Laporan Tahunan 2001 Annual Report - Malakoff

Laporan Tahunan 2001 Annual Report

At Malakoff Berhad, minimising the

environmental impact of our operations is

a key priority. As a responsible corporate

citizen, we will continue to play our role

in maintaining nature’s delicate balance.

All with the aim of achieving sustainable

growth and providing the level of returns

expected of a world class power producer.

Di Malakoff Berhad, perhatian utama

diberi untuk meminimumkan kesan

operasi kami ke atas alam sekitar.

Sebagai sebuah warga korporat yang

bertanggungjawab, kami akan terus

memainkan peranan untuk mengekalkan

keseimbangan harmoni alam semulajadi.

Semuanya ini bertujuan untuk mencapai

pertumbuhan mampan serta memberi

tahap pulangan yang dijangkakan

daripada sebuah pengeluar tenaga

bertaraf dunia.

miss

ion vision

WA

WA

SAN

MIS

I

In striving to enhance ourshareholders’ values and achieveour vision, we seek to:

i. Develop and utilise localexpertise;

ii. Share knowledge and spurthe growth of the powerindustry; and

iii. Promote innovation in allaspects of our business

> Corporate Values

> Integrity

> Teamwork

> Innovative> Excellence

> Respect for Individual

Dalam usaha kamimempertingkatkan nilai parapemegang saham dan mencapaimatlamat wawasan Kumpulan,kami berusaha untuk:

i. Membangun dan menggunakankepakaran tempatan;

ii. Berkongsi pengetahuan danmendorong pertumbuhanindustri tenaga; dan

iii. Menggalakkan inovasi dalamsemua aspek perniagaan yangkami jalankan.

> Nilai-nilai Korporat

> Berwibawa

> Semangat Berpasukan

> Inovatif

> Cemerlang

> Menghormati Individu

To be a Cost

Effective Energy

Provider

Untuk Menjadi

Pembekal Tenaga

Yang Berkos Efektif

contentsKANDUNGAN

2 Corporate Profile4 Notice of Annual General Meeting6 Statement Accompanying Notice of Annual General Meeting

16 5-Year Group Financial Highlights18 Corporate Information19 Executive Management20 Corporate Structure22 Board of Directors24 Profile of Board of Directors32 Audit Committee Report40 Chairman’s Statement48 Review of Group Operations59 Environment, Safety & Health60 Information & Communication Technology62 Calendar of Events66 Statement on Corporate Governance78 Additional Compliance Information80 Approved Utilisation of Funds83 Financial Calendar & Share Movement Chart84 Shareholders Statistical Report87 Directors’ Responsibility Statement89 Financial Statements

177 Properties of the GroupProxy Form

3 Profil Korporat10 Notis Mesyuarat Agung Tahunan12 Penyata yang Disertakan Bersama Notis Mesyuarat Agung Tahunan16 Maklumat Kewangan Kumpulan 5 Tahun18 Maklumat Korporat19 Pengurusan Eksekutif20 Struktur Korporat22 Lembaga Pengarah24 Profil Lembaga Pengarah36 Laporan Jawatankuasa Audit40 Penyata Pengerusi48 Tinjauan Operasi Kumpulan59 Alam Sekitar, Keselamatan & Kesihatan61 Teknologi Maklumat & Komunikasi62 Peristiwa-peristiwa dalam Kalendar72 Penyata Mengenai Tadbir Urus Korporat79 Maklumat Pematuhan Tambahan80 Penggunaan Dana yang Diluluskan83 Kalendar Kewangan & Carta Pergerakan Saham84 Laporan Statistik Pegangan Saham87 Penyata Tanggungjawab Para Pengarah

133 Penyata Kewangan177 Hartanah Kumpulan

Borang Proksi

The qualities that make Malakoff a leader in the power industry are apparent in the way our operations

co-exist with the environment, rather than encroach upon it. Indeed, maintaining this balance has become one of

the myriad ways by which we judge our performance and growth in efficient power generation.

MENCAPAI PERTUMBUHAN SIMBIOTIK

Kualiti yang menjadikan Malakoff peneraju dalam industri tenaga begitu ketara melalui kewujudan harmoni

antara operasi kami dengan alam sekitar yang tidak terjejas. Malah, pengekalan keseimbangan ini telah menjadi

salah satu antara berbagai kaedah untuk menilai prestasi serta pertumbuhan kami sebagai pengeluar tenaga

yang cekap.

MALAKOFF BERHAD ( 2 4 8 1 6 - M )

2

corporatePROFILE

The Group’s O&M services are undertaken by wholly-owned subsidiary, TJSB. TJSB’s clients include SEV (for the LPP),Petronas Gas Berhad (for the two Centralised Utility Facilities in Kerteh, Terengganu, and Gebeng, Pahang);GB3 Sdn Bhd (for the GB3 Project); and SKS Ventures Sdn Bhd (for the 350 MW combined cycle power plant atPrai, Penang).

The commercial operation dates for the GB3 Project are December 2001, January 2002 and February 2002 for eachunit of the gas turbines of the open cycle operation and January 2003 for the combined cycle operation. Thecommercial operation date for the Prai Power Plant is expected to be in March 2003.

Representing Malakoff in the electricity distribution arena is wholly-owned subsidiary, Wirazone Sdn Bhd, whichhas the licence to supply electricity to the multi-billion Ringgit Kuala Lumpur Sentral Development Area (“KL Sentral”).Currently, Wirazone is supplying limited centralised chilled water system to four of the office blocks within KL Sentral.

Malakoff’s project management arm is Malakoff Engineering Sdn Bhd (“MESB”), the project manager for GB3 Project.Other projects successfully managed by MESB include LPP Blocks 1 and 2, 500kV Transmission Line Project (helicoptererection), 275kV Submarine Cable (Juru-Bayan Lepas), Co-Generation Plant for Malaysian Newsprint Industries,Lekir Coastal Development (a site reclamation project), Electricity Distribution System (EDS) and CentralisedChilled Water Plant in KL Sentral.

Having grown the business by leaps and bounds, Malakoff is poised to continue exploiting and expanding itsinfluence in the areas of its core competencies, in line with its goal of becoming the most well-managed powergenerating company in the country, and an internationally recognised player in the world power arena.

One of Malaysia’s leading private power players and the second largest electricity generator after Tenaga NasionalBerhad, Malakoff Berhad (“Malakoff”) has its roots in the then-Federation of Malaya’s agriculture sector, where itwas active in the cultivation and processing of natural rubber, oil palm and cocoa. On 12 February 1976, the Companywas listed on the Main Board of the Kuala Lumpur Stock Exchange.

Following a major restructuring exercise in 1993 involving the disposal of the Group’s estates and subsidiaries,Malakoff turned its attention to the power industry. In March 1994, the Company acquired a 75% interest in SegariEnergy Ventures Sdn Bhd (“SEV”), the owner of the 1,303 MW combined cycle power plant in Lumut, known as LumutPower Plant (“LPP”). This marked its entry into the electricity supply arena. Two years later, in 1996, Malakoff acquired20% of Port Dickson Power Berhad, the owner of Port Dickson Power Plant, another IPP, via the 100% acquisitionof Hypergantic Sdn Bhd. In 1998, National Power plc, one of the largest independent power producers in the worldwith assets in 13 countries, took a strategic stake in Malakoff. This stake has since been transferred to InternationalPower plc following the former’s demerger. The year 1998 also saw the Company acquired the entire equity interestin Teknik Janakuasa Sdn Bhd (“TJSB”), the operations and maintenance provider for the LPP.

Today, Malakoff boasts total assets in excess of RM4.6 billion and a market capitalisation exceeding RM2.8 billion.The Company’s portfolio of services encompasses power generation, operations and maintenance, electricitydistribution, and project management.

In power generation, which is Malakoff’s core business activity, the Group’s power generation portfolio totals in theregion of 2,383 MW from its involvement in the 1,303 MW LPP, currently the largest combined cycle power plantin Malaysia; the 440 MW Port Dickson Power Plant; and the 640 MW combined cycle gas turbine power plant,GB3 Project, currently under construction adjacent to LPP in Segari, Perak. GB3 Project is owned by Malakoff’s wholly-owned subsidiary, GB3 Sdn Bhd.


2


3

PROFILKO

RP

OR

AT

Sebagai salah satu peneraju dalam perniagaan tenaga elektrik milik swasta yang terkemuka di Malaysia dan sebagaipenjana tenaga elektrik yang kedua terbesar selepas Tenaga Nasional Berhad, Malakoff Berhad (“Malakoff”)mempunyai asal usul yang bermula di dalam sektor pertanian di Malaya ketika itu, di mana ia aktif dalam penanamandan pemprosesan getah asli, kelapa sawit dan koko. Syarikat telah disenaraikan di Papan Utama Bursa Saham KualaLumpur pada 12 Februari 1976.

Selepas melalui langkah utama penyusunan semula struktur yang melibatkan penjualan ladang dan syarikat-syarikatsubsidiari Kumpulan pada tahun 1993, Malakoff mengalihkan perhatiannya kepada industri tenaga. Pada bulan Mac1994, Syarikat mengambilalih 75% kepentingan ekuiti di dalam Segari Energy Ventures Sdn Bhd (“SEV”), pemilikloji janakuasa turbin gas kitar padu 1,303 MW di Lumut, dikenali sebagai Loji Janakuasa Lumut (“LPP”) . Ini menandakanpenglibatannya di dalam industri bekalan elektrik. Dua tahun selepas itu, iaitu pada tahun 1996, Malakoffmengambilalih 20% kepentingan ekuiti di dalam Port Dickson Power Berhad, pemilik Loji Janakuasa Port Dickson,satu lagi IPP, melalui pengambilalihan 100% kepentingan ekuiti di dalam Hypergantic Sdn Bhd. Pada tahun 1998,National Power plc, salah satu penjana kuasa bebas terbesar di dunia yang memiliki aset di 13 buah negara, mengambilsatu kepentingan strategik di dalam Malakoff. Berikutan berlakunya pengasingan entiti, kepentingan itu kini telahdipindahkan kepada International Power plc. Pada tahun 1998 juga, Syarikat telah mengambilalih keseluruhankepentingan ekuiti di dalam Teknik Janakuasa Sdn Bhd (“TJSB”), sebuah syarikat penyedia perkhidmatan operasidan penyenggaraan untuk LPP.

Kini, Malakoff berbangga kerana mempunyai aset bernilai lebih RM4.6 bilion dan permodalan pasaran melebihiRM2.8 bilion. Portfolio perkhidmatan Syarikat meliputi penjanaan kuasa elektrik, operasi dan penyenggaraan,pembahagian elektrik dan pengurusan projek.

Dalam bidang penjanaan tenaga elektrik yang merupakan aktiviti perniagaan utama Malakoff, portfolio penjanaantenaga elektrik Kumpulan berjumlah lebih kurang 2,383 MW daripada penglibatannya di dalam LPP 1,303 MW,yang kini merupakan loji janakuasa kitar padu terbesar di Malaysia; Loji Janakuasa Port Dickson 440 MW danloji janakuasa turbin gas kitar padu 640 MW, Projek GB3 yang kini sedang dibina di sebelah LPP Segari, Perak.Projek GB3 dimiliki oleh syarikat subsidiari milik penuhnya, GB3 Sdn Bhd.


3

Perkhidmatan O&M Kumpulan dijalankan oleh syarikat subsidiari milik penuhnya, TJSB. Para pelanggan TJSBtermasuk SEV (untuk LPP). Petronas Gas Berhad (untuk dua Kemudahan Utiliti Sepusat di Kerteh, Terengganu danGebeng, Pahang); GB3 Sdn Bhd (untuk Projek GB3) dan SKS Ventures Sdn Bhd (untuk loji janakuasa kitar padu350 MW di Prai, Pulau Pinang).

Projek GB3 memulakan operasi secara komersial pada bulan Disember 2001, Januari 2002 dan Februari 2002 bagisetiap unit turbin gas operasi kitar terbuka dan pada bulan Januari 2003 bagi operasi kitar padu. Tarikh operasi secarakomersial bagi Loji Janakuasa Prai dijangka akan bermula pada bulan Mac 2003.

Wirazone Sdn Bhd, sebuah syarikat subsidiari milik penuh Malakoff, yang mempunyai lesen untuk membekal tenagaelektrik, mewakili Syarikat dalam pembahagian tenaga elektrik ke Kawasan Pembangunan Kuala Lumpur Sentral(“KL Sentral”) yang bernilai berbilion Ringgit. Kini, Wirazone membekal Sistem Pendingin Air Berpusat ke empat blokpejabat di dalam kawasan KL Sentral.

Bahagian pengurusan projek Malakoff, Malakoff Engineering Sdn Bhd (“MESB”), merupakan pengurus projek bagiProjek GB3. Projek-projek lain yang berjaya diurus oleh MESB termasuk LPP Blok 1 dan 2, Projek Talian Penghantaran500kV (dipasang menggunakan helikopter), Kabel dasar Laut 275kV (Juru-Bayan Lepas), Loji Janakuasa Bersamauntuk Malaysian Newsprint Industries, Pembangunan Pesisir Lekir (sebuah tapak tebus guna tanah), SistemPembahagian Elektrik (EDS) dan Loji Pendingin Air Berpusat di KL Sentral.

Setelah berjaya mengembangkan perniagaannya dengan pesat dan cekap, kini Malakoff berada dalam kedudukanyang mantap untuk terus mengeksploitasi dan mengembangkan pengaruhnya di dalam pelbagai bidang di manaia mempunyai kepakaran utama, selaras dengan matlamat Syarikat untuk menjadi sebuah syarikat penjana tenagaelektrik yang paling cekap diurus dan sebuah peneraju yang diiktiraf di peringkat antarabangsa dalam perniagaanpenjanaan tenaga elektrik dunia.


4

NOTICE IS HEREBY GIVEN that the Twenty-Sixth Annual General Meeting of Malakoff Berhad will be held at Mahkota III, Ballroom Floor,

Hotel Istana, 73, Jalan Raja Chulan, 50200 Kuala Lumpur on Tuesday, 26 February 2002 at 11.00 a.m. for the following purposes:-

OF ANNUAL GENERAL MEETING

Agenda

1. To receive and adopt the Audited Financial Statements for the financial year ended 31 August 2001 and the Reports of theDirectors and Auditors thereon. (Resolution 1)

2. To declare a first and final dividend of 20 sen per share less 28% income tax (2000 – 15 sen per share less 28% income tax) forthe financial year ended 31 August 2001. (Resolution 2)

3. To re-elect Dato’ Mohammed Radzi @ Mohd Radzi bin Manan who retires as Director in accordance with Article 80 of theCompany’s Articles of Association, and being eligible has offered himself for re-election. (Resolution 3)

4. To re-elect the following Directors who retire in accordance with Article 87 of the Company’s Articles of Association, and beingeligible have offered themselves for re-election:-

(a) Ian William Nutt (Resolution 4)

(b) Tan Sri Abdul Halim bin Ali (Resolution 5)

(c) Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin (Resolution 6)

5. To approve the Directors’ fees of RM201,000 for the financial year ended 31 August 2001 (2000 – RM201,000). (Resolution 7)

6. To re-appoint Messrs KPMG as Auditors to hold office until the conclusion of the next Annual General Meeting and to authorisethe Directors to fix their remuneration. (Resolution 8)

7. As special business, to consider and, if thought fit, pass with or without any modifications, the following resolution as anOrdinary Resolution:-

“THAT pursuant to Section 132D of the Companies Act, 1965, the Board of Directors be and is hereby empowered to issueshares of the Company at any time until the conclusion of the next Annual General Meeting of the Company upon suchterms and conditions and for such purposes as the Board of Directors may, in its absolute discretion deem fit, provided thatthe aggregate number of shares to be issued does not exceed 10% of the issued share capital of Company for the time beingAND THAT the Board of Directors be, and is also, empowered to obtain the approval of Kuala Lumpur Stock Exchangefor the listing of and quotation for the additional shares so issued.” (Resolution 9)

8. To transact any other ordinary business for which due notice has been given.

notice


5

1. A member of the Company entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and vote in his stead.A proxy need not be a member of the Company.

2. Where a member appoints two or more proxies, the appointment shall be invalid unless he specifies the proportions of his holding to be representedby each proxy.

3. The instrument appointing a proxy or proxies, in the case of an individual, shall be signed by the appointer or his duly authorised attorney,and in the case of a corporation, either under seal or under the hand of an officer or attorney duly authorised in writing. In case of joint holders,the signature of any one joint holder is sufficient.

4. The instrument appointing a proxy or proxies must be deposited at The Registrar, Malaysian Share Registration Services Sdn. Bhd., 7th Floor,Exchange Square, Bukit Kewangan, 50200 Kuala Lumpur, Malaysia, not less than forty-eight (48) hours before the time appointed for holdingthe meeting or any adjournment thereof.

EXPLANATORY NOTE ON SPECIAL BUSINESSOrdinary Resolution 9, if passed, will give authority to the Directors of the Company, from the date of the above Annual General Meeting, to issue andallot ordinary shares in the Company up to and not exceeding in total ten per centum (10%) of the issued share capital of the Company for the time being,for such purposes as they consider would be in the interest of the Company. This authority, unless revoked or varied at a general meeting, will expire at thenext Annual General Meeting of the Company.

notice of annual general meeting

Notice of Dividend Entitlement and Payment Date

NOTICE IS HEREBY GIVEN THAT a first and final dividend of 20 sen per share less income tax at 28% in respect of the financialyear ended 31 August 2001, if approved, will be paid on 8 March 2002 to shareholders whose names appear on the Company’s Recordof Depositors and/or Register of Members at the close of business at 5.00 p.m. on 28 February 2002.

FURTHER NOTICE IS HEREBY GIVEN THAT a depositor shall qualify for entitlement to dividend only in respect of:-

(a) Shares deposited into the Depositor’s Securities Account before 12.30 p.m. on 26 February 2002 in respect of shares which areexempted from mandatory deposit;

(b) Shares transferred into the Depositor’s Securities Account before 12.30 p.m. on 28 February 2002 in respect of ordinary transfers;and

(c) Shares bought on the Kuala Lumpur Stock Exchange on a cum entitlement basis according to the Rules of the Kuala LumpurStock Exchange.

BY ORDER OF THE BOARD

KAMARUL ARIFFIN ZAINAL (MIA 8215)

LIM WEE NEO (LS 0008331)

SECRETARIES

Kuala Lumpur2 February 2002

Notes:


5


6

statementPURSUANT TO PARAGRAPH 8.28(2) OF THE LISTING REQUIREMENTS OF THE KUALA LUMPUR STOCK EXCHANGE

1. Directors seeking re-election pursuant to Article 80 of the Articles of Association(Retirement by rotation)

> Dato’ Mohammed Radzi @ Mohd Radzi bin Manan

Directors seeking re-election pursuant to Article 87 of the Articles of Association(Appointed since the date of the last Annual General Meeting)

> Ian William Nutt

> Tan Sri Abdul Halim bin Ali

> Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin

2. Details of attendance of Directors at board meetings held in the financial year ended 31 August 2001(Total of ten (10) meetings held)

No. Directors Period of Directorship Total

1. Tan Sri Ibrahim bin Menudin 08/11/2000 - 10/09/2001 9/9

2. Tan Sri Abdul Halim bin Ali Not applicable(a) –

3. Ahmad Jauhari bin Yahya 01/09/2000 - 31/08/2001 9/10

4. Dato’ Abdul Aziz bin Abdul Rahim 01/09/2000 - 31/08/2001 9/10

5. Dato’ Mohammed Radzi @ Mohd Radzi bin Manan 01/09/2000 - 31/08/2001 6/10

6. Dato’ Ilyas Ling bin Abdullah @ Mark William Ling Lee Meng 22/11/2000 - 01/08/2001 8/9

7. Abdul Jabbar bin Abdul Majid 23/11/2000 - 31/08/2001 7/8

8. Ian William McMorrine 01/09/2000 - 19/04/2001 7/8

9. Ian William Nutt 19/04/2001 - 31/08/2001 1/2

10. Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin Not applicable(b) –

(a) Appointed as Director and Chairman after the financial year end, on 10 September 2001(b) Appointed as Director after the financial year end, on 10 September 2001

No. Alternate Directors Period of Directorship Total

1. Phan Leong Kim 22/11/2000 - 01/08/2001 8/9(Alternate Director to Dato’ Ilyas Ling bin Abdullah @ Mark William Ling Lee Meng)

2. Phan Leong Kim 22/11/2000 - 10/09/2001 8/9(Alternate Director to Tan Sri Ibrahim bin Menudin)

3. Simon David Pinnell 25/04/2001 - 31/08/2001 1/2(Alternate Director to Ian William Nutt)


6

ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING OF THE COMPANY


7

statement accompanying notice of annual general meeting of the company

3. Date, Time and Place of the Board Meetings

Type of Meeting Date Time Place

Board of Directors Meeting Monday, 11.15 a.m. Boardroom,(5/2000) 2 October 2000 6th Floor, Block B, Wisma Semantan,

12, Jalan Gelenggang, Damansara Heights,50490 Kuala Lumpur

Board of Directors Meeting Wednesday, 4.15 p.m. Boardroom,(6/2000) 22 November 2000 6th Floor, Block B, Wisma Semantan,


Board of Directors Meeting Wednesday, 2.20 p.m. Boardroom,(7/2000) 13 December 2000 6th Floor, Block B, Wisma Semantan,


Board of Directors Meeting Wednesday, 4.10 p.m. Boardroom,(8/2000) 20 December 2000 6th Floor, Block B, Wisma Semantan,


Board of Directors Meeting Friday, 10.00 a.m. Boardroom,(1/2001) 19 January 2001 6th Floor, Block B, Wisma Semantan,


Board of Directors Meeting Friday, 9.15 a.m. Boardroom,(2/2001) 23 February 2001 6th Floor, Block B, Wisma Semantan,


Board of Directors Meeting Wednesday, 9.40 a.m. Boardroom,(3/2001) 11 April 2001 6th Floor, Block B, Wisma Semantan,






Board of Directors Meeting Thursday, 10.00 a.m. Boardroom,(6/2001) 26 July 2001 6th Floor, Block B, Wisma Semantan,


PURSUANT TO PARAGRAPH 8.28(2) OF THE LISTING REQUIREMENTS OF THE KUALA LUMPUR STOCK EXCHANGE


8MALAKOFF BERHAD ( 2 4 8 1 6 - M )

Name

Age

Nationality

Qualification

Position on theMalakoff Board

Working experience

Occupation

Any other directorshipsof public companies

Securities holdings inthe Company and itssubsidiaries(as at 31 August 2001)

Family relationship withany Di rector and/ormajor shareholder ofthe Company

List of convictions foroffences with in thepast 10 years other thantraffic offences, if any

Tan Sri Abdul Halim bin Ali

58

Malaysian

Bachelor of Arts (Honours), University of Malaya, Malaysia

Non-Independent Non-Executive Chairman andDirector

> Assistant Secretary, Ministry of Foreign Affairs (1966)> Second Secretary, Malaysian High Commission,

New Delhi, India (1968-1972)> Consul, Malaysian Consulate, Medan, Indonesia

(1972-1975)> Counsellor, Embassy of Malaysia, Tokyo, Japan

(1975-1976)> Principal Assistant Secretary, Ministry of Foreign Affairs,

Kuala Lumpur (1976-1979)> Deputy Permanent Representative, Permanent Mission

of Malaysia to the United Nations, New York, UnitedStates of America (1979-1982)

> Ambassador of Malaysia to the Socialist Republicof Vietnam (1982-1985)

> Deputy Secretary-General III, Ministry of ForeignAffairs, Kuala Lumpur (1985-1988)

> Ambassador of Malaysia to Austria and PresidentRepresentative to UNIDO, IAEA, United NationsOffice in Vienna, Austria (1988-1991)

> Deputy Secretary-General (I), Ministry of ForeignAffairs, Kuala Lumpur (May 1991-27 August 1996)

> Secretary-General, Ministry of Foreign Affairs(28 August 1996-16 September 1996)

> Chief Secretary to the Government of Malaysia(17 September 1996-31 January 2001)

Chairman, Employees’ Provident Fund Board

> Cycle & Carriage Bintang Berhad> Malaysian Building Society Berhad> ESSO Malaysia Berhad> Cycle & Carriage Limited> Phileo Allied Berhad

Nil

Nil

Nil

Dato’ Mohammed Radzi @ Mohd Radzi bin Manan

56

Malaysian

Bachelor of Arts, University of Tasmania, Australia

Independent Non-Executive Director

> Malaysian Administration and Diplomatic Service(1968-1981)

> Director of Immigration, Northern Region, Penang(1981-1985)

> Justice of Peace, Perak Darul Ridzuan (1986)> Member, Ipoh City Council (1987-1994)> Senator and Member of Parliament (1994-1995)> Member of Perak Legislative Assembly representing

the constituency of Tualang Sekah, Kampar, Perak DarulRidzuan (1995 onwards)

> Executive Chairman, Le Proton Lima Sdn Bhd, theorganiser of the world-renowned biennial LangkawiInternational Maritime and Aerospace (LIMA) shows(1991 onwards)

Executive Chairman, Foremost Holdings Berhad

> Foremost Holdings Berhad> Perkapalan Mesra Berhad

Nil

Nil

Nil

4. Further details of Directors seeking re-election at the Annual General Meeting

8




9



Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin

58

Malaysian

> Diploma (Professional) in Electrical Engineering,Brighton College of Technology (now known asUniversity of Brighton), United Kingdom

> Masters of Science in Technological Economics,University of Stirling, Scotland

> Doctor of University, University of Sterling, Scotland> Honorary Doctor of Technology, Oxford Brookes

University, United Kingdom> Honorary Doctor of Letters, Manchester Metropolitan

University, United Kingdom> Honorary Professorship, Napier University, United

Kingdom

Non-Independent Non-Executive Director

> Distribution Engineer, National Electricity Board (NEB)(now known as Tenaga Nasional Berhad) (1967-1972)

> In-house Consultant (1973-1978)> Deputy Director, NEB Training Centre (1978-1979)> Director, NEB Training Centre (1979-1980)> Corporate Organisational and Manpower Planner

(1980-1989)> Director, Management Services and Development

(1989-1990)> Deputy General Manager Corporate Services

(Management Development Services) (1990-1993)> Director, Institut Teknologi MARA (ITM) (now known

as Universiti Teknologi MARA or UiTM) (1994-1996)> First Rector, ITM (1996-1999)> First Vice-Chancellor, UiTM (1999-2000)

Chairman, SIRIM Berhad and MMC Engineering GroupBerhad

> SIRIM Berhad> MMC Engineering Group Berhad> Edaran Otomobil Nasional Berhad (EON)

Nil

Nil

Nil

Name

Age

Nationality

Qualification

Position on theMalakoff Board

Working experience

Occupation

Any other directorshipsof public companies

Securities holdings inthe Company and itssubsidiaries(as at 31 August 2001)

Family relationship withany Di rector and/ormajor shareholder ofthe Company

List of convictions foroffences with in thepast 10 years other thantraffic offences, if any

Ian William Nutt

48

British

Bachelor of Science (Honours), in Engineering, Universityof Cambridge, United Kingdom

Non-Independent Non-Executive Director

> Station Development Engineer, Principal Engineer,Engineering Manager, Production Manager and StationManager, International Power plc and its predecessorcompanies, National Power plc and Central ElectricityGeneration Board (1975-1994)

> Head of Operations and Maintenance, InternationalPower plc (1999 onwards)

Head, Operations and Maintenance, International Powerplc

Nil

Nil

Nil

Nil

9



10

DENGAN INI DIMAKLUMKAN BAHAWA Mesyuarat Agung Tahunan Malakoff Berhad yang Ke Dua Puluh Enam akan diadakan di Mahkota

III, Aras Ballroom, Hotel Istana, 73, Jalan Raja Chulan 50200 Kuala Lumpur, pada hari Selasa, 26 Februari 2002, pada jam 11.00 pagi bagi

tujuan-tujuan berikut:-

MESYUARAT AGUNG TAHUNANnotis

Agenda

1. Untuk menerima dan meluluskan Penyata Kewangan yang telah diaudit bagi tahun kewangan berakhir 31 Ogos 2001 dan LaporanPengarah-pengarah dan Juruaudit mengenainya. (Resolusi 1)

2. Untuk mengumumkan dividen pertama dan terakhir sebanyak 20 sen sesaham, ditolak 28% cukai pendapatan (2000 – 15 sen sesaham,ditolak 28% cukai pendapatan) bagi tahun kewangan berakhir 31 Ogos 2001. (Resolusi 2)

3. Untuk melantik semula Dato’ Mohammed Radzi @ Mohd Radzi bin Manan yang bersara sebagai pengarah menurut Artikel 80 TataurusanPertubuhan Syarikat, dan oleh kerana layak, telah menawarkan dirinya untuk perlantikan semula. (Resolusi 3)

4. Untuk melantik semula Pengarah-pengarah berikut yang bersara menurut Artikel 87 Tataurusan Pertubuhan Syarikat, dan oleh keranalayak, telah menawarkan diri mereka untuk perlantikan semula:-

(a) Ian William Nutt (Resolusi 4)

(b) Tan Sri Abdul Halim bin Ali (Resolusi 5)

(c) Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin (Resolusi 6)

5. Untuk meluluskan yuran Pengarah-pengarah sebanyak RM201,000 bagi tahun kewangan berakhir 31 Ogos 2001 (2000 – RM201,000).(Resolusi 7)

6. Untuk melantik semula Tetuan KPMG sebagai Juruaudit untuk memegang jawatan sehingga tamatnya Mesyuarat Agung Tahunan akandatang dan memberi kuasa kepada Pengarah-pengarah untuk menetapkan bayaran mereka. (Resolusi 8)

7. Sebagai urusan khas, bagi menimbang dan sekiranya difikirkan wajar, meluluskan dengan atau tanpa sebarang pindaan, resolusi berikutsebagai Resolusi Biasa:-

“BAHAWA dengan ini Lembaga Pengarah diberi kuasa menurut Seksyen 132D, Akta Syarikat, 1965, untuk menerbitkan sahamSyarikat ini pada bila-bila masa sehingga tamatnya Mesyuarat Agung Tahunan Syarikat ini yang akan datang, tertakluk kepada termadan syarat yang telah ditentukan dan untuk tujuan-tujuan yang sesuai menurut pertimbangan muktamad Lembaga Pengarah, dengansyarat jumlah saham yang akan diterbitkan tidak melebihi 10% dari modal saham terbitan Syarikat pada masa ini DAN BAHAWALembaga Pengarah juga diberi kuasa untuk mendapat kelulusan dari Bursa Saham Kuala Lumpur bagi penyenaraian dan sebutharga sahamtambahan yang diterbitkan.” (Resolusi 9)

8. Untuk melaksanakan sebarang urusan lain di mana notis yang secukupnya telah diberi.


11

notis mesyuarat agung tahunan

1. Setiap ahli Syarikat ini yang berhak menghadiri dan mengundi di mesyuarat ini, berhak melantik seorang atau lebih proksi untuk menghadiri dan mengundi bagi pihaknya.Setiap proksi tidak semestinya seorang ahli Syarikat ini.

2. Apabila seseorang ahli melantik dua atau lebih proksi, perlantikan tersebut tidak akan dianggap sah kecuali beliau menentukan kadar pegangan sahamnya yang akan diwakilioleh setiap proksi.

3. Suratcara melantik seorang atau lebih proksi dalam hal seorang individu, mestilah ditandatangani oleh orang yang melantik atau wakilnya yang diberi kuasa secara bertulisdan dalam hal sebuah perbadanan sama ada dilaksanakan dengan cop mohor syarikat atau ditandatangani oleh pegawai atau wakilnya yang diberi kuasa secara bertulis.Bagi pemegang bersama, tandatangan salah seorang di antara mereka adalah memadai.

4. Suratcara melantik seorang atau lebih proksi hendaklah dihantar ke Pendaftar, Malaysian Share Registration Services Sdn. Bhd., Tingkat 7, Exchange Square, BukitKewangan, 50200 Kuala Lumpur, Malaysia tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkan bagi mesyuarat tersebut atau sebarangpenangguhannya.

NOTA PENJELASAN MENGENAI URUSAN KHAS

Jika diluluskan, Resolusi Biasa 9 akan memberi kuasa kepada para Pengarah Syarikat dari tarikh Mesyuarat Agung Tahunan di atas, untuk menerbit dan memperumpuk sahambiasa dalam Syarikat sehingga dan tidak melebihi sepuluh peratus (10%) daripada modal saham terbitan Syarikat pada masa ini, bagi tujuan yang dianggap akan memenuhikepentingan Syarikat. Kecuali dibatal atau dibuat perubahan dalam sebuah Mesyuarat Agung yang diadakan, kuasa ini akan tamat pada Mesyuarat Agung Tahunan Syarikatyang akan datang.

Notis untuk Kelayakan Dividen dan Tarikh Pembayaran

DENGAN INI DIMAKLUMKAN BAHAWA dividen pertama dan terakhir sebanyak 20 sen sesaham ditolak 28% cukai pendapatanbagi tahun kewangan berakhir 31 Ogos 2001, jika diluluskan, akan dibayar pada 8 Mac 2002 kepada pemegang-pemegang saham yangnamanya didaftarkan dalam Buku Daftar Pendeposit Syarikat dan/atau Daftar Ahli-Ahli pada penutupan urusniaga pada jam 5.00 petang28 Februari 2002.

DENGAN INI DIMAKLUMKAN SELANJUTNYA BAHAWA pendeposit hanya layak mendapat dividen ke atas:-

(a) Saham-saham yang disimpan ke dalam Akaun Sekuriti Pendeposit sebelum 12.30 tengahari pada 26 Februari 2002 yang melibatkansaham-saham yang dikecualikan daripada deposit mandatori;

(b) Saham-saham yang dipindahkan ke dalam Akaun Sekuriti Pendeposit sebelum 12.30 tengahari pada 28 Februari 2002 yang melibatkanpindahan biasa; dan

(c) Saham-saham yang dibeli di Bursa Saham Kuala Lumpur atas dasar mempunyai hak mengikut Peraturan-peraturan Bursa SahamKuala Lumpur.

DENGAN PERINTAH LEMBAGA PENGARAH

KAMARUL ARIFFIN ZAINAL (MIA 8215)

LIM WEE NEO (LS 0008331)

SETIAUSAHA-SETIAUSAHA

Kuala Lumpur2 Februari 2002

Nota-nota:


11


12

1. Pengarah yang menawarkan diri untuk pemilihan semula menurut Artikel 80 dalam Tataurusan Pertubuhan(Bersara mengikut giliran)

> Dato’ Mohammed Radzi @ Mohd Radzi bin Manan

Para Pengarah yang menawarkan diri untuk pemilihan semula menurut Artikel 87 dalam Tataurusan Pertubuhan(Dilantik sejak tarikh Mesyuarat Agung Tahunan yang lepas)

> Ian William Nutt

> Tan Sri Abdul Halim bin Ali

> Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin

2. Butir-butir kehadiran para Pengarah di Mesyuarat Lembaga Pengarah yang diadakan pada tahun kewangan berakhir 31 Ogos 2001(Sebanyak sepuluh (10) mesyuarat telah diadakan)

Bil. Pengarah Tempoh Memegang Jawatan Jumlah

1. Tan Sri Ibrahim bin Menudin 08/11/2000 - 10/09/2001 9/9

2. Tan Sri Abdul Halim bin Ali Tiada(a) –

3. Ahmad Jauhari bin Yahya 01/09/2000 - 31/08/2001 9/10

4. Dato’ Abdul Aziz bin Abdul Rahim 01/09/2000 - 31/08/2001 9/10

5. Dato’ Mohammed Radzi @ Mohd Radzi bin Manan 01/09/2000 - 31/08/2001 6/10

6. Dato’ Ilyas Ling bin Abdullah @ Mark William Ling Lee Meng 22/11/2000 - 01/08/2001 8/9

7. Abdul Jabbar bin Abdul Majid 23/11/2000 - 31/08/2001 7/8

8. Ian William McMorrine 01/09/2000 - 19/04/2001 7/8

9. Ian William Nutt 19/04/2001 - 31/08/2001 1/2

10. Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin Tiada(b) –

(a) Dilantik sebagai Pengarah dan Pengerusi selepas akhir tahun kewangan, pada 10 September 2001(b) Dilantik sebagai Pengarah selepas akhir tahun kewangan, pada 10 September 2001

Bil. Pengarah Gantian Tempoh Memegang Jawatan Jumlah

1. Phan Leong Kim 22/11/2000 - 01/08/2001 8/9(Pengarah gantian kepada Dato’ Ilyas Ling bin Abdullah @ Mark William Ling Lee Meng)

2. Phan Leong Kim 22/11/2000 - 10/09/2001 8/9(Pengarah gantian kepada Tan Sri Ibrahim bin Menudin)

3. Simon David Pinnell 25/04/2001 - 31/08/2001 1/2(Pengarah gantian kepada Ian William Nutt)


12

penyataBERHUBUNG PERENGGAN 8.28(2) DALAM KEPERLUAN PENYENARAIAN BURSA SAHAM KUALA LUMPUR

YANG DISERTAKAN BERSAMA NOTIS MESYUARAT AGUNG TAHUNAN SYARIKAT


13

penyata yang disertakan bersama notis mesyuarat agung tahunan syarikat

3. Tarikh, Waktu dan Tempat Mesyuarat Lembaga Pengarah Diadakan

Jenis Mesyuarat Tarikh Masa Tempat

Mesyuarat Lembaga Pengarah Isnin, 11.15 pagi Bilik Lembaga,(5/2000) 2 Oktober 2000 Tingkat 6, Blok B, Wisma Semantan,


Mesyuarat Lembaga Pengarah Rabu, 4.15 petang Bilik Lembaga,(6/2000) 22 November 2000 Tingkat 6, Blok B, Wisma Semantan,


Mesyuarat Lembaga Pengarah Rabu, 2.20 petang Bilik Lembaga,(7/2000) 13 Disember 2000 Tingkat 6, Blok B, Wisma Semantan,


Mesyuarat Lembaga Pengarah Rabu, 4.10 petang Bilik Lembaga,(8/2000) 20 Disember 2000 Tingkat 6, Blok B, Wisma Semantan,


Mesyuarat Lembaga Pengarah Jumaat, 10.00 pagi Bilik Lembaga,(1/2001) 19 Januari 2001 Tingkat 6, Blok B, Wisma Semantan,


Mesyuarat Lembaga Pengarah Jumaat, 9.15 pagi Bilik Lembaga,(2/2001) 23 Februari 2001 Tingkat 6, Blok B, Wisma Semantan,


Mesyuarat Lembaga Pengarah Rabu, 9.40 pagi Bilik Lembaga,(3/2001) 11 April 2001 Tingkat 6, Blok B, Wisma Semantan,






Mesyuarat Lembaga Pengarah Khamis, 10.00 pagi Bilik Lembaga,(6/2001) 26 Julai 2001 Tingkat 6, Blok B, Wisma Semantan,


BERHUBUNG PERENGGAN 8.28(2) DALAM KEPERLUAN PENYENARAIAN BURSA SAHAM KUALA LUMPUR



14

4. Keterangan lanjut mengenai individu yang menawarkan diri untuk pemilihan semula sebagai Pengarah

Nama

Umur

Warganegara

Kelayakan

K e d u d u k a n d a l a mLembaga Penga rahMalakoff

Pengalaman kerja

Pekerjaan

Pengarah syarikat awamlain

Pegangan Sekuriti dalamSyarikat dan syarikat-syarikat subsidiarinya(pada 31 Ogos 2001)

Hubungan kekeluargaand e n g a n s e b a r a n gPenga rah dan /a taupemegang saham Syarikat

Senarai pensabitan bagikesalahan sepanjangtempoh 10 tahun lepasselain daripada kesalahanlalulintas, jika ada


58

Malaysia

Sarjana Muda Sastera (Kepujian), Universiti Malaya, Malaysia

Pengerusi dan Pengarah Bukan Eksekutif Bukan Bebas

> Penolong Setiausaha Kementerian Luar Negeri (1966)> Setiausaha Kedua Pejabat Suruhanjaya Tinggi Malaysia

New Delhi, India (1968-1972)> Konsul Konsulat Malaysia, Medan, Indonesia (1972-

1975)> Kaunselor, Kedutaan Malaysia, Tokyo, Jepun (1975-1976)> Penolong Setiausaha Utama, Kementerian Luar Negeri,

Kuala Lumpur (1976-1979)> Timbalan Wakil Tetap Malaysia ke Bangsa-bangsa Bersatu,

New York (1979-1982)> Duta Malaysia ke Republik Sosialis Vietnam (1982-

1985)> Timbalan Ketua Setiausaha III, Kementerian Luar Negeri,

Kuala Lumpur (1985 -1988)> Duta Malaysia ke Austria dan Wakil Presiden ke UNIDO,

IAEA, Pejabat Bangsa-bangsa Bersatu, Vienna (1988-1991)> Timbalan Ketua Setiausaha (I), Kementerian Luar Negeri,

Kuala Lumpur (Mei 1991-27 Ogos 1996)> Ketua Setiausaha, Kementerian Luar Negeri (28 Ogos

1996-16 September 1996)> Ketua Setiausaha Negara (17 September 1996-31 Januari

2001)

Pengerusi Lembaga Kumpulan Wang Simpanan Pekerja

> Cycle & Carriage Bintang Berhad> Malaysian Building Society Berhad> ESSO Malaysia Berhad> Cycle & Carriage Limited> Phileo Allied BerhadTiada

Tiada

Tiada


56

Malaysia

Sarjana Muda Sastera, University of Tasmania, Australia

Pengarah Bukan Eksekutif Bebas

> Perkhidmatan Pentadbiran & Diplomatik Malaysia(1968-1981)

> Pengarah Imigresen Kawasan Utara di Pulau Pinang(1981-1985)

> Jaksa Pendamai, Perak Darul Ridzuan (1986)> Ahli Majlis Bandaraya Ipoh (1987-1994)> Senator dan Ahli Parlimen (1994-1995)> Dewan Undangan Negeri Perak mewakili kawasan Dewan

Undangan Tualang Sekah, Kampar, Perak (1995 danseterusnya)

> Pengerusi Eksekutif, Le Proton Lima Sdn Bhd, penganjurLangkawi International Maritime and Aerospace (LIMA),(1991 dan seterusnya)

Pengerusi Eksekutif Foremost Holdings Berhad

> Foremost Holdings Berhad> Perkapalan Mesra Berhad

Tiada

Tiada

Tiada




15



15


58

Malaysia

> Diploma (Profesional) dalam jurusan Kejuruteraan Elektrik,Brighton College of Technology (kini dikenali sebagaiUniversity of Brighton), United Kingdom

> Sarjana Sains dalam Ekonomi Teknologi, University ofStirling, Scotland

> Doktor Kehormat Universiti oleh University of Stirling, Scotland> Doktor Kehormat Oxford Brooke University, United Kingdom> Doktor Kehormat Persuratan, Manchester Metropolitan

University, United Kingdom> Profesor Kehormat, Napier University, United Kingdom

Pengarah Bukan Eksekutif Bukan Bebas

> Jurutera Pembahagian, Lembaga Letrik Negara (LLN) (kinidikenali sebagai Tenaga Nasional Berhad) (1967-1972)

> Juruperunding dalaman (1973-1978)> Timbalan Pengarah Pusat Latihan LLN (1978-1979)> Pengarah Pusat Latihan LLN (1979-1980)> Perancang Organisasi Korporat dan Tenaga Manusia

(1980-1989)> Pengarah, Perkhidmatan Pengurusan dan Pembangunan

(1989-1990)> Timbalan Pengurus Besar, Perkhidmatan Korporat

(Perkhidmatan Pembangunan Pengurusan) (1990-1993)> Pengarah, Institut Teknologi MARA (ITM) (kini dikenali

sebagai Universiti Teknologi MARA atau UiTM) (1994-1996)

> Rektor Pertama, ITM (1996-1999)> Timbalan Canselor Pertama, UiTM (1999-2000)

Pengerusi SIRIM Berhad dan MMC Engineering GroupBerhad

> SIRIM Berhad> MMC Engineering Group Berhad> Edaran Otomobil Nasional Berhad (EON)

Tiada

Tiada

Tiada

Nama

Umur

Warganegara

Kelayakan

K e d u d u k a n d a l a mLembaga Penga rahMalakoff

Pengalaman kerja

Pekerjaan

Pengarah syarikat awamlain

Pegangan Sekuriti dalamSyarikat dan syarikat-syarikat subsidiarinya(pada 31 Ogos 2001)

Hubungan kekeluargaand e n g a n s e b a r a n gPenga rah dan /a taupemegang saham Syarikat

Senarai pensabitan bagikesalahan sepanjangtempoh 10 tahun lepasselain daripada kesalahanlalulintas, jika ada

Ian William Nutt

48

Britain

Sarjana Muda Sains (Kepujian) dalam jurusan Kejuruteraan,University of Cambridge, United Kingdom

Pengarah Bukan Eksekutif Bukan Bebas

> Jurutera Pembangunan Stesen, Jurutera Utama, PengurusJurutera, Pengurus Pengeluaran dan Pengurus StesenInternational Power Plc dan Syarikat-syarikat sebelumnyaiaitu National Power Plc dan Central Electricity GenerationBoard (1975-1994)

> Ketua Operasi dan Penyenggaraan, International Power plc(1999-seterusnya)

Ketua Operasi dan Penyenggaraan, International Power plc

Tiada

Tiada

Tiada

Tiada



16

2001 2000 1999 1998 1997RM’000 RM’000 RM’000 RM’000 RM’000

Turnover / Perolehan 1,513,462 1,473,196 1,572,603 1,388,474 929,163

Profit before taxation / 527,001 544,158 546,785 400,591 300,679Keuntungan sebelum cukai

Profit attributable to shareholders / 317,970 344,179 373,131 231,199 184,163Keuntungan untuk pemegang saham

Dividend / Dividen 120,853 29,885 27,301 15,686 68,222

Profit/(loss) retained / 197,117 314,294 345,830 215,513 115,941Keuntungan/(kerugian) disimpan

As at 31 August / Pada 31 Ogos

Paid-up capital / Modal dibayar 279,703 276,717 273,007 272,330 272,208

Shareholders’ funds / 2,178,526 1,835,574 1,495,957 1,146,190 932,344Dana pemegang saham

Total assets employed / 5,780,491 5,126,403 4,856,430 4,596,459 4,354,246Jumlah aset digunakan*

Per share (sen) / Sesaham (sen)

Earnings / Pendapatan 114.0 125.0 137.0 85.0 68.0

Dividend (gross) / Dividen (kasar) 20.0 15.0 10.0 8.0 8.0

Net tangible assets / Aset ketara* 730.0 611.0 492.0 361.0 280.0

Financial statistics (%) /Statistik kewangan (%)

Return on turnover / Pulangan ke atas perolehan 31.0 34.0 30.0 28.0 28.0

Return on average shareholders’ funds / 21.0 27.0 31.0 34.0 28.0Pulangan purata dana pemegang saham

* The comparative figures have been restated to ensure comparability with the current financial year.

* Angka-angka perbandingan ini telah dinyatakan semula untuk memastikan ia boleh dibandingkan dengan tahun kewangan semasa.

Note The figures for 1997 have been restated to include Teknik Janakuasa Sdn Bhd’s (TJSB) figures, which was acquired in 1998 and accounted for usingthe merger method of accounting. In accordance with the principles of merger accounting, the results and financial position of the Group were presentedas if TJSB had been consolidated throughout the previous financial period.

Nota Angka-angka bagi 1997 telah dinyatakan semula setelah mengambilkira akaun Teknik Janakuasa Sdn Bhd (TJSB) yang telah diambil alih pada tahun 1998

dan dikira menggunakan kaedah perakaunan penyatuan. Menurut prinsip perakaunan penyatuan, keputusan serta kedudukan Kumpulan telah dibentangkan

seolah-olah TJSB telahpun digabungkan sepanjang tahun kewangan sebelumnya.

5-year GROUP FINANCIAL HIGHLIGHTS

MAKLUMAT KEWANGAN KUMPULAN 5 TAHUN


17

5-year group financial highlights

MAKLUMAT KEWANGAN KUMPULAN 5 TAHUN


17

929.1631997

1,388.4741998

1,572.6031999

1,473.1962000

1,513.4622001

300.6791997

400.5911998

546.7851999

544.1582000

527.0012001

Profit Before Taxation /Keuntungan Sebelum Cukai

RM MILLION / RM JUTA

Turnover /Perolehan


932.3441997

1,146.1901998

1,495.95719991,835.574

2000

2,178.5262001

5,126.4032000

5,780.4912001

4,856.4301999

4,596.4591998 4,354.246

1997

Total Assets Employed /Jumlah Aset Digunakan


Shareholders’ Funds /Dana Pemegang Saham


184.1631997

231.1991998

373.1311999

344.1792000

317.9702001

Profit Attributable to Shareholders /Keuntungan Untuk Pemegang Saham



18

Audit Committee /Jawatankuasa AuditAbdul Jabbar bin Abdul MajidINDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BEBASCHAIRMAN / PENGERUSI

Dato’ Abdul Aziz bin Abdul RahimINDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BEBASMEMBER / AHLI

Ahmad Jauhari bin YahyaMANAGING DIRECTOR / PENGARAH URUSANMEMBER / AHLI

Employees’ Share Option Scheme(“ESOS”) Committee / JawatankuasaSkim Opsyen Saham KakitanganAhmad Jauhari bin YahyaMANAGING DIRECTOR / PENGARAH URUSANCHAIRMAN / PENGERUSI

Dato’ Abdul Aziz bin Abdul RahimINDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BEBASMEMBER / AHLI

Zulkifli bin IbrahimCHIEF OPERATING OFFICER /KETUA PEGAWAI OPERASIMEMBER / AHLI

Remuneration Committee /Jawatankuasa GanjaranTan Sri Abdul Halim bin AliNON-INDEPENDENT NON-EXECUTIVE CHAIRMAN /PENGERUSI BUKAN EKSEKUTIF BUKAN BEBAS

Abdul Jabbar bin Abdul MajidINDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BEBAS

Dato’ Abdul Aziz bin Abdul RahimINDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BEBAS

CorporateINFORMATIONDirectors / Lembaga Pengarah

Tan Sri Abdul Halim bin AliNON-INDEPENDENT NON-EXECUTIVE CHAIRMAN /PENGERUSI BUKAN EKSEKUTIF BUKAN BEBAS

Ahmad Jauhari bin YahyaMANAGING DIRECTOR / PENGARAH URUSAN

Dato’ Abdul Aziz bin Abdul RahimINDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BEBAS

Dato’ Mohammed Radzi @Mohd Radzi bin MananINDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BEBAS

Abdul Jabbar bin Abdul MajidINDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BEBAS

Ian William NuttNON-INDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BUKAN BEBAS

Datuk Ir. (Dr.) Haji Ahmad Zaideebin LaidinNON-INDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BUKAN BEBAS

Simon David PinnellAlternate Director to Ian William Nutt /Pengarah Gantian kepada Ian William NuttNON-INDEPENDENT NON-EXECUTIVE DIRECTOR /PENGARAH BUKAN EKSEKUTIF BUKAN BEBAS

Company Secretaries /Setiausaha-setiausaha SyarikatKamarul Ariffin bin ZainalMIA 8215

Lim Wee NeoLS 0008331

MA

KL

UM

AT

KO

RP

OR

AT


18

Registered Office /Pejabat Berdaftar8th Floor, Block B,Wisma Semantan,12, Jalan Gelenggang,Damansara Heights,50490 Kuala Lumpur.Tel / Tel : (03) 252 3388Fax / Faks : (03) 254 8754

Registrar / PendaftarMalaysian Share RegistrationServices Sdn. Bhd.7th Floor, Exchange Square,Bukit Kewangan,50200 Kuala Lumpur.Tel / Tel : (03) 2026 8099Fax / Faks : (03) 2026 3736

Auditors / JuruauditMessrs. KPMG

Solicitors / Peguam-peguamZaid Ibrahim & Co.

Principal Bankers /Bank-bank UtamaMalayan Banking BerhadBumiputra-Commerce Bank Berhad

Stock Exchange Listing /Penyenaraian Bursa SahamMain Board of Kuala LumpurStock Exchange /Papan Utama Bursa SahamKuala Lumpur(12.02.1976)


19

Segari Energy Ventures Sdn BhdMohd Radzuan bin YahyaCHIEF OPERATING OFFICER / KETUA PEGAWAI OPERASI

Teknik Janakuasa Sdn BhdMeor Halil bin Meor NazriCHIEF OPERATING OFFICER / KETUA PEGAWAI OPERASI

Rosli bin Abdul HamidHEAD, TECHNICAL SUPPORT GROUP /KETUA, KUMPULAN SOKONGAN TEKNIKAL

Johari Kamil bin IbrahimHEAD, BUSINESS DEVELOPMENT /KETUA, PEMBANGUNAN PERNIAGAAN

Lumut Power Plant / Loji Janakuasa LumutNor Shakiman bin MohamadSTATION MANAGER / PENGURUS STESEN

Chew Yee ChuanHEAD, MAINTENANCE / KETUA, SENGGARAAN

Ng Hooi HiongHEAD, PRODUCTION / KETUA, PENGELUARAN

Centralised Utility Facilities / Kemudahan Utiliti SepusatMohd. Hashim bin Abd. HamidPLANT MANAGER, GEBENG / PENGURUS LOJI, GEBENG

Solomon @ Leslie Danaratnam SinnaduraiPLANT MANAGER, KERTEH / PENGURUS LOJI, KERTEH

Wirazone Shd BhdAzizan bin Lebai ManatHEAD / KETUA

Malakoff Engineering Sdn BhdChia Kok BinHEAD / KETUA

Malakoff BerhadAhmad Jauhari bin YahyaMANAGING DIRECTOR / PENGARAH URUSAN

Zulkifli bin IbrahimCHIEF OPERATING OFFICER / KETUA PEGAWAI OPERASI

Kamarul Ariffin bin ZainalCHIEF FINANCIAL OFFICER / KETUA PEGAWAI KEWANGAN

Lim Wee NeoHEAD, CORPORATE SERVICES AND SECRETARIAL /KETUA, PERKHIDMATAN KORPORAT DAN SEKRETARIAT

Ruswati OthmanHEAD, CORPORATE FINANCE AND RISK MANAGEMENT /KETUA, KEWANGAN KORPORAT DAN PENGURUSAN RISIKO

Wong Keng CheongSENIOR GENERAL MANAGER, PROJECTS /PENGURUS BESAR KANAN, PROJEK

Siti Hajar Mohammad DahlanHEAD, HUMAN RESOURCE / KETUA, SUMBER MANUSIA

executive MANAGEMENT

PENGURUSAN EKSEKUTIF


19


20

Generation and Sale of Electricity /Penjanaan dan Penjualan Elektrik

Segari Energy Ventures Sdn BhdPaid-up capital / Modal dibayar : RM4,001,000Date incorporated / Tarikh diperbadankan : 02.09.92 (Malaysia)

GB3 Sdn BhdPaid-up capital / Modal dibayar : RM750,000Date incorporated / Tarikh diperbadankan : 09.08.00 (Malaysia)

Kapar Energy Ventures Sdn BhdPaid-up capital / Modal dibayar : RM1,000Date incorporated / Tarikh diperbadankan : 29.06.00 (Malaysia)

Hypergantic Sdn BhdPaid-up capital / Modal dibayar : RM30,010,000Date incorporated / Tarikh diperbadankan : 05.12.92 (Malaysia)

Port Dickson Power BerhadPaid-up capital / Modal dibayar : RM150,000Date incorporated / Tarikh diperbadankan : 12.05.93 (Malaysia)

Operations and Maintenance Service /Khidmat Operasi dan Senggaraan

Electricity Distribution /Pembahagian Elektrik

75

%

STRUCTUREcorporate

100%

100%

100%

20%

Teknik Janakuasa Sdn BhdPaid-up capital / Modal dibayar : RM1,000,000Date incorporated / Tarikh diperbadankan : 28.07.93 (Malaysia)

Natural Analysis Sdn BhdPaid-up capital / Modal dibayar : RM1,000Date incorporated / Tarikh diperbadankan : 09.07.94 (Malaysia)

100%

51%

Wirazone Sdn BhdPaid-up capital / Modal dibayar : RM2Date incorporated / Tarikh diperbadankan : 20.01.96 (Malaysia)1

00%


20

as at 31 December 2001 / pada 31 Disember 2001


21

Others / Lain-lain

Dormant / Dorman

Transpool Sdn BhdPaid-up capital / Modal dibayar : RM2Date incorporated / Tarikh diperbadankan : 21.04.99 (Malaysia)

Malakoff Gulf LimitedPaid-up capital / Modal dibayar : USD2Date incorporated / Tarikh diperbadankan : 09.06.00 (British Virgin Islands)

Spring Assets LimitedPaid-up capital / Modal dibayar : USD1,000Date incorporated / Tarikh diperbadankan : 03.12.96 (British Virgin Islands)

Engineering and Project Management /Kejuruteraan dan Pengurusan Projek

STRUKTUR

Malakoff Engineering Sdn BhdPaid-up capital / Modal dibayar : RM1,000,000Date incorporated / Tarikh diperbadankan : 18.01.96 (Malaysia)1

00%

Tuah Utama Sdn BhdPaid-up capital / Modal dibayar : RM2Date incorporated / Tarikh diperbadankan : 04.05.99 (Malaysia)

Lekir Bulk Terminal Sdn BhdPaid-up capital / Modal dibayar : RM98,000,000Date incorporated / Tarikh diperbadankan : 18.12.96 (Malaysia)

100%

20%

Desa Kilat Sdn BhdPaid-up capital / Modal dibayar : RM1,000,000Date incorporated / Tarikh diperbadankan : 30.07.96 (Malaysia)

54

%

100%

100%

100%

KO

RP

OR

AT


21

Seated from Left to Right /Duduk dari Kiri ke Kanan

Ahmad Jauhari bin YahyaMANAGING DIRECTOR / PENGARAH URUSAN

Tan Sri Abdul Halim bin AliCHAIRMAN / PENGERUSI

lan William Nutt

Standing from Left to Right /Berdiri dari Kiri ke Kanan

Dato’ Abdul Aziz bin Abdul Rahim

Abdul Jabbar bin Abdul Majid

Dato’ Mohammed Radzi@ Mohd Radzi bin Manan

Datuk Ir. (Dr.) Haji Ahmad Zaideebin Laidin

Producing power with cutting-edge technology involves the mastery of diverse fields of expertise.

Plus a team that works in synergy to produce optimal results. Combine these factors, and the

possibilities are endless.

TERUS BERSINAR MENJANA TENAGA

Penjanaan tenaga elektrik dengan kelebihan teknologi terkini melibatkan penguasaan pelbagai

bidang kepakaran. Ia dilaksanakan melalui pasukan kerja yang saling bermuafakat menghasilkan

kerja yang cemerlang. Gabungan faktor-faktor ini menjadikan kemampuan menghasilkan kerja

terbaik tiada batasan.

Marine water samples collected off

the shore of the power plant were

generally of good quality and within

the acceptable limits specified in

the Environmental Quality (Sewage &

Industrial Effluent) Regulations 1979.

Air marin yang diambil dari tepi

pantai loji janakuasa secara umumnya

mempunyai kualiti memuaskan dan

dalam lingkungan had seperti yang

ditetapkan dalam Peraturan Kualiti

Alam Sekitar (Kumbahan & Enapan

Perindustrian) 1979.



24

YBhg Tan Sri Abdul Halim, 58, a Malaysian, was appointed the Non-Independent Non-Executive Chairman of Malakoff Berhad on 10 September2001 and is the Chairman of the Remuneration Committee of the Board. A Bachelor of Arts (Honours) graduate from University of Malaya,Malaysia, YBhg Tan Sri Abdul Halim joined the Malaysian foreign service soon after graduating in 1965. During the next 30 years, his postingsincluded the Malaysian High Commission in New Delhi, Republic of India, the Malaysian Consulate in Medan, Sumatra, Republic of Indonesiaand the Malaysian Embassy in Tokyo, Japan. In 1976, he was appointed Principal Assistant Secretary, Ministry of Foreign Affairs and three yearslater, was posted to the United Nations in New York, as Malaysia’s Deputy Permanent Representative. In 1982, he assumed his first ambassadorialrole as Malaysia’s Ambassador to the Socialist Republic of Vietnam and on his return to Kuala Lumpur, he was appointed DeputySecretary-General (III), Ministry of Foreign Affairs. In 1988, he was appointed Malaysia’s Ambassador to Austria, where he also held the positionof President Representative to UNIDO, IAEA, United Nations Office in Vienna, Austria. In 1991, he was named Deputy Secretary-General (1),Ministry of Foreign Affairs, before his appointment as Secretary-General five years later. In September 1996, YBhg Tan Sri Abdul Halim wasappointed Chief Secretary to the Government, a post he held until his retirement in January 2001, when he was named Chairman of the Employees’Provident Fund Board (EPF). He is also Chairman of EPF’s wholly-owned subsidiary, Malaysian Building Society Berhad (MBSB), Cycle and CarriageBintang Berhad, Phileo Allied Berhad and Badan Pengawas Saham Minoriti Bhd (Minority Shareholders Watchdog Body Limited). YBhg Tan SriAbdul Halim also sits on the boards of ESSO Malaysia Berhad and Cycle & Carriage Limited.

In recognition of his achievements and contributions to the country and corporate sector, YBhg Tan Sri Abdul Halim was recently conferred aFellowship by the Governing Council of the Malaysian Institute of Directors.

YBhg Tan Sri Abdul Halim does not have any family relationship with any other Directors and/or major shareholders of Malakoff or any conflictof interest with the Company. Neither has he been convicted of any offences in the last 10 years.

YBhg Tan Sri Abdul Halim did not attend any Board meeting held during the year under review as he was appointed on 10 September 2001.

YBhg Tan Sri Abdul Halim, 58, warganegara Malaysia, telah dilantik sebagai Pengerusi Bukan Eksekutif Bukan Bebas Malakoff Berhad pada 10 September2001 dan merupakan Pengerusi Jawatankuasa Ganjaran Lembaga Pengarah. YBhg Tan Sri Abdul Halim, seorang graduan Sastera (Kepujian) dari UniversitiMalaya, Malaysia telah menyertai perkhidmatan luar negeri Malaysia sebaik sahaja menamatkan pengajian pada tahun 1965. Dalam tempoh 30 tahun, beliaupernah ditugaskan di beberapa buah negara yang meliputi Suruhanjaya Tinggi Malaysia di New Delhi, Republik India, Konsulat Malaysia di Medan, Sumatra,Republik Indonesia dan Kedutaan Malaysia di Tokyo, Jepun. Pada tahun 1976, beliau telah dilantik sebagai Penolong Setiausaha Utama, Kementerian LuarNegeri dan tiga tahun kemudian, telah ditukar ke Bangsa-Bangsa Bersatu, New York, sebagai Timbalan Wakil Tetap Malaysia. Jawatan duta pertama yangbeliau sandang adalah pada tahun 1982, apabila dilantik sebagai Duta ke Republik Sosialis Vietnam, dan kemudian pulang ke Kuala Lumpur apabila dilantiksebagai Timbalan Ketua Setiausaha (III), Kementerian Luar Negeri. Pada tahun 1988, beliau dilantik sebagai Duta Malaysia ke Austria, di mana beliau turutmemegang jawatan Presiden Perwakilan ke UNIDO, IAEA, Pejabat Bangsa-Bangsa Bersatu di Vienna, Austria. Pada tahun 1991, beliau telah dipilih sebagaiTimbalan Ketua Setiausaha (1), Kementerian Luar Negeri, sebelum dilantik sebagai Ketua Setiausaha lima tahun kemudian. Pada bulan September 1996,YBhg Tan Sri Abdul Halim telah dilantik sebagai Ketua Setiausaha Negara, jawatan yang disandang sehingga bersara pada tahun 2001. Selepas bersara, beliaumenyandang jawatan Pengerusi Kumpulan Wang Simpanan Pekerja (KWSP) dan juga merupakan Pengerusi syarikat subsidiari milik penuh KWSP, MalaysianBuilding Society Berhad (MBSB), Cycle and Carriage Bintang Berhad, Phileo Allied Berhad dan Badan Pengawas Saham Minoriti Bhd. YBhg Tan Sri AbdulHalim turut menganggotai lembaga pengarah ESSO Malaysia Berhad dan Cycle & Carriage Limited.

Sebagai pengiktirafan ke atas pencapaian dan sumbangan cemerlang beliau kepada negara dan sektor korporat, Majlis Pentadbiran Institut Pengarah Malaysiatelah menyampaikan anugerah Fellow kepada YBhg Tan Sri Abdul Halim.

YBhg Tan Sri Abdul Halim tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham utama Syarikat atausebarang konflik kepentingan dengan Syarikat. Beliau juga tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas.

YBhg Tan Sri Abdul Halim tidak menghadiri sebarang mesyuarat Lembaga Pengarah yang diadakan pada tahun yang ditinjau kerana beliau dilantik pada10 September 2001.


profile OF BOARD OF DIRECTORS

PROFIL LEMBAGA PENGARAH



25

Ahmad Jauhari bin Yahya

Encik Ahmad Jauhari, 47, a Malaysian, is the Managing Director of Malakoff Berhad. He was appointed to the Board on 23 March 1994 and is amember of the Audit Committee and the Chairman of the Employees’ Share Option Scheme (ESOS) Committee of the Board. He holds a Bachelorof Science (Honours) in Electrical and Electronic Engineering from University of Nottingham, United Kingdom. From 1977 to 1979, he workedwith ESSO Malaysia Berhad before joining New Straits Times Press (M) Berhad (NSTP) as an Electrical and Electronic Engineer, where he wassubsequently promoted to the positions of Engineering Manager, Production, Technical Director and Senior Group General Manager, Productionand Circulation, in 1982, 1983 and 1990 respectively. In 1992, he moved to Time Engineering Berhad as Deputy Director and was promoted toManaging Director the same year. In 1993, he joined Malaysian Resources Corporation Berhad (MRCB) as Managing Director, before resigningfrom the said position to assume his current position a year later. He however remained a Director of MRCB. He was appointed a Director of NSTPin July 1999 and Executive Vice-President of MRCB in February 2000. In July 2000, he resigned his directorship at NSTP and directorship andexecutive vice-presidency at MRCB. Encik Ahmad Jauhari sits on the board of Port Dickson Power Berhad, an associated company of Malakoff.

Encik Ahmad Jauhari does not have any family relationship with any other Directors and/or major shareholders of the Company or any conflictof interest with the Company. Neither has he been convicted of any offences in the last 10 years.

Of the ten (10) Board Meetings held during the financial year ended 31 August 2001, Encik Ahmad Jauhari attended all except one (1), for whichhe extended his apologies.

Encik Ahmad Jauhari, 47, warganegara Malaysia, adalah Pengarah Urusan Malakoff Berhad. Beliau telah dilantik menganggotai Lembaga Pengarah MalakoffBerhad pada 23 Mac 1994 dan merupakan ahli Jawatankuasa Audit dan Pengerusi Jawatankuasa Skim Opsyen Saham Kakitangan (ESOS) Lembaga Pengarah.Beliau berkelulusan Sarjana Muda Sains (Kepujian) dalam jurusan Kejuruteraan Elektrik dan Elektronik dari University of Nottingham, United Kingdom.Pada tahun 1977 hingga 1979, beliau bekerja dengan ESSO Malaysia sebelum menyertai News Straits Times Press (M) Berhad (NSTP) sebagai JuruteraElektrik dan Elektronik, di mana beliau seterusnya dinaikkan pangkat ke jawatan Pengurus Kejuruteraan pada tahun 1982, Pengarah Pengeluaran, Teknikalpada tahun 1983 dan Pengurus Besar Kanan Kumpulan, bahagian Pengeluaran dan Pengedaran, pada tahun 1990. Pada tahun 1992, beliau berkhidmatdi Time Engineering Berhad sebagai Timbalan Pengarah dan telah dinaikkan pangkat kepada Pengarah Urusan pada tahun yang sama. Pada tahun 1993, EncikAhmad Jauhari menyertai Malaysian Resources Corporation Berhad (MRCB) sebagai Pengarah Urusan, sebelum meletak jawatan bagi menyandang jawatansekarang setahun kemudian. Walau bagaimanapun, beliau kekal sebagai Pengarah MRCB ketika itu. Kemudian, beliau telah dilantik sebagai Pengarah NSTPpada bulan Julai 1999 dan Naib Presiden MRCB pada bulan Februari 2000. Pada bulan Julai 2000, beliau meletak jawatan pengarah NSTP dan pengarahserta naib presiden eksekutif di MRCB. Encik Ahmad Jauhari turut menganggotai lembaga Pengarah Port Dickson Power Berhad, sebuah syarikat bersekutuMalakoff.

Encik Ahmad Jauhari tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham utama Syarikat atau sebarangkonflik kepentingan dengan Syarikat. Beliau juga tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas.

Daripada sepuluh (10) Mesyuarat Lembaga Pengarah yang diadakan pada tahun kewangan berakhir 31 Ogos 2001, Encik Ahmad Jauhari telah menghadirikesemua kecuali satu (1) mesyuarat, di mana beliau telah menghantar surat memohon maaf di atas ketidakhadiran beliau.

profile of board of directors



26

Dato’ Abdul Aziz bin Abdul Rahim


26

YBhg Dato’ Abdul Aziz, 55, a Malaysian, was appointed an Independent Non-Executive Director of Malakoff Berhad on 11 March 1994 andis a member of the Audit Committee, the Employees’ Share Option Scheme (ESOS) Committee and the Remuneration Committee of the Board.He holds a Bachelor of Law (Honours) degree from International Islamic University, Malaysia and is an Advocate & Solicitor of the High Courtof Malaya. From 1967 to 1975, YBhg Dato’ Abdul Aziz worked with the Federal Land Development Authority in various capacities before joiningKumpulan Ladang-Ladang Trengganu Sdn Bhd as an Estate Manager, a post he held until 1987. In 1991, he joined Messrs. Ngeow & Maurice Gomezas an Advocate and Solicitor, before starting his own partnership a year later under the name of Abdul Aziz Rahim & Co.

YBhg Dato’ Abdul Aziz does not have any family relationship with any other Directors and/or major shareholders of the Company or any conflictof interest with the Company. Neither has he been convicted of any offences in the last 10 years.

Of the ten (10) Board Meetings held during the financial year ended 31 August 2001, YBhg Dato’ Abdul Aziz attended all except one (1), for whichhe extended his apologies.

YBhg Dato’ Abdul Aziz, 55, warganegara Malaysia telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Malakoff Berhad pada 11 Mac 1994 dan merupakanahli Jawatankuasa Audit, Jawatankuasa Skim Opsyen Saham Kakitangan (ESOS) dan Jawatankuasa Ganjaran Lembaga Pengarah. Beliau berkelulusanSarjana Muda Undang-Undang (Kepujian) dari Universiti Islam Antarabangsa, Malaysia dan merupakan seorang Peguambela & Peguamcara di MahkamahTinggi Malaya. Dari tahun 1967 hingga 1975, YBhg Dato’ Abdul Aziz bertugas dengan Lembaga Kemajuan Tanah Persekutuan (FELDA) dalam pelbagaijawatan sebelum menyertai Kumpulan Ladang-Ladang Terengganu Sdn Bhd sebagai Pengurus Ladang, jawatan yang beliau sandang sehingga tahun 1987.Pada tahun 1991, beliau menyertai Tetuan Ngeow & Maurice Gomez sebagai Peguambela dan Peguamcara, sebelum menubuhkan firma guaman sendirisetahun kemudian di bawah nama Abdul Aziz Rahim & Co.

YBhg Dato’ Abdul Aziz tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham utama Syarikat atausebarang konflik kepentingan dengan Syarikat. Beliau juga tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas.

Daripada sepuluh (10) Mesyuarat Lembaga Pengarah yang diadakan pada tahun kewangan berakhir 31 Ogos 2001, YBhg Dato’ Abdul Aziz telah menghadirikesemua kecuali satu (1) mesyuarat, di mana beliau telah menghantar surat memohon maaf di atas ketidakhadiran beliau.





27


YB Dato’ Mohammed Radzi, 56, a Malaysian, was appointed an Independent Non-Executive Director of Malakoff Berhad on 10 June 1996.He holds a Bachelor of Arts degree from University of Tasmania, Australia. YB Dato’ Mohammed Radzi served in the Malaysian Administrationand Diplomatic Service for 13 years after graduation. His last appointment before leaving to join the private sector in 1981 was Director ofImmigration, Northern Region, Penang. In 1986, he was appointed a Justice of Peace, Perak Darul Ridzuan, and was a member of the Ipoh CityCouncil from 1987 to 1994, before serving as Senator and Member of Parliament from 1994 to 1995. In 1995, he was elected to the Perak LegislativeAssembly representing the constituency of Tualang Sekah, Kampar, Perak Darul Ridzuan, a seat he re-won in the 1999 general elections. YB Dato’Mohammed Radzi is the Executive Chairman of Le Proton Lima Sdn Bhd, the organiser of the world-renowned biennial Langkawi InternationalMaritime and Aerospace (LIMA) shows since 1991. In the early 1990s, he served on the boards of Sistem Televisyen Malaysia Berhad (TV3) andIdris Hydraulic Berhad. Currently, he is the Executive Chairman of Foremost Holdings Berhad. He also sits on the board of Perkapalan Mesra Berhad.

YB Dato’ Mohammed Radzi does not have any family relationship with any other Directors and/or major shareholders of the Company or any conflictof interest with the Company. Neither has he been convicted of any offences in the last 10 years.

Of the ten (10) Board Meetings of the Company held during the financial year ended 31 August 2001, YB Dato’ Mohammed Radzi attended six(6) meetings and extended his apologies for the remaining four (4) meetings.

YB Dato’ Mohammed Radzi, 56, warganegara Malaysia, telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Malakoff Berhad pada 10 Jun 1996. Beliauberkelulusan ijazah Sarjana Muda Sastera dari University of Tasmania, Australia. Selepas menamatkan pengajian, YB Dato’ Mohammed Radzi telah berkhidmatdalam Perkhidmatan Pentadbiran dan Diplomatik Malaysia selama 13 tahun. Jawatan terakhir beliau sebelum menyertai sektor swasta pada tahun 1981 adalahPengarah Imigresen Kawasan Utara di Pulau Pinang. Pada tahun 1986, beliau telah dilantik sebagai Jaksa Pendamai, Perak Darul Ridzuan, dan juga ahliMajlis Bandaraya Ipoh dari tahun 1987 hingga 1994, sebelum berkhidmat sebagai Senator dan Ahli Parlimen daripada tahun 1994 hingga 1995. Pada tahun1995, beliau telah dilantik menganggotai Ahli Dewan Undangan Negeri Perak mewakili kawasan Tualang Sekah, Kampar, Perak Darul Ridzuan. Beliau telahdipilih semula untuk menduduki kerusi yang sama pada tahun 1999. YB Dato’ Mohammed Radzi merupakan Pengerusi Eksekutif Le Proton Lima Sdn Bhd,penganjur pameran dua tahun sekali yang terkenal di dunia, Pertunjukan Maritim dan Udara Antarabangsa Langkawi (LIMA) sejak tahun 1991. Pada awaltahun 1990-an, beliau menganggotai lembaga pengarah Sistem Televisyen Malaysia Berhad (TV3) dan Idris Hydraulic Berhad. Kini, beliau adalah PengerusiEksekutif Foremost Holdings Berhad. Beliau turut menduduki lembaga pengarah Perkapalan Mesra Berhad.

YB Dato’ Mohammed Radzi tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham utama Syarikat atausebarang konflik kepentingan dengan Syarikat. Beliau juga tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas.

Daripada sepuluh (10) Mesyuarat Lembaga Pengarah yang diadakan pada tahun kewangan berakhir 31 Ogos 2001, YB Dato’ Mohammed Radzi menghadirienam (6) mesyuarat dan telah menghantar surat memohon maaf di atas ketidakhadiran beliau bagi empat (4) mesyuarat selebihnya.




28

Abdul Jabbar bin Abdul Majid

Encik Abdul Jabbar, 56, a Malaysian, was appointed an Independent Non-Executive Director of Malakoff Berhad on 23 November 2000 and is theChairman of the Audit Committee and a member of the Remuneration Committee of the Board. He is a Fellow of the Institute of CharteredAccountants, Australia, and a Member of the Malaysian Association of Certified Public Accountants (MACPA) and the Malaysian Institute ofAccountants (MIA). Encik Abdul Jabbar started his career in 1974 as Senior Manager in the Internal Audit and Organisation Department of BankPertanian. In 1977, he joined KPMG as Manager and became a Partner two years later. He was promoted to Deputy Senior Partner in 1993 andwas made a Senior Partner in 1995, a position he held until his retirement in 2000. He is an Adjunct Professor of the Faculty of Economics andAccounting, International Islamic University, Malaysia, and the immediate past President and a council member of MACPA. He is the ExecutiveChairman of Malaysian Derivatives Exchange Berhad. He is also a Committee Member of the Kuala Lumpur Stock Exchange and LabuanInternational Financial Exchange Inc. Encik Abdul Jabbar sits on the Board of Directors of Danamodal Nasional Berhad.

Encik Abdul Jabbar does not have any family relationship with any other Directors and/or major shareholders of the Company or any conflict ofinterest with the Company. Neither has he been convicted of any offences in the last 10 years.

Of the eight (8) Board Meetings held between 23 November 2000 (the date of Encik Abdul Jabbar’s appointment) and 31 August 2001, EncikAbdul Jabbar attended all except one (1), for which he extended his apologies. There were ten (10) meetings held during the financial year ended31 August 2001.

Encik Abdul Jabbar, 56, warganegara Malaysia, telah dilantik sebagai Pengarah Bukan Eksekutif Bebas Malakoff Berhad pada 23 November 2000 danmerupakan Pengerusi Jawatankasa Audit dan ahli Jawatankuasa Ganjaran Lembaga Pengarah. Beliau adalah Fellow Insitute of Chartered Accountants,Australia dan ahli Persatuan Akauntan Awam Bertauliah Malaysia (MACPA) dan Institut Akauntan Malaysia (MIA). Encik Abdul Jabbar telah memulakankerjaya beliau pada tahun 1974 sebagai Pengurus Kanan Jabatan Audit Dalaman dan Organisasi Bank Pertanian. Pada tahun 1977, beliau menyertai KPMGsebagai Pengurus dan menjadi Rakan Kongsi dua tahun kemudian. Beliau dinaikkan ke jawatan Timbalan Rakan Kongsi Kanan pada 1993 dan menjadi RakanKongsi Kanan pada tahun 1995, jawatan yang beliau pegang sehingga bersara pada tahun 2000. Beliau merupakan Profesor Jemputan Fakulti Ekonomi danPerakaunan, Universiti Islam Antarabangsa, Malaysia dan bekas presiden dan ahli majlis MACPA. Beliau merupakan Pengerusi Eksekutif MalaysianDerivatives Exchange Berhad. Beliau turut menjadi salah seorang Ahli Jawatankuasa Bursa Saham Kuala Lumpur dan Labuan International Financial ExchangeInc. Encik Abdul Jabbar juga merupakan ahli Lembaga Pengarah Danamodal Nasional Berhad.

Encik Abdul Jabbar tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham utama Syarikat atau sebarangkonflik kepentingan dengan Syarikat. Beliau juga tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas.

Daripada lapan (8) Mesyuarat Lembaga Pengarah yang diadakan antara 23 November 2000 (tarikh perlantikan Encik Abdul Jabbar) hingga 31 Ogos 2001,Encik Abdul Jabbar telah menghadiri kesemua kecuali satu (1) mesyuarat, di mana beliau telah menghantar surat memohon maaf di atas ketidakhadiran beliau.Sebanyak sepuluh (10) Mesyuarat Lembaga Pengarah telah diadakan pada tahun kewangan berakhir 31 Ogos 2001.





29

Ian William Nutt

Mr Ian Nutt, 48, a British, was appointed a Non-Independent Non-Executive Director of Malakoff Berhad on 19 April 2001. He holds a Bachelorof Science (Honours) in Engineering from University of Cambridge, United Kingdom. Mr Ian Nutt has worked for International Power plcand its predecessor companies, National Power plc and the Central Electricity Generation Board (CEGB) since 1975 when he joined as a graduatetrainee. Between 1975 and 1994, he held various positions in power station operations and maintenance including Station Development Engineer,Principal Engineer, Engineering Manager, Production Manager and Station Manager. In mid-1994, he was appointed Manager, Plant Componentsin the Engineering Division, and subsequently, Station Manager in the Operations and Maintenance (O&M) Development Group, responsiblefor acquisitions, due diligence activities and the production of O&M proposals. In 1997, he was made Project Manager for Staythorpe 1600 MWcombined cycle gas turbine power plant and was promoted to Head of International Project Development in early 1999. Following the establishmentof International Power plc, he took up the position of Head of Operations and Maintenance. Mr Ian Nutt is currently the Chairman of Uni-MarEnerji Yatrimlasi A.S., Turkey, and sits on the boards of Kot Addu Power Company Ltd, Pakistan, The Hub Power Company Limited, Pakistan,Karaganda Power Company, Kazakhstan, Elektrany Opatovice A.S., Czech Republic, and Al Kamil Power Development Company, Oman.

Mr Ian Nutt does not have any family relationship with any other Directors and/or major shareholders of the Company or any conflict of interestwith the Company. Neither has he been convicted of any offences in the last 10 years.

Of the two (2) Board Meetings held between 19 April 2001 (the date of Mr Ian Nutt’s appointment) and 31 August 2001, Mr Ian Nutt attendedone (1) meeting while his Alternate Director, Mr Simon David Pinnell, attended the other. There were ten (10) meetings held during the financialyear ended 31 August 2001.

Encik Ian Nutt, 48, warganegara Britain, telah dilantik sebagai Pengarah Bukan Eksekutif Bukan Bebas pada 19 April 2001. Beliau berkelulusan SarjanaMuda Sains (Kepujian) dalam jurusan Kejuruteraan dari University of Cambridge, United Kingdom. Encik Ian Nutt pernah bekerja di International Powerplc dan syarikat-syarikat sebelumnya, National Power Plc dan Central Electricity Generation Board (CEGB) sejak tahun 1975, yang mana beliau sertai sebagaipelatih. Antara tahun 1975 hingga 1994, beliau telah menyandang berbagai jawatan dalam operasi dan penyenggaraan stesen janakuasa termasuk sebagaiJurutera Pembangunan Stesen, Jurutera Utama, Pengurus Kejuruteraan, Pengurus Pengeluaran dan Pengurus Stesen. Pada pertengahan tahun 1994, beliautelah dilantik sebagai Pengurus Komponen Loji dalam Bahagian Kejuruteraan dan kemudian Pengurus Stesen dalam Kumpulan Pembangunan Operasi danPenyenggaraan (O&M), yang bertanggungjawab terhadap pengambilalihan, aktiviti usaha wajar dan penghasilan cadangan O&M. Pada tahun 1997, beliaumerupakan Pengurus Projek bagi loji janakuasa turbin gas kitaran gabungan 1600 MW Staythorpe dan dinaikkan pangkat kepada Ketua Pembangunan ProjekAntarabangsa pada awal tahun 1999. Berikutan penubuhan International Power plc, beliau menyandang jawatan Ketua Operasi dan Penyenggaraan. Kini,Encik Ian Nutt merupakan Pengerusi Uni-Mar Enerji Yatrimlasi A.S., Turki dan seorang ahli Lembaga Pengarah Kot Addu Power Company Ltd, Pakistan,The Hub Power Company Limited, Pakistan, Karaganda Power Company, Kazakhstan, Elektrany Opatovice A.S., Republik Czech dan Al Kamil PowerDevelopment Company, Oman.

Encik Ian Nutt tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham utama Syarikat atau sebarangkonflik kepentingan dengan Syarikat. Beliau juga tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas.

Daripada dua (2) Mesyuarat Lembaga Pengarah yang diadakan antara 19 April 2001 (tarikh perlantikan Encik Ian Nutt) hingga 31 Ogos 2001, Encik IanNutt telah menghadiri satu (1) mesyuarat dan selebihnya diwakili oleh Pengarah Gantian beliau, Encik Simon David Pinnell. Sebanyak sepuluh (10) MesyuaratLembaga Pengarah telah diadakan pada tahun kewangan berakhir 31 Ogos 2001.





30



YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee, 58, a Malaysian, was appointed a Non-Independent Non-Executive Director of Malakoff Berhad on 10September 2001. He holds a Diploma (Professional) in Electrical Engineering from Brighton College of Technology (now known as University ofBrighton), United Kingdom, and a Masters of Science in Technological Economics from University of Stirling, Scotland. He was made a Doctorof University by University of Stirling, Scotland and conferred an Honorary Doctor of Technology by Oxford Brookes University, United Kingdom,an Honorary Doctor of Letters by Manchester Metropolitan University, United Kingdom, and an Honorary Professorship by Napier University,United Kingdom. He is a Fellow of the Institution of Engineers, Malaysia. YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee joined the National ElectricityBoard (NEB) (now known as Tenaga Nasional Berhad (TNB)) as Distribution Engineer in 1967, after serving an apprenticeship at General ElectricCompany and North-Western Electricity Board, United Kingdom. From 1973 to 1978, he served as an In-house Consultant, before being appointedDeputy Director and subsequently, Director of NEB Training Centre. The following year, he was appointed Corporate Organisational and ManpowerPlanner, and in 1989, Director of Management Services and Development. From 1990 to 1993, he served as Deputy General Manager CorporateServices (Management Development Services). In 1994, he was made a Director of Institut Teknologi MARA (ITM) (now known as UniversitiTeknologi MARA or UiTM), and two years later, became the first Rector of ITM. Subsequently in 1999, he was appointed the first Vice-Chancellorof UiTM. Currently, YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee is Chairman of SIRIM Berhad and MMC Engineering Group Berhad. He also sitson the board of Edaran Otomobil Nasional Berhad (EON).

YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee does not have any family relationship with any other Directors and/or major shareholders of the Companyor any conflict of interest with the Company. Neither has he been convicted of any offences in the last 10 years.

YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee did not attend any Board meeting held during the year under review as he was appointed on 10September 2001.

YBhg Datuk (Dr.) Haji Ahmad Zaidee, 58, warganegara Malaysia, telah dilantik sebagai Pengarah Bukan Eksekutif Bukan Bebas Malakoff Berhad pada10 September 2001. Beliau berkelulusan Diploma (Profesional) dalam jurusan Kejuruteraan Elektrik dari Brighton College of Technology (kini dikenali sebagaiUniversity of Brighton), United Kingdom dan Sarjana Sains dalam Ekonomi Teknologi dari University of Stirling, Scotland. Beliau telah dianugerahkan DoktorKehormat Universiti oleh University of Stirling, Scotland dan dianugerahkan Doktor Kehormat Teknologi Oxford Brooke University, United Kingdom, DoktorKehormat Persuratan oleh Manchester Metropolitan University, United Kingdom dan Profesor Kehormat oleh Napier University, United Kingdom. Beliauadalah seorang Fellow Institut Jurutera, Malaysia. YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee menyertai Lembaga Letrik Negara (LLN) (kini dikenali sebagaiTenaga Nasional Berhad (TNB)) sebagai Jurutera Penghantaran pada tahun 1967, selepas bertugas sebagai perantis di General Electric Company dan North-Western Electricity Board, United Kingdom. Dari tahun 1973 hingga 1978 beliau berkhidmat sebagai Perunding Dalaman sebelum dilantik sebagai TimbalanPengarah dan seterusnya Pengarah Pusat Latihan LLN. Pada tahun berikutnya, beliau dilantik pula sebagai Perancang Organisasi dan Tenaga Manusia Korporatdan pada tahun 1989, sebagai Pengarah Khidmat Pengurusan dan Pembangunan. Dari tahun 1990 hingga 1993, beliau bertugas sebagai Timbalan PengurusBesar Khidmat Korporat (Khidmat Pembangunan Pengurusan). Selepas itu, beliau telah dilantik sebagai Pengarah Institut Teknologi MARA (ITM) (sekarangdikenali sebagai Universiti Teknologi MARA atau UiTM) dan dua tahun kemudian, beliau menjadi Rektor pertama ITM. Seterusnya pada tahun 1999, beliaudilantik sebagai Timbalan Canselor UiTM yang pertama. Sekarang, YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee adalah Pengerusi SIRIM Berhad dan MMCEngineering Group Berhad. Beliau turut menganggotai lembaga pengarah Edaran Otomobil Nasional Berhad (EON).

YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham utamaSyarikat atau sebarang konflik kepentingan dengan Syarikat. Beliau juga tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas.

YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee tidak menghadiri sebarang mesyuarat Lembaga Pengarah yang diadakan pada tahun yang ditinjau kerana beliaudilantik pada 10 September 2001.



31




31

Mr Simon Pinnell, 37, a British citizen, is the Alternate Director to Mr Ian William Nutt and was appointed to the Board of Malakoff Berhadon 25 April 2001. He holds a Bachelor of Science in Economics from University College London, United Kingdom. Mr Simon Pinnell is aMember of the Chartered Institute of Management Accountants, United Kingdom. He is currently the Manager, Portfolio Finance ofInternational Power plc. Prior to his present position, he was in the International Division of its predecessor company, National Power plc,responsible for asset performance.

Mr Simon Pinnell does not have any family relationship with any other Directors and/or major shareholders of the Company or any conflict of interestwith the Company. Neither has he been convicted of any offences in the last 10 years.

Encik Simon Pinnell, 37, warganegara Britain, adalah Pengarah Gantian kepada Encik Ian William Nutt dan telah dilantik ke Lembaga Pengarah MalakoffBerhad pada 25 April 2001. Beliau berkelulusan Sarjana Muda Sains dalam jurusan Ekonomi dari University College, London, United Kingdom. Encik SimonPinnell merupakan seorang ahli Chartered Institute of Management Accountants, United Kingdom. Sekarang beliau adalah Pengurus, Kewangan PortfolioInternational Power plc. Sebelum menyandang jawatan sekarang, beliau bertugas di Bahagian Antarabangsa syarikat sebelumnya National Power plc, yangbertanggungjawab terhadap prestasi harta syarikat.

Encik Simon Pinnell tidak mempunyai sebarang hubungan kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham utama Syarikat atau sebarangkonflik kepentingan dengan Syarikat. Beliau juga tidak pernah disabitkan dengan sebarang kesalahan dalam tempoh 10 tahun lepas.

Simon David Pinnell


32

COMMITTEE REPORTauditfor the financial year ended 31 August 2001

The Board of Directors (the “Board”) of Malakoff Berhad (the “Company”) is pleased to present the report of the Audit Committee ofthe Board for the financial year ended 31 August 2001.

The Audit Committee was established by a resolution of the Board on 30 May 1994.

1. MembershipThe Audit Committee, appointed by the Board from amongst its members, comprises three (3) members, two (2) of whom areindependent non-executive directors.

2. CompositionChairman of the Audit CommitteeAbdul Jabbar bin Abdul Majid (INDEPENDENT NON-EXECUTIVE DIRECTOR) (Appointed on 23 November 2000)

Members of the Audit CommitteeDato’ Abdul Aziz bin Abdul Rahim (INDEPENDENT NON-EXECUTIVE DIRECTOR)

Ahmad Jauhari bin Yahya (MANAGING DIRECTOR)

SecretaryThe Company Secretaries are the Secretaries of the Audit Committee.

During the financial year ended 31 August 2001, seven (7) Audit Committee meetings were held. Details of attendance of eachCommittee member were as follows:-

Name of Audit Committee MemberDato’ Emam Mohd Haniff Abdul Jabbar Dato’ Abdul Aziz Ahmad Jauhari

Date and Time bin Emam Mohd Hussain(1) bin Abdul Majid(2) bin Abdul Rahim bin Yahya

23 October 2000 √ – √ √at 11.00 a.m.

20 December 2000 – √ √ √at 3.05 p.m.

16 January 2001 – √ √ √at 11.40 a.m.

8 February 2001 – √ √ xat 4.45 p.m.

18 April 2001 – √ √ xat 10.10 a.m.

25 April 2001 – √ √ √at 9.20 a.m.

24 July 2001 – √ √ √at 12.00 noon

TOTAL ATTENDANCE 1 of 1 6 of 6 7 of 7 5 of 7

(1) Resigned as Chairman of the Audit Committee on 22 November 2000.

(2) Appointed as Chairman of the Audit Committee on 23 November 2000 and attended all six (6) Audit Committee meetings held between the date of his appointment

and 31 August 2001.


32


33

audit committee report

3. Terms of Reference (as at 12 December 2001)

3.1 ObjectivesThe principal objective of the Committee is to assist the Board in discharging its statutory duties and responsibilitiesrelating to accounting and reporting practices of the holding company and each of its subsidiaries. In addition, theCommittee shall:-

• evaluate the quality of the audit conducted by the internal and external auditors;• provide assurance that the financial information presented by management is relevant, reliable and timely;• oversee compliance with laws and regulations and observance of a proper code of conduct; and• determine the adequacy of the control environment of the Group.

3.2 Size and CompositionThe Committee shall be appointed by the Board from amongst its members and shall comprise not less than three (3)directors, the majority of whom shall be independent non-executive directors and at least one of whom shall be a memberof the Malaysian Institute of Accountants or one of the associations of accountants specified in Part II of the 1st Scheduleof the Accountants Act 1967. The Chairman of the Committee shall be an independent non-executive director electedby the Committee from among its members.

The term of office and performance of the Committee and each of its members shall be reviewed by the Board at least onceevery three (3) years to determine whether the Committee and its members have carried out their duties in accordancewith their terms of reference.

3.3 Attendance at MeetingsA representative of the external auditors shall normally be invited to attend the meetings of the Committee. Themanagement shall be represented at the meetings by the Managing Director or, in his absence, the Chief Operating Officer,and the Chief Financial Officer of the Company. The Committee may invite a representative of the internal auditors toattend any of its meetings. Other members of the Board may attend the meetings upon the invitation of the Committee.The Committee shall meet at least once a year with the external auditors without the attendance of the executive membersof the Committee.

The quorum for a meeting of the Committee shall be two (2) members present and both of whom must be independentdirectors.

The Company Secretaries shall be the Secretaries of the Committee and shall be responsible for drawing up the agendawith the concurrence of the Chairman and circulating it, supported by explanatory documentation to the Committeemembers prior to each meeting.

The Secretaries shall also be responsible for keeping the minutes of meeting of the Committee, circulating them to theCommittee members and to the other members of the Board and following up on outstanding matters.

3.4 Frequency of MeetingsMeetings shall be held at least four (4) times a year. In addition, the Chairman shall call a meeting of the Committee ifrequested to do so by any Committee member, the management or the internal or external auditors.

3.5 AuthorityThe Committee is authorised by the Board:-

(a) to investigate any matter within its terms of reference;(b) to have the resources in order to perform its duties and responsibilities as set out in its terms of reference;(c) to have full and unrestricted access to information pertaining the Company and the Group;(d) to have direct communication channels to the internal and external auditors; and(e) to obtain, at the expense of the Company, external legal or other independent professional advice if it considers

necessary.

for the financial year ended 31 August 2001


34

audit committee report for the financial year ended 31 August 2001

3.6 Reporting ProceduresThe Chairman of the Committee shall report on each meeting to the Board. The Committeeshall prepare reports, at least once a year, to the Board summarising the Committee’s activitiesduring the year in discharge of its duties and responsibilities and the related significant resultsand findings.

Where the Committee is of the view that a matter reported by it to the Board has not beensatisfactorily resolved resulting in a breach of the Kuala Lumpur Stock Exchange (“KLSE”) ListingRequirements, the Committee shall promptly report such matter to the KLSE.

3.7 Duties And ResponsibilitiesThe duties and responsibilities of the Committee are as follows:-

• Review and update the Audit Committee Charter as and when conditions dictate;

• Review with the external auditors and approve the audit scope and plan including any changes;

• Review and approve the adequacy of the internal audit scope and plan, functions and resourcesof the internal audit function;

• Review the external and internal audit reports;

• Review major audit findings and the management’s response including the status of previousaudit recommendations;

• Review the assistance given by the Group’s officers to the auditors;

• Review the appointment and performance of the external auditors, the audit fee and anyquestions of resignation or dismissal before making recommendations to the Board;

• Review the nomination of person or persons as external auditors;

• Review the adequacy and effectiveness of internal control systems, including the managementinformation system, and the internal auditors’ and/or external auditors’ evaluation of the saidsystems;

• Direct and where appropriate supervise any special projects or investigation considerednecessary, and review investigation reports on any major frauds and thefts;

• Review the quarterly results and year-end financial statements of the Company and the Group;

• Review procedures in place to ensure that the Group is in compliance with the CompaniesAct 1965, the KLSE Listing Requirements and other regulatory and reporting requirements;

• Review any related party transactions and conflict of interest situation that may arise withinthe Company or the Group;

• Prepare reports, at least once a year, to the Board summarising the Committee’s activitiesduring the year and the related significant results and findings; and

• Any other activities, as authorised by the Board.



35

4. Activities of the Audit Committee during the YearIn line with the terms of reference of the Committee, the following activities werecarried out by the Committee during the financial year ended 31 August 2001 in thedischarge of its duties and responsibilities:-

(a) Reviewed the audit plans for the year for the Company and the Group preparedby the internal and external auditors;

(b) Reviewed the audit reports for the Company and the Group prepared by theinternal and external auditors and considered the major findings by the auditorsand management’s responses thereto;

(c) Reviewed the draft quarterly and year-end results of the Company and the Groupwith management prior to submission to the Board for consideration andapproval; and

(d) Followed up on corrective actions taken by management on audit issues raisedby the external and internal auditors.

5. Internal Audit FunctionThe Company engages the services of an audit firm to carry out the internal auditfunction of the Group to assist the Committee in discharging its duties and responsibilities.The internal audit function includes evaluation of the processes by which significantrisks are identified, assessed and managed and ensuring that instituted controls areappropriate and effectively applied and that risk exposures are consistent with theCompany’s risk management policy.

audit committee report for the financial year ended 31 August 2001


36

laporanbagi tahun kewangan berakhir 31 Ogos 2001

JAWATANKUASA AUDIT


36

Lembaga Pengarah (“Lembaga”) Malakoff Berhad (“Syarikat”) dengan sukacitanya membentangkan laporan Jawatankuasa AuditLembaga bagi tahun kewangan berakhir 31 Ogos 2001.

Jawatankuasa Audit telah ditubuhkan menurut sebuah resolusi Lembaga pada 30 Mei 1994.

1. KeahlianJawatankuasa Audit yang dilantik oleh Lembaga dari kalangan ahlinya, terdiri daripada tiga (3) orang ahli, dua (2) daripadanya adalahpengarah bukan eksekutif bebas.

2. KomposisiPengerusi Jawatankuasa AuditAbdul Jabbar bin Abdul Majid (PENGARAH BUKAN EKSEKUTIF BEBAS) (Dilantik pada 23 November 2000)

Ahli Jawatankuasa AuditDato’ Abdul Aziz bin Abdul Rahim (PENGARAH BUKAN EKSEKUTIF BEBAS)

Ahmad Jauhari bin Yahya (PENGARAH URUSAN)

SetiausahaSetiausaha-setiausaha Syarikat adalah Setiausaha-setiausaha Jawatankuasa Audit.

Pada tahun kewangan berakhir 31 Ogos 2001, tujuh (7) mesyuarat Jawatankuasa Audit telah diadakan. Butir-butir mengenai kehadiransetiap ahli Jawatankuasa adalah seperti berikut:-

Nama Ahli Jawatankuasa AuditDato’ Emam Mohd Haniff Abdul Jabbar Dato’ Abdul Aziz Ahmad Jauhari

Tarikh dan Waktu bin Emam Mohd Hussain(1) bin Abdul Majid(2) bin Abdul Rahim bin Yahya

23 Oktober 2000 √ – √ √pada 11.00 pagi

20 Disember 2000 – √ √ √pada 3.05 petang

16 Januari 2001 – √ √ √pada 11.40 pagi

8 Februari 2001 – √ √ xpada 4.45 petang

18 April 2001 – √ √ xpada 10.10 pagi

25 April 2001 – √ √ √pada 9.20 pagi

24 Julai 2001 – √ √ √pada 12.00 tengahari

BILANGAN KEHADIRAN 1 daripada 1 6 daripada 6 7 daripada 7 5 daripada 7

(1) Meletakkan jawatan sebagai Pengerusi Jawatankuasa Audit pada 22 November 2000.

(2) Dilantik sebagai Pengerusi Jawatankuasa Audit pada 23 November 2000 dan telah menghadiri enam (6) mesyuarat Jawatankuasa Audit yang diadakan antara tarikh perlantikan

beliau hingga 31 Ogos 2001.


37

3. Bidang Rujukan (pada 12 Disember 2001)3.1 Objektif

Objektif utama Jawatankuasa ini ialah untuk membantu Lembaga menjalankan tugas dan tanggungjawab berkanunnyaberkaitan dengan amalan perakaunan dan laporan syarikat induk dan setiap syarikat subsidiarinya. Di samping itu,Jawatankauasa ini akan:-

• menilai kualiti audit yang dijalankan oleh juruaudit dalaman dan luar;• memberikan jaminan bahawa maklumat kewangan yang dibentangkan oleh pengurusan adalah berkaitan, berwibawa

dan tepat pada masanya;• mengawasi pematuhan kepada undang-undang dan peraturan serta pematuhan kepada tatalaku kod yang sewajarnya;

dan• menentukan kecukupan persekitaran kawalan Kumpulan.

3.2 Saiz dan KomposisiJawatankuasa Audit akan dilantik oleh Lembaga dari kalangan ahli dan akan terdiri daripada tidak kurang tiga (3) orangpengarah, majoriti daripadanya adalah pengarah bukan eksekutif bebas dan sekurang-kurangnya salah seorang daripadamereka hendaklah merupakan ahli Institut Akauntan Malaysia atau salah sebuah persatuan akauntan seperti yangdisebutkan dalam Bahagian II Jadual Pertama Akta Akauntan, 1967. Pengerusi Jawatankuasa ini hendaklah merupakanseorang pengarah bukan eksekutif bebas yang dipilih oleh Jawatankuasa dari kalangan ahli.

Tempoh memegang jawatan dan prestasi Jawatankuasa dan setiap ahlinya akan disemak oleh Lembaga sekurang-kurangnyasekali setiap tiga (3) tahun untuk menentukan sama ada Jawatankuasa ini serta para ahlinya telah menjalankan tugasmereka menurut bidang rujukan mereka.

3.3 Kehadiran MesyuaratSeorang wakil juruaudit luar lazimnya akan dijemput untuk menghadiri mesyuarat Jawatankuasa. Pengurusan akan diwakilidi mesyuarat ini oleh Pengarah Urusan atau, jika beliau tidak dapat hadir, akan diwakili oleh Ketua Pegawai Operasi danKetua Pegawai Kewangan Syarikat. Jawatankuasa ini boleh menjemput seorang wakil juruaudit dalaman untuk menghadirisebarang mesyuaratnya. Ahli-ahli lain Lembaga Pengarah boleh menghadiri mesyuarat tersebut atas jemputan Jawatankuasaini. Sekurang-kurangnya setahun sekali, Jawatankuasa akan bermesyuarat dengan juruaudit luar tanpa kehadiran ahlieksekutif Jawatankuasa.

Kuorum bagi sesuatu mesyuarat Jawatankuasa hendaklah terdiri daripada dua (2) ahli yang hadir dan kedua-duanyamerupakan pengarah bebas.

Setiausaha-setiausaha Syarikat akan menjadi Setiausaha Jawatankuasa dan akan bertanggungjawab untuk menyediakanagenda dengan persetujuan Pengerusi dan mengedarkan pekeliling, disokong dengan dokumentasi penjelasan kepada paraahli Jawatankuasa sebelum setiap mesyuarat diadakan.

Setiausaha-setiausaha akan bertanggungjawab untuk menyimpan minit mesyuarat Jawatankuasa, mengedarkannya kepadaahli-ahli Jawatankuasa dan kepada para ahli lain Lembaga serta membuat susulan terhadap perkara-perkara yangtertunggak.

3.4 Kekerapan MesyuaratMesyuarat perlu diadakan tidak kurang dari empat (4) kali setahun. Di samping itu, Pengerusi akan memanggil mesyuaratJawatankuasa jika diminta berbuat demikian oleh sebarang ahli jawatankuasa, pengurusan atau juruaudit dalaman atau luar.

laporan jawatankuasa audit bagi tahun kewangan berakhir 31 Ogos 2001



38

3.5 KuasaJawatankuasa ini diberi kuasa oleh Lembaga Pengarah:-

(a) untuk menyiasat sebarang aktiviti dalam lingkungan bidang rujukannya;(b) untuk mempunyai sumber bagi menjalankan tugas dan tanggungjawabnya seperti yang ditetapkan di dalam bidang rujukannya;(c) untuk mempunyai akses penuh dan tanpa halangan kepada semua maklumat berhubung Syarikat dan Kumpulan;(d) untuk mewujudkan saluran komunikasi secara langsung kepada juruaudit dalaman dan luar; dan(e) untuk mendapatkan nasihat perundangan luar atau nasihat profesional bebas lain, dengan perbelanjaan Syarikat, jika

dianggap perlu.

3.6 Prosedur Membuat LaporanPengerusi Jawatankuasa ini akan membuat laporan setiap mesyuarat kepada Lembaga. Jawatankuasa akan menyediakanlaporan sekurang-kurangnya setahun sekali kepada Lembaga dengan memberikan ringkasan mengenai aktiviti Jawatankuasaini sepanjang tahun dalam menjalankan tugas dan tanggungjawabnya serta keputusan dan penemuan penting berkaitan yangdiperolehinya.

Apabila Jawatankuasa berpendapat bahawa sesuatu perkara yang dilaporkannya kepada Lembaga masih belum diselesaikandengan memuaskan dan mengakibatkan pelanggaran kepada Keperluan Penyenaraian Bursa Saham Kuala Lumpur (“BSKL”),Jawatankuasa ini akan dengan serta merta melaporkan perkara berkenaan kepada BSKL.

3.7 Tugas dan TanggungjawabTugas dan tanggungjawab Jawatankuasa ini adalah seperti berikut:-

• Mengkaji dan mengemaskini Piagam Jawatankuasa Audit apabila keadaan memerlukan;

• Mengkaji dengan juruaudit luar dan meluluskan skop dan rancangan audit, termasuk sebarang perubahan;

• Mengkaji dan meluluskan kecukupan skop dan rancangan audit dalaman, fungsi dan sumber audit dalaman;

• Mengkaji laporan audit luar dan dalaman;

• Mengkaji penemuan audit utama dan tindak balas pengurusan termasuk status syor audit sebelumnya;

• Mengkaji bantuan yang diberi oleh pegawai-pegawai kepada juruaudit;

• Mengkaji perlantikan dan prestasi juruaudit luar, yuran audit dan sebarang persoalan perletakan jawatan ataupemberhentian sebelum membuat syor kepada Lembaga;

• Mengkaji pemilihan calon sebagai juruaudit luar;

• Mengkaji kecukupan dan keberkesanan sistem kawalan dalaman, termasuk sistem maklumat pengurusan dan penilaianjuruaudit dalaman dan/atau juruaudit luar ke atas sistem berkenaan;

• Mengarahkan dan di mana sesuai menyelia sebarang projek atau penyiasatan khas yang dianggap perlu, dan mengkajilaporan penyiasatan mengenai sebarang penipuan atau kecurian;

• Mengkaji keputusan suku tahunan dan penyata kewangan akhir tahun Syarikat dan Kumpulan;

• Menyemak prosedur yang tersedia untuk memastikan supaya Kumpulan mematuhi Akta Syarikat, 1965, KeperluanPenyenaraian Bursa Saham Kuala Lumpur dan keperluan undang-undang dan laporan yang lain;

• Mengkaji sebarang urusniaga pihak berkaitan dan situasi konflik kepentingan yang mungkin timbul di dalam Syarikat atauKumpulan;

• Menyediakan laporan, sekurang-kurangnya setahun sekali, kepada Lembaga dengan menyediakan ringkasan mengenaiaktiviti Jawatankuasa ini sepanjang tahun dan keputusan serta penemuan penting yang berkaitan; dan

• Sebarang aktiviti lain, menurut kuasa yang diberi oleh Lembaga.

laporan jawatankuasa audit bagi tahun kewangan berakhir 31 Ogos 2001


39

laporan jawatankuasa audit


39

bagi tahun kewangan berakhir 31 Ogos 2001

4. Aktiviti Jawatankuasa Audit pada tahun ini

Selaras dengan bidang rujukan Jawatankuasa ini, aktiviti-aktiviti berikut telah dijalankan oleh Jawatankuasaini sepanjang tahun kewangan berakhir 31 Ogos 2001 bagi melaksanakan tugas dan tanggungjawabnya:-

(a) Mengkaji rancangan audit bagi tahun ini untuk Syarikat dan Kumpulan yang disediakan oleh juruauditdalaman dan juruaudit luar;

(b) Mengkaji laporan audit Syarikat dan Kumpulan yang disediakan oleh juruaudit dalaman dan luar danmempertimbangkan penemuan utama oleh juruaudit dan tindak balas pengurusan terhadapnya;

(c) Mengkaji deraf keputusan suku tahunan dan akhir tahun Syarikat dan Kumpulan dengan pengurusansebelum diserahkan kepada Lembaga Pengarah untuk pertimbangan dan kelulusan; dan

(d) Membuat susulan ke atas tindakan pembetulan yang diambil oleh pengurusan terhadap isu-isu audit yangditimbulkan oleh juruaudit luar dan juruaudit dalaman.

5. Fungsi Audit DalamanSyarikat menggunakan perkhidmatan sebuah firma audit untuk menjalankan fungsi audit dalaman Kumpulanbagi membantu Jawatankuasa menjalankan tugas dan tanggungjawabnya. Fungsi audit dalaman meliputipenilaian proses di mana risiko utama dikenalpasti, ditaksir dan ditangani serta memastikan supaya kawalanyang dikenakan adalah wajar dan dilaksanakan dengan berkesan dan pendedahan risiko adalah selaras dengandasar pengurusan risiko Syarikat.


40

PENYATA PENGERUSI

chairman’s


40

Bagi pihak Lembaga Pengarah, saya dengan sukacitanya membentangkan kajian tahunan prestasi Malakoff Berhad (“Malakoff”) dan syarikat-syarikat subsidiarinya bagi tahun kewangan berakhir 31 Ogos 2001.

Tinjauan tahun ini menunjukkan satu tahun yang penuh aktiviti dan menguntungkan bagi Malakoff dengan kejayaan menyelesaikan beberapaperjanjian penting berkaitan projek janakuasa turbin gas kitar padu 640 MW milik GB3 Sdn Bhd (“Projek GB3”), di Segari Perak. Projek GB3disiapkan mengikut jadual dengan unit pertama turbin gas tersebut akan memulakan operasi komersialnya pada akhir bulan Disember 2001.

Saya dengan sukacitanya melaporkan bahawa terbitan bonus berasaskan dua saham biasa berharga RM1.00 sesaham (“Saham Bonus”) bagisetiap satu saham Malakoff yang sedia ada telah diselesaikan apabila sebanyak 559,502,668 Saham Bonus disebutharga dan disenaraikanpada 5 Disember 2001.

Prestasi Kewangan

Tinjauan tahun kewangan ini menunjukkan Kumpulan telah mencapai hasil lebih tinggi sebanyak RM1,513.5 juta, meningkat 2.6%berbanding perolehan sebanyak RM1,473.2 juta yang dicatatkan pada tempoh yang sama tahun lepas.

Hasil yang lebih tinggi ini dicapai hasil dorongan prestasi cemerlang Loji Janakuasa Lumut kami.

Keuntungan selepas cukai dan kepentingan minoriti Kumpulan bagi tahun kewangan berakhir 31 Ogos 2001 yang berjumlah RM317.9 jutaadalah 7.6% lebih rendah daripada RM344.2 juta yang dicapai pada tahun kewangan sebelumnya. Ini disebabkan oleh keputusan berhematuntuk menyediakan peruntukan penuh bagi penurunan nilai pelaburan disebutharga yang terjejas oleh prestasi pasaran saham pada tahun ini.Sehubungan itu, pendapatan sesaham menurun kepada 113.90 sen dari 125.20 sen sebelumnya.

On behalf of the Board of Directors, I am pleased to present the annual review of the performance of Malakoff Berhad (“Malakoff”)and its subsidiaries for the financial year ended 31 August 2001.

The year under review was a busy and fruitful one with the signing of several crucial agreements on GB3 Sdn Bhd’s 640 MWcombined cycle gas turbine power project (“GB3 Project”), at Segari, Perak. The GB3 Project is on schedule with the first unit ofgas turbine to begin commercial operation by the end of December 2001.

I am pleased to report that the bonus issue on the basis of two new ordinary shares of RM1.00 each (“Bonus Shares”) for every oneexisting Malakoff share held was completed with the quotation and listing of 559,502,668 Bonus Shares on 5 December 2001.

Financial Performance

For the financial year under review, the Group achieved higher revenues of RM1,513.5 million, representing a 2.6% increase againsta turnover of RM1,473.2 million recorded in the same period last year.

The higher revenues can be attributed to the consistent commendable performance of our Lumut Power Plant.

The Group’s profit after tax and minority interest for the financial year ended 31 August 2001 was RM317.9 million, a 7.6% declineover RM344.2 million achieved in the previous financial year. This was mainly due to the prudent decision to make full provisionfor the permanent diminution in value of quoted investments which were affected by the stock market performance during the year.Hence, earnings per share dipped accordingly, to 113.90 sen from 125.20 sen previously.


41

STATEMENT


41

Tan Sri Abdul Halim bin AliCHAIRMAN / PENGERUSI


42

The Board of Directors is recommending a first and final dividend of 20 sen per share less 28% tax for the financial year ended31 August 2001, totalling approximately RM120.8 million, a four-fold increase from the previous financial year based on theenlarged share capital of the Company after the completion of the bonus issue.

Operational Review

The mainstay of the Group’s business, power generation grew at a steady pace during the financial year ended 31 August 2001.Net energy output reached 10,318 MWh, an increase of 4% over the previous corresponding period while availability factorimproved from 92.9% to 95.8%.

The development and construction of the GB3 Project was the main focus of the year’s activities. Further to the auspicious groundbreaking ceremony in October 2000, which was witnessed by the Menteri Besar of Perak Darul Ridzuan, the GB3 Project hasprogressed steadily and is well under way to achieving commercial operations of the first unit of gas turbine at the end of December2001. One of the main highlights for the GB3 Project was the signing of the Power Purchase Agreement (“PPA”) with TenagaNasional Berhad on 28 June 2001, which sealed the revenue stream for GB3 Sdn Bhd for the next 21 years.

In order to finance the GB3 Project, GB3 Sdn Bhd has proposed the issuance of RM1,000 million Al-Bai’ Bithaman Ajil SerialBonds (“ABBA Bonds”) and RM350 million Al-Murabahah Commercial Papers/Medium Term Notes (“Al-Murabahah CP/MTN”).The signing of the financing agreements for the above was held on 13 September 2001 between GB3 Sdn Bhd and the arrangers,Aseambankers Malaysia Berhad and Citibank Berhad. The auspicious event was witnessed by YBhg Datuk Amar Leo Moggie,Minister of Energy, Communications & Multimedia. We are very pleased to report that Rating Agency Malaysia Berhad (“RAM”)has accorded an AA2(s) rating for the ABBA Bonds and the Al-Murabahah MTN, and a P1 for the Al-Murabahah CP. Thisdemonstrated the confidence of the rating agency, lenders and various other agencies in the success of the GB3 Project asGB3 Sdn Bhd is the first independent power producer to receive this rating for a power project under construction. During its launch,the ABBA Bonds issue was 2.3 times over-subscribed.

Lembaga Pengarah mengesyorkan dividen pertama dan akhir sebanyak 20 sen sesaham ditolak 28% cukai bagi tahun kewangan berakhir31 Ogos 2001, menjadikan dividen berjumlah kira-kira RM120.8 juta, meningkat empat kali ganda daripada tahun lepas berasaskan kepadamodal saham Syarikat yang diperbesarkan selepas selesai terbitan bonus.

Tinjauan Operasi

Pada tahun kewangan berakhir 31 Ogos 2001, penjanaan kuasa yang merupakan tonggak utama perniagaan Kumpulan tumbuh pada kadaryang kukuh. Output kuasa bersih mencapai 10,318 MWj, meningkat 4% berbanding tempoh yang sama sebelumnya sementara faktorketersediaan meningkat daripada 92.9% kepada 95.8%.

Pembangunan dan pembinaan Projek GB3 menjadi fokus utama aktiviti pada tahun ini. Lanjutan daripada majlis pecah tanah Projek GB3pada bulan Oktober 2000 yang disaksikan oleh Menteri Besar Perak Darul Ridzuan, pelaksanaan projek ini berjalan dengan lancar danmenepati jadual untuk mencapai operasi komersial unit pertama turbin gas pada akhir Disember 2001. Salah satu daripada peristiwa pentingProjek GB3 adalah kejayaan memeterai Perjanjian Pembelian Tenaga (PPA) dengan Tenaga Nasional Berhad pada 28 Jun 2001, yangmenjamin aliran hasil bagi GB3 Sdn Bhd bagi tempoh 21 tahun akan datang.

chairman’s statement

PENYATA PENGERUSI


42


43

Earlier in the year under review, Malakoff signed a Facility Agreement with Citibank Berhad, Commerce International MerchantBankers Berhad and Malayan Banking Berhad for the issuance of up to RM420 million commercial papers (“CPs”)/medium termnotes (“MTNs”) to finance our investment in the GB3 Project, other power-related projects and to meet the Company’s workingcapital requirements. RAM has assigned a long-term rating of AA1(s) for the MTNs and a short-term rating of P1 for the CPs. Theissue was well-received by the investors as evidenced by an over-subscription rate of six times.

We are also pleased to note that as at 12 December 2001, the overall progress of the GB3 Project is 5% ahead of schedule with anactual progress of 80% against the planned progress of 75%.

As for the proposed acquisition of the Kapar Power Station, our wholly-owned subsidiary, Kapar Energy Ventures Sdn Bhd (“KEV”)has mutually agreed with TNB to effect a second extension of the Conditions Period, for a further three months from 1 October2001, to facilitate revisions to the project and commercial agreements.

During the year under review, our wholly-owned subsidiary, Teknik Janakuasa Sdn Bhd (“TJSB”) commenced the mobilisation phaseof the GB3 Project and is in the pre-mobilisation stage for the 350 MW combined cycle gas turbine power plant at Prai, Penang.The mobilisation for the Prai Power Plant is expected to be in May 2002. On 19 December 2000, TJSB’s 51%-owned subsidiary,Natural Analysis Sdn Bhd (“NASB”) entered into a conditional Operations and Maintenance Agreement with SKS VenturesSdn Bhd for the operation and maintenance of the Prai Power Plant.

Bagi membiayai Projek GB3, GB3 Sdn Bhd telah mencadangkan penerbitan Bon Bersiri Al-Bai’ Bithaman Ajil (“Bon ABBA”) berjumlahRM1,000 juta dan Kertas/Nota Perdagangan Jangka Sederhana Al-Murabahah (“Al-Murabahah CP/MTN”) berjumlah RM350 juta.Majlis menandatangani perjanjian pembiayaan di atas telah berlangsung pada 13 September 2001 antara GB3 Sdn Bhd dan pengatur,Aseambankers Malaysia Berhad dan Citibank Berhad. Majlis tersebut telah disaksikan oleh YBhg Datuk Amar Leo Moggie, Menteri Tenaga,Komunikasi & Multimedia. Kami berasa sukacita apabila Rating Agency Malaysia Berhad (“RAM”) telah memberi pentarafan AA2(s)kepada Bon ABBA dan MTN Al-Murabahah serta P1 bagi Kertas Perdagangan Al-Murabahah. Sebagai Penjana Kuasa Bebas (“IPP”)pertama yang menerima penarafan ini bagi sebuah projek IPP yang sedang dalam pelaksanaan, ini membuktikan keyakinan agensipenarafan, peminjam dan pelbagai agensi terhadap kejayaan Projek GB3. Semasa pelancaran, terbitan Bon ABBA telah terlebihlangganan sebanyak 2.3 kali.

Pada awal tahun yang ditinjau, Malakoff telah menandatangani Perjanjian Kemudahan dengan Citibank Berhad, Commerce InternationalMerchant Bankers Berhad dan Malayan Banking Berhad bagi penerbitan sehingga RM420 juta kertas perdagangan (“CP”)/nota jangkasederhana (“MTN”) bagi membiayai pelaburan dalam Projek GB3, projek-projek berkaitan tenaga dan untuk memenuhi keperluan modalkerja Syarikat. RAM telah memberi penarafan jangka panjang AA1(s) dan penarafan jangka pendek P1 bagi MTN dan CP. Terbitan initelah mendapat sambutan yang memberangsangkan daripada para pelabur apabila ia terlebih langganan sebanyak enam kali.

Kami juga berasa sukacita untuk memaklumkan bahawa setakat 12 Disember 2001, perkembangan keseluruhan Projek GB3 adalah 5%mendahului jadual dengan kemajuan sebenar sebanyak 80% berbanding 75% yang dirancangkan.

Bagi cadangan pengambilalihan Stesen Janakuasa Kapar, syarikat subsidiari milik penuh kami iaitu Kapar Energy Ventures Sdn Bhd(“KEV”) telah mencapai persetujuan dengan TNB untuk melaksanakan lanjutan kedua selama tiga bulan bagi Tempoh Yang Disyaratkandari 1 Oktober 2001, untuk memberi laluan kepada semakan semula perjanjian komersial projek berkenaan.


PENYATA PENGERUSI


44

As the Operations & Maintenance arm of the Group, TJSB is continuously seeking to develop and improve its human resource,upgrade and introduce new tools and methodologies, improve engineering skills and core competencies and collaborate with otherparties in supporting the efficient management of power plants under its portfolio.

With KL Sentral now officially launched, Wirazone Sdn Bhd’s (“Wirazone”) activities for the KL Sentral development area(“KL Sentral”) has expanded accordingly. When the office blocks, hotels and condominiums are occupied in 2002, the number ofcustomers are expected to increase from the present 25 to approximately 400. In addition, the scaled-down district cooling systemcurrently operated by Wirazone will eventually be expanded to cater to the needs of the four Sentral Plaza office towers.

Information and Communication Technology (“ICT”) is the lynchpin to the Group’s efforts towards operating in an e-environment.The integration of various software systems with the main SAP application to provide connectivity between staff as well assubsidiaries has been completed. Whilst continuing to support existing operations by ensuring uninterrupted and secure service,ICT will also explore other areas of delivery and accessibility of services and information, and look at adding value to content andthe deployment of resources to support Malakoff’s bigger business objectives.

Corporate Responsibility

As a significant presence in the Malaysian corporate landscape, we continued to fulfill our social obligations. Besides hosting festivegatherings for local community leaders and students of schools adopted by Segari Energy Ventures Sdn Bhd (“SEV”), every year,SEV also awards scholarships to six UNITEN students. This brings the number of SEV scholarships awarded since 1997 to 30.Besides SEV, TJSB sponsored a two-day Kem Kecemerlangan Pelajar UPSR 2001 workshop for 60 students from the Pantai Remisarea to coach them for their coming examinations.

Pada tahun yang ditinjau, syarikat subsidiari milik penuh kami, Teknik Janakuasa Sdn Bhd (“TJSB”) telah memulakan fasa mobilisasi ProjekGB3 dan berada pada fasa pra mobilisasi bagi projek loji janakuasa turbin gas kitar padu 350 MW di Prai, Pulau Pinang. Fasa mobilisasibagi Loji Janakuasa Prai dijangka akan bermula pada bulan Mei 2002. Pada 19 Disember 2000, Natural Analysis Sdn Bhd (“NASB”) sebuahsyarikat subsidiari 51% milik TJSB telah menyertai Perjanjian Operasi dan Penyenggaraan dengan SKS Ventures Sdn Bhd bagi operasi danpenyenggaraan Loji Janakuasa Prai.

Sebagai unit Operasi & Penyenggaraan Kumpulan, TJSB sentiasa berusaha untuk memaju dan mempertingkatkan sumber manusianya,menaiktaraf dan memperkenalkan peralatan dan kaedah baru, mempertingkatkan kemahiran kejuruteraan dan daya saing teras serta menjalinkerjasama erat dengan pelbagai pihak lain untuk membantu mempertingkatkan kecekapan pengurusan loji janakuasa di bawah portfolionya.

Dengan pelancaran rasmi KL Sentral, aktiviti Wirazone Sdn Bhd (“Wirazone”) untuk Kawasan Pembangunan KL Sentral (“KL Sentral”)turut bertambah. Apabila blok pejabat, hotel dan kondominium diduduki pada tahun 2002, bilangan pelanggan dijangka turut meningkatdaripada 25 sekarang kepada berdekatan 400. Di samping itu, sistem pendingin lingkaran kecil di bawah kendalian Wirazone akan beroperasipada kapasiti penuh untuk memenuhi keperluan empat menara pejabat Plaza Sentral.

Teknologi Maklumat dan Komunikasi (“ICT”) menjadi kunci utama Kumpulan ke arah operasi dalam persekitaran elektronik. Melaluigabungan pelbagai sistem perisian dengan aplikasi SAP untuk mewujudkan hubungan di kalangan kakitangan serta syarikat-syarikat subsidiaritelah diselesaikan. Selain terus menyokong operasi yang sedia ada dengan memastikan perkhidmatan tanpa gangguan dan selamat, ICT jugaakan menerokai pelbagai bidang penghantaran lain dan akses perkhidmatan dan maklumat, serta meneliti nilai tambahan kepada kandungandan penggunaan sumber-sumber bagi menyokong objektif perniagaan Malakoff yang lebih besar.


PENYATA PENGERUSI


44


45


PENYATA PENGERUSI

The Group continued to contribute to the less fortunate and the needy like the Malaysian Aids Foundation, Gabungan PelajarMelayu Semenanjung and PEMADAM. Apart from that, we also contributed to the sponsorship of the Malaysian Deaf SportsContingent and Larian Sukan SEA XXI, and made donations to the handicapped and various orphanages, schools and mosques.

Outlook

As the Group’s business is domestic-oriented, we are better insulated in the face of a global economic slowdown that has been furtherexacerbated by the tragic events of 11 September 2001 and its aftermath.

It is hoped that the Malaysian Government’s RM4.3 billion stimulus package and the Budget 2001 will indeed provide the incentivesfor greater economic activities and increased consumer spending.

For Malakoff, we will endeavour to further enhance shareholders’ value and achieve the Group’s vision of becoming a ‘Cost EffectiveEnergy Provider’ by developing and utilising local talents, sharing knowledge, and promoting innovation in all aspects of the business.We will also seek to build on our core competencies as we explore every avenue to expand our influence across industries and borders.

Tanggungjawab Korporat

Sebagai syarikat yang memainkan peranan penting dalam dunia korporat Malaysia, kami terus berusaha untuk memenuhi kewajipan sosialkami. Di samping mengelolakan perjumpaan tahunan sempena sambutan hari perayaan untuk para pemimpin komuniti tempatan dan parapelajar sekolah yang menjadi sekolah angkat oleh Segari Energy Ventures Sdn Bhd (“SEV”), SEV turut memberikan biasiswa kepada enampelajar UNITEN. Ini menjadikan jumlah penerima biasiswa SEV sejak tahun 1997 seramai 30 orang. Selain SEV, TJSB telah menaja KemKecemerlangan Pelajar UPSR selama dua hari untuk 60 pelajar dari kawasan Pantai Remis bagi memberi bimbingan kepada mereka untukmenduduki peperiksaan yang akan datang.

Di samping itu, Kumpulan terus menghulurkan bantuan kepada golongan yang kurang bernasib baik dan memerlukan bantuan seperti YayasanAids Malaysia, Gabungan Pelajar Melayu Semenanjung dan PEMADAM. Selain itu, kami turut menghulurkan sumbangan bagi menajaKontinjen Sukan Orang-Orang Pekak Malaysia, Larian Sukan SEA dan menderma kepada orang-orang cacat dan rumah anak-anak yatim,sekolah dan masjid.

Suasana Masa Depan

Memandangkan perniagaan Kumpulan berorientasikan domestik, kami tidak tergugat berikutan kemelesetan ekonomi global yang semakinburuk lanjutan daripada peristiwa tragis 11 September 2001 dan selepasnya.

Pakej rangsangan yang disediakan oleh Kerajaan Malaysia berjumlah RM4.3 bilion dan Belanjawan 2001 diharap akan dapat memberi insentifkepada aktiviti ekonomi yang lebih bermakna dan membantu mempertingkatkan perbelanjaan pengguna.

Bagi Malakoff, kami akan berusaha gigih untuk mempertingkatkan nilai pelaburan para pemegang saham dan mencapai wawasan Kumpulanuntuk menjadi ‘Penyedia Tenaga Berkos Efektif’ dengan membangun dan menggunakan bakat tempatan, berkongsi pengetahuan danmenggalakkan inovasi dalam semua aspek perniagaan. Kami juga akan berusaha untuk mengukuhkan kelebihan daya saing di samping meninjaukemungkinan untuk memperluaskan pengaruh kami merentas industri dan sempadan negara.


46


PENYATA PENGERUSI

Penghargaan dan Pengiktirafan

Saya juga ingin menyampaikan ucapan terima kasih dan penghargaan yang tulus ikhlas kepada bekas Pengerusi dan pengarah kami, YBhgTan Sri Ibrahim bin Menudin yang telah meletakkan jawatan pada 10 September 2001; pengarah eksekutif, YBhg Dato’ Ilyas Ling, yangmeletakkan jawatan pada 1 Ogos 2001 dan pengarah gantian Encik Phan Leong Kim, yang meletakkan jawatan sebagai pengarah gantiankepada YBhg Dato’ Ilyas Ling pada 1 Ogos 2001 dan YBhg Tan Sri Ibrahim bin Menudin pada 10 September 2001, di atas sumbangan merekaselama ini. Bagi pihak Lembaga Pengarah, saya juga ingin mengalu-alukan YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin yang menyertaiLembaga Pengarah pada 10 September 2001. Saya berharap akan terus mendapat bimbingan dan nasihat daripada rakan-rakan Pengarahsaya sebagai persediaan Syarikat menghadapi masa hadapan yang penuh cabaran.

Bagi pihak kakitangan, saya ingin mengucapkan terima kasih kepada para pemegang saham kami kerana meluluskan lanjutan Skim OpsyenSaham Kakitangan Malakoff untuk tempoh lima tahun lagi. Sokongan anda untuk memberi ganjaran kepada kakitangan yang layak adalahamat dihargai dan bermanfaat bagi pertumbuhan mampan Kumpulan.

Saya juga ingin mengucapkan terima kasih kepada kakitangan di semua peringkat di atas sikap dedikasi dan sokongan mereka pada tahun ini.Komitmen anda kepada Syarikat dan wawasan serta misinya seharusnya mendapat setinggi-tinggi pujian.

Akhir sekali bagi pihak Lembaga Pengarah, saya ingin menyampaikan ucapan terima kasih yang tulus ikhlas kepada para pemegang sahamdan rakan perniagaan, pihak berkuasa, institusi kewangan, bank-bank dan para pelanggan di atas sokongan dan keyakinan berterusan merekaterhadap Kumpulan.

Tan Sri Abdul Halim bin AliChairman / Pengerusi

12 December / Disember 2001

Appreciation and Acknowledgement

I would like to express our sincere thanks and appreciation to our former Chairman and director, YBhg Tan Sri Ibrahim bin Menudinwho resigned on 10 September 2001; executive director, YBhg Dato’ Ilyas Ling, who resigned on 1 August 2001; and alternatedirector, Mr Phan Leong Kim, who resigned as alternate director to YBhg Dato’ Ilyas Ling and YBhg Tan Sri Ibrahim bin Menudinon 1 August 2001 and 10 September 2001 respectively, for their contributions during the past year. On behalf of my fellow Boardmembers, I would also like to welcome YBhg Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin who joined the Board on 10 September2001. I look forward to the continued guidance and counsel of my fellow Directors as the Company braces for challenging times ahead.

On behalf of the staff, I would like to thank our shareholders for approving the extension of the Malakoff Berhad Employees’ ShareOption Scheme for a further five years. The gesture to reward eligible employees for their contribution is much appreciated andbodes well for the continued growth of the Group.

I would also like to thank all employees at all levels for their dedication and support during the year. Your commitment to theCompany and its vision and mission must be commended.

Lastly, on behalf of the Board of Directors, I would like to convey our sincere thanks to our shareholders and business associates,the relevant authorities, financiers, bankers and customers for their continued support and confidence in the Group.


46


47

The quickening pace of industrialisation means that energy consumption will continue

to increase exponentially. Sound, efficient generation methods allow us to maximise

output in tandem with this growth as we meet the needs of more homes and businesses

than ever before.

MENYAHUT DENGAN PEKA KEPERLUAN

UNTUK LEBIH BANYAK BEKALAN TENAGA

Kepesatan perindustrian juga bermakna bahawa penggunaan tenaga akan terus

meningkat dengan ketara. Kaedah penjanaan yang mantap dan cekap membolehkan

kami memaksimumkan output sejajar dengan pertumbuhan ini sambil menyahut

keperluan penggunaan kediaman dan perniagaan yang semakin meningkat.

Noise levels in the vicinity of the

Lumut Power Plant are lower than

the recommended limits.

Tahap kebisingan di sekitar Loji

Janakuasa Lumut adalah lebih

rendah daripada had yang disyorkan.


48

review

Power Generation

Power generation continued to be the mainstay of the Group’s business for the year under review. Much

of the activity was however focused on the GB3 Project following approval to ‘fast track’ the project

with the objective of achieving commercial operations for the first open cycle gas turbine (“OCGT”)

by December 2001. A 21-year Power Purchase Agreement (“PPA”) has since been signed with Tenaga

Nasional Berhad that bodes well for the future of the project, and the Company.

Lumut Power Plant

Now in its sixth year of successful commercial operation, the Lumut Power Plant (“LPP”), which is

owned by Segari Energy Ventures Sdn Bhd (“SEV”) and operated and maintained by Teknik Janakuasa

Sdn Bhd (“TJSB”), continued to record good plant performance for the period under review.

Penjanaan Elektrik

Penjanaan elektrik terus menjadi perniagaan teras Kumpulan pada tahun yang ditinjau. Walau bagaimanapun,

kebanyakan aktivitinya difokus kepada Projek GB3 selepas menerima kelulusan bagi projek ‘fast track’

yang bertujuan untuk mencapai operasi komersial untuk turbin gas kitar terbuka (“OCGT”) pada bulan

Disember 2001. Satu Perjanjian Pembelian Tenaga (“PPA”) selama 21 tahun telah ditandatangani dengan

Tenaga Nasional Berhad. Ini akan memberi manfaat kepada masa depan projek tersebut dan juga Syarikat.

Loji Janakuasa Lumut

Loji Janakuasa Lumut (“LPP”) yang kini berjaya beroperasi secara komersial untuk tahun keenam, dimiliki

oleh Segari Energy Ventures Sdn Bhd (“SEV”) dan dikendali serta disenggara oleh Teknik Janakuasa Sdn Bhd

(“TJSB”). Ia terus mencatatkan prestasi loji yang memuaskan sepanjang tempoh yang ditinjau.

OF GROUP OPERATIONSTINJAUAN OPERASI KUMPULAN


48


49

Currently the largest combined cycle power plant in the country

with a capacity of 1,303 MW, LPP delivered approximately

10,318 GWh of electricity to the Malaysian National Grid.

This 4% increase from the previous year, can be attributed to

an increase in the nation’s demand for electricity and higher

availability for the period under review, coupled with the

plant’s high reliability and efficiency. Plant availability had

improved significantly following completion of major

maintenance works and fewer unplanned shutdowns.

The plant also maintained an excellent safety record with no

lost time incidents occurred.

Kini, sebagai loji janakuasa kitar padu terbesar di negara ini yang

mempunyai kapasiti 1,303 MW, LPP menghantar kira-kira 10,318

GWh tenaga elektrik ke Grid Kebangsaan Malaysia. Peningkatan

4% yang dicatatkan berbanding pada tahun sebelumnya ini adalah

disebabkan oleh kenaikan permintaan negara untuk tenaga elektrik

dan ketersediaan yang tinggi pada tempoh yang ditinjau serta

kewibawaan dan kecekapan loji ini. Ketersediaan loji telah ketara

bertambah baik berikutan penyiapan sebahagian besar kerja

penyenggaraan dan berkurangnya penutupan loji yang tidak

dirancang.

Loji ini juga mengekalkan rekod keselamatannya yang cemerlang

tanpa mengalami kejadian kerugian masa.


49


50

GB3 Project

The year under review proved an active one for GB3 Sdn Bhd

(“GB3”), Malakoff’s wholly-owned subsidiary set up for the

purpose of developing, owning and operating the 640 MW

combined cycle gas turbine (“CCGT”) power plant adjacent

to LPP.

Confidence in the project’s success was demonstrated with the

signing of the Engineering, Procurement and Construction

(“EPC”) Contract eight months before the signing of the

Power Purchase Agreement (“PPA”) and eleven months prior

to the finalisation of the Gas Supply Agreement (“GSA”).

Work on the open cycle and combined cycle, for which

commercial operation will be implemented in separate phases,

commenced immediately following the signing of the EPC.

When fully-operational in a combined cycle mode, LPP and

GB3 Project will become the country’s largest single CCGT

facility with a total capacity of close to 2,000 MW.

The date 10 October 2000 turned out to be a significant one

for GB3, with the signing of four major agreements on the

project. The first was the EPC contract signed with Alstom

Power Asia Pacific Sdn Bhd (“Alstom”) covering performance

guarantees and completion dates for the OCGT and CCGT.

On that same date, Alstom was also given the authorisation

to proceed. The other two agreements were sales and purchase

agreements (“SPA”) between GB3 and Malakoff and SEV

respectively for the acquisition of the land for the site.

Projek GB3

Tahun yang ditinjau terbukti merupakan satu tahun yang aktif bagi

GB3 Sdn Bhd (“GB3”), sebuah syarikat subsidiari milik penuh

Malakoff yang ditubuhkan untuk membangun, memiliki dan

mengendalikan loji janakuasa turbin gas kitar padu (“CCGT”)

640 MW di sebelah LPP.

Keyakinan terhadap kejayaan projek tersebut terbukti melalui

perjanjian Kontrak Kejuruteraan, Pemerolehan, dan Pembinaan

(“EPC”) yang ditandatangani lapan bulan sebelum Perjanjian

Pembelian Tenaga (“PPA”) ditandatangani dan sebelas bulan

sebelum pencapaian Perjanjian Bekalan Gas (“GSA”).

Kerja untuk loji kitar terbuka dan kitar padu yang operasi secara

komersialnya akan dilaksanakan dalam beberapa fasa berasingan,

telah dimulakan dengan serta merta selepas menandatangani EPC.

Apabila beroperasi sepenuhnya dalam mod kitar padu, Projek LPP

dan GB3 akan menjadi kemudahan CCGT tunggal yang terbesar

dengan jumlah kapasiti hampir 2,000 MW.

Tarikh 10 Oktober 2000 adalah satu tarikh yang bermakna

bagi GB3 selepas berjaya menandatangani empat perjanjian utama

projek tersebut. Perjanjian pertama adalah kontrak EPC yang

ditandatangani dengan Alstom Power Asia Pacific Sdn Bhd

(“Alstom”) yang merangkumi jaminan prestasi dan tarikh penyiapan

OCGT dan CCGT. Pada tarikh yang sama, Alstom juga telah

diberi kuasa untuk memulakan projek tersebut. Dua lagi perjanjian

lain merupakan perjanjian jual beli (“SPA”) antara GB3, Malakoff

dan SEV bagi pengambilalihan tanah untuk tapak tersebut.


50

review of group operations

TINJAUAN OPERASI KUMPULAN


51



The 21-year Operations and Maintenance (“O&M”)

agreement was signed with TJSB on the same date with the

supplemental agreement thereto signed on 3 August 2001.

On 8 February 2001, GB3 entered into two easement

agreements with SEV to allow the company to use certain

SEV facilities during the construction phase as well as

operational stage. The company also reached another major

milestone with the signing of the PPA with Tenaga Nasional

Berhad (“TNB”) on 28 June 2001, for the sale of the plant’s

total electrical generating capacity and electrical energy

output to TNB.

The GSA with Petroliam Nasional Berhad (“Petronas”) for

the exclusive supply of natural gas to the project for a 21-year

period was signed on 6 September 2001. This was followed by

the signing of the Facilities Agreement with Aseambankers

Malaysia Sdn Bhd and Citibank Berhad a week later, on

13 September 2001 for the RM1 billion Al-Bai’ Bithaman Ajil

Serial Bonds (“ABBA Bonds”) and a RM350 million

Al-Murabahah Commercial Papers/Medium Term Notes

Issuance Programme (“Al-Murabahah CP/MTN”) for the

financing of GB3 Project.

The first and second units of gas turbines arrived from Alstom

Power factory in Birr, Switzerland on 10 April 2001, and a

small ceremony, officiated by the Minister of Energy,

Communications and Multimedia, YBhg Datuk Amar Leo

Moggie, was held to mark the occasion. The third unit was

received on 25 June 2001.

Perjanjian Operasi dan Penyenggaraan (“O & M”) selama 21 tahun

telah ditandatangani dengan TJSB pada tarikh yang sama dan

perjanjian tambahan kepadanya ditandatangani pada 3 Ogos 2001.

Pada 8 Februari 2001, GB3 telah memeterai dua perjanjian

kemudahan dengan SEV untuk membolehkan syarikat

menggunakan kemudahan SEV tertentu semasa fasa pembinaan

serta peringkat operasi. Syarikat ini juga mencapai satu lagi

mercutanda dengan kejayaan menandatangani PPA dengan

Tenaga Nasional Berhad (“TNB”) pada 28 Jun 2001, bagi

penjualan kapasiti penjanaan elektrik dan output tenaga elektrik

kepada TNB.

GSA dengan Petroliam Nasional Berhad (“Petronas”) bagi

bekalan eksklusif gas asli kepada projek tersebut untuk tempoh

21 tahun telah ditandatangani pada 6 September 2001. Ini

diikuti dengan termeterainya Perjanjian Kemudahan dengan

Aseambankers Malaysia Sdn Bhd dan Citibank Berhad

seminggu kemudian, iaitu pada 13 September 2001 bagi Bon

Bersiri Al-Bai’ Bithaman Ajil (“Bon ABBA”) bernilai RM1 bilion

dan Program Penerbitan Kertas Perdagangan/Nota Jangka

Sederhana Al-Murabahah (“CP/MTN Al-Murabahah”) untuk

membiayai Projek GB3.

Unit pertama dan kedua turbin gas telah diterima dari kilang

Alstom Power, Birr, Switzerland pada 10 April 2001. Satu majlis

perasmian ringkas sempena penerimaan tersebut telah dilangsungkan

oleh Menteri Tenaga, Komunikasi dan Multimedia, YBhg Datuk

Amar Leo Moggie. Unit ketiga telah diterima pada 25 Jun 2001.


52

As at 12 December 2001, with most of the major equipment

for the OCGT on site; construction was 80% completed and

we were approximately 5% ahead of schedule.

We now look forward to the commercial operation of the first

gas turbine in December 2001.

Kapar Power Station

During the last financial year under review, Malakoff

successfully bid for a 40% stake in Tenaga Nasional Berhad’s

(“TNB”) 2,420MW Sultan Salahuddin Abdul Aziz Power

Station (“Kapar Power Station”) in Kapar, Selangor.

As at 28 September 2001, Kapar Energy Ventures Sdn Bhd

(“KEV”), a wholly-owned subsidiary of Malakoff and the

signatory for the conditional Asset Sale Agreement for

the proposed acquisition signed with TNB in July 2000; and

TNB had mutually agreed to extend the Conditions Period

to the Asset Sale Agreement for a further three months from

1 October 2001, or such additional period as necessary.

This second extension is to facilitate revisions to the project

agreements and commercial agreements in relation to the

above proposed acquisition.

Operations & Maintenance (O&M)

Teknik Janakuasa Sdn Bhd (“TJSB”), Malakoff’s Operations

& Maintenance (“O&M”) arm, currently provides O&M

services to LPP, Petronas Gas Berhad’s Centralised Utility

Facilities (“CUF”) at Gebeng, Pahang and Kerteh,

Terengganu, GB3 project and Prai Power Plant, Penang.

Pada 12 Disember 2001, dengan sebahagian besar peralatan untuk

OCGT berada di tapak, pembinaan telah 80% siap dan kami

mendahului jadual pada kadar lebih kurang 5%.

Kini kami sedang bersedia untuk menunggu operasi komersial

pertama turbin gas berkenaan pada bulan Disember 2001.

Stesen Janakuasa Kapar

Pada tahun kewangan sebelumnya, Malakoff berjaya membida ke

atas 40% kepentingan dalam Stesen Janakuasa Sultan Salahuddin

Abdul Aziz (“Stesen Janakuasa Kapar”) 2,420MW milik Tenaga

Nasional Berhad (“TNB”), di Kapar Selangor.

Pada 28 September 2001, Kapar Energy Ventures Sdn Bhd

(“KEV”), sebuah anak syarikat milik penuh Malakoff dan pihak

yang terlibat bagi Perjanjian Penjualan Harta bersyarat bagi

pengambilalihan yang dicadangkan dengan TNB pada bulan Julai

2001; dan TNB telah bersama-sama mencapai persetujuan untuk

melanjutkan Tempoh Syarat Perjanjian Penjualan Harta selama

tiga bulan lagi daripada 1 Oktober 2001, atau sebarang tempoh

tambahan yang sesuai.

Pelanjutan kedua ini adalah untuk membolehkan semakan semula

dibuat ke atas perjanjian projek dan perjanjian komersial berkaitan

pengambilalihan di atas.

Operasi & Penyenggaraan (O&M)

Teknik Janakuasa Sdn Bhd (“TJSB”), bahagian Operasi &

Penyenggaraan (“O&M”) Malakoff sekarang menyediakan

perkhidmatan O&M kepada LPP, Kemudahan Utiliti Sepusat

(“CUF”) Petronas Gas Berhad di Gebeng, Pahang dan Kerteh,

Terengganu, Projek GB3 dan Loji Janakuasa Prai, Pulau Pinang.




53

The year under review also marked TJSB’s sixth contract year

with SEV for the LPP and the second contract year with

Petronas Gas Berhad (“PGB”) for the Kerteh and Gebeng

CUFs. The company also started on the mobilisation phase for

GB3 project and pre-mobilisation phase for Prai Power Plant.

Lumut Power Plant

Judging by LPP’s availability and efficiency figures, the plant

continued to maintain good operational performance,

exceeding all contractual guarantees pledged under the O&M

agreement. Total energy generation increased by 4.4% while

the monthly capacity factor was the highest ever at 90.31%.

Tahun yang ditinjau juga merupakan tahun keenam kontrak

TJSB dengan SEV bagi LPP dan tahun kedua kontrak dengan

Petronas Gas Berhad (“PGB”) bagi CUF Kerteh dan Gebeng.

Syarikat juga telah memulakan fasa mobilisasi Projek GB3 dan

fasa pra mobilisasi bagi Loji Janakuasa Prai.

Loji Janakuasa Lumut

Berasaskan kepada ketersediaan dan angka kecekapan LPP, loji ini

terus mengekalkan prestasi operasi yang baik, melebihi semua

jaminan kontrak yang disandarkan di bawah perjanjian O&M.

Jumlah penjanaan kuasa telah meningkat sebanyak 4.4%

sementara faktor kapasiti tahunan adalah yang tertinggi pernah

dicatatkan iaitu pada 90.31%.


53


54

TJSB continues to explore ways to improve its O&M

methodology via the implementation of projects and new

systems.

Centralised Utility Facilities, Gebeng and Kerteh

The Gebeng and Kerteh CUFs are Petronas Gas Berhad’s

co-generation plants that supply various utilities such as

electrical power, steam and industrial gases to several customers.

Both plants’ generation capacity and availability remained at

expected levels for the year under review. With support from

TJSB’s Technical Support Group (“TSG”), various O&M tools

and methodologies are being implemented to ensure efficiency

and that the planned generation schedule is adhered to.

GB3 Project

Now in the mobilisation phase, TJSB’s GB3 project responsibilities

encompass design review, plant commissioning and attending

O&M training conducted by the EPC contractor. Additional

O&M training are also being provided through attachment to

the adjacent LPP.

Commercial operation of the first open cycle gas turbine is

scheduled to start by 31 December 2001.

Prai Power Plant, Penang

19 December 2000 witnessed the signing of a 21-year O&M

contract between TJSB subsidiary company, Natural Analysis

Sdn Bhd (“NASB”) and SKS Ventures Sdn Bhd for the

350 MW Prai Power Plant in Penang.

TJSB terus meninjau pelbagai sudut untuk mempertingkatkan

kaedah O&Mnya melalui pelaksanaan beberapa projek dan

sistem baru.

Kemudahan Utiliti Sepusat, Gebeng dan Kerteh

CUF Gebeng dan Kerteh adalah loji penjanaan bersama Petronas

Gas Berhad yang membekalkan pelbagai utiliti seperti tenaga

elektrik, wap dan gas perindustrian kepada beberapa pelanggan.

Kapasiti dan ketersediaan penjanaan kedua-dua loji kekal pada

tahap jangkaan bagi tahun yang ditinjau. Dengan sokongan daripada

Kumpulan Sokongan Teknikal (“TSG”) TJSB, berbagai perkakasan

dan kaedah O&M sedang dilaksanakan bagi memastikan kecekapan

dan jadual penjanaan dipatuhi.

Projek GB3

Kini, di peringkat mobilisasi, tanggungjawab TJSB terhadap projek

GB3 meliputi kajian rekabentuk, pentauliahan loji dan menghadiri

latihan O&M yang dijalankan oleh kontraktor EPC. Latihan

O&M tambahan juga disediakan melalui latihan sambil kerja

dengan LPP yang berhampiran.

Operasi komersial turbin gas kitar terbuka dijadual akan bermula

menjelang 31 Disember 2001.

Loji Janakuasa Prai, Pulau Pinang

Pada 19 Disember 2000, sebuah kontrak O&M 21 tahun telah

ditandatangani antara syarikat subsidiari TJSB, Natural Analysis

Sdn Bhd (“NASB”) dan SKS Ventures Sdn Bhd bagi Loji

Janakuasa Prai 350 MW di Pulau Pinang.


54




55

In addition, NASB signed a long-term service agreement on

19 December 2000 with GE Energy Parts, Inc. and GE Power

Systems (M) Sdn Bhd, to provide maintenance services and

spare parts for the combined cycle gas turbine plant that uses

GE Frame 9FA gas turbines in single shaft arrangement.

The mobilisation phase of the O&M contract is scheduled for

2 May 2002.

Tools & Methodologies

In line with Malakoff’s goal of being the best-managed power

company in the country, TJSB utilises the latest O&M tools

and methodologies to ensure efficient management of the

power plants under its purview. These include Knowledge

Management, Reliability Centered Maintenance (“RCM”)

and Hot Gas Path (“HGP”) Component Management.

A pilot electronic Knowledge Management System (“e-KMS”)

is being developed, initially to focus on Business Development

in the Project Bidding proposal/area. Other pilot systems to

cater to knowledge sharing and accessing various levels of

competencies and in-house reference will eventually be made

available in the system’s central repository.

Following the implementation of RCM last year, LPP’s

availability is now at around 95.77%, exceeding our contractual

guarantee of 86%, while plant reliability, at 0.35% is well below

the 2% target. These practices have now been incorporated

Di samping itu, NASB juga telah menandatangani perjanjian

perkhidmatan jangka panjang pada 19 Disember 2000 dengan

GE Energy Parts, Inc. dan GE Power Systems (M) Sdn Bhd,

bagi menyediakan khidmat penyenggaraan dan alat ganti kepada

loji turbin gas kitar padu yang menggunakan turbin gas Kerangka

GE 9FA dalam pengaturan aci tunggal.

Fasa mobilisasi kontrak O&M ini dijadualkan pada 2 Mei 2002.

Perkakasan & Kaedah

Sejajar dengan matlamat Malakoff untuk menjadi syarikat kuasa yang

mempunyai pengurusan terbaik di negara ini, TJSB menggunakan

perkakasan dan kaedah O&M yang terkini bagi memastikan

kecekapan pengurusan loji kuasa di bawah seliaannya. Ini meliputi

Pengurusan Pengetahuan, Penyenggaraan Berteraskan Kewibawaan

(“RCM”) dan Pengurusan Komponen ‘Hot Gas Path’ (“HGP”).

Sistem Pengurusan Pengetahuan elektronik (“e-KMS”) perintis

sedang dibangunkan. Buat permulaan ia akan memfokus kepada

Pembangunan Perniagaan dalam bidang/cadangan Pembidaan

Projek. Sistem perintis yang lain adalah untuk menyediakan

kemudahan kepada perkongsian pengetahuan dan menilai pelbagai

tahap daya saingan dan rujukan dalaman akan tersedia di dalam

repositori pusat sistem tersebut tidak lama lagi.

Berikutan pelaksanaan RCM pada tahun lepas, ketersediaan

LPP kini di sekitar 95.77% dan melebihi jaminan yang dikontrak

sebanyak 86%, sementara kebolehpercayaan loji adalah

pada kadar 0.35%, lebih rendah daripada 2% yang disasarkan.




56

into our Maintenance Management System to ensure

constant monitoring, reporting and improvements in the

effectiveness and efficiency of our maintenance strategies.

In the power generation industry, HGP Component

Management is an important element in optimising O&M

costs as blade and other hot gas path components contribute

80% to 90% of total O&M costs. For this reason, we have

now incorporated a Blade Tracking Module within the SAP

system to capture and track blade and other HGP components

costs, record the number of refurbishment cycles for the

blade, track components movement and location, and other

relevant details.

Technical Support Group (“TSG”)

TSG supports the plants operated by the company with

expertise and advice on plant operation and maintenance.

Besides monitoring the implementation of various O&M

Tools & Methodologies in an effort to optimise plant efficiency

and life cycle costs, TSG assisted with GB3 project’s EPC

technical specification and provided engineering services as

the Owner’s Engineer. It also represented Malakoff as a witness

for Kapar Unit 5’s Boiler & Turbine Performance Test with

Lloyds Register in May 2001.

Staff Development

Staff numbers have increased in accordance with the new

O&M contracts in place. To ensure that staff are equipped

with the latest skills relevant to their jobs, on-going Certification

Training Programmes (“CTP”) involving on-the-job training,

computer-based interactive training, courses and seminars are

conducted. All staff are required to undergo a maximum six

phases of CTP, which is estimated to take up to five years to

complete, depending upon their entry level in the organisation.

Amalan ini telah dimasukkan ke dalam Sistem Pengurusan

Penyenggaraan kami bagi memastikan penyeliaan, laporan dan

peningkatan dalam keberkesanan dan kecekapan yang berterusan

bagi strategi penyenggaraan kami.

Di dalam industri penjanaan kuasa, Pengurusan Komponen HGP

merupakan unsur penting dalam mengoptimumkan kos O&M

kerana bled dan komponen laluan gas panas yang lain menyumbang

80% hingga 90% daripada kos keseluruhan O&M. Justeru, kini

kami telah menyatukan Modul Pengesanan Bled di dalam sistem

SAP untuk menyekat dan mengesan bled dan komponen HGP lain

termasuk kos, rekod bilangan kitaran pembaharuan bled, pengesanan

pergerakan dan lokasi komponen dan butir-butir lain yang berkaitan.

Kumpulan Sokongan Teknikal (“KST”)

Kumpulan Sokongan Teknikal memberi sokongan kepada loji yang

dikendalikan oleh syarikat dengan kepakaran dan nasihat mengenai

operasi dan penyenggaraan loji. Selain daripada menyelia

pelaksanaan pelbagai Perkakasan & Penyenggaraan O&M dalam

usaha untuk mengoptimumkan kecekapan dan kos kitar hayat,

TSG membantu spesifikasi teknikal EPC projek GB3 dan

menyediakan perkhidmatan kejuruteraan sebagai Jurutera Pemilik.

Ia juga mewakili Malakoff sebagai saksi bagi Ujian Prestasi

Pendandang & Turbin Unit 5 Kapar dengan Llyods Register pada

bulan Mei 2001.

Pembangunan Kakitangan

Bilangan kakitangan telah meningkat selaras dengan pelaksanaan

kontrak O&M yang baru. Bagi memastikan bahawa kakitangan

dilengkapi dengan kemahiran terkini berkaitan kerja mereka,

Program Latihan Persijilan (“CTP”) yang melibatkan latihan

semasa kerja, latihan interaktif berasaskan komputer, kursus dan

latihan sentiasa dijalankan secara berterusan. Semua kakitangan

dikehendaki mengikuti maksimum enam fasa CTP yang dianggarkan

mengambil masa selama lima tahun untuk diselesaikan, bergantung

kepada tahap kemasukan di dalam organisasi.




57

Business Development

TJSB is continuously looking for opportunities to increase the

number of O&M contracts under its wing. In addition to the

domestic market, the company will seek to expand its base

regionally as South-East Asia continues to present opportunities

for our innovative products and services. However, the

company also remains selective in its choice of contracts to

safeguard against potential issues such as terms of payment,

repatriation, etc.

Electricity Distribution & Centralised Chilled Water Plant

Malakoff ’s electricity distribution activities are under the

purview of its wholly-owned subsidiary Wirazone Sdn Bhd

(“Wirazone”). Wirazone has the licence to supply electricity

to the Kuala Lumpur Sentral (“KL Sentral”) development area

through its electricity distribution system (“EDS”).


57

Pembangunan Perniagaan

TJSB sentiasa meninjau pelbagai peluang untuk mempertingkatkan

bilangan kontrak O&M yang diperolehinya. Selain daripada

pasaran domestik, syarikat ini akan berusaha untuk mengembangkan

asas operasinya ke peringkat serantau kerana Asia Tenggara terus

membuka peluang yang luas kepada produk dan perkhidmatan

inovatif. Walau bagaimanapun, syarikat ini akan terus berhati-hati

dalam memilih kontraknya bagi mengelakkan isu-isu yang

berkaitan seperti tempoh bayaran, pemulangan dan sebagainya.

Pembahagian Elektrik & Sistem Pendingin Air Sepusat

Aktiviti pembahagian elektrik Malakoff adalah di bawah

kendalian syarikat subsidiari milik penuhnya, Wirazone Sdn Bhd

(“Wirazone”). Wirazone mempunyai lesen untuk membekal

elektrik kepada kawasan pembangunan Kuala Lumpur Sentral

(“KL Sentral”) melalui sistem pembahagian elektriknya (“EDS”).



58



The year under review saw Wirazone’s customer base increase

to 25, all within the Sentral Station. Two hotels, the Meridien

and the Hilton, are expected to be energised by first quarter

2002. When the Sentral Plaza office blocks and Suasana

Sentral Condominiums are occupied in 2002, customer

numbers will increase to approximately 400.

Wirazone has state-of-the-art facilities in place to ensure the

efficient management and accomplishment of its EDS.

Electricity supply from TNB grid will ultimately be via four

cables and from three different sources to ensure sufficient

capacity to maintain supply.

At present, the company also has two units of electrical

centrifugal chillers to supply chilled water to two blocks of the

Plaza Sentral office suites. The system will eventually be

expanded to cater to the needs of the remaining two blocks

that are now in the planning stage.

Project Management

Malakoff Engineering Sdn Bhd (“MESB”) is the engineering

and project management arm of the Group providing project

management, engineering and technical advisory services.

Staffed by a pool of highly trained engineers, the company is

providing project management services to GB3 Sdn Bhd on

the GB3 project.

Tinjauan tahun ini menyaksikan asas pelanggan Wirazone

bertambah kepada 25, yang kesemuanya terletak di dalam Stesen

Sentral. Dua buah hotel, Meridien dan Hilton, dijangka akan

mendapat bekalan tenaga menjelang suku tahun pertama 2002.

Apabila blok pejabat Plaza Sentral dan Kondominium Suasana

Sentral diduduki pada tahun 2002, bilangan pelanggan dijangka

akan meningkat kepada kira-kira 400.

Kemudahan canggih yang digunakan oleh Wirazone adalah untuk

memastikan kecekapan pengurusan dan pelaksanaan EDSnya.

Bekalan elektrik dari grid TNB akan dihantar melalui empat kabel

dan dari tiga sumber berbeza bagi memastikan kecekapan kapasiti

dan bekalan yang berterusan.

Buat masa ini, syarikat mempunyai dua unit pendingin empar

elektrik untuk membekalkan air sejuk kepada dua blok suit

pejabat Plaza Sentral. Sistem ini akan dikembangkan secara

beransur-ansur bagi memenuhi keperluan dua blok selebihnya

yang kini dalam peringkat perancangan.

Pengurusan Projek

Malakoff Engineering Sdn Bhd (“MESB”) adalah bahagian

kejuruteraan dan pengurusan projek Kumpulan yang menyediakan

perkhidmatan pengurusan projek, kejuruteraan dan nasihat teknikal.

Syarikat ini yang dianggotai oleh jurutera yang sangat terlatih,

menyediakan perkhidmatan pengurusan projek kepada GB3 Sdn

Bhd bagi projek GB3.


59

environment, safety & healthALAM SEKITAR, KESELAMATAN & KESIHATAN

As one of the country’s leading power producers, Malakoffmakes every effort to ensure that all its operations complywith applicable legislation pertaining to environmentalmanagement, safety and health.

For the period from 31 January 2000 to 28 September 2001,Lumut Power Plant’s (“LPP”) no lost time accident days stoodat 592 days. This is an excellent record considering theindustry averages about three accidents per year.

LPP and Teknik Janakuasa Sdn Bhd’s (“TJSB”) commitmentto workplace safety, and to ensure staff are primed for anyeventuality, is evidenced by a host of safety training activitiesthat are carried out throughout the year for staff and in-housecontractors. Working with third parties such as NIOSH andBOMBA, the training covers subjects from Overhead Craneand Forklift to Confined Spaces, Fire Fighting and BreathingApparatus.

In light of its excellent safety record and compliance withall OSHA requirements in the areas of safety policy, safetycommittee, safety meeting, boiler inspection, crane inspection,audiometric testing, accident reporting and investigation andprovision of personal protective equipment to employees, LPPhas been shortlisted for the Department of Safety & HealthSafety Award 2001 in the utility sector category. The resultswill be known in early 2002.

In the area of environmental management, TJSB hasappointed Environmental Science (M) Sdn Bhd to carry outenvironmental quality monitoring to fulfill the requirementsstipulated by the Department of Environment (“DOE”).The monitoring exercises, to test water quality for effluent,marine quality, noise levels, air quality and the ecology ofturtles based at the turtle landing on the Pasir Panjang Coast,are undertaken on a quarterly and annual basis.

To date, air quality, gaseous stack emission, noise levels for dayand night, and marine water and water treatment systemsamples have tested well below the limits required under therespective regulations.

The continued adherence to strict environmental managementand the positive results attest to LPP’s role as a leading serviceprovider in the area of power generation and, its commitmentto a clean and healthy working environment.

Sebagai salah sebuah pengeluar tenaga terkemuka di negara ini,Malakoff mengambil pelbagai langkah untuk memastikan supayasemua operasinya mematuhi perundangan yang berkuatkuasaberhubung dengan pengurusan alam sekitar, keselamatan dankesihatan.

Sepanjang tempoh dari 31 Januari 2000 hingga 28 September2001, Loji Janakuasa Lumut (“LPP”) mencatatkan 592 haritanpa kerugian masa akibat kecederaan. Pencapaian ini mencatatkanrekod yang cemerlang kerana secara purata industri mencatatkankira-kira tiga kemalangan setahun.

Komitmen yang diberikan oleh LPP danTeknik Janakuasa Sdn Bhd(“TJSB”) terhadap keselamatan di tempat kerja serta langkahnyamemastikan supaya kakitangan diberi keutamaan dalam sebarangkemungkinan, terbukti melalui berbagai aktiviti latihan keselamatanyang dijalankan sepanjang tahun untuk kakitangan dan kontraktordalamannya. Latihan yang dianjurkan dengan kerjasama pihak-pihakketiga seperti NIOSH dan BOMBA ini merangkumi perkara daripadaKren Atas dan Jentera Angkat Susun (forklift) hinggalah kepadaRuang Terhad, Memadam Kebakaran dan Peralatan Pernafasan.

Memandangkan rekod keselamatan cemerlang yang dicapainyadan pematuhan kepada semua keperluan OSHA dalam bidangberkaitan dasar keselamatan, jawatankuasa keselamatan,mesyuarat keselamatan, pemeriksaan dandang, pemeriksaan kren,pengujian audiometrik, laporan kemalangan dan penyiasatan sertapenyediaan peralatan perlindungan diri kepada kakitangan, LPPjuga telah disenarai pilih bagi menerima Anugerah Keselamatan &Kesihatan 2001 dalam kategori sektor utiliti. Keputusannya akandiketahui pada awal tahun 2002.

Dalam bidang pengurusan alam sekitar pula, TJSB telah melantikEnvironmental Science (M) Sdn Bhd untuk menjalankanpemantauan kualiti alam sekitar bagi memenuhi keperluan yangditetapkan oleh Jabatan Alam Sekitar (“JAS”). Langkah pemantauanini yang melibatkan pengujian kualiti air bagi enapcemar, kualitimarin, tahap kebisingan, kualiti udara dan ekologi penyu berpengkalandi tempat penyu mendarat di sepanjang Pantai Pasir Panjang inidijalankan setiap suku tahun dan secara tahunan.

Sehingga kini, kualiti air, pelepasan gas bertindan, tahap kebisinganbagi siang dan malam dan sampel air marin dan sistem rawatan airyang diuji didapati berada di bawah paras had yang disyorkan dibawah peraturan berkenaan.

Pematuhan berterusan kepada pengurusan alam sekitar yang ketat dankeputusannya yang positif membuktikan peranan LPP sebagai sebuahpenyedia perkhidmatan yang terkemuka dalam bidang janakuasaserta komitmennya terhadap persekitaran kerja yang bersih dan sihat.


60

&Cognisant of the fact that managing its assets well willproduce great rewards in the long run, Malakoff Berhad’skey Information & Communication Technology (“ICT”)initiatives during the year under review revolved aroundsupporting key assets that is, people and knowledge.

Towards this end, ICT’s role is now focused on supportingknowledge-based activities that will support and facilitateMalakoff ’s efforts to become the leader among IPPs inproducing the most cost effective and consistent supply ofelectricity to its main customer, Tenaga Nasional Berhad(“TNB”).

Human Resource SupportAt the center of Malakoff ’s Enterprise Resource PlanningSystem is SAP. The inclusion of a Human Resource modulewith the main SAP application will allow employees totransact all HR functions such as leave application andapproval, appraisals and management training requirementson-line; as well as cater to compensation management,recruitment and event management needs.

Already in the pipeline is the implementation of BusinessObjects; a user-driven SAP on-line reporting boot to allowretrieval of up-to-date information from the ENS solutioncurrently installed “DME” (Document ManagementExtension) System to capture current and past incominginformation. Additionally, in moving towards a paperlessenvironment, a centralised DME has been successfullyimplemented to enhance document workflow storage andretrieval at Head Office.

Taking off in earnest has been the Malakoff intranet projectaimed at the dissemination of information on MalakoffCorporate Offices and its subsidiaries. Using open platformtools and internally supported by in-house developers, it isanticipated the project will inculcate user participation, whichis essential in knowledge management.

communicationinformationT E C H N O L O G Y

Infrastructure SupportKerteh and Gebeng will soon be connected to the Malakoffintranet via a Virtual Private Network (“VPN”), which alsoconnects LPP HQ.

In view of the continuous and fast-changing ICT environment,a specialist training room has been set up at Head Office,thus complementing the comprehensive training facilitiesavailable at LPP. Also in place is video conferencing tofacilitate meetings and discussions between the two sites.

Knowledge ManagementThe shift from information systems and informationmanagement into knowledge management has meant achange in focus; from maintaining information flow toadding value to content, and ensuring knowledge is easilystored and retrieved.

Tangible results to date include the implementation of aDrawing Management System to allow LPP to captureknowledge by digitising O&M documents, our involvementin a portal for the electricity supply industry, and thepilot implementation of an internet-based KnowledgeManagement System (“KMS”).

Work also continued on the website where contents willeventually include corporate profile and organisationalstructure, career opportunities, new projects and othercorporate information. The main website will also be linkedto affiliate websites such as TJSB’s, which is maintained by adifferent group.

Given the wider adoption of document sharing and retrievalat all levels via the intranet/internet platform, coupled withthe Group’s continual investment and commitment to thedevelopment of its ICT infrastructure, Malakoff is poised toremain at the forefront of utilising technology to enhance staffproductivity.

Disaster RecoveryIn preparation for any business interruption due to a disasteror computer failure, the Group has engaged a licensedcomputer recovery centre to provide hot-site services forcritical computer systems and offsite data storage.


60


61

&Menyedari hakikat bahawa usaha mengendalikan aset dengansempurna akan membantu menghasilkan ganjaran yang besardalam jangkamasa panjang, usaha Teknologi Maklumat &Komunikasi (“ICT”) Malakoff Berhad pada tahun yang ditinjauberkisar kepada memberi sokongan kepada aset utama iaitu tenagamanusianya dan pengetahuan.

Untuk mencapai matlamat ini, peranan ICT kini difokus ke arahmenyediakan sokongan kepada aktiviti berasaskan pengetahuanyang akan menyokong dan memudahkan usaha Malakoff untukmenjadi peneraju di kalangan IPP dalam menghasilkan bekalantenaga elektrik yang paling berkesan dari segi kos dan bekalan yangkonsisten kepada pelanggan utamanya, Tenaga Nasional Berhad(“TNB”).

Sokongan Sumber ManusiaSistem Perancangan Sumber Perniagaan Malakoff berpusat kepadaSAP. Kemasukan modul Sumber Manusia kepada aplikasi SAPakan membolehkan kakitangan untuk menguruskan semua fungsiHR seperti permohonan dan kelulusan cuti, penilaian danpengurusan keperluan latihan secara on-line; serta memenuhikeperluan pengurusan pampasan, pengambilan kakitangan dankeperluan aktiviti pengurusan.

Pada masa yang sama, pelaksanaan Sistem Objek Perniagaansedang diusahakan; sebuah aplikasi berasaskan but laporanon-line SAP untuk membolehkan pengeluaran maklumatterkini dari penyelesaian ENS yang kini dipasang dengan “DME”(Sistem Pengurusan Penyambungan Dokumen) bagi memperolehimaklumat terkini dan masa lampau. Selain itu, dalam usahamenuju ke arah kerja tanpa kertas, sebuah DME berpusat telahberjaya dilaksanakan untuk mempertingkatkan aliran kerjapenyimpanan dan pengeluaran dokumen di Ibu Pejabat.

Projek intranet Malakoff yang dilancarkan secara besar-besaranbertujuan untuk menyebarkan maklumat di pejabat-pejabatKorporat Malakoff dan syarikat-syarikat subsidiarinya. Platformterbuka dan disokong secara dalaman oleh pemaju sistem dalamsyarikat, projek ini dijangka akan dapat menggalakkan penyertaanpengguna dalam syarikat yang menjadi unsur penting dalampengurusan maklumat.

maklumatkomunikasi

Sokongan InfrastrukturKerteh dan Gebeng akan dihubungkan kepada intranet Malakofftidak lama lagi melalui Rangkaian Persendirian Maya (“VPN”),yang juga menghubungkan Ibu Pejabat LPP.

Memandangkan persekitaran ICT sentiasa mengalami perubahanpantas, sebuah bilik latihan pakar telah diwujudkan di Ibu Pejabat,yang melengkapkan kemudahan latihan komprehensif kepadasemua kakitangan syarikat. Bagi memudahkn latihan ataumesyuarat diadakan secara jarak jauh, peralatan video telahdipasang di ibu pejabat dan juga pejabat utama di LPP.

Pengurusan PengetahuanPertukaran daripada sistem maklumat dan pengurusan maklumatkepada pengurusan pengetahuan memberi satu perubahan fokus;daripada mengekalkan aliran maklumat kepada penambahan nilaikepada kandungan dan memastikan pengetahuan mudah disimpandan dikeluarkan.

Keputusan yang dihasilkan sehingga kini termasuk pelaksanaanSistem Pengurusan Lukisan untuk membolehkan LPP memperolehipengetahuan dengan mendigitalkan dokumen O&M, penglibatankami di dalam portal bagi industri bekalan kuasa elektrik danpelaksanaan peringkat perintis sebuah Sistem PengurusanPengetahuan (“SPP”) berasaskan internet.

Kerja berhubung laman web turut disambung di mana kandunganmeliputi profil korporat dan struktur organisasi, peluang kerjaya,projek baru dan berbagai maklumat korporat lain. Laman webutama juga akan dihubungkan dengan laman-laman web gabunganlain seperti laman web TJSB dan laman web anak-anak syarikatyang lain.

Malakoff bersedia mengekalkan kedudukan sebagai peneraju dalampenggunaan teknologi untuk mempertingkatkan produktivitikakitangannya. Usaha ini dilaksanakan melalui penggunaanaplikasi perkongsian dan pengeluaran dokumen yang lebih luas disemua peringkat melalui platform intranet/internet, berserta denganpelaburan berterusan dan komitmen Kumpulan membangunkaninfrastruktur ICTnya.

Pemulihan BencanaSebagai persediaan menghadapi sebarang gangguan ke atasperniagaan akibat sesuatu bencana atau kegagalan fungsikomputer, Kumpulan telah melantik sebuah pusat pemulihankomputer berlesen untuk menyediakan perkhidmatan ‘hot-site’ bagisistem komputer kritikal dan penyimpanan data di luar laman.

T E K N O L O G I


61


62

calendar OF EVENTS

PERISTIWA-PERISTIWA DALAM KALENDAR

2000September / September26 The meetings of the Sukuk Al-Ijara Revolving Underwriting Facility (“SARUF”) holders, the Sukuk Al-Ijara Notes Issuance

Facility (“SANIF”) holders and the Conventional Bondholders of Segari Energy Ventures Sdn Bhd were held at the StrategicRoom, 46th Floor, Menara Maybank in Kuala Lumpur to obtain the relevant consents for the GB3 Project.

Mesyuarat Pemegang SARUF, Pemegang SANIF dan Pemegang Bon Konvensional Segari Energy Ventures Sdn Bhd diadakan di BilikStrategik, Tingkat 46, Menara Maybank, Kuala Lumpur bagi mendapatkan kebenaran berkaitan bagi Projek GB3.

October / Oktober10 An Engineering, Procurement & Construction (“EPC”) Contract was entered into between GB3 Sdn Bhd and Alstom Power

Asia Pacific Sdn Bhd for the complete design, engineering, procurement, construction and commissioning of a 640 MWcombined cycle gas turbine power plant (GB 3 project) adjacent to the existing Lumut Power Plant (“LPP”) in Segari, Perak.

GB3 Sdn Bhd dan Alstom Power Asia Pacific Sdn Bhd memeterai Perjanjian Kejuruteraan, Pemerolehan dan Pembinaan (“EPC”)untuk menjalankan kerja merekabentuk, kejuruteraan, pemerolehan, pembinaan dan pentauliahan secara menyeluruh loji janakuasaturbin gas kitar padu (projek GB3) yang terletak di sebelah Loji Janakuasa Lumut (“LPP”) yang sedia ada di Segari, Perak.

19 GB3 Sdn Bhd held a ground-breaking ceremony to mark the commencement of construction of the GB 3 project in Segari,Perak. The event was officiated by YAB Dato’ Seri Diraja Hj Mohamad Tajol Rosli bin Mohamad Ghazali, Menteri Besar,Perak Darul Ridzuan.

GB3 Sdn Bhd mengadakan majlis pecah tanah sebagai tanda permulaan kerja pembinaan projek GB3 di Segari, Perak. Acara tersebuttelah dirasmikan oleh YAB Dato’ Seri Diraja Hj Mohamad Tajol Rosli bin Mohamad Ghazali, Menteri Besar Perak Darul Ridzuan.

December / Disember16 Mahkota Technologies Sdn Bhd handed over the Electricity Distribution System (“EDS”) for Kuala Lumpur Sentral

development to Wirazone Sdn Bhd. Through the EDS, electricity will be supplied to Central Station, Plaza Sentral corporateoffice suites, Suasana Sentral Condominiums, two hotels and other future developments within the Kuala Lumpur Sentraldevelopment area.

Mahkota Technologies Sdn Bhd menyerahkan Sistem Pembahagian Elektrik (“EDS”) bagi pembangunan Kuala Lumpur Sentral kepadaWirazone Sdn Bhd. Melalui EDS, tenaga elektrik akan dibekalkan ke Stesen Sentral, suite pejabat korporat Plaza Sentral, KondominiumSuasana Sentral, dua buah hotel dan pembangunan akan datang di dalam kawasan pembangunan Kuala Lumpur Sentral.

18 Teknik Janakuasa Sdn Bhd’s Gebeng and Kerteh offices hosted a joint breaking of fast gathering (Majlis Berbuka Puasa) atthe Legend Resort Cherating, Pahang Darul Makmur.

Pejabat Teknik Janakuasa Sdn Bhd di Gebeng dan Kerteh menganjurkan majlis berbuka puasa bersama di Legend Resort Cherating,Pahang Darul Makmur.

19 A conditional Shareholders Agreement was entered into between Teknik Janakuasa Sdn Bhd (“TJSB”), SKS Ventures SdnBhd (“SKS’) and Natural Analysis Sdn Bhd (“NASB”) whereby amongst others, SKS will subscribe to 49% of the enlargedshare capital of NASB with the remaining 51% held by TJSB.

Perjanjian Pemegang Saham bersyarat dimeterai oleh Teknik Janakuasa Sdn Bhd (“TJSB”), SKS Ventures Sdn Bhd (“SKS”) danNatural Analysis Sdn Bhd (“NASB”) di mana, SKS akan melanggan sehingga 49% saham modal NASB yang telah diperbesarkandengan baki 51% lagi dipegang oleh TJSB.


63

2001January / Januari22 Segari Energy Ventures Sdn Bhd and Teknik Janakuasa Sdn Bhd hosted a joint Hari Raya-Chinese New

Year open house at the Lumut Power Plant. The guests included members of the Board of Directors,management, local authorities, residents and students from three SEV-adopted schools, namely, SRKSegari, SRK (C) Pei Min and SRK (T) Ladang Huntly. SEV also marked the occasion with donationsto an orphanage each in Pengkalan Baru and Darul Hikmah, Gopeng.

Segari Energy Ventures Sdn Bhd dan Teknik Janakuasa Sdn Bhd menganjurkan majlis rumah terbuka Hari Rayabersama Tahun Baru Cina di Loji Janakuasa Lumut Perak. Tetamu yang hadir termasuk para ahli LembagaPengarah, pengurusan, pihak berkuasa tempatan, penduduk-penduduk dan pelajar-pelajar dari tiga buah sekolahangkat SEV, iaitu SRK Segari, SRK (C) Pei Min dan SRK (T) Ladang Huntly. SEV juga menyerikan lagiacara tersebut dengan menghulur sumbangan derma kepada rumah anak-anak yatim Pengkalan Baru danDarul Hikmah, Gopeng.

10 February / Februari - 8 March / MacThe Lumut Power Plant (“LPP”) GT12 C-inspection was conducted over a 27-day duration, setting a newrecord for the Lumut Power Plant and 13E2 gas turbine. Block 1 ST14 K-inspection (minor inspection)was also successfully carried out.

C-inspection GT12 Loji Janakuasa Lumut (“LPP”) yang dijalankan sepanjang 27 hari mencatatkan satu rekodbaru bagi turbin gas di Loji Janakuasa Lumut dan 13E2. K-inspection ST14 (pemeriksaan kecil) Blok 1 jugaberjaya dijalankan.

February / Februari26 Malakoff Berhad’s Twenty Fifth Annual General Meeting was held at Hotel Nikko, Kuala Lumpur

followed by an Extraordinary General Meeting.

Mesyuarat Agung Tahunan Malakoff yang Kedua Puluh Lima telah diadakan di Hotel Nikko, Kuala Lumpur,diikuti dengan Mesyuarat Agung Luarbiasa.

March / Mac1 An investors briefing was presented by the Managing Director, Encik Ahmad Jauhari bin Yahya, in

conjunction with Malakoff Berhad’s RM420 million Commercial Papers/Medium Term Notes IssuanceProgramme. Proceeds from the Programme will be used to finance Malakoff’s investment in GB3 Sdn Bhdand other power-related projects, as well as to meet the working capital requirements of Malakoff.

Encik Ahmad Jauhari bin Yahya, Pengarah Urusan Malakoff memberi taklimat kepada pelabur bersempenadengan RM420 juta Program Penerbitan Kertas Perdagangan/Nota Jangka Sederhana bagi Malakoff Berhad.Kutipan daripada Program tersebut akan digunakan untuk membiayai keperluan modal kerja Malakoff.

13 A signing ceremony was held between Malakoff Berhad, Citibank Berhad, Commerce InternationalMerchant Bankers Bhd and Malayan Banking Berhad for Malakoff Berhad’s RM420 million CommercialPapers/Medium Term Notes Issuance Programme.

Malakoff Berhad memeterai perjanjian dengan Citibank Berhad, Commerce International Merchant Bankers Bhddan Malayan Banking Berhad bagi RM420 juta Program Penerbitan Kertas Perdagangan/Nota Jangka Sederhana.

calendar of events



63


64

2001April / April7 Presentation of financial assistance totalling RM5, 000 to Rumah Kanak-Kanak Tengku Ampuan

Afzan, Bengkel Orang Cacat and selected poor families in Kuantan, Pahang Darul Makmur byEncik Mohd Hashim Abd Hamid, Plant Manager, Gebeng, on behalf of Malakoff Berhad at theGrand Continental Hotel, Kuantan, Pahang Darul Makmur.

Penyampaian bantuan kewangan berjumlah RM5,000 kepada Rumah Kanak-kanak Tengku AmpuanAfzan, Bengkel Orang Cacat dan beberapa keluarga miskin terpilih di Kuantan, Pahang Darul Makmuroleh Encik Mohd Hashim Abd Hamid, Pengurus Loji, Gebeng bagi pihak Malakoff Berhad di GrandContinental Hotel, Kuantan, Pahang Darul Makmur.

10 The first unit of gas turbine and generator arrived at the Block 3 project site from Alstom’s factoryin Birr, Switzerland via Rotterdam and Lumut Port. The occasion was officiated by YBhg DatukAmar Leo Moggie, Minister of Energy, Communications and Multimedia.

Unit pertama turbin gas dan janakuasa tiba di tapak Projek Blok 3 dari kilang Alstom di Birr,Switzerland melalui Pelabuhan Rotterdam dan Pelabuhan Lumut. Acara tersebut telah dirasmikanoleh YBhg Datuk Amar Leo Moggie, Menteri Tenaga, Komunikasi dan Multimedia.

24 A joint fire drill was held at the Lumut Power Plant with the fire stations from Pantai Remis, Sitiawanand Manjung to test staff preparedness and to gauge response time from the three fire stations.

Latihan memadam kebakaran diadakan di Loji Janakuasa Lumut dengan kerjasama stesen bomba dariPantai Remis, Sitiawan dan Manjung untuk menguji tahap kesediaan kakitangan dan mengukur masatindak balas yang diambil oleh ketiga-tiga balai bomba tersebut.

May / Mei20 Teknik Janakuasa Sdn Bhd’s Gebeng office held its family day at Impiana Resort, Cherating,

Pahang Darul Makmur.

Cawangan Teknik Janakuasa Sdn Bhd di Gebeng menganjurkan Hari Keluarga di Impiana Resort,Cherating, Pahang Darul Makmur.

22 The Centralised Chilled Water Plant designed to supply chilled water for the air conditioningrequirements of Plaza Sentral in the Kuala Lumpur Sentral development area by UnitedAir-Conditioning Technologies Sdn Bhd was handed over to Wirazone Sdn Bhd for commercial operation.

Loji Pendingin Air Sepusat yang dicipta untuk membekal air sejuk bagi keperluan penyaman udara PlazaSentral di kawasan pembangunan Kuala Lumpur Sentral, diserahkan oleh United Air-ConditioningTechnologies Sdn Bhd kepada Wirazone Sdn Bhd untuk operasi secara komersial.

June / Jun28 A conditional power purchase agreement (“PPA”) was entered into between GB3 Sdn Bhd and

TNB for the generation and sale of electricity and to make generating capacity available to TNBfrom its 430 MW open cycle gas turbine power plant which will later be converted to a 640 MWcombined cycle gas turbine power plant at Segari, Perak.

Perjanjian Pembelian Tenaga (“PPA”) bersyarat dimeterai antara GB3 Sdn Bhd dengan TNB untukpenjanaan dan penjualan tenaga elektrik bagi menyediakan kapasiti penjanaan kepada TNB daripadaloji janakuasa turbin gas kitar terbuka 430 MW yang kemudiannya akan ditukar kepada loji janakuasaturbin gas kitar padu 640 MW di Segari, Perak.

calendar of events



65

2001August / Ogos3 Segari Energy Ventures Sdn Bhd, a member of Penjanabebas (Association of IPPs) organised this year’s

Annual Dinner for the Association at Sunway Lagoon Resort Hotel. The occasion was officiated by theMinister of Energy, Communications and Multimedia, YBhg Datuk Amar Leo Moggie.

Segari Energy Ventures Sdn Bhd, sebagai ahli Penjanabebas (Persatuan IPP) menganjurkan majlis Makan MalamTahunan bagi Persatuan pada tahun ini di Sunway Lagoon Resort Hotel. Majlis tersebut telah dirasmikan olehMenteri Tenaga, Komunikasi dan Multimedia, YBhg Datuk Amar Leo Moggie.

17-19 Teknik Janakuasa Sdn Bhd sponsored a two-day “Kem Kecemerlangan Pelajar UPSR 2001” for 60 studentsfrom schools in the Pantai Remis area to coach and help the students prepare for their forthcoming exams.

Teknik Janakuasa Sdn Bhd menaja “Kem Kecemerlangan Pelajar UPSR 2001” selama 2 hari bagi 60 pelajar darisekolah-sekolah di kawasan Pantai Remis untuk membimbing dan membantu para pelajar tersebut dalampersediaan mereka menghadapi peperiksaan yang bakal menjelang.

28 The Chief Secretary to the Minister of Energy, Communications and Multimedia, YBhg Dato’ Dr HalimShafie and his deputy, Tuan Syed Hamzah Syed Othman visited the Lumut Power Plant and the Block3 project accompanied by the Managing Director of Malakoff Berhad, Encik Ahmad Jauhari bin Yahya,the Chief Operating Officer of Segari Energy Ventures Sdn Bhd, Encik Mohd Radzuan bin Yahya andthe Senior General Manager of GB3 Sdn Bhd, Mr Wong Keng Cheong.

Ketua Setiausaha Menteri Tenaga, Komunikasi dan Multimedia, YBhg Dato’ Dr Halim Shafie dan timbalanbeliau, Tuan Syed Hamzah Syed Othman mengadakan lawatan ke Loji Janakuasa Lumut dan projek Blok 3diiringi oleh Pengarah Urusan Malakoff Berhad, Encik Ahmad Jauhari bin Yahya, Ketua Pegawai OperasiSegari Energy Ventures Sdn Bhd, Encik Mohd Radzuan bin Yahya dan Pengurus Besar Kanan GB3 Sdn Bhd,Encik Wong Keng Cheong.

29 A performance of surveillance audit was conducted by Lloyd’s Register Quality Assurance as part of thecompliance with ISO 9002 accreditation received by Teknik Janakuasa Sdn Bhd on 27 June 2000 for athree-year period.

Audit pengawasan prestasi dijalankan oleh Lloyd’s Register Quality Assurance sebagai sebahagian daripadapematuhan terhadap akreditasi ISO 9002 yang diterima oleh Teknik Janakuasa Sdn Bhd pada 27 Jun 2000 bagitempoh selama tiga tahun.

calendar of events



66

statement ON CORPORATE GOVERNANCE

The Board of Directors (the “Board”) of Malakoff Berhad (the “Company”) recognises that the exercise of good corporate governancein conducting the business and affairs of the Company with integrity, transparency and professionalism are key components forthe Company’s continued progress and success. These will not only safeguard and enhance shareholders’ investment and value butwill at the same time ensure that the interests of other stakeholders are protected.

The Board is therefore committed to supporting the recommendations of the Malaysian Code on Corporate Governance(the “Code”) and steps are currently being undertaken to prepare the Group to adopt, implement and fulfill the Principlesand Best Practices of the Code and the recently revamped Listing Requirements of the Kuala Lumpur Stock Exchange (“KLSEListing Requirements”).

A. Board of Directors1. Board Composition

The Board comprises members with a wide range of business, financial, technical and public service backgrounds. The directorsalso have experience and expertise in other related and non-related industries. With this mix of expertise and background,the Company is ably led and guided by an experienced and competent Board.

The Board currently consists of seven (7) members, comprising the Managing Director, three (3) independent non-executivedirectors and three (3) non-executive directors including the Chairman.

The Company practices a clear demarcation of power and authority. The roles of the Chairman and the Managing Director areseparated and clearly defined and the positions are individually held by two (2) persons. The Chairman is primarily responsiblefor orderly conduct and working of the Board whilst the Managing Director is responsible for the day-to-day running of thebusiness and implementation of Board policies and decisions. The Managing Director is assisted in the managing of the businessby a Chief Operating Officer.

The number of board meetings held in a year and the details of attendance of each individual director, are disclosed as part ofthe director’s profile and in the Statement Accompanying Notice of Annual General Meeting.

The non-executive directors provide significant contribution to the formulation of policies and decision-making and areindependent of management thereby helping to ensure that no one individual or group dominates the Board’s decision-makingprocess. The presence of the independent non-executive directors is essential as they provide unbiased and independent views,advice and judgement as well as safeguard the interest of other parties such as minority shareholders and the community.

2. Supply of InformationAll Directors are provided with an agenda and a set of Board papers prior to Board meetings. The Board papers are issued insufficient time to enable the Directors to obtain further explanations, where necessary, in order to be properly briefed beforethe meetings. The Chairman undertakes the primary responsibility for organising information necessary for the Board to dealwith the agenda and for providing this information to the Directors on a timely basis.

In addition, there are matters reserved specifically for the Board’s decision, including the approval of corporate plans and annualbudgets, acquisitions and disposals of undertakings and properties of a substantial value, major investments and financialdecisions and changes to the management and control structure within the Group, including key policies and procedures anddelegated authority limits.

The Directors have access to all information within the Company whether as a full board or in their individual capacity, to theextent that the information required is pertinent to the discharge of their duties as director and is for the benefit of the Company.

All Directors have access to the advice and services of the Company Secretaries in carrying out their duties.

The appointment and removal of the Company Secretaries is a matter for the Board as a whole.

PURSUANT TO PARAGRAPH 15.26 OF THE LISTING REQUIREMENTS OF THE KUALA LUMPUR STOCK EXCHANGE


67

statement on corporate governance

3. Re-election of DirectorsIn accordance with the Articles of Association of the Company, at least one-third of the directors is subject to retirement byrotation at each Annual General Meeting but shall be eligible for re-election. In compliance with Paragraph 7.28 of the KLSEListing Requirements, the Company’s Articles of Association have recently been amended to provide for all directors to retirefrom office once at least in each three (3) years but shall be eligible for re-election.

The Managing Director is under a contract of employment entered into prior to 1 June 2001 which does not provide for a fixedterm of employment and he is therefore not subject to retirement by rotation.

Details of the Directors seeking re-election such as their age, working experience, list of other directorships of public companies,date of appointment, details of participation in the Board Committees and the fact that they are independent are disclosed inthe Statement Accompanying the Notice of Annual General Meeting as required under Paragraph 8.28(2) of the KLSE ListingRequirements.

4. Directors’ TrainingAll the Directors have attended and successfully completed the Mandatory Accreditation Programme (“MAP”) conducted bythe Research Institute of Investment Analysts Malaysia (“RIIAM”), an affiliate company of the Kuala Lumpur Stock Exchange.

5. Board CommitteesThe Board has delegated certain responsibilities and duties to the Board Committees which operate within clearly defined termsof reference. These committees are:-

5.1 Audit CommitteeThe Audit Committee (“AC”) assists and supports the Board’s responsibility to oversee the Group’s operations in thefollowing manner:-

• provides a means for review of the Group’s processes for producing financial data, its internal controls and independenceof the Group’s external and internal auditors;

• reinforces the independence of the Company’s external auditor;

• reinforces the independence of the Company’s internal auditor

The AC comprises three (3) members, two (2) of whom including the Chairman are independent non-executive Directors.The Chairman is a Fellow of the Institute of Chartered Accountants, Australia and a member of the Malaysian Associationof Certified Public Accountants as well as a member of the Malaysian Institute of Accountants.

The AC’s terms of reference include the review of the Group’s quarterly results and year-end financial statements, prior tothe approval by the Board and the review of major audit findings and management’s response during the year withmanagement, external auditor and internal auditor including the status of previous audit recommendations.

The AC is authorised by the Board to investigate any matter within its terms of reference and to have the resources in orderto perform its duties and responsibilities as set out in its terms of reference.

The Audit Committee Report for the financial year pursuant to Paragraph 15.16 of the KLSE Listing Requirements iscontained on pages 32 to 35 of this Annual Report.



68


5.2 Employees’ Share Option Scheme (“ESOS”) CommitteeThe ESOS Committee administers the Company’s Employees’ Share Option Scheme (“Scheme”) established on 7 March1996. The Scheme was extended for another five years up to 6 March 2006. The ESOS Committee has the power toadminister the Scheme in such manner as it shall in its discretion deem fit and with such powers and duties as are conferredupon it under the Bye-Laws of the Scheme. The ESOS Committee ensures that the Scheme is administered in accordancewith the Bye-Laws. Subject to approval of the Board, the ESOS Committee will be dissolved upon the expiry of the Schemeon 6 March 2006.

5.3 Remuneration CommitteeIn compliance with the Code, the Board established a Remuneration Committee (RC) on 18 April 2001, comprising whollyof non-executive directors, two (2) of whom are independent.

The RC’s primary responsibility is to recommend to the Board the remuneration of executive directors in all its form, drawingfrom outside advice as necessary. The determination of remuneration package of non-executive directors, includingnon-executive Chairman is a matter for the Board as a whole. The directors concerned are required to abstain fromdiscussion of their own remuneration.

The terms of reference of the RC include the establishment of a formal and transparent procedure for developing policyon executive remuneration and for fixing the remuneration packages of individual directors. Although the RC has beenestablished, no meeting of the RC has been convened during the financial year as no review by the RC of the remunerationof the executive director is required until the early part of the following year.

B. Directors’ RemunerationThe fees payable to non-executive Directors are approved by the shareholders at the Annual General Meeting based on therecommendation of the Board. The fees payable to each of the non-executive Directors is determined by the Board as a whole.The Company reimburses reasonable expenses incurred by the Directors in the course of their duties as directors.

The aggregate remuneration of the Directors categorised into the appropriate components is as follows:-Category Fees Salaries & Bonus Benefits-in-kind

(RM) (RM) (RM)

Executive Directors(1) – 772,923 52,696

Non-Executive Directors(2) 201,000 – –

Total 201,000 772,923 52,696

(1) Includes also Dato’ Ilyas Ling bin Abdullah @ Mark William Ling Lee Meng who was appointed as Executive Director on 2 April 2001 and resigned from his executiveposition on 1 August 2001.

(2) Includes also the following Non-Executive Directors who have since resigned:-

• Dato’ Seri Abdul Rahman bin Maidin who resigned as Chairman and Director on 22 November 2000;

• Datuk Zahari bin Omar who resigned as Director on 22 November 2000;

• Dato’ Emam Mohd Haniff bin Emam Mohd Hussain who resigned as Director and Chairman of the Audit Committee on 22 November 2000;

• Dato’ Ilyas Ling bin Abdullah @ Mark William Ling Lee Meng who was appointed as Director and Executive Director on 22 November 2000 and 2 April 2001respectively and resigned from both positions on 1 August 2001;

• Mr. Ian William McMorrine who resigned as Director on 19 April 2001; and

• Tan Sri Ibrahim bin Menudin who was appointed as Chairman and Director on 8 November 2000 and resigned from both positions on 10 September 2001.



69


The remuneration paid to the Directors, analysed into bands of RM50,000, is as follows:-

Amount of Remuneration Executive Directors Non-Executive Directors

Below RM50,000 – 9

RM50,001 to RM100,000 – 1

RM100,001 to RM150,000 1 –

RM700,001 to RM750,000 1 –

C. Investor Relation and Shareholder CommunicationThe Board acknowledges the need for shareholders to be informed of all material business matters affecting the Group.In addition to various announcements made during the year, the timely release of financial results on a quarterly basisprovide the shareholders with an overview of the Group’s performance and operations. Summaries of the financial resultsare advertised in a local daily newspaper.

The Company has been using the Annual General Meeting (“AGM”), usually held in February each year as the principal forumfor communicating with shareholders. Shareholders who are unable to attend are allowed to appoint proxies to attend and voteon their behalf. At the Company’s AGM, shareholders have direct access to the Board and are given the opportunity to askquestions during the open question and answer session. Members of the Board as well as the external auditor of the Companyare present to answer questions raised at the meeting. A press conference is held immediately after the AGM where questionson the Group’s activities and performance from the reporters are answered by the Chairman. The Managing Director and ChiefOperating Officer are also present at the press conference to clarify and explain any issue.

Individual briefings to fund managers and analysts are also held during the year. In addition, the Company’s website,www.malakoff.com.my, provides easy access to information on the Group’s various activities.

D. Accountability and Audit1. Financial Reporting

The Company’s financial statements are drawn up in accordance with the provisions of the Companies Act, 1965 and applicableapproved accounting standards in Malaysia. The Board is responsible to ensure that the financial statements of the Companygive a true and fair view of the state of affairs of the Company. In this regard, the Board will also ensure that the Company hasused appropriate accounting policies for its financial statements, consistently applied and supported by reasonable and prudentjudgement and estimates.

Prior to release to the Kuala Lumpur Stock Exchange, the quarterly and year end financial statements are presented to the AuditCommittee and reviewed by the Board towards ensuring that the financial statements present a balanced and understandableassessment of the Company’s position and prospects. It has been the Company’s policy to publish its quarterly financial resultsin a local daily newspaper.

2. Internal ControlThe Board acknowledges its responsibility for the Group’s system of internal control, which is designed to identify and managethe risks facing the business in pursuit of its objectives. The system of internal control covers risk management and financial,organisational, operational and compliance controls to safeguard shareholders’ investments and the Group’s assets. The Group’ssystem of internal control can only provide reasonable but not absolute assurance against material misstatement or loss.



70

The key elements of the Group’s system of internal control are described below:-

• Regular internal audits are carried out to review the adequacy and integrity of the internal control systems of the businessunits. The reports are submitted to the Audit Committee, which reviews the findings with management at its quarterlymeetings. These, together with the external auditor’s reports, provide reasonable assurance that internal control proceduresare in place and being followed.

• Comprehensive annual budget which includes business plans are prepared by all business units, and approved by the Board.Results are then monitored by management against budget and key performance indicators, with major variances andimportant operational issues being followed up and management action taken, where necessary.

• Regular and comprehensive information provided to senior management, covering financial performance and key businessindicators, such as staff productivity and cash flow performance.

• Regular visits to operating units by senior management.

As explained in Section E(h) below, the Board is in the course of reviewing and reinforcing the existing procedures and processes.The Board has adopted a formal process to review the adequacy and integrity of the Group’s internal control. The focus willbe on the key areas that the Board needs to pay attention to, particularly, the key commercial and financial risks facing theGroup’s business operations.

The Board and management have commenced enterprise risk management assessment for the Group and are workingtowards complying with the guidance issued by the Task Force on Internal Control. In compliance with Paragraph 15.24 of theKLSE Listing Requirements, the Board will ensure that the Company’s external auditors review the Board’s Statement onInternal Control and report the results thereof to the Board.

3. Relationship with the AuditorsThe role of the Audit Committee in the relation to the external and internal auditors is stated on pages 32 to 35.

E. Compliance with the CodeSave for the exceptions set out below, the Group is in substantial compliance throughout the financial year with the Principlesand Best Practices of the Code:-

(a) The position descriptions for the Board and for the Managing Director, involving definition of limits to management’sresponsibilities are currently being practised. The Board has also developed together with the Managing Director thecorporate objectives which the latter is responsible for meeting. The Board is however looking into formalising the abovein a Board Charter.

(b) As the current number of directors and the mix of experience and expertise of the present members of the Board areconsidered sufficient and optimum in addressing the issues affecting the Group, the Board has not considered it necessaryto examine its size.

(c) The Board is looking into formalising an agreed procedure for the Directors, whether as a full Board or in their individualcapacity, in discharge of their duties as director to take independent professional advice at the Company’s expense, ifnecessary. This will be incorporated as part of the proposed Board Charter.

(d) The Board is also looking into formalising the succession planning process for senior management. The process will be carriedout by the Nomination Committee (“NC”) upon its establishment.

(e) It is the intention of the Company that each new director is given a comprehensive briefing on the Company’s history,culture, operations, key risk factors, past performance and strategic direction and taken on plant visits to enable them tohave first hand understanding of the Company’s business and operations. The orientation and education programme willbe implemented for new Board members.




71

(f) The appointment of a senior independent non-executive director to whom concerns may be conveyed pursuant to BestPractice AA VII has not been made because the Board is composed of a majority of non-executive directors and theChairman maintains an active and objective dialogue with Board members and encourages full deliberation of all matterssubmitted to the Board and Board committee meetings.

(g) In cognisance of the recommendation of the Code, the Board is looking into the establishment of the NC and is in theprocess of formalising the functions of the NC, that includes the assessment of the effectiveness of the Board as a whole andthe contributions of each individual director. Through the NC, the Board will annually review its required mix of skills andexperience that includes core competencies. Pending the establishment of the NC, its functions are performed by the Boardas a whole.

(h) Pursuant to Best Practice AA I of the Code, the Board is expected in the discharge of its stewardship responsibilities toidentify principal risks and ensure implementation of appropriate systems to manage these risks. The need for proper riskassessment which is a critical component of a sound system of internal control is essential. At present, the Group has inplace an effective internal control system which has ensured the following:-

• effectiveness and efficiency of Group operations;

• reliability of financial information; and

• compliance with laws and regulations

Nevertheless, the Board is of the view that a more structured approach to formalise the existing procedures and processesby which risks are identified, assessed, controlled and reviewed, should be undertaken and the Board should be involvedin the process. In formulating the process, the Board will be guided by the “Statement on Internal Control: Guidance forDirectors of Public Listed Companies” issued by the Task Force on Internal Control in February 2001. The guidance willassist the Board in evaluating the adequacy and integrity of the Group’s system of internal control.

To this end, an external consultant has been engaged to conduct a comprehensive business risk assessment for the Groupas well as an independent assessment of the Group’s corporate governance practices with the main objectives of assessingtheir adequacy, identifying any gaps for future action, and providing recommendations on areas of improvement for anygaps identified.

This statement is made in accordance with a resolution of the Board of Directors dated 12 December 2001.




72

penyata MENGENAI TADBIR URUS KORPORAT

BERHUBUNG DENGAN PERENGGAN 15.26 DALAM KEPERLUAN PENYENARAIAN BURSA SAHAM KUALA LUMPUR

Lembaga Pengarah (“Lembaga”) Malakoff Berhad (“Syarikat”) mengiktiraf bahawa langkah tadbir urus korporat yang memuaskan semasamengendalikan urusan perniagaan dan hal ehwal Syarikat dengan tahap kewibawaan, ketelusan dan profesionalisme merupakan komponenpenting bagi memastikan Syarikat mencapai kemajuan dan kejayaan berterusan. Ia bukan sahaja akan melindungi dan mempertingkatkan pelaburandan nilai pemegang saham, malah pada masa yang sama akan memastikan supaya kepentingan para pemegang kepentingan lain turut dilindungi.

Justeru itu, Lembaga komited untuk menyokong syor-syor yang terkandung dalam Kod Malaysia Mengenai Tadbir Urus Korporat (“Kod”)dan kini langkah-langkah sedang diambil untuk menyediakan Kumpulan supaya menerima pakai, melaksana dan memenuhi Prinsip-prinsipAmalan Terbaik Kod ini serta Keperluan Penyenaraian Bursa Saham Kuala Lumpur (“Keperluan Penyenaraian BSKL”) yang baru diubahsuai.

A. Lembaga Pengarah1. Komposisi

Lembaga terdiri daripada para ahli yang mempunyai berbagai jenis latar belakang yang luas merangkumi bidang perniagaan, kewangan,teknikal dan perkhidmatan awam. Para pengarah juga mempunyai pengalaman serta kepakaran dalam berbagai industri lain yang berkaitandan tidak berkaitan. Dengan campuran kepakaran dan latar belakang ini, Syarikat diterajui dan dipimpin oleh sebuah Lembaga yangberpengalaman dan cekap.

Kini, Lembaga meliputi tujuh (7) orang ahli, terdiri daripada Pengarah Urusan, tiga (3) orang pengarah bukan eksekutif bebas dan tiga(3) orang pengarah bukan eksekutif termasuk Pengerusi.

Syarikat mengamalkan pembahagian kuasa dan autoriti yang jelas. Peranan Pengerusi dan Pengarah Urusan diasingkan dan ditakrif denganjelas dan kedua-dua jawatan tersebut disandang oleh dua (2) orang individu yang berbeza. Pengerusi mempunyai tanggungjawab utamauntuk menentukan perlakuan dan kerja Lembaga berjalan dengan lancar, sementara Pengarah Urusan pula bertanggungjawab terhadappengendalian harian perniagaan dan pelaksanaan dasar-dasar serta keputusan Lembaga. Dalam mengendalikan perniagaan Syarikat,Pengarah Urusan dibantu oleh seorang Ketua Pegawai Operasi.

Bilangan mesyuarat lembaga yang diadakan dalam setahun serta butir-butir kehadiran setiap pengarah dinyatakan sebagai sebahagiandaripada profil pengarah dan dalam Penyata yang Disertakan Bersama Notis Mesyuarat Agung Tahunan.

Para pengarah bukan eksekutif memberikan sumbangan penting kepada rumusan dasar dan proses membuat keputusan serta berkecualidaripada pengurusan; dengan demikian membantu memastikan supaya tiada seorang atau satu kumpulan menguasai dalam proseskeputusan yang dibuat oleh Lembaga. Kehadiran para pengarah bukan eksekutif bebas adalah penting kerana mereka memberikanpandangan, nasihat serta pertimbangan yang tidak berat sebelah dan berkecuali serta melindungi kepentingan pihak-pihak lain sepertipemegang saham minoriti dan komuniti.

2. Bekalan MaklumatSemua Pengarah disediakan dengan satu agenda dan satu set kertas Lembaga sebelum mesyuarat Lembaga diadakan. Kertas Lembaga dikeluarkandalam tempoh masa yang mencukupi untuk membolehkan para Pengarah mendapatkan penjelasan lanjut, apabila perlu, supaya mendapattaklimat sewajarnya sebelum mesyuarat diadakan. Pengerusi menjalankan tanggungjawab untuk mengatur maklumat yang diperlukanbagi membolehkan Lembaga menangani agenda tersebut dan untuk menyediakan maklumat ini kepada para Pengarah tepat pada masanya.

Di samping itu, terdapat beberapa perkara yang diperuntukkan secara khusus untuk diputuskan oleh Lembaga, termasuk kelulusanrancangan-rancangan korporat dan belanjawan tahunan, pengambilalihan dan penjualan perniagaan dan hartanah yang bernilai besar,pelaburan utama dan keputusan kewangan serta perubahan kepada struktur pengurusan dan kawalan dalaman Kumpulan, termasukdasar-dasar dan prosedur utama serta had autoriti.

Para Pengarah mempunyai akses kepada semua maklumat dalam Syarikat, sama ada sebagai satu lembaga penuh atau dalam kapasitiindividu mereka, asalkan maklumat yang diperlukan penting untuk menjalankan tugas mereka sebagai pengarah serta memberi manfaatkepada Syarikat.

Semua Pengarah mempunyai akses kepada nasihat dan perkhidmatan Setiausaha-setiausaha Syarikat dalam menjalankan tugas mereka.

Perlantikan dan perlucutan Setiausaha-setiausaha Syarikat adalah suatu perkara di bawah bidang kuasa Lembaga.


73

penyata mengenai tadbir urus korporat

3. Pemilihan Semula Para PengarahMenurut Tataurusan Pertubuhan Syarikat, sekurang-kurangnya satu pertiga daripada para pengarah tertakluk kepada persaraan mengikutgiliran di setiap Mesyuarat Agung Tahunan tetapi akan layak untuk dipilih semula. Sebagai mematuhi Perenggan 7.28 dalam KeperluanPenyenaraian BSKL, Tataurusan Pertubuhan Syarikat telah dipinda baru-baru ini yang memperuntukkan semua pangarah perlu bersaradaripada jawatan sekurang-kurangnya setiap tiga (3) tahun sekali tetapi layak untuk dpilih semula.

Pengarah Urusan adalah di bawah kontrak pekerjaan yang dimeterai sebelum 1 Jun 2001 yang tidak memperuntukkan syarat pekerjaanyang tetap dan dengan demikian beliau tidak tertakluk kepada persaraan mengikut giliran.

Butir-butir mengenai para Pengarah yang ingin dipilih semula, seperti umur, pengalaman pekerjaan, senarai jawatan pengarah yangdisandang dengan syarikat-syarikat awam lain, tarikh perlantikan, butir-butir penyertaan dalam Jawatankuasa Lembaga dan hakikatbahawa mereka bebas dinyatakan dalam Penyata Berserta Notis Mesyuarat Agung Tahunan seperti yang diperlukan di bawah Perenggan8.28(2) Keperluan Penyenaraian BSKL.

4. Latihan Para PengarahSemua Pengarah telah menghadiri dan berjaya menyelesaikan Program Akreditasi Mandatori (“MAP”) yang dijalankan oleh InstitutPenyelidikan Pelaburan Penganalisis Malaysia (“RIIAM”), sebuah syarikat bersekutu Bursa Saham Kuala Lumpur.

5. Jawatankuasa Lembaga PengarahLembaga telah menyerahkan beberapa tanggungjawab tertentu kepada Jawatankuasa Lembaga Pengarah yang beroperasi dalam lingkunganbidang rujukan yang ditakrif dengan jelas. Jawatankuasa-jawatankuasa ini terdiri daripada:-

5.1 Jawatankuasa AuditJawatankuasa Audit (“AC”) membantu dan memberi sokongan kepada tanggungjawab Lembaga untuk mengawasi operasi Kumpulandengan cara berikut:-

• menyediakan kaedah untuk meninjau proses Kumpulan mengeluarkan data kewangan, kawalan dalamannya dan keberkecualianjuruaudit luar dan dalam Kumpulan;

• mengukuhkan keberkecualian juruaudit luar Syarikat;

• mengukuhkan keberkecualian juruaudit adalam Syaraikat.

Jawatankuasa Audit merangkumi tiga (3) orang ahli, dua (2) orang daripadanya termasuk Pengerusi merupakan Pengarah bukaneksekutif. Pengerusi adalah seorang Fellow Institute of Chartered Accountants, Australia dan seorang ahli Persatuan Akauntan AwamBertauliah Malaysia dan juga seorang ahli Institut Akauntan Malaysia.

Bidang rujukan Jawatankuasa Audit meliputi meninjau keputusan suku tahunan dan penyata kewangan akhir tahun Kumpulansebelum diluluskan oleh Lembaga Pengarah dan meninjau penemuan audit yang penting serta tindak balas pengurusan pada tahunini dengan pengurusan, juruaudit luar dan juruaudit dalaman termasuk status syor-syor audit sebelumnya.

Jawatankuasa Audit diberi kuasa oleh Lembaga untuk menyiasat sebarang perkara dalam lingkungan bidang rujukan dan perlumempunyai sumber untuk menjalankan tugas dan tanggungjawab seperti yang dibentangkan dalam bidang rujukan.

Laporan Jawatankuasa Audit bagi tahun kewangan ini berhubung dengan Perenggan 15.16 dalam Keperluan Penyenaraian BSKLadalah seperti terkandung di muka surat 36 hingga 39 dalam Laporan Tahunan.



74


5.2 Jawatankuasa Skim Opsyen Saham Kakitangan (“ESOS”)Jawatankuasa ESOS mentadbir Skim Opsyen Saham Kakitangan (“Skim”) Syarikat yang telah ditubuhkan pada 7 Mac 1996. Skimini telah dilanjutkan sehingga lima tahun lagi sehingga 6 Mac 2006. Jawatankuasa ESOS mempunyai kuasa untuk mentadbir Skimini menurut budi bicara yang dianggap sesuai dan dengan kuasa dan tugas sedemikian seperti yang diberi di bawah Undang-undangKecil Skim ini. Jawatankuasa ESOS memastikan supaya Skim ini ditadbir mengikut Undang-undang Kecil tersebut. Tertakluk kepadakelulusan Lembaga, Jawatankuasa ESOS akan dibubarkan selepas tamat Skim ini pada 6 Mac 2006.

5.3 Jawatankuasa GanjaranMenurut Kod ini, Lembaga telah menubuhkan sebuah Jawatankuasa Ganjaran (“RC”) pada 18 April 2001, terdiri keseluruhannyadaripada para pengarah bukan eksekutif, dua (2) daripadanya adalah bebas.

Tanggungjawab utama RC adalah untuk mengesyorkan kepada Lembaga Ganjaran para pengarah eksekutif dalam bentuksepenuhnya, berasaskan nasihat luar jika perlu. Penentuan pakej ganjaran para pengarah bukan eksekutif, termasuk Pengerusi bukaneksekutif adalah suatu perkara di bawah kuasa Lembaga penuh. Para pengarah berkenaan dikehendaki mengecualikan diri daripadaperbincangan mengenai ganjaran untuk diri mereka sendiri.

Bidang rujukan RC meliputi pembentukan satu prosedur membentuk dasar secara formal dan telus mengenai ganjaran eksekutif danuntuk menetapkan pakej imbuhan para pengarah individu. Walaupun RC telah dibentuk, tiada mesyuarat RC pernah diadakan padatahun kewangan ini kerana RC tidak perlu membuat tinjauan mengenai imbuhan pengarah eksekutif sehingga awal tahun depan.

B. Ganjaran Para PengarahYuran yang perlu dibayar kepada para Pengarah bukan eksekutif diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunanberdasarkan kepada syor Lembaga Pengarah. Yuran yang perlu dibayar kepada setiap Pengarah bukan eksekutif ditentukan olehkeseluruhan Lembaga. Syarikat mengembalikan semula perbelanjaan berpatutan yang ditanggung oleh para Pengarah ketika menjalankantugas mereka sebagai pengarah.

Ganjaran agregat para Pengarah yang dikategorikan kepada komponen sewajarnya adalah seperti berikut:-Kategori Yuran Gaji & Bonus Manfaat Seumpamanya

(RM) (RM) (RM)

Pengarah Eksekutif(1) – 772,923 52,696

Pengarah Bukan Eksekutif(2) 201,000 – –

Jumlah 201,000 772,923 52,696

(1) Juga termasuk Dato’ Ilyas Ling bin Abdullah @ Mark William Ling Lee Meng yang telah dilantik sebagai Pengarah Eksekutif pada 2 April 2001 dan meletak jawatandaripada jawatan eksekutif beliau pada 1 Ogos 2001.

(2) Juga termasuk para Pengarah Bukan Eksekutif lain yang telah meletak jawatan sejak:-

• Dato’ Seri Abdul Rahman bin Maidin yang meletak jawatan sebagai Pengerusi dan Pengarah pada 22 November 2000;

• Datuk Zahari bin Omar yang meletak jawatan sebagai Pengarah pada 22 November 2000;

• Dato’ Emam Mohd Haniff bin Emam Mohd Hussain Omar yang meletak jawatan sebagai Pengarah dan Pengerusi Jawatankuasa Audit pada 22 November 2000;

• Dato’ Ilyas Ling bin Abdullah @ Mark William Ling Lee Meng telah dilantik sebagai Pengarah pada 22 November dan Pengarah Eksekutif pada 2 April 2001dan meletak jawatan daripada kedua-dua jawatan tersebut pada 1 Ogos 2001;

• Encik Ian William McMorrine yang meletak jawatan sebagai Pengarah pada 19 April 2001; dan

• Tan Sri Ibrahim bin Menudin yang dilantik sebagai Pengerusi dan Pengarah pada 8 November 2000 dan meletak jawatan daripada kedua-dua jawatan tersebutpada 10 September 2001.



75


Imbuhan yang telah dibayar kepada para Pengarah, dianalisis mengikut pecahan RM50,000 adalah seperti berikut:-Jumlah Imbuhan Pengarah Eksekutif Pengarah Bukan Eksekutif

Di bawah RM50,000 – 9

RM50,001 hingga RM100,000 – 1

RM100,001 hingga RM150,000 1 –

RM700,001 hingga RM750,000 1 –

C. Perhubungan Pelabur dan Komunikasi Pemegang SahamLembaga mengakui tentang keperluan untuk memaklumkan para pemegang saham mengenai semua perkara berkaitan perniagaan pentingyang melibatkan Kumpulan. Di samping berbagai pengumuman yang dibuat pada tahun ini, pengeluaran keputusan kewangan yangmenepati masa setiap tiga bulan sekali menyediakan satu tinjauan menyeluruh mengenai prestasi dan operasi Kumpulan kepada parapemegang saham. Ringkasan keputusan kewangan tersebut diiklankan dalam beberapa akhbar harian tempatan.

Syarikat telah menggunakan Mesyuarat Agung Tahunan (“AGM”) yang biasanya diadakan pada bulan Februari setiap tahun sebagaiforum utama untuk berkomunikasi dengan pemegang saham. Para pemegang saham yang tidak dapat menghadiri dibenarkan melantikproksi untuk menghadiri dan mengundi bagi pihak mereka. Semasa mesyuarat, pemegang saham mempunyai akses langsung kepadaLembaga dan diberi peluang untuk mengemukakan pertanyaan semasa sesi soal jawab terbuka. Ahli-ahli Lembaga Pengarah serta juruauditluar Syarikat turut hadir untuk menjawab soalan yang dikemukakan di mesyuarat tersebut. Satu sidang akhbar diadakan sebaik sahajatamat AGM di mana soalan-soalan mengenai aktiviti dan prestasi Kumpulan yang dikemukakan oleh wartawan dijawab oleh Pengerusi.Pengarah Urusan dan Ketua Pegawai Operasi juga hadir di sidang akhbar tersebut untuk memberi penerangan dan penjelasan mengenaisebarang isu.

Taklimat individu kepada para pengurus dana dan penganalisis juga diadakan pada tahun ini. Di samping itu, laman web syarikat,www.malakoff.com.my menyediakan akses mudah kepada maklumat mengenai berbagai aktiviti Kumpulan.

D. Akauntabiliti dan Audit1. Laporan Kewangan

Penyata kewangan Syarikat disediakan menurut peruntukan Akta Syarikat, 1965 dan piawaian perakaunan diluluskan yang diterimapakai di Malaysia. Lembaga Pengarah bertanggungjawab memastikan supaya penyata kewangan Syarikat memberikan gambaran yangbenar dan saksama tentang hal ehwal Syarikat. Dalam hal ini, Lembaga juga memastikan supaya Syarikat telah menggunakan dasar-dasar perakaunan sewajarnya dalam penyata kewangan, menerima pakai secara seragam dan disokong dengan pertimbangan dan anggaranyang berpatutan serta berhemat.

Sebelum dikeluarkan kepada Bursa Saham Kuala Lumpur, penyata kewangan suku tahun dan akhir tahun dikemukakan kepadaJawatankuasa Audit dan disemak oleh Lembaga bagi memastikan supaya penyata kewangan tersebut memberi penilaian yang seimbangdan boleh difahami mengenai kedudukan serta prospek Syarikat. Sudah menjadi dasar Syarikat untuk menerbitkan keputusan kewangansuku tahunannya di dalam sebuah akhbar harian tempatan.

2. Kawalan DalamanLembaga mengakui tentang tanggungjawabnya terhadap sistem kawalan dalaman Kumpulan yang telah diwujudkan untuk mengenalpastidan mengurus risiko yang dihadapi oleh perniagaan dalam memenuhi objektifnya. Sistem kawalan dalaman meliputi pengurusan risikodan kewangan, organisasi, operasi dan kawalan pematuhan untuk melindungi pelaburan para pemegang saham dan aset Kumpulan. Sistemkawalan dalaman Kumpulan hanya boleh menyediakan jaminan yang berpatutan tetapi tidak muktamad daripada sebarang salah nyataatau kerugian yang ketara.



76

Unsur-unsur utama sistem kawalan dalaman Kumpulan adalah seperti yang dihuraikan di bawah:-

• Audit dalaman dijalankan secara kerap untuk menyemak kecukupan dan kewibawaan sistem kawalan dalaman unit-unit perniagaan.Laporan dikemukakan kepada Jawatankuasa Audit yang menyemak penemuan dengan Pengurusan di mesyuarat-mesyuarat sukutahun yang diadakan. Laporan ini serta laporan juruaudit luar menyediakan jaminan berpatutan bahawa prosedur kawalan dalamanadalah tersedia dan dipatuhi.

• Belanjawan tahunan menyeluruh yang meliputi rancangan perniagaan disediakan oleh semua unit perniagaan dan diluluskan olehLembaga. Selepas itu keputusan dipantau oleh pengurusan dengan membandingkannya kepada belanjawan dan petunjuk prestasiutama dengan variasi utama serta isu-isu operasi penting disusuli dan tindakan pengurusan diambil, apabila perlu.

• Maklumat yang kerap dan menyeluruh disediakan kepada pengurusan kanan, meliputi prestasi kewangan dan petunjuk perniagaanutama seperti produktiviti kakitangan dan prestasi aliran tunai.

• Pengurusan kanan mengadakan lawatan secara kerap ke unit-unit operasi.

Seperti yang dijelaskan dalam Seksyen E(h) di bawah, Lembaga sedang menyemak dan mengukuhkan prosedur dan proses sedia ada.Lembaga telah menerima pakai proses formal untuk menyemak kecukupan dan kewibawaan kawalan dalaman Kumpulan. Lembaga akanmemfokus kepada bidang-bidang utama yang ia perlu memberi perhatian, terutamanya risiko komersial dan kewangan utama yang dihadapioleh operasi perniagaan Kumpulan.

Lembaga dan pengurusan telah menjalankan analisis risiko dan berusaha ke arah mematuhi panduan yang dikeluarkan oleh PasukanPetugas mengenai Kawalan Dalaman. Bagi mematuhi Perenggan 15.24 dalam Keperluan Penyenaraian BSKL, Lembaga jugamemastikan supaya juruaudit luar Syarikat menyemak Penyata Lembaga mengenai Kawalan Dalaman dan melaporkan keputusanmengenainya kepada Lembaga.

3. Perhubungan dengan JuruauditPeranan Jawatankuasa Audit berbanding dengan juruaudit luar dan dalaman dinyatakan di muka surat 36 hingga 39.

E. Pematuhan kepada KodKecuali seperti yang dinyatakan di bawah, Kumpulan mematuhi sebahagian besar Prinsip-prinsip dan Amalan Terbaik dalam Kodsepanjang tahun kewangan ini:-

(a) Keterangan mengenai jawatan bagi Lembaga dan Pengarah Urusan melibatkan pentakrifan had tanggungjawab pengurusan kini sedangdiamalkan. Lembaga juga telah membentuk objektif korporat bersama Pengarah Urusan yang perlu dipenuhi oleh Pengarah Urusan.Walau bagaimanapun, Lembaga sedang berusaha untuk memformalkan objektif di atas ke dalam Piagam Lembaga.

(b) Oleh kerana bilangan pengarah dan campuran pengalaman dan kepakaran para ahli Lembaga sedia ada dianggap mencukupi danoptimum untuk menangani isu-isu yang melibatkan Kumpulan, Lembaga tidak mempertimbangkan keperluan untuk meneliti saiznya.

(c) Lembaga sedang berusaha untuk memformalkan satu prosedur yang telah dipersetujui bagi pada Pengarah, sama ada sebagai satuLembaga penuh atau dalam kapasiti individu mereka, dalam menjalankan tugas masing-masing sebagai pengarah untuk mengambilnasihat profesional bebas menggunakan perbelanjaan Syarikat, jika perlu. Ini akan dimasukkan sebagai sebahagian daripada cadanganPiagam Lembaga.

(d) Lembaga sedang berusaha untuk memformalkan proses rancangan penggantian bagi pengurusan kanan. Proses ini akan dijalankanoleh Jawatankuasa Pencalonan (“NC”) apabila ia ditubuhkan.

(e) Syarikat berhasrat supaya setiap pengarah diberi taklimat menyeluruh mengenai sejarah, budaya, operasi, faktor-faktor risiko utamaprestasi masa lalu dan hala tuju strategik Syarikat serta membawa pengarah baru tersebut melawat ke loji bagi membolehkannyamendapat pemahaman dari dekat mengenai perniagaan dan operasi Syarikat. Program orientasi dan pendidikan ini akan dilaksanakanuntuk para ahli Lembaga baru.




77

(f) Perlantikan seorang pengarah bukan eksekutif bebas kanan di mana perkara berhubung dengan Peruntukan Amalan Terbaik AABII telah tidak disediakan kerana Lembaga sebahagian besarnya terdiri daripada pengarah bukan eksekutif dan Pengerusi mengekalkansatu dialog yang aktif dan berobjektif dengan ahli-ahli Lembaga dan menggalakkan perbincangan penuh mengenai semua perkara yangdisampaikan kepada Lembaga dan mesyuarat jawatankuasa Lembaga.

(g) Sebagai mematuhi kepada syor-syor Kod tersebut, Lembaga sedang berusaha untuk menubuhkan NC dan sedang dalam prosesmemformalkan fungsi NC supaya meliputi menilai keberkesanan keseluruhan Lembaga dan sumbangan setiap pengarah individu.Melalui NC, Lembaga akan menyemak setiap tahun campuran kemahiran dan pengalaman yang diperlukan yang termasuk kecekapanteras. Sementara menunggu penubuhan NC, fungsinya dijalankan oleh keseluruhan Lembaga.

(h) Berhubung dengan Peruntukan Amalan AA I dalam Kod ini, Lembaga diharapkan dalam menjalankan tanggungjawabnyamelindungi, mengenalpasti risiko-risiko utama dan memastikan pelaksanaan sistem sewajarnya untuk menangani risiko-risiko tersebut.Keperluan untuk penilaian risiko sewajarnya yang merupakan satu komponen penting dalam satu sistem kawalan dalaman yang teraturadalah penting. Kini, Kumpulan sedia mempunyai satu sistem kawalan dalaman yang berkesan yang telah memastikan berikut:-

• keberkesanan dan kecekapan operasi Kumpulan;

• kewibawaan maklumat kewangan; dan

• pematuhan kepada undang-undang dan peraturan

Walau bagaimanapun, Lembaga berpendapat bahawa satu pendekatan yang lebih tersusun untuk memformal prosedur dan prosessedia ada di mana risiko dikenalpasti, dinilai, dikawal dan disemak dan penglibatan Lembaga adalah perlu untuk proses tersebutdijalankan. Dalam merumus proses ini, Lembaga akan dipandu oleh “Penyata Mengenai Kawalan Dalaman: Panduan Untuk ParaPengarah Syarikat-syarikat Senarai Awam” yang dikeluarkan oleh Pasukan Petugas mengenai Kawalan Dalaman pada bulan Februari2001. Panduan ini akan membantu Lembaga menilai kecukupan dan kewibawaan sistem kawalan dalaman Kumpulan.

Bagi mencapai matlamat tersebut, sebuah firma perunding luar telah dilantik untuk menjalankan satu penilaian risiko perniagaansecara menyeluruh untuk Kumpulan serta sebagai satu penilaian berkecuali mengenai amalan tadbir urus korporat Kumpulan dengantujuan utama menilai kecukupannya, mengenalpasti sebarang jurang untuk tindakan masa depan dan menyediakan syor terhadapsebarang jurang dalam bidang-bidang telah dikenalpasti yang perlu dipertingkatkan.

Penyata ini disediakan menurut satu resolusi Lembaga Pengarah bertarikh 12 Disember 2001.




78

6. Non-audit Fees

Non-audit fees payable to the Auditors, Messrs. KPMGand its affiliated companies for the financial year ended 31August 2001 as stated below amounted to RM1,484,356.The fees were mainly in relation to the implementation ofSAP system, tax advisory services, and acting in thecapacity as reporting accountants rendered for theproposed acquisition of the Kapar Power Station and GB3Sdn Bhd’s power project.

RM

KPMG Consulting (ASPAC) Sdn Bhd 596,168KPMG Tax Services Sdn Bhd 301,958KPMG 586,230

Total 1,484,356

7. Variation in Results

There were no variations between the audited resultsfor the financial year ended 31 August 2001 and theunaudited results for the quarter ended 31 August 2001 ofthe Group.

8. Profit Guarantee

The Company did not give any profit guarantee during thefinancial year.

9. Material Contracts

There were no material contracts entered into by theCompany and its subsidiaries involving directors’ andmajor shareholders’ interests which were still subsisting asat the end of the financial year or if not then subsisting,entered into since the end of the previous financial year.

10. Revaluation Policy on Landed Properties

The Group revalues its properties comprising land andbuildings every five (5) years and at shorter intervalswhenever the market value of the revalued assets haschanged materially from their carrying value.

additional COMPLIANCE INFORMATION as at 31 August 2001

1. Utilisation of Proceeds

As at 31 August 2001, the Company has fully utilised theproceeds raised from the RM420 million 7-yearCommercial Papers/Medium Term Notes IssuanceProgramme (“CP/MTN Programme”) which was fullydrawn down on 13 April 2001. The proceeds were utilisedto settle the revolving credit facility of RM150 millionmade available jointly to the Company by CommerceInternational Merchant Bankers Berhad, Citibank Berhadand PhileoAllied Bank (Malaysia) Berhad as bridgingfacility for the CP/MTN Programme and used by theCompany for its working capital requirements and for thepurpose of part financing the progress payments to theEPC contractor for the construction of a 430 MW opencycle gas turbine power plant which will subsequently beconverted to a 640 MW combined cycle gas turbine powerplant at Segari, Perak, Malaysia, by GB3 Sdn Bhd.

2. Share Buy-backs

The Company has not purchased any of its own shares andas such, there is no treasury maintained by the Companyfor share buybacks.

3. Options, Warrants or Convertible Securities

During the financial year, options to subscribe for 2,986,000ordinary shares of RM1.00 each in the Company havebeen exercised pursuant to the Employees’ Share OptionScheme.

The Company has not issued any warrants or convertiblesecurities.

4. American Depository Receipt (“ADR”) or Global

Depository Receipt (“GDR”) Programme

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

5. Imposition of Sanctions and/or Penalties

There were no public sanctions and/or penaltiesimposed on the Company and its subsidiaries, directorsor management by any regulatory bodies during thefinancial year.


78



79

maklumat PEMATUHAN TAMBAHAN pada 31 Ogos 2001

6. Yuran Bukan Audit

Yuran bukan audit yang perlu dibayar kepada Juruaudit,Tetuan KPMG dan syarikat-syarikat bersekutunya bagi tahunkewangan berakhir 31 Ogos 2001 seperti yang dinyatakan dibawah berjumlah RM1,484, 356. Yuran ini terutamanyaadalah berkaitan dengan pelaksanaan sistem SAP, khidmatnasihat percukaian dan bertindak sebagai akauntan memberilaporan bagi cadangan pengambilalihan Stesen JanakuasaKapar dan projek janakuasa GB3 Sdn Bhd.

RM

KPMG Consulting (ASPAC) Sdn Bhd 596,168KPMG Tax Services Sdn Bhd 301,958KPMG 586,230

Jumlah 1,484,356

7. Variasi Keputusan

Tiada terdapat variasi antara keputusan yang diaudit bagitahun kewangan berakhir 31 Ogos 2001 dan keputusanKumpulan yang tidak diaudit bagi tempoh suku tahun berakhir31 Ogos 2001.

8. Jaminan Keuntungan

Syarikat tidak memberi sebarang jaminan keuntungan padatahun kewangan ini.

9. Kontrak Penting

Syarikat dan syarikat-syarikat subsidiarinya tidak memeteraisebarang kontrak penting yang melibatkan para pengarah dankepentingan para pemegang saham yang masih berjalan padaakhir tahun kewangan ini atau jika masih belum berjalan,dimeterai sejak akhir tahun kewangan sebelumnya.

10. Dasar Penilaian Semula Ke Atas Harta Tanah

Kumpulan menilai semula hartanahnya yang terdiri daripadatanah dan bangunan setiap lima (5) tahun dan pada tempohmasa yang lebih pendek apabila nilai pasaran aset yangdinilai semula telah berubah dengan ketara dari nilai bawamasing-masing.

1. Penggunaan Kutipan

Pada 31 Ogos 2001, Syarikat telah menggunakan sepenuhnyakutipan yang dikumpul daripada Program Penerbitan KertasPerdagangan/Nota Jangka Sederhana (“Program CP/MTN”)selama 7 tahun bernilai RM420 juta yang dikeluarkansepenuhnya pada 13 April 2001. Kutipan ini telah digunauntuk menjelaskan kemudahan kredit pusingan bernilaiRM150 juta yang diberikan kepada Syarikat oleh CommerceInternational Merchant Bankers Berhad, Citibank Berhad danPhileoAllied Bank (Malaysia) Berhad sebagai kemudahanpenyambung untuk Program CP/MTN dan digunakan olehSyarikat untuk keperluan modal kerjanya dan bagi tujuanmembiayai sebahagian daripada bayaran berperingkat kepadakontraktor EPC bagi pembinaan loji janakuasa turbin gas kitarterbuka 430 MW yang kemudiannya akan ditukar menjadi lojijanakuasa turbin gas kitar padu 640 MW di Segari, Perak,Malaysia oleh GB3 Sdn Bhd.

2. Pembelian Semula Saham

Syarikat tidak membeli semula sebarang sahamnya dan dengandemikian tiada peruntukan perbendaharaan disediakan olehSyarikat untuk tujuan pembelian semula saham.

3. Opsyen, Waran atau Sekuriti Boleh Tukar

Pada tahun kewangan ini, opsyen untuk melanggan2,986,000 saham biasa berharga RM1.00 sesaham dalamSyarikat telah dilaksanakan berhubung dengan Skim OpsyenSaham Kakitangan.

Syarikat tidak menerbitkan sebarang waran atau sekuritiboleh tukar.

4. Program American Depository Receipt (“ADR”) atau

Global Depository Receipt (“GDR”)

Syarikat tidak menaja sebarang program ADR atau GDRpada tahun kewangan ini.

5. Pengenaan Sekatan dan/atau Penalti

Tiada sekatan dan/atau penalti awam dikenakan ke atasSyarikat dan syarikat-syarikat subsidiarinya, para pengarahatau pengurusan oleh sebarang badan penguatkuasa peraturanpada tahun kewangan ini.


80

approved UTILISATION OF FUNDS

PENGGUNAAN DANA YANG DILULUSKAN

Description /

Keterangan

Issuance of RM420.0 million7-year Commercial Papers/Medium Term Notes (“CP/MTN”) by MalakoffTerbitan Kertas Perdagangan/Nota-nota Jangka sederhanabernilai RM420.0 juta selama7 tahun oleh Malakoff

Issuance of RM700.0 millionnominal value secured serialbonds and rights issue of upto 46,045,001 warrants byMalakoffTerbitan bon bersiri cagaranbernilai nominal RM700.0 jutadan te rb i tan hak seh ingga446,045,001 waran o l ehMalakoff Berhad

by Securities Commission in the financial year ended 31 August 2001

oleh Suruhanjaya Sekuriti dalam tahun kewangan berakhir pada 31 Ogos 2001

Approved

Utilisation

RM million /

Dana Yang

Diluluskan

RM juta

420.0

700.0

Actual

Utilisation#

RM million /

Penggunaan

Yang Sebenar

RM juta

420.0

–

Balance#

RM million /

Baki#

RM juta

–

700.0

Comments /

Ulasan

The Securities Commission (“SC”), vide theirletter dated 17 January 2000, had approvedthe utilisation of proceeds for Malakoff ’sinvestment in GB3 Sdn Bhd and repaymentof a bridging loan of RM150 million extendedby Citibank Berhad, Commerce InternationalMerchant Bankers Berhad and PhileoAlliedBank Berhad (with balances to be used forworking capital purposes and other powerrelated projects).Suruhanjaya Sekuriti (“SC”) melalui suratnyabertarikh 17 Januari 2000 telah meluluskanpenggunaan dana kutipan untuk dilaburkan dalamGB3 Sdn Bhd dan membayar balik pinjamanpenyambung dari Citibank Berhad, CommerceInternational Merchant Bankers Berhad danPhileoAllied Bank Berhad (dengan baki untukkegunaan modal kerja dan lain-lain projekjanakuasa yang berkaitan).

The utilisation of proceeds was approved by SCvide their letter dated 3 April 2001 to partfinance the proposed acquisition of KaparPower Station (also known as the SultanSalahuddin Abdul Aziz Shah Power Station),to fund the working capital and to cover theestimated costs for the exercise.SC melalui suratnya bertarikh 3 April 2001 telahmeluluskan penggunaan dana kutipan bagimembiaya sebahagian daripada cadangan perolehanStesen Janakuasa Kapar (juga dikenali sebagaiStesen Janakuasa Sultan Salahuddin Abdul AzizShah), menampung modal kerja dan untukmembiaya anggaran kos terbitan.


81

approved utilisation of funds

PENGGUNAAN DANA YANG DILULUSKAN

Description /

Keterangan

Issuance of up to:-• RM1,000.0 million Al-Bai’

Bithaman Ajil Serial Bonds• R M 3 5 0 . 0 m i l l i o n A l -

Murabahah CP/MTNby GB3 Sdn Bhd (total netproceeds from the issuanceshould not exceed RM1,150.0million)Terbitan sehingga:-• RM1,000.0 juta Bon Bersiri

Al-Bai’ Bithaman Ajil• RM350.0 million Kertas-kertas

Perdagangan/Nota-nota JangkaSederhana Al-Murabahah

oleh GB3 Sdn Bhd (jumlahkutipan bersih dari terbitan tidakmelebihi RM1,150.0 juta)

Approved

Utilisation

RM million /

Dana Yang

Diluluskan

RM juta

1,150.0

Actual

Utilisation#

RM million /

Penggunaan

Yang Sebenar

RM juta

–

Balance#

RM million /

Baki#

RM juta

1,150.0

Comments /

Ulasan

The SC had, vide their letter dated 11 September2001, approved the utilisation of proceeds for thedevelopment and construction of a 430 MWopen cycle gas turbine power plant locatedadjacent to the existing Lumut Power Plant inSegari, Perak and to be converted to a 640 MWcombined cycle power plant by January 2003.SC melalui suratnya bertarikh 11 September 2001telah meluluskan penggunaan dana kutipan bagitujuan membangun dan membina loji janakuasaturbin gas kitar terbuka 430MW yang terletkbersebelahan dengan Loji Janakuasa Lumut yangsedia ada di Segari, Perak dan akan diubah menjadiloji janakuasa kitar padu 640MW pada bulanJanuari 2003.

by Securities Commission in the financial year ended 31 August 2001

oleh Suruhanjaya Sekuriti dalam tahun kewangan berahkir pada 31 Ogos 2001

Meticulous benchmarking and rigorous monitoring are crucial when you aim,

as we do, for performance that goes beyond reliability. We believe that raising

standards not only enables us to soar as an industry leader, but also increases

shareholders’ value.

KUALITI: KEUTAMAAN TERPENTING KAMI

Ketelitian ukur rujuk dan kemantapan pemantauan amat penting untuk mencapai

prestasi yang tidak terhad kepada kewibawaan semata-mata. Kami percaya

bahawa usaha menaikkan piawaian ke tahap yang lebih tinggi bukan sahaja

membolehkan kami melonjak sebagai peneraju industri, malah mempertingkatkan

nilai pelaburan pemegang saham.

The results from ambient air

quality monitoring activities

were within the limits of the

Malaysian Recommended Air

Quality Guideline.

Keputusan daripada aktiviti

pemantauan kualiti udara ambien

adalah dalam lingkungan had

Garis Panduan Kualiti Udara

yang Disyorkan di Malaysia.


83

Announcements of Quarterly Results /Pengumuman Keputusan Suku Tahunan 2001 2000

1st Quarter 3 months / 3 bulan Suku Pertama 19 January / Januari 2001 31 January / Januari 2000

2nd Quarter 6 months / 6 bulan Suku Kedua 25 April / April 2001 28 April / April 2000

3rd Quarter 9 months / 9 bulan Suku Ketiga 26 July / Julai 2001 31 July / Julai 2000

4th Quater 12 months / 12 bulan Suku Keempat 24 October / Oktober 2001 31 October / Oktober 2000

Dividends Payable / Dividen akan Dibayar

Closure Date / Tarikh Tutup 28 February / Februari 2002 29 March / Mac 2001

Payment Date / Tarikh Pembayaran 8 March / Mac 2002 18 April / April 2001

Annual Report Issued / Penerbitan Laporan Tahunan 2 February / Februari 2002 10 February / Februari 2001

Annual General Meeting / Mesyuarat Agung Tahunan 26 February / Februari 2002 26 February / Februari 2001

financial CALENDAR & SHARE MOVEMENT CHART

KALENDAR KEWANGAN & CARTA PERGERAKAN SAHAM pada 31 Ogos 2001

as at 31 August 2001

Million / JutaRM

0

2

4

6

8

10

12

Aug /Ogos

Jul /Jul

June /Jun

May /Mei

Apr /Apr

Mar /Mac

Feb /Feb

Jan /Jan

Dec /Dis

Nov /Nov

Oct /Okt

Sept /Sep

Aug /Ogos

0

2

4

6

8

10

12

2000

High / Tinggi Low / Rendah Last Transaction / Urusniaga Terakhir Volume / Jumlah

2001


84

shareholders STATISTICAL REPORT

LAPORAN STATISTIK PEGANGAN SAHAM

Class of Securities / Kelas Sekuriti : Ordinary shares of RM1.00 each / Saham biasa berharga RM1.00 setiap satu

Authorised Share Capital / Modal Saham yang Dibenarkan : RM2,000,000,000.00

Issued and Paid-up Share Capital / Modal Saham Diterbit dan Dibayar : RM846,964,002.00

Voting Rights / Hak Mengundi : One vote for every ordinary share / Satu undi bagi setiap saham biasa

Number of Shareholders / Bilangan Pegangan Saham : 5,950

Analysis of Shareholdings / Analisis Pegangan SahamHoldings / No. of Holders / Total Holdings / Percentage (%)Pegangan Bil. Pemegang Jumlah Pegangan Peratus (%)

1 - 999 122 16,560 0.00

1,000 - 10,000 4,522 15,485,166 1.83

10,001 - 100,000 945 31,894,216 3.77

100,001 - less than 5% of issued shares / 358 337,047,726 39.79kurang dari 5% saham diterbit

5% and above of issued shares / 3 462,520,334 54.615% dan melebihi saham diterbit

Total / Jumlah 5,950 846,964,002 100.00

Substantial Shareholders (Holding 5% or More of the Share Capital) /Pemegang Saham Utama (Pegangan 5% atau Lebih Modal Saham)

No. of Shares Held Directly / No. of Shares Held Indirectly /Name / Bil. Saham Dipegang Bil. Saham Dipegang Percentage (%) /Nama Secara Langsung Secara Tidak Langsung Peratus (%)

Malaysia Mining Corporation Berhad (“MMC”) 186,323,334 – 22.00

International Power PLC 161,595,000(a) – 19.08

Employees Provident Fund Board 127,331,000(b) – 15.03

Permodalan Nasional Berhad 1,451,000 186,323,334(c) 22.17

Impian Teladan Sdn. Bhd. – 186,323,334(c) 22.00

Yayasan Pelaburan Bumiputra – 187,774,334(d) 22.17

Dr. Aziuddin bin Ahmad – 186,323,334(e) 22.00

Zainal Rashid bin Ab. Rahman – 186,323,334(e) 22.00

Notes / Nota-nota:-(a) Held through Arab Malaysian Nominees (Asing) Sdn. Bhd. /

Dipegang melalui Arab Malaysian Nominees (Asing) Sdn. Bhd.

(b) Of which 3,964,000 MB Shares (0.47%) are held through ABN Amro Nominees (Tempatan) Sdn. Bhd., 1,816,000 MB Shares (0.21%) are held through HSBCNominees (Tempatan) Sdn. Bhd., 4,494,000 MB Shares (0.53%) are held through Arab-Malaysian Nominees (Tempatan) Sdn. Bhd., 900,000 MB Shares (0.11%)are held through Mayban Nominees (Tempatan) Sdn. Bhd. and 200,000 MB Shares (0.02%) are held through RHB Nominees (Tempatan) Sdn. Bhd./Yang mana 3,964,000 daripada Saham MB (0.47%) dipegang melalui ABN Amro Nominees (Tempatan) Sdn. Bhd., 1,816,000 Saham MB (0.21%) dipegang melalui HSBCNominees (Tempatan) Sdn. Bhd., 4,494,000 Saham MB (0.53%) dipegang melalui Arab-Malaysian Nominees (Tempatan) Sdn. Bhd., 900,000 Saham MB (0.11%) dipegangmelalui Mayban Nominees (Tempatan) Sdn. Bhd. dan 200,000 Saham MB (0.02%) dipegang melalui RHB Nominees (Tempatan) Sdn. Bhd.

(c) Deemed interest by virtue of their respective direct substantial shareholdings in MMC. /Dianggap kepentingan menurut pegangan saham utama secara langsung mereka dalam MMC.

(d) Deemed interest by virtue of its direct substantial shareholding in Permodalan Nasional Berhad. /Dianggap kepentingan menurut pegangan saham utama secara langsungnya dalam Permodalan Nasional Berhad.

(e) Deemed interest by virtue of their respective direct substantial shareholdings in Impian Teladan Sdn. Bhd. /Dianggap kepentingan menurut pegangan saham utama secara langsung mereka dalam Impian Teladan Sdn. Bhd.

pada 31 Disember 2001

as at 31 December 2001


84


85

shareholders statistical report

LAPORAN STATISTIK PEGANGAN SAHAM pada 31 Disember 2001



85

Statement on Directors’ Interests / Penyata mengenai Kepentingan PengarahThere has been no change in Directors’ interests in shares as set out on page 91 from 1 September 2000 to 31 August 2001, apart from the 500,000unexercised options to subscribe for ordinary shares in Malakoff Berhad granted to the Managing Director, Encik Ahmad Jauhari bin Yahya havebeen adjusted to 1,500,000 options pursuant to the bonus issue. /Tiada perubahan dalam kepentingan para Pengarah dalam saham seperti yang dibentangkan di muka surat 135 dari 1 September 2000 hingga 31 Ogos 2001,selain daripada untuk melanggan 500,000 opsyen ke atas saham biasa yang belum dilaksanakan di dalam Malakoff Berhad yang diberi kepada Pengarah Urusan,Encik Ahmad Jauhari bin Yahya telah dilaras kepada 1,500,000 opsyen berhubung dengan terbitan bonus.

List of Thirty Largest Registered Shareholders / Senarai Tiga Puluh Pemegang Saham Berdaftar Yang TerbesarName / No. of Shares Held / Percentage (%) /Nama Bil. Saham Dipegang Peratus (%)

1. Malaysia Mining Corporation Berhad 186,323,334 22.00

2. Arab-Malaysian Nominees (Asing) Sdn. Bhd. 161,595,000 19.08<International Power plc>

3. Employees Provident Fund Board 114,602,000 13.53

4. Malaysia Nominees (Tempatan) Sendirian Berhad 18,504,000 2.18<Great Eastern life Assurance (Malaysia) Berhad>

5. Amanah Raya Nominees (Tempatan) Sdn. Bhd. 10,194,909 1.20<Skim Amanah Saham Bumiputera>

6. Amanah Raya Nominees (Tempatan) Sdn. Bhd. 9,648,000 1.14<Amanah Saham Wawasan 2020>

7. Lembaga Tabung Haji 9,378,909 1.11

8. Malaysia National Insurance Berhad 6,281,000 0.74

9. Arab-Malaysian Nominees (Tempatan) Sdn. Bhd. 5,838,000 0.69<Arab-Malaysian Trustee Bhd. for BHLB Pacific Dana AI-Ihsan>

10. Cartaban Nominees (Asing) Sdn. Bhd. 5,574,000 0.66<SSBT Fund 2R26 for Bernstein Emerging Markets Value Portfolio>

11. Citicorp Nominees (Asing) Sdn. Bhd. 5,286,000 0.62<CB Ldn for Stichting Pensioenfonds Voor de Gezondheid Gustelijkeen Maatschappelijke Belangen>

12. Malaysia Nominees (Asing) Sendirian Berhad 4,976,640 0.59<Oversea-Chinese Bank Nominees Pte. Ltd. for Island Investment Company (Pte.) Ltd.>

13. Amanah Raya Nominees (Tempatan) Sdn. Bhd. 4,956,000 0.59<Sekim Amanah Saham Nasional>

14. Bumiputra-Commerce Trustee Berhad 4,800,000 0.57<RHB Mudharabah Fund>

15. HSBC Nominees (Asing) Sdn. Bhd. 4,506,000 0.53<BNY Brussels for the State Teachers Retirement System of Ohio (Sanford Emerg)>

16. KE-ZAN Nominees (Tempatan) Sdn. Bhd. 4,065,000 0.48<Kim Eng Securities (Private) Limited for Chang Joo Chiang>

17. HSBC Nominees (Asing) Sdn. Bhd. 4,026,000 0.48<General Motors Employes Global Group Pension Trust>

18. HSBC Nominees (Asing) Sdn. Bhd. 3,942,273 0.47<Mineworkers’ Pension Scheme>

19. Khazanah Nasional Berhad 3,828,000 0.45

20. HSBC Nominees (Asing) Sdn. Bhd. 3,771,360 0.44<HSBC SG for Singapore Investments Pte. Ltd.>


86

shareholders statistical report

LAPORAN STATISTIK PEGANGAN SAHAM


86

pada 31 Disember 2001


List of Thirty Largest Registered Shareholders (cont’d.) /Senarai Tiga Puluh Pemegang Saham Berdaftar Yang Terbesar (samb.)

Name / No. of Shares Held / Percentage (%) /Nama Bil. Saham Dipegang Peratus (%)

21. HSBC Nominees (Asing) Sdn. Bhd. 3,694,080 0.44<Coal Staff Superannuation Scheme Trustees Limited>

22. Arab-Malaysian Nominees (Tempatan) Sdn. Bhd. 3,600,000 0.42<MIDF Aberdeen Asset Management Sdn. Bhd. for Employees Provident Fund>

23. Lembaga Tabung Angkatan Tentera 3,585,000 0.42

24. Asia Life (M) Berhad 3,417,000 0.40<As Beneficial Owner (M’sia Life Fund)>

25. Cartaban Nominees (Asing) Sdn. Bhd. 3,162,000 0.37<Boston Safe Deposit and Trust Company for Emerging Markets Investors Fund>

26. Cartaban Nominees (Asing) Sdn. Bhd. 3,120,000 0.37<State Street London Fund XBY4 for TSB Group Pension Scheme>

27. Citicorp Nominees (Asing) Sdn. Bhd. 3,030,000 0.36<Scottish Equitable (MF) Ltd. for Series B Pacific Fund (CBLdn)>

28. Universal Trustee (Malaysia) Berhad 3,030,000 0.36<Mayban Unit Trust Fund>

29. Mayban Nominees (Tempatan) Sdn. Bhd. 2,866,000 0.34<Mayban Trustees Berhad for MBF Balanced Fund>

30. HSBC Nominees (Asing) Sdn. Bhd. 2,772,000 0.33<Co-Operative Insurance Society Limited>

Total / Jumlah 604,372,505 71.36


87

directors’RESPONSIBILITY STATEMENT

PENYATA TANGGUNGJAWAB PARA PENGARAH

The Board of Directors is required under Paragraph 15.27(a) of the Listing Requirements of the Kuala Lumpur Stock Exchange toissue a statement explaining its responsibility for preparing the annual audited financial statements.

The Directors are required by the Companies Act, 1965 (the “Act”) to prepare financial statements for each financial year whichgive a true and fair view of the state of affairs of the Company and of the Group as at the financial year end and of the results andcash flows of the Company and of the Group for that financial year.

The Directors consider that, in preparing the financial statements of the Company and of the Group for the financial year ended31 August 2001 set out on pages 98 to 132 of this Annual Report, the Company and the Group have used appropriate accountingpolicies, consistently applied and supported by reasonable and prudent judgements and estimates. The Directors also consider thatall applicable approved accounting standards in Malaysia have been followed and confirm that the financial statements have beenprepared on a going concern basis.

The Directors are responsible for ensuring that the Company and its subsidiaries keep accounting records which disclose withreasonable accuracy at any time the financial position of the Company and of the Group and which enable them to ensure thatthe financial statements comply with the provisions of the Act.

The Directors are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the Group and toprevent and detect fraud and other irregularities.

This statement is made in accordance with a resolution of the Board of Directors dated 12 December 2001.

Di bawah Perenggan 15.27(a) Keperluan Penyenaraian Bursa Saham Kuala Lumpur, Lembaga Pengarah dikehendaki mengeluarkan satupenyata yang menjelaskan tentang tanggungjawabnya untuk menyediakan penyata kewangan tahunan yang diaudit.

Para Pengarah dikehendaki Akta Syarikat, 1965 (“Akta”) untuk menyediakan penyata kewangan bagi setiap tahun kewangan yangmemberikan gambaran yang benar dan saksama mengenai hal ehwal Syarikat dan Kumpulan pada akhir tahun kewangan dan keputusan sertaaliran tunai Syarikat dan Kumpulan bagi tahun kewangan berkenaan.

Para Pengarah menganggap bahawa dalam menyediakan penyata kewangan Syarikat dan Kumpulan bagi tahun kewangan berakhir 31 Ogos2001 seperti yang dibentangkan di muka surat 142 hingga 176 dalam Laporan Tahunan ini, Syarikat dan Kumpulan telah menggunakandasar-dasar perakaunan sewajarnya yang digunakan secara konsisten dan disokong oleh pertimbangan serta anggaran yang berpatutandan berhemat. Para Pengarah juga menganggap bahawa piawaian perakaunan yang diluluskan di Malaysia telah diikuti dan mengesahkanbahawa penyata kewangan tersebut telah disedia berasaskan kepada usaha perniagaan berterusan.

Para Pengarah bertanggungjawab untuk memastikan supaya Syarikat dan syarikat-syarikat subsidiarinya menyimpan rekod perakaunan yangmenyatakan dengan ketepatan berpatutan pada sebarang masa tentang kedudukan kewangan Syarikat dan Kumpulan bagi membolehkanmereka memastikan bahawa penyata-penyata kewangan tersebut mematuhi Akta berkenaan.

Para Pengarah juga bertanggungjawab untuk mengambil langkah-langkah sedemikian yang tersedia kepada mereka secara berpatutan untukmelindungi aset Kumpulan dan untuk mencegah serta mengesan sebarang penipuan dan perlanggaran peraturan.

Penyata ini dibuat menurut sebuah resolusi Lembaga Pengarah bertarikh 12 Disember 2001.

Generating new ideas that will enhance efficiency and productivity

is merely the starting point of innovation. Equally important is

the filtration process we then put them through as we develop

pragmatic methodologies that can be successfully implemented.

MENJANA DAN MEMPERHALUSI PENYELESAIAN

Menjana idea yang akan mempertingkatkan tahap kecekapan

dan produktiviti hanya merupakan titik permulaan inovasi.

Proses memperhalusi idea yang kami lalui juga sama pentingnya

dalam membangunkan kaedah pragmatik yang boleh dilaksanakan

dengan berkesan.

Water samples taken from the water treatment system

were generally of good quality and within the

acceptable limits specified in the Environmental

Quality (Sewage & Industrial Effluent) Regulations

1979 and Marine Water Quality limits.

Sampel air yang diambil dari sistem rawatan air secara

keseluruhannya berkualiti memuaskan dan dalam

lingkungan had seperti yang ditetapkan dalam

Peraturan Kualiti Alam Sekitar (Kumbahan & Enapan

Perindustrian) 1979 dan had Kualiti Air Marin.

90 Directors’ Report

96 Statement by Directors

96 Declaration

97 Report of the Auditors

98 Consolidated Balance Sheet

99 Consolidated Income Statement

100 Consolidated Statement of Changes in Equity

101 Consolidated Cash Flow Statement

103 Balance Sheet

104 Income Statement

105 Statement of Changes in Equity

106 Cash Flow Statement

108 Notes to the Financial Statements

FINANCIAL

statements


89


90

directors’ REPORTfor the year ended 31 August 2001

The Directors have pleasure in submitting their report and the audited financial statements of the Group and the Company for theyear ended 31 August 2001.

Principal Activities

The principal activities of the Company are those of an investment holding company and provision of management services to itssubsidiary companies.

The principal activities of the subsidiary companies are shown in Note 4 to the financial statements.

There have been no significant changes in the nature of the principal activities of the Company and its subsidiary companies duringthe financial year.

ResultsGroup Company

RM’000 RM’000

Net profit for the year .................................................................................................................... 317,970 25,012

Dividends

Since the end of the previous financial year, the Company paid the first and final dividend of 15 sen per share less tax totallingRM30,113,000 in respect of the year ended 31 August 2000, on 18 April 2001.

The first and final dividend recommended by the Directors in respect of the year ended 31 August 2001 is 20 sen per share less taxtotalling RM120,852,576 (based on the enlarged ordinary share capital as at the bonus issue entitlement date of 15 November 2001comprising 839,254,002 ordinary shares of RM1.00 each) will be proposed for shareholders’ approval at the forthcoming AnnualGeneral Meeting.

Reserves and Provisions

There were no material transfers to or from reserves and provisions during the year except as disclosed in the financial statements.


91

Directors of the Company

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

Tan Sri Abdul Halim bin Ali (appointed on 10.9.2001)Ahmad Jauhari bin YahyaDato’ Abdul Aziz bin Abdul RahimDato’ Mohammed Radzi @ Mohd Radzi bin MananAbdul Jabbar bin Abdul MajidIan William Nutt (appointed on 19.4.2001)Dato’ Ir (Dr.) Haji Ahmad Zaidee bin Laidin (appointed on 10.9.2001)Simon David Pinnell (alternate to Ian William Nutt; appointed on 25.4.2001)Tan Sri Ibrahim bin Menudin (resigned on 10.9.2001)Iain William McMorrine (resigned on 19.4.2001)Dato’ Ilyas Ling bin Abdullah @ Mark William Ling Lee Meng (resigned on 1.8.2001)Phan Leong Kim (alternate to Tan Sri Ibrahim bin Menudin;

resigned on 10.9.2001 and alternate to Dato’ Ilyas Ling binAbdullah @ Mark William Ling Lee Meng;resigned on 1.8.2001)

Directors’ Interest in Shares

The options granted to eligible Directors in respect of the acquisition of ordinary shares in Malakoff Berhad pursuant to theEmployees’ Share Option Scheme are set out below:

––– Number of options over ordinary shares of RM1.00 each –––

At At1.9.2000 Granted Exercised 31.8.2001

Malakoff BerhadAhmad Jauhari bin Yahya 500,000 – – 500,000

Except as disclosed above, none of the Directors holding office at the end of the financial year had any interest in the shares of theCompany and of its related corporations during the year.

Directors’ Benefits

Since the end of the previous financial year, no Director of the Company has received or become entitled to receive any benefit(other than a benefit included in the aggregate amount of emoluments received or due and receivable by Directors as shown in thefinancial statements) by reason of a contract made by the Company or a related corporation with the Director or with a firm of whichthe Director is a member, or with a company in which the Director has a substantial financial interest.

directors’report

for the year ended 31 August 2001


92

directors’report


Directors’ Benefits (cont’d.)

There were no arrangements during and at the end of the year which had the object of enabling Directors of the Company to acquirebenefits by means of the acquisition of shares in or debentures of the Company or any other body corporate apart from the benefitsgiven to the full time executive Director of the Company pursuant to the Employees’ Share Option Scheme.

Issue of Shares

During the financial year, the Company issued the following shares:-

Number of Terms ofClass of Shares Shares Issue Purpose of Issue

Ordinary shares of RM1.00 each 2,986,000 Cash Subscription of Employees’ Share Option Scheme

The additional issued and fully paid up shares rank pari-passu in all respect with all the existing shares.

Options Granted Over Unissued Shares

No options were granted to any person to take up unissued shares or debentures of the Company during the year apart from theoptions granted pursuant to the Employees’ Share Option Scheme.

Under the Company’s Employees’ Share Option Scheme (ESOS) which became effective on 7 March 1996 and was subsequentlyextended until 6 March 2006, options to subscribe for 30,054,000 unissued new ordinary shares of RM1.00 each in the Companywere made available to eligible Directors and employees of the Group of which options to subscribe for 7,495,000 ordinary sharesof RM1.00 each have been exercised and options to subscribe for 6,916,000 ordinary shares of RM1.00 each have lapsed due tocessation of employment of certain eligible employees.

The Company had obtained the necessary approvals from its shareholders and the relevant authorities for the extension of theCompany’s existing ESOS for another five (5) years, from 7 March 2001 up to and including 6 March 2006 (“Extended Period”).

The salient features of the scheme are as follows:-

i. eligible employees are those who have been confirmed in writing as an employee of the Group for at least one (1) year ofcontinuous service before the date of offer and an eligible Director is a full time executive Director of the Group.

ii. the option is personal to the grantee and non-assignable.

iii. the option price for options granted during the Extended Period shall be set at a discount of not more than 10 per centum (10%)from the five (5) day weighted average market price of the ordinary shares of the Company immediately preceding the dateof the offer or the par value of the ordinary shares of the Company, whichever is the higher.

iv. the options granted may be exercised on any working day from the date of the offer up to 5.00 p.m. on 6 March 2006, the expirydate of the Scheme.


93

directors’report


Options Granted Over Unissued Shares (cont’d.)

v. (a) the options granted/unexercised prior to the Extended Period of the Scheme shall be exercisable in the following manner:-

Exercisable Dates Cumulative percentage of total newordinary shares which may be subscribed for

After 1 July 1996 25%After 1 July 1997 75%After 1 July 1998 100%

(b) the options granted during the Extended Period of the Scheme shall be exercisable in the following manner:-

Number of Options Granted ––––––––––Percentage of Options Exercisable Per Annum ––––––––––

Year 1 Year 2 Year 3 Year 4 Year 5

Below 20,000 100% – – – –20,000 to less than 100,000 40%1 30% 30%2 – –100,000 and above 20% 20% 20% 20% 20%

Note: 1. 40% or 20,000 Options, whichever is the higher2. 30% or the remaining number of Options unexercised

Options exercisable in a particular year but not exercised can be carried forward to the subsequent years subject to theearlier of time limit of the Scheme, or when the options are terminated due to reasons stipulated in the Bye-Laws of theScheme.


94

Options Granted Over Unissued Shares (cont’d.)

The options to take up unissued ordinary shares of RM1.00 each and the option prices are as follows:-

––––– Number of Options over ordinary shares of RM1.00 each –––––

Offered LapsedDate of Option Balance at and due to Balance atOffer Price 1.9.00 accepted resignation Exercised 31.8.01

RM ‘000 ‘000 ‘000 ‘000 ‘000

16.3.96 10.85 4,445 – 1,695 – 2,7503.7.96 10.80 175 – – – 17516.10.96 12.40 290 – – – 29014.1.97 11.40 617 – 267 – 35030.4.97 9.68 379 – 105 – 2745.9.97 6.52 – – – – –28.11.97 5.24 34 – – 14 2024.4.98 9.16 299 – 48 2 24919.6.98 7.22 505 – 1 439 654.9.98 3.21 27 – – 14 1315.10.98 4.50 109 – – 33 762.4.99 8.04 329 – – 130 19923.4.99 8.46 – – – – –1.10.99 8.68 6,002 – – 1,842 4,16016.12.99 9.12 213 – – 34 17929.6.00 8.69 1,307 – 50 221 1,03617.10.00 8.93 – 3,395 106 84 3,2051.3.01 8.79 – 2,025 – 163 1,86217.7.01 8.04 – 750 – 10 740

14,731 6,170 2,272 2,986 15,643

Other Statutory Information

Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertainthat:

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

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

directors’report



95

Other Statutory Information (cont’d.)

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

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

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

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

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

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

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

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

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

In the opinion of the Directors, the results of the operations of the Group and of the Company for the financial year ended 31 August2001 have not been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item,transaction or event occurred in the interval between the end of that financial year and the date of this report.

Auditors

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

Signed in accordance with a resolution of the Directors:

Tan Sri Abdul Halim bin Ali Ahmad Jauhari bin YahyaChairman Managing Director

Kuala Lumpur,12 December 2001

directors’report



96

statement BY DIRECTORSpursuant to Section 169(15) of the Companies Act, 1965

In the opinion of the Directors, the financial statements set out on pages 98 to 132, are drawn up in accordance with applicableapproved accounting standards in Malaysia so as to give a true and fair view of the state of affairs of the Group and of the Companyat 31 August 2001 and of the results of their operations and cash flows for the year ended on that date.

Signed in accordance with a resolution of the Directors:

Tan Sri Abdul Halim bin Ali Ahmad Jauhari bin YahyaChairman Managing Director


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

I, Kamarul Ariffin bin Zainal, the officer primarily responsible for the financial management of Malakoff Berhad, do solemnly andsincerely declare that the financial statements set out on pages 98 to 132, are, to the best of my knowledge and belief, correct andI make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the StatutoryDeclarations Act, 1960.

Subscribed and solemnly declared by the abovenamed at Kuala Lumpur on 12 December 2001

Before me:

Kamarul Ariffin bin Zainal

42A Persiaran Ara KiriLucky Garden Bangsar59100 Kuala Lumpur


97

report OF THE AUDITORSto the members of Malakoff Berhad

We have audited the financial statements set out on pages 98 to 132. The preparation of the financial statements is the responsibilityof the Company’s Directors. Our responsibility is to express an opinion on the financial statements based on our audit.

We conducted our audit in accordance with approved Standards on Auditing in Malaysia. These standards require that we planand perform the audit to obtain all the information and explanations which we consider necessary to provide us with evidence togive reasonable assurance that the financial statements are free of material misstatement. An audit includes examining, on a testbasis, evidence relevant to the amounts and disclosures in the financial statements. An audit also includes an assessment of theaccounting principles used and significant estimates made by the Directors as well as evaluating the overall adequacy of thepresentation of information in the financial statements. We believe our audit provides a reasonable basis for our opinion.

In our opinion:

(a) the financial statements are properly drawn up in accordance with the provisions of the Companies Act, 1965 and applicableapproved accounting standards in Malaysia so as to give a true and fair view of:

i) the state of affairs of the Group and of the Company at 31 August 2001 and the results of their operations and cash flowsfor the year ended on that date; and

ii) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements of the Groupand of the Company;

and

(b) the accounting and other records and the registers required by the Companies Act, 1965 to be kept by the Company and thesubsidiaries have been properly kept in accordance with the provisions of the said Act.

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

The audit reports on the financial statements of the subsidiaries were not subject to any qualification and did not include anycomment under sub-section (3) of Section 174 of the Act.

KPMG Hew Lee Lam SangFirm Number: AF 0758 PartnerChartered Accountants Approval Number: 1862/10/03(J)



98

consolidated BALANCE SHEETat 31 August 2001

Note 2001 2000RM’000 RM’000

Property, plant and equipment ........................................................................... 2 3,659,440 3,140,403Investment in associated companies .................................................................... 3 135,067 131,978Other investments ............................................................................................. 5 111,757 207,790Goodwill on consolidation.................................................................................. 6 106,668 113,334

Current assetsInventories ................................................................................................................. 7 149,988 143,446Trade and other receivables ....................................................................................... 8 562,594 584,411Cash and cash equivalents ........................................................................................ 9 1,054,977 805,041

....................................................................................................................................... 1,767,559 1,532,898

Current liabilitiesTrade and other payables ........................................................................................... 10 222,093 222,547Borrowings ................................................................................................................. 11 356,888 171,689Hire purchase liabilities ............................................................................................. 12 880 718Taxation ..................................................................................................................... 50,882 50,222Proposed dividend ..................................................................................................... – 29,885

....................................................................................................................................... 630,743 475,061

Net current assets ............................................................................................... 1,136,816 1,057,837

....................................................................................................................................... 5,149,748 4,651,342

Financed by:Capital and reserves

Share capital .............................................................................................................. 13 279,703 276,717Reserves ..................................................................................................................... 1,898,823 1,558,857

Shareholders’ fund.............................................................................................. 2,178,526 1,835,574

Minority interests ............................................................................................... 196,240 151,048

Long term and deferred liabilitiesBorrowings ................................................................................................................. 11 2,438,745 2,374,789Hire purchase liabilities ............................................................................................. 12 2,293 3,981Deferred taxation ....................................................................................................... 333,944 285,950

....................................................................................................................................... 5,149,748 4,651,342

The notes set out on pages 108 to 132 form an integral part of, and should be read in conjunction with, these financial statements.


99

Note 2001 2000RM’000 RM’000

Revenue ........................................................................................................................ 1,513,462 1,473,196Cost of sales ................................................................................................................... (691,874) (642,305)

Gross profit ........................................................................................................ 821,588 830,891Other operating income ................................................................................................ 7,097 28,346Administrative expenses ............................................................................................... (55,905) (29,203)Other operating expenses .............................................................................................. (58,113) (69,940)

Operating profit .................................................................................................. 14 714,667 760,094Financing costs .............................................................................................................. 16 (246,952) (260,793)Interest income .............................................................................................................. 35,830 24,102Share of profit of associated company ........................................................................... 23,456 20,755

Profit before taxation .......................................................................................... 527,001 544,158Tax expense ................................................................................................................... 17 (163,839) (154,140)

Profit after taxation ............................................................................................ 363,162 390,018Less: Minority interests ................................................................................................ (45,192) (45,839)

Net profit for the year ........................................................................................ 317,970 344,179

Basic earnings per ordinary share (sen) ......................................................................... 19 114 125

Diluted earnings per ordinary share (sen) ..................................................................... 19 113 125


consolidated INCOME STATEMENTfor the year ended 31 August 2001


100

Non-distributable Distributable

Share Revaluation Retained Sharepremium reserve profits Sub total capital TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000

GroupAt 1 September 1999 ............... 436,330 3,194 783,426 1,222,950 273,007 1,495,957Change in accounting policy– prior year adjustment

(Note 26) .............................. – – (14,566) (14,566) – (14,566)

Restated balance ....................... 436,330 3,194 768,860 1,208,384 273,007 1,481,391Issue of new shares .................... 26,789 – – 26,789 3,710 30,499Surplus on revaluation ............. – 9,390 – 9,390 – 9,390

.................................................. 463,119 12,584 768,860 1,244,563 276,717 1,521,280Net profit for the year ............... – – 344,179 344,179 – 344,179Dividends (Note 18) ................ – – (29,885) (29,885) – (29,885)

At 31 August 2000 ................... 463,119 12,584 1,083,154 1,558,857 276,717 1,835,574Issue of new shares .................... 21,996 – – 21,996 2,986 24,982

.................................................. 485,115 12,584 1,083,154 1,580,853 279,703 1,860,556Net profit for the year ............... – – 317,970 317,970 – 317,970

At 31 August 2001 ................... 485,115 12,584 1,401,124 1,898,823 279,703 2,178,526

Note 13


consolidated STATEMENT OF CHANGES IN EQUITYfor the year ended 31 August 2001


101

consolidated CASH FLOW STATEMENTfor the year ended 31 August 2001

2001 2000RM’000 RM’000

Cash flows from operating activitiesProfit before taxation ................................................................................................................ 527,001 544,158Adjustments for:

Premium receivable on redemption of investment in redeemable preference shares .......... (2,159) (12,540)Depreciation .......................................................................................................................... 148,337 138,680Gain on disposal of property, plant and equipment .............................................................. (475) (34)Gain on disposal of quoted unit trusts .................................................................................. – (1,125)Interest expense ..................................................................................................................... 246,952 260,793Share of profit of associated company ................................................................................... (23,456) (20,755)Interest income ...................................................................................................................... (35,830) (24,102)Interest income from loan stocks .......................................................................................... (3,593) (3,593)Dividend income ................................................................................................................... (4,560) (7,245)Provision for diminution in value of quoted unit trusts ........................................................

– current year .................................................................................................................... 17,087 907– reversal of prior year’s provision .................................................................................... – (3,975)

Amortisation of goodwill ...................................................................................................... 8,748 8,748Deferred expenditure written off ........................................................................................... – 2,001Amortisation of pre–operating expenses ............................................................................... – 3,566Gain on disposal of quoted investment ................................................................................. – (9,660)

Operating profit before working capital changes .......................................................................... 878,052 875,824Inventories ................................................................................................................................. (6,542) (3,697)Trade and other receivables ....................................................................................................... (1,447) (174,976)Trade and other payables ........................................................................................................... (454) (20,034)

Cash generated from operations .................................................................................................... 869,609 677,117Tax paid ......................................................................................................................................... (114,728) (79,811)

Net cash generated from operating activities ..................................................................... 754,881 597,306

Cash flows from investing activitiesPurchase of property, plant and equipment .............................................................................. (662,346) (9,431)Proceeds from disposal of property, plant and equipment ........................................................ 992 202Purchase of unquoted investments ............................................................................................ (25,000) (13,600)Placement of cash in sinking fund account .............................................................................. (15,528) –Dividends received from investments ....................................................................................... 4,006 3,769Dividends received from associated company ........................................................................... 11,016 –Interest received ........................................................................................................................ 35,830 26,612Interest income from loan stocks received ................................................................................ 3,593 3,593Proceeds from redemption of investment in redeemable preference shares ............................. 136,964 –


102

consolidatedcash flow statement


2001 2000RM’000 RM’000

Pre-operating expenses paid ...................................................................................................... – (42,542)Proceeds from disposal of quoted shares .................................................................................... – 11,195Proceeds from disposal of quoted unit trusts ............................................................................. – 19,900Purchase of other investment .................................................................................................... – (296)Subscription of investment in preference shares ...................................................................... – (14,014)Placement of deposits pledged with licensed bank ................................................................... – (16,905)

Net cash used in investing activities ....................................................................................... (510,473) (31,517)

Cash flows from financing activitiesRepayment of hire purchase liabilities ...................................................................................... (3,980) (535)Repayment of borrowings .......................................................................................................... (168,901) (204,357)Dividends paid ........................................................................................................................... (30,113) (27,301)Issue of shares ............................................................................................................................ 24,982 30,499Interest paid ............................................................................................................................... (250,043) (251,476)Proceeds from borrowings .......................................................................................................... 418,055 –

Net cash used in financing activities ............................................................................. (10,000) (453,170)

Net increase in cash and cash equivalents ......................................................................... 234,408 112,619Cash and cash equivalents at beginning of year ................................................................. 788,136 675,517

Cash and cash equivalents at end of year .......................................................................... 1,022,544 788,136

Notes to the cash flow statement1. Cash and cash equivalents comprise:

Deposits with licensed financial institutions ....................................................................... 987,739 706,181Placement in commercial papers .......................................................................................... 32,457 52,194Cash and bank balances ....................................................................................................... 34,781 46,666

.............................................................................................................................................. 1,054,977 805,041Less: Deposits pledged with licensed bank .......................................................................... (16,905) (16,905)Less: Cash placed in sinking fund account .......................................................................... (15,528) –

.............................................................................................................................................. 1,022,544 788,136

2. Additions of property, plant and equipmentDuring the year, the Group acquired property, plant and equipment with an aggregate cost of RM667,891,000 (2000 –RM13,233,000) of which RM5,545,000 (2000 – RM3,802,000) was acquired by means of hire purchase. Cash payments ofRM662,346,000 (2000 – RM9,431,000) were made to purchase property, plant and equipment.



103

balance SHEETat 31 August 2001

Note 2001 2000RM’000 RM’000

Property, plant and equipment ............................................................................ 2 27,415 25,456Investment in subsidiary companies .................................................................... 4 669,476 708,262Other investments .............................................................................................. 5 39,455 45,575

Current assetsOther receivables ....................................................................................................... 8 1,031,785 383,393Cash and cash equivalents ........................................................................................ 9 32,959 20,531

....................................................................................................................................... 1,064,744 403,924

Current liabilitiesOther payables ........................................................................................................... 10 221,932 39,642Borrowings ................................................................................................................. 11 118,055 –Hire purchase liabilities ............................................................................................. 12 402 116Taxation ..................................................................................................................... 6,181 9,931Proposed dividend ..................................................................................................... – 29,885

....................................................................................................................................... 346,570 79,574

Net current assets ............................................................................................... 718,174 324,350

....................................................................................................................................... 1,454,520 1,103,643

Financed by:Capital and reserves

Share capital .............................................................................................................. 13 279,703 276,717Reserves ..................................................................................................................... 873,625 826,617

Shareholders’ fund .............................................................................................. 1,153,328 1,103,334

Long term and deferred liabilitiesBorrowings ................................................................................................................. 11 300,000 –Hire purchase liabilities ............................................................................................. 12 1,192 309

....................................................................................................................................... 1,454,520 1,103,643



104

income STATEMENTfor the year ended 31 August 2001

Note 2001 2000RM’000 RM’000

Revenue ........................................................................................................................ 3,968 166,860Cost of sales ................................................................................................................... – –

Gross profit ........................................................................................................ 3,968 166,860Other operating income ................................................................................................ 66,530 53,257Administrative expenses ............................................................................................... (24,215) (2,576)Other operating expense ............................................................................................... (445) (42)

Operating profit .................................................................................................. 14 45,838 217,499Financing costs .............................................................................................................. 16 (7,132) (37)

Profit before taxation .......................................................................................... 38,706 217,462Tax expense ................................................................................................................... 17 (13,694) (55,796)

Net profit for the year ........................................................................................ 25,012 161,666



105

statement OF CHANGES IN EQUITYfor the year ended 31 August 2001

Non-distributable Distributable

Share Revaluation Retained Sharepremium reserve profits Sub total capital TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000

CompanyAt 1 September 1999 ............... 436,330 3,194 219,133 658,657 273,007 931,664Issue of new shares .................... 26,789 – – 26,789 3,710 30,499Surplus on revaluation ............. – 9,390 – 9,390 – 9,390

.................................................. 463,119 12,584 219,133 694,836 276,717 971,553Net profit for the year ............... – – 161,666 161,666 – 161,666Dividends (Note 18) ................ – – (29,885) (29,885) – (29,885)

At 31 August 2000 ................... 463,119 12,584 350,914 826,617 276,717 1,103,334Issue of new shares .................... 21,996 – – 21,996 2,986 24,982

.................................................. 485,115 12,584 350,914 848,613 279,703 1,128,316Net profit for the year ............... – – 25,012 25,012 – 25,012

At 31 August 2001 ................... 485,115 12,584 375,926 873,625 279,703 1,153,328

Note 13



106

2001 2000RM’000 RM’000

Cash flows from operating activitiesProfit before taxation ................................................................................................................ 38,706 217,462Adjustments for:

Depreciation .......................................................................................................................... 1,019 695Gain on disposal of property, plant and equipment .............................................................. (14) (25)Interest expense ..................................................................................................................... 7,132 37Interest income ...................................................................................................................... (66,515) (51,517)Dividend income ................................................................................................................... (2,695) (2,569)Provision for diminution in value of quoted unit trusts ........................................................ 6,120 –Gain on disposal of quoted shares ......................................................................................... – (9,660)Gain on disposal of quoted unit trusts .................................................................................. – (925)

Operating (loss)/profit before working capital changes ............................................................ (16,247) 153,498Other receivables ................................................................................................................... (648,067) (190,243)Other payables ....................................................................................................................... 182,077 9,778

Cash used in operations ............................................................................................................. (482,237) (26,967)Tax paid ..................................................................................................................................... (17,443) (63,100)

Net cash used in operating activities ............................................................................. (499,680) (90,067)

Cash flows from investing activitiesPurchase of property, plant and equipment .............................................................................. (1,467) (241)Proceeds from disposal of property, plant and equipment ........................................................ 81 62Placement of cash in sinking fund account .............................................................................. (15,528) –Proceeds from disposal of quoted unit trusts ............................................................................. – 5,000Proceeds from disposal of quoted shares .................................................................................... – 11,195Proceeds from repayment of borrowings ................................................................................... 38,786 35,447Interest received ........................................................................................................................ 66,515 51,517Dividend received ..................................................................................................................... 2,695 2,569

Net cash generated from investing activities .................................................................. 91,082 105,549

cash FLOW STATEMENTfor the year ended 31 August 2001


107

2001 2000RM’000 RM’000

Cash flows from financing activitiesInterest paid ............................................................................................................................... (7,132) (37)Repayment of hire purchase liabilities ...................................................................................... (294) (90)Issue of shares ............................................................................................................................ 24,982 30,499Dividends paid ........................................................................................................................... (30,113) (27,301)Proceeds from borrowings .......................................................................................................... 418,055 –

Net cash generated from financing activities ................................................................. 405,498 3,071

Net (decrease)/increase in cash and cash equivalents ........................................................ (3,100) 18,553Cash and cash equivalents at beginning of year ................................................................. 20,531 1,978

Cash and cash equivalents at end of year ................................................................................... 17,431 20,531

Notes to the cash flow statement1. Cash and cash equivalents comprise:

Deposits with licensed financial institutions ....................................................................... 13,405 12,905Cash and bank balances ....................................................................................................... 19,554 7,626

.............................................................................................................................................. 32,959 20,531Less: Cash placed in sinking fund account .......................................................................... (15,528) –

.............................................................................................................................................. 17,431 20,531

2. Additions of property, plant and equipmentDuring the year, the Company acquired property, plant and equipment with an aggregate cost of RM3,045,000 (2000 –RM319,000) of which RM1,578,000 (2000 – RM78,000) was acquired by means of hire purchase. Cash payment ofRM1,467,000 (2000 – RM241,000) was made to purchase property, plant and equipment.


cashflow statement



108

notes TO THE FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies

The following accounting policies are adopted by the Group and the Company and are consistent with those adopted inprevious years.

(a) Basis of accountingThe financial statements of the Group and of the Company are prepared in compliance with applicable approvedaccounting standards in Malaysia.

(b) Basis of consolidationSubsidiaries are those enterprises controlled by the Company. Control exists when the Company has the power, directlyor indirectly, to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities.The financial statements of subsidiaries are included in the consolidated financial statements from the date that controleffectively commences until the date that control effectively ceases. Subsidiaries are consolidated using the acquisitionmethod of accounting except for Teknik Janakuasa Sdn. Bhd. which is consolidated using the merger method ofaccounting.

A subsidiary is excluded from consolidation when control is intended to be temporary if the subsidiary is acquired andheld exclusively with a view of its subsequent disposal in the near future and it has not previously been consolidated orit operates under severe long term restrictions which significantly impair its ability to transfer funds to the Company.Subsidiaries excluded on these grounds are accounted for as investments.

Under the acquisition method of accounting, the results of subsidiaries acquired or disposed of during the year are includedfrom the date of acquisition or up to the date of disposal. At the date of acquisition, the fair values of the subsidiaries’net assets are determined and these values are reflected in the Group financial statements. The difference between theacquisition cost and the fair values of the subsidiaries’ net assets is reflected as goodwill or reserve on consolidation asappropriate.

Under the merger method of accounting, the difference between the cost of acquisition and the nominal value of theshare capital and reserves of the subsidiaries is taken to merger reserve.

Intragroup transactions and balances and the resulting unrealised profits are eliminated on consolidation. Unrealisedlosses resulting from intragroup transactions are also eliminated unless cost cannot be recovered.

(c) Associated companiesAssociated companies are those enterprises in which the Group has significant influence, but not control, over thefinancial and operating policies.


109

notesto the financial statements

1. Summary of Significant Accounting Policies (cont’d.)

(c) Associated companies (cont’d.)The consolidated financial statements include the total recognised gains and losses of associated companies on an equityaccounted basis from the date that significant influence effectively commences until the date that significant influenceeffectively ceases.

Unrealised profits arising on transactions between the Group and its associated companies which are included in thecarrying amount of the related assets and liabilities are eliminated partially to the extent of the Group’s interests in theassociated companies. Unrealised losses on such transactions are also eliminated partially unless cost cannot be recovered.

Goodwill on acquisition is calculated based on the fair value of net assets acquired.

(d) Property, plant and equipmentProperty, plant and equipment except for freehold land are stated at cost/valuation less accumulated depreciation.

C-Inspection costs represent costs incurred at the scheduled major inspection dates. The costs are capitalised as theinspections improved the performance and efficiency of the power plant.

The Group revalues its property comprising land and buildings every 5 years and at shorter intervals whenever the marketvalue of the revalued assets has changed materially from their carrying value.

Surpluses arising from revaluation are dealt with in the property revaluation reserve account. Any deficit arising is offsetagainst the revaluation reserve to the extent of a previous increase for the same property. In all other cases, a decreasein carrying amount is charged to the income statement.

Property, plant and equipment retired from active use and held for disposal are stated at the lower of net book value andnet realisable value.

The carrying amounts of property, plant and equipment are reviewed at each balance sheet date to determine whetherthere is any indication of impairment. If such an indication exists, the asset’s recoverable amount is estimated. Animpairment loss is recognised whenever the carrying amount of an item of property, plant and equipment exceeds itsrecoverable amount. In determining the recoverable amount of property, plant and equipment, expected future cash flowsare not discounted to their present values. The impairment loss is charged to the income statement unless it reversesa previous revaluation in which case it is charged to equity. Any subsequent increase in recoverable amount is reducedby the amount that would have been recognised as depreciation had the write-down or write-off not occurred. Suchsubsequent increase in recoverable amount is recognised in the income statement unless it reverses an impairment losson a revalued asset, in which case it is taken to equity.


110



(e) DepreciationFreehold land is not amortised. Leasehold land is amortised in equal instalments over the period of the lease which is99 years. The straight-line method is used to write off the cost of the other assets over the term of their estimated usefullives at the following principal annual rates:

Buildings 2% to 5%Power plant 2.9%Plant and machinery 10% to 20%Office equipment and furnitures 10% to 25%Motor vehicles 20% to 25%Computers 331/3%C-Inspection costs 32%

(f) Accounting for hire purchaseProperty, plant and equipment acquired under hire purchase agreements are capitalised at their purchase cost anddepreciated on the same basis as owned assets. The total amount payable under hire purchase agreements are includedas hire purchase liabilities.

The interest element of the rental obligations is charged to the income statement over the period of the hire purchaseand accounted for based on the straight line method.

(g) Investment in quoted unit trustsInvestment in unit trusts are stated at cost. Provision for diminution in value is made when the Directors are of theopinion that there is a diminution in the value of the investment which is other than temporary.

(h) Investment in redeemable preference sharesInvestment in redeemable preference shares are stated at cost. The premium receivable upon redemption of theredeemable preference shares is accrued over the tenor of the preference shares.

(i) Other investmentsOther investments are stated at cost. Provision for diminution in value is made when the Directors are of the opinionthat there is a permanent diminution in the value of the investments.


111



(j) GoodwillGoodwill arising on an acquisition represents the excess of the cost of the acquisition over the fair values of the netidentifiable assets acquired. Goodwill is stated at cost less accumulated amortisation. In respect of associated companies,the carrying amount of goodwill is included in the carrying amount of the investment in the associated companies.

Goodwill is amortised from the date of initial recognition through the Group income statement over 21 years. Animpairment loss is also recognised when the Directors are of the view that there is a diminution in its value which is otherthan temporary.

(k) InventoriesSpares, consumables and diesel fuel are stated at the lower of cost and net realisable value with first-in-first-out (FIFO)being the main basis for cost.

(l) Cash and cash equivalentsCash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments whichhave an insignificant risk of changes in value. For the purpose of the cash flow statement, cash and cash equivalents arepresented net of bank overdrafts, deposits pledged and placement in sinking fund account.

(m) Capitalisation of borrowing costsBorrowing costs incurred on construction of plant are capitalised. Capitalisation of borrowing costs will cease when theassets are ready for their intended use.

The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is the weighted averageof the borrowing costs applicable to the Group’s borrowings that are outstanding during the year, other than borrowingsmade specifically for the purpose of financing a specific construction of plant, in which case the actual borrowing costincurred on that borrowing less any investment income on the temporary investment of that borrowing will be capitalised.

Capitalisation of borrowing costs is suspended during extended periods in which active development is interrupted.

(n) TaxationThe tax expense in the income statement represents taxation at current tax rates based on profit earned during the year.

Deferred taxation is provided on the liability method for all timing differences except where no liability is expected toarise in the foreseeable future and there are no indications the timing differences will reverse thereafter. Deferred taxbenefits are only recognised where there is a reasonable expectation of realisation in the near future.


112



(o) Foreign currencyi) Foreign current transactions

Transactions in foreign currencies are translated to Ringgit Malaysia at rates of exchange ruling at the date of thetransactions unless hedged by forward exchange contracts, in which case the rates specified in such forward contractsare used. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translatedto Ringgit Malaysia at the foreign exchange rates ruling at that date unless hedged by forward exchange contracts,in which case the rates specified in such forward contracts are used. Foreign exchange differences arising ontranslation are recognised in the income statement. Non-monetary assets and liabilities denominated in foreigncurrencies, which are stated at historical cost, are translated to Ringgit Malaysia at the foreign exchange rates rulingat the date of the transactions.

The closing rates used in the translation of foreign currency monetary assets and liabilities are as follows:

2001 2000RM RM

USD1 3.80 3.80CHF1 2.14 2.19EURO1 3.51 3.39

(p) Financial instrumentsFinancial derivatives hedging instruments are used in the Group’s risk management of foreign currency with respect toits financial liabilities. The underlying foreign currency liabilities are translated at their respective hedged exchange rates.Hedging costs are recognised in the income statement as and when incurred.

(q) Affiliated companyAn affiliated company is a company which holds a long term interest of not less than 20% but not exceeding 50% inthe equity capital of the Company and exercises significant influence over the financial and operating policies of theCompany.

(r) Revenuei) Capacity and energy payments, operation and maintenance charges, project management and engineering

consultancy feesRevenue is measured at the fair value of the consideration receivable and is recognised in the income statementas it accrues.


113



(r) Revenue (cont’d.)ii) Revenue from land reclamation, shore protection, dredging and associated works

Revenue from land reclamation, shore protection, dredging and associated works is recognised on the percentageof completion method, measured by reference to surveys of work performed.

When the outcome of a construction contract cannot be estimated reliably, revenue is recognised only to the extentof contract costs incurred that is probable will be recoverable and contract costs are recognised as an expense inthe period in which they are incurred.

iii) Dividend incomeDividend income is recognised when the right to receive payment is established.

iv) Interest incomeInterest income is recognised in the income statement as it accrues, taking into account the effective yield of theasset.

(s) Expensesi) Operating lease payments

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

ii) Financing costsAll interest and other costs incurred in connection with borrowings, other than that capitalised in accordance withNote 1(m), are expensed as incurred. The interest component of hire purchase payments is recognised in the incomestatement over the period of the hire purchase and accounted for based on the straight-line method.


114

2. Property, Plant and EquipmentAt valuation ––––––––––––––––––––––––––––––––––––––––––– At cost –––––––––––––––––––––––––––––––––––––––––––

OfficeConstruction- equipment

Freehold in- Leasehold Power C-Inspection Plant and and MotorGroup land progress Buildings land plant costs machinery furnitures vehicles Computers Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Cost/ValuationAt 1 September 2000 18,190 – 2,954 13,371 3,385,237 132,706 30,950 9,757 6,583 4,958 3,604,706Additions – 642,855 3,100 – 861 14,258 349 1,479 3,549 1,440 667,891Disposals – – – – – – – (42) (2,260) (4) (2,306)Reclassification – (26,384) – – – – 26,384 – – – –

At 31 August 2001 18,190 616,471 6,054 13,371 3,386,098 146,964 57,683 11,194 7,872 6,394 4,270,291

DepreciationAt 1 September 2000 – – 979 187 396,555 53,798 213 5,364 3,832 3,375 464,303Charge for the year – – 14 597 96,808 45,452 802 2,106 1,279 1,279 148,337Disposals – – – – – – – (6) (1,779) (4) (1,789)

At 31 August 2001 – – 993 784 493,363 99,250 1,015 7,464 3,332 4,650 610,851

Net book valueAt 31 August 2001 18,190 616,471 5,061 12,587 2,892,735 47,714 56,668 3,730 4,540 1,744 3,659,440

At 31 August 2000 18,190 – 1,975 13,184 2,988,682 78,908 30,737 4,393 2,751 1,583 3,140,403

Depreciation chargefor the year ended31 August 2000 – – 20 63 96,706 37,666 53 1,978 1,113 1,081 138,680



115


2. Property, Plant and Equipment (cont’d.)At valuation –––––––––––––––––––––––––– At Cost ––––––––––––––––––––––––––

Officeequipment

Freehold Leasehold Plant and and MotorCompany land Buildings land machinery furnitures vehicles Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

CostAt 1 September 2000 18,190 1,043 6,159 153 1,952 848 28,345Additions – – – – 1,212 1,833 3,045Disposal – – – – (40) (94) (134)

At 31 August 2001 18,190 1,043 6,159 153 3,124 2,587 31,256

DepreciationAt 1 September 2000 – 979 187 134 1,305 284 2,889Charge for the year – 14 62 4 542 397 1,019Disposal – – – – (4) (63) (67)

At 31 August 2001 – 993 249 138 1,843 618 3,841

Net book valueAt 31 August 2001 18,190 50 5,910 15 1,281 1,969 27,415

At 31 August 2000 18,190 64 5,972 19 647 564 25,456

Depreciation chargefor the year ended31 August 2000 – 20 63 3 441 168 695

RevaluationFreehold land stated at valuation was revalued in March 2000 by independent professionals using the market value for existinguse basis. Deferred tax in respect of the revaluation of the freehold land of RM900,000 (2000 – RM900,000) has not beenprovided for as the revalued freehold land is held for long term use.


116


2. Property, Plant and Equipment (cont’d.)

Had the freehold land been carried at historical cost, the carrying amount of the revalued asset that would have been includedin the financial statements at the end of the financial year would be as follows:

Group and Company2001 2000

RM’000 RM’000

Freehold land ........................................................................................................................ 5,606 5,606

SecuritiesGroupThe property, plant and equipment of subsidiary companies costing RM4,053,790,000 (2000 – RM3,394,359,000) have beencharged as securities for banking facilities granted to the subsidiary companies.

CompanyDuring the year, the Company entered into a sale and purchase agreement with a subsidiary company for the disposal of portionsof the leasehold land. Pending the subdivision of the land, a lease agreement was entered into with the subsidiary company.On 20 November 2001, the lease was charged as security for certain debt instruments to be issued by the subsidiary company.

Borrowing costsIncluded in construction-in-progress of the Group is interest capitalised at rates ranging from 3.8% to 3.9% (2000 – Nil) perannum for the year of RM3,091,000 (2000 – Nil).

Assets under hire purchase arrangementsMotor vehicles of the Group with a total net book value of RM4,040,647 (2000 – RM2,251,000) were acquired under hirepurchase arrangements.


117


3. Investment in Associated CompaniesGroup

2001 2000RM’000 RM’000

Unquoted shares – at cost .................................................................................................... 53,560 53,560Group’s share of post acquisition profits ............................................................................... 47,761 42,590Less: Amortisation of goodwill ............................................................................................. (10,208) (8,126)

.............................................................................................................................................. 91,113 88,024Unquoted loan stock, at cost ................................................................................................ 29,940 29,940

.............................................................................................................................................. 121,053 117,964Investment in Redeemable Non-Cumulative

Convertible Preference Shares (RNCPS), at cost ........................................................... 10,014 10,014Investment in Redeemable Cumulative

Convertible Preference Shares (RCCPS), at cost ........................................................... 4,000 4,000

.............................................................................................................................................. 135,067 131,978

Represented by:Group’s share of net assets .................................................................................................... 91,361 86,190Goodwill on acquisition, less amortisation .......................................................................... 29,692 31,774

.............................................................................................................................................. 121,053 117,964

Details of the associated companies are as follows:

Country of Percentage ofincorporation ownership Principal activities

2001 2000

Port Dickson Power Bhd. Malaysia 20 20 Generation and sale of electricity

Lekir Bulk Terminal Sdn. Bhd. Malaysia 20 20 Bulk terminal jetty and coal-handling services

4. Investment in Subsidiary Companies

Investment in subsidiary companies is represented by:

2001 2000RM’000 RM’000

Unquoted shares – at cost .................................................................................................... 267,298 266,547Unsecured loan notes ........................................................................................................... 402,178 441,715

.............................................................................................................................................. 669,476 708,262

The loan notes are unsecured, bear interest at 10% (2000 – 10%) per annum and are repayable over a period of twelve years.


118


4. Investment in Subsidiary Companies (cont’d.)

Details of the subsidiary companies are as follows:-

Country of Percentage ofincorporation ownership Principal activities

2001 2000

Segari Energy Ventures Malaysia 75 75 Design, construction, operation andSdn. Bhd. maintenance of a combined cycle power plant,

and sale of the generating capacity ofelectricity of the power plant

Teknik Janakuasa Sdn. Bhd. Malaysia 100 100 Operation and maintenance of power plantsand its subsidiary

Natural Analysis Sdn. Bhd. Malaysia 100 100 Dormant

Malakoff Engineering Malaysia 100 100 Provision of engineering andSdn. Bhd. project management services

Wirazone Sdn. Bhd. Malaysia 100 100 Build, own and operate a district coolingplant and an electricity distribution system

Hypergantic Sdn. Bhd. Malaysia 100 100 Investment holding

Desa Kilat Sdn. Bhd. Malaysia 54 54 Land reclamation, development and/orsale of reclaimed land

Spring Assets Limited British Virgin 100 100 Offshore operationsIslands

Tuah Utama Sdn. Bhd. Malaysia 100 100 Investment holding

Transpool Sdn. Bhd. Malaysia 100 100 Dormant

Malakoff Gulf Limited British Virgin 100 100 Offshore operationsIslands

Kapar Energy Ventures Malaysia 100 100 DormantSdn. Bhd.

GB3 Sdn. Bhd. Malaysia 100 100 Design, construction, operation andmaintenance of a combined cycle power plant,and sale of generating capacity and electricitygenerated by the power plant


119


5. Other InvestmentsGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Quoted unit trusts, at cost .................................................. 145,628 145,074 64,500 64,500Less: Provision for diminution in value .............................. (58,871) (41,784) (25,045) (18,925)

............................................................................................ 86,757 103,290 39,455 45,575Investment in unquoted redeemable preference shares ..... – 104,500 – –Investment in unquoted bonds ........................................... 25,000 – – –

............................................................................................ 111,757 207,790 39,455 45,575

Market value of quoted investments:Unit trusts ........................................................................... 86,757 104,765 39,455 47,050

6. Goodwill on ConsolidationGroup

2001 2000RM’000 RM’000

As at 1 September ................................................................................................................ 113,334 120,000Less: Goodwill amortised during the year ............................................................................ (6,666) (6,666)

As at 31 August .................................................................................................................... 106,668 113,334

7. InventoriesGroup

2001 2000RM’000 RM’000

Spares and consumables ....................................................................................................... 139,219 134,390Diesel fuel ............................................................................................................................. 10,769 9,056

.............................................................................................................................................. 149,988 143,446

All inventories are carried at cost.


120

8. Trade and Other ReceivablesGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Trade receivables ................................................................ 241,192 239,713 – –Other receivables ................................................................ 321,402 344,698 273,613 274,777

............................................................................................ 562,594 584,411 273,613 274,777Subsidiaries ......................................................................... – – 758,172 108,616

............................................................................................ 562,594 584,411 1,031,785 383,393

Included in other receivables of the Group is an amount of RM11,648,000 (2000 – RM13,977,000) representing expensesincurred to restructure the loans of a subsidiary company from normal loan facilities to Islamic instruments. This amount isamortised over the period of the loan. The restructured facility has resulted in the reduction of interest expense as therestructured facility bears a lower interest rate as compared to the previous facilities.

Also included in other receivables of the Group and the Company is an amount of RM250,800,000 (2000 – RM250,800,000)being deposit paid for the purchase of a power plant.

Included in the previous year’s other receivables of the Group was an accrued premium receivable upon redemption of theGroup’s investment in redeemable preference shares amounting to RM30,305,000. The amount was received during the year.

The amount due from subsidiaries is unsecured, interest free and has no fixed term of repayment, other than an amount duefrom subsidiaries of RM715,679,000 (2000 – RM108,616,000) which bears interest at 1% (2000 – 1%) per annum above thelending financial institutions’ base lending rate.

9. Cash and Cash EquivalentsGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Deposits with:Licensed banks ................................................................ 515,905 314,405 13,405 12,905Finance companies ......................................................... 381,334 243,276 – –Other financial institutions ............................................ 90,500 148,500 – –

............................................................................................ 987,739 706,181 13,405 12,905Placement in commercial papers ........................................ 32,457 52,194 – –Cash and bank balances ..................................................... 34,781 46,666 19,554 7,626

............................................................................................ 1,054,977 805,041 32,959 20,531



121


9. Cash and Cash Equivalents (cont’d.)

Included in the Group’s cash and bank balances is an amount of RM16,905,000 (2000 – RM16,905,000) pledged to certainlicensed banks for facilities granted to certain subsidiary companies.

Included in the Group’s and Company’s cash and bank balances is a sum of RM15,528,000 (2000 – Nil) placed in a sinkingfund account maintained with a financial institution which has been charged as security for the repayment of principal andinterest of the medium term notes.

10. Trade and Other PayablesGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Trade payables ..................................................................... 41,033 99,232 – –Other payables and accrued expenses ................................ 181,060 123,315 6,659 2,688Subsidiaries ......................................................................... – – 215,273 36,954

............................................................................................ 222,093 222,547 221,932 39,642

The amount due to subsidiaries is interest free (2000 – 1% per annum above the lending financial institutions’ base lendingrate) and has no fixed term of repayment.

11. BorrowingsGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Fixed rate bonds – secured .................................................. 1,078,376 1,184,386 – –Syndicated fixed rate loans – secured ................................. 1,162,352 1,162,352 – –Subordinated loan notes – unsecured ................................ 134,060 147,240 – –Term loan – secured ............................................................ 2,790 – – –Commercial papers – unsecured ......................................... 118,055 – 118,055 –Medium term notes – secured ............................................ 300,000 – 300,000 –Syndicated floating rate loans – secured ............................ – 52,500 – –

............................................................................................ 2,795,633 2,546,478 418,055 –

Current ............................................................................... 356,888 171,689 118,055 –Non current ........................................................................ 2,438,745 2,374,789 300,000 –

............................................................................................ 2,795,633 2,546,478 418,055 –


122


11. Borrowings (cont’d.)

Terms and debt repayment scheduleThe fixed rate bonds and syndicated fixed rate loans are secured by a fixed charge on a subsidiary’s assets. The fixed rate bondsbear interest at 10.25% (2000 – 10.25%) per annum whereas the syndicated fixed rate loans bear interest ranging from 7.8%to 8.5% (2000 – 7.8% to 8.5%) per annum.

The subordinated loan notes issued by a subsidiary company to its shareholders are unsecured and bear interest at 10% (2000– 10%) per annum.

The fixed rate bonds, syndicated floating rate loans and subordinated loan notes are repayable over a period of twelve years.The syndicated fixed rate loans are repayable over a period of eight to twelve years.

The term loan is subject to interest at 9.5% (2000 – Nil) per annum and is secured by way of a fixed charge over a subsidiary’sproperty. The term loan is repayable over a period of five years.

The commercial papers are unsecured and bear interest at 3.10% (2000 – Nil) per annum. The medium term notes are securedby a sinking fund provision and bear interest ranging from 4.03% and 5.01% (2000 – Nil) per annum.

The commercial papers are repayable over a period of twelve months whereas the medium term notes are repayable over aperiod of two to five years.

The syndicated floating rate loans were secured by a floating charge on a subsidiary’s assets at interest ranging from 3.4% to4.77% per annum.

Under 1 – 2 2 – 5 Over 5Group Total 1 year years years years2001 RM’000 RM’000 RM’000 RM’000 RM’000

Fixed rate bond .......................................... 1,078,376 113,321 131,598 497,150 336,307Syndicated fixed rate loans ........................ 1,162,352 111,218 119,367 495,812 435,955Subordinated loan notes ............................ 134,060 14,087 35,447 63,621 20,905Term loan ................................................... 2,790 207 207 620 1,756Commercial paper ..................................... 118,055 118,055 – – –Medium term notes ................................... 300,000 – – 200,000 100,000

................................................................... 2,795,633 356,888 286,619 1,257,203 894,923

2000Fixed rate bond .......................................... 1,184,386 106,010 113,321 453,284 511,771Syndicated fixed rate loans ........................ 1,162,352 – 110,625 430,245 621,482Subordinated loan notes ............................ 147,240 13,179 14,088 56,351 63,622Syndicated floating rate loans ................... 52,500 52,500 – – –

................................................................... 2,546,478 171,689 238,034 939,880 1,196,875


123


12. Hire Purchase LiabilitiesGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Hire purchase liabilities ...................................................... 4,166 7,998 2,024 574Less: Interest in suspense .................................................... (993) (3,299) (430) (149)

............................................................................................ 3,173 4,699 1,594 425

Amount payable less than 1 year ....................................... 880 718 402 116Amount payable between 1 and 5 years ............................. 2,293 3,981 1,192 309

............................................................................................ 3,173 4,699 1,594 425

13. Share CapitalGroup and Company

2001 2000RM’000 RM’000

Ordinary shares of RM1.00 each:Authorised: ....................................................................................................................... 500,000 500,000

Issued and fully paid:At beginning of the year .............................................................................................. 276,717 273,007Issued and paid-up during the year ............................................................................... 2,986 3,710

At end of the year ......................................................................................................... 279,703 276,717

At the end of the financial year, options to subscribe for 15,643,000 (2000 – 14,731,000) ordinary shares of RM1 each grantedunder the Employees’ Share Option Scheme at an option price between RM3.21 to RM12.40 per share (2000 – RM3.21 toRM12.40) remain unexercised. Options granted may be exercised on any working day from the date of the offer up to 5.00p.m. on 6 March 2006, the expiry date of the scheme.


124


14. Operating ProfitGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Operating profit is arrived at after charging:-Amortisation of goodwill .................................................... 8,748 8,748 – –Amortisation of pre-operating expenses ............................ – 3,566 – –Amortisation of refinancing expenses ................................ 2,329 2,329 – –Auditors’ remuneration ...................................................... 152 135 45 35Depreciation (Note 2) ........................................................ 148,337 138,680 1,019 695Directors’ fees ..................................................................... 201 201 201 201Directors’ remuneration ..................................................... 773 662 773 662Lease rental ......................................................................... 838 93 – –Pre-operating expenses written off ..................................... – 2,001 – –Provision for diminution in value of quoted unit trusts– current year ..................................................................... 17,087 907 6,120 –– reversal of previous year’s provision ............................... – (3,975) – –Rental of equipment ........................................................... 674 1,060 – –Rental of premises .............................................................. 1,167 911 682 402

And crediting:Dividend income from subsidiary companies ..................... – – – 152,778Dividend income from quoted unit trusts .......................... 4,560 7,245 2,695 2,569Gain on disposal of property, plant and equipment ........... 475 34 14 25Gain on disposal of quoted unit trusts ................................ – 1,125 – 925Interest income – operating ............................................... – – 66,515 51,517Interest income from loan stocks ....................................... 3,593 3,593 – –Realised gain on disposal of quoted shares ......................... – 9,660 – 9,660Rental income .................................................................... 70 20 – –Premium receivable on redemption of investment in

redeemable preference shares ......................................... 2,159 12,540 – –

The estimated monetary value of Directors’ benefits-in-kind is RM53,000 (2000 – RM49,000).


125


15. Employees InformationGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Staff costs ............................................................................ 23,151 17,694 3,238 2,535

The number of employees of the Group (excluding Directors) at the end of the financial year was 302 (2000 – 250).

The number of employees of the Company (excluding Directors) at the end of financial year was 37 (2000 – 38).

16. Financing CostsGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Interest payableBorrowings ...................................................................... 240,161 254,040 7,045 –Hire purchase .................................................................. 299 261 87 37Discounted rate on bonds ............................................... 6,492 6,492 – –

............................................................................................ 246,952 260,793 7,132 37

17. Tax ExpenseGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Income tax– Current year provision ................................................ 108,576 75,321 13,694 55,796– Underprovision in previous year ................................ – 1,169 – –

............................................................................................ 108,576 76,490 13,694 55,796Deferred tax expense .......................................................... 47,994 73,541 – –Share of associated company’s tax expense ........................ 7,269 4,109 – –

............................................................................................ 163,839 154,140 13,694 55,796

The Group’s and the Company’s effective tax rate is higher than the prima facie tax rate as certain expenses are not deductiblefor tax purposes.


126


17. Tax Expense (cont’d.)

Subject to agreement by the Inland Revenue Board, the Company has sufficient tax credit under Section 108 of the IncomeTax Act, 1967 and tax exempt account to frank the payment of RM338,025,000 (2000 – RM268,000,000) of its distributablereserves at 31 August 2001 as dividends.

Subject to agreement by the Inland Revenue Board, the Company has potential deferred tax benefits not taken up in thefinancial statements under the liability method in respect of the following items:

Company2001 2000

RM’000 RM’000

Other timing differences ...................................................................................................... (7,382) (5,468)

18. DividendsGroup and Company

2001 2000RM’000 RM’000

Proposed final dividend of Nil (2000 – 15 sen per share less tax) ....................................... – 29,885

A first and final dividend of 20 sen per share less tax totalling RM120,852,576 (based on the enlarged ordinary share capitalas at the bonus issue entitlement date of 15 November 2001 comprising 839,254,002 ordinary shares of RM1.00 each) in respectof the year ended 31 August 2001 will be proposed for shareholders’ approval at the forthcoming Annual General Meeting.

The proposed first and final dividend has not been accounted for in the financial statements of the Group and of the Companyas at 31 August 2001.

19. Earnings Per Share

Basic earnings per shareThe calculation of basic earnings per share is based on the net profit attributable to ordinary shareholders of RM317,970,000(2000 – RM344,179,000) and the weighted average number of ordinary shares outstanding during the year of 278,650,000(2000 – 274,341,000) calculated as follows:

Weighted average number of ordinary shares2001 2000

RM’000 RM’000

Issued ordinary shares at beginning of the year .................................................................... 276,717 273,007Effects of shares issued .......................................................................................................... 1,933 1,334

Weighted average number of ordinary shares ...................................................................... 278,650 274,341


127


19. Earnings Per Share (cont’d.)

Diluted earnings per shareThe calculation of diluted earnings per share is based on the net profit attributable to ordinary shareholders of RM317,970,000(2000 – RM344,179,000) and the weighted average number of ordinary shares outstanding during the year of 279,070,000(2000 – 274,821,000) calculated as follows:

Weighted average number of ordinary shares (diluted)2001 2000

RM’000 RM’000

Weighted average number of ordinary shares ...................................................................... 278,650 274,341Effects of share options ......................................................................................................... 420 480

Weighted average number of ordinary shares (diluted) ....................................................... 279,070 274,821

20. Off Balance Sheet Financial Instruments

The Group undertook forward foreign exchange contracts in relation to the hedging of foreign currency payments to foreignsuppliers and contractors.

At the end of the financial year, the principal amount of forward foreign exchange contracts outstanding are as follows:

Group Company2001 2000 2001 2000

RM’000 RM’000 RM’000 RM’000

Forward foreign exchange contracts ................................... 310,012 – 262,826 –

21. Capital CommitmentsGroup Company

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Capital commitments:Property, plant and equipment

Authorised but not contracted for ................................. 374,461 1,475,309 12,032 12,659Contracted but not provided for

in the financial statements ......................................... 384,710 9,903 – –

............................................................................................ 759,171 1,485,212 12,032 12,659


128


22. Operating Lease Commitments

The future minimum lease payments under non-cancellable operating leases are as follows:

Group2001 2000

RM’000 RM’000

Amount payable less than 1 year ......................................................................................... 404 838Amount payable between 1 and 5 years ............................................................................... – 404

.............................................................................................................................................. 404 1,24

23. Segmental Information

Segment information is presented in respect of the Group’s business segment. All the Group’s business are carried out inMalaysia.

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocatedon a reasonable basis. Unallocated items mainly comprise interest-earning assets and revenue, interest-bearing loans,borrowings and expenses, and corporate assets and expenses.

Business segmentsThe Group comprises the following main business segments:

Plantation/Head Office The plantation activities and the provision of management services.

Power The design, construction, operation and maintenance of a combined cycle powerplant and generation and sale of electricity; build, own and operate a district coolingplant and an electricity distribution system.

Project management The provision of engineering and project management services.

Land reclamation The land reclamation, shore protection, dredging and associated works.


129


23. Segmental Information (cont’d.)

The table below sets out information for each of the Group’s industry segments:

Profit/(Loss)Revenue before taxation Total assets employed

2001 2000 2001 2000 2001 2000

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Power ................................ 1,509,494 1,470,628 761,993 778,464 5,353,706 4,712,775Plantation/Head Office .... 3,968 2,568 (20,676) 5,142 380,328 366,333Project management ......... – – (3,724) (3,321) 308 392Land reclamation .............. – – 530 564 18,432 19,186Others ............................... – – – – 27,717 27,717

.......................................... 1,513,462 1,473,196 738,123 780,849 5,780,491 5,126,403Financing costs ................. – – (246,952) (260,793) – –Interest income ................. – – 35,830 24,102 – –

.......................................... 1,513,462 1,473,196 527,001 544,158 5,780,491 5,126,403

24. Related Parties

Identity of related partiesThe Group has a controlling related party relationship with the substantial shareholders of the holding company.

The Group also has a related party relationship with its associated companies and its Directors and key management personneland the close members of their families.

Transactions with related partiesSignificant transactions and balances with related parties other than that disclosed elsewhere in the financial statements areas follows:

Group Company2001 2000 2001 2000

RM’000 RM’000 RM’000 RM’000

Related companies:Interest income on subordinated loan notes

received and receivable from a subsidiary .................. – – 42,608 46,526Interest income received from subsidiaries .................... – – 14,201 20,190Dividend income receivable from subsidiaries ............... – – – 152,778Management fee receivable from a subsidiary ................ – – 1,500 1,500

Associated companiesDividend income ............................................................ 15,300 8,040 – –Interest income ............................................................... 3,593 3,593 – –


130


24. Related Parties (cont’d.)

The Directors of the Company are of the opinion that the above transactions have been entered into in the normal courseof business and have been established under negotiated terms.

25. Contingent LiabilitiesGroup Company

2001 2000 2001 2000

RM’000 RM’000 RM’000 RM’000

Guarantees– secured ........................................................................ 16,905 16,905 – –– unsecured .................................................................... 650,751 1,964 634,615 979

............................................................................................ 667,656 18,869 634,615 979

The guarantees are issued to third parties for guarantee of work performance.

Guarantees amounting to RM16,905,000 (2000 – RM16,905,000) are secured by way of deposits pledged with licensed banks.

26. Prior Year Adjustment

This represented the effect of pre-operating expenditure written off to the retained profit brought forward in the previous year.This has resulted in a lower Group’s retained profits at 1 September 1999 of RM768,860,000 as opposed to the previouslyreported figure of RM783,426,000.

27. Subsequent Events

The following significant events occurred subsequent to the financial year ended 31 August 2001:

(a) On 6 September 2001, a wholly owned subsidiary, GB3 Sdn. Bhd. (“GB3”), entered into a supply agreement withPetroliam Nasional Berhad for the supply of dry gas for a period of 21 years for the purpose of electricity generation.

(b) On 7 September 2001, GB3 entered into a revolving credit facility agreement for RM200 million to part finance theconstruction of a power plant as interim financing pending the issuance of RM1,000 million Senior Secured Al-Bai’Bithaman Ajil Serial Bonds (“ABBA Bonds”) and RM350 million Senior Secured Al-Murabahah 7-Year CommercialPapers/Medium Term Notes (“CP/MTN”).


131


27. Subsequent Events (cont’d.)

(c) On 11 September 2001, the GB3 obtained the approval from the Securities Commission (“SC”) to issue RM1,000 millionABBA Bonds and RM350 million CP/MTN (collectively the “Facility”) to raise net proceeds of RM850 million andRM300 million respectively. The proceeds will be used to repay shareholders’ advances, to part finance the constructionof the power plant and to repay the revolving credit facility of RM200 million. The Facility is secured by a debenturewhich created a fixed and floating charge over GB3’s future and present assets (except for interconnection facilities land)and a fixed charge over the lease of certain portions of land on which the power plant is situated. To date, the Facilityhas not been drawn down.

(d) On 21 September 2001, GB3 proposed the issuance of RM286.5 million nominal value Redeemable Unsecured LoanStocks (“RULS”) to finance the equity portion of the power plant. GB3 obtained the approval from the SC for theproposed issuance of RM286.5 million RULS on 22 October 2001.

(e) On 27 September 2001, the shareholders of the Company, in an Extraordinary General Meeting, approved the following:

(i) the bonus issue of up to 594,726,668 new ordinary shares of RM1.00 each on the basis of two ordinary shares forevery one ordinary share held.

(ii) increase of the Company’s authorised share capital to RM2 billion divided into 2 billion ordinary shares of RM1.00each.

(iii) purchase of properties for a total purchase price of RM10,025,213 to be satisfied by setting-off of receivable ofRM8,672,032 and cash payment of RM1,353,181.

(f) On 15 November 2001, bonus shares of 559,502,668 ordinary shares of RM1.00 each (“Bonus Shares”) were allottedto entitled shareholders. On 5 December 2001, the listing and quotation for the Bonus Shares were granted by the KualaLumpur Stock Exchange.

(g) On 24 October 2001, following the coming into effect of the Shareholders Agreement dated 19 December 2000 enteredbetween Teknik Janakuasa Sdn. Bhd. (“TJSB”), Natural Analysis Sdn. Bhd. (“NASB”) and SKS Ventures Sdn. Bhd.(“SKS”), the shareholding structure of NASB, which was previously wholly owned by TJSB, was reorganised with SKSholding 49% of the enlarged share capital of NASB comprising 1,000 ordinary shares of RM1 each and TJSB holdingthe remaining 51%.

(h) On 20 November 2001, GB3 entered into a cash deficiency support (“CDS”) agreement and assignment account witha financial institution and the Company to support up to RM200 million in the form of cash deposit and/or short termfacility to be procured by the Company on behalf of GB3 to mitigate any cost overruns and the effects of constructiondelay. The CDS is required to enhance the rating of the GB3’s ABBA Bonds and CP/MTN from AA3 to AA2. The CDSaccount was opened with a financial institution and charged as continuing security for the above purpose.


132


28. Comparatives

The following comparatives have been reclassified to ensure comparability with the current financial year:

AsAs previously

restated statedRM’000 RM’000

Consolidated balance sheetProperty, plant and equipment ......................................................................................... 3,140,403 3,061,495C-Inspection costs ............................................................................................................ – 78,908

Consolidated cashflow statementDepreciation ..................................................................................................................... 138,680 101,014Amortisation of C-Inspection costs ................................................................................. – 37,666

The following comparatives have been reclassified as a change in presentation as required by a new Malaysian AccountingStandards Board’s standard, “MASB 13 – Earnings Per Share”.

Consolidated income statementBasic earnings per ordinary share (sen) ............................................................................ 125 125Diluted earnings per ordinary share (sen) ........................................................................ 125 80


134 Laporan Para Pengarah

140 Penyata oleh Para Pengarah

140 Pengakuan

141 Laporan Juruaudit

142 Kunci Kira-kira yang Disatukan

143 Penyata Pendapatan yang Disatukan

144 Penyata Perubahan dalam Ekuiti yang Disatukan

145 Penyata Aliran Tunai yang Disatukan

147 Kunci Kira-kira

148 Penyata Pendapatan

149 Penyata Perubahan dalam Ekuiti

150 Penyata Aliran Tunai

152 Nota-nota kepada Penyata Kewangan

kewanganPENYATA


134

laporan PARA PENGARAHbagi tahun berakhir 31 Ogos 2001

Para Pengarah dengan sukacitanya membentangkan laporan mereka dan penyata kewangan Kumpulan dan Syarikat yang telahdiaudit bagi tahun berakhir 31 Ogos 2001.

Aktiviti Utama

Aktiviti utama Syarikat adalah sebagai sebuah syarikat pegangan pelaburan dan penyediaan khidmat pengurusan kepada syarikat-syarikat subsidiarinya.

Aktiviti utama syarikat-syarikat subsidiari ditunjukkan dalam Nota 4 kepada penyata kewangan.

Tiada perubahan besar berlaku kepada aktiviti utama Syarikat dan syarikat-syarikat subsidiarinya pada tahun kewangan ini.

KeputusanKumpulan Syarikat

RM’000 RM’000

Keuntungan bersih bagi tahun ...................................................................................................... 317,970 25,012

Dividen

Sejak akhir tahun kewangan lepas, Syarikat telah membayar dividen pertama dan akhir sebanyak 15 sen sesaham tolak cukaiberjumlah RM30,113,000 berhubung tahun berakhir 31 Ogos 2000, pada 18 April 2001.

Dividen pertama dan akhir yang disyorkan oleh para Pengarah berhubung tahun berakhir 31 Ogos 2001 adalah 20 sen sesaham tolakcukai berjumlah RM120,852,576 (berasaskan kepada modal saham biasa yang diperbesarkan pada tarikh kelayakan menerimaterbitan bonus pada 15 November 2001 sebanyak 839,254,002 saham biasa berharga RM1.00 sesaham) akan dicadangkan untukkelulusan para pemegang saham pada Mesyuarat Agung Tahunan akan datang.

Rizab dan Peruntukan

Tiada pindahan penting kepada atau daripada rizab dan peruntukan pada tahun ini kecuali seperti yang dinyatakan dalam penyatakewangan.


135

Para Pengarah Syarikat

Para Pengarah yang berkhidmat sejak tarikh laporan yang lepas terdiri daripada:

Tan Sri Abdul Halim bin Ali (dilantik pada 10.9.2001)Ahmad Jauhari bin YahyaDato’ Abdul Aziz bin Abdul RahimDato’ Mohammed Radzi @ Mohd Radzi bin MananAbdul Jabbar bin Abdul MajidIan William Nutt dilantik pada 19.4.2001)Dato’ Ir (Dr.) Haji Ahmad Zaidee bin Laidin (dilantik pada 10.9.2001)Simon David Pinnell (pengganti kepada Ian William Nutt; dilantik pada 25.4.2001)Tan Sri Ibrahim bin Menudin (meletak jawatan pada 10.9.2001)Iain William McMorrine (meletak jawatan pada 19.4.2001)Dato’ Ilyas Ling bin Abdullah @ Mark William Ling Lee Meng (meletak jawatan pada 1.8.2001)Phan Leong Kim (pengganti kepada Tan Sri Ibrahim bin Menudin; meletak

jawatan pada 10.9.2001 dan pengganti kepada Dato’ IlyasLing bin Abdullah @ Mark William Ling Lee Meng;

meletak jawatan pada 1.8.2001)

Kepentingan Para Pengarah dalam Saham

Opsyen yang diberi kepada para Pengarah yang layak berhubung pembelian saham Malakoff Berhad menurut Skim Opsyen SahamKakitangan adalah seperti berikut:

––– Bilangan opsyen ke atas saham biasa –––

berharga RM1.00 sesaham

Pada Pada1.9.2000 Diberi Dilaksana 31.8.2001

Malakoff BerhadAhmad Jauhari bin Yahya 500,000 – – 500,000

Kecuali seperti yang ditunjukkan di atas, tiada Pengarah yang memegang jawatan pada akhir tahun kewangan ini mempunyaisebarang kepentingan dalam saham Syarikat dan syarikat-syarikat berkaitan dengannya pada tahun ini.

Manfaat Para Pengarah

Sejak akhir tahun kewangan yang lepas, tiada Pengarah Syarikat yang telah menerima atau menjadi berhak untuk menerima sebarangmanfaat (selain daripada manfaat yang termasuk dalam jumlah agregat emolumen yang telah diterima atau tamat tempoh dan akanditerima oleh para Pengarah seperti yang ditunjukkan dalam penyata kewangan) disebabkan oleh kontrak yang dibuat oleh Syarikatatau sebuah syarikat berkaitan dengan Pengarah berkenaan atau dengan sebuah firma di mana Pengarah berkenaan adalah seorangahli, atau dengan sebuah syarikat di mana Pengarah tersebut memiliki kepentingan kewangan yang besar.

laporanpara pengarah

bagi tahun berakhir 31 Ogos 2001


136



Manfaat Para Pengarah (samb.)

Tiada sebarang perjanjian telah diatur pada dan sehingga akhir tahun yang bertujuan untuk membolehkan para Pengarah Syarikatmendapat manfaat melalui penguasaan saham atau debentur Syarikat atau sebarang badan korporat lain selain daripada manfaatyang diberi kepada Pengarah eksekutif sepenuh masa Syarikat menurut Skim Opsyen Saham Kakitangan.

Terbitan Saham

Pada tahun kewangan ini, syarikat telah menerbitkan saham-saham berikut:-

Bilangan KaedahKelas Saham Saham Terbitan Tujuan Terbitan

Saham Biasa berharga RM1.00 sesaham 2,986,000 Tunai Langganan Skim Opsyen Saham Kakitangan

Saham tambahan terbitan dan berbayar penuh tersebut bertaraf pari-passu dalam semua hal berhubung dengan semua saham yangsedia ada.

Opsyen Diberi bagi Saham yang Belum Diterbitkan

Tiada opsyen telah diberi kepada sesiapa untuk mengambil saham atau debentur Syarikat yang belum diterbitkan pada tahun iniselain daripada opsyen diberi menurut Skim Opsyen Saham Kakitangan.

Di bawah Skim Opsyen Saham Kakitangan (ESOS) yang mula berkuatkuasa pada 7 Mac 1996 dan kemudiannya dilanjutkan sehingga6 Mac 2006, opsyen untuk melanggan sebanyak 30,054,000 saham biasa baru yang belum diterbitkan berharga RM1.00 sesaham dalamSyarikat yang disediakan kepada para Pengarah dan kakitangan Kumpulan yang mana opsyen untuk melanggan 7,495,000 sahambiasa berharga RM1.00 sesaham telah dilaksanakan dan opsyen untuk melanggan 6,916,000 saham biasa berharga RM1.00 sesahamtelah luput berikutan beberapa kakitangan layak telah tamat tempoh perkhidmatan.

Syarikat telah memperolehi kelulusan yang diperlukan daripada para pemegang sahamnya dan pihak berkuasa berkaitan bagi pelanjutanESOS Syarikat yang sedia ada untuk tempoh lima (5) tahun lagi, dari 7 Mac 2001 hingga dan termasuk 6 Mac 2006 (“Tempoh Lanjutan”).

Ciri-ciri utama skim tersebut adalah seperti berikut:-

i. kakitangan yang layak adalah terdiri daripada mereka yang telah disahkan secara bertulis sebagai seorang kakitangan Kumpulansepanjang tempoh sekurang-kurangnya satu (1) tahun perkhidmatan berterusan sebelum tarikh tawaran dan seorang Pengarahyang layak adalah seorang pengarah eksekutif sepenuh masa Kumpulan.

ii. opsyen tersebut adalah hak peribadi penerima dan tidak boleh dipindah milik.

iii. harga bagi opsyen yang diberi pada Tempoh Lanjutan akan ditetapkan pada diskaun tidak lebih dari 10 peratus (10%) daripadaharga pasaran purata berwajaran lima (5) hari saham biasa Syarikat sebaik sahaja selepas tarikh tawaran ini atau pada nilaitara saham biasa Syarikat, yang mana lebih tinggi.

iv. opsyen yang diberi boleh dilaksanakan pada sebarang hari kerja dari tarikh tawaran sehingga pukul 5.00 petang pada 6 Mac2006, tarikh tamat tempoh Skim ini.


137



Opsyen Diberi bagi Saham yang Belum Diterbitkan (samb.)

v. (a) opsyen yang diberi/tidak dilaksana sebelum Tempoh Lanjutan Skim ini boleh dilaksanakan dengan cara berikut:-

Tempoh Boleh Dilaksana Peratus terkumpul daripada jumlahsaham biasa baru yang boleh dilanggan

Selepas 1 Julai 1996 25%Selepas 1 Julai 1997 75%Selepas 1 Julai 1998 100%

(b) opsyen yang diberi pada Tempoh Lanjutan Skim boleh dilaksanakan dengan cara berikut:-

Bilangan Saham Diberi –––––––––– Peratus Opsyen Boleh Dilaksanakan Setahun ––––––––––

Tahun 1 Tahun 2 Tahun 3 Tahun 4 Tahun 5

Kurang dari 20,000 100% – – – –20,000 hingga kurang dari 100,000 40%1 30% 30%2 – –100,000 dan ke atas 20% 20% 20% 20% 20%

Nota: 1. 40% atau 20,000 Opsyen, yang mana lebih tinggi2. 30% atau bilangan baki Opsyen yang belum dilaksana

Opsyen yang boleh dilaksana pada satu-satu tahun tetapi tidak dilaksana boleh dibawa ke hadapan ke tahun berikutnyatertakluk kepada yang mana lebih awal antara had masa yang telah ditentukan bagi Skim ini, atau apabila opsyenditamatkan kerana sebab-sebab yang termaktub di dalam Undang-Undang Kecil Skim.


138

Opsyen Diberi bagi Saham yang Belum Diterbitkan (samb.)

Opsyen untuk mengambil saham biasa yang belum diterbitkan berharga RM1.00 sesaham dan harga-harga opsyen adalahseperti berikut:-

––––– Bilangan Opsyen bagi saham biasa berharga RM1.00 sesaham –––––

Ditawar Luput disebabkanTarikh Harga Baki pada dan perletakan Baki padaTawaran Opsyen 1.9.00 terima jawatan Dilaksana 31.8.01

RM ‘000 ‘000 ‘000 ‘000 ‘000

16.3.96 10.85 4,445 – 1,695 – 2,7503.7.96 10.80 175 – – – 17516.10.96 12.40 290 – – – 29014.1.97 11.40 617 – 267 – 35030.4.97 9.68 379 – 105 – 2745.9.97 6.52 – – – – –28.11.97 5.24 34 – – 14 2024.4.98 9.16 299 – 48 2 24919.6.98 7.22 505 – 1 439 654.9.98 3.21 27 – – 14 1315.10.98 4.50 109 – – 33 762.4.99 8.04 329 – – 130 19923.4.99 8.46 – – – – –1.10.99 8.68 6,002 – – 1,842 4,16016.12.99 9.12 213 – – 34 17929.6.00 8.69 1,307 – 50 221 1,03617.10.00 8.93 – 3,395 106 84 3,2051.3.01 8.79 – 2,025 – 163 1,86217.7.01 8.04 – 750 – 10 740

14,731 6,170 2,272 2,986 15,643

Maklumat Berkanun Lain

Sebelum penyata kewangan Kumpulan dan Syarikat disediakan, para Pengarah Syarikat telah mengambil langkah-langkah yangsewajarnya untuk memastikan bahawa:

i) semua hutang lapuk yang diketahui telah dilupuskan dan peruntukan yang mencukupi telah disediakan bagi hutang ragu; dan

ii) semua aset semasa telah dinyatakan pada yang mana lebih rendah antara kos dan nilai boleh realisasi bersih.




139

Maklumat Berkanun Lain (samb.)

Pada tarikh laporan ini, para Pengarah Syarikat tidak mengetahui sebarang keadaan:

i) yang menyebabkan jumlah yang dilupuskan bagi hutang lapuk, atau jumlah peruntukan bagi hutang ragu, dalam penyatakewangan Kumpulan dan Syarikat tidak mencukupi dengan ketara, atau

ii) yang menyebabkan nilai yang diberi kepada aset semasa dalam penyata kewangan Kumpulan dan Syarikat mengelirukan, atau

iii) yang telah timbul dan menyebabkan pematuhan kepada kaedah penilaian aset atau tanggungan Kumpulan dan Syarikatmengelirukan atau tidak sesuai, atau

iv) yang sebaliknya tidak diambilkira dalam laporan ini atau penyata kewangan, yang menyebabkan sebarang jumlah yangdinyatakan dalam penyata kewangan Kumpulan dan Syarikat mengelirukan.

Pada tarikh laporan ini, tidak wujud:

i) sebarang cagaran ke atas aset Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan ini dan yang mencagarsebarang tanggungan pihak lain, atau

ii) sebarang tanggungan luarjangka berhubung dengan Kumpulan dan Syarikat yang telah timbul sejak akhir tahun kewangan ini.

Tiada tanggungan luarjangka atau tanggungan lain Kumpulan atau Syarikat yang telah menjadi berkuatkuasa, atau berkemungkinanberkuatkuasa dalam tempoh dua belas bulan selepas akhir tahun kewangan ini, yang, pada pendapat para Pengarah, akan ataumungkin akan menjejaskan dengan ketara keupayaan Kumpulan atau Syarikat memenuhi kewajipannya apabila tiba masanya kelak.

Pada pendapat para Pengarah, keputusan operasi Kumpulan dan Syarikat bagi tahun kewangan berakhir 31 Ogos 2001 telah tidakterjejas dengan ketara oleh sebarang perkara, urusniaga atau peristiwa penting dan berbentuk luarbiasa atau sebarang perkara,urusniaga atau kejadian telah berlaku sepanjang tempoh antara akhir tahun kewangan hingga ke tarikh laporan ini disediakan.

Juruaudit

Juruaudit, Tetuan KPMG, telah menyatakan kesediaan mereka untuk menerima perlantikan semula.

Ditandatangani menurut sebuah resolusi para Pengarah:

Tan Sri Abdul Halim bin Ali Ahmad Jauhari bin YahyaPengerusi Pengarah Urusan

Kuala Lumpur,12 Disember 2001




140

penyata OLEH PARA PENGARAHmenurut Seksyen 169(15) Akta Syarikat, 1965

Pada pendapat para Pengarah, penyata kewangan yang dibentangkan di muka surat 142 hingga 176, telah disediakan menurutpiawaian-piawaian perakaunan diluluskan yang digunakan di Malaysia untuk memberi gambaran yang benar dan saksama mengenaikedudukan Kumpulan dan Syarikat pada 31 Ogos 2001 dan keputusan operasi serta aliran tunai masing-masing bagi tahun yangberakhir pada tarikh tersebut.

Ditandatangani menurut sebuah resolusi Lembaga Pengarah:

Tan Sri Abdul Halim bin Ali Ahmad Jauhari bin YahyaPengerusi Pengarah Urusan


pengakuanberhubung dengan Seksyen 169(16) Akta Syarikat, 1965

Saya, Kamarul Ariffin bin Zainal, pegawai utama yang bertanggungjawab terhadap pengurusan kewangan Malakoff Berhad, dengansesungguh dan sebenarnya mengaku bahawa penyata kewangan yang dibentangkan di muka surat 142 hingga 176, pada sepanjangpengetahuan dan kepercayaan saya adalah betul dan saya membuat pengakuan ini dengan sepenuh kepercayaan akan kebenarannya,dan menurut peruntukan Akta Akuan Berkanun, 1960.

Ditandatangani dan diakui benar oleh penama di atas di Kuala Lumpur pada 12 Disember 2001

Di hadapan saya:

Kamarul Ariffin bin Zainal

42A Persiaran Ara KiriLucky Garden Bangsar59100 Kuala Lumpur


141

laporan JURUAUDITkepada para ahli Malakoff Berhad

Kami telah mengaudit penyata kewangan yang dibentangkan di muka surat 142 hingga 176. Penyediaan penyata kewangan iniadalah tanggungjawab para Pengarah Syarikat. Tanggungjawab kami adalah untuk menyuarakan pendapat mengenai penyatakewangan tersebut berasaskan kepada audit yang kami jalankan.

Kami telah menjalankan audit kami menurut Piawaian-piawaian Pengauditan yang diluluskan di Malaysia. Piawaian-piawaian inimemerlukan kami merancang dan melaksanakan audit tersebut untuk mendapatkan semua maklumat dan penjelasan yang kamianggap wajar untuk menyediakan jaminan bukti yang berpatutan kepada kami bahawa penyata kewangan tersebut adalah bebasdaripada salah penyataan yang ketara. Sesebuah pengauditan meliputi pemeriksaan berasaskan ujian, bukti yang menyokong jumlahdan pendedahan di dalam penyata kewangan. Sesebuah audit juga meliputi penilaian prinsip-prinsip perakaunan yang digunakandan anggaran penting yang dibuat oleh para Pengarah serta penilaian tentang kecukupan keseluruhan pembentangan maklumatdalam penyata kewangan. Kami percaya pengauditan kami menyediakan asas yang berpatutan bagi pendapat yang kami berikan.

Pada pendapat kami:

(a) penyata kewangan ini telah disediakan dengan sewajarnya menurut peruntukan Akta Syarikat, 1965 dan piawaian-piawaianperakaunan diluluskan yang digunakan di Malaysia untuk memberi gambaran yang benar dan saksama tentang:

i) kedudukan Kumpulan dan Syarikat pada 31 Ogos 2001 dan keputusan operasi masing-masing serta aliran tunai bagi tahunyang berakhir pada tarikh tersebut; dan

ii) perkara-perkara yang diperlukan oleh Seksyen 169 Akta Syarikat, 1965 untuk diambilkira dalam penyata kewanganKumpulan dan Syarikat;

dan

(b) rekod perakaunan dan rekod-rekod lain serta daftar-daftar yang dikehendaki disimpan oleh Syarikat dan syarikat-syarikatsubsidiari menurut Akta Syarikat, 1965 telah disimpan dengan sempurna menurut peruntukan Akta tersebut.

Kami berpuashati bahawa penyata kewangan syarikat-syarikat subsidiari yang telah disatukan dengan penyata kewangan Syarikatadalah dalam bentuk dan kandungan yang wajar dan sempurna bagi tujuan penyediaan penyata kewangan yang disatukan dan kamitelah menerima maklumat dan penjelasan yang memuaskan seperti yang kami perlukan bagi tujuan tersebut.

Laporan juruaudit mengenai penyata kewangan syarikat-syarikat subsidiari tidak tertakluk kepada sebarang kelayakan dan tidakmeliputi sebarang teguran di bawah seksyen kecil (3) Seksyen 174 Akta tersebut.

KPMG Hew Lee Lam SangNombor Firma: AF 0758 Rakan Dalam FirmaAkauntan Bertauliah Nombor Kelulusan: 1862/10/03(J)



142

kunci KIRA-KIRA YANG DISATUKANpada 31 Ogos 2001

Nota 2001 2000RM’000 RM’000

Hartanah, loji dan peralatan ............................................................................... 2 3,659,440 3,140,403Pelaburan dalam syarikat-syarikat bersekutu ...................................................... 3 135,067 131,978Pelaburan lain ................................................................................................... 5 111,757 207,790Muhibah daripada penyatuan ............................................................................. 6 106,668 113,334

Aset semasaInventori .................................................................................................................... 7 149,988 143,446Penerimaan perdagangan dan lain-lain ..................................................................... 8 562,594 584,411Tunai dan bersamaan tunai ....................................................................................... 9 1,054,977 805,041

....................................................................................................................................... 1,767,559 1,532,898

Tanggungan semasaPembayaran perdagangan dan lain-lain .................................................................... 10 222,093 222,547Pinjaman ................................................................................................................... 11 356,888 171,689Tanggungan sewa beli ................................................................................................ 12 880 718Cukai ......................................................................................................................... 50,882 50,222Dividen dicadangkan ................................................................................................ – 29,885

....................................................................................................................................... 630,743 475,061

Aset semasa bersih .............................................................................................. 1,136,816 1,057,837

....................................................................................................................................... 5,149,748 4,651,342

Dibiayai oleh:Modal dan rizab

Modal saham ............................................................................................................. 13 279,703 276,717Rizab .......................................................................................................................... 1,898,823 1,558,857

Dana pemegang saham ........................................................................................ 2,178,526 1,835,574

Kepentingan minoriti .......................................................................................... 196,240 151,048

Tanggungan jangka panjang dan tertundaPinjaman ................................................................................................................... 11 2,438,745 2,374,789Tanggungan sewa beli ................................................................................................ 12 2,293 3,981Cukai tertunda ........................................................................................................... 333,944 285,950

....................................................................................................................................... 5,149,748 4,651,342

Nota-nota yang dibentangkan di muka surat 152 hingga 176 merupakan sebahagian daripadanya, dan perlu dibaca bersama-sama dengan penyata-penyatakewangan ini.


143

Nota 2001 2000RM’000 RM’000

Hasil .............................................................................................................................. 1,513,462 1,473,196Kos jualan ...................................................................................................................... (691,874) (642,305)

Keuntungan kasar ............................................................................................... 821,588 830,891Pendapatan operasi lain ................................................................................................ 7,097 28,346Perbelanjaan pentadbiran ............................................................................................. (55,905) (29,203)Perbelanjaan operasi lain .............................................................................................. (58,113) (69,940)

Keuntungan operasi ............................................................................................ 14 714,667 760,094Kos pembiayaan ............................................................................................................. 16 (246,952) (260,793)Pendapatan faedah ........................................................................................................ 35,830 24,102Bahagian keuntungan syarikat bersekutu ...................................................................... 23,456 20,755

Keuntungan sebelum cukai ................................................................................. 527,001 544,158Perbelanjaan cukai ........................................................................................................ 17 (163,839) (154,140)

Keuntungan selepas cukai ................................................................................... 363,162 390,018Tolak: Kepentingan minoriti ......................................................................................... (45,192) (45,839)

Keuntungan bersih bagi tahun............................................................................. 317,970 344,179

Pendapatan asas sesaham biasa (sen) ............................................................................ 19 114 125

Pendapatan dicairkan sesaham biasa (sen) ................................................................... 19 113 125


penyata PENDAPATAN YANG DISATUKANbagi tahun berakhir 31 Ogos 2001


144

Tidak boleh diagih Boleh diagih

RizabPremium penilaian Keuntungan Jumlah Modal

saham semula tersimpan kecil saham JumlahRM’000 RM’000 RM’000 RM’000 RM’000 RM’000

KumpulanPada 1 September 1999 ............ 436,330 3,194 783,426 1,222,950 273,007 1,495,957Perubahan dalam dasarperakaunan-pelarasan tahun

terdahulu (Nota 26) ............. – – (14,566) (14,566) – (14,566)

Baki dinyatakan semula ............ 436,330 3,194 768,860 1,208,384 273,007 1,481,391Terbitan saham baru ................. 26,789 – – 26,789 3,710 30,499Lebihan daripada

penilaian semula ................... – 9,390 – 9,390 – 9,390

.................................................. 463,119 12,584 768,860 1,244,563 276,717 1,521,280Keuntungan bersih bagi tahun – – 344,179 344,179 – 344,179Dividen (Nota 18) .................... – – (29,885) (29,885) – (29,885)

Pada 31 Ogos 2000 ................... 463,119 12,584 1,083,154 1,558,857 276,717 1,835,574Terbitan saham baru ................. 21,996 – – 21,996 2,986 24,982

.................................................. 485,115 12,584 1,083,154 1,580,853 279,703 1,860,556Keuntungan bersih bagi tahun – – 317,970 317,970 – 317,970

Pada 31 Ogos 2001 ................... 485,115 12,584 1,401,124 1,898,823 279,703 2,178,526

Nota 13


penyata PERUBAHAN DALAM EKUITI YANG DISATUKANbagi tahun berakhir 31 Ogos 2001


145

penyata ALIRAN TUNAI YANG DISATUKANbagi tahun berakhir 31 Ogos 2001

2001 2000RM’000 RM’000

Aliran tunai daripada aktiviti operasiKeuntungan sebelum cukai ....................................................................................................... 527,001 544,158Pelarasan bagi:

Premium akan diterima daripada penebusan pelaburan dalam saham keutamaanboleh ditebus ..................................................................................................................... (2,159) (12,540)

Susutnilai ............................................................................................................................... 148,337 138,680Keuntungan daripada penjualan hartanah, loji dan peralatan ............................................. (475) (34)Keuntungan daripada penjualan unit amanah tercatat ........................................................ – (1,125)Perbelanjaan faedah .............................................................................................................. 246,952 260,793Bahagian keuntungan syarikat bersekutu .............................................................................. (23,456) (20,755)Pendapatan faedah ................................................................................................................ (35,830) (24,102)Pendapatan faedah daripada stok pinjaman.......................................................................... (3,593) (3,593)Pendapatan dividen ............................................................................................................... (4,560) (7,245)Peruntukan bagi penurunan nilai unit amanah tercatat .......................................................

– tahun semasa ................................................................................................................. 17,087 907– pembalikan peruntukan tahun sebelumnya .................................................................. – (3,975)

Pelunasan muhibah ............................................................................................................... 8,748 8,748Perbelanjaan tertunda dilupuskan ......................................................................................... – 2,001Pelunasan perbelanjaan pra operasi ...................................................................................... – 3,566Keuntungan daripada penjualan pelaburan tercatat ............................................................. – (9,660)

Keuntungan operasi sebelum perubahan modal kerja .................................................................. 878,052 875,824Inventori .................................................................................................................................... (6,542) (3,697)Penerimaan perdagangan dan lain-lain ..................................................................................... (1,447) (174,976)Pembayaran perdagangan dan lain-lain .................................................................................... (454) (20,034)

Tunai dihasilkan daripada operasi ................................................................................................. 869,609 677,117Cukai dibayar ................................................................................................................................. (114,728) (79,811)

Tunai bersih dihasilkan daripada aktiviti operasi ............................................................... 754,881 597,306

Aliran tunai daripada aktiviti pelaburanPembelian hartanah, loji dan peralatan .................................................................................... (662,346) (9,431)Kutipan daripada penjualan hartanah, loji dan peralatan ........................................................ 992 202Pembelian pelaburan tidak tercatat .......................................................................................... (25,000) (13,600)Penempatan tunai dalam akaun tabung penjelasan hutang .................................................... (15,528) –Dividen diterima daripada pelaburan ........................................................................................ 4,006 3,769Dividen diterima daripada syarikat bersekutu ........................................................................... 11,016 –Faedah diterima ......................................................................................................................... 35,830 26,612Pendapatan faedah daripada stok pinjaman diterima ............................................................... 3,593 3,593Kutipan daripada penebusan pelaburan dalam saham keutamaan boleh tebus ........................ 136,964 –


146

penyataaliran tunai yang disatukan


2001 2000RM’000 RM’000

Perbelanjaan pra operasi dibayar ............................................................................................... – (42,542)Kutipan daripada penjualan saham tercatat .............................................................................. – 11,195Kutipan daripada penjualan unit amanah tercatat ................................................................... – 19,900Pembelian pelaburan lain .......................................................................................................... – (296)Langganan pelaburan dalam saham keutamaan........................................................................ – (14,014)Penempatan deposit dicagar dengan bank berlesen .................................................................. – (16,905)

Tunai bersih digunakan dalam aktiviti pelaburan.......................................................... (510,473) (31,517)

Aliran tunai daripada aktiviti pembiayaanPembayaran balik tanggungan sewa beli ................................................................................... (3,980) (535)Pembayaran balik pinjaman ...................................................................................................... (168,901) (204,357)Dividen dibayar ......................................................................................................................... (30,113) (27,301)Terbitan saham .......................................................................................................................... 24,982 30,499Faedah dibayar ........................................................................................................................... (250,043) (251,476)Kutipan daripada pinjaman ....................................................................................................... 418,055 –

Tunai bersih digunakan dalam aktiviti pembiayaan ....................................................... (10,000) (453,170)

Pertambahan bersih dalam tunai dan bersamaan tunai ...................................................... 234,408 112,619Tunai dan bersamaan tunai pada awal tahun .................................................................... 788,136 675,517

Tunai dan bersamaan tunai pada akhir tahun ................................................................... 1,022,544 788,136

Nota-nota kepada penyata aliran tunai1. Tunai dan bersamaan tunai meliputi:

Deposit dengan institusi kewangan berlesen ........................................................................ 987,739 706,181Penempatan dalam kertas perdagangan ............................................................................... 32,457 52,194Tunai dan baki bank ............................................................................................................. 34,781 46,666

.............................................................................................................................................. 1,054,977 805,041Tolak: Deposit dicagarkan dengan bank berlesen ............................................................... (16,905) (16,905)Tolak: Tunai ditempatkan dalam akaun tabung penjelasan hutang ................................... (15,528) –

.............................................................................................................................................. 1,022,544 788,136

2. Tambahan bagi hartanah, loji dan peralatanPada tahun ini, Kumpulan telah membeli hartanah, loji dan peralatan dengan kos agregat RM667,891,000 (2000 –RM13,233,000) yang mana RM5,545,000 (2000 – RM3,802,000) daripadanya diperolehi secara sewa beli. Pembayaran tunaisebanyak RM662,346,000 (2000 – RM9,431,000) telah dibuat kepada hartanah, loji dan peralatan.



147

kunci KIRA-KIRApada 31 Ogos 2001

Nota 2001 2000RM’000 RM’000

Hartanah, loji dan peralatan ................................................................................ 2 27,415 25,456Pelaburan dalam syarikat-syarikat subsidiari ........................................................ 4 669,476 708,262Pelaburan lain .................................................................................................... 5 39,455 45,575

Aset semasaPenerimaan lain ........................................................................................................ 8 1,031,785 383,393Tunai dan bersamaan tunai ....................................................................................... 9 32,959 20,531

....................................................................................................................................... 1,064,744 403,924

Tanggungan semasaPembayaran lain ........................................................................................................ 10 221,932 39,642Pinjaman ................................................................................................................... 11 118,055 –Tanggungan sewa beli ................................................................................................ 12 402 116Cukai ......................................................................................................................... 6,181 9,931Dividen dicadangkan ................................................................................................ – 29,885

....................................................................................................................................... 346,570 79,574

Aset semasa bersih .............................................................................................. 718,174 324,350

....................................................................................................................................... 1,454,520 1,103,643

Dibiayai oleh:Modal dan rizab

Modal saham ............................................................................................................. 13 279,703 276,717Rizab .......................................................................................................................... 873,625 826,617

Dana pemegang saham ........................................................................................ 1,153,328 1,103,334

Tanggungan jangka panjang dan tertundaPinjaman ................................................................................................................... 11 300,000 –Tanggungan sewa beli ................................................................................................ 12 1,192 309

....................................................................................................................................... 1,454,520 1,103,643



148

penyata PENDAPATANbagi tahun berakhir 31 Ogos 2001

Nota 2001 2000RM’000 RM’000

Hasil .............................................................................................................................. 3,968 166,860Kos jualan ...................................................................................................................... – –

Keuntungan kasar............................................................................................... 3,968 166,860Pendapatan operasi lain ................................................................................................ 66,530 53,257Perbelanjaan pentadbiran ............................................................................................. (24,215) (2,576)Perbelanjaan operasi lain .............................................................................................. (445) (42)

Keuntungan operasi ............................................................................................ 14 45,838 217,499Kos pembiayaan ............................................................................................................. 16 (7,132) (37)

Keuntungan sebelum cukai ................................................................................. 38,706 217,462Perbelanjaan cukai ........................................................................................................ 17 (13,694) (55,796)

Keuntungan bersih bagi tahun............................................................................. 25,012 161,666



149

penyata PERUBAHAN DALAM EKUITIbagi tahun berakhir 31 Ogos 2001

Tidak boleh diagih Boleh diagih

RizabPremium penilaian Keuntungan Jumlah Modalsaham semula tersimpan kecil saham JumlahRM’000 RM’000 RM’000 RM’000 RM’000 RM’000

SyarikatPada 1 September 1999 ............ 436,330 3,194 219,133 658,657 273,007 931,664Terbitan saham baru ................. 26,789 – – 26,789 3,710 30,499Lebihan daripada

penilaian semula ................... – 9,390 – 9,390 – 9,390

.................................................. 463,119 12,584 219,133 694,836 276,717 971,553Keuntungan bersih bagi tahun – – 161,666 161,666 – 161,666Dividen (Nota 18) .................... – – (29,885) (29,885) – (29,885)

Pada 31 Ogos 2000 ................... 463,119 12,584 350,914 826,617 276,717 1,103,334Terbitan saham baru ................. 21,996 – – 21,996 2,986 24,982

.................................................. 485,115 12,584 350,914 848,613 279,703 1,128,316Keuntungan bersih bagi tahun – – 25,012 25,012 – 25,012

Pada 31 Ogos 2001 ................... 485,115 12,584 375,926 873,625 279,703 1,153,328

Nota 13



150

2001 2000RM’000 RM’000

Aliran tunai daripada aktiviti operasiKeuntungan sebelum cukai ....................................................................................................... 38,706 217,462Pelarasan bagi:

Susutnilai ............................................................................................................................... 1,019 695Keuntungan daripada penjualan hartanah, loji dan peralatan ............................................. (14) (25)Perbelanjaan faedah .............................................................................................................. 7,132 37Pendapatan faedah ................................................................................................................ (66,515) (51,517)Pendapatan dividen ............................................................................................................... (2,695) (2,569)Peruntukan bagi penurunan nilai unit amanah tercatat ....................................................... 6,120 –Keuntungan daripada penjualan saham tercatat ................................................................... – (9,660)Keuntungan daripada penjualan unit amanah tercatat ........................................................ – (925)

(Kerugian)/keuntungan operasi sebelum perubahan modal kerja ............................................ (16,247) 153,498Penerimaan lain .................................................................................................................... (648,067) (190,243)Pembayaran lain .................................................................................................................... 182,077 9,778

Tunai digunakan dalam operasi ................................................................................................. (482,237) (26,967)Cukai dibayar ............................................................................................................................. (17,443) (63,100)

Tunai bersih digunakan dalam aktiviti operasi ............................................................... (499,680) (90,067)

Aliran tunai daripada aktiviti pelaburanPembelian hartanah, loji dan peralatan .................................................................................... (1,467) (241)Kutipan daripada penjualan hartanah, loji dan peralatan ........................................................ 81 62Penempatan tunai dalam akaun tabung penjelasan hutang ..................................................... (15,528) –Kutipan daripada penjualan unit amanah tercatat ................................................................... – 5,000Kutipan daripada penjualan saham tercatat .............................................................................. – 11,195Kutipan daripada pembayaran semula pinjaman ...................................................................... 38,786 35,447Faedah diterima ......................................................................................................................... 66,515 51,517Dividen diterima ....................................................................................................................... 2,695 2,569

Tunai bersih dihasilkan daripada aktiviti pelaburan ....................................................... 91,082 105,549

penyata ALIRAN TUNAIbagi tahun berakhir 31 Ogos 2001


151

2001 2000RM’000 RM’000

Aliran tunai daripada aktiviti pembiayaanFaedah dibayar ........................................................................................................................... (7,132) (37)Pembayaran balik daripada tanggungan sewa beli .................................................................... (294) (90)Terbitan saham .......................................................................................................................... 24,982 30,499Dividen dibayar ......................................................................................................................... (30,113) (27,301)Kutipan daripada pinjaman ....................................................................................................... 418,055 –

Tunai bersih dihasilkan daripada aktiviti pembiayaan .................................................... 405,498 3,071

(Kurangan)/tambahan bersih dalam tunai dan bersamaan tunai ......................................... (3,100) 18,553Tunai dan bersamaan tunai pada awal tahun ..................................................................... 20,531 1,978

Tunai dan bersamaan tunai pada akhir tahun .................................................................... 17,431 20,531

Nota-nota kepada penyata aliran tunai1. Tunai dan bersamaan tunai meliputi:

Deposit dengan institusi kewangan berlesen ........................................................................ 13,405 12,905Tunai dan baki bank ............................................................................................................. 19,554 7,626

.............................................................................................................................................. 32,959 20,531Tolak: Tunai ditempatkan dalam akaun tabung penjelasan hutang ................................... (15,528) –

.............................................................................................................................................. 17,431 20,531

2. Tambahan hartanah, loji dan peralatanPada tahun ini, Syarikat telah membeli hartanah, loji dan peralatan dengan kos agregat RM3,045,000 (2000 – RM319,000)yang mana RM1,578,000 (2000 – RM78,000) daripadanya diperolehi secara sewa beli. Bayaran tunai sebanyak RM1,467,000(2000 – RM241,000) telah dibuat bagi hartanah, loji dan peralatan.


penyataaliran tunai



152

nota-nota KEPADA PENYATA KEWANGAN

1. Ringkasan Dasar-dasar Perakaunan Penting

Dasar-dasar perakaunan berikut diamalkan oleh Kumpulan dan Syarikat dan selaras dengan dasar-dasar yang diamalkan padatahun-tahun sebelumnya.

(a) Asas perakaunanPenyata kewangan Kumpulan dan Syarikat telah disediakan menurut piawaian perakaunan diluluskan yang digunakandi Malaysia.

(b) Asas penyatuanSubsidiari adalah syarikat perniagaan yang dikawal oleh Syarikat. Kawalan wujud apabila Syarikat mempunyai kuasa,secara langsung atau tidak langsung, untuk mentadbir dasar-dasar kewangan dan operasi sesebuah syarikat perniagaanbagi mendapatkan manfaat daripada aktivitinya. Penyata kewangan syarikat-syarikat subsidiari diambilkira dalam penyatakewangan yang disatukan dari tarikh kawalan bermula secara efektif sehingga ke tarikh kawalan tamat. Syarikat subsidiaridisatu menggunakan kaedah perakaunan pengambilalihan kecuali bagi Teknik Janakuasa Sdn. Bhd. yang disatumenggunakan kaedah perakaunan penggabungan.

Sesebuah syarikat subsidiari dikecualikan daripada penyatuan apabila kawalan hanya untuk sementara jika subsidiaritersebut diperolehi dan dipegang secara eksklusif dengan hasrat akan dijual dalam tempoh terdekat dan tidak pernahdisatukan sebelum ini atau ia beroperasi di bawah larangan jangka panjang yang merosakkan kemampuannya untukmemindahkan dana kepada Syarikat. Subsidiari yang dikecualikan berasaskan sebab tersebut diambilkira sebagaipelaburan.

Di bawah kaedah perakaunan pengambilalihan, keputusan syarikat-syarikat subsidiari yang diambilalih atau dijual padatahun ini dimasukkan dari tarikh pengambilalihan atau sehingga tarikh penjualan. Pada tarikh pengambilalihan, nilaisaksama aset syarikat subsidiari berkenaan ditentukan dan nilai-nilai tersebut ditunjukkan di dalam penyata kewangan.Perbezaan antara kos pengambilalihan dan nilai saksama aset syarikat subsidiari ditunjukkan sebagai muhibah atau rizabsemasa penyatuan mengikut kesesuaian.

Di bawah kaedah perakaunan pergabungan, perbezaan antara kos dan pengambilalihan dan nilai nominal modal sahamdan rizab syarikat-syarikat subsidiari diambilkira ke dalam rizab penggabungan.

Urusniaga dalam Kumpulan dan baki serta keuntungan tidak direalisasi yang terhasil daripadanya dihapuskan semasapenyatuan. Kerugian tidak direalisasi yang dihasilkan daripada urusniaga dalam Kumpulan juga dihapuskan kecuali kostidak boleh diperolehi semula.

(c) Syarikat-syarikat bersekutuSyarikat-syarikat bersekutu adalah syarikat perniagaan di mana Kumpulan mempunyai pengaruh yang besar tetapi bukankawalan, ke atas dasar-dasar kewangan dan operasinya.


153

nota-notakepada penyata kewangan

1. Ringkasan Dasar-dasar Perakaunan Penting (samb.)

(c) Syarikat-syarikat bersekutu (samb.)Penyata kewangan yang disatukan meliputi jumlah keuntungan dan kerugian syarikat bersekutu yang diiktiraf berasaskanperkiraan ekuiti dari tarikh pengaruh besar tersebut bermula dengan efektif sehingga ke tarikh pengaruh tersebut berakhirsecara efektif.

Keuntungan tidak direalisasi yang timbul daripada urusniaga antara Kumpulan dan syarikat-syarikat bersekutunya yangdimasukkan ke dalam jumlah bawa aset dan tanggungan berkaitan, dihapuskan sebahagiannya hingga setakatkepentingan Kumpulan dalam syarikat-syarikat bersekutu tersebut. Kerugian tidak direalisasi daripada urusniagasedemikian juga dihapuskan sebahagiannya kecuali kos bagi yang tidak boleh dikutip semula.

Muhibah daripada pengambilalihan dikira berasaskan kepada nilai saksama aset bersih yang diambilalih.

(d) Hartanah, loji dan peralatanHartanah, loji dan peralatan kecuali bagi tanah milik bebas dinyatakan pada kos/penilaian tolak susutnilai terkumpul.

Kos C-Inspection mewakili kos yang ditanggung pada tarikh pemeriksaan utama yang dijadualkan. Kos berkenaandipermodalkan kerana pemeriksaan tersebut mempertingkatkan prestasi dan kecekapan loji janakuasa.

Kumpulan menilai semula hartanahnya yang meliputi tanah dan bangunan setiap 5 tahun dan pada tempoh masa yanglebih pendek apabila nilai pasaran aset yang dinilai semula telah berubah dengan ketara dari nilai bawanya.

Lebihan yang timbul daripada penilaian semula diuruskan dalam akaun rizab penilaian semula hartanah. Sebarang defisitditampung ke atas rizab penilaian semula setakat kenaikan sebelumnya untuk hartanah yang sama. Dalam kes lain,penurunan jumlah bawa dicaj kepada penyata pendapatan.

Hartanah, loji dan peralatan yang tidak lagi digunakan secara aktif dan dipegang untuk dijual dinyatakan pada yang manalebih rendah antara nilai buku bersih dan nilai boleh realisasi bersih.

Jumlah bawa hartanah, loji dan peralatan disemak pada setiap tarikh kunci kira-kira untuk menentukan sama ada terdapatsebarang petanda kerosakan nilai. Jika petanda sedemikian wujud, maka anggaran dibuat berhubung jumlah yang bolehdikutip semula bagi aset tersebut. Kerugian kerosakan diiktiraf apabila jumlah bawa sesuatu perkara hartanah, loji danperalatan melebihi nilai boleh dikutip semula. Dalam menentukan jumlah boleh dikutip semula daripada hartanah, lojidan peralatan, jangkaan aliran tunai masa hadapan tidak didiskaunkan kepada nilai semasanya. Kerugian kerosakantersebut dicaj kepada ekuiti. Sebarang kenaikan selepas itu dalam jumlah yang boleh dikutip semula dikurangkan olehjumlah yang sepatutnya diiktiraf sebagai susutnilai jika penurunan nilai atau pelupusan tidak berlaku. Kenaikanberikutnya sedemikian dalam jumlah yang boleh dikutip semula diiktiraf dalam penyata pendapatan kecuali iamembalikkan kerugian kerosakan ke atas aset yang dinilai semula, yang mana dalam keadaan sedemikian, ia dibawa keekuiti.


154



(e) SusutnilaiTanah milik bebas tidak dilunaskan. Tanah pegangan pajakan dilunaskan dalam ansuran yang sama sepanjang tempohpajakan selama 99 tahun. Kaedah garis lurus digunakan untuk melupuskan kos aset lain sepanjang tempoh jangka hayatkegunaannya pada kadar tahunan utama berikut:

Bangunan 2% hingga 5%Loji janakuasa 2.9%Loji dan jentera 10% hingga 20%Peralatan dan perabot pejabat 10% hingga 25%Kenderaan bermotor 20% hingga 25%Komputer 331/3%Kos C-Inspection 32%

(f) Perakaunan bagi sewa beliHartanah, loji dan peralatan yang diperolehi di bawah perjanjian sewa beli dipermodalkan pada kos pembelian dandisusutnilaikan mengikut asas yang sama dengan aset yang dimiliki. Jumlah yang akan dibayar di bawah perjanjian sewabeli dimasukkan sebagai tanggungan sewa beli.

Unsur faedah daripada obligasi penyewaan dicaj kepada penyata pendapatan sepanjang tempoh sewa beli dan diambilkiraberasaskan kaedah garis lurus.

(g) Pelaburan dalam unit amanah tercatatPelaburan dalam unit amanah dinyatakan pada kos. Peruntukan bagi penurunan nilai dibuat apabila para Pengarahberpendapat bahawa terdapat penurunan nilai pelaburan yang bukan bersifat sementara.

(h) Pelaburan dalam saham keutamaan boleh tebusPelaburan dalam saham keutamaan boleh tebus dinyatakan pada kos. Premium yang akan diterima semasa penebusansaham-saham keutamaan boleh tebus tersebut diakru sepanjang tempoh saham keutamaan berkenaan.

(i) Pelaburan lainPelaburan lain dinyatakan pada kos. Peruntukan bagi penurunan nilai dibuat apabila para Pengarah berpendapat bahawapelaburan tersebut mengalami penurunan nilai yang kekal.


155



(j) MuhibahMuhibah yang timbul daripada pengambilalihan mewakili lebihan kos pengambilalihan berbanding nilai saksama asetbersih diambilalih yang boleh dikenalpasti. Muhibah dinyatakan pada kos tolak pelunasan terkumpul. Bagi syarikat-syarikat bersekutu, jumlah bawa muhibah dimasukkan dalam jumlah bawa pelaburan syarikat-syarikat berkaitan.

Muhibah dilunaskan dari tarikh pengiktirafan awal melalui penyata kewangan Kumpulan selama 21 tahun. Kerugiankerosakan juga diiktiraf apabila para Pengarah berpendapat bahawa penurunan nilainya bukan bersifat sementara.

(k) InventoriAlat ganti, barang kegunaan dan bahan api disel dinyatakan pada yang mana lebih rendah antara kos dan nilai bolehrealisasi bersih dengan masuk-dahulu-keluar dahulu (FIFO) menjadi asas utama bagi kos.

(l) Tunai dan bersamaan tunaiTunai dan bersamaan tunai meliputi tunai dalam tangan, baki dan deposit dengan bank dan pelaburan berkecairan tinggiyang mempunyai risiko perubahan nilai yang tidak ketara. Bagi tujuan penyata aliran tunai, tunai dan bersamaan tunaidibentangkan selepas ditolak overdraf bank, deposit cagaran dan penempatan dalam akaun tabung penjelasan hutang.

(m) Permodalan kos pinjamanKos pinjaman yang ditanggung daripada pembinaan loji dipermodalkan. Permodalan kos pinjaman akan berhenti apabilaaset tersebut sedia untuk kegunaan yang dikehendaki.

Kadar permodalan digunakan untuk menentukan jumlah kos pinjaman layak untuk permodalan adalah purata berwajarankos pinjaman yang boleh digunakan ke atas pinjaman Kumpulan yang masih tertunggak pada tahun tersebut, selaindaripada pinjaman yang dibuat khusus untuk tujuan pembiayaan pembinaan khusus loji, yang mana dalam hal sedemikiankos sebenar pinjaman yang ditanggung ke atas pinjaman tersebut tolak sebarang pendapatan pelaburan daripadapelaburan sementara daripada pinjaman tersebut akan dipermodalkan.

Permodalan kos pinjaman digantung pada tempoh lanjutan di mana kerja pembangunan yang sedang aktif tergendala.

(n) CukaiPerbelanjaan cukai dalam penyata pendapatan mewakili cukai pada kadar cukai semasa berasaskan keuntungan yangdiperolehi pada tahun tersebut.

Cukai tertunda disediakan mengikut kaedah tanggungan bagi semua perbezaan masa kecuali di mana tiada tanggungandijangka akan timbul pada masa hadapan yang boleh diramalkan dan tiada petunjuk bahawa perbezaan masa tersebutakan berbalik selepas itu. Manfaat cukai tertunda hanya diiktiraf apabila terdapat jangkaan realisasi yang munasabahpada masa hadapan yang terdekat.


156


(o) Matawang asingi) Urusniaga matawang asing

Urusniaga dalam matawang asing ditukar kepada Ringgit Malaysia pada kadar urusniaga kecuali dilindungi olehkontrak pertukaran hadapan, yang mana dalam keadaan sedemikian, kadar yang ditetapkan dalam kontrak hadapantersebut digunakan. Aset dan tanggungan berbentuk wang dalam matawang asing pada tarikh kunci kira-kiraditukar kepada Ringgit Malaysia pada kadar tukaran matawang asing yang berkuatkuasa pada tarikh tersebut kecualidilindungi oleh kontrak pertukaran hadapan, yang mana dalam keadaan sedemikian, kadar yang ditetapkan dalamkontrak hadapan tersebut digunakan. Perbezaan tukaran matawang asing yang timbul daripada pertukaran diiktirafdi dalam penyata pendapatan. Aset dan tanggungan bukan berbentuk wang dalam denominasi matawang asing,yang dinyatakan pada kos sejarah, ditukar kepada Ringgit Malaysia pada kadar pertukaran asing yang berkuatkuasapada tarikh urusniaga.

Kadar penutup yang digunakan dalam pertukaran aset dan tanggungan matawang asing adalah seperti berikut:

2001 2000RM RM

USD1 3.80 3.80CHF1 2.14 2.19EURO1 3.51 3.39

(p) Instrumen kewanganInstrumen perlindungan nilai derivatif kewangan digunakan dalam pengurusan risiko matawang asing Kumpulanberhubung tanggungan kewangannya. Tanggungan matawang asing prinsipal ditukar pada tarikh pertukaran dilindungnilai. Kos perlindungan nilai diiktiraf dalam penyata pendapatan apabila ditanggung.

(q) Syarikat gabunganSebuah syarikat gabungan adalah syarikat yang memegang kepentingan jangka panjang tidak kurang dari 20% tetapitidak melebihi 50% dalam modal ekuiti Syarikat dan boleh melaksanakan pengaruh yang besar ke atas dasar-dasarkewangan operasi Syarikat.

(r) Hasili) Bayaran kapasiti dan tenaga, caj operasi dan pengurusan, yuran pengurusan dan khidmat nasihat kejuruteraan

Hasil diukur pada nilai saksama bayaran yang akan diterima dan diiktiraf dalam penyata kewangan apabila terakru.



157


(r) Hasil (samb.)ii) Hasil daripada tebus guna tanah, perlindungan pantai, pengorekan dan kerja-kerja berkaitan

Hasil daripada tebus guna tanah, perlindungan pantai, pengorekan dan kerja-kerja berkaitan diiktiraf mengikutkaedah peratus siap, diukur dengan merujuk kepada kerja yang telah dilaksanakan.

Apabila hasil daripada sesuatu kontrak pembinaan tidak boleh dianggar dengan meyakinkan, hasil diiktiraf hanyasetakat kos kontrak ditanggung yang mungkin akan dikutip semula dan kos kontrak diiktiraf sebagai perbelanjaanpada tempoh ia ditanggung.

iii) Pendapatan dividenPendapatan dividen diiktiraf apabila hak untuk menerima bayaran ditentukan.

iv) Pendapatan faedahPendapatan faedah diiktiraf dalam penyata pendapatan apabila terakru, dengan mengambilkira hasil efektif asetberkenaan.

(s) Perbelanjaani) Pembayaran pajakan operasi

Pembayaran yang dibuat di bawah pajakan operasi diiktiraf dalam penyata pendapatan berasaskan garis lurussepanjang tempoh pajakan. Insentif pajakan yang diterima diiktiraf dalam penyata pendapatan sebagai sebahagiandaripada pembayaran pajakan yang dibuat.

ii) Kos pembiayaanSemua kos faedah dan kos lain yang ditanggung berhubung dengan pinjaman, selain daripada yang dipermodalkanmenurut Nota 1(m), dibelanjakan apabila ditanggung. Komponen faedah pembayaran sewa beli diiktiraf dalampenyata pendapatan sepanjang tempoh sewa beli dan diambilkira berasaskan kaedah garis lurus.



158

2. Hartanah, Loji dan PeralatanPada penilaian ––––––––––––––––––––––––––––––––––––––––––– Pada kos –––––––––––––––––––––––––––––––––––––––––––

PeralatanPembinaan Tanah dan

Tanah milik dalam pegangan Loji Kos Loji dan perabot KenderaanKumpulan bebas pelaksanaan Bangunan pajakan janakuasa C-inspection jentera pejabat bermotor Komputer Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kos/PenilaianPada 1 September 2000 18,190 – 2,954 13,371 3,385,237 132,706 30,950 9,757 6,583 4,958 3,604,706Tambahan – 642,855 3,100 – 861 14,258 349 1,479 3,549 1,440 667,891Penjualan – – – – – – – (42) (2,260) (4) (2,306)Pengkelasan semula – (26,384) – – – – 26,384 – – – –

Pada 31 Ogos 2001 18,190 616,471 6,054 13,371 3,386,098 146,964 57,683 11,194 7,872 6,394 4,270,291

SusutnilaiPada 1 September 2000 – – 979 187 396,555 53,798 213 5,364 3,832 3,375 464,303Caj bagi tahun – – 14 597 96,808 45,452 802 2,106 1,279 1,279 148,337Penjualan – – – – – – – (6) (1,779) (4) (1,789)

Pada 31 Ogos 2001 – – 993 784 493,363 99,250 1,015 7,464 3,332 4,650 610,851

Nilai buku bersihPada 31 Ogos 2001 18,190 616,471 5,061 12,587 2,892,735 47,714 56,668 3,730 4,540 1,744 3,659,440

Pada 31 Ogos 2000 18,190 – 1,975 13,184 2,988,682 78,908 30,737 4,393 2,751 1,583 3,140,403

Caj susutnilaibagi tahun berakhir31 Ogos 2000 – – 20 63 96,706 37,666 53 1,978 1,113 1,081 138,680



159

2. Hartanah, Loji dan Peralatan (samb.)Pada penilaian –––––––––––––––––––––––––– Pada kos––––––––––––––––––––––––––

PeralatanTanah dan

Tanah milik pegangan Loji dan perabot KenderaanSyarikat bebas Bangunan pajakan jentera pejabat bermotor Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

KosPada 1 September 2000 18,190 1,043 6,159 153 1,952 848 28,345Tambahan – – – – 1,212 1,833 3,045Penjualan – – – – (40) (94) (134)

Pada 31 Ogos 2001 18,190 1,043 6,159 153 3,124 2,587 31,256

SusutnilaiPada 1 September 2000 – 979 187 134 1,305 284 2,889Caj bagi tahun – 14 62 4 542 397 1,019Penjualan – – – – (4) (63) (67)

Pada 31 Ogos 2001 – 993 249 138 1,843 618 3,841

Nilai buku bersihPada 31 Ogos 2001 18,190 50 5,910 15 1,281 1,969 27,415

Pada 31 Ogos 2000 18,190 64 5,972 19 647 564 25,456

Caj susutnilaibagi tahun berakhir31 Ogos 2000 – 20 63 3 441 168 695

Penilaian semulaTanah milik bebas yang dinyatakan pada penilaian telah dinilai semula pada bulan Mac 2000 oleh profesional bebasmenggunakan nilai pasaran bagi asas kegunaan semasa. Cukai tertunda berkaitan penilaian semula tanah milik bebas berjumlahRM900,000 (2000 – RM900,000) tidak diambilkira kerana tanah milik bebas yang dinilai semula itu dipegang untuk penggunaanjangkamasa panjang.



160

2. Hartanah, Loji dan Peralatan (samb.)

Jika tanah milik bebas tersebut dibawa pada kos lampaunya, jumlah bawa aset yang dinilai semula itu akan dimasukkan dalampenyata kewangan pada akhir tahun kewangan adalah seperti berikut:

Kumpulan dan Syarikat2001 2000

RM’000 RM’000

Tanah milik bebas ................................................................................................................. 5,606 5,606

CagaranKumpulanHartanah, loji dan peralatan syarikat-syarikat subsidiari dengan kos RM4,053,790,000 (2000 – RM3,394,359,000) telah dicajsebagai cagaran bagi kemudahan perbankan yang diberi kepada syarikat-syarikat subsidiari berkenaan.

SyarikatPada tahun ini, Syarikat telah memeterai perjanjian jual beli dengan sebuah syarikat subsidiari bagi penjualan bahagian-bahagian daripada tanah pegangan pajakan. Sementara menunggu pecahan tanah tersebut, sebuah perjanjian pajakan telahdimeterai dengan syarikat subsidiari berkenaan. Pada 20 November 2001, pajakan tersebut telah dicaj sebagai jaminan bagiinstrumen hutang tertentu yang akan diterbitkan oleh syarikat subsidiari tersebut.

Kos pinjamanFaedah yang dipermodalkan termasuk dalam pembinaan dalam pelaksanaan Kumpulan pada kadar antara 3.8% hingga 3.9%(2000 – Tiada) setahun bagi tahun ini berjumlah RM3,091,000 (2000 – Tiada).

Aset di bawah pengaturan sewa beliKenderaan bermotor Kumpulan dengan nilai buku bersih sebanyak RM4,040,647 (2000 – RM2,251,000) telah dibeli di bawahpengaturan sewa beli.



161

3. Pelaburan Dalam Syarikat-syarikat BersekutuKumpulan

2001 2000

RM’000 RM’000

Saham tidak tercatat – pada kos ........................................................................................... 53,560 53,560Bahagian Kumpulan dalam keuntungan selepas pengambilalihan ...................................... 47,761 42,590Tolak: Pelunasan muhibah ................................................................................................... (10,208) (8,126)

.............................................................................................................................................. 91,113 88,024Stok pinjaman tidak tercatat, pada kos ................................................................................ 29,940 29,940

.............................................................................................................................................. 121,053 117,964Pelaburan dalam Saham Keutamaan Boleh Tukar

Tidak Terkumpul Boleh Tebus (RNCPS), pada kos ........................................................ 10,014 10,014Pelaburan dalam Saham Keutamaan Boleh Tukar

Terkumpul Boleh Tebus (RCCPS), pada kos ................................................................... 4,000 4,000

.............................................................................................................................................. 135,067 131,978

Diwakili oleh:Bahagian Kumpulan dalam aset bersih ................................................................................ 91,361 86,190Muhibah daripada pengambilalihan, tolak pelunasan ......................................................... 29,692 31,774

.............................................................................................................................................. 121,053 117,964

Butir-butir syarikat bersekutu adalah seperti berikut:

Negara Peratusdiperbadankan pemilikan Aktiviti utama

2001 2000

Port Dickson Power Bhd. Malaysia 20 20 Penjanaan dan penjualan elektrik

Lekir Bulk Terminal Sdn. Bhd. Malaysia 20 20 Khidmat jeti terminal pukal dan pengendalianarang batu

4. Pelaburan Dalam Syarikat-syarikat Subsidiari

Pelaburan dalam syarikat-syarikat subsidiari diwakili oleh:2001 2000

RM’000 RM’000

Saham tidak tercatat – pada kos ........................................................................................... 267,298 266,547Nota pinjaman tidak bercagar .............................................................................................. 402,178 441,715

.............................................................................................................................................. 669,476 708,262

Nota-nota pinjaman adalah tidak bercagar, dikenakan faedah 10% (2000 – 10%) setahun dan perlu dibayar sepanjang tempohdua belas tahun.



162

4. Pelaburan Dalam Syarikat-syarikat Subsidiari (samb.)

Butir-butir syarikat subsidiari adalah seperti berikut:-

Negara Peratusdiperbadankan pemilikan Aktiviti utama

2001 2000

Segari Energy Ventures Malaysia 75 75 Merekabentuk, membina, mengendali danSdn. Bhd. menyenggara loji janakuasa kitaran gabungan,

dan menjual tenaga elektrik yang dijana oleh loji tersebut

Teknik Janakuasa Sdn. Bhd. Malaysia 100 100 Mengendali dan menyenggara loji janakuasaand its subsidiary

Natural Analysis Sdn. Bhd. Malaysia 100 100 Tidak aktif

Malakoff Engineering Malaysia 100 100 Penyediaan khidmat kejuruteraan danSdn. Bhd. pengurusan projek

Wirazone Sdn. Bhd. Malaysia 100 100 Bina, milik dan kendali sebuah lojipenyejukan daerah dan sebuah sistempembahagian tenaga elektrik

Hypergantic Sdn. Bhd. Malaysia 100 100 Pegangan pelaburan

Desa Kilat Sdn. Bhd. Malaysia 54 54 Tebus guna tanah, membangun dan/ataumenjual tanah tebus guna

Spring Assets Limited British Virgin 100 100 Operasi luar negeriIslands

Tuah Utama Sdn. Bhd. Malaysia 100 100 Pegangan pelaburan

Transpool Sdn. Bhd. Malaysia 100 100 Tidak aktif

Malakoff Gulf Limited British Virgin 100 100 Operasi luar negeriIslands

Kapar Energy Ventures Malaysia 100 100 Tidak aktifSdn. Bhd.

GB3 Sdn. Bhd. Malaysia 100 100 Merekabentuk, membina, mengendali danmenyenggara loji janakuasa kitaran gabungan,dan menjual kapasiti penjanaan dan tenagaelektrik yang dijana oleh loji tersebut



163

5. Pelaburan LainKumpulan Syarikat

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Unit amanah tercatat, pada kos ......................................... 145,628 145,074 64,500 64,500Tolak: Peruntukan bagi penurunan nilai ............................ (58,871) (41,784) (25,045) (18,925)

............................................................................................ 86,757 103,290 39,455 45,575Pelaburan dalam saham keutamaan boleh tebus

tidak tercatat ................................................................... – 104,500 – –Pelaburan dalam bon tidak tercatat ................................... 25,000 – – –

............................................................................................ 111,757 207,790 39,455 45,575

Nilai pasaran pelaburan tercatat:Unit amanah ....................................................................... 86,757 104,765 39,455 47,050

6. Muhibah Daripada PenyatuanKumpulan

2001 2000RM’000 RM’000

Pada 1 September ................................................................................................................. 113,334 120,000Tolak: Muhibah dilunaskan pada tahun ini ......................................................................... (6,666) (6,666)

Pada 31 Ogos ........................................................................................................................ 106,668 113,334

7. InventoriKumpulan

2001 2000RM’000 RM’000

Alat ganti dan barang kegunaan .......................................................................................... 139,219 134,390Bahan api disel ...................................................................................................................... 10,769 9,056

.............................................................................................................................................. 149,988 143,446

Semua inventori dibawa pada kos.



164

8. Penerimaan Perdagangan dan Lain-lainKumpulan Syarikat

2001 2000 2001 2000

RM’000 RM’000 RM’000 RM’000

Penerimaan perdagangan ................................................... 241,192 239,713 – –Penerimaan lain .................................................................. 321,402 344,698 273,613 274,777

............................................................................................ 562,594 584,411 273,613 274,777Syarikat-syarikat subsidiari ................................................. – – 758,172 108,616

............................................................................................ 562,594 584,411 1,031,785 383,393

Penerimaan lain bagi Kumpulan termasuk sejumlah RM11,648,000 (2000 – RM13,977,000), mewakili perbelanjaan yangditanggung untuk menyusun semula pinjaman sebuah syarikat subsidiari daripada kemudahan pinjaman biasa kepadainstrumen cara Islam. Jumlah ini dilunaskan sepanjang tempoh pinjaman. Kemudahan yang disusun semula ini menghasilkanpenurunan dalam perbelanjaan kepentingan kerana kemudahan yang disusun semula dikenakan kadar faedah yang lebihrendah berbanding dengan kemudahan sebelumnya.

Penerimaan lain bagi Kumpulan dan Syarikat turut meliputi sejumlah RM250,800,000 (2000 – RM250,800,000), merupakandeposit yang dibayar bagi pembelian sebuah loji janakuasa.

Penerimaan lain Kumpulan pada tahun lepas termasuk premium terakru yang akan diterima semasa penebusan pelaburan Kumpulandalam saham-saham keutamaan boleh tebus yang berjumlah RM30,305,000. Jumlah tersebut telah diterima pada tahun ini.

Jumlah yang dihutang oleh syarikat-syarikat subsidiari adalah tidak bercagar, tanpa faedah dan tidak mempunyai tempoh pembayaranbalik yang tetap, selain daripada satu jumlah yang dihutang oleh syarikat-syarikat subsidiari sebanyak RM715,679,000 (2000– RM108,616,000) yang dikenakan faedah sebanyak 1% (2000 – 1%) setahun melebihi kadar pinjaman asas institusi kewangan.

9. Tunai dan Bersamaan TunaiKumpulan Syarikat

2001 2000 2001 2000

RM’000 RM’000 RM’000 RM’000

Deposit dengan:Bank berlesen ................................................................. 515,905 314,405 13,405 12,905Syarikat kewangan .......................................................... 381,334 243,276 – –Institusi kewangan lain ................................................... 90,500 148,500 – –

............................................................................................ 987,739 706,181 13,405 12,905Penempatan dalam kertas perdagangan ............................. 32,457 52,194 – –Tunai dan baki bank ........................................................... 34,781 46,666 19,554 7,626

............................................................................................ 1,054,977 805,041 32,959 20,531



165

9. Tunai dan Bersamaan Tunai (samb.)

Tunai dan baki bank Kumpulan termasuk jumlah RM16,905,000 (2000 – RM16,905,000) yang dicagarkan kepada bankberlesen tertentu untuk kemudahan yang diberi kepada syarikat subsidiari tertentu.

Tunai dan baki bank Kumpulan dan Syarikat termasuk jumlah RM15,528,000 (2000 – Tiada) yang ditempatkan dalam akauntabung penjelasan hutang yang dikekalkan dengan sebuah institusi kewangan yang dicaj sebagai cagaran bagi pembayaran balikjumlah prinsipal dan faedah nota jangka sederhana.

10. Pembayaran Perdagangan dan Lain-lainKumpulan Syarikat

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Pembayaran perdagangan ................................................... 41,033 99,232 – –Pembayaran lain dan perbelanjaan terakru ........................ 181,060 123,315 6,659 2,688Syarikat-syarikat subsidiari ................................................. – – 215,273 36,954

............................................................................................ 222,093 222,547 221,932 39,642

Jumlah yang dihutang kepada syarikat-syarikat subsidiari adalah tanpa faedah (2000 – 1% setahun di atas kadar pinjaman asasinstitusi kewangan) dan tidak mempunyai tempoh pembayaran balik yang tetap.

11. PinjamanKumpulan Syarikat

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Bon kadar tetap – bercagar ................................................. 1,078,376 1,184,386 – –Pinjaman kadar tetap bersindiket – bercagar ..................... 1,162,352 1,162,352 – –Nota pinjaman subordinat – tidak bercagar ....................... 134,060 147,240 – –Pinjaman bertempoh – bercagar ......................................... 2,790 – – –Kertas perdagangan – tidak bercagar .................................. 118,055 – 118,055 –Nota jangka sederhana – bercagar ...................................... 300,000 – 300,000 –Pinjaman kadar terapung bersindiket – bercagar ............... – 52,500 – –

............................................................................................ 2,795,633 2,546,478 418,055 –

Semasa ................................................................................ 356,888 171,689 118,055 –Bukan semasa ...................................................................... 2,438,745 2,374,789 300,000 –

............................................................................................ 2,795,633 2,546,478 418,055 –



166

11. Pinjaman (samb.)

Tempoh dan jadual pembayaran balik hutangBon kadar tetap dan pinjaman kadar tetap bersindiket dicagar oleh satu caj tetap ke atas aset sebuah syarikat subsidiari. Bonkadar tetap dikenakan faedah pada kadar 10.25% (2000 – 10.25%) setahun sementara pinjaman kadar tetap bersindiketdikenakan faedah pada kadar dari 7.8% hingga 8.5% (2000 – 7.8% hingga 8.5%) setahun.

Nota pinjaman subordinat yang dikeluarkan oleh sebuah syarikat subsidiari kepada para pemegang sahamnya adalah tidakbercagar dan membawa faedah pada kadar 10% (2000 – 10%) setahun.

Bon kadar tetap, pinjaman kadar terapung bersindiket dan nota pinjaman subordinat perlu dibayar balik sepanjang tempohdua belas tahun. Pinjaman kadar tetap bersindiket perlu dibayar sepanjang tempoh lapan hingga dua belas tahun.

Pinjaman berjangka adalah tertakluk kepada faedah pada kadar 9.5% (2000 – Tiada) setahun dan dicagar melalui caj tetapke atas hartanah sebuah syarikat subsidiari. Pinjaman berjangka perlu dibayar balik sepanjang tempoh lima tahun.

Kertas perdagangan adalah tidak bercagar dan membawa faedah pada kadar 3.10% (2000 – Tiada) setahun. Nota jangka sederhanadicagar oleh peruntukan tabung penjelasan hutang dan mempunyai faedah pada kadar dari 4.03% hingga 5.01% (2000 – Tiada) setahun.

Kertas perdagangan perlu dibayar balik sepanjang tempoh dua belas bulan sementara nota jangka sederhana perlu dibayar baliksepanjang tempoh dua hingga lima tahun.

Pinjaman kadar terapung bersindiket dicagar oleh satu caj terapung ke atas aset sebuah syarikat subsidiari dengan faedah padakadar dari 3.4% hingga 4.77% setahun.

Kurang 1 – 2 2 – 5 Lebih 5Kumpulan Jumlah 1 tahun tahun tahun tahun2001 RM’000 RM’000 RM’000 RM’000 RM’000

Bon kadar tetap ......................................... 1,078,376 113,321 131,598 497,150 336,307Pinjaman kadar tetap bersindiket .............. 1,162,352 111,218 119,367 495,812 435,955Nota pinjaman subordinat ......................... 134,060 14,087 35,447 63,621 20,905Pinjaman bertempoh ................................. 2,790 207 207 620 1,756Kertas perdagangan .................................... 118,055 118,055 – – –Nota jangka sederhana .............................. 300,000 – – 200,000 100,000

................................................................... 2,795,633 356,888 286,619 1,257,203 894,923

2000Bon kadar tetap ......................................... 1,184,386 106,010 113,321 453,284 511,771Pinjaman kadar tetap bersindiket .............. 1,162,352 – 110,625 430,245 621,482Nota pinjaman subordinat ......................... 147,240 13,179 14,088 56,351 63,622Pinjaman kadar terapung bersindiket ........ 52,500 52,500 – – –

................................................................... 2,546,478 171,689 238,034 939,880 1,196,875



167

12. Tanggungan Sewa BeliKumpulan Syarikat

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Tanggungan sewa beli ......................................................... 4,166 7,998 2,024 574Tolak: Faedah dalam tergantung ........................................ (993) (3,299) (430) (149)

............................................................................................ 3,173 4,699 1,594 425

Jumlah perlu dibayar kurang dari 1 tahun .......................... 880 718 402 116Jumlah perlu dibayar antara 1 hingga 5 tahun ................... 2,293 3,981 1,192 309

............................................................................................ 3,173 4,699 1,594 425

13. Modal SahamKumpulan dan Syarikat2001 2000

RM’000 RM’000

Saham biasa berharga RM1.00 sesaham:Dibenarkan: ...................................................................................................................... 500,000 500,000

Terbitan dan berbayar penuh:Pada awal tahun ............................................................................................................ 276,717 273,007Terbitan dan berbayar pada tahun ................................................................................ 2,986 3,710

Pada akhir tahun .......................................................................................................... 279,703 276,717

Pada akhir tahun kewangan ini, opsyen untuk melanggan sebanyak 15,643,000 (2000 – 14,731,000) saham biasa berhargaRM1 sesaham telah diberi di bawah Skim Opsyen Saham Kakitangan pada harga opsyen antara RM3.21 hingga RM12.40sesaham (2000 – RM3.21 hingga RM12.40) masih belum dilaksanakan. Opsyen yang diberi boleh dilaksanakan pada sebaranghari bekerja dari tarikh tawaran sehingga pukul 5.00 petang pada 6 Mac 2006, tarikh tamat tempoh skim ini.



168

14. Keuntungan OperasiKumpulan Syarikat

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Keuntungan operasi diperolehi selepas mengecaj:-Pelunasan muhibah ............................................................ 8,748 8,748 – –Pelunasan perbelanjaan pra operasi ................................... – 3,566 – –Pelunasan perbelanjaan pembiayaan semula ..................... 2,329 2,329 – –Ganjaran juruaudit ............................................................. 152 135 45 35Susutnilai (Nota 2) ............................................................. 148,337 138,680 1,019 695Yuran Pengarah ................................................................... 201 201 201 201Ganjaran Pengarah ............................................................. 773 662 773 662Sewa pajakan ...................................................................... 838 93 – –Perbelanjaan pra operasi dilupuskan .................................. – 2,001 – –Peruntukan bagi penurunan nilai unit-unit

amanah tercatat– tahun semasa ................................................................... 17,087 907 6,120 –– pembalikan peruntukan tahun-tahun sebelumnya ........ – (3,975) – –Sewa peralatan .................................................................... 674 1,060 – –Sewa premis ........................................................................ 1,167 911 682 402

Dan mengkredit:Pendapatan dividen daripada syarikat-syarikat subsidiari .. – – – 152,778Pendapatan dividen daripada unit amanah tercatat .......... 4,560 7,245 2,695 2,569Keuntungan daripada penjualan hartanah,

loji dan peralatan ............................................................ 475 34 14 25Keuntungan daripada penjualan unit amanah tercatat ..... – 1,125 – 925Pendapatan faedah – operasi .............................................. – – 66,515 51,517Pendapatan faedah daripada stok pinjaman ....................... 3,593 3,593 – –Keuntungan direalisasi daripada penjualan saham tercatat – 9,660 – 9,660Pendapatan sewa ................................................................. 70 20 – –Premium akan diterima daripada penebusan pelaburan

dalam saham keutamaan boleh tebus ............................. 2,159 12,540 – –

Anggaran nilai wang manfaat seumpamanya bagi para Pengarah adalah RM53,000 (2000 – RM49,000).



169

15. Maklumat KakitanganKumpulan Syarikat

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Kos kakitangan ................................................................... 23,151 17,694 3,238 2,535

Bilangan kakitangan Kumpulan (tidak termasuk para Pengarah) pada akhir tahun kewangan ini adalah 302 (2000 – 250).

Bilangan kakitangan Syarikat (tidak termasuk para Pengarah) pada akhir tahun kewangan ini adalah 37 (2000 – 38).

16. Kos PembiayaanKumpulan Syarikat

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Faedah akan dibayarPinjaman ......................................................................... 240,161 254,040 7,045 –Sewa beli ......................................................................... 299 261 87 37Kadar didiskaun ke atas bon ........................................... 6,492 6,492 – –

............................................................................................ 246,952 260,793 7,132 37

17. Perbelanjaan CukaiKumpulan Syarikat

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Cukai pendapatan– Peruntukan tahun semasa ........................................... 108,576 75,321 13,694 55,796– Kurangan peruntukan tahun sebelumnya .................. – 1,169 – –

............................................................................................ 108,576 76,490 13,694 55,796Perbelanjaan cukai tertunda ............................................... 47,994 73,541 – –Bahagian perbelanjaan cukai syarikat bersekutu ................ 7,269 4,109 – –

............................................................................................ 163,839 154,140 13,694 55,796

Kadar cukai berkesan Kumpulan dan Syarikat adalah lebih tinggi daripada kadar cukai prima facie kerana perbelanjaan tertentutidak boleh ditolak untuk tujuan cukai.



170

17. Perbelanjaan Cukai (samb.)

Tertakluk kepada persetujuan oleh Lembaga Hasil Dalam Negeri, Syarikat mempunyai kredit cukai yang mencukupi di bawahSeksyen 108 Akta Cukai Pendapatan, 1967 dan akaun dikecualikan cukai untuk menjelaskan bayaran sebanyakRM338,025,000 (2000 – RM268,000,000) daripada rizabnya yang boleh diagihkan sebagai dividen pada 31 Ogos 2001.

Tertakluk kepada persetujuan Lembaga Hasil Dalam Negeri, Syarikat mempunyai manfaat cukai tertunda potensi yang tidakdiambil kira di dalam penyata kewangan di bawah kaedah tanggungan berhubung perkara berikut:

Syarikat2001 2000

RM’000 RM’000

Perbezaan masa lain .............................................................................................................. (7,382) (5,468)

18. DividenKumpulan dan Syarikat2001 2000

RM’000 RM’000

Dividen dicadangkan sebanyak Tiada (2000 – 15 sen sesaham tolak cukai) ...................... – 29,885

Dividen pertama dan akhir sebanyak 20 sen sesaham tolak cukai berjumlah RM120,852,576 (berasaskan kepada modal sahambiasa yang diperbesarkan setakat tarikh kelayakan bonus pada 15 November 2001 sebanyak 839,254,002 saham biasa berhargaRM1.00 sesaham) berhubung tahun berakhir pada 31 Ogos 2001 akan dicadangkan untuk kelulusan para pemegang sahampada Mesyuarat Agung Tahunan akan datang.

Dividen pertama dan akhir yang dicadangkan tidak diambilkira dalam penyata kewangan Kumpulan dan Syarikat pada 31 Ogos 2001.

19. Pendapatan Asas Sesaham

Pendapatan asas sesahamPengiraan pendapatan asas sesaham adalah berasaskan kepada keuntungan bersih yang boleh diagihkan kepada para pemegangsaham biasa sebanyak RM317,970,000 (2000 – RM344,179,000) dan bilangan purata berwajaran saham biasa yang tertunggakpada tahun ini sebanyak 278,650,000 (2000 – 274,341,000) dikira seperti berikut:

Bilangan purata berwajaran saham biasa2001 2000

RM’000 RM’000

Saham biasa terbitan pada awal tahun ................................................................................. 276,717 273,007Kesan saham terbitan ........................................................................................................... 1,933 1,334

Bilangan purata berwajaran saham biasa .............................................................................. 278,650 274,341



171

19. Pendapatan Asas Sesaham (samb.)

Pendapatan dicairkan sesahamPengiraan pendapatan dicairkan sesaham adalah berasaskan kepada keuntungan bersih yang boleh diagihkan kepada parapemegang saham biasa sebanyak RM317,970,000 (2000 – RM344,179,000) dan bilangan purata berwajaran saham biasa yangtertunggak pada tahun ini sebanyak 279,070,000 (2000 – 274,821,000) dikira seperti berikut:

Bilangan purata berwajaran saham biasa (dicairkan)2001 2000

RM’000 RM’000

Bilangan purata berwajaran saham biasa .............................................................................. 278,650 274,341Kesan bahagian saham .......................................................................................................... 420 480

Bilangan purata berwajaran saham biasa (dicairkan) .......................................................... 279,070 274,821

20. Instrumen Kewangan Di Luar Kunci Kira-kira

Kumpulan mengaku janji kontrak tukaran matawang asing hadapan berhubung dengan perlindungan nilai pembayaran dalammatawang asing kepada para pembekal dan kontraktor asing.

Pada akhir tahun kewangan, jumlah utama kontrak tukaran matawang asing hadapan adalah seperti berikut:

Kumpulan Syarikat2001 2000 2001 2000

RM’000 RM’000 RM’000 RM’000

Kontrak tukaran matawang asing hadapan ........................ 310,012 – 262,826 –

21. Penglibatan ModalKumpulan Syarikat

2001 2000 2001 2000RM’000 RM’000 RM’000 RM’000

Penglibatan modal:Hartanah, loji dan peralatan

Dibenar tetapi tidak dikontrakkan ................................. 374,461 1,475,309 12,032 12,659Dikontrakkan tetapi tidak diambil

kira dalam penyata kewangan .................................... 384,710 9,903 – –

............................................................................................ 759,171 1,485,212 12,032 12,659



172

22. Penglibatan Pajakan Operasi

Pembayaran pajakan minimum masa hadapan di bawah pajakan operasi tidak boleh batal adalah seperti berikut:

Kumpulan2001 2000

RM’000 RM’000

Jumlah akan dibayar kurang dari 1 tahun ............................................................................ 404 838Jumlah akan dibayar antara 1 hingga 5 tahun ..................................................................... – 404

.............................................................................................................................................. 404 1,24

23. Maklumat Segmen

Maklumat segmen dibentangkan berhubung dengan segmen perniagaan Kumpulan. Semua perniagaan Kumpulan dijalankandi Malaysia.

Keputusan, aset dan tanggungan mengikut segmen meliputi perkara-perkara yang berkaitan secara langsung dengan sesebuahsegmen serta segmen yang boleh diperuntukkan dengan cara yang sesuai. Perkara tidak diperuntukkan terutamanya meliputiaset mengeluarkan pendapatan faedah dan hasil, pinjaman yang dikenakan faedah, pinjaman dan perbelanjaan dan aset sertaperbelanjaan korporat.

Segmen perniagaanKumpulan terdiri daripada segmen-segmen perniagaan utama berikut:

Perladangan/Ibu Pejabat Aktiviti perladangan dan penyediaan khidmat pengurusan.

Tenaga Merekabentuk, membina, mengendali dan menyenggara sebuah loji janakuasa kitargabungan dan penjanaan serta penjualan elektrik; membina, memiliki danmengendalikan sebuah loji penyejukan daerah dan sebuah sistem pembahagian elektrik.

Pengurusan projek Penyediaan perkhidmatan kejuruteraan dan pengurusan projek.

Tebus guna tanah Kerja tebus guna tanah, perlindungan pantai, pengorekan dan kerja-kerja berkaitan.



173

23. Maklumat Segmen (samb.)

Jadual di bawah membentangkan maklumat bagi setiap segmen industri Kumpulan:

Keuntungan/(Kerugian)Hasil sebelum cukai Jumlah aset digunakan

2001 2000 2001 2000 2001 2000

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Tenaga ............................... 1,509,494 1,470,628 761,993 778,464 5,353,706 4,712,775Perladangan/Ibu Pejabat ... 3,968 2,568 (20,676) 5,142 380,328 366,333Pengurusan projek ............ – – (3,724) (3,321) 308 392Tebus guna tanah .............. – – 530 564 18,432 19,186Lain-lain ........................... – – – – 27,717 27,717

.......................................... 1,513,462 1,473,196 738,123 780,849 5,780,491 5,126,403Kos pembiayaan ................ – – (246,952) (260,793) – –Pendapatan faedah ........... – – 35,830 24,102 – –

.......................................... 1,513,462 1,473,196 527,001 544,158 5,780,491 5,126,403

24. Pihak-pihak Berkaitan

Pengenalan pihak-pihak berkaitanKumpulan mempunyai hubungan pihak berkaitan yang terkawal dengan para pemegang saham utama syarikat induk.

Kumpulan juga mempunyai hubungan pihak berkaitan dengan syarikat-syarikat berkaitannya dan para Pengarahnya sertakakitangan pengurusan penting dan ahli keluarga terdekat mereka.

Urusniaga dengan pihak-pihak berkaitanUrusniaga penting dan baki dengan pihak-pihak berkaitan selain daripada yang dinyatakan di bahagian lain penyata kewanganini adalah seperti berikut:

Kumpulan Syarikat2001 2000 2001 2000

RM’000 RM’000 RM’000 RM’000

Syarikat-syarikat berkaitan:Pendapatan faedah daripada nota pinjaman subordinat telah

dan akan diterima daripada sebuah syarikat subsidiari – – 42,608 46,526Pendapatan faedah diterima daripada

syarikat-syarikat subsidiari .......................................... – – 14,201 20,190Pendapatan dividen akan diterima daripada

syarikat-syarikat subsidiari .......................................... – – – 152,778Yuran pengurusan akan diterima daripada

sebuah subsidiari ......................................................... – – 1,500 1,500Syarikat-syarikat bersekutu

Pendapatan dividen ........................................................ 15,300 8,040 – –Pendapatan faedah ......................................................... 3,593 3,593 – –



174

24. Pihak-pihak Berkaitan (samb.)

Para Pengarah Syarikat berpendapat bahawa urusniaga di atas telah dimeterai dalam perjalanan biasa perniagaan dan telahdilaksanakan di bawah terma yang dipersetujui.

25. Tanggungan LuarjangkaKumpulan Syarikat

2001 2000 2001 2000

RM’000 RM’000 RM’000 RM’000

Jaminan– bercagar ....................................................................... 16,905 16,905 – –– tidak bercagar ............................................................. 650,751 1,964 634,615 979

............................................................................................ 667,656 18,869 634,615 979

Jaminan ini diterbitkan kepada pihak ketiga bagi jaminan prestasi kerja.

Jaminan berjumlah RM16,905,000 (2000 – RM16,905,000) dicagar melalui deposit yang dicagarkan dengan bank-bankberlesen.

26. Pelarasan Tahun Terdahulu

Ini mewakili kesan perbelanjaan pra operasi yang dilupuskan kepada keuntungan tersimpan pada tahun sebelumnya yangdibawa ke hadapan. Ini menyebabkan keuntungan tersimpan Kumpulan yang lebih rendah pada 1 September 1999 iaitusebanyak RM768,860,000 berlawanan dengan angka yang dilaporkan sebelumnya berjumlah RM783,426,000.

27. Peristiwa Berikutnya

Peristiwa berikut telah berlaku selepas akhir tahun kewangan berakhir 31 Ogos 2001:

(a) Pada 6 September 2001, syarikat subsidiari milik penuh, GB3 Sdn. Bhd. (“GB3”), telah memeterai perjanjian pembekalandengan Petroliam Nasional Berhad untuk membekalkan gas bagi tempoh 21 tahun bagi tujuan penjanaan elektrik.

(b) Pada 7 September 2001, GB3 telah memeterai perjanjian kemudahan kredit pusingan sebanyak RM200 juta untukmembiayai sebahagian daripada pembinaan loji tenaga sebarang pembiayaan pertengahan sementara menunggupenerbitan Bon Bersiri Al-Bai’ Bithaman Ajil Senior Secured (“Bon ABBA”) RM1,000 juta dan RM350 juta KertasPerdagangan/Nota Jangka Sederhana 7 tahun Al-Murabahah Senior Secured (“CP/MTN”).



175

27. Peristiwa Berikutnya (samb.)

(c) Pada 11 September 2001, GB3 telah memperolehi kelulusan daripada Suruhanjaya Sekuriti (“SC”) untuk menerbitkanRM1,000 juta Bon ABBA dan RM350 juta CP/MTN (secara kolektif “Kemudahan”) untuk mengumpul kutipan bersihmasing-masing sebanyak RM850 juta dan RM300 juta. Kutipan tersebut akan digunakan untuk membayar balikpendahuluan pemegang saham, membiayai sebahagian daripada pembinaan loji janakuasa dan membayar balikkemudahan kredit berpusing sebanyak RM200 juta. Kemudahan ini adalah bercagar oleh satu debentur yang mewujudkancaj tetap dan terapung ke atas aset sekarang dan masa depan G3 (kecuali bagi tanah kemudahan antara sambungan) dancaj tetap ke atas pajakan bahagian tertentu tanah di mana loji janakuasa tersebut dibina. Sehingga kini, Kemudahantersebut masih belum dikeluarkan lagi.

(d) Pada 21 September 2001, GB3 mencadangkan penerbitan Stok Pinjaman Tidak Bercagar Boleh Tebus (“RULS”) bernilainominal RM286.5 juta untuk membiayai bahagian ekuiti loji janakuasa berkenaan. G3 telah mendapatkan kelulusandaripada SC bagi terbitan RUL RM286.5 juta yang dicadangkan itu pada 22 Oktober 2001.

(e) Pada 27 September 2001, dalam sebuah Mesyuarat Agung Luarbiasa, para pemegang saham Syarikat telah meluluskanperkara-perkara berikut:

(i) terbitan bonus sehingga 594,726,668 saham biasa baru berharga RM1.00 sesaham berasaskan dua saham biasa bagisetiap saham biasa yang dimiliki.

(ii) pertambahan modal saham dibenarkan Syarikat kepada RM2 bilion yang dibahagikan kepada 2 bilion saham biasaberharga RM1.00 sesaham.

(iii) pembelian hartanah dengan pertimbangan harga RM10,025,213 yang akan dipenuhi melalui pelarasan yang akanditerima sebanyak RM8,672,032 dan bayaran tunai sebanyak RM1,353,181.

(f) Pada 15 November 2001, saham bonus sebanyak 559,502,668 saham biasa berharga RM1.00 sesaham (“Saham Bonus”)telah diperumpuk kepada para pemegang saham yang layak. Pada 5 Disember 2001, penyenaraian dan sebut harga bagiSaham Bonus telah diberi oleh Bursa Saham Kuala Lumpur.

(g) Pada 24 Oktober 2001, berikutan penguatkuasaan Perjanjian Pemegang Saham bertarikh 19 December 2000 yangdimeterai antara Teknik Janakuasa Sdn. Bhd. (“TJSB”), Natural Analysis Sdn. Bhd. (“NASB”) dan SKS Ventures Sdn.Bhd. (“SKS”), di mana struktur pegangan saham NASB yang sebelum ini dimiliki sepenuhnya oleh TJSB, telah disusunsemula dengan SKS memegang 49% daripada modal saham diperbesarkan NASB yang meliputi 1,000 saham biasaberharga RM1 sesaham dan TJSB memegang baki 51%.

(h) Pada 20 November 2001, GB3 telah memeterai perjanjian sokongan kekukuhan tunai (“CDS”) dan pindah milik akaundengan institusi kewangan dan Syarikat untuk menyokong sehingga RM200 juta dalam bentuk deposit tunai dan/ataukemudahan jangka pendek yang akan diperolehi oleh Syarikat bagi pihak GB3 untuk mengawal sebarang kos lebihandan kesan penangguhan pembinaan. CDS diperlukan untuk menaikkan penarafan Bon ABBA GB3 dan CP/MTN dariAA3 kepada AA2. Akaun CDS telah dibuka dengan sebuah institusi kewangan dan dicaj sebagai sekuriti berterusanbagi tujuan di atas.



176

28. Perbandingan

Perbandingan berikut telah dikelaskan semula bagi memastikan kesesuaian perbandingannya dengan tahun kewangan semasa:

Seperti yang Seperti yangdinyatakan dinyatakan

semula sebelumnyaRM’000 RM’000

Kunci kira-kira yang disatukanHartanah, loji dan peralatan ............................................................................................ 3,140,403 3,061,495Kos C-Inspection .............................................................................................................. – 78,908

Penyata aliran tunai yang disatukanSusutnilai .......................................................................................................................... 138,680 101,014Pelunasan kos C-Inspection ............................................................................................. – 37,666

Perbandingan berikut telah dikelaskan semula sebagai perubahan dalam pembentangan seperti yang ditetapkan oleh piawaianLembaga Piawaian Perakaunan Malaysia “MASB 13 – Pendapatan Sesaham”.

Penyata pendapatan yang disatukanPendapatan asas sesaham biasa (sen) ............................................................................... 125 125Pendapatan asas sesaham biasa dicairkan (sen) ............................................................... 125 80


Location / Description Approximate Tenure / Area / Revaluation Net Book

Lokasi of Property / age of building / Tempoh Kawasan Date / Value as at /

Keterangan Anggaran Tarikh Nilai Buku

Hartanah umur bangunan Penilaian Bersih padaSemula 31.08.2001

(RM’000)

Windsor Estate Agricultural – Freehold / 738 01.03.2000 18,190Ulu Sepetang land / Pegangan hectares /Perak Tanah pertanian bebas hektar

Mukim of Pengkalan Baharu Industrial land 7 years / Leasehold 16 10.10.2000 4,451District of Manjung with power plant / tahun 99 years hectares /Perak Tanah perindustrian expiring on hektar

dengan loji kuasa 12 January 2094 /Pegangan pajakan99 tahuntamat pada12 Januari 2094

Mukim of Pengkalan Baharu Industrial land 7 years / Leasehold 8 10.10.2000 2,226District of Manjung with power plant / tahun 99 years hectares /Perak Tanah perindustrian expiring on hektar

dengan loji kuasa 27 February 2094Pegangan pajakan99 tahuntamat pada27 Februari 2094

Mukim of Pengkalan Baharu Industrial land / – Leasehold 16 10.10.2000 5,910District of Manjung Tanah perindustrian 99 years hectares /Perak expiring on hektar

30 July 2096Pegangan pajakan99 tahuntamat pada30 Julai 2096

Plaza Sentral Office Suites / 1 year / Freehold / 10,491 – 5,011Brickfields Suit Pejabat tahun Pegangan square feet /Kuala Lumpur bebas kaki persegi

properties OF THE GROUP

HARTANAH KUMPULAN pada 31 Ogos 2001

as at 31 August 2001


177

This page is intentionally left blank

MALAKOFF BERHADCompany No.: 24816-M

(Incorporated in Malaysia)

(Before completing this form, please refer to the notes below)

I/We(FULL NAME IN CAPITAL LETTER)

of(ADDRESS)

being a member/members of MALAKOFF BERHAD hereby appoint

(FULL NAME & NRIC NUMBER)

of(ADDRESS)

or failing whom(FULL NAME & NRIC NUMBER)

of(ADDRESS)

or failing him the Chairman of the Meeting*

as my/our proxy to attend and vote for me/us and on my/our behalf at the Twenty-Sixth Annual General Meeting of the Companyto be held at Mahkota III, Ballroom Floor, Hotel Istana, 73, Jalan Raja Chulan, 50200 Kuala Lumpur on Tuesday, 26 February 2002at 11.00 a.m. and at any adjournment thereof.

My/our proxy is to vote on the Resolutions as indicated by an “X” in the appropriate spaces below. If this form is returned withoutany indication as to how the proxy shall vote, the proxy shall vote or abstain as he/she thinks fit.

No. Resolution For Against

1. To receive and adopt the Audited Financial Statements for the financial year ended31 August 2001 and the Reports thereon.

2. To declare a first and final dividend of 20 sen per share less 28% income tax for thefinancial year ended 31st August 2001.

3. To re-elect Dato’ Mohammed Radzi @ Mohd Radzi bin Manan as Director. (Article 80)

4. To re-elect Ian William Nutt as Director. (Article 87)

5. To re-elect Tan Sri Abdul Halim bin Ali as Director. (Article 87)

6. To re-elect Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin as Director. (Article 87)

7. To approve the Directors’ fees of RM201,000 for the financial year ended 31st August 2001.

8. To re-appoint Messrs. KPMG as Auditors and to authorise the Directors to fix theirremuneration.

9. To pass the Ordinary Resolution pursuant to Section 132D of the Companies Act, 1965.

Dated this ___________________ day of _________________ 2002.

________________________________________Signature of shareholder(s) or Common Seal

Notes:* Delete the words “Chairman of the Meeting” if you wish to appoint some other person (s) to be your proxy.1. A member of the Company entitled to attend and vote at the meeting is entitled to appoint one or more proxies to attend and vote in his stead. A proxy need not

be a member of the Company.2. Where a member appoints two or more proxies, the appointment shall be invalid unless he specifies the proportions of his holding to be represented by each proxy.3. The instrument appointing a proxy or proxies, in the case of an individual, shall be signed by the appointer or his attorney duly authorised, and in the case of a

corporation, either under seal or under the hand of an officer or attorney duly authorised in writing. In case of joint holders, the signature of one joint holder is sufficient.4. The instrument appointing a proxy or proxies must be deposited at The Registrar, Malaysian Share Registration Services Sdn. Bhd., 7th Floor, Exchange Square,

Bukit Kewangan, 50200 Kuala Lumpur, Malaysia not less than 48 hours before the time appointed for holding the meeting or any adjournment thereof.

No. of shares held

proxy FORM

MALAKOFF

fold here

fold here

Stamp

Company No.: 24816-M

The Registrar

Malaysian Share Registration Services Sdn Bhd (378993-D)

7th Floor, Exchange SquareBukit Kewangan50200 Kuala LumpurMalaysia

MALAKOFF BERHAD

borang PROKSI

No. Syarikat: 24816-M(Diperbadankan di Malaysia)

(Sila lihat nota-nota di bawah sebelum mengisi borang ini)

Saya/Kami(NAMA PENUH DENGAN HURUF BESAR)

dari(ALAMAT)

sebagai ahli/ahli-ahli MALAKOFF BERHAD dengan melantik

(NAMA PENUH & NOMBOR NRIC)

beralamat di(ALAMAT)

ataupun(NAMA PENUH & NOMBOR NRIC)

beralamat di(ALAMAT)

atau jika beliau tidak hadir, Pengerusi Mesyuarat*sebagai proksi saya/kami untuk menghadiri dan mengundi bagi pihak saya/kami di Mesyuarat Agung Tahunan Syarikat ke Dua PuluhEnam yang akan diadakan di Mahkota III, Aras Ballroom, Hotel Istana, 73, Jalan Raja Chulan, 50200 Kuala Lumpur pada hari Selasa,26 Februari 2002 pada jam 11.00 pagi dan pada sebarang penangguhannya.Proksi saya/kami hendaklah mengundi untuk resolusi-resolusi yang telah ditentukan dengan tanda “X” di ruang berkenaan dibawah ini. Sekiranya borang ini dikembalikan tanpa apa-apa penentuan mengenai cara pengundian, proksi akan mengambiltindakan yang sewajarnya untuk mengundi ataupun tidak.

No. Resolusi Menyokong Menentang

1. Untuk menerima dan meluluskan Penyata Kewangan yang telah diaudit bagi tahun kewanganberakhir 31 Ogos 2001 dan Laporan Pengarah-pengarah dan Juruaudit mengenainya.

2. Untuk mengumumkan dividen pertama dan terakhir sebanyak 20 sen sesaham, ditolak 28%cukai pendapatan bagi tahun kewangan berakhir 31 Ogos 2001.

3. Untuk melantik semula Dato’ Mohammed Radzi @ Mohd Radzi bin Manan sebagai Pengarah.(Artikel 80)

4. Untuk melantik semula Ian William Nutt sebagai Pengarah. (Artikel 87)

5. Untuk melantik semula Tan Sri Abdul Halim bin Ali sebagai Pengarah. (Artikel 87)

6. Untuk melantik semula Datuk Ir. (Dr.) Haji Ahmad Zaidee bin Laidin sebagai Pengarah.(Artikel 87)

7. Untuk meluluskan yuran Pengarah-pengarah RM201,000 bagi tahun kewangan berakhir31 Ogos 2001.

8. Untuk memilih semula Tetuan KPMG sebagai Juruaudit dan memberi kuasa kepada paraPengarah untuk menetapkan bayaran mereka.

9. Untuk meluluskan Resolusi Biasa menurut Seksyen 132D Akta Syarikat, 1965.

Bertarikh ___________________ hb _________________ 2002.

_____________________________________________Tandatangan pemegang saham atau cop mohor syarikat

Nota-nota:* Potong perkataan “Pengerusi Mesyuarat” sekiranya anda ingin melantik orang lain untuk menjadi proksi anda.1. Setiap ahli Syarikat ini yang berhak menghadiri dan mengundi di mesyuarat ini, berhak melantik seorang atau lebih proksi (atau melantik seorang wakil, bagi

syarikat yang diperbadankan) untuk menghadiri dan mengundi bagi pihaknya. Setiap proksi tidak semestinya seorang ahli Syarikat ini.2. Bila seseorang ahli melantik dua atau lebih proksi, perlantikan tersebut tidak akan dianggap sah kecuali beliau menentukan kadar pegangan sahamnya yang akan

diwakili oleh setiap proksi.3. Suratcara melantik satu atau lebih proksi mestilah ditandatangani oleh orang yang melantik atau wakilnya yang diberi kuasa secara bertulis. Bagi syarikat yang

diperbadankan, ianya hendaklah dilaksanakan dengan cop mohor syarikat atau ditandatangani oleh wakilnya yang diberi kuasa secara bertulis atau olehpegawainya, bagi pihak syarikat tersebut. Bagi pemegang bersama, tandatangan salah seorang di antara mereka adalah memadai.

4. Suratcara perlantikan seorang atau lebih proksi hendaklah dihantar ke Pendaftar, Malaysian Share Registration Services Sdn. Bhd., Tingkat 7, Exchange Square,Bukit Kewangan, 50200 Kuala Lumpur, Malaysia tidak kurang dari 48 jam sebelum waktu yang ditetapkan bagi mesyuarat tersebut atau sebarang penangguhannya.

Bil. saham dipegang

MALAKOFFNo. Syarikat: 24816-M

Pendaftar

Malaysian Share Registration Services Sdn Bhd (378993-D)

Tingkat 7, Exchange SquareBukit Kewangan50200 Kuala LumpurMalaysia

lipat di sini

lipat di sini

Setem

www.malakoff.com.my

8th Floor, Block B

Wisma Semantan

12, Jalan Gelenggang

Damansara Heights

50490 Kuala Lumpur

Phone (03) 252 3388

Facsimile (03) 254 8754

Documents

Laporan Tahunan 2001 Annual Report - Malakoff