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financial statements Directors’ Report 72 Statement by Directors 80 Statutory Declaration 80 Auditors’ Report 81 Income Statements 83 Balance Sheets 84 Statements of Changes in Equity 86 Cash Flow Statements 89 Accounting Policies 91 Notes to the Financial Statements 100 Boustead Group 139 71
72 Directors’ Report The Directors have pleasure in presenting their report and the audited financial statements for the Group and the Company for the financial year ended 31 December 2004. PRINCIPAL ACTIVITIES Boustead Holdings Berhad was incorporated in Malaysia in 1960 as an investment holding company. During the year, the Company was involved in oil palm plantation through the acquisition of oil palm estate and mill from a Subsidiary, Boustead Plantations Berhad. The Group currently comprises more than eighty Subsidiary and Associated Companies, the principal activities of which are given on pages 139 to 142. There have been no significant changes in the nature of these activities during the financial year, except as disclosed above. RESULTS Group Company RM’000 RM’000 Profit after taxation 175,960 193,604 Minority interests (56,800) — Profit attributable to shareholders 119,160 193,604 There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the statements of changes in equity. In the opinion of the Directors, the results of the operations of the Group and of the Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature, other than the effects arising from the impairment loss and amortisation of reserve on consolidation referred to in Note 5 to the financial statements. DIVIDENDS Since the end of the previous financial year, the Company paid the following dividends: (a) A final dividend of 17.5% per share less tax paid on 11 June 2004, amounting to RM36,176,000 in respect of the previous financial year as proposed in the Directors’ Report of that year; (b) a first interim dividend of 10.0% per share less tax paid on 8 November 2004, amounting to RM20,799,000 in respect of the financial year under review; and (c) a second interim dividend of 10.0% per share less tax paid on 12 January 2005, amounting to RM20,856,000 in respect of the financial year under review.
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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
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 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: 70 improving supply and demand tren
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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122 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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