Directors - Boustead Holdings Berhad

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Affin Moneybrokers reported a profit of RM1.6 million while Affin Securities was able to capitalise on a resurgent Bursa Malaysia to record a higher profit of RM2.4 million. Affin Insurance Brokers recorded a profit of RM215,000 despite a drop in net brokerage income and net interest income. AXA AFFIN Life Insurance Berhad, a joint venture between AXA Asia Pacific Holdings Ltd and Affin Holdings Berhad commenced operations of its life insurance business activity in the second half of 2006, following the successful acquisition of the life insurance business of Tahan Malaysia Berhad. AXA Affin General Insurance Berhad recorded a pre-tax profit of RM42.5 million due to higher earned premium and investment income. Royal & Sun Alliance Insurance (M) Berhad closed the year with a pre-tax profit of RM49 million. Gross premium grew by 25% to RM278 million, and investment profit improved by 13%. In addition, operating ratios were capped at 85% and solvency margins remained strong at 215%. Perimekar Sdn Bhd, an associate company of the Group engaged in the marketing, upgrading, maintenance and related services for the Malaysian maritime defence industry, contributed positively to our earnings due to a strong revenue stream derived from contract billings. While Boustead Credit Sdn Bhd remained profitable due to strict credit control policies designed to keep doubtful debts at manageable levels. The Group raised its stake in Boustead Naval Shipyard Sdn Bhd (BNS) from 31% to 41% at the end of December 2006. Since our takeover in 2005, BNS successfully handed over the first two patrol vessels to Tentera Laut DiRaja Malaysia in 2006. Delivery for the remaining four new generation patrol vessels is scheduled in three years. 52
Patrol vessel undergoing sea trial BNS was awarded a RM41 million contract by Tanjung Kapal Services Sdn Bhd, a wholly-owned subsidiary of Tanjung Offshore Bhd, for the engineering, construction, testing and delivery of an anchor handling tug supply vessel. This reflects the growing confidence in our ability to manage and deliver on our shipbuilding capabilities. PSC Industries Berhad is currently undergoing a restructuring scheme and in tandem with this, we are seeking shareholders’ approval. We expect this investment to be a challenging but viable proposition in terms of growth and improving shareholder value. 53
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www.boustead.com.my Boustead Holdin
Page 3 and 4: annual report
Page 5 and 6: Standing from left Y. BHG. LT. GEN.
Page 7 and 8: Y. BHG. TAN SRI DATO’ LODIN WOK K
Page 9 and 10: Y. BHG. DATUK AZZAT KAMALUDIN Non-I
Page 11 and 12: Corporate Calendar FINANCIAL YEAR 1
Page 13 and 14: En Hussin Abdul Jalil Boustead Esta
Page 15 and 16: Puan Azizah Aris Boustead Emasewa P
Page 17 and 18: Audit Committee Report Attendance N
Page 19 and 20: ACTIVITIES DURING THE FINANCIAL YEA
Page 21 and 22: THE BOARD OF DIRECTORS IS COMMITTED
Page 23 and 24: The composition of the Board and th
Page 25 and 26: Remuneration Committee The Board ha
Page 27 and 28: Internal Control The information on
Page 29 and 30: RISK MANAGEMENT The Board recognise
Page 31 and 32: MONITORING AND REVIEW OF THE ADEQUA
Page 33 and 34: 2006 2005 2004 2003 2002 Gearing Bo
Page 35 and 36: It is often said that change is the
Page 37 and 38: AL-HADHARAH BOUSTEAD REIT The key h
Page 39 and 40: OUTLOOK AND PROSPECTS Barring unfor
Page 41 and 42: Chief Executive’s Review Each yea
Page 43 and 44: The Al-Hadharah Boustead REIT has b
Page 45 and 46: Financial Highlights Average Prices
Page 47 and 48: As one of the leading GLCs and key
Page 49 and 50: Financial Highlights 1,750 1,400 1,
Page 51 and 52: This shopping and dining haven was
Page 53: Financial Highlights 1,500 1,200 90
Page 57 and 58: Financial Highlights 3,500 2,800 2,
Page 59 and 60: 95 Hospital Angkatan Tentera under
Page 61 and 62: Financial Highlights 1,000 800 600
Page 63: University of Nottingham Malaysia C
Page 66 and 67: Directors’ Report The Directors h
Page 68 and 69: Directors’ Report DIRECTORS’ IN
Page 70 and 71: Directors’ Report OTHER STATUTORY
Page 72 and 73: Auditors’ Report TO THE MEMBERS O
Page 74 and 75: Balance Sheets As at 31 December 20
Page 76 and 77: Statements of Changes in Equity For
Page 78 and 79: Statements of Changes in Equity For
Page 80 and 81: Cash Flow Statements For the year e
Page 82 and 83: Accounting Policies (c) ASSOCIATES
Page 84 and 85: Accounting Policies (e) CURRENCY CO
Page 86 and 87: Accounting Policies (i) DEVELOPMENT
Page 88 and 89: Accounting Policies (p) FINANCIAL I
Page 90 and 91: Accounting Policies (r) SEGMENTAL R
Page 92 and 93: Notes to the Financial Statements 1
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Notes to the Financial Statements 1
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Boustead Group 140 Group Interest %
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Boustead Group 142 Group Interest %
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Additional Disclosure (Pursuant to
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Recurrent Related Party Transaction
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Recurrent Related Party Transaction
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Group Property Portfolio 150 Age of
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Group Oil Palm Agricultural Statist
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Location of Group Plantation Proper
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Shareholding Statistics 166 AS AT 3
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Statement of Directors’ Interest
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Notice of Annual General Meeting NO
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Notice of Annual General Meeting SP
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Notice of Annual General Meeting wh
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Statement Accompanying Notice of An
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Boustead Management Services Sdn Bh
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Directors - Boustead Holdings Berhad

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