directors - The Lion Group

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Property Development Activities Property development revenue are recognised for all units sold using the percentage of completion method, by reference to the stage of completion of the property development projects at the balance sheet date as measured by the proportion that development costs incurred for work performed to-date bear to the estimated total property development costs on completion. When the outcome of a property development activity cannot be estimated reliably, property development revenue is recognised to the extent of property development costs incurred that is probable of recovery. Any anticipated loss on a property development project (including costs to be incurred over the defects liability period), is recognised as an expense immediately. Inventories of unsold completed development units are stated at the lower of cost and net realisable value. Accrued billings represent the excess of property development revenue recognised in the income statement over the billings to purchasers while advance billings represent the excess of billings to purchasers over property development revenue recognised in the income statement. Inventories Trading merchandise, finished goods, work-in-progress, raw materials and other products are valued at the lower of cost and net realisable value. Cost is determined principally on the ‘weighted average’ method. The cost of raw materials comprise the original purchase price plus cost incurred in bringing the inventories to their present locations and conditions. The cost of work-in-progress and finished goods comprise the cost of raw materials, direct labour, direct charges and an appropriate proportion of production overheads. Completed property units for sale are valued at the lower of cost and net realisable value. Cost is determined using the ‘specific identification’ method. Goods-in-transit are valued at the lower of cost and net realisable value. Net realisable value represents the estimated selling price in the ordinary course of business less selling and distribution costs and all other estimated costs to completion. In arriving at net realisable value, due allowance is made for damaged, obsolete or slow moving inventories. Construction Contracts When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date, as measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs. Variations in contract work, claims and incentive payments are included to the extent that they have been agreed with the customers. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that are probable of recovery. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately as an allowance for foreseeable loss. Amount due from contract customers represents the excess of cost incurred todate and portion of profit or loss attributable to work performed todate over progress billings while amount due to contract customers represents the excess of progress billings over costs incurred todate and portion of profit or loss attributable to work performed todate. 54
Receivables Trade and other receivables are stated at nominal value as reduced by the appropriate allowances for estimated irrecoverable amounts. Allowance for bad and doubtful receivables is made based on estimates of possible losses which may arise from non-collection of certain receivable accounts while receivables considered to be uncollectible are written off. RM Denominated Bonds (“LICB Bonds”) and USD Consolidated and Rescheduled Debts (“USD Debts”) LICB Bonds and USD Debts are recorded at the net present value of debts to be settled, net of borrowing costs, if any, adjusted for accretion of interest over the period of the debts. Borrowing costs are amortised, using the straight-line method, over the period of the debts. Provisions Provisions are recognised when the Group or the Company has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation, and when a reliable estimate of the amount can be made. Cash Flow Statements The Group and the Company adopt the indirect method in the preparation of the cash flow statements. Cash equivalents are short-term, highly liquid investments with maturities of three months or less from the date of acquisition and are readily convertible to cash with insignificant risks of changes in value. 5. REVENUE An analysis of revenue is as follows: 55 The Group The Company 2005 2004 2005 2004 RM’000 RM’000 RM’000 RM’000 Sales of goods 3,904,098 3,534,453 – – Gross rental income 17,046 46,863 7,355 7,330 Revenue from: Property development 27,173 30,781 137 3,418 Sales of land under development and completed property units 1,563 10,846 135 3,410 Construction contracts 1,404 460 – – Tuition and other related fees 13,872 14,442 – – Gross dividend income from: Subsidiary companies – – 19,504 6,403 Associated company (quoted in Malaysia) – – 2,901 – Other investment (quoted in Malaysia) – 23 – 23 3,965,156 3,637,868 30,032 20,584
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 and 36: AUDITORS The auditors, Messrs Deloi
Page 37 and 38: INCOME STATEMENTS FOR THE YEAR ENDE
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: Associated Companies An associated
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
Page 91 and 92: 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
Page 119 and 120:
OTHER INFORMATION (I) NON-AUDIT FEE
Page 121 and 122:
(IV) STATUS OF CONDITIONS IMPOSED B
Page 123 and 124:
(c) Issues Affecting the Joint-Vent
Page 125:
✄ FORM OF PROXY I/We ............
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