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MONITORING AND REVIEW OF THE ADEQUACY AND INTEGRITY OF THE SYSTEM OF INTERNAL CONTROL The processes adopted to monitor and review the adequacy and integrity of the system of internal control include: • Regular confirmation by the chief executive officer and chief financial officer of the respective operating units on the effectiveness of the system of internal control, highlighting any weaknesses and changes in risk profile. The same confirmation is provided by the Group Managing Director and Director, Financial Services to the Board annually. • Periodic examination of business processes and the state of internal control by the internal audit function. Reports on the reviews carried out by the internal audit function are submitted on a regular basis to the Management Audit Committee and Audit Committee. The monitoring, review and reporting arrangements in place provide reasonable assurance that the structure of controls and its operations are appropriate to the Group’s operations and that risks are at an acceptable level throughout the Group’s businesses. Such arrangements, however, do not eliminate the possibility of human error, deliberate circumvention of control procedures by employees and others, or the occurrence of unforeseeable circumstances. The Board is of the view that the system of internal control in place for the year under review is sound and sufficient to safeguard shareholders’ investments, customers’ interests and the Group’s assets. WEAKNESSES IN INTERNAL CONTROLS THAT RESULT IN MATERIAL LOSSES There were no material losses incurred during the financial year under review as a result of weaknesses in internal control. Management continues to take measures to strengthen the control environment. This statement is made in accordance with a resolution of the Board of Directors dated 24 February 2005. 35
36 1,300 1,040 780 520 260 0 Five Year Group Financial Highlights Revenue 1,268 300 Profit Before Taxation 2,000 Shareholders’ Equity 1,024 983 1,081 250 247 1,800 1,743 1,800 890 200 208 1,500 1,490 1,434 1,371 00 01 02 03 04 150 100 50 0 77 152 00 -24 01 02 03 04 RM Million RM Million RM Million 1,200 900 600 300 0 00 01 02 03 04 2004 2003 2002 2001 2000 For Year Ended 31 December (RM Million) Revenue Profit before taxation 1,268 1,081 983 1,024 890 — Plantation 101 115 93 52 67 — Property 109 94 70 99 66 — Finance & investment 13 (16) (8) (188) (59) — Manufacturing & trading 26 20 22 28 18 — Service industry (2) (5) (25) (15) (15) 247 208 152 (24) 77 Profit/(loss) attributable to shareholders 119 113 69 (77) 3 Dividends 67 44 17 7 15 Profit/(loss) retained 52 69 52 (84) (12) At End of Year (RM Million) Paid-up share capital 290 273 136 136 136 Shareholders’ equity 1,800 1,743 1,434 1,371 1,490 Total assets employed 4,643 4,341 4,048 3,955 4,004
Page 1 and 2: 22 corporate governance 38 chairman
Page 3 and 4: 2 Board of Directors
Page 5 and 6: 4 Directors’ Profile Y. Bhg. Gen.
Page 7 and 8: 6 TOP Y. Bhg. Lt. Gen. (R) Dato’
Page 9 and 10: 8 Y. Bhg. Dato’ (Dr.) Megat Abdul
Page 11 and 12: 10 Corporate Information Directors
Page 13 and 14: 12 Senior Management Team En. Danie
Page 15 and 16: 14 Senior Management Team En. Andre
Page 17 and 18: 16 THE BOARD OF DIRECTORS OF BOUSTE
Page 19 and 20: 18 TERMS OF REFERENCE OF THE AUDIT
Page 21 and 22: 20 ACTIVITIES DURING THE FINANCIAL
Page 23 and 24: 22 corporate governance THE BOARD O
Page 25 and 26: 24 Corporate Governance COMPOSITION
Page 27 and 28: 26 Corporate Governance INFORMATION
Page 29 and 30: 28 Corporate Governance Remuneratio
Page 31 and 32: 30 Corporate Governance DIRECTORS
Page 33 and 34: 32 Statement on Internal Control BO
Page 35: 34 Statement on Internal Control IN
Page 39 and 40: 38 chairman’s statement DEAR SHAR
Page 41 and 42: 40 ECONOMIC LANDSCAPE On the broade
Page 43 and 44: 42 FINANCIAL PERFORMANCE The facts
Page 45 and 46: 44 Although the privatisation of Bo
Page 47 and 48: 46 In addition, other programmes we
Page 49 and 50: 48 OUTLOOK AND PROSPECTS On a Group
Page 51 and 52: 50 chief executive’s review DEAR
Page 53 and 54: 52 Chief Executive’s Review CORPO
Page 55 and 56: 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
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86 Statements of Changes in Equity
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88 Statements of Changes in Equity
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90 Cash Flow Statements For the yea
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92 Accounting Policies (c) ASSOCIAT
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94 Accounting Policies (f) PROPERTY
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96 Accounting Policies (l) EMPLOYEE
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98 Accounting Policies (p) FINANCIA
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100 Notes to the Financial Statemen
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140 Boustead Group Group Interest %
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142 Boustead Group Group Interest %
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144 Recurrent Related Party Transac
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146 Recurrent Related Party Transac
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148 Group Property Portfolio Age of
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154 Location of Group Plantation Pr
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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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