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18. PROPERTY DEVELOPMENT IN PROGRESS Group 2004 2003 RM’000 RM’000 At 1 January: Freehold land, at cost 153,590 104,566 Long leasehold land, at cost 14,876 14,523 Development cost 612,044 446,586 780,510 565,675 Development cost incurred during the year 121,040 127,096 Cost recognised in income statement: At 1 January (689,731) (601,107) Recognised during the year (170,695) (88,623) (860,426) (689,730) Transfer from/(to) development properties: Freehold land 33,871 55,348 Long leasehold land 2,309 353 Development cost 45,903 41,913 Reclassification of land cost — (6,324) 82,083 91,290 Transfer to inventories (5,299) (3,552) 76,784 87,738 At 31 December 117,908 90,779 Interest cost capitalised during the year 4,508 9,555 119
120 Notes to the Financial Statements 19. RECEIVABLES Group Company 2004 2003 2004 2003 RM’000 RM’000 RM’000 RM’000 Trade receivables 304,023 308,586 2,360 — Less: provision for doubtful debts (49,380) (61,949) — — 254,643 246,637 2,360 — Other receivables 88,243 78,326 21,007 13,363 Dividends receivable 225 1,737 9,357 29,511 Income tax recoverable 62,430 57,268 59,947 56,985 Amounts due from Subsidiaries — — 118,796 143,178 Amounts due from Associates 16,848 6,988 2,170 4,336 Amounts due from related companies 1,168 846 70 214 Amount due from holding corporation — 32 — 25 423,557 391,834 213,707 247,612 Other receivables of the Group and the Company are stated net of provision for doubtful debts of RM18,833,000 (2003: RM16,303,000) and RM9,500,000 (2003: RM9,500,000) respectively. Included in other receivables of the Group and the Company are net amounts which have been outstanding in excess of 12 months amounting to RM10,605,000. In assessing the extent of irrecoverable amounts, the Directors have given due consideration to all pertinent information relating to the ability of the debtors to settle the amounts owing. Notwithstanding the overdue nature of these debts, the Directors have assessed the receivables less provision for irrecoverable amounts as stated in the financial statements to be fully recoverable. The Group’s normal trade credit terms range from payment in advance to 90 days. Other credit terms are assessed and approved on a case by case basis. Amounts due from Subsidiaries and Associates are unsecured, bear interest at a weighted average rate of 6.0% (2003: 5.2%) per annum and have no fixed terms of repayment. Amounts due from related companies are trade balances which are unsecured and interest free, with repayment in accordance with normal trading terms.
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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
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56 In addition, our commercial clon
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58 The appeal of this design lies i
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60 Year 2004 was an exceptional yea
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62 Up north in Bukit Mertajam, Jern
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64 The division’s contribution of
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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 119: 118 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
Page 159 and 160: 158 ORDINARY BUSINESS NOTICE IS HER
Page 161 and 162: 160 Notice of Annual General Meetin
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Page 169: Boustead Management Services Sdn Bh
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