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

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8. Trade and other payables KL Infrastructure Group Berhad (Company No. 425654-M) (Incorporated in Malaysia) and its subsidiaries Group Company 2004 2003 2004 2003 RM’000 RM’000 RM’000 RM’000 Trade payables 542 - - - Other payables and accrued expenses 10,279 7,457 315 1,534 Subsidiaries - - 1,608 929 Related companies 19,894 90,098 - 169 30,715 97,555 1,923 2,632 The amounts due to subsidiaries and related companies constitute progress claims on the construction of the KL Monorail and are unsecured, interest free and are payable progressively on a milestone basis in accordance with the terms of their respective contracts. 9. Borrowings Group 2004 2003 RM’000 RM’000 Current Term loans - unsecured 4,821 98,393 Hire purchase liabilities 132 78 4,953 98,471 Non-current Long term loans - secured 1,077,215 918,898 - unsecured 2,262 5,090 Hire purchase liabilities 405 309 1,079,882 924,297 1,084,835 1,022,768 Maturity of borrowings (excluding hire purchase) Within one year 4,821 98,393 More than 1 year and less than 2 years 2,262 2,828 More than 2 years and less than 5 years 52,350 2,262 5 years or more 1,024,865 918,898 1,084,298 1,022,381 KL Infrastructure Group Bhd Annual Report 2004 41
42 KL Infrastructure Group Berhad (Company No. 425654-M) (Incorporated in Malaysia) and its subsidiaries 9. Borrowings (continued) Hire purchase liabilities Payments Interest Principal Payments Interest Principal 2004 2004 2004 2003 2003 2003 Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Less than one year 171 39 132 109 31 78 Between one and five years 479 74 405 321 52 269 More than five years - - - 48 8 40 KL Infrastructure Group Bhd Annual Report 2004 650 113 537 478 91 387 The hire purchase liabilities are subject to fixed interest rates ranging from 6.36% to 10.94% (2003 – 7.49% to 10.94%) per annum. Unsecured term loans AmMerchant Bank Bhd. (“AMMB”) Loan The unsecured short term loan, owing to AMMB, bears interest at a rate of 7.31% (2003 - 7.31%) per annum and is repayable in the following manner: i) initial cash payment of RM13 million; ii) additional cash repayment of RM15 million via 3 equal monthly instalments of RM5 million each; iii) conversion of RM5 million into the Company’s shares pursuant to a proposed conversion of debts pursuant to the listing scheme ; iv) repayment of RM95 million from part of the proceeds from the Company’s proposed public issue on 31 May 2003 ; and v) repayment of the remaining capitalised facility of approximately RM8.5 million via 5 equal semi-annual instalments commencing on the first anniversary of the commencement of revenue service of KL Monorail or 1 March 2004, whichever is earlier. During the financial year, the Group settled RM95 million of the short term loan. Secured term loans Government Support Loan The RM300 million Government Support Loan bears interest at a rate of 5% (2003 – 5%) per annum and is secured by the following: i) Debenture by way of fixed and floating charge over all present and future assets of KLMS; ii) Legal charge over the revenue collection; and iii) Legal charges on equity account, support loan account and trust account. Interest is capitalised for the initial 96 months from the date of the first drawdown (i.e. 2 July 1999). The principal amount and capitalised interest are repayable in 30 semi-annual instalments commencing on the date falling 102 months from the date of first drawdown. Infrastructure Loan The RM620 million Infrastructure Loan from Bank Pembangunan Dan Infrastruktur Malaysia Berhad bears interest at a rate of 8.3% (2003 – 8.3%) per annum. Security arrangements, which are on a pari-passu basis with the Government Support Loan, are as follows: i) Debenture by way of fixed and floating charge over all present and future assets of KLMS; ii) Legal charge over the revenue collection; iii) Assignments of all present and future rights, titles, interests and benefits under all insurance and contracts taken out in respect of the KL Monorail Project; iv) Assignment of termination payments receivable by KLMS pursuant to the Concession Agreement; and v) Legal charge over dividend escrow moneys and credit balances.
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 14 and 15: 11. Summary of Activities The Audit
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 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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