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PART A – EXPLANATORY NOTES (Cont’d) A12. CONTINGENT LIABILITIES / ASSETS DELEUM BERHAD (COMPANY NO: 715640-T) UNAUDITED INTERIM FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2007 As at 31 December 2007, the Group does not have any contingent liabilities or assets except for guarantees in respect of credit facilities from licensed financial institutions amounting to RM25 million out of which RM13 million has been utilised. Guarantees given to third parties in relation to operating requirements, utilities and maintenance contracts amount to RM3 million. A13. COMMITMENTS Capital commitments for property, plant and equipment not provided for as at 31 December 2007 are as follows: RM’000 Authorised and contracted for 2,083 A14. RELATED PARTY TRANSACTIONS The following transaction is with a party related to a corporate shareholder of a subsidiary of the Group, Turboservices Sdn. Bhd. 12 RM’000 Purchases from Solar Turbines International Company 82,169
DELEUM BERHAD (COMPANY NO: 715640-T) UNAUDITED INTERIM FINANCIAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2007 PART B – ADDITIONAL INFORMATION AS REQUIRED BY PART A OF APPENDIX 9B OF BURSA MALAYSIA LISTING REQUIREMENTS B1. PERFORMANCE REVIEW For the current quarter under review, the Group achieved a profit after tax and minority interest of RM5.9 million, an increase of 13% over the previous year’s corresponding quarter of RM5.2 million. The positive variance is mainly attributable to the general trend of increase in the activities in the oil and gas (“O & G”) industry. For the year ended 31 December 2007, the Group achieved a profit after tax of RM25.1 million, an increase of 39% over the previous financial year’s RM18.1 million on the back of a 47.2% increase in revenue from RM452.0 million to RM665.6 million. The favourable result was brought about by the better performance of the oilfield equipment and services segment and the specialised equipment and services segment. B2. MATERIAL CHANGE IN THE PROFIT BEFORE TAXATION AS COMPARED WITH THE IMMEDIATE PRECEDING QUARTER For the current quarter under review, the Group achieved a profit before taxation of RM8.7 million, a 7.6% reduction as compared to the RM9.4 million achieved for the immediate preceding quarter. The variance is mainly due to the higher revenue recognised in the oilfield equipment and services segment during the immediate preceding quarter compared to the current quarter under review. B3. 2008 PROSPECTS The Board of Directors are confident that the prospects of the Group remain positive under the current favourable outlook of the O & G industry and the prevailing business and economic environment, barring unforeseen circumstances, 13
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