KLInfra-AnnualReport2004 (1.1MB).pdf - Announcements - Bursa ...

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11. Summary of Activities The Audit Committee of the Company was established on 20 March 2003. REPORT ON AUDIT COMMITTEE KL Infrastructure Group Berhad (Company No. 425654-M) (Incorporated in Malaysia) and its subsidiaries During the financial year, the Audit Committee met four (4) times and the attendance records of the Audit Committee members are as follows: Audit Committee Members Number of Audit Committee Meetings Attended/Held (during the current financial year) Dato’ Haji Ahmad bin Haji Sa’adi 4/4 Lai Ying Choy 4/4 Datuk Ahmad Rejal Arbee(Apppointed on 21/12/2003) * 2/2 Che Ibrahim bin Che Ismail (Resigned on 5/8/2004) 3/4 Note: * Reflects the number of meetings held during the time the Audit Committee member held office. The activities undertaken include:- • reviewed the Group’s quarterly and annual financial results before recommendation to the Board for approval and announcement to <strong>Bursa</strong> Securities. • Reviewed the Group’s annual financial results for the year ended 30 April 2004 together with the external auditors. • Reviewed the external auditors’ reports in relation to the audit and accounting issues arising from the audit of financial results of the Group for the year ended 30 April 2004 and updates of new developments on accounting standards issued by the Malaysian Accounting Standards Board. 12. Internal Audit The Group is in the process of establishing an internal audit department to carry out its duties covering business audit, system and financial audits. 13
14 OVERVIEW Financial Performance CHAIRMAN’S STATEMENT KL Infrastructure Group Berhad (Company No. 425654-M) (Incorporated in Malaysia) and its subsidiaries On behalf of the Board of Directors, I present the Annual Report of KL Infrastructure Group Berhad (the “Company”) and the Group (“Group”) for the year ended 30 April 2004. The financial year 2004 saw the inaugural opening on 31 August 2003 of the much awaited “Missing Link” public transit connection, the KL Monorail. Revenues from collection of ridership fares demonstrate positive growth since opening whilst strong contribution from the media/advertisement sector were instrumental in achieving an operating profit before interest and taxation of RM3.1 million in its maiden year of operation. The Company achieved revenues of RM15 million and suffer a loss after taxation of RM46.2 million due to the accrual of interest expense. A negative variance of RM4.2 million was noted when compared against the forecasted loss after taxation of RM42 million as reported in the Company’s Prospectus, attributable largely to lower ridership revenues achieved. CORE BUSINESSES Monorail Transit Operations Operations commenced on 31 August 2003. Initial operating hours were from 10:00 a.m. to 3:00 p.m. This was progressively extended to 15 hours and finally 18 hours from 6:00 a.m. to 12:00 midnight effective from 15 June 2004. Consequently, revenues were significantly lower as against those forecasted earlier pursuant to the Company’s Prospectus dated 21 April 2003 in relation to the Company’s initial public offer exercise. The delay with the integration of the public transportation systems comprising the LRTs and city bus services in the Klang Valley has delayed the introduction of a single integrated ticketing system, integration of physical interphases between the LRTs and monorail and the proposed implementation of car restraining measures, earlier contemplated by the authorities to curb the deteriorating traffic congestion. This delay inevitably has affected the monorail ridership as otherwise the integrated transport system would promote and enhance public transport usage. During the year, KL Monorail organized a treasure hunt known as the “KL Monorail-Malay Mail Rail-ly Fun Hunt” which saw overwhelming response. Participation was however limited to 200 persons. Held on 17 December 2003, it was a great learning experience for the participants as they were required to undertake some arduous tasks and to have a good grasp of the monorail alignment and its surroundings in the principal commercial and employment belt of Kuala Lumpur. KL Monorail’s first anniversary on 31st August 2004 which coincided with Merdeka Day was a significant milestone. On that auspicious day gifts valued at more than RM100,000.00 was distributed to lucky passengers at various monorail stations. This small gesture on KL Monorail’s part was to show its gratitude and to thank the more than 10 million passengers that passed through our monorail station turnstiles since inauguration, one (1) year ago.
Page 2 and 3: CONTENTS KL INFRASTRUCTURE GROUP BE
Page 4 and 5: Dato' Haji Ahmad bin Haji Sa'adi (I
Page 6 and 7: CORPORATE GOVERNANCE STATEMENT KL I
Page 8 and 9: 2. DIRECTORS’ REMUNERATION CORPOR
Page 10 and 11: 5.5 Imposition of Sanctions and/or
Page 12 and 13: REPORT ON AUDIT COMMITTEE KL Infras
Page 16 and 17: Efforts are on the way to continue
Page 18 and 19: Intercity/Stage Bus Services In its
Page 20 and 21: DIRECTORS’ RESPONSIBILITY STATEME
Page 22 and 23: KL Infrastructure Group Berhad (Com
Page 28 and 29: Balance sheets at 30 April 2004 KL
Page 34 and 35: 1. Summary of significant accountin
Page 36 and 37: 1. Summary of significant accountin
Page 38 and 39: 2. Property, plant and equipment Gr
Page 42 and 43: 8. Trade and other payables KL Infr
Page 44 and 45: 9. Borrowings (continued) KL Infras
Page 46 and 47: 15. Interest expense KL Infrastruct
Page 48 and 49: 18. Segmental information (continue
Page 50 and 51: 22. Related parties KL Infrastructu
Page 54 and 55: COPPORATE INFORMATION LIST OF PROPE
Page 56 and 57: Authorised Share Capital : RM500,00
Page 58 and 59: KL INFRASTRUCTURE GROUP BERHAD (Com
Page 60 and 61: FORM OF PROXY FORM OF PROXY I/We, N

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