2001 Annual Report - Kian Joo Can

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CHAIRMAN’S Statement On behalf of the Board of Directors of KIAN JOO CAN FACTORY BERHAD, I am pleased to present to you the Annual Report and Audited Financial Statements for the year ended 31 December 2001. PERFORMANCE & FINANCIAL REVIEWS Group revenue for the year under review improved marginally at RM494.028 million compared with RM493.378 million in the corresponding period. However, Group profit before tax improved 27% at RM41.907 million compared with RM33.034 million in the preceding year. Profit after tax of RM31.555 million was 43% higher than previous year of RM22.009 million. The significant improvement in profit was mainly due to higher contribution from the corrugated and PET division. Losses from subsidiary companies were also lower during the year under review. The rationalisation exercise undertaken by the general cans division such as pooling of resources and effort has resulted in improved efficiency and productivity. Shareholders’ funds increased 5.4% from RM462.776 million in year 2000 to RM487.853 million in year 2001. Earnings per share after tax for the Group improved 26% from 20.7 sen in year 2000 to 26.1 sen in year 2001. Group’s net tangible assets per share improved 5.4% to RM4.22 per share compared with RM4.00 per share in the preceding year. KIAN JOO CAN FACTORY BERHAD (3186-P) 2001 / Annual Report . 19
CHAIRMAN’S Statement (Cont’d) GROUP HIGHTLIGHTS On 1 July 2001, the Company acquired the remaining 40% of the issued and paid up capital of KJM Aluminium Sdn. Bhd. from its Japanese partners, Mitsubishi Corporation, Japan and Mitsubishi Materials Corporation, Japan for a total consideration of RM3.6 million. Upon completion of the acquisition, KJM Aluminium Sdn Bhd became a wholly owned subsidiary of the Company. On 13 August 2001, the Company announced the proposal to establish an Employee Share Option Scheme of up to ten per cent of the Company’s issued and paid-up capital. The Securities Commission had on the 12 September 2001 approved the Company’s proposed ESOS. The shareholders of the Company have approved the ESOS at an Extraordinary General Meeting held on 31 January 2002. The implementation of the Employees Share Option Scheme would enable our employees to participate in the Group’s future growth and to encourage greater sense of belonging and dedication towards the Group. On 1 February 2002, the Company announced the establishment of a wholly owned subsidiary company in Vietnam under the name of Kian Joo Can (Vietnam) Co. Ltd. The new subsidiary would mainly be involved in the manufacture of 3pc cans and plastic products for the food and beverage industries in Vietnam and is expected to commence commercial production towards the end of 2002. CURRENT YEAR’S PROSPECT The prices of raw material have been moving upward and would likely to trend upward due to higher energy cost. Steps have been taken whenever possible to hedge for purchases for year 2002 to minimise the impact of higher raw material cost. Baring any unforeseen circumstances, the Board of Directors expect profit for the current year to be maintained despite the difficult market condition. DIVIDENDS During the year, the Company declared an interim tax exempt dividend of 10% (5 sen per share) and this was paid on 9 November 2001. The Board has recommended a second and final tax exempt dividend of 10% (5 sen per share), for approval by shareholders at the forthcoming Annual General Meeting. Upon approval, the final dividend will be paid on 9 July 2002. APPRECIATION On behalf of the Board, I wish to thank all our customers, suppliers, bankers, management, staff and shareholders for their full support and confidence in the Company. Y.A.M. Tunku Naquiyuddin Ibni Tuanku Ja’afar CHAIRMAN Date: 27 February 2002 20 . Annual Report / 2001 KIAN JOO CAN FACTORY BERHAD (3186-P)
Page 1 and 2: (Incorporated In Malaysia) (3186-P)
Page 3 and 4: NOTICE OF Annual General Meeting NO
Page 5 and 6: CORPORATE Information DIRECTORS Y.A
Page 7 and 8: FIVE YEAR Financial Highlights 2001
Page 9 and 10: PROFILE OF Directors YAM TUNKU NAQU
Page 11 and 12: PROFILE OF Directors (Cont’d) SEE
Page 13 and 14: Corporate Governance Statement (Con
Page 15 and 16: Corporate Governance Statement (Con
Page 17 and 18: AUDIT COMMITTEE Report MEMBERSHIPS
Page 19: AUDIT COMMITTEE Report (Cont’d) S
Page 23 and 24: D I R E C T O R S ’ R e p o r t T
Page 25 and 26: D I R E C T O R S ’ R e p o r t (
Page 27 and 28: D I R E C T O R S ’ R e p o rt (
Page 29 and 30: STATEMENT BY DIRECTORS Pursuant to
Page 31 and 32: BALANCE SHEETS as at 31 December 20
Page 33 and 34: CONSOLIDATED STATEMENT OF CHANGES I
Page 35 and 36: C O N S O L I D ATED CASH FLOW STAT
Page 37 and 38: CASH FLOW STAT E M E N T for the ye
Page 39 and 40: NOTES TO THE FINANCIAL STAT E M E N
Page 59 and 60: LIST OF PROPERT I E S as at 31 Dece
Page 61 and 62: A N A LYSIS OF SHAREHOLDINGS as at
Page 63 and 64: D A I N R A E C LYSIS T O R S OF
Page 65: Please fold here Affix stamp here T

2001 Annual Report - Kian Joo Can

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