk urusan-urusan berikut:-

Tempat : Dewan Nirwana 2, Lobi Bawah, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur

Tarikh : Selasa, 20 Jun 2006

Masa : 11.30 pagi

Resolusi Biasa 1

Resolusi Biasa 2

Resolusi Biasa 3

Resolusi Biasa 4

Resolusi Biasa 5

Resolusi Biasa 6

Resolusi Biasa 7

Resolusi Biasa 8

Resolusi Biasa 9

Resolusi Biasa 10

Resolusi Biasa 11

45

U R U S A N B I A S A :

1. Untuk menerima Akaun Beraudit bagi tahun kewangan berakhir 31 Disember 2005 besertaLaporan-Laporan Para Pengarah dan Juruaudit yang berkenaan.

2. Untuk meluluskan bayaran Dividen Akhir sebanyak 5.0 sen sesaham biasa, tolak cukai, bagi tahunkewangan berakhir 31 Disember 2005.

3. Untuk melantik semula Para Pengarah berikut, di mana setiap dari mereka bersara mengikutgiliran menurut Artikel 94 Tataurusan Syarikat:-

i) YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed

ii) Encik Ng Eng Soon

4. Untuk melantik semula Para Pengarah berikut, di mana setiap dari mereka bersara menurutArtikel 99 Tataurusan Syarikat :-

i) Encik Lui Chong Chee

ii) Encik Soong Hee Sang

iii) Tuan Syed Azmin bin Mohd Nursin @ Syed Nor

5. Untuk mempertimbangkan, dan sekiranya difikirkan wajar, meluluskan resolusi berikut:-

“Bahawa menurut Seksyen 129(6) Akta Syarikat, 1965, YBhg Tan Sri Dato’ Musa bin Hitam dilantiksemula sebagai Pengarah Syarikat sehingga Mesyuarat Agung Tahunan yang berikutnya.”

6. Untuk meluluskan bayaran yuran Para Pengarah bagi tahun kewangan berakhir 31 Disember 2005.

7. Untuk melantik semula Tetuan PricewaterhouseCoopers sebagai Juruaudit Syarikat bagi tahunberikutnya dan memberi kuasa kepada Para Pengarah untuk menetapkan bayaran khidmatmereka.

U R U S A N K H A S :

8. Untuk mempertimbangkan, dan sekiranya difikirkan wajar, meluluskan resolusi biasa berikut:-

KUASA KEPADA PARA PENGARAH UNTUK MENERBITKAN SAHAM

“BAHAWA tertakluk sentiasa kepada Akta Syarikat, 1965, Tataurusan Syarikat dan kelulusandaripada badan kerajaan/penguatkuasa yang berkenaan, Para Pengarah dengan ini diberi kuasamenurut Seksyen 132D Akta Syarikat, 1965, untuk menerbitkan saham-saham Syarikat dari masa ke semasa sehingga tamatnya Mesyuarat Agung Tahunan yang berikutnya berdasarkanterma-terma dan syarat-syarat dan bagi tujuan-tujuan yang difikirkan wajar dan bersesuaian olehPara Pengarah, tertakluk kepada jumlah agregat saham yang akan diterbitkan tidak melebihi 10%daripada jumlah semasa modal saham diterbit Syarikat.”

9. Untuk membincangkan sebarang urusan lain Syarikat di mana notis yang sewajarnya telahditerima menurut Akta Syarikat, 1965.

N O T I S M E S Y U A R AT A G U N G TA H U N A N

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105

DENGAN INI ADALAH JUGA DIMAKLUMKAN BAHAWA Dividen Akhir sebanyak 5.0 sen sesaham biasa, tolak cukai, bagitahun kewangan berakhir 31 Disember 2005, sekiranya diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunan ke-45, akan dibayar pada 19 September, 2006 kepada semua para pemegang saham yang didaftarkan dalam Rekod Pendepositpada tarikh penutupan urusniaga pada 12 September, 2006.

Pendeposit yang berdaftar dengan Bursa Malaysia Depository Sdn Bhd adalah layak untuk menerima dividen hanya bagi:-

A) Saham-saham yang dipindahkan kedalam Akaun Sekuriti Pendeposit sebelum 12.30 tengahari pada 12 September, 2006bagi pemindahan biasa; dan

B) Saham-saham yang dibeli di Bursa Malaysia Securities Berhad atas dasar kelayakan menurut Peraturan-Peraturan BursaMalaysia Securities Berhad.

DENGAN PERINTAH LEMBAGA PENGARAH

ZURAIDAH MOHD YUSOFFMAICSA 7001552Setiausaha Syarikat

Kuala Lumpur26 Mei 2006

NOTA-NOTA:

1. Proksi• Seorang ahli yang berhak hadir dan mengundi di Mesyuarat Agung Tahunan adalah berhak untuk melantik proksi untuk hadir dan

mengundi bagi pihaknya. Seorang proksi itu tidak semestinya ahli Syarikat. Borang Proksi mestilah di isi oleh sipelantik atau ahli guamanyang diperakukan atau jika sipelantik itu sebuah perbadanan, ianya hendaklah di bawah meterinya atau dikuatkuasakan dalam cara lainyang diluluskan oleh para pengarahnya.

• Borang Proksi hendaklah diserahkan kepada Pendaftar Saham Syarikat, Securities Services (Holdings) Sdn Bhd di Aras 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur tidak lewat daripada 48 jamsebelum masa yang ditetapkan bagi mesyuarat tersebut atau sebarang penangguhannya.

2. Kuasa kepada Para Pengarah untuk Menerbitkan SahamResolusi ini, sekiranya diluluskan, akan memberi kuasa kepada Para Pengarah untuk menerbitkan saham-saham biasa dalam modalSyarikat sehingga jumlah agregat yang tidak melebihi 10% daripada modal saham diterbitkan dan berbayar semasa Syarikat tanpamengadakan mesyuarat agung. Kuasa ini, melainkan dibatalkan atau dipinda di mesyuarat agung, akan tamat pada Mesyuarat AgungTahunan yang berikutnya.

3. Penyata Iringan Notis Mesyuarat Agung TahunanMaklumat tambahan menurut Perenggan 8.28(2) Keperluan Penyenaraian Bursa Malaysia Securities Berhad adalah dinyatakan di Lampiran A kepada Laporan Tahunan Syarikat 2005.

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106

LAMPIRAN A

PENYATA IRINGAN NOTIS MESYUARAT AGUNG TAHUNAN (Menurut Perenggan 8.28(2) Keperluan Penyenaraian Bursa Malaysia Securities Berhad)

Para Pengarah yang menawarkan diri untuk dipilih dan dilantik semula di Mesyuarat Agung Tahunan ke-45 Syarikat yangakan diadakan pada hari Selasa, 20 Jun 2006 jam 11.30 pagi di Dewan Nirwana 2, Lobi Bawah, Crowne Plaza Mutiara KualaLumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur adalah:-

1. PEMILIHAN SEMULA MENURUT ARTIKEL 94 TATAURUSAN SYARIKAT:-

a) YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed (Resolusi Biasa 3)

b) Encik Ng Eng Soon (Resolusi Biasa 4)

2. PEMILIHAN SEMULA MENURUT ARTIKEL 99 TATAURUSAN SYARIKAT:-

a) Encik Lui Chong Chee (Dilantik pada 1 Ogos 2005) (Resolusi Biasa 5)

b) Encik Soong Hee Sang (Dilantik pada 22 Mac 2006) (Resolusi Biasa 6)

c) Tuan Syed Azmin bin Mohd Nursin @ Syed Nor (Dilantik pada 3 Mei 2006) (Resolusi Biasa 7)

3. PERLANTIKAN SEMULA MENURUT SEKSYEN 129(6), AKTA SYARIKAT 1965:-

a) YBhg Tan Sri Dato’ Musa bin Hitam (Dilantik pada 26 Januari 2006) (Resolusi Biasa 8)

Sila rujuk kepada Profil Lembaga Pengarah pada muka surat 8 hingga 15 Laporan Tahunan 2005 untuk maklumat lanjutmengenai Para Pengarah yang menawarkan diri untuk dipilih semula dan dilantik semula.

Pada tahun kewangan berakhir 31 Disember 2005, lima (5) Mesyuarat Lembaga Pengarah telah diadakan. Butir-butir kehadiranpara Pengarah yang menawarkan diri untuk dipilih dan dilantik semula adalah seperti berikut:-

Nama Para Pengarah Bil. Mesyuarat yang dihadiri

1. YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed 5/5

2. Encik Ng Eng Soon 5/5

3. Encik Lui Chong Chee (Dilantik pada 1 Ogos 2005) 1/2

4. YBhg Tan Sri Dato’ Musa bin Hitam (Dilantik pada 26 Januari 2006) Tidak Berkenaan

5. Encik Soong Hee Sang (Dilantik pada 22 Mac 2006) Tidak Berkenaan

6. Tuan Syed Azmin bin Mohd Nursin @ Syed Nor (Dilantik pada 3 Mei 2006) Tidak Berkenaan

N O T I S M E S Y U A R AT A G U N G TA H U N A N (samb.)

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107

FinancialStatements

108 Directors’ Report

112 Income Statements

113 Balance Sheets

114 Consolidated Statement of Changes In Equity

115 Company Statement of Changes In Equity

116 Cash Flow Statements

118 Notes To The Financial Statements

149 Statement By Directors/Statutory Declaration

150 Report of The Auditors

Financial Eng '06-0004 23/05/2006 6:28 PM Page 107

DIRECTORS’ REPORTfor the financial year ended 31 December 2005

108

The Directors are pleased to submit to the members their annual report and the audited financial statements of the Group andCompany for the financial year ended 31 December 2005.

P R I N C I PA L AC T I V I T I E S

The principal activities of the Company are investment holding and the provision of management services.

The principal activities of the subsidiary companies of the Group are as stated in Note 13 to the financial statements.

There were no significant changes in the nature of these activities during the financial year.

F I N A N C I A L R E S U LT S

The financial results of the Group and Company for the financial year ended 31 December 2005 are as follows:

Group CompanyRM’000 RM’000

Profit from ordinary activities after tax 33,728 16,985Minority interests (4,517) –

––––––––––––––––––– –––––––––––––––––––Net profit for the financial year 29,211 16,985

================= =================

D I V I D E N D S

The dividends paid by the Company since 31 December 2004 were as follows:RM’000

In respect of the financial year ended 31 December 2004:

- final dividend of 7.5 sen gross per ordinary share,less income tax of 28%, paid on 27 September 2005 12,528

=================

In respect of the financial year ended 31 December 2005:

- interim dividend of 2.5 sen gross per ordinary share, less income tax of 28%, paid on 22 February 2006 4,176

=================

The Directors now recommend the payment of a final dividend of 5.0 sen gross per ordinary share on 231,957,933 ordinary shares (which is net of 388,700 treasury shares), less income tax of 28%, in respect of the financial year ended 31 December 2005. This final net dividend amounting to RM8,350,486 is subject to the approval of the members at the forthcoming Annual GeneralMeeting of the Company.

R E S E RV E S A N D P R OV I S I O N S

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

E M P L O Y E E S ’ S H A R E O P T I O N S C H E M E ( “ E S O S ” )

The Company had implemented an Employees’ Share Option Scheme (“ESOS”) for its eligible employees and Executive Directors of the Group.

The ESOS was approved by the shareholders at an Extraordinary General Meeting held on 25 June 2003.

Details of the ESOS are as set out in Note 26 to the financial statements.

The Company has been granted exemption by Companies Commission of Malaysia pursuant to Section 169(11) of Companies Act, 1965from having to disclose the list of options holders and details of their holdings other than options holders who hold options over200,000 ordinary shares and above. The Company has also been granted exemption from having to disclose the list of Directors anddetails of their holdings of options over ordinary shares.


109

E M P L O Y E E S ’ S H A R E O P T I O N S C H E M E ( “ E S O S ” ) (cont’d)

The movements during the financial year in the number of options over ordinary shares of the Company granted to the optionsholders (excluding Directors) who hold options over 200,000 ordinary shares and above are as follows:

Options over ordinary shares of RM1.00 each

Exercise As at As atName of employee price/share 1.1.2005 Granted Exercised Lapsed 31.12.2005

RM ’000 ’000 ’000 ’000 ’000

Chia Lui Meng 1.31 206 – – – 206Henry Leong Hock Seng 1.31 287 – – (287) –Lau Boon Ann 1.31 216 – – – 216Lee Kar Fook 1.31 208 – – – 208Ng Tay Guan 1.31 216 – – – 216

T R E A S U RY S H A R E S

During the financial year, the Company repurchased its own shares amounting to 76,800 ordinary shares at an average price ofapproximately RM0.95 per share from the open market on Bursa Malaysia Securities.

Details of the treasury shares are as set out in Note 26 to the financial statements.

D I R E C T O R S

The Directors who have held office during the period since the date of the last report are as follows:

Alternate Director

YBhg Tan Sri Dato’ Musa bin Hitam (Appointed on 26 January 2006)

Lui Chong Chee (Appointed on 1 August 2005) Soong Hee Sang (Appointed on 5 September 2005)

Dato’ Ng Eng Tee

Datuk Mohd Khamil bin Jamil (Resigned on 31 March 2006) Ahmad Shaifuldin bin Mahamad Sharudi(Resigned on 10 November 2005)

Datuk Syed Ahmad Khalid bin Syed Mohammed

Datuk Nur Jazlan bin Tan Sri Mohamed

Ng Eng Soon

Dato’ Mohd Hanafiah bin Omar

Soong Hee Sang (Appointed on 22 March 2006)

Tham Kui Seng (Resigned on 1 August 2005)

Dr Choo Kian Koon (Resigned on 17 March 2006) Rita Lau Chen Chen (Resigned on 17 March 2006)

In accordance with Article 94 of the Company’s Articles of Association, Datuk Syed Ahmad Khalid bin Syed Mohammed and Ng EngSoon retire by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.

In accordance with Article 99 of the Company’s Articles of Association, Lui Chong Chee and Soong Hee Sang, who were appointedduring the period, retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for election.

In compliance with Section 129(2) of the Companies Act, 1965, YBhg Tan Sri Dato’ Musa bin Hitam, being over seventy years of age,retires at the forthcoming Annual General Meeting and be reappointed as Director in accordance with Section 129(6) of the CompaniesAct, 1965.

D I R E C T O R S ’ B E N E F I T S

During and at the end of the financial year, no arrangements subsisted to which the Company is a party, being arrangements with theobject or objects 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, other than the options over ordinary shares granted by the Company (see Note 7 to thefinancial statements).



110

D I R E C T O R S ’ B E N E F I T S (cont’d)

Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other than the Directors’remuneration as disclosed in Note 7 to the financial statements) by reason of a contract made by the Company or a related corporationwith the Director or with a firm of which he is a member, or with a company in which he has a substantial financial interest exceptas disclosed in Note 28 to the financial statements.

D I R E C T O R S ’ I N T E R E S T S I N S H A R E S A N D D E B E N T U R E S

According to the Register of Directors’ Shareholdings, particulars of interests of Directors who held office at the end of the financialyear in the shares and options over ordinary shares in the Company are as follows:

Number of ordinary shares of RM1.00 each

As at As at1.1.2005 Acquired Disposed 31.12.2005

’000 ’000 ’000 ’000

Shareholdings in the name of the Director

Dato’ Ng Eng Tee 7,888 1,600 (1,600) 7,888Ng Eng Soon 7,151 – – 7,151

Shareholdings in which the Director is deemed to have an interest

Dato’ Ng Eng Tee 21,829 216 – 22,045Ng Eng Soon 17,829 – – 17,829

Number of options over ordinary shares of RM1.00 each

As at As at1.1.2005 Granted Exercised Lapsed 31.12.2005

’000 ’000 ’000 ’000 ’000

Dato’ Ng Eng Tee 500 – – – 500

Dato’ Ng Eng Tee and Ng Eng Soon by virtue of their direct and indirect interests in the Company, are deemed to have an interest inthe shares of the subsidiary companies to the extent the Company has an interest.

Other than as disclosed above, according to the Register of Directors’ Shareholdings, the Directors in office at the end of the financialyear did not hold any interest in shares, options over ordinary shares or debentures in the Company and its related corporations duringthe financial year.

S TAT U T O RY I N F O R M AT I O N O N T H E F I N A N C I A L S TAT E M E N T S

Before the income statements and balance sheets were made out, the Directors took reasonable steps:

(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for doubtfuldebts and satisfied themselves that all known bad debts had been written off and that adequate allowance had been made fordoubtful debts; and

(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of business their valuesas shown in the accounting records of the Group and Company had been written down to an amount which they might beexpected so to realise.

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

(a) which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in the financialstatements of the Group and Company inadequate to any substantial extent; or

(b) which would render the values attributed to current assets in the financial statements of the Group and Company misleading; or

(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and Companymisleading or inappropriate.

DIRECTORS’ REPORT (cont’d)

for the financial year ended 31 December 2005


111

S TAT U T O RY I N F O R M AT I O N O N T H E F I N A N C I A L S TAT E M E N T S (cont’d)

No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months afterthe end of the financial year which, in the opinion of the Directors, will or may affect the ability of the Group or Company to meettheir obligations when they fall due.

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

(a) any charge on the assets of the Group or Company which has arisen since the end of the financial year which secures the liabilityof any other person; or

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

At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financialstatements which would render any amount stated in the financial statements misleading.

In the opinion of the Directors:

(a) the results of the operations of the Group and Company during the financial year were not substantially affected by any item,transaction or event of a material and unusual nature; and

(b) except as disclosed in Note 30 to the financial statements, there has not arisen in the interval between the end of the financialyear and the date of this report any item, transaction or event of a material and unusual nature likely to affect substantially theresults of the operations of the Group and Company for the financial year in which this report is made.

C O R P O R AT E I N F O R M AT I O N

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Board of Bursa Malaysia Securities.

The address of the registered office and the principal place of business of the Company is as follows:

Suite 1.1, 1st FloorKompleks AntarabangsaJalan Sultan Ismail50250 Kuala LumpurMalaysia

Telephone : (603) 2142 1611Fax : (603) 2142 1826Website : http: //www.umland.com.my

A U D I T O R S

The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.

Signed on behalf of the Board of Directors in accordance with their resolution dated 20 April 2006.

DATO’ NG ENG TEE DATUK NUR JAZLAN BIN TAN SRI MOHAMEDDIRECTOR DIRECTOR



112

Group CompanyNote 2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

Revenue 4 214,805 164,845 33,035 21,213

Interest income 1,816 1,446 – –

Other operating income 2,603 1,258 1 205

Development costs recognised as expenses (138,369) (101,688) – –

Construction costs recognised as expenses 113 40 – –

Employee benefits expenses 5 (17,209) (12,547) (6,305) (4,771)

Depreciation of property, plant and equipment (1,605) (1,539) (330) (158)

Property, plant and equipment written off – (29) – –

Advertising and promotion expenses (6,092) (2,739) (24) (91)

Upkeep, repairs and maintenance of assets (1,313) (1,303) (296) (195)

Rental of premises (753) (663) (544) (532)

Allowance for doubtful debts (2,453) (3,391) – –

Write-back of allowance for doubtful debts 3,837 5,084 – –

Professional consultancy fees (7,721) (2,776) (350) (261)

Management fees (338) (266) (104) (266)

Other operating expenses (8,926) (7,589) (870) (796)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Profit from operations 6 38,395 38,143 24,213 14,348

Finance cost 8 (1,544) (1,240) (367) (11)

Share of results of an associated company 8 (1,885) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Profit from ordinary activities before tax 36,859 35,018 23,846 14,337

Tax expense

- Company and subsidiary companies 9 (3,131) (9,313) (6,861) (4,189)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Profit from ordinary activities after tax 33,728 25,705 16,985 10,148

Minority interests (4,517) (5,140) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Net profit for the financial year 29,211 20,565 16,985 10,148================= ================= ================= =================

Earnings per share (sen)

- basic 10 12.6 8.9================= =================

Not Not- diluted 10 applicable applicable

================= =================

Dividend per share (sen) 11 7.5 7.5 7.5 7.5================= ================= ================= =================

INCOME STATEMENTSfor the financial year ended 31 December 2005



113

Group CompanyNote 2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

NON-CURRENT ASSETS

Property, plant and equipment 12 344,388 344,163 1,007 312Investments in subsidiary companies 13 – – 602,191 597,041Investment in an associated company 14 2,748 2,740 – –Other investments 15 2,009 9 2,000 –Land held for property development 16 178,454 206,985 – –Long term trade receivables 17 4,004 3,774 – –Deferred tax assets 18 17,861 14,658 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––549,464 572,329 605,198 597,353

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––CURRENT ASSETS

Completed properties 19 79,291 83,419 – –Property development costs 20 431,848 391,284 – –Tax recoverable 62 6,258 291 291Trade and other receivables 21 83,581 72,161 168,869 155,791Deposits, bank and cash balances 22 47,585 18,089 6,574 881

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––642,367 571,211 175,734 156,963

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––LESS: CURRENT LIABILITIES

Trade and other payables 23 79,741 61,068 3,117 1,478Provision 24 950 20,777 – –Borrowings (secured)- bank overdrafts 25 15,915 8,060 – –- others 25 134,032 131,075 – –Current tax liabilities 5,753 8,089 3,287 3,322Dividend payable 11 4,176 – 4,176 –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––240,567 229,069 10,580 4,800

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

NET CURRENT ASSETS 401,800 342,142 165,154 152,163

LESS : NON-CURRENT LIABILITIES

Deferred tax liabilities 18 32,788 36,506 652 22Borrowings 25 112,673 89,600 20,000 –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––805,803 788,365 749,700 749,494

================= ================= ================= =================

CAPITAL AND RESERVES

Share capital 26 232,347 232,347 232,347 232,347Reserves 27 514,055 501,623 517,353 517,147

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Shareholders’ equity 746,402 733,970 749,700 749,494Minority interests 59,401 54,395 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––805,803 788,365 749,700 749,494

================= ================= ================= =================

Net tangible assets per share 10 RM3.22 RM3.16================= =================

BALANCE SHEETS as at 31 December 2005


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Share Share Revaluation Capital Treasury Retained RevaluationNote capital premium reserves reserves shares earnings reserves* Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

As at 1 January 2005 232,347 60,428 244,969 (41,300) (374) 183,334 54,566 733,970

Treasury shares acquired (76,800 ordinary shares) 26 – – – – (75) – – (75)

Realisation of revaluation reserves – – (4,224) – – – 4,224 –

Net profit for the financial year – – – – – 29,211 – 29,211

Dividend paid for the financial year ended 31 December 2004 11 – – – – – (12,528) – (12,528)

Interim dividend payable for the financial year ended 31 December 2005 11 – – – – – (4,176) – (4,176)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––As at 31 December 2005 232,347 60,428 240,745 (41,300) (449) 195,841 58,790 746,402

==========================================================================================================================================================

As at 1 January 2004 232,346 60,429 243,527 (41,300) (349) 171,123 53,789 719,565

Share issue expenses – (1) – – – – – (1)

Treasury shares acquired (21,900 ordinary shares) 26 – – – – (25) – – (25)

Issuance of ordinary shares on exercise of ESOS 1 – – – – – – 1

Realisation of revaluation reserves – – (777) – – – 777 –

Reversal of deferred tax liabilities – – 2,219 – – – – 2,219

Net profit for the financial year – – – – – 20,565 – 20,565

Dividend paid for the financial year ended 31 December 2003 – – – – – (8,354) – (8,354)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––As at 31 December 2004 232,347 60,428 244,969 (41,300) (374) 183,334 54,566 733,970

==========================================================================================================================================================

* This represents the accumulated revaluation reserves which have already been realised.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY




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Non-distributable DistributableShare Share Revaluation Treasury Retained Revaluation

Note capital premium reserves shares earnings reserves* TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

As at 1 January 2005 232,347 60,428 385,808 (374) 56,029 15,256 749,494

Treasury shares acquired(76,800 ordinary shares) 26 – – – (75) – – (75)

Net profit for the financial year – – – – 16,985 – 16,985

Dividend paid for the financial year ended 31 December 2004 11 – – – – (12,528) – (12,528)

Interim dividend payable for the financial year ended 31 December 2005 11 – – – – (4,176) – (4,176)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––As at 31 December 2005 232,347 60,428 385,808 (449) 56,310 15,256 749,700

=====================================================================================================================================

As at 1 January 2004 232,346 60,429 385,808 (349) 54,235 15,256 747,725

Share issue expenses – (1) – – – – (1)

Treasury shares acquired(21,900 ordinary shares) 26 – – – (25) – – (25)

Issuance of ordinary shares on exercise of ESOS 1 – – – – – 1

Net profit for the financial year – – – – 10,148 – 10,148

Dividend paid for the financial year ended 31 December 2003 – – – – (8,354) – (8,354)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––As at 31 December 2004 232,347 60,428 385,808 (374) 56,029 15,256 749,494

=====================================================================================================================================

* This represents the accumulated revaluation reserves which have already been realised.

COMPANY STATEMENT OF CHANGES IN EQUITY



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Group Company2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

CASH FLOW FROM OPERATING ACTIVITIES

Net profit for the financial year 29,211 20,565 16,985 10,148

Adjustments for:

Allowance for doubtful debts 2,453 3,391 – –

Write-back of allowance for doubtful debts (3,837) (5,084) – –

Depreciation of property, plant and equipment 1,605 1,539 330 158

Property, plant and equipment written off – 29 – –

Gain on disposal of property, plant and equipment (16) (467) – (205)

Gross dividend income from subsidiary companies – – (23,236) (11,620)

Interest expense 1,544 1,240 367 11

Interest income (1,846) (1,467) (4,524) (5,333)

Loss on disposal of property, plant and equipment – 52 – –

Reversal of unutilised provision for property development costs (10,411) (1,653) – –

Minority interests 4,517 5,140 – –

Share of results of an associated company (8) 1,885 – –

Tax expense 3,131 9,313 6,861 4,189––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

26,343 34,483 (3,217) (2,652)

Decrease/(increase) in land held for propertydevelopment, completed properties andproperty development costs 4,550 (145,986) – –

(Increase)/decrease in receivables (9,826) 4,335 (6,053) 12,146

Increase/(decrease) in payables 11,321 (12,756) (161) 8––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Net cash flow from operations 32,388 (119,924) (9,431) 9,502

Interest paid (11,580) (4,471) (59) (11)

Interest received 1,406 1,192 4,823 3,684

Tax paid (10,674) (9,891) (1,393) (451)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Net cash flow from operating activities 11,540 (133,094) (6,060) 12,724––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

CASH FLOW STATEMENTSfor the financial year ended 31 December 2005


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Group Company2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

CASH FLOW FROM INVESTING ACTIVITIES

Investment in subsidiary companies – – (5,150) (12,500)

Net dividend income from subsidiary companies – – 12,531 8,366

Proceeds from disposal of property, plant and equipment 230 906 206 300

Purchase of property, plant and equipment (2,044) (226) (1,231) (31)

Treasury shares acquired (75) (25) (75) (25)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Net cash flow from investing activities (1,889) 655 6,281 (3,890)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

CASH FLOW FROM FINANCING ACTIVITIES

Dividend paid (14,139) (8,354) (12,528) (8,354)

Net drawdown of borrowings 24,029 131,275 18,000 –

Proceeds from issuance of redeemablepreference shares in a subsidiary company to a minority interest 2,100 – – –

Proceeds from issuance of ordinary shares in asubsidiary company to a minority interest – 1,500 – –

Proceeds from issuance of ordinaryshares on exercise of ESOS – 1 – 1

Share issue expenses – (1) – (1)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Net cash flow from financing activities 11,990 124,421 5,472 (8,354)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

NET INCREASE/(DECREASE) INCASH AND CASH EQUIVALENTS 21,641 (8,018) 5,693 480

CASH AND CASH EQUIVALENTSAT BEGINNING OF THE FINANCIAL YEAR 10,029 18,047 881 401

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––CASH AND CASH EQUIVALENTS

AT END OF THE FINANCIAL YEAR 31,670 10,029 6,574 881================= ================= ================= =================

Cash and cash equivalents comprise:

Bank and cash balances (Note 22) 13,982 3,894 6,574 881

Bank balances under HousingDevelopment Accounts (“HDA”) (Note 22) 32,187 14,195 – –

Bank balances under sinking fund (Note 22) 1,416 – – –

Bank overdrafts (Note 25) (15,915) (8,060) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

31,670 10,029 6,574 881================= ================= ================= =================



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1 P R I N C I PA L AC T I V I T I E S

The principal activities of the Company are investment holding and the provision of management services.

The principal activities of the subsidiary companies of the Group are as stated in Note 13 to the financial statements.

There were no significant changes in the nature of these activities during the financial year.

2 S U M M A RY O F S I G N I F I C A N T AC C O U N T I N G P O L I C I E S

The following accounting policies have been used consistently in dealing with items which are considered material in relation tothe financial statements.

(a) Basis of preparation

The financial statements of the Group and Company have been prepared under the historical cost convention (as modifiedto include the revaluation of certain property, plant and equipment and investment in subsidiary companies), unlessotherwise indicated in this summary of significant accounting policies.

The financial statements comply with Malaysian Accounting Standards Board (“MASB”) approved accounting standards inMalaysia and the provisions of Companies Act, 1965.

The preparation of the financial statements in conformity with MASB approved accounting standards in Malaysia and theprovisions of Companies Act, 1965 requires the Directors to make estimates and assumptions that affect the reportedamounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statementsand the reported amounts of revenues and expenses during the reported financial year. Although these estimates are basedon the Directors’ best knowledge of current events and actions, actual results may differ from these estimates.

(b) Basis of consolidation

The consolidated financial statements include the financial statements of the Company and all its subsidiary companiesmade up to the end of the financial year. Subsidiary companies are those companies in which the Group has power toexercise control over the financial and operating policies so as to obtain benefits from their activities.

Subsidiary companies are consolidated using the acquisition method of accounting except for a subsidiary company (as disclosed in Note 13 to the financial statements) which was accounted for using the merger method of accounting. The subsidiary was consolidated prior to 1 January 2002 in accordance with Malaysian Accounting Standard No. 2“Accounting for Acquisitions and Mergers”, the generally accepted accounting principle prevailing at that time.

The Group has used the exemption provided by Financial Reporting Standard (“FRS”) 1222004 “Business Combinations”(formerly known as MASB 21) to apply this Standard prospectively. Accordingly, business combinations entered into priorto 1 January 2002 have not been restated to comply with this Standard.

Under the acquisition method of accounting, subsidiary companies are consolidated from the date control is transferred tothe Group and are no longer consolidated from the date that control ceases. The results of subsidiary companies acquiredor disposed of during the financial year are included from the date of acquisition up to the date of disposal. At the date ofacquisition, the fair values of the subsidiary companies’ net assets are determined and these values are reflected in theconsolidated financial statements. The difference between the cost of acquisition over the fair values of the Group’s shareof the subsidiary companies’ identifiable net assets at the date of acquisition is reflected as goodwill or negative goodwill.See accounting policy Note 2(d) on goodwill on consolidation. The cost of acquisition is the amount of cash paid and thefair value at the date of acquisition of other purchase consideration together with directly attributable expenses of the acquisition.

Under the merger method of accounting, the results of the subsidiary companies are presented as if the merger had beeneffected throughout the current and previous financial years. The cost of investment in a merger is recorded at theaggregate of the nominal value of equity shares issued, cash and cash equivalents and fair values of other considerations.Expenditure incurred in connection with the merger is recognised as an expense in the income statement. On consolidation,the cost of the merger is cancelled with the nominal values of the shares received. The excess of the carrying value of theinvestment over the nominal value of the shares acquired is treated as a reduction of reserves, whereas an excess of thenominal value of the shares acquired over the carrying value of the investment is treated as reserve arising on merger andincluded as part of shareholders’ equity.

NOTES TO THE FINANCIAL STATEMENTSfor the financial year ended 31 December 2005


119

2 S U M M A RY O F S I G N I F I C A N T AC C O U N T I N G P O L I C I E S (cont’d)

(b) Basis of consolidation (cont’d)

All inter-company transactions, balances and unrealised gains on transactions are eliminated; unrealised losses are alsoeliminated unless costs cannot be recovered in which case such costs are charged to the income statement immediately.Where necessary, accounting policies for subsidiary companies have been changed to ensure consistency with the policiesadopted by the Group.

Minority interests are measured at the minority shareholders’ share of the post acquisition fair values of the identifiableassets and liabilities of the acquiree. Separate disclosure is made of minority interests.

(c) Accounting for associated companies

Associated companies are companies in which the Group exercises significant influence and which are neither subsidiarycompanies nor joint ventures of the Group. Significant influence is the power to participate in the financial and operatingpolicy decisions of the associated companies but not control over those policies. Investments in associated companies areaccounted for in the consolidated financial statements using the equity method of accounting.

Equity accounting involves recognising in the income statement the Group’s share of the results of associated companiesfor the financial year. The Group’s investments in associated companies are carried in the balance sheet at an amount thatreflects its share of the net assets of the associated companies. Equity accounting is discontinued when the carryingamount of the investment in an associated company reaches zero, unless the Group has incurred obligations or guaranteedobligations in respect of the associated company.

Unrealised gains on transactions between the Group and its associated companies are eliminated to the extent of theGroup’s interest in the associated companies; unrealised losses are also eliminated unless the transaction provides evidenceof impairment of the asset transferred in which case such impairment is charged to the income statement immediately.Where necessary, in applying the equity method of accounting, adjustments are made to the financial statements ofassociated companies to ensure consistency of accounting policies with those of the Group.

(d) Goodwill on consolidation

Goodwill arising on consolidation represents the excess of the cost of acquisition over the fair values of the Group’s share ofthe subsidiary and associated companies’ identifiable net assets at the date of acquisition.

Goodwill arising on consolidation is firstly written off against capital reserve arising on consolidation to the extent of theamount maintained in the balance sheet. In all other cases, goodwill arising on consolidation is charged to the incomestatement immediately.

Negative goodwill represents the excess of the fair values of the Group’s share of the subsidiary and associated companies’identifiable net assets over the cost of acquisition at the date of acquisition.

Negative goodwill is credited to capital reserve arising on consolidation.

(e) Revenue recognition

Revenue from sale of development properties is recognised net of discounts, based on the percentage of completion method.The stage of completion is measured by reference to the physical proportion of work completed as a percentage of totalphysical work of the project as certified by duly appointed consultants.

Revenue from sale of completed properties is recognised net of discounts, in accordance with the terms of the sale andpurchase agreements. The sales consideration of completed properties under instalment schemes are recorded at their fairvalues, which is determined by discounting all future receipts using an imputed rate of interest. The difference betweenthe fair value and the nominal value of the sales consideration is recognised as interest income and taken to the incomestatement on a time proportion basis that takes into account the effective yield on the receivables arising from the sale ofcompleted properties under the instalment schemes over the term of the instalment period.

Revenue from construction contracts is recognised based on the percentage of completion method. The stage of completionis measured by reference to the proportion that the contract costs incurred for work performed to date bears to theestimated total costs for the contract as certified by duly appointed consultants.



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(e) Revenue recognition (cont’d)

Gross dividends from investments are taken up in the financial statements when the Company’s right to receive paymentis established.

The following income is recognised on a receivable basis:

- quarry lease rental, land lease rental and rental from properties.

- management fees and project management fees.

- interest income.

Interest on overdue amounts receivable from house buyers is recognised in the income statement as it accrues. An allowance for doubtful debts is made when the collectibility of this interest is in doubt.

(f) Construction contracts

When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognisedover the period of the contract as revenue and expenses respectively. The Group uses the percentage of completion methodto determine the appropriate amount of revenue and costs to recognise in a given period; the stage of completion ismeasured by reference to the proportion that the contract costs incurred for work performed to date bear to the estimatedtotal costs for the contract.

When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised only to the extentof contract costs incurred that is probable will be recoverable; contract costs are recognised as expenses in the financial yearin which they are incurred.

Irrespective of whether the outcome of a construction contract can or cannot be estimated reliably, when it is probable thattotal contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against the progress billingsup to the end of the financial year. Where costs incurred and recognised profits (less recognised losses) exceed progressbillings, the balance is shown as an amount due from customer on construction contracts under trade and other receivables.Where progress billings exceed costs incurred plus recognised profits (less recognised losses), the balance is shown as anamount due to customer on construction contracts under trade and other payables.

(g) Property, plant and equipment

Freehold land is stated at cost or valuation.

Freehold land is not depreciated as it has an infinite life.

The freehold land was revalued by the Directors based on professional valuations carried out by independent professionalvaluers. The Directors have applied the transitional provision issued by Malaysian Accounting Standards Board on adoptionof FRS 1162004 “Property, Plant and Equipment” (formerly known as MASB 15), which allows these assets to be stated at their1990 and 1996 valuations. Accordingly, the valuations have not been updated.

Surpluses arising on revaluation are credited to non-distributable revaluation reserves. Deficits arising on revaluation arecharged against non-distributable revaluation reserves to the extent of previous surpluses credited to non-distributablerevaluation reserves of the same asset. In all other cases, a decrease in carrying amount is charged to the income statement.

All other property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

All other property, plant and equipment are depreciated on a straight line basis over their estimated useful lives,summarised as follows:

Buildings 5%Furniture, fittings and equipment 20% - 33.33%Motor vehicles 20%Plant and machinery 20%Stable and equestrian equipment 20%

NOTES TO THE FINANCIAL STATEMENTS (cont’d)



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(g) Property, plant and equipment (cont’d)

Depreciation on assets under construction commences when the assets are ready for their intended use.

Where an indication of impairment exists at the balance sheet date, an analysis is performed to assess whether the carryingamount of the asset is fully recoverable. A write-down is made if the carrying amount exceeds the recoverable amount. See accounting policy Note 2(i) on impairment of assets.

On disposal of an asset, the difference between the net disposal proceeds and its carrying amount is charged or credited tothe income statement. In the case of revalued land, the amount in non-distributable revaluation reserve relating to theserevalued land which had been disposed is transferred to distributable reserves.

Interest costs on borrowings to finance the construction of property, plant and equipment are capitalised as part of the costof the asset during the period of time that is required to complete and prepare the asset for its intended use.

(h) Investments

(i) Subsidiary companies

Investments in subsidiary companies are stated at valuation based on the net tangible assets value of the subsidiarycompanies, less accumulated impairment losses. Acquisitions subsequent to valuation date are stated at cost until thenext revaluation. A valuation is conducted at least once in every five years.

An increase in carrying amount arising from revaluation of investments in subsidiary companies is credited directlyto shareholders’ equity as non-distributable revaluation reserves. To the extent that a decrease in carrying amountoffsets a previous increase, for the same investment, that has been credited to non-distributable revaluation reservesand not subsequently reversed or utilised, it is charged against that non-distributable revaluation reserves. In all othercases, a decrease in carrying amount is charged to the income statement. An increase on revaluation which is directlyrelated to a previous decrease in carrying amount for the same investment that was charged to the income statementis credited to the income statement to the extent that it offsets the previously recorded decrease.

On disposal of a subsidiary company, the difference between the net disposal proceeds and the Group’s share of thesubsidiary company’s net assets is charged or credited to the income statement. The amount in non-distributablerevaluation reserves relating to these subsidiary companies will be transferred to distributable reserves. Goodwill onacquisition which has been credited or charged to capital reserve arising on consolidation and retained earningsrespectively will be deducted when determining the gain or loss on disposal of a subsidiary company.

Where an indication of impairment exists, the carrying amount of the investments in subsidiary companies is assessedand written down immediately to its recoverable amount. See accounting policy Note 2(i) on impairment of assets.

(ii) Associated companies and other non-current investments

Investments in associated companies are shown at cost less accumulated impairment losses. Where an indication ofimpairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount.

Investments in other non-current investments are shown at cost and an allowance for diminution in value is madewhere, in the opinion of the Directors, there is a decline other than temporary in the value of such investments. Wherethere has been a decline other than temporary in the value of an investment, such a decline is recognised as anexpense in the period in which the decline is identified.

On disposal of an investment, the difference between the net disposal proceeds and its carrying amount is charged orcredited to the income statement.



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(i) Impairment of assets

Property, plant and equipment and other non-current assets, including intangible assets, are reviewed for impairment losseswhenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment lossis recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount. Recoverableamount is the higher of an asset’s net selling price and value in use. For the purposes of assessing impairment, assets aregrouped at the lowest level for which there are separately identifiable cash flows.

The impairment loss is charged to the income statement unless it reverses a previous revaluation in which case it is chargedto the revaluation reserves. Any subsequent increase in recoverable amount is recognised in the income statement unlessit reverses an impairment loss on a revalued asset in which case it is credited to revaluation reserves.

(j) Trade receivables

Trade receivables are carried at invoiced amount less an allowance for doubtful debts. The allowance is established whenthere is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables.

Trade receivables arising from the sale of completed properties under instalment schemes are recorded at their fair values,which are determined by discounting all future receipts using an imputed rate of interest.

(k) Income taxes

Current tax expense is determined according to the tax law of the jurisdiction in which the Group operates. It includes alltaxes chargeable upon the taxable profits, and real property gains tax payable on disposal of properties.

Deferred tax is recognised in full, using the liability method, on temporary differences arising between the amountsattributed to assets and liabilities for tax purposes and their carrying amounts in the financial statements.

Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which thedeductible temporary differences or unused tax losses can be utilised.

Deferred tax is recognised on temporary differences arising on investments in subsidiary companies and associatedcompanies except where the timing of reversal of the temporary difference can be controlled and it is probable that thetemporary difference will not reverse in the foreseeable future.

Tax rates enacted or substantively enacted by the balance sheet date are used to determine the deferred tax.

(l) Land held for property development

Land held for property development consists of land upon which no significant development work has been undertaken orwhere development activities are not expected to be completed within the normal operating cycle. Such land is classifiedas non-current asset and is stated at cost less accumulated impairment losses.

Cost of land includes the purchase price of the land, professional fees, stamp duties, commissions, conversion fees and otherrelevant levies. Where the Group had previously recorded the land at revalued amount, it continues to retain this amountas its surrogate cost as allowed by FRS 201 2004 “Property Development Activities” (formerly known as MASB 32). Where an indication of impairment exists, the carrying amount of the asset is assessed and written down immediately to itsrecoverable amount. See accounting policy Note 2(i) on impairment of assets.

Land held for property development is transferred to “Property development costs” (under current assets) uponcommencement of development activities and where the development activities can be completed within the Group’snormal operating cycle.




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(m) Completed properties

Properties which have been completed but not sold are classified as “Completed properties” and are stated at the lower ofcost and net realisable value.

Net realisable value is the estimate of the selling price in the ordinary course of business, less the cost of completion andselling expenses.

(n) Property development costs

Property development costs comprise cost of land and all costs directly attributable to development activities or that can beallocated on a reasonable basis to those activities. It includes borrowing costs related to the financing of developmentactivities of the land, related development costs common to the development project and direct construction costs.Borrowing costs are included in the property development costs until the completion of the development projects.

When the outcome of the development activities can be estimated reliably, property development revenue and expensesare recognised by using the percentage of completion method as mentioned in Note 2(e) on revenue recognition.

When the outcome of the development activities cannot be estimated reliably, property development revenue is recognisedonly to the extent of property development costs incurred that is probable will be recoverable; property development costson the development units sold are recognised when incurred.

Irrespective of whether the outcome of property development activities can or cannot be estimated reliably, when it isprobable that total property development costs will exceed total property development revenue, the expected loss isrecognised as an expense immediately.

Property development costs not recognised as an expense is recognised as an asset and is stated at the lower of cost and netrealisable value.

Where revenue recognised in the income statement exceeds billings to purchasers, the balance is presented as accruedbillings under “Trade and other receivables” (within current assets). Where billings to purchasers exceed revenuerecognised in the income statement, the balance is presented as progress billings under “Trade and other payables” (withincurrent liabilities).

(o) Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, when itis probable that an outflow of resources will be required to settle the obligation, and when a reliable estimate of the amountcan be made.

(p) Share capital

(i) Classification

Ordinary shares are classified as equity. Distributions to holders of a financial instrument classified as an equityinstrument are charged directly to equity.

(ii) Share issue costs

Incremental external costs directly attributable to the issue of new shares are shown in equity as a deduction, net oftax, from the proceeds.

(iii) Dividends to shareholders of the Company

Interim dividends on ordinary shares are recognised as liabilities when proposed.

Final dividend proposed after the balance sheet date is not recognised as a liability at the balance sheet date until itsapproval by the shareholders at the Annual General Meeting.



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(q) Treasury shares

Where the Company or its subsidiary companies purchase the Company’s equity share capital, the consideration paid,including any attributable transaction costs is deducted from total shareholders’ equity as treasury shares until they arecancelled. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders’ equity.

(r) Employee benefits

(i) Short term employee benefits

Wages, salaries, paid annual leave, sick leave, bonuses, and non-monetary benefits are accrued in the period in whichthe associated services are rendered by the employees (including Executive Directors) of the Group.

(ii) Post-employment benefits

The Group has a post-employment benefit scheme whereby contributions are made to Employees’ Provident Fund (“EPF”), the national defined contribution plan. The Group’s contributions to EPF are charged to the incomestatement in the financial period to which they relate. Once the contributions have been paid, the Group has nofurther payment obligations.

(iii) Equity compensation benefits

Details of the Group’s Employees’ Share Option Scheme (“ESOS”) are set out in Note 26 to the financial statements. The Group does not make a charge to the income statement in connection with options over ordinary shares granted.When the options over ordinary shares are exercised, the proceeds received, net of any transaction costs, are creditedto share capital and share premium.

(s) Contingent liabilities and contingent assets

The Group does not recognise a contingent liability but discloses its existence in the financial statements. A contingentliability is a possible obligation that arises from past events whose existence will be confirmed by uncertain future eventsbeyond the control of the Group or a present obligation that is not recognised because it is not probable that an outflow ofresources will be required to settle the obligation. A contingent liability also arises in the extremely rare circumstancewhere there is a liability that cannot be recognised because it cannot be measured reliably.

A contingent asset is a possible asset that arises from past events whose existence will be confirmed by uncertain futureevents beyond the control of the Group. The Group does not recognise a contingent asset but discloses its existence whereinflows of economic benefits are probable, but not virtually certain.

(t) Cash and cash equivalents

For the purposes of the cash flow statements, cash and cash equivalents comprise cash in hand, bank balances, depositsheld at call with banks, bank overdrafts and short-term, highly liquid investments that are readily convertible to knownamounts of cash and which are subject to an insignificant risk of changes in value.

Bank overdrafts are included within “Borrowings” in current liabilities in the balance sheet.

(u) Reporting currency

The financial statements are presented in Ringgit Malaysia.




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(v) Financial instruments

Description

A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability orequity instrument of another enterprise.

A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from anotherenterprise, a contractual right to exchange financial instruments with another enterprise under conditions that arepotentially favourable, or an equity instrument of another enterprise.

A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to anotherenterprise, or to exchange financial instruments with another enterprise under conditions that are potentiallyunfavourable.

Financial instruments recognised in the balance sheet

Financial instruments recognised in the balance sheet include deposits, cash and bank balances, investments, receivables,payables and borrowings. The recognition method adopted for financial instruments recognised in the balance sheet isdisclosed in the individual accounting policy statements associated with each item.

The financial assets and liabilities of the Group and Company are denominated in Ringgit Malaysia.

Fair value estimation for disclosure purposes

In assessing the fair values of financial instruments, the Group uses a variety of methods and makes assumptions that arebased on market conditions existing at each balance sheet date. In particular, the fair values of financial assets and financialliabilities are estimated by discounting the future contractual cash flows at the current market interest rate available to theGroup for similar financial instruments. Fair values of other investments are determined based on the market value at thebalance sheet date.

The face values of financial assets (less any estimated credit adjustments) and financial liabilities with a maturity period ofless than one year are assumed to approximate their fair values.

3 F I N A N C I A L R I S K M A N A G E M E N T O B J E C T I V E S A N D P O L I C I E S

The Group is exposed to various financial risks including foreign currency exchange risk, interest rate risk, credit risk, liquidityrisk and cash flow risk in the normal course of business. The Group’s overall financial risk management objective is to ensure thatthe Group creates value for its shareholders. The Group focuses on the unpredictability of financial markets and seeks tominimise potential adverse effects on the financial performance of the Group. Financial risk management is carried out throughrisks review and internal control systems. The Board of Directors regularly reviews these risks to ensure that the Group’s financialrisk management policies are adhered to.

(i) Foreign currency exchange risk

The Group is not exposed to currency risk as foreign currency transactions entered into within the Group are minimal.

(ii) Interest rate risk

The Group’s income and operating cash flows are substantially independent of changes in market interest rates. Interestrate exposure arises from the Group’s borrowings and is managed through the use of fixed and floating rates debts. TheGroup is actively monitoring its borrowings to ensure that the Group will benefit most from the operating environment.

(iii) Credit risk

Concentration of credit risk with respect to trade receivables is limited as the ownership and rights to the properties revertto the Group in the event of default. The Group’s historical experience in collection of trade receivables falls within therecorded allowances. Due to these factors, management believes that no additional credit risk beyond amounts provided forcollection losses is inherent in the Group’s trade receivables.



126

3 F I N A N C I A L R I S K M A N A G E M E N T O B J E C T I V E S A N D P O L I C I E S (cont’d)

(iv) Liquidity and cash flow riskPrudent liquidity risk management implies maintaining sufficient cash and the availability of funding through anadequate amount of committed credit facilities. The Group aims at maintaining flexibility in funding by keepingcommittedcredit lines available.

4 R E V E N U E2005 2004

RM’000 RM’000

Group

Revenue from property development 219,574 168,773Less: Revocation of sales (5,782) (4,988)

––––––––––––––––––– –––––––––––––––––––213,792 163,785

Construction contract 102 –Quarry lease rental 411 559Land lease rental 30 30Rental from properties 440 450Interest income from short term deposits 30 21

––––––––––––––––––– –––––––––––––––––––214,805 164,845

================= =================Company

Dividend income from subsidiary companies 23,236 11,620Interest income from short term deposits and

advances to subsidiary companies 4,524 5,333Provision of management services 5,275 4,260

––––––––––––––––––– –––––––––––––––––––33,035 21,213

================= =================

5 E M P L O Y E E B E N E F I T S E X P E N S E SGroup Company

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Wages, salaries and bonus 13,854 10,066 5,121 3,767Defined contribution retirement plan 1,911 1,435 701 518Other employee benefits 1,444 1,046 483 486

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––17,209 12,547 6,305 4,771

================= ================= ================= =================

Employee benefits expenses include the remuneration of Executive Directors.

At the end of the financial year, there were 234 (2004: 193) employees in the Group and 51 (2004: 40) employees in the Company.




127

6 P R O F I T F R O M O P E R AT I O N S

The following items have been (credited)/charged in arriving at profit from operations:

Group Company2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

Interest income from

- short term deposits (32) (21) (30) (21)- advances to subsidiary companies – – (4,494) (5,312)- sale of completed properties under instalment schemes (271) (1,072) – –- others (1,543) (374) – –Gain on disposal of property, plant and equipment (16) (467) – (205)Rental income from completed and development properties (515) (481) – –Auditors’ remuneration 149 118 35 35Non statutory audit fees- tax advisory and compliance work 61 34 8 7- other regulatory work 12 14 8 8Loss on disposal of property, plant and equipment – 52 – –Management fees paid and payable to related parties 338 236 104 236

================= ================= ================= =================

7 D I R E C T O R S ’ R E M U N E R AT I O N

The aggregate amount of emoluments (excluding the estimated monetary value of benefits-in-kind) received and receivable bythe Directors of the Company during the financial year are as follows:

Group Company2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

Executive Directors:

- fees 25 25 25 25- basic salaries and bonus 450 755 450 755- defined contribution retirement plan 68 113 68 113- other emoluments 9 17 9 17

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––552 910 552 910

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Non-Executive Directors:

- fees 169 150 169 150- other emoluments 60 66 60 66

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––229 216 229 216

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––781 1,126 781 1,126

================= ================= ================= =================

The estimated monetary value of benefits-in-kind provided to the Executive Directors and Non-Executive Directors of theCompany during the financial year by way of usage of the Company’s assets and provision of other benefits amounted toRM20,525 (2004: RM34,425) and RM22,030 (2004: RM10,100) respectively.



128

7 D I R E C T O R S ’ R E M U N E R AT I O N (cont’d)

Executive Directors of the Company have been granted options over ordinary shares under the Employees’ Share Option Scheme(“ESOS”) on the same terms and conditions as those offered to other employees of the Group (Note 26). Details of these optionsover ordinary shares granted to an Executive Director are as follows:


Grant Expiry Exercise As at As atdate date price/share 1.1.2005 Granted Exercised Lapsed 31.12.2005

RM ’000 ’000 ’000 ’000 ’0002005

05.09.2003 04.09.2008 1.31 500 – – – 500–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

500 – – – 500============================================================================================================


As at As at1.1.2004 Granted Exercised Lapsed 31.12.2004

’000 ’000 ’000 ’000 ’0002004

05.09.2003 04.09.2008 1.31 500 – – – 500–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

500 – – – 500============================================================================================================

2005 2004’000 ’000

Number of options over ordinary shares vested as at balance sheet date 500 500================= =================

8 F I N A N C E C O S TGroup Company

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Interest expense on:

- revolving credit 789 731 – –- bank overdrafts 431 122 – –- term loan 309 387 308 –- others 15 – – –- advances from a subsidiary company – – 59 11

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––1,544 1,240 367 11

================= ================= ================= =================9 TA X E X P E N S E

Group Company2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000Current tax:

- Malaysian tax 5,527 8,845 6,231 3,676

Deferred tax (Note 18) (2,396) 468 630 513––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

3,131 9,313 6,861 4,189================= ================= ================= =================

Current tax

Current financial year 10,110 9,182 6,171 3,569(Over)/underaccrual in prior financial years (net) (4,583) (337) 60 107

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––5,527 8,845 6,231 3,676

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––




129

9 TA X E X P E N S E (cont’d)

Group Company2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

Deferred tax

Origination and reversal of temporary differences (1,002) 119 685 509(Over)/underaccrual in prior financial years (net) (1,394) 349 (55) 4

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––(2,396) 468 630 513

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––3,131 9,313 6,861 4,189

================= ================= ================= =================

The numerical reconciliation between the average effective tax rate of the Group and Company and the Malaysian tax rate is asfollows:

Group Company2005 2004 2005 2004

% % % %

Malaysian tax rate 28 28 28 28

Tax effects of:

- expenses not deductible for tax purposes 3 2 1 –- income not subject to tax – (1) – –- current financial year’s tax loss not recognised 10 5 – –- lower tax rate resulting from restatement

of land costs for tax purposes (16) (8) – –- utilisation of previously unrecognised tax losses – (3) – –- (over)/underaccrual of deferred tax in prior financial years (4) 1 – –- (over)/underaccrual of current tax in prior financial years (14) (1) – 1- others 1 4 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Average effective tax rate 8 27 29 29

================= ================= ================= =================

Included in tax expense of the Group and Company are tax savings from utilisation of current financial year’s tax lossesamounting to RM2,658,000 (2004: RM2,310,763) and RM2,658,000 (2004: RM2,310,763) respectively.

These tax savings arose from the utilisation of tax losses, from one business source or investment income against taxable profitfrom a different business source within the same company in the same financial year.

10 E A R N I N G S A N D N E T TA N G I B L E A S S E T S P E R S H A R E

(a) Earnings per share

Basic earnings per share

Basic earnings per share of the Group is calculated by dividing the net profit for the financial year by the weighted averagenumber of ordinary shares in issue during the financial year, excluding ordinary shares acquired by the Company and heldas treasury shares.

2005 2004

Net profit for the financial year (RM’000) 29,211 20,565Weighted average number of ordinary shares in issue (’000) 232,006 232,046Basic earnings per share (sen) 12.6 8.9

================= =================



130

10 E A R N I N G S A N D N E T TA N G I B L E A S S E T S P E R S H A R E (cont’d)

(a) Earnings per share (cont’d)

Diluted earnings per share

As at 31 December 2005, the Company has 8,838,100 (2004: 9,647,500) unissued ordinary shares outstanding under theEmployees’ Share Option Scheme (“ESOS”) for eligible employees and Executive Directors of the Group. In accordance withthe provisions laid down by FRS 1332004 “Earnings Per Share” (formerly known as MASB 13), options over ordinary sharesare dilutive when they would result in the issue of ordinary shares for less than fair value (determined based on the marketprice of the ordinary shares). Since the exercise prices of options over ordinary shares are above the fair value of theCompany’s ordinary shares for the financial years 2005 and 2004, the options over ordinary shares are non-dilutive.Accordingly, diluted earnings per share information is not presented in the financial statements.

(b) Net tangible assets per share

The net tangible assets per share is calculated by dividing the net tangible assets of the Group of RM746,401,879 (2004:RM733,970,164) by the issued share capital of 231,957,933 shares, (which is net of 388,700 treasury shares) (2004: 232,034,733shares, [which is net of 311,900 treasury shares]), at the end of the financial year.

11 D I V I D E N D P E R S H A R E

Dividends declared and proposed in respect of ordinary shares of the Group and Company for the financial year are as follows:

2005 2004Gross Amount of Gross Amount of

dividend dividend,net dividend dividend,netper share of 28% tax per share of 28% tax

Sen RM’000 Sen RM’000

Interim dividend declared 2.5 4,176 - -Proposed final dividend 5.0 8,350 7.5 12,528

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––7.5 12,526 7.5 12,528

================= ================= ================= =================

At the forthcoming Annual General Meeting (“AGM”) on 20 June 2006, a final dividend of 5.0 sen (2004: 7.5 sen) gross per ordinaryshare on 231,957,933 ordinary shares (which is net of 388,700 treasury shares), less income tax of 28%, in respect of the financialyear ended 31 December 2005 will be proposed for shareholders’ approval. This final net dividend amounts to RM8,350,486.

These financial statements do not reflect this final dividend as a liability. The final dividend will be accrued as a liability onlyafter it has been approved by the shareholders at the forthcoming AGM.

12 P R O P E RT Y, P L A N T A N D E Q U I P M E N TAs at Disposals/ As at

1.1.2005 Additions write-off 31.12.2005RM’000 RM’000 RM’000 RM’000

Group

2005

Cost/Valuation

Freehold land 332,308 – – 332,308Buildings 17,042 3 – 17,045Furniture, fittings and equipment 6,727 1,048 (239) 7,536Motor vehicles 1,621 993 (392) 2,222Plant and machinery 20 – – 20Stable and equestrian equipment 100 – (3) 97

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––357,818 2,044 (634) 359,228

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––




131

12 P R O P E RT Y, P L A N T A N D E Q U I P M E N T (cont’d)

Charge forAs at the financial Disposals/ As at

1.1.2005 year write-off 31.12.2005RM’000 RM’000 RM’000 RM’000

Accumulated depreciation

Freehold land – – – –Buildings 5,926 842 – 6,768Furniture, fittings and equipment 6,208 561 (239) 6,530Motor vehicles 1,401 202 (178) 1,425Plant and machinery 20 – – 20Stable and equestrian equipment 100 – (3) 97

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––13,655 1,605 (420) 14,840

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

As at Disposals/ As at1.1.2004 Additions write-off Transfers* 31.12.2004RM’000 RM’000 RM’000 RM’000 RM’000

Group

2004

Cost/Valuation

Freehold land 377,534 – – (45,226) 332,308Buildings 17,041 35 (34) – 17,042Furniture, fittings and equipment 6,539 191 (3) – 6,727Motor vehicles 4,642 – (3,021) – 1,621Plant and machinery 20 – – – 20Stable and equestrian equipment 100 – – – 100

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––405,876 226 (3,058) (45,226) 357,818

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

*Transfers to “Land held for property development” and “Property development costs”.

Charge forAs at the financial Disposals/ As at

1.1.2004 year write-off 31.12.2004RM’000 RM’000 RM’000 RM’000


Freehold land – – – –Buildings 5,094 837 (5) 5,926Furniture, fittings and equipment 5,615 596 (3) 6,208Motor vehicles 3,825 106 (2,530) 1,401Plant and machinery 20 – – 20Stable and equestrian equipment 100 – – 100

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––14,654 1,539 (2,538) 13,655

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––



132


As at As at31.12.2005 31.12.2004

RM’000 RM’000

Group

Net book value

Freehold land 332,308 332,308Buildings 10,277 11,116Furniture, fittings and equipment 1,006 519Motor vehicles 797 220Plant and machinery – –Stable and equestrian equipment – –

––––––––––––––––––– –––––––––––––––––––344,388 344,163

================= =================

As at As at1.1.2005 Additions Disposals 31.12.2005RM’000 RM’000 RM’000 RM’000

Company

2005

Cost

Furniture, fittings and equipment 1,654 238 – 1,892Motor vehicles 1,035 993 (343) 1,685

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––2,689 1,231 (343) 3,577

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Charge forAs at the financial As at

1.1.2005 year Disposals 31.12.2005RM’000 RM’000 RM’000 RM’000


Furniture, fittings and equipment 1,553 130 – 1,683Motor vehicles 824 200 (137) 887

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––2,377 330 (137) 2,570

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

As at As at1.1.2004 Additions Disposals 31.12.2004RM’000 RM’000 RM’000 RM’000

Company

2004

Cost

Furniture, fittings and equipment 1,623 31 – 1,654Motor vehicles 2,321 – (1,286) 1,035

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––3,944 31 (1,286) 2,689

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––




133


Charge forAs at the financial As at

1.1.2004 year Disposals 31.12.2004RM’000 RM’000 RM’000 RM’000


Furniture, fittings and equipment 1,465 88 – 1,553Motor vehicles 1,945 70 (1,191) 824

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––3,410 158 (1,191) 2,377

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

As at As at31.12.2005 31.12.2004

RM’000 RM’000

Company

Net book value

Furniture, fittings and equipment 209 101Motor vehicles 798 211

––––––––––––––––––– –––––––––––––––––––1,007 312

================= =================

The freehold land of the Group was revalued by the Directors in 1990 based on a valuation carried out by an independent firm ofprofessional valuers using the comparison method basis. The book value of freehold land was adjusted to reflect the revaluationand the revaluation surplus arising thereof was credited to revaluation reserves.

A certain portion of the freehold land of the Group was revalued again by the Directors in 1996 based on a valuation carried outby an independent firm of professional valuers using the open market valuation basis and as approved by Securities Commission.The book value of freehold land was adjusted to reflect the revaluation and the revaluation surplus arising thereof was creditedto revaluation reserves.

Group2005 2004

RM’000 RM’000

The freehold land consists of the following:

At cost or valuation

Land, at 1990 valuation 20,545 20,545Land, at 1996 valuation 304,858 304,858Development expenditure, at cost 6,905 6,905

––––––––––––––––––– –––––––––––––––––––332,308 332,308

================= =================

If the freehold land had been determined in accordance with the historical cost convention, the cost of the freehold land for theGroup is RM19,051,183 (2004: RM19,051,183).



134

13 I N V E S T M E N T S I N S U B S I D I A RY C O M PA N I E SCompany

2005 2004RM’000 RM’000

Unquoted shares- At cost 17,650 12,500- At Directors’ valuation 584,541 584,541

––––––––––––––––––– –––––––––––––––––––602,191 597,041

================= =================

The Company’s investments in subsidiary companies are stated at valuation based on the net tangible assets value of thesubsidiary companies as at 31 December 2001.

Details of the subsidiary companies, all of which were incorporated in Malaysia, are as follows:

Group’s effective interestName of company Principal activities 2005 2004

% %

@ Seri Alam Properties Sdn Bhd Property development 100 100

* UM Leisure Sdn Bhd General trading 100 100

UM Land Assets Sdn Bhd Property investment 100 100

UM Land Bena Sdn Bhd Property development 100 100and related activities

Country Equity Sdn Bhd Investment holding 100 100

* UM Development Sdn Bhd General trading 100 100

UM Residences Sdn Bhd Development of serviced 100 100apartments

Suasana Sentral Two Sdn Bhd Property development 70 70and related activities

Dynasty View Sdn Bhd Property development 100 100and related activities

* Alpine Return Sdn Bhd Property development 100 100and related activities

Subsidiary companies of Seri Alam Properties Sdn Bhd

* PMS Services Sdn Bhd Project management 100 100

* Seri Alam Hotel Resort Sdn Bhd General trading 100 100

Seri Alam Leisure Sdn Bhd Investment holding 100 100

Subsidiary company of Seri Alam Leisure Sdn Bhd

Seri Alam Golf & Equestrian Club Operation of a recreational 100 100Sdn Bhd club and related activities

Subsidiary company of Country Equity Sdn Bhd

Bangi Heights Development Sdn Bhd Property development and 70 70property investment

================= =================@ Subsidiary company consolidated using the merger method of accounting.

* These subsidiary companies have not commenced operations.




135

14 I N V E S T M E N T I N A N A S S O C I AT E D C O M PA N YGroup

2005 2004RM’000 RM’000

Unquoted shares, at cost 6,240 6,240Share of post-acquisition losses (3,485) (3,493)Goodwill on acquisition written off against capital reserve (7) (7)

––––––––––––––––––– –––––––––––––––––––2,748 2,740

================= =================

Represented by:

Share of net tangible assets 2,748 2,740================= =================

Details of the associated company, which was incorporated in Malaysia, are as follows:

Group’s effective interestName of company Principal activities 2005 2004

% %

Ipjora Holdings Sdn Bhd Developing, building, 40 40owning and operating ================= =================serviced apartments

15 O T H E R I N V E S T M E N T SGroup Company

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Unquoted shares, at cost 9 9 – –Unquoted subordinated bonds, at cost 2,000 – 2,000 –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––2,009 9 2,000 –

================= ================= ================= =================

The fair value of the unquoted shares was estimated based on the investees’ net tangible assets value. The Directors are of theview that the fair value of this investment is not significantly different from the cost shown in the financial statements at thebalance sheet date.

The fair value of the unquoted subordinated bonds as at financial year end approximates the carrying amount.

16 L A N D H E L D F O R P R O P E RT Y D E V E L O P M E N TGroup

2005 2004RM’000 RM’000

At beginning of the financial year 206,985 111,860Transfer from property, plant and equipment – 12,411Net transfer to property development costs (28,531) (46,608)Acquisition of land – 129,322

––––––––––––––––––– –––––––––––––––––––At end of the financial year 178,454 206,985

================= =================

Land held for property development with book value of RM152,015,900 (2004: RM189,360,942) has been pledged as security forborrowings (Note 25).



136

17 L O N G T E R M T R A D E R E C E I VA B L E SGroup

2005 2004RM’000 RM’000

Current 6,101 15,767

Later than 1 year but not later than 2 years 4,004 3,603Later than 2 years but not later than 5 years – 171

Non-current 4,004 3,774––––––––––––––––––– –––––––––––––––––––

10,105 19,541================= =================

Long term trade receivables are the discounted future receipts arising from the sale of completed properties under instalmentschemes and sale of land under deferred payment scheme. Proceeds from sale of completed properties under instalment schemesare receivable over four to seven years. Proceeds from sale of land under deferred payment scheme are receivable over two years.The instalments receivable within twelve months amounting to RM6,101,309 (2004: RM15,766,946) are included in “Trade andother receivables” in current assets.

There were no balances due from Directors and related parties included in the long term trade receivables of the Group at thefinancial year end.

18 D E F E R R E D TA X

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against currenttax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriateoffsetting, are shown in the balance sheet:

Group Company2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

Deferred tax assets:

- subject to income tax 846 370 – –- subject to real property gains tax (“RPGT”) 17,015 14,288 – –

17,861 14,658 – –Deferred tax liabilities:

- subject to income tax (16,604) (20,322) (652) (22)- subject to real property gains tax (“RPGT”) (16,184) (16,184) – –

(32,788) (36,506) (652) (22)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(14,927) (21,848) (652) (22)================= ================= ================= =================

At beginning of the financial year: (21,848) (23,599) (22) 491

Credited/(charged) to income statement (Note 9):

- property, plant and equipment 51 40 73 (13)- land held for property development 1,155 2,625 – –- property development costs (2,140) (2,618) – –- interest capitalised 102 93 – –- receivables (130) (412) (1,633) –- payables 312 (64) 44 (38)- interest receivable 946 (515) 886 (462)- tax losses 2,100 383 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––2,396 (468) (630) (513)

Reversal of deferred tax to revaluation reserves – 2,219 – –Underaccrual of RPGT in prior financial years 4,525 – – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––At end of the financial year (14,927) (21,848) (652) (22)

================= ================= ================= =================




137

18 D E F E R R E D TA X (cont’d)

Group Company2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

Subject to income tax:

Deferred tax assets (before offsetting):- property, plant and equipment 794 722 672 599- tax losses 2,674 574 – –- receivables 402 532 83 83- payables 815 503 226 182

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––4,685 2,331 981 864

Offsetting (3,839) (1,961) (981) (864)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Deferred tax assets (after offsetting) 846 370 – –================= ================= ================= =================

Deferred tax liabilities (before offsetting):- property, plant and equipment (25) (4) – –- land held for property development (9,948) (11,103) – –- property development costs (5,995) (5,653) – –- interest capitalised (4,475) (4,577) – –- receivables – – (1,633) –- interest receivable – (946) – (886)

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––(20,443) (22,283) (1,633) (886)

Offsetting 3,839 1,961 981 864––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Deferred tax liabilities (after offsetting) (16,604) (20,322) (652) (22)================= ================= ================= =================

Subject to RPGT:

Deferred tax assets:

- property development costs 17,015 14,288 – –================= ================= ================= =================

Deferred tax liabilities:

- property, plant and equipment (16,184) (16,184) – –================= ================= ================= =================

The amount of unused tax losses (with no expiry date) for which no deferred tax asset is recognised in the balance sheet is asfollows:

Group Company2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

Tax losses 40,137 27,684 – –================= ================= ================= =================

19 C O M P L E T E D P R O P E RT I E S

Completed properties with book value of RM35,289,050 (2004: RM16,807,043) have been pledged as security for borrowings (Note 25).



138

20 P R O P E RT Y D E V E L O P M E N T C O S T SGroup

2005 2004RM’000 RM’000

At beginning of the financial year

Freehold land - at cost 85,777 30,084- at valuation 78,393 17,026

Development costs incurred 295,143 271,926Accumulated costs charged to income statement (68,029) (55,487)

––––––––––––––––––– –––––––––––––––––––391,284 263,549

================= =================

Costs incurred during the financial yearLand acquired – 41,085Development costs incurred 166,536 89,915Transfer from property, plant and equipment – 32,815Net transfer from land held for property development 28,531 46,608Transfer to completed properties (13,495) (13,117)Accumulated costs charged to income statement (141,008) (69,571)

––––––––––––––––––– –––––––––––––––––––40,564 127,735

================= =================

At end of the financial yearFreehold land - at cost 95,801 85,777

- at valuation 72,966 78,393Development costs incurred 348,101 295,143Accumulated costs charged to income statement (85,020) (68,029)

––––––––––––––––––– –––––––––––––––––––431,848 391,284

================= =================

The freehold land at valuation was transferred from “Property, plant and equipment” to “Property development costs” at itscarrying amounts. The Directors have applied the transitional provision issued by Malaysian Accounting Standards Board onadoption of FRS 1162004 “Property, Plant and Equipment” (formerly known as MASB 15), which allows these assets to be stated attheir 1990 and 1996 valuations. Accordingly, the carrying amounts have not been updated.

Included in the development costs incurred during the financial year is interest capitalised amounting to RM10,553,962 (2004: RM3,548,130).

Property development costs with book value of RM116,083,329 (2004: RM85,549,303) have been pledged as security for borrowings(Note 25).




139

21 T R A D E A N D O T H E R R E C E I VA B L E SGroup Company

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Trade receivables 70,265 68,340 297 297Less: Allowance for doubtful debts (10,234) (11,718) (297) (297)

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––60,031 56,622 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Other receivables 5,648 5,716 6,550 56Less: Allowance for doubtful debts (1,382) (1,282) – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––4,266 4,434 6,550 56

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Amounts due from subsidiary companies – – 161,720 155,100Amounts due from related companies 16 4 – –Deposits 3,444 3,528 176 591Prepayments 480 138 423 44Accrued billings in respect of property development 15,344 7,435 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––19,284 11,105 162,319 155,735

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––83,581 72,161 168,869 155,791

================= ================= ================= =================

Included in the trade receivables of the Group are balances due (to)/from Directors as follows:Group

2005 2004RM’000 RM’000

Amount due (to)/from Directors (5) 101================= =================

Credit terms of trade receivables range from 7 days to 365 days. Included in trade receivables is an amount owed by a purchaserof a parcel of land under the deferred payment scheme, who was granted a credit term of 365 days in accordance with the termsof the sale and purchase agreement.

22 D E P O S I T S , B A N K A N D C A S H B A L A N C E SGroup Company

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Bank and cash balances 13,982 3,894 6,574 881Bank balances under Housing

Development Accounts (“HDA”) 32,187 14,195 – –Bank balances under sinking fund 1,416 – – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––47,585 18,089 6,574 881

================= ================= ================= =================

The effective weighted average interest rates of bank balances as at the balance sheet dates were as follows:

Group Company2005 2004 2005 2004

% % % %

Bank balances 0.85 0.30 1.98 1.34Bank balances under Housing

Development Accounts (“HDA”) 2.02 1.97 – –================= ================= ================= =================

Bank balances are deposits held at call with banks.



140

22 D E P O S I T S , B A N K A N D C A S H B A L A N C E S (cont’d)

The subsidiary companies’ bank balances under Housing Development Accounts are not freely remissible to the Company untilthe issuance of the Certificate of Fitness for the respective housing development and with the approval of the Controller ofHousing after deducting certain sums of monies as specified in Housing Development (Control and Licensing) Act 1966, HousingDevelopers (Housing Development Account)(Amendment) Regulations 2002, Regulation 9.

The sinking fund, which is established in accordance with the terms stipulated in the loan agreement, represents deposits witha bank which will be utilised for the repayment of term loan and bridging loan of a subsidiary company.

23 T R A D E A N D O T H E R PAYA B L E SGroup Company

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Trade payables 40,214 19,162 – –Trade accruals 26,079 19,271 – –Amount due to a subsidiary company – – 1,492 –Amounts due to related parties 2 236 2 236Payroll liabilities 2,958 2,108 807 780Real property gains tax payable 1,800 6,466 – –Progress billings in respect of property development – 5,363 – –Other payables and accruals 8,688 8,462 816 462

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––79,741 61,068 3,117 1,478

================= ================= ================= =================

Credit terms of trade payables granted to the Group vary from no credit terms to 60 days.

The amount due to a subsidiary company, UM Residences Sdn Bhd, is unsecured and has no fixed term of repayment. The weighted average interest rate as at financial year end was 7.25% per annum.

The amounts due to related parties, CapitaLand Residential Ltd, Tradewinds Corporation Berhad, Tradewinds Travel & Tours SdnBhd and Chee Tat Holdings (S) Pte Ltd are unsecured, interest-free and have no fixed term of repayment.

24 P R OV I S I O NGroup

2005 2004RM’000 RM’000

Property development costs

At beginning of the financial year 20,777 21,459Provision for property development costs 950 3,483Utilised during the financial year – (2,512)Reversal of unutilised provision to:

- development costs recognised as expenses (10,411) (1,653)- completed properties and property development costs (9,618) –- trade accruals (748) –

(20,777) (1,653)––––––––––––––––––– –––––––––––––––––––

At end of the financial year 950 20,777================= =================

This represents the development costs estimated to be incurred. This provision will be utilised when the designated developmentactivities take place.

The reversal of unutilised provision during the financial year was due to changes in plans of the future designated developmentactivities.




141

25 B O R R OW I N G S Group Company

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Current

Secured

Bank overdrafts 15,915 8,060 – –Revolving credit 106,557 100,675 – –Term loan 27,475 30,400 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––149,947 139,135 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Non-current

Secured

Bridging loan 3,073 – – –Term loan 89,600 89,600 – –

Unsecured

Term loan 20,000 – 20,000 –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

112,673 89,600 20,000 –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Total

Bank overdrafts 15,915 8,060 – –Revolving credit 106,557 100,675 – –Bridging loan 3,073 – – –Term loan 137,075 120,000 20,000 –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––262,620 228,735 20,000 –

================= ================= ================= =================

The borrowings are secured by the following:Group

2005 2004RM’000 RM’000

Land held for property development (Note 16) 152,016 189,361Completed properties (Note 19) 35,289 16,807Property development costs (Note 20) 116,083 85,549

––––––––––––––––––– –––––––––––––––––––303,388 291,717

================= =================

Weighted average interest Total carrying Maturity profileGroup rate at balance sheet date amount < 1 year 1 - 5 years > 5 years

% RM’000 RM’000 RM’000 RM’000

2005

Bank overdrafts 7.59 15,915 15,915 – –Revolving credit 4.80 106,557 106,557 – –Term loan 7.25 27,475 27,475 – –Bridging loan 5.35 3,073 – 3,073 –Term loan 5.60 89,600 – 89,600 –Term loan 6.13 20,000 – 20,000 –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––262,620 149,947 112,673 –

================= ================= ================= =================



142

25 B O R R OW I N G S (cont’d)

Weighted average interest Total carrying Maturity profileGroup rate at balance sheet date amount < 1 year 1 - 5 years > 5 years

% RM’000 RM’000 RM’000 RM’000

2004

Bank overdrafts 7.25 8,060 8,060 – –Revolving credit 4.41 100,675 100,675 – –Term loan 7.00 30,400 30,400 – –Term loan 5.30 89,600 – 67,200 22,400

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––228,735 139,135 67,200 22,400

================= ================= ================= =================Company

2005

Term loan 6.13 20,000 – 20,000 –================= ================= ================= =================

The net exposure of borrowings of the Group and Company to interest rate changes and the periods in which the borrowingsreprice are as follows:

Total Floating FixedWeighted average interest carrying interest rate interest rate

Group rate at balance sheet date amount < 1 year 1 - 5 years% RM’000 RM’000 RM’000

2005

Bank overdrafts 7.59 15,915 15,915 –Revolving credit 4.80 106,557 106,557 –Term loan 7.25 27,475 27,475 –Bridging loan 5.35 3,073 3,073 –Term loan 5.60 89,600 89,600 –Term loan 6.13 20,000 – 20,000

––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––262,620 242,620 20,000

================= ================= =================

2004

Bank overdrafts 7.25 8,060 8,060 –Revolving credit 4.41 100,675 100,675 –Term loan 7.00 30,400 30,400 –Term loan 5.30 89,600 89,600 –

––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––228,735 228,735 –

================= ================= =================Company

2005

Term loan 6.13 20,000 – 20,000================= ================= =================

The unsecured term loan of RM20 million of the Group and Company represents a primary collateralised loan obligation. The term loan is subject to fixed interest rate of 6.13% per annum and is repayable in one lump sum in September 2010. The fairvalue of this long term loan at the balance sheet date is RM19,358,000. The fair value is estimated based on future contractualcash flows discounted at the interest rate of 6.90%.

The carrying amount of all other borrowings of the Group at the balance sheet dates approximates their fair values.




143

26 S H A R E C A P I TA LGroup and Company

2005 2004RM’000 RM’000

Authorised:

Ordinary shares of RM1.00 each, at beginning and end of the financial year 500,000 500,000================= =================

Issued and fully paid:

Ordinary shares of RM1.00 eachAt beginning of the financial year 232,347 232,346Issued during the financial year – 1


================= =================

EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”)

The Company had, on 5 September 2003, implemented an Employees’ Share Option Scheme (“ESOS”) for its eligible employeesand Executive Directors of the Group. This ESOS had been in force for a period of five years from the date of its implementationuntil its expiry on 4 September 2008.

The ESOS was approved by the shareholders at an Extraordinary General Meeting held on 25 June 2003.

The main features of the ESOS are as follows:

(a) The maximum number of new ordinary shares of the Company which may be available under the scheme shall not inaggregate exceed 10% of the issued and paid-up share capital of the Company at any one time;

(b) Subject to the eligibility criteria as may be set by the Option Committee, an eligible employee shall be eligible to participatein the scheme;

(c) No option shall be granted to any Executive Director of the Company unless specific grant of options over ordinary sharesto that Executive Director shall have been previously approved by the shareholders of the Company in a general meeting;

(d) The maximum number of new ordinary shares of the Company that may be offered and allotted to an eligible employeeshall be determined at the discretion of the Option Committee taking into consideration the performances, seniority andyears of service of the eligible employee. The allocation to the eligible Executive Directors and senior management shall notin aggregate exceed 50% of the new ordinary shares of the Company available under the scheme. Not more than 10% of thenew ordinary shares of the Company available under the scheme should be allocated to any eligible employee who, eithersingly or collectively, through his associates (as defined in the Companies Act, 1965), holds 20% or more of the issued andpaid-up capital of the Company;

(e) The price at which an eligible employee is entitled to subscribe for each new ordinary share of the Company shall bedetermined by the Option Committee based on the 5-day weighted average market price of the ordinary shares of theCompany immediately preceding the Offer Date of the options over ordinary shares, with a discount of not more than 10%,or at the par value of the ordinary shares of the Company, whichever is higher;

(f) The options over ordinary shares granted must be exercised within a period of five years from the Date of Offer of theoptions over ordinary shares to the respective employees or before the expiry of the ESOS, which shall continue to be inforce for a period of five years from 5 September 2003 (the date the options over ordinary shares were first granted to theeligible employees) subject to the ESOS not being extended for an additional five years;

(g) The new ordinary shares of the Company to be allotted upon exercise of any options over ordinary shares granted shallupon allotment and issue, rank pari passu in all respects with the existing Company’s ordinary shares. The new ordinaryshares of the Company so allotted will not be entitled to any dividends, rights, allotments and/or other distributions unlesssuch new ordinary shares of the Company meet the conditions as specified in the By-Laws of the ESOS.



144

26 S H A R E C A P I TA L (cont’d)

EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”) (cont’d)

The movements during the financial year in the number of options over ordinary shares of the Company were as follows:

2005 2004Option price Option price

at RM1.31 at RM1.31per share per share

’000 ’000

At beginning of the financial year 9,648 12,364Exercised – (1)Lapsed (810) (2,715)


================= =================

2005 2004’000 ’000

Number of options over ordinary shares vested as at end of the financial year 8,838 9,648================= =================

TREASURY SHARES

During the financial year, the Company repurchased its own shares amounting to 76,800 (2004: 21,900) ordinary shares at theaverage price of approximately RM0.95 (2004: RM1.10) per share from the open market on Bursa Malaysia Securities. Theserepurchases were financed by internally generated funds. These shares repurchased are being held as treasury shares as allowedunder Section 67A of Companies Act, 1965. None of these treasury shares has been sold.

As at 31 December 2005, the number of outstanding shares in issue and which are all fully paid is 231,957,933 (net of 388,700treasury shares) (2004: 232,034,733 [net of 311,900 treasury shares]) ordinary shares of RM1.00 each.




145

27 R E S E RV E SGroup Company

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Non-distributable

Share premium 60,428 60,428 60,428 60,428Revaluation reserves 240,745 244,969 385,808 385,808

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––301,173 305,397 446,236 446,236

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Capital reserves:

- Capital reserves arising on consolidation 325 325 – –- Merger deficit (41,625) (41,625) – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––(41,300) (41,300) – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Treasury shares (Note 26) (449) (374) (449) (374)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

259,424 263,723 445,787 445,862––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Distributable

Retained earnings 195,841 183,334 56,310 56,029Revaluation reserves* 58,790 54,566 15,256 15,256

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––254,631 237,900 71,566 71,285

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––514,055 501,623 517,353 517,147

================= ================= ================= =================

The Company has sufficient Section 108 tax credits and tax-exempt income under Malaysian Income Tax Act, 1967 to frank all ofits retained earnings as at 31 December 2005, if paid out as dividends, without incurring additional tax liabilities.

*This represents the accumulated revaluation reserves which have already been realised.

28 S I G N I F I C A N T R E L AT E D PA RT Y T R A N S AC T I O N S

In addition to the related party disclosures mentioned elsewhere in the financial statements, set out below are other significantrelated party transactions.

The transactions set out below have been entered into in the normal course of business and have been established under termsmutually agreed upon by the parties and which are not materially different from those obtainable in transactions with non-related parties.

Group Transactions Company 2005 2004

RM’000 RM’000

Transactions with a corporate shareholder

Rental of premises paid and payable Tradewinds Corporation Berhad 497 609

Procurement of hotel accommodation Tradewinds Corporation Berhad 60 32and meals paid and payable

Transactions with a subsidiary company of a corporate shareholder,Chee Tat Holdings (S) Pte Ltd

Rental income received Chee Tat Holdings (M) Sdn Bhd 12 12



146

28 S I G N I F I C A N T R E L AT E D PA RT Y T R A N S AC T I O N S (cont’d)

Group Transactions Company/Individual 2005 2004

RM’000 RM’000

Transactions with subsidiary companiesof a corporate shareholder, Tradewinds Corporation Berhad

Procurement of airticket paid and payable Tradewinds Travel & Tours Sdn Bhd 47 29

Procurement of insurance brokerage Tradewinds International Insurance 85 61services paid and payable Brokers Sdn Bhd

Transactions with subsidiary companiesof a corporate shareholder,CapitaLand Limited

Procurement of management services CapitaLand Residential Ltd 338 236paid and payable

Progress billings for sale of serviced Liang Court (Malaysia) Sdn Bhd 572 9,724apartments received and receivable

Transactions with an associated companyof a corporate shareholder,CapitaLand Limited

Rental of premises paid and payable OneSentral Park Sdn Bhd 124 54

Transactions with Directors of the Company

Progress billings for sale of serviced Datuk Nur Jazlan 180 118apartments and condominiums received bin Tan Sri Mohamedand receivable

Progress billings for sale of condominium Datuk Mohd Khamil 132 –received and receivable bin Jamil

Progress billings for sale of condominium Dr Choo Kian Koon 80 –received and receivable

Transactions with person related to a Director of the Company, Dato’ Ng Eng Tee

Progress billings for sale of condominium Dennis Ng Yew Kim 135 –received and receivable

The amounts that remained outstanding as at 31 December 2005 in respect of the above transactions with corporate shareholdersand related parties are shown in Notes 21 and 23 to the financial statements.




147

29 M AT E R A L L I T I G AT I O N S

(a) On 7 October 1996, UM Leisure Sdn Bhd (“UM Leisure”), a wholly-owned subsidiary of the Company, entered into a JointVenture Agreement (“JVA”) with Ultrapolis 3000 Holding Bermuda Ltd (“UPH”), with respect to the organisation,management and operation of Agarta Universe Sdn Bhd (“Agarta Universe”) which was to undertake the development andmanagement of Agarta Universe Theme Park Resort together with theme-based hotels and shopping centre in Bandar SeriAlam, Johor, a township currently being developed by Seri Alam Properties Sdn Bhd (“Seri Alam”), a wholly-ownedsubsidiary of the Company.

Pursuant to Clause 10.1(c) of the JVA, the Company issued a letter of guarantee of payment dated 3 January 1997 (“Letter ofGuarantee”) to Trans Resources Corporation Sdn Bhd (“TRC”) which was to undertake earthworks on a piece of land, uponwhich Agarta Universe Theme Park Resort will be built, under a contract with Sanwell Corporation (“Sanwell”), whoseprincipal is Agarta Universe. Thereafter, Seri Alam signed an Agreement for Lease dated 9 December 1997 with AgartaUniverse.

TRC commenced a writ action in the Kuala Lumpur High Court against Sanwell for RM17,459,445 being the amount duein respect of earthworks allegedly carried out. TRC has also claimed against the Company, for RM15,500,000 being the sumallegedly payable by the Company under the abovesaid Letter of Guarantee.

In the Kuala Lumpur High Court action, the Company filed a counterclaim (“Counterclaim”) against TRC, Sanwell, UPH and Agarta Universe, seeking inter alia, a declaration that it stands discharged from any liability to TRC under thesaid Letter of Guarantee and an order that Agarta Universe is to indemnify the Company for all consequences of the Letterof Guarantee.

Sanwell applied to stay the action on the basis that TRC’s claim against it ought to be resolved through arbitration. The Company and TRC opposed Sanwell’s stay application. On 19 May 1999, a stay (“Stay Order”) was granted by the KualaLumpur High Court. However, the Company and TRC appealed to the Court of Appeal against the grant of the Stay Order.On 29 June 2000, the Court of Appeal allowed TRC’s appeal against Sanwell on a preliminary point of law and set aside theStay Order. Upon further appeal by Sanwell, the Federal Court reinstated the Stay Order on 20 May 2002.

In light of the Federal Court’s order, the proceedings in the Kuala Lumpur High Court were adjourned sine die for theposition between TRC and Sanwell to be referred to arbitration.

Subsequently, TRC applied to the Kuala Lumpur High Court to vacate the Stay Order (“Removal Application”). The RemovalApplication was allowed by the High Court on 2 April 2005 with costs to be borne by Sanwell.

With the Stay Order vacated, parties to the Kuala Lumpur High Court suit was to proceed to trial on TRC’s claim and theCompany’s Counterclaim. Kuala Lumpur High Court fixed the trial on 25 May 2005 and 26 May 2005.

On 25 May 2005, the Company and TRC have agreed, through an exchange of letters between their respective solicitors, toa settlement whereby the Company will pay TRC a sum of RM15,500,000 as full and final settlement of the claims madeagainst the Company (Settlement). The settlement sum was satisfied during the financial year through a combination ofcash and properties in Bandar Seri Alam upon terms and conditions as agreed. A formal Settlement Agreement was enteredinto on 28 December 2005. With this agreement, the claim made against the Company by TRC has been fully resolved.

Additionally, amongst others, the following declarations were also granted by Kuala Lumpur High Court on 27 May 2005:

(i) that the JVA between UM Leisure and UPH is cancelled;

(ii) that the Agreement for Lease between Seri Alam and Agarta Universe is terminated; and

(iii) that Agarta Universe is to indemnify the Company of all consequence of the said Letter of Guarantee including thesum of RM15,500,000.



148

29 M AT E R A L L I T I G AT I O N S (cont’d)

(b) The Inland Revenue Board has raised notices of assessment and additional assessments in respect of prior years’ income taxof a subsidiary company, Bangi Heights Development Sdn Bhd. The assessments are mainly due to a different tax treatmentaccorded by Inland Revenue Board on the deduction of capitalised interest expense.

The Group does not agree with the assessments and additional assessments and has filed appeals to the SpecialCommissioner of Income Tax. A deciding order was issued by Special Commissioner of Income Tax on 22 November 2005which disallowed the deduction of capitalised interest expense. The Group will continue to defend its position againstthese assessments and additional assessments and will file an appeal to the High Court.

Pending the resolution of the above matters, the Group has provisionally paid to-date an amount of RM2.1 million as at 31 December 2005 and has accounted the amount paid as tax expense in the income statement.

30 S I G N I F I C A N T P O S T B A L A N C E S H E E T E V E N T S

The Company had on 18 January 2006 entered into a shareholders’ agreement with Bolton Berhad and Acegoal Pte Ltd to governa joint venture company for the development of a condominium project (namely, Alpine Return Sdn Bhd) (“Proposed JointVenture”). The Proposed Joint Venture is subject to the approval of Foreign Investment Committee (“FIC”).

Alpine Return Sdn Bhd, a 35% owned associated company of the Company, had on the same day entered into a conditional saleand purchase agreement with Bolton Berhad to acquire eleven (11) contiguous parcels of freehold land measuring a total ofapproximately 17,383.207 square metres located along Jalan Mayang, Off Jalan Yap Kwan Seng, Kuala Lumpur for a total cashconsideration of RM112.287 million (“Proposed Acquisition”).

The Proposed Acquisition is subject to the following conditions precedent:

(a) approval of FIC;

(b) approval of Bolton Berhad’s shareholders; and

(c) procurement of development order from Dewan Bandaraya Kuala Lumpur.

31 S E G M E N TA L I N F O R M AT I O N

The Group is primarily engaged in the property development industry (Primary segment). All activities of the Group areconducted within Malaysia (Secondary segment).

32 A P P R OVA L O F F I N A N C I A L S TAT E M E N T S

The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on 20 April 2006.





We, Dato’ Ng Eng Tee and Datuk Nur Jazlan bin Tan Sri Mohamed, two of the Directors of United Malayan Land Bhd, state that, in theopinion of the Directors, the financial statements set out on pages 112 to 148 are drawn up so as to give a true and fair view of the stateof affairs of the Group and Company as at 31 December 2005 and of the results and cash flows of the Group and Company for thefinancial year ended on that date in accordance with MASB approved accounting standards in Malaysia and the provisions of theCompanies Act, 1965.

Signed on behalf of the Board of Directors in accordance with their resolution dated 20 April 2006.

DATO’ NG ENG TEE DATUK NUR JAZLAN BIN TAN SRI MOHAMEDDIRECTOR DIRECTOR

Kuala Lumpur

149STATEMENT BY DIRECTORSPursuant to Section 169 (15) of the Companies Act, 1965

I, Pee Tong Lim, the Officer primarily responsible for the financial management of United Malayan Land Bhd, do solemnly and sincerely declare that the financial statements set out on pages 112 to 148 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 StatutoryDeclarations Act, 1960.

PEE TONG LIM

Subscribed and solemnly declared by the abovenamed Pee Tong Lim at Kuala Lumpur, Malaysia on 20 April 2006.

Before me,

COMMISSIONER FOR OATHS

STATUTORY DECLARATION Pursuant to Section 169 (16) of the Companies Act, 1965


150

We have audited the financial statements set out on pages 112 to 148. These financial statements are the responsibility of the Company’sDirectors. It is our responsibility to form an independent opinion, based on our audit, on these financial statements and to report ouropinion to you, as a body, in accordance with Section 174 of the Companies Act, 1965 and for no other purpose. We do not assumeresponsibility to any other person for the content of this report.

We conducted our audit in accordance with approved auditing standards in Malaysia. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made by the Directors, as well as evaluating the overallfinancial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion:

(a) the financial statements have been prepared in accordance with the provisions of the Companies Act, 1965 and MASB approvedaccounting standards in Malaysia so as to give a true and fair view of:

(i) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and

(ii) the state of affairs of the Group and Company as at 31 December 2005 and of the results and cash flows of the Group andCompany for the financial year ended on that date;

and

(b) the accounting and other records and the registers required by the Act to be kept by the Company and by the subsidiarycompanies have been properly kept in accordance with the provisions of the Act.

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

Our audit reports on the financial statements of the subsidiary companies were not subject to any qualification and did not includeany comment made under subsection (3) of Section 174 of the Act.

PRICEWATERHOUSECOOPERS DATO’ AHMAD JOHAN BIN MOHAMMAD RASLAN(No. AF: 1146) (No. 1867/09/06 (J))Chartered Accountants Partner of the firm

Kuala Lumpur20 April 2006

REPORT OF THE AUDITORSTo The Members of United Malayan Land Bhd (Company No. 4131 M) (Incorporated in Malaysia)



151

PenyataKewangan

152 Laporan Para Pengarah

156 Penyata Pendapatan

157 Lembaran Imbangan

158 Penyata Perubahan

Dalam Ekuiti Yang Disatukan

159 Penyata Perubahan Dalam Ekuiti Syarikat

160 Penyata Aliran Tunai

162 Nota-Nota Kepada Penyata Kewangan

193 Penyata Oleh Para Pengarah /

Akuan Berkanun

194 Laporan Juruaudit

Financial BM '06-0004 23/05/2006 6:29 PM Page 151

152

Para Pengarah dengan sukacitanya membentangkan kepada ahli-ahli, laporan tahunan dan penyata kewangan Kumpulan danSyarikat yang telah diaudit bagi tahun kewangan berakhir 31 Disember 2005.

A K T I V I T I - A K T I V I T I U TA M A

Aktiviti-Aktiviti utama Syarikat adalah pegangan pelaburan dan peruntukan perkhidmatan pengurusan.

Aktiviti-Aktiviti utama syarikat subsidiari Kumpulan adalah seperti yang dinyatakan dalam Nota 13 penyata kewangan.

Tiada perubahan penting dalam aktiviti-aktiviti tersebut sepanjang tahun kewangan.

K E P U T U S A N K E WA N G A N

Keputusan kewangan Kumpulan dan Syarikat bagi tahun kewangan berakhir 31 Disember 2005 adalah seperti berikut:

Kumpulan SyarikatRM’000 RM’000

Keuntungan daripada aktiviti biasa selepas cukai 33,728 16,985Kepentingan minoriti (4,517) –

––––––––––––––––––– –––––––––––––––––––Keuntungan bersih bagi tahun kewangan 29,211 16,985

================= =================

D I V I D E N

Dividen yang dibayar oleh Syarikat sejak 31 Disember 2004 adalah seperti berikut:RM’000

Bagi tahun kewangan berakhir 31 Disember 2004:

- dividen akhir sebanyak 7.5 sen kasar sesaham biasatolak 28% cukai pendapatan, dibayar pada 27 September 2005 12,528

=================

Bagi tahun kewangan berakhir 31 Disember 2005:

- dividen interim sebanyak 2.5 sen kasar sesaham biasa tolak 28% cukai pendapatan, dibayar pada 22 Februari 2006 4,176

=================Para Pengarah mencadangkan pembayaran dividen akhir sebanyak 5.0 sen kasar sesaham biasa ke atas 231,957,933 saham biasa (iaitubersih daripada 388,700 saham perbendaharaan), tolak 28% cukai pendapatan bagi tahun kewangan berakhir 31 Disember 2005.Dividen akhir bersih berjumlah RM8,350,486 adalah tertakluk kepada kelulusan ahli-ahli di Mesyuarat Agung Tahunan Syarikat yangakan datang.

R I Z A B D A N P E R U N T U K A N

Kesemua pindahan ketara kepada ataupun daripada rizab dan peruntukan sepanjang tahun kewangan adalah seperti yangdinyatakan di dalam penyata kewangan.

S K I M O P S Y E N S A H A M K A K I TA N G A N ( “ E S O S ” )

Syarikat telah melaksanakan Skim Opsyen Saham Kakitangan (“ESOS”) bagi kakitangan serta Pengarah Eksekutif Kumpulan yangberkelayakan.

ESOS tersebut telah diluluskan oleh para pemegang saham di Mesyuarat Agung Luar Biasa yang diadakan pada 25 Jun 2003.

Butiran berkaitan ESOS ini adalah seperti yang dibentangkan dalam Nota 26 penyata kewangan.

Syarikat telah diberi pelepasan oleh Suruhanjaya Syarikat Malaysia selaras dengan Seksyen 169(11) Akta Syarikat, 1965 daripadamendedahkan senarai pemegang opsyen dan butiran pemegangan mereka kecuali bagi pemegang opsyen yang memegang opsyen200,000 saham biasa dan ke atas. Syarikat juga telah diberi pelepasan daripada mendedahkan senarai Pengarah dan butiranpemegangan opsyen mereka ke atas saham biasa.

LAPORAN PARA PENGARAH bagi tahun kewangan berakhir 31 Disember 2005


153

S K I M O P S Y E N S A H A M K A K I TA N G A N ( “ E S O S ” ) (samb.)

Di sepanjang tahun kewangan, pergerakan dalam bilangan opsyen ke atas saham biasa Syarikat yang diberi kepada pemegang opsyen(kecuali para Pengarah) yang memegang opsyen 200,000 saham biasa dan ke atas adalah seperti berikut:

Opsyen ke atas saham biasa bernilai RM1.00 sesaham

Harga Pada PadaNama kakitangan langganan/saham 1.1.2005 Diberi Dilaksana Luput 31.12.2005

RM ’000 ’000 ’000 ’000 ’000

Chia Lui Meng 1.31 206 – – – 206Henry Leong Hock Seng 1.31 287 – – (287) –Lau Boon Ann 1.31 216 – – – 216Lee Kar Fook 1.31 208 – – – 208Ng Tay Guan 1.31 216 – – – 216

S A H A M P E R B E N D A H A R A A N

Di sepanjang tahun kewangan, Syarikat telah membeli semula sahamnya sebanyak 76,800 saham biasa pada harga purata lebihkurang RM0.95 sesaham daripada pasaran terbuka Bursa Malaysia Sekuriti.

Butiran tentang saham perbendaharaan adalah seperti yang dibentangkan dalam Nota 26 penyata kewangan.

PA R A P E N G A R A H

Para Pengarah yang berkhidmat sepanjang tempoh bermula dari tarikh laporan yang lepas adalah seperti berikut:

Pengarah Gilir

YBhg Tan Sri Dato’ Musa bin Hitam (Dilantik pada 26 Januari 2006)

Lui Chong Chee (Dilantik pada 1 Ogos 2005) Soong Hee Sang (Dilantik pada 5 September 2005)

Dato’ Ng Eng Tee

Datuk Mohd Khamil bin Jamil (Meletak jawatan pada 31 Mac 2006) Ahmad Shaifuldin bin Mahamad Sharudi(Meletak jawatan pada 10 November 2005)

Datuk Syed Ahmad Khalid bin Syed Mohammed

Datuk Nur Jazlan bin Tan Sri Mohamed

Ng Eng Soon

Dato’ Mohd Hanafiah bin Omar

Soong Hee Sang (Dilantik pada 22 Mac 2006)

Tham Kui Seng (Meletak jawatan pada 1 Ogos 2005)

Dr Choo Kian Koon (Meletak jawatan pada 17 Mac 2006) Rita Lau Chen Chen (Meletak jawatan pada 17 Mac 2006)

Selaras dengan Artikel 94 Tataurusan Syarikat, Datuk Syed Ahmad Khalid bin Syed Mohammed dan Ng Eng Soon bersara mengikutgiliran di Mesyuarat Agung Tahunan yang akan datang dan, kerana layak, menawarkan diri mereka untuk pemilihan semula.

Selaras dengan Artikel 99 Tataurusan Syarikat, Lui Chong Chee dan Soong Hee Sang, yang telah dilantik dalam tempoh tersebut,bersara di Mesyuarat Agung Tahunan yang akan datang dan, kerana layak, menawarkan dirinya untuk pemilihan semula.

Selaras dengan Seksyen 129(2) Akta Syarikat, 1965, YBhg Tan Sri Dato’ Musa bin Hitam, kerana melebihi umur tujuh puluh tahun, bersara di Mesyuarat Agung Tahunan yang akan datang dan dilantik semula sebagai Pengarah menurut Seksyen 129(6) Akta Syarikat, 1965.

M A N FA AT PA R A P E N G A R A H

Di sepanjang dan di akhir tahun kewangan, tidak wujud sebarang urusan yang melibatkan Syarikat, yang bertujuan atau mempunyaitujuan untuk membolehkan para Pengarah Syarikat mendapat manfaat melalui perolehan saham atau debentur Syarikat atau mana-mana badan korporat lain, kecuali opsyen ke atas saham biasa yang diberikan oleh Syarikat (lihat Nota 7 penyata kewangan).



154

M A N FA AT PA R A P E N G A R A H (samb.)

Sejak akhir tahun kewangan yang lalu, tiada Pengarah yang telah menerima atau menjadi layak untuk menerima manfaat (selaindaripada ganjaran Pengarah yang dinyatakan dalam Nota 7 penyata kewangan) menerusi kontrak yang dibuat oleh Syarikat atausyarikat yang berkaitan dengan Pengarah atau dengan firma di mana Pengarah adalah ahli, atau dengan syarikat di mana Pengarahmempunyai kepentingan kewangan yang besar, kecuali seperti yang dinyatakan dalam Nota 28 penyata kewangan.

K E P E N T I N G A N PA R A P E N G A R A H D A L A M S A H A M D A N D E B E N T U R

Menurut Daftar Pegangan Saham Para Pengarah, butiran kepentingan para Pengarah yang berkhidmat pada akhir tahun kewangandalam saham dan opsyen ke atas saham biasa Syarikat adalah seperti berikut:

Bilangan saham biasa bernilai RM1.00 sesaham

Pada Pada1.1.2005 Dibeli Dijual 31.12.2005

’000 ’000 ’000 ’000

Pegangan saham di atas nama Pengarah

Dato’ Ng Eng Tee 7,888 1,600 (1,600) 7,888Ng Eng Soon 7,151 – – 7,151

Pegangan saham di mana Pengarah dianggapmempunyai kepentingan

Dato’ Ng Eng Tee 21,829 216 – 22,045Ng Eng Soon 17,829 – – 17,829

Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesaham

Pada Pada1.1.2005 Tawaran Langganan Luput 31.12.2005

’000 ’000 ’000 ’000 ’000

Dato’ Ng Eng Tee 500 – – – 500

Disebabkan kepentingan langsung dan tidak langsung Dato’ Ng Eng Tee dan Ng Eng Soon di dalam Syarikat, mereka dianggapmempunyai kepentingan di dalam saham syarikat subsidiari setakat mana Syarikat mempunyai kepentingan.

Selain daripada apa yang dinyatakan di atas, menurut Daftar Pegangan Saham Para Pengarah, para Pengarah yang berkhidmat padaakhir tahun kewangan tidak memegang sebarang kepentingan dalam saham, opsyen ke atas saham biasa atau debentur Syarikat dansyarikat berkaitan sepanjang tahun kewangan.

M A K L U M AT B E R K A N U N B E R K A I TA N P E N YATA K E WA N G A N

Sebelum penyata pendapatan dan lembaran imbangan disediakan, para Pengarah telah mengambil langkah-langkah sewajarnya:

(a) untuk memastikan bahawa tindakan sewajarnya telah diambil berhubung dengan menghapus kira hutang lapuk danpenyediaan elaun bagi hutang ragu dan mereka telah berpuas hati bahawa semua hutang lapuk yang diketahui telah dihapuskira dan elaun secukupnya telah dibuat untuk hutang ragu; dan

(b) untuk memastikan bahawa sebarang aset semasa, kecuali hutang yang tidak mungkin diperolehi nilainya dalam perjalananbiasa perniagaan seperti yang ditunjukkan dalam rekod perakaunan Kumpulan dan Syarikat telah dikurangkan nilainya kepadasatu jumlah yang dijangka boleh diperolehi.

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

(a) yang boleh menyebabkan jumlah yang dihapus kira bagi hutang lapuk atau jumlah yang diperuntukkan bagi hutang ragu didalam penyata kewangan Kumpulan dan Syarikat menjadi tidak mencukupi ke sebarang tahap yang ketara; atau

(b) yang boleh menyebabkan nilai yang diletakkan ke atas aset semasa di dalam penyata kewangan Kumpulan dan Syarikatmengelirukan; atau

(c) yang telah timbul dan menyebabkan pematuhan kepada kaedah penilaian aset atau liabiliti Kumpulan dan Syarikat yang sediaada mengelirukan atau tidak sesuai.

LAPORAN PARA PENGARAH (samb.)

bagi tahun kewangan berakhir 31 Disember 2005


155

M A K L U M AT B E R K A N U N B E R K A I TA N P E N YATA K E WA N G A N (samb.)

Tiada liabiliti luar jangka atau liabiliti lain yang telah berkuatkuasa atau berkemungkinan akan dikuatkuasakan dalam tempoh duabelas bulan selepas akhir tahun kewangan, yang mana mengikut pendapat para Pengarah, akan atau mungkin menjejaskankeupayaan Kumpulan atau Syarikat untuk memenuhi tanggungjawab mereka apabila tiba masanya.

Pada tarikh laporan ini, tidak wujud:

(a) sebarang caj ke atas aset Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan yang menjamin liabiliti mana-mana pihak lain; atau

(b) sebarang liabiliti luar jangka Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan.

Pada tarikh laporan ini, para Pengarah tidak menyedari akan adanya sebarang keadaan yang tidak diuruskan di dalam laporan ataupenyata kewangan ini, yang akan menyebabkan sebarang jumlah yang dinyatakan di dalam penyata kewangan ini mengelirukan.

Pada pendapat para Pengarah:

(a) keputusan operasi Kumpulan dan Syarikat sepanjang tahun kewangan tidak terjejas dengan ketara oleh sebarang perkara,urusniaga atau peristiwa penting dan bersifat luar biasa; dan

(b) dalam tempoh di antara akhir tahun kewangan dan tarikh laporan ini, tidak timbul sebarang perkara, urusniaga atau peristiwapenting dan bersifat luar biasa yang berkemungkinan menjejaskan keputusan operasi Kumpulan dan Syarikat dengan ketarabagi tahun kewangan di mana laporan ini dibuat, kecuali seperti yang dinyatakan dalam Nota 30 penyata kewangan.

M A K L U M AT KO R P O R AT

Syarikat merupakan sebuah syarikat awam dengan liabiliti terhad, yang diperbadankan dan bermastautin di Malaysia, dan tersenaraidi Papan Utama Bursa Malaysia Sekuriti.

Alamat pejabat berdaftar dan tempat kegiatan utama Syarikat adalah seperti berikut:

Suit 1.1, Tingkat 1Kompleks AntarabangsaJalan Sultan Ismail50250 Kuala LumpurMalaysia

Telefon : (603) 2142 1611Faks : (603) 2142 1826Laman web : http: //www.umland.com.my

J U R U A U D I T

Juruaudit, PricewaterhouseCoopers, telah menyatakan kesanggupan mereka untuk terus berkhidmat.

Ditandatangani bagi pihak Lembaga Pengarah, menurut resolusi mereka bertarikh 20 April 2006.

DATO’ NG ENG TEE DATUK NUR JAZLAN BIN TAN SRI MOHAMEDPENGARAH PENGARAH



156

Kumpulan SyarikatNota 2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

Hasil 4 214,805 164,845 33,035 21,213

Pendapatan faedah 1,816 1,446 – –

Pendapatan operasi lain 2,603 1,258 1 205

Kos pembangunan yang diiktiraf sebagai perbelanjaan (138,369) (101,688) – –

Kos pembinaan yang diiktiraf sebagai perbelanjaan 113 40 – –

Perbelanjaan manfaat kakitangan 5 (17,209) (12,547) (6,305) (4,771)

Susutnilai hartanah, loji dan peralatan (1,605) (1,539) (330) (158)

Hartanah, loji dan peralatan dihapus kira – (29) – –

Perbelanjaan pengiklanan dan promosi (6,092) (2,739) (24) (91)

Pemeliharaan, pembaikan dan penyelenggaraan aset (1,313) (1,303) (296) (195)

Penyewaan premis (753) (663) (544) (532)

Elaun hutang ragu (2,453) (3,391) – –

Masuk kira semula elaun hutang ragu 3,837 5,084 – –

Yuran perunding profesional (7,721) (2,776) (350) (261)

Yuran pengurusan (338) (266) (104) (266)

Perbelanjaan operasi lain (8,926) (7,589) (870) (796)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Keuntungan daripada operasi 6 38,395 38,143 24,213 14,348

Kos kewangan 8 (1,544) (1,240) (367) (11)

Keputusan perkongsian syarikat bersekutu 8 (1,885) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Keuntungan daripada aktiviti biasa sebelum cukai 36,859 35,018 23,846 14,337

Perbelanjaan Cukai

- Syarikat dan syarikat subsidiari 9 (3,131) (9,313) (6,861) (4,189)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Keuntungan daripada aktiviti biasa selepas cukai 33,728 25,705 16,985 10,148

Kepentingan minoriti (4,517) (5,140) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Keuntungan bersih bagi tahun kewangan 29,211 20,565 16,985 10,148================= ================= ================= =================

Pendapatan sesaham (sen)

- asas 10 12.6 8.9================= =================

Tidak Tidak- cair 10 berkaitan berkaitan

================= =================

Dividen sesaham (sen) 11 7.5 7.5 7.5 7.5================= ================= ================= =================

PENYATA PENDAPATANbagi tahun kewangan berakhir 31 Disember 2005


157

Kumpulan SyarikatNota 2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

ASET BUKAN SEMASA

Hartanah, loji dan peralatan 12 344,388 344,163 1,007 312Pelaburan dalam syarikat subsidiari 13 – – 602,191 597,041Pelaburan dalam syarikat bersekutu 14 2,748 2,740 – –Pelaburan lain-lain 15 2,009 9 2,000 –Tanah dipegang untuk pembangunan hartanah 16 178,454 206,985 – –Penghutang dagangan jangka panjang 17 4,004 3,774 – –Aset cukai tertunda 18 17,861 14,658 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––549,464 572,329 605,198 597,353

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––ASET SEMASA

Hartanah siap 19 79,291 83,419 – –Kos pembangunan hartanah 20 431,848 391,284 – –Cukai boleh pulih 62 6,258 291 291Penghutang dagangan dan lain-lain 21 83,581 72,161 168,869 155,791Deposit, baki bank dan tunai 22 47,585 18,089 6,574 881

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––642,367 571,211 175,734 156,963

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––TOLAK: LIABILITI SEMASA

Pemiutang dagangan dan lain-lain 23 79,741 61,068 3,117 1,478Peruntukan 24 950 20,777 – –Pinjaman (bercagar)- overdraf bank 25 15,915 8,060 – –- lain-lain 25 134,032 131,075 – –Liabiliti cukai semasa 5,753 8,089 3,287 3,322Pemiutang dividen 11 4,176 – 4,176 –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––240,567 229,069 10,580 4,800

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

ASET SEMASA BERSIH 401,800 342,142 165,154 152,163

TOLAK : LIABILITI BUKAN SEMASA

Liabiliti cukai tertunda 18 32,788 36,506 652 22Pinjaman 25 112,673 89,600 20,000 –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––805,803 788,365 749,700 749,494

================= ================= ================= =================

MODAL DAN RIZAB

Modal saham 26 232,347 232,347 232,347 232,347Rizab 27 514,055 501,623 517,353 517,147

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Ekuiti pemegang saham 746,402 733,970 749,700 749,494Kepentingan minoriti 59,401 54,395 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––805,803 788,365 749,700 749,494

================= ================= ================= =================

Aset ketara bersih sesaham 10 RM3.22 RM3.16================= =================


LEMBARAN IMBANGAN pada 31 Disember 2005


158

Saham Pen-Modal Premium Rizab nilai Rizab Perben- dapatan Rizab nilai

Nota saham saham semula modal daharaan tertahan semula* JumlahRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Pada 1 Januari 2005 232,347 60,428 244,969 (41,300) (374) 183,334 54,566 733,970

Pembelian saham perbendaharaan (76,800 saham biasa) 26 – – – – (75) – – (75)

Realisasi rizab nilai semula – – (4,224) – – – 4,224 –

Keuntungan bersih bagi tahun kewangan – – – – – 29,211 – 29,211

Dividen yang dibayar bagi tahunkewangan berakhir 31 Disember 2004 11 – – – – – (12,528) – (12,528)

Dividen interim perludibayar bagi tahun kewangan berakhir 31 Disember 2005 11 – – – – – (4,176) – (4,176)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Pada 31 Disember 2005 232,347 60,428 240,745 (41,300) (449) 195,841 58,790 746,402

==========================================================================================================================================================

Pada 1 Januari 2004 232,346 60,429 243,527 (41,300) (349) 171,123 53,789 719,565

Perbelanjaan penerbitan saham – (1) – – – – – (1)

Pembelian saham perbendaharaan (21,900 saham biasa) 26 – – – – (25) – – (25)

Penerbitan saham biasa bagi pelaksanaan ESOS 1 – – – – – – 1

Realisasi rizab nilai semula – – (777) – – – 777 –

Pembalikan liabiliti cukai tertunda – – 2,219 – – – – 2,219

Keuntungan bersih bagi tahun kewangan – – – – – 20,565 – 20,565

Dividen yang dibayar bagi tahun kewangan berakhir 31 Disember 2003 – – – – – (8,354) – (8,354)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Pada 31 Disember 2004 232,347 60,428 244,969 (41,300) (374) 183,334 54,566 733,970

==========================================================================================================================================================

* Ini mewakili rizab nilai semula terkumpul yang telah direalisasikan.

PENYATA PERUBAHANDALAM EKUITI YANG DISATUKAN



159

Tidak boleh diagihkan Boleh diagihkanModal Premium Rizab nilai Saham Pen-

Nota saham saham semula Perben- dapatan Rizab nilaidaharaan tertahan semula* Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Pada 1 Januari 2005 232,347 60,428 385,808 (374) 56,029 15,256 749,494

Pembelian saham perbendaharaan(76,800 saham biasa) 26 – – – (75) – – (75)

Keuntungan bersih bagi

tahun kewangan – – – – 16,985 – 16,985

Dividen yang dibayar bagi tahun kewangan berakhir 31 Disember 2004 11 – – – – (12,528) – (12,528)

Dividen interim perlu dibayar bagi tahun kewangan berakhir 31 Disember 2005 11 – – – – (4,176) – (4,176)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Pada 31 Disember 2005 232,347 60,428 385,808 (449) 56,310 15,256 749,700

=====================================================================================================================================

Pada 1 Januari 2004 232,346 60,429 385,808 (349) 54,235 15,256 747,725

Perbelanjaan penerbitan saham – (1) – – – – (1)

Pembelian saham perbendaharaan(21,900 saham biasa) 26 – – – (25) – – (25)

Penerbitan saham biasa bagi pelaksanaan ESOS 1 – – – – – 1

Keuntungan bersih bagi tahun kewangan – – – – 10,148 – 10,148

Dividen yang dibayar bagi tahun kewangan berakhir 31 Disember 2003 – – – – (8,354) – (8,354)

–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Pada 31 Disember 2004 232,347 60,428 385,808 (374) 56,029 15,256 749,494

=====================================================================================================================================

* Ini mewakili rizab nilai semula terkumpul yang telah direalisasikan.


PENYATA PERUBAHAN DALAM EKUITI SYARIKAT



160

Kumpulan Syarikat2005 2004 2005 2004

RM’000 RM’000 RM’000 RM’000

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI

Keuntungan bersih bagi tahun kewangan 29,211 20,565 16,985 10,148

Pelarasan untuk:

Elaun hutang ragu 2,453 3,391 – –

Masuk kira semula elaun hutang ragu (3,837) (5,084) – –

Susutnilai hartanah, loji dan peralatan 1,605 1,539 330 158

Hartanah, loji dan peralatan dihapus kira – 29 – –

Keuntungan atas pelupusan hartanah, loji dan peralatan (16) (467) – (205)

Pendapatan dividen kasar daripada syarikat subsidiari – – (23,236) (11,620)

Perbelanjaan faedah 1,544 1,240 367 11

Pendapatan faedah (1,846) (1,467) (4,524) (5,333)

Kerugian atas pelupusan hartanah, loji dan peralatan – 52 – –

Penarikbalikan peruntukan bagi kos pembangunan hartanah yang tidak digunakan (10,411) (1,653) – –

Kepentingan minoriti 4,517 5,140 – –

Perkongsian keputusan syarikat bersekutu (8) 1,885 – –

Perbelanjaan Cukai 3,131 9,313 6,861 4,189––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

26,343 34,483 (3,217) (2,652)

Pengurangan/(peningkatan) dalam tanah yang dipegang untuk pembangunan, hartanahsiap dan kos pembangunan hartanah 4,550 (145,986) – –

(Peningkatan)/pengurangan dalam penghutang (9,826) 4,335 (6,053) 12,146

Peningkatan/(pengurangan) dalam pemiutang 11,321 (12,756) (161) 8––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Aliran tunai bersih daripada operasi 32,388 (119,924) (9,431) 9,502

Faedah dibayar (11,580) (4,471) (59) (11)

Faedah diterima 1,406 1,192 4,823 3,684

Cukai dibayar (10,674) (9,891) (1,393) (451)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Aliran tunai bersih daripada aktiviti operasi 11,540 (133,094) (6,060) 12,724––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

PENYATA ALIRAN TUNAIbagi tahun kewangan berakhir 31 Disember 2005


161


RM’000 RM’000 RM’000 RM’000

ALIRAN TUNAI DARIPADA AKTIVITI PELABURAN

Pelaburan dalam syarikat subsidiari – – (5,150) (12,500)

Pendapatan dividen bersih daripada syarikat subsidiari – – 12,531 8,366

Hasil daripada pelupusan hartanah, loji dan peralatan 230 906 206 300

Pembelian hartanah, loji dan peralatan (2,044) (226) (1,231) (31)

Pembelian saham perbendaharaan (75) (25) (75) (25)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Aliran tunai bersih daripada aktiviti pelaburan (1,889) 655 6,281 (3,890)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAAN

Dividen dibayar (14,139) (8,354) (12,528) (8,354)

Surutan bersih bagi pinjaman 24,029 131,275 18,000 –

Hasil daripada penerbitan sahamkeutamaan boleh tebus dalam syarikatsubsidiari kepada kepentingan minoriti 2,100 – – –

Hasil daripada penerbitan saham biasa dalamsyarikat subsidiari kepada kepentingan minoriti – 1,500 – –

Hasil daripada penerbitan saham biasabagi pelaksanaan ESOS – 1 – 1

Perbelanjaan penerbitan saham – (1) – (1)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Aliran tunai bersih daripada aktiviti pembiayaan 11,990 124,421 5,472 (8,354)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

PENINGKATAN/(PENGURANGAN)BERSIH DALAM TUNAI DAN SETARA TUNAI 21,641 (8,018) 5,693 480

TUNAI DAN SETARA TUNAIPADA AWAL TAHUN KEWANGAN 10,029 18,047 881 401

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––TUNAI DAN SETARA TUNAI

PADA AKHIR TAHUN KEWANGAN 31,670 10,029 6,574 881================= ================= ================= =================

Tunai dan setara tunai merangkumi:

Baki bank dan tunai (Nota 22) 13,982 3,894 6,574 881

Baki bank di bawah Akaun PembangunanPerumahan (“HDA”) (Nota 22) 32,187 14,195 – –

Baki bank di bawah dana terikat (Nota 22) 1,416 – – –

Overdraf bank (Nota 25) (15,915) (8,060) – –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

31,670 10,029 6,574 881================= ================= ================= =================



162

1 A K T I V I T I - A K T I V I T I U TA M A

Aktiviti-aktiviti utama Syarikat adalah pegangan pelaburan dan peruntukan perkhidmatan pengurusan.

Aktiviti-aktiviti utama syarikat subsidiari Kumpulan adalah seperti yang dinyatakan dalam Nota 13 penyata kewangan.

Tiada perubahan penting dalam aktiviti-aktiviti tersebut sepanjang tahun kewangan.

2 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING

Dasar-dasar perakaunan berikut telah digunakan secara konsisten dalam pengurusan perkara-perkara yang dianggap pentingberhubung dengan penyata kewangan.

(a) Asas penyediaan

Penyata kewangan Kumpulan dan Syarikat telah disediakan berdasarkan kaedah kos sejarah (yang telah diubahsuai untukmengambil kira penilaian semula hartanah, loji dan peralatan tertentu serta pelaburan dalam syarikat subsidiari), kecualidinyatakan sebaliknya di dalam ringkasan dasar-dasar perakaunan penting ini.

Penyata kewangan ini mematuhi piawaian perakaunan yang diluluskan di Malaysia oleh Badan Piawaian PerakaunanMalaysia (“MASB”) dan peruntukan Akta Syarikat, 1965.

Penyediaan penyata kewangan ini menurut piawaian perakaunan MASB yang diluluskan di Malaysia dan peruntukanAkta Syarikat, 1965, memerlukan para Pengarah membuat anggaran serta andaian yang memberi kesan kepada jumlahaset dan liabiliti yang dilaporkan serta pendedahan aset dan liabiliti luar jangka pada tarikh penyata kewangan sertajumlah hasil dan perbelanjaan di sepanjang tahun kewangan yang dilaporkan. Walaupun anggaran ini dibuat berdasarkanpengetahuan para Pengarah sebaiknya berkaitan peristiwa dan tindakan semasa, keputusan sebenar mungkin berbezadaripada anggaran tersebut.

(b) Asas penyatuan

Penyata kewangan yang disatukan merangkumi penyata kewangan Syarikat dan semua syarikat subsidiarinya sehinggaakhir tahun kewangan. Syarikat subsidiari adalah syarikat di mana Kumpulan mempunyai kuasa untuk melaksanakankawalan ke atas dasar-dasar kewangan dan operasi syarikat untuk memperolehi manfaat daripada aktiviti-aktiviti mereka.

Syarikat subsidiari disatukan menggunakan kaedah perakaunan pengambilalihan kecuali bagi syarikat subsidiari (sepertidinyatakan dalam Nota 13 penyata kewangan) yang telah disatukan menggunakan kaedah perakaunan percantuman.Syarikat subsidiari tersebut telah disatukan sebelum 1 Januari 2002 selaras dengan Piawaian Perakaunan Malaysia No. 2“Perakaunan bagi Pengambilalihan dan Penyatuan”, yang merupakan dasar perakaunan yang diterima secara umum padamasa tersebut.

Kumpulan telah menggunakan pengecualian di bawah Piawaian Pelaporan Kewangan (“FRS”) 1222004 “GabunganPerniagaan” (dulu dikenali sebagai MASB 21) untuk menerapkan Piawaian ini secara prospektif. Selaras dengan ini,gabungan perniagaan yang dimasuki sebelum 1 Januari 2002 tidak dinyatakan semula bagi mematuhi Piawaian tersebut.

Di bawah kaedah perakaunan pengambilalihan, syarikat subsidiari disatukan dari tarikh kawalan dipindahkan kepadaKumpulan dan tidak lagi disatukan dari tarikh tamatnya kawalan tersebut. Keputusan syarikat subsidiari yang diambilalihatau dilupuskan sepanjang tahun kewangan dimasukkan dari tarikh pengambilalihannya sehingga ke tarikhpelupusannya. Pada tarikh pengambilalihan, nilai saksama aset bersih syarikat subsidiari ditentukan dan nilai inidigambarkan dalam penyata kewangan yang disatukan. Perbezaan antara kos pengambilalihan berbanding nilai saksamasaham Kumpulan bagi aset bersih yang boleh dikenalpasti milik syarikat subsidiari pada tarikh pengambilalihandigambarkan sebagai muhibah atau muhibah negatif. Lihat dasar perakaunan Nota 2(d) mengenai muhibah ataspenyatuan. Kos pengambilalihan adalah jumlah tunai yang dibayar dan nilai saksama pada tarikh pengambilalihan bagipertimbangan pembelian lain berserta dengan perbelanjaan yang berpunca terus dari pengambilalihan tersebut.

Di bawah kaedah perakaunan percantuman, keputusan syarikat subsidiari dibentangkan seolah-olah percantuman telahdilaksanakan di sepanjang tahun kewangan semasa dan sebelumnya. Kos pelaburan dalam percantuman ini dicatatkanpada agregat nilai nominal saham ekuiti diterbitkan, tunai dan setara tunai serta nilai saksama bagi pertimbangan lain.Perbelanjaan yang ditanggung berhubung percantuman ini diiktiraf sebagai perbelanjaan di dalam penyata pendapatan.Dengan penyatuan, kos percantuman dibatalkan dengan penerimaan nilai nominal saham. Lebihan nilai bawaanpelaburan berbanding nilai nominal saham yang diperoleh dianggap sebagai pengurangan rizab, manakala lebihan nilainominal saham yang diperoleh ke atas nilai bawaan pelaburan dianggap sebagai rizab yang timbul daripada percantumandan dimasukkan sebagai sebahagian daripada ekuiti pemegang saham.

NOTA-NOTA KEPADA PENYATA KEWANGANbagi tahun kewangan berakhir 31 Disember 2005


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2 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.)

(b) Asas penyatuan (samb.)

Semua urusniaga antara syarikat, baki dan keuntungan atas urusniaga yang belum direalisasi dihapuskan; kerugianbelum direalisasi turut dihapuskan kecuali kos tidak dapat dipulihkan, yang mana dalam keadaan ini kos tersebut dicajkankepada penyata pendapatan dengan segera. Dasar-dasar perakaunan bagi syarikat subsidiari telah ditukar di mana perlu,bagi memastikan ketekalan dengan dasar-dasar yang diterima pakai oleh Kumpulan.

Kepentingan minoriti ditentukan mengikut bahagian perkongsian minoriti bagi nilai saksama aset dan liabiliti yangdikenal pasti ke atas pengambilalihan. Pendedahan berasingan dibuat bagi kepentingan minoriti.

(c) Perakaunan bagi syarikat bersekutu

Syarikat bersekutu adalah syarikat di mana Kumpulan menggunakan sebahagian besar pengaruhnya dan di mana iabukannya syarikat subsidiari mahupun usaha sama Kumpulan. Pengaruh penting bermaksud kuasa untuk menyertaidalam keputusan berkaitan dasar kewangan serta pengendalian syarikat bersekutu tetapi tidak mempunyai kawalan keatas dasar-dasar tersebut. Pelaburan dalam syarikat bersekutu diambil kira di dalam penyata kewangan disatukanmenggunakan kaedah perakaunan ekuiti.

Perakaunan ekuiti melibatkan pengiktirafan bahagian perkongsian yang diperolehi Kumpulan hasil keputusan syarikatbersekutu bagi tahun kewangan, di dalam penyata pendapatan. Pelaburan Kumpulan dalam syarikat bersekutudinyatakan di dalam lembaran imbangan pada jumlah yang menggambarkan bahagian perkongsiannya dalam aset bersihsyarikat bersekutu. Perakaunan ekuiti ditamatkan apabila jumlah bawaan pelaburan di dalam syarikat bersekutumencapai sifar, kecuali jika Kumpulan menanggung atau menjamin kewajipan terhadap syarikat bersekutu tersebut.

Keuntungan belum direalisasi ke atas urusniaga di antara Kumpulan dan syarikat bersekutunya dihapuskan sehinggatahap kepentingan Kumpulan dalam syarikat bersekutu; kerugian belum direalisasi juga dihapuskan kecuali urusniagatersebut mengemukakan bukti tentang kerosakan aset yang dipindahkan, yang mana dalam hal ini kerosakan tersebutdicajkan ke penyata pendapatan dengan segera. Dalam menerapkan kaedah perakaunan ekuiti, pelarasan dibuat kepadapenyata kewangan syarikat bersekutu, di mana sesuai, bagi memastikan ketekalan dasar perakaunannya dengan dasarKumpulan.

(d) Muhibah atas penyatuan

Muhibah yang timbul dari penyatuan mewakili lebihan kos pengambilalihan berbanding nilai saksama bahagianperkongsian Kumpulan terhadap aset bersih yang dikenalpasti di dalam syarikat subsidiari dan syarikat bersekutu padatarikh pengambilalihan.

Muhibah yang timbul dari penyatuan dihapus kira terhadap rizab modal yang timbul dari penyatuan setakat jumlah yangdikekalkan dalam lembaran imbangan. Bagi perkara-perkara lain, muhibah yang timbul dari penyatuan dicajkan kepenyata pendapatan dengan segera.

Muhibah negatif mewakili lebihan nilai saksama bahagian perkongsian Kumpulan terhadap aset bersih yang dikenalpastidi dalam syarikat subsidiari dan syarikat bersekutu berbanding kos pengambilalihan pada tarikh pengambilalihan.

Muhibah negatif dikreditkan ke rizab modal yang timbul dari penyatuan.

(e) Pengiktirafan hasil

Hasil daripada penjualan hartanah pembangunan diiktiraf bersih selepas diskaun, berdasarkan kaedah peratusan siap.Tahap penyiapan diukur dengan merujuk kepada perkadaran fizikal kerja yang telah siap sebagai peratusan keseluruhankerja fizikal bagi projek tersebut, seperti yang disahkan oleh pakar runding yang dilantik.

Hasil daripada penjualan hartanah yang telah siap diiktiraf bersih selepas diskaun, selaras dengan syarat-syarat perjanjianjual beli. Balasan penjualan hartanah yang telah siap di bawah skim ansuran direkodkan pada nilai saksama, yangditentukan dengan mendiskaunkan semua penerimaan di masa depan menggunakan kadar faedah imput. Perbezaan diantara nilai saksama dan nilai nominal balasan penjualan diiktiraf sebagai pendapatan faedah dan dimasukkan ke dalampenyata pendapatan berdasarkan pembahagian masa yang mengambil kira kesan penerimaan yang terbit daripadapenjualan hartanah yang telah siap di bawah skim ansuran berbanding tempoh ansuran.

Hasil daripada kontrak pembinaan diiktiraf berdasarkan kaedah peratusan siap. Tahap penyiapan diukur dengan merujukkepada bahagian di mana kos kontrak ditanggung untuk kerja terkini yang dilakukan berbanding dengan anggarankeseluruhan kos kontrak seperti mana disahkan oleh pakar runding yang dilantik.



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(e) Pengiktirafan hasil (samb.)

Dividen kasar daripada pelaburan dimasukkan ke dalam penyata kewangan apabila hak Syarikat untuk menerimabayaran ditetapkan.

Pendapatan berikut diiktiraf atas dasar penerimaan:

- penyewaan pajakan kuari, penyewaan tanah pajakan dan penyewaan hartanah.

- yuran pengurusan dan yuran pengurusan projek.

- pendapatan faedah.

Faedah atas jumlah belum diterima daripada pembeli rumah diiktiraf dalam penyata pendapatan sebagai terakru.Peruntukan dibuat untuk hutang ragu apabila kebolehpungutan faedah ini diragui.

(f) Kontrak pembinaan

Apabila kesudahan kontrak pembinaan dapat dianggarkan secara andal, hasil kontrak serta kos kontrak diiktirafsepanjang tempoh kontrak masing-masing sebagai hasil dan perbelanjaan. Kumpulan menggunakan kaedah peratusansiap untuk menentukan jumlah hasil serta kos yang berpatutan untuk diiktiraf dalam tempoh tertentu; tahap penyiapandiukur dengan merujuk kepada bahagian di mana kos kontrak ditanggung untuk kerja terkini yang dilakukan berbandinganggaran keseluruhan kos kontrak.

Apabila kesudahan kontrak pembinaan tidak boleh dianggarkan secara andal, hasil kontrak diiktiraf hanya setakat koskontrak yang ditanggung yang mana ia berkemungkinan boleh dipungut; kos kontrak diiktiraf sebagai perbelanjaandalam tahun kewangan ia ditanggung.

Sama ada kesudahan kontrak pembinaan boleh atau tidak boleh dianggarkan secara andal, apabila terdapatnyakemungkinan jumlah kos kontrak akan melebihi jumlah hasil kontrak, kerugian yang dijangkakan akan diiktiraf sebagaiperbelanjaan dengan segera.

Agregat kos ditanggung dan untung/rugi yang diiktiraf bagi setiap kontrak dibandingkan dengan bil berperingkatsehingga ke akhir tahun kewangan. Bila mana kos ditanggung dan keuntungan yang diiktiraf (tolak kerugian yangdiiktiraf) melebihi bil berperingkat, baki akan ditunjukkan sebagai amaun dihutang oleh pelanggan bagi kontrakpembinaan di bawah perdagangan dan lain-lain belum terima. Bila mana bil berperingkat melebihi kos ditanggung sertakeuntungan yang diiktiraf (tolak kerugian yang diiktiraf), baki akan ditunjukkan sebagai amaun terhutang kepadapelanggan bagi kontrak pembinaan di bawah perdagangan dan lain-lain belum bayar.

(g) Hartanah, loji dan peralatan

Tanah pegangan bebas dinyatakan pada kos atau penilaian.

Tanah pegangan bebas tidak disusutnilai kerana ia mempunyai tempoh hayat infinit.

Tanah pegangan bebas telah dinilai semula oleh para Pengarah berdasarkan penilaian profesional yang dilaksanakan olehpenilai profesional bebas. Para Pengarah telah menerapkan piawaian FRS 1162004 “Hartanah, Loji dan Peralatan”, (duludikenali sebagai MASB 15) yang dikeluarkan oleh Badan Piawaian Perakaunan Malaysia yang membenarkan aset-asettersebut dicatat pada penilaian mereka dalam tahun 1990 dan 1996. Selaras dengan itu, penilaian belum lagi dikemaskini.

Lebihan yang timbul dari penilaian semula dikreditkan ke rizab nilai semula tidak boleh diagihkan. Defisit yang timbuldari penilaian semula dicajkan kepada rizab nilai semula tidak boleh diagihkan setakat lebihan sebelumnya yangdikreditkan ke rizab nilai semula tidak boleh diagihkan bagi aset yang sama. Bagi kes-kes lain, pengurangan dalam jumlahbawaan dicajkan ke penyata pendapatan.

Semua hartanah, loji dan peralatan lain dinyatakan pada kos tolak susutnilai terkumpul dan kerugian terjejas terkumpul.

Semua hartanah, loji dan peralatan lain disusutnilai mengikut dasar garis lurus sepanjang anggaran hayat berguna mereka,yang diringkaskan seperti berikut:

Bangunan 5%Perabot, kelengkapan dan peralatan 20% - 33.33%Kenderaan bermotor 20%Loji dan jentera 20%Bangsal kuda dan peralatan ekuestrian 20%

NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.)



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(g) Hartanah, loji dan peralatan (samb.)

Susutnilai ke atas aset yang sedang dibina bermula apabila aset tersebut telah siap mengikut tujuan penggunaannya.

Bila mana wujudnya tanda kemerosotan pada tarikh lembaran imbangan, suatu analisis akan dilakukan untuk menaksirsama ada nilai bawaan aset tersebut boleh diperolehi sepenuhnya. Penurunan nilai dibuat jika nilai bawaan melebihi nilaiyang boleh diperolehi. Lihat dasar perakaunan Nota 2(i) mengenai kemerosotan aset.

Dengan pelupusan sesuatu aset, perbezaan di antara hasil pelupusan bersih dan jumlah bawaannya dicajkan ataudikreditkan ke penyata pendapatan. Dalam kes di mana tanah dinilai semula, nilai dalam rizab nilai semula tidak bolehdiagihkan yang berkaitan dengan tanah dinilai semula yang telah dilupuskan ini, akan dipindahkan ke rizab bolehdiagihkan.

Kos faedah atas pinjaman untuk membiayai pembinaan hartanah, loji dan peralatan dipermodalkan sebagai sebahagiankos aset dalam tempoh masa yang diperlukan untuk menyiap dan menyediakan aset bagi tujuan kegunaannya.

(h) Pelaburan

(i) Syarikat subsidiari

Pelaburan dalam syarikat subsidiari dinyatakan pada penilaian berdasarkan nilai aset ketara bersih syarikatsubsidiari, tolak kerugian terjejas terkumpul. Pengambilalihan syarikat subsidiari berikutan tarikh penilaiandinyatakan pada kos sehingga penilaian semula yang akan datang. Penilaian akan dilakukan sekurang-kurangnyasekali setiap lima tahun.

Peningkatan dalam nilai bawaan yang timbul dari penilaian semula pelaburan dalam syarikat subsidiari dikreditkanterus ke ekuiti para pemegang saham sebagai rizab nilai semula tidak boleh diagihkan. Ke tahap di manapengurangan dalam amaun bawaan mengimbangi peningkatan sebelumnya, bagi pelaburan yang sama, yang telahdikreditkan ke rizab nilai semula tidak boleh diagihkan dan berikutan itu tidak dibalikkan atau digunakan, iadicajkan ke rizab nilai semula tidak boleh diagihkan tersebut. Bagi semua perkara lain, pengurangan dalam nilaibawaan dicajkan ke penyata pendapatan. Peningkatan dalam penilaian semula di mana ianya berkait terus denganpengurangan dalam nilai bawaan sebelumnya, bagi pelaburan yang sama, yang dicajkan ke penyata pendapatan akandikreditkan ke penyata pendapatan setakat mana ia mengimbangi pengurangan yang dicatatkan sebelumnya.

Bagi pelupusan syarikat subsidiari, perbezaan di antara hasil pelupusan bersih dan bahagian perkongsian Kumpulanbagi aset bersih syarikat subsidiari akan dicajkan atau dikreditkan ke penyata pendapatan. Nilai di dalam rizab nilaisemula tidak boleh diagihkan yang berkaitan dengan syarikat subsidiari ini akan dipindahkan ke rizab boleh diagihkan.Muhibah atas pengambilalihan yang telah dikreditkan atau dicajkan ke rizab modal yang timbul dari penyatuan danpendapatan tertahan akan ditolak sewaktu menentukan keuntungan atau kerugian atas pelupusan syarikat subsidiari.

Bila mana wujudnya tanda kemerosotan, nilai bawaan pelaburan dalam syarikat subsidiari akan ditaksir dan segeradikurangkan nilainya ke nilai yang dapat diperolehi. Lihat dasar perakaunan Nota 2(i) mengenai kemerosotan aset.

(ii) Syarikat bersekutu dan pelaburan lain-lain bukan semasa

Pelaburan dalam syarikat bersekutu dinyatakan pada kos tolak kerugian terjejas terkumpul. Bila wujudnya tandakemerosotan, nilai bawaan pelaburan tersebut ditaksir dan diturun nilai ke nilai yang dapat diperolehi dengan segera.

Pelaburan dalam pelaburan lain-lain bukan semasa dinyatakan pada kos dan peruntukan untuk pengurangan nilaiakan dibuat, di mana mengikut pendapat para Pengarah, terdapatnya penurunan selain daripada sementara di dalamnilai pelaburan tersebut, penurunan sebegini diiktiraf sebagai perbelanjaan di dalam tempoh di mana penurunan inidikenalpasti.

Bagi pelupusan pelaburan, perbezaan di antara hasil pelupusan bersih dan nilai bawaannya akan dicajkan ataudikreditkan ke penyata pendapatan.



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(i) Kemerosotan aset

Hartanah, loji dan peralatan serta aset bukan semasa lain, termasuk aset tak ketara, akan diteliti semula untuk kerugianterjejas bila mana terdapat peristiwa atau perubahan keadaan yang menandakan bahawa nilai bawaan mungkin tidakdapat diperolehi. Kerugian terjejas diiktiraf bagi nilai di mana nilai bawaan aset melebihi nilai yang dapat diperolehi. Nilaiyang dapat diperolehi adalah nilai yang lebih tinggi di antara harga jualan bersih dan nilai guna aset. Bagi tujuan menaksirkemerosotan, aset dikumpulkan pada tahap terendah yang mana terdapatnya aliran tunai yang boleh dikenalpasti secaraberasingan.

Kerugian terjejas dicajkan ke penyata pendapatan kecuali jika ia membalikkan penilaian semula yang sebelumnya, dimana dalam keadaan ini ia dicajkan ke rizab nilai semula. Sebarang peningkatan dalam nilai yang boleh diperolehiberikutannya diiktiraf dalam penyata pendapatan kecuali jika ia membalikkan kerugian terjejas pada aset yang dinilaisemula di mana dalam keadaan ini ia dikreditkan ke rizab nilai semula.

(j) Penghutang dagangan

Penghutang dagangan dinyatakan pada nilai invois tolak elaun hutang ragu. Elaun diwujudkan apabila terdapat buktiobjektif bahawa Kumpulan tidak dapat memungut kesemua nilai yang terhutang mengikut syarat-syarat asal penghutangtersebut.

Penghutang dagangan atas penjualan hartanah siap di bawah skim ansuran dicatatkan pada nilai saksamanya, yangditentukan dengan mendiskaun kesemua penerimaan masa depan menggunakan kadar faedah imput.

(k) Cukai pendapatan

Perbelanjaan cukai semasa ditentukan mengikut undang-undang cukai di bawah bidang kuasa di mana Kumpulanberoperasi. Ia termasuk semua cukai yang boleh dicajkan ke atas keuntungan kena cukai, dan cukai belum bayar bagikeuntungan hartanah di atas pelupusan hartanah.

Cukai tertunda diiktiraf sepenuhnya menggunakan kaedah liabiliti berdasarkan perbezaan sementara yang timbul diantara nilai yang berpunca daripada aset dan liabiliti untuk tujuan cukai dan nilai bawaannya di dalam penyata kewangan.

Aset cukai tertunda diiktiraf ke tahap di mana ada kemungkinan bahawa keuntungan kena cukai akan tersediaberbanding dengan perbezaan sementara yang boleh ditolak atau kerugian cukai yang tidak diguna, boleh digunakan.

Cukai tertunda diiktiraf berdasarkan perbezaan sementara yang timbul dari pelaburan dalam syarikat subsidiari dansyarikat bersekutu kecuali di mana penentuan masa pembalikan bagi perbezaan sementara boleh dikawal dan adakemungkinan perbezaan sementara ini tidak akan berbalik sejauh yang nampak pada masa depan.

Kadar cukai yang dikenakan atau sebahagian besar cukai yang dikenakan menjelang tarikh lembaran imbangan digunauntuk menentukan cukai tertunda.

(l) Tanah dipegang untuk pembangunan hartanah

Tanah dipegang untuk pembangunan hartanah terdiri daripada tanah yang tiada kerja pembangunan ketara atau di manakerja pembangunan tidak dijangka siap dalam kitaran operasi biasa. Tanah seperti ini dikelaskan sebagai aset bukansemasa dan dinyatakan pada kos tolak kerugian terjejas terkumpul.

Kos tanah merangkumi harga pembelian tanah, yuran profesional, duti setem, komisyen, yuran pertukaran dan levi lainyang relevan. Bila mana Kumpulan telah mencatatkan tanah tersebut di nilai penilaian semula sebelum ini, ia terusmengekalkan nilai ini sebagai kos pengganti seperti yang dibenarkan oleh Piawaian FRS 2012004 “Aktiviti PembangunanHartanah” (dulu dikenali sebagai MASB 32). Di mana terdapat petunjuk bahawa wujudnya kemerosotan, nilai bawaan asettersebut ditaksir dan diturunkan nilai ke nilai yang boleh diperolehi dengan segera. Lihat dasar perakauanan Nota 2(i)mengenai kemerosotan aset.

Tanah yang dipegang untuk pembangunan hartanah dipindahkan ke “Kos pembangunan hartanah” (di bawah asetsemasa) apabila kerja pembangunan telah bermula dan dijangka siap dalam kitaran operasi biasa Kumpulan.




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(m) Hartanah siap

Hartanah yang telah siap tetapi tidak dijual dikelas sebagai “Hartanah Siap” dan dinyatakan pada nilai yang lebih rendahdi antara kos dan nilai boleh direalisasi bersih.

Nilai boleh direalisasi bersih ialah anggaran harga jualan dalam urusan biasa perniagaan, tolak kos penyiapan danperbelanjaan penjualan.

(n) Kos pembangunan hartanah

Kos pembangunan hartanah merangkumi kos tanah dan semua kos yang berkaitan secara langsung dengan kerjapembangunan atau boleh diuntukkan secara munasabah kepada kerja-kerja tersebut. Ia termasuk kos pinjaman yangberkaitan dengan pembiayaan kerja pembinaan tanah tersebut, kos berkaitan pembangunan yang biasa bagi projekpembangunan serta kos pembinaan langsung. Kos pinjaman dimasukkan ke dalam kos pembangunan hartanah sehinggaprojek pembangunan tersebut siap.

Apabila kesudahan kerja pembinaan boleh dianggarkan secara andal, hasil dan perbelanjaan pembangunan hartanahdiiktiraf menggunakan kaedah peratusan siap seperti yang disebut dalam Nota 2(e) mengenai pengiktirafan hasil.

Apabila kesudahan kerja pembinaan tidak boleh dianggarkan secara andal, hasil pembangunan hartanah diiktiraf hanyasetakat kos pembangunan hartanah yang ditanggung yang mana ia berkemungkinan boleh dipungut; kos pembangunanhartanah bagi unit pembangunan yang dijual diiktiraf bila ia ditanggung.

Sama ada kesudahan bagi kerja pembangunan hartanah boleh atau tidak boleh dianggarkan secara andal, apabilaterdapatnya kemungkinan jumlah kos pembangunan hartanah akan melebihi keseluruhan hasil pembangunan hartanah,kerugian yang dijangkakan ini akan diiktiraf sebagai perbelanjaan dengan segera.

Kos pembangunan hartanah yang tidak diiktiraf sebagai perbelanjaan akan diiktiraf sebagai aset dan dinyatakan padanilai yang lebih rendah di antara kos dan nilai boleh direalisasi.

Bila mana hasil diiktiraf di dalam penyata pendapatan melebihi pembilan kepada pembeli, baki akan ditunjukkan sebagaipembilan terakru di bawah “Penghutang dagangan dan lain-lain” (dalam aset semasa). Bila mana bil kepada pembelimelebihi hasil yang diiktiraf dalam penyata pendapatan, baki akan ditunjukkan sebagai bil berperingkat di bawah“Pemiutang dagangan dan lain-lain” (dalam liabiliti semasa).

(o) Peruntukan

Peruntukan diiktiraf apabila Kumpulan mempunyai kewajipan perundangan atau konstruktif pada waktu ini akibatperistiwa lampau, jika terdapat kemungkinan bahawa aliran keluar sumber akan diperlukan untuk menyelesaikankewajipan tersebut, dan apabila anggaran yang andal bagi nilai itu boleh dibuat.

(p) Modal saham

(i) Klasifikasi

Saham biasa diklasifikasikan sebagai ekuiti. Pengagihan kepada pemegang instrumen kewangan yang dikelaskansebagai instrumen ekuiti, dicajkan terus ke ekuiti.

(ii) Kos penerbitan saham

Kos luaran tambahan yang berpunca secara langsung dari penerbitan saham-saham baru, dinyatakan dalam ekuitisebagai potongan yang bersih cukai, daripada hasil.

(iii) Dividen kepada para pemegang saham Syarikat

Dividen interim bagi saham biasa diiktiraf sebagai liabiliti sewaktu dicadangkan.

Dividen akhir yang dicadangkan selepas tarikh lembaran imbangan tidak diiktiraf sebagai liabiliti pada tarikhlembaran imbangan sehingga ia diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunan.



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(q) Saham perbendaharaan

Bila mana Syarikat atau syarikat subsidiari membeli ekuiti modal saham Syarikat, balasan yang dibayar, termasuksebarang kos urusniaga yang berpunca darinya dipotong daripada keseluruhan ekuiti para pemegang saham sebagaisaham perbendaharaan sehingga ia dibatalkan. Bila mana saham-saham ini dijual atau diterbitkan semula kemudiannya,sebarang balasan yang diterima akan dimasukkan ke dalam ekuiti para pemegang saham.

(r) Manfaat pekerja

(i) Manfaat pekerja jangka pendek

Upah, gaji, cuti tahunan berbayar, cuti sakit, bonus dan faedah bukan wang adalah terakru dalam tempoh di manakhidmat yang bersangkutan diberikan oleh kakitangan (termasuk Pengarah Eksekutif) Kumpulan.

(ii) Manfaat selepas pekerjaan

Kumpulan mempunyai skim faedah selepas pekerjaan di mana sumbangan dibuat ke Kumpulan Wang SimpananPekerja (“KWSP”), sebuah pelan sumbangan negara yang wajib. Sumbangan Kumpulan kepada KWSP dicajkan kepenyata pendapatan dalam tahun kewangan yang berkaitan. Sebaik sahaja sumbangan tersebut dibayar, Kumpulantidak mempunyai sebarang obligasi pembayaran selanjutnya.

(iii) Manfaat pampasan ekuiti

Butiran bagi Skim Opsyen Saham Kakitangan (“ESOS”) dibentangkan dalam Nota 26 penyata pendapatan. Kumpulantidak mengenakan caj kepada penyata pendapatan berhubung dengan opsyen ke atas saham biasa yang diberikan.Apabila opsyen ke atas saham biasa dilaksanakan, hasil yang diterima, bersih dari sebarang kos urusniaga,dikreditkan ke modal saham dan saham premium.

(s) Liabiliti dan aset luar jangka

Kumpulan tidak mengiktiraf liabiliti luar jangka tetapi mendedahkan kewujudannya dalam penyata kewangan. Liabilitiluar jangka adalah suatu obligasi yang berkemungkinan timbul dari peristiwa lampau dan yang mana kewujudannya akandisahkan oleh peristiwa di masa depan yang belum pasti dan di luar kawalan Kumpulan atau obligasi semasa yang tidakdiiktiraf kerana tidak berkemungkinan suatu aliran keluar sumber akan diperlukan untuk menyelesaikan obligasitersebut. Liabiliti luar jangka juga timbul dalam keadaan yang amat jarang sekali di mana terdapatnya liabiliti yang tidakboleh diiktiraf kerana ia tidak dapat diukur secara andal.

Aset luar jangka adalah aset yang berkemungkinan di mana ia timbul dari peristiwa lalu dan kewujudannya akandisahkan oleh peristiwa di masa depan yang belum pasti dan di luar kawalan Kumpulan. Kumpulan tidak mengiktiraf asetluar jangka tetapi mendedahkan kewujudannya di mana aliran masuk faedah ekonomi adalah mungkin, tetapi hakikatnyatidak dapat dipastikan

(t) Tunai dan setara tunai

Bagi tujuan penyata aliran tunai, tunai dan setara tunai merangkumi tunai di tangan, baki bank, deposit panggilandipegang dengan bank, overdraf bank dan pelaburan berkecairan tinggi jangka pendek yang sedia untuk ditukarkan keamaun tunai yang diketahui dan tertakluk kepada risiko perubahan nilai yang tidak ketara.

Overdraf bank dimasukkan ke dalam “Pinjaman” dalam liabiliti semasa di dalam lembaran imbangan.

(u) Mata wang pelapor

Penyata kewangan dibentangkan dalam Ringgit Malaysia.




169


(v) Instrumen kewangan

Keterangan

Instrumen kewangan adalah sebarang kontrak yang menghasilkan kedua-dua aset kewangan satu perusahaan dan liabilitikewangan atau instrumen ekuiti kewangan satu perusahaan lain.

Aset kewangan ialah sebarang aset yang merupakan tunai, hak berkontrak untuk menerima tunai atau aset kewangan laindaripada perusahaan lain, hak berkontrak untuk menukar instrumen kewangan dengan perusahaan lain mengikut syaratyang berpotensi baik, ataupun instrumen ekuiti perusahaan yang lain.

Liabiliti kewangan ialah sebarang liabiliti yang merupakan obligasi berkontrak untuk menghasilkan tunai atau asetkewangan lain kepada perusahaan lain, atau untuk menukar instrumen kewangan dengan perusahaan lain mengikutsyarat yang tidak berpotensi baik.

Instrumen kewangan yang diiktiraf dalam lembaran imbangan

Instrumen kewangan yang diiktiraf dalam lembaran imbangan merangkumi deposit, tunai dan baki bank, pelaburan,hutang belum diterima, hutang belum dibayar serta pinjaman. Kaedah pengiktirafan yang diterima pakai untukinstrumen kewangan yang diiktiraf dalam lembaran imbangan dinyatakan di dalam penyata dasar perakaunan individuberkaitan setiap perkara.

Aset dan liabiliti kewangan Kumpulan dan Syarikat adalah di dalam mata wang Ringgit Malaysia.

Anggaran nilai saksama bagi tujuan pendedahan

Dalam menentukan nilai saksama instrumen kewangan, Kumpulan menggunakan pelbagai kaedah dan membuatandaian berdasarkan keadaan pasaran pada setiap tarikh lembaran imbangan. Secara khususnya, nilai saksama aset danliabiliti kewangan dianggar dengan mendiskaunkan aliran tunai berkontrak masa depan pada kadar faedah pasaransemasa yang tersedia bagi Kumpulan untuk instrumen kewangan yang serupa. Nilai saksama instrumen lain ditetapkanmengikut nilai pasaran pada tarikh lembaran imbangan.

Nilai muka aset kewangan (tolak sebarang anggaran pelarasan kredit) dan liabiliti kewangan dengan tempoh matangkurang dari satu tahun adalah diandaikan hampir kepada nilai saksamanya.

3 O B J E K T I F D A N D A S A R - D A S A R P E N G U R U S A N R I S I KO K E WA N G A N

Kumpulan terdedah kepada pelbagai risiko kewangan termasuk risiko pertukaran mata wang asing, risiko kadar faedah, risikokredit, risiko kecairan dan risiko aliran tunai dalam urusan biasa perniagaan. Objektif keseluruhan pengurusan risiko kewanganKumpulan adalah untuk memastikan bahawa Kumpulan dapat mencipta nilai bagi para pemegang sahamnya. Kumpulanmemfokus kepada pasaran kewangan yang tidak teramal dan berusaha untuk meminimumkan kesan buruk kepada prestasikewangan Kumpulan. Pengurusan risiko kewangan dijalankan melalui kajian risiko dan sistem kawalan dalaman. LembagaPengarah kerap mengkaji semula risiko-risiko ini bagi memastikan dasar-dasar pengurusan risiko kewangan Kumpulandipatuhi.

(i) Risiko pertukaran mata wang asing

Kumpulan tidak terdedah kepada risiko mata wang memandangkan penglibatan Kumpulan dalam urusniaga mata wangasing adalah minimum.

(ii) Risiko kadar faedah

Pendapatan dan aliran tunai kendalian Kumpulan adalah bebas dari perubahan dalam kadar faedah pasaran. Pendedahankadar faedah timbul daripada pinjaman Kumpulan dan diurus menggunakan kadar faedah tetap dan terapung. Kumpulansentiasa aktif memantau pinjamannya bagi memastikan Kumpulan menerima manfaat sepenuhnya daripada persekitarankendalian.

(iii) Risiko kredit

Tumpuan ke atas risiko kredit yang berhubung dengan penghutang dagangan adalah terhad memandangkan pemilikandan hak terhadap hartanah akan berbalik kepada Kumpulan dalam keadaan berlakunya kemungkiran. PengalamanKumpulan yang lalu bagi kutipan daripada penghutang dagangan jatuh dalam peruntukan yang dicatatkan. Disebabkanfaktor-faktor ini, pihak pengurusan percaya tiada risiko kredit tambahan yang melebihi nilai yang disediakan untukkerugian kutipan yang sedia wujud dalam penghutang dagangan Kumpulan.



170

3 O B J E K T I F D A N D A S A R - D A S A R P E N G U R U S A N R I S I KO K E WA N G A N (samb.)

(iv) Risiko kecairan dan aliran tunai

Pengurusan risiko kecairan yang berhemat bermaksud menjaga kecukupan tunai serta ketersediaan dana melalui jumlahkemudahan kredit yang komited dengan secukupnya. Matlamat Kumpulan ialah untuk mengekalkan fleksibiliti dalampembiayaan dengan menyediakan barisan kredit yang komited.

4 H A S I L2005 2004

RM’000 RM’000

Kumpulan

Hasil daripada pembangunan hartanah 219,574 168,773Tolak: Pembatalan jualan (5,782) (4,988)

––––––––––––––––––– –––––––––––––––––––213,792 163,785

Kontrak pembinaan 102 –Sewaan pajakan kuari 411 559Sewaan pajakan tanah 30 30Sewaan dari hartanah 440 450Pendapatan faedah daripada deposit jangka pendek 30 21

––––––––––––––––––– –––––––––––––––––––214,805 164,845

================= =================Syarikat

Pendapatan dividen daripada syarikat subsidiari 23,236 11,620Pendapatan faedah daripada deposit jangka pendek dan

pendahuluan kepada syarikat subsidiari 4,524 5,333Peruntukan bagi khidmat pengurusan 5,275 4,260

––––––––––––––––––– –––––––––––––––––––33,035 21,213

================= =================

5 P E R B E L A N J A A N M A N FA AT K A K I TA N G A NKumpulan Syarikat

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Upah, gaji dan bonus 13,854 10,066 5,121 3,767Pelan sumbangan persaraan wajib 1,911 1,435 701 518Manfaat pekerja yang lain 1,444 1,046 483 486

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––17,209 12,547 6,305 4,771

================= ================= ================= =================

Perbelanjaan manfaat kakitangan termasuk ganjaran para Pengarah Eksekutif.

Pada akhir tahun kewangan, terdapat seramai 234 (2004: 193) pekerja di dalam Kumpulan dan 51 (2004: 40) pekerja di dalam Syarikat.




171

6 K E U N T U N G A N D A R I PA D A O P E R A S I

Perkara di bawah telah (dikredit)/dicaj bagi mendapatkan keuntungan daripada operasi:


RM’000 RM’000 RM’000 RM’000

Pendapatan faedah daripada

- deposit jangka pendek (32) (21) (30) (21)- pendahuluan kepada syarikat subsidiari – – (4,494) (5,312)- penjualan hartanah siap di bawah skim ansuran (271) (1,072) – –- lain-lain (1,543) (374) – –Keuntungan atas pelupusan hartanah, loji dan peralatan (16) (467) – (205)Pendapatan sewa daripada hartanah siap dan

hartanah pembangunan (515) (481) – –Ganjaran juruaudit 149 118 35 35Yuran bukan audit berkanun- khidmat nasihat pencukaian dan kerja pematuhan 61 34 8 7- kerja kawal selia yang lain 12 14 8 8Kerugian atas pelupusan hartanah, loji dan peralatan – 52 – –Yuran pengurusan yang telah dibayar dan akan

dibayar kepada pihak berkaitan 338 236 104 236================= ================= ================= =================

7 G A N J A R A N PA R A P E N G A R A H

Jumlah agregat emolumen (tidak termasuk anggaran nilai monetari bagi manfaat barangan) yang diterima dan akan diterimaoleh para Pengarah Syarikat sepanjang tahun kewangan adalah seperti berikut:


RM’000 RM’000 RM’000 RM’000

Pengarah Eksekutif:

- yuran 25 25 25 25- gaji pokok dan bonus 450 755 450 755- pelan sumbangan persaraan wajib 68 113 68 113- emolumen lain 9 17 9 17

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––552 910 552 910

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Pengarah Bukan Eksekutif:

- yuran 169 150 169 150- emolumen lain 60 66 60 66

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––229 216 229 216

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––781 1,126 781 1,126

================= ================= ================= =================

Anggaran nilai monetari bagi manfaat barangan yang diberi kepada para Pengarah Eksekutif dan para Pengarah BukanEksekutif Syarikat sepanjang tahun kewangan melalui penggunaan aset Syarikat dan peruntukan manfaat lain masing-masingberjumlah RM20,525 (2004: RM34,425) dan RM22,030 (2004: RM10,100).



172

7 G A N J A R A N PA R A P E N G A R A H (samb.)

Para Pengarah Eksekutif Syarikat telah diberikan opsyen ke atas saham biasa di bawah Skim Opsyen Saham Kakitangan (“ESOS”)mengikut syarat dan peraturan yang sama seperti yang ditawarkan kepada kakitangan lain di dalam Kumpulan (Nota 26).Butiran tentang opsyen ke atas saham biasa ini yang diberikan kepada Pengarah Eksekutif adalah seperti berikut:

Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesahamHarga

Tarikh Tarikh langganan/ Pada Padaditawarkan luput saham 1.1.2005 Ditawarkan Dilaksana Luput 31.12.2005

RM ’000 ’000 ’000 ’000 ’000

2005

05.09.2003 04.09.2008 1.31 500 – – – 500–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

500 – – – 500============================================================================================================

Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesaham

Pada Pada1.1.2004 Ditawarkan Dilaksana Luput 31.12.2004

’000 ’000 ’000 ’000 ’000

2004

05.09.2003 04.09.2008 1.31 500 – – – 500–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

500 – – – 500============================================================================================================

2005 2004’000 ’000

Bilangan opsyen ke atas saham biasa yang diletak hak pada tarikh lembaran imbangan 500 500================= =================

8 KO S K E WA N G A NKumpulan Syarikat

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Perbelanjaan faedah ke atas:

- kredit pusingan 789 731 – –- overdraf bank 431 122 – –- pinjaman bertempoh 309 387 308 –- lain-lain 15 – – –- pendahuluan daripada syarikat subsidiari – – 59 11

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––1,544 1,240 367 11

================= ================= ================= =================9 P E R B E L A N J A A N C U K A I


RM’000 RM’000 RM’000 RM’000Cukai semasa:

- Cukai Malaysia 5,527 8,845 6,231 3,676

Cukai tertunda (Nota 18) (2,396) 468 630 513––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

3,131 9,313 6,861 4,189================= ================= ================= =================

Cukai semasa

Tahun kewangan semasa 10,110 9,182 6,171 3,569(Terlebih)/terkurang akru dalam tahun kewangan

sebelumnya (bersih) (4,583) (337) 60 107––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

5,527 8,845 6,231 3,676––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––




173

9 P E R B E L A N J A A N C U K A I (samb.)


RM’000 RM’000 RM’000 RM’000

Cukai tertunda

Asal dan penarikbalikan perbezaan sementara (1,002) 119 685 509(Terlebih)/terkurang akru dalam tahun kewangan

sebelumnya (bersih) (1,394) 349 (55) 4––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(2,396) 468 630 513––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

3,131 9,313 6,861 4,189================= ================= ================= =================

Penyesuaian berangka antara purata kadar cukai berkesan Kumpulan dan Syarikat dengan kadar cukai Malaysia adalah sepertiberikut:


% % % %

Kadar cukai Malaysia 28 28 28 28

Kesan cukai bagi:

- perbelanjaan tidak boleh ditolak untuk tujuan cukai 3 2 1 –- pendapatan tidak tertakluk kepada cukai – (1) – –- kerugian cukai tahun kewangan semasa yang tidak diiktiraf 10 5 – –- kadar cukai lebih rendah akibat penyataan semula

kos tanah untuk tujuan cukai (16) (8) – –- penggunaan kerugian cukai yang tidak diiktiraf sebelumnya – (3) – –- cukai tertunda (terlebih)/terkurang akru dalam tahun

kewangan sebelumnya (4) 1 – –- cukai semasa (terlebih)/terkurang akru dalam tahun

kewangan sebelumnya (14) (1) – 1- lain-lain 1 4 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Purata kadar cukai berkesan 8 27 29 29

================= ================= ================= =================

Termasuk dalam perbelanjaan cukai Kumpulan dan Syarikat ialah penjimatan cukai daripada penggunaan kerugian cukai tahunsemasa, masing-masing berjumlah RM2,658,000 (2004: RM2,310,763) dan RM2,658,000 (2004: RM2,310,763).

Penjimatan cukai ini terbit daripada penggunaan kerugian cukai, daripada satu sumber perniagaan atau pendapatan pelaburanterhadap keuntungan kena cukai daripada sumber perniagaan yang lain di dalam syarikat yang sama dalam tahun kewanganyang sama.

10 P E N D A PATA N D A N A S E T K E TA R A B E R S I H S E S A H A M

(a) Pendapatan sesaham

Pendapatan asas sesaham

Pendapatan asas sesaham Kumpulan dikira dengan membahagikan keuntungan bersih bagi tahun kewangan denganpurata berwajaran bilangan saham biasa yang diterbitkan sepanjang tahun kewangan, tidak termasuk saham biasa yangdiperolehi oleh Syarikat dan disimpan sebagai saham perbendaharaan.

2005 2004

Keuntungan bersih bagi tahun kewangan (RM’000) 29,211 20,565Purata berwajaran bilangan saham biasa yang diterbitkan (’000) 232,006 232,046Pendapatan asas sesaham (sen) 12.6 8.9

================= =================



174

10 P E N D A PATA N D A N A S E T K E TA R A B E R S I H S E S A H A M (samb.)

(a) Pendapatan sesaham (samb.)

Pendapatan cair sesaham

Pada 31 Disember 2005, Syarikat mempunyai 8,838,100 (2004: 9,647,500) saham biasa belum terbit yang tertunggak di bawahSkim Opsyen Saham Kakitangan (“ESOS”) untuk kakitangan dan para Pengarah Eksekutif Kumpulan yang berkelayakan.Selaras dengan peruntukan yang dibuat di bawah piawaian FRS 1332004 “Pendapatan Sesaham” (dulu dikenali sebagaiMASB 13), opsyen ke atas saham biasa boleh mencairkan apabila ia akan mengakibatkan penerbitan saham biasa yangkurang daripada nilai saksama (ditentukan mengikut harga pasaran saham biasa). Memandangkan harga laksana opsyenke atas saham biasa adalah lebih tinggi daripada nilai saksama saham biasa Syarikat bagi tahun kewangan 2005 dan 2004,opsyen ke atas saham biasa tidak boleh mencairkan. Selaras dengan itu, maklumat tentang pendapatan cair sesaham tidakdibentangkan di dalam penyata kewangan.

(b) Aset ketara bersih sesaham

Aset ketara bersih sesaham dikira dengan membahagikan aset ketara bersih Kumpulan berjumlah RM746,401,879 (2004:RM733,970,164) dengan modal saham terbitan sebanyak 231,957,933 saham (yang mana adalah bersih dari 388,700 sahamperbendaharaan) (2004: 232,034,733 saham, [yang mana adalah bersih dari 311,900 saham perbendaharaan]), pada akhirtahun kewangan.

11 D I V I D E N S E S A H A MDividen yang diisytiharkan dan dicadangkan berhubung saham biasa Kumpulan dan Syarikat bagi tahun kewangan adalahseperti berikut:

2005 2004Dividen Jumlah Dividen Jumlah

kasar dividen, bersih kasar dividen, bersihsesaham 28% cukai sesaham 28% cukai

Sen RM’000 Sen RM’000

Dividen interim diisytiharkan 2.5 4,176 - -Dividen akhir dicadangkan 5.0 8,350 7.5 12,528

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––7.5 12,526 7.5 12,528

================= ================= ================= =================

Pada Mesyuarat Agung Tahunan (“AGM”) yang akan datang pada 20 Jun 2006, dividen akhir sebanyak 5.0 sen (2004: 7.5 sen) kasarsesaham biasa atas 231,957,933 saham biasa (yang mana adalah bersih dari 388,700 saham perbendaharaan), tolak 28% cukaipendapatan, bagi tahun kewangan berakhir 31 Disember 2005 akan dicadangkan untuk kelulusan para pemegang saham.Dividen akhir bersih ini berjumlah RM8,350,486.

Penyata kewangan ini tidak mencerminkan dividen akhir ini sebagai liabiliti. Dividen akhir akan diakru sebagai liabiliti hanyaselepas diluluskan oleh para pemegang saham pada AGM yang akan datang.

12 H A RTA N A H , L O J I D A N P E R A L ATA NPada Pelupusan/ Pada

1.1.2005 Penambahan hapus kira 31.12.2005RM’000 RM’000 RM’000 RM’000

Kumpulan

2005

Kos/Penilaian

Tanah pegangan bebas 332,308 – – 332,308Bangunan 17,042 3 – 17,045Perabot, kelengkapan dan peralatan 6,727 1,048 (239) 7,536Kenderaan bermotor 1,621 993 (392) 2,222Loji dan jentera 20 – – 20Bangsal kuda dan peralatan ekuestrian 100 – (3) 97

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––357,818 2,044 (634) 359,228

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––




175

12 H A RTA N A H , L O J I D A N P E R A L ATA N (samb.)

Caj bagiPada tahun Pelupusan/ Pada

1.1.2005 kewangan hapus kira 31.12.2005RM’000 RM’000 RM’000 RM’000

Susutnilai terkumpul

Tanah pegangan bebas – – – –Bangunan 5,926 842 – 6,768Perabot, kelengkapan dan peralatan 6,208 561 (239) 6,530Kenderaan bermotor 1,401 202 (178) 1,425Loji dan jentera 20 – – 20Bangsal kuda dan peralatan ekuestrian 100 – (3) 97

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––13,655 1,605 (420) 14,840

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Pada Pelupusan/ Pada1.1.2004 Penambahan hapus kira Pemindahan* 31.12.2004RM’000 RM’000 RM’000 RM’000 RM’000

Kumpulan

2004

Kos/Penilaian

Tanah pegangan bebas 377,534 – – (45,226) 332,308Bangunan 17,041 35 (34) – 17,042Perabot, kelengkapan dan peralatan 6,539 191 (3) – 6,727Kenderaan bermotor 4,642 – (3,021) – 1,621Loji dan jentera 20 – – – 20Bangsal kuda dan peralatan ekuestrian 100 – – – 100

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––405,876 226 (3,058) (45,226) 357,818

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

*Pemindahan ke “Tanah dipegang untuk pembangunan hartanah” dan “Kos pembangunan hartanah”.

Caj bagiPada tahun Pelupusan/ Pada

1.1.2004 kewangan hapus kira 31.12.2004RM’000 RM’000 RM’000 RM’000


Tanah pegangan bebas – – – –Bangunan 5,094 837 (5) 5,926Perabot, kelengkapan dan peralatan 5,615 596 (3) 6,208Kenderaan bermotor 3,825 106 (2,530) 1,401Loji dan jentera 20 – – 20Bangsal kuda dan peralatan ekuestrian 100 – – 100

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––14,654 1,539 (2,538) 13,655

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––



176


Pada Pada31.12.2005 31.12.2004

RM’000 RM’000

Kumpulan

Nilai buku bersih

Tanah pegangan bebas 332,308 332,308Bangunan 10,277 11,116Perabot, kelengkapan dan peralatan 1,006 519Kenderaan bermotor 797 220Loji dan jentera – –Bangsal kuda dan peralatan ekuestrian – –

––––––––––––––––––– –––––––––––––––––––344,388 344,163

================= =================

Pada Pada1.1.2005 Penambahan Pelupusan 31.12.2005RM’000 RM’000 RM’000 RM’000

Syarikat

2005

Kos

Perabot, kelengkapan dan peralatan 1,654 238 – 1,892Kenderaan bermotor 1,035 993 (343) 1,685

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––2,689 1,231 (343) 3,577

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Caj bagiPada tahun Pada

1.1.2005 kewangan Pelupusan 31.12.2005RM’000 RM’000 RM’000 RM’000


Perabot, kelengkapan dan peralatan 1,553 130 – 1,683Kenderaan bermotor 824 200 (137) 887

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––2,377 330 (137) 2,570

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Pada Pada1.1.2004 Penambahan Pelupusan 31.12.2004RM’000 RM’000 RM’000 RM’000

Syarikat

2004

Kos

Perabot, kelengkapan dan peralatan 1,623 31 – 1,654Kenderaan bermotor 2,321 – (1,286) 1,035

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––3,944 31 (1,286) 2,689

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––




177


Caj bagiPada tahun Pada

1.1.2004 kewangan Pelupusan 31.12.2004RM’000 RM’000 RM’000 RM’000


Perabot, kelengkapan dan peralatan 1,465 88 – 1,553Kenderaan bermotor 1,945 70 (1,191) 824

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––3,410 158 (1,191) 2,377

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Pada Pada31.12.2005 31.12.2004

RM’000 RM’000

Syarikat

Nilai buku bersih

Perabot, kelengkapan dan peralatan 209 101Kenderaan bermotor 798 211

––––––––––––––––––– –––––––––––––––––––1,007 312

================= =================

Tanah pegangan bebas Kumpulan telah dinilai semula oleh para Pengarah dalam tahun 1990 berdasarkan penilaian yang dibuatoleh sebuah firma penilai profesional bebas dengan menggunakan kaedah perbandingan. Nilai buku bagi tanah pegangan bebastelah dilaraskan untuk mencerminkan penilaian semula dan lebihan penilaian semula yang terbit darinya telah dikreditkan kerizab nilai semula.

Sesetengah bahagian tanah pegangan bebas Kumpulan telah dinilai semula sekali lagi oleh para Pengarah dalam tahun 1996berdasarkan penilaian yang dibuat oleh firma penilai profesional bebas menggunakan asas penilaian pasaran terbuka dansebagaimana yang diluluskan oleh Suruhanjaya Sekuriti. Nilai buku tanah pegangan bebas telah dilaraskan untukmencerminkan penilaian semula serta lebihan penilaian semula yang terbit darinya telah dikreditkan ke rizab nilai semula.

Kumpulan2005 2004

RM’000 RM’000

Tanah pegangan bebas terdiri daripada yang berikut:

Pada kos atau penilaian

Tanah, pada penilaian 1990 20,545 20,545Tanah, pada penilaian 1996 304,858 304,858Perbelanjaan pembangunan, pada kos 6,905 6,905

––––––––––––––––––– –––––––––––––––––––332,308 332,308

================= =================

Sekiranya tanah pegangan bebas telah ditetapkan selaras dengan kaedah kos sejarah, kos tanah pegangan bebas Kumpulanadalah RM19,051,183 (2004: RM19,051,183).



178

13 P E L A B U R A N D A L A M S YA R I K AT S U B S I D I A R ISyarikat

2005 2004RM’000 RM’000

Saham tidak disebut harga- Pada kos 17,650 12,500- Pada penilaian para Pengarah 584,541 584,541

––––––––––––––––––– –––––––––––––––––––602,191 597,041

================= =================

Pelaburan Syarikat dalam syarikat subsidiari dinyatakan pada penilaian berdasarkan nilai aset ketara bersih syarikat subsidiaripada 31 Disember 2001.

Butiran syarikat subsidiari, yang kesemuanya diperbadankan di Malaysia, adalah seperti berikut:

Kepentingan efektif KumpulanNama syarikat Aktiviti utama 2005 2004

% %

@ Seri Alam Properties Sdn Bhd Pembangunan hartanah 100 100

* UM Leisure Sdn Bhd Perniagaan am 100 100

UM Land Assets Sdn Bhd Pelaburan hartanah 100 100

UM Land Bena Sdn Bhd Pembangunan hartanah dan 100 100aktiviti berkaitan

Country Equity Sdn Bhd Pegangan pelaburan 100 100

* UM Development Sdn Bhd Perniagaan am 100 100

UM Residences Sdn Bhd Pembangunan pangsapuri 100 100khidmat

Suasana Sentral Two Sdn Bhd Pembangunan hartanah 70 70dan aktiviti berkaitan

Dynasty View Sdn Bhd Pembangunan hartanah 100 100dan aktiviti berkaitan

* Alpine Return Sdn Bhd Pembangunan hartanah 100 100dan aktiviti berkaitan

Syarikat subsidiari Seri Alam Properties Sdn Bhd

* PMS Services Sdn Bhd Pengurusan projek 100 100

* Seri Alam Hotel Resort Sdn Bhd Perniagaan am 100 100

Seri Alam Leisure Sdn Bhd Pegangan pelaburan 100 100

Syarikat subsidiari Seri Alam Leisure Sdn Bhd

Seri Alam Golf & Equestrian Club Operasi kelab rekreasi 100 100Sdn Bhd dan aktiviti berkaitan

Syarikat subsidiari Country Equity Sdn Bhd

Bangi Heights Development Sdn Bhd Pembangunan hartanah dan 70 70pelaburan hartanah

================= =================

@ Syarikat subsidiari yang disatukan menggunakan kaedah percantuman perakaunan.

* Syarikat subsidiari ini belum memulakan operasi.




179

14 P E L A B U R A N D A L A M S YA R I K AT B E R S E K U T UKumpulan

2005 2004RM’000 RM’000

Saham tidak disebut harga, pada kos 6,240 6,240Bahagian perkongsian kerugian selepas pengambilalihan (3,485) (3,493)Muhibah atas pengambilalihan dihapus kira terhadap rizab modal (7) (7)

––––––––––––––––––– –––––––––––––––––––2,748 2,740

================= =================

Diwakili oleh:

Bahagian perkongsian aset ketara bersih 2,748 2,740================= =================

Butiran tentang syarikat bersekutu, yang diperbadankan di Malaysia, adalah seperti berikut:

Kepentingan efektif KumpulanNama syarikat Aktiviti utama 2005 2004

% %

Ipjora Holdings Sdn Bhd Pembangunan, pembinaan, 40 40pemilikan dan pengendalian ================= =================pangsapuri khidmat

15 P E L A B U R A N L A I NKumpulan Syarikat

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Saham tidak disebut harga, pada kos 9 9 – –Bon subordinat tidak disebut harga, pada kos 2,000 – 2,000 –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––2,009 9 2,000 –

================= ================= ================= =================

Nilai saksama saham yang tidak disebut harga dianggar berdasarkan nilai aset ketara bersih penerima pelaburan. Para Pengarahberpendapat nilai saksama pelaburan ini tidak berbeza secara ketara daripada kos yang dinyatakan di dalam penyata kewanganpada tarikh lembaran imbangan.

Nilai saksama bon subordinat yang tidak disebut harga pada akhir tahun kewangan adalah lebih kurang sama dengan jumlahbawaan.

16 TA N A H D I P E G A N G U N T U K P E M B A N G U N A N H A RTA N A H Kumpulan

2005 2004RM’000 RM’000

Pada awal tahun kewangan 206,985 111,860Pindahan daripada hartanah, loji dan peralatan – 12,411Pindahan bersih kepada kos pembangunan hartanah (28,531) (46,608)Pengambilalihan tanah – 129,322

––––––––––––––––––– –––––––––––––––––––Pada akhir tahun kewangan 178,454 206,985

================= =================

Tanah dipegang untuk pembangunan hartanah dengan nilai buku RM152,015,900 (2004: RM189,360,942) telah dicagarkansebagai sekuriti untuk pinjaman (Nota 25).



180

17 P E N G H U TA N G D A G A N G A N J A N G K A PA N J A N GKumpulan

2005 2004RM’000 RM’000

Semasa 6,101 15,767

Lebih dari 1 tahun tapi tidak melebihi 2 tahun 4,004 3,603Lebih dari 2 tahun tapi tidak melebihi 5 tahun – 171

Bukan semasa 4,004 3,774––––––––––––––––––– –––––––––––––––––––

10,105 19,541================= =================

Penghutang dagangan jangka panjang ialah penerimaan masa depan yang didiskaunkan dan terbit daripada penjualan hartanahsiap di bawah skim ansuran dan penjualan tanah di bawah skim pembayaran tertunda. Hasil daripada jualan hartanah siap dibawah skim ansuran akan diterima dalam tempoh empat hingga tujuh tahun. Hasil daripada jualan tanah di bawah skimpembayaran tertunda akan diterima dalam tempoh dua tahun. Ansuran yang akan diterima dalam tempoh dua belas bulanberjumlah RM6,101,309 (2004: RM15,766,946) telah dimasukkan ke dalam “Penghutang dagangan dan lain-lain” di dalam aset semasa.

Tiada baki yang terhutang daripada para Pengarah serta pihak berkaitan yang dimasukkan ke dalam penghutang daganganjangka panjang Kumpulan pada akhir tahun kewangan.

18 C U K A I T E RT U N D A

Aset dan liabiliti cukai tertunda diimbangi apabila terdapat hak perundangan yang boleh dikuatkuasakan untuk menolak asetcukai semasa terhadap liabiliti cukai semasa dan apabila cukai tertunda ini berkaitan dengan pihak berkuasa cukai yang sama.Nilai berikut, yang ditetapkan selepas imbangan sesuai, dinyatakan di dalam lembaran imbangan:


RM’000 RM’000 RM’000 RM’000

Aset cukai tertunda:

- tertakluk kepada cukai pendapatan 846 370 – –- tertakluk kepada cukai keuntungan hartanah (“RPGT”) 17,015 14,288 – –

17,861 14,658 – –Liabiliti cukai tertunda:

- tertakluk kepada cukai pendapatan (16,604) (20,322) (652) (22)- tertakluk kepada cukai keuntungan hartanah (“RPGT”) (16,184) (16,184) – –

(32,788) (36,506) (652) (22)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

(14,927) (21,848) (652) (22)================= ================= ================= =================

Pada awal tahun kewangan: (21,848) (23,599) (22) 491

Dikredit/(dicaj) ke penyata pendapatan (Nota 9):

- hartanah, loji dan peralatan 51 40 73 (13)- tanah dipegang untuk pembangunan hartanah 1,155 2,625 – –- kos pembangunan hartanah (2,140) (2,618) – –- permodalan faedah 102 93 – –- penghutang (130) (412) (1,633) –- pemiutang 312 (64) 44 (38)- faedah belum terima 946 (515) 886 (462)- kerugian cukai 2,100 383 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––2,396 (468) (630) (513)

Penarikbalikan cukai tertunda kepada rizab nilai semula – 2,219 – –RPGT terkurang akru dalam tahun kewangan sebelumnya 4,525 – – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Pada akhir tahun kewangan (14,927) (21,848) (652) (22)

================= ================= ================= =================




181

18 C U K A I T E RT U N D A (samb.)


RM’000 RM’000 RM’000 RM’000

Tertakluk kepada cukai pendapatan:

Aset cukai tertunda (sebelum imbangan):

- hartanah, loji dan peralatan 794 722 672 599- kerugian cukai 2,674 574 – –- penghutang 402 532 83 83- pemiutang 815 503 226 182

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––4,685 2,331 981 864

Imbangan (3,839) (1,961) (981) (864)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Aset cukai tertunda (selepas imbangan) 846 370 – –================= ================= ================= =================

Liabiliti cukai tertunda (sebelum imbangan):

- hartanah, loji dan peralatan (25) (4) – –- tanah dipegang untuk pembangunan hartanah (9,948) (11,103) – –- kos pembangunan hartanah (5,995) (5,653) – –- permodalan faedah (4,475) (4,577) – –- penghutang – – (1,633) –- faedah belum terima – (946) – (886)

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––(20,443) (22,283) (1,633) (886)

Imbangan 3,839 1,961 981 864––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Liabiliti cukai tertunda (selepas imbangan) (16,604) (20,322) (652) (22)================= ================= ================= =================

Tertakluk kepada RPGT:

Aset cukai tertunda:

- kos pembangunan hartanah 17,015 14,288 – –================= ================= ================= =================

Liabiliti cukai tertunda:

- hartanah, loji dan peralatan (16,184) (16,184) – –================= ================= ================= =================

Jumlah kerugian cukai belum guna (tanpa tarikh luput) yang mana tidak ada aset cukai tertunda diiktiraf dalam lembaranimbangan adalah seperti berikut:


RM’000 RM’000 RM’000 RM’000

Kerugian cukai 40,137 27,684 – –================= ================= ================= =================

19 H A RTA N A H S I A P

Hartanah siap dengan nilai buku RM35,289,050 (2004: RM16,807,043) telah dicagarkan sebagai sekuriti untuk pinjaman (Nota 25).



182

20 KO S P E M B A N G U N A N H A RTA N A HKumpulan

2005 2004RM’000 RM’000

Pada awal tahun kewangan

Tanah pegangan bebas - pada kos 85,777 30,084- pada penilaian 78,393 17,026

Kos pembangunan ditanggung 295,143 271,926Kos terkumpul dicaj ke penyata pendapatan (68,029) (55,487)

––––––––––––––––––– –––––––––––––––––––391,284 263,549

================= =================

Kos ditanggung dalam tahun kewangan

Tanah diperolehi – 41,085Kos pembangunan ditanggung 166,536 89,915Pindahan dari hartanah, loji dan peralatan – 32,815Pindahan bersih dari tanah yang dipegang untuk pembangunan hartanah 28,531 46,608Pindahan ke hartanah siap (13,495) (13,117)Kos terkumpul dicaj ke penyata pendapatan (141,008) (69,571)

––––––––––––––––––– –––––––––––––––––––40,564 127,735

================= =================

Pada akhir tahun kewangan

Tanah pegangan bebas - pada kos 95,801 85,777- pada penilaian 72,966 78,393

Kos pembangunan ditanggung 348,101 295,143Kos terkumpul dicaj ke penyata pendapatan (85,020) (68,029)

––––––––––––––––––– –––––––––––––––––––431,848 391,284

================= =================

Tanah pegangan bebas pada penilaian telah dipindahkan dari “Hartanah, loji dan peralatan” ke “Kos pembangunan hartanah”pada nilai bawaannya. Para Pengarah telah menggunakan peruntukan peralihan yang dikeluarkan oleh Lembaga PiawaianPerakaunan Malaysia melalui penerimapakaian piawaian FRS 1162004 “Hartanah, Loji dan Peralatan” (dulu dikenali sebagaiMASB 15), yang membolehkan aset-aset ini dinyatakan mengikut penilaian mereka dalam tahun 1990 dan 1996. Selaras denganini, nilai bawaan belum dikemaskini.

Termasuk di dalam kos pembangunan ditanggung dalam tahun kewangan ialah permodalan faedah yang berjumlahRM10,553,962 (2004: RM3,548,130).

Kos pembangunan hartanah dengan nilai buku RM116,083,329 (2004: RM85,549,303) telah dicagarkan sebagai sekuriti untukpinjaman (Nota 25).




183

21 P E N G H U TA N G D A G A N G A N D A N L A I N - L A I NKumpulan Syarikat

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Penghutang dagangan 70,265 68,340 297 297Tolak: Elaun hutang ragu (10,234) (11,718) (297) (297)

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––60,031 56,622 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Lain-lain belum terima 5,648 5,716 6,550 56Tolak: Elaun hutang ragu (1,382) (1,282) – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––4,266 4,434 6,550 56

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Jumlah dihutang oleh syarikat subsidiari – – 161,720 155,100Jumlah dihutang oleh syarikat berkaitan 16 4 – –Deposit 3,444 3,528 176 591Prabayaran 480 138 423 44Bil terakru berhubung pembangunan hartanah 15,344 7,435 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––19,284 11,105 162,319 155,735

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––83,581 72,161 168,869 155,791

================= ================= ================= =================

Termasuk di dalam penghutang dagangan Kumpulan ialah baki dihutang (kepada)/oleh para Pengarah seperti berikut:Kumpulan

2005 2004RM’000 RM’000

Jumlah dihutang (kepada)/oleh para Pengarah (5) 101================= =================

Syarat kredit bagi penghutang dagangan menjangkau antara 7 hingga 365 hari. Termasuk dalam penghutang dagangan adalahjumlah yang dihutang oleh seorang pembeli tanah di bawah skim pembayaran tertunda, yang telah diberi syarat kredit selama365 hari menurut syarat-syarat perjanjian jual beli.

22 D E P O S I T, B A K I B A N K D A N T U N A IKumpulan Syarikat

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Baki bank dan tunai 13,982 3,894 6,574 881Baki bank di bawah Akaun Pembangunan

Perumahan (“HDA”) 32,187 14,195 – –Baki bank di bawah dana terikat 1,416 – – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––47,585 18,089 6,574 881

================= ================= ================= =================

Kadar faedah purata berwajaran berkesan bagi baki bank pada tarikh lembaran imbangan adalah seperti berikut:


% % % %

Baki bank 0.85 0.30 1.98 1.34Baki bank di bawah Akaun Pembangunan

Perumahan (“HDA”) 2.02 1.97 – –================= ================= ================= =================

Baki bank ialah pegangan deposit panggilan dengan bank.



184

22 D E P O S I T, B A K I B A N K D A N T U N A I (samb.)

Baki bank syarikat subsidiari di bawah Akaun Pembangunan Perumahan tidak bebas diremitkan kepada Syarikat sehingga SijilLayak Menduduki dikeluarkan bagi setiap pembangunan perumahan serta dengan kelulusan Pegawai Perumahan selepasmenolak jumlah wang tertentu seperti yang ditetapkan dalam Akta Pembangunan Perumahan (Kawalan dan Perlesenan) 1966,Peraturan Pemaju Perumahan (Akaun Pembangunan Perumahan) (Pindaan) 2002, Peraturan 9.

Dana terikat, yang diwujudkan menurut syarat-syarat di dalam perjanjian pinjaman, mewakili deposit dengan bank yang akandigunakan untuk membayar balik pinjaman bertempoh dan pinjaman penyambung syarikat subsidiari.

23 P E M I U TA N G D A G A N G A N D A N L A I N - L A I NKumpulan Syarikat

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Pemiutang dagangan 40,214 19,162 – –Dagangan terakru 26,079 19,271 – –Jumlah dihutang kepada syarikat subsidiari – – 1,492 –Jumlah dihutang kepada pihak berkaitan 2 236 2 236Liabiliti senarai gaji 2,958 2,108 807 780Cukai keuntungan hartanah akan dibayar 1,800 6,466 – –Bil berperingkat berhubung pembangunan hartanah – 5,363 – –Pemiutang dan terakru yang lain 8,688 8,462 816 462

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––79,741 61,068 3,117 1,478

================= ================= ================= =================

Syarat kredit pemiutang dagangan yang diberikan kepada Kumpulan adalah berbeza-beza dari tidak ada kredit sehingga ke 60hari.

Jumlah yang dihutang kepada syarikat subsidiari, UM Residences Sdn Bhd, adalah tanpa cagaran dan tidak mempunyai tempohpembayaran balik yang tetap. Purata kadar faedah berwajaran pada akhir tahun kewangan adalah 7.25% setahun.

Jumlah yang dihutang kepada pihak-pihak berkaitan, CapitaLand Residential Ltd, Tradewinds Corporation Berhad, TradewindsTravel & Tours Sdn Bhd dan Chee Tat Holdings (S) Pte Ltd adalah tanpa cagaran, tanpa faedah dan tidak mempunyai tempohpembayaran balik yang tetap.

24 P E R U N T U K A NKumpulan

2005 2004RM’000 RM’000

Kos pembangunan hartanah

Pada awal tahun kewangan 20,777 21,459Peruntukan bagi kos pembangunan hartanah 950 3,483Digunakan dalam tahun kewangan – (2,512)Penarikbalikan peruntukan yang tidak digunakan ke:

- kos pembangunan yang diiktiraf sebagai perbelanjaan (10,411) (1,653)- hartanah siap dan kos pembangunan hartanah (9,618) –- dagangan terakru (748) –

(20,777) (1,653)––––––––––––––––––– –––––––––––––––––––

Pada akhir tahun kewangan 950 20,777================= =================

Ini mewakili kos pembangunan yang dianggar akan ditanggung. Peruntukan ini akan digunakan apabila aktiviti pembangunanyang ditetapkan bermula.

Penarikbalikan peruntukan yang tidak digunakan dalam tahun kewangan adalah disebabkan pertukaran rancangan masadepan bagi aktiviti pembangunan yang telah ditetapkan.




185

25 P I N J A M A N Kumpulan Syarikat

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Semasa

Dicagar

Overdraf bank 15,915 8,060 – –Kredit pusingan 106,557 100,675 – –Pinjaman bertempoh 27,475 30,400 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––149,947 139,135 – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Bukan semasa

Dicagar

Pinjaman penyambung 3,073 – – –Pinjaman bertempoh 89,600 89,600 – –

Tidak dicagar

Pinjaman bertempoh 20,000 – 20,000 –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

112,673 89,600 20,000 –––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Jumlah

Overdraf bank 15,915 8,060 – –Kredit pusingan 106,557 100,675 – –Pinjaman penyambung 3,073 – – –Pinjaman bertempoh 137,075 120,000 20,000 –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––262,620 228,735 20,000 –

================= ================= ================= =================

Pinjaman dicagar oleh yang berikut:Kumpulan

2005 2004RM’000 RM’000

Tanah yang dipegang untuk pembangunan hartanah (Nota 16) 152,016 189,361Hartanah siap (Nota 19) 35,289 16,807Kos pembangunan hartanah (Nota 20) 116,083 85,549

––––––––––––––––––– –––––––––––––––––––303,388 291,717

================= =================

Kadar faedah purata berwajaran Jumlah nilai Profil matangKumpulan pada tarikh lembaran imbangan bawaan < 1 tahun 1 - 5 tahun > 5 tahun

% RM’000 RM’000 RM’000 RM’000

2005

Overdraf bank 7.59 15,915 15,915 – –Kredit pusingan 4.80 106,557 106,557 – –Pinjaman bertempoh 7.25 27,475 27,475 – –Pinjaman penyambung 5.35 3,073 – 3,073 –Pinjaman bertempoh 5.60 89,600 – 89,600 –Pinjaman bertempoh 6.13 20,000 – 20,000 –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––262,620 149,947 112,673 –

================= ================= ================= =================



186

25 P I N J A M A N (samb.)

Kadar faedah purata berwajaran Jumlah nilai Profil matangKumpulan pada tarikh lembaran imbangan bawaan < 1 tahun 1 - 5 tahun > 5 tahun

% RM’000 RM’000 RM’000 RM’000

2004

Overdraf bank 7.25 8,060 8,060 – –Kredit pusingan 4.41 100,675 100,675 – –Pinjaman bertempoh 7.00 30,400 30,400 – –Pinjaman bertempoh 5.30 89,600 – 67,200 22,400

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––228,735 139,135 67,200 22,400

================= ================= ================= =================Syarikat

2005

Pinjaman bertempoh 6.13 20,000 – 20,000 –================= ================= ================= =================

Pendedahan bersih pinjaman Kumpulan dan Syarikat kepada perubahan kadar faedah dan tempoh di mana pinjamandiletakkan harga semula, adalah seperti berikut:

Jumlah Kadar faedah Kadar faedahKumpulan Kadar faedah purata berwajaran nilai terapung tetap

pada tarikh lembaran imbangan bawaan < 1 tahun 1 - 5 tahun% RM’000 RM’000 RM’000

2005

Overdraf bank 7.59 15,915 15,915 –Kredit pusingan 4.80 106,557 106,557 –Pinjaman bertempoh 7.25 27,475 27,475 –Pinjaman penyambung 5.35 3,073 3,073 –Pinjaman bertempoh 5.60 89,600 89,600 –Pinjaman bertempoh 6.13 20,000 – 20,000

––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––262,620 242,620 20,000

================= ================= =================

2004

Overdraf bank 7.25 8,060 8,060 –Kredit pusingan 4.41 100,675 100,675 –Pinjaman bertempoh 7.00 30,400 30,400 –Pinjaman bertempoh 5.30 89,600 89,600 –

––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––228,735 228,735 –

================= ================= =================

Syarikat

2005

Pinjaman bertempoh 6.13 20,000 – 20,000================= ================= =================

Pinjaman bertempoh Kumpulan dan Syarikat yang tidak dicagar sebanyak RM20 juta mewakili pinjaman bercagar utama.Pinjaman bertempoh ini tertakluk kepada kadar faedah tetap sebanyak 6.13% setahun dan harus dibayar balik sekaligus padaSeptember 2010. Nilai saksama pinjaman jangka panjang ini pada tarikh lembaran imbangan adalah RM19,358,000. Nilai saksamadianggar berdasarkan aliran tunai berkontrak masa depan didiskaunkan pada kadar faedah sebanyak 6.90%.

Nilai bawaan bagi semua pinjaman lain Kumpulan pada tarikh lembaran imbangan adalah lebih kurang sama dengan nilaisaksama mereka.




187

26 M O D A L S A H A MKumpulan dan Syarikat

2005 2004RM’000 RM’000

Dibenarkan:

Saham biasa bernilai RM1.00 sesaham, pada awal dan akhir tahun kewangan 500,000 500,000================= =================

Diterbitkan dan dibayar penuh:

Saham biasa bernilai RM1.00 sesahamPada awal tahun kewangan 232,347 232,346Diterbitkan sepanjang tahun kewangan – 1


================= =================

SKIM OPSYEN SAHAM KAKITANGAN (“ESOS”)

Pada 5 September 2003, Syarikat telah melaksanakan Skim Opsyen Saham Kakitangan (“ESOS”) untuk kakitangan serta paraPengarah Eksekutif Kumpulan yang berkelayakan. ESOS ini berkuatkuasa selama 5 tahun dari tarikh pelaksanaannya sehinggatamat tempoh pada 4 September 2008.

ESOS ini telah diluluskan oleh para pemegang saham di Mesyuarat Agung Luar Biasa yang diadakan pada 25 Jun 2003.

Ciri-ciri utama ESOS ini adalah seperti berikut:

(a) Jumlah maksima saham biasa baru Syarikat yang tersedia di bawah skim tersebut tidak boleh melebihi 10% dalam agregatmodal saham diterbitkan dan berbayar Syarikat pada satu-satu masa;

(b) Tertakluk kepada kriteria kelayakan yang ditetapkan oleh Jawatankuasa Opsyen, kakitangan yang berkelayakan adalahlayak menyertai skim tersebut;

(c) Opsyen tidak akan diberikan kepada mana-mana Pengarah Eksekutif Syarikat kecuali pemberian khusus opsyen ke atassaham biasa kepada Pengarah Eksekutif itu telahpun diluluskan sebelumnya oleh para pemegang saham Syarikat didalam mesyuarat agung;

(d) Jumlah maksima saham biasa baru Syarikat yang mungkin ditawarkan dan diperuntukkan kepada kakitangan yangberkelayakan akan ditentukan mengikut budi bicara Jawatankuasa Opsyen dengan menimbangkan prestasi, kekananandan tempoh khidmat kakitangan yang berkelayakan itu. Peruntukan kepada Pengarah Eksekutif yang berkelayakan sertapihak pengurusan kanan tidak boleh melebihi 50% dalam agregat saham biasa baru Syarikat yang tersedia di bawah skim.Tidak lebih daripada 10% saham biasa baru Syarikat yang tersedia di bawah skim ini akan diperuntukkan kepada mana-mana kakitangan yang berkelayakan, yang mana, sama ada secara berseorangan atau secara kolektif, melalui sekutunya(seperti yang ditetapkan dalam Akta Syarikat, 1965), memegang 20% atau lebih modal diterbitkan dan berbayar Syarikat;

(e) Harga yang berhak dilanggan oleh kakitangan yang berkelayakan bagi setiap saham biasa baru Syarikat akan ditentukanoleh Jawatankuasa Opsyen berdasarkan harga pasaran purata berwajaran saham biasa Syarikat bagi 5 hari sejurus sebelumTarikh Tawaran opsyen ke atas saham biasa, dengan diskaun tidak melebihi 10%, atau pada nilai tara saham biasa Syarikat,yang mana lebih tinggi;

(f) Opsyen ke atas saham biasa yang ditawarkan mesti dilaksanakan dalam tempoh lima tahun dari Tarikh Tawaran opsyenke atas saham biasa kepada setiap kakitangan atau sebelum tamat tempoh ESOS, yang akan terus berkuatkuasa dalamtempoh lima tahun dari 5 September 2003 (tarikh opsyen ke atas saham biasa pertama kali ditawarkan kepada kakitanganyang berkelayakan) tertakluk kepada ESOS tersebut tidak dilanjutkan untuk tambahan 5 tahun;

(g) Saham biasa baru Syarikat yang akan diperuntukkan dengan langganan sebarang opsyen ke atas saham biasa yangditawarkan semasa peruntukan dan terbitan, bertaraf pari passu dalam semua aspek dengan saham biasa Syarikat yangsedia ada. Saham biasa baru Syarikat yang diperuntukan tidak berhak ke atas sebarang dividen, hak, peruntukan dan/ataupengagihan lain kecuali saham biasa baru Syarikat tersebut memenuhi syarat-syarat yang ditetapkan dalam PeraturanKecil ESOS.



188

26 M O D A L S A H A M (samb.)

SKIM OPSYEN SAHAM KAKITANGAN (“ESOS”) (samb.)

Pergerakan di sepanjang tahun kewangan dalam bilangan opsyen ke atas saham biasa Syarikat adalah seperti berikut:

2005 2004Harga Opsyen Harga Opsyen

pada RM1.31 pada RM1.31sesaham sesaham

’000 ’000

Pada awal tahun kewangan 9,648 12,364Langganan – (1)Luput (810) (2,715)


================= =================

2005 2004’000 ’000

Bilangan opsyen ke atas saham biasa yang diberi hak pada akhir tahun kewangan 8,838 9,648================= =================

SAHAM PERBENDAHARAAN

Sepanjang tahun kewangan, Syarikat telah membeli balik sahamnya sebanyak 76,800 (2004: 21,900) saham biasa pada hargapurata lebih kurang RM0.95 (2004: RM1.10) sesaham dari pasaran terbuka Bursa Malaysia Sekuriti. Belian balik ini telah dibiayaimelalui dana dalaman. Saham yang dibeli balik ini disimpan sebagai saham perbendaharaan seperti yang dibenarkan di bawahSeksyen 67A Akta Syarikat, 1965. Tiada satupun dari saham perbendaharaan ini yang telah dijual.

Pada 31 Disember 2005, bilangan saham tertunggak dalam terbitan dan berbayar penuh ialah 231,957,933 (bersih dari 388,700saham perbendaharaan) (2004: 232,034,733 [bersih dari 311,900 saham perbendaharaan]) saham biasa bernilai RM1.00 sesaham.




189

27 R I Z A BKumpulan Syarikat

2005 2004 2005 2004RM’000 RM’000 RM’000 RM’000

Tidak boleh diagihkan

Premium saham 60,428 60,428 60,428 60,428Rizab nilai semula 240,745 244,969 385,808 385,808

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––301,173 305,397 446,236 446,236

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––Rizab modal:

- Rizab modal yang timbul dari penyatuan 325 325 – –- Defisit penggabungan (41,625) (41,625) – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––(41,300) (41,300) – –

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Saham perbendaharaan (Nota 26) (449) (374) (449) (374)––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

259,424 263,723 445,787 445,862––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––

Boleh diagihkan

Pendapatan tertahan 195,841 183,334 56,310 56,029Rizab nilai semula* 58,790 54,566 15,256 15,256

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––254,631 237,900 71,566 71,285

––––––––––––––––––– ––––––––––––––––––– ––––––––––––––––––– –––––––––––––––––––514,055 501,623 517,353 517,147

================= ================= ================= =================

Syarikat mempunyai kredit cukai Seksyen 108 yang mencukupi dan pendapatan dikecualikan cukai di bawah Akta CukaiPendapatan Malaysia, 1967 untuk membayar kesemua pendapatan tertahannya pada 31 Disember 2005, jika dibayar sebagaidividen, tanpa menanggung liabiliti cukai tambahan.

*Ini mewakili rizab nilai semula terkumpul yang telah direalisasikan.

28 U R U S N I A G A P E N T I N G P I H A K B E R K A I TA N

Di samping pendedahan tentang pihak berkaitan yang dinyatakan di bahagian lain dalam penyata kewangan ini, berikut adalahurusniaga penting yang lain oleh pihak berkaitan.

Urusniaga yang dinyatakan di bawah telah dijalankan dalam urusan biasa perniagaan dan telah ditetapkan di bawah syarat-syarat yang dipersetujui oleh pihak-pihak yang terbabit dan tiada perbezaan ketara dari apa yang terdapat dalam urusniagadengan pihak-pihak yang tidak berkaitan.

Kumpulan Urusniaga Syarikat 2005 2004

RM’000 RM’000

Urusniaga dengan pemegang saham korporat

Penyewaan premis yang telah dibayar Tradewinds Corporation Berhad 497 609dan akan dibayar

Perolehan bagi penginapan hotel serta makanan Tradewinds Corporation Berhad 60 32yang telah dibayar dan akan dibayar

Urusniaga dengan syarikat subsidiari pemegang saham korporat,Chee Tat Holdings (S) Pte Ltd

Pendapatan sewa diterima Chee Tat Holdings (M) Sdn Bhd 12 12



190

28 U R U S N I A G A P E N T I N G P I H A K B E R K A I TA N (samb.)

Kumpulan Urusniaga Syarikat/Individu 2005 2004

RM’000 RM’000

Urusniaga dengan syarikat subsidiari pemegang saham korporat, Tradewinds Corporation Berhad

Perolehan tiket penerbangan yang telah Tradewinds Travel & Tours Sdn Bhd 47 29dibayar dan akan dibayar

Perolehan perkhidmatan Tradewinds International Insurance 85 61pembrokeran insurans yang telah dibayar Brokers Sdn Bhd dan akan dibayar

Urusniaga dengan syarikat subsidiaripemegang saham korporat,CapitaLand Limited

Perolehan perkhidmatan pengurusan CapitaLand Residential Ltd 338 236yang telah dibayar dan akan dibayar

Bil berperingkat bagi penjualan pangsapuri Liang Court (Malaysia) Sdn Bhd 572 9,724khidmat yang telah diterima dan akan diterima

Urusniaga dengan syarikat bersekutupemegang saham korporat,CapitaLand Limited

Penyewaan premis yang telah dibayar OneSentral Park Sdn Bhd 124 54dan akan dibayar

Urusniaga dengan para Pengarah Syarikat

Bil berperingkat bagi penjualan Datuk Nur Jazlan 180 118pangsapuri khidmat dan kondominium bin Tan Sri Mohamedyang telah diterima dan akan diterima

Bil berperingkat bagi penjualan kondominium Datuk Mohd Khamil 132 –yang telah diterima dan akan diterima bin Jamil

Bil berperingkat bagi penjualan kondominium Dr Choo Kian Koon 80 –yang telah diterima dan akan diterima

Urusniaga dengan individu yang berkaitan dengan Pengarah Syarikat, Dato’ Ng Eng Tee

Bil berperingkat bagi penjualan kondominium Dennis Ng Yew Kim 135 –yang telah diterima dan akan diterima

Jumlah yang masih tertunggak pada 31 Disember 2005 berhubung urusniaga di atas dengan para pemegang saham korporat danpihak berkaitan dibentangkan dalam Nota 21 dan 23 penyata kewangan.




191

29 D A K WA A N M AT E R I A L

(a) Pada 7 Oktober 1996, UM Leisure Sdn Bhd (“UM Leisure”), sebuah subsidiari milik penuh Syarikat, telah memasukiPerjanjian Usaha Sama (“JVA”) dengan Ultrapolis 3000 Holding Bermuda Ltd (“UPH”), berkaitan dengan organisasi,pengurusan dan pengendalian Agarta Universe Sdn Bhd (“Agarta Universe”) yang akan membangun dan menguruskanPusat Peranginan Taman Tema Agarta Universe berserta hotel bertema dan pusat membeli-belah di Bandar Seri Alam,Johor, sebuah bandar yang sedang dibangunkan oleh Seri Alam Properties Sdn Bhd (“Seri Alam”), iaitu sebuah syarikatsubsidiari milik penuh Syarikat.

Selaras dengan Perenggan 10.1(c) JVA, Syarikat telah mengeluarkan surat jaminan pembayaran bertarikh 3 Januari 1997(“Surat Jaminan”) kepada Trans Resources Corporation Sdn Bhd (“TRC”) untuk menjalankan kerja-kerja tanah di atassebidang tanah, yang mana Pusat Peranginan Taman Tema Agarta Universe akan dibina, di bawah kontrak denganSanwell Corporation (“Sanwell”), yang mana prinsipalnya ialah Agarta Universe. Sejurus itu, Seri Alam telahmenandatangani Perjanjian Pajakan bertarikh 9 Disember 1997 dengan Agarta Universe.

TRC telah mengemukakan satu tindakan writ di Mahkamah Tinggi Kuala Lumpur terhadap Sanwell sebanyakRM17,459,445 yang merupakan jumlah terhutang berhubung kerja-kerja tanah yang dikatakan telah dijalankan. TRC jugamembuat tuntutan terhadap Syarikat, sebanyak RM15,500,000 sebagai jumlah yang dikatakan belum dibayar oleh Syarikatdi bawah Surat Jaminan yang dinyatakan di atas.

Dalam tindakan Mahkamah Tinggi Kuala Lumpur, Syarikat telah memfailkan tuntutan balas (“Tuntutan Balas”) terhadapTRC, Sanwell, UPH dan Agarta Universe, yang memohon antara lain, akuan bahawa ia dibebaskan dari sebarang liabilititerhadap TRC di bawah Surat Jaminan dan perintah bahawa Agarta Universe hendaklah membayar ganti rugi kepadaSyarikat bagi semua akibat di bawah Surat Jaminan tersebut.

Sanwell memohon untuk menggantung tindakan tersebut atas dasar bahawa tuntutan TRC terhadapnya seharusnyadiselesaikan melalui timbangtara. Syarikat dan TRC membantah permohonan penggantungan Sanwell. Pada 19 Mei 1999,suatu penggantungan (“Perintah Penggantungan”) telah diberi oleh Mahkamah Tinggi Kuala Lumpur. Bagaimanapun,Syarikat dan TRC membuat rayuan di Mahkamah Rayuan terhadap keputusan Perintah Penggantungan tersebut. Pada 29Jun 2000, Mahkamah Rayuan membenarkan permohonan TRC terhadap Sanwell berdasarkan pertimbangan permulaanundang-undang dan mengenepikan Perintah Penggantungan tersebut. Melalui permohonan rayuan selanjutnya olehSanwell, Mahkamah Persekutuan telah mengembalikan semula Perintah Penggantungan tersebut pada 20 Mei 2002.

Berdasarkan perintah Mahkamah Persekutuan, prosiding di Mahkamah Tinggi Kuala Lumpur telah ditangguh tanpatarikh dan kedudukan antara TRC dan Sanwell akan dirujuk kepada timbangtara.

Berikutnya, TRC memohon kepada Mahkamah Tinggi Kuala Lumpur untuk membatalkan Perintah Penggantungan(“Permohonan Pembatalan”). Permohonan Pembatalan telah dibenarkan oleh Mahkamah Tinggi pada 2 April 2005 dengankos ditanggung oleh Sanwell.

Dengan pembatalan Perintah Penggantungan, pihak kepada guaman Mahkamah Tinggi Kuala Lumpur akan memulakanperbicaraan ke atas tuntutan TRC serta Tuntutan Balas Syarikat. Mahkamah Tinggi Kuala Lumpur telah menetapkanperbicaraan pada 25 Mei 2005 dan 26 Mei 2005.

Pada 25 Mei 2005, Syarikat dan TRC telah bersetuju, melalui surat antara peguam masing-masing, untuk membuatpenyelesaian di mana Syarikat akan membayar TRC jumlah sebanyak RM15,500,000 sebagai bayaran penuh danpenyelesaian muktamad tuntutan terhadap Syarikat (Penyelesaian). Jumlah penyelesaian ini telah dijelaskan dalamsepanjang tahun kewangan melalui gabungan wang tunai dan hartanah di Bandar Seri Alam berdasarkan syarat danperaturan yang dipersetujui. Satu perjanjian penyelesaian rasmi telah dimasuki pada 28 Disember 2005. Dengan perjanjianini, tuntutan terhadap Syarikat oleh TRC telah diselesaikan sepenuhnya.

Di samping itu, pengisytiharan berikut telah diberikan oleh Mahkamah Tinggi Kuala Lumpur pada 27 Mei 2005:-

(i) bahawa JVA antara UM Leisure dan UPH dibatalkan;

(ii) bahawa Perjanjian Pajakan di antara Seri Alam dan Agarta Universe ditamatkan; dan

(iii) bahawa Agarta Universe akan membayar ganti rugi kepada Syarikat bagi semua akibat di bawah Surat Jaminantersebut termasuk jumlah sebanyak RM15,500,000.



192

29 D A K WA A N M AT E R I A L (samb.)

(b) Lembaga Hasil Dalam Negeri telah mengeluarkan notis taksiran serta taksiran tambahan berkaitan cukai pendapatantahun sebelumnya bagi syarikat subsidiari, Bangi Heights Development Sdn Bhd. Taksiran ini sebahagian besarnya adalahdisebabkan oleh pengolahan cukai yang berbeza yang dikenakan oleh Lembaga Hasil Dalam Negeri atas potonganperbelanjaan permodalan faedah.

Kumpulan tidak bersetuju dengan taksiran serta taksiran tambahan dan telah memfailkan rayuan kepada PesuruhjayaKhas Cukai Pendapatan. Arahan penentuan telah dikeluarkan oleh Pesuruhjaya Khas Cukai Pendapatan pada 22November 2005 yang tidak membenarkan potongan perbelanjaan permodalan faedah tersebut. Kumpulan akan terusmempertahankan kedudukannya terhadap taksiran serta taksiran tambahan tersebut dan akan memfailkan rayuankepada Mahkamah Tinggi.

Sementara menunggu resolusi bagi perkara-perkara di atas, Kumpulan telah membayar RM2.1 juta setakat 31 Disember2005 dan telah mengambil kira jumlah yang telah dibayar sebagai perbelanjaan cukai di dalam penyata pendapatan.

30 P E R I S T I WA - P E R I S T I WA P E N T I N G S E L E PA S TA R I K H L E M B A R A N I M B A N G A N

Pada 18 Januari 2006, Syarikat telah memasuki perjanjian pemegang saham dengan Bolton Berhad dan Acegoal Pte Ltd untukmentadbir sebuah syarikat usaha sama yang akan membangunkan sebuah projek kondominium (Alpine Return Sdn Bhd)(“Usaha Sama Dicadangkan”). Usaha Sama Dicadangkan ini tertakluk kepada kelulusan Jawatankuasa Pelaburan Asing (“FIC”).

Pada hari yang sama, Alpine Return Sdn Bhd, syarikat bersekutu yang dimiliki 35% oleh Syarikat, telah memasuki perjanjian jualbeli bersyarat dengan Bolton Berhad untuk mengambilalih sebelas (11) bidang tanah pegangan bebas yang bersempadan antarasatu sama lain, berukuran lebih kurang 17,383.207 meter persegi di sepanjang Jalan Mayang dan Jalan Yap Kwan Seng, KualaLumpur untuk jumlah balasan tunai sebanyak RM112.287 juta (“Pengambilalihan Dicadangkan”).

Pengambilalihan Dicadangkan adalah tertakluk kepada syarat-syarat berikut terlebih dahulu:

(a) kelulusan FIC;

(b) kelulusan pemegang saham Bolton Berhad; dan

(c) perolehan arahan pembangunan daripada Dewan Bandaraya Kuala Lumpur.

31 M A K L U M AT B E R S E G M E N

Penglibatan utama Kumpulan ialah di dalam industri pembangunan hartanah (Segmen utama). Semua aktiviti Kumpulandijalankan di Malaysia (Segmen kedua).

32 K E L U L U S A N P E N YATA K E WA N G A N

Penyata kewangan telah diluluskan untuk penerbitan selaras dengan resolusi Lembaga Pengarah pada 20 April 2006.





193

Kami, Dato’ Ng Eng Tee dan Datuk Nur Jazlan bin Tan Sri Mohamed, dua daripada Pengarah United Malayan Land Bhd, menyatakanbahawa, pada pendapat Para Pengarah, penyata kewangan yang dibentangkan dari muka surat 156 hingga 192. telah disediakan bagimemberi gambaran yang benar serta saksama berkenaan kedudukan Kumpulan dan Syarikat pada 31 Disember 2005 serta keputusandan aliran tunai Kumpulan dan Syarikat bagi tahun kewangan yang berakhir pada tarikh tersebut, sejajar dengan piawaianperakaunan yang diluluskan oleh MASB dan diguna pakai di Malaysia serta peruntukan Akta Syarikat, 1965.

Ditandatangani bagi pihak Lembaga Pengarah selaras dengan resolusi mereka bertarikh 20 April 2006.

DATO’ NG ENG TEE DATUK NUR JAZLAN BIN TAN SRI MOHAMEDPENGARAH PENGARAH

Kuala Lumpur

PENYATA OLEH PARA PENGARAHSelaras Dengan Seksyen 169 (15) Akta Syarikat, 1965

Saya, Pee Tong Lim, Pegawai utama yang bertanggungjawab ke atas pengurusan kewangan United Malayan Land Bhd, dengansesungguh dan seikhlasnya mengaku bahawa penyata kewangan yang dibentang dari muka surat 156 hingga 192. adalah, sebaik-baikpengetahuan dan kepercayaan saya, adalah betul dan saya membuat ikrar ini dengan sepenuh kepercayaan bahawa ia adalah benar,dan menurut peruntukan Akta Akuan Berkanun, 1960.

PEE TONG LIM

Ditandatangani dan diikrarkan oleh penama di atas, Pee Tong Lim di Kuala Lumpur, Malaysia pada 20 April 2006.

Di hadapan saya,

PESURUHJAYA SUMPAH

AKUAN BERKANUN Selaras Dengan Seksyen 169 (16) Akta Syarikat, 1965


194

Kami telah mengaudit penyata kewangan yang dibentangkan di muka surat 156 hingga 192. Penyata kewangan tersebut adalahtanggungjawab para Pengarah Syarikat. Adalah menjadi tanggungjawab kami untuk membentuk satu pendapat bebas, berdasarkanaudit kami, bagi penyata kewangan dan untuk melaporkan pendapat kami kepada anda, sebagai satu badan, selaras dengan Seksyen174 Akta Syarikat, 1965 dan bukan untuk sebarang tujuan lain. Kami tidak bertanggungjawab kepada sesiapa pun di atas kandunganlaporan ini.

Kami menjalankan audit berdasarkan piawaian-piawaian audit yang diluluskan di Malaysia. Piawaian-piawaian ini memerlukan kamimerancang dan menjalankan audit bagi mendapatkan jaminan munasabah bahawa penyata kewangan tersebut bebas daripadasalahnyata yang penting. Sesuatu audit merangkumi pemeriksaan, berdasarkan ujian, bukti yang relevan kepada jumlah danpendedahan dalam penyata kewangan. Sesuatu audit juga merangkumi penilaian prinsip perakaunan yang digunakan dan anggaranketara yang dibuat oleh para Pengarah serta penilaian tahap kecukupan keseluruhan pembentangan maklumat dalam penyatakewangan. Kami percaya kerja pengauditan kami telah memberi asas yang wajar untuk kami memberikan pendapat.

Pada pendapat kami:

(a) penyata kewangan ini telah disediakan selaras dengan peruntukan Akta Syarikat, 1965 dan piawaian perakaunan yangdiluluskan oleh MASB yang diguna pakai di Malaysia untuk memberi gambaran yang benar dan saksama mengenai:

(i) perkara-perkara yang dikehendaki oleh Seksyen 169 Akta Syarikat, 1965 untuk diuruskan di dalam penyata kewangan; dan

(ii) kedudukan hal ehwal Kumpulan dan Syarikat pada 31 Disember 2005 dan keputusan serta aliran tunai Kumpulan danSyarikat bagi tahun kewangan berakhir pada tarikh tersebut;

dan

(b) rekod perakaunan dan rekod-rekod lain serta daftar-daftar yang dikehendaki oleh Akta untuk disimpan oleh Syarikat dansyarikat-syarikat subsidiarinya, telah disimpan dengan sempurna selaras dengan peruntukan Akta tersebut.

Kami berpuas hati bahawa penyata kewangan syarikat-syarikat subsidiari yang telah disatukan dengan penyata kewangan Syarikatadalah dalam bentuk dan kandungan yang sesuai dan wajar untuk tujuan penyediaan penyata kewangan yang disatukan dan kamitelah menerima maklumat dan penjelasan memuaskan yang diperlukan bagi tujuan tersebut.

Laporan audit bagi penyata kewangan syarikat-syarikat subsidiari tidak tertakluk kepada sebarang syarat dan tidak merangkumisebarang ulasan di bawah sub-seksyen (3) Seksyen 174 Akta tersebut.

PRICEWATERHOUSECOOPERS DATO’ AHMAD JOHAN BIN MOHAMMAD RASLAN(No. AF: 1146) (No. 1867/09/06 (J))Akauntan Bertauliah Rakan Firma

Kuala Lumpur20 April 2006

LAPORAN JURUAUDITKepada Ahli-Ahli United Malayan Land Bhd (No. Syarikat 4131 M) (Diperbadankan di Malaysia)


Please refer to the notes below before completing this Form of Proxy/ Sila rujuk nota-nota di bawah sebelum mengisi Borang Proksi ini.

I/WeSaya/Kami

of/ beralamat

a shareholder/shareholders of UNITED MALAYAN LAND BHD, hereby appointsebagai ahli/ahli-ahli UNITED MALAYAN LAND BHD, dengan ini melantik

of/ beralamat

or failing him/her, the Chairman of the meeting as my/our proxy to vote for me/us on my/our behalf at the 45th AnnualGeneral Meeting to be held at Nirwana Ballroom 2, Lower Lobby, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail,50250 Kuala Lumpur on 20 June 2006 at 11.30 a.m. for the following ordinary resolutions as set out in the Notice of AnnualGeneral Meeting:-atau, jika beliau tidak dapat hadir, Pengerusi Mesyuarat sebagai proksi saya/kami untuk mengundi bagi pihak saya/kami di Mesyuarat Agung Tahunan Syarikat ke-45 yang akan diadakan di Dewan Nirwana 2, Lobi Bawah, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur, 20 Jun 2006 jam 11.30 pagi atas resolusi-resolusi biasa berikut yangdinyatakan di dalam Notis Mesyuarat Agung Tahunan:-

My/Our proxy is to vote on the resolutions as indicated by an “X” in the appropriate space above. If no indication is given,my/our proxy shall vote or abstain as he/she thinks fit.

Proksi saya/kami akan mengundi untuk resolusi-resolusi berikut dengan menanda “X” di tempat yang disediakan. Jika tidak berbuatdemikian, proksi saya/kami akan mengundi atau tidak mengundi mengikut pilihannya.

Dated this day of 2006Tarikh hari 2006

Signature(s) of shareholder(s)Tandatangan ahli/ahli-ahli

NOTES:1. A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the Company.

The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly authorised in writing, or if the appointor is a corporation, under itscommon seal or in some other manner approved by its Directors.

2. The Form of Proxy must be deposited at the Company’s Share Registrar, Securities Services (Holdings) Sdn Bhd at Level 7, Menara Milenium, Jalan Damanlela, Pusat BandarDamansara, Damansara Heights, 50490 Kuala Lumpur not less than forty-eight (48) hours before the time set for the meeting or any adjournment thereof.

NOTA:1. Seseorang ahli yang berhak hadir dan mengundi di Mesyuarat Agung Tahunan adalah berhak melantik proksi untuk hadir dan mengundi bagi pihaknya. Seorang proksi itu tidak semestinya

ahli Syarikat. Borang Proksi mestilah di isi oleh sipelantik atau ahli guaman yang diperakukan atau jika sipelantik itu sebuah perbadanan, ianya hendaklah di bawah meterinya ataudikuatkuasakan dalam cara lain yang diluluskan oleh para pengarahnya.

2. Borang Proksi hendaklah diserahkan kepada Pendaftar Saham Syarikat, Securities Services (Holdings) Sdn Bhd di Aras 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur tidak lewat daripada empat puluh lapan (48) jam sebelum masa yang ditetapkan bagi mesyuarat atau sebarang penangguhannya.

1 2 3 4 5 6 7 8 9 10 11

(Company No. 4131-M)Incorporated in Malaysia

FORM OF PROXY/ BORANG PROKSI

No. of Shares Bil. Saham

full name in block letters/ nama penuh dalam huruf besar

full name in block letters/ nama penuh dalam huruf besar

full address/ alamat penuh

full address/ alamat penuh

RESOLUTION/ RESOLUSI

FOR/ MENYOKONG

AGAINST/ MENENTANG

ABSTAIN/ BERKECUALI

Proxy Form-0004 23/05/2006 6:39 PM Page 195

Fold Here/ Lipat Sini

Fold Here/ Lipat Sini

Share Registrar/ Pendaftar Saham

UNITED MALAYAN LAND BHDC/O SECURITIES SERVICES (HOLDINGS) SDN BHD

Level 7, Menara Milenium, Jalan DamanlelaPusat Bandar Damansara, Damansara Heights

50490 Kuala Lumpur

Stamp/ Setem

Proxy Form-0004 23/05/2006 6:39 PM Page 196

M e r e n t a s i s e m p a d a n d a n

t r a d i s i p e m b a n g u n a n u n t u k m e n c a p a i

k e j a y a a n c e m e r l a n g .

Un

ited Malayan

Land B

hd

4131-M (In

corporated in M

alaysia)la

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20

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UNITED MALAYAN LAND BHD 4131-M (Incorporated in Malaysia)

Suite 1.1, 1st Floor, Kompleks Antarabangsa,Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.Tel: 603-2142 1611 Fax: 603-2142 1826

Website: http://www.umland.com.my

B e y o n d b o u n d a r i e s .

B e y o n d c o n v e n t i o n s .

B e y o n d e x p e c t a t i o n s .

united malayan land bhd a fresh - ir.chartnexus.comir.chartnexus.com/umland/misc/ar_2005.pdf ·...

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