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TNB Financial Report 2002 67 37. Prior Year Adjustment During the financial year, the Group has changed its accounting policy with respect to recognition of proposed final dividend after balance sheet date in compliance with MASB No. 19 ‘Events After the Balance Sheet Date’. In previous financial years, dividends were accrued as a liability when proposed by Directors. The Group has now changed this accounting policy to recognise dividends in shareholders’ equity in the period in which the obligation to pay is established in accordance with MASB No. 19. Therefore, final dividends are now accrued as a liability after approval by shareholders at the Annual General Meeting. The change in accounting policy has been accounted for retrospectively. Comparative information has been restated to reflect the change in accounting policy. The effects of the above changes of accounting policy on the Group’s and Company’s financial statements are as follows: As Effects of previously change As reported in policy restated RM’million RM’million RM’million Group Retained profits: – 31 August 2000 7,089.0 156.6 7,245.6 – 31 August 2001 8,970.9 133.6 9,104.5 Company Retained profits: – 31 August 2000 7,283.9 156.6 7,440.5 – 31 August 2001 9,528.9 133.6 9,662.5 Group and Company Proposed final dividend: – 31 August 2000 156.6 (156.6) 0 – 31 August 2001 133.6 (133.6) 0 38. Subsequent Events (a) On 2 October 2002, the Company entered into agreements to put in place a RM1,500.0 million Murabahah Commercial Papers/Murabahah Medium Term Notes Facility. The Facility will be utilised by the Company as and when required during the 7-year tenor to part finance capital expenditures relating to generation, transmission and distribution assets for financial year ending 31 August 2003, and to meet working capital requirements. (b) At its Extraordinary General Meeting held on 10 October 2002, the Company obtained the approval of its shareholders for the proposed issuance of: (i) (ii) Up to RM200 million nominal value 5-year Unsecured Convertible Redeemable Income Securities; and Up to USD500 million nominal value 5-year Guaranteed Exchangeable Bonds by TNB Capital (L) Ltd (formerly known as Cofus Ltd), a wholly owned subsidiary of the Company.
TNB Financial Report 2002 68 Statement by Directors pursuant to Section 169 (15) of the Companies Act, 1965 We, DATO’ DR JAMALUDIN BIN DATO’ MOHD JARJIS and DATO’ PIAN BIN SUKRO, two of the Directors of TENAGA NASIONAL BERHAD, do hereby state that, in the opinion of the Directors, the financial statements set out on pages 20 to 67 are drawn up so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 August 2002 and of the results and the cash flows of the Group and of the Company for the financial year ended on that date in accordance with the applicable approved accounting standards in Malaysia and the provisions of the Companies Act, 1965. Signed on behalf of the Board of Directors, in accordance with their resolution dated 12 November 2002. DATO’ DR JAMALUDIN BIN DATO’ MOHD JARJIS Chairman DATO’ PIAN BIN SUKRO President/Chief Executive Officer Statutory Declaration I, NIK IBRAHIM BIN NIK MOHAMED, the person primarily responsible for the financial management of TENAGA NASIONAL BERHAD, do solemnly and sincerely declare that the financial statements set out on pages 20 to 67 are, in my opinion, correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960. NIK IBRAHIM BIN NIK MOHAMED Subscribed and solemnly declared by the abovenamed Nik Ibrahim bin Nik Mohamed at Kuala Lumpur, Malaysia on 12 November 2002, before me. PESURUHJAYA SUMPAH WOON YOON THIAM Commissioner For Oaths No. W252 WOON YOON THIAM AMN M A L AY SIA NO. 1, JALAN ABDULLAH OFF JALAN BANGSAR. 59000 KUALA LUMPUR
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