Notes to the Financial Statements - Cahaya Mata Sarawak Bhd

More documents

Recommendations

Info

28 Premix CMS Premix Sdn Bhd in Kuching and CMS Premix (Miri) Sdn Bhd supply about 60% of Sarawak’s market for high quality asphaltic concrete (premix) and bitumen emulsion. Both materials are used for the construction of roads, fl yovers and airport runways in Sarawak. CMS Premix also has operations in Sibu and Bintulu. CMS Premix posted a PBT of RM6.87 million while CMS Premix (Miri) posted a PBT of RM3.62 million for the year ended 31 December 2011 respectively. This was 56% and 11% respectively lower than 2010’s record fi gures, although their market share has not fallen. Their fi nancial performance is creditable given the challenges they faced in 2011. These included higher bitumen and diesel prices, a bitumen shortage, high rainfall in December and reduced demand from both the public and the private sectors. A new premix plant at Bintulu has been set up to supplement the aging plant in Bintulu. The new 150 MT/HR plant with integrated emission controls built in has successfully commenced operation in December 2011. This will position CMS Premix to better meet the demand in the Bintulu area. This demand is expected to increase with the accelerating implementation of projects in, and consequential on, the new heavy industrial projects being built in the Samalaju Industrial Park as new roads will be needed and existing roads upgraded. CMS Wires Sdn Bhd manufactures steel drawn wires and wire mesh for the local construction industry. CMS Wires annual sales volume dropped by 8% compared to the previous year as a result of decreased demand, especially in the second half of 2011. This was due to the overall slowdown in the construction industry which depressed profi t margins as a result of increased competition. In addition, CMS Wires also made impairments of doubtful debts resulting in a pre-tax loss of RM3.15 million. Going forward, the Management is reviewing options to increase its production capacity and effi ciency. Cahya Mata Sarawak Berhad Wires
Construction & Road Maintenance The Construction & Road Maintenance Division is involved in a wide range of construction and road maintenance projects across the State, principally through PPES Works (Sarawak) Sdn Bhd which also maintains in road maintenance where it maintains approximately 680 km of Federal roads. CMS Roads Sdn Bhd maintains approximately 4,800 km of State roads. The Division registered a PBT of RM59.30 million for 2011 representing a 48% increase on 2010. This increase was driven by the re-acquisition of CMS Roads Sdn Bhd, the concession holder for maintenance of the State’s roads and CMS Pavement Tech Sdn Bhd, a pavement works contractor specialising in cement stabilised road upgrading and rehabilitation works. With an increasingly competitive and crowded market in the construction sector, the Division has adopted new strategies for growth. These include more bids for projects in consortiums so as to harness multiple competencies, more internally generated proposals to the State and taking on the role of main contractor and project manager for CMS’ growing Property Development Division. Lastly, the Division is putting an especial focus on the quality of work it undertakes to be in line with CMS’ Mission Statement of being “On Time And On Spec” so that its customers see the Division as a contractor of choice within the State. Annual Report 2011 29
Page 1 and 2: Playing Our Role In Nation-building
Page 3 and 4: CONTENTS 2 3 4 8 13 14 15 20 Perfor
Page 5 and 6: Revenue (RM’000) Profi t before t
Page 7 and 8: “ Dear Shareholders, Group Chairm
Page 9 and 10: Whilst the opportunities for the Gr
Page 11 and 12: 10 Mar 4 May 19 May 26 May 27 Jun 2
Page 13 and 14: 24 Feb 1 Jul 19 Oct 30 Nov 24 Feb 1
Page 15 and 16: ��
Page 17 and 18: Board of Directors Tan Sri Dato’
Page 19 and 20: Y Bhg Dato’ Richard Alexander Joh
Page 21 and 22: Y Bhg Datu Michael Ting Kuok Ngie M
Page 23 and 24: DAVID LING KOAH WI Group General Co
Page 25 and 26: Segmental Analysis Segment Revenue
Page 27 and 28: Clinker CMS Cement owns East Malays
Page 29: Quarrying CMS Quarries Sdn Bhd and
Page 33 and 34: The Isthmus Property Development Th
Page 35 and 36: Education CMS Education Sdn Bhd own
Page 37 and 38: Strategic Investment: K&N Kenanga H
Page 39 and 40: CORPORATE RESPONSIBILITY
Page 41 and 42: Engagement & Communication Performa
Page 43 and 44: CMS Concrete Products Clay bricks m
Page 45 and 46: CMS Employees Volunteer in ‘Doing
Page 47 and 48: CSR Highlights Saving Lives Health
Page 49 and 50: Statement of Corporate Governance T
Page 51 and 52: Employees’ Share Option Scheme (
Page 53 and 54: Prior to each Board meeting, the Di
Page 55 and 56: Statement of Corporate Governance T
Page 57 and 58: Communicating with Shareholders and
Page 59 and 60: Responsibility The Board recognises
Page 61 and 62: Composition The Group Audit Committ
Page 63 and 64: Authority i. The Committee is autho
Page 65 and 66: Utilisation of Proceeds raised from
Page 67 and 68: FINANCIALS
Page 69 and 70: The directors have pleasure in pres
Page 71 and 72: Issue of Shares During the fi nanci
Page 73 and 74: Statement by Directors Pursuant to
Page 75 and 76: Independent Auditors’ Report To t
Page 77 and 78: ASSETS Group Company Note 2011 2010
Page 79 and 80: Statements of Changes In Equity For
Page 81 and 82:
Statements of Cash Flows For the fi
Page 83 and 84:
Statements of Cash Flows For the fi
Page 85 and 86:
Notes to the Financial Statements F
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
5. Interest income Notes to the Fin
Page 109 and 110:
8. Profi t before tax Notes to the
Page 111 and 112:
10. Directors’ remuneration (cont
Page 113 and 114:
12. Earnings per share (a) Basic ea
Page 115 and 116:
13. Property, plant and equipment (
Page 117 and 118:
Page 119 and 120:
14. Prepaid land lease payments Cos
Page 121 and 122:
Page 123 and 124:
18. Goodwill Notes to the Financial
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
19. Investments in subsidiaries (co
Page 131 and 132:
20. Investments in associates (cont
Page 133 and 134:
Page 135 and 136:
22. Deferred tax (contd.) Notes to
Page 137 and 138:
24. Trade and other receivables (co
Page 139 and 140:
25. Other current assets Notes to t
Page 141 and 142:
28. Cash and bank balances (contd.)
Page 143 and 144:
30. CMS Income Securities (contd.)
Page 145 and 146:
30. CMS Income Securities (contd.)
Page 147 and 148:
32. Trade and other payables Notes
Page 149 and 150:
Page 151 and 152:
36. Other reserves (contd.) Company
Page 153 and 154:
38. Employee benefi ts (contd.) Not
Page 155 and 156:
39. Commitments (contd.) Notes to t
Page 157 and 158:
40. Contingencies (contd.) (b) Othe
Page 159 and 160:
41. Related party transactions (con
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
45. Segment information Notes to th
Page 167 and 168:
Page 169 and 170:
46. Dividends Notes to the Financia
Page 171 and 172:
OTHER INFORMATION
Page 173 and 174:
Name of Direct Indirect % of Substa
Page 175 and 176:
List of Properties As at 31 Decembe
Page 177 and 178:
** Land owned by third party Revalu
Page 179 and 180:
Construction & Road Maintenance CMS
Page 181 and 182:
1. To receive the Audited Financial
Page 183 and 184:
Names of Directors who are standing
Page 185 and 186:
Form of Proxy No. of Shares Held: C
Page 188:
CAHYA MATA SARAWAK BERHAD (Company
show all

Notes to the Financial Statements - Cahaya Mata Sarawak Bhd

Create successful ePaper yourself

Delete template?

Save as template?