BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

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66 D I R E C T O R S ’ R E P O R T FOR THE YEAR ENDED 30 APRIL 1998 The directors have pleasure in submitting their report together with the audited accounts of the Company and of the Group for the financial year ended 30 April 1998. PRINCIPAL ACTIVITIES The principal activities of the Company consist of investment holding and provision of management services. The principal activities of the subsidiary and associated companies are described in Note 36 to the accounts. RESULTS Group RM’000 Company RM’000 Profit before taxation 342,384 50,327 Taxation (109,030) (9,503) 233,354 40,824 Minority interests (228,616) - Profit attributable to shareholders 4,738 40,824 Retained profits brought forward as previously reported 632,741 513,986 Prior year adjustment (57,627) (57,627) Retained profits brought forward as restated 575,114 456,359 Profits available for appropriation 579,852 497,183 Transfer from reserves 7,610 - Dilution of interest in subsidiary companies (24,310) - Dividends (21,466) (21,466) Retained profits carried forward 541,686 475,717 DIVIDENDS The amount of dividends paid or declared by the Company since 30 April 1997 were as follows: RM’000 In respect of the financial year ended 30 April 1997 as proposed in the directors’ report of that year Final dividend of 7.5 sen per share, less 30% tax paid on 8 January 1998 46,094 In respect of the financial year ended 30 April 1998 Interim dividend of 2 sen per share, less 28% tax paid on 17 March 1998 12,673 The directors recommend a final dividend of 1 sen per share, less 28% tax, amounting to approximately RM8,753,000 in respect of the current financial year. The proposed final dividend of 1% per share is based on the Company’s issued and paid-up share capital of 1,215,762,000 ordinary shares of RM1.00 each as at 30 April 1998. RESERVES AND PROVISIONS There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in Notes 21 and 23 to the accounts. BAD AND DOUBTFUL DEBTS Before the profit and loss accounts and balance sheets were made out, the directors took reasonable steps to ascertain that action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts. At the date of this report, the directors are not aware of any circumstances which would render the amount written off for bad debts or the amount of provision for doubtful debts in the accounts of the Company and of the Group inadequate to any substantial extent.
67 D I R E C T O R S ’ R E P O R T FOR THE YEAR ENDED 30 APRIL 1998 CURRENT ASSETS Before the profit and loss accounts and balance sheets were made out, the directors took reasonable steps to ensure that any current assets which were unlikely to be realised in the ordinary course of business including their values as shown in the accounting records of the Company and of the Group have been written down to an amount which they might be expected so to realise. At the date of this report, the directors are not aware of any circumstances which would render the values attributed to the current assets in the accounts of the Company and of the Group misleading. VALUATION METHODS 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 or liabilities of the Company and of the Group misleading or inappropriate. CONTINGENT AND OTHER LIABILITIES At the date of this report, there does not exist:- (a) (b) any charge on the assets of the Company or of the Group which has arisen since the end of the financial year which secures the liabilities of any other person; or, any contingent liability of the Company or of the Group which has arisen since the end of the financial year. No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the end of the financial year which, in the opinion of the directors, will or may substantially affect the ability of the Company or of the Group to meet their obligations when they fall due. CHANGE OF CIRCUMSTANCES At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or the accounts of the Company or of the Group which would render any amount stated in the accounts misleading. ITEMS OF AN UNUSUAL NATURE The results of the operations of the Company and of the Group during the financial year 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 financial 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 Company or of the Group for the financial year in which this report is made. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR Significant events during the financial year are disclosed in Note 34 to the accounts. SUBSEQUENT EVENTS Significant events subsequent to the end of the financial year are disclosed in Note 35 to the accounts. ISSUE OF SHARES During the financial year, the Company issued 771,500 new ordinary shares of RM1.00 each under its Staff Share Option Scheme and 337,777,080 new ordinary shares of RM1.00 each arising from the conversion of RM675,554,162 1996/2001 6% Irredeemable Convertible Unsecured Loan Stocks (“BGB ICULS”) at the rate of RM2.00 nominal value of BGB ICULS for one fully paid ordinary share.
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Strength In Diversity BERJAYA GROUP
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5 Corporate Profile The Berjaya Gro
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VACATION TIME-SHARE, HOTELS, RESORT
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BEFORE CHANGE IN SHAREHOLDING * 199
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13 Group Addresses BERJAYA MAHE BEA
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BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

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