| 1. |
The interim financial report has been prepared in accordance
with MASB26 " Interim Financial Reporting" and
paragraph 9.22 of the Kuala Lumpur Stock Exchange Listing
Requirements, and should be read inconjunction with the
audited financial statements of the Group for the financial
year ended 31 December 2001.
The accounting policies and methods of computation adopted
by the Group in this interim financial report are consistent
with those adopted in the annual financial statement for
the financial year ended 31 December 2001 except for the
adoption of
- MASB 19 - "Events After the Balance Sheet Date"
- MASB 20 - "Provisions, Contingent Liabilities and
Contingent Assets"
- MASB 23 - "Impairment of Assets"
- MASB 24 - "Financial Instruments : Disclosure and
Presentation" |
| 2. |
The report of the auditors of preceding annual financial
statements was not subject to any qualification. |
| 3. |
Although the Leisure & Hospitality divisions typically
enjoy higher patronage/occupancy during the year-end holiday
season, the results of the current quarter under review
were not materially affected by the seasonal factors. |
| 4. |
In the 4th quarter ended 31 December 2002, the profit
before taxation of the Group were affected by the following
exceptional items:
| |
Gain on disposal of assets pursuant
to the Asset Backed Securitisation 129,688
exercise (Note A10, B8)
|
129,688 |
Impairment of assets
|
(84,181) |
| |
Share of gain on disposal of
assets pursuant to the Asset 26,267
Backed Securitisation exercise in an associated
company
(Note A10, B8) |
26,267 |
|
| 5. |
There were no material changes in estimates reported in
prior periods or prior year which have a material effect
on the amounts reported for the 4th quarter ended 31 December
2002. |
| 6. |
There were no issuances, cancellations, repurchases, resale
and repayments of debt and equity securities for the 4th
quarter ended 31 December 2002. |
| 7. |
There was no dividend paid during the 4th quarter ended
31 December 2002. |
| 8. |
Segmental results for year ended 31 December 2002 are
as follows:
| |
Turnover |
Profit/(loss)
before tax and minority interest |
| |
| By industry |
|
|
| - Property development |
318,731 |
86,739 |
| - Property investment |
81,403 |
166,828 |
| - Leisure |
112,943 |
(54,695) |
| - Hospitaliy |
103,460 |
(33,531) |
| - Healthcare |
45,408 |
(8,035) |
| |
|
| 9. |
The value of property, plant & equipment brought forward
from the previous annual financial statements had been
adjusted with an impairment loss of RM73.191million. |
| 10. |
During the quarter under review, the Group completed the
disposals of six (6) properties including the plant and
machinery and lease rights and redeemable preference shares
by seven (7) of its subsidiaries and one (1) associated
company to a Special Purpose Vehicle, ABS Real Estate
Bhd (formerly known as Domain Hectares Sdn Bhd ), pursuant
to an Asset Backed Securitisation exercise ( please refer
note B8 for further details ). The gain arising from the
above disposals of RM156million (including share of gain
in the associated company of RM26 million) has been reflected
in the financial statements for the current quarter. |
| 11. |
There was no material change in the composition of the
Group for the 4th quarter ended 31 December 2002. |
| 12. |
There were no material changes in contingent liabilities
since the last annual balance sheet date. There were no
contingent assets. |
| 13. |
Revenue was lower by RM14 million as compared to the corresponding
4th quarter 2001, mainly due to lower turnover from the
Property Development division. Profit from operations,
however, showed an increase arising mainly from the reversal
of provisions for hotel furniture, fittings and equipment
reserves totalling RM8.6 million which were no longer
required and the accrual of additional development expenditure
in the corresponding quarter of 2001.
An exceptional gain of RM156 million on the disposal of
assets pursuant to the Asset Backed Securitisation exercise
was recognised in the current quarter under review, offset
by impairment of assets totalling RM84 million. |
| 14. |
Revenue recorded a drop of RM3 million largely due to
lower turnover from the Property Development division,
mitigated by the higher year-end turnover from the Leisure
and Hospitality divisions. The increase in profit before
taxation was due to the effects mentioned in note B1. |
| 15. |
The Group expects further growth in the current year subject
to the early resolution of war tensions in the Middle
East which had given rise to economic uncertainties and
weak consumer sentiment. |
| 16. |
Not applicable. |
| 17. |
The lower effective tax rate for the current year-to-date
were due to minimal tax charge on the profit from sale
of business park land in Australia owing to availability
of tax reliefs. The gain arising from the disposal of
properties under the ABS exercise is exempt from Real
Property Gains tax.
| |
| |
31-Dec-02 |
31-Dec-01 |
31-Dec-02 |
31-Dec-01 |
| |
| Current taxation |
3,229 |
1,517 |
21,048 |
15,636 |
| Associated companies |
301 |
110 |
747 |
480 |
| Deffered tax |
(616) |
(83) |
(616) |
(83) |
| |
|
| 18. |
There were no sales of investments and/or properties of
investment nature for the 4th quarter and financial year
ended 31 December 2002 except those disposals made pursuant
to the Asset Backed Securitisation exercise (please refer
to Note A10 and B8 for further details). |
| 19. |
There were no purchase or disposal of quoted securities
for the 4th quarter and financial year-to-date ended 31
December 2002. |
| 20. |
In the 4th quarter ended 31 December 2002, the Company
had completed the Asset Backed Securitisation exercise
(“ABS Issue”) involving the disposals of five
(5) properties, plant and machinery and lease rights and
redeemable preference shares by seven (7) of its subsidiaries
and one (1) associated company to a Special Purpose Vehicle,
ABS Real Estate Berhad ( formerly known as Domain Hectares
Sdn Bhd ) (“AREB”).
The disposals were completed on 30 October 2002. The sale
consideration was satisfied by cash of RM425.4m and Subordinated
Notes of RM466.2m from AREB. The cash proceeds were fully
utilised to repay existing bank borrowings.
In connection with this, the six (6) conditional lease
agreements on the respective properties which the Company
had entered into with AREB for periods of up to 35 years
except for the lease in relation to the plant and machinery
which will be for a period of up to 10 years, had commenced
on 30 October 2002. The six (6) sub-lease agreements which
were entered concurrently by the Company with each of
the subsidiary and associated companies concerned for
their continued operation and maintenance of the respective
properties and plant and machinery had similarly commenced
on 30 October 2002. |
| 21. |
The Group borrowings as at 31 December 2002 are as follows:
| |
| |
- Secured
|
165,602 |
| - Unsecured |
8,650 |
| |
|
| |
| - Secured |
199,333 |
| - Unsecured |
15,602 |
Included in the above are foreign currency borrowings
as follows:
| |
- Secured
|
4,933 |
- |
| - Unsecured |
- |
21,340 |
|
| 22. |
There were no financial instruments with off balance sheet
risk as at 27 February 2003. |
| 23. |
As at 27 February 2003, there were no material litigations
since the last balance sheet date. |
| 24. |
The Board of Directors has declared an interim dividend
of 1.5 sen per ordinary share of RM1.00 each less 28%
income tax for the financial year ended 31 December 2002
(2001: nil).
The interim dividend will be paid on 30 April 2003 to
shareholders whose names appear in the Record of Depositors
on 31 March 2003.
A shareholder shall qualify for entitlement to the dividend
only in respect of: -
| (i) |
shares deposited into the shareholders' securities
account before 12.30 p.m. on 27 March 2003 in respect
of shares which are exempted from mandatory deposit;
|
| (ii) |
shares transferred into the shareholder’s
securities account before 4.00 p.m. on 31 March
2003 in respect of ordinary transfers; and |
| (iii) |
shares bought on the Kuala Lumpur Stock Exchange
on a cum entitlement basis according to the Rules
of the Kuala Lumpur Stock Exchange.
|
|
25.
|
The calculation of the earnings / (loss) per share for
the Group is based on profit after taxation and minority
interests less preference shares dividend on the weighted
average number of ordinary shares in issue during the
year.
| |
| |
31-Dec-02 |
31-Dec-01 |
31-Dec-02 |
31-Dec-01 |
| |
Profit attributable to members
of the company
|
101,829 |
2,523 |
122,360 |
8,672 |
Less : Preference share dividends
|
(1,782) |
(1,782) |
(7,128) |
(7,128) |
Earnings attributable to ordinary
shareholders
|
Weighted Average Number of Ordinary
Shares
|
340,199 |
340,199 |
340,199 |
340,199 |
Earnings per share ( Basic )
(sen)
|
29.41 |
0.22 |
33.87 |
0.45 |
Earnings per share ( Diluted
)
|
N/R |
N/R |
N/R |
N/R |
(Not reported as the effect arising
from possible conversion of convertible preference
shares and exercise of ESOS is anti-dilutive )
|
|
|
|
|
|
