Directors - Boustead Holdings Berhad

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Cash Flow Statements For the year ended 31 December 2006 78 Group Company 2006 2005 2006 2005 RM’000 RM’000 RM’000 RM’000 Financing activities Issue of shares – by the Company 8,620 16,156 8,620 16,156 – by Subsidiaries to minority interests Dividends paid 3,927 59,239 –– –– – by the Company (68,539) (67,655) (68,539) (67,655) – by Subsidiaries to minority interests (47,321) (31,300) –– –– Proceeds from long term loans 149,945 208,382 –– –– Repayment of long term loans Increase of revolving credits (159,670) (608,498) (20,000) (220,000) and bankers’ acceptances 297,583 336,052 124,250 235,662 Receipts from group companies –– –– 594,962 753,420 Payments to group companies –– –– (708,525) (656,138) Interest paid (122,632) (110,842) (105,987) (61,416) Repayment of redeemable preference shares (5,416) –– –– –– Net cash from/(used in) financing activities 56,497 (198,466) (175,219) 29 Net (decrease)/increase in cash and cash equivalents (169,376) 107,112 (7,271) (36,492) Foreign currency translation difference (38) (74) –– –– Cash and cash equivalents at beginning of year 273,030 165,992 (30,485) 6,007 Cash and cash equivalents at end of year 103,616 273,030 (37,756) (30,485) Cash and cash equivalents at end of year comprise: Deposits, cash and bank balances 190,553 356,376 8,263 6,602 Overdrafts (86,937) (83,346) (46,019) (37,087) Cash and cash equivalents at end of year 103,616 273,030 (37,756) (30,485) The accompanying notes form an integral part of these financial statements.
Accounting Policies (a) BASIS OF PREPARATION The financial statements of the Group and the Company are prepared under the historical cost convention unless otherwise indicated in the accounting policies below, and comply with applicable MASB Approved Accounting Standards in Malaysia for Entities Other Than Private Entities and the provisions of the Companies Act, 1965. At the beginning of the financial year, the Group and the Company had adopted new and revised FRSs which are mandatory for financial periods beginning on or after 1 January 2006 as described fully in Note 2. The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand (RM’000) except when otherwise stated. (b) BASIS OF CONSOLIDATION The consolidated financial statements incorporate the audited financial statements of the Company and its Subsidiaries made up to the end of the year. Subsidiaries are companies in which the Group has the ability to control the financial and operating policies so as to obtain benefits from their activities. The existence and effects of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group has such power over another entity. Details of Subsidiaries are given on pages 140 to 142. Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of Subsidiaries are prepared for the same reporting date as the Company, and uniform accounting policies are adopted in the consolidated financial statements for like transactions and events in similar circumstances. All inter-company balances and transactions, including unrealised profits or losses arising from them are eliminated. Acquisitions of Subsidiaries are accounted for using the purchase method. At the date of acquisition, the fair values of the Subsidiaries’ assets acquired and liabilities and contingent liabilities assumed are determined and these values are reflected in the consolidated financial statements. The cost of an acquisition is measured as the aggregate of the fair values, at the date of exchange, of the assets given, liabilities incurred or assumed, and equity instruments issued, plus any costs directly attributable to the acquisition. The excess of the acquisition cost over the Group’s interest in these fair values is reflected as goodwill. The excess of the Group’s interest in these fair values over the acquisition cost represents negative goodwill, which is recognised immediately in profit or loss. Minority interests represent the portion of profit or loss and net assets in Subsidiaries that is not held by the Group and is presented separately within equity in the consolidated balance sheet. It is measured at the minorities’ share of the fair value of the Subsidiaries’ identifiable assets and liabilities at the acquisition date and the minorities’ share of changes in the Subsidiaries’ equity since then. 79
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www.boustead.com.my Boustead Holdin
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annual report
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Standing from left Y. BHG. LT. GEN.
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Y. BHG. TAN SRI DATO’ LODIN WOK K
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Y. BHG. DATUK AZZAT KAMALUDIN Non-I
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Corporate Calendar FINANCIAL YEAR 1
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En Hussin Abdul Jalil Boustead Esta
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Puan Azizah Aris Boustead Emasewa P
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Audit Committee Report Attendance N
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ACTIVITIES DURING THE FINANCIAL YEA
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THE BOARD OF DIRECTORS IS COMMITTED
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The composition of the Board and th
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Remuneration Committee The Board ha
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Internal Control The information on
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Page 45 and 46: Financial Highlights Average Prices
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Page 51 and 52: This shopping and dining haven was
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Notes to the Financial Statements 3
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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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