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improvement of productivity. Towards this end, the use of compound fertilizer resulted in better efficiency and eliminated logistic problems due to poor transport and weather conditions. Basic infrastructure features put in place during the year will pave the way towards workers’ retention and productivity. Where 2003 witnessed a bumper crop for FFB, 2004 was slightly more sedate due to unfavourable weather conditions. Despite an 8% increase in mature area, production increased by only 6% to register 1,149,000 MT. The mild climatic changes coupled with the extremely dry spell that sparked-off in February following heavy downpour at the start of 2004 took its toll on production and average yield per hectare was low at 16 MT. However, average yield from prime mature areas (seven years and above) registered at a reasonable 22.9 MT per hectare. MILLS The mill operations, fuelled by the efforts of the Group Engineering Department, continued to maintain its competitive edge with regards to palm oil mills. Todate it has played a significant role in the construction of almost 60 mills both domestically and in Indonesia. Another feather was added in the Group’s cap this year with the construction and the commissioning of a 45 tonnes per hour (TPH) mill in Loagan Bunut, Sarawak. This mill, which utilises the latest state-of-the-art automated cage handling system in the sterilisation station, will be the ninth oil mill for the Group. Of these mills, six have received the industry respected ISO9001:2000 Quality Management System accreditation. Another notable milestone is the new mill design known as Modular Compact Mill, which has a basic throughput capacity of 20 TPH which can be upgraded to a maximum of 60 TPH. Crop evacuation in hilly areas. 57
58 The appeal of this design lies in the fact that the mill will utilise a smaller area and provides cost savings. Boustead Estates Agency Sdn Bhd continued to generate positive results for the division due to the commissions received from the sale of palm products. The Engineering Department also contributed positively through its consultation earnings from the Loagan Bunut mill. Newly completed research facility at AAR. Boustead Advisory and Consultancy Sdn Bhd successfully completed the construction and commissioning of the 45 TPH mill for Meridien Plantation and the 60 TPH mill for Persatuan Peladang Negeri Johor in Kahang. In accordance with Indonesian legislation, Boustead- Anwarsyukur Estates Agency Sdn Bhd underwent a rationalisation exercise to incorporate a wholly owned subsidiary, PT Boustead Indonesia Management and Consultancy Services. Under the new structure, the former relinquished its agency and engineering services role in Indonesia and handed them over to the latter.
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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.
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 and 36: 34 Statement on Internal Control IN
Page 37 and 38: 36 1,300 1,040 780 520 260 0 Five Y
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: 56 In addition, our commercial clon
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
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108 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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