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L a p o r a n T a h u n a n 2 0 0 0 A n n u a l R e p o r t

Quality and Value are the key ideasexpressed in the cover design, symbolised inbeautiful blue skies and the tranquillity oflandscaping. Through the investments wehave made, investors in our integratedtownships can expect a better quality of life.From Quality comes the appreciation invalue that all investors look for – be theyhome buyers, businessmen or largecorporations.

Kualiti dan nilai murni adalah ide utama yangdinyatakan dalam cipta reka kulit laporantahunan ini. Dilambangkan oleh langit biruyang menawan dan lanskap yangmendamaikan. Menerusi pelaburan-pelaburanyang telah kami buat, para pelabur dalambandar-bandar integrasi kami bolehmengharapkan untuk menikmati kualiti hidupyang lebih baik. Berpunca dari kualiti, makadatangnya nilai penghargaan yang dicari olehkesemua para pelabur-samada mereka adalahpembeli-pembeli rumah, ahli-ahli perniagaanatau syarikat-syarikat besar.

1 Our Vision

2 - 5 Building on Quality and Value

6 - 7 Corporate Information

8 - 11 Board of Directors

12 - 15 Chairman’s Statement

16 Financial Highlights

17 Corporate Structure

18 - 19 List of Properties

20 - 21 Audit Committee-Terms of Reference

22 - 26 Analysis of Shareholdings

27 - 28 Notice of Annual General Meeting

31 - 64 Financial Statements

• Proxy Form

1 Wawasan Kami

2 - 5 Membina Berdasarkan Kualiti dan Mutu

6 - 7 Maklumat Korporat

8 - 11 Lembaga Pengarah

12 - 15 Penyata Pengerusi

16 Prestasi Kewangan

17 Struktur Korporat

18 - 19 Senarai Hartanah

20 - 21 Jawatankuasa Audit-Bidang Kuasa

22 - 26 Analisa Pegangan Saham

29 - 30 Notis Mesyuarat Agung Tahunan

65 - 98 Penyata Kewangan

• Borang Proksi

ContentsKandungan

UNITED MALAYAN LAND BHD

We envisage UM Land as the nation's leadingmega township developer, recognised andacclaimed for setting quality standards that othersemulate. We are discerning master planners,astutely forging strategic alliances that will bringimmeasurable benefits to each and every UMLand development.

We are a caring corporate citizen, socially ande n v i ronmentally conscious in developingtownships. Committed to enhancing the lifestyleof all who choose to live and work in ourtownships, we build quality homes thatMalaysians are proud to own. Fulfilling the trustof our investors and buyers. UM Land'sdevelopments will be treasured property legaciesfor future generations.

Kami ingin menjadikan UM Land seb agai pemajubandar baru yang terunggul di negara ini, diikhtirafdan disanjungi kerana mempelopori piawaian mutuyang patut dicontohi syarikat lain. Kami merancangdan membentuk pakatan strat egik memanfa at k a nsetiap satu projek pembangunan UM Land.

Kami adalah wa rga ko rp o rat yang pri h at i n ,menyedari tanggungjawab kami terhadap masyarakatdan alam sekitar dalam setiap pembangunan bandar-bandar baru kami. Kami membina kediaman ya n gb e rmutu dan boleh dibanggakan oleh ra kyatM a l aysia. Kami berazam untuk memperbaiki gayahidup mereka yang memilih untuk tinggal danbekerja di bandar-bandar baru kami. Hartanah yangdibangunkan oleh UM Land menjadi wa ri s a nberharga generasi akan datang kerana ia menepatikeperluan pelabur dan pembeli.

Our VisionWawasan Kami

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By planning our integrated townships on a mega scale,UM Land Group has been able to build in the valuethat has captured the hearts of homebuyers, thebusiness community and property investors who wantquality and value as a matter of fact in their dailylives.

Whether for homebuyers or the business community,we believe in providing a wide choice of properties,pricing them to make them affordable in a competitivemarket.

Our residents will benefit from having so much at theirdoorstep – re c reational facilities, shopping centre s ,medical centres, systematic network of internal roadsand dedicated interchanges with ease of access toexpressways.

To create an atmosphere of tranquillity and freshness,we landscape extensively throughout our townships.Bandar Seri Alam has received landscaping awards forthree years in a row, testimony to our commitment togreening our townships.

UM Land Group has also allocated land in ourtownships for kinderg a rtens, primary and secondaryschools, and even for colleges and institutes of higherlearning.

R a n c a n gan pembinaan bandar besar beri n t egrasi telah

membolehkan Kumpulan UM Land menawan hati para

pembeli rumah, komuniti perniagaan dan pelabur-pelabur

h a rtanah yang mengutamakan kualiti dan mutu ya n g

menjadi perkara penting dalam kehidupan seharian mereka.

Samada pembeli rumah atau ko muniti pern i aga a n , k a m i

percaya bahawa pilihan hartanah yang banyak, harga yang

berpatutan mampu bersaing dalam pasaran yang sengit.

Penghuni kami akan mendapat manfaat daripada pelbagai

ke mudahan yang tersedia – ke mudahan re k re a s i , p u s at

membeli belah, pusat perubatan, jaringan jalanraya yang

sistematik dan persimpangan bertingkat khas yang memberi

laluan masuk mudah ke lebuhraya.

Untuk mencipta suasana yang aman dan nyaman, terdapat

lanskap meluas diseluruh bandar kami. Bandar Seri Alam

telah menerima anugerah lanskap tiga tahun berturut-turut,

bukti komitmen kami untuk menghijaukan bandar kami.

Kumpulan UM Land telah juga memperu n t u k k a n

sebahagian tanah dalam bandar kami untuk tadika, sekolah

rendah dan menengah juga kolej dan institusi pengajian

tinggi.

BUILDING ON QUALITY AND VALUEMEMBINA BERDASARKAN KUALITI DAN MUTU

3UNITED MALAYAN LAND BHD

As a property developer committed to building value,UM Land Group has invested in the future of itstownships by putting in place major infrastru c t u redevelopment, even though the development phaseswithin our townships will only pro g ressively becompleted over time.

THE SOUTHERN STAR

Worth RM5.5 billion, the development of Bandar SeriAlam has all the makings of a mega township destinedto be the ‘star’ property in Johor.

Bandar Seri Alam is UM Land Gro u p ’s flagshipdevelopment, a model township extending over 3,700a c res located in the Pasir Gudang growth corr i d o rabout 18 km from Johor Bahru.

As a master-planned township featuring UM LandG ro u p ’s full commitment to excellence, quality andvalue, Bandar Seri Alam is already home to 23,000residents. When fully completed, it is estimated to havea population of 150,000.

Developed by Seri Alam Pro p e rties Sdn Bhd, asubsidiary of UM Land Group, the township comprisesresidential, commercial and industrial parcels in astrategic mix that has made it one of the mostattractive investments in Johor.

As an integrated township, Bandar Seri Alam’sinfrastructure includes an impressive host of completedand projected facilities and amenities, among them:

• MIEL Industrial Estate• Secondary school and two primary schools• Japanese school• Seri Alam Golf & Equestrian Club

S eb agai pemaju hartanah yang komited dalammengutamakan nilai, Kumpulan UM Land telah merancangb a n d a rnya dengan pra s a rana yang lengkap untukp e m b a n g u n a n , walaupun fasa pembangunan akan hanyasiap dibina dalam jangka masa panjang.

BINTANG SELATAN

B e rnilai RM5.5 bilion, pembangunan Bandar Seri A l a mberpotensi menjadi bandar yang terbesar dan terkenal diJohor.

Bandar Seri A l a m , pembangunan ulung Kumpulan UML a n d, s atu bandar contoh seluas 3,700 ekar terletak dikoridor pertumbuhan Pasir Gudang kira-kira 18 km dariJohor Bahru.

S eb agai sebuah bandar yang dirancang berl a m b a n g k a nkomitmen penuh Kumpulan UM Land pada kecemerlangan,kualiti dan mutu, Bandar Seri Alam telah menjadi tempattinggal bagi 23,000 penduduk. Apabila siap sepenuhnya,anggaran populasi adalah seramai 150,000 penduduk.

Diusahakan oleh Seri Alam Pro p e rties Sdn Bhd, a n a ks ya ri k at Kumpulan UM Land, bandar ini mempunya ik awasan peru m a h a n , ko m e rsial dan industri dalamc a m p u ran strat egik yang menjadikan ia salah sat upelaburan yang paling menarik di Johor.

Sebagai sebuah bandar intergrasi, prasarana Bandar SeriAlam mempunyai kemudahan-kemudahan siap dibina danjuga dalam perancangan, sebahagiannya adalah:

• Estet Perindustrian MIEL• Sekolah menengah dan dua sekolah rendah• Sekolah Jepun• Kelab Golf & Ekuastrian Seri Alam

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• Octville Golf & Country Club• P l a y g rounds, jogging paths, cycling tracks, parks

and landscaped gardens• Hotel• Shopping facilities• Regency Medical Centre• Entertainment facilities

Access to the township is excellent, with the Seri-AlamTaman Rinting and Seri Alam-Kota Putri Interchangesproviding direct links to the Pasir Gudang Highway.

With such impressive credentials, Bandar Seri Alam isa showcase development for both Johor and Malaysia.

LOCATED FOR SUCCESS

Bandar Seri Putra enjoys a strategic location in one ofMalaysia’s newest growth corridors.

Bandar Seri Putra’s strengths lie not only in itsintegrated masterplan, but also in its location. Locatednext to the Multimedia Super Corridor (MSC), it isclose to the growth centres of Putrajaya and Cyberjaya,as well as the Kuala Lumpur International Airport(KLIA), Kajang and Bangi itself where several higherinstitutions of learning such as Universiti PutraMalaysia, Universiti Kebangsaan Malaysia, UniversitiTenaga Nasional and Multimedia University arelocated.

Its proximity to these growth centres and keyi n f r a s t ru c t u re landmarks has positioned Bandar SeriPutra as a popular choice for homes and businesses.

Apart from this, Bandar Seri Putra’s location in theKlang Valley Southern Corr i d o r, the nation’s mosteconomically vibrant region, secures its status as atownship with a promising future.

• Kelab Golf & Country Octville• Taman-taman permainan, laluan joging, trek basikal,

taman-taman dan taman lanskap• Hotel• Kemudahan membeli belah• Pusat Perubatan Regency• Kemudahan hiburan

Laluan ke bandar ini adalah yang terbaik iaituPersimpangan-persimpangan Seri Alam-Taman Rinting danSeri Alam-Kota Putri menghubungkan terus ke LebuhrayaPasir Gudang.

Dengan kelayakan mengkagumkan ini, Bandar Seri Alamadalah sebuah pembangunan contoh bagi Johor khususnyadan Malaysia amnya.

LOKASI CEMERLANG

Bandar Seri Putra menikmati lokasi strategik di koridorpertumbuhan terbaru di Malaysia

Kekuatan Bandar Seri Putra terletak bukan sahaja dalamp e ra n c a n gan integra s i nya tapi juga dalam lokasibandarnya. Terletak bersebelahan Koridor-raya Multimedia(MSC), berhampiran dengan pusat pertumbuhan Putrajayadan Cyberjaya , L ap a n gan Terbang A n t a rabangsa Ku a l aLumpur (KLIA), Kajang dan juga Bangi yang mempunyaibeberapa institusi pengajian tinggi seperti Universiti PutraM a l ay s i a , U n ive rsiti Kebangsaan Malay s i a , U n ive rs i t iTenaga Nasional dan Universiti Multimedia.

Kedudukan berhampiran dengan pusat-pusat pertumbuhanini dan pra s a rana utama telah menjadikan Bandar SeriPutra sebagai pilihan popular untuk tempat tinggal danperniagaan.

Selain daripada ini, lokasi Bandar Seri Putra di KoridorSelatan Lembah Kelang iaitu pusat pertumbuhan ekonomin ega ra , memastikan status bandar ini seb agai sebu a hbandar yang mempunyai masa depan ya n gmemberangsangkan.


With the completed RM36 million Putra-MahkotaInterchange at the entrance to the township, BandarSeri Putra enjoys easy access to KLIA (20 minutesaway) and to the heart of Kuala Lumpur (40 minutesaway). It is also linked to the North-South CentralLink, Nilai-KLIA Expre s s w a y, Shah Alam Highway,A i r p o rt Spur Link and the Cheras-Ampang MiddleRing Road.

As the UM Land Group’s second integrated township,Bandar Seri Putra has also been carefully planned tomaximise its appeal to investors. It is a mixeddevelopment of bungalows, high-end serv i c e dapartments, double-storey terraced houses, townhousesand condominiums as well as commercial and industrialcentres.

The first hand-over exercise of residences is expecteda round mid-2001. When the township is fullycompleted, residents can look forw a rd to enjoyingamenities such as re c reational parks, shopping mall,i n t e rnational and national schools, hospital,i n t e rnational-class hotel, hotel school and hi-techtechnology parks.

With wholesome, healthy living as a key theme inBandar Seri Putra, residents can also look forward tospending quality time in landscaped parks and gardens.Telephone and electricity cables run underground forboth safety and aesthetic reasons.

Matching its sister township of Bandar Seri Alam inJohor for the same level of planning and quality inexecution, Bandar Seri Putra is set to become amagnet within the MSC for a new breed of residentswith aspirations of a better quality of life.

Dengan penyiapan persimpangan bertingkat Putra-Mahkotabernilai RM36 juta yang terletak di pintu masuk, BandarS e ri Putra menikmati laluan yang mudah ke KLIA (20minit) dan ke pusat bandar Kuala Lumpur (40 minit). Iajuga dihubungkan dengan Lingkaran Tengah Utara-Selatan,L ebu h raya Nilai-KLIA, L ebu h raya Shah A l a m , L i n g k a ra nL ap a n gan Terbang Spur dan Lingkaran Te n gah Chera s -Ampang.

S eb agai bandar intergrasi kedua Kumpulan UM Land,Bandar Seri Putra telah dirancang dengan teliti untukmenjadi tarikan utama kepada para pelabu r. Ia adalahpembangunan bercampur yang terd i ri daripada banglo-b a n g l o , p a n g s ap u ri bers e rvis mewa h , kondominium jugapusat-pusat komersial dan perindustrian.

U p a c a ra penye rahan pertama kepada penduduk dijangkapada pert e n gahan 2001. Ap abila bandar ini telah siapsepenuhnya, penduduk dijangka dapat menikmati pelbagaike mudahan sep e rti taman-taman re k re a s i , p u s at membelib e l a h , s e ko l a h - s e kolah kebangsaan dan antarab a n g s a ,h o s p i t a l , hotel bert a raf antarab a n g s a , s e kolah hotel dantaman teknologi berteknologi tinggi.

Dengan tema kehidupan sihat, penduduk Bandar Seri Putraboleh menjangka untuk menghabiskan masa berkualiti ditaman-taman berlanskap. Kabel telefon dan elektrik beralirbawah tanah adalah untuk keselamatan serta memeliharanilai estetik.

Sejajar dengan bandar kembarnya Bandar Seri Alam diJohor untuk berada di tahap yang sama dalamperancangan dan kualiti perlaksanaan, Bandar Seri Putrabersedia menjadi tarikan dalam MSC yang mampu menarikgo l o n gan penduduk baru yang mempunyai impian untukmenjalani kualiti hidup yang lebih baik.

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BOARD OF DIRECTORSLEMBAGA PENGARAH

YM Tunku Tan Sri Dato’ Shahriman bin Tunku SulaimanChairman/Pengerusi

Encik Tham Kui SengDeputy Chairman/Naib Pengerusi

Encik Ismail bin Abd HalimManaging Director & Chief Executive Officer/Pengarah Urusan & Ketua Pegawai Eksekutif

YBhg Dato’ Ng Eng TeeExecutive Director/Pengarah Eksekutif

YBhg Dato’ Mohamed Khadar bin Merican

YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed

YBhg Datuk Nur Jazlan bin Tan Sri Mohamed

Encik Hiew Yoon Khong

Encik Ng Eng Soon

Encik Pee Tong Lim

Puan Jennifer Loh Alternate Director to/Pengarah gilir kepadaEncik Hiew Yoon Khong

AUDIT COMMITTEEJAWATANKUASA AUDIT

YBhg Datuk Syed Ahmad Khalid bin Syed MohammedIndependent Non-Executive Director/Pengarah Bukan Eksekutif Berkecuali

YBhg Datuk Nur Jazlan bin Tan Sri MohamedIndependent Non-Executive Director/Pengarah Bukan Eksekutif Berkecuali

Encik Hiew Yoon Khong

COMPANY SECRETARYSETIAUSAHA SYARIKAT

Puan Zuraidah Mohd Yusoff(MAICSA 7001552)

MANAGEMENTPENGURUSAN


Encik Ismail bin Abd HalimManaging Director & Chief Executive Officer/Pengarah Urusan & Ketua Pegawai Eksekutif

YBhg Dato’ Ng Eng TeeExecutive Director/Pengarah Eksekutif

Encik Henry Leong Hock SengChief Operating Officer/Ketua Pegawai Operasi

Encik Mokhtar bin HamidSenior General Manager, Special Projects, Public Affairs & Communications/Pengurus Besar Kanan, Projek Khas, Perhubungan Awam & Komunikasi

Encik Mohd Dinniah bin Hj YusofSenior General Manager, Corporate & Tax Planning/Pengurus Besar Kanan, Perancangan Korporat & Cukai

Encik Chong Sumi LeongSenior General Manager, Properties Division/Pengurus Besar Kanan, Bahagian Hartanah

Encik Lau Boon AnnGeneral Manager, Sales and Marketing/Pengurus Besar, Jualan dan Pemasaran

Encik Chia Lui MengGeneral Manager, Contracts Division/Pengurus Besar, Bahagian Kontrak

Encik Danny Long Foo LumAssistant General Manager, Business Development/Penolong Pengurus Besar, Pembangunan Perniagaan

Encik Lee Kar FookFinancial Controller/Pengawal Kewangan

Encik Abdul Aziz bin Abdul HamidSecurity Advisor/Penasihat Sekuriti

Puan Zuraidah Mohd YusoffCompany Secretary and Senior Manager, Human Resource/Setiausaha Syarikat dan Pengurus Kanan, Sumber Manusia

Cik Leong Chooi KuenSenior Manager, Corporate & Tax Planning/Pengurus Kanan, Perancangan Korporat & Cukai

Cik Janice Teoh Mei MeiManager, Public Affairs & Communications/Pengurus, Perhubungan Awam & Komunikasi

Encik Alex Wong Chee KeongContracts Manager/ Pengurus Kontrak

Corporate InformationMaklumat Korporat


SERI ALAM PROPERTIES SDN BHD

Encik Henry Leong Hock SengActing General Manager/Pemangku Pengurus Besar

Encik Goh Hong SeongSenior Manager, Project Division/Pengurus Kanan, Bahagian Projek

Encik Chan Wai HoongSenior Manager, Project Division/Pengurus Kanan, Bahagian Projek

Encik Mohd Saifuddin SalehuddinSenior Manager, Township Management/Pengurus Kanan, Pengurusan Bandar

Encik Wong Kuen KongSenior Manager, Corporate Division/Pengurus Kanan, Bahagian Korporat

Encik Lim Kek HarSenior Manager, Marketing/Pengurus Kanan, Pemasaran

Puan Aminah AbdullahSenior Manager, Corporate Division/Pengurus Kanan, Bahagian Korporat

BANGI HEIGHTS DEVELOPMENT SDN BHD

Encik Chong Sumi LeongSenior General Manager/Pengurus Besar Kanan

Encik Ng Tay GuanAssistant General Manager/Penolong Pengurus Besar

Encik Beh Chee HwaSenior Project Manager/Pengurus Kanan Projek

Encik Choong Chean YinSenior Project Manager/Pengurus Kanan Projek

Encik Chek Seong OngManager, Planning/Pengurus, Perancangan

Encik Woo Wee TiongContracts Manager/Pengurus Kontrak

Encik Zulkifli bin AbdullahManager, Township Management/Pengurus, Pengurusan Bandar

Puan Azniwati bt Abdul AzizProject Manager/Pengurus Projek

REGISTERED OFFICEPEJABAT BERDAFTAR

Suite 1.1, 1st Floor, Kompleks AntarabangsaJalan Sultan Ismail, 50250 Kuala LumpurTel No : 03-2142 1611Fax No : 03-2142 1826

SHARE REGISTRARPENDAFTAR SAHAM

Securities Services (Holdings) Sdn BhdLevel 22, Menara MileniumJalan DamanlelaPusat Bandar Damansara, Damansara Heights50490 Kuala LumpurTel No : 03-255 7077

AUDITORSJURUAUDIT

PricewaterhouseCoopers11th Floor, Wisma Sime DarbyJalan Raja Laut50350 Kuala Lumpur

SOLICITORSPEGUAM

SkrineSoh Hayati & Co

PRINCIPAL BANKERSBANK-BANK UTAMA

Alliance Bank Malaysia BerhadBumiputra-Commerce Bank BerhadOCBC Bank (Malaysia) BerhadThe Bank of Nova Scotia Berhad

STOCK EXCHANGE LISTINGPENYENARAIAN BURSA SAHAM

Main Board, Kuala Lumpur Stock Exchange/Papan Utama, Bursa Saham Kuala Lumpur

Stock Short Name/Nama Ringkas Saham : UMLANDStock Code/Kod Saham : 4561Classification/Klasifikasi : Properties/HartanahISIN : MYL 4561 00006

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Board of DirectorsLembaga Pengarah

Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman

YM Tunku Tan Sri Dato’ Shahriman bin Tu n k uSulaiman, 69, was appointed as Chairman of the Boardsince October 1995. He holds a Bachelor of Art s(Honours) from the University of Malaya. He iscurrently the Chairman and Chief Executive Officer ofPERNAS International Holdings Berhad andC h a i rman of Tradewinds (M) Berhad. He wasappointed to the Board of Perbadanan NasionalBerhad in May 1976 and served as its President andG roup Chief Executive. Prior to joining PerbadananNasional Berhad, he has served as the Dire c t o rGeneral in the Prime Minister’s Department and as theState Secretary of Pahang.

YM Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman,69 tahun, dilantik seb agai Pe n ge rusi Lembaga Pe n ga ra hsemenjak Oktober 1995. Beliau memegang Ijazah SarjanaMuda Sastera (Kepujian) dari Unive rsiti Malaya. Kinibeliau adalah Pe n ge rusi dan Ketua Pegawai EksekutifP E R NAS Intern ational Holdings Berhad dan Pe n ge ru s iTradewinds (M) Berhad. Beliau telah dilantik ke LembagaPengarah Perbadanan Nasional Berhad pada Mei 1976 danb e rk h i d m at seb agai Presiden dan Ketua EksekutifKumpulan. Sebelum menye rtai Perbadanan NasionalBerhad, beliau pernah berkhidmat sebagai Ketua Pengarahdalam Jab atan Pe rdana Menteri dan Setiausaha Nege riPahang.

The Board of Directors comprises ten members. TheBoard meets on a scheduled basis, at least four times ayear. The Board met seven times during the financialperiod ended 31 December 2000.

The profile of directors are as follows:-

Ahli Lembaga Pe n ga rah dianggotai oleh sepuluh ora n gahli. Lembaga Pengarah bersidang mengikut jadual yangd i t e t apkan sekura n g - k u ra n g nya empat kali setahun.L e m b aga Pe n ga rah telah bersidang tujuh kali dalamtempoh kewangan berakhir 31 Disember 2000.

Profil Para Pengarah adalah seperti berikut:-

Tham Kui Seng

Tham Kui Seng, 43, was appointed Deputy Chairmanin January 2001. He is currently the Chief ExecutiveOfficer of CapitaLand Residential Limited, a companyincorporated in the Republic of Singapore which is awholly-owned subsidiary of CapitaLand Limited(formerly known a Pidemco Land Limited). He holdsa Bachelor of Arts (First Class Honours) degree inEngineering Science from Oxford University. He wasp reviously the Chief Operating Officer of PidemcoLand Limited. Prior to joining Pidemco, he was theChief Executive of TPL Printers (UK) Ltd, a UKsubsidiary of Times Publishing Limited, a multinationalpublishing company headquartered in Singapore.

Tham Kui Seng, 43 tahun, dilantik seb agai Ti m b a l a nPengerusi dalam bulan Januari 2001. Beliau adalah KetuaPegawai Eksekutif CapitaLand Residential Limited, sebuahs ya ri k at diperbadankan di Rep u blik Singap u ra ya n gmerupakan anak syarikat milik penuh CapitaLand Limited( d a h u l u nya dikenali seb agai Pidemco Land Limited).Beliau memegang Ijazah Sarjana Muda Sastera (KepujianKelas Satu) dalam Sains Kejuruteraan daripada UniversitiO x fo rd. Beliau seb e l u m nya merupakan Ketua Pegawa iO p e rasi Pidemco Land Limited. Sebelum menye rt a iPidemco, beliau merupakan Ketua Eksekutif TPL Printers(UK) Ltd. , anak sya ri k at Times Publishing Limited UK,sebuah syarikat penerbitan multi-nasional beribu pejabat diSingapura.


Ismail bin Abd Halim

Ismail bin Abd Halim, 41, was appointed as theManaging Director and Chief Executive Officer of UMLand in January 2001. He holds a Bachelor ofC o m m e rce (Honours) majoring in Accounting fro mBirmingham University, UK and is a member of theInstitute of Chart e red Accountants of England andWales. He joined the PERNAS Group in 1989 andhas occupied various senior positions in the PERNASGroup. His last post was as Vice President, CorporateS e rvices. He also sits on the Boards of PERNASI n t e rnational Holdings Berhad and Tradewinds (M)Berhad. Prior to joining the PERNAS Group, he waswith KPMG Peat Marwick in London and KualaLumpur.

Ismail bin Abd Halim, 41 tahun, telah dilantik seb aga iPengarah Urusan dan Ketua Pegawai Eksekutif UM Landdalam bulan Ja nu a ri 2001. Beliau memegang IjazahSarjana Muda Pe rd aga n gan (Kepujian) khusus dalamPe rakaunan dari Birmingham Unive rs i t y, UK danmerupakan seorang ahli Institute of Chartered Accountantsdi England dan Wales. Beliau menye rtai Ku m p u l a nPERNAS dalam tahun 1989 dan telah menjawat beberapaj awatan tinggi dalam Kumpulan PERNA S. Jawat a nt e rakhir beliau adalah Timbalan Pre s i d e n , Pe rk h i d m at a nKo rp o rat. Beliau juga merupakan Pe n ga rah PERNA SInternational Holdings Berhad dan Tradewinds (M) Berhad.Sebelum menyertai Kumpulan PERNAS, beliau bertugas diKPMG Peat Marwick di London dan Kuala Lumpur.

Dato’ Ng Eng Tee

Dato’ Ng Eng Tee, 51, was appointed to the Board ofUM Land in October 1995. He is currently theExecutive Director of the Company. He was theManaging Director and Group Chief Executive Off i c e rof UM Land until he relinquished his position inJ a n u a ry 2001. He is a graduate of the SingaporePolytechnic. He is a Director of CT Group, the originalowner of Seri Alam Township development and helpedsteer the sale of this development to UM Land in amajor re s t ructuring exercise back in 1995. He is also theP resident of King George Financial Corporation and ad i rector of Allied Pro p e rties Hotel Inc., both listed onthe Canadian Stock Exchange. He also sits on theB o a rd of several private limited companies in Malaysia,S i n g a p o re, Canada and the United States of America.He is also a founding life member of the Pre s i d e n t sClub of Simon Fraser University. Former dire c t o r s h i p sa re We s t e rn & Pacific Bank of Canada (now CanadianBank) and Granite Industries Berhad (listed on theK L S E ) .

Dato’ Ng Eng Tee, 51 tahun, dilantik sebagai PengarahUM Land dalam bulan Oktober 1995. Kini beliau adalahPe n ga rah Eksekutif Sya ri k at. Beliau telah menya n d a n gj awatan Pe n ga rah Urusan dan Ketua Pegawai EksekutifKumpulan UM Land sehingga Ja nu a ri 2001. Beliauadalah graduan dari Politeknik Singapura. Beliau adalahPe n ga rah Kumpulan CT pemilik asal Bandar Seri A l a mdan telah membantu penjualan pembangunan ters ebu tkepada UM Land bagi proses penyusunan semula UMLand dalam tahun 1995. Beliau juga merupakan PresidenKing George Financial Corporation dan pengarah AlliedProperties Hotel Inc., kedua-duanya disenaraikan di BursaSaham Kanada. Beliau juga merupakan Pengarah dalambeberapa syarikat swasta di Malaysia, Singapura, Kanadadan Amerika Syarikat. Beliau juga adalah seorang ahlip e n gasas hayat bagi Presidents Club, Simon Fra s e rUniversity. Beliau juga adalah bekas pengarah Western &Pa c i fic Bank di Kanada (sekarang Canadian Bank) danGranite Industries Berhad (disenaraikan di BSKL).

10

Ng Eng Soon

Ng Eng Soon, 44, was appointed to the Board of UMLand in October 1995. He is currently the ExecutiveD i rector of the Chee Tat Group of CompaniesSingapore and is the brother of Dato’ Ng Eng Tee.He holds a Bachelor of Science (Economics) from theUniversity of London, England.

Ng Eng Soon, 44 tahun, dilantik ke Lembaga PengarahUM Land dalam bulan Oktober 1995. Kini, beliau adalahPe n ga rah Eksekutif Kumpulan Chee Tat Singap u ra danadalah adik kepada Dato’ Ng Eng Tee. Beliau memegangIjazah Sarjana Muda Sains (Ekonomi) daripada Universityof London, England.

Datuk Nur Jazlan bin Tan Sri Mohamed

Datuk Nur Jazlan bin Tan Sri Mohamed, 34, wasappointed to the Board of UM Land in October 1994.He is an Independent Non-Executive Director of UMLand and also an Audit Committee member. He is afellow of the Association of Chart e red Cert i f i e dAccountants, United Kingdom. He is currently amember of the Advisory Council of ACCA Malaysia.

Datuk Nur Jazlan bin Tan Sri Mohamed, 34 tahun, dilantiksebagai Pengarah UM Land dalam bulan Oktober 1994.Beliau merupakan Pe n ga rah Bukan Eksekutif Berke c u a l iUM Land dan juga Ahli Jawatankuasa Audit. Beliauadalah fe l l ow bagi A s s o c i ation of Chart e red Cert i fi e dA c c o u n t a n t s , United Kingdom. Beliau kini adalah ahliMajlis Penasihat ACCA Malaysia.

Datuk Syed Ahmad Khalid bin Syed Mohammed

Datuk Syed Ahmad Khalid bin Syed Mohammed, 50,was appointed to the Board of UM Land in October1994. He is an Independent Non-Executive Dire c t o rand also the Chairman of the Audit Committee. He iscurrently the Executive Chairman of Century LogisticsHoldings Berhad. He holds a Masters Degree inEconomics and International and Finance fro mUniversity of Ohio, USA.

Datuk Syed Ahmad Khalid bin Syed Mohammed, 50 tahun,dilantik sebagai Pengarah UM Land dalam bulan Oktober1994. Beliau merupakan Pe n ga rah Bukan EksekutifB e rkecuali dan juga merupakan Pe n ge rusi Jawat a n k u a s aAudit. Beliau kini merupakan Pengerusi Eksekutif CenturyL ogistics Holdings Berhad. Beliau memegang IjazahSarjana dalam Ekonomi dan Kewa n gan A n t a rab a n g s adaripada Universiti Ohio, Amerika Syarikat.

Dato’ Mohamed Khadar bin Merican

Dato’ Mohamed Khadar bin Merican, 45, wasappointed to the Board of UM Land in January 2001.He is currently the President and Chief OperatingO fficer of PERNAS International Holdings Berh a d .He is a member of the Institute of Chart e re dAccountants in England and Wales and is also a PublicAccountant of the Malaysian Institute of Accountants.He also sits on the Board of PERNAS InternationalHoldings Berhad and several other private limitedcompanies in the PERNAS Group.

Dato’ Mohamed Khadar bin Merican, 45 tahun, dilantiksebagai Pengarah UM Land dalam bulan Januari 2001.Beliau kini adalah Presiden dan Ketua Pegawai OperasiP E R NAS Intern ational Holdings Berhad. Beliau adalahahli Institute of Chart e red Accountants di England danWales dan juga adalah Akauntan Awam bagi InstitutAkauntan-Akauntan Malaysia. Beliau juga meru p a k a np e n ga rah PERNAS Intern ational Holdings Berhad danbeberapa syarikat lain dalam Kumpulan PERNAS.


Pee Tong Lim

Pee Tong Lim, 51, was appointed to the Board of UMLand in October 1995. He is a Non-ExecutiveD i rector of UM Land. He holds a Bachelor ofAccountancy from the National University ofSingapore and is a member of the Institute of CertifiedPublic Accountants of Singapore. Currently he is aVice President of Corporate Finance in a main boardcompany listed on the Singapore Stock Exchange. Hehas had extensive experience in merchant banking forover ten years and has also been involved in corporatefinance and advisory industry for many years.

Pee Tong Lim, 51 tahun, dilantik ke Lembaga PengarahUM Land dalam bulan Oktober 1995. Beliau adalahPe n ga rah Bukan Eksekutif UM Land. Beliau memega n gIjazah Sarjana Muda Pe rakaunan daripada Nat i o n a lU n ive rsity of Singap o re dan merupakan seorang ahliInstitute of Certified Public Accountants, Singapura. Kinibeliau berkhidmat sebagai Timbalan Presiden, KewanganKo rp o rat dalam sya ri k at yang di senaraikan di pap a nutama Bursa Saham Singap u ra. Beliau mempunya ip e n galaman luas dalam bidang bank daga n gan selamalebih sepuluh tahun dan pernah terlibat dalam kewanganko rp o rat dan penasihat dalam industri untuk beb e rap atahun.

Hiew Yoon Khong

Hiew Yoon Khong, 40, was appointed to the Board ofUM Land in January 2001. He is also an AuditCommittee member of UM Land. He is currently theChief Financial Officer of CapitaLand Limited. Heholds a Bachelor of Arts in Economics from theUniversity of Portsmouth and a Master of Arts inEconomics from the University of Warwick, UK. Priorto his appointment in CapitaLand Limited, he was theCorporate Affairs Director of an electronics companylisted on the Singapore Stock Exchange and gainedextensive project financing experience in South EastAsia while he was working for a London merc h a n tbanking group.

Hiew Yoon Khong, 40 tahun, dilantik ke Lembaga PengarahUM Land dalam bulan Januari 2001. Beliau adalah ahliJawatankuasa Audit. Kini beliau berkhidmat sebagai KetuaPegawai Kewa n gan di CapitaLand Limited. Beliaumemegang Ijazah Sarjana Muda Sastera Ekonomi daripadaU n ive rsity of Po rtsmouth and Ijazah Sarjana SasteraEkonomi daripada University of Warwick, UK. Sebelumperlantikan beliau di CapitaLand Limited, beliau adalahPengarah Hal Ehwal Korporat di sebuah syarikat elektronikyang disenarai di Bursa Saham Singap u ra dan telahm e m p e rolehi pengalaman luas dalam bidang kewa n ga np rojek di Asia Te n gga ra semasa beliau bert u gas dalamkumpulan bank dagangan London.

Jennifer Loh (Alternate to Hiew Yoon Khong/Pengarah Gilir bagi Hiew Yoon Khong )

Jennifer Loh, 48, was appointed to the Board of UMLand in January 2001 as the Alternate Director toHiew Yoon Khong. Curre n t l y, the Chief FinancialOfficer of CapitaLand Residential Limited, she holds aBachelor of Accountancy (Honours) degree from theNational University of Singapore. She is also aChartered Accountant in Australia. Prior to joiningthe CapitaLand Group, she was with KPMG at theSingapore and Sydney offices as well as Rank XeroxSingapore Pte Ltd. She also sits on the AccountingS t a n d a rds Committee of the Institute of Cert i f i e dPublic Accountants of Singapore.

Jennifer Loh, 48 tahun, dilantik ke Lembaga Pengarah UMLand dalam bulan Januari 2001 sebagai Pengarah Gilirkepada Hiew Yoon Khong. Kini, beliau adalah PegawaiKetua Kewa n gan di CapitaLand Residential Limited danm e m egang Ijazah Sarjana Muda Pe rakaunan (Kep u j i a n )dari National University of Singapore. Beliau juga adalahAkauntan Bertauliah di Au s t ralia. Sebelum menye rt a iKumpulan Cap i t a L a n d, beliau berk h i d m at di KPMG, d iSingapura dan Sydney dan Rank Xerox Singapore Pte Ltd.Beliau juga adalah ahli Ahli Jawatankuasa Piawa i a nPerakaunan bagi Institute of Certified Public Accountantsdi Singapura.

12

Dengan sukacitanya saya membentangkan LaporanTahunan dan Penyata Kewangan Kumpulan dan SyarikatUnited Malayan Land (“Kumpulan UM Land”) bagitempoh kewangan berakhir 31 Disember 2000.

Berikutan kemelesetan ekonomi dalam tahun 1997 dan1998, pemulihan telah dinikmati oleh negara melalui kadarpertumbuhan dalam negara kasar sebanyak 5.8 peratusdalam tahun 1999 dan 8.5 peratus dalam tahun 2000.

Meskipun pemulihan telah merangsangkan pertumbuhandalam beberapa sektor ekonomi, namun pasaran hartanahmasih terus lemah. Walau bagaimanapun, sukacita sayamelaporkan bahawa Kumpulan UM Land telahmenunjukkan ketahanannya dengan mencapaikeuntungan sebelum cukai yang sederhana sebanyakRM16.04 juta bagi tempoh kewangan berakhir 31Disember 2000.

Saya ingin memaklumkan bahawa tempoh kewangandalam pertimbangan merangkumi tempoh 17 bulan atassebab pertukaran tahun kewangan daripada 31 Julaikepada 31 Disember.

Selain daripada mempermudahkan perbandingan penyatakewangan di antara kebanyakan syarikat-syarikat yangdisenaraikan di Bursa Saham Kuala Lumpur, pertukaranini juga telah menyelaraskan tahun kewangan Syarikatdengan tahun kewangan pemegang-pemegang sahamterbesar, iaitu PERNAS International Holdings Berhaddan CapitaLand Limited.

Tempoh kewangan dalam pertimbangan telah merempuhcabaran masa bagi pasaran hartanah. Bekalan berlebihandalam stok-stok hartanah telah membantutkan momentumpemulihan. Walau bagaimanapun, seperti yang dinyatakandi atas, Kumpulan UM Land mampu mencatatkan

keuntungan sebelum cukai yang agak sederh a n adalam tempoh kewangan.

STRATEGI

Dengan perubahan keadaan yangsedikit dalam tempoh kewangan dalamp e rtimbangan untuk KumpulanUMLand, kami telah melaksanakanstrategi ‘Tepat pada masanya’ bagi

pelancaran produk dan penjualan bagimenghindarkan masalah lebihan stok-stok

hartanah yang tidak terjual.

It is my pleasure to present to you the Annual Reportand Financial Statements of the United Malayan LandG roup and Company (UM Land Group) for thefinancial period ended 31 December 2000.

Following the economic crisis of 1997 and 1998, thec o u n t ry enjoyed two years of re c o v e ry, with gro s sdomestic product growth rates of 5.8 percent in 1999and 8.5 percent in 2000.

While the turnaround has stimulated growth in varioussectors of the economy, the property market continuedto be weak. Nevertheless, I am pleased to report thatthe UM Land Group has shown its resilience byachieving a modest profit before tax of RM16.04million for the financial period ended 31 December2000.

I wish to point out that our financial period underreview covers a 17-month period due to the change ofaccounting year-end from 31 July to 31 December.

A p a rt from facilitating comparison of financialstatements with most of the other companies listed onthe Kuala Lumpur Stock Exchange, the change alsoserved to align our financial year-end with that of ourmajor shareholders, namely PERNAS Intern a t i o n a lHoldings Berhad and CapitaLand Limited.

The financial period under review coincided withrather challenging times for the property market. Thesevere glut and overhang in property stocks curtailedthe momentum of the recovery. However, as mentionedabove, the UM Land Group managed to re c o rd amodest pre-tax profit for the financial period.

STRATEGY

With the situation having changed little inthe financial period under review forUM Land Group, we adopted astrategy of ‘Just-In-Time’ pro d u c tlaunches and sales to avoid theb u rden of holding excessive unsoldproperties.

UM Land Group also concentrated onbringing a better product mix to themarket, with emphasis on landedp ro p e rt y. Some examples are Acacia

Chairman’s StatementPenyata Pengerusi

Turnover/PerolehanRM million/juta


Kumpulan UM Land juga memberi tumpuan kepadacampuran produk yang lebih baik di dalam pasaran,dengan penekanan ke atas hartanah tak alih. Contohnyaadalah rumah-rumah berderet Acacia, Putra Villa danPutra Te rrace di Bandar Seri Putra, Bangi. Pro d u k -p roduk ini ditawarkan dengan nilai menarik, sepert ibayaran pendahuluan yang rendah dan pembiayaansehingga 100 peratus. Strategi ini amat menggalakkanhasil dari pelancaran yang diadakan pada awal tahun 2001mencatatkan kadar penjualan yang memberangsangkan.

PRESTASI KEWANGAN

Sementara pasaran hartanah masih belum menunjukkanpemulihan yang ketara, tindakan yang diambil oleh ParaPengarah Kumpulan UM Land telah mengekalkan tahapkeuntungan Kumpulan.

Bagi tempoh kewangan dalam pertimbangan, keuntungansebelum cukai Kumpulan adalah sebanyak RM16.04 juta,berbanding dengan RM35.00 juta dalam tahun 1999.Keuntungan selepas cukai Kumpulan, kepentinganminoriti dan perkara luarbiasa yang boleh diagih kepadapemegang-pemegang saham berjumlah RM5.42 juta.Dalam tempoh ini, Kumpulan telah mencatatkanperolehan sebanyak RM126.84 juta, berbanding denganRM114.74 juta sebelumnya.

DIVIDEN

Kumpulan UM Land telah mengekalkan pembayarandividen tahunan terdahulu sebanyak 7.5 sen kasarwalaupun keuntungan tahun ini adalah lebih rendah.

Para Pengarah telah mencadangkan dividen akhirsebanyak 5.0 sen kasar sesaham, tolak cukai 28 peratus.

Ini adalah tambahan kepada dividen interimsebanyak 2.5 sen kasar sesaham, tolak cukai 28

peratus yang telah dibayar pada 30November 2000.

MASA DEPAN YANG LEBIH BAIK

Dalam peralihan Kumpulan UM Landke tahun 2001, terdapat petandaketidaktentuan ekonomi serantau yang

mungkin menghindarkan pertumbuhanekonomi Malaysia.

Homes, Putra Villa Townhouses and Putra Terrace inBandar Seri Putra, Bangi. These products re p re s e n tattractive value, with low down payment and up to 100p e rcent financing. This strategy has begun to showresults with launches in the early part of 2001registering very encouraging take-up rates.

FINANCIAL HIGHLIGHTS

While the property market has yet to show significantre c o v e ry, the steps taken by UM Land Gro u p ’sDirectors have maintained the Group at a profitablelevel.

For the financial period under review, the Group profitbefore tax was RM16.04 million, compared to RM35.00million in 1999. Group profit after tax, minorityi n t e rest and extraord i n a ry items attributable toshareholders amounted to RM5.42 million. During thisperiod, the Group recorded a turnover of RM126.84million, compared to RM114.74 million previously.

DIVIDENDS

The UM Land Group has maintained its pre v i o u sannual dividend payout of 7.5 sen gross per sharedespite a less profitable year.

The directors are recommending a final ord i n a rydividend of 5.0 sen gross per share, less tax of 28percent. This is in addition to the interim dividend of2.5 sen gross per share, less tax of 28 percent whichwas paid on 30 November 2000.

A BETTER FUTURE

As UM Land Group entered the year 2001,there were indications of uncertainties inthe global economy which would have abearing on Malaysia’s own economicperformance.

The Government has implementedm e a s u res which should mitigatethese effects. The measures includethe waiver of stamp duty onproperty transfers and the relaxationof Foreign Investment Committeerules on pro p e rty purchases byforeigners.

Profit Before Tax/Keuntungan Sebelum Cukai

RM million/juta

14

Langkah-langkah yang telahdilaksanakan oleh Kerajaan diharap

dapat memulihkan keadaan ekonomi.Antaranya adalah pelepasan duti setem

ke atas pemindahan hartanah danpelonggaran peraturan-peraturan Jawatankuasa

Pelabur Asing bagi pembelian hartanah olehwarga asing.

Gerakbalas Kumpulan UM Land dengan melaksanakankawalan tersendiri telah mengekalkan pulangan. Kamiakan terus mengekalkan strategi ‘Tepat pada masanya’,dimana kami melancarkan fasa baru dan membina hanyajenis dan jumlah unit-unit yang dibeli oleh pembeli.Pendekatan ini membolehkan kami mengeluarkan berjenisp roduk campuran tepat pada masanya dengan kospegangan minima ke atas unit-unit tidak terjual. Ianyajuga memastikan bahawa aliran tunai terkawal di manaKumpulan UM Land akan beroleh faedah daripadapeluang yang mungkin timbul dalam sektor hartanah.

Kami juga meletakkan harga yang setanding ke atas unit-unit hartanah dan pangsapuri di bawah RM200,000 danRM100,000 masing-masing.

Pada 29 September 2000, Kumpulan UM Land telahmengambilalih sebuah hartanah komersil yang dikenalisebagai Delta Heritage daripada Pengurusan DanahartaNasional Berhad bagi pembalasan tunai sebanyak RM16.5juta. Terletak di Segitiga Emas Kuala Lumpur, hartanahini akan dimajukan sebagai pangsapuri berserv i s ,merupakan usaha pertama oleh Kumpulan UM Land.Projek tersebut diusahakan oleh UM Residences Sdn Bhd,anak syarikat milik penuh kami. Dengan anggaran kasarnilai pembangunan sebanyak RM71.4 juta, ianya dijangkaakan memberi sumbangan positif kepada keuntungandalam masa dua tahun yang akan datang.

Penekanan Kumpulan UM Land terhadap kualiti telahmendapat pengakuan. Kami telah mendapat penghargaanlanskap dalam tiga tahun berturut-turut dari tahun 1998hingga 2000, dan Bandar Seri Alam telah mendapatpengikhtirafan ISO 9002 bagi beberapa kawasan dalampembangunan bandar dan pengurusan. PembukaanPersimpangan Bertingkat Putra-Mahkota pada 15Februari 2001, yang merupakan laluan dari Bandar SeriPutra di Bangi ke Lebuhraya Utara-Selatan merupakansatu petanda yang membanggakan.

Kejayaan-kejayaan tersebut merupakan nilai tambahankepada mereka yang menetap dan bekerja di bandar-bandar kami, dan berupaya meningkatkan kempenpemasaran kami.

On our part, UM Land Group hasresponded with our own measures top rotect our gains. We will continuewith the ‘Just-In-Time’ strategy, wherewe launch a new phase and build onlythe amount and types of units taken up bybuyers. This “tailor-made” approach allows usto deliver a varied product mix, on time, withminimal unsold units to add to holding cost. It will alsoe n s u re that cash flow is conserved, putting the UMLand Group in a better position to take advantage ofopportunities which may arise in the property sector.

We are also competitively pricing our landed units anda p a rtments below RM200,000 and RM100,000respectively.

On 29 September 2000, UM Land Group acquired anabandoned commercial pro p e rty known as DeltaHeritage from Pengurusan Danaharta Nasional Berhadfor a cash consideration of RM16.5 million. Located inKuala Lumpur’s Golden Triangle, the property will bedeveloped into a condominium with serv i c e dapartments, the first such venture for the UM LandGroup. The project is undertaken by UM ResidencesSdn Bhd, our wholly-owned subsidiary. With anestimated gross development value of RM71.4 million,it is expected to contribute positively towards ourprofitability over the next two years.

UM Land Gro u p ’s attention to quality has beenacknowledged in more ways than one. We have wonlandscaping awards three years in a row from 1998 to2000, and Bandar Seri Alam received ISO 9002certification in several areas of township developmentand management. The opening of the Putra MahkotaInterchange on 15 February 2001, providing a gatewayfrom Bandar Seri Putra in Bangi to the North-SouthExpressway, was another proud milestone.

These achievements re p resent added value to thosewho live and work in our townships, and will bevaluable in enhancing our future marketing campaigns.

MANAGEMENT

The management line-up had a new look. Dato’ NgEng Tee relinquished his position as ManagingDirector and Chief Executive Officer, but remains onthe Board of UM Land Group as Executive Director.It is my pleasure to acknowledge his visionaryleadership of the Company from its early days up tothe present. In Dato’ Ng’s capacity as ExecutiveDirector, UM Land Group will continue to rely on hisexpertise and insights in the property market.

Total Shareholders’ Funds/Jumlah Dana Pemegang Saham

RM million/juta


PENGURUSAN

Barisan pengurusan telah menampilkanwajah baru. Dato’ Ng Eng Tee yang telah

melucutkan jawatannya sebagai PengarahUrusan dan Ketua Pegawai Eksekutif, masih

kekal dalam Lembaga Pengarah Kumpulan UMLand sebagai Pengarah Eksekutif. Kepimpinan

berwawasan beliau dari awal hingga terkini amat di hargai.Menerusi tugasan Dato’ Ng sebagai Pengarah Eksekutif,Kumpulan UM Land akan terus mengharapkankemahiran dan fahaman beliau dalam bidang hartanah.

Pengarah Urusan dan Ketua Pegawai Eksekutif yang baruadalah Encik Ismail bin Abd Halim, dan Encik HenryLeong Hock Seng adalah Ketua Pegawai Operasi. Merekamempunyai pengalaman yang luas dalam bidang korporatdan pembangunan hartanah.

PENGHARGAAN

Bagi pihak Lembaga Pengarah, saya ingin merakamkanucapan terima kasih kepada semua pelanggan-pelanggankami, rakan-rakan perniagaan dan pemegang-pemegangsaham atas sokongan mereka yang berterusan. Saya jugaberterima kasih kepada pelbagai pihak berkuasa kerajaan,konsultan dan penasihat yang memberi petunjuk dansokongan kepada kejayaan kami.

Saya juga ingin merakamkan penghargaan kepadapengarah-pengarah yang lepas-Dr Han Cheng Fong, TuanSyed Abu Bakar Almohdzar, Encik Fan Kow Hin, EncikEd Ng Ee Peng dan Puan Ngiam Joke Mui terhadapsumbangan dan komitmen kepada Kumpulan semasadalam jawatan.

Saya juga mengalu-alukan perlantikkan pengarah-pengarah baru-Encik Tham Kui Seng, Encik Ismail binAbd Halim, YBhg Dato’ Mohamed Khadar bin Mericandan Encik Hiew Yoon Khong.

Akhirnya, saya ingin mengucapkan terima kasih kepadarakan-rakan Pengarah, pihak Pengurusan dan kakitanganKumpulan UM Land atas semangat, kemahiran danketekunan dalam merempuh cabaran semasa.

Kepada pemegang-pemegang saham kami, saya pastibahawa Kumpulan akan kekal sebagai pemaju hartanahyang unggul dalam keadaan pasaran semasa. Kami akanterus berusaha untuk mengekalkan nilai Syarikat.

TUNKU TAN SRI DATO’ SHAHRIMAN BIN TUNKU SULAIMANPengerusi

The new Managing Director andChief Executive Officer is EncikIsmail bin Abd Halim, while EncikH e n ry Leong Hock Seng is ChiefOperating Officer. They came on boardwith a wealth of experience from both thecorporate and property development sectors.

ACKNOWLEDGEMENT

On behalf of the Board of Directors, it is my pleasureto thank all our valued customers, business associatesand shareholders for their loyal support. I am alsopleased to thank the various government authorities,consultants and advisors whose guidance andcooperation have played an integral part in ourprogress.

I express my appreciation to our outgoing directors –Dr Han Cheng Fong, Tuan Syed Abu BakarA l m o h d z a r, Encik Fan Kow Hin, Encik Ed Ng EePeng and Puan Ngiam Joke Mui – for theircontribution and commitment to the Group duringtheir tenure as directors.

I also take this opportunity to welcome our newly-appointed directors to the Board – Encik Tham KuiSeng, Encik Ismail bin Abd Halim, YBhg Dato’Mohamed Khadar bin Merican and Encik Hiew YoonKhong.

Finally, I would like to thank my fellow Directors, theManagement and staff of UM Land Group for theirenthusiasm, professionalism and perseverance in theserecent challenging times.

To our shareholders, I assure you that your Group hasremained one of the most attractive pro p e rt ycompanies despite the market conditions. We will workon our strengths to pre s e rve the value of yourCompany.

TUNKU TAN SRI DATO’ SHAHRIMAN BIN TUNKU SULAIMANChairman

Net Earnings Per Share/Pendapatan Bersih Sesaham

Sen

16

Financial HighlightsPrestasi Kewangan

FIVE-YEAR GROUP FINANCIAL HIGHLIGHTS/PRESTASI KEWANGAN KUMPULAN BAGI LIMA TAHUN

1996 1997 1998 1999 2000RM MILLION/JUTA

Turnover 202.78 182.15 103.70 114.74 126.84Perolehan

Profit Before Tax 74.08 88.24 7.64 35.00 16.04 Keuntungan Sebelum Cukai

Total Shareholders’ Funds 336.98 661.01 721.86 737.93 731.23Jumlah Dana Pemegang Saham

Total Assets 423.03 767.12 879.06 919.76 996.28Jumlah Aset

Issued And Paid-up Capital 73.38 220.13 231.49 231.49 231.63Modal Diterbit Dan Berbayar

Gross Dividend Rate (%) 15.0 12.5 7.5 7.5 7.5Kadar Dividen Kasar (%)

Net Earnings Per Share (Sen) 24 34 2 14 2* Pendapatan Bersih Sesaham (Sen)

Net Tangible Assets Per Share (RM) 1.53 3.00 3.12 3.19 3.16** Aset Ketara Bersih Sesaham (RM)

* Net earnings per share is calculated based on the weighted average number of shares of 231,532,486 in issue during thefinancial period./Pendapatan bersih sesaham dihitung berdasarkan nilai purata 231, 532,486 saham-saham diterbit dalam

tempoh kewangan.

** Net tangible assets per share is calculated based on the reduced number of shares of 231,589,033 in issue after the sharebuyback./Aset ketara bersih sesaham dihitung berdasarkan bilangan saham yang dikurangkan kepada 231,589,033 saham-

saham diterbit selepas pembelian balik saham.


100%SERI ALAM HOTELRESORT SDN BHD

General trading/Perdagangan am

40%IPJORA HOLDINGSSDN BHD

Developing, building, owningand operating servicedapartments/Pembangunanpembinaan, pemilik dan operasipangsapuri servis

70%BANGI HEIGHTSDEVELOPMENT SDN BHD

Property development andProperty investment/Pembangunan hartanah danpelaburan hartanah

100%UM LEISURESDN BHD


100%UM LAND BENASDN BHD

Property development andrelated activities/Pembangunan hartanah danaktiviti berkaitan

100%UM LAND ASSETSSDN BHD

Property investment/Pelaburan hartanah

99.998%COUNTRY EQUITYSDN BHD

Investment holding/Pelaburan induk

100%UM DEVELOPMENT SDN BHD(formerly known as/dahulu dikenalisebagai Brilliant Deal Sdn Bhd)


100%UM RESIDENCES SDN BHD(formerly known as/dahulu dikenalisebagai Effective Heights Sdn Bhd)


100%PMS SERVICES SDN BHD

Project management/Pengurusan projek

100%SERI ALAM LEISURE SDN BHD

Investment holding/Pelaburan induk

100%SERI ALAM GOLF & EQUESTRIANCLUB SDN BHD

Operation of a recreational club andrelated activities/Operasi kelab rekreasi dan aktivitiberkaitan

Corporate StructureStruktur Korporat

100%SERI ALAMPROPERTIES SDN BHD

Property development/Pembangunan hartanah

Investment holding and provision of management services/Pelaburan induk dan perkhidmatan pengurusan

18

List of Properties as at 31 December 2000Senarai Hartanah pada 31 Disember 2000

*Date ofNet Book Last

Description & Age of Value/ Revaluation/Existing Use/ Tenure/ Buildings/ Land Nilai *TarikhKeterangan & Hak Usia Area/ Buku Akhir

Location/Lokasi Kegunaan Semasa Milik Bangunan Keluasan Bersih Penilaian(Year/ (Acre/ (RM) SemulaTahun) Ekar)

BANDAR SERI ALAM, JOHOR

Mukim Plentong Vacant land Freehold/ – 613.92 –District of Johor Bahru -Government reserve/ Milik bebasMukim Plentong Tanah lapangDaerah Johor Bahru - Simpanan Kerajaan

6 Jalan Lembah Corporate office/ Freehold/ 4 5.47 17,952,449 Bandar Seri Alam Pejabat korporat Milik bebas81750 Johor Darul Takzim

1 Jalan Purnama Equestrian clubhouse/ Freehold/ 3 59.16 12,409,935 Bandar Seri Alam Rumah kelab ekuastrian Milik bebas81750 JohorDarul Takzim

3 Jalan Persiaran Japanese school/ Freehold/ 3 5.00 8,644,248 Bandar Seri Alam Sekolah Jepun Milik bebas Oct-9681750 Johor Darul Takzim

Mukim Plentong Vacant development land/ Freehold/ – 775.07 298,585,079District of Johor Bahru Tanah lapang untuk Milik bebasMukim Plentong pembangunanDaerah Johor Bahru - Residential/Perumahan 65.20 73,836,121

- Business park/Taman perniagaan 25.01 28,272,024

- Commercial/Perdagangan 69.72 97,863,543 - Recreational & others/

Rekreasi & lain-lain 590.21 92,816,181 - Agriculture reserve/

Tanah simpanan pertanian 24.93 5,797,210

Mukim Plentong Vacant development land/ Freehold/ – 1,108.12 228,080,074District of Johor Bahru Tanah lapang untuk Milik bebasMukim Plentong pembangunanDaerah Johor Bahru - Residential/Perumahan 562.48 116,980,729

- Business park/Tamanperniagaan 44.44 17,131,125

- Commercial/Perdagangan 109.75 32,315,960 - Industrial/Perindustrian 70.11 10,765,572 - Recreational & others/

Rekreasi & lain-lain 277.37 42,870,556 - School & hostel/

Sekolah & asrama 21.44 4,434,034 - Private cemetary/

Tanah perkuburanpersendirian 11.71 1,735,689 May-90

- Nursery/Tapak semaian 10.82 1,846,409

Mukim Plentong On-going development/ Freehold/ – 163.47 32,033,071District of Johor Bahru Pembangunan berterusan Milik bebasMukim Plentong - Residential/Perumahan 159.62 26,913,202 Daerah Johor Bahru - Commercial/Perdagangan 3.85 5,119,869

Mukim Plentong Completed properties/ Freehold/ – 263.00 36,846,335District of Johor Bahru Hartanah siap dibina Milik bebasMukim Plentong - Residential/Perumahan 222.67 28,055,898 Daerah Johor Bahru - Commercial/Perdagangan 19.52 7,820,213

- Industrial/Perindustrian 20.81 970,224

Total/Jumlah 2,993.21 634,551,191


*Date ofNet Book Last

Description & Age of Value/ Revaluation/Existing Use/ Tenure/ Buildings/ Land Nilai *TarikhKeterangan & Hak Usia Area/ Buku Akhir

Location/Lokasi Kegunaan Semasa Milik Bangunan Keluasan Bersih Penilaian(Year/ (Acre/ (RM) SemulaTahun) Ekar)

BANDAR SERI PUTRA, SELANGOR

Mukim Kajang Vacant development land/ Freehold/ – 268.39 150,193,580 District of Ulu Langat Tanah lapang untuk Milik bebasSelangor pembangunanMukim Kajang - Residential/Perumahan 84.06 28,562,445 Daerah Ulu Langat - Commercial/Perdagangan 163.33 108,664,027 Selangor - Private medical centre/

Pusat perubatan swasta 6.00 5,057,805 - Private college/

Kolej swasta 15.00 7,909,303

Mukim Dengkil Vacant development land/ Freehold/ –District of Sepang Tanah lapang untuk Milik bebasSelangor pembangunanMukim Dengkil - Industrial/Perindustrian 25.75 7,980,900Daerah Sepang,Selangor

Mukim Kajang On-going development/ Freehold/ – 39.46 14,467,395 District of Ulu Langat Pembangunan berterusan Milik bebasSelangor - Residential/Perumahan 37.35 13,639,995Mukim Kajang - Commercial/Perdagangan 2.11 827,400Daerah Ulu Langat,Selangor N/A

Bangi Old Town On-going development/ Freehold/ –District of Ulu Langat Pembangunan berterusan Milik bebasSelangor - Residential/Perumahan 15.69 3,443,376Bandar Bangi LamaDaerah Ulu Langat,Selangor

Mukim Kajang Completed properties/ Freehold/ – 15.70 4,416,329 District of Ulu Langat Hartanah siap dibina Milik bebasSelangor - Bungalow lots/ Mukim Kajang Lot-lot banglo 14.70 2,588,507 Daerah Ulu Langat, - Commercial/Perdagangan 1.00 1,827,822 Selangor

Bangi Old Town Completed properties/ Freehold/ – 33.69 10,384,940District of Ulu Langat Hartanah siap dibina Milik bebasSelangor - Bungalow lots/Bandar Bangi Lama Lot-lot bangloDaerah Ulu Langat,Selangor

Total/Jumlah 398.68 190,886,520

Grand total/Jumlah besar 3,391.89 825,437,711

* The landbank in Bandar Seri Putra, Selangor has not been revalued since its acquisition in October 1997.* Tanah simpanan di Bandar Seri Putra, Selangor belum di nilai semula sejak perolehannya dalam Oktober 1997.

20

JAWATANKUASA AUDIT – BIDANG KUASA

Komposisi

L e m b aga Pe n ga rah akan melantik Jawatankuasa Au d i tdaripada kalangan pengarah dan hendaklah terdiri tidakk u rang dari tiga orang ahli, m a j o riti adalah penga ra hb e rkecuali. Pe n ge rusi Jawatankuasa mestilah seora n gpengarah berkecuali.

Mesyuarat

M e s y u a rat mestilah diadakan sekura n g - k u ra n g nya empatkali setahun. Ko rum mestilah terd i ri daripada majori t ip e n ga ra h - p e n ga rah berkecuali. Pe n ge rusi bolehmengadakan mesyuarat atas permintaan mana-mana ahliJawat a n k u a s a , Pe n ga rah Urusan atau para juru a u d i tdalaman dan luaran. Kehadiran kakitangan Syarikat, lain-lain pengarah, wakil-wakil juruaudit dalaman dan luarandalam mesyuarat adalah atas jemputan Jawatankuasa.

Setiausaha Sya ri k at atau Penolong Setiausaha Sya ri k atatau orang lain yang dilantik akan bertindak seb aga iSetiausaha kepada Jawatankuasa. Setiausaha Jawatankuasabertanggungjawab untuk mengambil minit mesyuarat danmengedarnya kepada ahli-ahli Jawatankuasa dan LembagaPengarah.

Bidang Kuasa

Jawatankuasa diberikuasa oleh Lembaga Pengarah untukm e ny i a s at seb a rang aktiviti yang terkandung di dalambidang kuasa mereka dan mempunyai akses tidak terhadkepada kedua-dua juruaudit dalaman dan luaran dan pihakp e n g u rusan dalam Kumpulan. Jawatankuasa jugad i b e rikuasa oleh Lembaga Pe n ga rah untuk mendap at k a nnasihat profesional bebas dan memastikan kehadiran pihakl u a ran yang mempunyai pengalaman yang berk a i t a nsekiranya difikirkan perlu.

Tugas

Tugas-tugas Jawatankuasa adalah:

• M e m p e rtimbangkan dan menge s yo rkan perl a n t i k a nj u ruaudit luara n , b aya ran perk h i d m atan danperletakkan jawatan dan pemecatan mereka;

• Membincangkan bersama juruaudit luaran berkenaan:

– perancangan audit;– penilaian mereka terhadap sistem kawa l a n

dalaman;– laporan audit bagi penyata kewangan.

AUDIT COMMITTEE – TERMS OF REFERENCE

Composition

The Audit Committee shall be appointed by the Boardfrom amongst the directors and shall consist of not lessthan three members, a majority of whom shall beindependent directors of the Company. The Chairmanof the Committee shall be an independent director.

Meetings

Meetings shall be held not less four times a year. Aq u o rum shall be formed when majority of theCommittee members present are independent directors.The Chairman may call for a meeting upon the requestof any Committee member, the Managing Director orthe internal and external auditors. The attendance ofemployees, other directors, re p resentatives of theinternal and external auditors at such meetings will beat the Committee’s invitation.

The Secretary to the Audit Committee shall be theCompany Secretary or Assistant Company Secretary orany other person appointed by the Committee. TheSecretary will be responsible for keeping the minutesof meetings of the Committee and circulating them toCommittee members and other members of the Boardof Directors.

Authority

The Committee is authorised by the Board toinvestigate any activities within its terms of referenceand shall have unrestricted access to both the internaland external auditors and members of management ofthe Group. The Committee is also authorised by theBoard to obtain independent professional advice andto secure the attendance of outsiders with re l e v a n texperience and expertise if it considers this necessaryin the performance of their duties.

Duties

The duties of the Committee shall be:

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

• To discuss with the external auditors:

– the audit plan;– their evaluation of the system of intern a l

controls;– the audit report on the financial statements.

Audit CommitteeJawatankuasa Audit


• Memastikan ko - o rdinasi proses audit luaran berjalanlancar apabila lebih dari satu firma juruaudit terlibat;

• Mengkaji bantuan yang diberikan oleh kakitanga nKumpulan kepada juruaudit luaran dan dalaman;

• Mengkaji laporan suku tahunan dan penyata kewanganbagi Kumpulan, khususnya:

– s eb a rang perubahan ke atas polisi dan amalanperakaunan;

– perkara-perkara yang penting dan luarbiasa;– pelarasan penting dari kesan audit;– andaian usaha berterusan;– m e m atuhi piawaian perakaunan serta perat u ra n

undang-undang yang lain.

• Membincangkan segala penemuan dan perk a ra ya n gtimbul daripada audit interim dan akhir, dan perkara-p e rk a ra lain yang mungkin juruaudit luaran ingi nbincangkan;

• Mengkaji surat kepada pengurusan daripada juruauditdalaman dan luaran dan respon pihak pengurusan;

• Menjalankan tuga s - t u gas berikut ap abila fungsijuruaudit dalaman telah diasaskan:

– mengkaji kesesuaian sko p , fungsi dan sumberjabatan juruaudit dalaman dan memastikan ianyadiberikuasa untuk menjalankan tugas-tugasnya;

– mengkaji program audit dalaman serta penemuanpenting siasatan juruaudit dalaman dan memastikanlangkah-langkah sesuai diambil berd a s a rk a nc a d a n ga n - c a d a n gan yang diberi oleh juru a u d i tdalaman;

– mengkaji seb a rang penilaian atau penaksira nmengenai pencapaian ahli juruaudit dalaman.

• Mengkaji seb a rang uru s n i aga dan pertikaian situasikepentingan di antara pihak berkaitan yang mungkintimbul di dalam Syarikat atau Kumpulan;

• M e m p e rtimbangkan penemuan penting oleh siat a ndalaman dan khas dan respon pihak pengurusan;

• M e m p e rtimbangkan perk a ra - p e rk a ra lain ya n gditentukan oleh Lembaga Pengarah.

• To ensure co-ordination of the external auditp rocess where more than one audit firm isinvolved;

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

• To review the quarterly and year-end financialstatements of the Group, focussing particularly on:

– changes in accounting policies and practices;– significant and unusual events;– significant adjustments arising from the audit;– the going concern assumption;– compliance with accounting standards and other

legal requirements.

• To discuss findings and matters arising from theinterim and final audits, and any matters theauditors may wish to discuss;

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

• To do the following where an internal auditfunction exists:

– review the adequacy of scope, functions andresources of the internal audit function and thatit has the necessary authority to carry out itswork;

– review the internal audit programme and resultsof the internal audit process and wheren e c e s s a ry, ensure that appropriate action istaken on the recommendations of the internalaudit function;

– review any appraisal or assessment of theperformance of members of the internal auditfunction.

• To review any related party transactions andconflict of interest that may arise within theCompany or the Group;

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

• To consider other matters as defined by the Board.

22

Authorised Share Capital/Modal Saham Dibenarkan : RM500,000,000

Issued and Paid-up Share Capital/Modal Saham Diterbit and Dibayar : RM231,634,033

Class of Shares : Ordinary shares of RM1.00 eachJenis Saham Saham biasa bernilai RM1.00 sesaham

SUBSTANTIAL SHAREHOLDERSPEMEGANG-PEMEGANG SAHAM TERBESAR

According to the register required to be kept under Section 69L of the Companies Act, 1965, the following are thesubstantial shareholders of the Company having an interest of 2% or more of the issued capital in the Company:-Mengikut buku daftar yang perlu disimpan di bawah Seksyen 69L Akta Syarikat, 1965, berikut adalah pemegang-pemegang saham terbesar Syarikat yang mempunyai kepentingan 2% atau lebih daripada jumlah modal diterbit Syarikat:-

Direct/Langsung Indirect/Tidak LangsungNo. of shares held No. of shares held

as at 30.4.01/ as at 30.4.01/Name of substantial shareholders/ Jumlah saham yang Jumlah saham yangNama pemegang-pemegang saham terbesar dipegang pada 30.4.01 % dipegang pada 30.4.01 %

PERNAS International Holdings Berhad 57,153,500 24.68 17,826,000 7.70

Opal Holdings Pte. Ltd. 48,084,500 20.76 – –

Chee Tat Holdings (S) Pte. Ltd. 17,828,634 7.70 – –

PERNAS Securities Sdn. Berhad 17,826,000 7.70 – –

Fernrite Sdn. Bhd. – – 74,979,500 32.38

Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman – – 75,057,000 32.41

Dato’ Mohamed Khadar bin Merican – – 74,979,500 32.38

CapitaLand Limited – – 48,084,500 20.76

ST Property Investments Pte. Ltd. – – 48,084,500 20.76

Singapore Technologies Properties Pte. Ltd. – – 48,084,500 20.76

Singapore Technologies Pte. Ltd. – – 48,084,500 20.76

Singapore Technologies Holdings Pte. Ltd. – – 48,084,500 20.76

Temasek Holdings Pte. Ltd. – – 48,084,500 20.76

Dato’ Ng Eng Tee 250,000 0.11 18,728,634 8.09

Ng Eng Soon – – 17,828,634 7.70

Winifred Wong/Ng Siew Tin – – 17,828,634 7.70

Ng Eng Ghee – – 17,828,634 7.70

Khong Guan Flour Milling Ltd. 11,400,000 4.92 – –

Mayban Nominees (Tempatan) Sdn. Bhd. 9,242,000 3.99 – –

Analysis of Shareholdings as at 30 April 2001Analisa Pegangan Saham pada 30 April 2001


DIRECTORS SHAREHOLDINGSPEGANGAN SAHAM PENGARAH-PENGARAH

Direct/Langsung Indirect/Tidak LangsungNo. of shares held No. of shares held

as at 30.4.01/ as at 30.4.01/Name of directors/ Jumlah saham yang Jumlah saham yangNama pengarah-pengarah dipegang pada 30.4.01 % dipegang pada 30.4.01 %

Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman – – 75,056,500 32.41

Dato’ Ng Eng Tee 250,000 0.11 18,728,634 8.09Dato’ Mohamed Khadar bin Merican – – 74,979,500 32.38Ng Eng Soon – – 17,828,634 7.70Pee Tong Lim 48,000 0.02 – –

SIZE OF SHAREHOLDINGSSAIZ PEGANGAN SAHAM

No. of holders/ Total Holdings/ % of shares/Size of shareholdings/ Bil. pemegang Jumlah pegangan % sahamSaiz pegangan saham Malaysian/ Foreign/ Malaysian/ Foreign/ Malaysian/ Foreign/

Warga- Warga- Warga- Warga- Warga- Warga-negara negara negara negara negara negara

Malaysia asing Malaysia asing Malaysia asing

Less than/Kurang daripada 1,000 91 9 22,639 5,400 0.01 0.001,000 - 10,000 668 94 2,047,575 355,500 0.88 0.15

10,001 - 100,000 102 46 2,888,000 1,223,000 1.25 0.53100,001 to less than 46 21 72,243,160 21,113,625 31.19 9.115% of issued shares/

100,001 ke kurang daripada 5% saham diterbitkan

5% and above of issued shares/ 2 2 65,822,000 65,913,134 28.42 28.465% dan melebihi saham diterbitkan

Total/Jumlah 909 172 143,023,374 88,610,659 61.75 38.25

CLASSIFICATION OF SHAREHOLDERSPENGKELASAN PEMEGANG SAHAM

Type of ownership/ No. of shareholders/ No. of shares/Jenis pemilikan Bil. pemegang saham % Bil. saham %

Malaysians/Warganegara Malaysia

Government Agencies 3 0.27 1,180,011 0.51Agensi Kerajaan

Bumiputra/Bumiputera– Individuals/Perseorangan 42 3.89 177,300 0.08– Companies/Syarikat 24 2.22 80,099,063 34.58

Non-Bumiputra/Bukan Bumiputera– Individuals/Perseorangan 697 64.48 3,756,064 1.62– Companies/Syarikat 46 4.26 41,108,686 17.75

Nominee companies/Syarikat penama 97 8.97 16,702,250 7.21

Total for Malaysians/ 909 84.09 143,023,374 61.75Jumlah untuk warganegara Malaysia

24

Type of ownership/ No. of shareholders/ No. of shares/Jenis pemilikan Bil. pemegang saham % Bil. saham %

Foreigners/Warganegara asing

Individuals/Perseorangan 68 6.29 1,382,050 0.60

Companies/Syarikat 10 0.92 80,354,809 34.69

Nominee companies/Syarikat penama 94 8.70 6,873,800 2.96

Total for foreigners/ 172 15.91 88,610,659 38.25Jumlah warganegara asing

Total/Jumlah 1,081 100.00 231,634,033 100.00

LIST OF THIRTY LARGEST SHAREHOLDERSSENARAI TIGA PULUH PEMEGANG-PEMEGANG SAHAM YANG TERBESAR

According to the Register of Members and the Record of Depositors, the following are the thirty largest shareholdersof the Company.Mengikut Buku Daftar Pemegang Saham dan Rekod Pendeposit, berikut adalah tiga puluh pemegang-pemegang sahamterbesar Syarikat.

Name of shareholders No. of sharesNama pemegang-pemegang saham Bil . saham %

1. Mayban Trustees BerhadPledge securities account for– PERNAS International Holdings Berhad 47,996,000– PERNAS Securities Sdn Berhad 17,826,000

65,822,000 28.42

2. Opal Holdings Pte Ltd 48,084,500 20.76

3. Chee Tat Holdings (S) Pte Ltd 17,828,634 7.70

4. Khong Guan Flour Milling Limited 11,400,000 4.92

5. PERNAS International Holdings Berhad 9,157,500 3.95

6. Mayban Nominees (Tempatan) Sdn BhdMayban Trustees Berhad for Amanah Saham PAB 500,000Pledge securities for:– Air Terang Sdn Bhd 4,317,000– Musa Michael Lee Abdullah 4,325,000

9,142,000 3.94

7. Seroja Suria Sdn Bhd 4,600,000 1.99

8. Maju Adiwarna Sdn Bhd 4,600,000 1.99

9. Fabulous Score Sdn Bhd 4,600,000 1.99

10. Sentosa Persada Sdn Bhd 4,600,000 1.99

11. Panaroma Layang Sdn Bhd 4,600,000 1.99

12. Antik Bidara Sdn Bhd 4,600,000 1.99



13. Bimsec Nominees (Tempatan) Sdn BhdPledged securities account for:– Tg Abdullah ibni Sultan Hj 108,000– Institut Kefahaman Islam Malaysia 10,000– Universiti Islam Antarabangsa 5,000– Yayasan Pembangunan Ekonomi Islam Malaysia 135,000– Musa Michael Lee Abdullah 4,310,000

4,568,000 1.97

14. Mayang Optima Sdn Bhd 4,500,610 1.94

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

16. Raya Kasih Sdn Bhd 2,372,726 1.02

17. New Brillance Sdn Bhd 2,148,063 0.92

18. Mayban Securities Nominees (Asing) Sdn BhdUOB-Kay Hian Pte Ltd for Khoo Boo Yee 5,000OCBC Securities Private Limited for Khoo Teah Ker 2,250Lim & Tan Securities Pte Ltd for Koh Soong How 3,000Lim & Tan Securiteis Pte Ltd for Hoahing Andrew Hunter 3,000Keppel securities Pte Ltd for Norlila Binte Mohd Ali 1,000UOB-Kay Hian Pte Ltd for Phoon Huar & Co Pte Ltd 1,500Keppel Securities Pte Ltd for Sim Ching Khee 1,500Vickers Ballas & Company Pte Ltd for Prime Equities Pte Ltd 1,980,000

1,997,250 0.86

19. Hwang-DBS Custodian Nominees (Asing) Sdn BhdDBS Bank for Khong Guan Development Pte Ltd 465,500DBS Bank for Kah Hong Pte Ltd 930,000DBS Bank for Cepheus Corporation Pte Ltd 159,000

1,554,500 0.67

20. Universal Trustee (Malaysia) BerhadBHLB Pacific High Growth Fund 850,000BHLB Pacific Emerging Companies Growth Fund 500,000BHLB Pacific Savings Fund 150,000

1,500,000 0.65

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

22. Westlodge Sdn Bhd 1,150,000 0.50

23. Lembaga Tabung Haji 1,062,000 0.46

24. Arab-Malaysian Nominees (Tempatan) Sdn BhdArab-Malaysian Trustee Bhd for BHLB Pacific Dana Al-Ihsan 1,000,000 0.43

25. Taisho Company Sdn Berhad 927,000 0.40

26


26. Amal Mantap Sdn Bhd 920,000 0.40

27. Amsec Nominees (Asing) Sdn BhdFraser Securitie Pte Ltd for Sita Ponnu Durai 1,000Pledge Securities Account for Dato’ Ng Eng Tee 800,000Milennium Securities Pte Ltd for Wu Kuan Chuan 30,000

831,000 0.36

28. Thong & Kay Hian Nominees (Asing) Sdn BhdUOB Kay Hian Pte Ltd 144,000UOB Kay Hian Pte Ltd for– Kwan Peck Leng 38,000– Mary Tan 13,500– Lau Kheng Yong @ Lau Theng Siak 12,000– Lau Pway Kian Stephen 3,750– Interocean Shipping Co Pte Ltd 2,250– Chew Siok Woon 7,000– Esing Long Nominees Pte Ltd 340,000– Ang Cheng Ho Patrick 8,000– Thai Chee Ken 500– Lee Hong 3,000– Tay Thiam Song 146,000

718,000 0.31

29. Amanah Raya BerhadKumpulan Wang Am 105,000BHLB Pacific Double Growth Fund 500,000

605,000 0.26

30. Khong Guan Biscuit Factory Sdn Berhad 574,500 0.24

Total/Jumlah 219,700,408 94.85

SUMMARY OF SHARE BUY BACKRINGKASAN BELIAN BALIK SAHAM

The Company did not make any purchase of its own shares during the financial period.

Since the implementation of the share buy back scheme, the Company has purchased 45,000 of its own shares at a totalpurchase consideration of RM119,700 or at an average price of RM2.66 per share. These shares are now being held astreasury shares.

Syarikat tidak melaksanakan sebarang pembelian balik saham-sahamnya dalam tempoh kewangan.

Sejak perlaksanaan skim pembelian balik saham, Syarikat telah membeli 45,000 saham-sahamnya pada balasanpembelian berjumlah RM119,700 atau harga purata RM2.66 sesaham. Saham-saham ini disimpan sebagai saham-sahamperbendaharaan.


ORDINARY BUSINESS:

1. To receive the Audited Accounts together with theR e p o rts of the Directors and Auditors for thefinancial period ended 31 December 2000.

Resolution 1

2. To approve the payment of a Final Dividend of 5%less tax in respect of the financial period ended 31December 2000.

Resolution 2

3. To re-elect the following Directors pursuant toA rticle 94 of the Company’s Articles ofAssociation:-

i) Ng Eng Soon Resolution 3

ii) Pee Tong Lim Resolution 4

4. To re-elect the following Directors pursuant toA rticle 99 of the Company’s Articles ofAssociation:-

i) Tham Kui Seng Resolution 5

ii) Dato’ Mohamed Khadar bin Merican

Resolution 6

iii) Hiew Yoon Khong Resolution 7

5. To approve the payment of Directors’ fees for thefinancial period ended 31 December 2000.

Resolution 8

6. To re-appoint Messrs PricewaterhouseCoopers asauditors for the ensuing year and to authorise theDirectors to fix their remuneration.

Resolution 9

7. To transact any other ord i n a ry business of theCompany for which due notice shall have beenreceived in accordance with the Companies Act,1965.

SPECIAL BUSINESS:

8. To consider and, if thought fit, to pass thefollowing resolutions:-

SPECIAL RESOLUTION

a) Amendments to the Articles of Association ofthe Company

“THAT subject to the Listing Requirements ofKuala Lumpur Stock Exchange, the alterations,modifications, variations and/or additions to theCompany’s Articles of Association as set out inthe Circular to Shareholders in relation theretodated 31 May 2001 be and are here b yapproved.” Special Resolution

ORDINARY RESOLUTIONS

b) Authority to Directors to Issue Shares“THAT subject always to the Companies Act,1965, the Company’s Articles of Association andapproval of the relevant government/regulatoryauthorities, the Directors be and are here b yauthorised pursuant to Section 132D of theCompanies Act, 1965 to issue shares in theCompany at any time until the conclusion ofthe next annual general meeting and upon suchterms and conditions and for such purposes asthe Directors may, in their absolute discretiondeem fit, provided that the aggregate number ofshares to be issued does not exceed 10% of theissued share capital of the Company for thetime being.” Resolution 10

c) Authority to Directors on Purchase of theCompany’s Own Shares“ T H AT subject to the Companies Act, 1965(the”Act”), rules, regulations and orders madepursuant to the Act, provisions of theC o m p a n y ’s Memorandum and Articles ofAssociation and the requirements of the KualaLumpur Stock Exchange (“KLSE”) and anyother relevant authority, the Directors of theCompany be and are hereby authorised to makepurchases of ordinary shares of RM1.00 each inthe Company’s issued and paid-up capitalt h rough the KLSE subject further to thefollowing:-

i) the maximum number of shares which maybe purchased by the Company shall notexceed 3,500,000 ordinary shares of RM1.00each equivalent to approximately 1.51% ofthe total existing issued and paid-up capitalof the Company (“Shares”) for the timebeing;

ii) the maximum fund to be allocated by theCompany for the purpose of purchasing theS h a res shall not exceed the total re t a i n e de a rnings and share premium of theC o m p a n y. As at 31 December 2000, theaudited retained earnings and sharep remium of the Company wereRM51,659,000 and RM60,304,000respectively. The unaudited retained earningsand share premium based on themanagement accounts of the Company as at30 April 2001 were RM51,804,000 andRM60,304,000 respectively;

NOTICE IS HEREBY GIVEN THAT the 40th Annual General Meeting of United Malayan LandBhd will be held on Monday, 25 June 2001 at 12.00 noon at Nirwana Ballroom III, Lower Lobby,Mutiara Kuala Lumpur (formerly known as Hilton Kuala Lumpur), Jalan Sultan Ismail, 50250 KualaLumpur to transact the following businesses:-

Notice of Annual General Meeting

28

iii) the authority conferred by this re s o l u t i o nwill commence immediately upon obtainingall necessary approvals for the purchase(s)of the shares until the conclusion of the nextannual general meeting of the Company,unless earlier revoked or varied by ordinaryresolution of the shareholders of theCompany in general meeting but not so asto prejudice the completion of purchase(s)by the Company before the aforesaid expirydate and, in any event, in accordance withthe provision of the guidelines issued by theKLSE or any other relevant authority;

i v ) the Directors may retain the Shares sop u rchased as tre a s u ry shares or cancel them orboth. The Directors shall consider the intere s tof the Company and its subsidiary companiesand its shareholders in deciding whether toretain the shares as tre a s u ry shares, cancelthem or have a combination of both;

v) upon completion of the purchase(s) of theShares by the Company, the Directors of theCompany be and are hereby authorised todeal with the shares in the mannerprescribed by the Act, rules, regulations andorders made pursuant to the Act, and there q u i rements of the KLSE and any otherrelevant authority for the time being inforce; and

vi) the Directors of the Company be and arehereby authorised to take all such steps asare necessary or expedient to implement orto effect the purchase(s) of the Shares.”

Resolution 11

BY ORDER OF THE BOARD

ZURAIDAH MOHD YUSOFFCompany SecretaryMAICSA 7001552

Kuala Lumpur31 May 2001

NOTICE OF DIVIDEND ENTITLEMENT

NOTICE IS ALSO HEREBY GIVEN THAT t h eFinal Dividend of 5% less tax in respect of thefinancial period ended 31 December 2000, if approvedat the 40th Annual General Meeting, will be paid on24 September 2001 to all shareholders registered in theRecord of Depositors at the close of business on 10September 2001.

A Depositor shall qualify for entitlement only inrespect of:-

a) S h a res deposited into the Depositor’s SecuritiesAccount before 12.30 p.m. on 6 September 2001 (inrespect of shares which are exempted fro mmandatory deposit);

b) S h a res transferred into the Depositor’s SecuritiesAccount before 12.30 p.m. on 10 September 2001 inrespect of ordinary transfers; and

c) S h a res bought on the Kuala Lumpur StockExchange on a cum entitlement basis according tothe Rules of the Kuala Lumpur Stock Exchange.

NOTES:

1. Proxy• A member entitled to attend and vote at the Annual General Meeting

is entitled to appoint a proxy to attend and vote instead of him. Ap roxy need not be a member of the Company. The instru m e n tappointing a proxy shall be in writing under the hand of the appointoror his attorney duly authorised in writing, or if the appointor is acorporation, either under its common seal or in some other mannera p p roved by its dire c t o r s .

• A member who is an Authorised Nominee is entitled to appoint atleast one (1) proxy in respect of each securities account.

• The instrument of proxy must be deposited at the Company’s ShareRegistrars, Securities Services (Holdings) Sdn Bhd at Level 22, MenaraMilenium, Jalan Damanlela, Pusat Bandar Damansara, DamansaraHeights, 50490 Kuala Lumpur not less than 48 hours before the timeset for the meeting or any adjournment thereof.

2. Amendments to the Articles of Association of the CompanyThe proposed amendments to the Articles of Association of theCompany is in compliance with Chapter 7 of the Listing Requirements of

the Kuala Lumpur Stock Exchange. Further information on the proposedamendments are set out in the Circular to Shareholders despatchedtogether with the Company’s 2000 Annual Report.

3. Authority to Directors to Issue SharesThis resolution, if passed, will give powers to the Directors to issueordinary shares in the capital of the Company up to an aggregate amountnot exceeding 10% of the issued share capital of the Company for the timebeing. This authority, unless revoked or varied at a general meeting, willexpire at the next annual general meeting.

4. Authority to Directors on Purchase of the Company’s Own SharesThis resolution, if passed, will empower the Directors to exercise the powerof the Company to purchase its own shares (“Proposed Share Buyback”).This authority, unless revoked or varied at a general meeting, will expire atthe conclusion of the next annual general meeting. Further information onthe Proposed Share Buyback are set out in the Circular to Shareholdersdespatched together with the Company’s 2000 Annual Report.


Notis Mesyuarat Agung Tahunan

URUSAN BIASA:

1. Untuk menerima Akaun Beraudit Sya ri k at bers e rt aL ap o ra n - L ap o ran Pa ra Pe n ga rah dan Ju ruaudit bagitempoh kewangan berakhir 31 Disember 2000.

Resolusi 1

2. Untuk meluluskan pembayaran Dividen Akhir sebanyak5 % , tolak cukai bagi tempoh kewa n gan berakhir 31Disember 2000.

Resolusi 2

3. Untuk melantik semula Pa ra Pe n ga rah berikut ya n gbersara menurut Artikel 94 Tataurusan Syarikat:-

i) Ng Eng Soon Resolusi 3

ii) Pee Tong Lim Resolusi 4

4. Untuk melantik semula Pa ra Pe n ga rah berikut ya n gbersara menurut Artikel 99 Tataurusan Syarikat:-

i) Tham Kui Seng Resolusi 5

ii) Dato’ Mohamed Khadar bin Merican Resolusi 6

iii) Hiew Yoon Khong Resolusi 7

5. Untuk meluluskan pembaya ran yuran Pa ra Pe n ga ra hbagi tahun kewangan berakhir 31 Disember 2000.

Resolusi 8

6. Untuk melantik semula Tetuan Pri c ewat e r h o u s e C o o p e rssebagai juruaudit bagi tahun berikutnya dan memberikuasa kepada Pa ra Pe n ga rah untuk menetap k a nbayaran khidmat mereka. Resolusi 9

7. Untuk membincangkan sebarang urusan biasa Syarikatdi mana notis sewajarnya telah diterima menurut AktaSyarikat, 1965.

URUSAN KHAS:

8. Untuk mempertimbangkan dan sekira nya difi k i rk a nwajar, meluluskan resolusi-resolusi berikut:-

RESOLUSI KHAS

a ) C a d a n gan pindaan kepada Tat a u rusan Sya ri k at“ BA H AWA tertakluk kepada Sya rat - S ya ratPenyenaraian Bursa Saham Kuala Lumpur, semuap i n d a a n , p e n g u b a h s u a i a n , perbezaan dan/at a upenambahan kepada Tat a u rusan Sya ri k at ya n gt e rkandung dalam Surat Pe keliling kep a d aPemegang-pemegang Saham yang bertarikh 31 Mei2001 adalah diluluskan.”

Resolusi Khas

RESOLUSI BIASA

b) Kuasa kepada Para Pengarah untuk MenerbitkanSaham-Saham“BAHAWA tertakluk sentiasa kepada Akta Syarikat,1965, Tataurusan Syarikat dan kelulusan daripadabadan ke rajaan/ penguatkuasaan yang berke n a a n ,Pa ra Pe n ga rah adalah dengan ini diberi k u a s amenurut Seksyen 132D Akta Syarikat, 1965 untukmenerbitkan saham-saham Sya ri k at dari masa kesemasa sehingga tamat nya Mesyuarat A g u n gTahunan yang beri k u t nya berd a s a rkan tema-temaserta syarat-syarat dan bagi tujuan-tujuan di manaPa ra Pe n ga rah dengan pemilihan mutlak mere k afi k i rkan bers e s u a i a n , t e rtakluk kepada jumlahagregat saham yang akan diterbitkan tidak melebihi10% daripada jumlah semasa saham-sahamditerbit Syarikat.” Resolusi 10

c) Kuasa kepada Pa ra Pe n ga rah untuk MembeliBalik Saham-Saham Syarikat“ BA H AWA tertakluk kepada Akta Sya ri k at , 1 9 6 5(“Akta”) undang-undang, peraturan-peraturan danu ru t a n - u rutan dari Akta ters ebu t , p e ru n t u k k a n -peruntukkan yang terkandung didalam Tatacara danTat a u rusan Sya ri k at dan ga ris panduan Burs aSaham Kuala Lumpur (“BSKL”) dan juga pihak-pihak berkuasa yang berke n a a n , Pa ra Pe n ga ra hS ya ri k at dengan ini diberikuasa untuk membelisaham-saham biasa bernilai RM1.00 sesaham yangditerbit dan berbayar melalui BSKL dan tertaklukkepada:-

i) bilangan maksima saham-saham yang boleh dibeli oleh Sya ri k at tidak melebihi 3,500,000saham-saham biasa bernilai RM1.00 sesahambersamaan 1.51% daripada jumlah keseluruhansaham-saham semasa Sya ri k at (“saham-saham”) yang diterbit dan berbayar dari masake semasa;

ii) jumlah dana maksima yang diperuntukkan olehSyarikat bagi tujuan belian balik saham-sahamtidak melebihi jumlah keseluruhan pendapatantertahan dan premium saham Syarikat. Pada 31Disember 2000, p e n d ap atan tertahan danp remium saham yang diaudit adalahRM51,659,000 dan RM60,304,000 masing-m a s i n g. Pe n d ap atan tertahan dan pre m i u msaham yang belum diaudit berdasarkan akaunpengurusan Syarikat pada 30 April 2001 adalahRM51,804,000 dan RM60,304,000 masing-masing;

DENGAN INI DI BERITAHU BAHAWA Mesyuarat Agung Tahunan United Malayan Land Bhd yang ke 40akan diadakan pada hari Isnin, 25 Jun 2001, jam 12.00 tengahari di Nirwana Ballroom III, Lobi Bawah,Mutiara Kuala Lumpur (dahulu dikenali sebagai Hilton Kuala Lumpur), Jalan Sultan Ismail, 50250 KualaLumpur untuk urusan-urusan berikut:-

30

iii) kuasa yang diberi menerusi resolusi ini akanb e rk u atkuasa serta merta setelah mempero l e h ikelulusan dari pihak-pihak berkenaan untukpembelian saham-saham sehingga tamat nyaM e s y u a rat Agung Tahunan Sya ri k at ya n gb e ri k u t nya , melainkan ianya dibatalkan at a udipinda menerusi resolusi biasa oleh parap e m egang saham di mesyuarat ag u n g, t e t ap itidak sehingga memu d a ratkan penye m p u rn a a nbelian saham-saham oleh Sya ri k at seb e l u mt a m at tempoh dan apa hal jua, m e nu ru tp e runtukkan ga ris panduan yang dike l u a rk a noleh BSKL atau mana-mana pihak berk u a s ayang berkenaan;

iv) Pa ra Pe n ga rah dibenarkan memega n g m i l i ksaham-saham yang dibeli sebagai saham-sahamperbendaharaan atau meluputkan saham-sahamberkenaan atau campuran kedua-duanya sekali.Pa ra Pe n ga rah akan mengambil kirakepentingan Syarikat dan kesemua anak syarikatserta para pemegang saham sebelum keputusand i bu at sama ada memegang saham-sahams eb agai saham perbendahara a n , m e l u p u t k a nsaham-saham ters ebut atau campuran ke d u a -duanya sekali;

v ) d e n gan penye m p u rnaan pembelian saham-sahamoleh Sya ri k at , Pa ra Pe n ga rah diberikuasa untukm e nye l a raskan saham-saham ters ebut dalam ap ajua cara menu rut A k t a , u n d a n g - u n d a n g,p e rat u ra n - p e rat u ran dan arahan ya n gd i p e runtukkan menu rut Akta dan ga ri s p a n d u a nBSKL dan pihak-pihak berkuasa yang berke n a a nd a ri masa ke semasa; dan

vi) Para Pengarah Syarikat dengan ini diberikuasauntuk mengambil langkah-langkah yang sesuaidan berp atutan bagi melaksanakan at a umenguatkuasakan pembelian saham-saham.”

Resolusi 11

DENGAN PERINTAH LEMBAGA PENGARAH

ZURAIDAH MOHD YUSOFFSetiausaha SyarikatMAICSA 7001552

Kuala Lumpur31 Mei 2001

NOTIS PENERIMAAN HAK DIVIDEN

DENGAN INI JUGA DI BERITAHU BAHAWA dividenakhir seb a nyak 5% tolak cukai untuk tempoh kewa n ga nb e rakhir 31 Disember 2001, s e k i ra nya diluluskan padaMesyuarat Agung Tahunan yang ke 40 akan dibayar pada24 September 2001 kepada para pemegang saham ya n gt e rs e n a rai dalam Rekod Pe n d eposit pada tarikh tutupperniagaan pada 10 September 2001.

S e o rang Pe n d eposit hanya layak menerima hak div i d e nbagi:-

a) Saham-saham yang didepositkan ke dalam A k a u nS e k u riti Pe n d eposit sebelum 12.30 tenga h a ri pada 6September 2001 (bagi saham-saham yang dikecualikandaripada deposit mandatori);

b) Saham-saham yang dipindahkan ke dalam A k a u nSekuriti Pendeposit sebelum 12.30 tengahari pada 10September 2001 berkaitan dengan pemindahan biasa;dan

c) Saham-saham yang dibeli di Bursa Saham Ku a l aLumpur berasaskan hak dividen mengikut Pe rat u ra n -peraturan Bursa Saham Kuala Lumpur.

NOTA:

1. Proksi• S e s e o rang ahli yang berhak hadir dan mengundi di Mesyuarat adalah

berhak melantik proksi untuk hadir dan mengundi bagi pihaknya. Seorangproksi itu tidak semestinya ahli Syarikat. Borang Proksi mestilah di isi olehsipelantik atau ahli guaman yang diperakukan atau jika sipelantik itus ebuah Pe r b a d a n a n , i a nya hendaklah di bawah meteri nya at a udikuatkuasakan dalam cara lain yang diluluskan oleh Para Pengarahnya.

• S e e o rang ahli yang merupakan penama yang diperakukan berhak untukmelantik sekurang-kurangnya satu (1) proksi berhubung dengan setiap akaunsekuriti itu.

• Borang proksi yang lengkap hendaklah diserahkan kepada Pendaftar SahamS ya ri k at , S e c u rities Services (Holdings) Sdn Bhd di A ras 22, M e n a raMilenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights,50490 Kuala Lumpur tidak lewat daripada 48 jam sebelum masa ya n gditetapkan bagi mesyuarat atau sebarang penangguhan.

2. Cadangan pindaan kepada Tataurusan SyarikatCadangan pindaan kepada Tataurusan Syarikat adalah menurut Bab 7 dalamS ya rat - s ya rat Pe nye n a raian Bursa Saham Kuala Lumpur. Maklumat lanjut

mengenai cadangan pindaan tersebut terkandung dalam Surat Pekeliling kepadaPemegang-pemegang Saham yang dikepilkan bersama Laporan Tahunan Syarikat2000.

3. Kuasa kepada Para Pengarah untuk Menerbitkan Saham-SahamResolusi ini jika diluluskan, akan memberi kuasa kepada Para Pengarah untukmenerbitkan saham biasa dalam Syarikat tidak melebihi 10% daripada sahamditerbitkan Syarikat semasa. Bidang kuasa ini, melainkan dibatalkan atau dipindaoleh para pemegang saham Sya ri k at di mesyuarat ag u n g, akan tamat dimesyuarat agung berikutnya.

4. Kuasa kepada Para Pengarah untuk Membeli Balik Saham-Saham SyarikatResolusi ini jika diluluskan, akan memberi kuasa kepada Para Pengarah untukmembeli balik saham Sya ri k at (“Cadangan Belian Balik Saham Sya ri k at ” ) .Bidang kuasa ini, melainkan dibatalkan atau dipinda oleh para pemegang sahamS ya ri k at di mesyuarat ag u n g, akan tamat di mesyuarat agung beri k u t nya .Maklumat lanjut mengenai Cadangan Belian Balik Saham tersebut terkandungdalam Surat Pe keliling kepada Pe m ega n g - p e m egang Saham yang dikep i l k a nbersama Laporan Tahunan Syarikat 2000.


32-36 Directors’ Report

37 Income Statements

38 Balance Sheets

39 Consolidated Statement of Changes in Equity

40 Company Statement of Changes in Equity

41-42 Cash Flow Statements

43-62 Notes to the Financial Statements

63 Statement by Directors

63 Statutory Declaration

64 Report of the Auditors

Financial Statements

32

The Directors are pleased to submit to the members their annual report and the audited financial statements of the Groupand of the Company for the financial period of seventeen months ended 31 December 2000.

PRINCIPAL ACTIVITIES

The principal activities of the Company are investment holding and the provision of management services.

The principal activities of the subsidiary companies are set out in Note 11 to the financial statements.

There were no significant changes in the nature of these activities during the financial period.

CHANGE IN ACCOUNTING REFERENCE DATE

The financial year end of the Company was changed from 31 July to 31 December so as to be co-terminous with the financialyear end of its major shareholders, PERNAS International Holdings Berhad and CapitaLand Limited.

This has resulted in the current financial period to be of seventeen months instead of the customary twelve months.

FINANCIAL RESULTS

The financial results of the Group and of the Company for the financial period of seventeen months ended 31 December2000 are as follows:

Group CompanyRM RM

Profit from ordinary activities after taxation 9,173,200 14,341,336Minority interest (3,751,734) –

Net profit attributable to shareholders 5,421,466 14,341,336

DIVIDENDSRM

The dividends paid by the Company during the financial periodunder review were as follows:

In respect of the financial year ended 31 July 1999, as shown in the Directors’ Reportof that financial year:

– special dividend of 2.5 sen gross per share, tax exempt, paid on 20 December 1999 5,786,151

– final dividend of 2.5 sen gross per share, tax exempt, paid on 6 March 2000 5,786,301

In respect of the financial period of seventeen months ended 31 December 2000:

– interim dividend of 2.5 sen gross per share, less tax of 28%, paid on 30 November 2000 4,168,603

15,741,055

The Directors now recommend the payment of a final dividend of 5.0 sen gross per share, less tax of 28%, amounting toRM8,337,205 in respect of the current financial period, subject to the approval of the members at the forthcoming AnnualGeneral Meeting of the Company.

Directors’ ReportFor the financial period of seventeen months ended 31 December 2000


Directors’ Report (continued)For the financial period of seventeen months ended 31 December 2000

RESERVES AND PROVISIONS

There were no material transfers to or from reserves and provisions during the financial period other than those as disclosedin the financial statements.

EMPLOYEES’ SHARE OPTION SCHEME

The Company has implemented an Employees’ Share Option Scheme (“ESOS”) for eligible employees and ExecutiveDirectors of the Group.

The ESOS was approved by the shareholders at an Extraordinary General Meeting held on 9 October 1997.

The main features of the ESOS are as follows:

(a) The maximum number of shares to be allotted under the ESOS shall not exceed 10% of the issued and paid-up sharecapital of the Company at any time during the duration of the ESOS;

(b) Eligible employees (including full-time Executive Directors) must be at least eighteen years of age and have beenconfirmed in service and served at least a continuous period of one year in the Group including the service during theprobation period as at the Date of Offer. For an employee of one of the subsidiary companies of the Group, theemployee must complete at least one year continuous service following the date such company is deemed to be asubsidiary company of the Group, provided that the subsidiary company is not dormant;

(c) The options granted must be exercised within a period of five years from the Date of Offer of the options to therespective employees or before the expiry of the ESOS, which shall continue to be in force for a period of five yearsfrom 19 March 1998 (the date the options over shares were first granted to the eligible employees) subject to the ESOSnot being extended for an additional five years;

(d) The price at which the eligible employees are entitled to subscribe for the shares under the ESOS shall be the averageof the mean market quotation (calculated as the average of the highest and lowest prices transacted) of the shares asshown in the Daily Official List issued by the Kuala Lumpur Stock Exchange for the five market days preceding theDate of Offer or at the par value of the shares, whichever is higher.

The movements during the financial period in the options over shares of the Company were as follows:

Group and CompanyOption price Option price

per share per shareat RM3.37 at RM3.52

At beginning of the financial period 4,577,000 –Granted – 4,118,000Exercised (134,000) (9,000)Lapsed/cancelled (645,000) (189,000)

At end of the financial period 3,798,000 3,920,000

34

DIRECTORS

The Directors who have held office during the period since the date of the last report are as follows:

Alternate Director

Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman –

Dr. Han Cheng Fong Ngiam Joke Mui(Resigned on 28.4.2000) (Resigned on 28.4.2000)

Dato’ Ng Eng Tee –

Dato’ Mohamed Khadar bin Merican –(Appointed on 19.1.2001)

Ng Ee Peng –(Appointed on 28.4.2000, resigned on 19.1.2001)

Tham Kui Seng –(Appointed on 19.1.2001)

Ismail bin Abd Halim –(Appointed on 1.1.2001)

Datuk Syed Ahmad Khalid bin Syed Mohammed –

Datuk Nur Jazlan bin Tan Sri Mohamed –

Syed Abu Bakar bin Syed Mohsin Almohdzar –(Resigned on 19.1.2001)

Fan Kow Hin Koo Shuang Yuan(Resigned on 2.5.2000) (Resigned on 2.5.2000)

Ngiam Joke Mui Lim Ming Yan(Appointed on 2.5.2000, resigned on 19.1.2001) (Appointed on 27.6.2000, resigned on 19.1.2001)

Hiew Yoon Khong Jennifer Loh, née Seah Bee Eng(Appointed on 19.1.2001) (Appointed on 19.1.2001)

Ng Eng Soon –

Pee Tong Lim –

In accordance with Article 94 of the Company’s Articles of Association, Ng Eng Soon and Pee Tong Lim retire by rotationat the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.

In accordance with Article 99 of the Company’s Articles of Association, Dato’ Mohamed Khadar bin Merican, Tham KuiSeng and Hiew Yoon Khong retire at the forthcoming Annual General Meeting and, being eligible, offer themselves forelection.

DIRECTORS’ BENEFITS

During and at the end of the financial period, no arrangements subsisted to which the Company is a party, beingarrangements with the object or objects of enabling the Directors of the Company to acquire benefits by means of theacquisition of shares in or debentures of the Company or any other body corporate except for the options over sharesgranted by the Company to eligible employees, including certain Directors of the Company, pursuant to the ESOS.

Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other thanbenefits disclosed in Note 5 to the financial statements) by reason of a contract made by the Company or a relatedcorporation with the Director or with a firm of which he is a member, or with a company in which he has a substantialfinancial interest.



DIRECTORS’ INTERESTS IN SHARES AND OPTIONS OVER SHARES

According to the Register of Directors’ Shareholdings, particulars of interests of Directors who held office at the end of thefinancial period in the shares in the Company are as follows:

Number of ordinary shares of RM1.00 eachAs at As at

1.8.1999 Acquired Disposed 31.12.2000Shareholdings in the name of the Director

Dato’ Ng Eng Tee – 250,000 – 250,000Pee Tong Lim 48,000 – – 48,000

Shareholdings in which the Directoris deemed to have an interest:

Tunku Tan Sri Dato’ Shahrimanbin Tunku Sulaiman 75,056,500 – – 75,056,500

Dato’ Ng Eng Tee 18,978,634 – 250,000 18,728,634Ng Eng Soon 17,828,634 – – 17,828,634

Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman, Dato’ Ng Eng Tee, Ng Eng Soon and Pee Tong Lim by virtue of theirdirect and indirect interests in the Company, are deemed to have an interest in the shares of the subsidiary companies to theextent the Company has an interest.

According to the Register of Directors’ Shareholdings, particulars of interests of Directors who held office at the end of thefinancial period in the options over shares in the Company are as follows:

Number of ordinary shares of RM1.00 each under ESOS optionAs at As at

1.8.1999 Granted Exercised Lapsed 31.12.2000

Dato’ Ng Eng Tee 500,000 – – – 500,000Pee Tong Lim 400,000 – – 400,000 –

No other Director in office at the end of the financial period held any interest in shares or options over shares in theCompany and its related corporations.

STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS

Before the income statements and balance sheets of the Group and of the Company were made out, the Directors tookreasonable steps:

(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provisionfor doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provisionhad been made for doubtful debts; and

(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of businesstheir value as shown in the accounting records of the Group and of the Company had been written down to an amountwhich they might be expected so to realise.

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

(a) which would render the amounts written off for bad debts or the amount of the provision for doubtful debts in thefinancial statements of the Group and of the Company inadequate to any substantial extent; or

(b) which would render the values attributed to current assets in the financial statements of the Group and of the Companymisleading; or

(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group andof the Company misleading or inappropriate.


36

STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (continued)

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

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

(a) any charge on the assets of the Group and of the Company which has arisen since the end of the financial period whichsecures the liability of any other person; or

(b) any contingent liability of the Group and of the Company which has arisen since the end of the financial period.

At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or thefinancial statements which would render any amount stated in the financial statements misleading.

In the opinion of the Directors,

(a) the results of the operations of the Group and of the Company during the financial period were not substantiallyaffected by any item, transaction or event of a material and unusual nature; and

(b) there has not arisen in the interval between the end of the financial period and the date of this report any item,transaction or event of a material and unusual nature likely to affect substantially the results of the operations of theGroup and of the Company for the financial period in which this report is made.

CORPORATE INFORMATION

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Boardof the Kuala Lumpur Stock Exchange.

The address of the registered office and the principal place of business of the Company is as follows:

Suite 1.1, 1st FloorKompleks AntarabangsaJalan Sultan Ismail50250 Kuala LumpurMalaysia.

Tel : (603) 2142 1611Fax : (603) 2142 1826Website : http://www.umland.com.my

At the end of the financial period, there were 190 (31.7.1999: 170) employees in the Group and 41 (31.7.1999: 34)employees in the Company.

AUDITORS

The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.

In accordance with a resolution of the Board of Directors dated 30 April 2001.

ISMAIL BIN ABD HALIM DATO’ NG ENG TEEDIRECTOR DIRECTOR



Income Statements For the financial period of seventeen months ended 31 December 2000

Group Company17 months Financial 17 months Financial

ended year ended ended year endedNote 31.12.2000 31.7.1999 31.12.2000 31.7.1999

RM RM RM RM

Revenue 4 126,840,148 114,736,650 29,360,282 32,967,593

Other operating income 3,226,198 2,395,907 – –

Development costs recognised as expenses (72,244,667) (60,905,414) – –

Construction costs recognised as expenses (9,889,346) – – –

Staff costs (15,149,847) (10,538,433) (6,141,079) (4,321,976)

Depreciation (4,134,074) (1,838,380) (1,228,755) (421,434)

Advertising and promotion expenses (2,536,169) (552,213) (75,797) (53,781)

Upkeep, repair and maintenance of assets (1,050,678) (452,087) (157,241) (114,348)

Rental of premises (1,015,352) (697,063) (539,163) (369,506)

Provision for doubtful debts (527,723) (3,229,289) – (200,000)

Overprovision of doubtful debts written back 1,054,340 – – –

Professional consultancy fees (2,022,270) (729,401) (193,160) (301,799)

Other operating expenses (5,987,159) (1,684,283) (643,951) (422,791)

Profit from operations 5 16,563,401 36,505,994 20,381,136 26,761,958

Finance cost 6 (781,816) (244,338) – –

Share of results of associated company 256,312 (551,366) – –

Profit from ordinary activities before taxation 16,037,897 35,710,290 20,381,136 26,761,958

Taxation– Company and subsidiary companies 7 (6,864,697) (2,918,708) (6,039,800) (5,763,401)– Associated company 7 – (4,005) – –

(6,864,697) (2,922,713) (6,039,800) (5,763,401)

Profit from ordinary activities after taxation 9,173,200 32,787,577 14,341,336 20,998,557

Minority interest (3,751,734) (859,679) – –

Net profit attributable to shareholders 5,421,466 31,927,898 14,341,336 20,998,557

Earnings per share (sen)– basic 8 2 14

Dividends per share (sen) 9 7.5 7.5

The notes set out on pages 43 to 62 form an integral part of these financial statements.

38

Balance Sheets As at 31 December 2000

Group CompanyNote 31.12.2000 31.7.1999 31.12.2000 31.7.1999

RM RM RM RM

NON-CURRENT ASSETSProperty, plant and equipment 10 394,429,338 398,719,419 886,571 1,785,925Investment in subsidiary companies 11 – – 524,146,723 524,146,719Investment in associated company 12 5,814,693 5,438,381 – –Other investments 13 8,642 8,642 – –Long term receivables 14 74,598,146 63,901,591 – –Deferred tax asset 15 17,190,582 15,065,714 – –

492,041,401 483,133,747 525,033,294 525,932,644

CURRENT ASSETSCompleted properties 16 51,647,604 41,144,617 – –Development properties 17 368,642,907 332,750,451 – –Trade and other receivables 18 76,773,339 50,826,305 172,464,878 166,116,923Deposits, bank and cash balances 19 7,176,341 11,900,763 431,323 9,783,391

504,240,191 436,622,136 172,896,201 175,900,314

LESS: CURRENT LIABILITIESTrade and other payables 20 38,908,801 31,455,124 996,905 4,793,379Short term bank borrowings 21 143,604,506 65,469,392 – –Taxation 11,661,965 15,138,559 4,191,956 3,283,753Proposed dividend 8,337,205 11,572,302 8,337,205 11,572,302

202,512,477 123,635,377 13,526,066 19,649,434

NET CURRENT ASSETS 301,727,714 312,986,759 159,370,135 156,250,880

LESS: NON-CURRENT LIABILITYDeferred tax liability 22 21,905,386 21,308,547 – –

771,863,729 774,811,959 684,403,429 682,183,524

CAPITAL AND RESERVES

Share capital 231,634,033 231,491,033 231,634,033 231,491,033Reserves 23 499,595,076 506,438,041 452,769,396 450,692,491

Shareholders’ funds 731,229,109 737,929,074 684,403,429 682,183,524Minority interest 40,634,620 36,882,885 – –

771,863,729 774,811,959 684,403,429 682,183,524

Net tangible assets per share 8 RM3.16 RM3.19



Issued and fully paid ordinaryshares of RM1.00 each Non-distributable Distributable

TreasuryNumber Nominal Share R e v a l u a t i o n Capital shares, Retained R e v a l u a t i o n Other

Note of shares value premium reserves reserves at cost earnings reserves reserves TotalRM RM RM RM RM RM RM RM RM

As at 1 August 1998– as previously

reported 231,491,033 231,491,033 60,062,230 298,552,112 (29,985,447) – 158,216,093 1,912,246 3,941,454 724,189,721– prior year

adjustment 25 – – – – – – (2,329,270) – – (2,329,270)

– as restated 231,491,033 231,491,033 60,062,230 298,552,112 (29,985,447) – 155,886,823 1,912,246 3,941,454 721,860,451Treasury shares

acquired(45,000 shares) 27 – – – – – (121,088) – – – (121,088)

Net profit for thefinancial year – – – – – – 31,927,898 – – 31,927,898

Dividends for thefinancial year 9 – – – – – – (15,738,187) – – (15,738,187)

As at 31 July 1999 231,491,033 231,491,033 60,062,230 298,552,112 (29,985,447) (121,088) 172,076,534 1,912,246 3,941,454 737,929,074

As at 1 August 1999– as previously

reported 231,491,033 231,491,033 60,062,230 298,552,112 (29,985,447) (121,088) 173,872,347 1,912,246 3,941,454 739,724,887– prior year

adjustment 25 – – – – – – (1,795,813) – – (1,795,813)

– as restated 231,491,033 231,491,033 60,062,230 298,552,112 (29,985,447) (121,088) 172,076,534 1,912,246 3,941,454 737,929,074

Expenses writtenoff in respect ofissuance of ordinaryshares on exerciseof ESOS – – (98,732) – – – – – – (98,732)

Expenses incurred inrespect of acquisitionof treasury shares – – – – – (3) – – – (3)

Net loss not recognisedin income statement – – (98,732) – – (3) – – – (98,735)

Issuance of ordinaryshares on exerciseof ESOS 143,000 143,000 340,260 – – – – – – 483,260

Net profit for thefinancial period – – – – – – 5,421,466 – – 5,421,466

Dividends for thefinancial period 9 – – – – – – (12,505,956) – – (12,505,956)

As at 31 December 2000 231,634,033 231,634,033 60,303,758 298,552,112 (29,985,447) (121,091) 164,992,044 1,912,246 3,941,454 731,229,109


Consolidated Statement of Changes in EquityFor the financial period of seventeen months ended 31 December 2000

40

Issued and fully paid ordinaryshares of RM1.00 each Non-distributable Distributable

TreasuryNumber Nominal Share Revaluation Other shares, Retained Other

Note of shares value premium reserves reserves at cost earnings reserves TotalRM RM RM RM RM RM RM RM

As at 1 August 1998 231,491,033 231,491,033 60,062,230 325,671,684 11,314,467 – 44,563,374 3,941,454 677,044,242Treasury shares acquired

(45,000 shares) 27 – – – – – (121,088) – – (121,088)Net profit for the financial year – – – – – – 20,998,557 – 20,998,557Dividends for the financial year 9 – – – – – – (15,738,187) – (15,738,187)

As at 31 July 1999 231,491,033 231,491,033 60,062,230 325,671,684 11,314,467 (121,088) 49,823,744 3,941,454 682,183,524

As at 1 August 1999 231,491,033 231,491,033 60,062,230 325,671,684 11,314,467 (121,088) 49,823,744 3,941,454 682,183,524

Expenses written off in respect of issuance of ordinary shares on exercise of ESOS – – (98,732) – – – – – (98,732)

Expenses incurred in respect of acquisition of treasury shares – – – – – (3) – – (3)

Net loss not recognised in income statement – – (98,732) – – (3) – – (98,735)

Issuance of ordinary shares on exercise of ESOS 25 143,000 143,000 340,260 – – – – – 483,260

Net profit for the financial period – – – – – – 14,341,336 – 14,341,336Dividends for the financial period 9 – – – – – – (12,505,956) – (12,505,956)

As at 31 December 2000 231,634,033 231,634,033 60,303,758 325,671,684 11,314,467 (121,091) 51,659,124 3,941,454 684,403,429


Company Statement of Changes in EquityFor the financial period of seventeen months ended 31 December 2000



ended year ended ended year ended31.12.2000 31.7.1999 31.12.2000 31.7.1999

RM RM RM RM

CASH FLOW FROM OPERATING ACTIVITIES

Net profit attributable to shareholders 5,421,466 31,927,898 14,341,336 20,998,557

Adjustments for:

Depreciation of property, plant and equipment 4,134,074 1,838,380 1,228,755 421,434Dividend income – – (17,395,000) (23,310,005)(Gain)/loss on disposal of property, plant

and equipment (29,622) 1,613 (26,016) 7,301Interest expense 781,816 244,338 – –Interest income (1,336,280) (451,275) (7,715,282) (6,682,292)Minority interest 3,751,734 859,679 – –Overprovision of development expenditure

written back – (168,042) – –Overprovision of doubtful debts written back (1,054,340) – – –Property, plant and equipment written off 621 23,962 – 11,381Provision for doubtful debts 527,723 3,229,289 – 200,000Share of an associated company’s (profit)/loss (256,312) 551,366 – –Taxation 6,864,697 2,922,713 6,039,800 5,763,401

18,805,577 40,979,921 (3,526,407) (2,590,223)(Increase)/decrease in development properties (44,156,633) 10,517,850 – –(Increase)/decrease in receivables (36,116,972) (60,027,059) (6,347,955) (6,161,010)Increase/(decrease) in payables 5,060,832 (6,964,287) (3,796,474) (1,038,555)

Net cash flow from operations (56,407,196) (15,493,575) (13,670,836) (9,789,788)

Interest paid (781,816) (244,338) – –Interest received 1,336,280 451,275 7,715,282 6,682,292Taxation paid (9,471,452) (9,011,993) (260,996) (465,709)

Net cash flow from operating activities (65,324,184) (24,298,631) (6,216,550) (3,573,205)

Cash Flow Statements For the financial period of seventeen months ended 31 December 2000

42



RM RM RM RM

CASH FLOW FROM INVESTING ACTIVITIES

Development expenditure recovered – 168,042 – –Dividend income – – 12,524,400 20,046,605Investment in subsidiary companies – – (4) (749,998)Investment in redeemable preference shares

in associated company (120,000) – – –Proceeds from disposal of property, plant

and equipment 134,985 14,601 130,729 206,140Purchase of property, plant and equipment (2,193,807) (564,907) (434,113) (223,220)Share buyback (3) (121,088) (3) (121,088)

Net cash flow from investing activities (2,178,825) (503,352) 12,221,009 19,158,439

CASH FLOW FROM FINANCING ACTIVITIES

Dividends paid (15,741,055) (12,499,562) (15,741,055) (12,499,562)Drawdown of short term bank borrowings 76,210,075 31,999,876 – –Proceeds from issuance of cumulative

redeemable preference shares to a minority shareholder in a subsidiary company – 6,000,000 – –

Proceeds from issuance of ordinary shares on exercise of ESOS 384,528 – 384,528 –

Net cash flow from financing activities 60,853,548 25,500,314 (15,356,527) (12,499,562)

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (6,649,461) 698,331 (9,352,068) 3,085,672

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL PERIOD/YEAR 2,431,247 1,732,916 9,783,391 6,697,719

CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL PERIOD/YEAR (4,218,214) 2,431,247 431,323 9,783,391

Cash and cash equivalents comprise:

Deposits with licensed banks (Note 19) 1,255,005 6,307,584 – 6,307,584Bank and cash balances (Note 19) 5,921,336 5,593,179 431,323 3,475,807Bank overdraft (Note 21) (11,394,555) (9,469,516) – –

(4,218,214) 2,431,247 431,323 9,783,391


Cash Flow Statements (continued)For the financial period of seventeen months ended 31 December 2000


1 GENERAL INFORMATION

The principal activities of the Company are investment holding and the provision of management services.

The principal activities of the subsidiary companies are set out in Note 11 to the financial statements.

2 CHANGE IN ACCOUNTING REFERENCE DATE

The financial year end of the Company was changed from 31 July to 31 December so as to be co-terminuouswith the financial year end of its major shareholders, PERNAS International Holdings Berhad and CapitaLandLimited. Accordingly, comparative amounts for the income statement, changes in equity, cash flows and relatednotes are not comparable.

3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considere dmaterial in relation to the financial statements.

(a) Basis of preparation

The financial statements of the Group and of the Company have been prepared under the historical costconvention (as modified to include the revaluation of certain property, plant and equipment and investmentin a subsidiary company), unless otherwise indicated in this summary of significant accounting policies.

The financial statements comply with the applicable approved accounting standards in Malaysia and theprovisions of the Companies Act, 1965.

(b) Basis of consolidation

The consolidated financial statements include the financial statements of the Company and all its subsidiarycompanies made up to the end of the financial period. Subsidiary companies are those companies in whichthe Group has power to exercise control over the financial and operating policies so as to obtain benefitsfrom their activities.

Subsidiary companies are consolidated from the date on which control is transferred to the Group and areno longer consolidated from the date that control ceases. Subsidiary companies are consolidated using theacquisition method of accounting except for a subsidiary company which is consolidated using the mergermethod of accounting in accordance with Malaysian Accounting Standard No. 2 “Accounting forAcquisitions and Mergers”, as disclosed in Note 11 to the financial statements.

Under the acquisition method of accounting, the results of subsidiary companies acquired or disposed ofduring the financial period are included from the date of acquisition up to the date of disposal. At the dateof acquisition, the fair values of the subsidiary companies’ net assets are determined and these values arereflected in the consolidated financial statements. The difference between the acquisition cost and the fairvalues of the subsidiary companies’ net assets is reflected as goodwill on consolidation.

Under the merger method of accounting, the results of the subsidiary companies are presented as if themerger had been effected throughout the current and previous financial years. On consolidation, thedifference between the carrying value of the investment over the nominal value of the shares acquired istaken to merger reserve.

All intercompany transactions, balances and unrealised gains on transactions between group companies areeliminated; unrealised losses are also eliminated unless costs cannot be recovered in which case such costsare charged to the income statement immediately. Where necessary, accounting policies for subsidiarycompanies have been changed to ensure consistency with the policies adopted by the Group. Separatedisclosure is made of minority interests.

Notes to the Financial StatementsFor the financial period of seventeen months ended 31 December 2000

44

3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(c) Accounting for associated companies

Investments in associated companies are accounted for in the consolidated financial statements using theequity method of accounting. Associated companies are companies in which the Group exercises significantinfluence and which is neither a subsidiary company nor a joint venture of the Group. Significant influenceis the power to participate in the financial and operating policy decisions of the associated companies butnot control over those policies.

Equity accounting involves recognising in the income statement the Gro u p ’s share of the results ofassociated companies for the financial period. The Group’s investments in associated companies are carriedin the balance sheet at an amount that reflects its share of the net assets of the associated companies.Equity accounting is discontinued when the carrying amount of the investment in an associated companyreaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of theassociated company.

Unrealised gains on transactions between the Group and its associated companies are eliminated to theextent of the Group’s interest in the associated companies; unrealised losses are also eliminated unless thetransaction provides evidence on impairment of the asset transferred in which case such impairment arecharged to the income statement immediately. Where necessary, in applying the equity method, adjustmentsare made to the financial statements of associated companies to ensure consistency of accounting policieswith the Group.

(d) Goodwill on consolidation

Goodwill arising on consolidation represents the excess of the fair value of purchase consideration ofsubsidiary and associated companies acquired over the Group’s share of the fair value of their separable netassets at the date of acquisition.

Capital re s e rve arising on consolidation (negative goodwill) re p resents the deficit of the fair value ofpurchase consideration of subsidiary and associated companies acquired over the Group’s share of the fairvalue of their separable net assets at the date of acquisition.

Goodwill on consolidation is firstly written off against capital reserve on consolidation to the extent of theamount maintained in the balance sheet. In all other cases, goodwill on consolidation is charged to theincome statement immediately.

Negative goodwill is credited to capital reserve on consolidation.

(e) Revenue recognition

Revenue from sale of development properties is recognised based on the percentage of completion method.The stage of completion is measured by reference to the physical proportion of work completed as apercentage of total physical work of the project as certified by duly appointed consultants.

Revenue from sale of completed land and bungalow lots is recognised in accordance with the terms of thesale and purchase agreements.

Quarry and land lease rental income are recognised on a receivable basis.

Monthly subscription fees and fees for services rendered by the equestrian operations are recognised on areceivable basis.

Revenue from construction contracts is recognised based on the percentage of completion method. Thestage of completion is measured by reference to the proportion that the contract costs incurred for workp e rf o rmed to date bears to the estimated total costs for the contract as certified by duly appointedconsultants.

Management fees, project management fees and rental income are recognised on a receivable basis.

Interest income is recognised as it accrues unless collectibility is in doubt.

Gross dividends from investments are taken up in the financial statements when the Company’s right toreceive payment is established.

Notes to the Financial Statements (continued)For the financial period of seventeen months ended 31 December 2000



(f) Construction contracts

When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognisedonly to the extent of contract costs incurred that it is probable will be recoverable and contract costs arerecognised as expenses in the financial period in which they are incurred.

When the outcome of a construction contract can be estimated reliably, contract revenue and contract costsare recognised over the period of the contracts as revenue and expenses respectively. The Group uses thep e rcentage of completion method to determine the appropriate amount of revenue and costs to berecognised in a given period; the stage of completion is measured by reference to the proportion that thecontract costs incurred for work performed to date bears to the estimated total costs for the contract.When it is probable that total contract costs will exceed total contract revenue, the expected loss isrecognised as an expense immediately.

The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against theprogress billings up to the end of the financial period. Where costs incurred and recognised profits (lessrecognised losses) exceed progress billings, the balance is shown as amount due from customer on contractsunder trade and other receivables. Where progress billings exceed costs incurred plus recognised profits(less recognised losses), the balance is shown as amount due to customer on contracts under trade and otherpayables.

(g) Property, plant and equipment

Freehold land are stated at cost or valuation.

The freehold land were revalued by the Directors based on professional valuations carried out byindependent professional valuers. The Directors have applied the transitional provision of InternationalAccounting Standards No. 16 (Revised): Pro p e rt y, Plant and Equipment as adopted by the MalaysianAccounting Standards Board which allow these assets to be stated at their 1990 and 1996 valuations.Accordingly, the above valuations have not been updated.

The surpluses arising on revaluation were credited to non-distributable revaluation reserves. On disposal ofthese revalued land, amounts in non-distributable revaluation re s e rves relating to these land will betransferred to distributable revaluation reserves.

Freehold land and capital work-in-progress are not depreciated.

All other property, plant and equipment are stated at cost less accumulated depreciation.

Depreciation of all other property, plant and equipment is calculated on a straight line basis over theirestimated useful lives.

With effect from the current financial period, the Group changed the annual rates of depreciation for all itsproperty, plant and equipment so as to better reflect their estimated useful lives as shown below:

17 months Financialended year ended

31.12.2000 31.7.1999

Buildings 5% 5%Furniture, fittings, equipment and renovations 20% – 33 1/3% 8% – 33 1/3%Horses and ponies, stable and equestrian equipment 10% – 20% 10%Plant and machinery 20% 10%Motor vehicles 20% 16% – 20%


46


(g) Property, plant and equipment (continued)

The effect on the financial statements of this change in accounting estimates is an increase in depreciationc h a rged for the financial period for the Group and the Company by RM1,646,085 and RM611,238respectively. Accordingly, profits from ordinary activities before taxation of the Group and of the Companywill decrease by the said amounts respectively.

Interest costs on borrowings to finance the construction of property, plant and equipment are capitalised aspart of the cost of the asset during the period of time that is required to complete and prepare the asset forits intended use.

(h) Subsidiary companies

Investments in subsidiary companies are stated at valuation based on the net tangible assets value of thes u b s i d i a ry companies. Acquisitions subsequent to valuation date are stated at cost until the nextrevaluation. A valuation will be conducted at least once in every five years.

An increase in carrying amount arising from revaluation of investments in subsidiary companies is crediteddirectly to shareholders’ equity as non-distributable revaluation reserves. To the extent that a decrease inc a rrying amount offsets a previous increase, for the same investment, that has been credited to non-distributable revaluation reserves and not subsequently reversed or utilised, it is charged against that non-distributable revaluation reserves. In all other cases, a decrease in carrying amount is charged to theincome statement. An increase on revaluation which is directly related to a previous decrease in carryingamount for the same investment that was charged to the income statement, is credited to the incomestatement to the extent that it offsets the previously recorded decrease.

On disposal of any particular subsidiary company, amounts in non-distributable revaluation reserves relatingto this subsidiary company, if any, are transferred to distributable revaluation reserves.

A provision is made when the Directors are of the view that there is a permanent diminution in the valueof the investments. Permanent diminution in value of an investment is recognised as an expense in thefinancial period in which the diminution is identified.

(i) Investments

Investments in associated companies, jointly controlled entities and other non-current investments are shownat cost and provision is only made where, in the opinion of the Directors, there is a permanent diminutionin value. Permanent diminution in the value of an investment is recognised as an expense in the financialperiod in which the diminution is identified.

On disposal of an investment, the difference between net disposal proceeds and its carrying amount ischarged or credited to the income statement.

(j) Receivables

Receivables are carried at anticipated realisable value. Bad debts are written off in the financial period inwhich they are identified. An estimate is made for doubtful debts based on a review of all outstandingamounts at the end of the financial period.

(k) Deferred taxation

Provision is made using the liability method for taxation deferred by timing differences except where the taxeffect of such timing differences are expected to be deferred indefinitely.

Deferred tax asset represents the tax benefit arising from the surplus between the market value and thebook value of the land at the date of transfer of land from property, plant and equipment to developmentproperties. The deferred tax asset is recognised to the extent of the amount of real property gains taxpayable on the transfer of land from property, plant and equipment to development properties. The amountwill be charged to the income statement upon the sale or progress billings of the related developmentproperties.




(l) Completed properties

Properties which have been completed but not sold are classified as completed properties and are stated atthe lower of cost and net realisable value.

Net realisable value is the estimate of the selling price in the ordinary course of business, less the cost ofcompletion and selling expenses.

(m) Development properties

Development properties consist of freehold land at cost or valuation, development expenditure at cost, plusattributable profit less progress billings and provision for foreseeable losses.

Development expenditure includes borrowing costs related to the financing of the land and development,related development costs common to the development project and direct construction costs. Borrowingcosts are included in the development expenditure until the completion of the development projects.

Provision for foreseeable losses on uncompleted projects are made in the financial period in which suchlosses are determined.

Development pro p e rties are classified as current assets when significant development work have beenundertaken and are expected to be completed within the normal operating cycle.

(n) Profit recognition on property development

P rofit from pro p e rty development consists of profit from the sale of pro p e rties both completed anduncompleted. Profit on uncompleted properties is accrued appropriate to the stage of completion. Thestage of completion of the pro p e rty development activity is measured by re f e rence to the physicalproportion of work completed as a percentage of the total physical work of the project as certified by dulyappointed consultants.

(o) Dividends

Dividends on ordinary shares are accounted for in shareholders’ equity as an appropriation of retainedearnings in the financial period in which they are declared/proposed.

(p) Cash and cash equivalents

Cash and cash equivalents comprise cash in hand, bank balances, demand deposits, bank overdrafts andshort-term, highly liquid investments that are readily convertible to known amounts of cash and which aresubject to an insignificant risk of changes in value.

(q) Deferred expenditure

Deferred expenditure comprises preliminary and pre-operating expenses which were previously stated at costand were amortised over a period of five years upon commencement of operations.

Following the adoption of MASB Interpretation Bulletin 1, “Preliminary and Pre-operating Expenditure”,the Company has changed its accounting policy to recognise all deferred expenditure as expenses in thefinancial period in which they arise. This change in accounting policy has been accounted forretrospectively and the effects of the change is disclosed in Note 25 to the financial statements.

(r) Comparatives

Comparatives figures have been adjusted to conform with changes in presentation resulting from the changein accounting policy explained in Note 25 to the financial statements. The comparatives figures were alsoextended to comply with the additional disclosure requirements of the 7 new MASB Standards that areapplicable for the financial period of seventeen months ended 31 December 2000.

With the exception of MASB Interpretation Bulletin 1 “Preliminary and Pre-operating Expenditure”, thereare no changes in accounting policy that affect the net profit attributable to shareholders due to theadoption of the above standards in these financial statements as the Group was already following therecognition and measurement principles in those standards.


48

4 REVENUE17 months Financial

ended year ended31.12.2000 31.7.1999

RM RMGroupProperty development 115,009,179 114,145,464Construction contracts 11,149,386 –Quarry lease rental 532,063 430,734Equestrian operations 90,661 84,915Land lease rental 50,840 18,240Interest from short term deposits 8,019 82,001Provision of project management services – (24,704)

126,840,148 114,736,650

CompanyDividend income from a subsidiary company 17,395,000 23,310,005Interest income 7,715,282 6,682,292Provision of management services 4,250,000 2,975,296

29,360,282 32,967,593

5 PROFIT FROM OPERATIONS

The following items have been charged/(credited) in arriving at profit from operations:



RM RM RM RM

Gross dividend income from a subsidiarycompany – – 17,395,000 23,310,005

Interest income on– Short term deposits 308,544 82,001 8,019 82,001– Advances to subsidiary companies – – 7,707,263 6,600,291– Others 1,027,736 369,274 – –Gain on disposal of property, plant and

equipment 29,622 – 26,016 –Land lease rental income 50,840 18,240 – –Management fees – – 4,250,000 2,975,296Overprovision of development expenditure

written back – 168,042 – –Overprovision of doubtful debts written back 1,054,340 – – –Quarry lease rental income 532,063 430,734 – –Rental income from properties 871,105 562,283 – –



5 PROFIT FROM OPERATIONS (continued)



RM RM RM RM

and after charging:

Auditors’ remuneration 100,000 61,000 28,000 18,000Directors’ fees 151,000 151,000 151,000 151,000Directors’ emoluments other than fees 1,395,400 1,108,380 1,395,400 1,106,180Loss on disposal of property, plant and

equipment – 1,613 – 7,301Management fees paid to a related company 70,589 62,274 – –Property, plant and equipment written off 621 23,962 – 11,381Provision for doubtful debts 527,723 3,229,289 – 200,000

The estimated monetary value of benefits provided to Directors of the Company during the financial period byway of usage of the Company’s assets and provision of other benefits amounted to RM62,343 (31.7.1999:RM44,367).

6 FINANCE COST

Group17 months Financial

ended year ended31.12.2000 31.7.1999

RM RM

Interest expense on:

– revolving credit 756,715 224,962– overdraft 25,101 19,376

781,816 244,338

7 TAXATIONGroup Company

17 months Financial 17 months Financialended year ended ended year ended

31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

Company and subsidiary companies

Income tax:– current 5,994,858 – 6,039,800 3,263,401– prior years – 2,500,000 – 2,500,000

Deferred taxation (Note 15 & 22) 869,839 418,708 – –

6,864,697 2,918,708 6,039,800 5,763,401

Associated company

Income tax – current – 4,005 – –

6,864,697 2,922,713 6,039,800 5,763,401


50

7 TAXATION (continued)

The effective tax rate of the Company for the financial period was higher than the statutory tax rate mainly dueto certain expenses which were not deductible for tax purposes. The effective tax rate of the Group was highermainly due to losses of certain subsidiary companies that are not available for set-off against taxable profits ofother subsidiary companies.

Subject to the approval by the Inland Revenue Board, the unabsorbed capital allowances available to be carriedforward to set off against future taxable profits for the Group and the Company are approximately RM2,284,000(31.7.1999: RM1,165,000) and RM1,337,000 (31.7.1999: RM1,166,000) respectively for which the related taxbenefits have not been recognised in the financial statements.

Subject to the approval by the Inland Revenue Board, the unutilised tax losses available to be carried forward toset off against future taxable profits for the Group is approximately RM11,047,000 (31.7.1999: RM5,387,000) forwhich the related tax benefits have not been recognised in the financial statements.

8 EARNINGS AND NET TANGIBLE ASSETS PER SHARE

The earnings per share is calculated by dividing the Gro u p ’s net profit attributable to shareholders ofRM5,421,466 (31.7.1999: RM31,927,898) by the weighted average number of ord i n a ry shares in issue of231,532,486 (31.7.1999: 231,480,882) shares during the financial period.

The net tangible assets per share is calculated by dividing the net tangible assets of RM731,229,109 (31.7.1999:RM737,929,074) by the issued share capital of 231,589,033 shares, net of 45,000 tre a s u ry shares (31.7.1999:231,446,033 shares, net of 45,000 treasury shares), of the Company at the end of the financial period.

In accordance with Malaysian Accounting Standards No. 1, the fully diluted earnings per share, on theassumption that options over shares outstanding as at the balance sheet date were fully exercised at thebeginning of the financial period, and the monies received were placed in short term deposits to earn interestincome at 3.15% per annum, less tax of 28%, is not shown as the effect is anti-dilutive. As at the end of thefinancial period, there were options on 7,718,000 ordinary shares granted but not exercised pursuant to theEmployees’ Share Option Scheme of the Company.

Comparative earnings and net tangible assets per share information has been restated to take into account thee ffect on net profit attributable to shareholders due to the change in accounting policy with respect torecognition of deferred expenditure as an expense in the financial period in which they arise (Note 25).

9 DIVIDENDSGroup and Company

17 months Financialended year ended

31.12.2000 31.7.1999RM RM

Interim dividend of 2.5 sen (31.7.1999: 2.5 sen) gross per share, less tax of 28% 4,168,603 4,166,209

Special dividend of Nil sen (31.7.1999: 2.5 sen, gross per share, tax exempt) – 5,786,151

Proposed final dividend of 5.0 sen gross per share, less tax of 28% (31.7.1999: 2.5 sen gross per share, tax exempt) 8,337,205 5,786,151

Overprovision of net final dividend for financial year ended 31 July 1998 due to share buyback – (324)

Underprovision of net final dividend for financial year ended 31 July 1999 due to issuance of ordinary shares on exercise of ESOS 148 –

12,505,956 15,738,187

At the forthcoming Annual General Meeting on 25 June 2001 and in respect of the financial period of seventeenmonths ended 31 December 2000, a final dividend of 5.0 sen gross per share, less tax of 28% (31.7.1999: 2.5 sengross per share, tax exempt) amounting to RM8,337,205 (31.7.1999: RM5,786,151) will be proposed for approvalby the shareholders.



10 PROPERTY, PLANT AND EQUIPMENT

Furniture, Horsesfittings, and ponies, Plant and

equipment stable and machineryFreehold and equestrian and motor

land Buildings renovations equipment vehicles TotalRM RM RM RM RM RM

Group

2000

Cost/Valuation

As at 1.8.1999 379,986,585 16,073,993 3,798,009 467,314 3,451,037 403,776,938Additions 630,447 1,921 1,098,541 – 462,898 2,193,807Adjustments – (5,023) – – – (5,023)Disposals – – (2,170) – (239,578) (241,748)Write-off – – (1,400) – – (1,400)Transfer to

developmentproperties (2,238,810) – – – – (2,238,810)

Reclassifications (972,106) 972,106 – – – –

As at 31.12.2000 377,406,116 17,042,997 4,892,980 467,314 3,674,357 403,483,764

Accumulateddepreciation

As at 1.8.1999 – 1,519,356 1,310,982 93,462 2,133,719 5,057,519Charge for the

financial period – 1,064,480 2,030,518 101,934 937,142 4,134,074Disposals – – (1,524) – (134,864) (136,388)Write-off – – (779) – – (779)

As at 31.12.2000 – 2,583,836 3,339,197 195,396 2,935,997 9,054,426

Net book value

As at 31.12.2000 377,406,116 14,459,161 1,553,783 271,918 738,360 394,429,338


52

10 PROPERTY, PLANT AND EQUIPMENT (continued)

Furniture, Horsesfittings, and ponies, Plant and

equipment stable and machineryFreehold and equestrian and motor

land Buildings renovations equipment vehicles TotalRM RM RM RM RM RM

Group

1999

Cost/Valuation

As at 1.8.1998 373,448,433 6,745,974 3,608,721 467,314 3,360,345 387,630,787Additions 13,125 155,124 267,299 – 129,359 564,907Transfer from

developmentproperties 6,525,027 9,172,895 – – – 15,697,922

Disposals – – (27,809) – (38,667) (66,476)Write-off – – (50,202) – – (50,202)

As at 31.7.1999 379,986,585 16,073,993 3,798,009 467,314 3,451,037 403,776,938

Accumulateddepreciation

As at 1.8.1998 – 669,533 927,331 46,731 1,652,046 3,295,641Charge for the

financial year – 849,823 421,488 46,731 520,338 1,838,380Disposals – – (11,597) – (38,665) (50,262)Write-off – – (26,240) – – (26,240)

As at 31.7.1999 – 1,519,356 1,310,982 93,462 2,133,719 5,057,519

Net book value

As at 31.7.1999 379,986,585 14,554,637 2,487,027 373,852 1,317,318 398,719,419



10 PROPERTY, PLANT AND EQUIPMENT (continued)

Furniture Motor Officeand fittings vehicles equipment Total

RM RM RM RMCompany

2000

Cost

As at 1.8.1999 764,059 1,884,050 396,969 3,045,078Additions 4,276 291,255 138,582 434,113Disposals – (201,369) – (201,369)

As at 31.12.2000 768,335 1,973,936 535,551 3,277,822

Accumulated depreciation

As at 1.8.1999 137,313 950,581 171,259 1,259,153Charge for the financial period 335,662 659,432 233,661 1,228,755Disposals – (96,657) – (96,657)

As at 31.12.2000 472,975 1,513,356 404,920 2,391,251

Net book value

As at 31.12.2000 295,360 460,580 130,631 886,571

1999

Cost

As at 1.8.1998 708,648 2,021,542 393,359 3,123,549Additions 70,491 125,000 27,729 223,220Disposals – (262,492) (23,909) (286,401)Write-off (15,080) – (210) (15,290)

As at 31.7.1999 764,059 1,884,050 396,969 3,045,078

Accumulated depreciation

As at 1.8.1998 79,882 713,485 121,220 914,587Charge for the financial year 61,251 301,448 58,735 421,434Disposals – (64,352) (8,607) (72,959)Write-off (3,820) – (89) (3,909)

As at 31.7.1999 137,313 950,581 171,259 1,259,153

Net book value

As at 31.7.1999 626,746 933,469 225,710 1,785,925

The freehold land was revalued by the Directors in 1990 based on a valuation carried out by an independentfirm of professional valuers using the comparison method basis. The surplus on revaluation of RM178,686,417has been incorporated into the financial statements.

A certain portion of the freehold land was revalued again by the Directors in 1996 based on a valuation carriedout by an independent firm of professional valuers using the open market valuation basis and as approved by theSecurities Commission. The surplus on revaluation of RM268,527,963 has been incorporated into the financialstatements.


54

10 PROPERTY, PLANT AND EQUIPMENT (continued)Group

31.12.2000 31.7.1999RM RM

The freehold land consists of the following:

At cost or valuation

Land, at 1990 valuation 43,641,467 45,365,726Land, at 1996 valuation 323,130,580 324,102,686Development expenditure, at cost 10,634,069 10,518,173

377,406,116 379,986,585

If the freehold land had been determined in accordance with the historical cost convention, the cost of thefreehold land for the Group is RM25,921,655 (31.7.1999: RM25,805,759).

Included in pro p e rt y, plant and equipment is interest capitalised during the financial period amounting toRM128,906 (31.7.1999: RM57,841). Interest charged were at rates ranging from 3.05% to 8.50% (31.7.1999:4.75% to 14.10%) per annum during the financial period.

Property, plant and equipment amounting to RM2,363,554 (31.7.1999: RM Nil) of the Group have been pledgedas security for the short term bank borrowings (Note 21).

11 INVESTMENT IN SUBSIDIARY COMPANIESCompany

31.12.2000 31.7.1999RM RM

Unquoted shares– At cost 51,725,017 51,725,013– At Directors’ valuation 472,421,706 472,421,706

524,146,723 524,146,719

The Company’s investment in a subsidiary company, i.e. Seri Alam Properties Sdn Bhd is stated at valuationbased on the net tangible assets of that subsidiary company as at 31 October 1996. All other subsidiarycompanies are stated at cost.



11 INVESTMENT IN SUBSIDIARY COMPANIES (continued)

Details of the subsidiary companies, all of which were incorporated in Malaysia, are as follows:

Percentage ofequity holdings

Name of company Principal activities 31.12.2000 31.7.1999% %

@ Seri Alam Properties Sdn Bhd Property development 100 100

* UM Leisure Sdn Bhd General trading 100 100

* UM Land Assets Sdn Bhd Property investment 100 100

UM Land Bena Sdn Bhd Property development 100 100and related activities

Country Equity Sdn Bhd Investment holding 99.998 99.998

* UM Development Sdn Bhd General trading 100 –(formerly known as Brilliant

Deal Sdn Bhd)

* UM Residences Sdn Bhd General trading 100 –(formerly known as Effective

Heights Sdn Bhd)

Subsidiaries of Seri AlamProperties Sdn Bhd

* PMS Services Sdn Bhd Project management 100 100

* Seri Alam Hotel Resort Sdn Bhd General trading 100 100(formerly known as Seri AlamServices Sdn Bhd)

Seri Alam Leisure Sdn Bhd Investment holding 100 100

Subsidiary of Seri Alam Leisure Sdn Bhd

Seri Alam Golf & Equestrian Club Operation of a recreational 100 100Sdn Bhd club and related activities

Subsidiary of Country Equity Sdn Bhd

Bangi Heights Development Sdn Bhd Property development and 70 70property investment

@ Subsidiary company consolidated using the merger method of accounting.* These subsidiary companies have not commenced operations.


56

12 INVESTMENT IN ASSOCIATED COMPANYGroup

31.12.2000 31.7.1999RM RM

Unquoted shares, at cost 6,240,000 6,120,000Share of post-acquisition losses (418,287) (674,599)Goodwill on acquisition written off against capital reserve (7,020) (7,020)

5,814,693 5,438,381

Represented by:

Share of net tangible assets 5,814,693 5,438,381

Details of the associated company, which was incorporated in Malaysia, are as follows:

Percentage ofequity holdings

Name of company Principal activities 31.12.2000 31.7.1999% %

Ipjora Holdings Sdn Bhd Developing, building, owning and 40 40operating service apartments

13 OTHER INVESTMENTS

Group31.12.2000 31.7.1999

RM RM

Unquoted shares, at cost 8,642 8,642

14 LONG TERM RECEIVABLES

The long term receivables are in respect of amounts recognised under the interest-free instalment scheme for sales ofcompleted houses for which the sales proceeds are receivable over four to seven years. The instalments receivablewithin twelve months amounting to RM8,794,858 (31.7.1999: RM7,773,823) are included in current assets.

Included in the long term receivables of the Group are balances due from Directors and related parties amounting toRM181,028 (31.7.1999: RM Nil) representing outstanding amounts in respect of sale of development properties.

15 DEFERRED TAX ASSET

Group31.12.2000 31.7.1999

RM RM

At beginning of the financial period/year 15,065,714 15,708,714Arising on transfer during the financial period 2,397,868 –Transfer to income statement (Note 7) (273,000) (643,000)

At end of the financial period/year 17,190,582 15,065,714

The deferred tax asset is recognised to the extent of the amount of real property gains tax payable on the transfer ofthe freehold land from property, plant and equipment to development properties and is charged to the incomestatement upon the sale or progress billings of the related development properties.



16 COMPLETED PROPERTIES

Completed properties with book value of RM18,470,830 (31.7.1999: RM Nil) of the Group have been pledged assecurity for the short term bank borrowings (Note 21).

17 DEVELOPMENT PROPERTIES

Group31.12.2000 31.7.1999

RM RM

Freehold land – at cost 110,467,157 128,918,834– at valuation 42,291,651 33,260,976

Development expenditure - at cost 265,859,075 205,963,161

418,617,883 368,142,971Add: Attributable profits recognised 29,600,346 16,193,651

448,218,229 384,336,622Less: Progress billing to date (81,814,132) (35,888,249)

Transfer from/(to) property, plant and equipment (Note 10) 2,238,810 (15,697,922)

368,642,907 332,750,451

Included in the development expenditure is interest capitalised during the financial period amounting to RM6,111,646(31.7.1999: RM3,688,063). Interest charged were at rates ranging from 3.05% to 8.50% (31.7.1999: 4.75% to 14.10%)per annum during the financial period.

Development properties with book value of RM116,150,918 (31.7.1999: RM Nil) of the Group have been pledged assecurity for the short term bank borrowings (Note 21).

18 TRADE AND OTHER RECEIVABLES

Group Company31.12.2000 31.7.1999 31.12.2000 31.7.1999

RM RM RM RM

Trade receivables 73,141,830 47,790,466 296,774 296,774Less: Provision for doubtful debts (3,696,558) (4,226,955) (200,000) (200,000)

69,445,272 43,563,511 96,774 96,774

Other receivables 2,833,427 4,790,496 79,657 474,369Less: Provision for doubtful debts (97,858) (97,858) – –

2,735,569 4,692,638 79,657 474,369

Amount due from subsidiary companies – – 172,126,783 165,387,325Amount due from a related company 6,982 – – –Deposits 4,472,143 2,461,396 115,751 107,277Prepayments 113,373 108,760 45,913 51,178

4,592,498 2,570,156 172,288,447 165,545,780

Total 76,773,339 50,826,305 172,464,878 166,116,923

Included in the trade receivables of the Group are balances due from Directors and related parties amounting toRM57,636 (31.7.1999: RM227,845) representing outstanding amounts in respect of sale of development properties.


58

19 DEPOSITS, BANK AND CASH BALANCES

Group Company31.12.2000 31.7.1999 31.12.2000 31.7.1999

RM RM RM RM

Deposits with licensed banks 1,255,005 6,307,584 – 6,307,584Bank and cash balances 1,977,113 3,731,669 431,323 3,475,807Bank balances under Housing Development Account 3,944,223 1,861,510 – –

7,176,341 11,900,763 431,323 9,783,391

The subsidiary companies’ bank balances under Housing Development Account are not freely remissible to theholding company.

20 TRADE AND OTHER PAYABLES

Group Company31.12.2000 31.7.1999 31.12.2000 31.7.1999

RM RM RM RM

Trade payables 19,502,314 14,940,836 – –Amount due to customer on contracts

(Note 24) 1,956,664 – – –Amount due to related companies 484,072 25,211 98,178 25,211Accruals 13,965,959 9,710,284 674,031 1,108,840Other payables 2,999,792 6,778,793 224,696 3,659,328

38,908,801 31,455,124 996,905 4,793,379

21 SHORT TERM BANK BORROWINGS

Group31.12.2000 31.7.1999

RM RM

Secured

Revolving credit 130,550,000 –Bank overdraft 11,394,555 –Bridging loan 1,659,951 –

143,604,506 –

Unsecured

Revolving credit – 55,999,876Bank overdraft – 9,469,516

– 65,469,392

143,604,506 65,469,392

The short term bank borrowings are secured by the following:

Group31.12.2000 31.7.1999

RM RM

Property, plant and equipment (Note 10) 2,363,554 –Completed properties (Note 16) 18,470,830 –Development properties (Note 17) 116,150,918 –

136,985,302 –



21 SHORT TERM BANK BORROWINGS (continued)

Group17 months Financial

ended year ended31.12.2000 31.7.1999

% %Interest rates charged per annum:

Revolving credit 3.05 to 6.70 4.75 to 14.10Bank overdraft 7.75 to 8.50 8.50 to 12.85Bridging loan 5.25 –

22 DEFERRED TAX LIABILITY

Group31.12.2000 31.7.1999

RM RM

At beginning of the financial period/year 21,308,547 21,532,839Transfer from/(to) income statement (Note 7) 596,839 (224,292)

At end of the financial period/year 21,905,386 21,308,547

23 RESERVES

Group Company31.12.2000 31.7.1999 31.12.2000 31.7.1999

RM RM RM RM

Non-distributable

Share premium 60,303,758 60,062,230 60,303,758 60,062,230Revaluation reserves 298,552,112 298,552,112 325,671,684 325,671,684

358,855,870 358,614,342 385,975,442 385,733,914

Capital reserves– Capital reserves arising on consolidation 325,095 325,095 – –– Merger deficit (41,625,009) (41,625,009) – –– Other reserves 11,314,467 11,314,467 11,314,467 11,314,467

(29,985,447) (29,985,447) 11,314,467 11,314,467

Treasury shares, at cost (121,091) (121,088) (121,091) (121,088)

328,749,332 328,507,807 397,168,818 396,927,293

Distributable

Retained earnings 164,992,044 172,076,534 51,659,124 49,823,744Revaluation reserves 1,912,246 1,912,246 – –Other reserves 3,941,454 3,941,454 3,941,454 3,941,454

170,845,744 177,930,234 55,600,578 53,765,198

Total 499,595,076 506,438,041 452,769,396 450,692,491

Subject to the approval by the Inland Revenue Board, the Company has sufficient Section 108 tax credits and tax-exempt income to frank the payment of net dividends of approximately RM30,132,000 (31.7.1999: RM41,878,000) andtax-exempt dividends of approximately RM13,169,000 (31.7.1999: RM7,305,000) respectively out of its retainedearnings as at 31 December 2000.


60

24 CONSTRUCTION CONTRACTS

Group31.12.2000 31.7.1999

RM RM

Aggregate costs incurred to date 9,889,345 –Add: Attributable profits recognised 1,260,041 –

11,149,386 –Less: Progress billings to date (13,106,050) –

(1,956,664) –

Amount due to customer on contracts (Note 20) (1,956,664) –

25 PRIOR YEAR ADJUSTMENT

During the financial period, the Group and the Company changed its accounting policy with respect to the recognitionof deferred expenditure, which comprises preliminary and pre-operating expenses, in the financial statements incompliance with the MASB Interpretation Bulletin 1 “Preliminary and Pre-Operating Expenditure”.

In previous financial years, deferred expenditure was stated at cost and was amortised through the income statementover a period of five years upon commencement of operations.

The Group and the Company have changed this accounting policy to recognise deferred expenditure as an expense inthe financial period in which it is incurred.

This change in accounting policy has been accounted for retrospectively.

Comparative information have been restated to conform with this change in accounting policy. This change inaccounting policy has the effect of increasing the net profit of the Group for the financial period ended 31 December2000 by RM996,506. The other effects of this change on the Group’s financial statements are as follows:

As Effectpreviously of change As

reported in policy restatedGroup RM RM RM

Retained earnings as at 31 July 1998 158,216,093 (2,329,270) 155,886,823

Net profit attributable to shareholdersfor the financial year ended 31 July 1999 31,394,441 533,457 31,927,898

Profit attributable to minority interestfor the financial year ended 31 July 1999 697,680 161,999 859,679

Retained earnings as at 31 July 1999 173,872,347 (1,795,813) 172,076,534

Deferred expenditure as at 31 July 1999 1,795,813 (1,795,813) –

Minority interest as at 31 July 1999 37,368,072 (485,187) 36,882,885



26 SHARE CAPITAL

Group and Company31.12.2000 31.7.1999

RM RMAuthorised:

Ordinary shares of RM1.00 each 500,000,000 500,000,000

The movements during the financial period in the options over shares of the Company were as follows:

Group and Company2000 1999

Option price Option price Option priceper share per share per share

at RM3.37 at RM3.52 at RM3.37

At beginning of the financial period/year 4,577,000 – 4,859,000Granted – 4,118,000 –Exercised (134,000) (9,000) –Lapsed/cancelled (645,000) (189,000) (282,000)

At end of the financial period/year 3,798,000 3,920,000 4,577,000

27 TREASURY SHARES

The total number of shares purchased by the Company under its Share Buyback scheme as at the end of the financialperiod is 45,000 ordinary shares of the Company. The Company has retained these shares so purchased as treasuryshares in accordance with the provisions of Section 67A of the Companies Act, 1965.

28 SIGNIFICANT RELATED PARTY TRANSACTIONS

In addition to the related party disclosures mentioned elsewhere in the financial statements, set out below are othersignificant related party transactions.

Group Company31.12.2000 31.7.1999 31.12.2000 31.7.1999

RM RM RM RM

Gross dividends received and receivablefrom a subsidiary company – – 17,395,000 23,310,005

Management fees received and receivable from subsidiary companies – – 4,250,000 3,000,000

Management fees paid and payable to a related company 70,559 62,274 – –

Interest received and receivable from subsidiary companies – – 7,707,263 6,600,291

Rental of premises paid and payable to a related company 1,015,352 682,706 539,163 369,506

Rental income received and receivable from related companies 39,500 4,000 – –

Security fees paid and payable to a related company 837,594 – – –

Disposal of fixed assets to a subsidiarycompany – – 30,728 198,140

Progress billings in respect of sale ofdevelopment properties to Directors and related parties 252,863 324,134 – –

The above transactions have been entered into in the normal course of business and have been established under termsmutually agreed upon by the parties.


62

29 CONTINGENT LIABILITIES (Unsecured)

On 7 October 1996, UM Leisure Sdn Bhd (‘UM Leisure’), a wholly-owned subsidiary company of the Company,entered into a conditional agreement with Ultrapolis 3000 Holding Bermuda Ltd (‘UPH’), with respect to theo rganisation, management and operation of Agarta Universe Sdn Bhd (‘Agarta Universe’), a companyincorporated in Malaysia, to undertake the development and management of the Agarta Universe Theme ParkResort together with theme-based hotels and shopping centre in Seri Alam, Johor, a township currently beingdeveloped by a wholly-owned subsidiary company, Seri Alam Properties Sdn Bhd (‘SAP’).

Pursuant to Clause 10.1(c) of the conditional agreement, the Company issued a Letter of Guarantee of paymentdated 3 January 1997 to Trans Resources Corporation Sdn Bhd (‘TRC’). TRC was to undertake earthworks ona piece of land, upon which the Agarta Universe Theme Park Resort will be built, under a contract with SanwellCorporation (‘Sanwell’), whose principal is Agarta Universe.

There is at present an action commenced by TRC against Sanwell for RM17,459,455.69 being amount due inrespect of earthworks allegedly carried out. TRC has also claimed against the Company for RM15,500,000 beingthe sum allegedly payable by the Company under the abovesaid Letter of Guarantee.

On 6 February 2001, the matter was mentioned in the High Court for case management. Sanwell has applied fora stay on the proceedings and to refer the matter to arbitration. The matter on stay application is pending appealto the Federal Court.

The Directors are of the opinion, after taking appropriate legal advice, that no provision for this claim isnecessary.

30 SEGMENTAL INFORMATION

No segmental analysis has been prepared as the Group is primarily engaged in property development and relatedactivities with its principal customers in Malaysia. The other activities of the Group are insignificant.



We, Ismail bin Abd Halim and Dato’ Ng Eng Tee, two of the Directors of United Malayan Land Bhd, state that, in theopinion of the Directors, the financial statements set out on pages 37 to 62 are drawn up so as to give a true and fair viewof the state of affairs of the Group and of the Company as at 31 December 2000 and of the results and cash flows of theGroup and of the Company for the financial period ended on that date in accordance with the applicable approvedaccounting standards in Malaysia and the provisions of the Companies Act 1965.

In accordance with a resolution of the Board of Directors dated 30 April 2001.

ISMAIL BIN ABD HALIM DATO’ NG ENG TEEDIRECTOR DIRECTOR

Kuala Lumpur

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

I, Lee Kar Fook, the Officer primarily responsible for the financial management of United Malayan Land Bhd, do solemnlyand sincerely declare that the financial statements set out on pages 37 to 62 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 ofthe Statutory Declarations Act, 1960.

LEE KAR FOOK

Subscribed and solemnly declared by the abovenamed Lee Kar Fook at Kuala Lumpur, Malaysia on 30 April 2001.

Before me,

ABAS BIN HASANW178 COMMISSIONER FOR OATHSKUALA LUMPURMALAYSIA

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

64

Report of the AuditorsTo the members of United Malayan Land Bhd

(Company No. 4131 M)(Incorporated in Malaysia)

We have audited the financial statements set out on pages 37 to 62. These financial statements are the responsibility of theCompany’s Directors. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with approved auditing standards in Malaysia. Those standards require that we planand perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significant estimates made by Directors, aswell as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis forour opinion.

In our opinion:

(a) the financial statements have been prepared in accordance with the provisions of the Companies Act, 1965 andapplicable approved accounting standards in Malaysia so as to give a true and fair view of:

(i) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and

(ii) the state of affairs of the Group and of the Company as at 31 December 2000 and of the results and cash flows ofthe Group and of the Company for the financial period ended on that date;

and

(b) the accounting and other records and the registers required by the Act to be kept by the Company and by thesubsidiary companies of which we have acted as auditors have been properly kept in accordance with the provisions ofthe Act.

We are satisfied that the financial statements of the subsidiary companies that have been consolidated with the Company’sfinancial statements are in form and content appropriate and proper for the purposes of the preparation of the consolidatedfinancial statements and we have received satisfactory information and explanations required by us for those purposes.

Our audit reports on the financial statements of the subsidiary companies were not subject to any qualification and did notinclude any comment made under subsection (3) of section 174 of the Act.

PRICEWATERHOUSECOOPERS(No. AF: 1146)Public Accountants

DATO’ CHEONG KEAP TAI(No. 1129/12/01 (J/PH))Partner of the firm

Kuala Lumpur30 April 2001

66-70 Laporan Para Pengarah

71 Penyata Pendapatan

72 Lembaran Imbangan

73 Penyata Perubahan Ekuiti Disatukan

74 Penyata Perubahan Ekuiti Syarikat

75-76 Penyata Aliran Tunai

77-96 Nota-Nota Kepada Penyata Kewangan

97 Penyata Para Pengarah

97 Pengakuan

98 Laporan Juruaudit

Penyata Kewangan


66

Para Pengarah dengan sukacitanya membentangkan kepada ahli-ahli laporan tahunan dan penyata kewangan berauditKumpulan dan Syarikat bagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000.

KEGIATAN UTAMA

Aktiviti utama Syarikat ialah pelaburan induk dan perkhidmatan pengurusan.

Aktiviti utama anak-anak syarikat dinyatakan di dalam Nota 11 kepada penyata kewangan.

Tiada perubahan penting dalam aktiviti-aktiviti tersebut dalam tempoh kewangan.

PERTUKARAN TARIKH RUJUKAN PERAKAUNAN

Tahun kewangan Syarikat telah ditukar daripada 31 Julai kepada 31 Disember agar selaras dengan tahun kewanganpemegang-pemegang saham terbesar Syarikat, PERNAS International Holdings Berhad dan CapitaLand Limited.

Ini telah menghasilkan tempoh kewangan semasa menjadi tujuh belas bulan berbanding dengan dua belas bulankebiasaannya.

KEPUTUSAN KEWANGAN

Keputusan kewangan Kumpulan dan Syarikat bagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000 adalahseperti berikut:

Kumpulan SyarikatRM RM

Keuntungan aktiviti biasa selepas cukai 9,173,200 14,341,336Kepentingan minoriti (3,751,734) –

Keuntungan bersih boleh diagihkan kepada 5,421,466 14,341,336pemegang-pemegang saham

DIVIDENRM

Jumlah dividen yang dibayar oleh Syarikat dalam tempoh kewangan dalam kajian adalah seperti berikut:

Berhubung dengan tahun kewangan berakhir 31 Julai 1999, seperti yangterkandung dalam Laporan Para Pengarah tahun tersebut:

– dividen khas sebanyak 2.5 sen kasar sesaham, cukai dilepaskan,dibayar pada 20 Disember 1999 5,786,151

– dividen akhir sebanyak 2.5 sen kasar sesaham, cukai dilepaskan,dibayar pada 6 Mac 2000 5,786,301

Berhubung dengan tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000:

– dividen interim sebanyak 2.5 sen kasar sesaham, tolak cukai 28%,dibayar pada 30 November 2000 4,168,603

15,741,055

Para Pengarah kini mengesyorkan pembayaran dividen akhir sebanyak 5.0 sen kasar sesaham, tolak cukai 28%, berjumlahRM8,337,205 berhubung dengan tempoh kewangan semasa, tertakluk kepada kelulusan ahli-ahli di Mesyuarat AgungTahunan Syarikat yang akan datang.

Laporan Para PengarahBagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000


RIZAB DAN PERUNTUKKAN

Tiada pindahan ketara kepada atau daripada rizab dan peruntukkan dalam tempoh kewangan selain daripada yangdinyatakan di dalam penyata kewangan.

SKIM OPSYEN SAHAM KAKITANGAN

Syarikat telah melaksanakan Skim Opsyen Saham Kakitangan (“ESOS”) bagi kakitangan yang berkelayakan danPengarah-Pengarah Eksekutif Kumpulan.

ESOS telah diluluskan oleh pemegang-pemegang saham di Mesyuarat Agung Luarbiasa yang diadakan pada 9 Oktober1997.

Ciri-ciri utama ESOS adalah:-

(a) Jumlah maksima bilangan saham-saham yang akan ditawarkan di bawah ESOS tidak boleh melebihi 10% daripadajumlah keseluruhan saham diterbit dan berbayar Syarikat pada bila-bila masa sepanjang hayat ESOS;

(b) Kakitangan yang berkelayakan (termasuk Pengarah-Pengarah Eksekutif sepenuh masa) mestilah berumur lapan belastahun ke atas dan telah ditetapkan dalam perkhidmatan dan berkhidmat sekurang-kurangnya selama setahuntermasuk perkhidmatan semasa percubaan pada tarikh tawaran. Bagi kakitangan anak syarikat dalam Kumpulan,mereka mestilah berkhidmat sekurang-kurangnya setahun berikutan tarikh syarikat tersebut menjadi anak syarikatKumpulan, dengan syarat anak syarikat tersebut mestilah aktif;

(c) Opsyen-opsyen yang ditawarkan mesti dilanggan dalam tempoh lima tahun dari Tarikh Tawaran kepada kakitanganberkenaan atau sebelum tarikh tamat ESOS, yang mana akan berlanjutan selama lima tahun dari 19 Mac 1998 (tarikhpertama opsyen ditawarkan kepada kakitangan yang berkelayakan) dengan syarat tempoh ESOS tersebut tidakdilanjutkan bagi lima tahun seterusnya;

(d) Harga langgan di mana kakitangan yang layak melanggan saham-saham ESOS adalah purata sebutharga minimapasaran (dikira sebagai purata harga tertinggi dan terendah yang diniagakan) menurut Senarai Harian yangditerbitkan oleh Bursa Saham Kuala Lumpur bagi lima hari pasaran sebelum Tarikh Tawaran atau pada nilai tarasaham, yang mana lebih tinggi.

Dalam tempoh kewangan, pergerakan di dalam opsyen-opsyen saham Syarikat adalah seperti berikut:-

Kumpulan dan SyarikatHarga Opsyen Harga Opsyen

sesaham sesahampada RM3.37 pada RM3.52

Pada awal tempoh kewangan 4,577,000 –Ditawarkan – 4,118,000Langganan (134,000) (9,000)Lupus/dibatalkan (645,000) (189,000)

Pada akhir tempoh kewangan 3,798,000 3,920,000

Laporan Para Pengarah (sambungan)Bagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000

68

PARA PENGARAH

Para Pengarah yang berkhidmat dalam tempoh kewangan semenjak tarikh laporan terdahulu adalah seperti berikut:

Pengarah Gilir

Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman –

Dr. Han Cheng Fong Ngiam Joke Mui(Meletak jawatan pada 28.4.2000) (Meletak jawatan pada 28.4.2000)

Dato’ Ng Eng Tee –

Dato’ Mohamed Khadar bin Merican –(Dilantik pada on 19.1.2001)

Ng Ee Peng –(Dilantik pada 28.4.2000, meletak jawatan pada 19.1.2001)

Tham Kui Seng –(Dilantik pada 19.1.2001)

Ismail bin Abd Halim –(Dilantik pada 1.1.2001)

Datuk Syed Ahmad Khalid bin Syed Mohammed –

Datuk Nur Jazlan bin Tan Sri Mohamed –

Syed Abu Bakar bin Syed Mohsin Almohdzar –(Meletak jawatan pada 19.1.2001)

Fan Kow Hin Koo Shuang Yuan(Meletak jawatan pada 2.5.2000) (Meletak jawatan pada 2.5.2000)

Ngiam Joke Mui Lim Ming Yan(Dilantik pada 2.5.2000, meletak jawatan pada 19.1.2001) (Dilantik pada 27.6.2000,

meletak jawatan pada 19.1.2001)

Hiew Yoon Khong Jennifer Loh, née Seah Bee Eng(Dilantik pada 19.1.2001) (Dilantik pada 19.1.2001)

Ng Eng Soon –

Pee Tong Lim –

Menurut Artikel 94 Tataurusan Syarikat, Ng Eng Soon dan Pee Tong Lim bersara mengikut giliran pada Mesyuarat AgungTahunan yang akan datang dan, kerana layak, menawarkan diri mereka untuk dilantik semula.

Menurut Artikel 99 Tataurusan Syarikat, Dato’ Mohamed Khadar bin Merican, Tham Kui Seng dan Hiew Yoon Khongbersara pada Mesyuarat Agung Tahunan yang akan datang dan, kerana layak, menawarkan diri mereka untuk dilantiksemula.

GANJARAN PARA PENGARAH

Sepanjang dan pada akhir tempoh kewangan, tidak terdapat rancangan di mana Syarikat adalah terbabit, yang mempunyaitujuan atau tujuan-tujuan untuk membolehkan Para Pengarah Syarikat mendapat ganjaran dengan cara pembelian sahamatau debentur dalam Syarikat atau badan korporat yang lain melainkan bagi opsyen-opsyen ke atas saham-saham yangditawarkan oleh Syarikat kepada kakitangan yang berkelayakan, termasuk beberapa Pengarah Syarikat, tertakluk kepadaESOS.

Semenjak akhir tahun kewangan yang lalu, tiada Pengarah yang menerima atau menjadi berhak untuk menerima sebarangganjaran (selain daripada ganjaran yang dinyatakan dalam Nota 5 kepada penyata kewangan) melalui kontrak yang dibuatoleh Syarikat atau syarikat berkaitan dengan Pengarah atau dengan firma yang mana beliau adalah seorang ahli ataudengan sebuah syarikat di mana beliau mempunyai kepentingan kewangan yang besar.



KEPENTINGAN PARA PENGARAH DALAM SAHAM DAN OPSYEN KE ATAS SAHAM

Menurut Daftar Pemegangan Saham Para Pengarah, kepentingan Para Pengarah yang berkhidmat pada akhir tempohkewangan dalam saham-saham Syarikat adalah seperti berikut:

Bilangan saham biasa berjumlah RM1.00 sesaham Pada Pada

1.8.1999 Dibeli Dijual 31.12.2000Pegangan saham di atas nama Pengarah

Dato’ Ng Eng Tee – 250,000 – 250,000Pee Tong Lim 48,000 – – 48,000

Pegangan saham di mana Pengarahmempunyai kepentingan

Tunku Tan Sri Dato’ Shahriman bin Tunku Sulaiman 75,056,500 – – 75,056,500Dato’ Ng Eng Tee 18,978,634 – 250,000 18,728,634Ng Eng Soon 17,828,634 – – 17,828,634

Tunku Tan Sri Dato’ Shahriman Bin Tunku Sulaiman, Dato’ Ng Eng Tee, Ng Eng Soon dan Pee Tong Lim selaras dengankepentingan langsung dan tidak langsung mereka dalam Syarikat, dianggap mempunyai kepentingan dalam saham anak-anak syarikat setakat mana Syarikat mempunyai kepentingan.

Menurut Daftar Pemegangan Saham Para Pengarah, kepentingan Para Pengarah yang berkhidmat pada akhir tempohkewangan dalam opsyen-opsyen saham-saham Syarikat adalah seperti berikut:

Bilangan saham biasa berjumlah RM1.00 sesaham di bawah ESOSPada Pada

1.8.1999 Tawaran Langgan Lupus 31.12.2000

Dato’ Ng Eng Tee 500,000 – – – 500,000Pee Tong Lim 400,000 – – 400,000 –

Tidak ada Pengarah lain yang berkhidmat pada akhir tempoh kewangan memegang apa-apa kepentingan dalam opsyen-opsyen saham Syarikat atau syarikat yang berkaitan.

MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN

Sebelum penyata pendapatan dan lembaran imbangan Kumpulan dan Syarikat disediakan, Para Pengarah telah mengambillangkah-langkah munasabah yang berikut:

(a) untuk memastikan bahawa tindakan telah diambil berhubung dengan penghapusan kira hutang lapuk dan membuatperuntukkan bagi hutang ragu dan mereka berpuashati bahawa semua hutang lapuk yang diketahui telah dihapuskiradan peruntukkan secukupnya telah dibuat untuk hutang ragu; dan

(b) untuk memastikan bahawa mana-mana aset semasa, selain daripada hutang-hutang, yang tidak mungkin dapatdiperolehi nilainya dalam perniagaan biasa seperti yang ditunjukkan dalam rekod perakaunan Kumpulan dan Syarikattelah dikurangkan nilainya kepada satu jumlah yang dijangka dapat diperolehi.

Pada tarikh laporan ini, Para Pengarah tidak mengetahui akan sebarang keadaan:

(a) yang boleh menyebabkan jumlah yang dihapus kira bagi hutang lapuk atau jumlah yang diperuntukkan bagi hutangragu dalam penyata kewangan Kumpulan dan Syarikat tidak mencukupi dengan perbezaan yang besar; atau

(b) yang boleh menyebabkan nilai yang dikaitkan kepada aset semasa dalam penyata kewangan Kumpulan dan Syarikatmengelirukan; atau

(c) yang telah timbul yang boleh menyebabkan pematuhan kepada kaedah semasa penilaian aset atau liabiliti Kumpulanatau Syarikat mengelirukan atau tidak sesuai.


70

MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN (sambungan)

Tidak ada liabiliti luarjangka atau liabiliti lain yang mungkin atau berkemungkinan dikuatkuasakan dalam tempoh duabelas bulan selepas akhir tempoh kewangan yang mana, pada pendapat Para Pangarah, akan atau mungkin menjejaskankeupayaan Kumpulan dan Syarikat untuk memenuhi segala obligasi mereka apabila tiba masanya.

Pada tarikh laporan ini, tidak terdapat:

(a) sebarang cagaran ke atas aset Kumpulan dan Syarikat yang wujud sejak akhir tempoh kewangan yang menjaminliabiliti mana-mana pihak lain; atau

(b) sebarang liabiliti luar jangkaan ke atas Kumpulan dan Syarikat yang telah timbul sejak akhir tempoh kewangan.

Pada tarikh laporan ini, Para Pengarah tidak mengetahui akan adanya sebarang keadaan yang tidak disebutkan dalamlaporan ini atau penyata kewangan yang akan mengakibatkan sebarang jumlah yang dinyatakan dalam penyata kewanganmengelirukan.

Pada pendapat Para Pengarah,

(a) keputusan operasi Kumpulan dan Syarikat dalam tempoh kewangan tidak terjejas oleh apa-apa perkara, urusniagaatau peristiwa yang penting dan bersifat luarbiasa; dan

(b) dalam tempoh masa di antara akhir tempoh kewangan dan tarikh laporan ini tidak berbangkit sebarang perkara,urusniaga atau peristiwa yang penting dan luar biasa yang berkemungkinan menjejaskan keputusan operasi Kumpulandan Syarikat bagi tempoh kewangan di mana laporan ini dibuat.

MAKLUMAT KORPORAT

Syarikat merupakan syarikat awam berliabiliti terhad, diperbadankan dan bertempat di Malaysia, dan disenaraikan diPapan Utama Bursa Saham Kuala Lumpur.

Alamat berdaftar pejabat dan tempat kegiatan utama Syarikat adalah seperti berikut:-

Suit 1.1, Tingkat 1Kompleks AntarabangsaJalan Sultan Ismail50250 Kuala LumpurMalaysia.

Tel : (603) 2142 1611Faks : (603) 2142 1826Laman web : http://www.umland.com.my

Pada akhir tempoh kewangan, terdapat 190 (31.7.1999: 170) kakitangan dalam Kumpulan dan 41 (31.7.1999: 34) kakitangandalam Syarikat.

JURUAUDIT

Juruaudit, PricewaterhouseCoopers, telah menyatakan kesanggupan mereka untuk terus berkhidmat.

Menurut resolusi Lembaga Pengarah bertarikh 30 April 2001.

ISMAIL BIN ABD HALIM DATO’ NG ENG TEEPENGARAH PENGARAH



Kumpulan SyarikatTahun Tahun

17 bulan kewangan 17 bulan kewanganberakhir berakhir berakhir berakhir

Nota 31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

Hasil 4 126,840,148 114,736,650 29,360,282 32,967,593

Pendapatan operasi yang lain 3,226,198 2,395,907 – –

Kos hartanah yang dikenalpastisebagai perbelanjaan (72,244,667) (60,905,414) – –

Kos pembinaan yang dikenalpastisebagai perbelanjaan (9,889,346) – – –

Kos kakitangan (15,149,847) (10,538,433) (6,141,079) (4,321,976)

Susut nilai (4,134,074) (1,838,380) (1,228,755) (421,434)

Perbelanjaan pengiklanan dan promosi (2,536,169) (552,213) (75,797) (53,781)

Pembiayaan, pembaikan dan penyelenggaraan aset (1,050,678) (452,087) (157,241) (114,348)

Penyewaan premis (1,015,352) (697,063) (539,163) (369,506)

Peruntukan hutang ragu (527,723) (3,229,289) – (200,000)

Peruntukan lebihan hutang ragu dikira balik 1,054,340 – – –

Yuran perunding profesional (2,022,270) (729,401) (193,160) (301,799)

Perbelanjaan operasi yang lain (5,987,159) (1,684,283) (643,951) (422,791)

Keuntungan dari operasi 5 16,563,401 36,505,994 20,381,136 26,761,958

Kos kewangan 6 (781,816) (244,338) – –

Bahagian operasi dalam syarikat bersekutu 256,312 (551,366) – –

Keuntungan daripada aktiviti biasa sebelum cukai 16,037,897 35,710,290 20,381,136 26,761,958

Cukai– Syarikat dan anak-anak syarikat 7 (6,864,697) (2,918,708) (6,039,800) (5,763,401)– Syarikat bersekutu 7 – (4,005) – –

(6,864,697) (2,922,713) (6,039,800) (5,763,401)

Keuntungan daripada aktiviti biasa selepas cukai 9,173,200 32,787,577 14,341,336 20,998,557

Kepentingan minority (3,751,734) (859,679) – –

Keuntungan bersih boleh diagihkepada pemegang saham 5,421,466 31,927,898 14,341,336 20,998,557

Perolehan sesaham (sen)– asas 8 2 14

Dividen sesaham (sen) 9 7.5 7.5

Nota-nota yang dibentangkan pada muka surat 77 hingga 96 merupakan sebahagian daripada penyata kewangan ini.

Penyata PendapatanBagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000

72

Lembaran ImbanganPada 31 Disember 2000

Kumpulan SyarikatNota 31.12.2000 31.7.1999 31.12.2000 31.7.1999

RM RM RM RM

ASET-ASET BUKAN SEMASAHartanah, logi dan peralatan 10 394,429,338 398,719,419 886,571 1,785,925Pelaburan dalam anak-anak syarikat 11 – – 524,146,723 524,146,719Pelaburan dalam syarikat bersekutu 12 5,814,693 5,438,381 – –Pelaburan lain 13 8,642 8,642 – –Perolehan jangka panjang 14 74,598,146 63,901,591 – –Aset cukai tertunda 15 17,190,582 15,065,714 – –

492,041,401 483,133,747 525,033,294 525,932,644

ASET-ASET SEMASAHartanah disiapkan 16 51,647,604 41,144,617 – –Hartanah pembangunan 17 368,642,907 332,750,451 – –Dagangan dan perolehan lain 18 76,773,339 50,826,305 172,464,878 166,116,923Deposit, bank and baki tunai 19 7,176,341 11,900,763 431,323 9,783,391

504,240,191 436,622,136 172,896,201 175,900,314

TOLAK: LIABILITI SEMASADagangan dan pembayaran lain 20 38,908,801 31,455,124 996,905 4,793,379Pinjaman bank jangka pendek 21 143,604,506 65,469,392 – –Cukai 11,661,965 15,138,559 4,191,956 3,283,753Dividen dicadangkan 8,337,205 11,572,302 8,337,205 11,572,302

202,512,477 123,635,377 13,526,066 19,649,434

ASET SEMASA BERSIH 301,727,714 312,986,759 159,370,135 156,250,880

TOLAK : LIABILITI BUKAN SEMASALiabiliti cukai tertunda 22 21,905,386 21,308,547 – –

771,863,729 774,811,959 684,403,429 682,183,524

MODAL DAN RIZAB

Modal saham 231,634,033 231,491,033 231,634,033 231,491,033Rizab 23 499,595,076 506,438,041 452,769,396 450,692,491

Dana pemegang saham 731,229,109 737,929,074 684,403,429 682,183,524Kepentingan minoriti 40,634,620 36,882,885 – –

771,863,729 774,811,959 684,403,429 682,183,524

Aset ketara bersih sesaham 8 RM3.16 RM3.19



Penyata Perubahan Ekuiti Disatukan Bagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000

Saham biasa diterbit danberbayar bernilai RM1.00 sesaham Tanpa agihan Agihan

SahamRizab perbenda- Rizab

Bilangan Nilai Premium nilai Rizab haraan, Perolehan nilai Lain-lainNota saham nominal saham semula modal pada kos tertahan semula rizab Jumlah

RM RM RM RM RM RM RM RM RM RM

Pada 1 Ogos 1998- Dilaporkan terdahulu 231,491,033 231,491,033 60,062,230 298,552,112 (29,985,447) – 158,216,093 1,912,246 3,941,454 724,189,721- Penyelarasan tahun

terdahulu 25 – – – – – – (2,329,270) – – (2,329,270)

- Dinyatakan semula 231,491,033 231,491,033 60,062,230 298,552,112 (29,985,447) – 155,886,823 1,912,246 3,941,454 721,860,451Saham perbendaharaan

dibeli (45,000 saham) 27 – – – – – (121,088) – – – (121,088)Keuntungan bersih bagi tahun

kewangan – – – – – – 31,927,898 – – 31,927,898Dividen bagi tahun kewangan 9 – – – – – – (15,738,187) – – (15,738,187)

Pada 31 Julai 1999 231,491,033 231,491,033 60,062,230 298,552,112 (29,985,447) (121,088) 172,076,534 1,912,246 3,941,454 737,929,074

Pada 1 Ogos 1999- Dilaporkan terdahulu 231,491,033 231,491,033 60,062,230 298,552,112 (29,985,447) (121,088) 173,872,347 1,912,246 3,941,454 739,724,887- Penyelarasan tahun terdahulu 25 – – – – – – (1,795,813) – – (1,795,813)

- Dinyatakan semula 231,491,033 231,491,033 60,062,230 298,552,112 (29,985,447) (121,088) 172,076,534 1,912,246 3,941,454 737,929,074

Perbelanjaan dihapuskira berhubung dengan terbitan saham biasa bagi langganan ESOS – – (98,732) - – – – – – (98,732)

Perbelanjaan dikenakan berhubung dengan pembelian saham perbendaharaan – – – – – (3) – – – (3)

Kerugian bersih tidak dikenalpasti dalam penyata pendapatan – – (98,732) – – (3) – – – (98,735)

Terbitan saham biasa bagi langganan ESOS 143,000 143,000 340,260 – – – – – – 483,260

Keuntungan bersih bagi tempoh kewangan –- – – – – – 5,421,466 – – 5,421,466

Dividen bagi tempoh kewangan 9 – – – – – – (12,505,956) – – (12,505,956)

Pada 31 Disember 2000 231,634,033 231,634,033 60,303,758 298,552,112 (29,985,447) (121,091) 164,992,044 1,912,246 3,941,454 731,229,109


74

Saham biasa diterbit danberbayar bernilai RM1.00 sesaham Tanpa agihan Agihan

Sahamperbenda-

Bilangan Nilai Premium Rizab Rizab haraan, Perolehan Lain-lainNota saham nominal saham nilai semula modal pada kos tertahan rizab Jumlah

RM RM RM RM RM RM RM RM

Pada 1 Ogos 1998 231,491,033 231,491,033 60,062,230 325,671,684 11,314,467 – 44,563,374 3,941,454 677,044,242Saham perbendaharaan

Dibeli (45,000 saham) 27 – – – – – (121,088) – – (121,088)Keuntungan bersih bagi

tempoh kewangan – – – – – – 20,998,557 – 20,998,557Dividen bagi

tempoh kewangan 9 – – – – – – (15,738,187) – (15,738,187)

Pada 31 Julai 1999 231,491,033 231,491,033 60,062,230 325,671,684 11,314,467 (121,088) 49,823,744 3,941,454 682,183,524

Pada 1 Ogos 1999 231,491,033 231,491,033 60,062,230 325,671,684 11,314,467 (121,088) 49,823,744 3,941,454 682,183,524

Perbelanjaan dihapus kiraberhubung dengan terbitansaham biasa bagi langgananESOS – – (98,732) – – – – – (98,732)

Perbelanjaan dikenakanberhubung dengan pembelian sahamperbendaharaan – – – – – (3) – – (3)

Kerugian bersih tidak dikenalpasti dalam penyata pendapatan – – (98,732) – – (3) – – (98,735)

Terbitan saham biasabagi langganan ESOS 25 143,000 143,000 340,260 – – – – – 483,260

Keuntungan bersih bagitempoh kewangan – – – – – – 14,341,336 – 14,341,336

Dividen bagi tempoh kewangan 9 – – – – – – (12,505,956) – (12,505,956)

Pada 31 Disember 2000 231,634,033 231,634,033 60,303,758 325,671,684 11,314,467 (121,091) 51,659,124 3,941,454 684,403,429


Penyata Perubahan Ekuiti Syarikat Bagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000




31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

ALIRAN TUNAI DARIPADA AKTIVITI OPERASI

Keuntungan bersih boleh diagihkepada pemegang saham 5,421,466 31,927,898 14,341,336 20,998,557

Pelarasan bagi:

Susutnilai bagi hartanah, loji dan peralatan 4,134,074 1,838,380 1,228,755 421,434Pendapatan dividen – – (17,395,000) (23,310,005)(Penambahan)/Kerugian atas penjualan,

hartanah, loji dan peralatan (29,622) 1,613 (26,016) 7,301Faedah perbelanjaan 781,816 244,338 – –Faedah pendapatan (1,336,280) (451,275) (7,715,282) (6,682,292)Kepentingan minoriti 3,751,734 859,679 – –Peruntukkan tambahan perbelanjaan

pembangunan dikira balik – (168,042) – –Peruntukkan tambahan hutang ragu

dikira balik (1,054,340) – – –Hartanah, loji dan peralatan dihapuskira 621 23,962 – 11,381Peruntukkan hutang ragu 527,723 3,229,289 – 200,000Bahagian keuntungan/(kerugian)

dalam syarikat bersekutu (256,312) 551,366 – –Cukai 6,864,697 2,922,713 6,039,800 5,763,401

18,805,577 40,979,921 (3,526,407) (2,590,223)(Penambahan)/pengurangan dalam

hartanah pembangunan (44,156,633) 10,517,850 – –(Penambahan)/pengurangan

dalam penerimaan (36,116,972) (60,027,059) (6,347,955) (6,161,010)Penambahan/(pengurangan)dalam pembayaran 5,060,832 (6,964,287) (3,796,474) (1,038,555)

Aliran tunai bersih daripada operasi (56,407,196) (15,493,575) (13,670,836) (9,789,788)

Faedah dibayar (781,816) (244,338) – –Faedah diterima 1,336,280 451,275 7,715,282 6,682,292Cukai dibayar (9,471,452) (9,011,993) (260,996) (465,709)

Aliran tunai bersih daripada aktiviti operasi (65,324,184) (24,298,631) (6,216,550) (3,573,205)

Penyata Aliran TunaiBagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000

76



31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

ALIRAN TUNAI DARIPADA AKTIVITI PELABURAN

Perolehan semula perbelanjaan pembangunan – 168,042 – –Pendapatan dividen – – 12,524,400 20,046,605Pelaburan dalam anak-anak syarikat – – (4) (749,998)Pelaburan dalam saham utama boleh tebus

syarikat bersekutu (120,000) – – –Pendapatan dari pelupusan hartanah, loji dan peralatan 134,985 14,601 130,729 206,140Pendapatan dari hartanah, loji dan peralatan (2,193,807) (564,907) (434,113) (223,220)Pembelian balik saham (3) (121,088) (3) (121,088)

Aliran tunai bersih daripada aktiviti pelaburan (2,178,825) (503,352) 12,221,009 19,158,439

ALIRAN TUNAI DARIPADA AKTIVITI KEWANGAN

Pembayaran dividen (15,741,055) (12,499,562) (15,741,055) (12,499,562)Pengeluaran pinjaman bank jangka pendek 76,210,075 31,999,876 – –Pendapatan daripada saham utama kumulatif

boleh tebus kepada pemegang saham minoriti dalam anak syarikat – 6,000,000 – –

Pendapatan daripada terbitan saham biasabagi langganan ESOS 384,528 – 384,528 –

Aliran tunai bersih daripada aktiviti kewangan 60,853,548 25,500,314 (15,356,527) (12,499,562)

(PENGURANGAN)/PENAMBAHAN BERSIHDALAM TUNAI DAN PERSAMAAN TUNAI (6,649,461) 698,331 (9,352,068) 3,085,672

TUNAI DAN PERSAMAAN TUNAI PADA AWAL TEMPOH KEWANGAN/TAHUN 2,431,247 1,732,916 9,783,391 6,697,719

TUNAI DAN PERSAMAAN TUNAI PADA AKHIR TEMPOH KEWANGAN/TAHUN (4,218,214) 2,431,247 431,323 9,783,391

Tunai dan persamaan tunai terdiri daripada:

Deposit dengan bank berdaftar (Nota 19) 1,255,005 6,307,584 – 6,307,584Bank dan baki tunai (Nota 19) 5,921,336 5,593,179 431,323 3,475,807Overdraf bank (Nota 21) (11,394,555) (9,469,516) – –

(4,218,214) 2,431,247 431,323 9,783,391


Penyata Aliran Tunai (sambungan)Bagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000


1 MAKLUMAT UMUM

Kegiatan utama Syarikat ialah pelaburan induk dan perkhidmatan pengurusan.

Kegiatan utama anak-anak syarikat dinyatakan dalam Nota 11 kepada penyata kewangan.

2 PERTUKARAN TARIKH RUJUKAN PERAKAUNAN

Tahun kewangan berakhir Syarikat telah ditukar daripada 31 Julai kepada 31 Disember agar selaras dengan tahunkewangan pemegang-pemegang saham terbesar Syarikat, PERNAS International Holdings Berhad dan CapitaLandLimited. Oleh yang demikian, perbandingan jumlah penyata pendapatan, pertukaran dalam ekuiti, aliran tunai dannota berkaitan tidak dapat dibandingkan.

3 RINGKASAN POLISI-POLISI PERAKAUNAN PENTING

Polisi-polisi perakaunan berikut telah digunakan dengan selarasnya dalam semua perkara yang disifatkan pentingberhubung dengan penyata kewangan.

(a) Asas penyediaan

Penyata kewangan Kumpulan dan Syarikat telah disediakan berdasarkan konvension kos sejarah (yangdiubahsuai untuk memasukkan nilai semula hartanah, loji dan peralatan tertentu dan pelaburan dalam anaksyarikat), melainkan sebaliknya dinyatakan dalam ringkasan polisi-polisi perakaunan penting.

Penyata kewangan mematuhi piawaian perakaunan yang diluluskan di Malaysia dan peruntukkan Akta Syarikat,1965.

(b) Asas penyatuan

Penyata kewangan disatukan merangkumi penyata kewangan Syarikat dan kesemua anak-anak syarikatnya yangdisediakan hingga akhir tempoh kewangan. Anak-anak syarikat adalah syarikat-syarikat dimana Kumpulanmempunyai kuasa untuk mengambilalih polisi kewangan dan operasi bagi mendapatkan keuntungan daripadaaktiviti-aktivitinya.

Anak-anak syarikat disatukan mulai dari tarikh diambilalih oleh Kumpulan dan tidak lagi disatukan mulai daritarikh dilupuskan. Anak-anak syarikat disatukan menurut kaedah perakaunan pengambilalihan melainkan satuanak syarikat dimana penyata dibuat menurut kaedah pencantuman menurut Piawaian Perakaunan MalaysiaNo. 2 “Perakaunan untuk Pengambilalihan dan Pencantuman” sebagaimana yang dinyatakan dalam Nota 11kepada penyata kewangan.

Di bawah kaedah perakaunan pengambilalihan, keputusan anak-anak syarikat yang diambilalih atau dilupuskandalam tempoh kewangan diambilkira dari tarikh pengambilalihan sehingga tarikh dilupuskan. Pada tarikhpengambilalihan, nilai wajar aset bersih anak-anak syarikat ditentukan dan nilai ini dinyatakan di dalam penyatakewangan disatukan. Perbezaan diantara kos pengambilalihan dan nilai wajar aset bersih anak-anak syarikatdinyatakan sebagai muhibbah dalam penyatuan.

Di bawah kaedah perakaunan pencantuman, keputusan anak-anak syarikat dikemukakan seolah-olahpercantuman telah dikuatkuasakan sepanjang tahun kewangan semasa dan sebelumnya. Pada penyatuan,perbezaan diantara nilai pembawaan pelaburan keatas nilai nominal saham diambilalih diambilkira ke rizabpencantuman.

Semua urusan antara syarikat, baki-baki dan untung belum realis atas urusan diantara kumpulan adalahdihapuskan ; kerugian belum realis juga dihapuskan melainkan jika kos yang tidak boleh dipulihkan sepertimanadalam kes ini kos diambilkira dalam penyata kewangan dengan segera. Bilamana sesuai, polisi perakaunan bagianak syarikat diambilkira bagi memastikan ianya konsisten dengan polisi Kumpulan. Keterangan asing dibuatmengenai kepentingan minoriti.

Nota-Nota Kepada Penyata KewanganBagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000

78

Nota-Nota Kepada Penyata Kewangan (sambungan)Bagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000

3 RINGKASAN POLISI-POLISI PERAKAUNAN PENTING (sambungan)

(c) Perakaunan syarikat-syarikat bersekutu

Pelaburan dalam syarikat-syarikat bersekutu dinyatakan dengan menggunakan kaedah perakaunan ekuiti dalampenyata kewangan disatukan. Syarikat-syarikat bersekutu adalah dimana Kumpulan mempunyai pengaruhpenting dan bukan anak syarikat mahupun usahasama Kumpulan. Pengaruh penting merupakan kuasa untukmembuat keputusan polisi-polisi kewangan dan operasi syarikat-syarikat bersekutu tetapi tidak mengambil kuasake atas polisi-polisi tersebut.

Perakaunan ekuiti melibatkan pengikhtirafan dalam penyata pendapatan bahagian Kumpulan ke atas keputusansyarikat-syarikat bersekutu untuk tempoh kewangan. Pelaburan Kumpulan di dalam syarikat-syarikat bersekutudi bawa kepada lembaran imbangan dalam nilai yang menunjukkan bahagiannya ke atas aset bersih syarikat-syarikat bersekutu. Perakaunan ekuiti dilupuskan apabila nilai pelaburan di dalam syarikat bersekutu mencapaitahap sifar, melainkan Kumpulan telah menerima obligasi atau menjamin obligasi berhubung dengan syarikat-syarikat bersekutu.

Keuntungan belum realis atas urusan diantara Kumpulan dan syarikat-syarikat bersekutu dihapuskira ketahapkepentingan Kumpulan ke atas syarikat-syarikat bersekutu; kerugian belum realis juga dihapuskira melainkanterdapat bukti kelemahan dalam penyerahan aset dimana kelemahan tersebut dinilai di dalam penyatapendapatan dengan segera. Bilamana sesuai, semasa penggunaan kaedah ekuiti, perubahan dilakukan ke ataspenyata kewangan syarikat-syarikat bersekutu untuk memastikan polisi-polisi perakaunan Kumpulan adalahkonsisten.

(d) Muhibbah dalam penyatuan

Muhibbah yang timbul di atas penyatuan mewakili lebihan nilai setara kos pengambilalihan anak syarikat dansyarikat bersekutu yang diambilalih ke atas nilai setara bahagian Kumpulan kepada aset bersih mereka yangdipisahkan pada tarikh pengambilalihan.

Rizab modal yang terbit dari penyatuan (muhibbah negatif) mewakili defisit nilai setara kos pengambilalihananak syarikat dan syarikat bersekutu diambilalih ke atas nilai setara bahagian Kumpulan kepada aset bersihmereka yang dipisahkan pada tarikh pengambilalihan.

Muhibbah dalam penyatuan dihapuskira terhadap rizab modal semasa penyatuan ke tahap nilai yang dikekalkandalam lembaran imbangan. Dalam lain-lain kes, muhibbah dalam penyatuan dinyatakan pada penyata kewangandengan segera.

Muhibbah negatif akan dikreditkan pada rizab modal semasa penyatuan.

(e) Pengikhtirafan pendapatan

Pendapatan daripada penjualan hartanah pembangunan diikhtiraf berdasarkan kaedah peratusan siap. Paras siapdiukur mengikut rujukan fisikal pembahagian kerja yang siap sebagai peratusan ke atas keseluruhan kerja fisikalatas projek yang telah di akui oleh konsultan yang dilantik.

Pendapatan daripada penjualan tanah yang siap dan lot banglo diikhtiraf mengikut terma-terma perjanjian jualbeli.

Kuari dan pendapatan penyewaan tanah gadaian diikhtiraf atas dasar penerimaan.

Yuran langganan bulanan dan yuran yang ditawarkan bagi servis operasi ekuestrian diikhtiraf atas dasarpenerimaan.

Hasil daripada kontrak pembinaan diakui berdasarkan kaedah peratusan siap. Tahap siap diukur denganmerujuk kepada nisbah kos-kos kontrak yang dikenakan bagi kerja dilaksanakan terkini berbanding jumlah kosjangkaan bagi kontrak seperti yang diikhtiraf oleh konsultan yand dilantik.

Yuran pengurusan, yuran pengurusan projek dan pendapatan sewa diakui atas dasar penerimaan.

Faedah pendapatan diakui bila ianya terakru melainkan pengutipan diragui.

Dividen kasar daripada pelaburan diambilkira dalam penyata kewangan apabila hak Syarikat menerima bayarandipastikan.



(f) Kontrak Pembinaan

Apabila hasil dari kontrak pembinaan tidak dapat dianggarkan dengan tepat, pendapatan hanya akan diakui ketahap kos-kos kontrak dikenakan yang berkemungkinan akan diperolehi dan kos-kos kontrak diakui sebagaiperbelanjaan dalam tempoh kewangan ianya dikenakan.

Apabila hasil dari kontrak pembinaan dapat dianggarkan dengan tepat, pendapatan kontrak dan kos-kos kontrakakan diakui dalam tempoh kontrak-kontrak sebagai pendapatan dan perbelanjaan masing-masing. Kumpulanmenggunakan kaedah peratusan siap bagi menentukan nilai sesuai bagi hasil dan kos-kos untuk diakui dalamtempoh yang diberi, tahap siap diukur dengan merujuk kepada nisbah kos-kos kontrak yang dikenakan untukkerja terkini yang dilaksanakan berbanding dengan jumlah kos kontrak yang dijangkakan. Apabila jumlah kos-kos kontrak berkemungkinan akan melebihi jumlah hasil kontrak, kerugian yang dijangka akan diakui segerasebagai perbelanjaan.

Jumlah kos-kos yang dikenakan dan keuntungan/kerugian yang diikhtiraf keatas setiap satu kontrak adalahdibandingkan dengan bayaran progres sehingga akhir tempoh kewangan. Dimana kos-kos dikenakan dankeuntungan yang diikhtiraf (tolak kerugian yang diikhtiraf) melebihi bayaran progres, baki adalah ditunjukkansebagai nilai dikenakan kepada pelanggan keatas kontrak perdagangan dan lain lain penerimaan. Dimanabayaran progres melebihi kos dikenakan ditambah dengan keuntungan yang diikhtiraf (tolak kerugian yangdiikhtiraf), baki ditunjukkan sebagai nilai dikenakan kepada pelanggan keatas kontrak perdagangan dan lain-lainpembayaran.

(g) Hartanah, loji dan peralatan

Tanah pegangan bebas dinyatakan pada kos atau penilaian.

Tanah pegangan bebas dinilai oleh Para Pengarah berdasarkan penilaian profesional yang dilaksanakan olehpenilai profesional berkecuali. Para Pengarah telah menggunakan peruntukkan peralihan Piawaian PerakauananAntarabangsa No. 16 (Pindaan): Hartanah, Logi dan Peralatan yang diterima oleh Badan Piawaian PerakaunanMalaysia yang membenarkan aset ini dicatat atas penilaian mereka dalam tahun 1990 dan 1996. Oleh kerana itu,penilaian tersebut belum dikemaskinikan.

Lebihan yang timbul dari penilaian telah dikreditkan kepada rizab penilaian tidak boleh diagih. Di ataspelepasan penilaian tanah ini, jumlah rizab penilaian tidak boleh diagih berkenaan dengan tanah ini akan dibawakepada rizab penilaian boleh diagih.

Tanah pegangan bebas dan modal kerja sedang dijalankan tidak disusutnilaikan.

Semua hartanah, loji dan peralatan yang lain dinyatakan pada kos susutnilai terkumpul yang dikurangkan.

Susutnilai terhadap semua hartanah, loji dan peralatan dikira atas dasar garisan lurus ke atas anggaran hayatberguna mereka.

Mulai dari tempoh kewangan semasa, Kumpulan telah menukar kadar susutnilai tahunan untuk semua hartanah,loji dan peralatan supaya menunjukkan anggaran hayat berguna mereka yang lebih baik seperti berikut:

Tahun17 bulan kewanganberakhir berakhir

31.12.2000 31.7.1999

Bangunan 5% 5%Perabot, perhiasan, peralatan and pengubahsuaian 20% – 33 1/3% 8% – 33 1/3%Kuda dan anak kuda, kandang kuda dan peralatan ekuastrian 10% – 20% 10%Loji dan jentera 20% 10%Kenderaan bermotor 20% 16% – 20%


80


(g) Hartanah, loji dan peralatan (sambungan)

Kesan ke atas penyata kewangan daripada perubahan ini adalah anggaran penambahan susutnilai dikenakandalam tempoh kewangan bagi Kumpulan dan Syarikat masing-masing sebanyak RM1,646,085 dan RM611,238.Oleh kerana demikian, keuntungan dari aktiviti biasa sebelum cukai Kumpulan dan Syarikat akan berkuranganmasing-masing dengan jumlah tersebut.

Faedah kos di atas pinjaman untuk membiayai pembinaan hartanah, loji dan peralatan adalah dimodalkansebagai sebahagian daripada kos ke atas aset semasa tempoh masa yang ditetapkan untuk menyiapkan danmenyediakan aset untuk keguaan yang ditetapkan.

(h) Anak-anak Syarikat

Pelaburan dalam anak-anak syarikat dinyatakan pada nilai berasaskan nilai aset ketara bersih anak-anak syarikattersebut. Pengambilalihan anak-anak syarikat berikutan tarikh penilaian adalah dinyatakan pada kos sehinggapenilaian selanjutnya. Penilaian ini akan dilaksanakan sekurang-kurangnya sekali setiap lima tahun.

Penambahan yang timbul dari perlaksaaan penilaian semula pelaburan dalam anak-anak syarikat akandikreditkan terus kepada ekuiti pemegang saham sebagai rizab penilaian semula tidak boleh diagih. Sehinggaketahap penurunan yang membawa nilai penambahan terdahulu dibatalkan, bagi pelaburan yang sama, yangtelah dikreditkan pada rizab penilaian semula tidak boleh diagih dan rizab tidak berturutan atau digunakan, ianyadi nilai bertentangan dengan rizab penilaian semula tidak boleh diagih. Dalam kes-kes lain, penurunan dalamnilai diagihkan kepada penyata pendapatan. Penambahan ke atas penilaian semula dimana secara langsungberkenaan dengan penurunan nilai pembawaan pada pelaburan yang sama yang dinilaikan kepada penyatapendapatan, dikreditkan kedalam penyata pendapatan sehingga tahap rekod penurunan sebelumnya dibatalkan.

Bagi pelupusan mana-mana anak syarikat, nilai dalam rizab penilaian semula tidak boleh diagih berhubungdengan anak syarikat tersebut, jika ada, adalah dibawa kepada rizab penilaian semula boleh diagih.

P e runtukkan akan dibuat apabila Para Pengarah berpendapat bahawa nilai pelaburan tersebut akanmengakibatkan penyusutan tetap. Penyusutan tetap dinilai dari pelaburan diikhtiraf sebagai perbelanjaan dalamtempoh tahun dimana penyusutan dikenalpasti.

(i) Pelaburan

Pelaburan dalam syarikat-syarikat bersekutu, perkongsian entiti terkawal dan pelaburan bukan semasa adalahdicatat pada kos dan peruntukkan hanya dibuat dimana, pada pendapat Para Pengarah, tidak ada penyusutantetap pada nilai. Penyusutan tetap yang dinilai bagi pelaburan diikhtiraf sebagai perbelanjaan dalam tempohkewangan dimana penyusutan dikenalpasti.

Pada pelupusan pelaburan, perbezaan diantara keuntungan bersih pelupusan dan nilai dibawa adalah dikira ataudikreditkan pada penyata pendapatan.

(j) Perolehan

Perolehan dibawa pada nilai realis yang dijangka. Hutang-hutang lapuk dihapuskira dari tempoh kewangandimana ianya dikenalpasti. Anggaran dibuat untuk hutang-hutang ragu berdasarkan pada pertimbangan ke atassemua nilai lebihan pada akhir tempoh kewangan.

(k) Cukai tertunda

Peruntukkan dibuat menggunakan kaedah liabiliti untuk cukai tertunda bagi perubahan masa kecuali dimanakesan cukai pada perubahan masa yang dijangka ditunda pada jangka masa yang belum ditetapkan.

Aset cukai tertunda mewakili faedah cukai yang timbul dari lebihan diantara nilai pasaran dan nilai buku padatanah pada tarikh tanah dipindahkan dari hartanah, loji dan peralatan kepada hartanah pembangunan. Asetcukai tertunda diikhtiraf pada jumlah harta sebenar bagi cukai laba hartanah yang perlu dibayar terhadappindahan tanah daripada hartanah, loji dan peralatan kepada hartanah pembangunan. Jumlah ini akandinyatakan pada penyata pendapatan berdasarkan jualan atau bil-bil pro g res yang berkaitan denganpembangunan hartanah.


81U NITED MALAYAN LAND BHD


(l) Hartanah yang telah siap

Hartanah yang telah disiapkan tetapi masih belum dijual diklasifikasikan sebagai hartanah yang telah siap dandicatatkan pada bawah kos dan nilai realis bersih.

Nilai realis bersih dianggarkan daripada harga jualan dalam haluan biasa perniagaan, tolak kos kesiapan danperbelanjaan jualan.

(m) Hartanah pembangunan

Hartanah pembangunan merangkumi tanah pegangan bebas pada kos atau penilaian, pembangunan belanjawanpada kos, dicampur dengan keuntungan boleh agih tolak bil-bil progres dan peuntukkan bagi kerugian yang bolehdijangka.

Belanjawan pembangunan termasuk kos-kos pinjaman berhubung dengan pembiayaan tanah dan pembangunan,kos-kos pembangunan biasa yang berkaitan dengan pembangunan projek dan kos-kos pembinaan terus. Kos-kospinjaman dimasukkan dalam perbelanjaan pembangunan sehingga projek pembangunan diselesaikan.

Peruntukkan bagi kerugian-kerugian yang boleh dijangka terhadap projek-projek yang terbengkalai dibuat dalamtempoh kewangan dimana kerugian-kerugian tersebut dikenalpasti.

Pembangunan hartanah dikelaskan sebagai aset-aset semasa apabila kerja-kerja terhadap pembangunan telahdilaksanakan dan dijangka akan siap dalam tempoh operasi biasa.

(n) Pengikhtirafan keuntungan bagi hartanah pembangunan

Keuntungan daripada hartanah pembangunan merangkumi keuntungan dari jualan hartanah yang siap dan belumsiap. Keuntungan ke atas hartanah yang belum siap akan diambilkira bersesuaian pada tahap siap. Tahap siapaktiviti pembangunan hartanah dikira merujuk kepada penyiapan fisikal kerja telah siap sebagai peratusanjumlah kerja fisikal projek tersebut yang diakui oleh konsultan yang dilantik.

(o) Dividen-dividen

Dividen-dividen ke atas saham-saham biasa dikira dalam ekuiti pemegang-pemegang saham sebagai perolehantertahan berpatutuan dalam tempoh kewangan dimana mereka telah diumumkan/dicadangkan.

(p) Tunai dan persamaan tunai

Tunai dan persamaan tunai merangkumi tunai dalam tangan dan baki bank, deposit dituntut, overdraf bank danpelaburan cair tinggi jangka pendek yang boleh ditukar ganti dengan nilai tunai kenalpasti dan menurut nilaiperubahan dengan risiko yang tidak penting.

(q) Perbelanjaan tertunda

Perbelanjaan tertunda terdiri daripada perbelanjaan awalan dan pra-operasi yang dinyatakan pada kos yang akandilunaskan dalam tempoh lima tahun daripada tarikh operasi dimulakan.

Berikutan penerimaan Buletin 1 Tafsiran MASB, “Perbelanjaan awalan dan Pra-Operasi”, Syarikat telahmenukar polisi perakaunan bagi mengikhtiraf kesemua perbelanjaan tertahan sebagai perbelanjaan yang timbuldalam tempoh kewangan. Penukaran dalam polisi perakaunan ini, telah diambilkira dari kebelakangan dankesan-kesan penukaran tercatat di Nota 25 kepada penyata kewangan.

(r) Perbandingan

Angka perbandingan telah diubahsuai untuk disesuaikan dengan perubahan dalam membentangkan keputusanakibat penukaran polisi perakaunan yang dinyatakan dalam Nota 25 kepada penyata kewangan. Angkaperbandingan juga telah dilanjutkan bagi mematuhi perihal keperluan 7 Piawaian MASB baru yang bersesuaianbagi tempoh kewangan tujuh belas bulan berakhir 31 Disember 2000.

Dengan pengecualian Buletin 1 Tafsiran MASB, “Perbelanjaan awalan dan Pra-Operasi”, tidak ada perubahanterhadap polisi perakaunan yang menjejas keuntungan bersih boleh diagih kepada pemegang-pemegang sahamdisebabkan oleh penerimaan piawaian di atas dalam penyata kewangan Kumpulan yang telahpun mengikutipengikhtirafan dan prinsip pengukuran pada piawaian tersebut.


82

4 HASILTahun

17 bulan kewanganberakhir berakhir

31.12.2000 31.7.1999RM RM

KumpulanHartanah pembangunan 115,009,179 114,145,464Kontrak pembinaan 11,149,386 –Sewaan gadaian kuari 532,063 430,734Operasi ekuastrian 90,661 84,915Sewaan gadaian tanah 50,840 18,240Faedah dari deposit jangka pendek 8,019 82,001Peruntukkan bagi pengurusan kendalian projek – (24,704)

126,840,148 114,736,650

SyarikatPendapatan dividen dari anak-anak syarikat 17,395,000 23,310,005Faedah pendapatan 7,715,282 6,682,292Peruntukkan bagi servis pengurusan 4,250,000 2,975,296

29,360,282 32,967,593

5 KEUNTUNGAN DARI OPERASI

Perkara di bawah telah dikenakan/(dikreditkan) dalam keuntungan operasi:-



31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

Pendapatan dividen kasar dari anak syarikat – – 17,395,000 23,310,005Faedah pendapatan dari– Deposit jangka pendek 308,544 82,001 8,019 82,001– Pendahuluan kepada anak-anak syarikat – – 7,707,263 6,600,291– Lain-lain 1,027,736 369,274 – –Perolehan dari pelupusan hartanah,

loji dan peralatan 29,622 – 26,016 –Pendapatan dari sewaan gadaian tanah 50,840 18,240 – –Yuran pengurusan – – 4,250,000 2,975,296Peruntukkan lebihan belanjawan pembangunan

dikira balik – 168,042 – –Peruntukan lebihan hutang ragu dikira balik 1,054,340 – – –Pendapatan sewaan gadaian kuari 532,063 430,734 – –Pendapatan dari sewaan hartanah 871,105 562,283 – –



5 KEUNTUNGAN DARI OPERASI (sambungan)Kumpulan Syarikat

Tahun Tahun17 bulan kewangan 17 bulan kewanganberakhir berakhir berakhir berakhir

31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

dan selepas mengambilkira:

Ganjaran juruaudit 100,000 61,000 28,000 18,000Yuran Para Pengarah 151,000 151,000 151,000 151,000Ganjaran Para Pengarah selain daripada yuran 1,395,400 1,108,380 1,395,400 1,106,180Kerugian dalam pelupusan hartanah,

loji dan peralatan – 1,613 – 7,301Yuran pengurusan yang dibayar pada

syarikat berkaitan 70,589 62,274 – –Hartanah, loji dan peralatan yang dihapuskira 621 23,962 – 11,381Peruntukkan hutang ragu 527,723 3,229,289 – 200,000

Anggaran nilai matawang bagi manfaat yang diberikan oleh Para Pengarah Syarikat dalam tempoh kewangan dengancara penggunaan aset Syarikat dan peruntukkan manfaat lain berjumlah RM62,343 (31.7.1999: RM44,367).

6 KOS KEWANGANKumpulan

Tahun17 bulan Kewanganberakhir berakhir

31.12.2000 31.7.1999RM RM

Perbelanjaan ke atas faedah:

– Kredit berpusing 756,715 224,962– overdraf 25,101 19,376

781,816 244,338

7 CUKAIKumpulan Syarikat

Tahun Tahun17 bulan kewangan 17 bulan kewanganberakhir berakhir berakhir berakhir

31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

Syarikat dan anak-anak syarikat

Cukai pendapatan:– Semasa 5,994,858 – 6,039,800 3,263,401– tahun-tahun terdahulu – 2,500,000 – 2,500,000

Cukai tertunda (Nota 15 & 22) 869,839 418,708 – –

6,864,697 2,918,708 6,039,800 5,763,401Syarikat bersekutu

Cukai pendapatan - semasa – 4,005 – –

6,864,697 2,922,713 6,039,800 5,763,401


84

7 CUKAI (sambungan)

Dalam tempoh kewangan kadar cukai berkesan untuk Syarikat adalah lebih tinggi daripada kadar cukai berkanunakibat daripada beberapa perbelanjaan yang tidak ditolak bagi tujuan cukai. Kadar cukai berkesan Kumpulan adalahtinggi akibat daripada kerugian oleh beberapa anak-anak syarikat yang tidak boleh diledakkan ke atas keuntunganboleh cukai anak-anak syarikat yang lain.

Tertakluk kepada kelulusan Lembaga Hasil Dalam Negeri, elaun modal yang tidak diserapkan yang boleh dibawakehadapan bagi ledakkan terhadap keuntungan boleh cukai masa hadapan Kumpulan dan Syarikat adalah lebihkurang RM2,284,000 (31.7.1999: RM1,165,000) dan RM1,337,000 (31.7.1999: RM1,166,000) masing-masing dimanaganjaran cukai berkenaan belum diikhtiraf dalam penyata kewangan.

Te rtakluk kepada kelulusan Lembaga Hasil Dalam Negeri, kerugian cukai yang tidak diserap yang boleh dibawakehadapan bagi ledakkan terhadap keuntungan boleh cukai masa hadapan bagi Kumpulan adalah lebih kurangRM11,047,000 (31.7.1999:RM5,387,000) yang mana ganjaran cukai berkenaan belum diikhtiraf dalam penyata kewangan.

8 PEROLEHAN DAN ASET KETARA BERSIH SESAHAM

Perolehan sesaham dikira dengan membahagikan keuntungan bersih boleh diagih Kumpulan kepada pemegang-pemegang saham berjumlah RM5,421,466 (31.7.1999: RM31,927,898) dengan timbangan purata jumlah saham biasayang diterbitkan sebanyak 231,532,486 (31.7.1999: 231,480,882) saham-saham dalam tempoh kewangan.

Aset ketara bersih sesaham dikira dengan membahagikan aset ketara bersih berjumah RM731,229,109 (31.7.1999:RM737,929,074) dengan terbitan modal saham berjumlah 231,589,033 saham-saham, tolak 45,000 saham-sahamperbendaharaan (31.7.1999: 231,446,033 saham-saham, tolak 45,000 saham-saham perbendaharaan), Syarikat padaakhir tempoh kewangan.

Menurut Piawaian Perakaunan Malaysia No. 1, pendapatan sesaham cair penuh sesaham, berdasarkan andaian bakiopsyen saham pada tarikh imbangan pembayaran dilanggan sepenuhnya pada awal tempoh kewangan, dan wang yangditerima diletakkan dalam deposit jangka pendek bagi memberolehi faedah pendapatan pada kadar 3.15% setahun,dikecualikan cukai sebanyak 28%, tidak ditunjukkan kerana kesan anti-kecairan. Pada akhir tempoh kewangan,terdapat 7,718,000 opsyen-opsyen saham biasa yang diagihkan tetapi belum dilanggan menurut Opsyen SahamKakitangan Syarikat.

Maklumat perbezaan perolehan dan nilai ketara bersih sesaham telah dinyatakan semula bagi mengambil kesan keatas keuntungan bersih boleh diagih kepada pemegang-pemegang saham disebabkan oleh penukaran pada polisiperakaunan berhubung dengan pengikhtirafan perbelanjaan tertunda sebagai perbelanjaan dalam tempoh kewangandimana ianya dibangkitkan (Nota 25).

9 DIVIDENKumpulan dan Syarikat

Tahun17 bulan kewanganberakhir berakhir

31.12.2000 31.7.1999RM RM

Dividen interim sebanyak 2.5 sen (31.7.1999: 2.5 sen) kasar sesaham, tolah cukai sebanyak 28% 4,168,603 4,166,209

Dividen khas sebanyak tiada sen (31.7.1999: 2.5 sen, kasar sesaham, cukai dilepaskan) – 5,786,151

Cadangan dividen akhir sebanyak 5.0 sen kasar sesaham, tolak cukai sebanyak 28% (31.7.1999: 2.5 sen kasar sesaham, cukai dilepaskan) 8,337,205 5,786,151

Peruntukkan lebihan dividen akhir bersih bagi tahun kewanganberakhir 31 Julai 1998 di atas sebab pembelian balik saham – (324)

Kekurangan peruntukkan bagi dividen akhir bersih bagi tahun kewangan berakhir 31 Julai 1999 di atas sebab terbitan saham biasa dari langganan ESOS 148 –

12,505,956 15,738,187

Pada Mesyuarat Agung yang akan diadakan pada 25 Jun 2001 dan berhubung dengan tempoh kewangan tujuh belasbulan berakhir 31 Disember 2000, dividen akhir sebanyak 5.0 sen kasar sesaham, tolak cukai sebanyak 28% (31.7.1999:2.5 sen kasar sesaham, cukai dilepaskan) berjumlah RM8,337,205 (31.7.1999: RM5,786,151) akan dicadangkan untukkelulusan pemegang-pemegang saham.



10 HARTANAH, LOJI DAN PERALATAN

Perabot, Kudaperkakas, anak kuda, Loji danperalatan kandang jentera

Tanah dan kuda dan sertapegangan pengubah- peralatan kenderaan

bebas Bangunan suaian ekuastrian bermotor JumlahRM RM RM RM RM RM

Kumpulan

2000

Kos/Penilaian

Pada 1.8.1999 379,986,585 16,073,993 3,798,009 467,314 3,451,037 403,776,938Penambahan 630,447 1,921 1,098,541 – 462,898 2,193,807Pindaan – (5,023) – – – (5,023)Pelupusan – – (2,170) – (239,578) (241,748)Hapuskira – – (1,400) – – (1,400)Pindahan kepada hartanah

pembangunan (2,238,810) – – – – (2,238,810)Klasifikasi semula (972,106) 972,106 – – – –

Pada 31.12.2000 377,406,116 17,042,997 4,892,980 467,314 3,674,357 403,483,764

Susutnilai terkumpul

Pada 1.8.1999 – 1,519,356 1,310,982 93,462 2,133,719 5,057,519Dikenakan dalam

tempoh kewangan – 1,064,480 2,030,518 101,934 937,142 4,134,074Pelucutan – – (1,524) – (134,864) (136,388)Hapuskira – – (779) – – (779)

Pada 31.12.2000 – 2,583,836 3,339,197 195,396 2,935,997 9,054,426

Nilai buku bersih

Pada 31.12.2000 377,406,116 14,459,161 1,553,783 271,918 738,360 394,429,338


86

10 HARTANAH, LOJI DAN PERALATAN (sambungan)

Perabot, Kudaperkakas, anak kuda, Loji danperalatan kandang jentera

Tanah dan kuda dan sertapegangan pengubah- peralatan kenderaan

bebas Bangunan suaian ekuastrian bermotor JumlahRM RM RM RM RM RM

Kumpulan

1999

Kos/Penilaian

Pada 1.8.1998 373,448,433 6,745,974 3,608,721 467,314 3,360,345 387,630,787Penambahan 13,125 155,124 267,299 – 129,359 564,907Pindahan dari hartanah

pembangunan 6,525,027 9,172,895 – – – 15,697,922Pelupusan – – (27,809) – (38,667) (66,476)Hapuskira – – (50,202) – – (50,202)

Pada 31.7.1999 379,986,585 16,073,993 3,798,009 467,314 3,451,037 403,776,938


Pada 1.8.1998 – 669,533 927,331 46,731 1,652,046 3,295,641Dikenakan dalam tempoh

kewangan – 849,823 421,488 46,731 520,338 1,838,380Pelucutan – – (11,597) – (38,665) (50,262)Hapuskira – – (26,240) – – (26,240)

Pada 31.7.1999 – 1,519,356 1,310,982 93,462 2,133,719 5,057,519

Nilai buku bersih

Pada 31.7.1999 379,986,585 14,554,637 2,487,027 373,852 1,317,318 398,719,419



10 HARTANAH, LOJI DAN PERALATAN (sambungan)

Perabot dan Kenderaan Peralatan perkakas bermotor pejabat Jumlah

RM RM RM RMSyarikat

2000

Kos

Pada 1.8.1999 764,059 1,884,050 396,969 3,045,078Penambahan 4,276 291,255 138,582 434,113Pelupusan – (201,369) – (201,369)

Pada 31.12.2000 768,335 1,973,936 535,551 3,277,822


Pada 1.8.1999 137,313 950,581 171,259 1,259,153Dikenakan dalam tempoh kewangan 335,662 659,432 233,661 1,228,755Pelucutan – (96,657) – (96,657)

Pada 31.12.2000 472,975 1,513,356 404,920 2,391,251

Nilai buku bersih

Pada 31.12.2000 295,360 460,580 130,631 886,571

1999

Kos

Pada 1.8.1998 708,648 2,021,542 393,359 3,123,549Penambahan 70,491 125,000 27,729 223,220Pelucutan – (262,492) (23,909) (286,401)Hapuskira (15,080) – (210) (15,290)

Pada 31.7.1999 764,059 1,884,050 396,969 3,045,078


Pada 1.8.1998 79,882 713,485 121,220 914,587Dikenakan dalam tahun kewangan 61,251 301,448 58,735 421,434Pelucutan – (64,352) (8,607) (72,959)Hapuskira (3,820) – (89) (3,909)

Pada 31.7.1999 137,313 950,581 171,259 1,259,153

Nilai buku bersih

Pada 31.7.1999 626,746 933,469 225,710 1,785,925

Tanah pegangan bebas telah dinilai semula oleh Para Pengarah dalam tahun 1990 berdasarkan penilaian oleh firmajurunilai profesional bebas atas dasar perbandingan. Lebihan penilaian semula sebanyak RM178,686,417 telahdigabungkan dalam penyata kewangan.

Sebahagian daripada tanah pegangan bebas telah dinilai semula oleh Para Pengarah dalam tahun 1996 berdasarkanpenilaian oleh firma jurunilai profesional bebas atas dasar penilaian pasaran terbuka yang diluluskan oleh SuruhanjayaSekuriti. Lebihan penilaian semula sebanyak RM268,527,963 telah digabungkan dalam penyata kewangan.


88

10 HARTANAH, LOJI DAN PERALATAN (sambungan)Kumpulan

31.12.2000 31.7.1999RM RM

Tanah pegangan bebas adalah seperti berikut:

Pada kos atau penilaian

Tanah, dinilai pada 1990 43,641,467 45,365,726Tanah, dinilai pada 1996 323,130,580 324,102,686Perbelanjaan pembangunan, pada kos 10,634,069 10,518,173

377,406,116 379,986,585

Sekiranya tanah pegangan bebas ditentukan mengikut konvensyen kos sejarah, kos tanah pegangan bebas Kumpulanialah RM25,921,655 (31.7.1999: RM25,805,759).

Termasuk dalam hartanah, loji dan peralatan ialah faedah dimodalkan dalam tempoh kewangan berjumlah RM128,906(31.7.1999: RM57,841). Faedah yang dikenakan adalah pada kadar dari 3.05% ke 8.50% (31.7.1999: 4.75% ke 14.10%)setahun dalam tempoh kewangan.

Hartanah, loji dan peralatan Kumpulan berjumlah RM2,363,554 (31.7.1999: RM Tiada) telah dicagarkan sebagaisekuriti untuk pinjaman bank jangka pendek (Nota 21).

11 PELABURAN DALAM ANAK-ANAK SYARIKATSyarikat

31.12.2000 31.7.1999RM RM

Saham tak disebut harga– Pada kos 51,725,017 51,725,013– Pada penilaian Para Pengarah 472,421,706 472,421,706

524,146,723 524,146,719

Pelaburan Syarikat dalam anak syarikat, iaitu Seri Alam Properties Sdn Bhd dinyatakan pada penilaian berdasarkanaset ketara bersih anak syarikat pada 31 Oktober 1996. Kesemua anak-anak syarikat lain dinyatakan pada kos.



11 PELABURAN DALAM ANAK-ANAK SYARIKAT (sambungan)

Butiran mengenai anak-anak syarikat, kesemuanya diperbadankan di Malaysia, adalah seperti berikut:-

Peratusanpegangan ekuiti

Nama syarikat Kegiatan utama 31.12.2000 31.7.1999% %

@ Seri Alam Properties Sdn Bhd Pembangunan hartanah 100 100

* UM Leisure Sdn Bhd Perniagaan am 100 100

* UM Land Assets Sdn Bhd Pelaburan hartanah 100 100

UM Land Bena Sdn Bhd Pembangunan hartanah 100 100dan aktiviti berkaitan

Country Equity Sdn Bhd Pelaburan induk 99.998 99.998

* UM Development Sdn Bhd Perniagaan am 100 –(dahulunya dikenali sebagai Brilliant

Deal Sdn Bhd)

* UM Residences Sdn Bhd Perniagaan am 100 –(dahulunya dikenali sebagai Effective

Heights Sdn Bhd)

Anak syarikat Seri Alam PropertiesSdn Bhd

* PMS Services Sdn Bhd Pengurusan projek 100 100

* Seri Alam Hotel Resort Sdn Bhd Perniagaan am 100 100(dahulunya dikenali sebagai Seri AlamServices Sdn Bhd)

Seri Alam Leisure Sdn Bhd Pelaburan induk 100 100

Anak syarikat Seri Alam LeisureSdn Bhd

Seri Alam Golf & Equestrian Club Operasi kelab rekreasi 100 100Sdn Bhd dan aktiviti berkaitan

Anak syarikat Country EquitySdn Bhd

Bangi Heights Development Sdn Bhd Pembangunan hartanah 70 70dan pelaburan hartanah

@ Anak-anak syarikat yang disatukan dibawah kaedah perakaunan percantuman.* Anak-anak syarikat ini masih belum memulakan operasi.


90

12 PELABURAN DALAM SYARIKAT BERSEKUTUKumpulan

31.12.2000 31.7.1999RM RM

Saham tidak disebutharga, pada kos 6,240,000 6,120,000Bahagian kerugian selepas pengambilalihan (418,287) (674,599)Muhibbah ke atas pengambilalihan yang dihapuskira

terhadap rizab modal (7,020) (7,020)

5,814,693 5,438,381

Diwakili oleh:

Bahagian aset ketara bersih 5,814,693 5,438,381

Butiran syarikat bersekutu, yang diperbadankan di Malaysia, adalah seperti berikut:Peratusan

pemegang ekuitiNama syarikat Kegiatan utama 31.12.2000 31.7.1999

% %

Ipjora Holdings Sdn Bhd Pembangunan, pembinaan 40 40pemilik dan operasi pangsapuri servis

13 LAIN-LAIN PELABURANKumpulan

31.12.2000 31.7.1999RM RM

Saham-saham tidak disebutharga, pada kos 8,642 8,642

14 PENERIMAAN JANGKA PANJANG

Penerimaan jangka panjang adalah berhubung dengan jumlah yang diikhtiraf di bawah skim ansuran tanpa faedah bagipenjualan rumah-rumah yang telah siap dimana pendapatan jualan akan diterima dalam masa empat hingga tujuhtahun. Penerimaan ansuran dalam tempoh duabelas bulan berjumlah RM8,794,858 (31.7.1999: RM7,773,823) telahdinyatakan dalam aset-aset semasa.

Termasuk dalam penerimaan jangka panjang Kumpulan adalah baki daripada Para Pengarah dan pihak-pihakberkaitan berjumlah RM181,028 (31.7.1999: RM Tiada) yang mewakili jumlah baki lebihan berhubung denganpenjualan hartanah pembangunan.

15 CUKAI ASET TERTUNDAKumpulan

31.12.2000 31.7.1999RM RM

Pada awal tempoh/tahun kewangan 15,065,714 15,708,714Pindahan yang timbul dalam tempoh kewangan 2,397,868 –Pindahan kepada penyata kewangan (Nota 7) (273,000) (643,000)

Pada akhir tempoh/tahun kewangan 17,190,582 15,065,714

Aset cukai tertunda dikenalpasti setakat jumlah cukai laba hartanah yang perlu dibayar atas pindahan tanah peganganbebas dari hartanah, loji dan peralatan kepada hartanah pembangunan dan dinyatakan dalam penyata pendapatandiatas penjualan atau bil-bil progres hartanah pembangunan yang berkaitan.



16 HARTANAH YANG TELAH SIAP

Hartanah yang telah siap dengan nilai buku berjumlah RM18,470,830 (31.7.1999: RM Tiada) Kumpulan telahdicagarkan sebagai sekuriti untuk pinjaman bank jangka pendek (Nota 21).

17 HARTANAH PEMBANGUNANKumpulan

31.12.2000 31.7.1999RM RM

Tanah pegangan bebas – pada kos 110,467,157 128,918,834– pada penilaian 42,291,651 33,260,976

Perbelanjaan pembangunan– pada kos 265,859,075 205,963,161

418,617,883 368,142,971Tambah:

Keuntungan hasil yang dikenalpasti 29,600,346 16,193,651

448,218,229 384,336,622Tolak:

Bil-bil progress terkini (81,814,132) (35,888,249)Pindahan daripada/(kepada) hartanah, loji dan peralatan (Nota 10) 2,238,810 (15,697,922)

368,642,907 332,750,451

Perbelanjaan pembangunan termasuk faedah dimodalkan dalam tempoh kewangan berjumlah RM6,111,646(31.7.1999: RM3,688,063). Faedah yang dikenakan adalah pada kadar perantaraan dari 3.05% ke 8.50% (31.7.1999:4.75% ke 14.10%) setahun dalam tempoh kewangan.

Hartanah pembangunan dengan nilai buku berjumlah RM116,150,918 (31.7.1999: RM Tiada) Kumpulan telahdicagarkan sebagai sekuriti untuk pinjaman bank jangka pendek (Nota 21).

18 PENERIMAAN PERDAGANGAN DAN LAIN-LAINKumpulan Syarikat

31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

Penerimaan perdagangan 73,141,830 47,790,466 296,774 296,774Tolak: Peruntukkan hutang ragu (3,696,558) (4,226,955) (200,000) (200,000)

69,445,272 43,563,511 96,774 96,774

Lain-lain penerimaan 2,833,427 4,790,496 79,657 474,369Tolak: Peruntukkan hutang ragu (97,858) (97,858) – –

2,735,569 4,692,638 79,657 474,369

Jumlah terhutang daripada anak-anak syarikat – – 172,126,783 165,387,325Jumlah terhutang daripada syarikat bersekutu 6,982 – – –Deposit 4,472,143 2,461,396 115,751 107,277Bayaran terdahulu 113,373 108,760 45,913 51,178

4,592,498 2,570,156 172,288,447 165,545,780

Jumlah 76,773,339 50,826,305 172,464,878 166,116,923

Penerimaan perdagangan bagi Kumpulan termasuk baki terhutang daripada Para Pengarah dan pihak-pihakberkenaan berjumlah RM57,636 (31.7.1999: RM227,845) mewakili jumlah lebihan berhubung dengan penjualanhartanah pembangunan.


92

19 DEPOSIT, BANK DAN BAKI TUNAIKumpulan Syarikat

31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

Deposit dengan bank-bank berlesen 1,255,005 6,307,584 – 6,307,584Bank dan baki tunai 1,977,113 3,731,669 431,323 3,475,807Baki bank di bawah Akaun

Pembangunan Perumahan 3,944,223 1,861,510 – –

7,176,341 11,900,763 431,323 9,783,391

Baki bank di bawah Akaun Pembangunan Perumahan anak-anak syarikat tidak boleh dikeluarkan oleh syarikat induk.

20 PEMBAYARAN PERDAGANGAN DAN LAIN LAINKumpulan Syarikat

31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

Pembayaran perdagangan 19,502,314 14,940,836 – –Jumlah terhutang kepada pelanggan atas

kontrak (Nota 24) 1,956,664 – – –Jumlah terhutang kepada

syarikat-syarikat berkenaan 484,072 25,211 98,178 25,211Penambahan 13,965,959 9,710,284 674,031 1,108,840Lain-lain pembayaran 2,999,792 6,778,793 224,696 3,659,328

38,908,801 31,455,124 996,905 4,793,379

21 PINJAMAN BANK JANGKA PENDEKKumpulan

31.12.2000 31.7.1999RM RM

Dicagar

Kredit berpusing 130,550,000 –Overdraf bank 11,394,555 –Pinjaman bersambung 1,659,951 –

143,604,506 –Tidak dicagar

Kredit berpusing – 55,999,876Overdraf bank – 9,469,516

– 65,469,392

143,604,506 65,469,392

Pinjaman bank jangka pendek dicagar seperti berikut:Kumpulan

31.12.2000 31.7.1999RM RM

Hartanah, loji dan peralatan (Nota 10) 2,363,554 –Hartanah-hartanah yang telah siap (Nota 16) 18,470,830 –Hartanah pembangunan (Nota 17) 116,150,918 –

136,985,302 –


93U NITED MALAYAN LAND BHD

21 PINJAMAN BANK JANGKA PENDEK (sambungan)Kumpulan

Tahun17 bulan Kewanganberakhir berakhir

31.12.2000 31.7.1999% %

Kadar faedah dikenakan setahun:

Kredit berpusing 3.05 to 6.70 4.75 to 14.10Overdraf Bank 7.75 to 8.50 8.50 to 12.85Pinjaman bersambung 5.25 –

22 CUKAI LIABILITI TERTUNDAKumpulan

31.12.2000 31.7.1999RM RM

Pada awal tempoh/tahun kewangan 21,308,547 21,532,839Pindahan dari/(kepada) penyata pendapatan (Nota 7) 596,839 (224,292)

Pada akhir tempoh/tahun kewangan 21,905,386 21,308,547

23 RIZABKumpulan Syarikat

31.12.2000 31.7.1999 31.12.2000 31.7.1999RM RM RM RM

Tidak boleh diagih

Premium saham 60,303,758 60,062,230 60,303,758 60,062,230Rizab dinilai semula 298,552,112 298,552,112 325,671,684 325,671,684

358,855,870 358,614,342 385,975,442 385,733,914

Rizab modal– Rizal modal atas penyatuan 325,095 325,095 – –– Defisit pencantuman (41,625,009) (41,625,009) – –– Lain-lain rizab 11,314,467 11,314,467 11,314,467 11,314,467

(29,985,447) (29,985,447) 11,314,467 11,314,467

Saham-saham perbendaharaan, pada kos (121,091) (121,088) (121,091) (121,088)

328,749,332 328,507,807 397,168,818 396,927,293

Boleh diagih

Keuntungan tertahan 164,992,044 172,076,534 51,659,124 49,823,744Rizab penilaian semula 1,912,246 1,912,246 – –Lain-lain rizab 3,941,454 3,941,454 3,941,454 3,941,454

170,845,744 177,930,234 55,600,578 53,765,198

Jumlah 499,595,076 506,438,041 452,769,396 450,692,491

Tertakluk kepada kelulusan Lembaga Hasil Dalam Negeri, Syarikat mempunyai kredit cukai Seksyen 108 yangmencukupi dan pendapatan cukai yang dikecualikan bagi pembayaran dividen bersih yang dianggarkan berjumlahRM30,132,000 (31.7.1999: RM41,878,000) dan dividen yang dikecualikan cukai dianggarkan berjumlah RM13,169,000(31.7.1999: RM7,305,000) masing-masing daripada keuntungan tertahan pada 31 Disember 2000.


94

24 KONTRAK-KONTRAK PEMBINAANKumpulan

31.12.2000 31.7.1999RM RM

Kos terkumpul terkini yang dikenakan 9,889,345 –Tambah: Keuntungan kenalpasti yang boleh diagih 1,260,041 –

11,149,386 –Tolak: Bil-bil progres terkini (13,106,050) –

(1,956,664) –

Jumlah terhutang kepada pelanggan atas kontrak (Nota 20) (1,956,664) –

25 PELARASAN TAHUN SEBELUMNYA

Dalam tempoh kewangan, Kumpulan dan Syarikat telah menukar polisi perakaunan berkenaan dengan pengikhtirafanperbelanjaan tertunda yang terdiri daripada perbelanjaan awalan dan pra-operasi, dalam penyata kewangan bagimematuhi Buletin 1 Tafsiran MASB “Perbelanjaan awalan dan Pra-Operasi”.

Pada tahun kewangan sebelum ini, perbelanjaan tertunda dinyatakan pada kos dan dilunaskan dalam penyatapendapatan bagi tempoh lima tahun daripada operasi dimulakan.

Kumpulan dan Syarikat telah menukar polisi perakuanan tersebut bagi mengikhtiraf perbelanjaan tertunda sebagaiperbelanjaan dalam tempoh kewangan berkenaan.

Penukaran polisi perakaunan ini telah diambilkira secara retrospektif.

Maklumat bandingan telah dinyatakan semula bagi penyelarasan terhadap penukaran polisi perakaunan tersebut.Kesan penukaran polisi perakaunan ini telah meningkatkan keuntungan bersih Kumpulan bagi tempoh kewanganberakhir 31 Disember 2000 sebanyak RM996,506. Lain-lain kesan daripada penukaran tersebut ke atas penyatakewangan adalah seperti berikut:

KesanDilaporkan penukaran Dinyatakansebelumnya polisi semula

Kumpulan RM RM RM

Keuntungan tertahan pada 31 Julai 1998 158,216,093 (2,329,270) 155,886,823

Keuntungan bersih boleh diagih kepada pemegang saham bagi tahun kewangan berakhir 31 Julai 1999 31,394,441 533,457 31,927,898

Keuntungan boleh diagih kepada kepentingan minoriti bagi tahun kewangan berakhir 31 Julai 1999 697,680 161,999 859,679

Keuntungan tertahan pada 31 Julai 1999 173,872,347 (1,795,813) 172,076,534

Perbelanjaan tertunda pada 31 Julai 1999 1,795,813 (1,795,813) –

Kepentingan minoriti pada 31 Julai 1999 37,368,072 (485,187) 36,882,885



26 MODAL SAHAMKumpulan dan Syarikat

31.12.2000 31.7.1999RM RM

Dibenarkan:Saham biasa bernilai RM1.00 sesaham 500,000,000 500,000,000

Pergerakan dalam tempoh kewangan bagi opsyen ke atas saham-saham Syarikat adalah seperti berikut:

Kumpulan dan Syarikat2000 1999

Harga opsyen Harga opsyen Harga opsyensesaham sesaham sesaham

pada RM3.37 pada RM3.52 pada RM3.37RM RM RM

Pada awal tempoh/tahun kewangan 4,577,000 – 4,859,000Ditawarkan - 4,118,000 –Dilanggan (134,000) (9,000) –Dilupus/dibatalkan (645,000) (189,000) (282,000)

Pada akhir tempoh/tahun kewangan 3,798,000 3,920,000 4,577,000

27 SAHAM-SAHAM PERBENDAHARAAN

Jumlah saham-saham yang dibeli oleh Syarikat dibawah skim Pembelian Balik Saham pada akhir tempoh kewanganadalah 45,000 saham biasa Syarikat. Syarikat telah menyimpan saham-saham ini sebagai saham-sahamperbendaharaan menurut peruntukkan Sekyen 67A Akta Syarikat, 1965.

28 URUSNIAGA PENTING PIHAK BERKAITAN

Tambahan kepada perihal pihak berkaitan yang dinyatakan dalam penyata kewangan, berikut adalah urusniagapenting antara pihak berkaitan:

Kumpulan Syarikat31.12.2000 31.7.1999 31.12.2000 31.7.1999

RM RM RM RM

Dividen kasar diterima dan akan diterima daripada anak syarikat – – 17,395,000 23,310,005

Yuran pengurusan diterima dan akan diterima daripada anak syarikat – – 4,250,000 3,000,000

Yuran pengurusan dibayar dan akan dibayar kepada syarikat berkitan 70,559 62,274 – –

Faedah diterima dan akan diterima daripada anak syarikat – – 7,707,263 6,600,291

Penyewaan premis dibayar dan akan dibayar kepara syarikat berkaitan 1,015,352 682,706 539,163 369,506

Pendapatan sewa diterima dan akan diterima daripada syarikat berkaitan 39,500 4,000 – –

Yuran securiti dibayar dan akan dibayar kepada syarikat berkaitan 837,594 – – –

Pelupusan aset tetap kepada anak syarikat – – 30,728 198,140Bil-bil progres berkaitan dengan penjualan

hartanah pembangunan kepada Para Pengarah dan pihak berkaitan 252,863 324,134 – –

Urusniaga di atas telah dilaksanakan dalam urusan perniagaan yang lazim dan telah dinyatakan di bawah terma-termayang dipersetujui bersama oleh pihak-pihak yang terbabit.


96

29 LIABILITI KONTINGEN (Tidak bercagar)

Pada 7 Oktober, 1996, UM Leisure Sdn Bhd (“UM Leisure”), anak syarikat milik penuh Syarikat telah menandatanganiPerjanjian Usahasama bersyarat dengan Ultrapolis 3000 Holding Bermuda Limited (“UPH”) berhubung denganorganisasi, pengurusan dan operasi Agarta Universe Sdn Bhd (“Agarta Universe”), sebuah syarikat diperbadankan diMalaysia, untuk melaksanakan pembangunan dan pengurusan Agarta Universe Theme Park Resort dengan hotel-hoteltema dan pusat membeli belah di Seri Alam, Johor, satu bandar baru yang sedang dibangunkan oleh anak syarikat milikpenuh Syarikat, Seri Alam Properties Sdn Bhd.

Di bawah Klausa 10.1(c) perjanjian bersyarat tersebut, Syarikat telah mengeluarkan Surat Jaminan bertarikh 3 Januari1997 kepada Trans Resources Corporation Sdn Bhd (“TRC”). TRC akan melaksanakan kerja-kerja atas sebidang tanah,di mana Agarta Universe Theme Park Resort akan dibina, di bawah kontrak dengan Sanwell Corporation (“Sanwell”), dimana prinsipalnya adalah Agarta Universe.

Buat masa sekarang, satu tindakan telah dikuatkuasakan oleh TRC ke atas Sanwell untuk bayaran sebanyakRM17,459,455.69 bagi kerja-kerja tanah yang dilaksanakan. TRC juga telah menuntut daripada Syarikat bayaransebanyak RM15,500,000 sebagai gantirugi di bawah Surat Jaminan yang dinyatakan di atas.

Pada 6 Februari 2001, perkara ini telah disebut dalam Mahkamah Tinggi untuk pengurusan kes. Sanwell telah memohonuntuk menangguhkan tindakan undang-undang dan membawa kes ini ke timbangtara. Permohonan untuk penangguhantersebut masih menunggu rayuan yang dibuat kepada Mahkamah Persekutuan.

Para Pengarah berpendapat, selepas mendapat nasihat guaman yang bersesuaian, tiada peruntukkan yang perlu bagituntutan tersebut.

30 MAKLUMAT MENGIKUT SEGMEN

Tiada maklumat mengikut segmen disediakan atas sebab Kumpulan menjalankan aktiviti utama dalam pembangunanhartanah dan kegiatan yang berkaitan di Malaysia. Kegiatan-kegiatan lain dalam Kumpulan dianggap tidak penting.



Kami, Ismail bin Abd Halim dan Dato’ Ng Eng Tee, dua orang Pengarah United Malayan Land Bhd, dengan inimenyatakan bahawa, pada pendapat Para Pengarah, penyata kewangan yang dibentangkan pada mukasurat 71 hingga 96dikemukakan untuk memberi gambaran sebenar dan saksama mengenai hal ehwal Kumpulan dan Syarikat pada 31Disember 2000 dan keputusan Kumpulan dan Syarikat dan penyata aliran tunai Kumpulan dan Syarikat bagi tempohkewangan berakhir pada tarikh tersebut mematuhi piawaian perakaunan yang diluluskan di Malaysia dan menurutperuntukkan Akta Syarikat, 1965.

Menurut resolusi Lembaga Pengarah bertarikh 30 April 2001.

ISMAIL BIN ABD HALIM DATO’ NG ENG TEEPENGARAH PENGARAH

Kuala Lumpur

Saya, Lee Kar Fook, pegawai yang bertanggungjawab ke atas pengurusan kewangan United Malayan Land Bhd, dengansesungguhnya dan seikhlasnya mengaku bahawa penyata kewangan yang dibentangkan pada muka surat 71 hingga 96adalah, pada pengetahuan dan kepercayaan saya, adalah betul dan saya membuat pengakuan ini dengan penuh kepercayaanakan kebenarannya, dan menurut peruntukkan-peruntukkan Akta Akuan Berkanun, 1960.

LEE KAR FOOK

Ditandatangani dan diikhtirafkan oleh Lee Kar Fook di Kuala Lumpur, Malaysia pada 30 April 2001.

Dihadapan saya,

ABAS BIN HASANW178PESURUHJAYA SUMPAHKUALA LUMPURMALAYSIA

Penyata Para PengarahMenurut Seksyen 169(15) Akta Syarikat, 1965

PengakuanMenurut Seksyen 169(16) Akta Syarikat, 1965

98

Kami telah mangaudit penyata kewangan yang dibentangkan pada mukasurat 71 hingga 96. Penyata kewangan tersebutadalah tanggungjawab Para Pengarah Syarikat. Tanggungjawab kami adalah untuk menyatakan pendapat kami terhadappenyata kewangan berdasarkan pengauditan kami.

Kami telah melaksanakan pengauditan selaras dengan piawaian pengauditan yang diluluskan. Piawaian tersebutmemerlukan perancangan dan pelaksanakan pengauditan bagi memperolehi jaminan munasabah samada penyatakewangan tersebut bebas daripada salah penyataan yang penting. Pengauditan merangkumi pemeriksaan, berasaskan ujiperiksa, bukti sokongan ke atas jumlah serta penyataan dalam penyata kewangan. Pengauditan juga merangkumi penilaianke atas prinsip-prinsip perakaunan yang digunakan dan anggaran penting oleh Para Pengarah, serta menilai penyampaiankeseluruhan penyata kewangan tersebut. Kami percaya bahawa pengauditan kami memberi asas yang wajar terhadappendapat kami.

Pada pendapat kami:

(a) penyata kewangan telah disediakan menurut peruntukkan Akta Syarikat, 1965 dan piawaian perakaunan yangdiluluskan di Malaysia untuk memberi gambaran yang benar dan saksama mengenai:-

(i) perkara yang dikehendaki menurut Seksyen 169 Akta Syarikat, 1965 yang perlu di dalam penyata kewangan; dan

(ii) kedudukan urusan Kumpulan dan Syarikat pada 31 Disember 2000 dan hasil operasi Kumpulan dan Syarikatserta aliran tunai Kumpulan dan Syarikat bagi tempoh berakhir pada tarikh tersebut; dan

(b) rekod-rekod perakaunan dan rekod-rekod lain dan daftar yang dikehendaki oleh Akta tersebut untuk dikendalikanoleh Syarikat dan anak-anak syarikat yang mana kami adalah juruaudit telah disimpan menurut peruntukkan Aktatersebut.

Kami berpuashati bahawa penyata kewangan anak-anak syarikat yang telah disatukan dengan penyata kewangan Syarikatdalam bentuk dan kandungan yang teratur dan wajar bagi tujuan penyediaan penyata kewangan disatukan dan kami telahmenerima maklumat dan penjelasan yang memuaskan yang diperlukan oleh kami untuk tujuan-tujuan tersebut.

Laporan audit kami bagi penyata kewangan anak-anak syarikat tidak tertakluk kepada sebarang kelayakan dan tidakmerangkumi apa-apa komen yang dibuat di bawah subseksyen (3) Seksyen 174 dalam Akta.

PRICEWATERHOUSECOOPERS(No. AF-1146)Akauntan Awam

DATO’ CHEONG KEAP TAI(No. 1129/12/01 (J/PH))Rakan firma

Kuala Lumpur30 April 2001

Laporan JuruauditKepada ahli-ahli United Malayan Land Bhd

(No. Syarikat: 4131 M) (Diperbadankan di Malaysia)

I/WeSaya/Kami (BLOCK LETTERS/HURUF BESAR)

ofberalamat

being a member of UNITED MALAYAN LAND BHD hereby appointsebagai ahli UNITED MALAYAN LAND BHD dengan ini melantik

or failing him, the Chairman of the meeting as my/our proxy to attend and vote for me/us and on my/our behalf at the40th Annual General Meeting of the Company to be held on Monday, 25 June 2001 in Kuala Lumpur and at anyadjournment thereof on the following resolutions referred to in the Notice of the Annual General Meeting:-

atau, jika beliau tidak dapat hadir, Pengerusi Mesyuarat sebagai proksi saya/kami untuk mengundi bagi pihak saya/kamidi Mesyuarat Agung Tahunan Syarikat yang ke 40 yang akan diadakan pada hari Isnin, 25 Jun 2001 di Kuala Lumpurdan pada sebarang penangguhannya atas resolusi-resolusi berikut yang dinyatakan di dalam Notis Mesyuarat AgungTahunan:-

ORDINARY RESOLUTIONRESOLUSI BIASA 1 2 3 4 5 6 7 8 9 10 11

FOR/MENYOKONG

AGAINST/MENENTANG

(Please indicate with a “✓“ in the spaces provided how you wish your vote to be cast. If you do not do so, the proxy willvote or abstain from voting at his discretion.)

(Sila tanda dengan “✓“ di tempat yang disediakan sebagaimana tuan/puan ingin mengundi. Jika tidak berbuat demikian,proksi akan mengundi atau tidak mengundi mengikut pilihannya.)

No. of SharesBil. Saham

Signature/Common Seal Date/TarikhTandatangan/Meteri Syarikat

NOTE:

a) A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote instead ofhim. A proxy need not be a member of the Company. The instrument appointing a proxy shall be in writing under the hand of theappointor or his attorney duly authorised in writing, or if the appointor is a corporation, either under its common seal or in someother manner approved by its directors.

b) A member who is an Authorised Nominee is entitled to appoint at least one (1) proxy in respect of each securities account.c) The instrument of proxy must be deposited at the Company’s Share Registrars, Securities Services (Holdings) Sdn Bhd at Level 22,

Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur not less than 48 hoursbefore the time set for the meeting or any adjournment thereof.

NOTA:

a) Seseorang ahli yang berhak hadir dan mengundi di Mesyuarat Agung Tahunan adalah berhak melantik proksi untuk hadir danmengundi bagi pihaknya. Seorang proksi itu tidak semestinya ahli Syarikat. Borang Proksi mestilah di isi oleh sipelantik atau ahliguaman yang diperakukan atau jika sipelantik itu sebuah perbadanan, ianya hendaklah di bawah meterinya atau dikuatkuasakanatau dalam cara lain yang diluluskan oleh para pengarahnya.

b) Seseorang ahli yang merupakan Nominee Berdaftar adalah berhak melantik sekurang-kurangnya satu (1) proksi untuk setiap satuakaun sekuritinya.

c) Borang Proksi yang lengkap hendaklah diserahkan kepada Pendaftar Saham, Securities Services (Holdings) Sdn Bhd di Aras 22,Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur tidak lewat daripada 48jam sebelum masa yang ditetapkan bagi mesyuarat atau sebarang penangguhan.

Form Of ProxyBorang Proksi

Special resolution/

ResolusiKhas

STAMP/SETEM

Share Registrars / Pendaftar Saham

UNITED MALAYAN LAND BHDC/O SECURITIES SERVICES (HOLDINGS) SDN BHD

Level 22, Menara Milenium, Jalan Damanlela,Pusat Bandar Damansara, Damansara Heights,

50490 Kuala Lumpur.

Fold Here

Lipat Sini

United Malayan Land Bhd 4131-M

Suite 1.1, 1st Floor, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. Tel: 603-2142 1611 Fax: 603-2142 1826 Website: http://www.umland.com.my

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