Pg 147 - Berjaya Corporation Berhad

Berjaya Land Berhad (201765-A)
Annual Report 2005
31
Directors’ Report
The Directors present their report together with the audited financial statements of the Group and of the Company for the financial year
ended 30 April 2005.
PRINCIPAL ACTIVITIES
The principal activities of the Company are investment holding and the provision of management services to its subsidiary companies.
The principal activities of the subsidiary companies consist of:
(i) property development and investment in properties;
(ii) development and operation of vacation time share, hotels and resorts and water theme park;
(iii) operating of casinos; and
(iv) investment holding.
There have been no significant changes in the nature of the Group’s activities during the financial year other than the dilution of the Group’s
equity interests in Matrix International Berhad (“Matrix”) from 51.99% to 12.89% at 30 April 2005 as explained in Notes 39(5) and 39(6) to
the financial statements.
RESULTS
Group
RM’000
Company
RM’000
Profit before taxation 140,577 109,560
Taxation (70,807) (41,109)
Profit after taxation 69,770 68,451
Minority interests (2,312) -
Profit for the year 67,458 68,451
There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial
statements.
In the opinion of the Directors, the results of the Group and of the Company during the financial year were not substantially affected by any
item, transaction or event of a material and unusual nature other than as disclosed in Note 29 to the financial statements.
DIVIDENDS
Since the last financial year ended 30 April 2004, the Company paid a first interim dividend of 5% less 28% income tax in respect of that
financial year on 867,175,056 ordinary shares, amounting to RM31,218,302 (3.60 sen net per share) on 20 September 2004.
On 27 June 2005, the Company recommended a final dividend of 5% less 28% income tax in respect of the current financial year ended
30 April 2005 on 868,077,556 ordinary shares, amounting to RM31,250,792, to be approved by the Company’s shareholders at the
forthcoming Annual General Meeting. The financial statements for the current financial year do not reflect this dividend. This dividend will be
accounted for in the shareholders’ equity as an appropriation of retained profit in the financial year ending 30 April 2006.
EMPLOYEES’ SHARE OPTION SCHEME
The Employees’ Share Option Scheme (“Scheme”) which was approved by the shareholders on 18 November 1999 lapsed on 6 December
2004 after a period of 5 years. The Company has not established any new Scheme since then.
The main features of the lapsed Scheme were:
(a)
Eligible persons are employees of the Company and its non-listed Malaysian incorporated subsidiary companies which are not dormant
(including full-time Executive Directors and contract employees with renewed contract term of at least three continuous years in
aggregate) in the employment of the Group with at least one year service as at the offer date and all full-time foreign employees of the
Group who are in service for at least three years as at the offer date. Staff who has been granted an option under the Company’s
previous scheme are only allowed to participate in this new Scheme if they have completed at least five years of continuous service in
the Group.