board of directors - Petron

REPORT OF THE DIRECTORSThe Directors are pleased to submit the annual report together with the audited financial statements of theCompany for the year ended December 31, 2001.PRINCIPAL ACTIVITIESThe Company is a public company incorporated in Malaysia under the Companies Act, 1965 and is listed on theKuala Lumpur Stock Exchange. The Company's principal activities are the manufacturing and marketing ofpetroleum products in Peninsular Malaysia. There has been no significant change in the nature of theCompany's activities during the year.FINANCIAL RESULTSRM'000Profit after taxation 182,481Retained profits brought forward 227,365Retained profits carried forward 409,846DIVIDENDSThe Directors propose that a final gross dividend of 10 sen less Malaysian income tax at 28% per ordinary stockunit, amounting to RM19,440,000, be paid for the year ended December 31, 2001.No interim dividend was declared in 2001, and no dividend was declared or paid in 2001 in respect of thefinancial year ended 2000.RESERVES AND PROVISIONSAll material transfers to or from reserves and provisions during the year are shown in the financial statements.STATUTORY INFORMATION ON THE FINANCIAL STATEMENTSBefore the income statement and balance sheet were completed, the Directors took reasonable steps:1. to satisfy themselves that all trade accounts receivable had been properly analysed, that bad debts hadbeen written off where appropriate and that adequate allowances had been established for doubtfuldebts, and2. to ensure that any current assets, which were unlikely to be realised in the ordinary course of business,were written down to the expected realisable amount.ANNUAL REPORT & ACCOUNTS 2001At the date of this report, the Directors are not aware of any circumstances:1. which would make the amounts written off for bad debts or the amount of the allowance fordoubtful debts in the financial statements of the Company inadequate to any substantial extent; or2. which would make the values attributed to current assets in the financial statements of theCompany misleading; or3. which would make adherence to the existing method of valuation of assets or liabilitiesof the Company misleading or inappropriate.No contingent or other liability has become enforceable or is likely to become enforceable within the period oftwelve months after the end of the year which, in the opinion of the Directors, will or may affect the ability of theCompany to meet its obligations when they fall due.ESSO MALAYSIA BERHAD20