directors - The Lion Group

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REPORT OF THE AUDITORS TO THE MEMBERS OF LION INDUSTRIES CORPORATION BERHAD We have audited the accompanying balance sheets as of 30 June 2005 and the related statements of income, cash flows and changes in equity for the year then ended. These financial statements are the responsibility of the Company’s Directors. It is our responsibility to form an independent opinion, based on our audit, on these financial statements and to report our opinion to you, as a body, in accordance with Section 174 of the Companies Act, 1965 and for no other purpose. We do not assume responsibility towards any other person for the content of this report. We conducted our audit in accordance with approved standards on auditing in Malaysia. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Directors, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion: (a) the abovementioned financial statements are properly drawn up in accordance with the provisions of the Companies Act, 1965 and the applicable approved accounting standards in Malaysia so as to give a true and fair view of: (i) the state of affairs of the Group and of the Company as of 30 June 2005 and of the results and the cash flows of the Group and of the Company for the year ended on that date; and (ii) the matters required by Section 169 of the Act to be dealt with in the financial statements and consolidated financial statements; and (b) the accounting and other records and the registers required by the Act to be kept by the Company and by the subsidiary companies of which we have acted as auditors have been properly kept in accordance with the provisions of the Act. We have considered the financial statements and auditors’ reports of the subsidiary companies, of which we have not acted as auditors, as mentioned under Note 47 to the Financial Statements, being financial statements that have been included in the consolidated financial statements. We are satisfied that the financial statements of the subsidiary companies that have been consolidated with the financial statements of the Company are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements, and we have received satisfactory information and explanations as required by us for these purposes. The auditors’ reports on the financial statements of the subsidiary companies were not subject to any qualification and did not include any comment made under Sub-section (3) of Section 174 of the Act. DELOITTE KASSIMCHAN AF 0080 Chartered Accountants KEK AH FONG 1880/4/06 (J) Partner Petaling Jaya, 5 October 2005 34
INCOME STATEMENTS FOR THE YEAR ENDED 30 JUNE 2005 The Group The Company 2005 2004 2005 2004 Note RM’000 RM’000 RM’000 RM’000 Revenue 5 3,965,156 3,637,868 30,032 20,584 Other operating income 6 17,512 7,402 267 22,148 Net changes in inventories 101,313 50,044 – – Raw materials and consumables used (3,123,129) (2,304,870) – – Purchase of trading merchandise (123,474) (282,792) – – Contract costs recognised (1,837) (985) – – Property development expenditure (16,115) (19,961) (137) (2,845) Staff costs 6 (173,799) (193,835) (4,946) (4,070) Directors’ remuneration 7 (951) (1,646) (828) (695) Depreciation of property, plant and equipment 13 (132,621) (152,851) (3,139) (2,949) Amortisation of: Forest concessions 15 (10,796) (10,796) – – Expenditure carried forward 22 (2,094) (10,126) – – Negative goodwill 35,056 38,613 – – Goodwill 23 (19,985) (20,117) – – Other operating expenses 6 (184,847) (365,696) (11,430) (8,025) Profit from operations 329,389 370,252 9,819 24,148 Finance costs 8 (140,011) (153,906) (35,584) (38,329) Share in results of associated companies 214,557 8,783 – – Income from other investments 9 39,370 34,042 27,835 23,323 Loss on disposal of investments for debt settlement 10 (47,044) – – – Gain on disposal of subsidiary companies 18 – 314,606 – – Profit before tax 396,261 573,777 2,070 9,142 Income tax (expense)/credit: 11 Company and subsidiary companies (47,883) (94,337) 4,048 (2,947) Associated companies (13,152) (4,052) – – Profit after tax 335,226 475,388 6,118 6,195 Minority interests (7,661) (139,164) – – Net profit for the year 327,565 336,224 6,118 6,195 Earnings per ordinary share 12 47.6 sen 49.5 sen The accompanying Notes form an integral part of the Financial Statements. 35
Page 2 and 3: CONTENTS The inner pages are printe
Page 4 and 5: 7.2 Proposed Renewal of Shareholder
Page 6 and 7: STATEMENT ACCOMPANYING NOTICE OF AN
Page 8 and 9: DIRECTORS’ PROFILE Tan Sri Dato
Page 10 and 11: Cheng Yong Liang Non-Independent No
Page 12 and 13: Supply of Information The Board mem
Page 14 and 15: Financial Reporting The Board aims
Page 16 and 17: AUDIT COMMITTEE REPORT COMPOSITION
Page 18 and 19: ACTIVITIES DURING THE FINANCIAL YEA
Page 20 and 21: NOMINATION COMMITTEE Chairman : Y.
Page 22 and 23: THE GROUP’S BUSINESSES Advanced s
Page 24: CHAIRMAN’S STATEMENT On behalf of
Page 27 and 28: Beverage 2005 2004 RM’ Million RM
Page 29 and 30: (c) On 23 November 2004, the Compan
Page 31 and 32: RESERVES AND PROVISIONS There were
Page 33 and 34: DIRECTORS’ INTERESTS The Director
Page 35: AUDITORS The auditors, Messrs Deloi
Page 39 and 40: The Group The Company 2005 2004 200
Page 41 and 42: CASH FLOW STATEMENTS FOR THE YEAR E
Page 43 and 44: (ii) ANALYSIS OF DISPOSAL AND LIQUI
Page 45 and 46: The Company 43 2005 2004 Note RM’
Page 47 and 48: NOTES TO THE FINANCIAL STATEMENTS 1
Page 49 and 50: (f) On 24 February 2005, the Compan
Page 51 and 52: (iv) Beverage Division Gross invoic
Page 53 and 54: Property, Plant and Equipment Prope
Page 55 and 56: Associated Companies An associated
Page 57 and 58: Receivables Trade and other receiva
Page 59 and 60: 7. DIRECTORS’ REMUNERATION Direct
Page 61 and 62: 11. INCOME TAX (EXPENSE)/CREDIT Inc
Page 63 and 64: The Group ACCUMULATED DEPRECIATION
Page 65 and 66: The depreciation charge is allocate
Page 67 and 68: 17. LAND HELD FOR PROPERTY DEVELOPM
Page 69 and 70: 18. INVESTMENT IN SUBSIDIARY COMPAN
Page 71 and 72: The effects of the abovementioned d
Page 73 and 74: 20. LONG-TERM INVESTMENTS 71 The Gr
Page 75 and 76: 21. DEFERRED TAX ASSETS/LIABILITIES
Page 77 and 78: 24. INVENTORIES Inventories consist
Page 79 and 80: 27. TRADE RECEIVABLES 77 The Group
Page 81 and 82: 29. RELATED COMPANY TRANSACTIONS (a
Page 83 and 84: 30. DEPOSITS, CASH AND BANK BALANCE
Page 85 and 86: 33. LEASE AND HIRE-PURCHASE PAYABLE
Page 87 and 88:
85 The Group The Company 2005 2004
Page 89 and 90:
(iii) proceeds from the redemption
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37. DEFERRED LIABILITIES 89 The Gro
Page 93 and 94:
39. RESERVES 91 The Group The Compa
Page 95 and 96:
The Group The Company 2005 2004 200
Page 97 and 98:
The Group Timber 2005 Property extr
Page 99 and 100:
(b) Geographical Segments: The Grou
Page 101 and 102:
Financial Risk Management Objective
Page 103 and 104:
47. SUBSIDIARY COMPANIES The subsid
Page 105 and 106:
Effective Percentage Name of Compan
Page 107 and 108:
Effective Percentage Name of Compan
Page 109 and 110:
STATEMENT BY DIRECTORS The Director
Page 111 and 112:
INFORMATION ON LEVEL 1 SPONSORED AM
Page 113 and 114:
Tenure/ Net Date of Address Expiry
Page 115 and 116:
Tenure/ Net Date of Address Expiry
Page 117 and 118:
Registered Shareholders No. of Shar
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OTHER INFORMATION (I) NON-AUDIT FEE
Page 121 and 122:
(IV) STATUS OF CONDITIONS IMPOSED B
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(c) Issues Affecting the Joint-Vent
Page 125:
✄ FORM OF PROXY I/We ............
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