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8. EARNINGS PER SHARE Basic earnings per share Basic earnings per share is calculated by dividing the net profit for the year by the weighted average number of ordinary shares in issue during the financial year as follows: Group 2004 2003 Net profit for the year (RM’000) 119,160 112,512 Weighted average number of ordinary shares in issue (’000) 569,216 432,045 Basic earnings per share (sen) 20.93 26.04 Diluted earnings per share For the purpose of calculating diluted earnings per share, the net profit for the year and the weighted average number of ordinary shares in issue during the year have been adjusted for dilutive effects of all potential ordinary shares in respect of the Company’s bank guranteed redeemable convertible bonds and the share options granted to eligible employees. Group 2004 2003 RM’000 Net profit for the year (RM’000) 119,160 112,512 After-tax effects of interest on bank guaranteed redeemable convertible bonds 1,744 — Adjusted net profit for the year 120,904 112,512 ’000 Weighted average number of ordinary shares in issue 569,216 432,045 Effects of dilution: Share options 7,968 2,954 Bank guaranteed redeemable convertible bonds 18,967 — Adjusted weighted average number of ordinary shares in issue and issuable 596,151 434,999 Diluted earnings per share (sen) 20.28 25.86 107
108 Notes to the Financial Statements 9. DIVIDENDS Amount Gross Dividend per ordinary share 2004 2003 2004 2003 RM’000 RM’000 Sen Sen Interim: First interim of 10% (2003: 7.5%) less tax paid on 8 November 2004 20,799 7,368 5.00 3.75 Second interim of 10% less tax paid on 12 January 2005 20,856 — 5.00 — Proposed final: 41,655 7,368 10.00 3.75 12% (2003: 17.5%) less tax payable on 25 May 2005 25,036 36,176 6.00 8.75 66,691 43,544 16.00 12.50 The Directors will propose at the forthcoming Annual General Meeting to be held on 25 March 2005, a final dividend of 12% per share less tax, amounting to RM25,036,000. These financial statements do not reflect the final dividend which will be accounted for in the shareholders’ equity as an appropriation of retained profit in the year ending 31 December 2005 when approved by shareholders.
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22 corporate governance 38 chairman
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2 Board of Directors
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4 Directors’ Profile Y. Bhg. Gen.
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6 TOP Y. Bhg. Lt. Gen. (R) Dato’
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8 Y. Bhg. Dato’ (Dr.) Megat Abdul
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10 Corporate Information Directors
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12 Senior Management Team En. Danie
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14 Senior Management Team En. Andre
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16 THE BOARD OF DIRECTORS OF BOUSTE
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18 TERMS OF REFERENCE OF THE AUDIT
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20 ACTIVITIES DURING THE FINANCIAL
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22 corporate governance THE BOARD O
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24 Corporate Governance COMPOSITION
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26 Corporate Governance INFORMATION
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28 Corporate Governance Remuneratio
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30 Corporate Governance DIRECTORS
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32 Statement on Internal Control BO
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34 Statement on Internal Control IN
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36 1,300 1,040 780 520 260 0 Five Y
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38 chairman’s statement DEAR SHAR
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40 ECONOMIC LANDSCAPE On the broade
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42 FINANCIAL PERFORMANCE The facts
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44 Although the privatisation of Bo
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46 In addition, other programmes we
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48 OUTLOOK AND PROSPECTS On a Group
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50 chief executive’s review DEAR
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52 Chief Executive’s Review CORPO
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54 In 2004, the division registered
Page 57 and 58: 56 In addition, our commercial clon
Page 59 and 60: 58 The appeal of this design lies i
Page 61 and 62: 60 Year 2004 was an exceptional yea
Page 63 and 64: 62 Up north in Bukit Mertajam, Jern
Page 65 and 66: 64 The division’s contribution of
Page 67 and 68: 66 The division recorded strengthen
Page 69 and 70: 68 TRADING Boustead Global Trade Ne
Page 71 and 72: 70 improving supply and demand tren
Page 73 and 74: 72 Directors’ Report The Director
Page 75 and 76: 74 Directors’ Report DIRECTORS’
Page 77 and 78: 76 Directors’ Report EMPLOYEES’
Page 79 and 80: 78 Directors’ Report OTHER STATUT
Page 81 and 82: 80 Statement by Directors and Statu
Page 83 and 84: 82 Auditors’ Report We are satisf
Page 85 and 86: 84 Balance Sheets For the year ende
Page 87 and 88: 86 Statements of Changes in Equity
Page 89 and 90: 88 Statements of Changes in Equity
Page 91 and 92: 90 Cash Flow Statements For the yea
Page 93 and 94: 92 Accounting Policies (c) ASSOCIAT
Page 95 and 96: 94 Accounting Policies (f) PROPERTY
Page 97 and 98: 96 Accounting Policies (l) EMPLOYEE
Page 99 and 100: 98 Accounting Policies (p) FINANCIA
Page 101 and 102: 100 Notes to the Financial Statemen
Page 107: 106 Notes to the Financial Statemen
Page 141 and 142: 140 Boustead Group Group Interest %
Page 143 and 144: 142 Boustead Group Group Interest %
Page 145 and 146: 144 Recurrent Related Party Transac
Page 147 and 148: 146 Recurrent Related Party Transac
Page 149 and 150: 148 Group Property Portfolio Age of
Page 155 and 156: 154 Location of Group Plantation Pr
Page 157 and 158: 156 Shareholding Statistics Analysi
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158 ORDINARY BUSINESS NOTICE IS HER
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160 Notice of Annual General Meetin
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Boustead Management Services Sdn Bh
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