TANJUNG OFFSHORE BERHAD

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DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009 57 TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 The directors are pleased to submit their report and the audited fi nancial statements of Tanjung Offshore Berhad (“Tanjung” or “Company”) and its subsidiaries (“Tanjung Group” or “Group”) for the fi nancial year ended 31 December 2009. PRINCIPAL ACTIVITIES The Company is principally engaged in investment holding. The principal activities of the subsidiary and associate companies are set out in Notes 7 and 8 to the fi nancial statements respectively. There have been no signifi cant changes in the nature of these principal activities of the Group and of the Company during the current fi nancial year. RESULTS GROUP COMPANY RM RM Net profi t for the year 3,616,414 12,554,652 RESERVES AND PROVISIONS All material transfer to or from reserves and provisions during the current fi nancial year have been disclosed in the statement of changes in equity. DIVIDEND Since the end of the previous fi nancial year, the Company paid: RM a) a fi nal dividend of 4% or RM0.02 per ordinary share of RM0.50 less 25% income tax for the fi nancial year ended 31 December 2008 on 02 June 2009 3,663,302 b) an interim dividend of 8% or RM0.04 per ordinary share of RM0.50 less 25% income tax for the fi nancial year ended 31 December 2009 on 08 April 2009 7,326,606 The directors do not recommend any fi nal dividend in respect of the current fi nancial year. TREASURY SHARES 10,989,908 During the current fi nancial year, the Company purchased 52,100 of its issued ordinary shares from the open market at an average price of RM0.86 per share. The total consideration paid for the purchase was RM45,190 including transaction costs. The shares purchased are being held as treasury shares in accordance with Section 67A of the Companies Act, 1965. BAD AND DOUBTFUL DEBTS Before the income statements and the balance sheets of the Group and of the Company were made out, the directors took reasonable steps to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfi ed themselves that all known bad debts had been written off and that no provision for doubtful debts was necessary. At the date of this report, the directors are not aware of any circumstances which would render it necessary to write off any bad debts or to make any provision for doubtful debts in respect of the fi nancial statements of the Group and of the Company.
TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2009 ITEMS OF A MATERIAL AND UNUSUAL NATURE The results of the operations of the Group and of the Company for the fi nancial year ended 31 December 2009 were not, in the opinion of the directors, substantially affected by any item, transaction or event of a material and unusual nature. There has not arisen in the interval between the end of the fi nancial year and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect substantially the results of the operations of the Group and of the Company for the current fi nancial year. CURRENT ASSETS Before the income statement and the balance sheet of the Group and of the Company were made out, the directors have taken reasonable steps to ensure that any current assets which were unlikely to realise in the ordinary course of business their values as shown in the accounting records of the Group and of the Company had been written down to an amount which they might be expected to realise. At the date of this report, the directors are not aware of any circumstances that would render the values attributed to the current assets in the fi nancial statements of the Group and of the Company misleading. VALUATION OF ASSETS AND LIABILITIES As at the date of this report, the directors are not aware of any circumstances, which have arisen which render adherence to the existing methods of valuation of assets and liabilities of the Group and of the Company misleading or inappropriate. CONTINGENT AND OTHER LIABILITIES At the date of this report, there does not exist: i) any charge on the assets of the Company which has arisen since the end of the fi nancial year which secures the liabilities of any other person; or ii) any contingent liabilities in respect of the Company which has arisen since the end of the fi nancial year, other than as disclosed in Note 31 to the fi nancial statements. No contingent or other liabilities has become enforceable, or is likely to become enforceable within the period of twelve months after the end of the fi nancial year which, in the opinion of the directors, will or may substantially affect the ability of the Group and of the Company to meet their obligations as and when they fall due. DIRECTORS AND THEIR SHAREHOLDINGS The directors in offi ce since the date of the last report and at the date of this report are as follows: Datuk Wira Syed Ali bin Tan Sri Syed Abbas Alhabshee Haji Omar bin Khalid Haji Hamidon bin Md Khayon Dato’ Ab Wahab bin Haji Ibrahim Edwanee Cheah bin Abdullah George William Warren Jr. Za’aba bin Sedek Haji Abdullah bin Hashim (Resigned w.e.f. 31 March 2010) 58
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TANJUNG OFFSHORE BERHAD

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