Annual Report 2007 At PETRONAS Dagangan Berhad, we are

Transcription

At PETRONAS Dagangan Berhad, we are focused on achieving
sustainable long-term growth. With quality and innovation as the basis
of our operations, we will continuously strive to build our position
as Malaysia’s ‘Brand of 1st Choice’ for petroleum products.
Moving forward, we remain committed in creating optimum value
for our community, customers and shareholders.
Annual Report
2007
What our
customers
think
“PRIMAX 3 stretches my ringgit.
“After using PRIMAX 3,
This is the brand that I am
my engine runs more smoothly
sticking to for sure.”
and the pick-up is great.”
Vincent Lim Chong Beng
Mohd Shukri Helmy bin Mohd Fahmi
Businessman, Penang
Businessman, Kuala Lumpur
“I can see the savings compared
with using other brands of fuel.”
“We are very satisfied with Gas PETRONAS.
“PETRONAS Dagangan is the leading
We use LPG for our kitchen and boiler.
fuel supplier, continuously providing
It produces less carbon and
jet fuel and refuelling services
the supply is timely delivered.”
that fulfill our requirements.”
Putra Rakhish bin Wayer @ Mohd Wazir
Abdul Wahid bin Ahmad
Shift Engineer, Petaling Jaya
Ground Engineer,
Kuala Lumpur International Airport
Mohd Nawawi bin Rani
Teacher, Terengganu
“Since using PRIMAX 3, the power
has definitely got more ummph.”
“It really gives me the power to reach
my destination in no time.”
Wan Muniati Wan Ngah
Contractor, Terengganu
Shariman bin Arshad
Businessman, Kuala Lumpur
“Initially, it was difficult to convince
“We have been using Syntium for one year.
Our customers are coming to us to find out
what we are doing differently now.
Syntium does wonders for their cars. We are
now convinced with PETRONAS Syntium.”
our customers to change to PETRONAS
Lubricants. Now, our customers are more
satisfied by using Syntium due to its
supreme performance.”
Erwan Othman
Kevin Kong
Automotive Mechanic, Kuala Lumpur
Marketing Executive, Kuala Lumpur
“PRIMAX 3 really saves our money.”
Tantiana Nelson & Tijan Hendrick Hank
Students, Kuching
“I look for a high
performance fuel.
And PRIMAX 3 is the
best I’ve tried.”
Shasindran Muthu
DJ, Kuala Lumpur
PETRONAS DAGANGAN BERHAD (88222-D)
1
Contents
2
Five Year Financial Highlights
47
Corporate Governance
4
Corporate Profile
48
Corporate Governance Statement
53
Statement on Internal Control
7
8
Corporate Information
55
Board Audit Committee’s Report
Financial Calendar
57
Board Audit Committee’s
Terms of Reference
9
59
Statement of Directors’ Responsibility
61
Financial Statements
10
Board of Directors
12
Profile of Directors
14
Management Committee
16
Performance Review
18
Chairman’s Statement
22
CEO’s Report
32
Share Performance
33
Crude Oil & Petroleum
Product Price Trend
34
Corporate Responsibility
36
Corporate Social Responsibility
39
Calendar of Events
45
PETRONAS Dagangan in the News
100
Areas of Operation
102
Shareholders’ Information
105
List of Properties
130
Notice of Annual General Meeting
132
Appendix I
140
Statement Accompanying
Proxy Form
NOTICE IS HEREBY GIVEN THAT the Twenty-Fifth
Annual General Meeting of PETRONAS Dagangan Berhad
(the Company) will be held on Tuesday, 10 July 2007
at 10.00 a.m. at the Ballroom 1, Level 2,
Hotel Nikko Kuala Lumpur, 165, Jalan Ampang,
50450 Kuala Lumpur.
2
Five year
Profit
RM million
903.2
724.6
640.3
555.2
504.7
381.2
330.1
210.7
230.7
150.0
‘03
‘04
‘05
‘06
‘07
Profit as % of Revenue
Percent
5.6
4.4
4.6
3.9
3.3
2.7
3.0
2.6
1.7
‘03
1.7
‘04
‘05
‘06
‘07
Profit Before Tax
Net Profit Attributable to Shareholders of the Company
3
Financial Highlights
Revenue
Equity Attributable to Shareholders
of the Company RM million
RM million
Capital Expenditure
RM million
3,487.8
19,496.4
16,567.9
3,026.3
614.6
12,451.1
592.9
2,643.5
2,540.1
9,830.4
8,970.5
‘03
‘04
‘05
‘06
‘07
‘03
498.8
496.0
‘06
‘07
473.1
2,266.2
‘04
‘05
‘06
‘07
‘03
‘04
‘05
Total Assets
Net Assets per share
Earnings per share
RM million
Sen
Sen
64.5
351.1
6,516.9
6,139.7
6,170.9
50.8
304.6
38.4
4,711.5
266.1
255.7
21.2
228.1
3,689.6
15.0
‘03
‘04
‘05
‘06
‘07
‘03
‘04
‘05
‘06
‘07
‘03
‘04
‘05
‘06
‘07
The Net Assets per share and Earnings per share for the comparative periods are based on the enlarged share capital restated for the effect of the bonus issue
in the financial year 2005.
The effect of the new Financial Reporting Standards (FRSs) is reflected for the comparative period of financial year 2006 only.
4
Corporate
PETRONAS Dagangan Berhad (the Company) was incorporated in
Malaysia under the Companies Act 1965 on 5 August 1982 and was
converted to a public company on 21 August 1993. Shares of the Company
were listed on the Main Board of Bursa Malaysia Securities Berhad on
8 March 1994.
The Company is the principal domestic marketing arm of Petroliam
Nasional Berhad (PETRONAS), the national oil company, which holds
69.86% of its equity. The Company markets a wide range of high quality
petroleum products including motor gasoline, aviation fuel, kerosene,
diesel, fuel oil, bunker fuel, lubricants, liquefied petroleum gas (LPG) and
asphalt in Malaysia.
The market for petroleum products is highly competitive, with major
multinational corporations competing for sales of fuels to consumers
which include motorists, households, airlines, shipping lines, transporters,
plantations, processing and manufacturing plants, power stations
and commercial enterprises. The Company’s products have enjoyed
high market acceptance and customer confidence, as evidenced by its
rapid sales growth over the years. The Company markets its products
throughout the country, directly to customers as well as through its
network of service stations, LPG dealers and industrial dealers. Its marketing
activities are well supported by a comprehensive logistics and distribution
system consisting of bulk depots, aviation depots, bunkering facilities and
LPG bottling plants, all strategically located to ensure a reliable supply of
products at all times.
The Company has a sophisticated Customer Service Centre to serve its
customers better.
5
Profile
6
7
8
Financial Calendar
9
10 Board of Directors
12 Profile of Directors
14 Management Committee
8
Financial Calendar
2 9 AU G U ST 2 0 0 6
Announcement of the unaudited consolidated results
for the 1st quarter ended 30 June 2006
8 SEPTEMBER 2006
Date of payment of the 2005/2006 final dividend
30 NOVEMBER 2006
2 8 D EC E M B E R 2 0 0 6
Announcement of the unaudited consolidated results for
the 2nd quarter ended 30 September 2006
Date of payment of the 2006/2007 interim dividend
2 6 F E B R UA R Y 2 0 0 7
31 MARCH 2007
for the 3rd quarter ended 31 December 2006
Date of financial year end
2 8 M AY 2 0 0 7
18 JUNE 2007
for the 4th quarter and financial year ended
31 March 2007
Date of Notice of 25th Annual General Meeting and
date of issuance of 2007 Annual Report
1 0 J U LY 2 0 0 7
2 3 AU G U ST 2 0 0 7
Date of 25th Annual General Meeting
Date of payment of the 2006/2007 final dividend
9
D I R EC TO R S
R EG I ST R A R
BANKERS
Datuk Anuar bin Ahmad (Chairman)
Symphony Share Registrars Sdn. Bhd.
CIMB Bank Berhad
Ibrahim bin Marsidi
Level 26, Menara Multi Purpose
Malayan Banking Berhad
Dato’ Chew Kong Seng
Capital Square
Dr. R. Thillainathan
No. 8 Jalan Munshi Abdullah
Dato’ Kamaruddin bin Mohd Jamal
50100 Kuala Lumpur
Datuk Ainon Marziah bt Wahi
Tel : (03) 2721 2222
Bursa Malaysia Securities Berhad
Mohammad Medan bin Abdullah
Fax : (03) 2721 2530 / 2721 2531
Main Board
B O A R D AU D I T C OM M I T T E E
R EG I ST E R E D A D D R E S S
AU D I TO R S
Dato’ Chew Kong Seng (Chairman)
Tower 1
KPMG Desa Megat & Co.
PETRONAS Twin Towers
Kuala Lumpur City Centre
50088 Kuala Lumpur
Tel : (03) 2051 5000
C OM PA N Y S EC R E TA R I E S
Fax : (03) 2026 5505
Noor Lily Zuriati bt Abdullah
Yeap Kok Leong
BUSINESS ADDRESS
Level 30-33, Tower 1
50088 Kuala Lumpur
Tel : (03) 2051 5000
Fax : (03) 2026 5505
Website : www.mymesra.com.my
Mesralink Tel : 1-300-88-8181
E-mail : mesralink@petronas.com.my
STO C K E XC H A N G E L I ST I N G
10
Board of
Directors
From Left:
Datuk Anuar bin Ahmad (Chairman)
Ibrahim bin Marsidi
Noor Lily Zuriati bt Abdullah (Company Secretary)
Yeap Kok Leong (Company Secretary)
11
12
Profile of Directors
Datuk Anuar bin Ahmad, a Malaysian aged 53, is a Non-
Dato’ Chew Kong Seng, a Malaysian aged 69, is an Independent
Independent Non-Executive Director. He was appointed as Chairman
Non-Executive Director and the Chairman of the Board Audit
of PETRONAS Dagangan Berhad on 3 October 2005. He holds a
Committee. He is a Fellow of the Institute of Chartered Accountants
Bachelor of Science Degree (Econs) from the London School of
in England and Wales and a member of the Malaysian Institute
Economics & Political Science, University of London and had attended
of Certified Public Accountants and the Malaysian Institute of
Harvard Business School’s Advanced Management Programme
Accountants. His career started off as a tax officer in the United
(AMP), USA.
Kingdom with the Inland Revenue Department and Stoy Hayward
& Co. from 1964 to 1970. He returned to Malaysia to join Turquand
He joined PETRONAS in 1977 and is currently the Vice President, Oil
Young & Co. (now known as Ernst & Young) and was subsequently
Business, PETRONAS. Before his appointment to this position, he
transferred to Sarawak office in 1973, first as Manager-in-Charge
held various senior managerial positions in International Marketing
and later as Partner-in-Charge. He served as the Managing Partner
Division, Corporate Planning Unit, PETRONAS Trading Corporation
of Ernst & Young for six years before he retired from professional
Sdn Bhd and PETRONAS Dagangan Berhad. He has been a member
practice in 1996. From May 1999 to June 2005, he was an executive
of PETRONAS’ Management Committee since July 1998 and was
director of Sarawak Enterprise Corporation Bhd.
appointed as a PETRONAS Board member in October 2002. He also
sits on the Board of several other companies within the PETRONAS
His experience covers a wide variety of industries including those
Group.
relating to banking and financial institutions, utilities, timber based,
manufacturing, trading and advisory services to local and foreign
He was appointed to the Board on 20 May 1995 and attended six
investors. He is also an Independent Director and Audit Committee
(6) Board meetings during the period under review.
Chairman of four (4) public listed companies namely PETRONAS
Dagangan Berhad, Industrial Concrete Products Berhad, AEON
Co. (M) Bhd and PBA Holdings Berhad. He is an Audit Committee
Ibrahim bin Marsidi, a Malaysian aged 55, is the Managing
member of PETRONAS Gas Berhad and GuocoLand Malaysia
Director and Chief Executive Officer of PETRONAS Dagangan Berhad.
Berhad. He also acts as an Independent Director in other public
He holds a Bachelor of Econs. (Analytical) (Hons), University of
limited companies.
Malaya. He joined PETRONAS in 1979 and since then has held various
senior managerial positions in PETRONAS.
He was appointed to the Board on 25 March 1994 and attended
five (5) Board meetings during the period under review.
Prior to his appointment as Managing Director and Chief Executive
Officer of the Company on 1 October 2002, he was the Senior
Manager of Eastern Region and Northern Region, General Manager
of LPG Business and Retail Business in PETRONAS Dagangan Berhad,
and General Manager of Crude Oil Group, PETRONAS. He is also a
Board member of other affiliated companies.
He has attended six (6) Board meetings during the period under
review.
13
Profile of Directors
Dr. R. Thillainathan, a Malaysian aged 62, is an Independent Non-
Datuk Ainon Marziah bt Wahi, a Malaysian aged 56, is a Non-
Executive Director. He holds a Class 1 Honours in Bachelor of Arts
Independent Non-Executive Director. She holds a Bachelor of Arts
(Economics), University of Malaya (1968) and obtained his Masters
(Hons) Anthropology & Sociology, University of Malaya and obtained
and PhD in Economics from the London School of Economics. He is
her Master of Science (Industrial Relations) from University of
also a Fellow of the Institute of Bankers, Malaysia.
Strathclyde, United Kingdom.
He is currently the Executive Director of Genting Berhad, a public
She joined PETRONAS in 1979 and is currently the Vice President,
listed company. He is also on the Board of Bursa Malaysia Berhad.
Human Resources Management Division, PETRONAS. Prior to
Dr. R. Thillainathan has extensive years of experience in finance and
assuming this position, she has held various senior positions in Human
banking and is or has been actively involved in numerous professional
Resources Management Division, PETRONAS. She is also a Board
and national bodies. He is also the Immediate Past President of the
member of several other companies within the PETRONAS Group.
Malaysian Economic Association.
She was appointed to the Board on 1 October 2002 and attended
He was appointed to the Board on 24 March 1994 and attended six
five (5) Board meetings during the period under review.
Mohammad Medan bin Abdullah, a Malaysian aged 49, is a
Dato’ Kamaruddin bin Mohd Jamal, a Malaysian aged 64, is an
Non-Independent Non-Executive Director. He holds a Bachelor of
Independent Non-Executive Director. He had attended the British
Laws from Universiti Malaya.
Royal Military College of Science and British Command and Staff
College. He holds an MBA from the School of Business Management
He joined PETRONAS in 1982 and is currently the Senior General
of the Cranfield Institute of Technology, United Kingdom. He had
Manager, Corporate Services Division, PETRONAS Carigali Sdn Bhd.
also attended the Advance Management Program at the IMD,
Prior to assuming this position, he has held various senior positions
Lousanne, Switzerland.
in PETRONAS. He is also a Board member of other companies within
the PETRONAS Group.
He was commissioned into the Malaysian Army in 1962 and left the
service in 1974 after he had served in various command and staff
He was appointed to the Board on 20 February 2006 and attended
positions for 12 years. He then joined Esso Production Malaysia Inc. in
six (6) Board meetings during the period under review.
1975 and held various management positions in both upstream and
downstream sectors. He was an Assistant to the Chairman for two
years before he was appointed HR Director for the Esso Companies
in Malaysia on 1 January 1987. He remained in this position until he
elected to retire in December 2001.
He was appointed to the Board on 1 March 2002 and attended six
None of the Directors has :
Any family relationship with any Director and/or major shareholder.
Any conflict of interest with PETRONAS Dagangan Berhad.
Any conviction for offences within the past ten (10) years
other than traffic offences.
(All of the Directors are members of Nomination
and Remuneration Committee).
14
Management
From Left:
Mohd Shobri bin A. Bakar
Fadzilan bin Mohd Daud
General Manager, Lube Business Division
Senior Manager, Human Resource Management
& Administration Services Department
Ir. Yee Gim Kong
Senior Manager, HSE & Risk Management Department
Ruziah Azdi bt Abdul Rahman
Senior Manager, Brand Department
Raja Abd Halim bin Raja Abd Razak
Senior Manager, Planning Department
Rahiman bin Hashim
General Manager, Commercial Business Division
15
Committee
From Left:
Sulaiman bin Daud
Ibrahim bin Marsidi
General Manager, LPG Business Division
Managing Director / Chief Executive Officer
Md Arif bin Mahmood
Azmi bin Yahaya
Senior General Manager, Retail Business Division
General Manager, Finance Services Division
Izuddin Husaini bin Mohd Yusoff
Noor Lily Zuriati bt Abdullah
General Manager, Supply & Distribution Division
Company Secretary / Senior Legal Counsel
Muhamad bin Hashim
Senior Manager, Business Technology Department
16
Performance Review
18 Chairman’s Statement
22 CEO’s Report
32 Share Performance
33 Crude Oil & Petroleum
Product Price Trend
17
18
Chairman’s
19
Statement
The Group’s pre-tax profit rose by 25% to RM903 million.
After providing for corporate tax, Group net profit
amounted to RM647 million, a 26% increase
from that of the previous year.
On behalf of the Board of Directors, I am
During the financial year, the Company
pleased to present the Annual Report
further expanded its market share from
of PETRONAS Dagangan Berhad (the
41% last year to about 42.4%, further
Company) for the Financial Year ended
widening the gap between the Company
31 March 2007.
and its closest competitor. Strong growth
was
recorded
in
namely,
almost
all
gasoline,
product
The period under review has been another
categories
liquefied
successful year for PETRONAS Dagangan
petroleum gas (LPG), diesel, aviation fuel
Berhad and its subsidiary (the Group).
and bitumen.
The Group’s total revenue increased by
18% to RM19,496 million from the previous
The Retail Business continued to be the
year’s RM16,568 million. The revenue
focus of the Company’s business growth.
growth is due to improved sales recorded
During the year, a significant portion of the
for most products as well as higher product
Company’s capital expenditure was spent
prices in line with the international prices.
on expanding the retail network facilities.
As a result, the Group’s pre-tax profit rose
As at 31 March 2007, the Company was
by 25% to RM903 million. After providing
operating a total of 832 service stations
for
nationwide.
corporate
tax,
Group
net
profit
The
year
also
saw
the
amounted to RM647 million, a 26%
Company’s launching of its PETRONAS
increase from that of the previous year.
PRIMAX 3, a new revolutionary gasoline
blended with a new additive called SINAR
The Board of Directors is recommending a
G-05, which not only delivers power to the
final dividend of 20 sen less 27% tax per
engine, but also provides fuel economy
share. Together with the interim dividend
and engine cleansing. As reflected by the
of 10 sen less 28% tax per share paid on
increasing sales, the new product was well
28 December 2006, the total dividend for
received by the customers. Consequently,
the Financial Year amounts to 30 sen per
the Company improved its retail market
share.
share to 30.6% from 30% in the previous
year.
20
The Commercial Business again recorded
was achieved as a result of greater
various products at Bintulu depot. The
improved sales performance and continued
brand exposure given to the Company’s
Company will be closing its aging Kuching
to dominate the market especially in diesel,
key lubricant brands, namely SYNTIUM
depot and will utilize the new independent
aviation fuel, fuel oil and bitumen sales.
and SPRINTA through participation in
facilities at Senari to serve its Kuching
Its market share improved to 63.2% from
motorsports events such as Formula One
market. Another initiative includes the
61% in the last financial year, retaining its
team, PETRONAS 4X4 Adventure Team
installation of Global Positioning System
position as the top volume contributor to
and PETRONAS SPRINTA AAM Malaysian
equipment in the Company’s trucks to
the Company’s sales growth.
Cub Prix Championship. The Company’s
track the vehicles’ movement in real time to
excellent
enhance the security and safety of product
after-sales
service
to
the
In the LPG sector where the market demand
customers also contributed to the strong
declined arising out of competition from
performance.
delivery.
In our continuous pursuit for excellence,
natural gas, the Company’s performance
surpassed the average market growth rate,
Behind all these achievements is the
we remain committed to ensure that the
increasing its market share to 45.4% from
reliable support provided by the Company’s
highest possible standards of health, safety
45% and hence, maintaining its market
comprehensive logistics and distribution
and
leadership and GAS PETRONAS’ position as
system which comprises bulk depots,
practices are applied throughout the
“Malaysia’s No. 1 Selling Cooking Gas”.
aviation depots, bunkering facilities and
organisation.
LPG bottling plants. During the year, the
Company has conducted various HSE
The Lubricant sector too registered a
supply and logistic facilities have been
exercises, drills, seminars and educational
commendable performance with its market
enhanced in tandem with the Company’s
activities during the year as part of our
share expanding to 16.9% from the
business
the
ongoing HSE improvement programme.
previous year’s 15.5%. This performance
construction of additional storage for
We also strive to ensure that our business
growth.
This
includes
environment
(HSE)
Towards
management
this
end,
The outlook for the coming year appears to be promising
with the demand for petroleum products expected to grow
in line with Malaysia’s projected economic growth.
the
21
partners also comply to the HSE standards,
been encouraged to discharge their role as
On behalf of the Board of Directors, I would
guidelines and procedures stipulated by
a responsible and caring corporate citizen.
like to thank the Management and staff of
the Company.
We hope that our efforts have contributed
the Company for their continued hard work
towards the creation of a caring society in
and commitment in making the FY2006/07
Malaysia.
another successful year for the Company.
Another key factor for the Company’s
I would also like to thank the Company’s
success is people. They are the Company’s
most important asset. No efforts have been
Looking ahead, the outlook for the coming
shareholders, dealers and customers as
spared to develop and retain the right
year appears to be promising with the
well as the Government of Malaysia for
talent in the Company to ensure that the
demand for petroleum products expected
their unwavering support extended to the
vision of becoming the Brand of 1st Choice
to grow in line with Malaysia’s projected
Company.
is achieved. Various programmes have been
economic
the Members of the Board of Directors for
introduced and implemented to ensure
expect competition in all business sectors
that staff at all levels are equipped with
particularly retail business, will continue
the appropriate competencies and skills to
to persist. In anticipation of the increasing
enhance their capabilities in executing the
challenges
business plans and strategies.
remain focused on expanding its network
growth.
ahead,
Nonetheless,
the
Company
we
Finally, I would like to thank
their advice, support and cooperation.
will
of facilities, improving the quality of its
As a responsible corporate citizen, the
products and services, optimising costs
Company conducted various social and
and developing its human capital even
community projects at both national and
further. The Company will also continue
state levels during the year. In addition,
to play its part in contributing towards the
Datuk Anuar bin Ahmad
PETRONAS Service Stations operators have
development of the industry.
Chairman
22
CEO’s
Market Share
Total All Products
58%
42%
PETRONAS Dagangan Berhad
Others
The Group achieved its best ever financial performance
with a record revenue of RM19,496 million
amidst intense competition.
The Company ended Financial Year 2006/07
The Group’s financial position continued
on an impressive note with its earnings
to remain healthy. Total assets stood at
exceeding the previous year’s figures to
RM6,517 million as at 31 March 2007,
hit its highest level ever. The Company’s
mainly funded by our shareholders’ funds
performance is commendable and reflective
except for a RM5 million borrowings taken
of its continued business growth.
by our subsidiary Kuala Lumpur Aviation
Fuelling System (KAFS). A total of RM496
F I N A N C I A L P E R FO R M A N C E
million was spent during the year on
capital expenditure, financed by internally
During the year under review, the Group
generated funds to support the business
achieved its best ever financial performance
growth.
with a record revenue of RM19,496 million
amidst intense competition. This represents
an increase of 18% from RM16,568 million
B U S I N E S S P E R FO R M A N C E
in the previous year. Group profit before tax
The Company further strengthened its
increased to RM903 million from RM725
position as the market leader with a wider
million while net profit grew by 26%
gap ahead of its closest competitor. During
to RM647 million, another new record,
the financial year, total sales volume grew
compared to last year’s RM511 million.
by 3.6% to 12,255 million litres and market
The growth in revenue and earnings were
share increased to 42.4% from 41%
attributed to the healthy growth in sales
previously.
volume. Earnings per share rose to 64.5 sen
from 50.8 sen last year.
23
Report
24
CEO’s Report
Market Share
Retail
69%
31%
Retail Business continued to be the focus of
The Company’s convenience store business
the Company’s business growth. A milestone
under the name, Kedai Mesra, also grew
was charted on 5 June 2006 when the
significantly with 57 new stores opened
Company introduced PETRONAS PRIMAX 3
during the year. With a total of 469 Kedai
to the Malaysian market. PRIMAX 3, a new
Mesra outlets in operation as at 31 March
revolutionary gasoline blended with new
2007, the Company currently operates
additive SINAR G-05 which not only delivers
the largest network of convenience stores
power to the engine but also provides
at petrol stations in the country. At the
fuel economy and cleans the engine, was
moment, the Company also has the
launched with the tagline “POWER TO
biggest ATM network at petrol stations,
GO THE DISTANCE”.
with a total of 304 ATM machines, as
well as 114 Touch ‘n Go reload terminals
Others
In
FY
2006/07,
Business
and 627 ePay terminals available at its
contributed approximately 58% of the
stations nationwide. The Company has also
Company’s
total
the
Retail
and
equipped more of its service stations with
achieved 30.6% market share. This sector’s
gross
margin
the electronic payment system, bringing
contribution to the Company’s sales volume
the total number of stations equipped with
and profitability is expected to continue to
this system to 701.
increase in tandem with the Company’s
planned network expansion. The Company
The launch of a comprehensive retail dealer
achieved yet another major milestone in
communication and information portal
its growth as the number of PETRONAS
known as myStation in February 2007
Service Stations in the country breached
has provided a user-friendly platform to
the 800-level. During the year under review,
encourage communication and information
47
sharing between the dealers and the
new
stations
began
operations,
increasing the total of PETRONAS Service
Stations in operation nationwide to 832 as
at 31 March 2007.
Company.
25
CEO’s Report
In our continuous effort to maintain our
air traffic especially from Air Asia’s rising
loyal customers and attract new ones,
demand with the introduction of its new
various initiatives were undertaken during
destinations. In terms of aviation fuel,
the year such as the “PETRONAS Car
Malaysia Airlines and Air Asia remained
Craze Contest” which ran from January
as the Company’s biggest customers.
to May 2007. Other programmes that
At the same time, the Company was
were successfully implemented include
aggressive in securing new airlines landing
the PETRONAS Coffee Break campaign,
at the KL International Airport (KLIA) and
Kad Mesra Joran fishing competition and
other regional airports in the country. The
PETRONAS PRIMAX 3 Mini Carnival.
Company’s aggressive push into aviation,
Market Share
Commercial
37%
63%
commercial diesel and bitumen has been
Commercial Business remained the largest
effective in compensating for the lower
volume contributor to the Company’s sales
fuel oil volume uplifted due to the extensive
and continued to dominate the market
conversion to Natural Gas in the previous
especially in diesel, aviation fuel, fuel oil
year. The Company also continued to
and bitumen sales. We will continue to
dominate the fuel oil market following the
provide excellent and reliable services to the
positive growth in bunker sales.
customers in line with our role as a trusted
fuel supplier.
For the second consecutive year, we have
successfully maintained our number one
During the year, the Commercial Business
position in bitumen sales with more than
contributed 29% of the Company’s total
45% market share. Bitumen sales grew by
gross margin and is in the leading position
almost 33% from the previous year, largely
domestically with 63.2% market share.
contributed by the stable bitumen supply
from PETRONAS’ refinery in Melaka and
Sales of aviation fuel increased during
the aggressive sales captured from pre-
the year, driven mainly by the growth in
mix plants and major road construction
Others
26
CEO’s Report
Market Share
LPG
55%
45%
companies. PETRONAS has also time-
Terengganu. Its leading position is further
chartered a new 1,500 MT bitumen vessel
enhanced by a wide network of committed
to ensure continuous product supply to
channel members comprising 14 stockists,
East Malaysia.
400 dealers and 7 bottling plants that
are strategically located nationwide. The
The Company’s LPG Business further
channel members are well-trained in the
strengthened its market leadership with
areas of Health, Safety and Environment
GAS PETRONAS remaining as “Malaysia’s
(HSE)
No. 1 Selling Cooking Gas”. Notably, the
others, to ensure a high level of service
LPG Business Division successfully secured
capabilities.
and
customer
service,
among
the ISO 9001:2000 certification, in line with
the Company’s vision to be “The Brand of
In the Lubricant Business, the Company
1st Choice”.
turned in a commendable performance
with continued growth in its market share.
Others
In the LPG Business, the Company not
Our SYNTIUM range of lubricants has been
only sustained its pole position but also
widely acknowledged in the market as
expanded its market share further to
being of world class standard, which had
45.4% from 45% during the year under
further enhanced our brand image.
review. The LPG sales growth outpaced the
market growth rate by four times and this
During
was attributed to higher cylinder sales.
Company’s Lubricant Business increased its
the
year
under
review,
the
market share to a respectable 16.9% from
The Company has an advantage in this
15.5% in the previous year. The growth
sector as its LPG supply is sourced directly
was achieved through aggressive sales
from PETRONAS’ own refinery and gas
drive, continuous branding efforts and
processing
value-added service offerings.
plants
located
in
Kertih,
27
CEO’s Report
In the luxury car segment, Lubricant
various improvement initiatives to enhance
Business successfully secured lube supply
its logistic infrastructure and capabilities.
contracts with three BMW Service Centres,
One of the steps taken was the provision
two of which belonged to Auto Bavaria
of facilities for the marketing of bitumen
and one owned by Sapura Auto. We are
and the construction of additional storage
currently supplying the BMW-approved
facilities at the Bintulu depot. Hydrant
lubricant, SYNTIUM 3000 LL, which meets
facilities for the refueling of aircrafts were
the stringent engine requirements set by
also installed at the Kuching airport. Other
the German car maker and other foreign
milestones include the relocation of the bulk
luxury car manufacturers. Our continued
fuel and LPG terminal to a new independent
involvement with the BMW Sauber F1 team,
site at Senari, Sarawak, following the
PETRONAS Adventure Team (4X4) and
closure of the Kuching Terminal.
Prix Championship has also strengthened
Apart from the infrastructure development,
the brand image of our SYNTIUM and
the Company also embarked on a “Zero
SPRINTA lubricants.
Accident” campaign for its road tankers
by equipping the vehicles with Global
The
Company
realised
that
Positioning System equipment that can
track their movement in real time. On the
efficient
supply side, the Company will continue
supply and logistics support is imperative
to ensure timely product replenishment at
in fulfilling the marketing needs of the
all our depots, with the aim of improving
respective business lines. In this respect,
customer service.
the Company has continuously pursued
17%
83%
PETRONAS SPRINTA AAM Malaysian Cub
S U P P LY A N D L O G I ST I C S
Market Share
Lubricants
Others
28
CEO’s Report
This will ultimately lead to greater customer
O P E R AT I O N A L I M P R O V E M E N T
With the escalating challenges and demands
faced by the business, greater emphasis
has been placed on maintaining our highperformance environment by developing
and retaining the right talent to steer the
satisfaction. During the year, six of the
Company’s Innovative and Creative Circle
(ICC) teams participated in the National
Productivity Corporation’s Regional ICC
Convention which kicked off in June
2006. Three of our ICC teams managed to
Company to greater heights.
advance to the National ICC Convention
To ensure that the Company meets its
business targets, we continue to focus
on capability and leadership development
to ensure that highly capable and welltrained
human
available
within
resources
the
are
readily
organisation
to
effectively execute the business strategies.
Leadership
Development
held in September the same year. At the
National ICC Convention, all the three ICC
teams from the Company won the “Gold
Award with Three Stars” recognition,
whereby team “Budi” from KLIA Aviation
Depot emerged as the overall runner-up for
the service sector.
Programmes
were also implemented to nurture and
instill leadership qualities among the
young executives and those who have
Moving forward in our brand journey,
we have also introduced our new way of
working which is “Build, Own, Learn and
Deliver” or “BOLD” in short to strengthen
been identified as potential leaders.
our brand-driven culture and to ensure that
Quality
improvement
initiatives
were
actively undertaken across the Group in
line with its effort to integrate the various
key processes within the Group that
would enhance our operational efficiency.
things are done the right way in order to
achieve our vision to be the “Brand of 1st
Choice”.
29
CEO’s Report
HSE continued to be a top priority for the
Company and this was reflected in the
various HSE programmes carried out during
the year. Emphasis was given to ensuring
safety in all our business operations while
safeguarding the health of employees with
due care for the environment.
R E AC H I N G O U T TO T H E C OM MU N I T Y
At
the
ground
level,
the
continued to organise various community
programmes at PETRONAS Service Stations
nationwide with the objectives of creating
brand awareness among the public and
strengthening our relationship with the
local community surrounding the respective
STA F F R EC O G N I T I O N
Recognising that people are the Company’s
most important asset, we continued to
adopt the Company Staff Recognition
Scheme which was first introduced in 2006.
The objectives of the recognition scheme
are to promote a healthy culture that values
staff for their accomplishment and to
create a brand driven organisation, where
staff are passionate about the Company’s
branding effort and would go the extra mile
beyond their normal job scope to promote
the Company’s brand. In the year under
review, eight employees received awards in
recognition of their valued contributions to
the Company and the community.
stations. These activities include the Kad
Mesra-Joran Fishing Competition, PETRONAS
PRIMAX 3 Mini Carnival, educational visits
and talks and other sponsorship events.
The Company also took the initiative to
promote safety during the festive seasons
through its “Coffee Break” programmes at
selected PETRONAS service stations.
The Company continued to carry out its
popular community relations programme
such as “Hari Mesra Pelanggan” (Customer
Appreciation Day) at PETRONAS Service
Stations throughout the country on a
regular basis.
Greater emphasis has been
Company
placed on maintaining
our high-performance
environment by developing
and retaining the right talent
to steer the Company to
greater heights.
30
CEO’s Report
We expect to continue to
The Company also took the responsibility
Carrier Terminal this year to become an
of maintaining the StreetSmart Reading
international hub for budget carriers and
maintain our current sales
Corners in the 100 sponsored schools
long haul traffic in the region. At the same
to
time, new constructions and upgrading
growth, while delivering
ensure
the
effectiveness
of
the
programme.
of roads and highways will contribute to
higher demand for bitumen while the
added value to our
shareholders and
customers as well as
firming our position
to be the “Brand of
1st Choice.”
FUTURE OUTLOOK AND
CHALLENGES
opportunities for bunker sales growth look
promising.
The outlook for the domestic petroleum
Despite the favorable prospects, there will
products market is expected to remain
be numerous challenges that need to be
favorable with the anticipated continuous
faced. Volatility in the crude oil price could
growth of the Malaysian economy. With
result in higher product cost, therefore
the current uptrend in demand for all major
squeezing
products, the Financial Year 2007/2008
regulated products such as jet fuel, fuel
promises to be a year of growth for the
oil, industrial diesel and lubricant products
industry and the Company.
which are not household products and
retailers’
margin
for
non-
hence, are not subsidised. The high capital
The retail or transport sector will remain a
investments due to rising land, labour
major revenue contributor to the industry
and construction costs will also have an
as the increase in the sales of cars and
impact on the profitability of the Company.
commercial vehicles is anticipated to
Competition
continue in the coming year. As for the
Companies continue to widen their retail
aviation sector, the industry will benefit
network, upgrade their existing facilities,
from new airlines landing at KLIA in
introduce new products and embark on
conjunction with Visit Malaysia Year 2007
aggressive marketing and promotional
as well as the expansion of the Low Cost
campaigns. In this regard, the Company
will
also
persist
as
Oil
31
CEO’s Report
will continue to build new stations at
our shareholders and customers as well as
strategic locations and expand its current
firming our position to be the “Brand of 1st
network of facilities. With the available
Choice.”
resources,
capabilities
and
experience
within the Company, we are well-poised to
overcome competition and further improve
our operational efficiency.
A P P R EC I AT I O N
On behalf of the management, I would
like to take this opportunity to thank all
To support the Government’s call to
employees for their continued hard work,
encourage the use of natural gas as a
dedication and loyalty to the Company.
cheaper and cleaner fuel, the Company,
I would also like to express my appreciation
which has been entrusted to operate and
to the Government and their agencies for
manage the Natural Gas for Vehicles (NGV)
their encouragement and co-operation
business in the country, has increased the
and to our Board of Directors for their wise
number of outlets equipped with NGV
counsel and guidance. To our shareholders,
dispensing units. Plans are underway to
dealers and customers, I thank you for your
increase the network of these stations to
continued support and goodwill.
make NGV more widely available.
The Company is ready to face new
challenges in the coming year, as it moves
forward and strengthens its market position
further, particularly in the retail sector,
while catering for the growing demand
in aviation and bitumen sales. We expect
to continue to maintain our current sales
Ibrahim bin Marsidi
growth, while delivering added value to
Managing Director / Chief Executive Officer
32
Share Performance
Share Price
(RM)
Average Composite
Index (Points)
Total Volume
Traded (Lots)
200,000
6
1,200
150,000
4
800
100,000
2
400
50,000
0
0
PDB Stock Highest Price
Lowest Price
Total Volume Traded
0
2007 Jan
2006 Jan
1,600
2005 Jan
8
2004 Jan
250,000
2003 Jan
2,000
2002 Jan
10
Average Composite Index
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005*1
2006
2007*2
Highest Price
6.25
7.85
6.80
4.70
4.42
4.70
4.50
6.05
7.05
8.00
8.10
4.98
6.25
Lowest Price
4.42
5.60
2.99
1.78
3.40
2.86
2.80
4.20
4.96
6.15
3.52
3.66
4.82
*1 PETRONAS Dagangan Bhd on 15 March 2005 has issued a one-for-one bonus issue of up to 496.72 million shares.
*2 Based on transacted prices for the period ended 31 March 2007.
33
Crude Oil and Petroleum Product Price Trend
US$/BBL
100
80
60
40
20
Crude Oil (Tapis)
Ron 97
Diesel
Note: Average monthly prices based on Mean of Platts at Singapore (MOPS)
Jet A1
2007 Jan
2006 Jan
2005 Jan
2004 Jan
2003 Jan
2002 Jan
0
34
Corporate Responsibility
36 Corporate Social Responsibility
39 Calendar of Events
45 PETRONAS Dagangan in the News
35
36
As the trusted retailer in the country, the Company places utmost
importance on its role as a socially responsible corporate citizen.
Hence, corporate social responsibility runs deep in the heart of our
entire business operation.
The Company is committed to provide the best convenience for
our customers and to share our success with the community. At
the same time, the Company also places great emphasis on health,
safety and environment aspects in every area of our operations.
Realising that the employees are our most important asset,
the Company strives to provide a highly conducive working
environment that would help inspire them to continuously aspire
to be the best.
The Company is also sensitive and responsive towards the needs
arising from the marketplace, in line with our goal to be the Brand
of 1st Choice.
H E A LT H , S A F E T Y & E N V I R O N M E N T ( H S E )
As the largest marketer of petroleum products in Malaysia, the
Company continuously takes all necessary precautions possible
to protect the health and safety of all our stakeholders including
individual and corporate customers, business partners, employees
and members of the community.
Emergency Response Plan (ERP) exercises, such as fire drills at the
Company-owned depots, are among the regular activities included
in our HSE calendar of events. In March 2007, the Company took
The Company is committed to
provide the best convenience for our
customers and to share our success
with the community. At the same
time, the Company also places great
emphasis on health, safety and
environment aspects in every
area of our operations.
this HSE initiative a step further by conducting a major ERP drill
at PETRONAS Service Station Mutiara Damansara, Petaling Jaya.
The drill, which involved 70 personnel from the Company, business
partners, local authorities and government bodies, truly reflects our
seriousness in protecting the safety of the public that is directly
involved in our retail business operations.
During the year, a Vapour Recovery System was successfully
implemented at our Prai Depot that has helped eliminate petrol
vapour released to the air during loading and offloading of
petrol to and from the oil tankers, hence promoting a cleaner
environment. Under the system, petrol vapour emitted during
loading and offloading is channeled via a special hose to a
dedicated compartment in the oil tanker, whereby it will later be
transferred to a vapour recovery unit at the depot. The vapour
will then be re-processed into its original liquid form for re-use.
The Company also continued to organise HSE-related campaigns,
training programmes and courses dedicated to our staff, business
partners and customers throughout the year. These include the
“Towards Zero Accident Campaign” for our road tanker drivers
and defensive driving courses for liquefied petroleum gas (LPG)
lorry drivers, among others. The defensive driving courses, for
instance, were to ensure that the LPG lorry drivers are well
trained in all aspects of road safety, safe handling of LPG and
customer service.
With more than 832 PETRONAS Service Stations in the country
that are frequented by millions of vehicle users, it is only natural
37
for the Company to put significant emphasis on road safety. Thus,
following the huge success of our previous Coffee Break campaigns
during the major festive seasons, the Company has increased the
number of PETRONAS Service Stations involved in the campaign to
24 from 21 previously, all of which are located along the highways
and busy trunk roads. Already in its eighth year, the campaign
was held to encourage the road users to take a break during their
long journey to ensure a safe trip to their respective destinations.
It is organised by the Company in collaboration with the Transport
Ministry, Nestlé and AMP Radio.
In the education field, the Company continued to undertake the
responsibility of maintaining the StreetSmart Reading Corners at
100 schools which have benefited from the project. The StreetSmart
Reading Corner project was an initiative under the Tabung Mesra
Fund launched by the Company in October 2001. A joint effort
between the Company and the Ministry of Education, Tabung
Mesra is aimed at creating a more stimulating learning environment
for pupils via the StreetSmart Reading Corners, each of which is
equipped with more than 500 books related to English and Living
Skills subjects.
C OM M U N I T Y
Another community activity sponsored by the Company during the
year was a charity run, “Larian Amal Jelita Bersamamu” organised
by Jelita magazine in April 2006. The event was held in conjunction
with Jelita’s 30th anniversary aimed at promoting a healthy lifestyle.
Under this programme, every RM1 of the registration fee collected
for the run will be channeled to the Tabung TV3 Bersamamu.
With a diverse range of business operations scattered throughout
the country, the Company is always conscious of the need to touch
the lives of the local community wherever we operate.
Testimony to this was when the Company launched our revolutionary,
high performance petrol, PETRONAS PRIMAX 3 in the local market
in June 2006, the Company decided to price the fuel at the regular
standard price to enable Malaysians from all walks of life to enjoy
this premium petrol without having to pay a premium price.
Another occasion was when massive flood hit Johor by surprise
in December 2006. The Company was quick to lend a helping
hand by donating 700 cylinders of cooking gas to several flood
relief centres in the state. The gas was used for the preparation
of food for flood victims in the affected areas such as Segamat,
Parit Sulong and Sri Medan.
Besides these activities, our service station operators have also
taken their own initiative to undertake community-relations
programme on the ground. A good example is the highly popular
Customer Appreciation Day or “Hari Mesra Pelanggan” that is held
in collaboration with the Company at various PETRONAS Service
Stations nationwide. The Customer Appreciation Day provides an
excellent avenue for the Company and our dealers to reach out and
share our success with the local community through wholesome,
family-oriented activities such as colouring contest, telematches
and singing competition. The Company also took the opportunity
to reach out to the less fortunate ones, especially orphans and
38
single mothers, who were also invited to be a part of the event.
Donations in cash and kind were also contributed to ease their
burden.
W O R K P L AC E
The Company consistently strives to develop the leadership skills
and capabilities of our employees as we recognise them as the
key players in achieving our goal to be the Brand of 1st Choice.
In ensuring that the Company meets its business targets, the
Individual Performance Contract (IPC) has been implemented right
from the Managing Director/Chief Executive Officer to the junior
executive level. The Company has even introduced our own way
of working, whereby all employees are encouraged to be “BOLD”
by building meaningful experience and creating opportunities for
growth, owning their actions and speaking their minds, learning
continuously by being innovative, responsive and forward looking,
as well as delivering on their promises.
Employees are also kept abreast with the latest development in the
Company through various channels such as the Aspire newsletter,
the intranet, talks by members of the Management Committee
to employees throughout the country and Management forums
known as “Creating Excellence Forums.” To cultivate a brand
culture among the employees, the Company also organises the biannual “Brand Camp” which serves as a platform for the Company
to channel the knowledge on branding to the appointed “brand
agents”, as well as to share the best organisational practices and
corporate initiatives among the participants. During the last Brand
Camp held on March 2007 themed “BOLD to Brand Beyond”, the
brand agents were reminded to go beyond BOLD in serving their
customers and to be BOLD enough to push the PETRONAS brand
to be the Brand of 1st Choice at all times.
M A R K E T P L AC E
The Company is the first oil firm in the country to introduce the
pay-at-pump facility for Europay-MasterCard-Visa (EMV)-compliant
or chip-based credit cards at our petrol stations. The move reflects
our strong support towards the Government’s effort in reducing
credit card forgery as well as our commitment in providing the
ultimate convenience to our customers.
The Company also continued to work closely with the Government
in the latter’s effort to curb the misuse of Government-subsidised
diesel by closely monitoring our petrol station dealers on a constant
basis to ensure that none of them are involved in such unwarranted
activities.
As the only station operator supplying natural gas for vehicles
(NGV) in the country, the Company is indeed privileged to be
able to support the Government’s endeavour to increase the
usage of this cleaner fuel in the country. In this regard, the
Company is now aggressively looking for new suitable sites for
the development of more NGV stations. The Company is also
carrying out a comprehensive review of all our service stations
on their suitability for NGV station expansion.
The Company
is also sensitive
and responsive
towards the needs
arising from the
marketplace, in line
with our goal to be
the Brand of 1st
Choice.
39
Calendar of Events
21 APRIL 2006
2 6 M AY 2 0 0 6
A
PDB Contributes StreetSmart Reading Corners to Seven
Schools in Johor
The Company contributed RM210,000 towards the setting up of
StreetSmart Reading Corners in seven schools in Johor at a special
ceremony held at Sekolah Kebangsaan Paloh 2, Kluang. The
StreetSmart Reading Corners project is part of the Company’s Tabung
Mesra Fund programme that has benefited 100 schools nationwide.
Tabung Mesra is a joint initiative between the Company and the
Education Ministry which aims at improving the mastery of English
Language and Living Skills among local pupils.
B
Prize giving ceremony for Kad Mesra Car Craze Contest
A 35-year-old customer relations officer from Batu Caves, Selangor,
Mrs. Anusha, was announced the grand prize winner of the
Company’s Kad Mesra Car Craze Contest for the month of April,
bringing home a brand new BMW 320i worth RM280,000. Anusha
received a mock key of the car from PETRONAS Dagangan’s Senior
General Manager, Retail Business Division, Encik Md Arif Mahmood
at a special ceremony held in Kuala Lumpur.
5 JUNE 2006
C
Launching of PETRONAS PRIMAX 3 at KL Convention Centre
30 APRIL 2006
The Company sponsored a charity run event, Larian Amal Jelita
Bersamamu, organized by Jelita magazine in a bid to create greater
exposure and awareness on Gas PETRONAS brand among the
public, especially women aged 18 and above who participated in
the event.
The Company unveiled its newest fuel for the Malaysian market,
PETRONAS PRIMAX 3, at the KL Convention Centre. A replacement
for the company’s previous petrol brand, PRIMAX, the revolutionary
new fuel offers customers the benefits of high-performance petrol,
minus the premium price. The launch ceremony was officiated by
Domestic Trade and Consumer Affairs Minister, Datuk Mohd Shafie
Apdal.
7 M AY 2 0 0 6
7 JUNE 2006
Launching of PETRONAS-Malaysia Basketball Association
(MABA) 3-ON-3 Basketball Season 2006
PETRONAS Dagangan Berhad Organises Visits to PETRONAS
Twin Towers Skybridge and PETROSAINS for Commercial
Customers and Their Family Members
Larian Amal Jelita Bersamamu
The PETRONAS-MABA 3-on-3 Basketball Season returned once
again, this time taking place at eight selected PETRONAS Service
Stations nationwide. The 2006 season, which kicked off at PETRONAS
Service Station Mutiara Damansara, Petaling Jaya, was launched
by Chairman of the PETRONAS-MABA Management Committee,
YBhg. Datuk Abdul Rahim Hashim.
A
B
C
The Commercial Business Division of the Company conducted
educational visits to Aquaria and PETRONAS Twin Towers Skybridge
for its valued customers and their family members to thank them
for their support towards the Company.
40
Calendar of Events
10 JUNE 2006
D
1 2 - 1 4 J U LY 2 0 0 6
Launch of Proton Edar’s “Servis Mesra” at PETRONAS Service
Station Bukit Tinggi, Klang
Retail Dealer Convention & Award Night
at KL Convention Centre
Proton Edar Sdn Bhd (PESB) launched the new tagline called “Servis
Mesra” for its lube bays that are operated at selected PETRONAS
Service Stations. The launch was officiated by Datuk Maruan Mohd
Said, CEO Proton Edar Sdn Bhd (PESB) at PETRONAS Service Station
Bukit Tinggi Klang, witnessed by the Company’s MD/CEO, Encik
Ibrahim Marsidi.
More than 300 PETRONAS Service Station operators and their
spouses attended the Retail Dealer Convention and Award Night
held at KL Convention Centre. The event was specially organised to
recognise their contribution towards the Company’s success.
1 4 J U LY 2 0 0 6
LPG Award Night 2006 at Awana Hotel, Genting Highlands
18 JUNE 2006
E
Kad Mesra-Joran Carnival at Titiwangsa Lake Garden,
Kuala Lumpur
Following the earlier success of Kad Mesra Joran Fishing Competition,
the company has once again sponsored the same event albeit on
a grander scale, as it is now known as Karnival Kad Mesra Joran.
Co-organised with Berita Harian, the event also showcased various
booths displaying PETRONAS major brands such as PETRONAS
PRIMAX 3, SYNTIUM, SPRINTA and Kedai Mesra, that have received
positive response from the public.
19 JUNE 2006
Signing Ceremony Between PDB and Ministry of Defense
(MINDEF)
The Company formally sealed a new agreement with MINDEF to
provide RM408 million worth of petroleum products to the latter
for a period of three years until end-April 2008. Signing on behalf
of the Company was the MD/CEO, Encik Ibrahim Marsidi, while
MINDEF was represented by YBhg. Tan Sri Dato’ Sri Subhan Jasmon
and YBhg. Dato’ Haji Ahmad Latffi Hashim.
The Company organised an appreciation and award night for its
LPG business partners to thank them for their support in making
Gas PETRONAS the “No. 1 Cooking Gas in Malaysia.” A total of
27 prizes were given out to the top performing LPG dealers, focal
group leaders and stockists.
1 5 J U LY 2 0 0 6
The Company’s Commercial Business Division organized a Futsal
Tournament in a bid to build closer rapport with its customers,
particularly the Government agencies and the bitumen customers.
The tournament was participated by 12 teams representing key
customers including MINDEF and NEKMAT, as well as one team
from the Company’s Commercial Business Division and Lubricants
Business Division each respectively.
E
D
F
Futsal Tournament for PETRONAS Dagangan Berhad’s
Government and Bitumen Customers
F
41
Calendar of Events
2 7 J U LY 2 0 0 6
PETRONAS Dagangan Berhad’s Annual General Meeting
The Company held its 24th Annual General Meeting at Hotel Nikko
Kuala Lumpur.
2 3 - 2 4 AU G U ST 2 0 0 6
G
Educational Visit for PETRONAS Dagangan Berhad’s
Commercial Customers to Aquaria & Skybridge
The Commercial Business Division of the Company once again
conducted educational visits for its valued customers and their
family members, this time around to Aquaria and PETRONAS Twin
Towers Skybridge.
two categories namely Deep Sea, which departed from LKIM Jetty
at Jalan Tanah Putih, Kuantan; and Beach, which took place at Teluk
Cempedak.
20 SEPTEMBER 2006
PETRONAS Dagangan Berhad Brings the New season of
“Jalan-Jalan Cari Makan” Programme on TV3
The Company and Sistem Televisyen Malaysia Berhad (TV3) launched
the ninth season of “Jalan-Jalan Cari Makan”, a popular TV show
featuring local eateries with unique ambience and great food.
2 0 - 2 3 O C TO B E R & 2 6 - 2 9 O C TO B E R 2 0 0 6
H
“Coffee Break” Safety Campaign in conjunction
with Deepavali and Hari Raya Aidilfitri
5-6 SEPTEMBER 2006
PETRONAS Dagangan Berhad’s Fifth Brand Camp
at Mariott Putrajaya
The Company held the Fifth Brand Camp for the 200 appointed
“brand agents” among its employees at Mariott Putrajaya. Themed
“Be BOLD (Build, Own, Learn and Deliver)”, the bi-annual event
was aimed at updating appointed brand agents on the progress
of the Company’s brand journey and to equip them with the latest
knowledge on branding.
The Company’s Coffee Break campaign once again returned, where
motorists on their way home for Deepavali and Hari Raya Aidil Fitri
celebrations got to enjoy free drinks at selected PETRONAS Service
Stations. A total of 24 PETRONAS Service Stations located along
highways and major trunk roads took part in the campaign, which
started from 20 October until 23 October and resumed on 26 until
29 October.
8-10 NOVEMBER 2006
I
16-17 SEPTEMBER 2006
Gas PETRONAS “Conquers” Mount Kinabalu
Kad Mesra-Joran Carnival & Fishing Competition
in Kuantan, Pahang
A group of 12 people comprising the Company’s staff and Gas
PETRONAS dealers from all over Sabah successfully conquered
the summit of Mount Kinabalu, bringing along a Gas PETRONAS
cylinder all the way up to Low’s Peak. The victorious attempt was
aimed at capturing the spirit of Gas PETRONAS tagline, namely
“Gas PETRONAS: Tentu Ada!” - even on top of the country’s highest
mountain.
The Company once again became the main sponsor of the Kad
Mesra-Joran Fishing competition which was co-organised with
Berita Harian newspaper. The fishing competition was divided into
G
H
I
42
Calendar of Events
10 NOVEMBER 2006
6 D EC E M B E R 2 0 0 6
PETRONAS Dagangan Berhad’s Hari Raya Open House
at Renaissance Hotel, Kuala Lumpur
“Joint Apron Safety Campaign” at KL International Airport
The Company hosted a Hari Raya Open house for its staff, customers,
business partners and members of the media at Renaissance Hotel,
Kuala Lumpur to thank them for their long-standing support.
14 – 16 NOVEMBER 2006
J
K
The Company took part in Malaysia Airport Sepang Berhad’s 5th Joint
Apron Safety Campaign that was launched on December 6, 2006
at KL International Airport (KLIA). The objectives of the campaign
were to promote safety awareness among KLIA service providers
and operators, as well as to enhance their knowledge on all safetyrelated issues and procedures at the airport.
IATA Aviation Fuel Forum Kuala Lumpur
The Company’s Commercial Business Division hosted the Official
Conference Dinner for the IATA Aviation Fuel Forum 2006 that
was held in Malaysia for the first time. The international event was
attended by airlines representatives, fuel suppliers and strategic
partners from around the world, who have gathered to discuss
industry-related issues.
29 – 30 NOVEMBER 2006
Visit to Aquaria for Commercial Business Division’s
Customers
Once again, the Company’s Commercial Business Division organised
a special event for its direct customers in conjunction with the yearend school holiday season. About 100 hundred selected customers
including those from Malaysia Airlines, FELDA and Nadicorp, as well
as their family members were invited to visit the Aquaria, KLCC as
a token of appreciation for their support. The programme was also
aimed at strengthening the existing business relationship between
the Company and its customers, as well as to promote interesting
places around KLCC.
1 6 D EC E M B E R 2 0 0 6
Prize giving ceremony for Kad Mesra Card Craze Contest
An airport limosine driver from Kulim and a businessman from
Cheras were announced as the main prize winners of the Card Craze
contest co-organised by PETRONAS Dagangan Berhad, Maybankard
Bankcard and MasterCard. Zainudin Jahaya, 44, won the grand prize
of a Proton Satria Neo worth RM46,000, while Chow Yuen Weng,
43, took home a Naza Bestari 206 worth nearly RM70,000. Both
received the mock key of their prizes at a special prize presentation
ceremony held at PETRONAS Service Station USJ 20, Subang Jaya.
1 8 D EC E M B E R 2 0 0 6
Visit by PETRONAS Dagangan Berhad’s
Commercial Customers to UTP
For the first time ever, the Company’s Commercial Business Division
organized an educational visit and career talk at Universiti Teknologi
PETRONAS (UTP), in Tronoh for 80 of its selected customers and their
children within the age of 15 to 17 years, in a bid to provide them
J
K
L
L
43
Calendar of Events
with first-hand exposure to the education offerings available at UTP.
The visit was part of the Company’s corporate social responsibility
towards the human capital development of the next generation and
in motivating the youth to excel in their education.
M
2 1 D EC E M B E R 2 0 0 6
LPG Fire Drill at Gas PETRONAS Stockist
The Company conducted an Emergency Response Drill at the
premise of its Gas PETRONAS stockist in Rawang, Selangor to test
the response capabilities of its Emergency Response Team in handling
a fire emergency. Codenamed “Gas PETRONAS Rescue”, the drill
was participated by the Royal Malaysian Police, Fire and Rescue
Department, Hospital Sungai Buloh, Department of Enviroment
(DOE), Selayang District Council (MPS), Rawang Integrated Council
and other relevant authorities.
1 0 J A N UA R Y 2 0 0 7
N
PDB Seals New Lube Supply Partnership with Auto Bavaria
In conjunction with the ‘opening’ of its upgraded branch in Sungai
Besi, Kuala Lumpur, Auto Bavaria concluded a new oil supply
partnership with the Company for the supply of PETRONAS Syntium
3000 LL at the former’s service centers. Present to commemorate the
partnership were the Company’s Chairman, Datuk Anuar Ahmad,
Sime Darby Berhad Group Chief Executive, Dato’ Ahmad Zubir
Murshid, the Company’s Managing Director and Chief Executive
Officer, Encik Ibrahim Marsidi and Auto Bavaria Managing Director,
Mathias Heimann.
M
N
O
1 5 J A N UA R Y 2 0 0 7
PETRONAS Car Craze Contest Media Briefing at Nikko Hotel,
Kuala Lumpur
The Company held a special briefing for journalists from both print
and electronic media to promote the launch of PETRONAS Car Craze
Contest. The contest, which was held from January until May this
year, offers seven different cars as the main prizes plus 800 other
consolation prizes in total during the five-month contest period.
2 4 J A N UA R Y 2 0 0 7
Signing Ceremony with Sapura Auto
The Company commemorated its partnership with Sapura Auto
Sdn Bhd, a BMW authorised dealer, in a symbolic signing ceremony
held at the latter’s 3S (sales, services and spare parts) centre in Jalan
Tun Razak, Kuala Lumpur. Under the partnership, the Company
will supply to Sapura Auto the high performance, fully synthetic
engine oil, SYNTIUM 3000 LL, which was exclusively developed by
PETRONAS for BMW engines.
3 F E B R UA R Y 2 0 0 7
O
Launching of Maybank’s 200th ATM at PSS Glenmarie
TTDI Jaya
Maybank officially launched its 200th ATM at PETRONAS Service
Station Glenmarie, TTDI Jaya. The event was jointly officiated by
Maybank’s Head of Consumer Banking, Mr Spencer Lee together
with the Company’s MD/CEO, Encik Ibrahim Marsidi.
44
Calendar of Events
5 F E B R UA R Y 2 0 0 7
16 MARCH 2007
Management Visit to ASTRO
Prize Presentation Ceremony for PETRONAS Car Craze
Contest February Winners
The Company’s senior management, led by MD/CEO, Encik Ibrahim
Marsidi, paid a courtesy visit to the head office of ASTRO All Asia
Networks plc at Technology Park, Malaysia. The visit was aimed at
fostering a closer relationship between the Company and the media
group, which is the provider of direct-to-home satellite television
services in Malaysia, Brunei and Indonesia, as well as the leading
commercial radio broadcaster in Malaysia.
1 4 - 1 7 F E B R UA R Y A N D 2 2 - 2 5 F E B R UA R Y 2 0 0 7
P
Mukhtar Mohamad, a 48-year-old businessman from Rawang
Selangor, was announced the grand prize winner of PETRONAS Car
Craze Contest for the month of February, bringing home a brand
new Honda Civic 2.0 worth RM125,000! For the month of February,
PETRONAS Car Craze Contest also offered a Satria Neo worth
RM55,000 as a bonus prize for one lucky Kad Mesra cardholder. The
lucky Kad Mesra member was Tan Tong Hin, 52, also a businessman
from Port Klang.
Chinese New Year’s Coffee Break Campaign
The Company’s Coffee Break Campaign was back once again for the
Chinese New Year festival. This time around, the campaign was held
from 14 until 17 February 2007 to coincide with the balik kampung
exodus, and resumed on 22 until 25 February 2007 to cater for
motorists traveling back to the city after the celebrations. Already
in its eighth year, the campaign was organised by the Company in
collaboration with the Transport Ministry, Nestlé and AMP Radio.
19-20 MARCH 2007
R
PETRONAS Dagangan Berhad’s Brand Camp 6
at Mariott Putrajaya
The Company held its Sixth Brand Camp themed “BOLD to Brand
Beyond” at Mariott Putrajaya, which saw the participation of its 220
“brand agents” from all over the country.
22 MARCH 2007
1 5 F E B R UA R Y 2 0 0 7
Q
Press Conference on PETRONAS SPRINTA AAM Malaysian
Cub Prix Season 2007
First Grand Prize Winner of PETRONAS Car Craze
Contest Announced
A 36-year-old housewife from Kinarut, Sabah, Genevieve Esther
Lojinin, was announced the grand prize winner of PETRONAS Car
Craze Contest for the month of January, bringing home a brand
new Naza Bestari 206 worth RM70,000. Genevieve received a mock
key of the car from the Company’s Senior General Manager, Retail
Business Division, Encik Md Arif Mahmood at a special ceremony
held at the Esplanade, KLCC.
P
Q
R
A press conference was held in Kuala Lumpur to mark the launch
of the new season for the PETRONAS Sprinta AAM Malaysian Cub
Prix Championship. The championship, which is the biggest national
motorsports event in the country, introduced a drastic change in
its race format for the 2007 season, whereby instead of the usual
one-day event, all rounds in the Cub Prix Championship will now
be held over two days.
45
PETRONAS Dagangan in the News
46
47
Corporate Governance
48 Corporate Governance Statement
53 Statement on Internal Control
55 Board Audit Committee’s Report
57 Board Audit Committee’s
Terms of Reference
59 Statement of Directors’
Responsibility
48
C OM P L I A N C E W I T H T H E B E ST P R AC T I C E S
The profile of each Director is presented in this Annual Report from
I N C O R P O R AT E G O V E R N A N C E
pages 12 to 13.
The Company’s Board of Directors (the Board) acknowledges that
Corporate Governance is a form of self-regulation which is aimed
The Board is of the opinion that its current composition and size
at maximizing shareholders’ value.
constitutes an effective Board to the Company.
The Board strives to ensure that the best practices in Corporate
Role and Responsibilities of Board
Governance pursuant to the Malaysian Code on Corporate
The Board practises a clear demarcation of responsibilities whilst
Governance are adhered to in carrying out its duties and
maintaining the balance of power and authority. The positions of
responsibilities.
the Chairman and the Managing Director/Chief Executive Officer
are individually held by two persons.
E F F EC T I V E B O A R D O F D I R EC TO R S
The Chairman is primarily responsible for the orderly conduct and
The Company has adopted a number of measures to ensure
workings of the Board. The Managing Director/Chief Executive
effectiveness of the Board in discharging its duties and
Officer is responsible for the day-to-day running of the business,
responsibilities.
implementation of Board policies and decision-making on
operational matters. In managing the business affairs, he is assisted
by a Management Committee (MC), which meets once a month.
Composition of Board
The Board comprises members with relevant expertise and
experiences drawn from business, financial, technical and public
The non-executive Directors have the necessary calibre to ensure that
service. The wide spectrum of skills and experiences has given
the strategies proposed by the Management are fully deliberated
them an edge and an added strength in terms of leadership and
and examined, taking into account the long term interest of
management, thus ensuring that PETRONAS Dagangan Berhad and
the shareholders and other stakeholders. They contribute to the
its subsidiary (the Group) is steered and guided by an accountable
formulation of policy and decision-making through their expertise
and competent Board.
and experience and are independent of the Management, thereby
helping to ensure that no one individual or group dominates the
The Board comprises seven (7) members. One (1) of whom holds
Board’s decision-making process.
an Executive Office, having a dual role as Managing Director as well
as Chief Executive Officer. There are three (3) members who are
The presence of the independent non-executive Directors is
independent and non-executive and three (3) other non-independent
essential as it provides unbiased and independent views, advice
and non-executive members (including the Chairman).
and judgement as well as to safeguard the interests of other parties
such as minority shareholders and the community. The concept
As at the date of this report, the percentage of the Board
of independence adopted by the Board is in accordance with the
composition is as follows:
definition in Section 1.01 of Listing Requirements of Bursa Malaysia
Securities Berhad (Bursa Malaysia).
Executive Director
1/7 (14.28%)
(also the Managing Director)
Independent non-executive Directors
3/7 (42.86%)
Non-independent non-executive Directors
3/7 (42.86%)
(including Chairman)
49
The role and responsibilities of the Board are, inter alia, as follows:
•
to discuss and critically examine strategies proposed by the
Management taking into account the long term interest of the
shareholders as well as other stakeholders;
•
to contribute to the formulation of policy and decision-making
through the Board’s accumulated expertise and experience;
•
to identify principal risks and ensure that these risks are
to the advice and services of the Company Secretaries and where
independent professional advice is required, external independent
experts are engaged at the Group’s expense to facilitate their
decision making.
YBhg Dato’ Chew Kong Seng has been identified and appointed
as the Senior Independent Non-Executive Director, to whom any
concerns pertaining to the Company may be conveyed.
managed in a proper and effective manner;
•
•
to review the integrity and capability of the Company’s
Attendance at Board Meetings
internal control systems as well as its management information
During the year under review, the Board met six (6) times. The
system;
attendance of the Board members were as follows:
to oversee and critically review the proper management of the
Company’s business; and
•
No.
Member
to review the Company’s plans and budget including cash flow
forecast for the forthcoming year and financial projections.
Name of Board
1
Total Meetings Attended
by Board Members
6/6
2
Ibrahim bin Marsidi
6/6
Re-election
3
5/6
The Company’s Articles of Association further provides that at least
4
6/6
one third of all Directors are subject to retirement by rotation at
5
6/6
each Annual General Meeting (AGM) but shall be eligible for re-
6
5/6
election in line with the Listing Requirements of Bursa Malaysia.
7
6/6
Supply of Information to the Board
The above meetings were held in the Meeting Room located at
The Board members are supplied with required and timely
Tower 1, PETRONAS Twin Towers, Kuala Lumpur City Centre,
information which allows them to discharge their responsibilities
50088 Kuala Lumpur.
effectively and efficiently. Prior to each Board meeting, every
Director is given an agenda and a set of Board papers for each
Training
agenda item to be deliberated.
In compliance with the Listing Requirements of Bursa Malaysia,
all members of the Board have attended the required mandatory
Information provided to the Board goes beyond the quantitative
accreditation training programme.
performance data as it includes qualitative performances for
the Directors to obtain a holistic view on the issues deliberated.
Further, as an integral part of orientation and education programme
All Directors are entitled to call for additional clarification and
for new Directors, the Management provides them with a
information to be furnished to them for the purpose of assisting
comprehensive understanding of the operations of the Group
them in their decision making. In addition, in arriving at any decision
through briefings on its history, financial control systems, including
recommended by the Management a thorough deliberation and
site visits.
discussion by the Board is a prerequisite.
All Directors shall receive further training that may be required from
The Board is also updated by the Company Secretaries on new
time to time to keep them abreast with the current developments of
statutory and regulatory requirements concerning their duties and
the industry as well as the current changes in laws and regulations
responsibilities as and when necessary. All Directors have access
where appropriate.
50
Directors’ Fees
In addition to the Managing Director/Chief Executive Officer, other
With the exception of the Managing Director/Chief Executive
Management staff and executives have also been seconded from
Officer, all non-executive Directors are paid Director’s fees which
PETRONAS. Their training and succession planning are aligned to
are subsequently approved by the shareholders at the AGM based
the PETRONAS’ Human Resources Division. The Board ensures that
on the recommendations of the Board. For the year of review,
only appropriate personnel with the relevant skills and experience
breakdown of fees received by each Director is as listed:
are appointed to Management positions of the Company.
Details of Directors’ Fees
Shareholders and Investors
The Board values its dialogue with both institutional shareholders
Name of Directors
and private investors and recognises that timely and equal
Directors’
Fees
BAC Fees
Total
(RM)
(RM)
(RM)
60,000
0.00
60,000
0.00
0.00
0.00
36,000
12,000
48,000
36,000
8,400
44,400
36,000
7,000
43,000
36,000
0.00
36,000
36,000
7,000
43,000
Ibrahim bin Marsidi
Dato’ Kamaruddin
bin Mohd Jamal
Datuk Ainon Marziah
bt Wahi
TOTAL
240,000
34,400
and also an avenue for the Chairman and Board members to
respond personally to all queries and undertake to provide sufficient
clarification on issues and concerns raised by the shareholders.
Other than the forum of the AGM, the other medium of
communication between the Company and shareholders and/or
investors are as follows:
•
of PETRONAS, is seconded to the Company to undertake all
responsibilities of an Executive Director who is also the Managing
Director. In consideration for the above service, the Company is
required to pay a management fee to cover all payroll related
costs and benefits ordinarily incurred by him in the course of his
employment. During the year, the Company paid RM735,600 as
management fee.
Pursuant to Article 84 of the Company’s Articles of Association,
the Company also reimburses reasonable expenses incurred by
Directors where relevant, in the course of carrying out their duties
quarterly financial statements and annual reports;
announcements on major developments to the Bursa
Malaysia;
274,400
The Managing Director/Chief Executive Officer, an employee
as Directors.
The AGM is the principal forum of dialogue with the shareholders
•
Mohammad Medan
bin Abdullah
dissemination of relevant information be provided to them.
•
the Company’s general meetings;
•
the Company’s website at www.mymesra.com.my; and
•
discussions between the Managing Director/Chief Executive
Officer and the General Manager of Finance Services Division
with analysts/investors throughout the year.
Disclosures
The Board is fully committed in providing and presenting a true and
fair view of the financial performances and future prospects of the
Company in the industry. This is provided through the quarterly,
half yearly and annual financial statements as well as the Annual
Report.
The Board also recognises the need to fully disclose to shareholders
all major developments in relation to the Company on a timely
basis. In addition to the mandatory disclosures requirement by
Bursa Malaysia as well as other corporate disclosures, the Company
also maintains a website - www.mymesra.com.my - for access by
the public and shareholders.
51
The Company is committed to provide its shareholders and
Further, in accordance with prescribed best practices of Corporate
stakeholders the best services that it could offer. In realising its
Governance, the BAC hereby presents its report in pages 55 to 56
commitment, a Customer Service Center has been established as
of the Annual Report to the shareholders.
a communication link between its shareholders and stakeholders
with the Company either by phone, facsimile or e-mail via
Directors Nomination and Remuneration Committee
mesralink@petronas.com.my.
In cognisance of the recommendations of the Malaysian Code on
Corporate Governance, the Board has decided that the Board as a
While the Company endeavours to provide as much information as
whole will serve as the Nomination and Remuneration Committee.
possible to its shareholders and stakeholders, it must also be wary
No smaller committee is recommended as the Company believes
of the legal and regulatory framework governing the release of
that all members must be equally responsible for the duties of such
material and price-sensitive information. All corporate disclosures
committee as follows:
takes into account of the prevailing legislative restrictions and
requirements as well as the investors need for timely release of
price-sensitive information such as financial performance results and
•
to assess and recommend new Directors to the Board;
•
to review annually the mix of skills and experiences, and other
qualities to enable the Board to function completely and
statements, material acquisitions, significant corporate proposals as
efficiently;
well as other significant corporate events. In all circumstances, the
Group is cautious not to provide undisclosed material information
•
to implement formal appraisal process for the evaluation of the
about the Group and continually stresses on the importance of
effectiveness of the Board as a whole, the committees and the
timely and equal dissemination of information to shareholders and
individual contribution of each Board member; and
stakeholders.
•
to recommend to the Board the remuneration of all non-executive
Directors. Individual Directors do not participate in the discussion
C OM M I T T E E S
on their own remuneration.
In ensuring its effectiveness and realising its responsibilities to
The Board will deliberate on the above during the normal
its stakeholders generally and specifically to its shareholders, the
proceedings of the meeting of Directors.
Board has formed committees to efficiently discharge its duties and
responsibilities. These committees, members of which are amongst
the members of the Board itself, are delegated with specific powers
AC C O U N TA B I L I T Y A N D AU D I T
and responsibilities.
1. Financial Reporting
The Board aims to present a balanced and meaningful
Board Audit Committee
assessment of the Group’s financial performance, position and
The Board Audit Committee (BAC) is formed to operate within the
prospects, primarily through the annual financial statements,
clearly defined terms of reference as stated in pages 57 to 58 of
quarterly and half yearly announcement of results to the
the Annual Report. The BAC comprises of four (4) members, three
shareholders as well as the Chairman’s statement and review
(3) of which are independent and non-executive members whilst
of operations in the Annual Report. The Board is assisted by the
one (1) is a non-independent and non-executive member. Thus,
BAC to oversee the Group’s financial reporting processes and
ensuring the balance of roles and responsibilities within the BAC in
the quality of its financial reporting.
overseeing the financial efficiency and effectiveness of the Company
within the current financial year. The Chairman of the BAC reports
The Directors’ Responsibility Statement is enclosed in page 59
the outcome of its meetings to the Board and such reports are
of the Annual Report.
incorporated as part of the minutes of the Board meetings.
52
2. Internal Control
The Board acknowledges its overall responsibility for continuous
A D D I T I O N A L C OM P L I A N C E I N FO R M AT I O N
1. Non-Audit Fees
maintainance of a sound system of internal control to safeguard
The amount of non-audit fees paid and payable to the external
shareholders’ investment and the Group’s assets. This principle
auditors by the Company for the financial year ended 31 March
is further elaborated under Statement on Internal Control by
2007 was RM18,000.00 (RM37,000.00 for financial year ended
the Directors in pages 53 to 54 of the Annual Report.
31 March 2006).
3. Relationship with the Auditors
2. Sanctions
The external auditors, Messrs. KPMG Desa Megat & Co., have
During the financial year, there were no sanctions and/
continued to report to shareholders of the Company on their
or penalties imposed on the Company, Directors or
opinion which are included as part of the Group’s financial
Management by the relevant regulatory bodies.
reports with respect to their audit on each year’s statutory
financial statements. In so doing, the Company has established
3. Material Contracts
a transparent arrangement with the auditors to meet the
There was no material contract entered into or subsisting
auditors’ professional requirements. The auditors also highlight
between the Company and its Directors or substantial
to the BAC and the Board on matters that require the Board’s
shareholders during the financial year except as disclosed in the
attention.
annual account.
A summary of the activities of the BAC during the year, including
the evaluation of independent audit process, are set out in the
BAC Report on pages 55 to 56 of the Annual Report.
This statement is made in accordance with the resolution of the
Board of Directors dated 28 May 2007.
Chairman
Ibrahim bin Marsidi
Managing Director/Chief Executive Officer
53
INTRODUCTION
C O N T R O L ST R U C T U R E A N D E N V I R O N M E N T
The Malaysian Code on Corporate Governance requires Public
In furtherance to the Board’s commitment to maintain a sound system
Listed Companies to maintain a sound system of internal controls
of internal control, the Board continues to maintain and implement
to safeguard shareholders’ investments and Company assets.
a strong control structure and environment for the proper conduct
Under the provisions of the Bursa Malaysia Listing Requirements,
of the Group’s business operations as follows :
para 15.27(b), Directors of Public Listed Companies are required to
produce a statement on the state of the Company’s internal control
•
The Board meets at least quarterly and has set a schedule of
matters, which is required to be brought to its attention for
in their Annual Report.
discussion, thus ensuring that it maintains full and effective
supervision over appropriate controls. The Managing Director/
The Board continues with its commitment to maintain a sound system
Chief Executive Officer leads the presentation of board
of internal control throughout the Group and in compliance with
papers and provides comprehensive explanation of pertinent
Bursa Malaysia Listing Requirements and the Statement on Internal
issues. In arriving at any decision, on recommendation by the
Control: Guidance for Directors of Public Listed Companies (“Internal
Management, a thorough deliberation and discussion by the
Control Guidance”), the Board is pleased to provide the following
Board is a prerequisite. In addition, the Board is kept updated
statement which outlines the nature and scope of internal control
on the Group’s activities and its operations on a regular basis.
of the Group during the year in review.
•
The Managing Director/Chief Executive Officer reports to the
Board on significant changes in the business and external
BOARD RESPONSIBILIT Y
environments which affect risks. The General Manager of Finance
The Board acknowledges the importance of sound internal controls
Services Division provides the Board with quarterly financial
for good corporate governance. The system of internal control
information.
covers, inter alia, risk management and financial, organisational,
operational, project and compliance controls. The Board reaffirms its
•
responsibility and delegation of authority is in place. A process
overall responsibility for the Group’s systems of internal control, and
of hierarchical reporting has been established which provides
for reviewing the adequacy and integrity of those systems. It should
for a documented and auditable trail of accountability.
be noted, however, that such systems are designed to manage,
rather than eliminate, risk of failure to achieve corporate objectives.
An organisational structure with formally defined lines of
•
A documented delegation of authority with clear lines of
Inherently, it can only provide reasonable and not absolute assurance
accountability and responsibility serves as a tool of reference
against material misstatement or loss.
in identifying the approving authority for various transactions
including matters that require Board’s approval.
The Group has in place an on-going process for identifying,
evaluating, monitoring and managing significant risks that may
•
The Group performs annual budgeting and forecasting exercise
including development of business strategies for the next five
materially affect the achievement of corporate objectives. This
years, and the establishment of key performance indicators
process has been in place throughout the year under review up to
against which units within the Group can be evaluated. Variances
the date of this report, and this process is reviewed by the Board
against budget are analysed and reported internally on a monthly
and it accords with the Internal Control Guidance.
basis in MC meetings. On a quarterly basis, the variances are
reported to the Board. The Group’s strategic direction is also
reviewed annually through a rigorous assessment process taking
into account changes in market conditions and significant
business risks.
•
The Accounting Procedure Manuals define the policies and
procedures for day-to-day operations and act as guidelines
as to the proper measures to be undertaken in a given set of
circumstances.
54
RISK MANAGEMENT
I N T E R N A L AU D I T F U N C T I O N
The Risk Management Framework serves to manage and control
Internal audits are undertaken to provide independent assessments
significant risk exposures inherent in the Company’s business
on the adequacy, efficiency and effectiveness of the Group’s internal
operations. The scope of the framework covers the following
control systems in the assessment of potential risks exposures in
areas:
key business processes and in controlling the proper conduct of
business within the Group. The BAC has full and direct access to
•
Identifying principal risks and ensure the implementation of
internal auditors and the BAC receives reports on all internal audits
appropriate risk management framework and guidelines to
performed.
manage these risks;
The internal audit function of the Group is carried out by PETRONAS
•
Reviewing the adequacy and integrity of the Company’s internal
Group Internal Audit (GIA), a division in PETRONAS. One of the key
control systems and management information systems, including
objectives of GIA is to assist the Group in accomplishing its goals
systems for compliance with applicable laws, regulations, rules,
by bringing a systematic and disciplined approach to evaluating
directive and guidelines.
and improving the effectiveness of risk management, control and
governance processes within the Group. GIA maintained their
During the year, the Company had further reviewed and updated
impartiality, proficiency and due professional care by having its plans
the Company’s risk profile. The review had identified several new
and reports directly under the purview of the BAC.
risk events which have been presented to the MC, BAC and the
Board in August 2006 and February 2007. In order to validate some
The internal audit function reviews the internal controls in selected
of the controls that have been implemented, risk assessments were
key activities of the Group’s businesses on the basis of an annual
carried out at selected Company’s locations to check the effectiveness
internal audit plan which is presented to the BAC for approval.
of controls that were implemented and to recommend additional
controls as appropriate.
The BAC reviews audit reports and directs the Management for the
necessary corrective actions. The Management is responsible for
The Preparedness Plan covering the outbreak of Avian Influenza
ensuring that corrective actions are implemented accordingly.
and the effects of the Haze provides guidelines and directions for
mitigating any potential business disruptions.
During the year, risk awareness sessions have been conducted at
W E A K N E S S E S I N I N T E R N A L C O N T R O L S T H AT R E S U LT
I N M AT E R I A L L O S S E S
all Regional Offices and at the Company’s Corporate Head Office
There were no material losses incurred during the current
to communicate risk awareness. Emphasis has also been made to
financial year as a result of weaknesses of internal control. The
communicate the importance of credit risk management and the
Management continues to take measures to strengthen the control
roles and responsibilities of the Company’s staff in managing credit
environment.
risk exposures.
This statement is made in accordance with the resolution of the
The Company recognizes that effective risk management is an
Board of Directors dated 28 May 2007.
essential part of corporate governance. The Company shall strive to
manage risk effectively with a view to protect its personnel, assets
and stakeholders, ensure achievement of the business objectives and
enhance shareholder value.
Chairman
The Company shall continue to incorporate risk management
practices within its business processes and activities. The continual
monitoring of risk exposures and risk events shall be reported
periodically to the Management.
Ibrahim bin Marsidi
Managing Director/Chief Executive Officer
55
From Left: Dato’ Chew Kong Seng • Dr. R. Thillainathan • Dato’ Kamaruddin bin Mohd Jamal • Mohammad Medan bin Abdullah
The Board Audit Committee (BAC) is pleased to present the BAC
S U M M A R Y O F AC T I V I T I E S O F T H E B AC
Report for the year ended 31 March 2007 as follows:-
During the financial year, the BAC in discharging its duties and
functions as an independent entity within the Company, had held
MEMBERSHIP
Pursuant to a Board resolution passed on 3 March 1994, the BAC
was formed. Currently, the BAC comprises of four (4) Directors,
namely:1) Dato’ Chew Kong Seng (Chairman)
(Independent non-executive Director)
four (4) quarterly meetings. By invitation, the Managing Director/
Chief Executive Officer, Company Secretary, General Manager of
Finance Services Division, external and internal auditors were also
present during deliberations which require their inputs and advice.
AT T E N D A N C E R EC O R D O F B AC M E M B E R S
The attendance of the BAC members at the BAC meeting were as
follows:
2) Dr. R. Thillainathan
3) Dato’ Kamaruddin bin Mohd Jamal
4) Mohammad Medan bin Abdullah
No.
Name of BAC Member
Total Meetings
Attended by BAC Member
1
2
4/4
3
4/4
4
4/4
4/4
(Non-Independent non-executive Director)
The BAC is governed by the Terms of Reference as stipulated in pages
57 to 58 of the Annual Report. All the requirements under the Terms
of Reference were fully complied with and the BAC did not see any
The following activities were carried out by the BAC during the
financial year ended 31 March 2007:1)
reviewed the external auditors’ scope of work and audit plans
matter in breach of the Listing Requirements of Bursa Malaysia that
for the year. Prior to the audit, representatives from the external
warrants reporting to Bursa Malaysia.
auditors, presented their audit strategy and plan;
2)
reviewed with the external auditors the results of the audit,
the audit report and the Management Letter, including the
Management’s response;
56
3)
4)
5)
6)
consideration and recommendation to the Board for approval
governance practices and the prescribed corporate governance
of the audit fees payable to the external auditors as disclosed
principles and best practices under the Malaysian Code on
in Note 23 to the financial statements;
Corporate Governance.
reviewed the independence and objectivity of the external
auditors and the services provided;
I N T E R N A L AU D I T
reviewed the internal audit reports, which highlighted the audit
The Internal Audit function of the Group was carried out by the
issues, recommendations and the Management’s response.
Group Internal Audit Division of PETRONAS, the holding company.
Discussed with the Management, actions taken to improve the
They maintained their impartiality, proficiency and due professional
system of internal control based on improvement opportunities
care by having their plans and reports directly under the purview
identified in the internal audit reports;
of the BAC.
reviewed the Annual Report and the audited financial
statements of the Group prior to submission to the Board for
their consideration and approval. The review was to ensure that
the audited financial statements were drawn up in accordance
with the provisions of the Companies Act 1965 and the
applicable approved accounting standards;
7)
8)
assessments on the adequacy, efficiency and effectiveness of the
Group’s internal control systems in anticipating potential risks
and/or exposures over key business processes within the Company.
The BAC also has full access to internal auditors and received
reports on all audits performed.
reviewed the Company’s compliance in particular the quarterly
and year end financial statements with Listing Requirements
During the financial year, the internal auditors had carried out audits
of Bursa Malaysia, Malaysian Accounting Standards Board and
according to the internal audit plan which had been approved by
other relevant legal and regulatory requirements;
the BAC.
reviewed the quarterly unaudited financial results announcements
before recommending them for the Board’s approval. The review
and discussion were conducted with the General Manager of
Finance Services Division;
9)
The internal audits were undertaken to provide independent
reviewed the related party transactions entered into by the
The resulting reports from the audits undertaken were forwarded
to the Management for attention and necessary corrective actions
as recommended. The Management is responsible for ensuring that
corrective actions on reported weaknesses are taken within the
required time frame.
Company; and
10) reviewed the extent of the Company’s compliance with the
provisions set out under the Malaysian Code on Corporate
Governance for the purpose of preparing the Corporate
Governance Statement and Statement of Internal Control
pursuant to Listing Requirements of Bursa Malaysia.
Recommended to the Board action plans to address the
Chairman
identified gaps between the Group’s existing corporate
Board Audit Committee
57
Board Audit Committee’s Terms of Reference
In line with the best practices of Corporate Governance, both
MEETINGS
the Board and the Management recognises the importance of
•
Meetings shall be held not less than three (3) times a year;
•
A quorum shall be two (2) members, both being Independent
maintaining and ensuring that the BAC remains an independent
entity within the Company. An independent BAC ensures that in
Directors and one (1) of whom shall be the Chairman of the
performing its duties and functions, the checks and balances within
BAC;
the Board, the Management and the major shareholders are in place,
thus safeguarding the interest of public shareholders.
•
The external auditors have the right to appear and be heard at
any meeting of the BAC and shall appear before the BAC when
required to do so. As such, the external auditors may request a
C OM P O S I T I O N
The members of the BAC shall be appointed by the Board from
meeting if they consider it necessary;
•
At least once a year, the BAC shall meet with external auditors
amongst their number and shall consist of not less than three (3)
without any Executive Director present. The Chairman of the
members of whom the majority shall be Independent Directors. An
BAC shall convene a meeting of the Committee to consider any
Independent Director shall be one who fulfils the requirement as
matter which the external auditors believe should be brought to
provided in the Listing Requirements of Bursa Malaysia.
At least one (1) member of the BAC:1)
must be a member of the Malaysian Institute of Accountants
(MIA); or
2)
the attention of the Directors or shareholders;
•
The Company Secretaries shall be the Secretary of the BAC;
and
•
The Secretaries shall draw up an agenda, which shall be circulated
together with the relevant supporting papers, at least one (1)
if he is not a member of the MIA, he must have at least three
week prior to each meeting to the members of the BAC.
(3) years working experience and:a)
he must have passed the examinations specified in Part I
of the 1st Schedule of the Accountants Act 1967; or
b)
he must be a member of one of the associations of
accountants specified in Part II of the 1st Schedule of the
Accountants Act 1967; or
3)
REPORTING PROCEDURES
•
The Secretaries shall circulate the minutes of meetings to all
members of the BAC; and
•
The Secretaries shall ensure that the minutes of the meetings be
duly entered in the books provided thereof.
fulfills such other requirements as prescribed by Bursa
Malaysia.
AU T H O R I T Y
The members of the BAC shall elect a Chairman from amongst their
The BAC is authorised by the Board to investigate any activity within
number who shall be an Independent Director.
its Terms of Reference. It is authorised to seek any information
it requires from any employee and all employees are directed to
If a member of the BAC resigns, dies or for any other reason ceases
cooperate with any request made by the BAC.
to be a member with the result that the number of members is
reduced below three (3), the Board shall within three (3) months of
The BAC shall have the resources that are required to perform
that event, appoint such number of new members as may be required
its duties. The BAC can obtain, at the expense of the Group,
to make up the minimum number of three (3) members. No alternate
external legal or other independent professional advice it considers
Director can be appointed as a member of the BAC.
necessary.
58
Board Audit Committee’s Terms of Reference
DUTIES AND FUNCTIONS
5)
to discuss problems and reservations arising from the interim
and final audits, and matters the auditors may wish to discuss
The duties and functions of the BAC are:-
(in the absence of Management where necessary);
1)
to consider the appointment of the external auditors, the audit
fee and any question of resignation or dismissal of the external
6)
to review the internal audit programme, consider the major
findings of internal audits and Management’s response,
auditors before making recommendation to the Board;
and ensure coordination between the internal and external
2)
to discuss with the external auditors before the audit
auditors;
commences on the nature and scope of the audit, and ensure
coordination where more than one audit firm is involved;
7)
to review any related party transactions and conflict of
interest situation that may arise in the Company including
3)
to review with the Management and the external auditors the
any transaction, procedure or course of conduct that raises
financial results and statements prior to approval by the Board,
questions of Management integrity;
focusing particularly on:-
4)
•
any change in accounting policies and practices;
•
significant and unusual events;
•
major judgmental areas;
•
significant adjustments resulting from the audit;
•
the going concern assumption;
•
compliance with accounting standards; and
•
compliance with Bursa Malaysia and legal requirements.
8)
to keep under review the effectiveness of internal control
systems and the internal and/or external auditors’ evaluation
of these systems and in particular review the external auditors’
Management Letter and Management’s response;
9)
to review the audit reports;
10) to direct and where appropriate supervise any special project
or investigation considered necessary;
to arrange for periodic reports from Management, the external
11) to prepare periodic reports to the Board summarising the work
auditors and the internal auditors to assess the impact of
performed in fulfilling the BAC’s primary responsibilities; and
significant regulatory changes, and accounting or reporting
developments proposed by accounting and other bodies, or
any significant matters that may have a bearing on the annual
examination;
12) to consider other topics, as defined.
59
Statement of Directors’ Responsibility
IN RELATION TO THE FINANCIAL STATEMENTS
The financial statements as set out on pages 67 to 99 of the Group, are properly drawn up so as to give a true and fair view of the state of
affairs of the Group as at 31 March 2007 and of the results of its operations and cash flows for the year ended on that date.
The Directors consider that in preparing the financial statements:•
the Group has used appropriate accounting policies and are consistently applied;
•
reasonable and prudent judgements and estimates were made; and
•
all applicable approved accounting standards in Malaysia have been followed.
The Directors are also responsible for ensuring that the accounting and other records and registers required by the Companies Act, 1965
to be kept by the Group have been properly kept in accordance with the provisions of the said Act.
The Directors also have general responsibilities for taking such steps that are reasonably available to them to safeguard the assets of the
Group, and to prevent and detect fraud and other irregularities.
60
The Group achieved another record performance
for financial year 2006/07 with a 26% surge
in net profit amounting to RM647 million.
61
Financial Statements
62
Directors’ Report
65
Statement by Directors
65
Statutory Declaration
66
Report of the Auditors to the Members
67
Consolidated Balance Sheet
68
Consolidated Income Statement
69
Consolidated Statement of Changes in Equity
70
Consolidated Cash Flow Statement
71
Balance Sheet
72
Income Statement
73
Statement of Changes in Equity
74
Cash Flow Statement
75
Notes to the Financial Statements
62
Directors’ Report
FOR THE YEAR ENDED 31 MARCH 2007
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the
financial year ended 31 March 2007.
P R I N C I PA L AC T I V I T I E S
The principal activities of the Company in the course of the financial year remain unchanged and consist of the domestic marketing of
petroleum products and the operation of service stations.
The principal activities of its subsidiary and associates are described in Notes 33 and 34 to the financial statements respectively. There have
been no changes in the principal activities during the financial year.
R E S U LTS
Group
RM’000
Profit for the year
Company
RM’000
646,639
629,029
640,307
629,029
6,332
–
646,639
629,029
Attributable to:
Shareholders of the Company
Minority interest
DIVIDENDS
Since the end of the previous financial year, the Company paid:
(i)
as proposed in last year’s report, a final dividend of 15% less 28% tax amounting to RM107,293,032 in respect of the financial year
ended 31 March 2006 on 8 September 2006.
(ii)
an interim dividend of 10% less 28% tax amounting to RM71,528,688 in respect of the financial year ended 31 March 2007 on
28 December 2006.
The Directors propose a final dividend of 20% less 27% tax amounting to RM145,044,284 in respect of the financial year ended 31 March
2007 which has not been accounted for in the financial statements.
RESERVES AND PROVISIONS
There were no material movements to and from reserves and provisions during the year other than as disclosed in the Financial
Statements.
D I R EC TO R S O F T H E C OM PA N Y
Directors who served since the date of the last report are:
Datuk Anuar bin Ahmad – Chairman
Ibrahim bin Marsidi – Managing Director/CEO
Datuk Ainon Marziah binti Wahi
63
Directors’ Report
D I R EC TO R S O F T H E C OM PA N Y ( C O N T ’ D )
In accordance with Article 93 of the Company’s Articles of Association, Datuk Anuar bin Ahmad and Dato’ Kamaruddin bin Mohd Jamal
retire by rotation from the Board at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.
D I R EC TO R S ’ I N T E R E STS
The Directors in office at the end of the financial year who have interests in the shares of the Company and of its related corporations as
recorded in the Register of Directors’ Shareholdings are as follows:
Number of Shares in the Company
Name
Balance at
1.4.2006
Bought
Sold
Balance at
31.3.2007
2,000
–
–
2,000
2,000
–
–
2,000
Number of Shares in PETRONAS Gas Berhad
Name
Balance at
1.4.2006
5,000
Bought
Sold
–
–
Balance at
31.3.2007
5,000
None of the other Directors holding office at 31 March 2007 had any interest in the ordinary shares of the Company and of its related
corporations during the financial year.
D I R EC TO R S ’ B E N E F I TS
Since the end of the previous financial year, no Director of the Company has received or become entitled to receive any benefit (other
than the benefit included in the aggregate amount of emoluments received or due and receivable by Directors as shown in the financial
statements or the fixed salary of a full time employee of a related corporation) by reason of a contract made by the Company or a related
corporation with the Director or with a firm of which the Director is a member, or with a company in which the Director has a substantial
financial interest.
There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the Company to
acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.
ISSUE OF SHARES
There were no changes in the issued and paid up capital of the Company during the financial year.
OPTIONS GRANTED OVER UNISSUED SHARES
No options were granted to any person to take up unissued shares of the Company during the financial year.
64
Directors’ Report
OT H E R STAT U TO R Y I N FO R M AT I O N
Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertain that:
(i)
all known bad debts have been written off and adequate provision made for doubtful debts, and
(ii)
all current assets have been stated at the lower of cost and net realisable value.
At the date of this report, the Directors are not aware of any circumstances:
(i)
that would render the amount written off for bad debts, or the amount of the provision for doubtful debts, in the Group and in the
Company inadequate to any substantial extent, or
(ii)
that would render the value attributed to the current assets in the Group and in the Company’s financial statements misleading,
or
(iii)
which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company
misleading or inappropriate, or
(iv)
not otherwise dealt with in this report or the financial statements, that would render any amount stated in the financial statements
of the Group and of the Company misleading.
At the date of this report, there does not exist:
(i)
any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and which secures the
liabilities of any other person, or
(ii)
any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.
No contingent liability or other liability of the Group or of the Company has become enforceable, or is likely to become enforceable within
the period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the
ability of the Group and of the Company to meet their obligations as and when they fall due.
In the opinion of the Directors, except for the effects arising from the change in accounting policies as disclosed in the financial statements,
the results of the operations of the Group and of the Company for the financial year ended 31 March 2007 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.
AU D I TO R S
The auditors, Messrs KPMG Desa Megat & Co., have indicated their willingness to accept re-appointment.
Signed in accordance with a resolution of the Directors:
DATUK ANUAR BIN AHMAD
Kuala Lumpur,
28 May 2007
IBRAHIM BIN MARSIDI
65
Statement by Directors
In the opinion of the Directors, the financial statements set out on pages 67 to 99, are drawn up in accordance with the applicable approved
accounting standards for entities other than private entities issued by the Malaysian Accounting Standards Board (MASB) and the provisions
of the Companies Act, 1965 so as to give a true and fair view of the state of affairs of the Group and of the Company at 31 March 2007
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:
DATUK ANUAR BIN AHMAD
IBRAHIM BIN MARSIDI
Kuala Lumpur,
28 May 2007
Statutory Declaration
I, AZMI BIN YAHAYA, the officer primarily responsible for the financial management of PETRONAS DAGANGAN BERHAD, do solemnly and
sincerely declare that the financial statements set out on pages 67 to 99, are to the best of my knowledge and belief, correct and I make this
solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the abovenamed
AZMI BIN YAHAYA at KUALA LUMPUR in
WILAYAH PERSEKUTUAN on 28 May 2007.
BEFORE ME:
Commissioner for Oaths
66
Report of the Auditors to the Members
We have audited the financial statements set out on pages 67 to 99. The preparation of the financial statements is the responsibility of
the Company’s Directors.
It is our responsibility to form an independent opinion, based on our audit, on the financial statements and to report our opinion to you,
as a body, in accordance with Section 174 of the Companies Act, 1965 and for no other purpose. We do not assume responsibility to any
other person for the content of this report.
We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by the Directors, as well as evaluating the overall financial statements
presentation. 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 applicable approved
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 March 2007 and of the results of their operations and cash flows
for 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 Group
and 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 its subsidiary
have been properly kept in accordance with the provisions of the said Act.
We are satisfied that the financial statements of the subsidiary that have been consolidated with the Company’s financial statements are
in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we have
received satisfactory information and explanations required by us for those purposes.
The audit report on the financial statements of the subsidiary was not subject to any qualification and did not include any comment made
under sub section (3) of Section 174 of the Act.
KPMG DESA MEGAT & CO.
JOHAN IDRIS
Firm Number: AF 0759
Partner
Chartered Accountants
Approval Number: 2585/10/08(J)
Kuala Lumpur,
28 May 2007
67
Consolidated Balance Sheet
AT 31 MARCH 2007
Note
2007
RM’000
Restated
2006
RM’000
ASSETS
Property, plant and equipment
3
3,086,920
Investment in associates
5
4,641
3,718
Long term receivables
6
281,827
247,622
Goodwill
7
TOTAL NON-CURRENT ASSETS
2,852,818
24,874
26,349
3,398,262
3,130,507
Inventories
8
477,650
605,447
Trade and other receivables
9
2,096,976
1,968,921
Cash and cash equivalents
14
544,013
466,006
TOTAL CURRENT ASSETS
3,118,639
3,040,374
TOTAL ASSETS
6,516,901
6,170,881
EQUITY
Share capital
15
993,454
993,454
Reserves
16
2,494,370
2,032,884
3,487,824
3,026,338
55,034
49,458
3,542,858
3,075,796
Total equity attributable to shareholders of the Company
Minority interest
17
TOTAL EQUITY
LIABILITIES
Borrowings
18
–
5,280
Deferred tax
20
102,642
93,676
Provisions
21
28,309
28,253
130,951
127,209
2,865,859
TOTAL NON-CURRENT LIABILITIES
Trade and other payables
22
2,716,861
Borrowings
18
5,280
10,031
120,951
91,986
TOTAL CURRENT LIABILITIES
2,843,092
2,967,876
TOTAL LIABILITIES
2,974,043
3,095,085
TOTAL EQUITY AND LIABILITIES
6,516,901
6,170,881
Taxation
The notes set out on pages 75 to 99 form an integral part of, and, should be read in conjunction with, these financial statements.
68
Consolidated Income Statement
Note
2007
RM’000
Restated
2006
RM’000
Revenue
– sales of petroleum products
– rendering of services
19,481,751
16,550,246
14,609
17,670
19,496,360
16,567,916
Cost of sales
(17,787,386)
(15,133,666)
Gross profit
1,708,974
1,434,250
Selling and distribution expenses
(233,141)
(172,538)
Administration expenses
(633,063)
(591,226)
Other operating income
Operating profit
23
Financing costs
24
Share of net profit of associates
54,940
725,426
(721)
923
Profit before taxation
Tax expense
60,226
902,996
25
PROFIT FOR THE YEAR
(1,485)
729
903,198
724,670
(256,559)
(213,500)
646,639
511,170
640,307
504,722
6,332
6,448
646,639
511,170
Attributable to:
Shareholders of the Company
Minority interest
PROFIT FOR THE YEAR
Dividends per ordinary share – net
26
21.8 sen
14.4 sen
Earnings per ordinary share – basic
27
64.5 sen
50.8 sen
69
Consolidated Statement of Changes in Equity
Note
2007
RM’000
2006
RM’000
993,454
993,454
2,048,743
1,650,072
Non-distributable:
Share capital
Balance at 1 April/31 March
15
Distributable:
Unappropriated profits
Balance at 1 April (as previously reported)
Prior year adjustments in respect of provision
for dismantling, removal and restoration costs
(15,859)
As restated
2,032,884
Profit for the year
Dividends
26
Balance at 31 March
(14,617)
1,635,455
640,307
504,722
(178,821)
(107,293)
2,494,370
2,032,884
Balance at 1 April
49,458
43,577
Profit for the year
6,332
6,448
Minority interest
Dividends
Balance at 31 March
TOTAL EQUITY
(756)
17
(567)
55,034
49,458
3,542,858
3,075,796
70
Consolidated Cash Flow Statement
2007
RM’000
2006
RM’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers
Cash paid to suppliers and employees
Taxation paid
Net cash generated from operating activities
19,173,311
16,393,171
(18,205,742)
(15,653,130)
967,569
740,041
(218,628)
(132,514)
748,941
607,527
16,202
14,056
(446,259)
(430,768)
(49,737)
(67,988)
1,047
1,772
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income from deposits with financial institutions
Purchase of property, plant and equipment
Prepaid rental of service station sites
Proceeds from sales of property, plant and equipment
Net cash used in investing activities
(478,747)
(482,928)
(10,031)
(9,593)
(2,579)
(3,019)
(178,821)
(107,293)
(756)
(567)
(192,187)
(120,472)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of Al-Bai’ Bithaman Ajil long term facility
Profit share margin paid
Dividends paid to shareholders
Dividends paid to minority interests of a subsidiary
Net cash used in financing activities
NET INCREASE IN CASH AND CASH EQUIVALENTS
78,007
4,127
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR
466,006
461,879
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
544,013
466,006
CASH AND CASH EQUIVALENTS (Note 14)
Cash and bank balances
206,669
40,716
Deposits
337,344
425,290
544,013
466,006
71
Balance Sheet
AT 31 MARCH 2007
Note
2007
RM’000
Restated
2006
RM’000
ASSETS
3
2,984,742
2,740,333
Investment in subsidiary
4
59,475
59,475
Investment in associates
5
1,425
1,425
Long term receivables
6
281,827
247,622
Goodwill
7
24,874
26,349
3,352,343
3,075,204
TOTAL NON-CURRENT ASSETS
Inventories
8
477,096
604,924
Trade and other receivables
9
2,094,468
1,964,028
Cash and cash equivalents
14
444,948
385,676
TOTAL CURRENT ASSETS
3,016,512
2,954,628
TOTAL ASSETS
6,368,855
6,029,832
993,454
993,454
EQUITY
Share capital
15
Reserves
16
TOTAL EQUITY
2,448,531
1,998,323
3,441,985
2,991,777
LIABILITIES
Deferred tax
20
82,286
73,376
Provisions
21
28,309
28,253
110,595
101,629
2,697,323
2,844,565
118,952
91,861
TOTAL CURRENT LIABILITIES
2,816,275
2,936,426
TOTAL LIABILITIES
2,926,870
3,038,055
TOTAL EQUITY AND LIABILITIES
6,368,855
6,029,832
TOTAL NON-CURRENT LIABILITIES
Trade and other payables
Taxation
22
72
Income Statement
Note
Revenue
2007
RM’000
Restated
2006
RM’000
19,481,751
16,550,246
Cost of sales
(17,804,109)
(15,149,818)
Gross profit
1,677,642
1,400,428
Selling and distribution expenses
(233,141)
(172,538)
(623,493)
(580,296)
Other operating income
58,540
54,329
879,548
701,923
Operating profit
23
Financing costs
24
(239)
879,309
701,361
25
(250,280)
(207,613)
629,029
493,748
21.8 sen
14.4 sen
Tax expense
PROFIT FOR THE YEAR
Dividends per ordinary share – net
26
(562)
73
Statement of Changes in Equity
Note
2007
RM’000
2006
RM’000
993,454
993,454
2,014,182
1,626,485
Non-distributable:
Share capital
Balance at 1 April/31 March
15
Distributable:
Balance at 1 April (as previously reported)
Prior year adjustments in respect of provision
for dismantling, removal and restoration costs
(15,859)
As restated
1,998,323
Profit for the year
Dividends
26
(14,617)
1,611,868
629,029
493,748
(178,821)
(107,293)
Balance at 31 March
2,448,531
1,998,323
TOTAL EQUITY
3,441,985
2,991,777
74
Cash Flow Statement
2007
RM’000
2006
RM’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers
Cash paid to suppliers and employees
19,156,478
16,375,468
(18,226,051)
(15,675,268)
930,427
700,200
(214,279)
(131,839)
716,148
568,361
12,192
11,814
(443,717)
(421,626)
(49,737)
(67,988)
Proceeds from sale of property, plant and equipment
1,047
1,772
Dividends received
2,160
1,731
Taxation paid
Net cash generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Interest income from deposits with financial institutions
Purchase of property, plant and equipment
Net cash used in investing activities
(478,055)
(474,297)
Dividends paid
(178,821)
(107,293)
Net cash used in financing activity
(178,821)
(107,293)
59,272
(13,229)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR
385,676
398,905
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
444,948
385,676
CASH FLOWS FROM FINANCING ACTIVITY
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS (Note 14)
206,264
40,146
Deposits
238,684
345,530
444,948
385,676
75
31 MARCH 2007
1.
B A S I S O F P R E PA R AT I O N
(i)
Statement of Compliance
The financial statements of the Group and of the Company have been prepared in accordance with applicable approved
accounting standards for entities other than private entities issued by the Malaysian Accounting Standards Board (MASB) and
the provisions of the Companies Act, 1965. These financial statements also comply with the applicable disclosure provisions
of the Listing Requirements of Bursa Malaysia Securities Berhad.
The MASB has issued the following new and revised Financial Reporting Standards (FRSs) that are effective for accounting
periods beginning after 1 January 2006 or available for early adoption.
The effects of adopting the new/revised FRSs in the current year are set out in Note 28 and Note 36.
In this set of financial statements, the Group and Company has not chosen to early adopt the following FRSs:
(i)
FRS 117, Leases – This FRS is effective for accounting periods beginning on or after 1 October 2006. By virtue of the
exemption in paragraph 67B of FRS 117, the impact of applying FRS 117 on the financial statements upon first adoption
of this standard as required by paragraph 30(b) of FRS 108, Accounting Policies, Changes in Accounting Estimates and
Errors is not disclosed;
(ii)
FRS 124, Related Party Disclosures – This FRS is effective for accounting periods beginning on or after 1 October 2006.
By virtue of the exemption in paragraph 22A of FRS 124, the impact of applying FRS 124 on the financial statements
upon first adoption of this standard as required by paragraph 30(b) of FRS 108 is not disclosed;
(iii)
FRS 139, Financial Instruments: Recognition and Measurement – This FRS has been issued by the MASB but the MASB
has yet to announce the effective date of this standard. By virtue of the exemption in paragraph 103AB of FRS 139, the
impact of applying FRS139 on the financial statements upon first adoption of this standard as required by paragraph
30(b) of FRS 108 is not disclosed;
(iv)
Amendment to FRS 1192004, Employee Benefits: Actuarial Gain and Losses Group Plans and Disclosures – Certain
amendments made to FRS 1192004 are effective for accounting periods beginning on or after 1 January 2007. The
adoption of these amendments does not have any impact on the financial statements of the Group and of the Company
in the period of initial application.
On 15 August 2006, the MASB issued FRS 6, Exploration for and Evaluation of Mineral Resources. This FRS is effective for
accounting periods beginning on or after 1 January 2007. This FRS is not applicable to the Group and the Company.
On 15 February 2007, the MASB issued the following amendments to FRS and interpretations (ICs) for entities other than
private entities:
(i)
Amendments to FRS 121, The Effects of Changes in Foreign Exchange Rates – Net Investment in a Foreign
Operation;
(ii)
IC Interpretation 1, Changes in Existing Decommissioning, Restoration and Similar Liabilities;
(iii)
IC Interpretation 2, Members’ Shares in Co-operative Entities and Similar Instruments;
(iv)
IC Interpretation 5, Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds;
(v)
IC Interpretation 6, Liabilities arising from Participating in a Specific Market – Waste Electrical and Electronic
Equipment;
(vi)
IC Interpretation 7, Applying the Restatement Approach under FRS 1292004 Financial Reporting in Hyperinflationary
Economics; and
(vii)
IC Interpretation 8, Scope of FRS 2 Share-based payments.
76
31 MARCH 2007
1.
B A S I S O F P R E PA R AT I O N ( C O N T ’ D )
(i)
Statement of Compliance (Cont’d)
The above amendments to FRS and ICs are effective for accounting periods beginning on or after 1 July 2007. The initial
application of the IC Interpretation 1 does not have any significant impact on the financial statements of the Group and of
the Company. The amendments to FRS and other ICs as issued above are not applicable to the Group and the Company.
The Group and the Company plans to apply FRS 117, FRS 124, Amendments to FRS 1192004 and IC Interpretation 1 initially
for the annual period beginning 1 April 2007.
The accounting policies set out below have been applied consistently to all periods presented in these financial statements,
and have been applied consistently by Group entities, unless otherwise stated.
The financial statements were approved and authorised for issue by Board of Directors on 28 May 2007.
(ii)
Basis of Measurement
The financial statements have been prepared on the historical cost basis, unless otherwise stated.
(iii)
Functional and Presentation Currency
The financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functional currency.
(iv)
Use of Estimates and Judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect
the application of accounting policies and the reported amount of assets, liabilities, income and expenses. Actual results may
differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgements in applying accounting
policies that have the most significant effect on the amount recognised in the financial statements are described in Note 21Provisions.
2.
S I G N I F I C A N T AC C O U N T I N G P O L I C I E S
2.1
Basis of Consolidation
Subsidiaries are entities controlled by the Company. Control exists when the Company has the power 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 control
commences until the date that control ceases.
Investment in subsidiary is stated in the Company’s balance sheet at cost less impairment losses.
All inter-company transactions are eliminated on consolidation and revenue and profits relate to external transactions only.
Unrealised losses resulting from intercompany transactions are also eliminated unless cost cannot be recovered.
77
31 MARCH 2007
2.
S I G N I F I C A N T AC C O U N T I N G P O L I C I E S ( C O N T ’ D )
2.1
Basis of Consolidation (Cont’d)
Minority interests at the balance sheet date, being the portion of the net assets of subsidiaries attributable to equity interests
that are not owned by the Company, are presented in the consolidated balance sheet and statement of changes in equity
within equity, separately from equity attributable to the equity shareholders of the Company. Minority interests in the results
of the Group are presented on the face of the consolidated income statement as an allocation of the total profit or loss for
the year between minority interests and the equity shareholders of the Company.
Where losses applicable to the minority exceed the minority’s interest in the equity of a subsidiary, the excess, and any further
losses applicable to the minority, are charged against the Group’s interest except to the extent that the minority has a binding
obligation to, and is able to, make additional investment to cover the losses. If the subsidiary subsequently reports profits,
the Group’s interest is allocated all such profits until the minority’s share of losses previously absorbed by the Group has been
recovered.
2.2
Goodwill
Goodwill or negative goodwill arises on the acquisition of subsidiaries, associates and joint ventures.
For acquisitions prior to 1 April 2006, goodwill represents the excess of the cost of acquisition over the fair value of the
identifiable assets acquired.
Prior to adoption of FRS 3, goodwill was measured at cost less accumulated amortisation and accumulated impairment losses,
if any. It was amortised from the date of initial recognition over the unexpired lease term.
With the adoption of FRS 3 beginning 1 April 2006, goodwill represents the excess of the cost of the acquisition over the
Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree.
Goodwill is measured at cost and is no longer amortised but tested for impairment at least annually or more frequently when
there is objective evidence of impairment. Goodwill is allocated to cash-generating units.
2.3
Associates
Associates are entities in which the Company has significant influence, but not control, including representation on the Board
of Directors, over the financial and operating policies.
Associates are accounted for in the consolidated financial statements using the equity method. The consolidated financial
statements include the Company’s share of post-acquisition profits or losses after adjustments to align the accounting policies
with those of the Company from the date that significant influence commences until the date that significant influence
ceases. The Company’s share of post-acquisition reserves and retained profits less losses is added to the carrying value of
the investment in the consolidated balance sheet. These amounts are taken from the latest audited financial statements or
management financial statements of the associates.
Unrealised profits arising on transactions between the Company and its associates are eliminated to the extent of the
Company’s interests in the associates. Unrealised losses on such transaction are also eliminated partially, unless cost cannot
be recovered.
78
31 MARCH 2007
2.
2.3
Associates (Cont’d)
When the Group’s share of losses exceeds its interest in an equity accounted associate, the carrying amount of that interest
(including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the
extent that the Group has an obligation or has made payments on behalf of the investee.
Investments in associates are stated in the Company’s balance sheet at cost less impairment losses.
2.4
Prepaid Rental
Prepaid rental of service station sites is accounted for as Long Term Receivables. The prepayments are expensed off on a
straight-line basis over the period of the agreements.
2.5
Property, Plant and Equipment and Depreciation
Freehold land and projects-in-progress are stated at cost and are not depreciated. Other property, plant and equipment are
stated at cost less accumulated depreciation and accumulated impairment losses, if any.
Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets
includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to working condition
for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located.
Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as
separate items (major components) of property, plant and equipment.
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it
is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured
reliably. The net book value of the replaced item of property, plant and equipment is derecognised with any corresponding
gain or loss recognised in the income statement accordingly. The costs of the day-to-day servicing of property, plant and
equipment are recognised in the income statement as incurred.
Depreciation for property, plant and equipment other than freehold land and projects-in-progress is recognised in the income
statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment.
Buildings are depreciated over its useful life or over the remaining land lease period, whichever is shorter.
Leasehold land and lease properties are depreciated over the lease period of 8 to 999 years.
The estimated useful lives for the current and comparative periods are as follows:
Plant, machinery, tankage and pipeline
Office equipment, furniture and fittings
Motor vehicles
Computer software and hardware
3 – 20 years
5 – 6.7 years
4 years
5 years
The depreciable amount is determined after deducting the residual value.
Depreciation methods, useful lives and residual values are reassessed at the reporting date.
Property, plant and equipment individually costing less than RM5,000 are expensed off in the year of purchase.
79
31 MARCH 2007
2.
2.6
Impairment
The carrying amount of assets, other than inventories (refer to Note 2.7), deferred tax assets (refer to Note 2.10) and financial
assets (financial assets in this context exclude investments in subsidiary and associates), are reviewed at each balance sheet
date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount
is estimated. An impairment loss is recognised whenever the carrying amount of an asset or the cash-generating unit to which
it belongs exceeds its recoverable amount. Impairment losses are recognised in the income statement. A cash generating unit
is the smallest identifiable asset group that generates cash flows that are largely independent from other assets and groups.
The recoverable amount is the greater of the asset’s fair value less cost to sell and its value in use. In assessing the value in use,
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. For asset that does not generate largely independent
cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.
An impairment loss in respect of goodwill is not reversed unless the loss was caused by a specific external event of an exceptional
nature that is not expected to recur and subsequent external events have occurred that reverse the effect of the event. In respect
of other assets, impairment losses are reversed if there has been a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
Reversals of impairment losses are credited to the income statement in the year in which the reversals are recognised.
2.7
Inventories
Inventories are stated at the lower of cost and net realisable value. The cost of inventories includes direct costs and transportation
charges necessary to bring the inventories to their present locations and condition and is determined on the weighted average
basis.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion
and selling expenses.
2.8
Trade and Other Receivables
Trade and other receivables are stated at cost less allowance for doubtful debts. Receivables are not held for the purpose of
trading.
2.9
Employee Benefits
(i)
Short term benefits
Wages and salaries, bonuses and social security contributions are recognised as an expense in the year in which the
associated services are rendered by employees of the Company.
(ii)
Defined contribution plans
As required by law, companies in Malaysia make contributions to the state pension scheme, the Employees Provident
Fund (“EPF”). Obligations for contributions to defined contribution plans are recognised as an expense in the income
statement as incurred.
80
31 MARCH 2007
2.
2.9
Employee Benefits (Cont’d)
(iii)
Defined benefit plans
The Company contributes monthly to the PETRONAS Retirement Benefit Fund (“PETRONAS Fund”). The retirement
benefit plan is a funded defined benefit plan.
Contributions to the PETRONAS Fund are based on eligible employees’ monthly emoluments less statutory contribution,
to finance the retirement benefits payable to eligible employees. The monthly maximum tax allowable contribution
is paid to the PETRONAS Fund by the Company. The excess is paid by the Company to a special account in Petroliam
Nasional Berhad, the holding company, as a provision for retirement benefits.
As the eligible members of the PETRONAS Fund are contracted to the holding company, any shortfall of the Fund will
be borne by the holding company. The Company has agreed with the Trustees of the Fund to undertake such liability
in respect of future contributions to the Fund which may be adjusted by the Trustees to recover such shortfall.
Actuarial valuation of the PETRONAS Fund is conducted by an independent actuary at regular intervals. The last valuation
performed for the Fund was on 31 March 2007.
2.10 Taxation
Tax on the profit and loss for the year comprises current and deferred tax. Income tax is recognised in the income statement
except to the extent it relates to items recognised directly in equity, in which case it is recognised in equity.
(i)
Current tax
Current tax expense is the expected tax payable on the taxable income for the year, using the statutory tax rates at the
balance sheet date, and any adjustment to tax payable in respect of previous years.
(ii)
Deferred tax
Deferred tax is provided for, using the balance sheet method, on temporary differences at the balance sheet date between
the tax bases of assets and liabilities and their carrying amounts in the financial statements. In principle, deferred tax
liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible
temporary differences, unabsorbed capital allowances, unused tax losses and unused tax credits to the extent that it
is probable that future taxable profit will be available against which the deductible temporary differences, unabsorbed
capital allowances, unused tax losses and unused tax credits can be utilised.
Deferred tax is not recognised if the temporary difference arises from goodwill or negative goodwill or from the initial
recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction,
affects neither accounting profit nor taxable profit.
Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the
liability is settled, based on statutory tax rates at the balance sheet date.
Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that
the related tax benefit will be realised.
81
31 MARCH 2007
2.
2.11 Cash and Cash Equivalents
Cash and cash equivalents consist of cash on hand, balances and deposits with financial institutions.
2.12 Provisions
A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that be can
be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions
are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The amount recognised as a provision is the best estimate of the
expenditure required to settle the present obligation at the balance sheet date. Provisions are reviewed at each balance sheet
date and adjusted to reflect the current best estimate.
In particular, information about provisions that have the most significant effect on the amount recognised in the financial
statements are described in Note 21.
2.13 Liabilities
Borrowings and other payables are stated at cost.
2.14 Revenue
Revenue from sale of petroleum products is measured at the fair value of the consideration receivable and is recognised in
the income statement when the significant risks and rewards of ownership have been transferred to the buyer.
Revenue from services rendered is recognised in the income statement based on the value of services performed and invoiced
to customers during the period.
2.15 Financing Cost
Financing cost comprises profit share margin on Islamic debt facility and unwinding of discount for provision of dismantling,
removal and restoration costs.
2.16 Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing
the profit and loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares
outstanding during the period. Diluted EPS is determined by adjusting the profit and loss attributable to ordinary shareholders
and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which
comprise convertible notes and share options granted to employees.
82
31 MARCH 2007
3.
P R O P E R T Y , P L A N T A N D EQ U I P M E N T
At
1.4.2006
RM’000
Group
Additions
RM’000
Disposals/
Write-offs
RM’000
Transfers
RM’000
At
31.3.2007
RM’000
At cost
Freehold land
500,595
–
–
106,109
606,704
Leasehold land – long lease
245,462
–
(626)
41,618
286,454
– short lease
40,897
–
–
(3,128)
37,769
Buildings
1,261,695
–
(2,742)
174,180
1,433,133
1,018,445
31,157
(21,914)
118,282
1,145,970
122,495
542
(1,776)
36,148
157,409
29,029
975
(11)
7,773
37,766
Computer hardware and software
306,640
2,037
(22,866)
28,181
313,992
Projects in progress
632,243
437,988
(530)
(509,163)
560,538
4,157,501
472,699
(50,465)
–
4,579,735
Motor vehicles
At
1.4.2006
RM’000
Charge for
the year
RM’000
Disposals/
Write-offs
RM’000
At
31.3.2007
RM’000
Accumulated depreciation
Freehold land
–
short lease
–
–
–
–
20,823
3,485
(152)
24,156
20,414
(341)
–
20,073
Buildings
472,030
68,161
(1,691)
538,500
539,310
78,660
(16,379)
601,591
62,187
23,841
(1,129)
84,899
Motor vehicles
24,293
3,102
–
27,395
165,626
53,409
(22,834)
196,201
–
–
–
–
1,304,683
230,317
(42,185)
1,492,815
83
31 MARCH 2007
3.
P R O P E R T Y , P L A N T A N D EQ U I P M E N T ( C O N T ’ D )
At
1.4.2005
RM’000
Group (Cont’d)
Additions
RM’000
Disposals/
Write-offs
RM’000
Transfers
RM’000
At
31.3.2006
RM’000
At cost
Freehold land
395,653
47
(2,430)
107,325
500,595
198,552
70
(165)
47,005
245,462
– short lease
40,897
–
–
–
40,897
1,104,498
–
(8,440)
165,637
1,261,695
920,728
27,350
(5,251)
75,618
1,018,445
97,597
419
(676)
25,155
122,495
Motor vehicles
29,246
554
(3,471)
2,700
29,029
153,118
8,175
(67)
145,414
306,640
820,397
380,700
–
(568,854)
632,243
3,760,686
417,315
(20,500)
–
4,157,501
Buildings
At
1.4.2005
RM’000
Charge for
the year
RM’000
Disposals/
Write-offs
RM’000
At
31.3.2006
RM’000
Freehold land
– short lease
–
–
–
–
17,696
3,127
–
20,823
19,121
1,293
–
20,414
Buildings
415,863
56,491
(324)
472,030
481,855
60,658
(3,203)
539,310
44,272
18,440
(525)
62,187
Motor vehicles
25,664
2,040
(3,411)
24,293
93,775
71,905
(54)
165,626
–
–
–
–
1,098,246
213,954
(7,517)
1,304,683
Net Book Value
31.3.2007
31.3.2006
RM’000
RM’000
Freehold land
606,704
500,595
262,298
224,639
– short lease
17,696
20,483
Buildings
894,633
789,665
544,379
479,135
72,510
60,308
Motor vehicles
10,371
4,736
117,791
141,014
560,538
632,243
3,086,920
2,852,818
84
31 MARCH 2007
3.
At
1.4.2006
RM’000
Company
Additions
RM’000
Disposals/
Write-offs
RM’000
Transfers
RM’000
At
31.3.2007
RM’000
At cost
Freehold land
500,595
–
–
106,109
606,704
245,462
–
(626)
41,618
286,454
– short lease
40,897
–
–
(3,128)
37,769
1,236,311
–
(2,742)
174,180
1,407,749
860,854
31,112
(21,385)
112,033
982,614
119,010
542
(1,776)
35,970
153,746
26,915
910
(11)
7,773
35,587
299,409
2,037
(22,866)
28,181
306,761
624,720
437,988
–
(502,736)
559,972
3,954,173
472,589
(49,406)
–
4,377,356
Buildings
Motor vehicles
At
1.4.2006
RM’000
Charge for
the year
RM’000
Disposals/
Write-offs
RM’000
At
31.3.2007
RM’000
Freehold land
–
–
–
–
20,823
3,485
(152)
24,156
– short lease
20,414
(341)
–
20,073
Buildings
462,385
66,892
(1,691)
527,586
469,158
71,165
(16,379)
523,944
59,208
23,700
(1,129)
81,779
Motor vehicles
22,721
2,896
–
25,617
159,131
53,162
(22,834)
189,459
–
–
–
–
1,213,840
220,959
(42,185)
1,392,614
85
31 MARCH 2007
3.
At
Company (cont’d)
Disposals/
At
1.4.2005
Additions
Write-offs
Transfers
31.3.2006
RM’000
RM’000
RM’000
RM’000
RM’000
395,653
198,552
40,897
1,079,631
765,799
94,149
27,148
145,902
817,025
47
70
–
–
27,344
419
538
8,160
373,339
(2,430)
(165)
–
(8,440)
(5,251)
(676)
(3,471)
(67)
–
107,325
47,005
–
165,120
72,962
25,118
2,700
145,414
(565,644)
500,595
245,462
40,897
1,236,311
860,854
119,010
26,915
299,409
624,720
3,564,756
409,917
(20,500)
–
3,954,173
At cost
Freehold land
– short lease
Buildings
Motor vehicles
At
Charge for
Disposals/
At
1.4.2005
the year
Write-offs
31.3.2006
RM’000
RM’000
RM’000
RM’000
–
17,696
19,121
407,502
419,179
41,648
24,340
87,527
–
–
3,127
1,293
55,207
53,182
18,085
1,792
71,658
–
–
–
–
(324)
(3,203)
(525)
(3,411)
(54)
–
–
20,823
20,414
462,385
469,158
59,208
22,721
159,131
–
1,017,013
204,344
(7,517)
1,213,840
Freehold land
– short lease
Buildings
Motor vehicles
Net Book Value
Freehold land
– short lease
Buildings
Motor vehicles
31.3.2007
31.3.2006
RM’000
RM’000
606,704
262,298
17,696
880,163
458,670
71,967
9,970
117,302
559,972
500,595
224,639
20,483
773,926
391,696
59,802
4,194
140,278
624,720
2,984,742
2,740,333
86
31 MARCH 2007
3.
Security
Certain property, plant and equipment of the Group costing RM202,380,138 (2006 – RM203,329,713) have been pledged as
securities for a financing facility as set out in Note 19 to the financial statements.
The titles to certain freehold and leasehold land are in the process of being registered in the Company’s name.
Long term leasehold land comprise leasehold interests with an unexpired term in excess of fifty years.
4.
I N V E ST M E N T I N S U B S I D I A R Y
Company
Unquoted shares at cost
2007
2006
RM’000
RM’000
59,475
59,475
Details of the subsidiary are stated in Note 33 to the financial statements.
5.
I N V E ST M E N T I N A S S O C I AT E S
Group
Company
2007
RM’000
2006
RM’000
2007
RM’000
2006
RM’000
Unquoted shares at cost
1,425
1,425
1,425
1,425
Share of post-acquisition reserves
3,216
2,293
–
–
4,641
3,718
1,425
1,425
4,641
3,718
Represented by:
Group’s share of net assets
Details of the associates are stated in Note 34 to the financial statements.
6.
L O N G T E R M R EC E I VA B L E S
Group and Company
2007
2006
RM’000
RM’000
281,827
247,622
Long term receivables consist of:
87
31 MARCH 2007
7.
GOODWILL
Group and Company
Balance at 1 April – at cost
2007
2006
RM’000
RM’000
26,349
30,702
–
(4,353)
Less: Accumulated amortisation
Less: Accumulated impairment loss
(1,475)
Balance at 31 March
24,874
–
26,349
Goodwill arose from the acquisition of certain service stations in previous years.
8.
I N V E N TO R I E S
Group
Petroleum products – at cost
Lubricants
– at cost
– at net realisable value
Others – at cost
9.
Company
2007
RM’000
2006
RM’000
2007
RM’000
2006
RM’000
425,625
576,619
425,625
576,619
32,308
25,892
32,308
25,892
–
1,929
–
1,929
19,717
1,007
19,163
484
477,650
605,447
477,096
604,924
T R A D E A N D OT H E R R EC E I VA B L E S
Group
Note
Trade receivables
Other receivables, deposits and prepayments
Company
2007
RM’000
2006
RM’000
2007
RM’000
2006
RM’000
1,453,723
1,153,965
1,451,763
1,150,549
555,580
702,641
555,032
701,164
Amounts due from:
Related companies
12
86,352
111,751
86,352
111,751
Associates
13
1,321
564
1,321
564
2,096,976
1,968,921
2,094,468
1,964,028
Credit terms of trade receivables range from 30 to 60 days.
Trade and other receivables denominated in currencies other than functional currency comprise:
Group and Company
USD (RM equivalent)
2007
2006
RM’000
RM’000
90,494
96,993
88
31 MARCH 2007
10.
A MO U N T D U E TO H O L D I N G C OM PA N Y
The amount due to holding company represents balances arising in the normal course of business.
11.
A MO U N T D U E TO S U B S I D I A R Y
The amount due to subsidiary represents balances arising in the normal course of business.
12.
A MO U N TS D U E F R OM / TO R E L AT E D C OM PA N I E S
The amounts due from and to related companies represent balances arising in the normal course of business.
13.
A MO U N TS D U E F R OM / TO A S S O C I AT E S
The amounts due from and to associates represent balances arising in the normal course of business.
14.
C A S H A N D C A S H EQ U I VA L E N TS
Group
2007
RM’000
Company
2006
RM’000
2007
RM’000
2006
RM’000
206,669
40,716
206,264
40,146
Deposits
337,344
425,290
238,684
345,530
544,013
466,006
444,948
385,676
337,344
420,187
238,684
345,530
Deposits are placed with:
Licensed banks
Finance companies
15.
–
5,103
–
–
337,344
425,290
238,684
345,530
S H A R E C A P I TA L
Group and Company
2007
2006
RM’000
RM’000
1,000,000
1,000,000
993,454
993,454
Authorised:
Ordinary shares of RM1.00 each
Issued and fully paid:
Ordinary shares
16.
RESERVES
Subject to agreement by the Inland Revenue Board, the Company has sufficient Section 108 tax credit and tax exempt income to
distribute all its distributable reserves at 31 March 2007 if paid out as dividends.
17.
M I N O R I T Y S H A R E H O L D E R S ’ I N T E R E STS
This consists of the minority shareholders’ proportion of share capital and reserves of the subsidiary.
89
31 MARCH 2007
18.
BORROWINGS
Group
2007
2006
RM’000
RM’000
5,280
10,031
–
5,280
Current
Islamic debt facility – secured
Al-Bai’ Bithaman Ajil long term non-interest bearing facility
Non-current
Islamic debt facility – secured
Terms and debts repayment schedule
Secured Islamic debt facility –
19.
Under
1–2
2–5
Total
1 year
years
years
RM’000
RM’000
RM’000
RM’000
5,280
5,280
–
–
I S L A M I C D E B T FAC I L I T Y
The Group entered into the following Islamic Debt Facility:
The RM60,200,000 Al-Bai’ Bithaman Ajil long term facility is repayable by 11 quarterly instalments of RM3,423,064 each commencing
from 1 September 2000 to 29 May 2003 and 17 quarterly instalments of RM3,152,685 each commencing 30 May 2003 to 29 August
2007 (profit share margin of 8.8% per annum was adjusted to 4.50% per annum effective from 30 May 2003). This facility is secured
by way of fixed and floating charges over the property, plant and equipment financed. The cost of the assets charged is RM202,380,138
(2006 – RM203,329,713). The facility outstanding as at year end amounted to RM5,280,013 (2006 – RM15,311,298).
In connection with the Al-Bai’ Bithaman Ajil long term facility, the subsidiary has agreed on the following significant covenants with
the facility agent:
(i)
The subsidiary will not, without the prior written consent of the facility agent:
(a)
incur, assume, guarantee or permit to exist any indebtedness by the subsidiary except those permitted in the facility
agreement; or to permit any encumbrance (other than that permitted) by the subsidiary to subsist, arise or be created
or extended over any part of its present or future undertaking, assets, rights or revenues to secure or prefer any present
or future indebtedness of the subsidiary or any other person;
(b)
vary or change the business of the subsidiary to any unrelated business; or to dispose the assets associated with the business
except in the ordinary course of business and for fair market value not exceeding RM1 million for any single asset;
(c)
consolidate or merge with any other person, firm or company or acquire all or substantially all of the assets or stock
of, or enter into any partnership, profit sharing or royalty agreement or other similar arrangement other than that
permitted in the facility agreement;
(d)
make any loan or investment other than an investment acceptable to the project agent; or to give any guarantee (unless
in its ordinary course of business and aggregate of such guarantees shall not exceed RM5 million) or grant any credit
to or for the benefit of shareholder or subsidiaries, holding company, associates or affiliates or Directors of any of the
aforegoing.
90
31 MARCH 2007
19.
I S L A M I C D E B T FAC I L I T Y ( C O N T ’ D )
Al-Bai’ Bithaman Ajil long term non-interest bearing facility (Cont’d)
(ii)
No sale or transfer of shares or other ownership interest in the subsidiary to take place unless such sale or transfer of shares
or other ownership interest in the subsidiary is made in compliance with the directives of the Government.
(iii)
Procure/maintain equity of not less than RM5 million as part of the issued and paid up capital of the subsidiary and to maintain
a debt equity ratio of not more than 57:43.
20.
D E F E R R E D TA X
The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows:
Charged
Group
As at
to income
As at
1.4.2006
statement
31.3.2007
RM’000
RM’000
RM’000
105,373
8,388
113,761
(11,682)
573
(11,109)
(15)
5
(10)
(11,697)
578
(11,119)
85,058
8,337
(11,682)
573
Deferred tax liabilities
Deferred tax assets
Other provisions
Unabsorbed capital allowances
Total
Company
93,395
Deferred tax assets
Other provisions
(11,109)
Deferred tax liabilities and assets are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts determined after appropriate
offsetting, are as follows:
Group
Company
2007
RM’000
2006
RM’000
2007
RM’000
2006
RM’000
113,761
105,373
93,395
85,058
Deferred tax assets
(11,119)
(11,697)
(11,109)
(11,682)
102,642
93,676
82,286
73,376
91
31 MARCH 2007
21.
PROVISIONS
Group and Company
Dismantling, removal and
restoration costs
Balance at 1 April
Reversal of unused provisions
2007
2006
RM’000
RM’000
28,253
27,691
(183)
Unwinding of discount
Balance at 31 March
–
239
562
28,309
28,253
Dismantling, removal and restoration costs
Under provisions of certain land lease agreements, the Company is required to dismantle and remove structures on certain sites and
restore those sites at the end of the lease term to an acceptable condition consistent with the lease agreement.
For these affected sites, the Company has estimated the costs of dismantling, removal and restoration using existing technology,
at current prices and discounted at a real discount rate equivalent to the Company’s weighted average cost of capital.
The present value of the estimated costs is capitalised as part of the asset and the related provisions raised on the date when the
obligation arises. The capitalised cost is depreciated over the expected life of the asset. The increase in the net present value of the
provision for the expected cost is included with finance costs in the income statement.
While the provision is based on the best estimate of future costs and the economic lives of the affected assets, there is uncertainty
regarding both the amount and timing of incurring these costs. All the estimates are reviewed on an annual basis or more frequently,
where there is indication of a material change.
22.
T R A D E A N D OT H E R PAYA B L E S
Group
Note
Other payables
Company
2007
RM’000
2006
RM’000
2007
RM’000
2006
RM’000
411,569
449,084
391,147
425,660
Amount(s) due to:
Holding company
10
262,267
126,383
262,267
126,383
Subsidiary
11
–
–
884
2,130
Related companies
12
2,043,025
2,289,043
2,043,025
2,289,043
Associates
13
–
1,349
–
1,349
2,716,861
2,865,859
2,697,323
2,844,565
92
31 MARCH 2007
22.
T R A D E A N D OT H E R PAYA B L E S ( C O N T ’ D )
Included in amount due to holding company is a balance which is non-trade in nature, amounting to RM89,238,000
(2006 – RM88,028,000).
Credit terms of trade payables range from 14 to 30 days.
Trade and other payables denominated in currencies other than functional currency comprise:
Group and Company
USD (RM equivalent)
23.
2007
2006
RM’000
RM’000
605
652
O P E R AT I N G P R O F I T
Group
Company
2007
RM’000
2006
RM’000
2007
RM’000
2006
RM’000
285
275
270
260
18
37
18
37
Operating profit is arrived at after charging:
Audit fees
Non audit fees paid to external auditors
Allowance for doubtful debts
–
9,479
–
9,479
Amortisation of goodwill
–
1,474
–
1,474
10,786
10,648
10,786
10,648
5,997
6,573
5,997
6,573
17,531,521
15,037,141
17,531,521
15,037,141
230,317
213,954
220,959
204,344
Contribution to EPF
Contribution to retirement benefits
Cost of inventories
Depreciation of property, plant and equipment
Fees to holding company for services of
736
736
736
736
Impairment loss on goodwill
an executive director
1,475
–
1,475
–
Inventories written off
4,886
–
4,886
–
Loss on disposal of property, plant and equipment
5,171
–
5,171
–
274
290
274
290
Non-executive directors’ remuneration:
Fees
Property, plant and equipment expensed off
12,491
12,735
12,475
12,729
Rental of land and buildings
44,869
44,567
42,358
39,575
Rental of plant and equipment
Staff costs
4,460
4,277
4,453
3,846
130,306
116,169
130,306
116,169
93
31 MARCH 2007
23.
O P E R AT I N G P R O F I T ( C O N T ’ D )
Group
2007
RM’000
Company
2006
RM’000
2007
RM’000
2006
RM’000
6,241
–
6,241
–
25
9
25
9
and crediting:
Allowance for doubtful debts written back
Bad debts recoveries
Dividend income from associate
–
–
–
677
Dividend income from subsidiary
–
–
1,404
1,053
Gain on disposal of property, plant and equipment
–
72
–
72
14,101
15,880
11,023
13,549
Income from rental of facilities
4,435
6,579
4,435
6,579
Income from rental of premises
6,798
5,890
6,614
5,678
Interest income – deposits
The estimated monetary value of executive director’s benefits-in-kind amounting to RM32,595 (2006 – RM30,566) represents the
non-monetary benefits received during the year.
24.
F I N A N C I N G C O ST
Group
Company
2007
RM’000
2006
RM’000
2007
RM’000
2006
RM’000
482
923
–
–
239
562
239
562
721
1,485
239
562
2007
RM’000
2006
RM’000
2007
RM’000
2006
RM’000
248,868
203,246
242,597
202,549
Profit share margin – Islamic Debt Facility
Unwinding of discount – Provision for dismantling, removal
and restoration costs
25.
TA X E X P E N S E
Group
Company
Current tax expenses
Malaysia
Current year
Prior year
(1,275)
247,593
(9,819)
193,427
(1,227)
241,370
(9,819)
192,730
Deferred tax expenses
Origination and reversal of temporary differences
8,966
20,073
8,910
14,883
256,559
213,500
250,280
207,613
94
31 MARCH 2007
25.
TA X E X P E N S E ( C O N T ’ D )
Current income tax is calculated at the statutory rate of 27% (2006 – 28%) of the estimated assessable profit for the year. The
statutory tax rate will be reduced to 26% from the current year’s rate of 27% effective year of assessment 2008. The computation
of deferred taxation as at 31 March 2007 has reflected these changes.
A reconciliation of income tax expense applicable to profit before taxation at the statutory income tax rate to income tax expense
at the effective income tax rate of the Group and of the Company is as follows:
Group
%
Income tax using Malaysian tax rates
Non-deductible expenses
724,670
243,863
28
202,908
2
13,971
3
20,411
257,834
Tax expense
29
(1)
Tax expense
28
256,559
Company
%
2007
RM’000
Non-deductible expenses
2006
RM’000
27
Overprovision in prior years
Income tax using Malaysian tax rates
%
903,198
26.
2007
RM’000
(1,275)
31
223,319
(2)
(9,819)
29
213,500
%
879,309
2006
RM’000
701,361
27
237,413
28
196,381
2
14,094
3
21,051
251,507
Tax expense
29
Overprovision in prior years
(1)
Tax expense
28
(1,227)
250,280
31
217,432
(1)
(9,819)
30
207,613
DIVIDENDS
Group and Company
2007
2006
RM’000
RM’000
107,293
71,529
71,528
35,764
178,821
107,293
Ordinary:
Final paid:
2006 – 15% less tax at 28%
(2005 – 10% less tax at 28%)
Interim paid:
Interim dividend of 10% less tax at 28%
(2006 – 5% less tax at 28%)
95
31 MARCH 2007
26.
DIVIDENDS (CONT’D)
The proposed final dividend of 20% less tax at 27% totalling RM145,044,284 has not been accounted for in the financial
statements.
The net dividend per ordinary shares as disclosed in the Income Statement for the financial year ended 31 March 2007 on pages 68
and 72 takes into account the total interim and proposed final dividends for the financial year.
27.
EARNINGS PER ORDINARY SHARE – GROUP
Basic earnings per share
The earnings per share is derived based on the net profit attributable to ordinary shareholders of RM640,307,000
(2006 – RM504,722,000) and on the number of ordinary shares as at 31 March 2007 of 993,454,000 (2006 – 993,454,000).
28.
C H A N G E S I N AC C O U N T I N G P O L I C I E S A N D P R I O R YE A R A D J U ST M E N TS
Changes in accounting policy
The MASB has issued a number of new and revised FRSs that are effective for accounting periods beginning after 1 January 2006.
The effect adopting the new/revised FRSs has been accounted for either prospectively or retrospectively by restating comparatives
and adjusting the opening balance of retained earnings, in accordance with specific requirements of the respective FRSs.
The principal effect of the changes in accounting policies resulting from the adoption of the new/revised FRSs are as follows:
FRS 116 – Property, Plant and Equipment
With the adoption of the revised FRS 116, the cost of an item of property, plant and equipment includes the costs of dismantling
and removing items and restoring the site on which it is located, where such obligations exist. When significant parts of an item of
property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property,
plant and equipment. Depreciation is recognised in the income statement on a straight line basis over the estimated useful lives of
each part of an item of property, plant and equipment.
Prior Year Adjustment
The change in accounting policy due to the above changes has been accounted for by restating comparatives and adjusting the opening
balances of retained profits as at 1 April 2006 as disclosed in Note 36 and in the Statement of Changes in Equity respectively.
29.
C OM M I T M E N TS
Outstanding commitments in respect of capital expenditure at balance sheet date not provided for in the financial statements are:
Group
2007
RM’000
Company
2006
RM’000
2007
RM’000
2006
RM’000
Property, plant and equipment:
Approved and contracted for
24,562
65,508
22,267
65,189
Approved but not contracted for
88,262
129,667
86,470
129,392
112,824
195,175
108,737
194,581
96
31 MARCH 2007
30.
S I G N I F I C A N T R E L AT E D PA R T I E S T R A N S AC T I O N S
Controlling related party relationships are as follows:
(i)
the holding company as disclosed in Note 32; and
(ii)
its subsidiary as disclosed in Note 33.
Other than as disclosed elsewhere in the notes to the financial statements, the significant related party transactions are as follows:
Group and Company
2007
2006
RM’000
RM’000
287,841
285,638
27,562
21,846
PETRONAS Carigali Sdn. Bhd.
300,743
253,966
PETRONAS Trading Corporation Sdn. Bhd.
140,916
–
Sales of petroleum products
Related companies:
Malaysia LNG Sdn. Bhd.
MISC Berhad
Purchases of petroleum products
Related companies:
PETRONAS Trading Corporation Sdn. Bhd.
PETRONAS Penapisan Melaka Sdn. Bhd.
2,747,464
1,886,055
13,807,129
13,017,649
2,554,346
1,996,775
206,072
293,586
PETRONAS Penapisan Terengganu Sdn. Bhd.
Malaysian Refining Company Sdn. Bhd.
The Directors of the Company are of the opinion that the above transactions have been entered into in the normal course of business
and have been established on a commercial basis.
31.
F I N A N C I A L I N ST R U M E N TS
The Petroliam Nasional Berhad (PETRONAS) Group has a Group Risk Management Framework and Guideline that sets the foundation
for the establishment of effective risk management across the PETRONAS Group.
The Group is exposed to various risks that are particular to its core business which consists of the domestic marketing of petroleum
products and the operation of service stations. These risks arise in the normal course of the business.
The Group and the Company’s goal in risk management is to ensure that the management understand, measure and monitor the
various risks that arise in connection with their operations. Policies and guidelines have been developed to identify, analyse, appraise
and monitor the dynamic risks facing the Group and Company. Based on this assessment, each business unit adopts appropriate
measures to mitigate these risks in accordance with the business unit’s view of the balance between risk and reward.
The main financial risks faced by the Group and Company through their normal activities are credit risk and interest rate risk.
97
31 MARCH 2007
31.
F I N A N C I A L I N ST R U M E N TS ( C O N T ’ D )
Credit risk
Credit risk is the probability of financial loss arising from the failure of counterparties to make payment for goods or services already
delivered or to deliver goods or services for which payment has already been made.
Credit evaluations are performed on an on-going basis where customer’s credit worthiness is evaluated using a list of qualitative and
quantitative weighted criteria. All credit risks are measured, monitored and managed proactively in a decentralised approach based
on guidance from PETRONAS Group Risk Management Framework and Guideline.
The Group mitigates its credit risks within a conservative framework by dealing with creditworthy counterparties or setting credit limits
on exposures to counterparties where appropriate. These are done on an on-going basis to constantly monitor any developments.
On balance sheet date, there was a significant concentration of credit risk arising from an amount owing by a customer constituting
28% (2006 – 28%) of the total trade receivables, of which all outstanding balances were current.
In addition, there was a significant concentration of credit risk being an amount owing from the government constituting 64%
(2006 – 88%) of the total other receivables relating to subsidies arising from the Automatic Pricing Mechanism governing the sale
of petroleum products.
The maximum exposure to credit risk for the Group is represented by the carrying amount of each financial asset, without taking
into account the fair value of any collateral.
Interest rate risk
Exposure to interest rate risk arises from the normal course of the Group engaging in fund raising and investing activities.
All interest rate risks are monitored and managed proactively by PETRONAS Group Treasury Division based on guidance from PETRONAS
Group Risk Management Framework and Guideline.
The Group uses Al-Bai’ Bithaman Ajil Islamic financing facility to finance its capital expenditure.
Liquidity risk
Liquidity risk arises from the requirement to raise funds for the business on an ongoing basis as a result of existing and future
commitments which are not funded from internal resources.
The Group monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s
operations and to mitigate the effects of fluctuations in cash flows.
Fair value
In respect of cash and cash equivalents, trade and other receivables, other payables and borrowings, the carrying amounts approximate
fair value due to the relatively short term nature of these financial instruments.
Effective interest rates and repricing analysis
In respect of interest-earning financial assets and financial liabilities with fixed profit share margin, the following table indicates their
effective interest rate and profit share margin at the balance sheet date and the periods in which they reprice or mature, whichever
is earlier.
98
31 MARCH 2007
31.
F I N A N C I A L I N ST R U M E N TS ( C O N T ’ D )
2007
Effective
interest
rate/profit
share margin
per annum
Total
%
RM’000
2006
Within
1 year
RM’000
Effective
interest
rate/profit
share margin
per annum Total
%
RM’000
Within
1 year
RM’000
Within
2 years
RM’000
Group
Financial assets
Deposits
3.61
337,344
337,344
3.12
425,290
425,290
–
4.50
5,280
5,280
4.50
15,311
10,031
5,280
3.62
238,684
238,684
2.94
345,530
345,530
–
Financial liabilities
Secured Islamic debt facility – Al-Bai’
Bithaman Ajil
Company
Financial asset
Deposits
32.
H O L D I N G C OM PA N Y
The holding and ultimate holding company is Petroliam Nasional Berhad (PETRONAS), a company incorporated in Malaysia.
33.
S U B S I D I A R Y A N D AC T I V I T Y
Effective Percentage
Holding
2007
2006
65%
65%
Principal Activity
Company Incorporated in Malaysia
Kuala Lumpur Aviation Fuelling
System Sdn. Bhd.
34.
Operation of aviation fuelling facilities at
Kuala Lumpur International Airport, Sepang.
A S S O C I AT E S A N D AC T I V I T I E S
Holding
Principal Activity
2007
2006
Lub Dagangan Sdn. Bhd.
20%
20%
Marketing and distribution of lubricants.
PS Pipeline Sdn. Bhd.
50%
50%
To maintain and operate the Multi-Product Pipeline and
Companies Incorporated in Malaysia
Klang Valley Distribution Terminal (MPP-KVDT) and the
associated facilities for the transportation of the petroleum
products on behalf of the MPP-KVDT owners/shareholders
on a cost recovery basis.
99
31 MARCH 2007
34.
A S S O C I AT E S A N D AC T I V I T I E S ( C O N T ’ D )
Holding
Principal Activity
2007
2006
PS Terminal Sdn. Bhd.
50%
50%
To operate, manage and maintain the joint facilities –
terminal, depot, warehouse etc. in Tawau and Bintulu
on behalf of the owners Shell Timur Sdn. Bhd. and
PETRONAS Dagangan Berhad.
IOT Management Sdn. Bhd.
20%
20%
To operate and manage an automated bulk petroleum
terminal with facilities for receipt, storage and delivery
of petroleum products at Senari, Kuching, Sarawak for
the users, PETRONAS Dagangan Berhad and Shell Timur
Sdn. Bhd.
Companies Incorporated in Malaysia (Cont’d)
35.
S EGM E N TA L I N FO R M AT I O N
Financial information by activity and geographical segment are not presented as the Group is principally involved in the domestic
marketing of petroleum products and the operation of service stations in Malaysia.
36.
C OM PA R AT I V E F I G U R E S
Certain comparative figures have been restated/reclassified as a result of changes in accounting policies as stated in Note 28 and to
conform with the presentation requirements of FRS 101 – Presentation of Financial Statements.
Group
Company
As
As
previously
previously
As restated
stated
As restated
stated
RM’000
RM’000
RM’000
RM’000
2,852,818
28,253
2,840,424
–
2,740,333
28,253
2,727,939
–
591,226
725,426
1,485
724,670
511,170
601,569
726,106
923
726,214
512,412
580,296
701,923
562
701,361
493,748
579,616
702,603
–
702,603
494,990
1,635,455
2,032,884
1,650,072
2,048,743
1,611,868
1,998,323
1,626,485
2,014,182
Balance sheet
Provisions
Income statement
Operating profit
Financing costs
Profit for the year
Statement of changes in equity
– 1 April 2005
– 31 March 2006
100
Areas of Operation
HEAD OFFICE
50088 Kuala Lumpur
Tel: 03-2051 5000
Fax: 03-2026 5505
AREA OFFICES
Pulau Langkawi
Bayan Lepas
Prai
Central Region
Level 12, Menara Dayabumi
Jalan Sultan Hishamuddin
Kerteh
P.O. Box 11946
50762 Kuala Lumpur
Tel: 03-2260 1500
Fax: 03-2260 1527
Kuantan
Northern Region
Lot No. 93
Kuala Lumpur
Prai Industrial Estate
Dengkil
Port Klang
13600 Prai, Pulau Pinang
Subang
Tel: 04-390 7291/7201
Kuala Lumpur
International
Airport
Fax: 04-399 0211
Southern Region
Port Dickson
Melaka
1st & 2nd Floor, Bangunan PETRONAS
Bandar Baru UDA
Km 7, Jalan Skudai
81200 Johor Bahru, Johor
Senai
Tel: 07-237 8161
Fax: 07-236 0954
Sabah Region
Level 1 & 2
Western Region
Menara PETRONAS Kota Kinabalu
Lot M1-2-17 & M1-2-18
No. 2, Jalan Belia
Komplek Yayasan Belia
Beg Berkunci No. 110
Sedunia (WYF Complex)
88100 Kota Kinabalu, Sabah
Lebuh Ayer Keroh
Tel: 088-23 9033/9035
75450 Melaka
Fax: 088-23 7045
Tel: 06-232 6262
Fax: 06-232 6111
Sarawak Region
3rd & 4th Floor
Eastern Region
Wisma Naim
A-39 & A-43, Jalan Haji Abdul Aziz
Lot 2679, Jalan Rock
25000 Kuantan, Pahang
93200 Kuching, Sarawak
Tel: 09-513 7022/7099
Tel: 082-25 5200
Fax: 09-514 4040
Fax: 082-42 9958
Johor
Pasir
Bahru Gudang
101
Areas of Operation
Kota Kinabalu
Sandakan
Labuan
Tawau
Miri
Bintulu
Sibu
Kuching
Bulk Depot
Aviation Depot
Bottling Plant
Area Office
Bunkering Facilities
Multi Product Pipeline
102
Financial Year End :
31 March 2007
Class of Shares
:
Ordinary Shares of RM1.00 Each
Voting Rights
:
One Vote Per Ordinary Share (On A Poll)
A N A LYS I S O F S H A R E H O L D I N G S A S AT
11
M AY 2 0 0 7
Size of Holdings
No. of Holders
Less than 100
% of Total
Shareholders
No. of Shares
% of Total
Shares
30
0.31
484
0.00
100 - 1,000
1,196
12.49
1,033,930
0.10
1,001 - 10,000
2.15
7,499
78.29
21,275,700
10,001 - 100,000
661
6.91
22,370,464
2.25
100,001 to less than 5% of issued shares
191
1.99
254,769,422
25.64
1
0.01
694,004,000
69.86
9,578
100.00
993,454,000
100.00
5% and above of issued shares
C L A S S I F I C AT I O N O F S H A R E H O L D E R S A S AT
Category
•
Individual
•
Corporate Body
11
M AY 2 0 0 7
No. of Holders
Malaysian
Foreign
No. of Shares
Malaysian
Foreign
1,027,500
% of Total Shareholding
Malaysian
Foreign
8,321
95
40,210,132
4.05
0.10
a. Banks / Finance Companies
26
0
96,478,796
0
9.71
0.00
b. Investment Trusts /
16
0
37,000
0
0.00
0.00
273
6
12,310,400
1,000,000
1.24
0.10
Foundation / Charities
c. Industrial and Commercial Companies
•
Government Agencies / Institution
•
Nominees
10
0
10,375,400
0
1.05
0.00
651
180
800,617,440
31,397,332
80.59
3.16
9,279
281
960,029,168
33,424,832
96.64
3.36
L I ST O F T H I R T Y L A R G E ST S H A R E H O L D E R S
Registered As At 11 May 2007
1.
Name
No. of Shares
% of Total Shares
Cartaban Nominees (Tempatan) Sdn Bhd
694,004,000
69.86
(Petroliam Nasional Berhad) (Strategic INV)
2.
Employees Provident Fund Board
35,796,000
3.60
3.
Valuecap Sdn Bhd
33,254,300
3.35
Malaysia Nominees (Tempatan) Sdn Bhd
28,629,200
2.88
20,930,300
2.11
12,706,400
1.28
4.
(Great Eastern Life Assurance (Malaysia) Berhad (PAR 1))
5.
Amanah Raya Nominees (Tempatan) Sdn Bhd
(Skim Amanah Saham Bumiputera)
6.
Kumpulan Wang Persaraan (Diperbadankan)
7.
Lembaga Tabung Haji
9,692,600
0.98
8.
Amanah Raya Nominees (Tempatan) Sdn Bhd
6,551,900
0.66
(Amanah Saham Wawasan 2020)
103
L I ST O F T H I R T Y L A R G E ST S H A R E H O L D E R S ( C O N T ’ D )
Registered As At 11 May 2007
Name
9.
HSBC Nominees (Tempatan) Sdn Bhd
No. of Shares
% of Total Shares
5,044,000
0.51
4,021,500
0.40
3,808,000
0.38
3,533,600
0.36
3,307,500
0.33
3,300,000
0.33
2,937,900
0.30
2,769,700
0.28
2,485,700
0.25
18. Hong Leong Bank Berhad
2,471,600
0.25
19. HSBC Nominees (Asing) Sdn Bhd
2,197,300
0.22
20. Foh Chong & Sons Sdn Bhd
2,014,000
0.20
21. State Financial Secretary Sarawak
2,000,000
0.20
22. Kerajaan Negeri Perak Darul Ridzuan
2,000,000
0.20
23. Setiausaha Kerajaan Pulau Pinang
2,000,000
0.20
24. State Secretary Kedah Incorporated
2,000,000
0.20
25. HLG Nominee (Asing) Sdn Bhd
2,000,000
0.20
2,000,000
0.20
1,729,500
0.17
1,719,000
0.17
1,266,300
0.13
1,229,000
0.12
(Nomura Asset Mgmt SG For Employees Provident Fund)
10. Mayban Nominees (Tempatan) Sdn Bhd
(Mayban Trustees Berhad For Public Ittikal Fund)
11. Malaysia Nominees (Tempatan) Sendirian Berhad
(Great Eastern Life Assurance (Malaysia) Berhad (PAR 2))
12. Amanah Raya Nominees (Tempatan) Sdn Bhd
(Amanah Saham Malaysia)
13. Cartaban Nominees (Asing) Sdn Bhd
(Investors Bank And Trust Company For Ishares, INC.)
14. DB (Malaysia) Nominee (Tempatan) Sendirian Berhad
(icapital.biz Berhad)
(Exempt AN for Credit Agricole Titres Brunoy)
16. Amanah Raya Nominees (Tempatan) Sdn Bhd
(Amanah Saham Didik)
(HSBC-FS for the Navis Asia Navigator Master Fund)
(BBH And Co. Boston for Vanguard Emerging Markets Stock Index Fund)
(Hong Leong Fund Management Sdn Bhd
for Asia Fountain Investment Company Limited)
26. Mayban Securities Nominees (Tempatan) Sdn Bhd
(Kumpulan Wang Amanah Pencen For Kerajaan Negeri Negeri Sembilan)
27. Am Nominees (Tempatan) Sdn Bhd
(Employees Provident Fund Board (A/C1))
(SSBT Fund ZVE4 for SSGA Emerging Markets Alpha Select
Securities Lending Comman Trust Fund)
29. Alliancegroup Nominees (Tempatan) Sdn Bhd
(PHEIM Asset Management Sdn Bhd for Employees Provident Fund)
(Exempt AN for JPMorgan Chase Bank, National Association (DEKA INTL. S.A.))
104
L I ST O F S U B STA N T I A L S H A R E H O L D E R S
As At 11 May 2007
Name
1. Cartaban Nominees (Tempatan) Sdn Bhd
No. of Shares
% of Total Shares
694,004,000
69.86
(Petroliam Nasional Berhad (Strategic INV))
L I ST O F D I R EC TO R S ’ S H A R E H O L D I N G I N T H E C OM PA N Y A N D R E L AT E D C OM PA N I E S
As At 11 May 2007
No. of Shares
% of
in the Company
Shareholding
1. Datuk Anuar bin Ahmad
2,000
0.00
2. Datuk Ainon Marziah bt Wahi
2,000
0.00
Name
No. of Shares in
Name
1. Datuk Ainon Marziah bt Wahi
PETRONAS
% of
Gas Berhad
Shareholding
5,000
0.00
105
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book Value
as at
31 March 2007
(RM’000)
A
PULAU PINANG
1
Lot PT 456, Mukim 11,
Daerah Seberang Perai Selatan
22,400
SS
LH
4/8/1994
13/6/2014
22
140
2
Lot 16, Seksyen 3,
Bandar Butterworth
53,274
SS
LH
14/6/1991
16/8/2081
21
392
3
Lot 2360, Mukim 11,
Daerah Seberang Perai Tengah
11,467
SS
FH
31/3/1983
-
24
296
4
Lot 2453, Mukim 9,
Daerah Seberang Perai Utara
21,463
SS
FH
13/2/1989
-
21
1,300
5
Lot 5352 & 5353, Mukim 11,
Daerah Seberang Perai Tengah
43,831
SS
FH
11/7/1991
-
20
1,929
6
Lot 107, Seksyen 5, Daerah
Timur Laut, Georgetown
21,081
VL
FH
17/12/1991
-
-
1,634
7
Lot 3609 HS(D) 1745, Mukim 15,
Daerah Seberang Perai Selatan
26,135
SS
FH
9/10/1998
-
7
850
8
Lot 2574 - 2576, Seksyen 4,
Bandar Butterworth
6,684
SH
FH
7/1/1984
-
22
200
9
Lot 1070, Mukim 1,
Kawasan Perindustrian Perai
907,860
BD
LH
23/4/1992
27/8/2041
25
1,289
10
Lot PT 1612, Mukim 6,
Seberang Perai Tengah
55,937
SS
FH
27/8/1999
-
7
2,613
11
Lot 1475, Mukim 13,
Daerah Timur Laut
39,241
SS
FH
16/8/1999
-
7
2,960
12
Lot 10034, Mukim 13,
Daerah Timur Laut
26,200
SS
FH
28/12/1999
-
7
3,500
13
Lot 3237, Mukim 10,
22,367
SS
FH
5/2/2001
-
2
2,052
14
Lot 2840 & 2843, Mukim 4,
67,910
SS
FH
14/3/2001
-
4
4,830
15
Lot 2489 & 2490, Seksyen 2,
Bandar Butterworth,
Seberang Perai Utara
50,590
SS
FH
31/1/2002
-
4
3,289
16
Lot 3167 HS(M) 815, Mukim 4,
Butterworth-Kulim, Seberang Prai
85,637
SS
FH
25/2/2002
-
3
4,550
17
Lot 10885, Jalan Rozhan, Mukim
15, Seberang Prai Tengah
69,658
SS
FH
5/3/2004
-
2
3,300
18
Lot 859, Bandar Baru Perda,
Mukim 6, Seberang Perai Tengah
55,958
SS
FH
24/7/2002
-
4
2,750
19
Lot 4290, Jalan Perusahaan,
60,020
VL
FH
13/12/2004
-
-
5,505
20
Lot 5494 & 5279, Sunway BKE,
71,811
SS
LH
23/4/2004
21/10/2092
3
6,485
21
Lot 8889 & 4867, Jalan Dato
Ahmad Badawi, Seberang
Perai Utara
29,662
SS
FH
22/7/2005
-
2
1,499
22
Lot 648, Bukit Tengah, Mukim
11, Seberang Prai Tengah
25,504
SS
FH
8/2/2005
-
1
3,684
23
Lot 112, 117 & 118, Seksyen 1,
Bandar Bukit Mertajam,
Seberang Prai Tengah
78,378
VL
FH
27/6/2006
-
-
2,753
106
List of Properties
Property
24
Lot 18566, 18568 & 18570,
Mukim 15, Bukit Mertajam,
Seberang Perai Tengah
B
KEDAH DARUL AMAN
1
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
41,921
SS
FH
6/2/2006
-
1
1,896
Sebahagian Lot 1990/1991
HS(M) 24/1982, Mukim Sungai
Petani, Daerah Kuala Muda
16,090
SS
LH
22/5/1991
13/7/2012
26
13
2
Lot 27, Seksyen 9, Pekan Gurun,
Daerah Kuala Muda
24,775
SS
LH
15/7/1990
7/1/2048
21
106
3
Lot PT 461 HS(M) 5/1982 &
PT 1055 HS(M) 113/1983,
Mukim Kota Setar,
Daerah Kota Setar
27,000
SS
LH
22/5/1991
16/5/2012
19
34
4
Lot PT 669, Mukim Ayer Puteh,
Daerah Pendang
26,327
SS
LH
22/5/1991
29/7/2014
20
13
5
Lot PT 149 HS(M) 6/85, Mukim
Kuah, Daerah Pulau Langkawi
69,384
SS
LH
4/8/1994
14/8/2045
22
48
6
Lot 703, Mukim Sungai Seluang,
Daerah Kulim
12,567
SS
FH
31/1/1991
-
22
257
7
Lot PT 9290, Mukim Sungai
19,576
SS
FH
17/9/1989
-
15
294
8
Lot 3268 GM 368, Mukim
Mergong, Daerah Kota Setar
27,373
SS
FH
16/8/1992
-
20
900
9
Pasir, Daerah Kuala Muda
29,945
SS
FH
16/8/1993
-
14
1,048
10
Lot PT 3541, Mukim Naga,
Daerah Kubang Pasu
32,450
SS
FH
18/8/1994
-
13
1,000
11
Lot 2226, Mukim & Daerah Kulim
43,540
SS
FH
31/1/1991
-
24
610
12
Lot PT 3356 HS(M) 126/92,
Mukim Keladi, Daerah Kulim
48,200
SS
FH
28/4/1993
-
11
1,157
13
20,274
SS
FH
16/3/1991
-
16
406
14
Lot PT 926, Mukim Sungai Laka,
Daerah Kubang Pasu
32,000
VL
LH
5/8/1985
4/8/2015
-
9
15
Lot PT 553-564, Mukim Sungai
Seluang, Daerah Kulim
18,576
SS
FH
29/8/1991
-
7
204
16
Seluang, Daerah Kulim
28,674
SS
FH
16/7/1991
-
7
373
17
Pasir, Daerah Kuala Muda
38,250
SS
FH
21/7/1991
-
5
612
18
Lot PT 23539 HS(D) 258/94,
Mukim Sungai Petani, Daerah
Kuala Muda
23,856
VL
FH
31/7/1997
-
-
1,193
19
Lot PT 23540 HS (D) 259/84,
Mukim Sungai Petani, Daerah
Kuala Muda
18,051
VL
FH
31/7/1997
-
-
866
20
Lot PT 23517 HS(D) 499/97,
Mukim Sungai Petani,
Daerah Kuala Muda
23,863
SS
FH
15/3/1998
-
5
725
107
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
21
Part of Lot 2008 & 2009,
Mukim Sungai Laka, Daerah
Kubang Pasu
76,300
SS
FH
1/10/1998
-
6
1,614
22
Lot PT 4761, Tanjung Bendahara,
Mukim Derga
43,550
SS
FH
31/12/2003
-
2
1,750
23
Lot 5840 HS(D) 5380/97, Mukim
Padang Cina,
Daerah Kulim
43,621
SS
FH
25/1/2004
-
3
1,919
24
Lot PT 12770, Mukim Pengkalan
Kundor, Kota Setar
35,502
SS
FH
10/8/2004
-
2
1,400
25
Lot 1491, Seksyen 41,
Kota Kenari, Kulim
42,508
SS
FH
23/8/2004
-
3
1,398
26
44,225
SS
FH
30/6/2003
-
3
2,000
27
Lot PT 437 HSM 25/1986,
Alor Bekong, Mukim Mergong,
Kota Setar
12,495
SS
FH
2/11/2004
-
21
562
28
Lot 134, Lebuhraya KulimButterworth, Mukim Seluang
79,758
SS
FH
7/1/2003
-
2
2,499
29
Lot 2356, Kuala Ketil,
Mukim Tawar, Daerah Baling
66,892
SS
FH
30/3/2002
-
1
1,053
30
Lot 3932, Bandar Padang Serai,
Mukim Sidam Kanan,
Daerah Kulim
33,788
SS
FH
30/5/2006
-
1
1,400
C
PERLIS INDERA KAYANGAN
1
Lot 2729, Mukim Berseri,
Daerah Padang Malau
13,340
SS
FH
31/1/1991
-
17
123
2
Lot 3684, Jln Raja Syed Alwi,
Behor Gandil, Mukim Utan Aji
50,579
SS
FH
5/10/2004
-
3
1,600
3
Lot PT 726 HSM 773,
Behor Temak, Mukim Seriab
30,280
SS
FH
30/4/2004
-
3
2,225
4
Lot 1925, Mukim Titi Tinggi,
Padang Besar
18,686
SS
LH
2/11/2004
1/5/2043
23
1,125
D
KELANTAN DARUL NAIM
1
Lot PT 2424, Bandar &
Daerah Kuala Krai
10,367
SS
LH
14/6/1991
2/3/2049
22
12
2
Lot 2079 (PT 1043),
Bandar & Daerah Gua Musang
15,995
SS
LH
15/8/1985
13/3/2084
20
179
3
Lot PTLO 1945, Mukim Maka,
Daerah Tanah Merah
19,946
SS
LH
22/5/1991
10/10/2086
24
8
4
Lot PT 38/1433, Mukim Lembu,
Daerah Kota Bharu
22,593
SS
LH
14/6/1991
23/1/2017
20
4
5
Lot PT 48, Seksyen 16,
Bandar & Daerah Kota Bharu
28,710
SS
LH
28/12/1992
22/8/2088
23
907
6
Lot PT 2360, Mukim Maka,
Daerah Tanah Merah
43,200
SS
LH
15/1/1983
9/1/2053
20
186
7
Lot 2781, Bandar & Daerah
Kuala Krai
26,285
SS
FH
24/5/1992
-
6
550
108
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
8
Lot PT 623, Mukim Panchor,
Bandar & Daerah Kota Bharu
84,680
W
LH
26/9/1983
25/7/2048
21
135
9
Lot PT 88 & 89, Mukim Lemal,
Daerah Pasir Mas
15,177
SS
LH
8/12/1998
12/5/2065
7
600
10
Lot 2799, Mukim Tanah Merah,
Jajahan Tanah Merah
18,535
SS
LH
29/10/2001
3/8/2068
5
455
11
Lot PT1272 HS(M)166, Kampung
Dalam Huma,
Makim Pasir Puteh, Daerah
Limbongan
45,667
SS
LH
29/7/2003
28/7/2069
2
1,012
12
Lot 243 & 1310, Mukim Demit,
Kubang Kerian
15,973
SS
FH
31/12/2002
-
3
890
13
Lot PT 3399, Mukim Pasir Pekan,
Wakaf Baru, Jajahan Tumpat
27,039
SS
LH
18/6/2006
17/6/2072
21
729
E
TERENGGANU DARUL IMAN
1
Lot 7858, Mukim Chukai,
Daerah Kemaman
28,201
SS
LH
22/5/1991
24/4/2044
22
43
2
Lot 2913 & 3486, Mukim Sura,
Daerah Dungun
30,408
SS
LH
14/6/1991
2/9/2043
29/5/2045
21
28
3
Lot PT 134, Mukim Pelagat,
Daerah Besut
39,159
SS
LH
5/5/1988
4/1/2018
18
17
4
Lot 6108 & 4182,
Mukim Kuala Dungun, Daerah
Dungun
53,087
SS
LH
14/6/1991
13/9/2043
22
40
5
Lot 3578, Mukim Kuala Paka,
Daerah Dungun
15,834
SS
FH
8/10/1996
-
20
400
6
Lot PT 1722, Mukim Abang,
Daerah Dungun
31,323
SS
LH
12/10/1995
16/10/2055
8
35
7
Lot PT 4799 (Bhg), Mukim Kijal,
Daerah Kemaman
30,000
SS
LH
1/9/1999
25/11/2101
4
463
8
Lot 2112, Mukim Hulu Setiu,
Daerah Setiu
22,800
SS
FH
21/7/1994
-
5
140
9
Lot PT 5010, Mukim Teluk
Kalung, Daerah Kemaman
64,580
SS
LH
28/10/1999
20/10/2058
6
1,319
10
Lot 2247, Mukim Bukit Kenak,
Padang Jerteh, Daerah Besut
43,712
SS
FH
20/10/2000
-
5
850
11
Lot 13181 HM 5258, Banggol
Titian Ketat, Mukim Kuala
Nerus, Kuala Terengganu
17,738
SS
FH
9/9/2004
-
21
1,015
F
PAHANG DARUL MAKMUR
1
Lot PT 3370, Mukim Sabai,
Daerah Bentong
22,826
SS
LH
18/1/1989
17/1/2049
17
69
2
Lot PT 719, Mukim Ringlet,
Daerah Cameron Highlands
9,000
SS
LH
23/6/1990
22/6/2089
19
71
3
Lot PT 15291, Mukim Kuala
Kuantan, Daerah Kuantan
11,115
SS
LH
16/8/1991
16/1/2085
16
373
4
Lot PT 3640, Mukim Pedah,
Daerah Jerantut
13,612
SS
LH
12/12/1991
9/2/2082
23
247
109
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
5
Lot PT 1207, Mukim Kuala Lipis,
Daerah Lipis
19,329
SS
LH
10/10/1990
9/10/2056
18
28
6
Lot PT 1987, Mukim Semantan,
Daerah Temerloh
56,901
SS
LH
19/8/1986
18/8/2052
20
39
7
Lot PT 4335,
Bandar & Daerah Temerloh
10,054
SS
LH
16/9/1991
30/1/2091
13
484
8
Lot PT 9011, Mukim Gali,
Daerah Raub
11,434
SS
LH
4/8/1984
10/8/2091
22
10
9
Lot PT 4519, Mukim &
Daerah Bentong
11,887
SS
LH
29/7/1991
22/3/2053
13
367
10
26,966
SS
LH
14/6/1991
11/2/2080
22
125
11
Lot PT 601, Mukim Tanah Rata,
Daerah Cameron Highlands
30,797
SS
LH
23/6/1990
22/6/2089
20
245
12
Karang, Daerah Kuantan
16,968
SS
FH
24/11/1990
-
12
173
13
15,020
SS
FH
24/11/1990
-
15
173
14
Lot 2, Seksyen 3, Kampung
Ketari, Daerah Bentong
20,691
SS
FH
22/5/1991
-
10
450
15
Lot 24757, Mukim Kuala
34,929
SS
FH
11/11/1991
-
12
675
16
Lot 1593, Mukim Pedah,
Daerah Jerantut
14,284
SS
FH
15/1/1984
-
12
600
17
Lot 7, 8 & 43, Seksyen 18,
Bandar & Daerah Kuantan
25,345
SS
FH
26/8/1991
-
11
1,290
18
Lot 112, Mukim & Daerah
Bentong
39,030
SS
FH
23/11/1991
-
12
520
19
Lot PT 3443, Mukim Perak,
Daerah Temerloh
47,647
SS
LH
19/8/1986
18/8/2052
2
43
20
Lot PT 33423, Seksyen 1,
Bandar Indera Mahkota,
Daerah Kuantan
20,000
SS
LH
10/9/1992
6/4/2093
6
500
21
Lot 587, Mukim Ulu Cheka,
Daerah Jerantut
14,593
VL
FH
15/1/1994
-
-
130
22
Lot 5093 CT 6585,
Mukim Kuala Kuantan,
Daerah Kuantan
21,200
SS
FH
20/8/1993
-
7
515
23
Lot 26180 - 26186,
Mukim Kuala Kuantan,
Daerah Kuantan
11,711
VL
FH
30/8/1991
-
-
780
24
Lot PT 10884, Mukim & Daerah
Bentong
179,296
LPGSBP
LH
20/9/1991
7/1/2058
10
452
25
22,694
VL
FH
27/3/1992
-
590
26
21,600
VL
FH
16/1/1992
-
530
27
Lot PT 10852 & 10853, Mukim
Mentakab, Daerah Temerloh
43,515
SS
FH
14/3/2000
2
2,100
-
110
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
28
19,364
SS
LH
10/7/1991
11/7/2090
5
378
29
Lot PT 678, Mukim Mentakab,
Daerah Temerloh
43,832
SS
LH
22/9/2000
6/11/2035
4
1,541
30
Lot PT 57349, Bandar Kuantan,
Daerah Kuantan
41,689
SS
LH
19/2/2001
2/9/2093
1
2,859
31
71,748
SS
LH
7/7/2002
25/6/2101
1
2,334
32
Lot PT 4019, Bandar Kerayong,
Mukim Triang, Daerah Bera
49,051
SS
FH
9/8/2005
-
2
1,166
33
Lot PT 3775 (HSM 3112),
Paya Siak Ulu, Mukim Perak,
Daerah Temerloh
17,438
VL
FH
12/11/2004
-
-
940
34
Lot 21123, Jalan Telok Sisek,
Mukim Kuala Kuantan
15,845
SS
LH
6/3/2006
11/9/2089
13
960
35
Lot 3258, Simpang Chini,
Mukim Bebar, Pekan
25,855
SS
LH
29/8/2006
1/8/2088
15
434
G
JOHOR DARUL TAKZIM
1
Lot PTD 3009, Mukim Linau,
Daerah Batu Pahat
10,772
SS
LH
22/5/1991
17/1/2047
21
69
2
Lot PTD 4560, Mukim Kesang,
Daerah Muar
17,837
SS
LH
9/1/1996
28/10/2046
23
128
3
Lot PTB 324, Bandar Jementah,
Daerah Segamat
25,000
SS
LH
14/6/1991
1/12/2051
20
35
4
Lot PTD 3618, Mukim Sungai
Segamat, Daerah Segamat
25,000
SS
LH
14/6/1991
15/9/2051
21
35
5
Lot PTD 13309 & 52136, Mukim
Tebrau, Daerah Johor Bahru
70,726
SS
LH
20/2/1991
25/11/2015
19
464
6
Lot PTB 16964, Bandar & Daerah
Johor Bahru
24,012
SS
LH
20/2/1991
2/5/2087
14
1,270
7
Lot PTD 89980, Mukim
Plentong, Daerah Johor Bahru
25,000
SS
LH
14/6/1991
30/3/2089
22
320
8
Lot PTD 60266, Mukim Pulai,
Daerah Johor Bahru
39,260
SS
LH
10/1/1991
3/8/2021
10
1,262
9
Lot PTD 57850, Mukim Tebrau,
Daerah Johor Bahru
43,512
SS
LH
23/3/1992
15/10/2021
10
850
10
Lot PTD 7605, Mukim Serom,
Daerah Muar
12,818
SS
FH
30/7/1990
-
14
280
11
Lot PTD 9492, Mukim Tebrau,
Daerah Johor Bahru
13,208
SS
FH
23/1/1991
-
13
510
12
Lot PTD 814, Mukim Sungai
Kluang, Daerah Batu Pahat
13,663
SS
FH
22/5/1991
-
22
153
13
Lot 7949, Mukim Senai-Kulai,
Daerah Johor Bahru
15,860
SS
FH
16/9/1990
-
14
599
14
Lot PTD 37211, Bandar &
Daerah Kluang
16,847
SS
FH
18/12/1989
-
15
500
15
Lot PTD 15400, Mukim Tangkak,
Daerah Muar
20,000
SS
FH
19/5/1992
-
21
288
111
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
16
Lot 881, Bandar Maharani,
Daerah Muar
27,143
SS
FH
14/5/1991
-
19
628
17
28,846
SS
FH
23/8/1989
-
15
721
18
Lot PTD 10908, Mukim Sedenak,
Daerah Johor Bahru
30,582
SS
FH
27/9/1989
-
15
397
19
Lot 1069, Mukim &
Daerah Kota Tinggi
34,848
SS
FH
11/1/1991
-
13
1,063
20
Lot 230, Bandar &
Daerah Kota Tinggi
49,713
SS
FH
30/3/1993
-
20
512
21
Lot 3116, Mukim Jalan Bakri,
Daerah Muar
30,764
SS
FH
4/1/1992
-
12
600
22
18,135
SS
FH
26/11/1990
-
13
861
23
Lot 155, Mukim Sermin,
Daerah Segamat
21,789
SS
FH
25/6/1989
-
11
300
24
24,779
SS
FH
18/10/1990
-
10
1,239
25
Daerah Johor Bahru
50,202
SS
FH
12/9/1990
10
1,506
26
Lot 7320, Mukim Senai-Kulai,
Daerah Johor Bahru
23,475
SS
FH
24/6/1991
-
9
1,415
27
21,246
SS
FH
26/11/1990
-
9
1,009
28
Lot 4188 & 4189,
Mukim & Daerah Kluang
14,157
VL
LH
20/2/1989
11/1/2034
-
96
29
Daerah Johor Bahru
19,200
SS
LH
13/3/1991
29/6/2020
7
137
30
Lot PTB 11985, Bandar &
Daerah Johor Bahru
24,000
SS
LH
25/5/1991
2/2/2042
7
852
31
Lot PTD 1225, Mukim Jementah,
Daerah Segamat
24,993
VL
LH
14/6/1991
15/9/2051
-
35
32
Lot PTD 8255, Mukim Buloh
Kasap, Daerah Segamat
28,807
SS
LH
7/6/1990
31/12/2086
6
538
33
Lot PTD 35578, Mukim SenaiKulai, Daerah Johor Bahru
32,147
SS
LH
31/7/1992
18/8/2084
16
1,489
34
Lot PTB 9, Bandar Gemas,
Daerah Segamat
25,000
VL
LH
14/6/1991
15/9/2051
-
35
35
Lot 23551 (PTD 110909),
Mukim Plentong,
Daerah Johor Bahru
21,273
SS
FH
24/8/1993
-
9
469
36
Lot 7344, Mukim Sungai Balang,
Semerah, Daerah Batu Pahat
19,979
SS
FH
20/1/1992
-
5
380
37
Lot 7452, Mukim Plentong,
Daerah Johor Bahru
21,780
VL
FH
6/3/1991
-
-
795
38
23,750
SS
FH
18/7/1990
-
7
1,069
112
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
39
Lot 367, Bandar &
Daerah Johor Bahru
29,784
VL
FH
26/7/1990
-
-
2,978
40
Lot 24883, Mukim Pulai,
Bandar Selesa Jaya, Johor Bahru
34,832
SS
FH
9/3/1993
-
9
1,392
41
Lot 23551 (PTD 110910), Mukim
21,325
SS
FH
24/8/1993
-
9
1,406
42
PTD 6717, Mukim Kesang,
Daerah Muar
35,005
SS
FH
9/1/1996
-
7
858
43
Daerah Johor Bahru
33,540
SS
FH
10/6/1998
-
7
6,500
44
Daerah Johor Bahru
42,690
SS
FH
10/6/1998
-
7
5,100
45
Daerah Johor Bahru
61,673
SS
FH
9/8/1999
-
6
4,800
46
Part of Lot 441, 442 & 1504
Mukim Plentong,
Daerah Johor Bahru
40,000
SS
FH
28/1/1999
-
5
3,000
47
Lot PTB 19195,
Bandar Johor Bahru
33,632
SS
LH
15/5/2001
8/3/2091
2
1,903
48
Lot PTD 1525, Mukim Gemereh,
Daerah Segamat
34,734
SS
FH
19/2/2002
-
2
799
49
Lot PTD 85816 (105615),
Taman Pelangi Indah,
Mukim Tebrau
91,875
SS
FH
28/5/2003
-
4
6,983
50
Lot PTD 95704, Taman Setia
Indah, Mukim Tebrau
54,390
SS
FH
15/10/2003
-
2
5,167
51
Lot PTB 4648 HS(D) 47973,
Jalan Rahmat, Bandar
Penggaram, Batu Pahat
45,019
SS
FH
8/8/2004
-
3
3,750
52
Lot PTD 105784 HS(D) 361231,
Mukim Tebrau, Johor Bahru
52,600
SS
FH
10/2/2004
-
3
4,471
53
Lot PTD 77623 HS(D) 258216,
Taman Nusa Perintis,
Mukim Pulai, Johor Bahru
31,416
SS
FH
9/10/2003
-
4
2,104
54
Lot PTD 95241, Taman Setia Indah,
Mukim Tebrau, Johor Bahru
32,637
VL
FH
28/4/2004
-
-
3,104
55
Lot LT PTD 135636, Taman Sri
Yaakob, Mukim Pulai,
Johor Bahru
56,886
SS
FH
11/10/2004
-
3
5,857
56
Lot LT PTD 129028, Kota Masai,
Mukim Plentong, Johor Bahru
38,298
SS
FH
11/6/2003
-
4
2,718
57
Lot PTD 174174, Bandar Seri Alam,
43,577
SS
FH
1/7/2004
-
3
3,746
58
Lot MLO 8028, Parit Tengah,
Mukim Tanjung Sembrong, Batu
Pahat
70,499
SS
FH
4/2/2005
-
2
1,664
59
Lot PTD 127744, Jalan Kempas
Lama, Mukim Tebrau,
Johor Bahru
44,190
SS
FH
26/1/2005
-
2
3,300
113
List of Properties
Property
60
Lot PTD 76295, R&R Skudai (NB)
Lebuhraya Raya Utara-Selatan,
Johor Bahru
61
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
120,529
SS
LH
18/7/2003
17/7/2102
3
11,587
Lot PTD173047 HS(D) 353199,
Bayu Senibong,
70,165
SS
LH
8/5/2003
7/5/2102
2
6,130
62
Lot 181563, Mukim Plentong,
Taman Bayu Puteri, Bandar Baru
Permas Jaya, Johor Bahru
50,812
SS
LH
21/9/2004
21/1/2097
2
4,212
63
Plot 4, Bandar Putra,
Mukim Senai-Kulai,
Daerah Johor Bahru
48,460
SS
FH
22/3/2005
-
3
3,877
64
Lot PTD133688, Taman Perling,
Mukim Pulai, Daerah Johor Bahru
50,601
SS
FH
23/3/2005
-
1
4,250
65
Lot PTD 93016 HS(D) 329339,
Taman Desa Tebrau, Johor Bahru
48,835
SS
FH
25/10/2005
-
1
4,538
66
Lot PTD 130265 HS(D) 395366,
Mukim Tebrau,
Daerah Johor Bahru
45,000
SS
FH
3/10/2005
-
1
3,622
67
Lot PTB 20846, Jalan Tampoi,
Bandar Johor Bahru
41,397
SS
FH
11/11/2005
-
2
4,182
68
Lot 1283 (PTD 135891) HSM
1527, Mukim Pulai, Batu 8 Jalan
Skudai, Johor Bahru
40,000
SS
FH
28/2/2006
-
1
4,747
69
Lot PTD 104981, Taman Intan,
Mukim Tebrau (Damansara Alif),
Johor Bahru
43,562
SS
FH
9/6/2004
-
2
6,640
70
Lot PT 44208 HSM 6268,
Simpang Kanan, KM 7 Jalan
Keluang, Batu Pahat
43,593
SS
FH
12/10/2004
-
2
2,679
71
Lot PTD 166495 HS(D) 333428),
Taman Bukit Dahlia,
Mukim Pelentong,
Daerah Johor Bahru
47,467
SS
LH
17/1/2005
15/6/2101
3
3,115
72
Lot PTD 160926, Taman Cahaya
Masai, Mukim Plentong, Johor
Bahru
51,911
SS
LH
22/3/2005
7/7/2102
3
3,506
73
Lot 105660, Lebuhraya PerlingPasir Gudang, Kampung Kempas
Baru, Mukim Tebrau
38,560
SS
FH
16/10/2003
-
2
3,432
74
Lot PTB 21228, Jalan Datin
Halimah, Johor Bahru
47,048
SS
LH
7/8/2003
6/8/2102
1
4,305
75
Lot 111466, Jalan Masai, Mukim
Plentong, Johor Bahru
45,000
SS
FH
24/3/2004
-
3
4,185
76
Lot PTD138181,
Taman Daya, Mukim Tebrau,
Daerah Johor Bahru
43,551
VL
LH
23/5/2006
23/5/2105
-
3,788
77
Lot PTD107116, Taman Impian
Emas, Mukim Tebrau, Daerah
Johor Bahru
48,549
SS
FH
28/4/2006
-
1
4,760
114
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
78
Lot 823, Mukim Bandar Johor
Bahru
124,420
VL
FH
4/5/2006
-
-
4,957
79
Lot PTD 11262, Mukim Rimba
Terjun, Daerah Pontian
30,666
VL
FH
27/10/2005
-
-
1,901
80
Lot PTD 177201, Mukim Plentong
65,788
SS
FH
15/11/2006
-
1
6,464
81
Lot PTB 21742, Jalan Tun Abdul
Razak, Daerah Johor Bahru
43,561
SS
LH
28/12/2006
25/7/2065
1
5,365
82
Lot PTD 770, Pekan Bukit Pasir,
Mukim Sungai Raya,
Daerah Muar
11,142
SS
FH
24/2/2005
-
2
249
83
Lot PT 61674, Bandar Putra (Plot
1), Mukim Senai-Kulai, Johor
Bahru
22,950
SS
FH
23/8/2006
-
1
4,077
84
Lot PTD 82406, Bandar Putra
(Plot 2), Mukim Senai-Kulai,
Johor Bahru
43,923
VL
FH
23/8/2006
-
-
1,890
85
Lot PTD 67447, Bandar Putra
(Plot 3), Mukim Senai-Kulai,
Johor Bahru
31,950
VL
FH
23/8/2006
-
-
2,633
86
Lot PTD 15085, Jalan Pintasan
Muar, Daerah Muar
43,572
VL
FH
25/1/2007
-
-
1,705
87
Lot PTD 94525, KM 1 Jalan
Kulai-Kota Tinggi,
Mukim Senai-Kulai, Kulai
44,997
SS
FH
11/10/2006
-
1
2,738
88
Lot PTD 90167, Kampung Jaya
Sepakat, Mukim Senai-Kulai,
Daerah Kulai
35,941
VL
FH
1/12/2005
-
-
3,485
H
NEGERI SEMBILAN
DARUL KHUSUS
1
Lot PT 1414, Mukim Triang Hilir,
Daerah Jelebu
11,926
SS
LH
4/8/1990
24/2/2090
12
168
2
Lot 268 (PT 6086), Mukim
Ampangan, Daerah Seremban
16,000
SS
LH
20/12/1985
20/12/2045
17
205
3
Lot PT 999, Mukim Gemas,
Daerah Tampin
21,780
SS
LH
22/5/1991
13/9/2043
19
57
4
Lot PT 278, Mukim Ampangan,
Daerah Seremban
25,019
SS
LH
22/5/1991
12/9/2075
13
309
5
Lot 10066, Mukim Rasah,
Daerah Seremban
14,400
SS
FH
17/7/1982
-
16
442
6
Lot 2253, Mukim Si Rusa,
Daerah Port Dickson (Coast)
15,781
SS
FH
31/1/1991
-
19
423
7
Lot PT 489, Mukim Serting Ulu,
Daerah Jempol
16,861
SS
FH
16/4/1990
-
15
660
8
Lot 448, Mukim Tampin,
Daerah Tampin
20,418
SS
FH
31/1/1991
-
17
387
9
Lot 5935, Mukim Rantau,
Daerah Seremban
17,687
SS
FH
12/2/1991
-
22
680
10
Lot PT 1583 - Lot PT 1588 & Lot
PT 1595 - Lot PT 1599, Mukim &
Daerah Seremban
24,098
VL
FH
29/10/1990
-
-
916
115
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
11
Lot PT 26/2 - Lot PT 26/3 &
Lot PT 26/6 - Lot PT 26/11,
Pekan Kuala Klawang,
Daerah Jelebu
24,550
SS
FH
14/5/1990
-
6
300
12
Lot 527, Bandar Port Dickson,
Daerah Port Dickson (Coast)
43,914
SS
FH
8/4/1991
-
5
800
13
Lot PT 10841 & PT 10842,
Mukim Rasah, Daerah Seremban
41,167
SS
FH
11/3/1998
-
7
2,200
14
Lot PT 2277 HS(D) 16461,
Mukim Jimah,
Daerah Port Dickson
24,393
SS
FH
12/3/1998
-
7
995
15
Lot 13796 HS(D) 49314, Mukim
Rantau, Daerah Seremban
17,663
SS
FH
17/8/1998
-
6
795
16
Lot PT 21419, Mukim Labu,
Daerah Seremban
55,006
SS
FH
4/10/2000
-
5
2,200
17
Lot PT 12874 & 12875, Mukim
Labu, Daerah Seremban
26,354
SS
FH
11/12/2002
-
5
3,350
18
Lot PT 6054, Mukim Seremban,
Daerah Seremban
52,140
SS
FH
26/3/2002
-
4
2,345
19
Lot PT 5890, Bandar Seremban
63,162
SS
FH
19/3/2002
-
4
3,346
20
Lot PT 2172, Jalan SerembanTampin, Daerah Tampin
29,396
SS
FH
28/2/2002
-
4
1,531
21
Lot PT 4087 HS(D)154332,
Senawang Ampangan,
Daerah Seremban
47,303
SS
FH
10/3/2004
-
2
2,506
22
Lot PT 7931, Jalan Jelebu,
Seremban
29,590
SS
FH
9/10/2004
-
2
1,175
23
Lot PT 1421, Mukim Titian
Bintanggor, Daerah Rembau
87,174
VL
LH
28/1/2004
3/12/2062
-
7,592
24
Lot 2902 & 2903, Pekan Lukut,
Port Dickson
42,819
SS
FH
1/3/2005
-
1
2,374
25
Lot 726 & 727 HSM 7196,
Mukim Ampangan, Seremban
71,799
SS
FH
30/11/2004
-
2
1,834
26
Lot PT 2244, Lavender Height,
Pekan Senawang,
Daerah Seremban
43,562
SS
FH
22/7/2003
-
3
2,309
27
Lot 19968, Bandar Seremban 2,
Mukim Rasah, Daerah Seremban
40,451
SS
FH
8/11/2006
-
1
2,756
28
Part of Lot 6283, Bandar
Seremban 2, Mukim Rasah,
Daerah Seremban
47,389
VL
FH
2/11/2006
-
-
3,376
I
MELAKA
1
Lot PT 32 dan Lot 684,
Kawasan Bandar XXXVII,
Daerah Melaka Tengah
12,176
SS
LH
19/11/1996
19/12/2075
31/7/2090
21
143
2
Lot 1072, Mukim Ramuan Cina
Kechil, Daerah Alor Gajah
16,770
SS
LH
7/7/1985
7/7/2084
19
87
3
Lot 351, Mukim Batu Berendam,
22,400
SS
LH
4/8/1994
30/9/2084
10
124
116
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
4
Lot PT 1, Mukim Cheng,
23,143
SS
LH
14/6/1991
28/6/2045
22
96
5
Lot 260, Kampung Klebang,
Seksyen 11, Daerah Melaka
Tengah
23,435
SS
LH
10/8/1990
12/2/2047
19
403
6
Lot 271, Bandar Pulau Sebang,
Seksyen 1, Daerah Alor Gajah
24,154
SS
LH
14/6/1991
14/8/2044
22
105
7
Lot 4351, Mukim Bukit Katil,
28,578
SS
LH
14/6/1991
16/7/2050
23
81
8
Lot 353, Mukim Tangga Baru,
28,050
SS
FH
1/9/1999
-
20
950
9
Lot PT 4175, Mukim Bukit Baru,
12,066
SS
FH
16/6/1982
-
22
309
10
Lot 347, Bandar Bukit Baru,
Seksyen 111,
13,329
SS
FH
22/10/1991
-
11
714
11
Lot PT 701, Mukim Selandar,
Daerah Jasin
20,599
SS
FH
23/1/1992
-
11
300
12
Lot PT 4683, Mukim Bachang,
30,000
SS
FH
9/2/1991
-
11
735
13
Lot 321, Mukim Bukit Baru,
63,162
SS
FH
17/8/1990
-
16
1,366
14
Lot 175 & 1456, Kawasan
Bandar XXXVII,
18,649
SS
FH
9/8/1989
-
14
522
15
Lot 311, Bandar Bukit Baru,
Seksyen 5,
18,741
SS
FH
19/3/1985
-
16
412
16
Lot 142, Kawasan Bandar XXXI,
23,079
SS
FH
23/8/1990
-
14
1,324
17
Lot PT 1130, Kawasan Bandar
VI, Daerah Melaka Tengah
14,155
VL
LH
21/9/1989
15/11/2085
-
324
18
Lot 70, Kawasan Bandar XXIX,
14,322
SS
LH
7/3/1991
10/12/2051
7
421
19
Lot 918, Mukim Peringgit,
84,345
VL
FH
19/12/1992
-
-
405
20
Lot 2031, GM MCL 1150,
Mukim Air Molek,
19,400
SS
FH
11/3/1992
-
7
400
21
Lot 1375, MCL 360,
Mukim Balai Panjang,
20,000
SS
FH
5/10/1992
-
5
440
22
Lot PT 851, Mukim Sungai Baru
Hulu, Daerah Alor Gajah
20,000
SS
FH
9/6/1993
-
5
340
23
Lot 303, Kawasan Bandar XXIX,
21,351
SS
FH
15/1/1991
-
7
726
24
Lot PT 1317 HS(M) 67,
Mukim Sungai Udang, Daerah
Alor Gajah
27,953
SS
FH
24/4/1998
-
6
730
117
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
25
Lot 2854 GMM 1094, Jalan Air
Keroh, Mukim Durian Tunggal,
Daerah Alor Gajah
58,704
SS
FH
30/4/2004
-
3
3,669
26
Lot PT 13670,
Mukim Batu Berendam, Daerah
Melaka Tengah
48,416
SS
FH
16/8/2006
-
1
2,294
J
PERAK DARUL RIDZUAN
1
Siput, Daerah Kuala Kangsar
15,110
SS
LH
19/12/1990
17/12/2089
14
229
2
Lot 5653, Mukim Parit Buntar,
Daerah Kerian
17,147
SS
LH
10/5/1991
9/5/2043
22
255
3
Lot 87409, Mukim Hulu Kinta,
Daerah Kinta
18,977
SS
LH
31/1/1991
31/12/2078
23
682
4
Lot 29526, Mukim Setiawan,
Daerah Dinding
21,700
SS
LH
1/7/1987
22/11/2086
21
251
5
Lot PT 66101, Bandar Ipoh,
Daerah Kinta
26,332
SS
LH
19/8/1987
18/8/2047
21
202
6
Lot 303, Pekan Sungkai,
Daerah Batang Padang
37,200
SS
LH
2/12/1992
1/12/2052
18
90
7
Lot PT 89905, Mukim Hulu
Kinta, Daerah Kinta
49,735
SS
LH
23/8/1984
10/4/2088
15
492
8
Lot 5739 & Lot PT No. 31313137, Mukim Slim,
Daerah Batang Padang
12,404
SS
LH
24/8/1984
3/6/2083
19
268
9
Lot 14501, Bandar Ipoh, Daerah
Kinta
16,975
SS
LH
16/11/1985
31/7/2052
16
390
10
Lot PT 64796, Bandar Ipoh,
Daerah Kinta
20,000
SS
LH
14/6/1991
11/12/2044
21
193
11
Lot 1963, Batu 1, Mukim
Kampar, Daerah Hilir Kinta
39,761
SS
LH
16/1/1983
11/12/2044
21
82
12
Lot PT 923, Mukim Sungai Raya,
Daerah Kinta
17,653
SS
LH
20/5/1992
19/4/2083
11
594
13
Lot 43881, Mukim Sungai Terap,
Daerah Kinta
11,979
SS
FH
22/6/1994
-
19
250
14
Lot PT 92889, Mukim Hulu
Kinta, Daerah Kinta
12,359
SS
LH
16/9/1992
9/10/2049
7
447
15
Lot PT 131534 HS(D) KA 35310,
Mukim Hulu Kinta, Daerah Kinta
43,712
SS
LH
3/1/1997
8/8/2093
20
983
16
Lot 1454, Mukim Bagan Serai,
Daerah Kerian
16,089
SS
FH
16/1/1992
-
7
333
17
Lot PT 856 HS(M) 3, Mukim Teja,
Daerah Kinta
17,146
SS
LH
28/1/1997
28/12/2096
6
669
18
Lot PT 154712 HS(D) KA 70460,
Mukim Batu, Daerah Kinta
44,734
SS
LH
24/3/1998
22/4/2097
7
1,091
19
Lot PT 8621, Mukim Lumut,
Daerah Manjung
45,805
SS
LH
14/10/1999
15/12/2098
7
1,391
20
Lot PT 1341, Mukim Simpang,
Daerah Larut & Matang
32,130
SS
FH
24/9/1992
-
7
610
118
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
21
Lot 92912, Jalan Lahat, Mukim
Hulu Kinta, Daerah Kinta
48,395
SS
LH
29/11/2000
8/1/2110
5
1,858
22
Lot PT 10158, Taman Saujana,
Batu Gajah, Mukim Sungai Terap,
Daerah Kinta
30,887
SS
LH
24/9/2001
26/1/2098
4
911
23
Lot 191515, Jalan Kuala
Kangsar, Mukim Kinta, Ipoh
16,523
SS
LH
14/3/2002
11/5/2102
3
1,153
24
Lot PT 15613, Mukim Terap,
Daerah Kinta
41,499
SS
FH
31/12/2002
-
4
1,743
25
Lot PT 187383,
Jalan Bercham-Tanjung
Rambutan, Mukim Hulu Kinta
34,016
SS
FH
7/12/2004
-
2
1,768
26
Lot PT 3491, Kampung Kedah,
Mukim Parit Buntar,
Daerah Kerian
43,588
SS
FH
18/10/2004
-
1
1,000
27
Lot PT 15978 HSD 131903,
Mukim Sungai Raya, Kinta
65,393
SS
LH
28/4/2004
27/4/2013
2
2,424
28
Lot PT 191532, Taman
Pengkalan Utama, Mukim Hulu
Kinta, Daerah Kinta
65,415
SS
LH
19/6/2003
18/6/2102
1
2,806
29
Raya, Daerah Kinta,
Jalan Ipoh-Kampar, Gopeng
94,144
SS
LH
31/3/1997
30/3/2096
2
2,756
30
Lot 3553, Simpang Lima, Mukim
Parit Buntar,
Daerah Kerian
45,090
SS
FH
11/3/2005
-
1
1,572
31
Lot 115478 & 131710,
Tanjung Rambutan, Hulu Kinta
14,000
SS
LH
11/6/2004
27/12/2052
28/11/2054
12
951
32
Lot 126025, Taman Bandar Baru
Kampar, Mukim Kampar, Daerah
Kinta
45,230
SS
LH
20/10/2004
31/1/2083
3
2,102
33
Lot 8123 & 8124, Mukim Bota,
Daerah Perak Tengah
47,124
SS
LH
22/12/2004
7/4/2102
4
1,952
34
Lot 195487, Taman Rishah Hijau,
Mukim Ulu Kinta
29,999
SS
LH
24/1/2005
15/1/2103
1
1,465
35
Lot 497, Paya Panjang,
Mukim Kampung Buaya, Daerah
Kuala Kangsar
54,788
VL
FH
18/5/2006
-
-
1,390
36
Lot PT 4556, Suak Sidonan,
Mukim Bota
43,562
SS
FH
21/11/2006
-
1
802
K
SELANGOR DARUL EHSAN
1
Daerah Petaling
17,702
SS
LH
20/4/1989
18/11/2087
13
657
2
Lot 1891, Mukim Sungai Buloh,
Daerah Petaling
15,314
SS
LH
31/1/1991
20/3/2011
25
49
3
Lot PT 6972, Mukim
& Daerah Petaling
32,658
SS
LH
19/2/1992
24/11/2085
23
675
4
Daerah Petaling
18,200
SS
LH
31/1/1991
20/3/2011
23
60
119
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
5
Petaling
26,136
SS
LH
28/6/1991
22/8/2092
13
889
6
Lot PT Utama, Lot PT 1985
(Plot 749), Mukim Batu, Daerah
Gombak
13,606
SS
LH
29/3/1990
6/12/2076
13
700
7
Lot PT 45, Seksyen 15, Bandar
Shah Alam, Daerah Petaling
61,946
SS
LH
14/3/1989
12/1/2086
12
850
8
Lot PT 119, Seksyen 1, Mukim
Damansara, Daerah Petaling
16,731
SS
LH
5/1/1990
2/12/2019
14
221
9
Lot PT 435, Seksyen 6, Bandar
Shah Alam, Daerah Petaling
26,275
SS
LH
14/6/1991
5/2/2018
22
274
10
Lot PT No. 476 & 484, Mukim
Ampang, Daerah Ulu Langat
9,600
SS
LH
2/8/1990
30/7/2074
15
403
11
Lot PT 22521, Mukim Kajang,
Daerah Ulu Langat
26,144
SS
LH
4/6/1991
9/5/2021
13
499
12
Lot PT 318, Mukim Ampang,
Daerah Gombak
11,400
SS
LH
25/6/1987
21/1/2073
19
521
13
Lot PT 436, Mukim Batu,
Daerah Kuala Langat
9,320
SS
LH
4/8/1994
22/11/2014
20
3
14
Kelang
17,058
SS
LH
19/9/1990
17/9/2050
14
846
15
Daerah Kelang
43,560
SS
LH
21/5/1985
20/3/2015
20
15
16
Lot PT 669, Mukim Ampang
Pechah, Daerah Ulu Selangor
14,850
SS
LH
4/8/1994
30/9/2015
22
9
17
Lot PT 5162, Mukim Setapak,
Daerah Gombak
18,209
SS
LH
28/9/1990
12/2/2067
13
623
18
Lot 1859, Mukim Ampang,
Daerah Hulu Langat
20,192
SS
LH
31/1/1991
25/9/2011
21
110
19
Lot PT. 27361 & Lot No. 15 &
16, Seksyen 5, Pekan Ampang
18,700
SS
LH
17/3/1992
3/1/2090
11
994
20
Lot PT No. 29071 & 29072,
Mukim Batu, Daerah Gombak
51,646
SS
LH
19/9/1991
16/10/2091
10
2,865
21
Lot PT 2059, Mukim Serendah,
Daerah Ulu Selangor
34,092
SS
LH
11/12/1991
21/11/2090
11
510
22
Lot PT 1466 (Lot 7380) & Lot
PT 1467 (Lot 7381), Mukim
24,038
SS
FH
22/5/1991
-
24
314
23
Lot PT 3585, Mukim Kapar,
Daerah Kelang
10,417
SS
FH
23/3/1992
-
18
625
24
Lot PT 2781, Mukim Damansara,
Daerah Petaling
16,687
SS
FH
14/8/1989
-
15
751
25
Kelang
12,985
SS
FH
18/6/1990
-
14
935
26
Sebahagian dari Lot 2883,
Mukim Tanjong Duabelas,
Daerah Kuala Langat
20,000
SS
FH
6/8/1990
-
15
385
27
Lot PT 12842, Mukim Kajang,
Daerah Ulu Langat
26,639
SS
FH
4/2/1989
-
23
1,066
120
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
28
Lot 44, 45 & 46, Seksyen 25,
Bandaraya & Daerah Kelang
28,670
SS
FH
12/10/1990
-
13
920
29
Daerah Kelang
30,685
SS
FH
27/3/1990
-
24
1,420
30
Lot 136 - 140, Kampung Salak,
Daerah Sepang
10,145
SS
FH
7/6/1990
-
16
195
31
Sebahagian dari Lot PT 32,
Mukim & Daerah Petaling
30,000
VL
LH
25/8/1990
14/6/2066
-
624
32
L.O. 15, Seksyen 6, Bandar
Petaling, Daerah Kuala Lumpur
17,160
SS
LH
8/8/1988
12/11/2062
7
523
33
Petaling
19,795
SS
LH
21/1/1992
7/3/2092
11
659
34
Lot PT 28938, Mukim Ampang,
Daerah Ulu Langat
19,533
SS
LH
2/10/1991
27/4/2092
11
898
35
Daerah Gombak
27,695
SS
LH
2/10/1991
20/7/2073
11
850
36
Daerah Petaling
32,496
SS
LH
30/5/1990
1/2/2079
3
1,202
37
Daerah Petaling
41,382
SS
LH
11/9/1990
21/2/2029
6
776
38
Mukim Rawang,
Daerah Gombak
18,310
SS
LH
20/4/1989
13/7/2024
2
379
39
Daerah Petaling
15,000
VL
LH
14/1/1991
2/7/2051
-
728
40
Daerah Kelang
14,283
VL
FH
17/6/1991
-
-
1,000
41
Lot PT 43361 (Lot Pertama),
Mukim & Daerah Kelang
23,000
VL
FH
19/3/1990
-
-
1,633
42
Lot PT 43362 (Lot ke-2),
Mukim & Daerah Kelang
23,000
VL
FH
24/9/1991
-
-
1,495
43
Lot 3441 HS(D) 1608,
Mukim Batang Berjuntai,
Daerah Kuala Selangor
13,769
VL
FH
18/11/1991
-
-
509
44
Lot PT 5052 HS(D) 44113,
Seksyen 28, Bandar Shah Alam
25,950
SS
FH
2/1/1992
-
6
1,427
45
Lot PT No. 739 & 740,
Mukim Serendah,
Daerah Hulu Selangor
25,693
SS
FH
25/6/1991
-
6
607
46
Lot PT 16292, HS(D) 27931,
Mukim Cheras,
Daerah Kuala Langat
19,361
SS
FH
10/10/1997
-
7
1,400
47
Lot 4042 HS(M) 5694, Mukim
Tanjung Duabelas
Daerah Kuala Langat
21,790
SS
LH
9/12/1997
26/9/2087
7
1,026
48
Lot PT 32710 HS(M) 32875,
Mukim Ampang,
Daerah Hulu Langat
31,720
SS
LH
28/8/1998
2/8/2094
7
1,825
49
Daerah Petaling
78,410
TCSS
FH
30/12/1985
-
12
1,423
121
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
50
Lot PT 1442, Mukim Dengkil,
Daerah Putrajaya
40,935
SS
FH
5/5/1999
-
7
5,118
51
Daerah Petaling
17,367
SS
FH
14/8/1989
-
12
782
52
Daerah Petaling
16,250
SS
FH
14/8/1989
-
12
731
53
Lot PT 14026, Mukim
11,025
VL
FH
14/8/1989
-
-
634
54
Lot PT 10444, Mukim
16,970
SS
FH
14/8/1989
-
11
764
55
Klang
25,000
SS
FH
23/4/1991
-
7
1,063
56
Klang
20,764
SS
FH
31/10/1990
-
7
831
57
Lot 1253, Mukim Rawang,
Daerah Gombak
30,492
SS
FH
2/12/1991
-
7
1,265
58
Daerah Klang
26,000
SS
FH
24/2/1992
-
7
1,663
59
Petaling
23,207
SS
FH
7/3/1991
-
4
1,184
60
Lot 219, Mukim Cheras, Daerah
Ulu Langat
51,009
SS
FH
18/3/1993
-
5
1,999
61
Daerah Petaling
23,487
SS
FH
7/11/1993
-
15
1,174
62
No. 204 Seksyen 25,
Mukim & Daerah Klang
48,007
SS
FH
28/8/1998
-
7
3,360
63
Lot 5006, Mukim Dengkil,
Daerah Sepang, Selangor
KVDT
FH
3/8/1995
-
10
7,382
64
Lot PT 11887, Mukim Rawang
48,394
SS
LH
6/3/2000
9/2/2094
5
3,278
65
P.T. 37331, Seksyen 5,
Bandar Kinrara Daerah Petaling
22,387
SS
FH
7/1/2003
-
5
2,812
66
Lot PT 70, Pekan Bukit
Kemuning, Mukim Klang
52,227
VL
FH
30/10/2003
-
-
4,182
67
Lot 52548, 52549 & 52550,
Jalan Batu Tiga-Puchong,
Mukim Damansara
71,548
SS
LH
28/2/2001
3/8/2068
4
4,976
68
Lot PT 27423, Taman Dato
Ahmad Razali,
Jalan Kolam Air Lama, Ampang,
Daerah Hulu Langat
161,223
SS
LH
3/6/1991
2/6/2090
2
19,043
69
Lot PT 35256 (Old Lot 60349),
Bandar Baru Selayang,
Mukim Batu, Daerah Gombak
38,613
SS
LH
3/8/2001
2/8/2100
4
1,565
70
Lot PT 10702, Puncak Alam,
Mukim Ijok, Kuala Selangor
56,649
SS
LH
7/4/2004
6/4/2103
1
3,240
71
Lot PT 10659, Puncak Alam,
Mukim Ijok, Kuala Selangor
43,576
SS
LH
18/9/2003
17/9/2102
4
2,603
72
Lot PT 7741, Batu 9,
Mukim Teluk Panglima Garang,
Kuala Langat
37,246
SS
LH
13/8/2002
13/8/2101
5
2,160
4,808,672
122
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
73
Lot PT 3429 HS(D)17325, Mukim
Hulu Kelang,
Daerah Gombak, Bukit
Antarabangsa
66,958
SS
FH
30/1/2004
-
4
8,328
74
Lot PT 25433, Bandar Tun
Hussein Onn, Mukim Cheras,
Daerah Ulu Langat
18,478
SS
FH
23/5/2003
-
3
1,201
75
Lot PT 30965 HS(D)69867,
Bandar Baru Damai Perdana,
Cheras
43,577
SS
FH
25/11/2002
-
3
5,000
76
Lot PT 1545 (Old Lot 2838) HSD
43089, Kepong Industrial Park,
Daerah Gombak
24,002
SS
FH
4/6/2003
-
3
1,607
77
Lot PT 44579,Mutiara
Damansara, Mukim Sungai
Buloh, Daerah Petaling
56,940
SS
FH
15/1/2004
-
3
9,392
78
Lot PT 1161, Pekan Puchong,
Daerah Petaling
33,573
SS
FH
14/4/2003
-
3
3,959
79
Lot PT 24766, Guthrie Corridor
Expressway, Bukit Jelutong,
Mukim Damansara,
Daerah Petaling
44,306
VL
FH
2/8/2004
-
-
6,780
80
Lot PT 6273, Taman Meranti Jaya,
Mukim Dengkil, Daerah Sepang
70,185
SS
FH
23/12/2004
-
2
5,005
81
Lot PT 30147, Bukit Jelutong,
Mukim Damansara,
Daerah Petaling
33,951
SS
FH
16/9/2004
-
1
5,089
82
Lot 83230, Bandar Bukit Tinggi,
Klang
43,559
SS
FH
8/5/2003
-
5
4,700
83
Lot 75237A, Bandar Bukit
Ringgi, Klang
43,602
SS
FH
24/7/2002
-
3
2,300
84
Lot PT 39138, Bandar Seri
Putera, Bangi, Mukim Kajang,
Daerah Hulu Langat
54,153
SS
FH
12/7/2005
-
1
2,956
85
Lot 14387 HSM 6834, LDP
Sungai Penaga, Mukim
35,715
VL
FH
12/9/2005
-
-
5,259
86
Lot PT 25 HSM 2948, Mukim
Hujung Permatang Sungai
Gawar, Daerah Kuala Selangor
43,562
SS
FH
6/4/2004
-
2
741
87
Lot 58764 HM 339, Kampung
Bharu Serdang, Mukim Petaling,
Seri Kembangan
38,395
SS
FH
23/7/2004
-
5
1,848
88
Lot PT 1536, Jalan Semenyih,
Mukim Semenyih,
Daerah Hulu Langat
72,789
VL
FH
23/1/2006
-
-
6,000
89
Lot PT 52587, Taman Prima
Saujana, Daerah Ulu Langat,
Mukim Kajang
43,621
SS
FH
23/1/2006
-
1
4,369
123
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
90
Lot PT 52322, Taman Prima
Saujana, Daerah Ulu Langat,
Mukim Kajang
42,700
SS
FH
23/1/2006
-
1
4,281
91
Lot PT 29771, Fasa A1
Cyberjaya, Mukim Dengkil,
Daerah Sepang
65,498
SS
FH
28/12/2005
-
2
7,070
92
Lot PT 11509 HSD 57278,
Bukit Subang, Mukim Bukit Raja,
Daerah Petaling
47,663
SS
FH
16/7/2004
-
1
5,955
93
Lot PT 1278, NKVE Arah
Damansara, Mukim Pekan
Cempaka, Petaling
92,397
SS
FH
1/1/2005
-
2
9,858
94
Lot PT 621, Taman Desa Mentari,
Mukim Damansara
45,004
SS
LH
26/12/2003
11/4/2101
5
3,304
95
Lot PT 50147 Site A, Jalan
Pekeliling Section 15,
Bandar Baru Bangi, Selangor
43,961
SS
LH
3/5/2004
25/4/2102
3
3,710
96
Lot PT 2661 HSD 3142,
Sungai Buloh Country Resort,
Ijuk, Kuala Selangor
35,596
SS
LH
15/4/2004
24/3/2095
1
2,410
97
Lot 37310-37311, Subang
Bestari, Jalan Subang-Sungai
Buloh, Mukim Sungai Buloh
45,445
SS
LH
29/6/2005
1/12/2095
1
3,843
98
Lot PT 166 Section 15, KM 12.3
Federal Highway
(Klang Bound), Shah Alam
54,939
VL
LH
31/1/2005
18/4/2103
-
6,594
99
Lot PT 1560 HSD 54927, Taman
Bersatu, Bandar Kundang,
Daerah Gombak
50,117
SS
LH
27/10/2005
26/4/2104
2
4,145
100
Lot PT 1, Seksyen 33(51A),
Jalan 222, Petaling Jaya
22,000
SS
LH
20/7/2005
19/7/2104
18
2,262
101
Lot PT 111, Section 40,
Mukim Damansara, Daerah
Petaling
43,551
SS
LH
15/3/2005
28/9/2103
2
7,831
102
Lot PT 40846, Taman Sungai
Kapar, Mukim Kapar
43,562
SS
FH
30/10/2003
4
4,051
103
Lot PT 49946, USJ 20, Mukim
68,133
SS
FH
31/3/2005
-
2
7,000
104
Lot 19146, Jalan Haji Sirat,
Mukim Kapar
23,207
SS
FH
20/3/2006
-
1
4,587
105
Lot PT 36061, Pekan Penaga,
Taman Subang Mewah,
Mukim Petaling
66,058
SS
LH
21/4/2006
24/1/2104
1
7,649
106
Lot PT 41658, Taman Putra
Budiman, Mukim Kajang,
Daerah Hulu Langat
61,780
VL
LH
14/4/2006
22/9/2098
-
5,095
107
Lot 64241, Puchong Jaya,
Pekan Kinrara, Mukim Petaling
54,422
SS
FH
20/3/2006
-
3
8,907
108
Lot PT 4054, Pekan Kinrara,
Daerah Petaling
44,625
SS
FH
18/9/2006
-
1
5,976
124
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
109
Lot 81504, Taman Equine Park,
Mukim Petaling
62,689
SS
LH
24/7/2006
18/9/2093
4
5,223
110
Lot PT 52814, Taman Saujana
Puchong, Daerah Petaling
33,541
SS
LH
30/6/2006
29/9/2103
2
3,624
111
Lot 2883, Mukim Kelanang,
Daerah Kuala Langat
87,664
SS
FH
25/1/2006
-
15
406
112
Lot PT 34453, Putra Heights,
Subang Jaya, Mukim Damansara
43,562
VL
FH
16/10/2006
-
-
5,140
L
WILAYAH PERSEKUTUAN
1
Lot 44489 (PT 3),
Mukim Kuala Lumpur,
Daerah Wilayah Persekutuan
21,780
SS
LH
18/7/1990
8/8/2073
14
928
2
17,773
SS
LH
22/8/1990
22/7/2072
14
1,142
3
Lot No. 29395 & 29396,
Mukim Kuala Lumpur,
32,081
SS
LH
21/12/1977
21/1/2011
25
134
4
Lot 6209, Mukim Batu,
23,250
SS
LH
14/6/1991
17/11/2043
22
22
5
Lumpur,
22,853
SS
LH
10/9/1984
10/2/2077
20
827
6
Lot 48523 (PT No. 7489),
Mukim Batu,
36,210
SS
LH
12/9/1987
24/6/2017
18
89
7
Bandaraya Kuala Lumpur
10,753
SS
LH
4/8/1994
4/5/2047
20
244
8
30,837
SS
LH
25/1/1991
28/6/2066
14
1,502
9
Lumpur, Daerah Wilayah
Persekutuan
27,341
SS
FH
25/7/1989
-
17
1,300
10
Lumpur,
23,714
SS
FH
16/11/1989
-
15
996
11
Lot 20272, Mukim Setapak,
25,529
SS
FH
31/12/1987
-
16
869
12
(PT No. 232 & 233),
17,212
SS
FH
31/3/1990
-
14
2,592
13
31,300
SS
FH
1/6/1990
-
24
889
14
16,351
SS
FH
25/9/1987
-
16
817
15
Lot 59, Seksyen 88,
19,785
SS
FH
22/5/1981
-
23
2,477
16
Lot No. 4295 & 4310,
Mukim Ampang,
12,626
SS
FH
22/5/1981
-
20
1,301
125
List of Properties
Property
17
Lot 2343 (Lot 1653), Seksyen 41,
18
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
13,638
SS
FH
24/3/1988
-
17
770
Lot No. 545-552, Seksyen 55,
9,741
SS
FH
13/3/1990
-
15
1,800
19
21,052
SS
LH
15/7/1991
20/9/2086
9
1,207
20
Lot 353, Seksyen 91A,
13,164
SS
LH
14/6/1991
11/1/2043
9
91
21
32,343
SS
FH
28/7/1992
-
9
3,260
22
Sebahagian dari Lot 33495
(PT 2197), Mukim Petaling,
24,427
VL
LH
20/12/1990
19/12/2089
-
1,201
23
Lot PT 1035, Mukim Petaling,
17,250
VL
LH
12/8/1991
23/10/2085
-
688
24
Sebahagian dari Lot 33492
(PT 2194), Mukim Petaling,
24,925
VL
LH
15/7/1991
27/4/2086
-
735
25
Lot PT 737, Mukim Petaling
32,947
SS
LH
15/12/1989
17/8/2085
16
891
26
Mukim Petaling,
27,439
SS
LH
1/3/1991
19/8/2084
5
929
27
17,912
SS
LH
14/8/1991
10/11/2089
14
922
28
Lot 25, Seksyen 87,
20,010
VL
FH
24/7/1990
-
-
2,801
29
Sebahagian dari Lot 847,
Mukim Kuala Lumpur
20,518
VL
FH
25/9/1991
-
-
1,128
30
Lot 788, Mukim Setapak,
57,173
VL
FH
25/7/1991
-
-
1,800
31
Lot 522, Mukim Petaling,
169,884
LPGSBP
LH
14/6/1991
31/3/2011
26
99
32
Lot 836, Precint 9,
Wilayah Persekutuan Putrajaya
43,154
SS
FH
22/4/2003
-
4
4,315
33
Lot 3352, Precint 11,
36,500
SS
FH
22/4/2003
-
3
4,510
34
Lot 2495, Precint 16,
43,640
SS
FH
22/4/2003
-
2
4,364
35
Lot PT 7667,
Taman Setiawangsa, Setapak
63,140
SS
FH
24/7/2003
-
4
7,602
36
Lot PT62368 & PT61957,
Mukim Petaling, Wilayah
Persekutuan Kuala Lumpur
43,560
SS
FH
31/12/2002
-
4
7,000
37
Lot 25067, Taman Melati,
Mukim Setapak, Kuala Lumpur
19,182
SS
FH
7/1/2003
-
24
2,268
38
Lot 20721, Wangsa Melawati,
Mukim Setapak
28,933
SS
FH
6/11/2003
-
15
2,511
126
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
M
SABAH DAN WILAYAH
PERSEKUTUAN LABUAN
1
Lot TL 147501764, Daerah
Tambunan
24,750
SS
LH
14/6/1991
31/12/2011
20
8
2
Lot CL 175310595 (Lot 136),
Daerah Beaufort
24,750
SS
LH
4/10/1983
31/12/2901
20
594
3
Lot CL 025331631, Jalan PaparKimanis, Daerah Papar
24,750
SS
LH
22/1/1990
10/9/2913
14
107
4
Lot CL 015414490,
Jalan Reservoir,
Daerah Kota Kinabalu
18,280
SS
LH
14/6/1991
31/12/2012
23
62
5
Lot TL 227500816, Daerah Kota
Marudu
21,650
SS
LH
14/6/1991
31/12/2011
20
4
6
Lot CL 10542613, Lot CL
10542622 & Lot CL 105542631,
Daerah Tawau
22,450
SS
LH
11/4/1990
17/1/2914
14
404
7
Lot TL 207527044, Jalan
Saguking, Daerah Labuan
30,502
SS
LH
14/6/1991
31/12/2011
23
14
8
Lot CL 28409 & Lot CL 284410,
Jalan Mat Salleh,
21,344
SS
LH
18/1/1984
4/5/2913
21
482
9
Lot CL 075326082,
Jalan Utara, Daerah Sandakan
14,750
SS
LH
13/1/1991
9/7/2887
25
189
10
Lot CL 105316630,
Daerah Tawau
23,820
SS
LH
17/10/1991
20/6/2055
14
344
11
Lot CL 015433379,
Lot CL 015433388,
Lot CL 013433404,
Lot CL 015433360, Jalan Swamp,
29,927
SS
LH
15/1/1990
31/12/2930
15
520
12
Lot TL 057504688,
Pekan Kudat, Daerah Kudat
28,300
SS
LH
31/12/1991
31/12/2009
12
107
13
Lot CL 10546680
(CL 105311500), KM 7,
Jalan Apas, Daerah Tawau
21,780
SS
LH
23/3/1995
23/2/2025
11
315
14
Lot CL 105139580 (Lot 1),
Jalan Kuhara, Daerah Tawau
19,249
SS
LH
13/6/1991
30/10/2055
12
339
15
Sebahagian dari
Lot CL 105244326,
25,968
SS
LH
27/10/1991
24/10/2916
9
599
16
Lot CL 1153799989,
Jalan Silam, Daerah Lahad Datu
21,279
SS
LH
22/1/1994
31/12/2069
4
267
17
Lot CL 165005569,
Daerah Tenom
12,000
SS
LH
9/10/1985
30/12/2014
4
20
18
Lot CL 075203413,
Jalan Labuk, Daerah Sandakan
20,000
VL
LH
1/4/1993
1/7/2882
-
650
19
Lot CL 025337722, Kampung
Kinarut, Daerah Papar
39,639
SS
LH
18/6/1993
31/12/2084
7
297
127
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
20
Lot TL 247501177,
Daerah Kunak
13,930
SS
LH
18/11/1997
31/12/2088
9
494
21
Lot CL 156466699, KM 7,
79,598
SS
LH
30/4/1998
23/2/2925
12
151
22
Lot CL 105430868,
Lot 82100054,
Tanjong Batu, Daerah Tawau
435,600
BD
LH
14/6/1991
31/12/2042
11
122
23
Lot RSP No. 90019022,
Sepangar Bay, Kota Kinabalu
522,720
BD
LH
29/12/1994
28/12/2045
14
6,422
24
Lot CL 207901933, Tanjong
Kubong, Labuan
23,096
SS
FH
29/7/1992
-
12
342
25
Lot CL 015580186, Jalan Luyang,
8,503
SS
LH
23/12/2002
31/12/2906
15
985
26
Lot CL 015500893, Likas,
30,158
SS
LH
23/12/2002
23/12/2083
17
867
27
Lot CL 01578533, Jalan Inanam,
20,575
SS
LH
23/12/2002
14/5/2076
22
734
28
Lot CL 015474012, Penampang,
28,353
SS
LH
23/3/2003
31/12/2076
20
806
29
Lot CL 215386851, Daerah
Penampang, Kampung Nosoob
27,007
SS
LH
23/12/2002
8/12/2062
17
934
30
Lot CL 21539539,
Daerah Penampang, Kasigui
29,063
VL
LH
23/12/2002
31/12/2904
-
714
31
Lot TL 077544186, KM 6, Jalan
Batu Sapi,
Karamunting, Sandakan
85,813
SS
LH
21/10/2003
14/11/2883
3
697
32
Lot CG 2205005894,
KM 6.5, Jalan Pohon Batu,
Wilayah Persekutuan Labuan
58,125
VL
LH
23/11/2004
21/7/3002
-
1,594
33
Lot CL 045310334, Batu 16,
Jalan Tuaran, Kampung Bakud
51,836
SS
LH
10/2/2006
31/12/2068
1
1,120
N
SARAWAK
1
Daerah Bandar Kuching
21,388
SS
LH
10/11/1987
23/9/2048
15
383
2
Lot 1392, Blok 11,
Daerah Muara Tebas
12,325
SS
LH
31/1/1991
31/12/2069
11
237
3
12,884
SS
LH
31/1/1991
23/1/2777
19
359
4
Lot 721, Blok 31,
Daerah Kemena
46,392
SS
LH
14/6/1991
11/3/2051
23
264
5
35,865
SS
LH
1/11/1985
23/10/2045
17
489
6
Lot 397, Blok 9,
Daerah Konsesi Miri
63,733
SS
LH
14/6/1991
18/1/2042
21
98
7
Lot 425, Blok 2, Daerah Sibu
15,069
SS
LH
14/6/1991
31/1/2042
12
246
8
Lot 4772, Blok 16,
Daerah Kuching Tengah
60,762
SS
LH
10/5/1990
2/5/2050
24
101
9
Lot 402, Daerah Serian
11,270
SS
LH
6/10/1997
26/12/2045
18
28
128
List of Properties
Property
Land Area
(Sq.Ft.)
Description
Tenure
Date of
Acquisition
Date of
Expiry
Age of
Building
(Years)
Net Book
Value as at
31 March 2007
(RM’000)
10
Lot 299, Seksyen 5,
16,512
SS
LH
22/5/1989
30/3/2049
24
40
11
Lot 1804, Daerah Limbang
18,094
SS
LH
22/1/1992
21/1/2052
11
287
12
Lot 2156, Blok 16,
36,372
SS
LH
14/3/1991
9/2/2041
14
672
13
Lot 2065, Blok 1,
Daerah Lambir
38,179
SS
LH
8/12/1992
7/12/2052
11
183
14
Lot 419, Blok 26, Daerah
Kemena
22,432
SS
LH
15/8/1994
14/8/2054
16
101
15
Lot 650, Blok 3,
Daerah Sentah-Segu
18,546
SS
LH
3/4/1991
27/5/2052
12
354
16
Lot 284, Blok 16,
35,370
SS
LH
8/1/1992
31/12/2025
18
682
17
Sublot 131 & Lot 2400, Blok 4,
Daerah Sungai Merah
23,034
SS
LH
12/12/1995
13/10/2057
9
888
18
Lot 486, Block 4,
Daerah Bandar Sungai Merah
22,657
SS
LH
15/4/1996
31/12/2019
9
736
19
Sublot 102, Blok 5,
Daerah Sentah-Segu
22,012
VL
LH
23/8/1994
16/2/2056
-
640
20
Lot 1144, Blok 6,
Daerah Seduan
22,423
SS
LH
6/4/1994
14/7/2053
8
235
21
Lot 251, Daerah Muara Tebas
35,198
SS
LH
29/11/1995
28/11/2055
6
625
22
Lot 1176, Block 14,
Daerah Seduan
11,169
VL
LH
3/9/1996
9/2/2056
-
69
23
Lot 570, Blok 16,
Daerah Bandar Seduan
16,102
W
LH
30/8/1984
20/6/2038
14
54
24
Lot 123, 124, 125 & 126,
Daerah Bandar Seduan
301,004
BD
LH
8/7/1989
20/5/2018
13
817
25
472,956
BD
LH
14/6/1981
17/2/2042
25
339
26
Lot 94, Blok 217,
Daerah Batu Kawah
22,703
SS
LH
20/3/2000
27/8/2058
5
1,167
27
Lot 121, Blok 217,
Daerah Bukit Kisi
22,388
SS
LH
5/4/1999
12/4/2056
5
195
28
Lot 1106, Blok 5,
Kuala Baram Land District,
Daerah Miri
36,867
VL
FH
31/12/2002
-
-
1,250
29
Lot 1050, Blok 7,
Jalan Bulan Sabit, Miri
79,639
SS
LH
27/6/2002
13/12/2054
4
3,859
30
Lot 4003, Blok 14,
Salak Land District, Kuching
73,076
SS
LH
9/12/2005
8/12/2065
2
2,045
129
List of Properties
Property
O
LAND FOR PIPELINE
1
Pipeline for multiple petroleum
products of 130 km, which
consists of 28 km from Sungai
Udang, Melaka to Sungai Linggi,
Negeri Sembilan, 62 km from
Sungai Linggi to FELDA LPJ,
Mukim Labu, Negeri Sembilan,
36 km from FELDA LPJ, Mukim
Labu to KVDT, Sepang, Selangor,
3 km from KVDT, Sepang to
KLIA, Selangor and 1 km from
Port Dickson Refinery to
main pipeline.
Land Area
(Sq.Ft.)
36,603,280
ABBREVIATION
DESCRIPTION
Description
MPP
Tenure
FH
Date of
Acquisition
7/20/1995
(Negeri Sembilan
& Melaka)
8/3/1995
(Selangor)
Date of
Expiry
Age of
Building
(Years)
-
TENURE
SS
–
Service Station
FH - Freehold
VL
–
Vacant Land
LH - Leasehold
SH
–
Shophouse
OSS
–
Office & Service Station
BD
–
Bulk Depot
LPGSBP
–
LPG Storage & Bottling Plant
W
–
Warehouse
TCSS
–
Training Centre & Service Station
MPP
–
Multi Product Pipeline
KVDT
–
Klang Valley Distribution Terminal
-
Net Book
Value as at
31 March 2007
(RM’000)
28,401
130
NOTICE IS HEREBY GIVEN THAT the Twenty-Fifth Annual General Meeting of
PETRONAS Dagangan Berhad (the Company) will be held on Tuesday, 10 July
2007 at 10.00 a.m. at the Ballroom 1, Level 2, Hotel Nikko Kuala Lumpur, 165,
Jalan Ampang, 50450 Kuala Lumpur for the following purposes, namely:
AGENDA
As Ordinary Business
1.
To receive the Audited Financial Statements for the year ended 31 March 2007 together with the Reports
of the Directors and Auditors thereon.
2.
To approve the payment of final dividend of 20% per ordinary share less income tax at 27% in respect of the
3.
To re-elect the following Directors pursuant to Article 93 of the Company’s Articles of Association:
year ended 31 March 2007.
(Resolution 1)
(Resolution 2)
(a) Datuk Anuar bin Ahmad
(Resolution 3)
(b) Dato’ Kamaruddin bin Mohd Jamal
(Resolution 4)
4.
To approve the payment of Directors’ fees in respect of the year ended 31 March 2007.
(Resolution 5)
5.
To re-appoint Messrs. KPMG Desa Megat & Co. as Auditors of the Company and to authorise the Directors
to fix their remuneration.
(Resolution 6)
As Special Business
6.
To consider and if thought fit, to pass the following Special Resolution:
Proposed Amendments to the Articles of Association of the Company
“THAT alterations, modifications, additions or deletions to the Articles of Association of the Company
contained in Appendix I of the Annual Report 2007 be and are hereby approved.”
7.
To transact any other business for which due notice has been given.
(Special Resolution 1)
131
N OT I C E O F D I V I D E N D E N T I T L E M E N T A N D PAYM E N T
NOTICE IS ALSO HEREBY GIVEN THAT subject to the approval of members at the Twenty-Fifth Annual General Meeting to be held on
10 July 2007, a final dividend of 20% per ordinary share less income tax at 27% will be paid on 23 August 2007 to shareholders whose
names appear in the register of Depositors on 3 August 2007.
A depositor shall qualify for entitlement only in respect of :
(a) Shares transferred into the Depositor’s Securities Account before 4.00 p.m. on 3 August 2007 in respect of ordinary transfers.
(b) Shares bought on the Bursa Malaysia on a cum entitlement basis according to the Rules of Bursa Malaysia.
By Order of the Board
NOOR LILY ZURIATI BT ABDULLAH (LS 05485)
YEAP KOK LEONG (MAICSA 0862549)
Company Secretaries
Kuala Lumpur
18 June 2007
NOTES :
1.
A member of the Company entitled to attend and vote at the meeting may appoint a proxy or proxies to attend and vote on his behalf. A proxy may but need not
be a member of the Company.
2.
Where a member of the Company is an authorised nominee as defined under the Securities Industry (Central Depositories) Act 1991, it may appoint at least one
proxy in respect of each Securities account it holds with ordinary shares of the Company standing to the credit of the said Securities accounts.
3.
The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or if the appointer is a corporation
either under seal or under the hand of an officer or attorney duly authorised and must be deposited at the Company’s Share Registrar, Symphony Share Registrar
Sdn. Bhd., Level 26, Menara Multi Purpose, Capital Square, No. 8, Jalan Munshi Abdullah, 50100 Kuala Lumpur, not less than 48 hours before the time fixed for
the meeting.
If this Proxy Form is signed under the hand of an officer duly authorized, it should be accompanied by a statement reading “signed as authorized officer under
Authorisation Document which in still in force, no notice of revocation having been received.“ If this Proxy Form is signed by an attorney duly appointed under a
power of attorney, it should be accompanied by a statement reading “signed under Power of Attorney which is still in force, no notice of revocation having been
received”. A copy of the Authorisation Document or the Power of Attorney, which should be valid in accordance with the laws of the jurisdiction in which it was
created and is exercised, should be enclosed with this Proxy Form.
4. Explanatory Notes on Special Business :
Special Resolution 1 - Amendments to the Articles of Association of PETRONAS Dagangan Berhad
This proposed Special Resolution 1 if passed, will bring the Articles of Association of the Company in line with the amendments to Listing Requirements of Bursa
Malaysia Securities Berhad and to comply with the Companies Act, 1965.
132
Appendix I
P R O P O S E D A M E N D M E N TS TO T H E A R T I C L E S O F A S S O C I AT I O N O F T H E C OM PA N Y
The existing Articles of Association of the Company (“the existing Articles”) are amended by the alterations, modifications, deletion and/or
additions, wherever necessary whereby the affected existing Articles are reproduced here with the Proposed Amendments to the Articles
of Association of the Company alongside it:
Article
No.
EXISTING ARTICLES
PROPOSED ARTICLES
Rationale(s)
1
Definition
In these Articles, if not inconsistent with the
subject or context:-
Definition
In these Articles, if not inconsistent with
the subject or context:-
WORDS
MEANINGS
WORDS
Approved Market
Place
The stock exchange
which is specified
to be an approved
market place in the
Securities Industry
(Central Depositories)
(Exemption) (No. 2)
Order 1998
[Deleted]
Pursuant to Para. 1.01 of
the Listing Requirements.
Beneficial Owner
In relation to Deposited
Securities, the ultimate
owner of the Deposited
Securities who is the
person who is entitled
to all rights, benefits,
powers and privileges
and is subject to all
liabilities, duties and
obligations in respect
of, or arising from, the
Deposited Securities
and does not include
a nominee of any
description.
[Deleted]
Redundant definition
Book Closing Date
The specified time and
date set by the Company
for the purpose of
determining persons
entitled to dividends,
interest, or new
securities, or rights to
a priority of application
of issues of securities or
other distributions.
[Deleted]
MEANINGS
133
Appendix I
Article
No.
EXISTING ARTICLES
PROPOSED ARTICLES
Rationale(s)
[Deleted]
Commission
Securities Commission
established under Section
3 of the Securities
Commission Act 1993
Central Depository
the Malaysian Central
Depository Sdn. Bhd.
Depository
Bursa Malaysia
Depository
Sdn. Bhd.
Pursuant to Para.
1.01 of the Listing
Requirements.
Exchange
The Kuala Lumpur Stock
Exchange
Exchange
Bursa Malaysia
Securities Berhad
Pursuant to Para.
1.01 of the Listing
Requirements.
Independent
Director
a Director as defined in
the Listing Requirements
of Kuala Lumpur Stock
Exchange including any
amendment to the Listing
Requirements that may be
made from time to time
Independent
Director
a Director as defined
in the Listing
Requirements of
Bursa Malaysia
Securities Berhad
including any
amendment to the
Listing Requirements
that may be made
from time to time
Pursuant to Para.
1.01 of the Listing
Requirements.
Listing
Requirements
The Listing Requirements
of Kuala Lumpur Stock
Exchange including any
Requirements that may be
made from time to time
Listing
Requirements
The Listing
Requirements of
Bursa Malaysia
Securities Berhad
including any
amendment to the
Listing Requirements
that may be made
from time to time
Pursuant to Para.
1.01 of the Listing
Requirements.
Member/
Members
any person/persons for
the time being holding
shares in the Company
and whose names
appear in the Register
of Members (except
the Malaysian Central
Depository Nominees
Sdn. Bhd.) including
depositors whose names
appear on the Record of
Depositors
Member/
Members
any person/persons
for the time being
holding shares in
the Company and
whose names appear
in the Register of
Members (except
the Bursa Malaysia
Depository Sdn.
Bhd.) including
depositors whose
names appear on the
Record of Depositors.
Pursuant to Para.
1.01 of the Listing
Requirements
Rules
The Rule of the Central
Depository.
Rules
The Rule of the
Central Depository.
Pursuant to Para.
1.01 of the Listing
Requirements
134
Appendix I
The term “Central Depository”, wherever it appears in this Articles of Association, shall be replaced with the term “the Depository”.
Article
EXISTING ARTICLES
PROPOSED ARTICLES
Rationale(s)
Issues of Share to Directors
Issues of Share to Directors
No Director shall participate in an issue of
shares to employees unless shareholders in
general meeting have approved of the specific
allotment to be made to such Director and
unless he holds office in an executive capacity
No Director shall participate in an issue of
shares to employees unless shareholders
in general meeting have approved of the
specific allotment to be made to such
Director and unless he holds office in an
executive capacity
Issue of Preference Shares
Issue of Preference Shares
Subject to the Act, the provision of these
Articles and the requirements of the
Exchange, the Company shall have power
to issue preference shares on such terms
and conditions and carrying such rights or
restrictions provided that the total nominal
value of the issued preference shares shall not
exceed the total nominal value of the issued
ordinary shares at any time. The Company
shall not, unless with the consent of existing
preference shareholders at a class meeting,
issue preference shares ranking in priority
to the preference shares already issued but
may issue preference shares ranking equally
therewith.
Subject to the Act, the provision of these
Articles and the requirements of the
Exchange, the Company shall have power
to issue preference shares on such terms
and conditions and carrying such rights or
restrictions provided that the total nominal
value of the issued preference shares
shall not exceed the total nominal value
of the issued ordinary shares at any time.
The Company shall not, unless with the
consent of existing preference shareholders
at a class meeting, issue preference shares
ranking in priority to the preference shares
already issued but may issue preference
shares ranking equally therewith.
Waiver from Exchange for convening
Extraordinary General Meeting for New Issue
of Shares
[Deleted]
No.
4(b)
6(a)
8.
Notwithstanding Article 7 above, the
Company may apply to the Exchange to waive
the convening of a general meeting to obtain
Members’ approval for further issues of shares
(other than bonus or rights issues) where :(a) the aggregate issues of which in any one
financial year do not exceed ten per cent
(10%) of the issued share capital of the
Company; and
(b) there is still in effect a resolution under
Section 132D of the Act approving the
issuance of shares by the Company.
Pursuant to the removal
of Para. 7.05 of the
Listing Requirements.
To delete in its entirety as
it is a redundant clause.
135
Appendix I
Article
EXISTING ARTICLES
PROPOSED ARTICLES
Rationale(s)
Suspension of Registration
Suspension of Registration
The registration of transfer may be suspended
at such times and for such periods as the
Directors may from time to time determine,
provided always that such registration shall
not be suspended for more than thirty (30)
days in any year or such number of days as
may be prescribed by the Exchange. The
Company shall give the Exchange prior
written notice and publication in a daily
newspaper circulating in Malaysia of the
period of the intended suspension or closure
and the purposes thereof, which notice shall
be at least twelve (12) market days after the
date of announcement to the exchange or
such number of days as may be prescribed
by the Exchange. In relation to the closure,
the Company shall give written notice in
accordance with the Rules to prepare the
appropriate Record of Depositors.
The registration of transfer may be
suspended at such times and for such
periods as the Directors may from time to
time determine, provided always that such
registration shall not be suspended for
more than thirty (30) days in any year or
such number of days as may be prescribed
by the Exchange. The Company shall give
the Exchange prior written notice and
publication in a daily newspaper circulating
in Malaysia of the period of the intended
suspension or closure and the purposes
thereof, which notice shall be at least
ten (10) market days after the date of
announcement to the exchange or such
number of days as may be prescribed by
the Exchange. In relation to the closure,
the Company shall give written notice in
accordance with the Rules to prepare the
appropriate Record of Depositors.
In line with the
Requirements whereby
the timeframe to make
announcement on the
Book Closure has been
shortened to ten (10)
market days.
Transmission of Securities From Foreign
Register
Transmission of Securities From Foreign
Register
Where:
Where:
a)
the securities of a company are listed on
an Approved Market Place; and
a)
the securities of a company are listed
on another Stock Exchange; and
b)
such company is exempted from
compliance with Section 14 of the
Central Depositories Act or Section
29 of the Securities Industry (Central
Depositories) (Amendment) Act 1998,
as the case may be, under the Rules of
the Central Depository in respect of such
securities,
b)
such company is exempted from
compliance with Section 14 of the
Central Depositories Act or Section
29 of the Securities Industry (Central
Depositories) (Amendment) Act 1998,
as the case may be, under the Rules
of the Central Depository in respect of
such securities,
No.
36 (a)
44A(1)
such company shall, upon request of a
securities holder, permit a transmission of
securities held by such securities holder from
the register of holders maintained by the
registrar of the Company in the jurisdiction
of the Approved Market Place (hereinafter
referred to as “the Foreign Register”), to the
register of holders maintained by the registrar
of the company in Malaysia (hereinafter
referred to as “the Malaysian
such company shall, upon request of a
securities holder, permit a transmission of
securities held by such securities holder
from the register of holders maintained
by the registrar of the Company in the
jurisdiction of the Approved Market Place
(hereinafter referred to as “the Foreign
Register”) other stock exchange, to
the register of holders maintained by the
registrar of the company in Malaysia
It is also not a
requirement under the
Listing Requirements to
publish the Notice of
Book Closure in the daily
newspaper.
136
Appendix I
Article
EXISTING ARTICLES
PROPOSED ARTICLES
Rationale(s)
No.
Register”) provided that there shall be no
charge in the ownership of such securities.
(hereinafter referred to as “the Malaysian
Register”) and vice versa provided that
there shall be no charge in ownership of
such securities.
[Deleted]
44A(2)
For the avoidance of doubt, no company
which fulfills the requirements of
subparagraphs (1)(a) and (b) above shall
allow any transmission of securities from the
Malaysian Register into the Foreign Register.
57.
Notice of Meetings
Notice of Meetings
The notices convening meetings shall specify
the place, day and hour of the meeting,
and shall be given to all Members at least
fourteen (14) days before the meeting or at
least twenty one (21) days before the meeting
where any special resolution is to be proposed
or where it is an annual general meeting. Any
notice of a meeting called to consider special
business shall be accompanied by a statement
regarding the effect of any proposed
resolution in respect of such special business.
At least fourteen (14) days’ notice or twenty
one (21) days’ notice, in the case where any
special resolution is proposed or where it is
the annual general meeting, of every such
meeting shall be given by advertisement in
the daily press and in writing to each Stock
Exchange upon which the Company is listed.
The notices convening meetings shall
specify the place, day and hour of the
meeting, and shall be given to all Members
at least fourteen (14) days before the
meeting or at least twenty one (21) days
before the meeting where any special
resolution is to be proposed or where
it is an annual general meeting. Any
notice of a meeting called to consider
special business shall be accompanied by
a statement regarding the effect of any
proposed resolution in respect of such
special business. At least fourteen (14)
days’ notice or twenty one (21) days’
notice, in the case where any special
resolution is proposed or where it is the
annual general meeting, of every such
meeting shall be given by advertisement in
at least 1 nationally circulated Bahasa
Malaysia or English daily press and in
writing to each Stock Exchange upon
which the Company is listed.
Request to Central Depository for Record of
Depository
Request to Central Depository for Record
of Depository
The Company shall also request the Central
Depository in accordance with the Rules, to
issue a Record of Depositors, as at a date not
less than three (3) market days before the
general meeting (hereinafter referred to as
“the General Meeting Record of Depositors”)
The Company shall also request the
Central Depository in accordance with the
Rules, to issue a Record of Depositors, as
at the latest date which is reasonably
practicable which shall in any event be
a date not less than three (3) market days
before the general meeting (hereinafter
referred to as “the General Meeting
Record of Depositors”)
59(b)
Pursuant to Para.
7.18(2) of the Listing
Requirements.
137
Appendix I
Article
EXISTING ARTICLES
PROPOSED ARTICLES
Rationale(s)
Voting Rights of Members
Voting Rights of Members
Subject to any rights or restrictions for the
time being attaching to any class or classes
of Members, each Member entitled to vote
may vote in person or by proxy or by attorney
and on a show of hands, every person present
who is a Member or a representative of a
Member or a proxy shall have one vote, and
on a poll every Member present in person
or by proxy or by attorney or other duly
authorized representative shall have one vote
for each share he holds.
Subject to any rights or restrictions for
the time being attaching to any class or
classes of Members, each Member entitled
to vote may vote in person or by proxy or
by attorney and on a show of hands, a
holder of ordinary shares or preference
shares who presents as a member or
a member’s representative or proxy or
attorney and entitled to vote shall be
entitled to one vote and on a poll every
Member present in person or by proxy
or by attorney or other duly authorized
representative shall have one vote for each
share he holds.
Pursuant to Para.
7.19A of the Listing
Requirements
Appointment of Proxies
Appointment of Proxies
A holder may appoint more than two (2)
proxies to attend at the same meeting. Where
a holder appoints two (2) or more proxies, he
shall specify the proportion of his shareholding
to be represented by each proxy.
A holder may appoint not more than two
(2) proxies to attend at the same meeting.
Where a holder appoints two (2) or more
proxies, he shall specify the proportion of
his shareholding to be represented by each
proxy.
Appointment of More Than One Proxies
Appointment of Not More Than Two
Proxies
No.
70.
73
73A
Where a member of the Company is an
authorized nominee as defined under the
Central Depositories Act, it may appoint at
least one proxy in respect of each securities
account it holds with ordinary shares of the
Company standing to the credit of the said
securities account.
Where a member of the Company is an
authorized nominee as defined under the
Central Depositories Act, it may appoint at
least one proxy but not more than two
(2) proxies in respect of each securities
account it holds with ordinary shares of the
Company standing to the credit of the said
securities account.
To amend pursuant
to Section 149 of the
Companies Act, 1965
To be consistent with the
proposed amendments to
Article 73 above
138
Appendix I
Article
EXISTING ARTICLES
PROPOSED ARTICLES
Rationale(s)
Ipso Facto Vacation of Office
Ipso Facto Vacation of Office
The office of a Director shall ipso facto be
vacated if the Director -
The office of a Director shall ipso facto be
vacated if the Director -
Pursuant to Para.7.29 and
15.05(3) of the Listing
Requirements
(i)
ceases to be a Director by virtue of the
Act;
(i)
ceases to be a Director by virtue of the
Act;
(ii)
becomes bankrupt or makes any
arrangement or composition with his
creditors generally;
(ii)
becomes bankrupt or makes any
arrangement or composition with his
creditors generally during his term
of office;
No.
98(a)
(iii) becomes prohibited from being a director
by reason of any order made under the
Act;
(iv) becomes of unsound mind or a person
whose person or estate is liable to be
dealt with in any way under the law
relating to mental disorder;
(v)
is absent for more than 50% of the total
Board of Directors’ meetings held during
a financial year save and except in a case
where the Exchange has granted a waiver
to the Director from compliance with this
requirement;
(vi) is removed by a resolution of the
Company in general meeting and in the
case of an alternate or substitute Director
by a resolution of the Directors;
(vii) resigns his office by notice in writing to
the Company.
(iii) becomes prohibited from being a
director by reason of any order made
under the Act;
(iv) becomes of unsound mind or a person
whose person or estate is liable to be
dealt with in any way under the law
relating to mental disorder during his
term of office;
(v)
is absent for more than 50% of the
total Board of Directors’ meetings held
during a financial year save and except
in a case where the Exchange has
granted a waiver to the Director from
compliance with this requirement;
(vi) is removed by a resolution of the
Company in general meeting and in
the case of an alternate or substitute
Director by a resolution of the
Directors;
(vii) resigns his office by notice in writing
to the Company.
139
Appendix I
Article
EXISTING ARTICLES
PROPOSED ARTICLES
Rationale(s)
Persons Entitled to Receive Notice
Persons Entitled to Receive Notice
Notice of every general meeting shall be given
in any manner hereinbefore authorised to:-
Notice of every general meeting shall
be given in any manner hereinbefore
authorised to:-
It is not a requirement to
send a copy of the Notice
of every general meeting
to Securities Commission.
No.
153(a)
(i)
every Member;
(ii)
every person entitled to a share in
consequence of the death or bankruptcy
of a Member who but, for his death or
bankruptcy, would be entitled to receive
notice of the meeting;
(i)
every Member;
(ii)
every person entitled to a share
in consequence of the death or
bankruptcy of a Member who but,
for his death or bankruptcy, would
be entitled to receive notice of the
meeting;
(iii) the auditor for the time being of the
Company;
(iv) the Exchange; and
(iii) the auditor for the time being of the
Company; and
(v)
(iv) the Exchange.; and
Commission.
(v)
158.
Similar Provisions
Subject to the Act and the rules of the
Exchange, the Articles of each subsidiary
company of the Company must contain similar
provisions as contained in Articles 98(a)(ii),
98(a)(iv), 98(a)(v), 114 and 121 herein.
Commission.
[Deleted]
Pursuant to the removal
of Para. 7.03 of the
Listing Requirements.
140
Statement Accompanying Notice
of Annual General Meeting
Pursuant to Paragraph 8.28(2) of the Listing Requirements of Bursa Malaysia Securities Berhad appended hereunder are:D I R EC TO R S STA N D I N G FO R R E - E L EC T I O N
Directors who are standing for re-election at the Twenty-Fifth Annual General Meeting of the Company which will be held at Ballroom 1,
Level 2, Hotel Nikko Kuala Lumpur, 165, Jalan Ampang, 50450 Kuala Lumpur on Tuesday, 10 July 2007 at 10.00 a.m. are:
(a) Datuk Anuar bin Ahmad
(b) Dato’ Kamaruddin bin Mohd Jamal
D E TA I L S O F D I R EC TO R S STA N D I N G FO R R E - E L EC T I O N A S I N A G E N D A
3
O F T H E N OT I C E
O F A N N UA L G E N E R A L M E E T I N G
Age
53
Nationality
Malaysian
Qualification
• Bachelor of Science Degree (Econs) from the London School
of Economics & Political Science, University of London
• Attended Harvard Business School’s Advanced Management
Programme (AMP), USA.
Position in the Company
Non-Independent Non-Executive Director
Date first appointed to the Board
20.05.1995
Membership of the Board Committees
Chairman of the Board of Directors
Number of board meetings attended during
the period under review
6/6
Working experience
• Joined PETRONAS in 1977 and has held various senior managerial positions in
International Marketing Division, Corporate Planning Unit, PETRONAS Trading
Corporation Sdn Bhd and PETRONAS Dagangan Berhad
• Vice President of Oil Business, PETRONAS since October 2002 to date.
Directorships in other public companies
PETRONAS Group
Securities holdings in the Company
2,000
Family relationships with any directors and/or
major shareholders of the Company
Nil
Conflict of interest with the Company
Nil
List of conviction for offences within the
past 10 years other than traffic offences
Nil
141
Statement Accompanying Notice of Annual General Meeting
D E TA I L S O F D I R EC TO R S STA N D I N G FO R R E - E L EC T I O N A S I N A G E N D A
3
O F T H E N OT I C E
O F A N N UA L G E N E R A L M E E T I N G ( C O N T ’ D )
Age
64
Nationality
Malaysian
Qualification
• British Royal Military College of Science and British Command and Staff College.
• MBA from the School of Business Management of the Cranfield Institute
of Technology, United Kingdom
• Advance Management Program at the IMD, Lousanne, Switzerland.
Position in the Company
Independent Non-Executive Director
Date first appointed to the Board
01.03.2002
Membership of the Board Committees
• Board of Directors
• Board Audit Committee
Number of board meetings attended during
the period under review
6/6
Working experience
• Served the Malaysian Army from 1962 – 1974.
• Joined Esso Production Malaysia Inc. in 1975 and had held various management
positions in both Upstream and Downstream Sectors.
• Assistant to the Chairman for two years before he was appointed as the HR Director
for Esso Companies in Malaysia on 1 January 1987 until he elected to retire in
December 2001.
Directorships in other public companies
Nil
Securities holdings in the Company
Nil
Family relationships with any directors and/or
major shareholders of the Company
Nil
Conflict of interest with the Company
Nil
List of conviction for offences within the past
10 years other than traffic offences
Nil
Proxy Form
I/We
of
being a member of PETRONAS Dagangan Berhad hereby appoint
or failing him/her, the Chairman of the Meeting as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of
the Company to be held at the Ballroom 1, Level 2, Hotel Nikko Kuala Lumpur, 165, Jalan Ampang, 50450 Kuala Lumpur on Tuesday,
10 July 2007 at 10.00 a.m. and at any adjournment thereof.
Resolution
1.
Adoption of Directors’ Report and Financial Statements
2.
Approval of Final Dividend
3.
To re-elect Director under Article 93 : Datuk Anuar bin Ahmad
4.
To re-elect Director under Article 93 : Dato’ Kamaruddin bin Mohd Jamal
5.
Approval of Payment of Directors’ Fees
6.
Re-appointment of Auditors
7.
Special Resolution 1
For
Against
Approval of Amendments to the Articles of Association
Number of Ordinary Shares Held
Date:
Signature/Common Seal of Shareholder(s)
Notes:
1.
A member of the Company entitled to attend and vote at the meeting may appoint a proxy or proxies to attend and vote on his behalf. A proxy may but need not
be a member of the Company.
2.
Where a member of the Company is an authorised nominee as defined under the Securities Industry (Central Depositories) Act 1991, it may appoint at least one
proxy in respect of each Securities account it holds with ordinary shares of the Company standing to the credit of the said Securities accounts.
3.
The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing or if the appointer is a corporation
either under seal or under the hand of an officer or attorney duly authorised and must be deposited at the Company’s Share Registrar, Symphony Share Registrar
Sdn. Bhd., Level 26, Menara Multi Purpose, Capital Square, No. 8, Jalan Munshi Abdullah, 50100 Kuala Lumpur, not less than 48 hours before the time fixed for
the meeting.
If this Proxy Form is signed under the hand of an officer duly authorized, it should be accompanied by a statement reading “signed as authorized officer under
Authorisation Document which in still in force, no notice of revocation having been received.“ If this Proxy Form is signed by an attorney duly appointed under a
power of attorney, it should be accompanied by a statement reading “signed under Power of Attorney which is still in force, no notice of revocation having been
received”. A copy of the Authorisation Document or the Power of Attorney, which should be valid in accordance with the laws of the jurisdiction in which it was
created and is exercised, should be enclosed with this Proxy Form.
4.
Unless voting instructions are indicated in the spaces provided above, the proxy may vote as he thinks fit.
First fold here
Affix
Stamp
Symphony Share Registrars Sdn. Bhd.
Level 26, Menara Multi Purpose
Capital Square
No. 8, Jalan Munshi Abdullah
50100 Kuala Lumpur
Second fold here
50088 Kuala Lumpur
Tel : (03) 2051 5000
Fax: (03) 2026 5505
Website
: www.mymesra.com.my
Mesralink Tel : 1-300-88-8181
: mesralink@petronas.com.my
E-mail
(88222-D)

Annual Report 2007 At PETRONAS Dagangan Berhad, we are

Transcription

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