Content2011 - PETRONAS Gas Berhad

Earnings Per Share and Net Dividends Per Share (Sen)
63.0
27.3
10.8
2007
Trade and other inventories decreased by
30.3% (RM43.6 million) from RM144.0 million
as at 31 March 2010 to RM100.4 million as
at 31 March 2011 mainly due to the writing
off of obsolete and non-moving inventories
identified under the Group’s Inventory Value
Optimisation initiative amounting to RM28.5
million.
Fund and other investments of RM275.1
million comprise investments in Malaysian
Government Securities and other unquoted
securities held as at 31 March 2011.
Cash and cash equivalents increased by 26.3%
(RM574.6 million) from RM2,181.5 million
as at 31 March 2010 to RM2,756.1 million
as at 31 March 2011. During the year, the
Company paid dividend of RM989.4 million
to shareholders.
LiABiLities
55.2
31.3
10.9
2008
46.9
33.7
11.3
2009
Total liabilities for the Group increased by
9.7% (RM177.0 million) from RM1,817.7
million as at 31 March 2010 to RM1,994.7
million as at 31 March 2011. The increase was
mainly due to higher trade and other payables
by 68.2% (RM137.9 million) and provision for
taxation by 248.1% (RM79.9 million).
47.6
35.0
15.0
2010
72.7
35.0*
15.0
2011
Interim Dividend Final Dividend Earnings Per Share
*To be approved at the Company’s Twenty Eighth Annual General Meeting on 22 July 2011.
The increase in trade and other payables by
68.2% was in line with increase in capital
expenditure for the Group.
Provision for taxation increased by 248.1%
(RM79.9 million) from RM32.2 million as at
31 March 2010 to RM112.1 million as at 31
March 2011. This increase was mainly due to
increase in tax instalment in line with higher
profi t before tax for the fi nancial year ended
31 March 2011.
Borrowings decreased by 3.2% (RM14.1
million) from RM437.7 million as at 31 March
2010 to RM423.6 million as at 31 March 2011.
The decrease was due to the retranslation of
the unsecured term loan of RM587.3 million,
offset by the revaluation of the Currency
Exchange Agreement of RM163.7 million, as
a result of FRS 139 adoption.
Deferred income balance of RM11.9 million
as at 31 March 2011 mainly represents the
deferred amount relating to access right to
our gas pipeline corridor granted to Trans
Thai-Malaysia (Malaysia) Sdn. Bhd. for a period
of 20 years from 1 April 2004 and access
right to our gas pipeline corridor granted to
Fiberail Sdn. Bhd. for a period of 20 years
from 9 February 2006. The former was for the
69 annual report 2011
purpose of constructing and operating their
pipeline system whilst the latter was for the
purpose of constructing and operating their
fi ber optic network.
eQUitY
At the Group level, total equity attributable to
the shareholders of the Company increased
by 5.6% (RM449.9 million) from RM8,015.9
million as at 31 March 2010 to RM8,465.8
million. The increase was due to net profi t
attributable to the shareholders of the
Company of RM1,439.3 million, less dividend
paid in the fi nancial year of RM989.4 million.
Total equity was increased by minority interest
of RM49.4 million to RM8,515.2 million as at
31 March 2011. The minority interest consists
of the minority shareholder’s proportion of
the share capital and reserves of KPSB.
siGnifiCAnt event
On 1 December 2010, the Company entered
into a Heads of Agreement with PETRONAS
for the development of Liquefi ed Natural Gas
(LNG) Regasification Facilities (the Project) by
the Company and the subsequent provision of
LNG regasifi cation services by the Company to
PETRONAS.
The Project will be located in the vicinity
of Sungai Udang Port, Melaka and will
encompass the following facilities:
(i) 2 floating storage units (FSUs) to receive
and store LNG;
(ii) An island jetty and regasifi cation unit (JRU)
to regasify LNG; and
(iii) Subsea and onshore pipelines to transport
the regasifi ed LNG from the JRU to the
Peninsular Gas Utilisation (PGU) pipeline
network.
The Regasification Facilities will have a
maximum send-out capacity of 3.8 million
tonnes per annum and is expected to be
completed in July 2012.