Directors - Boustead Holdings Berhad

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Notes to the Financial Statements 2. CHANGES IN ACCOUNTING POLICIES (cont’d.) (c) FRS 101: Presentation of financial statements Prior to 1 January 2006, minority interests at the balance sheet date were presented in the consolidated balance sheet separately from liabilities and equity. Upon the adoption of the revised FRS 101, minority interests are now presented within total equity. In the consolidated income statement, minority interests are presented as an allocation of the total profit or loss for the year. A similar requirement is also applicable to the statement of changes in equity. The revised FRS 101 also requires disclosure, on the face of the statement of changes in equity, total recognised income and expense for the year, showing separately the amounts attributable to equity holders of the Company and to minority interests. 92 Prior to 1 January 2006, the Group’s share of taxation of Associates accounted for using the equity method was included as part of the Group’s income tax expense in the consolidated income statement. Upon the adoption of the revised FRS 101, the share of taxation of Associates accounted for using the equity method are now included in the respective shares of results reported in the consolidated income statement before arriving at the Group’s profit before tax. New planting expenditure previously classified under property, plant and equipment are now disclosed separately as biological assets. The group maintains its existing policy on biological assets and shall comply with the provisions of FRS 141: Agriculture when it becomes mandatory for application in Malaysia. (d) Effects from adoption of new and revised FRSs The following tables provide estimates of the extent to which each of the line items in the Group’s balance sheet and income statement for the year ended 31 December 2006 is lower or higher than it would have been had the previous policies been applied in the current year. The effects of the change in accounting policies on the Company’s financial statements is not significant. (i) Effects on balance sheet as at 31 December 2006 FRS 3 FRS 140 FRS 101 Total Increase/(decrease) RM’000 RM’000 RM’000 RM’000 Property, plant and equipment –– (255,304) (185,292) (440,596) Biological assets –– –– 185,292 185,292 Investment properties –– (180,282) –– (180,282) Investment in Associates (11,214) –– –– (11,214) Goodwill on consolidation (5,824) –– –– (5,824) Revaluation reserve –– 11,484 –– 11,484 Retained earnings 17,038 (62,549) –– (45,511) Minority interests –– (22,928) –– (22,928) Deferred tax liabilities –– (1,029) –– (1,029) Other payables –– –– (20,012) (20,012) Other payables (non-current) –– –- 44,640 44,640 Borrowings (non-current) –– –- (24,628) (24,628)
2. CHANGES IN ACCOUNTING POLICIES (cont’d.) (d) Effects from adoption of new and revised FRSs (cont’d.) (ii) Effects on income statement for the year ended 31 December 2006 FRS 3 FRS 140 FRS 101 Total Increase/(decrease) RM’000 RM’000 RM’000 RM’000 Depreciation for the year — (4,768) –– (4,768) Amortisation of goodwill on consolidation 17,038 –– –– 17,038 Amortisation of negative goodwill 19,364 — –– 19,364 Profit before tax 2,326 4,768 –– 7,094 Tax expense — (1,335) –– (1,335) Profit for the year 2,326 3,433 –– 5,759 Earnings per share – Sen Basic 0.39 0.58 –– 0.97 Fully diluted 0.36 0.53 –– 0.89 (iii) Restatement of comparatives The following comparative amounts have been restated as a result of adopting new and revised FRSs: Previously stated FRS 101 Restated Increase/(decrease) RM’000 RM’000 RM’000 Group Property, plant and equipment 1,537,108 (252,969) 1,284,139 Biological assets –– 252,969 252,969 Payables (current) 693,849 (15,227) 678,622 Other payables (non-current) –– 36,029 36,029 Borrowings (non-current) 895,133 (20,802) 874,331 Share of results of Associates 110,813 (28,883) 81,930 Profit before taxation 300,076 (28,883) 271,193 Taxation 69,629 (28,883) 40,746 Company Other payables (non-current) –– 7,227 7,227 Borrowings (non-current) 417,227 (7,227) 410,000 93
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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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RISK MANAGEMENT The Board recognise
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MONITORING AND REVIEW OF THE ADEQUA
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2006 2005 2004 2003 2002 Gearing Bo
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It is often said that change is the
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AL-HADHARAH BOUSTEAD REIT The key h
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OUTLOOK AND PROSPECTS Barring unfor
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Chief Executive’s Review Each yea
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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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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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