gamuda berhad 29579 - t 78, jalan ss 22/21, damansara jaya...

(29579-T)

2002laporan tahunan annual report

Gam

uda B

erhad (2

95

79

- T)

Gamuda Berhad 29579 - T

78, Jalan SS 22/21, Damansara Jaya, 47400 Petaling Jaya, Selangortel 603 7726 9210fax 603 7728 9811website www.gamuda.com.myemail [email protected]

produced by Group Public Affairs Division diterbitkan oleh Bahagian Hal-Ehwal Awam Kumpulan

designed by reka bentuk oleh | Octagon Creative

1 Solve the problem • Concentrate on solving problems and meeting objectives1 Menyelesaikan masalah • Menumpukan perhatian untuk menyelesai masalah dan memenuhi

objektif

2 Lead by setting the right example • Displaying the right behaviour shows commitment and will motivate others to follow2 Memimpin melalui teladan baik • Berkelakuan baik mencerminkan komitmen dan akan

menjadi ikutan orang lain

3 Maintain constructive relationships • Cultivate positive attitudes and interpersonal relationships3 Mengekalkan hubungan yang membina • Memupuk sikap dan hubungan antara peribadi

yang positif

4 Communicate openly • Open and honest communication provides the flow of information to make the right decisions4 Komunikasi secara terbuka • Komunikasi secara terbuka dan jujur menyediakan aliran

maklumat yang diperlukan untuk membuat keputusan yang betul

5 Demonstrate mutual trust and respect • Trust is what makes teamwork possible5 Tunjukkan saling kepercayaan dan rasa hormat • Kepercayaanlah yang menjayakan prinsip

semangat kerja berpasukan

COVER RATIONALEIn building the Sungai Selangor Dam at Kuala Kubu Bharu (KKB), we took steps to ensure thatconstruction works would have minimal impact on the environment. This was particularly importantto us given the role of fireflies in the nation's eco tourism. The Selangor State Governmentcommissioned the Malaysian Nature Society (MNS) to investigate the long term impact of theconstruction of the Sungai Selangor Dam on the fireflies along its river banks. The 16-month studyfound that the dam at KKB would have "beneficial impact for the regulation of water in SungaiSelangor." This in turn would help ensure minimum residual flow needed for a healthy mangroveecosystem that is crucial to the survival of the fireflies. Moreover, the regulated amount of waterreleased by the dam would assist in flushing out pollutants and reduce salt intrusion.

RASIONAL KULITDalam pembinaan Empangan Sungai Selangor di Kuala Kubu Bharu (KKB), kami telah mengambillangkah-langkah untuk memastikan supaya kerja-kerja pembinaan memberi kesan yang minimumkepada alam sekitar. Ini amat penting terutamanya kerana kami ingin mengekalkan peranankunang-kunang dalam eko pelancongan negara. Kerajaan Negeri Selangor telah menugaskanPersatuan Pencita Alam Malaysia (MNS) untuk mengkaji kesan jangka panjang pembinaanEmpangan Sungai Selangor terhadap kunang-kunang di sepanjang tebing-tebingnya. Kajian 16bulan itu mendapati bahawa empangan di Kuala Kubu Bharu akan mempunyai "kesan berfaedahbagi pengawalseliaan air di Sungai Selangor." Ini seterusnya akan membantu memastikan aliran sisayang minimum yang diperlukan bagi eko sistem bakau yang teguh yang begitu penting kepadakewujudan kunang-kunang. Tambahan, air pelepasan dari empangan akan membantu mencairkantahap kepekatan pencemaran dan mengurangkan tahap kemasinan air di Sungai Selangor.

GAMUDA BERHAD78, Jalan SS 22/21, Damansara Jaya47400 Petaling Jaya, Selangortel 603 7726 9210fax 603 7728 6571website www.gamuda.com.myemail [email protected]

Subsidiaries Syarikat-syarikat SubsidiariGAMUDA ENGINEERING SDN BHD55-61, Jalan SS 22/23, Damansara Jaya47400 Petaling Jaya, Selangortel 603 7729 8094fax 603 7727 1112

VALENCIA DEVELOPMENT SDN BHD4403 Main Road, 12 Miles47400 Sungai Buloh, Selangortel 603 6156 0021fax 603 6156 9871website www.valencia.com.my

HARUM INTISARI SDN BHD1, Jalan Anggerik Vanilla X 31/XKota Kemuning, Seksyen 3140460 Shah Alam, Selangortel 603 5121 9299, 5121 7299fax 603 5121 6299website www.bandarbotanic.com.my

GAMUDA TRADING SDN BHD55-61, Jalan SS 22/23, Damansara Jaya47400 Petaling Jaya, Selangortel 603 7729 8094fax 603 7727 8988

GIT SERVICES SDN BHD78, Jalan SS 22/21, Damansara Jaya47400 Petaling Jaya, Selangortel 603 7726 9210fax 603 7729 4323website www.git.com.my

MEGAH SEWA SDN BHD16, Jalan Anggerik Mokara, Seksyen 31/48Kota Kemuning, Seksyen 3140460 Shah Alam, Selangortel 603 5122 2213fax 603 5122 2331email [email protected]

G. B. KUARI SDN BHD (OFFICE)160, Jalan Gopeng, 31350 Ipoh, Peraktel 605 312 5010fax 605 312 5026email [email protected]

MASTERPAVE SDN BHD9-2, Jalan 4/62A, Bandar Menjalara52200 Kuala Lumpurtel 603 6277 4896fax 603 6277 4904

Associated Companies Syarikat-syarikat BersekutuLINGKARAN TRANS KOTA HOLDINGSBERHADKompleks Operasi LITRAKKM19, Lebuh Raya Damansara-PuchongBandar Sunway, PJS 947500 Petaling Jaya, Selangortel 603 5633 3929fax 603 5637 2099website www.litrak.com.myemail [email protected]

KESAS HOLDINGS BERHAD1, Wisma Kesas, Lebuhraya Shah Alam47500 Subang Jaya, Selangortel 603 5632 7088fax 603 5632 6088website www.kesas.com.myemail [email protected]

SISTEM PENYURAIAN TRAFIK KL BARATHOLDINGS BERHADPejabat Operasi, KM3, Hubungan DamansaraLebuh Raya SPRINT, Seksyen 1746400 Petaling Jaya, Selangortel 603 7960 1050fax 603 7960 1051website www.sprint.com.myemail [email protected]

SYARIKAT PENGELUAR AIR SUNGAISELANGOR SDN BHD28, Jalan SS 22/21, Damansara Jaya47400 Petaling Jaya, Selangortel 603 7729 2928fax 603 7726 1557website www.splash.com.myemail [email protected]

HICOM-GAMUDA DEVELOPMENT SDN BHD1, Jalan Anggerik Vanilla X 31/XKota Kemuning, Seksyen 3140460 Shah Alam, Selangortel 603 5122 1055fax 603 5122 3040website www.kotakemuning.netemail [email protected]

DANAU PERMAI RESORT BERHAD (KOTA PERMAI GOLF & COUNTRY CLUB)1, Jalan 31/100A, Kota KemuningSeksyen 31, 40460 Shah Alam, Selangortel 603 5122 3700fax 603 5122 3701website www.kotapermai.com.myemail [email protected]

EMAS EXPRESSWAY PRIVATE LIMITEDEverest House, Flat 20C46C, Chowringhee Road, Kolkata 700071India

MAPEX INFRASTRUCTURE PRIVATE LIMITEDEverest House, Flat 20C46C, Chowringhee Road, Kolkata 700071India

Joint Ventures and Others Syarikat Usahasama dan lain-lainGAMUDA-MUJUR MINAT JOINT VENTURE2nd Floor, 24-32, Jalan 6/62ABandar Menjalara, 52200 Kuala Lumpurtel 603 6277 0506fax 603 6277 0495

GAMUDA PLANT OPERATOR SCHOOL16, Jalan Anggerik Mokara, Seksyen 31/48Kota Kemuning, Seksyen 3140460 Shah Alam, Selangortel 603 5122 8821fax 603 5122 5580email [email protected]

Teamwork Principlesprinsip semangat kerja berpasukan

Group Directorydirektori kumpulan

1

Gamuda Berhad (29579-T) Annual Report 2002

2 Mercutanda Korporat

4 Anugerah & Kejayaan Kumpulan

6 Dasar Kualiti

10 Notis Mesyuarat Agung Tahunan

14 Penyata Berserta Notis MesyuaratAgung Tahunan

15 Surat Pencalonan Juruaudit

18 Maklumat Penting Kewangan 5 Tahun

22 Struktur Korporat

23 Maklumat Korporat

24 Lembaga Pengarah

26 Profil Para Pengarah

38 Laporan Jawatankuasa Audit

41 Penyata Mengenai Tadbir UrusKorporat

48 Penyata Mengenai Kawalan Dalaman

50 Penyata Kepentingan Para Pengarah

52 Maklumat Tambahan

56 Penyata Pengerusi

58 Tinjauan Operasi

66 Takwim Korporat

71 Acara Kemasyarakatan Kumpulan

135 Penyata Kewangan

187 Senarai Hartanah Utama yang Dimiliki

188 Maklumat Mengenai Para PemegangSaham & Para Pemegang Waran

Borang Proksi

2 Corporate Milestones

4 Group Awards & Achievements

6 Quality Policy

10 Notice of Annual General Meeting

14 Statement Accompanying Notice ofAnnual General Meeting (AGM)

15 Letter of Nomination of Auditors

18 5 Years’ Financial Highlights

22 Corporate Structure

23 Corporate Information

24 Board of Directors

26 Profile of Directors

38 Audit Committee Report

41 Statement on Corporate Governance

48 Statement on Internal Control

50 Statement of Directors’ Interests

52 Additional Information

56 Chairman’s Statement

58 Review of Operations

66 Corporate Calendar

71 Community Events

75 Financial Statements

127 List of Major Properties Held

128 Shareholders’ & Warrantholders‘Information

Form of ProxyContents kandungan

6 October 1976 . . . Gamuda Sdn Bhd founded in Ipoh, Perak6 Oktober 1976 . . . Gamuda Sdn Bhd diasaskan di Ipoh, Perak

1985 . . . . . . . . . . . . Gamuda Sdn Bhd obtains Class “A” Contractor LicenceGamuda Sdn Bhd memperolehi Lesen Kontraktor Kelas “A”

1992 . . . . . . . . . . . . Gamuda Berhad (Gamuda) listed on the Main Board of the Kuala Lumpur Stock Exchange (KLSE)Gamuda Berhad (Gamuda) disenaraikan di Papan Utama, Bursa Saham Kuala Lumpur (BSKL)

1993 . . . . . . . . . . . . Gamuda, a partner in the consortium company KESAS Sdn Bhd, signs concession agreement with the Government ofMalaysia to construct, operate, maintain and manage the Shah Alam Expressway for 28 years and nine monthsGamuda, salah satu rakan kongsi dalam syarikat konsortium KESAS Sdn Bhd, menandatangani perjanjian konsesidengan Kerajaan Malaysia untuk membina, mengendali, menyenggara dan mengurus Lebuhraya Shah Alam untuktempoh 28 tahun dan sembilan bulan

1994 . . . . . . . . . . . . Gamuda acquires first landbank and ventures into property development with the purchase of Ladang Bukit Kemuningat Shah Alam, SelangorGamuda membeli simpanan tanahnya yang pertama dan menerokai ke dalam pembangunan hartanah denganpembelian Ladang Bukit Kemuning di Shah Alam, Selangor

1996 . . . . . . . . . . . Lingkaran Trans Kota Sdn Bhd signs a 33-year concession for the privatisation of Lebuhraya Damansara-Puchong(LDP) with the Government of MalaysiaLingkaran Trans Kota Sdn Bhd menandatangani konsesi 33 tahun bagi projek penswastaan Lebuhraya Damansara-Puchong (LDP) dengan Kerajaan Malaysia

1996 . . . . . . . . . . . A Scholarship Award programme for outstanding students pursuing undergraduate studies at local and foreigninstitutions launchedProgram Anugerah Biasiswa untuk penuntut yang melanjutkan pelajaran di peringkat ijazah pertama di institusipengajian tinggi tempatan dan luar negeri

1997 . . . . . . . . . . . . Gamuda receives MS ISO 9002 accreditation from SIRIM for Building & Civil Engineering systems Gamuda memperolehi akreditasi MS ISO 9002 daripada SIRIM bagi sistem Bangunan & Kejuruteraan Awam

1997 . . . . . . . . . . . . Sistem Penyuraian Trafik KL Barat Sdn Bhd (SPRINT) signs concession agreement with the Government of Malaysiato improve, upgrade, design, construct, maintain, operate and manage SPRINT HighwaySistem Penyuraian Trafik KL Barat Sdn Bhd (SPRINT) menandatangani perjanjian konsesi dengan Kerajaan Malaysiauntuk mempertingkat, menaik taraf, merekabentuk, membina, menyenggara, mengendali dan mengurus LebuhrayaSPRINT

1999 . . . . . . . . . . . . Gamuda signs MOU with the Association of Builders Malaysia (ABM) to upgrade construction industry practicesGamuda menandatangani MOU dengan Persatuan Syarikat Pembinaan Malaysia (ABM) untuk memperbaiki amalandalam industri pembinaan

2000 . . . . . . . . . . . . Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) signs concession agreement with the Selangor StateGovernment for the Sungai Selangor Phase 3 (SSP3) projectSyarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) menandatangani perjanjian konsesi dengan Kerajaan NegeriSelangor untuk projek Sungai Selangor Fasa 3 (SSF3)

2


Corporate Milestones mercutanda korporat

October 2001 . . . . Gamuda launches e-Project, a portal developed jointly by GIT Services Sdn Bhd and IBM MalaysiaOktober 2001 . . . . Gamuda melancarkan e-Projek, sebuah portal yang dibangunkan secara usahasama oleh GIT Services Sdn Bhd

dan IBM Malaysia

November 2001 . . . Mapex Infrastructure Private Limited signs concession agreement with the National Highways Authority of India(NHAI) to undertake the Panagarh-Palsit Highway project in the State of West Bengal, India

November 2001 . . . Mapex Infrastructure Private Limited menandatangani perjanjian konsesi dengan Lembaga Lebuhraya Nasional India(NHAI) untuk melaksanakan projek Lebuhraya Panagarh-Palsit di Bengal Barat, India

March 2002 . . . . . . Emas Expressway Private Limited signs concession agreement with NHAI to undertake the Durgapur Expressway,Dankuni-Palsit Section in the State of West Bengal, India

Mac 2002 . . . . . . . . Perjanjian konsesi dengan Lembaga Lebuhraya Nasional India untuk melaksanakan Lebuhraya Durgapur, SeksyenDankuni-Palsit di Bengal Barat, India

July 2002 . . . . . . . . Gamuda signs joint venture agreement with MMC Engineering Berhad to form an unincorporated joint venture known as "MMCEG-GAMUDA JOINT VENTURE" to collaborate with each other to jointly negotiate and undertakethe design, engineering, procurement, construction, installation, testing and commissioning as an EngineeringProcurement and Construction (“EPC”) contractor of the project for the construction of an integrated Bypass Tunnelcum Motorway in the city of Kuala Lumpur to alleviate the flood and traffic congestion problems in the city known as"Stormwater Management And Road Tunnel" (SMART)

Julai 2002 . . . . . . . Gamuda menandatangani perjanjian usahasama dengan MMC Engineering Berhad untuk menubuhkan usahasamatanpa diperbadankan dikenali sebagai "MMCEG-GAMUDA JOINT VENTURE" untuk bekerjasama untuk merunding danmelaksanakan bersama rekabentuk, kejuruteraan, pemerolehan, pemasangan, pembinaan, pengujian dan pentauliahansebagai kontraktor Kejuruteraan Pemerolehan dan Pentauliahan (“EPC”) bagi projek untuk pembinaan TerowongLencongan/Lebuhraya di bandaraya Kuala Lumpur untuk mengatasi masalah banjir dan kesesakan lalulintas yangdikenali sebagai "Pengurusan Air Deras dan Terowong Jalanraya" (SMART)

October 2002 . . . . Gamuda and New Asia Construction & Development Corporation, Taiwan sign an agreement with Kaohsiung Rapid Transit Corporation, Taiwan to undertake the Kaohsiung Mass Rapid Transit (MRT) System Project, Orange linePackage C04

Oktober 2002 . . . . Gamuda bersama-sama New Asia Construction & Development Corporation, Taiwan menandatangani perjanjiandengan Kaohsiung Rapid Transit Corporation, Taiwan untuk melaksanakan projek Mass Rapid Transit (MRT) Kaohsiung,Pakej C04 Orange line

3



Forbes Global’s Best Under A Billion 200 Companies for 2002 200 Syarikat Terbaik Di Bawah Satu Bilion Forbes Global 2002GAMUDA BERHAD

FinanceAsia’s Best Companies 2002 – Categories of Best Managed Company and Strongest Commitment to Enhancing Shareholder ValueSyarikat Terbaik FinanceAsia 2002 – Syarikat Pengurusan Terbaik dan Paling Komited Meningkatkan Nilai Pemegang SahamGAMUDA BERHAD

Construction Industry Development Board (CIDB)’s The Malaysian Construction Industry Awards 2001 - Large Scale Project Award for theWestern KL Dispersal Scheme (SPRINT Highway)Anugerah Industri Pembinaan Malaysia 2001 dari Lembaga Pembangunan Industri Malaysia (CIDB) - Anugerah Projek Berskala Besar bagiSkim Penyuraian KL Barat (Lebuhraya SPRINT)GAMUDA BERHAD

Enterprise 50 Awards 2001 for Small & Medium Industries (SMIs) Anugerah Perniagaan 50 2001 untuk Industri Kecil & Sederhana (IKS) G. B. KUARI SDN BHD

Planning Innovation and Concept Award 2000 by the Malaysian Institute of PlannersAnugerah Inovasi dan Konsep Perancangan 2000 oleh Institut Perancang Malaysia HICOM-GAMUDA DEVELOPMENT SDN BHD

Euromoney’s Best-Managed Companies in Asia 2000 - ConstructionSyarikat Pengurusan Terbaik Euromoney di Asia 2000 - PembinaanGAMUDA BERHAD

The 2000 Reuters’ Survey of Global Emerging Markets Ranked first in terms of quality of information provided via one-to-one meetings and quality of “on-going” relationshipKaji Selidik Reuters 2000 bagi Pasaran Baru Global Pertama dari segi kualiti maklumat yang diberi melalui pertemuan bersemuka dan kualiti bagi hubungan “berterusan”GAMUDA BERHAD

International Federation of Asian & Western Pacific Contractors’ Association (IFAWPCA) 1998 Builder’s Gold Medal Award for civilengineering construction works on the Shah Alam Expressway (SAE) Persekutuan Antarabangsa bagi Persatuan Kontraktor Asia & Pasifik Barat (IFAWPCA) 1998 Anugerah Pingat Emas Syarikat Pembinaan bagikerja-kerja pembinaan kejuruteraan awam di Lebuhraya Shah Alam (SAE) KESAS SDN BHD

2.5 Million ‘Manhours Without A Lost Time Injury’ for the construction of the Sungai Selangor Water Supply Scheme Phase 3 Project byDepartment of Occupational Safety and Health (DOSH) Selangor2.5 Juta ‘Orang-Jam Tanpa Kecederaan Masa Hilang’ bagi pembinaan Projek Skim Bekalan Air Sungai Selangor Fasa 3 oleh JabatanKeselamatan dan Kesihatan Pekerjaan SelangorGAMUDA ENGINEERING SDN BHD

4

Group Awards & Achievements anugerah & kejayaan kumpulan

5


MS ISO 9002:1994 Quality Systems - Model for Quality Assurance in Production, Installation and ServicingScope of Registration: Provision of Rental and Maintenance Services for Construction Plant and EquipmentSistem Kualiti MS ISO 9002:1994 - Model bagi Jaminan Kualiti dalam Pengeluaran, Pemasangan dan ServisSkop Pendaftaran: Penyediaan Perkhidmatan Sewa dan Penyelenggaraan bagi Loji dan Peralatan Pembinaan MEGAH SEWA SDN BHD

MS ISO 9002:1994 Quality Systems - Model for Quality Assurance in Production, Installation and ServicingScope of Registration: Provision of Highway Operations and Maintenance ServicesSistem Kualiti MS ISO 9002:1994 - Model bagi Jaminan Kualiti dalam Pengeluaran, Pemasangan dan ServisSkop Pendaftaran: Penyedian Operasi Lebuhraya dan Perkhidmatan Penyelenggaraan LINGKARAN TRANS KOTA HOLDINGS BERHAD

MS ISO 14001:1997 Environmental Management Systems - Specification with Guidance or UseScope of Registration: Operation of a Plant for Manufacturing of Premix and Aggregates including QuarryingSistem Pengurusan Alam Sekitar MS ISO 14001:1997 - Spesifikasi dengan Panduan atau Kegunaan Skop Pendaftaran: Operasi Loji bagi Pengilangan Pracampur dan Agregat termasuk Perkuarian G. B. KUARI SDN BHD

MS ISO 9002:1994 Quality Systems - Model for Quality Assurance in Production, Installation and ServicingScope of Registration: Management and Operations of Lebuhraya Shah AlamSistem Kualiti MS ISO 9002:1994 - Model bagi Jaminan Kualiti dalam Pengeluaran, Pemasangan dan ServisSkop Pendaftaran: Pengurusan dan Operasi Lebuhraya Shah AlamKESAS SDN BHD

MS ISO 9002:1994 Quality Systems - Model for Quality Assurance in Production, Installation and ServicingScope of Registration: Manufacture of Aggregates and PremixSistem Kualiti MS ISO 9002:1994 - Model bagi Jaminan Kualiti dalam Pengeluaran, Pemasangan dan ServisSkop Pendaftaran: Pengilangan Agregat dan PracampurG. B. KUARI SDN BHD

MS ISO 9002:1994 Quality Systems - Model for Quality Assurance in Production, Installation and ServicingScope of Registration: Manufacture of Non-Carbon Required (NCR) PaperSistem Kualiti MS ISO 9002:1994 - Model bagi Jaminan Kualiti dalam Pengeluaran, Pemasangan dan ServisSkop Pendaftaran: Pengilangan Kertas Tidak Memerlukan Karbon (NCR)GAMUDA PAPER INDUSTRIES SDN BHD

MS ISO 9002:1994 Quality Systems - Model for Quality Assurance in Production, Installation and ServicingScope of Registration: Provision of Construction Services in Civil and Building Engineering WorksSistem Kualiti MS ISO 9002:1994 - Model bagi Jaminan Kualiti dalam Pengeluaran, Pemasangan dan ServisSkop Pendaftaran: Penyediaan Perkhidmatan Pembinaan dalam Kerja-kerja Kejuruteraan Awam dan Bangunan GAMUDA BERHAD

Our commitment to our customers and shareholders, and our socialresponsibility requires that we continuously improve our productsand the processes that deliver these products. We do this byactively deploying continuous quality improvement activities andimplementing a comprehensive Quality Management System.

Quality Management is simply how we manage and improve ouroperations to consistently provide high quality, cost effective andreliable products and services to our customers. The QualityManagement concept is universal, and applies to all areas of thecompany's operations.

This requires that we,

• understand and consistently satisfy the needs and expectationsof our customers

• systematically plan to achieve our objectives• implement our operations in a focused, consistent and

systematic manner• continuously improve our products and processes company-

wide• measure, monitor and optimize the performance of our

products, processes and systems• challenge and develop our people in the realization of the

company's goals• manage our financial resources effectively• develop strategic partnership with suppliers and sub-

contractors

so that we are strategic, cost effective and efficient in whatever wedo.

With this in mind, the Directors, jointly with the Heads of Divisions,Departments and Projects have agreed upon the following QualityObjectives to support the implementation of the Quality Policy.

a Meet customers requirements and strive to exceed customerexpectations

b Continuously improve the quality of our products and services,and the efficiency of our processes

c Challenge and develop our people for growth and success ofthe company

d Complete all projects ahead of time, exceeding the businessrequirements

Management must set the standards for this policy, lead byexample and ensure sufficient time is spent building for the futurewhile dealing with today's requirements.

Dato' Lin Yun Ling Chan Kong WahManaging Director Managing DirectorGamuda Berhad Gamuda Engineering Sdn Bhd

Date: 2 May 2002

Komitmen kami kepada para pelanggan dan pemegang saham,serta tanggungjawab sosial kami menghendaki supaya kamisentiasa memperbaiki produk kami dan proses yang menghasilkanproduk ini. Kami lakukan ini melalui aktiviti-aktiviti peningkatankualiti dan pelaksanaan Sistem Pengurusan Kualiti yangkomprehensif dengan giatnya.

Secara ringkas, Pengurusan Kualiti menghuraikan bagaimana kamimengurus dan memperbaiki operasi kami untuk membekalkanproduk dan perkhidmatan yang berkualiti tinggi, kos efektif danboleh dipercayai kepada para pelanggan kami dengan konsisten.Konsep Pengurusan Kualiti berciri sejagat, dan diamalkan dalamsemua bidang operasi syarikat.

Ini menghendaki supaya kami,

• memahami dan memenuhi keperluan dan jangkaan parapelanggan kami dengan konsisten

• merancang pencapaian matlamat kami secara sistematik• melaksanakan operasi kami secara berfokus, konsisten dan

sistematik• sentiasa memperbaiki produk dan proses kami di seluruh syarikat• mengukur, mengawasi dan mengoptimumkan prestasi produk,

proses dan sistem kami• mencabar dan memajukan para pekerja kami ke arah

merealisasikan matlamat syarikat• mengurus sumber kewangan kami dengan berkesan• mewujudkan perkongsian strategik dengan para pembekal dan

subkontraktor

supaya kami menjadi strategik, kos efektif dan efisien dalam apasahaja yang kami buat.

Menyedari akan hakikat ini, para Pengarah, bersama dengan Ketua-Ketua Bahagian, Jabatan dan Projek telah bersetuju denganMatlamat Kualiti seperti berikut sebagai sokongan kepadapelaksanaan Dasar Kualiti ini.

a Memenuhi kehendak para pelanggan dan berusaha untukmelebihi jangkaan pelanggan

b Sentiasa memperbaiki kualiti produk dan perkhidmatan kami,dan kecekapan proses kami

c Mencabar dan memajukan para pekerja kami ke arahpertumbuhan dan kejayaan syarikat

d Menyiapkan semua projek lebih awal daripada masanya,melebihi tuntutan perniagaan

Pengurusan mestilah menetapkan piawaian bagi dasar ini,memimpin melalui teladan dan memastikan masa yang mencukupidiberikan terhadap kepentingan masa depan di samping menanganikeperluan masa kini.

Dato’ Lin Yun Ling Chan Kong WahPengarah Urusan Pengarah UrusanGamuda Berhad Gamuda Engineering Sdn Bhd

Tarikh: 2 Mei 2002

6


Quality Policy dasar kualiti

7


Code Of Practice kod amalan

1 Get RESULTS• Consistently focus on achieving our vision and objectives

2 Foster TEAMWORK• Harness the power of our combined knowledge and energy through teamwork

3 Maintain INTEGRITY • Adopt the correct values and maintain the highest ethical standards

4 Act with URGENCY • We must meet our commitments on time

5 IMPROVE Constantly• Find better ways of doing business

1 Dapatkan KEPUTUSAN• Fokus secara konsisten terhadap pencapaian wawasan dan objektif kita

2 Pupuk SEMANGAT KERJA BERPASUKAN• Manfaatkan kelebihan pengetahuan dan tenaga yang digabungkan melalui

semangat kerja berpasukan

3 Kekalkan KEWIBAWAAN• Terima pakai nilai-nilai sesuai dan kekalkan piawaian etika yang paling

tinggi

4 Bertindak dengan SEGERA• Kita mesti memenuhi komitmen tepat pada masanya

5 Sentiasa MEMBAIKI DIRI• Cari cara terbaik melakukan kerja

In the 1960s, Sungai Selangor wasidentified to be a major source ofwater supply in the Klang Valley andadjacent areas. In 1986, a follow-upstudy was done and several potentialdams in the Sungai Selangor riverbasin were identified.

In 1998, a more detailed feasibilitystudy was undertaken for theimplementation of Sungai SelangorPhase 3 (after Phases 1 and 2). It commenced construction inJanuary 2000 and included theconstruction of a regulating dam andreservoir in Kuala Kubu Bharu (KKB),water intake and treatment plants inBadong and Rasa and therealignment of the KKB-GAP road.The Sungai Selangor Dam will cover600 hectares of land.

When completed, the SungaiSelangor Dam will be the biggestwater supply dam in Malaysia.

Pada tahun 1960an, Sungai Selangortelah dikenalpasti sebagai sebuahsumber bekalan air utama di LembahKlang dan kawasan sekitarnya. Sebuah kajian susulan telah dilakukanpada tahun 1986 dan beberapa buahempangan masa hadapan di lembanganSungai Selangor telah dikenalpasti.

Sebuah kajian daya laksana yang lebihterperinci telah dijalankan pada tahun1998 untuk melaksanakan projekSungai Selangor Fasa 3 (selepas Fasa1 dan 2). Pembinaannya bermula padabulan Januari 2000 dan ia meliputipembinaan sebuah empangan dantakungan air kawalan di Kuala KubuBharu (KKB), loji pengambilan danrawatan air di Badong dan Rasa sertapenjajaran jalanraya KKB-GAP.Empangan Sungai Selangor meliputikawasan tanah seluas 600 hektar.

Apabila siap, Empangan SungaiSelangor akan merupakan empanganbekalan air terbesar di Malaysia.

The rock-filled dam structure is 110 metres high. Water will bedrawn off upstream via the draw-off tower and releaseddownstream through the twin pipes laid inside the diversion tunnel.

Struktur empangan timbusan batu ini berukuran setinggi 110 meter. Air akan dialirkan dari hulu melalui menara aliran pengambilan dandilepaskan ke hilir melalui saluran paip berkembar yang dipasang di dalam terowong lencongan.


NOTICE IS HEREBY GIVEN that the Twenty-Sixth Annual General Meeting of the Company will be held atthe Ballroom of Kota Permai Golf & Country Club, No. 1, Jalan 31/100A, Kota Kemuning, Section 31, 40460 Shah Alam, Selangor Darul Ehsan on Tuesday, 14 January 2003 at 10.00 a.m. for the purpose oftransacting the following businesses:

ADALAH DENGAN INI DIMAKLUMKAN bahawa Mesyuarat Agung Tahunan Syarikat Kedua Puluh Enam akandiadakan di Ballroom, Kota Permai Golf & Country Club, No. 1, Jalan 31/100A, Kota Kemuning, Seksyen 31,40460 Shah Alam, Selangor Darul Ehsan pada hari Selasa, 14 Januari 2003 jam 10.00 pagi untuk tujuanmelaksanakan urusan-urusan berikut:

10

Notice ofAnnual General Meeting notis mesyuarat agung tahunan

AGENDA1 Untuk menerima dan meluluskan Penyata Kewangan Yang Telah

Diaudit bagi tahun berakhir 31 Julai 2002 berserta Laporanpara Pengarah dan Juruaudit mengenainya. (Resolusi 1)

2 Untuk mengisytiharkan dividen akhir sebanyak 5% sesahamditolak 28% cukai pendapatan bagi tahun berakhir 31 Julai2002. (Resolusi 2)

3 Untuk meluluskan semakan dan bayaran yuran para Pengarahbagi tahun berakhir 31 Julai 2002. (Resolusi 3)

4 Untuk memilih semula para Pengarah berikut yang bersaraselaras dengan Artikel 97 Tataurusan Pertubuhan Syarikat:

a Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali (Resolusi 4)b Encik Goon Heng Wah (Resolusi 5)c Encik Ha Tiing Tai (Resolusi 6)d Cik Wong Chin Yen (Resolusi 7)

5 Untuk melantik Tetuan Ernst & Young sebagai JuruauditSyarikat menggantikan juruaudit yang bersara, Tetuan ArthurAndersen & Co dan memberi kuasa kepada para Pengarahuntuk menetapkan bayaran mereka. (Resolusi 8)

6 Sebagai Urusan Khas:Untuk mempertimbangkan dan jika difikirkan wajar, melulusresolusi-resolusi berikut dengan atau tanpa pengubahsuaiansebagai Resolusi-resolusi Biasa:

a Kuasa untuk Memperuntuk Dan Menerbit Saham “BAHAWA selaras dengan Seksyen 132D Akta Syarikat, 1965,para Pengarah adalah dan dengan ini diberi kuasa untukmemperuntuk dan menerbit saham dalam Syarikat pada bila-bila masa dan menurut terma-terma dan syarat-syarat danuntuk tujuan-tujuan yang mungkin menurut pertimbanganmuktamad para Pengarah sesuai termasuk tetapi tidak terhadkepada saham yang mungkin diterbit menurut Skim OpsyenSaham Kakitangan Syarikat, dengan syarat bilangan agregatsaham yang diterbitkan menurut resolusi ini tidak melebihi10% daripada modal saham terbitan Syarikat pada masa itudan bahawa para Pengarah adalah dan dengan ini diberikuasa untuk mendapatkan kelulusan bagi penyenaraian dansebutharga saham tambahan yang diterbitkan di BursaSaham Kuala Lumpur dan bahawa kuasa tersebut akan terusberkuatkuasa sehingga tamat Mesyuarat Agung TahunanSyarikat yang berikutnya.” (Resolusi 9)

AGENDA1 To receive and adopt the Audited Financial Statements for the

year ended 31 July 2002 together with the Reports of theDirectors and Auditors thereon. (Resolution 1)

2 To declare a final dividend of 5% per share less 28% incometax for the year ended 31 July 2002. (Resolution 2)

3 To approve the revision and payment of Directors’ fees for theyear ended 31 July 2002. (Resolution 3)

4 To re-elect the following Directors who retire pursuant toArticle 97 of the Company’s Articles of Association:

a Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali (Resolution 4)b Mr Goon Heng Wah (Resolution 5)c Mr Ha Tiing Tai (Resolution 6)d Ms Wong Chin Yen (Resolution 7)

5 To appoint Messrs Ernst & Young as Auditors of the Companyin place of the retiring auditors, Messrs Arthur Andersen & Coand to authorise the Directors to fix their remuneration.

(Resolution 8)

6 As Special Business:To consider and if thought fit, to pass the following resolutionswith or without modifications as Ordinary Resolutions:

a Authority To Allot And Issue Shares “THAT pursuant to Section 132D of the Companies Act, 1965,the Directors be and are hereby empowered to allot and issueshares in the Company at any time and upon such terms andconditions and for such purposes as the Directors may, intheir absolute discretion deem fit including but not limited tosuch shares as may be issued pursuant to the Employees’Share Option Scheme of the Company, provided that theaggregate number of shares issued pursuant to this resolutiondoes not exceed 10% of the issued share capital of theCompany for the time being and that the Directors be and arealso empowered to obtain the approval for the listing of andquotation for the additional shares so issued on the KualaLumpur Stock Exchange and that such authority shallcontinue in force until the conclusion of the next AnnualGeneral Meeting of the Company.” (Resolution 9)

11


b Proposed Renewal Of Share Buy-Back Authority“THAT subject to the provisions of the Companies Act,1965, the Articles of Association of the Company, therequirements of the Kuala Lumpur Stock Exchange (“KLSE”)and the approvals of all relevant government and/orregulatory authorities, the Company be and is herebyauthorised to purchase such number of ordinary shares ofRM1.00 each of the Company (“Proposed Share Buy-Back”)as may be determined by the Directors of the Companyfrom time to time through the KLSE upon such terms andconditions as the Directors may deem fit in the interest ofthe Company provided that the aggregate number of sharesto be purchased pursuant to this resolution does notexceed ten percent (10%) of the total issued and paid-upshare capital for the time being of the Company and anamount not exceeding the retained profits and/or sharepremium of the Company be allocated by the Company forthe Proposed Share Buy-Back AND THAT at the discretionof the Directors, upon such purchase by the Company of itsown shares, the purchased shares will be cancelled and/orretained as treasury shares and subsequently be cancelled,distributed as dividends or resold on the KLSE AND THATthe Directors be and are hereby empowered to do all actsand things and to enter into and execute all commitments,transactions, deeds, agreements, arrangements,undertakings, indemnities, transfers, assignments and/orguarantees as the Directors may deem fit and expedient inorder to implement, finalise and give full effect to theProposed Share Buy-Back with full powers to assent to anyconditions, modifications, revaluations, variations and/oramendments as may be required or imposed by anyrelevant authority or authorities and/or any amendments,variations and/or modifications in the interest of theCompany as may be approved by any relevant authority orauthorities if such approval(s) are required AND FURTHERTHAT the authority hereby given shall commenceimmediately upon passing of this resolution and shallcontinue in force until the conclusion of the next AnnualGeneral Meeting of the Company at which time it shalllapse, unless earlier revoked or varied by ordinary resolutionpassed by the shareholders of the Company in a generalmeeting, but not so as to prejudice the completion of thepurchase of its own shares by the Company before theaforesaid expiry date and, in any event, in accordance withthe provisions of the Listing Requirements of the KLSE orany other relevant authorities.” (Resolution 10)

b Cadangan Pembaharuan Kuasa Pembelian Balik Saham“BAHAWA tertakluk kepada peruntukan Akta Syarikat,1965, Tataurusan Pertubuhan Syarikat, keperluan BursaSaham Kuala Lumpur (“BSKL”) dan kelulusan semua pihakberkuasa pengawalselia dan/atau kerajaan berkenaan,Syarikat adalah dan dengan ini diberi kuasa untuk membelijumlah tertentu saham biasa Syarikat bernilai RM1.00setiap satu (“Cadangan Pembelian Balik Saham”)sepertimana yang mungkin ditentukan oleh para PengarahSyarikat dari semasa ke semasa melalui BSKL menurutterma-terma dan syarat-syarat tertentu sebagaimana yangmungkin menurut para Pengarah adalah sesuai demikepentingan Syarikat dengan syarat bahawa jumlahagregat saham yang hendak dibeli menurut resolusi initidak melebihi sepuluh peratus (10%) daripada jumlahmodal saham terbitan dan berbayar Syarikat pada masa itudan suatu amaun tidak melebihi daripada keuntungantersimpan dan/atau premium saham Syarikatdiperuntukkan oleh Syarikat bagi Cadangan PembelianBalik Saham DAN BAHAWA menurut pertimbangan paraPengarah, selepas pembelian oleh Syarikat sahamnyasendiri, saham yang dibeli itu akan dibatalkan dan/ataudikekalkan sebagai saham perbendaharaan dan seterusnyadibatal, diagih sebagai dividen atau dijual semula di BSKLDAN BAHAWA para Pengarah adalah dan dengan ini diberikuasa untuk melakukan segala tindakan dan perkara sertamengadakan dan melaksanakan semua komitmen,urusniaga, surat ikatan, perjanjian, pengaturan,pelaksanaan, indemniti, pemindahan, penyerahan hakdan/atau jaminan sebagaimana yang mungkin menurutpara Pengarah adalah sesuai dan bermanfaat untukmelaksanakan, menyempurnakan dan memberi kesansepenuhnya kepada Belian Balik Saham Yang Dicadangkandengan kuasa penuh untuk menyetujui mana-mana syarat,pengubahsuaian, penilaian semula, perubahan dan/ataupindaan sepertimana yang mungkin diperlukan ataudikenakan oleh mana-mana pihak berkuasa atau pihak-pihak berkuasa yang berkenaan dan/atau mana-manapindaan, perubahan dan/atau pengubahsuaian demikepentingan Syarikat yang mungkin diluluskan oleh mana-mana pihak berkuasa atau pihak-pihak berkuasa yangberkenaan sekiranya kelulusan seumpama itu diperlukanDAN BAHAWA SELANJUTNYA kuasa yang diberikan ini akanberkuatkuasa sebaik sahaja resolusi ini diluluskan dan akanterus berkuatkuasa sehingga tamat Mesyuarat AgungTahunan Syarikat yang berikutnya pada waktu manatempohnya akan tamat, kecuali telah terlebih dahuludibatalkan atau diubah oleh resolusi biasa yang diluluskanoleh para pemegang saham Syarikat dalam satu mesyuaratagung, tetapi bukan untuk menggugat penyelesaianpembelian sahamnya sendiri oleh Syarikat sebelum tarikhtamat tempoh yang dinyatakan di atas dan, pada sebarangkeadaan, selaras dengan peruntukan Keperluan PenyenaraianBSKL atau mana-mana pihak berkuasa yang berkenaan.”

(Resolusi 10)


12

Notice of Annual General Meeting notis mesyuarat agung tahunan

c Cadangan Pembaharuan Mandat Para Pemegang Sahambagi Urusniaga Pihak Berkaitan Yang Berulangan denganLingkaran Trans Kota Sdn Bhd “BAHAWA kelulusan adalah dan dengan ini diberikan bagipembaharuan Mandat Para Pemegang Saham bagi Syarikatdan subsidiari-subsidiarinya untuk mengadakan UrusniagaPihak Berkaitan Yang Berulangan berbentuk hasil atauperdagangan yang diperlukan bagi operasi harian yangmelibatkan kepentingan para Pengarah, para PemegangSaham Utama atau mereka yang berkaitan dengan paraPengarah dan/atau para Pemegang Saham Utama Syarikatdan subsidiari-subsidiarinya (“Pihak-Pihak Berkaitan”),sepertimana yang dihuraikan dalam Seksyen 3.2 Pekelilingkepada para Pemegang Saham Syarikat bertarikh 11Disember 2002 tertakluk kepada syarat-syarat berikut:

i urusniaga ini dijalankan dalam perjalanan biasaperniagaan mengikut terma-terma komersial biasayang tidak lebih memihak kepada Pihak-PihakBerkaitan daripada yang biasanya wujud kepada orangramai dan adalah tidak menjejaskan kepentingan parapemegang saham minoriti Syarikat; dan

ii pendedahan adalah dibuat di dalam laporan tahunanmengenai nilai agregat urusniaga yang dijalankan menurutMandat Para Pemegang Saham pada tahun kewanganberasaskan kepada maklumat berikut:-

• jenis urusniaga berulangan yang dijalankan; dan

• nama Pihak-Pihak Berkaitan yang terlibat dalamsetiap jenis urusniaga berulangan yang dijalankanserta perhubungan mereka dengan Syarikat,

dan mana-mana pengaturan dan/atau urusniaga yangkebetulan berkaitan dengannya;

DAN BAHAWA kuasa yang diberikan oleh resolusi ini akanberkuatkuasa sebaik sahaja Resolusi Biasa ini diluluskansehingga:

i tamat Mesyuarat Agung Tahunan Syarikat yangberikutnya, pada masa yang mana ia akan tamat, kecualimelalui satu resolusi yang diluluskan di MesyuaratAgung Tahunan berkenaan, kuasa ini diperbaharui;

ii pada tamatnya tempoh yang mana Mesyuarat AgungTahunan Syarikat yang berikutnya perlu diadakanmenurut Seksyen 143(1) Akta Syarikat, 1965 (“Akta”)tetapi hendaklah tidak berlanjutan hingga masalanjutan yang mungkin dibenarkan menurut Seksyen143(2) Akta tersebut; atau

iii dibatalkan atau diubah melalui resolusi yang diluluskanoleh para pemegang saham dalam satu mesyuarat agung;

yang mana terdahulu;

DAN BAHAWA para Pengarah Syarikat adalah diberi kuasauntuk menyempurnakan dan melakukan segala tindakandan perkara yang mungkin menurut mereka sesuai atauperlu untuk memberi kesan kepada Cadangan PembaharuanMandat Para Pemegang Saham dan urusniaga yangdicadangkan dan/atau dibenarkan oleh Resolusi Biasa ini.”

(Resolusi 11)

7 Untuk melaksanakan sebarang urusan lain yang mana notissewajarnya telah diberikan.

c Proposed Renewal of Shareholders’ Mandate forRecurrent Related Party Transaction with Lingkaran TransKota Sdn Bhd“THAT approval be and is hereby given for the renewal ofShareholders’ Mandate for the Company and itssubsidiaries to enter into recurrent related partytransaction of a revenue or trading nature which isnecessary for day-to-day operations involving the interestof Directors, Major Shareholders or persons connected withthe Directors and/or Major Shareholders of the Companyand its subsidiaries (“Related Parties”), as detailed inSection 3.2 of the Circular to Shareholders of the Companydated 11 December 2002 subject to the following:

i the transaction is carried out in the ordinary course ofbusiness on normal commercial terms which are notmore favourable to the Related Parties than thosegenerally available to the public and are not to thedetriment of the minority shareholders of theCompany; and

ii disclosure is made in the annual report of theaggregate value of transactions conducted pursuant tothe Shareholders’ Mandate during the financial yearbased on the following information:-

• the type of the recurrent transactions made; and

• the names of the Related Parties involved in eachtype of the recurrent transactions made and theirrelationship with the Company,

and any other arrangements and/or transactions as areincidental thereto;

AND THAT authority conferred by this resolution willcommence immediately upon the passing of this OrdinaryResolution until:

i the conclusion of the next Annual General Meeting(“AGM”) of the Company, at which time it will lapse,unless by a resolution passed at the said AGM, theauthority is renewed;

ii the expiration of the period within which the nextAGM of the Company is required to be held pursuant toSection 143(1) of the Companies Act, 1965 (“the Act”)but shall not extend to such extension as may beallowed pursuant to Section 143(2) of the Act; or

iii revoked or varied by resolution passed by theshareholders in a general meeting;

whichever is the earlier;

AND THAT the Directors of the Company be empowered tocomplete and do all such acts and things as they mayconsider expedient or necessary to give effect to theProposed Renewal of Shareholders’ Mandate andtransactions contemplated and/or authorised by thisOrdinary Resolution.” (Resolution 11)

7 To transact any other business for which due notice shall havebeen given.

13


Notes:1 Appointment of Proxy(ies)

a A member of the Company who is entitled to attend and vote at this meeting is entitled toappoint a proxy or not more than two (2) proxies to attend and vote in his stead. A proxy neednot be a member of the Company.

b Where a member appoints two (2) proxies, the appointments shall be invalid unless hespecifies the proportions of his holdings to be represented by each proxy.

c Where a member is an authorised nominee as defined under the Securities Industry (CentralDepositories) Act, 1991, it may appoint at least one (1) proxy in respect of each securitiesaccount it holds with ordinary shares of the Company standing to the credit of the saidsecurities account.

d If no name is inserted in the space provided for the name of your proxy, the Chairman of themeeting will act as your proxy.

e In the case of a corporate member, the Form of Proxy shall be under its Common Seal or underthe hand of its attorney.

f The Form of Proxy must be deposited at the Company’s Registered Office situated at No. 78,Jalan SS22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia, not lessthan forty-eight (48) hours before the time fixed for holding the meeting or at anyadjournment thereof.

2 Explanatory Note for Resolution 8

The Company has received a Notice of Nomination pursuant to Section 172(11) of the CompaniesAct, 1965 from a shareholder, a copy of which is set out on page 15 of the Annual Report, for thenomination of Messrs Ernst & Young, who have given their consent to act, as Auditors of theCompany in place of the retiring auditors, Messrs Arthur Andersen & Co.

3 Explanatory Notes on Special Business

a Resolution 9The proposed Resolution 9 if passed, will empower the Directors to issue shares of theCompany up to a maximum of 10% of the issued share capital of the Company for the timebeing for such purposes as the Directors consider would be in the interest of the Company. This authority, unless revoked or varied at a general meeting will expire at the conclusion ofthe next Annual General Meeting of the Company. The rationale for this resolution is to savecost and time for convening a general meeting.

b Resolution 10 and 11Please refer to the Circular dated 11 December 2002.

Nota-nota:1 Perlantikan Proksi atau Proksi-Proksi

a Seseorang ahli Syarikat yang layak untuk hadir dan mengundi pada mesyuarat ini adalah layakuntuk melantik proksi atau tidak melebihi dua (2) proksi untuk hadir dan mengundi bagipihaknya. Seseorang proksi tidak semestinya ahli Syarikat.

b Apabila seseorang ahli melantik dua (2) proksi, pelantikan tersebut akan menjadi tidak sahkecuali nisbah pemegangan beliau yang akan diwakili oleh setiap proksi dinyatakan.

c Apabila seseorang ahli itu adalah nomini dibenarkan seperti yang ditakrifkan di bawah AktaPerindustrian Sekuriti (Depositori Pusat) 1991, ia boleh melantik sekurang-kurangnya satu (1)proksi bagi setiap akaun sekuriti yang dipegangnya yang masih mempunyai kredit saham-saham biasa Syarikat.

d Jika tiada nama dimasukkan di dalam ruang yang disediakan untuk nama proksi, PengerusiMesyuarat akan bertindak sebagai proksi anda.

e Sekiranya anda ahli korporat, Borang Proksi hendaklah dimeteri atau ditandatangani olehpeguam yang telah diberi kuasa.

f Borang Proksi hendaklah diserahkan di Pejabat Berdaftar Syarikat di No. 78, Jalan SS22/21,Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia, tidak lewat dari empatpuluh lapan (48) jam sebelum waktu yang telah ditetapkan untuk mengadakan mesyuarat ataupada sebarang penangguhannya.

2 Nota Keterangan mengenai Resolusi 8

Syarikat telah menerima Notis Pencalonan menurut Seksyen 172(11) Akta Syarikat, 1965 daripadapemegang saham, sesalinannya dibentangkan di muka surat 15 Laporan Tahunan, bagi penamaanTetuan Ernst & Young, yang telah memberi kebenaran mereka untuk bertindak, sebagai JuruauditSyarikat menggantikan Tetuan Arthur Andersen & Co, juruaudit yang bersara.

3 Nota Keterangan mengenai Urusan Khas

a Resolusi 9Cadangan Resolusi 9 jika diluluskan, akan memberi kuasa kepada para Pengarah untukmenerbit saham syarikat sehingga ke tahap maksimum 10% daripada modal saham terbitanSyarikat buat masa itu bagi tujuan tertentu sepertimana yang difikirkan oleh para Pengarahadalah demi kepentingan Syarikat. Kuasa ini, kecuali dibatalkan atau diubah di mesyuaratagung akan tamat tempohnya pada penamatan Mesyuarat Agung Tahunan Syarikat yangberikutnya. Rasional bagi resolusi ini adalah untuk menjimatkan kos dan masa bagimengadakan mesyuarat agung.

b Resolusi 10 dan 11Sila rujuk kepada Pekeliling bertarikh 11 Disember 2002.

NOTIS KELAYAKAN DAN PEMBAYARAN DIVIDEN

ADALAH DENGAN INI JUGA DIMAKLUMKAN bahawa dividen akhirsebanyak 5% ditolak 28% cukai pendapatan setiap saham biasabernilai RM1.00 bagi tahun berakhir 31 Julai 2002, jika diluluskanpada Mesyuarat Agung Tahunan Kedua Puluh Enam akan dibayarpada 24 Januari 2003 kepada para pendeposit yang berdaftar didalam Rekod Pendeposit pada 17 Januari 2003.

Seseorang Pendeposit akan berhak untuk kelayakan hanya berkenaan:

a Saham yang dipindahmilik ke dalam Akaun Sekuriti Pendepositsebelum jam 12.30 tengahari pada 17 Januari 2003, bagipindahmilik biasa; dan

b Saham yang dibeli di Bursa Saham Kuala Lumpur berdasarkankelayakan serta menurut Peraturan Bursa Saham Kuala Lumpur.

Dengan Perintah Lembaga Pengarah

Lim Soo LyeTee Yew Chin Setiausaha-Setiausaha Syarikat

Petaling Jaya11 Disember 2002

NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT

NOTICE IS ALSO HEREBY GIVEN that a final dividend of 5% lessincome tax at 28% per RM1.00 ordinary share for the year ended31 July 2002, if approved at the Twenty-Sixth Annual GeneralMeeting will be paid on 24 January 2003 to depositors registered inthe Record of Depositors on 17 January 2003.

A Depositor shall qualify for entitlement only in respect of:

a Shares transferred into the Depositor’s Securities Account before12.30 p.m. on 17 January 2003, in respect of ordinary transfers;and

b Shares bought on the Kuala Lumpur Stock Exchange on a cumentitlement basis according to the Rules of the Kuala LumpurStock Exchange.

By Order of the Board

Lim Soo LyeTee Yew Chin Company Secretaries

Petaling Jaya11 December 2002


14

Statement Accompanying Notice of Annual General Meeting (AGM)penyata berserta notis mesyuarat agung tahunan

TARIKH, MASA DAN TEMPAT MESYUARAT AGUNG TAHUNANAKAN DATANG Tarikh : 14 Januari 2003, SelasaMasa : 10.00 pagiTempat : Ballroom, Kota Permai Golf & Country Club

No. 1, Jalan 31/100AKota Kemuning, Seksyen 3140460 Shah AlamSelangor Darul EhsanMalaysia

PARA PENGARAH YANG MENAWARKAN DIRI UNTUKPEMILIHAN SEMULAPara pengarah yang menawarkan diri untuk pemilihan semula dimesyuarat agung tahunan akan datang adalah:

1 Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali2 Encik Goon Heng Wah3 Encik Ha Tiing Tai4 Cik Wong Chin Yen

Profil keempat-empat Pengarah yang menawarkan diri untukpemilihan semula dan kehadiran mereka di mesyuarat LembagaPengarah dibentangkan di Profil Para Pengarah di muka surat 26hingga muka surat 35 Laporan Tahunan dan pegangan sekuritimereka di dalam Kumpulan dibentangkan di dalam PenyataKepentingan Para Pengarah di muka surat 50 Laporan Tahunan.

KEHADIRAN PARA PENGARAH DI MESYUARAT LEMBAGAPENGARAHKehadiran semua Pengarah di Mesyuarat Lembaga Pengarahdibentangkan dalam Penyata Mengenai Tadbir Urus Korporat dimuka surat 41 Laporan Tahunan.

DATE, TIME AND PLACE OF FORTHCOMING AGM Date : 14 January 2003, TuesdayTime : 10.00 a.m.Venue : Ballroom of Kota Permai Golf & Country Club

No. 1, Jalan 31/100AKota Kemuning, Section 3140460 Shah AlamSelangor Darul EhsanMalaysia

DIRECTORS STANDING FOR RE-ELECTIONThe Directors standing for re-election at the forthcoming AGM are:

1 Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali2 Mr Goon Heng Wah3 Mr Ha Tiing Tai4 Ms Wong Chin Yen

The profile and Board meetings attendance of the 4 Directorsseeking re-election are presented in the Profile of Directors on page26 to page 35 of the Annual Report and their securities holdings inthe Group are presented in the Statement of Directors’ Interests onpage 50 of the Annual Report.

ATTENDANCE OF DIRECTORS AT BOARD MEETINGSThe attendance of all the Directors at Board meetings is presentedin the Statement on Corporate Governance on page 41 of theAnnual Report.

15


GENERASI SETIA (M) SDN BHD (232959-K)

No.8, Jalan Delima55100 Kuala Lumpur

Tarikh: 6 November 2002

Lembaga Pengarah Gamuda Berhad78, Jalan SS22/21Damansara Jaya47400 Petaling JayaSelangor Darul Ehsan

Tuan/Puan,

PENCALONAN JURUAUDIT

Kami, Generasi Setia (M) Sdn Bhd, sebagai pemegang sahamGamuda Berhad (“Syarikat”) dengan ini memberi notis menurutSeksyen 172(11) Akta Syarikat, 1965 berhubung pencalonan TetuanErnst & Young sebagai Juruaudit Syarikat menggantikan juruauditbersara, Tetuan Arthur Andersen & Co.

Kami berhasrat mencadangkan pertukaran juruaudit ini sebagairesolusi biasa di Mesyuarat Agung Tahunan Kedua Puluh EnamSyarikat yang akan datang.

Terima Kasih.

Yang Benar,GENERASI SETIA (M) SDN BHD

Raja Dato’ Seri Eleena Azlan ShahPengarah

GENERASI SETIA (M) SDN BHD (232959-K)

No.8, Jalan Delima55100 Kuala Lumpur

Date: 6 November 2002

The Board of DirectorsGamuda Berhad78, Jalan SS22/21Damansara Jaya47400 Petaling JayaSelangor Darul Ehsan

Dear Sirs,

NOMINATION OF AUDITORS

We, Generasi Setia (M) Sdn Bhd, being a shareholder of GamudaBerhad (“the Company”) hereby give notice pursuant to Section172(11) of the Companies Act, 1965 of our nomination of MessrsErnst & Young as Auditors of the Company in place of the retiringauditors, Messrs Arthur Andersen & Co.

We intend to propose the change of auditors as an ordinaryresolution at the forthcoming Twenty-Sixth Annual GeneralMeeting of the Company.

Thank you.

Yours faithfully, GENERASI SETIA (M) SDN BHD

Raja Dato’ Seri Eleena Azlan ShahDirector

Letter of Nomination of Auditors surat pencalonan juruaudit

Our strength in the industry isensured by the quality of our work.In the 25 years that we have been inthe business, we focus on deliveringinnovative solutions and completingour jobs ahead of schedule andwithin budget.

Today, we have successfully built a reputation for reliability inthe delivery of large-scaleinfrastructure projects and townshipdevelopment.

Prestasi kualiti kerja telahmemastikan keteguhan kedudukankami dalam industri. Sepanjang 25tahun menceburi dalam duniaperniagaan, kami menumpukan usahauntuk menyediakan penyelesaianyang inovatif dan menyiapkan kerja-kerja kami lebih awal daripada jadualdan mengikut belanjawan.

Hari ini, kami telah berjaya menempanama sebagai sebuah syarikat yang berwibawa dalam menyiapkanprojek-projek infrastruktur berskala besar dan pembangunanperbandaran.

Draw-off towers near rock-filled dam at SSP3.Menara-menara aliran pengambilan berhampiran empangan di SSF3.


18

5 Years’ Financial Highlights maklumat penting kewangan 5 tahun

In RM’000 1998 1999 2000 2001 2002Dalam RM’000

Revenue 492,987 315,514 637,488 831,283 1,042,752Hasil

Profit Before Taxation 110,033 143,033 206,062 276,035 384,966Keuntungan Sebelum Cukai

Net Profit 77,562 138,328 146,815 191,708 238,788Keuntungan Bersih

Total Assets 1,022,170 1,164,486 1,405,638 2,438,223 2,725,681Jumlah Aset

Net Tangible Assets 672,609 806,420 1,067,404 1,212,982 1,453,761Aset Ketara Bersih

Shareholders' Fund 678,093 811,879 1,072,615 1,216,015 1,456,612Dana Pemegang Saham

Total Number of Shares 289,696 295,904 665,191 665,355 672,839Jumlah Bilangan Saham

Sen Per Share 1998 1999 2000 2001 2002Sen Sesaham

Group Earnings Per Share (sen) 13 24 23 29 36Perolehan KumpulanSesaham (sen)

Net Tangible Assets Per Share (sen) 232 273 160 182 216Aset Ketara BersihSesaham (sen)

19


1,042,752

98 99 00 01 02

200000

400000

600000

800000

000000

2000001,200,000

1,000,000

800,000

600,000

400,000

200,000

0

492,987

315,514

637,488

831,283

77,562

138,328

191,708

1,456,612

678,093

811,879

1,072,615

1,216,015

13

2423

29

98 99 00 01 02

1,500,000

1,200,000

900,000

600,000

300,000

0

36

98 99 00 01 02

40

30

20

10

0

238,788

98 99 00 01 02

250,000

218,750

187,500

156,250

125,000

93,750

62,500

31,250

0

REVENUE (RM’000)HASIL (RM’000)

NET PROFIT (RM’000)KEUNTUNGAN BERSIH (RM’000)

SHAREHOLDERS’ FUND (RM’000)DANA PEMEGANG SAHAM (RM’000)

GROUP EARNINGS PER SHARE (SEN)PEROLEHAN KUMPULAN SESAHAM (SEN)

146,815

We pride ourselves in our reliabilityand creativity, and in deliveringexceptional value to our customers.

Our property and townshipdevelopment embody 'The FourPillars' of Gamuda Land: Design,Community, a Healthy Lifestyle andSafety. Gamuda Land is well regardedby property buyers for its innovativeand distinctive township concepts,designs and specifications.

We also make continuousimprovement an integral part of theway we operate.

Kami berbangga dengan kewibawaandan kreativiti kami serta kemampuanmemberi nilai terunggul kepada parapelanggan kami.

Pembangunan hartanah danperbandaran kami merangkumi‘Empat Teras Asas’ Gamuda Land:Rekabentuk, Masyarakat, Gaya Hidupyang Sihat dan Keselamatan. GamudaLand dikenali di kalangan pembelihartanah di atas konsep, rekabentukdan spesifikasi perbandarannya yanginovatif dan istimewa.

Dan kami melakukan peningkatanberterusan, sebahagian penting dalamcara kami beroperasi.

“Capture the Beauty of Kota Kemuning” photography contest - Kota Kemuning at Dusk.Pertandingan fotografi “Mengabadikan Keindahan Kota Kemuning” - Kota Kemuning pada waktu Senja.


22

CorporateStructure as at 8 November 2002

struktur korporat pada 8 November 2002

EXPRESSWAY TOLLING &MANAGEMENTKUTIPAN TOL & PENGURUSANLEBUHRAYA

WATER SUPPLY & TREATMENTBEKALAN & RAWATAN AIR

CONSTRUCTIONPEMBINAAN

TRADINGPERDAGANGAN

PROPERTY DEVELOPMENTPEMBANGUNAN HARTANAH

GOLF CLUBKELAB GOLF

MANUFACTURING, QUARRYING, PLANT HIRE & OTHERSPERKILANGAN, PERKUARIAN,PENYEWAAN LOJI & LAIN-LAIN

INVESTMENTPELABURAN

INFORMATION TECHNOLOGYTEKNOLOGI MAKLUMAT

LANDSCAPINGSENI TAMAN

30% Kesas Sdn Bhd39% Lingkaran Trans Kota Sdn Bhd49% Sistem Penyuraian Trafik KL Barat Sdn Bhd36% Madang Permai Sdn Bhd50% Mapex Infrastructure Private Limited50% Emas Expressway Private Limited

30% Syarikat Pengeluar Air Sungai Selangor Sdn Bhd80% Gamuda Water Sdn Bhd

100% Gammau Construction Sdn Bhd100% Gamuda Engineering Sdn Bhd100% Masterpave Sdn Bhd100% Ganaz Bina Sdn Bhd100% Gamuda (India) Private Limited70% Gamuda-WCT (India) Private Limited

100% Gamuda Trading Sdn Bhd95% GPI Trading Sdn Bhd

50% Hicom-Gamuda Development Sdn Bhd99% Valencia Development Sdn Bhd

100% Harum Intisari Sdn Bhd100% Gamuda Land Sdn Bhd

50% Danau Permai Resort Berhad

95% Gamuda Paper Industries Sdn Bhd100% G. B. Kuari Sdn Bhd41% Dyna Plastics Sdn Bhd

100% Megah Management Services Sdn Bhd100% Megah Sewa Sdn Bhd100% Reka Strategi Sdn Bhd

100% Gamuda Overseas Investment Ltd100% Megah Capital Sdn Bhd30% Syarikat Pengeluar Air Selangor Holdings Berhad

(formerly known as Gabungan Cekap Berhad)100% Gamuda (Offshore) Private Limited 50% Gamuda-WCT (Offshore) Private Limited50% Suria Holding (O) Pvt Ltd30% Kesas Holdings Berhad39% Lingkaran Trans Kota Holdings Berhad49% Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd

100% GIT Services Sdn Bhd

70% Megah Landscape Sdn Bhd50% Kota Kemuning Nursery & Landscaping Sdn Bhd

GAMUDA BERHAD

BOARD OF DIRECTORS LEMBAGA PENGARAHY Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim Chairman Pengerusi

Y Bhg Dato’ Lin Yun Ling Managing Director Pengarah Urusan

Y Bhg Tan Sri Dato’ Mohd Ramli bin KushairiY Bhg Tan Sri Ab Rahman bin OmarY A M Raja Dato’ Seri Eleena Azlan ShahY M Raja Dato’ Seri Abdul Aziz bin Raja SalimY Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali Mr Ng Kee LeenMr Goon Heng WahMr Ha Tiing TaiMs Wong Chin YenMr Saw Wah ThengTuan Haji Azmi Mat NorMr Chow Chee Wah (Alternate to Y Bhg Dato’ Lin Yun Ling)(Pengganti kepada Y Bhg Dato' Lin Yun Ling)

AUDIT COMMITTEE JAWATANKUASA AUDITY M Raja Dato’ Seri Abdul Aziz bin Raja SalimChairman Pengerusi

Y Bhg Tan Sri Dato’ Mohd Ramli bin KushairiMr Ng Kee LeenMs Wong Chin Yen

NOMINATION COMMITTEE JAWATANKUASA PENCALONANY Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim Chairman Pengerusi

Y Bhg Tan Sri Dato’ Mohd Ramli bin KushairiMs Wong Chin Yen

REMUNERATION COMMITTEE JAWATANKUASA IMBUHANY Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim Chairman Pengerusi

Y Bhg Dato’ Lin Yun LingY M Raja Dato’ Seri Abdul Aziz bin Raja Salim

COMPANY SECRETARIES SETIAUSAHA- SETIAUSAHA SYARIKATLim Soo Lye (LS 006461)Tee Yew Chin (MAICSA 0794772)

REGISTERED OFFICE PEJABAT BERDAFTAR78, Jalan SS22/21Damansara Jaya47400 Petaling JayaSelangor Darul Ehsantel tel 603 7726 9210fax faks 603 7728 9811email e-mel [email protected]

REGISTRAR PENDAFTAR(For Ordinary Shares, Warrants 1996/2006 and Warrants2001/2007)(Bagi Saham Biasa, Waran 1996/2006 dan Waran 2001/2007)Insurban Corporate Services Sdn Bhd 149, Jalan Aminuddin BakiTaman Tun Dr Ismail60000 Kuala Lumpurtel tel 603 7729 5529fax faks 603 7728 5948

AUDITORS JURUAUDITArthur Andersen & CoPublic Accountants

PRINCIPAL BANKER BANK UTAMAMalayan Banking Berhad

STOCK EXCHANGE LISTING PENYENARAIAN BURSA SAHAMMain BoardKuala Lumpur Stock ExchangePapan Utama Bursa Saham Kuala Lumpur

WEBSITE LAMAN WEBwww.gamuda.com.my

23


CorporateInformation maklumat korporat


24

BoardOf Directors lembaga pengarah

1 Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim

2 Y Bhg Dato’ Lin Yun Ling

3 Y Bhg Tan Sri Dato' Mohd Ramli bin Kushairi

4 Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim

5 Mr Ng Kee Leen

6 Y A M Raja Dato’ Seri Eleena Azlan Shah

1 2 3

4 5 6

25


7 Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali

8 Ms Wong Chin Yen

9 Y Bhg Tan Sri Ab Rahman bin Omar

10 Mr Goon Heng Wah

11 Mr Ha Tiing Tai

12 Mr Saw Wah Theng

13 Tuan Haji Azmi Mat Nor

14 Mr Chow Chee Wah

7 8

9 10 11

12 13 14


26

Profileof Directors profil para pengarah

Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd HashimPSM, DPCM, DSDK, KMN, AMN, BCK, Dip C Eng (BTC), MM (AIM), C. Eng. P. Eng, FICE,

FIEM, FIHT, MMIM, MACEM, Hon. FISM

67, Malaysian67, Warganegara MalaysiaChairman / Non Independent Non-ExecutivePengerusi Bukan Eksekutif Bukan Bebas

Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim earned a Diplomain Civil Engineering from Brighton Technical College, UK in 1959 anda Masters degree in Management from Asian Institute OfManagement, Manila, Philippines in 1976. He is a ProfessionalEngineer registered with the Board of Engineers, Malaysia; CharteredEngineer registered with the Engineering Council, UK; Fellow of theInstitution of Engineers Malaysia; Fellow of the Institution of CivilEngineers, UK and Fellow of the Institution of Highways AndTransportation, UK. He had worked with Jabatan Kerja Raya Malaysia(JKR) for 31 years where he left in 1990 as the Director-Generaloverseeing the planning, design, construction and maintenance ofpublic roads, water supplies, government buildings, airports andmarine ports. He was formerly President of the Board of Engineers,Malaysia; a member of the Board of Directors of the MalaysianHighway Authority; Chairman of the Central Registration Committeeof Government Contractors; Council Member of Universiti TeknologiMalaysia and Council Member of the Scientific and ResearchInstitute of Malaysia. Y Bhg Tan Sri Dato’ Ir Talha bin Haji MohdHashim was appointed to the Board of Gamuda on 26 March 1992and was later appointed Chairman of the Audit Committee. Herelinquished his position as Chairman of the Audit Committee on 16October 2001. He also serves as the Chairman of the RemunerationCommittee and Nomination Committee of the Board. He attended allthe 5 Board meetings held in the financial year. His directorships inother public companies are in Hume Industries (Malaysia) Berhad,Sapura Telecommunications Berhad, SHL Consolidated Berhad andSunway City Berhad.

Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim berkelulusanDiploma Kejuruteraan Awam dari Brighton Technical College, UKpada tahun 1959 dan ijazah Sarjana Pengurusan dari AsianInstitute Of Management, Manila, Filipina pada tahun 1976. Beliauadalah seorang Jurutera Profesional yang berdaftar denganLembaga Jurutera, Malaysia; Jurutera Bertauliah berdaftar denganEngineering Council, UK; Fellow Institut Jurutera Malaysia; FellowInstitution of Civil Engineers, UK dan Fellow Institution ofHighways And Transportation, UK. Beliau telah berkhidmat denganJabatan Kerja Raya Malaysia (JKR) selama 31 tahun di mana beliaubersara pada tahun 1990 sebagai Ketua Pengarah yangbertanggungjawab mengawasi perancangan, rekabentuk,pembinaan dan penyenggaraan jalan awam, bekalan air, bangunankerajaan, lapangan terbang dan pelabuhan laut. Beliau adalahbekas Presiden Lembaga Jurutera, Malaysia; ahli Lembaga PengarahLembaga Lebuhraya Malaysia; Pengerusi Jawatankuasa PendaftaranPusat Kontraktor Kerajaan; Ahli Majlis Universiti Teknologi Malaysiadan Ahli Majlis Institut Saintifik dan Penyelidikan Malaysia. Y BhgTan Sri Dato’ Ir Talha bin Haji Mohd Hashim dilantik menganggotaiLembaga Pengarah Gamuda pada 26 Mac 1992 dan seterusnyadilantik sebagai Pengerusi Jawatankuasa Audit. Beliau meletakjawatan sebagai Pengerusi Jawatankuasa Audit pada 16 Oktober2001. Beliau juga berkhidmat sebagai Pengerusi JawatankuasaImbuhan dan Jawatankuasa Pencalonan Lembaga. Beliau telahmenghadiri kesemua 5 mesyuarat Lembaga Pengarah yangdiadakan pada tahun kewangan. Jawatan pengarah lain yang beliausandang dalam syarikat-syarikat awam yang lain adalah HumeIndustries (Malaysia) Berhad, Sapura Telecommunications Berhad,SHL Consolidated Berhad dan Sunway City Berhad.

27


Y Bhg Dato’ Lin Yun Ling berkelulusan ijazah Sarjana Muda Sains(Kepujian) jurusan Kejuruteraan Awam dari King’s College,University of London, UK. Beliau adalah seorang jurutera awamyang mempunyai pengalaman bekerja lebih 25 tahun dalam bidangkejuruteraan awam dan pembinaan. Beliau menyertai Gamuda padatahun 1978 sebagai Pengurus Kanan Projek. Di bawah kepimpinanbeliau sejak beberapa tahun lalu, Gamuda kini menjadi sebuahkumpulan syarikat pelbagai dengan aktiviti utama dalampembinaan dan konsesi infrastruktur di dalam dan di luar negara,dan dalam pembangunan hartanah. Y Bhg Dato’ Lin Yun Lingdilantik ke Lembaga Pengarah Gamuda sebagai Pengarah Urusanpada 10 Februari 1981. Beliau juga merupakan ahli JawatankuasaImbuhan Lembaga dan pemegang saham utama Gamuda. Beliautelah menghadiri 4 daripada 5 mesyuarat Lembaga Pengarah yangdiadakan pada tahun kewangan. Syarikat-syarikat awam yang laindi mana beliau menganggotai Lembaga Pengarahnya adalahLingkaran Trans Kota Holdings Berhad, Danau Permai Resort Berhaddan Syarikat Pengeluar Air Selangor Holdings Berhad (dahuludikenali sebagai Gabungan Cekap Berhad).

Y Bhg Dato’ Lin Yun Ling

47, Malaysian47, Warganegara MalaysiaManaging Director Pengarah Urusan

Y Bhg Dato’ Lin Yun Ling holds a Bachelor of Science (Honours)degree in Civil Engineering from King’s College, University ofLondon, UK. He is a civil engineer with more than 25 years ofworking experience in civil engineering and construction. He joinedGamuda in 1978 as a Senior Project Manager. Under his leadershipover the years, Gamuda is now a diversified group with majoractivities in construction and infrastructure concessions bothlocally and abroad and in property development. Y Bhg Dato’ LinYun Ling was appointed to the Board of Gamuda on 10 February1981 as Managing Director. He is a member of the RemunerationCommittee of the Board and a major shareholder of Gamuda. He attended 4 out of the 5 Board meetings held in the financialyear. His directorships in other public companies are in LingkaranTrans Kota Holdings Berhad, Danau Permai Resort Berhad andSyarikat Pengeluar Air Selangor Holdings Berhad (formerly knownas Gabungan Cekap Berhad).


28

Profile of Directors profil para pengarah

Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi

66, Malaysian66, Warganegara MalaysiaIndependent Non-Executive DirectorPengarah Bukan Eksekutif Bebas

Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi holds a Bachelor ofArts (Honours) degree in Social Science from Hull University,England, UK and did his post-graduate studies at King’s College,University of London, UK. He began his career in the public servicein 1961 as Assistant Secretary at Bank Negara Malaysia. From1965-1972, he served in senior positions at the Tariff AdvisoryBoard and Federal Agricultural Marketing Authority. From 1972-1983, he served as a Director and subsequently Group ManagingDirector of Kumpulan FIMA Berhad. He was a past Vice-Presidentof the Dewan Perniagaan Melayu Malaysia and past Secretary-General of the National Chamber Of Commerce And IndustryMalaysia and ASEAN-Chambers Of Commerce And Industry. He hadalso served as UMNO Liaison Secretary for Federal Territory from1980-1982, and a member of the Advisory Board of DewanBandaraya Kuala Lumpur. He is presently a member of theMalaysian Business Council (MBC), Board of the NationalProductivity Corporation (NPC), the National Standards &Accreditation Council and Chairman of the Council’s StandardsCommittee. He was appointed a member of the Board of Trusteesof Yayasan Tuanku Bainun on 10 June 2002 and Yayasan SuluhBudiman Universiti Pendidikan Sultan Idris on 1 October 2002. Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi was appointed to theBoard of Gamuda on 22 October 2001. He is a member of the AuditCommittee and Nomination Committee of the Board. He attended 2 out of the 3 Board meetings held in the financial year after thedate of his appointment. His directorships in other publiccompanies are in South Malaysia Industries Berhad (Chairman),Meda Inc. Berhad (Chairman), DMIB Berhad, L&M Corporation (M)Berhad and Masscorp Berhad.

Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi berkelulusan ijazahSarjana Muda Sastera (Kepujian) jurusan Sains Sosial dari HullUniversity, England, UK dan melanjutkan pengajian ke peringkatsarjana di King’s College, University of London, UK. Beliaumemulakan kerjaya beliau dalam perkhidmatan awam pada tahun1961 sebagai Penolong Setiausaha di Bank Negara Malaysia. Daritahun 1965-1972, beliau berkhidmat dalam beberapa jawatankanan di Lembaga Penasihat Tarif dan Lembaga PemasaranPertanian Persekutuan. Dari tahun 1972-1983, beliau berkhidmatsebagai Pengarah dan seterusnya Pengarah Urusan Kumpulan FIMABerhad. Beliau adalah bekas Naib Presiden Dewan PerniagaanMelayu Malaysia dan bekas Setiausaha Agung Dewan Perniagaandan Industri Kebangsaan Malaysia dan Dewan Perniagaan danIndustri ASEAN. Beliau juga pernah berkhidmat sebagai SetiausahaPerhubungan UMNO Wilayah Persekutuan dari tahun 1980-1982,dan ahli Lembaga Penasihat Dewan Bandaraya Kuala Lumpur. Kinibeliau merupakan seorang ahli Majlis Perniagaan Malaysia (MBC),Lembaga Perbadanan Produktiviti Negara (NPC), Majlis Piawaian &Akreditasi Negara dan Pengerusi Jawatankuasa Piawaiannya. Beliaudilantik menganggotai Lembaga Pemegang Amanah YayasanTuanku Bainun pada 10 Jun 2002 dan Yayasan Suluh BudimanUniversiti Pendidikan Sultan Idris pada 1 Oktober 2002. Y Bhg TanSri Dato’ Mohd Ramli bin Kushairi dilantik menganggotai LembagaPengarah Gamuda pada 22 Oktober 2001. Beliau merupakanseorang Jawatankuasa Audit dan Jawatankuasa PencalonanLembaga. Beliau telah menghadiri 2 daripada 3 mesyuarat LembagaPengarah yang diadakan pada tahun kewangan selepas tarikhperlantikan beliau. Syarikat-syarikat awam yang lain di manabeliau menganggotai Lembaga Pengarahnya adalah South MalaysiaIndustries Berhad (Pengerusi), Meda Inc. Berhad (Pengerusi), DMIBBerhad, L&M Corporation (M) Berhad dan Masscorp Berhad.

29


Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim


Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim is a Honorary Fellowof the Malaysian Institute of Taxation; Fellow of the CharteredAssociation of Certified Accountants, UK; Fellow of the CharteredInstitute of Management Accountants (CIMA), UK; Council Memberof the Malaysian Institute of Accountants (MIA) and CharteredAccountant (Malaysia). He had a distinguished career in theMalaysian Civil Service. He was the Director-General of InlandRevenue Malaysia from 1980-1990 and Accountant-GeneralMalaysia from 1990-1994. He was the President of CIMA, MalaysiaDivision from 1976-1993 and Council Member of CIMA, UK from1990-1996. He was awarded the CIMA Gold Medal in recognitionof his outstanding service to the accounting profession. Presently,he is the Chairman of the MIA Committee on Internal Audit. Y MRaja Dato’ Seri Abdul Aziz bin Raja Salim was appointed to theBoard of Gamuda on 22 October 2001. He is the Chairman of theAudit Committee and a member of the Remuneration Committee ofthe Board. He attended all the 3 Board meetings held in thefinancial year after the date of his appointment. His directorshipsin other public companies are in Amanah Saham Mara Berhad,K&N Kenanga Berhad, Kenanga Unit Trust Berhad, Jerneh InsuranceBerhad, Tasek Corporation Berhad, PBB (Oil Palms) Berhad,Matsushita Electric Company (M) Berhad and Gran AsiaCorporation Berhad. He is also a Director and Chairman of theAudit Committees of K&N Kenanga Holdings Berhad, CamerlinGroup Berhad and Jerneh Asia Berhad.

Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim adalah seorang FellowKehormat Institut Percukaian Malaysia; Fellow CharteredAssociation of Certified Accountants, UK; Fellow Chartered Instituteof Management Accountants (CIMA), UK; Ahli Majlis InstitutAkauntan Malaysia (MIA) dan Akauntan Bertauliah (Malaysia).Beliau mempunyai kerjaya yang cemerlang dalam PerkhidmatanAwam Malaysia. Beliau berkhidmat sebagai Ketua Pengarah HasilDalam Negeri Malaysia dari tahun 1980-1990 dan Akauntan Negaradari tahun 1990-1994. Beliau adalah bekas Presiden CIMA,Bahagian Malaysia dari tahun 1976-1993 dan Ahli Majlis CIMA, UKdari tahun 1990-1996. Beliau telah dianugerahkan Pingat EmasCIMA sebagai pengiktirafan atas khidmat cemerlang beliau dalamprofesion perakaunan. Beliau kini merupakan PengerusiJawatankuasa Audit Dalaman MIA. Y M Raja Dato’ Seri Abdul Azizbin Raja Salim dilantik menganggotai Lembaga Pengarah Gamudapada 22 Oktober 2001. Beliau kini merupakan PengerusiJawatankuasa Audit dan ahli Jawatankuasa Imbuhan Lembaga.Beliau telah menghadiri kesemua 3 mesyuarat Lembaga Pengarahyang diadakan pada tahun kewangan selepas tarikh perlantikanbeliau. Syarikat-syarikat awam yang lain di mana beliaumenganggotai Lembaga Pengarahnya adalah Amanah Saham MaraBerhad, K&N Kenanga Berhad, Kenanga Unit Trust Berhad, JernehInsurance Berhad, Tasek Corporation Berhad, PBB (Oil Palms) Berhad,Matsushita Electric Company (M) Berhad dan Gran Asia CorporationBerhad. Beliau juga merupakan Pengarah dan PengerusiJawatankuasa Audit K&N Kenanga Holdings Berhad, Camerlin GroupBerhad dan Jerneh Asia Berhad.


30


Mr Ng Kee Leen

46, Malaysian46, Warganegara MalaysiaExecutive Director Pengarah Eksekutif

Mr Ng Kee Leen has been with Gamuda since 1977 during whichtime he held various senior management positions. He hasextensive working experience in tender, finance andimplementation of infrastructure projects. Mr Ng Kee Leen wasappointed to the Board of Gamuda on 20 September 1986. Heserves as a member of the Audit Committee of the Board. Heattended all the 5 Board meetings held in the financial year. Hisdirectorships in other public companies are in Lingkaran Trans KotaHoldings Berhad and Kesas Holdings Berhad.

Encik Ng Kee Leen telah menyertai Gamuda pada tahun 1977 dansejak penyertaannya telah memegang pelbagai jawatanpengurusan kanan. Beliau mempunyai pengalaman luas dalambidang tender, kewangan dan pelaksanaan projek infrastruktur.Encik Ng Kee Leen dilantik menganggotai Lembaga PengarahGamuda pada 20 September 1986. Beliau berkhidmat sebagai ahliJawatankuasa Audit Lembaga. Beliau telah menghadiri kesemua 5mesyuarat Lembaga Pengarah yang diadakan pada tahunkewangan. Syarikat-syarikat awam yang lain di mana beliaumenganggotai Lembaga Pengarahnya adalah Lingkaran Trans KotaHoldings Berhad dan Kesas Holdings Berhad.

Y A M Raja Dato’ Seri Eleena Azlan Shah

42, Malaysian42, Warganegara MalaysiaNon Independent Non-Executive DirectorPengarah Bukan Eksekutif Bukan Bebas

Y A M Raja Dato’ Seri Eleena Azlan Shah is a Barrister-at-Law fromLincoln’s Inn, London, UK. She was called to the English Bar in1985. Upon returning to Malaysia, she joined Messrs Skrine & Coand was called to the Malaysian Bar in 1986. She set-up her ownlegal practice Messrs Raja Eleena, Siew Ang & Associates in 1987of which she is presently a senior partner. Y A M Raja Dato’ SeriEleena Azlan Shah was appointed to the Board of Gamuda on 1 June 1992. She attended 4 out of the 5 Board meetings held inthe financial year. She is the niece of Y Bhg Dato’ Ir Kamarul Zamanbin Mohd Ali. She is a Director and major shareholder of GenerasiSetia (M) Sdn Bhd, which is a major shareholder of Gamuda. Herdirectorships in other public companies are in KAF-Seagroatt &Campbell Holdings Berhad and Danau Permai Resort Berhad.

Y A M Raja Dato’ Seri Eleena Azlan Shah berkelulusan Barrister-at-Law dari Lincoln’s Inn, London, UK. Beliau diterima sebagai peguamoleh Majlis Peguam Inggeris pada tahun 1985. Sekembali keMalaysia, beliau menyertai Tetuan Skrine & Co dan diterima sebagaipeguam oleh Majlis Peguam Malaysia pada tahun 1986. Beliaumenubuhkan firma guaman beliau sendiri, Tetuan Raja Eleena, SiewAng & Associates pada tahun 1987, yang mana beliau kinimerupakan rakan kongsi kanan. Y A M Raja Dato’ Seri Eleena AzlanShah dilantik menganggotai Lembaga Pengarah Gamuda pada 1 Jun1992. Beliau telah menghadiri 4 daripada 5 mesyuarat LembagaPengarah yang diadakan pada tahun kewangan. Beliau adalah anaksaudara kepada Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali. Beliaumerupakan seorang Pengarah dan pemegang saham utama GenerasiSetia (M) Sdn Bhd, yang merupakan pemegang saham utamaGamuda. Syarikat-syarikat awam yang lain di mana beliaumenganggotai Lembaga Pengarahnya adalah KAF-Seagroatt &Campbell Holdings Berhad dan Danau Permai Resort Berhad.

31


Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali

66, Malaysian 66, Warganegera MalaysiaExecutive Director Pengarah Eksekutif

Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali holds a Bachelor ofScience degree in Engineering from Institute of Technology, Brighton,UK. He was attached to Jabatan Kerja Raya (JKR), Penang for 17 years as a Quarry Manager. Subsequently, he joined PenangDevelopment Corporation as a Senior Engineer for 9 years prior tojoining G.B. Kuari Sdn Bhd, a subsidiary of Gamuda, on 1 June 1990.Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali was appointed to theBoard of Gamuda on 1 June 1992. He is the uncle of Y A M RajaDato’ Seri Eleena Azlan Shah. He attended 4 out of the 5 Boardmeetings held in the financial year. His directorships in other publiccompanies are in Intan Utilities Bhd and Unza Holdings Berhad.

Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali berkelulusan ijazahSarjana Muda Sains dalam jurusan Kejuruteraan dari Institute ofTechnology, Brighton, UK. Beliau pernah berkhidmat dengan JabatanKerja Raya (JKR), Pulau Pinang selama 17 tahun sebagai PengurusKuari. Selepas itu, beliau berkhidmat dengan Perbadanan KemajuanPulau Pinang sebagai seorang Jurutera Kanan selama 9 tahun sebelum menyertai G.B. Kuari Sdn Bhd, subsidiari Gamuda,pada 1 Jun 1990. Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Alidilantik ke Lembaga Pengarah Gamuda pada 1 Jun 1992. Beliauadalah bapa saudara kepada Y A M Raja Dato’ Seri Eleena AzlanShah. Beliau telah menghadiri 4 daripada 5 mesyuarat LembagaPengarah yang diadakan pada tahun kewangan. Syarikat-syarikatawam yang lain di mana beliau menganggotai LembagaPengarahnya adalah Intan Utilities Bhd dan Unza Holdings Berhad.

Ms Wong Chin Yen


Ms Wong Chin Yen holds a Bachelor of Arts (Honours) degree in Lawfrom Polytechnic of North London, UK. She joined the HonourableSociety of Middle Temple in 1983. She obtained her Masters of Lawdegree from London School of Economics and Political Science in1984. She worked in Shearn Delamore & Co, a firm of solicitors,from 1985-1987 before she joined the Legal Department ofAmerican Express (M) Sdn Bhd. She managed her own businessproviding process service to legal firms from 1990-1997. Thereafter,she joined the stockbroking industry and is presently a Dealer’sRepresentative with HLG Securities Sdn Bhd. Ms Wong Chin Yenwas appointed to the Board of Gamuda on 1 June 1992. She is amember of the Audit Committee and Nomination Committee of theBoard. She attended all the 5 Board meetings held in the financialyear. She is not a Director of any other public companies.

Cik Wong Chin Yen berkelulusan ijazah Sarjana Muda Sastera(Kepujian) dalam jurusan Undang-undang dari Polytechnic of NorthLondon, UK. Beliau menyertai Honourable Society of Middle Templepada 1983. Beliau memperolehi ijazah Sarjana Undang-undang dariLondon School of Economics and Political Science pada 1984. Beliaubekerja di Shearn Delamore & Co, sebuah firma peguambela, daritahun 1985-1987 sebelum menyertai Jabatan Perundangan,American Express (M) Sdn Bhd. Beliau mengurus perniagaan beliausendiri, yang menyediakan khidmat pemprosesan kepada firma-firma guaman dari tahun 1990-1997. Selepas itu, beliau menyertaiindustri pembrokeran stok dan kini merupakan Wakil Penjual denganHLG Securities Sdn Bhd. Cik Wong Chin Yen dilantik menganggotaiLembaga Pengarah Gamuda pada 1 Jun 1992. Beliau merupakan ahliJawatankuasa Audit dan Jawatankuasa Pencalonan Lembaga. Beliautelah menghadiri kesemua 5 mesyuarat Lembaga Pengarah yangdiadakan pada tahun kewangan. Beliau tidak memegang jawatanPengarah di dalam mana-mana syarikat awam yang lain.


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Mr Goon Heng Wah


Mr Goon Heng Wah holds a Bachelor of Engineering (Honours)degree from Polytechnic of South Bank, UK. He has many years ofworking experience in the fields of engineering, construction andinfrastructure works. He held several senior management positionssince joining Gamuda in 1978 with responsibilities includingmanagement and supervision of major projects. Mr Goon HengWah was appointed to the Board of Gamuda on 11 November 1986,resigned on 30 October 1988 and re-joined the Board on 1 June1992. He attended all the 5 Board meetings held in the financialyear. His directorship in other public company is in Danau PermaiResort Berhad.

Encik Goon Heng Wah berkelulusan ijazah Sarjana MudaKejuruteraan (Kepujian) daripada Polytechnic of South Bank, UK.Beliau mempunyai banyak pengalaman dalam bidang kejuruteraan,pembinaan dan kerja-kerja infrastruktur. Beliau telah memegangbeberapa jawatan pengurusan kanan sejak menyertai Gamuda pada1978 dengan tanggungjawab yang meliputi pengurusan danpenyeliaan projek-projek utama. Encik Goon Heng Wah dilantikmenganggotai Lembaga Pengarah Gamuda pada 11 November1986, meletak jawatan pada 30 Oktober 1988 dan menyertaisemula Lembaga Pengarah pada 1 Jun 1992. Beliau telahmenghadiri kesemua 5 mesyuarat Lembaga Pengarah yangdiadakan pada tahun kewangan. Syarikat awam yang lain di manabeliau menganggotai Lembaga Pengarahnya adalah Danau PermaiResort Berhad.

Y Bhg Tan Sri Ab Rahman bin Omar


Y Bhg Tan Sri Ab Rahman bin Omar holds a Bachelor of Economics(Honours) degree from University of Malaya. He started his career in the prestigious Administrative And Diplomatic Services, servingvarious government departments. He joined the private sector in1973 and is presently the Chairman of BHP Steel (Malaysia) SdnBhd and Managing Director of Perusahaan Otomobil Kedua SdnBhd. Y Bhg Tan Sri Ab Rahman bin Omar was appointed to theBoard of Gamuda on 22 October 2001. He attended 2 out of the 3Board meetings held in the financial year after the date of hisappointment. His directorship in other public company is inPerusahaan Sadur Timah Malaysia (Perstima) Berhad.

Y Bhg Tan Sri Ab Rahman bin Omar berkelulusan ijazah SarjanaMuda Ekonomi (Kepujian) dari Universiti Malaya. Beliau memulakankerjaya beliau dalam Perkhidmatan Tadbir dan Diplomatik yangberprestij di beberapa jabatan kerajaan. Beliau menyertai sektorswasta pada tahun 1973 dan kini merupakan Pengerusi BHP Steel(Malaysia) Sdn Bhd dan Pengarah Urusan Perusahaan OtomobilKedua Sdn Bhd. Y Bhg Tan Sri Ab Rahman bin Omar dilantik keLembaga Pengarah Gamuda pada 22 Oktober 2001. Beliau telahmenghadiri 2 daripada 3 mesyuarat Lembaga Pengarah yangdiadakan pada tahun kewangan selepas tarikh perlantikan beliau.Syarikat-syarikat awam yang lain di mana beliau menganggotaiLembaga Pengarahnya adalah Perusahaan Sadur Timah Malaysia(Perstima) Berhad.

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Mr Saw Wah Theng


Mr Saw Wah Theng was admitted as an Associate of the Institute ofChartered Accountants (England and Wales) in 1985 and is amember of the Malaysian Institute of Accountants. He has extensiveworking experience in accounting, finance and corporate finance. He was attached to an accounting firm in UK from 1981-1985. Priorto joining the Gamuda Group, he was the Group Financial Controllerof Hong Leong Industries Berhad. He is presently responsible for theGroup’s budgetary control, treasury, tax and corporate financeincluding mergers and corporate restructuring exercises. Mr SawWah Theng was appointed to the Board of Gamuda on 1 February1998. He attended all the 5 Board meetings held in the financialyear. His directorships in other public companies are in LingkaranTrans Kota Holdings Berhad, Kesas Holdings Berhad and DanauPermai Resort Berhad (Alternate Director).

Encik Saw Wah Theng diterima sebagai Ahli Bersekutu Institute ofChartered Accountants (England dan Wales) pada tahun 1985 danadalah ahli Institut Akauntan Malaysia. Beliau mempunyaipengalaman luas dalam bidang perakaunan, kewangan dankewangan korporat. Beliau pernah bertugas dengan sebuah firmaperakaunan di UK dari tahun 1981-1985. Sebelum menyertaiKumpulan Gamuda, beliau adalah Pengawal Kewangan KumpulanHong Leong Industries Berhad. Beliau kini bertanggungjawab di ataspengawalan belanjawan, perbendaharaan, cukai dan kewangankorporat Kumpulan meliputi latihan percantuman dan penyusunansemula korporat. Encik Saw Wah Theng dilantik menganggotaiLembaga Pengarah Gamuda pada 1 Februari 1998. Beliau telahmenghadiri kesemua 5 mesyuarat Lembaga Pengarah yang diadakanpada tahun kewangan. Syarikat-syarikat awam yang lain di manabeliau menganggotai Lembaga Pengarahnya adalah Lingkaran TransKota Holdings Berhad, Kesas Holdings Berhad dan Danau PermaiResort Berhad (Pengarah Pengganti).

Mr Ha Tiing Tai


Mr Ha Tiing Tai holds a Bachelor of Engineering (Honours) degreefrom University of Malaya. He is a Chartered Engineer with morethan 23 years of experience in the engineering and constructionsectors. Prior to joining Gamuda, he was Associate Director ofHashim & Neh, an engineering consultancy firm specialising inturnkey projects. Mr Ha Tiing Tai was appointed to the Board ofGamuda on 1 February 1990. He attended all the 5 Board meetingsheld in the financial year. His directorship in other public companyis in Danau Permai Resort Berhad (Alternate Director).

Encik Ha Tiing Tai berkelulusan ijazah Sarjana Muda Kejuruteraan(Kepujian) dari Universiti Malaya. Beliau merupakan seorangJurutera Bertauliah dengan pengalaman lebih daripada 23 tahundalam sektor kejuruteraan dan pembinaan. Sebelum menyertaiGamuda, beliau adalah Pengarah Bersekutu di Hashim & Neh,sebuah firma perundingan kejuruteraan yang mengkhusus dalamprojek "turnkey". Encik Ha Tiing Tai dilantik ke Lembaga PengarahGamuda pada 1 Februari 1990. Beliau telah menghadiri kesemua 5 mesyuarat Lembaga Pengarah yang diadakan pada tahunkewangan. Syarikat awam yang lain di mana beliau menganggotaiLembaga Pengarahnya adalah Danau Permai Resort Berhad(Pengarah Pengganti).


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Tuan Haji Azmi Mat Nor


Tuan Haji Azmi Mat Nor holds a Bachelor of Science degree in Civil Engineering and a Masters of Science degree in HighwayEngineering, both from University of Strathclyde, Glasgow,Scotland, UK. He was a Resident Engineer in Jabatan Kerja Raya(JKR), Pahang from 1983-1984 and a Resident Engineer in JKR,Selangor from 1984-1986. As the Resident Engineer, he wasresponsible for supervising the construction of army complex, civilwork and air force building. He was promoted to MaintenanceEngineer of JKR, Selangor in 1986 and was responsible for themanagement of maintenance work for the army complex. He wasthe Assistant Director in charge of the design and coordination ofCentral Zone Design Unit under JKR Cawangan Jalan from 1987-1997. Tuan Haji Azmi Mat Nor was appointed to the Board ofGamuda as Alternate Director to Mr Heng Teng Kuang on 22 December 2000 and ceased to be so on 1 August 2001. He re-joined the Board as a Director on 24 September 2001. He attended all the 5 Board meetings held in the financial year.His directorships in other public companies are in Lingkaran TransKota Holdings Berhad, Kesas Holdings Berhad and SyarikatPengeluar Air Selangor Holdings Berhad (formerly known asGabungan Cekap Berhad).

Tuan Haji Azmi Mat Nor berkelulusan ijazah Sarjana Muda Sainsdalam jurusan Kejuruteraan Awam dan ijazah Sarjana Sains dalamjurusan Kejuruteraan Lebuhraya, kedua-keduanya dari University ofStrathclyde, Glasgow, Scotland, UK. Beliau pernah berkhidmatsebagai Jurutera Residen dengan Jabatan Kerja Raya (JKR), Pahangdari tahun 1983-1984 dan Jurutera Residen dengan JKR, Selangordari tahun 1984-1986. Sebagai Jurutera Residen, beliaubertanggungjawab terhadap penyeliaan pembinaan kompleksangkatan tentera, kerja-kerja awam dan bangunan tentera udara.Beliau telah dinaikkan pangkat ke jawatan Jurutera PenyenggaraanJKR, Selangor pada 1986 dan bertanggungjawab terhadappengurusan kerja penyenggaraan bagi kompleks angkatan tentera.Beliau merupakan Penolong Pengarah yang bertanggungjawabterhadap rekabentuk dan penyelarasan Unit Rekabentuk ZonTengah di bawah JKR Cawangan Jalan dari tahun 1987 hingga1997. Tuan Haji Azmi Mat Nor dilantik menganggotai LembagaPengarah Gamuda sebagai Pengarah Pengganti kepada Encik HengTeng Kuang pada 22 Disember 2000 dan berhenti menjadi PengarahPengganti pada 1 Ogos 2001. Beliau menyertai Lembaga Pengarahsebagai Pengarah pada 24 September 2001. Beliau telahmenghadiri kesemua 5 mesyuarat Lembaga Pengarah yangdiadakan pada tahun kewangan. Syarikat-syarikat awam yang laindi mana beliau menganggotai Lembaga Pengarahnya adalahLingkaran Trans Kota Holdings Berhad, Kesas Holdings Berhad danSyarikat Pengeluar Air Selangor Holdings Berhad (dahulu dikenalisebagai Gabungan Cekap Berhad).

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di projek Johor Bahru Waterfront City dan rekabentuk LebuhrayaUtara-Selatan dari Pagoh ke Ayer Hitam di Johor. Beliau menyertaiGamuda pada 1 April 1995 sebagai Penyelaras Projek dan kinimerupakan Pengurus Besar Kanan bagi Bahagian Rekabentuk &Teknikal. Encik Chow Chee Wah menyertai Lembaga PengarahGamuda sebagai Pengarah Pengganti kepada Encik Chan Kuan Nam@ Chan Yong Foo pada 22 Disember 2000, berhenti menjadiPengarah Pengganti pada 1 Ogos 2001 dan dilantik semula sebagaiPengarah Pengganti kepada Y Bhg Dato’ Lin Yun Ling pada 24 September 2001. Beliau telah menghadiri kesemua 5 mesyuaratLembaga Pengarah yang diadakan pada tahun kewangan sebagaiPengarah Pengganti. Beliau tidak memegang jawatan Pengarahdalam mana-mana syarikat awam yang lain.

Mr Chow Chee Wah

44 , Malaysian44, Warganegara MalaysiaAlternate Director Pengarah Pengganti

Mr Chow Chee Wah holds a Bachelor of Science degree inEngineering from University of London, UK. He is a member of theInstitute of Engineers, Malaysia and a Professional Engineerregistered with the Board of Engineers, Malaysia. He is a CharteredEngineer since 1989 and has more than 20 years of workingexperience in the design of roads, expressways and buildings. Hewas with Sepakat Setia Perunding Sdn Bhd, an engineeringconsultancy company, for 15 years and his last appointment was asAssociate Director. During this period, he was involved in numerousprojects, inter-alia, the design of piled roadway and sub-structurefor buildings in the Johor Bahru Waterfront City project and thedesign of the North-South Expressway from Pagoh to Ayer Hitam inJohor. He joined Gamuda on 1 April 1995 as Project Coordinatorand is presently the Senior General Manager of its Design &Technical Division. Mr Chow Chee Wah joined the Board of Gamudaas Alternate Director to Mr Chan Kuan Nam @ Chan Yong Foo on22 December 2000, ceased to be so on 1 August 2001 and was re-appointed as Alternate Director to Y Bhg Dato’ Lin Yun Ling on 24 September 2001. He attended all the 5 Board meetings held in the financial year as an Alternate Director. He is not a Director ofany other public companies.

Encik Chow Chee Wah berkelulusan ijazah Sarjana Muda Sains dalamjurusan Kejuruteraan dari University of London, UK. Beliau adalahahli Institut Jurutera Malaysia dan seorang Jurutera Profesionalberdaftar dengan Lembaga Jurutera Malaysia. Beliau adalah seorangJurutera Bertauliah sejak 1989 dan mempunyai lebih 20 tahunpengalaman dalam bidang rekabentuk jalanraya, lebuhraya danbangunan. Beliau berkhidmat dengan Sepakat Setia Perunding SdnBhd, sebuah syarikat perundingan kejuruteraan, selama 15 tahun danjawatan terakhir beliau adalah Pengarah Bersekutu. Sepanjangtempoh tersebut, beliau terlibat dalam pelbagai projek, yang antaralain, rekabentuk jalanraya bercerucuk dan substruktur bagi bangunan

1 Family Relationship of DirectorsSave as disclosed, none of the Directors has any familyrelationship with any Director and/or major shareholder of theCompany.

2 Conflict of InterestNone of the Directors has any conflict of interest with theCompany.

3 Conviction of OffenceNone of the Directors has been convicted of any offence withinthe past 10 years other than traffic offences.

4 Securities HoldingsThe particulars of the Directors’ securities holdings are set out onpage 50 of the Annual Report.

5 Directors Standing for Re-election– Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali– Mr Goon Heng Wah– Mr Ha Tiing Tai– Ms Wong Chin Yen

1 Hubungan Kekeluargaan Para PengarahSelain daripada seperti yang dibentangkan, tiada Pengarahmempunyai sebarang hubungan kekeluargaan dengan mana-mana Pengarah dan/atau pemegang saham utama Syarikat.

2 Konflik Kepentingan Tiada Pengarah mempunyai sebarang konflik kepentingan denganSyarikat.

3 Pembabitan bagi KesalahanTiada Pengarah mempunyai sebarang pembabitan bagi kesalahandalam tempoh 10 tahun lepas selain daripada kesalahan lalulintas.

4 Pegangan SekuritiButiran mengenai pegangan sekuriti para Pengarah dibentangkandi muka surat 50 Laporan Tahunan.

5 Para Pengarah Yang Menawakan Diri Untuk Pemilihan Semula– Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali– Encik Goon Heng Wah– Encik Ha Tiing Tai– Cik Wong Chin Yen

We have the expertise and experience to develop and manageinfrastructure concessions. Our projects have been made possibleonly because we look for innovativebreakthrough solutions and we havea strong team of experiencedprofessionals.

Kami mempunyai kepakaran dan pengalaman untuk membangundan mengurus konsesi infrastruktur.Projek-projek kami dapatdilaksanakan kerana kami mencaripenyelesaian ke arah pembaharuanyang inovatif dan mempunyai satu pasukan mantap yang terdiridaripada para profesionalberpengalaman.

The Kuala Kubu Bharu (KKB)-GAProad was officially opened by WorksMinister, Y B Dato' Seri S. Samy Vellu on 5 November 2002.

Jalanraya Kuala Kubu Bharu (KKB)-GAP telah dirasmikan pembukaannyaoleh Menteri Kerja Raya, Y B Dato' SeriS. Samy Vellu pada 5 November 2002.

inset: The KKB-GAP road leads toFraser’s Hill.gambar kecil: Jalanraya KKB-GAPmenghubung ke Bukit Fraser.

COMPOSITION AND DESIGNATION OF THE AUDIT COMMITTEEKOMPOSISI DAN JAWATAN DALAM JAWATANKUASA AUDIT

Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim (Appointed on 22 October 2001 Dilantik pada 22 Oktober 2001)Chairman of Audit Committee / Independent Non-Executive Director Pengerusi Jawatankuasa Audit / Pengarah Bukan Eksekutif Bebas

Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi (Appointed on 22 October 2001 Dilantik pada 22 Oktober 2001)Member / Independent Non-Executive Director Ahli / Pengarah Bukan Eksekutif Bebas

Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim (Resigned on 16 October 2001 Meletak jawatan pada 16 Oktober 2001)Non Independent Non-Executive Director Pengarah Bukan Eksekutif Bukan Bebas

Ms Wong Chin YenMember / Independent Non-Executive Director Ahli / Pengarah Bukan Eksekutif Bebas

Mr Ng Kee LeenMember / Executive Director Ahli / Pengarah Eksekutif

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Audit Committee Report laporan jawatankuasa audit

OBJECTIVESThe principal objectives of the Committee are to protect the interestof the investing public and to achieve effective corporate governance.

TERMS OF REFERENCEDutiesThe duties of the Committee shall include the review of thefollowing and report the same to the Board of Directors:

i the effectiveness of management information system and othersystems of internal control within the Company and the Group;

ii management’s compliance with laws, regulations, establishedpolicies, plans and procedures;

iii the evaluation of factors relating to the independence of theExternal Auditors and to provide a framework within whichthe External Auditors can assert their independence;

iv together with the External Auditors the assessment andevaluation of the scope of their audit plan, their evaluation ofthe system of internal control and the audit reports on thefinancial statements;

v the quarterly financial results and year-end financialstatements with Management prior to deliberation andapproval by the Board, focusing particularly on:

a changes in major accounting policies;b significant and unusual events;c compliance with accounting standards and other legal

requirements.

OBJEKTIFObjektif utama Jawatankuasa ialah untuk melindungi kepentinganmasyarakat pelaburan dan menghasilkan tadbir urus korporat yangefektif.

TERMA RUJUKANTugas-tugasTugas Jawatankuasa ini meliputi mengkaji perkara-perkara berikutdan melaporkannya kepada Lembaga Pengarah:

i keberkesanan sistem maklumat pengurusan dan sistem-sistemkawalan dalaman lain di dalam Syarikat dan Kumpulan;

ii pematuhan pengurusan terhadap undang-undang, peraturan,dasar-dasar, rancangan dan prosedur yang telah digariskan;

iii menilai faktor-faktor yang berkaitan dengan kebebasanJuruaudit Luar dan menyediakan rangka kerja yangmembolehkan Juruaudit Luar menegaskan pendirian mereka;

iv bersama-sama dengan Juruaudit Luar menaksir dan menilai skoprancangan audit mereka, penilaian mereka mengenai sistemkawalan dalaman dan laporan audit mengenai penyata kewangan;

v keputusan kewangan suku tahunan dan penyata kewangan akhirtahun dengan Pengurusan sebelum perbincangan dan kelulusanLembaga Pengarah, dengan memfokus khususnya kepada:

a perubahan dalam dasar-dasar perakaunan penting;b peristiwa penting dan luarbiasa;c pematuhan terhadap piawaian perakaunan dan keperluan

perundangan yang lain.

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vi the scope, function and resources of Internal Audit functionand the necessary authority to carry out its duties;

vii the Internal Audit program, processes and results of the auditwork, process of investigation undertaken and whether or notappropriate action is taken on the recommendations of theInternal Audit function;

viii any related party transaction and conflict of interest situationthat may arise including any transaction, procedure or courseof conduct concerning Management’s integrity; and

ix the selection, remuneration and resignation or dismissal of theExternal Auditors.

AuthorityIn carrying out their duties and responsibilities, the Committeeshall have the authority to investigate any matter within its termsof reference with full and unrestricted access to all the Company’srecords, properties and personnel. The Committee is entitled toobtain independent professional or other advice to enable it todischarge its duties.

MeetingsThe Committee shall hold at least four meetings per year.Additional meetings may be held upon request by any Committeemember, the Management, Internal or External Auditors. TheCommittee may invite any person to be in attendance to assist inits deliberations.

A quorum shall consist of a majority of independent directors andshall not be less than two. The Company Secretary shall act assecretary of the Committee.

During the financial year ended 31 July 2002, the Committee heldfour meetings. The details of attendance of each Committeemember are as follows:

i Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim (3/3)(Appointed on 22 October 2001)

ii Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi (3/3)(Appointed on 22 October 2001)

iii Ms Wong Chin Yen (4/4)iv Mr Ng Kee Leen (4/4)v Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim (1/1)

(Resigned on 16 October 2001)

vi skop, fungsi dan sumber fungsi Audit Dalaman dan pihakberkuasa berkaitan untuk menjalankan tugasnya;

vii program Audit Dalaman, proses dan keputusan tugas audit,proses penyiasatan yang dijalankan dan sama ada wajar atautidak tindakan diambil ke atas syor fungsi Audit Dalaman;

viii sebarang urusniaga pihak berkaitan dan pertelingkahankepentingan yang mungkin timbul termasuk sebarangurusniaga, prosedur atau bentuk tindakan berkenaankewibawaan Pengurusan; dan

ix pemilihan, ganjaran dan perletakan jawatan ataupemberhentian Juruaudit Luar.

KuasaDalam melaksanakan tugas dan tanggungjawabnya, Jawatankuasaini mempunyai kuasa untuk menyiasat sebarang perkara yangtertakluk di dalam bidang kuasanya dengan diberi kuasa penuh dantanpa halangan untuk meneliti semua rekod, hartanah dankakitangan Syarikat. Jawatankuasa ini berhak untuk mendapatnasihat profesional bebas atau nasihat lain untuk membolehkannyamenjalankan tugasnya.

MesyuaratJawatankuasa akan mengadakan sekurang-kurangnya empatmesyuarat setiap tahun. Mesyuarat tambahan boleh diadakan jikadiminta oleh ahli Jawatankuasa, Pengurusan, Juruaudit Dalamanatau Luar. Jawatankuasa ini boleh mengundang sesiapa untuk hadirmembantu dalam perbincangannya.

Kuorum akan mengandungi majoriti para Pengarah Bebas dan tidakboleh kurang daripada dua orang ahli. Setiausaha Syarikat akanbertindak sebagai setiausaha Jawatankuasa.

Pada tahun kewangan berakhir 31 Julai 2002, Jawatankuasa telahbermesyuarat empat kali. Butir-butir kehadiran setiap ahliJawatankuasa adalah seperti berikut:

i Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim (3/3)(Dilantik pada 22 Oktober 2001)

ii Y Bhg Tan Sri Dato’ Mohd Ramli bin Kushairi (3/3)(Dilantik pada 22 Oktober 2001)

iii Cik Wong Chin Yen (4/4)iv Encik Ng Kee Leen (4/4)v Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim (1/1)

(Meletak jawatan pada 16 Oktober 2001)


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Audit Committee Report laporan jawatankuasa audit

Summary of Audit Committee’s ActivitiesIn line with the terms of reference of the Committee, activitiescarried out by the Committee during the financial year ended 31July 2002 in the discharge of its duties and responsibilities includedthe review of:

i the Risk Management Policy and Procedures proposed byInternal Auditors and recommended to the Board for itsapproval;

ii the risk assessment reports prepared by Management prior tosubmission for Board’s consideration;

iii the Group’s quarterly and year-end results prior to submissionto the Board for consideration and approval;

iv the audit plan of the External Auditors as to its nature andscope, and considering their audit fee;

v the annual audit plan for the Company prepared by InternalAuditors;

vi the audit reports prepared by Internal Auditors. Theeffectiveness of the system of internal controls was evaluatedand corrective actions taken by Management on audit issuesraised by Internal Auditors were reassessed.

Internal Audit FunctionInternal Audit function has been established to assist theCommittee in discharging its duties and responsibilities:

i the role of the Internal Audit function is to undertakeindependent and regular reviews of the system of internalcontrols so as to provide reasonable assurance that suchsystem continues to operate satisfactorily and effectively;

ii the Internal Audit function also reviewed the risk identification,risk evaluation and control processes implemented by theManagement to manage such identified risks.

Ringkasan Aktiviti Jawatankuasa AuditSelaras dengan bidang kuasa Jawatankuasa, aktiviti yangdijalankan oleh Jawatankuasa pada tahun kewangan berakhir 31Julai 2002 dalam melaksanakan tugas dan tanggungjawabnyatermasuklah mengkaji:

i Dasar dan Prosedur Pengurusan Risiko yang dicadangkan olehJuruaudit Dalaman dan mengesyorkannya kepada LembagaPengarah untuk kelulusan;

ii laporan penilaian risiko yang disediakan oleh Pengurusansebelum ianya dikemukakan kepada Lembaga Pengarah untukpertimbangan;

iii keputusan kewangan suku tahunan dan akhir tahun Kumpulansebelum ianya dikemukakan kepada Lembaga Pengarah untukpertimbangan dan kelulusan;

iv rancangan audit yang dikemukakan oleh Juruaudit Luarberkenaan dengan perkara dan skopnya, serta menimbangkanyuran audit mereka;

v rancangan audit tahunan bagi Syarikat yang disediakan olehJuruaudit Dalaman;

vi laporan audit yang disediakan oleh Juruaudit Dalaman.Keberkesanan sistem kawalan dalaman telah dinilai dantindakan pembetulan yang diambil oleh Pengurusan berkaitandengan isu-isu audit yang ditimbulkan oleh Juruaudit Dalamantelah ditaksirkan semula.

Fungsi Audit DalamanFungsi Audit Dalaman diwujudkan untuk membantu Jawatankuasamenjalankan tugas dan tanggungjawabnya:

i peranan fungsi Audit Dalaman adalah untuk menjalankankajian bebas dan kerap ke atas sistem kawalan dalaman untukmemberi jaminan yang berpatutan bahawa sistem seumpamaitu terus beroperasi dengan memuaskan dan berkesan;

ii fungsi Audit Dalaman juga mengkaji pengenalan risiko,penilaian risiko dan proses kawalan yang dilaksanakan olehPengurusan untuk menguruskan risiko yang telah dikenalpasti.

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Statement on Corporate Governance penyata mengenai tadbir urus korporat

Good governance practices are important to encourage investmentsin countries and companies in a global economy where gainingaccess to capital markets is increasingly competitive. There are nowaccepted principles of global corporate governance. Nevertheless,shareholders may reasonably expect country and company practiceto include appropriate structures of accountability of the companyto its owners – the shareholders.

As the standards of corporate governance have continued to berefined over time, Gamuda Board has been active in ensuring thatthe Group’s practice has remained in line with best practice.

1 BOARD OF DIRECTORS

a Effective BoardThe Board is composed of qualified individuals andreflects diversity of experience, gender, race and age.

Four (4) out of a total of thirteen (13) Board members i.e.one-third (1/3rd) are Independent Non-Executive Directorsthereby bringing objective, independent judgement to thedecision making process of the Board. Seven (7) Directorsholding Executive Office and the Non-Executive Chairmanare professionals in the construction and infrastructureproject industries. They collectively bring with them asubstantial number of years of experience in construction,infrastructure projects and management skills. The five (5)Non-Executive Directors contribute effectively to theproceedings of the Board, tapping on their respectiveexperiences and qualifications in economics, publicservice, accounting, law and business management.

The principal responsibility of the Board is to foster thelong-term success of the Group consistent with itsfiduciary responsibility to the shareholders. Gamudasupports the primary authority of the Board in such areasas the review of the Group’s long-term strategy, theapproval of major capital expenditure, assurance ofsufficient financial resources and maintenance offinancial integrity, the framework of internal controls, andselection of nominees for election to the Board.

Amalan tadbir urus yang baik adalah penting untuk menggalakkanpelaburan di dalam negara dan syarikat dalam persekitaranekonomi yang berciri global dengan akses kepada pasaran modalyang semakin kompetitif. Kini terdapat prinsip-prinsip tadbir uruskorporat global yang sudah diterima umum. Namun demikian, parapemegang saham sepatutnya boleh mengharapkan supaya amalannegara dan syarikat sewajarnya merangkumi strukturpertanggungjawapan syarikat kepada para pemiliknya - parapemegang saham.

Oleh kerana piawaian tadbir urus korporat terus dihalusi denganperedaran masa, Lembaga Pengarah Gamuda giat memastikanbahawa amalan Syarikat tetap menepati amalan terbaik.

1 LEMBAGA PENGARAH

a Keberkesanan Lembaga PengarahLembaga Pengarah terdiri daripada individu yangberkelayakkan dan mencerminkan kepelbagaianpengalaman, jantina, bangsa dan umur.

Empat (4) daripada tiga belas (13) ahli LembagaPengarah, iaitu satu pertiga (1/3), adalah Pengarah BukanEksekutif Bebas, dengan itu membawa pertimbanganyang objektif dan berkecuali kepada Lembaga Pengarahdalam membuat keputusan. Tujuh (7) Pengarah yangmemegang jawatan Eksekutif dan Pengerusi BukanEksekutif adalah profesional dalam industri pembinaandan projek infrastruktur. Secara kolektifnya, merekamembawa bersama mereka bertahun-tahun pengalamandalam pembinaan, projek infrastruktur dan kemahiranpengurusan. Lima (5) Pengarah Bukan Eksekutifmenyumbang secara berkesan kepada perjalananmesyuarat Lembaga Pengarah, dengan memanfaatkanpengalaman dan kelayakan masing-masing dalam bidangekonomi, perkhidmatan awam, perakaunan, undang-undang dan pengurusan perniagaan .

Tanggungjawab utama Lembaga Pengarah adalah untukmemupuk kejayaan jangka panjang Kumpulan selari dengantanggungjawab fidusiarinya kepada para pemegang saham.Gamuda menyokong kuasa penting Lembaga Pengarah dalambidang seperti kajian strategi jangka panjang Kumpulan,kelulusan perbelanjaan modal utama, jaminan sumberkewangan yang mencukupi dan penyenggaraan kewibawaankewangan, rangka kerja kawalan dalaman, dan pemilihancalon-calon untuk perlantikan ke Lembaga Pengarah.


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The roles of the Chairman and the Managing Director are distinct and separate; the Chairman being Non-Executive is not involvedin the management and day-to-day operations of the Group while the Managing Director is responsible for the implementation ofpolicies and the executive decision-making. The Non-Executive Chairman avails himself to provide clarifications on issues that areraised by shareholders and investors at the Company’s general meetings.

Tan Sri Dato’ Mohd Ramli bin Kushairi is the Senior Independent Non-Executive Director to whom shareholders’ concernsregarding the Group may be conveyed.

Peranan Pengerusi dan Pengarah Urusan adalah berbeza dan terasing; Pengerusi selaku Bukan Eksekutif tidak terlibat dalampengurusan dan operasi harian Kumpulan sementara Pengarah Urusan adalah bertanggungjawab terhadap pelaksanaan dasar-dasar dan proses membuat keputusan eksekutif. Pengerusi Bukan Eksekutif hadir di mesyuarat agung Syarikat untuk memberipenjelasan mengenai isu-isu yang ditimbulkan oleh para pemegang saham dan pelabur.

Tan Sri Dato' Mohd Ramli bin Kushairi adalah Pengarah Kanan Bukan Eksekutif Bebas di mana kemusykilan para pemegang sahammengenai Kumpulan boleh dikemukakan.

b Board Meetings and Supply of Information to the Boardb Mesyuarat Lembaga Pengarah dan Bekalan Maklumat kepada Lembaga Pengarah

The Board met five (5) times during the financial year. Details of the attendance are as follows:Lembaga Pengarah bermesyuarat lima (5) kali pada tahun kewangan. Butir-butir kehadiran adalah seperti berikut:

Name No. of Board meetings attended %Nama Bil. kehadiran di Mesyuarat Lembaga Pengarah %

Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 5/5 100Dato’ Lin Yun Ling 4/5 80Tan Sri Dato’ Mohd Ramli bin Kushairi* 2/3 67Tan Sri Ab Rahman bin Omar* 2/3 67Raja Dato’ Seri Eleena Azlan Shah 4/5 80Raja Dato’ Seri Abdul Aziz bin Raja Salim* 3/3 100Dato’ Ir Kamarul Zaman bin Mohd Ali 4/5 80Mr Ng Kee Leen 5/5 100Mr Goon Heng Wah 5/5 100Mr Ha Tiing Tai 4/5 80Ms Wong Chin Yen 5/5 100Mr Saw Wah Theng 5/5 100Tuan Haji Azmi Mat Nor 5/5 100Mr Chow Chee Wah (Alternate Director to Dato’ Lin Yun Ling) 5/5 100

(Pengarah Pengganti kepada Dato' Lin Yun Ling)

* Tan Sri Dato’ Mohd Ramli bin Kushairi, Raja Dato’ Seri Abdul Aziz bin Raja Salim and Tan Sri Ab Rahman bin Omar wereappointed on 22 October 2001 (during the financial year)

* Tan Sri Dato' Mohd Ramli bin Kushairi, Raja Dato' Seri Abdul Aziz bin Raja Salim dan Tan Sri Ab Rahman bin Omar dilantik pada22 Oktober 2001 (pada tahun kewangan)

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The Board is supplied in a timely manner with informationin a form and of a quality appropriate to enable it todischarge its duties. Minutes of the Board Committees arealso tabled at Board meetings for the Board’s informationand deliberation.

Directors have direct access to members of the seniormanagement team and the services of the CompanySecretary, to enable them to discharge their duties.Additionally, the Directors are empowered to seekexternal independent professional advice to assist them inmaking well-informed decisions.

c Directors’ TrainingAll members of the Board have attended the MandatoryAccreditation Programme organised by Research Instituteof Investment Analysts Malaysia, the training arm of theKLSE and will attend similar training programmes fromtime to time to equip themselves with the knowledge todischarge their duties more effectively.

All the Non-Executive Directors, including three (3) newIndependent Non-Executive Directors, had in the monthof July this year visited the Group’s housing developmentsknown as ‘Bandar Botanic’ in Klang and ‘Valencia’ nearSungai Buloh, project sites and, in the month ofSeptember visited SPLASH’s water treatment plants atKuala Kubu Bharu, aimed at deepening theirunderstanding of the Group’s business operations.

d Re-election of DirectorsAll Directors are required to submit themselves for re-election at least once in every three (3) years. Directorsover seventy (70) years of age are required to submitthemselves for re-appointment annually in accordancewith section 129(2) of the Companies Act, 1965.

To assist the shareholders in their decision, sufficientinformation such as the personal profile, Board meetingattendance and the shareholdings in the Group of eachDirector standing for re-election are furnished in aseparate statement accompanying the notice of theAnnual General Meeting.

Lembaga Pengarah dibekalkan maklumat dalam bentukdan kualiti sewajarnya menepati masanya untukmembolehkannya menjalankan tugasnya. Minit mesyuaratjawatankuasa-jawatankuasa Lembaga Pengarah jugadibentangkan di mesyuarat Lembaga Pengarah untukmakluman dan perbincangan Lembaga Pengarah.

Para Pengarah mempunyai akses secara langsung kepadaahli-ahli pengurusan kanan dan perkhidmatan SetiausahaSyarikat, untuk membolehkan mereka menjalankan tugasmereka. Selain daripada itu, para Pengarah diberi kuasauntuk mendapat nasihat profesional bebas luar untukmembantu mereka dalam membuat keputusan serba tahu.

c Latihan Para PengarahSemua ahli Lembaga Pengarah telah menghadiri ProgramAkreditasi Mandatori anjuran Institut PenyelidikanPenganalisis Pelaburan Malaysia, bahagian latihan BSKLdan akan menghadiri program latihan yang serupa darisemasa ke semasa untuk melengkapkan diri merekadengan pengetahuan agar dapat menjalankan tugasmereka dengan lebih berkesan.

Dalam bulan Julai tahun ini, semua Pengarah BukanEksekutif, termasuk tiga (3) Pengarah Bukan EksekutifBebas yang baru, telah melawat tapak projekpembangunan perumahan Kumpulan yang dikenalisebagai 'Bandar Botanic' di Klang dan 'Valencia'berhampiran Sungai Buloh dan dalam bulan Septemberpula melawat loji-loji rawatan air SPLASH di Kuala KubuBharu, dengan tujuan untuk meningkatkan pengertianmereka mengenai operasi perniagaan Kumpulan.

d Pemilihan Semula Para PengarahSemua Pengarah dikehendaki menawarkan diri merekauntuk pemilihan semula sekurang-kurangnya sekali bagisetiap tiga (3) tahun. Para Pengarah yang berusia lebihtujuh puluh (70) tahun dikehendaki menawarkan dirimereka untuk perlantikan semula setiap tahun menurutseksyen 129(2) Akta Syarikat, 1965.

Untuk membantu para pemegang saham dalam membuatkeputusan mereka, maklumat yang mencukupi sepertiprofil peribadi, kehadiran di mesyuarat Lembaga Pengarahdan pegangan saham dalam Kumpulan setiap Pengarahyang menawarkan diri untuk pemilihan semula disediakandi dalam penyata berasingan berserta notis MesyuaratAgung Tahunan.


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e Remuneration Committee and Directors’ RemunerationThe Board has mechanisms to evaluate and improve itsperformance. At the minimum, there is an annual reviewby the Board, through its Remuneration Committee, of itsoverall performance including the effectiveness of itscommittees, measured against defined criteria.

The Remuneration Committee since its formationcomprised of 2 Non-Executive Directors and 1 ExecutiveDirector under the chairmanship of Tan Sri Dato’ Ir Talhabin Haji Mohd Hashim (a Non-Executive Director). Itscomposition is as follows:

1 Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 2 Dato’ Lin Yun Ling3 Raja Dato’ Seri Abdul Aziz bin Raja Salim

The Remuneration Committee met once during thefinancial year to consider its terms of reference and theExecutive and Non-Executive Directors’ remuneration.

In reviewing the individual elements of the remunerationpackage, the Remuneration Committee is guided by thesurveys conducted by Hay and PricewaterhouseCoopers,and has considered packages offered within comparablecompanies.

Details of the remuneration package of the Directors areset out on page 120 of the Annual Report.

f Nomination Committee The Nomination Committee recommends newappointments to the Board for approval. The otherresponsibilities of the Nomination Committee includemaking recommendations to the Board on theappointment of members of the Board committees, thereview on an annual basis of the Board structure, size andcomposition, and assessment of the effectiveness of theBoard, its committees and the contribution of eachDirector.

e Jawatankuasa Imbuhan dan Imbuhan Para PengarahLembaga Pengarah mempunyai mekanisma untuk menilaidan meningkatkan prestasinya. Sekurang-kurangnya,Lembaga Pengarah, melalui Jawatankuasa Imbuhan,membuat satu kajian tahunan mengenai prestasikeseluruhannya termasuk keberkesanan jawatankuasa-jawatankuasanya, yang dibandingkan dengan kriteriayang ditakrif.

Sejak penubuhannya, Jawatankuasa Imbuhan terdiridaripada dua (2) Pengarah Bukan Eksekutif dan satu (1)Pengarah Eksekutif, yang dipengerusikan oleh Tan SriDato' Ir Talha bin Haji Mohd Hashim (Pengarah BukanEksekutif). Komposisinya adalah seperti berikut:

1 Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 2 Dato’ Lin Yun Ling3 Raja Dato’ Seri Abdul Aziz bin Raja Salim

Jawatankuasa Imbuhan bermesyuarat sekali pada tahunkewangan untuk menimbangkan terma-terma rujukannyadan imbuhan para Pengarah Eksekutif dan Bukan Eksekutif.

Dalam mengkaji satu persatu elemen di dalam pakejimbuhan, Jawatankuasa Imbuhan mengambil pandu tinjauanyang dijalankan oleh Hay dan PricewaterhouseCoopersdan mengambilkira pakej yang ditawarkan oleh syarikat-syarikat setanding.

Butir-butir mengenai pakej imbuhan para Pengarahdibentangkan di muka surat 180 Laporan Tahunan.

f Jawatankuasa Pencalonan Jawatankuasa Pencalonan mengesyorkan perlantikan barukepada Lembaga Pengarah untuk kelulusan. Tanggungjawablain Jawatankuasa Pencalonan termasuk mengesyorkankepada Lembaga Pengarah mengenai perlantikan ahlijawatankuasa-jawatankuasa Lembaga Pengarah, mengkajisetiap tahun struktur, saiz dan komposisi LembagaPengarah, dan menilai keberkesanan Lembaga Pengarah,jawatankuasa-jawatankuasanya dan sumbangan setiapPengarah.

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Members of the Nomination Committee since its formationcomprised wholly of Non-Executive Directors under thechairmanship of Tan Sri Dato’ Ir Talha bin Haji MohdHashim. Two (2) of the Non-Executive Directors areIndependent Directors. Its composition is as follows:

1 Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 2 Tan Sri Dato’ Mohd Ramli bin Kushairi3 Ms Wong Chin Yen

The Nomination Committee met once during the financialyear to consider its terms of reference.

2 ACCOUNTABILITY AND AUDIT

a Financial ReportingThe Board aims to present a balanced, clear andmeaningful assessment of the Group’s financial positionsand prospects in all its reports to the shareholders,investors and regulatory authorities. The Audit Committeeassists the Board in scrutinising information for disclosureto ensure accuracy, adequacy and completeness.

b Responsibility Statement by DirectorsThe Directors are required by the Companies Act, 1965 toprepare financial statements for each financial yearwhich have been made out in accordance with theapplicable approved accounting standards and give a trueand fair view of the state of affairs of the Group andCompany at the end of the financial year and of theresults and cash flows of the Group and Company for thefinancial year.

In preparing the financial statements, the Directors have:

• selected suitable accounting policies and appliedthem consistently;

• made judgements and estimates that are reasonableand prudent;

• ensured that all applicable accounting standardshave been followed; and

• prepared financial statements on the going concernbasis as the Directors have a reasonable expectation,having made enquiries, that the Group and Companyhave adequate resources to continue in operationalexistence for the foreseeable future.

Sejak penubuhannya, keahlian Jawatankuasa Pencalonanterdiri sepenuhnya daripada Pengarah Bukan Eksekutif dibawah pengerusi Tan Sri Dato' Ir Talha bin Haji MohdHashim. Dua (2) Pengarah Bukan Eksekutif adalahPengarah Bebas. Komposisinya adalah seperti berikut:

1 Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 2 Tan Sri Dato’ Mohd Ramli bin Kushairi3 Cik Wong Chin Yen

Jawatankuasa Pencalonan bermesyuarat sekali pada tahunkewangan untuk menimbang terma-terma rujukannya.

2 PERTANGGUNGJAWAPAN DAN AUDIT

a Laporan KewanganLembaga Pengarah mempunyai matlamat untukmembentangkan penilaian yang seimbang, jelas danbermakna tentang kedudukan kewangan Kumpulan sertaprospek Kumpulan dalam semua laporannya kepada parapemegang saham, pelabur dan pihak berkuasapengawalseliaan. Jawatankuasa Audit membantuLembaga Pengarah dalam meneliti maklumat bagimemastikan maklumat untuk dimaklumkan adalah tepat,mencukupi dan lengkap.

b Penyata Tanggungjawab Para PengarahPara Pengarah dikehendaki oleh Akta Syarikat, 1965untuk menyediakan penyata kewangan bagi setiap tahunkewangan, yang dibuat menurut piawaian perakaunanberkenaan yang diluluskan dan memberi pandangan yangbenar dan munasabah mengenai keadaan Kumpulan danSyarikat pada akhir tahun kewangan dan mengenaikeputusan dan aliran tunai Kumpuan dan Syarikat bagitahun kewangan ini.

Dalam menyediakan penyata kewangan, para Pengarah telah:

• memilih dasar perakaunan yang sesuai dan telahmenggunakannya secara konsisten;

• membuat pertimbangan dan anggaran yangberpatutan dan berhati-hati;

• memastikan bahawa semua piawaian perakaunanberkenaan dipatuhi; dan

• menyediakan penyata kewangan berasaskan yangberjalan sekarang kerana para Pengarah mempunyaijangkaan yang berpatutan, setelah membuatpenyiasatan, bahawa Kumpulan dan Syarikatmempunyai sumber yang mencukupi untuk teruswujud beroperasi di masa akan datang.


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The Directors have responsibility for ensuring that theCompany keeps accounting records which disclose withreasonable accuracy the financial position of the Groupand the Company and which enable them to ensure thatfinancial statements comply with the requirements of theCompanies Act, 1965.

The Directors have overall responsibilities for taking suchsteps as are reasonably open to them to safeguard theassets of the Group to prevent and detect fraud and otherirregularities.

c Audit Committee and Relationship with the ExternalAuditorsThe Audit Committee now comprises of a majority ofIndependent Directors, one of whom is a member of theMalaysian Institute of Accountants (MIA), and theChairman of the Committee is an Independent Director, asis now required by the rules of the KLSE. The compositionand activities of the Audit Committee and its relationshipwith the external auditors are set out in the AuditCommittee Report.

The external auditors are invited to attend the AuditCommittee meetings. They would highlight to the AuditCommittee matters requiring attention including theGroup’s accounting policies and audit findings. The AuditCommittee also discusses and agrees the scope of auditand findings of the external auditors, and reports to theBoard on those findings.

During the year, the external auditors attended all four (4)of the Audit Committee meetings held.

The Audit Committee meets annually with the externalauditors without the presence of Executive Directors andmanagement.

d Internal ControlThe Directors recognise their responsibility for reviewingthe effectiveness of the Group’s system of internalcontrol. During the financial year, the Board, through itsAudit Committee, has continued its ongoing process ofidentifying, evaluating and managing the key commercialand financial risks facing the business. This evaluation ofrisks has led to the development of specific managementstrategies to address issues involved in the achievementof its business objectives whilst complying with theregulatory regimes in the countries within which theGroup operates. The Board has maintained clear lines of

Para Pengarah mempunyai tanggungjawab bagimemastikan bahawa Syarikat menyimpan rekod perakaunanyang memberitahu dengan ketepatan yang berpatutankedudukan kewangan Kumpulan dan Syarikat, dan yangmembolehkan mereka memastikan bahawa penyatakewangan mematuhi keperluan Akta Syarikat, 1965.

Para Pengarah mempunyai tanggungjawabkeseluruhannya untuk mengambil langkah yangberpatutan yang terbuka kepada mereka untukmelindungi aset Kumpulan untuk mencegah danmengesan penipuan dan perkara yang melanggarperaturan yang lain.

c Jawatankuasa Audit dan Perhubungan denganJuruaudit LuarKebanyakan ahli Jawatankuasa Audit kini terdiri daripada Pengarah Bebas, salah satu daripada merekaadalah ahli Institut Akauntan Malaysia (MIA) danPengerusinya adalah seorang Pengarah Bebas, mengikutkehendak peraturan BSKL. Komposisi dan aktivitiJawatankuasa Audit dan perhubungannya denganJuruaudit Luar dinyatakan di Laporan Jawatankuasa Audit.

Juruaudit Luar dijemput untuk menghadiri mesyuaratJawatankuasa Audit. Mereka akan menarik perhatianJawatankuasa Audit mengenai perkara yang memerlukanperhatian mereka termasuk dasar perakaunan Kumpulandan penemuan audit. Jawatankuasa Audit jugamembincang dan menyetujui skop audit dan penemuanJuruaudit Luar, dan melaporkan kepada LembagaPengarah mengenai penemuan ini.

Pada tahun kewangan, Juruaudit Luar menghadiri kesemuaempat (4) mesyuarat Jawatankuasa Audit yang diadakan.

Jawatankuasa Audit bermesyuarat setiap tahun denganJuruaudit Luar tanpa kehadiran para Pengarah Eksekutifdan Pengurusan.

d Kawalan DalamanPara Pengarah sedar mengenai tanggungjawab merekauntuk mengkaji keberkesanan sistem Kawalan DalamanKumpulan. Pada tahun kewangan ini, Lembaga Pengarah,melalui Jawatankuasa Audit, telah meneruskan prosesmengenalpasti, menilai dan mengurus risiko pentingkomersial dan kewangan yang dihadapi oleh perniagaan.Penilaian risiko ini membawa kepada pembangunanstrategi pengurusan khas untuk menangani isu terlibatdalam pencapaian objektif perniagaan di samping

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accountability and documented delegations of authority,which set out the proposed actions that need to bereferred to the Board for its prior approval. The managerof each business unit has clear accountabilities forensuring appropriate control procedures are in place.

The Statement on Internal Control is set out on page 48of the Annual Report. It provides an overview of the stateof internal control within the Group.

3 INVESTORS RELATIONS AND COMMUNICATION WITHSHAREHOLDERS

The Company has, through its Business DevelopmentDepartment (BDD) maintained an active dialogue with itsshareholders.

The key investors relations activities are meetings with equityresearch analysts and fund managers of institutionalinvestment funds, participation in road shows and investors’conferences and forums, both domestically and internationally.

The BDD has an active programme with fund managers andanalysts which involves not only presentations at the time ofannouncement of the Group’s quarterly and annual results butalso visits to the Group’s facilities and project sites andbriefings by operational management on particular parts ofthe Group’s business. These briefings included visits to theCompany’s associate company, Syarikat Pengeluar Air SungaiSelangor Sdn Bhd’s (SPLASH) water treatment plants at KualaKubu Bharu, Selangor Darul Ehsan, Malaysia.

The Company has for some years now used the Annual GeneralMeeting (AGM) as a means of communicating with itsshareholders by treating the event as more than just a meetingrestricted to matters set out in the agenda. Shareholders areinvited to ask questions on the Group’s investments andoperations.

Shareholders have shown considerable interest in the Groupthrough attendance both at the AGM and also theExtraordinary General Meetings. It is also a practice for theBoard to hold press conferences with journalists after the AGM.

mematuhi rejim pengawalselian di negara di manaKumpulan beroperasi. Lembaga Pengarah telahmenggariskan dengan jelas pertanggungjawapan danpengagihan kuasa tertulis, yang menggariskan tindakanyang dicadangkan yang perlu dirujuk kepada LembagaPengarah untuk kelulusannya terlebih dahulu. Pengurussetiap unit perniagaan mempunyai pertanggungawapanyang jelas bagi memastikan kewujudan prosedur kawalan.

Penyata mengenai Kawalan Dalaman dibentangkan dimuka surat 48 Laporan Tahunan. Ia memberi gambaransepintas lalu mengenai keadaan Kawalan Dalaman didalam Kumpulan.

3 PERHUBUNGAN PELABUR DAN KOMUNIKASI DENGANPEMEGANG SAHAM

Syarikat, melalui Jabatan Pembangunan Perniagaan (BDD),mengekalkan dialog aktif dengan para pemegang saham.

Aktiviti perhubungan pelabur penting adalah mesyuaratdengan penganalisis ekuiti dan pengurus dana dari danapelaburan institusi, mengambil bahagian dalam pertunjukanjalanan dan persidangan pelabur dan forum, di dalam dan diluar negara.

BDD mempunyai program yang aktif dengan pengurus danadan penganalisis, yang melibatkan bukan sahaja penyampaiansemasa pengumuman keputusan suku tahunan dan tahunantetapi juga lawatan ke kemudahan dan tapak projek Kumpulanserta taklimat oleh pengurusan operasi mengenai bahagiantertentu perniagaan Kumpulan. Taklimat ini meliputi lawatanke syarikat bersekutu Kumpulan, loji rawatan air SyarikatPengeluar Air Sungai Selangor Sdn Bhd (SPLASH) di KualaKubu Bharu, Selangor Darul Ehsan, Malaysia.

Sejak beberapa tahun kebelakangan ini, Syarikat telahmenggunakan Mesyuarat Agung Tahunan (AGM) sebagaisaluran komunikasi dengan para pemegang sahamnya danmenganggapnya lebih daripada mesyuarat yang hanyamembincangkan perkara yang ditetapkan di dalam agenda.Para pemegang saham dijemput untuk mengemukakan soalanmengenai pelaburan dan operasi Kumpulan.

Para pemegang saham telah menunjukkan penuh minat dalamKumpulan melalui kehadiran mereka di kedua-dua MesyuaratAgung Tahunan dan Mesyuarat Agung Luarbiasa. Adalahmenjadi amalan Lembaga Pengarah juga untuk mengadakanpersidangan akhbar dengan para wartawan selepas MesyuaratAgung Tahunan.

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Statement on Internal Controlpenyata mengenai kawalan dalaman

BOARD RESPONSIBILITYThe Board of Directors is responsible for the Group’s system ofinternal control and for reviewing its adequacy and integrity. Thesystem of internal control is designed to manage risks in order toachieve business objectives. As with any internal control system,controls can only provide reasonable and not absolute assuranceagainst material misstatement or loss.

RISK ASSESSMENTThe Board has established an ongoing process for identifying,evaluating and managing significant risks faced by the Group. Thecontrol process has been in operation during the year under reviewand up to the date of approval of the annual report and itsfinancial statements. It has been reviewed by the Board and is inaccordance with the Statement on Internal Control: Guidance forDirectors of Public Listed Companies issued by the KLSE’s Task Forceon Internal Control.

During this financial year, the Board reviewed and approved theresults of a risk assessment exercise undertaken by theManagement. The risk assessment exercise resulted in theidentification and evaluation of the significant risks affecting theachievement of the Group’s business objectives. The effectivenessof current controls in place to manage these risks has beenassessed and followed-up with action plans to redress anyweakness or vulnerability.

INTERNAL CONTROLThe Board has established the system of internal control and hasdelegated to Management the implementation and monitoring ofthe system of Internal Control within an established framework.Salient features of the framework are as follows:• a Management structure with clear lines of responsibility and

authority limits.• a set of Policies and Procedures which are clearly formulated

and to be complied with.• a reporting system where information on financial

performance and key business indicators are regularly providedto Management.

• an annual budgeting process where budgets are prepared byoperating units and results are monitored against budget withmajor variances being reviewed on a quarterly basis andManagement action taken, where necessary.

TANGGUNGJAWAB LEMBAGA PENGARAHLembaga Pengarah bertanggungjawab terhadap sistem kawalandalaman Kumpulan dan mengkaji kecukupan dan kewibawaannya.Sistem kawalan dalaman ini disediakan untuk mengurus risiko bagimencapai objektif perniagaan. Sepertimana juga dengan sebarangsistem kawalan dalaman, kawalan hanya boleh menyediakanjaminan yang berpatutan tetapi tidak mutlak daripada salah nyatayang ketara atau kerugian.

PENILAIAN RISIKOLembaga Pengarah telah mewujudkan satu proses yang berterusanuntuk mengenalpasti, menilai dan mengurus risiko yang dihadapioleh Kumpulan. Proses kawalan ini telah beroperasi pada tahunkewangan dalam kajian sehingga ke tarikh laporan kewangan danpenyata kewangannya diluluskan. Ianya telah dikaji oleh LembagaPengarah dan adalah selaras dengan Penyata mengenai KawalanDalaman: Garis panduan Bagi Pengarah Syarikat-syarikat AwamYang Disenaraikan yang dikeluarkan oleh Pasukan Tindakanmengenai Kawalan Dalaman BSKL

Pada tahun kewangan ini, Lembaga Pengarah telah mengkaji danmeluluskan keputusan penilaian risiko yang dilakukan olehPengurusan. Penilaian risiko ini telah membolehkan risiko utamayang memberi kesan kepada pencapaian objektif perniagaanKumpulan dikenalpasti dan dinilai. Keberkesanan kawalan semasauntuk mengurus risiko-risiko ini telah dinilai dan disusuli denganpelan-pelan tindakan untuk menangani sebarang kelemahan ataumudahnya terdedah.

KAWALAN DALAMANLembaga Pengarah telah mewujudkan sistem kawalan dalaman dantelah menugaskan pelaksanaan dan pengawasan sistem KawalanDalaman kepada Pengurusan mengikut rangka kerja yang telahdiwujudkan. Ciri-ciri penting rangka kerja ini adalah seperti berikut:• struktur Pengurusan yang menggariskan dengan jelas

tanggungjawab dan had kuasa.• satu set Dasar dan Prosedur yang digubal dengan jelas dan

untuk dipatuhi.• satu sistem membuat laporan di mana maklumat mengenai

prestasi kewangan dan penunjuk-penunjuk perniagaan pentingkerap kali disediakan kepada Pengurusan.

• satu proses penyediaan belanjawan tahunan di manabelanjawan disediakan oleh unit-unit kendalian dan keputusandibandingkan dengan belanjawan, dengan perubahan utamadikaji setiap tiga bulan sekali dan tindakan Pengurusandiambil, jika perlu.

49


• an ISO 9001 Quality Management System which has beenimplemented to manage and control the quality requirementfor products and services.

• an independent assurance by Internal Audit on adequacy andintegrity of the Group’s systems and controls.

ASSURANCE FUNCTIONInternal Audit independently reviews the risk management andcontrol processes implemented by Management and reports to theAudit Committee on a quarterly basis. Internal Audit adopts a risk-based approach in carrying out its work and in preparing its annualaudit plan which is approved by the Audit Committee.

Where significant weaknesses have been identified as a result ofthe reviews, improvement and corrective measures arerecommended to strengthen controls. Thereafter, follow-up auditsare conducted by Internal Audit to assess the status ofimplementation by Management.

BOARD REVIEWThe Board, through the Audit Committee, has conducted regularreviews of the system of internal control of the Group. The AuditCommittee reviews the reports from the Internal Audit functionand reports to the Board on key findings, recommendation and thestatus of corrective actions.

The Group has Board representations on the Board of Directors ofjoint venture companies of the Group. The joint venture companiesalso adopt similar internal control processes of the Group andinformation on operations and financial performance is providedregularly to the Management of the Company.

• satu Sistem Pengurusan Kualiti ISO 9001 yang dilaksanakanuntuk mengurus dan mengawal keperluan kualiti bagi produkdan perkhidmatan.

• jaminan bebas oleh Audit Dalaman mengenai kecukupan dankewibawaan sistem dan kawalan Kumpulan.

FUNGSI JAMINANAudit Dalaman mengkaji secara bebas pengurusan risiko dan proseskawalan yang dilaksanakan oleh Pengurusan dan melaporkankepada Jawatankuasa Audit setiap tiga bulan sekali. Audit Dalamanmengamalkan pendekatan berasaskan risiko dalam menjalankantugasnya dan dalam menyediakan rancangan audit tahunannya,yang diluluskan oleh Jawatankuasa Audit.

Di mana kajian telah mengenalpasti kelemahan utama, langkahuntuk memperbaiki dan membetulkannya adalah disyorkan untukmengukuhkan kawalan. Selepas itu, Audit Dalaman akanmenjalankan audit susulan untuk menilai status pelaksanaan olehPengurusan.

KAJIAN LEMBAGA PENGARAHLembaga Pengarah, melalui Jawatankuasa Audit, kerap kalimengkaji sistem kawalan dalaman Kumpulan. Jawatankuasa Auditmengkaji laporan daripada fungsi Audit Dalaman dan melaporkankepada Lembaga Pengarah mengenai penemuan penting, syor danstatus tindakan pembetulan.

Kumpulan mempunyai wakil di dalam Lembaga Pengarah syarikat-syarikat usahasama Kumpulan. Syarikat-syarikat usahasama jugamengamalkan proses kawalan dalaman Kumpulan yang serupa danmaklumat mengenai operasi dan prestasi kewangan kerap kalidisediakan kepada Pengurusan Syarikat.

As shown in the Register of Directors’ ShareholdingsSeperti yang ditunjukkan di dalam Daftar Pegangan Saham para Pengarah

Other than disclosed below, there is no other Director of the Company who has interest, direct or indirect, in Gamuda Berhad and its relatedcorporations.Selain daripada yang dinyatakan di bawah, tiada Pengarah Syarikat yang mempunyai kepentingan, secara langsung mahupun tidaklangsung, dalam Gamuda Berhad dan syarikat-syarikat berkaitannya.

GAMUDA BERHADNo. of ordinary shares of RM1.00 each Bilangan saham biasa bernilai RM1.00 setiap satu

Name of director Direct % Indirect %Nama pengarah Langsung % Tidak langsung %

Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 525,828 0.08 - -Dato’ Lin Yun Ling 46,848,818^ 6.95 - -Raja Dato’ Seri Eleena Azlan Shah - - 92,486,928* 13.72Dato’ Ir Kamarul Zaman bin Mohd Ali 1,188,000 0.18 - -Ng Kee Leen 12,516,114 1.86 - -Goon Heng Wah 11,471,158@ 1.70 - -Ha Tiing Tai 11,707,938 1.74 - -Azmi Mat Nor 10,000 # - -Chow Chee Wah (Alternate Director to Dato’ Lin Yun Ling) 52,000 0.01 - -

(Pengarah Pengganti kepada Dato’ Lin Yun Ling)

Note:^ Include ordinary shares held through a nominee company* Deemed interested through Generasi Setia (M) Sdn Bhd

Include ordinary shares held by Generasi Setia (M) Sdn Bhd through a nominee company @ Include ordinary shares held through nominee companies# Less than 0.01%

Nota:^ Termasuk saham biasa yang dipegang melalui syarikat nomini* Dianggap mempunyai kepentingan melalui Generasi Setia (M) Sdn Bhd

Termasuk saham biasa yang dipegang oleh Generasi Setia (M) Sdn Bhd melalui syarikat nomini@ Termasuk saham biasa dipegang melalui syarikat-syarikat nomini# Kurang daripada 0.01%

No. of Warrants 1996/2006 Bilangan Waran 1996/2006


Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 110 ##

Dato’ Lin Yun Ling 8,053,442^^ 10.51 - -Raja Dato’ Seri Eleena Azlan Shah - - 11,400,000** 14.87Dato’ Ir Kamarul Zaman bin Mohd Ali 172,000 0.22 - -Ng Kee Leen 2,288,000 2.98 - -Goon Heng Wah 1,788,158 2.33 - -Ha Tiing Tai 1,704,000 2.22 - -

50


Statement of Directors’ Interests - as at 8 November 2002

penyata kepentingan para Pengarah pada 8 November 2002

Note:## Less than 0.01%^^ Include Warrants 1996/2006 held through a nominee company** Deemed interested through Generasi Setia (M) Sdn Bhd

Nota:## Kurang daripada 0.01%^^ Termasuk Waran 1996/2006 yang dipegang melalui syarikat nomini** Dianggap mempunyai kepentingan melalui Generasi Setia (M) Sdn Bhd

No. of Warrants 2001/2007 Bilangan Waran 2001/2007


Dato’ Lin Yun Ling 12,240,551 7.36 - -Raja Dato’ Seri Eleena Azlan Shah - - 23,122,000*** 13.90Dato’ Ir Kamarul Zaman bin Mohd Ali 271,500 0.16 - -Ng Kee Leen 4,308,335 2.59 - -Goon Heng Wah 2,996,000 1.80 - -Ha Tiing Tai 3,477,000 2.09 - -Saw Wah Theng 96,000 0.06 - -

Note:*** Deemed interested through Generasi Setia (M) Sdn Bhd

Nota:*** Dianggap mempunyai kepentingan melalui Generasi Setia (M) Sdn Bhd

Employees’ Share Option Scheme of Gamuda Berhad Skim Opsyen Saham Kakitangan Gamuda Berhad

option price harga opsyen no. of bilangan sahamName of director Nama pengarah RM3.25 RM4.26 option shares (“Ops”) opsyen (“Ops”)

Dato’ Lin Yun Ling 500,000 Ops 500,000 Ops 1,000,000Dato’ Ir Kamarul Zaman bin Mohd Ali 500,000 Ops 300,000 Ops 800,000Ng Kee Leen 500,000 Ops 300,000 Ops 800,000Goon Heng Wah 500,000 Ops 300,000 Ops 800,000Ha Tiing Tai 500,000 Ops 300,000 Ops 800,000Saw Wah Theng 400,000 Ops 300,000 Ops 700,000Azmi Mat Nor - 700,000 Ops 700,000Chow Chee Wah (Alternate Director to Dato’ Lin Yun Ling) 400,000 Ops 250,000 Ops 650,000

(Pengarah Pengganti kepada Dato’ Lin Yun Ling)

51



52

Additional Information maklumat tambahan

NON-AUDIT FEES PAID TO EXTERNAL AUDITORSThe non-audit fees paid to Arthur Andersen & Co (externalauditors) by the Company and its subsidiaries during the financialyear ended 31 July 2002 amounted to RM99,000.

SHARE BUY-BACKThe Company did not purchase any of its own shares during thefinancial year ended 31 July 2002.

OPTIONS, WARRANTS OR CONVERTIBLE SECURITIESSave for the exercise of options pursuant to the Employees’ ShareOption Scheme and the conversion of Warrants 2001/2007, theamount of each is disclosed in Note 18 of the Financial Statements,there were no other exercises of options, warrants or convertiblesecurities during the financial year ended 31 July 2002.

MATERIAL CONTRACTS INVOLVING DIRECTORS’/MAJORSHAREHOLDERS’ INTERESTSOther than as disclosed in Note 28 of the Financial Statements andthe Circular to Shareholders dated 11 December 2002, there wereno material contracts entered into by the Company or itssubsidiaries involving Directors’ and major shareholders’ interestssince 1 August 2001.

REVALUATION POLICY ON LANDED PROPERTIESThe Group does not adopt a policy of regular revaluation.

SANCTIONS AND/OR PENALTIESSince 1 August 2001, there is no sanction or penalty imposed bythe relevant regulatory bodies on the Company or its subsidiaries,or on the Directors or management of the Company or itssubsidiaries.

AMERICAN DEPOSITORY RECEIPT (ADR) OR GLOBALDEPOSITORY RECEIPT (GDR) PROGRAMMEThe Company does not sponsor any ADR or GDR programme.

YURAN BUKAN AUDIT DIBAYAR KEPADA JURUAUDIT LUARYuran bukan audit yang dibayar kepada Arthur Andersen & Co(juruaudit luar) oleh Syarikat dan syarikat-syarikat subsidiarinyapada tahun kewangan berakhir 31 Julai 2002 adalah sebanyakRM99,000.

BELIAN BALIK SAHAMSyarikat tidak membeli balik mana-mana saham sendiri pada tahunkewangan berakhir 31 Julai 2002.

OPSYEN, WARAN ATAU SEKURITI BOLEH TUKARSelain daripada pelaksanaan opsyen menurut Skim Opsyen SahamKakitangan dan penukaran Waran 2001/2007, yang mana jumlahsetiap satunya dinyatakan dalam Nota 18 Penyata Kewangan, tiadasebarang pelaksanaan opsyen, waran atau sekuriti boleh tukar lainyang dilaksanakan pada tahun kewangan berakhir 31 Julai 2002.

KONTRAK PENTING MELIBATKAN KEPENTINGAN PARAPENGARAH/ PEMEGANG SAHAM UTAMASelain daripada yang dinyatakan dalam Nota 28 Penyata Kewangandan Pekeliling kepada para Pemegang Saham bertarikh 11 Disember2002, tiada sebarang kontrak penting yang dimeterai oleh Syarikatatau syarikat-syarikat subsidiarinya yang melibatkan kepentinganpara Pengarah dan pemegang saham utama sejak 1 Ogos 2001.

DASAR PENILAIAN SEMULA KE ATAS HARTANAHKumpulan tidak mengamalkan suatu dasar penilaian semula yangkerap.

SEKATAN DAN/ATAU PENALTISejak 1 Ogos 2001, tiada sebarang sekatan atau penalti telahdikenakan oleh badan-badan pengawalseliaan yang berkaitan keatas Syarikat atau syarikat-syarikat subsidiarinya, atau ke atas paraPengarah atau pengurusan Syarikat atau syarikat-syarikatsubsidiarinya.

PROGRAM PENERIMAAN DEPOSITORI AMERIKA (ADR) ATAUPENERIMAAN DEPOSITORI GLOBAL (GDR)Syarikat tidak menaja sebarang program ADR atau GDR.

53


VARIATION IN RESULTSThere was no material variance between the audited results for thefinancial year ended 31 July 2002 and the unaudited resultspreviously announced.

PROFIT FORECAST AND PROFIT GUARANTEEThe Company did not issue any profit forecast and profit guaranteeduring the financial year ended 31 July 2002.

STATUS OF UTILISATION OF BONDS’ AND RIGHTS ISSUE OFWARRANTS’ PROCEEDS The following are the utilisations of the 3% Redeemable UnsecuredBonds 2000/2007 and Rights Issue of Warrants’ proceeds as at 31 July 2002:

Proposed UtilisedActivities RM’000 RM’000

Repayment of borrowings 115,000 115,000Part payment for land acquisition 60,000 60,000Working capital 70,700 70,700Expenses of Bonds Issue 4,300 4,300Investment in Syarikat Pengeluar Air Selangor Holdings Berhad(formerly known as Gabungan Cekap Berhad) 150,000 78,000

Total 400,000 328,000

PERUBAHAN DALAM KEPUTUSANTiada sebarang perubahan penting antara keputusan yang telahdiaudit bagi tahun kewangan berakhir 31 Julai 2002 dengankeputusan yang belum diaudit yang diumumkan sebelumnya.

RAMALAN KEUNTUNGAN DAN JAMINAN KEUNTUNGANSyarikat tidak mengeluarkan sebarang ramalan keuntungan danjaminan keuntungan pada tahun kewangan berakhir 31 Julai 2002.

STATUS PENGGUNAAN KUTIPAN BON DAN TERBITAN HAKWARAN Berikut adalah penggunaan kutipan daripada 3% Bon Tak Bercagar Boleh Tebus 2000/2007 dan Terbitan Hak Waran pada 31 Julai 2002:

Dicadangkan DigunakanAktiviti-aktiviti RM’000 RM’000

Pembayaran balik pinjaman 115,000 115,000Sebahagian daripada pembayaran untuk pembelian tanah 60,000 60,000

Modal kerja 70,700 70,700Perbelanjaan Terbitan Bon 4,300 4,300Pelaburan dalam Syarikat Pengeluar Air Selangor Holdings Berhad(dahulu dikenali sebagaiGabungan Cekap Berhad) 150,000 78,000

Jumlah 400,000 328,000

We believe our Group makes the difference - the GamudaDifference - as Malaysia's leadingurban infrastructure developer, civil engineering contractor andproperty developer.

And as we grow, we will continue towork closely with our customers andcommunities to help improve thestandard of living and quality of life.

Kami percaya Kumpulan kamimembawa perubahan - PerbezaanGamuda - sebagai pemajuinfrastruktur bandar, kontraktorkejuruteraan awam dan pemajuhartanah yang terulung di Malaysia.

Sambil berkembang, kami akan terusmenjalin kerjasama erat dengan parapelanggan dan masyarakat untukmembantu meningkatkan taraf dankualiti kehidupan.

Stringent measures have been taken to ensure that theconstruction of SSP3 has had minimum impact on theenvironment.

Langkah-langkah ketat telah diambil untuk memastikansupaya pembinaan SSF3 memberi kesan yang minimumkepada alam sekitar.


ON BEHALF OF THE BOARD OF DIRECTORS,

I AM PLEASED TO PRESENT THE 12TH ANNUAL REPORT

AND AUDITED ACCOUNTS OF GAMUDA BERHAD

FOR THE FINANCIAL YEAR ENDED 31 JULY 2002.

SAYA BAGI PIHAK LEMBAGA PENGARAH DENGAN

SUKACITANYA MEMBENTANGKAN LAPORAN TAHUNAN

DAN AKAUN GAMUDA BERHAD YANG TELAH DIAUDIT

KE-12 BAGI TAHUN KEWANGAN BERAKHIR 31 JULAI 2002.

56

Chairman’sStatement penyata pengerusi

Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim

at Bandar Botanic di Bandar Botanic

57


KEY HIGHLIGHTSStrategies implemented by the Group through the years arecontinuing to sustain our strong growth, driving 2002 to newheights of achievement;• Total revenue surged past the RM1 billion mark• Net profit grew 25% to a record RM238.8 million• NTA per share rose 19% to RM2.16

Operationally, the following were key developments that hadenabled the Group to further improve on its performance;• Construction of Sungai Selangor Phase 3 (SSP3) running well

ahead of schedule• Commencement of operation of SSP3 Phase 1 Rasa Water

Treatment Plant• Toll collection began on SPRINT Highway’s Damansara and

Kerinchi Links• Commencement of construction of SPRINT’s Penchala Link• Start of construction of new road projects in India• Excellent sales from the group’s three major township projects

at Kota Kemuning, Valencia and Bandar Botanic

We have substantially increased our construction order book to about RM4 billion, as well as locked in RM800 million worth of unbilled property sales. These, together with steady growth fromour concession operations, will position us well to maintain andgrow to a higher level of Group revenue and profitability in thecoming years.

Overall, our financial health continues to strengthen, with groupcash position improving further to RM473 million.

FINANCIAL PERFORMANCEOur focus has been on driving growth in the 3 core businesses ofconstruction, operation of infrastructure concessions and propertydevelopment. As a result, we succeeded in achieving a landmarkrevenue of RM1.04 billion and a healthy net profit of RM238.8m, agrowth of 25.4% and 24.6% respectively.

The improved performance is the result of construction works atSSP3 being significantly ahead of schedule, good growth fromtolling and water concessions as well as stronger contributionsfrom the Group’s property division.

PENCAPAIAN PENTINGStrategi yang dilaksanakan Kumpulan sejak beberapa tahun laluterus menyumbang kepada pertumbuhan kukuh kami, denganpencapaian yang lebih baik dalam tahun 2002;• Jumlah hasil melebihi angka RM1 bilion• Keuntungan bersih meningkat 25% kepada satu rekod

RM238.8 juta• NTA sesaham meningkat 19% kepada RM2.16

Dari segi operasi, berikut adalah pembangunan penting yang telahmembolehkan Kumpulan untuk meningkatkan lagi prestasinya;• Pembinaan Sungai Selangor Fasa 3 (SSF3) berjalan lancar dan

lebih awal daripada jadual• Permulaan operasi Fasa 1 Loji Rawatan Air SSF3• Pungutan tol bermula di Hubungan Damansara dan Kerinchi,

Lebuhraya SPRINT• Pembinaan Hubungan Penchala, Lebuhraya SPRINT bermula• Pembinaan projek jalanraya baru di India dimulakan• Tiga projek bandar baru utama Kumpulan iaitu Kota Kemuning,

Valencia dan Bandar Botanic mencatat jualan yang amatmemberangsangkan

Kami berjaya mencatatkan lonjakan dalam buku pesananpembinaan kami kepada lebih kurang RM4 bilion, serta mencatatRM800 juta nilai jualan hartanah yang belum dibilkan. Pencapaianini, yang diperkukuhkan oleh pertumbuhan stabil operasi konsesi,akan meletakkan kami pada kedudukan yang baik untuk mengekaldan meningkatkan hasil dan tahap keuntungan Kumpulan kepadaparas yang lebih tinggi pada tahun-tahun akan datang.

Pada keseluruhannya, keadaan kewangan kami terus kukuh, dengankedudukan tunai Kumpulan bertambah baik kepada RM473 juta.

PRESTASI KEWANGANKami menumpukan perhatian untuk menggerakkan pertumbuhandalam tiga perniagaan teras, iaitu pembinaan, operasi konsesiinfrastruktur dan pembangunan hartanah. Hasilnya, kami berjayamencapai satu rekod hasil sebanyak RM1.04 bilion dan keuntunganbersih sebanyak RM238.8 juta, peningkatan masing-masingsebanyak 25.4% dan 24.6%.

Prestasi yang baik ini adalah hasil kerja-kerja pembinaan di SSF3yang jauh lebih awal daripada jadual, pertumbuhan baik daripadakonsesi tol dan air serta sumbangan yang lebih kukuh daripadabahagian hartanah Kumpulan.


CONSTRUCTIONpembinaan & kejuruteraan awam

& CIVIL ENGINEERING

58

1

3

4

2

1 Engineers at Penchala siteJurutera di tapak pembinaan Penchala

2 Highway construction in IndiaPembinaan lebuhraya di India

3 Construction of Penchala Link, Package C ofSPRINT HighwayPembinaan Hubungan Penchala, Pakej C,Lebuhraya SPRINT

4 Aerial view of SSP3 dam under constructionPemandangan udara empangan SSF3 dalam prosespembinaan

59


The major business activities for the year were;• Construction• Operation of infrastructure concessions and • Property development

ConstructionConstruction continues to be the mainstay for the Group,contributing 52% of the Group’s pre-tax profit. It benefited fromhigher work progress of the Sungai Selangor Phase 3 (SSP3)project. Construction of the RM2.1 billion project, the last majorwater resource in the state of Selangor, started in early 2000 and iswell ahead of schedule. It is targeted for completion in mid-2005.

The diversion of Federal Route 55 to Fraser’s Hill has beencompleted and opened to traffic since September 2001. Rasa WaterTreatment Phase 1 was completed end of last year and started itsoperations early this year. Construction of Rasa Water TreatmentPlant Phase 2 has also begun and is about six weeks ahead ofschedule. The construction of the dam over Sungai Selangor andPhase 1 of Bukit Badong Water Treatment Plant will be completedearly 2003. The latter will provide a much-needed additional400mld of treated water to the Klang Valley.

Construction works have also begun on the Penchala Link of theSPRINT Highway. When completed, it shall provide a vital link fornew residential and commercial developments in the western partof the city. The works, which is more than 30% completed, willinclude a 700m twin tunnel.

Works have also started on the two Indian national highwayprojects in West Bengal - the Panagarh-Palsit Highway and theadjacent Durgapur Highway, with a total length of 130km. As theseare the first major overseas projects for the Group, efforts are beingmade to strengthen operational capability in line with localconditions. The Group’s share of construction work in these twoprojects is RM450 million.

Infrastructure ConcessionsThis division contributed 36% of the Group’s earnings. Over theyear, good growth was recorded for both tolling and the operationof water concessions.

Toll concessionsThe Group’s toll concession associates comprise the SPRINTHighway, Lebuhraya Shah Alam (KESAS) and LebuhrayaDamansara-Puchong (LDP). Collectively, the three handle daily,more than 600,000 tolled vehicles, thus making us the largesturban toll operator in the country.

Aktiviti-aktiviti perniagaan utama bagi tahun kewangan ini adalah;• Pembinaan• Operasi konsesi infrastruktur dan • Pembangunan hartanah

PembinaanPembinaan yang menyumbang 52% kepada keuntungan sebelumcukai Kumpulan terus merupakan aktiviti tulang belakang. Iamendapat manfaat daripada projek Sungai Selangor Fasa 3 (SSF3)yang mencapai kemajuan lebih tinggi. Pembinaan projek bernilaiRM2.1 bilion dan merupakan sumber air utama terakhir di negeriSelangor, telah dimulakan pada awal tahun 2000 dan mendahuluijadual. Ia dijadualkan siap pada pertengahan tahun 2005.

Projek lencongan Laluan Persekutuan 55 ke Bukit Fraser telahselesai dan dibuka kepada lalulintas sejak September tahun 2001.Fasa 1 Loji Rawatan Air Rasa disiapkan akhir tahun lepas dan mulaberoperasi awal tahun ini. Pembinaan Fasa 2 Loji Rawatan Air Rasajuga telah dimulakan dan mendahului jadual sebanyak 6 minggu.Pembinaan empangan di Sungai Selangor dan Fasa 1 Loji RawatanAir Bukit Badong akan siap pada awal tahun 2003. Projek BukitBadong akan membekalkan tambahan 400 juta liter air sehari yangsangat diperlukan ke Lembah Klang.

Kerja pembinaan Hubungan Penchala, Lebuhraya SPRINT juga telahbermula. Apabila siap nanti, ia akan menyediakan satu hubunganpenting bagi pembangunan kediaman dan komersial baru dibahagian barat bandaraya. Kerja pembinaan, yang lebih 30% siap,meliputi pembinaan terowong berkembar sepanjang 700m.

Kerja juga sudah dimulakan bagi dua projek lebuhraya kebangsaanIndia di Bengal Barat - Lebuhraya Panagarh-Palsit dan LebuhrayaDurgapur yang terletak bersebelahan, sepanjang 130km. Olehkerana kedua-dua projek ini merupakan projek seberang laut yangpertama bagi Kumpulan, usaha sewajarnya sedang dijalankan untukmengukuhkan keupayaan operasi selaras dengan keadaantempatan. Bahagian Kumpulan bagi kerja pembinaan di kedua-duaprojek ini ialah RM450 juta.

Konsesi InfrastrukturBahagian ini menyumbang sebanyak 36% kepada perolehan Kumpulan.Sepanjang tahun kewangan, pungutan daripada tol dan operasi konsesiair mencatat pertumbuhan yang menggalakkan.

Konsesi tolSekutu konsesi tol Kumpulan yang terdiri daripada LebuhrayaSPRINT, Lebuhraya Shah Alam (KESAS) dan Lebuhraya Damansara-Puchong (LDP), yang kesemuanya mengendalikan lebih daripada600,000 buah kenderaan bertol setiap hari, menjadikan kamipengendali tol bandar terbesar di negara ini.

Reviewof Operations tinjauan operasi


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During the year, our tolling operations benefited from the start oftolling in September, on SPRINT’S Damansara and Kerinchi Links.The opening of these links has improved accessibility, shortenedtravel time and relieved local traffic congestion.

LDP, the alignment which runs through one of the most vibranteconomic corridors in the country, experienced continuing strongnatural growth at all its toll plazas. This was due to the opening ofthe northern section of MRR2, increased economic activity insouthern Petaling Jaya and Puchong as well as the occupation ofPutrajaya. Various efforts are being taken to widen the highwayand to build new interchanges to relieve local congestion and tofacilitate traffic flow. Our aim is always to increase theconvenience and safety for all users.

Lebuhraya Shah Alam, also familiarly known to users as the KesasHighway implemented a 25% increase in toll charges in April 2002.It experienced a temporary reduction in traffic that has sincesubstantially recovered, and now growing again. As this highwayconnects the growing southern and western corridors of the KlangValley, it is well positioned to capture future traffic growth.

Water ConcessionsSPLASH, in which Gamuda has a 30% stake, operates SSP3 as wellas the existing SSP1. Contributions from water concessions wereboosted by the start of operations in early 2002 of SSP3’s RasaWater Treatment Plant Phase 1, which has a capacity of 125mld.This new supply source will greatly relieve the water-stressed areasin the northern Selangor area.

Revenues were also helped by the scheduled implementation of anincreased tariff structure, which is bench marked to delivery of keystages of the SSP3 project. The completion of the dam over SungaiSelangor and Bukit Badong Phase 1 early next year should furtherboost production capacity and revenues.

PROPERTY DEVELOPMENTOur property division had a sterling year, registering aggregatesales of over RM800 million and more than 2000 units of mainlyresidential properties. This level of performance positions the Groupas one of the largest property developers in the country, eventhough its contribution represented only 12% of our total earningslast year.

Pada tahun kewangan, operasi pungutan tol mendapat faedahdaripada permulaan pungutan tol dalam bulan September diDamansara and Kerinchi Link, Lebuhraya SPRINT. Pembukaaankedua-dua laluan penghubung ini meningkatkan lagi kebolehlaluan,menjimatkan masa perjalanan dan meredakan kesesakan lalulintassetempat.

Penjajaran LDP yang merentasi salah satu koridor ekonomi palingpesat di Malaysia, terus mencatat pertumbuhan semula jadi yangkukuh di semua plaza tol. Ini disebabkan oleh pembukaan bahagianutara MRR2, aktiviti ekonomi yang bertambah pesat di Petaling Jayaselatan dan Puchong serta penghunian Putrajaya. Pelbagai usahasedang diambil untuk meluaskan lebuhraya dan membinapersimpangan baru bagi mengurangkan kesesakan lalulintas setempatdan melancarkan aliran lalulintas. Matlamat kami adalah sentiasamempertingkatkan keselesaan dan keselamatan semua pengguna.

Lebuhraya Shah Alam, yang juga dikenali sebagai Lebuhraya KESASdi kalangan pengguna, telah menaikkan kadar tol sebanyak 25%pada bulan April 2002. Selepas itu, ia mengalami penyusutanlalulintas sementara, yang telah pulih dengan segera dan kinikembali mencatatkan pertumbuhan. Oleh kerana lebuhraya inimenghubungkan koridor selatan dan barat Lembah Klang yangsedang pesat berkembang, ia berada pada kedudukan yang baikuntuk memanfaatkan pertumbuhan lalulintas di masa akan datang.

Konsesi AirSPLASH, yang 30% kepentingannya dikuasai oleh Gamuda,mengendalikan SSF3 serta SSF1 yang sedia ada. Sumbangandaripada konsesi air dipertingkatkan lagi oleh permulaan operasiFasa 1 Loji Rawatan Air Rasa SSF3 pada awal tahun 2002, yangmempunyai keupayaan 125 juta liter sehari. Sumber bekalan airterbaru ini akan banyak membantu kawasan kekurangan air diutara negeri Selangor.

Pelaksanaan struktur kenaikan tarif mengikut jadual, yangdilaksanakan mengikut penyerahan peringkat penting projek SSF3turut membantu memperingkatkan hasil. Penyelesaian pembinaanempangan di Sungai Selangor dan Fasa 1 Bukit Badong pada awaltahun depan seharusnya meningkatkan lagi keupayaan pengeluarandan hasil.

PEMBANGUNAN HARTANAHBahagian hartanah kami melalui satu tahun yang memberangsangkan,dengan mencatat jualan agregat melebihi RM800 juta dan lebihdaripada 2000 unit yang kebanyakannya hartanah kediaman. Tahapprestasi ini meletakkan Kumpulan pada kedudukan antara pemajuhartanah terbesar di Malaysia, walaupun sumbangan daripadahartanah hanya merupakan 12% daripada jumlah perolehan kamipada tahun lepas.

Review of Operations tinjauan operasi

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INFRASTRUCTUREkonsesi infrastruktur

CONCESSIONS

1

2

1 Rasa Water Intake Plant near Kuala Kubu BharuTapak Pengambilan Air Mentah Rasa berhampiran Kuala Kubu Bharu

2 Artist impression of the Moorish-influenced East Portal of the Penchala tunnel (SPRINT highway) Gambaran pelukis Bahagian Timur terowong Penchala (Lebuhraya SPRINT) yang bercirikan pembinaan Islam

inset: Ongoing tunnel works at Penchala gambar kecil: Kerja pembinaan terowong yang sedang dijalankan di Penchala


PROPERTYpembangunan hartanah

& perbandaran

& TOWNSHIP DEVELOPMENT

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1

4

3

2

1 Aerial view of Kota Kemuning - Planning Innovation and Concept Award Winner 2000Pemandangan Kota Kemuning dari udara - Pemenang Anugerah Inovasi dan KonsepPerancangan tahun 2000

2 & 3 Bandar Botanic is five minutes from Kota Kemuning. 'Your Home in the Garden', it features an 80-acre botanical parkland, nine themed gardens and three lakesBandar Botanic terletak sejauh 5 minit memandu dari Kota Kemuning. ‘Kediamandalam Taman’ ini menampilkan sebuah taman botanika seluas 80 ekar, sembilan buahtaman tema dan tiga buah tasik

4 Valencia development sets a new benchmark for the high-end market with itsresidents' only private golf coursePembangunan Valencia mewujudkan satu ukurujuk baru bagi pasaran mewah yangmenyediakan padang golf khusus untuk penghuninya sahaja

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Our success has been due to our strategy in positioning our projectsin good locations, supported by superior development concepts andreliable delivery. Gamuda Land, the Group’s property flagship is wellregarded by property buyers for its innovative and distinctivetownship concepts, good designs and specifications and offeringunbeatable value for money. As a result our take up rates average90% in an industry where the average is no more than 60%.

Bandar Botanic, our maiden project in the southern end of Klanghas been a runaway success, with the double storey link houses andsemi-detached houses almost selling out as fast as they werelaunched. The 3 km lake and central park concept in Parcel A hasbeen well received by buyers and continues to draw future buyersas well as the general public.

Valencia, an exclusive residential development located adjacent tothe Sungai Buloh interchange on the northbound North-SouthExpressway, has also been extremely successful, with salesexceeding forecast. Targeted at the upper end of the landedresidential market, Valencia’s bungalow, semi-D and garden terracehomes are fast becoming a new benchmark for the high-endhousing market, with its gated community concept, exclusiveresidents’ only golf course, refreshing designs, and superior viewsand specifications within a low density layout.

The Group’s first housing project at Kota Kemuning, continues todraw upon its award winning reputation for best township design,experiencing strong sales for the double storey link, semi-D andbungalow homes launched during the year. With almost 10,000residents in the township today, Kota Kemuning has become apreferred address for urban residents seeking a respite from trafficcongestion, high-density living and lack of space and naturalrecreational facilities.

Manufacturing & OthersThe Group’s quarry business operated by G.B. Kuari Sdn Bhdcontinues to perform satisfactorily with the pickup of localconstruction activities. Megah Sewa Sdn Bhd has also performedwell, supplying and servicing the critical plant and machineryneeded for the Group’s civil engineering and construction works.

However the Group’s other manufacturing businesses, in particularDyna Plastics Sdn Bhd and Gamuda Paper Industries Sdn Bhdcontinued to face difficult market conditions during the year anddid not perform to expectation.

Kejayaan kami adalah disebabkan oleh strategi yang meletakkanprojek di lokasi baik, disokong oleh konsep pembangunan yangunggul serta penyerahan pada tarikh yang ditetapkan. GamudaLand, teraju perdana hartanah Kumpulan mendapat keyakinan parapembeli hartanah kerana konsep bandar barunya yang inovatif danistimewa, rekabentuk dan spesifikasi yang baik serta menawarkannilai untuk wang yang tiada bandingan. Kesannya, kadar janji belikami adalah purata 90% dalam sesuatu industri di mana puratanyaadalah tidak melebihi 60%.

Bandar Botanic, projek pertama kami di hujung selatan Klang,mencatat kejayaan besar dengan rumah berangkai dua tingkat danrumah berkembar hampir habis dijual sebaik sahaja dilancarkan.Konsep tasik dan taman pusat seluas 3 km di dalam Parcel A diberisambutan menggalakkan oleh para pembeli dan terus menarikbakal pembeli serta orang ramai.

Valencia, pembangunan kediaman eksklusif yang terletakbersebelahan persimpangan Sungai Buloh di Lebuhraya UtaraSelatan, juga mencatat kejayaan cemerlang dengan jualanmengatasi ramalan. Kediaman bertanah, banglo, rumah berkembardan rumah teres taman Valencia yang disasarkan kepada bahagianpasaran atasan kini menjadi tanda aras baru bagi pasaranperumahan atasan, dengan konsep penghuninya menikmatipelbagai keistimewaan khusus, padang golf eksklusif untukpenduduknya, rekabentuk yang menyegarkan serta pemandanganyang unggul dan spesifikasi di dalamkawasan yang mempunyaipenduduk yang berkepadatan rendah.

Projek perumahan pertama Kumpulan di Kota Kemuning terusmendapat manfaat daripada reputasinya sebagai pemenanganugerah untuk rekabentuk terbaik bagi perbandaran baru, denganrumah berangkai dua tingkat, rumah berkembar dan banglo yangdilancarkan pada tahun kewangan ini mencatat jualan kukuh.Dengan hampir 10,000 penduduk kini tinggal di bandar baru ini,Kota Kemuning telah menjadi kawasan kediaman pilihan olehpenduduk bandar yang mencari ketenangan daripada kesesakanlalu lintas, kepadatan penduduk yang tinggi serta kekurangantanah lapang dan kemudahan rekreasi.

Perkilangan & Lain-lainPerniagaan kuari Kumpulan yang dikendalikan oleh G.B. Kuari SdnBhd terus mencatat prestasi yang memuaskan dengan peningkatanaktiviti pembinaan. Megah Sewa Sdn Bhd juga mencatat prestasiyang baik, membekal dan menyediakan khidmat servis loji kritikaldan jentera yang diperlukan untuk kerja kejuruteraan awam danpembinaan Kumpulan.

Bagaimanapun, perniagaan perkilangan lain Kumpulan, khususnyaDyna Plastics Sdn Bhd dan Gamuda Paper Industries Sdn Bhd terusberhadapan dengan keadaan pasaran yang sukar pada tahunkewangan dan tidak mencatatkan prestasi seperti yang dijangkakan.



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PEMBANGUNAN KORPORATPertumbuhan Kumpulan bergantung kepada keupayaannya untukmewujud dan mengekalkan buku pesanan yang kukuh. Sehubunganitu, rundingan dengan Kerajaan mengenai projek SMART(Pengurusan Air Deras dan Terowong Jalanraya) yang bernilai RM2bilion berjalan lancar dan berkemungkinan akan selesai tidak lamalagi. Kami telah menerima arahan daripada untuk memulakan kerjaserta merta. Apabila siap nanti, projek ini akan dapatmengurangkan banjir besar di pusat bandaraya.

Baru-baru ini, kami telah mendapat kelulusan untuk meneruskan kerjabagi pakej utama dalam projek MRT di Taiwan, di mana kamimempunyai 50:50 kepentingan dalam usahasama dengan rakan kongsitempatan. Bahagian kami dalam projek ini bernilai RM400 juta.

SPLASH, melalui syarikat induknya, Syarikat Pengeluar Air SelangorHoldings Berhad sedang berusaha untuk disenaraikan di BSKL padatahun 2003.

MEMBANGUN SUMBER MANUSIA KAMIBiasiswa GamudaKami meneruskan inisiatif yang dimulakan dalam tahun 1996 untukmemberi bantuan kewangan kepada para pelajar layak yangmenyambung pengajian di universiti-universiti dalam dan luarnegeri. Pada tahun 2002, kami memberi sejumlah lapan biasiswakepada penuntut di peringkat ijazah di universiti tempatan dan diBritain. Sehingga kini, 51 pelajar telah menerima anugerah biasiswadi bawah program ini, dan sebahagian besar daripada mereka kinibekerja dengan Kumpulan yang mewujudkan satu perspektif dansumber baru kepada pembangunan masa depan kami.

Pembangunan KakitanganKeupayaan pekerja kami mencerminkan kekuatan Kumpulan. Kamitelah melaksanakan rancangan kerjaya tersusun dengan bantuanprogram latihan komprehensif yang dikendalikan oleh GamudaLearning Centre bermatlamat untuk mempertingkatkan lagikemahiran dan keupayaan tenaga manusia kami. Walaupun latihanterus memfokus kepada peningkatan kemahiran kerja khusus sertakualiti pengurusan dan kepimpinan, berikutan pertambahan bebankerja pembinaan, perhatian khusus turut diberi kepada usaha ke arahmengukuhkan lagi kemahiran pengurusan projek, yang merupakanlambang kejayaan Gamuda.

PROSPEK BAGI 2003Meskipun terdapat ketidakpastian dalam persekitaran ekonomibersifat global, ekonomi Malaysia dijangka mengalamipertumbuhan positif untuk beberapa tahun akan datang.Pengembangan ekonomi ini, sekiranya tercapai, boleh mencetuskankitaran pertumbuhan baru bagi negara, dengan itu mempastikanpeningkatan berterusan bagi perniagaan konsesi kami danmengekalkan permintaan bagi jualan hartanah Kumpulan.Pertumbuhan ekonomi tersebut secara semulajadi akanmemerlukan penambahan dalam pelaburan infrastruktur bagimenampung peningkatan aktiviti ekonomi dan sosial.


CORPORATE DEVELOPMENTSThe Group’s growth will depend on its ability to build and maintaina strong order book. In this regard, negotiations with theGovernment over the RM2 billion SMART (Storm-waterManagement and Road Tunnel) Project are proceeding well andshould be concluded very soon. We have received instructions tocommence works immediately. When completed, the project wouldbe able to alleviate some of the major floods in the Kuala Lumpurcity area.

We have recently been given the go-ahead for a major package inan MRT project in Taiwan, where we have a 50:50 JV with a localpartner. Our share of the project value is RM400 million.

SPLASH, through its holding company, Syarikat Pengeluar AirSelangor Holdings Berhad is seeking listing on the KLSE in 2003.

DEVELOPING OUR HUMAN RESOURCESGamuda ScholarshipsWe continued with the initiative begun in 1996 to provide financialassistance to deserving students in local and foreign universities. In2002, we awarded a total of eight scholarships to undergraduatesin local as well as British universities. To date, 51 students havereceived awards under the program, and the majority of thegraduates are currently employed with the Group, injecting freshperspectives and resources for our future development.

Staff DevelopmentThe strength of the Group is reflected by the capabilities of ourpeople. To further improve the skills and capability of our people, we have implemented structured career planning backed by acomprehensive training program managed by Gamuda LearningCentre. While training continued to focus on improving job-specificskills as well as managerial and leadership qualities, due to increasedconstruction workload, particular attention is being given to furtherstrengthen our project management skills, a Gamuda hallmark.

PROSPECTS FOR 2003Despite perceived uncertainties in the global economy, theMalaysian economy is expected to experience positive economicgrowth over the next few years. This economic expansion, ifachieved, could unfold into a new cycle of growth for the country,ensuring continued improvement of our concession businesses andsustaining demand for the Group property sales. Economic growthwill naturally require further infrastructure investments to supportthe increased economic and social activities.

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For the next financial year, regardless of external factors, ourstrong construction order book of RM4 billion and locked-inproperty sales of RM800 million should enable the Group toachieve another year of strong growth.

In line with our strategy to concentrate on the construction,concession operations and property development business, we shallbe strengthening our operational capability in these areas to deliverwhat we have already secured. At the same time, we shall continueto identify and develop opportunities to secure new infrastructureand construction projects to further increase our alreadysubstantial order book to support our growth strategy.

DIVIDENDFurther to an interim dividend of 5% less 28% tax, the Board hasrecommended another final 5% dividend, less 28% tax, culminatingin a total dividend of 10% for the financial year.

ACKNOWLEDGEMENTS AND APPRECIATIONI would like to thank our board of directors and employees for thetremendous effort made during the year to improve on ourfinancial performance and creation of long-term shareholder value.

I would also like to acknowledge that the successes achievedduring the year would not have been possible without the supportof our loyal customers, government authorities and agencies.

I would also like to extend a special note of appreciation to ourshareholders for their support and confidence in our company andits future. As we enter 2003, I am confident that we have the rightstrategy, financial structure, organizational focus, and leadership tofurther improve on our performance.

Tan Sri Dato’ Ir Talha Haji Mohd HashimChairman

Untuk tahun kewangan berikutnya, tanpa mengambilkira faktorluar, buku pesanan pembinaan kami yang mantap sebanyak RM4bilion dan jualan hartanah yang terjamin sebanyak RM800 jutadijangka membolehkan Kumpulan mencatat satu lagi tahunpertumbuhan yang kukuh.

Selaras dengan strategi kami untuk memberi tumpuan kepadabidang pembinaan, operasi konsesi dan perniagaan pembangunanhartanah, kami akan mengukuhkan keupayaan operasi kami didalam bidang-bidang ini untuk menyiapkan kerja-kerja yang kamiperolehi. Pada masa yang sama, kami akan terus mengenalpasti danmembangunkan peluang untuk mendapat projek infastruktur danpembinaan yang baru untuk menambahkan lagi buku pesanan kamibagi menyokong strategi pertumbuhan kami.

DIVIDENSebagai tambahan kepada dividen interim sebanyak 5% ditolak28% cukai, Lembaga Pengarah telah mengesyorkan dividen akhir 5%, ditolak 28% cukai, untuk menjadikan dividen bagi tahunkewangan ini berjumlah 10%.

PENGHARGAANSaya ingin mengucapkan terima kasih kepada Lembaga Pengarahdan kakitangan yang telah berusaha dengan penuh kegigihan untukmempertingkatkan prestasi kewangan kami dan mewujudkan nilaijangka panjang pemegang saham.

Saya juga amat menghargai sokongan para pelanggan setia kami,pihak berkuasa dan agensi kerajaan sehingga membolehkan kamimencapai kejayaan pada tahun ini.

Saya juga ingin menyampaikan penghargaan khusus kepada parapemegang saham kami yang telah memberi sokongan dankeyakinan terhadap syarikat ini dan masa depannya. Ketika beradadi ambang tahun 2003, saya yakin bahawa kami mempunyaistrategi, struktur kewangan, fokus organisasi dan kemimpinan yangtepat untuk membantu kami mempertingkatkan prestasi.

Tan Sri Dato’ Ir Talha Haji Mohd HashimPengerusi


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Corporate Calendar takwim korporat

14 JANUARY . . . . Gamuda Berhad (Gamuda) held its 25th AGM & EGM at Kota Permai Golf & Country Club (KPGCC) in Kota Kemuning.14 JANUARI . . . . Gamuda Berhad (Gamuda) mengadakan Mesyuarat Agung Tahunan Ke-25 & Mesyuarat Agung Luar Biasa di Kota

Permai Golf & Country Club (KPGCC) di Kota Kemuning.

17 JANUARY . . . . Communications Workshop for Lingkaran Trans Kota Sdn Bhd (LITRAK) and Sistem Penyuraian Trafik KL Barat Sdn Bhd(SPRINT)’s senior management team at KPGCC.

17 JANUARI . . . . Bengkel Komunikasi untuk pegawai-pegawai kanan pengurusan Lingkaran Trans Kota Sdn Bhd (LITRAK) dan SistemPenyuraian Trafik KL Barat Sdn Bhd (SPRINT) di KPGCC.

24-27 JANUARY . Delegates from Infrastructure Development Finance Company of India visited Gamuda Corporate Office and ourproject sites.

24-27 JANUARI . Para perwakilan dari Infrastructure Development Finance Company dari India melawat Pejabat Korporat Gamuda dantapak-tapak projek kami.

1 FEBRUARY . . . . . KPGCC voted number one in Golf Malaysia Poll 2001/2002. Our Ross Watson-designed layout also won in two othercategories: the “Most Memorable Golf Course” and “Most Scenic Hole” for Hole #2.

1 FEBRUARI . . . . . KPGCC dipilih sebagai kelab golf nombor satu dalam tinjauan Golf Malaysia Poll 2001/2002. Susun atur kami, rekaan RossWatson, juga memenangi dua kategori: "Padang Golf Paling Diingati " dan Lubang #2 sebagai "Lubang BerpemandanganPaling Cantik".

6 FEBRUARY . . . . . Directors and senior managers meet at KPGCC for annual managers’ conference.6 FEBRUARI . . . . . Para pengarah dan pengurus kanan menghadiri persidangan pengurus tahunan di KPGCC.

1 MARCH . . . . . . . Buletin Gamuda wins Merit Award under the construction category from the Institute of Public Relations Malaysia.Minister of Information Y B Tan Sri Khalil Yaakob presented the awards to the winners.

1 MAC . . . . . . . . . Buletin Gamuda memenangi Anugerah Merit bagi kategori pembinaan daripada Institut Perhubungan AwamMalaysia. Menteri Penerangan, Y B Tan Sri Khalil Yaakob menyampaikan anugerah kepada para pemenang.

12 MARCH . . . . . . Sun Tzu Art of War and Strategic Thinking Workshop for Directors by Prof. Wee Chow Hou at KPGCC.12 MAC . . . . . . . . Bengkel Sun Tzu Art of War dan Pemikiran Strategik untuk para Pengarah dikendalikan oleh Prof. Wee Chow Hou di

KPGCC.

21-25 MARCH . . . Participated in the International Construction Industry Conference and the National Academy of ConstructionExhibition in Hyderabad, India.

21-25 MAC . . . . . Menyertai Persidangan Industri Pembinaan Antarabangsa dan Pameran Pembinaan Akademi Pembinaan Nasional diHyderabad, India.

2-5 APRIL 2-5 APRIL27 MARCH 27 MAC14 JANUARY 14 JANUARI

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27 MARCH . . . . . Concession agreement for the construction of the Durgapur Expressway project in West Bengal (India) signed.Durgapur Expressway is part of India’s National Highway 2, its alignment lies within the state of West Bengal and is65 km long.

27 MAC . . . . . . . Perjanjian konsesi bagi pembinaan projek Lebuhraya Durgapur di Bengal Barat (India) ditandatangani. LebuhrayaDurgapur adalah sebahagian dari Lebuhraya Nasional 2 di India, yang terletak di dalam wilayah Bengal Barat dansepanjang 65 km.

SPRINT hosted dinner in honour of H. E. Fahmi bin Al-Jowder, Bahrain Minister of Works and his entourage at theMalaysia Petroleum Club in KLCC. Y B Dato’ Seri S. Samy Vellu, Minister of Works and Ir Haji Yusoff bin Daud,Chairman of SPRINT were present.SPRINT menganjurkan majlis makan malam untuk Menteri Kerja Raya Bahrain TYT Fahmi bin Al-Jowder danrombongan di Kelab Petroleum Malaysia di KLCC. Menteri Kerja Raya, Y B Dato' Seri S. Samy Vellu dan PengerusiSPRINT, Ir Haji Yusoff bin Daud turut hadir.

28 MARCH . . . . . H. E. Liu Guanghe, Vice-Minister of Water Resources, People’s Republic of China and his entourage visited GamudaCorporate Office. Mr Ng Kee Leen, Gamuda Director played host to the visitors.

28 MAC . . . . . . . . Timbalan Menteri Sumber Air dari Republik Rakyat China, TYT Liu Guanghe dan rombongan melawat Pejabat KorporatGamuda. Mereka disambut oleh Pengarah Gamuda Encik Ng Kee Leen.

2-5 APRIL . . . . . . Mastering Peak Performance (Advanced) for managers at Janda Baik, Bentong, Pahang.2-5 APRIL . . . . . . Kursus Lanjutan Prestasi (Tertinggi) untuk para pengurus di Janda Baik, Bentong, Pahang.

7 APRIL . . . . . . . . New toll rate of RM1.50 implemented at Shah Alam Expressway, an increase of 30 sen from RM1.20. Revised tollrates now take place once every five years, instead of every two years.

7 APRIL . . . . . . . . Pelaksanaan kadar tol baru sebanyak RM1.50 di Lebuhraya Shah Alam, kenaikan sebanyak 30 sen daripada RM1.20.Kadar tol kini dikaji semula setiap lima tahun, berbanding setiap dua tahun sebelumnya.

9-10 APRIL . . . . . Interaction Management, training programme for executives at Gamuda Learning Centre.9-10 APRIL . . . . . Pengurusan Interaksi, program latihan untuk para eksekutif di Gamuda Learning Centre.

9-12 APRIL . . . . . Mastering Peak Performance (Advanced) for managers at Janda Baik, Bentong, Pahang.9-12 APRIL . . . . . Kursus Lanjutan Prestasi (Tertinggi) untuk para pengurus di Janda Baik, Bentong, Pahang.

16-18 APRIL . . . . Mastering Peak Performance (Basic) for managers at Malacca. 16-18 APRIL . . . . Kursus Lanjutan Prestasi (Asas) untuk para pengurus di Melaka.

27 APRIL . . . . . . . LITRAK collaborated with the Selangor State IT & Communications Centre to launch “Selangor IT Week” officiated byState Executive Councillor, Y B Dato’ Ahmad Latiff bin Hashim.

27 APRIL . . . . . . . LITRAK bekerjasama dengan Pusat IT & Komunikasi Negeri Selangor melancarkan “Minggu IT Selangor” yangdirasmikan oleh Ahli Exco, Y B Dato' Ahmad Latiff bin Hashim.

1 MAY . . . . . . . . . Gamuda marks Labour Day by organising Family Day with over 400 families at Sunway Lagoon.1 MEI . . . . . . . . . . Gamuda meraikan Hari Buruh dengan menganjurkan Hari Keluarga yang disertai oleh lebih 400 keluarga di Sunway

Lagoon.


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4 MAY . . . . . . . . . A contingent of 50 Gamuda personnel joined about 70 other contingents from all over the country to celebrateWorkers’ Day 2002. Held at Stadium Melawati in Shah Alam, the theme this year was “K-workers spearhead thechange to meet the challenge of globalisation.” Prime Minister, Y A B Dato’ Seri Dr Mahathir and Human ResourceMinister, Y B Datuk Dr Fong Chan Onn attended the event.

4 MEI . . . . . . . . . Kontinjen seramai 50 kakitangan Gamuda turut serta dalam perhimpunan Hari Pekerja 2002 yang disertai oleh lebihkurang 70 kontinjen dari seluruh negara di Stadium Melawati, Shah Alam. Tema perayaan tahun ini ialah "K-pekerjamenerajui perubahan bagi memenuhi cabaran globalisasi". Perdana Menteri, Y A B Dato' Seri Dr Mahathir Mohamaddan Menteri Sumber Manusia, Y B Datuk Dr Fong Chan Onn menghadiri perhimpunan tersebut.

22 MAY . . . . . . . . Media Training Workshop for Gamuda Land senior management team at KPGCC.22 MEI . . . . . . . . . Bengkel Latihan Media untuk barisan pengurusan kanan Gamuda Land di KPGCC.

20 JUNE . . . . . . . . KESAS, LITRAK and SPRINT jointly organised the annual KELAS Golf 2002. The event was attended by the guest ofhonour, Dato’ Hj Daman Huri bin Mohd Ali from the Ministry of Works.

20 JUN . . . . . . . . . KESAS, LITRAK dan SPRINT menganjurkan KELAS Golf 2002. Acara golf tahunan ini turut disertai oleh tetamukehormat, Dato' Hj Daman Huri bin Mohd Ali dari Kementerian Kerja Raya.

22 JUNE . . . . . . . . Gamuda and Tenaga Nasional Berhad jointly hosted golf game with Seri Paduka Baginda Yang di-Pertuan Agong XII,Tuanku Syed Sirajuddin Ibni Al-Marhum Tuanku Syed Putra Jamalullail at KPGCC.

22 JUN . . . . . . . . . Gamuda dan Tenaga Nasional Berhad menganjurkan permainan golf yang disertai oleh Seri Paduka Baginda Yang di-Pertuan Agong XII, Tuanku Syed Sirajuddin Ibni Al-Marhum Tuanku Syed Putra Jamalullail di KPGCC.

9 JULY . . . . . . . . . About 30 analysts and fund managers visited the SSP3 site in Kuala Kubu Bharu where Syarikat Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH), an associate company of Gamuda, is building a dam. They were also taken toSPLASH’s water treatment plant at Rasa and briefed about the process of water supply to Selangor and Klang Valley.

9 JULAI . . . . . . . . Sekumpulan lebih kurang 30 penganalisis dan pengurus dana melawat tapak SSF3 di Kuala Kubu Bharu di manaSPLASH, syarikat bersekutu Gamuda, sedang membina sebuah empangan. Mereka juga dibawa melawat loji rawatanair SPLASH di Rasa dan diberi taklimat mengenai proses bekalan air ke Selangor dan Lembah Klang.

10 JULY . . . . . . . . Minister of Education, Y B Tan Sri Dato’ Seri Musa bin Mohamad hosted golf game with Seri Paduka Baginda Yang DiPertuan Agong XII at KPGCC.

10 JULAI . . . . . . . Menteri Pendidikan, Y B Tan Sri Dato' Seri Musa bin Mohamad menjadi tuan rumah permainan golf yang disertai olehSeri Paduka Baginda Yang Di Pertuan Agong XII di KPGCC.

18 JULY . . . . . . . . Eight top students received our Scholarship Awards to continue with their studies in local and foreign universities. Y A M Raja Dato' Seri Eleena Azlan Shah, Gamuda Director presented the awards at KPGCC. Since 1996, Gamuda hasspent RM2 million in its programme to assist outstanding students in need.

18 JULAI . . . . . . . Lapan penuntut cemerlang menerima anugerah biasiswa kami untuk meneruskan pengajian mereka di universiti-universiti di dalam dan luar negara. Pengarah Gamuda, Y A M Raja Dato' Seri Eleena Azlan Shah telah menyampaikananugerah biasiswa ini di KPGCC. Sejak 1996, Gamuda telah membelanjakan RM2 juta untuk program membantupenuntut-penuntut cemerlang yang memerlukan bantuan.

18 JULY 18 JULAI9 JULY 9 JULAI22 JUNE 22 JUN

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26 JULY . . . . . . . . Joint venture with MMC Engineering Berhad announced to undertake the project for the construction of anintegrated bypass tunnel cum motorway to alleviate the flood and traffic congestion in Kuala Lumpur. The projectwill be known as the "Stormwater Management and Road Tunnel" (SMART) Project.

26 JULAI . . . . . . . Pengumuman usahasama dengan MMC Engineering untuk melaksanakan projek bagi pembinaan terowonglencongan/lebuhraya bersepadu untuk mengurangkan kesesakan lalulintas dan banjir di Kuala Lumpur. Projek inidikenali sebagai Projek "Pengurusan Air Ribut dan Terowong Jalanraya" (SMART).

AUG/SEPT/OCT . . . Workshop on Office Safety, Ergonomic & Stress Management for all staff at Gamuda Learning Centre.OGOS/SEP/OKT . . . Bengkel Keselamatan Pejabat, Ergonomik & Pengurusan Tekanan Kerja untuk semua kakitangan di Gamuda Learning

Centre.

6-8 AUGUST . . . . Bankers from six major banks in India visited Gamuda Corporate Office and our project sites. 6-8 OGOS . . . . . . Jurubank dari enam bank utama di India melawat Pejabat Korporat Gamuda dan tapak-tapak projek kami.

29 AUGUST . . . . . . LITRAK held its annual Scholarship Award ceremony with Majlis Pelancaran Sambutan Hari Kebangsaan ke-45. Threetop students received the awards from guest of honour, Y B Dato’ Mohamed Khaled Nordin, Deputy Minister of Works.

29 OGOS . . . . . . . LITRAK mengadakan Majlis Penganugerahan Biasiswa Tahunan sempena Majlis Pelancaran Sambutan Hari Kebangsaanke-45. Tiga penuntut cemerlang menerima anugerah biasiswa daripada tetamu kehormat, Timbalan Menteri Kerja RayaY B Dato' Mohamed Khaled Nordin.

18 SEPTEMBER . . . LITRAK held its seventh AGM & EGM at KPGCC.18 SEPTEMBER . . . LITRAK mengadakan Mesyuarat Agung Tahunan Ke-7 & Mesyuarat Agung Luar Biasa di KPGCC.

25 SEPTEMBER . . . KESAS Sdn Bhd expected to save RM10 million annually through its RM900 million Islamic loan refinancing scheme.The signing of the refinancing agreement in the form of Islamic Private Debt Securities, is provided by MalaysianInternational Merchant Bankers Berhad, Macquarie Malaysia Sdn Bhd and EON Bank Berhad.

25 SEPTEMBER . . . KESAS Sdn Bhd dijangka akan dapat menjimatkan perbelanjaan tahunan sebanyak RM10 juta setahun melalui skimpembiayaan semula pinjaman cara Islam bernilai RM900 juta. Perjanjian yang ditandatangani bagi pembiayaansemula ini adalah dalam bentuk Sekuriti Hutang Persendirian Islam yang disediakan oleh Malaysian InternationalMerchant Bankers Berhad, Macquarie Malaysia Sdn Bhd dan EON Bank Berhad.

28 SEPTEMBER . . . Gamuda organised its 26th annual dinner with the theme, “Jungle Fantasy” at Sheraton Subang Hotel & Towers.28 SEPTEMBER . . Gamuda menganjurkan majlis makan malam tahunan Ke-26 yang bertema "Fantasi Rimba" di Sheraton Subang Hotel

& Towers.

4 OCTOBER . . . . . . Gamuda Engineering Sdn Bhd awarded contract by Lingkaran Trans Kota Sdn Bhd to be turnkey contractor for thedesign, construction and upgrading works of six interchanges on Lebuhraya Damansara-Puchong. The total estimatedcost is RM139 million.

4 OKTOBER . . . . . . Gamuda Engineering Sdn Bhd dilantik oleh Lingkaran Trans Kota Sdn Bhd sebagai kontraktor bina-serah untukmerekabentuk, membina dan menaikkan taraf enam persimpangan di Lebuhraya Damansara-Puchong. Keseluruhankos kontrak ini dianggarkan bernilai RM139 juta.

29 AUGUST 29 OGOS6-8 AUGUST 6-8 OGOS 28 SEPTEMBER 28 SEPTEMBER


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7-9 OCTOBER . . . . LITRAK & SPRINT participated in the 5th Malaysian Road Conference at Sunway Pyramid that was officiated byMinister of Works Y B Dato’ Seri S. Samy Vellu.

7-9 OKTOBER . . . . LITRAK & SPRINT menyertai Persidangan Jalanraya Malaysia Ke-5 di Sunway Pyramid yang telah dirasmikan olehMenteri Kerja Raya Y B Dato' Seri S. Samy Vellu.

30 OCTOBER . . . . . Letter of Award received from the Kaohsiung Rapid Transit Corporation (KRTC) for the Package CO4 in theconstruction of its Mass Rapid Transit System Project.

30 OKTOBER . . . . . Surat Penyata Anugerah Projek diterima daripada Kaohsiung Rapid Transit Corporation (KRTC) untuk Pakej CO4 bagipembinaan Projek Sistem Alihan Massa Cepat (MRT).

5 NOVEMBER . . . . SPLASH officially handed over Federal Road 55 known as KKB-GAP Road to the Government. The 7.7 km road wascompleted in the previous year and has been opened to the public since September 2001. The KKB-GAP Road connectsto Fraser’s Hill and it provides an emergency stop lane for heavy vehicles - the first to be built in the country.

5 NOVEMBER . . . . SPLASH dengan rasminya menyerahkan Jalanraya Persekutuan 55, dikenali sebagai Jalanraya KKB-GAP, kepadaKerajaan. Jalanraya sepanjang 7.7 km ini siap dibina pada tahun sebelumnya dan dibuka kepada orang ramai sejakbulan September tahun 2001. Jalanraya KKB-GAP ini menghubungkan Bukit Fraser dan menyediakan lorangkecemasan untuk kenderaan berat berhenti - yang pertama seumpamanya di negara ini.

17 NOVEMBER . . . Menteri Besar of Selangor, Y A B Dato’ Seri Dr. Mohamad Khir bin Toyo officiated the launching of Bandar Botanic inKlang.

17 NOVEMBER . . Menteri Besar Selangor, Y A B Dato' Seri Dr. Mohamad Khir bin Toyo merasmikan pelancaran Bandar Botanic di Klang.

5-8 DECEMBER . . KPGCC hosted the inaugural Volvo Masters of Asia Championship – the most important tournament in the region forthe season.

5-8 DISEMBER . . . KPGCC menganjurkan kejohanan sulung Volvo Masters of Asia - kejohanan sukan golf yang paling penting di rantauini untuk musim ini.

17 NOVEMBER 17 NOVEMBER5 NOVEMBER 5 NOVEMBER30 OCTOBER 30 OKTOBER

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Community Events acara kemasyarakatan

1 FEBRUARY . . . . . We continue to be one of the major sponsors of Le Tour de Langkawi for the seventh consecutive year. A total of 22 teams comprising 151 riders from all over the globe took part in this 10-day and 1,310 km race. Prime Minister, Y A B Dato's Seri Dr Mahathir Mohamad, who is the Tour’s patron gave away prizes at the Closing.

1 FEBRUARI . . . . . Kami sekali lagi menjadi penaja utama kejohanan lumba basikal Le Tour de Langkawi selama tujuh tahun berturut-turut. Seramai 22 pasukan terdiri daripada 151 pelumba basikal dari seluruh dunia menyertai perlumbaan selama 10 hari dan sejauh 1,310 km itu. Perdana Menteri, Y A B Dato’ Seri Dr Mahathir Mohamad, yang juga merupakanpenaung acara tahunan itu, telah menyampaikan hadiah kepada para pemenang di akhir perlumbaan.

8 FEBRUARY . . . . . The contingent of Le Tour de Langkawi cyclists arrived at Lebuhraya Damansara-Puchong (LDP) to a rousing welcomeby LITRAK officials and staff as well as children from schools in Puchong.

8 FEBRUARI . . . . . Para pelumba Le Tour de Langkawi tiba di Lebuhraya Damansara-Puchong (LDP) dan diberi sambutan meriah olehpara pegawai dan kakitangan LITRAK serta murid-murid dari beberapa sekolah di Puchong.

16 FEBRUARY . . . . SPRINT and LITRAK join hands to celebrate Chinese New Year with children from two charity homes, Rumah Hopeand Rumah Kanak-Kanak Impian. The guest of honour was MP of PJ Utara, Y B Chew Mei Fun.

16 FEBRUARI . . . . SPRINT dan LITRAK menganjurkan sambutan Tahun Baru Cina untuk kanak-kanak dari dua buah rumah kebajikan,Rumah Hope dan Rumah Kanak-Kanak Impian. Ahli Parlimen PJ Utara, Y B Chew Mei Fun merupakan tetamukehormat di majlis itu.

2 MARCH . . . . . . . SPRINT and LITRAK organised Hari Raya Korban celebration at Kampung Sungai Penchala. Three cows wereslaughtered for the occasion. LITRAK Chairman, Tan Sri Wan Abdul Rahman and SPRINT Chairman Ir Haji Yusoff binDaud distributed the meat to people in the nearby kampungs.

2 MAC . . . . . . . . . SPRINT dan LITRAK menganjurkan sambutan Hari Raya Korban di Kampung Sungai Penchala. Sebanyak tiga ekorlembu telah disembelih bersempena majlis tersebut. Pengerusi LITRAK, Tan Sri Wan Abdul Rahman dan PengerusiSPRINT, Ir Haji Yusoff bin Daud mengagih-agihkan daging korban tersebut kepada penduduk dari kampung-kampungberdekatan.

14 MARCH . . . . . . Selangor Water Conservation Campaign 2002 launched by Deputy Selangor Menteri Besar, Y B Dato’ Dr. Zainal Abidinbin Ahmad at SPLASH’s SSP1 water treatment site in Batang Berjuntai. SPLASH also held an open day for visitors andschoolchildren and gave tips on smart water usage.

14 MAC . . . . . . . . Kempen Penjimatan Air Selangor 2002 telah dilancarkan oleh Timbalan Menteri Besar Selangor, Y B Dato’ Dr. ZainalAbidin bin Ahmad di tapak rawatan air SSF1, SPLASH di Batang Berjuntai. SPLASH juga mengadakan hari terbukakepada para pengunjung dan murid-murid sekolah serta memberi tip cara menggunakan air dengan bijak.

2 MARCH 2 MAC 14 MARCH 14 MAC1 FEBRUARY 1 FEBRUARI


72

29 APRIL . . . . . . . In conjunction with Labour Day, KESAS together with Tesco gave away goodie bags and food court coupons tomotorists at the Sunway and Awan Besar toll plazas.

29 APRIL . . . . . . . Sempena Hari Buruh, KESAS dan Tesco memberi beg mengandungi buah tangan dan kupon gerai makan di tol plazaSunway dan Awan Besar.

9 MAY . . . . . . . . . LITRAK chosen to be Bandar Sri Damansara Residents’ Association (BSDRA)’s “Strategic Partner”. LITRAK earned therecognition following its cooperation and active participation in activities organised by BSDRA and its policy of“openness” with the residents.

9 MEI . . . . . . . . . . LITRAK dipilih sebagai "Rakan Strategik" Persatuan Penduduk Bandar Sri Damansara (BSDRA). Pengiktirafan ini diberi berdasarkan kerjasama dan penglibatan aktif LITRAK di dalam aktiviti anjuran BSDRA dan juga kerana dasarketerbukaannya.

18 MAY . . . . . . . . Friendly football match between LITRAK and residents of Kampung Sungai Penchala to foster ties between theconcession company and residents along the LDP highway.

18 MEI . . . . . . . . Satu perlawanan bolasepak persahabatan telah diadakan antara LITRAK dan penduduk Kampung Sungai Penchala untukmemupuk hubungan antara syarikat konsesi ini dengan penduduk yang mendiami kawasan sepanjang lebuhraya itu.

29 MAY . . . . . . . . The second 100 PLUS Junior Open Golf tournament held at KPGCC. It is ranked among the biggest junior golftournaments in the country.

29 MEI . . . . . . . . . Pertandingan Golf Terbuka Remaja 100 PLUS yang kedua diadakan di KPGCC, satu-satunya kejohanan golf terbesaruntuk remaja yang pernah dianjurkan di negara ini.

3 JUNE . . . . . . . . . SPRINT Information Centre opened at Kampung Sungai Penchala to provide information updates of the Penchala Link,the final portion of the 26 km SPRINT Highway currently being built.

3 JUN . . . . . . . . . . Pusat Maklumat SPRINT dibuka di Kampung Sungai Penchala untuk memberi maklumat terkini mengenai HubunganPenchala, bahagian akhir Lebuhraya SPRINT sepanjang 26 km yang kini sedang dalam pembinaan.

9 JUNE . . . . . . . . . Hicom-Gamuda Development Sdn Bhd, a property arm of Gamuda, organised “Capture the Beauty of Kota Kemuning”photography contest and attracted more than 2,000 entries from both amateur and professional photographers.

9 JUN . . . . . . . . . . Hicom-Gamuda Development Sdn Bhd, syarikat pembangunan hartanah Gamuda, menganjurkan pertandingan fotografi“Mengabadikan Keindahan Kota Kemuning”. Lebih 2,000 penyertaan diterima daripada jurufoto amatur dan profesional.


18 MAY 18 MEI9 MAY 9 MEI29 APRIL 29 APRIL

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12 JUNE . . . . . . . . Minister of Youth and Sports, Y B Dato’ Hishammuddin Tun Hussein launched the inaugural Gamuda Eagle Tour ofMalaysia (ETOM) 2002, another cycling event. The grand prize money was RM200,000 and the race is classified as a2.6 race under the Union Cycliste Internationale (UCI) calendar.

12 JUN . . . . . . . . . Menteri Belia dan Sukan, Y B Dato’ Hishammuddin Tun Hussein telah melancarkan kejohanan sulung lumba basikalGamuda Eagle Tour of Malaysia (ETOM) 2002 yang menawarkan hadiah wang tunai berjumlah RM200,000.Perlumbaan ini diiktiraf sebagai perlumbaan 2.6 oleh Union Cycliste Internationale (UCI).

27 JUNE . . . . . . . . LITRAK contributed to Sekolah Menengah Kebangsaan Kelana Jaya building fund to help repaint the school.27 JUN . . . . . . . . . LITRAK memberi sumbangan kepada dana pembangunan Sekolah Menengah Kebangsaan Kelana Jaya untuk

mengecat semula bangunan sekolah tersebut.

30 JUNE . . . . . . . . SPRINT launched Highway Safety Awareness Campaign at Park Area Jalan Damansara. The event was officiated by Ir Haji Yusoff bin Daud, Chairman of SPRINT.

30 JUN . . . . . . . . . SPRINT melancarkan Kempen Kesedaran Keselamatan Jalanraya di Kawasan Taman Jalan Damansara. Kempen initelah dirasmikan oleh Pengerusi SPRINT, Ir Haji Yusoff Bin Daud.

10 JULY- . . . . . . . LITRAK lay-by once again the hot spot for durian afficionados seeking to enjoy the best of this year’s harvest 31 AUGUST from the stalls selling the fruit.10 JULAI- . . . . . . . Kawasan hentian sebelah LITRAK sekali lagi menjadi tumpuan penggemar durian yang hendak menikmati buah31 OGOS terbaik tahun ini yang dijual di gerai-gerai.

28 JULY . . . . . . . . Fund-raising fiesta at Kota Kemuning with some 20,000 people who came from around the city for a day of fun andgames. About RM100,000 was raised for charity from the Kota Kemuning-Kiwanis Fun Day.

28 JULAI . . . . . . . Pesta kutipan derma di Kota Kemuning menarik lebih kurang 20,000 pengunjung dari sekitar bandar baru itu untuksehari berseronok dan bergembira. Sebanyak lebih kurang RM100,000 berjaya dikutip daripada Hari Ceria KotaKemuning-Kiwanis.

14-18 AUGUST . . Gamuda ETOM 2002 held in Langkawi, with 126 riders from 21 teams. 14-18 OGOS . . . . Gamuda ETOM 2002 diadakan di Langkawi dengan penyertaan 126 pelumba basikal dari 21 pasukan.

14-18 AUGUST 14-18 OGOS12 JUNE 12 JUN 10 JULY-31 AUGUST 10 JULAI-31 OGOS

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15 SEPTEMBER . . . Minister of Housing and Local Government, Y B Dato’ Seri Ong Ka Ting launched recycling campaign for the Kota Kemuning Residents’ Association.

15 SEPTEMBER . . . Menteri Perumahan dan Kerajaan Tempatan, Y B Dato’ Seri Ong Ka Ting melancarkan kempen kitar semula untukPersatuan Penduduk Kota Kemuning.

21 SEPTEMBER . . . Developer of Bandar Botanic, Harum Intisari Sdn Bhd organised mooncake festival celebration on a scale never seenbefore in Klang as thousands of homebuyers thronged Bandar Botanic to enjoy the event.

21 SEPTEMBER . . . Pemaju Bandar Botanic, Harum Intisari Sdn Bhd menganjurkan perayaan pesta kek bulan yang belum pernahdianjurkan sebegitu besar di Klang di mana beribu-ribu pembeli rumah telah berkunjung ke Bandar Botanic untukturut sama merayakannya.

25 OCTOBER . . . . . LITRAK collaborated with Petaling Jaya Traffic Police to organise road safety exhibition at Sunway Pyramid.25 OKTOBER . . . . . LITRAK mengadakan kerjasama dengan Polis Trafik Petaling Jaya untuk menganjurkan pameran keselamatan jalanraya

di Sunway Pyramid.

30 OCTOBER . . . . . LITRAK conducted road safety talk for students of Sekolah Kebangsaan Sri Damansara (2) as part of its on-going roadsafety campaign.

30 OKTOBER . . . . LITRAK memberi ceramah keselamatan jalanraya kepada para pelajar Sekolah Kebangsaan Sri Damansara (2) sebagaisebahagian daripada kempen keselamatan jalanraya yang diadakan secara berterusan.

3-4 NOVEMBER . . SPLASH Eco X-Treme Selangor 2002 held near the site of the SSP3 dam at Kuala Kubu Bharu. Officiated by Exco forSelangor Tourism, Y B Dato’ Ir Lum Weng Keong, the eco-sports event brought 33 teams on a near dare-devil journeythrough KKB.

3-4 NOVEMBER . . SPLASH Eco X-Treme Selangor 2002 diadakan berhampiran tapak empangan SSF3 di Kuala Kubu Bharu. Dirasmikan oleh Ahli Exco Selangor bagi Pelancongan, Y B Dato’ Ir Lum Weng Keong, acara eko-sukan inimenyaksikan 33 pasukan meredah perjalanan yang sukar merentasi KKB.

3-4 NOVEMBER 3-4 NOVEMBER

76 Directors’ Report

82 Statement by DirectorsStatutory Declaration

83 Auditors’ Report

84 Consolidated Balance Sheet

85 Consolidated Income Statement

86 Consolidated Statement of Changes In Equity

87 Consolidated Cash Flow Statement

89 Balance Sheet

90 Income Statement

91 Statement of Changes In Equity

92 Cash Flow Statement

94 Notes to the Financial Statements

THE DIRECTORS HEREBY SUBMIT THEIR REPORT

TOGETHER WITH THE AUDITED FINANCIAL

STATEMENTS OF THE GROUP AND THE COMPANY

FOR THE FINANCIAL YEAR ENDED 31 JULY 2002.

Financial Statements


Directors’ Report

PRINCIPAL ACTIVITIESThe principal activities of the Company are that of investment holding and civil engineering construction.

The principal activities of the subsidiaries are described in Note 4 to the financial statements.

There have been no significant changes in the nature of these activities during the financial year other than the activities of the newsubsidiaries as disclosed in Note 4 in the financial statements.

RESULTS

In RM’000 Group Company

Profit after taxation 264,012 102,968Minority interests (25,224) -Net profit attributable to shareholders 238,788 102,968

DIVIDENDSThe amount of dividends paid by the Company since 31 July 2001 were as follows:

In RM’000

In respect of the financial year ended 31 July 2001Final dividend of 4% less 28% taxation paid on 5 February 2002 19,163

In respect of the financial year ended 31 July 2002Interim dividend of 5% less 28% taxation paid on 3 May 2002 24,133

At the forthcoming Annual General Meeting, a final dividend in respect of the current financial year ended 31 July 2002 of 5% on 672,838,672ordinary shares less 28% taxation amounting to a total dividend of RM24,222,192 (3.6 sen per share) will be proposed for shareholders’ approval.The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved by the shareholders, willbe accounted for in the shareholders’ funds as an appropriation of retained profits in the next financial year ending 31 July 2003.

RESERVES AND PROVISIONSThere were no material transfers to or from reserves or provisions during the financial year other than as those disclosed in the statementsof changes in equity.

BAD AND DOUBTFUL DEBTSBefore the income statements and balance sheets were made out, the directors took reasonable steps to ascertain that action had beentaken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that all known baddebts had been written off and that adequate provision had been made for doubtful debts.

At the date of this report, the directors are not aware of any circumstances that would render any amounts to be written off as bad debtsor the amount provided for as doubtful debts in the financial statements of the Group and the Company inadequate to any substantialextent.

CURRENT ASSETSBefore the income statements and balance sheets were made out, the directors took reasonable steps to ensure that any current assetswhich were unlikely to be realised in the ordinary course of business including their values as shown in the accounting records of the Groupand the Company have been written down to an amount which they might be expected so to realise.

At the date of this report, the directors are not aware of any circumstances which would render the values attributed to the current assetsin the financial statements of the Group and the Company misleading.

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VALUATION METHODSAt the date of this report, the directors are not aware of any circumstances which have arisen which render adherence to the existingmethod of valuation of assets or liabilities of the Group and the Company misleading or inappropriate.

CONTINGENT AND OTHER LIABILITIESAt the date of this report, there does not exist:

a any charge on the assets of the Group and the Company which has arisen since the end of the financial year which secures theliabilities of any other person; or

b any contingent liability of the Group and the Company which has arisen since the end of the financial year.

No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the endof the financial year which, in the opinion of the directors, will or may substantially affect the ability of the Group and the Company tomeet their obligations when they fall due.

CHANGE OF CIRCUMSTANCESAt the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or the financialstatements of the Group and the Company which would render any amount stated in the financial statements misleading.

ITEMS OF AN UNUSUAL NATUREThe results of the operations of the Group and the Company during the financial year were not, in the opinion of the directors, substantiallyaffected by any item, transaction or event of a material and unusual nature.

There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of amaterial and unusual nature likely, in the opinion of the directors, to affect substantially the results of the operations of the Group or theCompany for the financial year in which this report is made.

SIGNIFICANT EVENTSThe significant events during the financial year are as disclosed in Note 29 to the financial statements.

SUBSEQUENT EVENTSThe subsequent events are as disclosed in Note 30 to the financial statements.

WARRANTSThe Warrants 1996/2006, previously the Warrants 1996/2001, which are constituted by a Deed Poll dated 23 December 1996, may beexercised at any time on and after 30 December 1996 up to 29 December 2006. Each Warrant 1996/2006 carries the entitlement tosubscribe for one new ordinary share of RM1.00 each in the Company at an exercise price of RM4.21 each, which is subject to adjustmentin accordance with the provisions in the Deed Poll. Any Warrants 1996/2006 which have not been exercised at the date of maturity willlapse and cease to be valid for any purpose.

The shares arising from the exercise of Warrants 1996/2006 shall rank pari passu in all respects with the ordinary shares of the Companyexcept that they shall not be entitled to any rights, dividends or other distributions unless the exercise of Warrants 1996/2006 was effectedbefore the book closure of the share registers for the determination of the entitlement to such rights or distributions.

As at the balance sheet date, the total number of Warrants 1996/2006 which remain unexercised amounted to 76,650,642 units.

The Warrants 2001/2007 which are constituted by a Deed Poll dated 27 November 2000, may be exercised at any time on and after 22February 2001 up to 21 August 2007. Each Warrant 2001/2007 carries the entitlement to subscribe for one new ordinary share of RM1.00each in the Company at an exercise price of RM3.75 each, which is subject to adjustment in accordance with the provisions in the DeedPoll. Any Warrants 2001/2007 which have not been exercised at the date of maturity will lapse and cease to be valid for any purpose.

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78


Directors’ Report

WARRANTS (CONT’D)The shares arising from the exercise of Warrants 2001/2007 shall rank pari passu in all respects with the ordinary shares of the Companyexcept that they shall not be entitled to any rights, dividends or other distributions unless the exercise of Warrants 2001/2007 was effectedbefore the book closure of the share registers for the determination of the entitlement to such rights or distributions.

As at the balance sheet date, the total number of Warrants 2001/2007 which remain unexercised amounted to 166,295,668 units.

At the date of this report, none of the Warrants 1996/2006 and Warrants 2001/2007 were converted into ordinary shares subsequent to theend of the financial year.

EMPLOYEES’ SHARE OPTION SCHEMEThe Gamuda Berhad Second Employees’ Share Option Scheme (“ESOS”) was approved by shareholders at the Extraordinary General Meetingheld on 31 October 2000 and became effective on 26 December 2000 upon final approval by the Securities Commission. Pursuant to theESOS, options to subscribe for 57,552,000 (2001 : 28,205,000) new ordinary shares of RM1.00 each were granted to eligible employees. Theprincipal features of the ESOS are as disclosed in Note 18 (b) to the financial statements.

The movement of the options as at 31 July 2002 at their respective option price are as follows:

Balance Exercised fromunissued 1 August 2002

Option as at to the datePrice Granted Retracted * Accepted Exercised 31 July 2002 of this report

RM3.25 20,532,000 1,166,000 19,366,000 4,669,000 14,697,000 519,000RM3.45 7,673,000 560,000 7,113,000 1,390,000 5,723,000 365,000RM4.07 12,406,000 262,000 12,144,000 774,000 11,370,000 236,000RM4.26 11,847,000 90,000 11,757,000 813,000 10,944,000 203,000RM5.33 5,094,000 - 5,094,000 - 5,094,000 62,000

57,552,000 47,828,000 1,385,000

* due to resignations or offer not taken-up

SHARE CAPITALDuring the financial year, the Company increased its issued and paid up capital from RM665,354,672 to RM672,838,672 via the issuance of:

a 7,482,000 new ordinary shares of RM1.00 each pursuant to the exercise of ESOS; and

b 2,000 new ordinary shares of RM1.00 each pursuant to the conversion of Warrants 2001/2007.

DIRECTORSThe directors who served since the date of the last report are:

Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd HashimY Bhg Dato’ Lin Yun LingY Bhg Tan Sri Dato’ Mohd. Ramli bin KushairiY Bhg Tan Sri Ab. Rahman bin OmarY A M Raja Dato’ Seri Eleena Azlan ShahY M Raja Dato’ Seri Abdul Aziz bin Raja Salim Y Bhg Dato’ Kamarul Zaman bin Mohd AliNg Kee LeenGoon Heng WahHa Tiing Tai

79


DIRECTORS (CONT’D) Wong Chin YenSaw Wah Theng Azmi Mat Nor Chow Chee Wah (alternate to Y Bhg Dato’ Lin Yun Ling)

In accordance with the Company’s Articles of Association, Y Bhg Dato’ Kamarul Zaman bin Mohd Ali, Goon Heng Wah, Ha Tiing Tai, andWong Chin Yen retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.

The composition of the Audit Committee, Nomination Committee and Remuneration Committee are as follows:

Audit Committee:Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim (Chairman)Y Bhg Tan Sri Dato’ Mohd. Ramli bin KushairiNg Kee LeenWong Chin Yen

Nomination Committee:Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd Hashim (Chairman)Y Bhg Tan Sri Dato’ Mohd. Ramli bin KushairiWong Chin Yen

Remuneration Committee:Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd Hashim (Chairman)Y Bhg Dato’ Lin Yun LingY M Raja Dato’ Seri Abdul Aziz bin Raja Salim

DIRECTORS’ BENEFITSDuring and at the end of the financial year, no arrangements subsisted to which the Company is a party with the object of enablingdirectors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other bodycorporate, other than the share options granted pursuant to the Company’s ESOS.

Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than a benefit includedin the aggregate amount of emoluments received or due and receivable by the directors as shown in Note 22 to the financial statements orthe fixed salary of a full time employee of the Company) by reason of a contract made by the Company or a related corporation with thedirector or with a firm of which he is a member, or with a company in which he has a substantial financial interest, except as disclosed inNote 28 to the financial statements.

DIRECTORS’ INTERESTSAccording to the register of directors’ shareholdings, the interests of directors in office at the end of the financial year in shares, optionsand warrants in the Company and its related corporations during the financial year were as follows:

Number of Ordinary Shares of RM1 Each1 August 2001/

date of Exerciseappointment of ESOS Sold 31 July 2002

Gamuda Berhad

Direct HoldingY Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 825,828 - 300,000 525,828Y Bhg Dato’ Lin Yun Ling 56,848,818 - 10,000,000 46,848,818Ng Kee Leen 14,516,114 - 2,000,000 12,516,114Goon Heng Wah 11,471,158 - - 11,471,158Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 1,218,000 - 30,000 1,188,000Ha Tiing Tai 13,207,938 - 1,500,000 11,707,938

DIRECTORS’ INTERESTS (CONT’D)

Number of Ordinary Shares of RM1 Each1 August 2001/

date of Exerciseappointment of ESOS Sold 31 July 2002

Gamuda Berhad

Direct HoldingSaw Wah Theng 100,000 100,000 100,000 100,000Azmi Mat Nor 10,000 - - 10,000Chow Chee Wah 2,000 50,000 - 52,000

Indirect HoldingYAM Raja Dato’ Seri Eleena Azlan Shah* 92,486,928 - - 92,486,928

* Deemed interest through Generasi Setia (M) Sdn Bhd

Employees’ Share Option Scheme

Number of Options1 August 2001/

date ofappointment Allotted Exercised 31 July 2002

Y Bhg Dato’ Lin Yun Ling 500,000 500,000 - 1,000,000Ng Kee Leen 500,000 300,000 - 800,000Goon Heng Wah 500,000 300,000 - 800,000Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 500,000 300,000 - 800,000Ha Tiing Tai 500,000 300,000 - 800,000Saw Wah Theng 500,000 300,000 100,000 700,000Azmi Mat Nor - 700,000 - 700,000Chow Chee Wah 450,000 250,000 50,000 650,000

Warrants 1996/2006

Number of Warrants1 August 2001 Bought Sold 31 July 2002

Direct HoldingY Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 110,110 - 110,000 110Y Bhg Dato’ Lin Yun Ling 8,053,442 - - 8,053,442Ng Kee Leen 2,288,000 - - 2,288,000Goon Heng Wah 1,788,158 - - 1,788,158Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 172,000 - - 172,000Ha Tiing Tai 1,704,000 - - 1,704,000

Indirect HoldingY A M Raja Dato’ Seri Eleena Azlan Shah* 13,724,000 - 2,324,000 11,400,000


Each Warrant 1996/2006 entitles the registered holder to subscribe for one new share in the Company at any time within ten yearsfollowing the date of issue on 30 December 1996.

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Directors’ Report

DIRECTORS’ INTERESTS (CONT’D)

Warrants 2001/2007

Number of Warrants1 August 2001 Bought Sold 31 July 2002

Direct HoldingY Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 206,457 - 206,457 -Y Bhg Dato’ Lin Yun Ling 12,240,551 - - 12,240,551Ng Kee Leen 4,308,335 - - 4,308,335Goon Heng Wah 2,996,000 - - 2,996,000Ha Tiing Tai 3,477,000 - - 3,477,000Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 331,500 - 60,000 271,500Saw Wah Theng 96,000 - - 96,000

Indirect Holding

Y A M Raja Dato’ Seri Eleena Azlan Shah* 23,122,000 - - 23,122,000


Each Warrant 2001/2007 entitles the registered holder to subscribe for one new share in the Company at any time within six and a halfyears following the date of issue on 22 February 2001.

None of the other directors in office at the end of the financial year had any interest in shares, options and warrants in the Company or itsrelated corporations during the financial year.

AUDITORSArthur Andersen & Co. retire and do not seek reappointment. A nomination has been received from a shareholder for the appointment ofErnst & Young in place of the retiring auditors.

Signed on behalf of the Board in accordance with a resolution of the directors

Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd HashimChairman

Saw Wah ThengFinance Director

Petaling JayaDate: 28 October 2002

81


We, Y BHG TAN SRI DATO’ IR. TALHA BIN HAJI MOHD HASHIM and SAW WAH THENG, being two of the directors of GAMUDA BERHAD, dohereby state that, in the opinion of the directors, the financial statements set out on pages 84 to 126 give a true and fair view of the stateof affairs of the Group and of the Company as at 31 July 2002 and of their results and their cash flows for the year then ended and havebeen properly drawn up in accordance with the provisions of the Companies Act 1965 and applicable approved accounting standards inMalaysia.

Signed on behalf of the Board in accordance with a resolution of the directors


Saw Wah Theng

Petaling JayaDate: 28 October 2002

Statutory Declaration

I, SAW WAH THENG, the director primarily responsible for the financial management of GAMUDA BERHAD, do solemnly and sincerelydeclare that the financial statements set out on pages 84 to 126 are, to the best of my knowledge and belief, correct, and I make thissolemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act 1960.

Subscribed and solemnly declared by the )abovenamed SAW WAH THENG )at Kuala Lumpur in Wilayah Persekutuan on 28 October 2002 ) SAW WAH THENG

Before me:

Teong Kian Meng (W147)Commissioner for Oaths

82


Statement by Directors

To the Shareholders of GAMUDA BERHAD

We have audited the financial statements set out on pages 84 to 126. These financial statements are the responsibility of the Company’sdirectors. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessingthe accounting principles used and significant estimates made by the directors, as well as evaluating the overall financial statementpresentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion:

a the financial statements have been prepared in accordance with the provisions of the Companies Act 1965 and applicable approvedaccounting standards in Malaysia and give a true and fair view of:

i the state of affairs of the Group and the Company as at 31 July 2002 and of their results and their cash flows for the year thenended; and

ii the matters required by Section 169 of the Companies Act 1965 to be dealt with in the financial statements; and

b the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiaries of which wehave acted as auditors have been properly kept in accordance with the provisions of the Act.

We have considered the financial statements and auditors’ reports of all the subsidiaries of which we have not acted as auditors, asindicated in Note 4 to the financial statements, being financial statements that have been included in the consolidated financialstatements.

We are satisfied that the financial statements of the subsidiaries that have been consolidated with the financial statements of the Companyare in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we havereceived satisfactory information and explanations required by us for these purposes.

The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification and, in respect of subsidiariesincorporated in Malaysia, did not include any comment made under subsection (3) of Section 174 of the Act.

Arthur Andersen & Co Abraham Verghese a/l T.V. AbrahamNo. AF 0103 No. 1664/10/04(J)Chartered Accountants Partner of the Firm

Date: 28 October 2002

83


Auditors’ Report

In RM’000 Note 2002 2001

Non-Current Assets

Property, plant and equipment 3 132,259 120,956Associated companies 5 1,039,902 879,244Other investments 6 3,579 3,440Net goodwill arising on consolidation 7 2,851 3,033Concession rights 8 67,667 70,000

1,246,258 1,076,673Current Assets

Development properties 9 418,218 362,316Inventories 10 8,707 15,611Amount due from customers for construction contracts 11 108,234 73,530Receivables 12 471,586 550,229Cash and bank balances 14 472,678 359,864

1,479,423 1,361,550Current Liabilities

Bank borrowings 15 330 8,915Bonds 19 (a) - 115,000Payables 16 423,189 476,126Amount due to customers for construction contracts 11 291,452 82,077Taxation 15,621 8,853Proposed dividend - 19,163

730,592 710,134Net Current Assets 748,831 651,416

1,995,089 1,728,089Financed By:

Share capital 18 672,839 665,389Reserves 783,773 550,626Shareholders’ fund 1,456,612 1,216,015Minority interests 28,727 3,351

1,485,339 1,219,366

Long term liabilities 19 509,750 508,7231,995,089 1,728,089

The accompanying notes are an integral part of this balance sheet.

84


Consolidated Balance Sheet - as at 31 July 2002

In RM’000 Note 2002 2001

Revenue 20 1,042,752 831,283Other operating income 6,123 8,134Construction contract costs recognised as contract expenses (614,701) (604,544)Land and development cost (82,220) (4,420)Changes in inventories of finished goods and work in progress (9,753) 1,170Purchases - raw material (25,286) (20,184)

- trading material (15,396) (14,805)Production overheads (1,887) (2,216)Staff costs (27,492) (25,015)Depreciation (9,578) (9,171)Other operating expenses (33,955) (15,340)Profit from operations 21 228,607 144,892Finance costs (14,230) (15,125)Interest income 19,197 14,276Share of profits of associated companies 151,392 131,992Profit before taxation 384,966 276,035Taxation 23 (73,924) (44,505)Share of taxation of associated companies (47,030) (35,345)Profit after taxation 264,012 196,185Minority interests (25,224) (4,477)Net profit attributable to shareholders 238,788 191,708

Earnings per share 25

Basic earnings per share 36 sen 29 senFully diluted earnings per share 32 sen 28 sen

The accompanying notes are an integral part of this statement.

85


Consolidated Income Statement- for the year ended 31 July 2002

Non-distributable Distributable

Share Share RetainedIn RM’000 capital premium profits Total

At 1 August 2000 665,191 39,039 368,385 1,072,615Exercise of ESOS 164 371 - 535Capital raising related expenses - (3,182) - (3,182)Share application monies 34 79 - 113Net profit for the year - - 191,708 191,708Dividends (Note 24) - - (45,774) (45,774)At 31 July 2001 665,389 36,307 514,319 1,216,015

At 1 August 2001 665,389 36,307 514,319 1,216,015Exercise of ESOS 7,448 18,488 - 25,936Conversion of warrants 2 4 - 6Net profit for the year - - 238,788 238,788Dividends (Note 24) - - (24,133) (24,133)At 31 July 2002 672,839 54,799 728,974 1,456,612


86


Consolidation Statement of Changes in Equity- for the year ended 31 July 2002

In RM’000 2002 2001

Cash Flows From Operating Activities

Profit before taxation 384,966 276,035Adjustments for:

Amortisation of concession rights 2,333 -Amortisation of goodwill on consolidation:

- Subsidiaries 182 182- Associated company 10,903 2,313

Attributable profits on development properties (20,261) (1,396)Attributable profits on construction contracts (216,109) (146,912)Depreciation 9,578 9,171Property, plant and equipment written off 162 680Unrealised (gain)/loss on foreign exchange (12) 20Provision for retirement benefits 160 288Provision for diminution in value of investment in quoted shares in Malaysia - 535Provision for doubtful debts 893 138Inventories written off 817 172Impairment losses on property, plant and equipment 2,750 -Gain on disposal of property, plant and equipment (1,073) (799)Gain on disposal of investment (789) -Share of associated companies’ profits (151,392) (131,992)Write back of provision for doubtful debts (605) (300)Write back of provision for diminution in value of investment (46) -Interest income (19,197) (14,276)Interest expense 14,230 15,125

Operating profit before working capital changes 17,490 8,984Decrease/(increase) in inventories 6,087 (436)Decrease/(increase) in receivables 138,933 (369,372)Increase in development properties (35,250) (119,457)Decrease in net amount due from customers for construction contracts 339,386 165,786(Decrease)/increase in payables (54,822) 332,231

Cash generated from operations 411,824 17,736Dividend received from associated companies 6,682 12,968Income taxes paid (61,748) (59,964)Interest paid (14,230) (18,084)Retirement benefits paid (195) -

Net cash generated from/(used in) operating activities 342,333 (47,344)


87


Consolidated Cash Flow Statement- for the year ended 31 July 2002

In RM’000 2002 2001

Cash Flows From Investing Activities

Purchase of property, plant and equipment (35,785) (14,475)Proceeds from disposal of property, plant and equipment 4,964 1,732Proceeds from disposal of investment 1,235 -Investment in associated companies (74,381) (19,465)Acquisition of investment (92) -Acquisition of subsidiaries net of cash acquired (Note 4) 84 (69,816)Payment to minority shareholders for the acquisition of subsidiary - (18,400)Proceeds from a minority shareholder for issuance of shares in a subsidiary 150 -Interest received 19,197 14,276

Net cash used in investing activities (84,628) (106,148)

Cash Flows From Financing Activities

Proceeds from conversion of warrants 6 -Proceeds from ESOS and share application monies 25,936 648Proceeds from issuance of bonds and warrants - 400,000Repayment of bond (115,000) -Repayment of term loan (3,952) -(Repayment)/drawdown of short term borrowings (8,277) 1,403Capital raising related expenses - (3,182)Dividend paid to shareholders (43,296) (53,219)Dividend paid to minority shareholders - (193)

Net cash (used in)/generated from financing activities (144,583) 345,457

Net increase in cash and cash equivalents 113,122 191,965Cash and cash equivalents at beginning of year 359,556 167,591Cash and cash equivalents at end of year 472,678 359,556

Cash and cash equivalents comprise:

Cash and bank balances 49,957 7,747Deposits with financial institutions 422,721 352,117Bank overdrafts - (308)

472,678 359,556


88


Consolidated Cash Flow Statement - for the year ended 31 July 2002

In RM’000 Note 2002 2001

Non-Current Assets

Property, plant and equipment 3 60,408 59,492Subsidiaries 4 335,631 181,140Associated companies 5 638,830 608,130Other investments 6 718 718

1,035,587 849,480

Current Assets

Inventories 10 - 1,099Amount due from customers for construction contracts 11 - 2,376Receivables 12 140,932 362,535Due from subsidiaries 13 296,750 313,871Cash and bank balances 14 95,126 58,842

532,808 738,723Current Liabilities

Bonds 19 (a) - 115,000Payables 16 18,089 45,516Amount due to customers for construction contracts 11 14,117 34,497Due to subsidiaries 17 102,579 57,750Taxation 15,640 2,889Proposed dividend - 19,163

150,425 274,815Net Current Assets 382,383 463,908

1,417,970 1,313,388

Financed By:

Share capital 18 672,839 665,389Reserves 335,063 237,736Shareholders’ funds 1,007,902 903,125

Long term liabilities 19 410,068 410,2631,417,970 1,313,388

The accompanying notes are an integral part of this balance sheet.

89


Balance Sheet - as at 31 July 2002

In RM’000 Note 2002 2001

Revenue 20 195,530 344,776Other operating income 131,031 20,853Construction contract costs recognised as contract expenses (123,491) (241,921)Changes in inventories of finished goods (1,099) 87Staff costs (8,993) (13,309)Depreciation (4,037) (4,338)Other operating expenses (31,466) (2,150)Profit from operations 21 157,475 103,998Finance costs (13,903) (14,628)Interest income 18,009 7,568Profit before taxation 161,581 96,938Taxation 23 (58,613) (24,539)Net profit attributable to shareholders 102,968 72,399


90


Income Statement - for the year ended 31 July 2002

91


Statement of Changes in Equity - for the year ended 31 July 2002

Non-distributable Distributable

Share Share RetainedIn RM’000 capital premium profits Total

At 1 August 2000 665,191 39,039 174,804 879,034Exercise of ESOS 164 371 - 535Capital raising related expenses - (3,182) - (3,182)Share application monies 34 79 - 113Net profit for the year - - 72,399 72,399Dividends (Note 24) - - (45,774) (45,774)At 31 July 2001 665,389 36,307 201,429 903,125

At 1 August 2001 665,389 36,307 201,429 903,125Exercise of ESOS 7,448 18,488 - 25,936Conversion of warrants 2 4 - 6Net profit for the year - - 102,968 102,968Dividends (Note 24) - - (24,133) (24,133)At 31 July 2002 672,839 54,799 280,264 1,007,902


In RM’000 2002 2001

Cash Flows From Operating Activities

Profit before taxation 161,581 96,938Adjustments for:

Attributable profits on construction contracts (70,940) (102,942)Depreciation 4,037 4,338Property, plant and equipment written off 15 45Net write back of provision for retirement benefits - (5)Gain on disposal of an associated company (110) -Provision for doubtful debts 22,512 -Provision for diminution in value of investment in subsidiaries 16,290 -Write back of provision for doubtful debts (605) -Gain on disposal of property, plant and equipment (179) (690)Interest income (18,009) (7,568)Dividend income (43,530) (14,218)Interest expense 13,903 14,628

Operating profit/(loss) before working capital changes 84,965 (9,474)Decrease/(increase) in inventories 1,099 (87)Decrease/(increase) in receivables 163,258 (213,507)Increase in due from subsidiaries (13,093) (126,761)Decrease in net amount due from customers for construction contracts 112,767 118,337Decrease in payables (24,730) (17,818)Increase in due to subsidiaries 42,460 34,910

Cash generated from/(used in) operations 366,726 (214,400)Income taxes paid (22,703) (42,688)Interest paid (16,600) (17,587)Retirement benefit paid (195) -Net cash generated from/(used in) operating activities 327,228 (274,675)

Cash Flows From Investing Activities

Net transfer-in/(transfer-out) of property, plant and equipment from/(to) related companies 8 (21)Purchase of property, plant and equipment (5,344) (2,945)Proceeds from sale of property, plant and equipment 504 911Proceeds from disposal of an associated company 610 -Investment in subsidiaries (170,781) (111,600)Investment in associated companies (31,200) (19,465)Interest received 17,171 7,284Dividend received 30,442 13,178Net cash used in investing activities (158,590) (112,658)


92


Cash Flow Statement - for the year ended 31 July 2002

In RM’000 2002 2001

Cash Flows From Financing Activities

Proceeds from conversion of warrants 6 -Proceeds from exercise of ESOS and share application monies 25,936 648Proceeds from issuance of bonds and warrants - 400,000Capital raising related expenses - (3,182)Dividend paid to shareholders (43,296) (53,219)Repayment of bonds (115,000) -Net cash (used in)/generated from financing activities (132,354) 344,247

Net increase/(decrease) in cash and cash equivalents 36,284 (43,086)Cash and cash equivalents at beginning of year 58,842 101,928Cash and cash equivalents at end of year 95,126 58,842

Cash and cash equivalents comprise:Cash and bank balances 496 556Deposits with financial institutions 94,630 58,286

95,126 58,842


93


Cash Flow Statement - for the year ended 31 July 2002

1 PRINCIPAL ACTIVITIES AND GENERAL INFORMATIONThe principal activities of the Company are that of investment holding and civil engineering construction.

The principal activities of the subsidiaries are described in Note 4. There have been no significant changes in the nature of theseactivities during the financial year except for the activities of the new subsidiaries.

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Board of the KualaLumpur Stock Exchange. The registered office of the Company is located at 78, Jalan SS22/21, Damansara Jaya, 47400 Petaling Jaya,Selangor Darul Ehsan.

The number of employees in the Group and in the Company at the end of the financial year were 1,379 (2001 : 1,232) and 103 (2001 :121) respectively.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 28October 2002.

2 SIGNIFICANT ACCOUNTING POLICIESa Basis of Accounting

The financial statements of the Group and the Company have been prepared under the historical cost convention unless otherwiseindicated in the accounting policies below and comply with the provisions of the Companies Act, 1965 and applicable approvedaccounting standards in Malaysia.

b Basis of Consolidation

Consolidated financial statements include the financial statements of the Company and all its subsidiaries. Subsidiaries are thosecompanies which the Group has power to exercise control over the financial and operating policies so as to obtain benefitstherefrom. A joint venture is deemed to be a subsidiary when the Group has power to exercise control over the financial andoperating policies so as to obtain benefits therefrom. Companies acquired or disposed during the year are included in theconsolidated financial statements from the date of acquisition to the date of disposal. Subsidiaries are consolidated using theacquisition method of accounting.

Intragroup transactions, balances and resulting unrealised gains are eliminated on consolidation and the consolidated financialstatements reflect external transactions only. Unrealised losses are eliminated on consolidation unless costs cannot be recovered.The excess between the cost of an acquisition over the fair value of the Group’s share of the net assets of the acquired subsidiaryat the date of acquisition is included in the consolidated balance sheet as goodwill arising on consolidation and is amortised toincome statement over its estimated useful economic life. Goodwill on consolidation is reviewed at each balance sheet date andwill be written down for impairment where it is considered necessary.

The deficit between the cost of an acquisition over the fair value of the Group’s share of the net assets of the acquired subsidiaryat the date of acquisition is included in the consolidated balance sheet as reserve arising on consolidation. This reserve is creditedto the income statements over the period it is estimated to accrue.

The gain or loss on disposal of a subsidiary company is the difference between net disposal proceeds and the Group’s share of itsnet assets together with any unamortised balance of goodwill and exchange differences which were not previously recognised inthe consolidated income statement.

c Currency Conversion and Translation

Transactions in foreign currencies are converted into Ringgit Malaysia at rates of exchange ruling at the transaction dates.Monetary assets and liabilities in foreign currencies at the balance sheet date are translated into Ringgit Malaysia at rates ofexchange ruling at that date. All exchange differences are taken to the income statement.

94


Notes to the Financial Statements - 31 July 2002

2 SIGNIFICANT ACCOUNTING POLICIES (CONT’D)

c Currency Conversion and Translation (cont’d)

Financial statements of foreign consolidated subsidiaries are translated at year-end exchange rates with respect to the assets andliabilities, and at exchange rates at the dates of the transactions with respect to the income statement. All resulting translationdifferences are taken to reserves.

The principal exchange rates for every unit of foreign currency ruling at balance sheet date used are as follows:

In RM 2002 2001

United States Dollar 3.80 3.80Singapore Dollar 2.15 2.08Indian Rupee 0.08 -

d Property, Plant and Equipment and Depreciation

Property, plant and equipment are stated at cost or valuation less accumulated depreciation and impairment losses.

The carrying values of property, plant and equipment are reviewed for impairment when there is an indication that the assetsmight be impaired. Impairment is measured by comparing the carrying values of the assets with their recoverable amounts. Animpairment loss is charged to the income statement immediately, unless the asset is carried at revalued amount. Any impairmentloss of a revalued asset is treated as a revaluation decrease to the extent of previously recognised revaluation surplus for the sameasset.

Subsequent increase in the recoverable amount of an asset is treated as reversal of the previous impairment loss and is recognisedto the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had noimpairment loss been recognised. The reversal is recognised in the income statement immediately, unless the asset is carried atrevalued amount. A reversal of an impairment loss on a revalued asset is credited directly to revaluation surplus. However, to theextent that an impairment loss on the same revalued asset was previously recognised as an expense in the income statement, areversal of that impairment loss is recognised as income in the income statement.

Freehold land and construction in progress are not depreciated. Leasehold land is depreciated over the period of the respectiveleases.

Depreciation of other property, plant and equipment is provided on a straight line basis to write off the cost or valuation of eachproperty, plant and equipment to their residual value over their estimated useful lives at the following annual rates:

Long term leasehold land Over a period of 60 yearsShort term leasehold land and buildings thereon Over periods of 30 to 50 yearsBuildings and improvements 2%Plant, machinery and office equipment 12% - 33%Furniture and fittings 10% - 15%Motor vehicles 12% - 25%

Freehold land, long term and short term leasehold land and buildings of the Group and of the Company have not been revaluedsince they were first revalued in 1991. The directors have not adopted a policy of regular revaluation of such assets. As permittedunder the transitional provisions of Malaysian Accounting Standards Board No. 15 : Property, Plant and Equipment, these assetscontinue to be stated at their 1991 valuation less accumulated depreciation.

95



e Inventories

Inventories are stated at the lower of cost (determined on weighted average cost basis) and net realisable value. Cost of finishedgoods and work-in-progress includes direct materials, direct labour and appropriate production overheads. Cost of raw materialsincludes the cost of purchase and other direct charges.

f Retirement Benefits

Contributions are made to the Group’s Retirement Benefit Scheme, a defined benefit plan. The cost of retirement benefits underthis Scheme is determined based on accrued benefit valuation method. Current service costs, past service costs and experienceadjustments in respect of the Group’s Retirement Benefit Scheme are dealt with through the income statement systematicallyover the expected remaining service lives of members.

In the previous year, the Group has done its own computation to determine the provision needed in respect of the scheme and anactuarial valuation has not been carried out.

During the year, the directors of the Company have engaged an actuary to determine the cost of retirement benefits on triennialactuarial valuations using the Projected Unit Method. No material financial effects resulted from this change in accounting policy.

g Revenue Recognition

i Revenue from construction contracts and sale of development properties are accounted for based on the “percentage of completion”method. The percentage of completion is determined by reference to the costs incurred to date to the total estimated costs where theoutcome of the projects can be reliably estimated. All anticipated losses are fully provided for.

ii Revenue relating to the sale of goods and services is recognised net of sales taxes and discounts when delivery has takenplace and transfer of risks and rewards have been completed.

h Receivables

Receivables are carried at anticipated realisable values. Bad debts are written off when identified. An estimate is made fordoubtful debts based on a review of all outstanding amounts at the financial year end.

i Amount Due From / To Customers For Construction Contracts

Amount due from customers for construction contract is the net amount of costs incurred plus recognised profits less the sum ofrecognised losses and progress billing for all contracts in progress which costs incurred plus recognised profits (less recognisedlosses) exceeds progress billings.

Amount due to customers for construction contract is the net amount of costs incurred plus recognised profits less the sum ofrecognised losses and progress billings for all contracts in progress for which progress billings exceeds costs incurred plusrecognised profits (less recognised losses).

Cost includes direct materials, labour, sub-contract sum and attributable overheads paid or payable to date, including interestexpenses incurred during the period of active construction.

j Deferred Taxation

Deferred taxation is provided under the liability method for all material timing differences except where there is reasonableevidence that these timing differences will not reverse.

k Investments

Investments in subsidiaries, associated companies, joint ventures and other non-current investments are stated at cost lessprovision for any permanent diminution in value. Such provision is made when there is a decline other than temporary in thevalue of investments and is recognised as an expense in the period in which the decline occurred. On disposal of investment, thedifference between net disposal proceeds and its carrying amount is charged or credited to the income statement.

96




l Development Properties

Land and development expenditure whereby significant development work has been undertaken and is expected to be completedwithin the normal operating cycle are classified as development properties. Development properties are stated at cost plus profitsless forseeable losses and applicable progress billings. Cost includes cost of land, all direct building cost and other relateddevelopment expenditure, including interest expenses incurred during the period of active development.

m Cash and Cash Equivalents

Cash and cash equivalents include cash in hand and at banks and deposits at call, net of outstanding bank overdrafts.

n Associated Companies

The Group treats as associated companies those companies in which a long term equity interest of between 20 to 50 percent isheld and where it exercises significant influence over the financial and operating policies.

Investments in associated companies are accounted for in consolidated financial statements by the equity method of accountingbased on management financial statements of the associated companies. Investment in redeemable preference shares inassociated companies are stated at cost less provision for any diminution in value.

The Group’s share of post acquisition profits less losses of associated companies is included in the consolidated income statementand the Group’s interest in associated companies is stated at cost plus the Group’s share of post-acquisition retained profits andreserves.

Unrealised gains on transactions between the Group and the associated companies are eliminated to the extent of the Group’sinterest in the associated companies. Unrealised losses are eliminated unless cost cannot be recovered.

The difference between the purchase consideration and the fair value of net assets acquired is reflected as goodwill or reserve onacquisition and are amortised or credited to income statement over its estimated useful economic life. Goodwill on acquisition isreviewed at each balance sheet date and will be written down for impairment when it is considered necessary.

In the current financial year, the amortisation rate for goodwill on acquisition of investment in an associated company waschanged from 20 years to 7 years retrospectively so as to better reflect the estimated economic benefits of the goodwill.

The effect on the financial statements of this change in accounting estimate is an increase in amortisation of goodwill for theGroup by RM8,590,000 and a decrease in the Group’s current year profit by the similar amount.

o Provisions for Liabilities

Provisions for liabilities are recognised when the Group has a present obligation as a result of a past event and it is probable that anoutflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount can bemade. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Where the effect of the timevalue of money is material, the amount of a provision is the present value of the expenditure expected to be required to settle theobligation.

p Concession Rights

Concession rights are attributable to costs incurred which are related to arrangement whereby the Group is able to obtaineconomical benefits over future years. The concession rights is amortised over its estimated useful economic life, subject to annualreviews for permanent diminution in the carrying value.

97



q Joint Ventures

This includes all joint ventures entered into by the Company that are treated as jointly controlled operations with percentage ofshare of profits or losses of 70%.

The share of profits or losses of the joint ventures are incorporated in the Company’s financial statements based on thepercentage share of profit or losses of each joint venture.

r Capitalisation of Borrowing Costs

Borrowing costs incurred on development properties and amoount due from/to customers for construction contracts arecapitalised. Capitalisation of borrowing costs will cease when the assets are ready for their intended use.

3 PROPERTY, PLANT AND EQUIPMENT

Otherproperty,

Land and Construction- plant andIn RM’000 buildings * in-progress equipment ** Total

Group

Valuation/Cost

At 1 August 2001 44,349 26,407 163,386 234,142Additions 339 3,688 31,758 35,785Assets of acquired subsidiary - - 359 359Disposals - - (7,211) (7,211)Reclassification 4,345 (4,505) 160 -Write off - - (1,265) (1,265)At 31 July 2002 49,033 25,590 187,187 261,810

Accumulated Depreciation and Impairment Losses

At 1 August 2001 6,611 - 106,575 113,186Charge for the year 780 - 17,208 17,988Charge of acquired subsidiary - - 50 50Impairment losses - - 2,750 2,750Disposals - - (3,320) (3,320)Write off - - (1,103) (1,103)At 31 July 2002 7,391 - 122,160 129,551

Net Book Value

At 31 July 2002 41,642 25,590 65,027 132,259

At 31 July 2001 37,738 26,407 56,811 120,956

Depreciation charge for 2001 745 - 16,166 16,911

98



3 PROPERTY, PLANT AND EQUIPMENT (CONT’D)

* Land and buildings

At valuation At costLong term

Freehold leasehold Short term Short term Freeholdland and land and leasehold leasehold land and

In RM’000 buildings buildings land buildings buildings Total

Group

Valuation/Cost

At 1 August 2001 1,640 2,023 14,313 187 26,186 44,349Reclassification 700 - - - 3,645 4,345Additions - - - - 339 339At 31 July 2002 2,340 2,023 14,313 187 30,170 49,033


At 1 August 2001 172 341 4,728 64 1,306 6,611Reclassification 57 5 - - (62) -Charge for the year 23 43 473 6 235 780At 31 July 2002 252 389 5,201 70 1,479 7,391

Net Book Value

At 31 July 2002 2,088 1,634 9,112 117 28,691 41,642

At 31 July 2001 1,468 1,682 9,585 123 24,880 37,738

Depreciation charge for 2001 - 51 472 6 216 745

99



** Other property, plant and equipment

At costOffice Plant,

equipment, machineryMotor furniture and

In RM’000 vehicles and fittings equipment Total

Group

Cost

At 1 August 2001 36,273 16,173 110,940 163,386Reclassification - 160 - 160Assets of acquired subsidiary 292 67 - 359Additions 4,162 4,087 23,509 31,758Disposals (1,664) (336) (5,211) (7,211)Write off (246) (554) (465) (1,265)At 31 July 2002 38,817 19,597 128,773 187,187


At 1 August 2001 21,627 11,888 73,060 106,575Charge for the year 3,633 2,563 11,012 17,208Charge of acquired subsidiary 43 7 - 50Impairment losses - 129 2,621 2,750Disposals (1,294) (215) (1,811) (3,320)Write off (111) (533) (459) (1,103)At 31 July 2002 23,898 13,839 84,423 122,160

Net Book Value

At 31 July 2002 14,919 5,758 44,350 65,027

At 31 July 2001 14,646 4,285 37,880 56,811

Depreciation charge for 2001 4,137 2,237 9,792 16,166

100




Otherproperty,

Land and Construction- plant andIn RM’000 buildings ^ in-progress equipment ^^ Total

Company

Valuation/Cost

At 1 August 2001 25,305 21,902 36,892 84,099Additions 282 2,318 2,744 5,344Transfer in - - 214 214Transfer out - - (242) (242)Disposals - - (946) (946)Write off - - (655) (655)At 31 July 2002 25,587 24,220 38,007 87,814


At 1 August 2001 1,039 - 23,568 24,607Charge for the year 200 - 3,880 4,080Transfer in - - 142 142Transfer out - - (162) (162)Disposals - - (621) (621)Write off - - (640) (640)At 31 July 2002 1,239 - 26,167 27,406

Net Book Value

At 31 July 2002 24,348 24,220 11,840 60,408

At 31 July 2001 24,266 21,902 13,324 59,492

Depreciation charge for 2001 167 - 4,385 4,552

101



^ Land and buildings

At valuation At costLong term

Freehold leasehold Freeholdland and land and land and

In RM’000 buildings buildings building Total

Company

Valuation/Cost

At 1 August 2001 1,640 1,763 21,902 25,305Additions - - 282 282At 31 July 2002 1,640 1,763 22,184 25,587


At 1 August 2001 172 301 566 1,039Charge for the year 17 32 151 200At 31 July 2002 189 333 717 1,239

Net Book Value

At 31 July 2002 1,451 1,430 21,467 24,348

At 31 July 2001 1,468 1,462 21,336 24,266

Depreciation charge for 2001 - 49 118 167

102




^^ Other property, plant and equipment

Office Plant,equipment, machinery

Motor furniture andIn RM’000 vehicles and fittings equipment Total

Company

Cost

At 1 August 2001 22,578 10,581 3,733 36,892Additions 1,582 1,162 - 2,744Transfer in 214 - - 214Transfer out (215) (27) - (242)Disposals (836) (110) - (946)Write off - (530) (125) (655)At 31 July 2002 23,323 11,076 3,608 38,007


At 1 August 2001 12,191 8,236 3,141 23,568Charge for the year 2,610 1,094 176 3,880Transfer in 142 - - 142Transfer out (143) (19) - (162)Disposals (531) (90) - (621)Write off - (521) (119) (640)At 31 July 2002 14,269 8,700 3,198 26,167

Net Book Value

At 31 July 2002 9,054 2,376 410 11,840

At 31 July 2001 10,387 2,345 592 13,324

Depreciation charge for 2001 3,127 1,009 249 4,385

103


104




a Details of independent professional valuation of land and buildings owned by the Group at 31 July 2002 are as follows:

Long term and short term leasehold land and buildings

Year of Amount Leasesvaluation Description of property RM’000 Basis of valuation expiring in

1991 Long term leasehold land 260 Open market value 2078and building at Jalan Gopeng, Ipoh

1991 Long term leasehold land 753 Open market value 2050and building at Jelapang, Ipoh

1991 Long term leasehold land 462 Open market value 2043and building at Jelapang, Ipoh

1991 Quarry land and buildings at 14,500 Open market value 2022Kuala Dipang, Perak Darul Ridzuan

1991 Leasehold land and building at 260 Open market value 2078Jalan Gopeng, Ipoh, Perak Darul Ridzuan

Freehold land and buildings

Year of Amountvaluation Description of property RM’000 Basis of valuation

1991 Freehold land and building at Petaling Jaya 1,240 Open market value

1991 Freehold land and building at Petaling Jaya 400 Open market value

1991 Freehold land at Petaling Jaya 412 Open market value

1991 Building at Petaling Jaya 288 Open market value

b Certain property, plant and equipment of the Group with net book value of RM7,097,000 (2001: RM7,183,000) have been pledgedto a financial institution for credit facilities granted to the Group.

c Included in property, plant and equipment of the Group and the Company are fully depreciated property, plant and equipmentwhich are still in use costing RM53,671,000 (2001: RM48,619,000) and RM14,628,000 (2001: RM11,836,000) respectively.

d Had the revalued property, plant and equipment been carried at historical cost less accumulated depreciation, the net book valueof each class of property, plant and equipment that would have been included in the financial statements of the Group and theCompany are as follows:

Group CompanyIn RM’000 2002 2001 2002 2001

Freehold land and buildings 1,544 1,586 1,130 1,160Long term leasehold land and buildings 945 973 748 771Short term leasehold land and building 142 150 - -

105


4 SUBSIDIARIES

CompanyIn RM’000 2002 2001

Unquoted shares, at cost 351,921 181,140Less: Provision for diminution in value (16,290) -

335,631 181,140

Details of the subsidiaries are as follows:

Effective interestPaid-up capital 2002 2001

Name of Company RM % % Principal Activities

Subsidiaries incorporatedin Malaysia

Gammau Construction Sdn Bhd 6,000,000 100 100 Civil engineering and earthwork construction

Gamuda Engineering Sdn Bhd 770,000 100 100 Civil engineering and building construction

Megah Landscape Sdn Bhd 500,000 70 - Supplying and planting of landscaping materialsand provision of landscaping services

Gamuda Land Sdn Bhd 2 100 - Dormant

Gamuda Paper Industries Sdn Bhd 18,000,000 95 95 Manufacture and sale of paper and paper related products

GPI Trading Sdn Bhd 2 95 95 Trading of paper and paper related products

Gamuda Trading Sdn Bhd 109,000 100 100 Trading of construction materials

Gamuda Water Sdn Bhd 2,000,000 80 80 Operation and maintenance of water (formerly known as The Sweet treatment plantsWater Management Sdn Bhd)

G.B. Kuari Sdn Bhd 750,000 100 100 Operation of quarry and road laying andmanufacture of premix

Ganaz Bina Sdn Bhd 3,000,000 100 100 Civil engineering construction

GIT Services Sdn Bhd 100,000 100 100 Information technology services and trading

Harum Intisari Sdn Bhd 6,450,000 100 100 Property development

Masterpave Sdn Bhd 2,500,000 100 100 Manufacture, supply and laying of road surfacingmaterials

Megah Capital Sdn Bhd 2 100 100 Investment holding and trading

Megah Management Services Sdn Bhd 50,000 100 100 Insurance agency

4 SUBSIDIARIES (CONT’D)

Effective interest2002 2001

Name of Company Paid-up Capital % % Principal Activities

Subsidiary incorporated in Malaysia

Megah Sewa Sdn Bhd 100,002 100 100 Hire and rental of plant and machinery

Reka Strategi Sdn Bhd* 2 100 100 Dormant

Valencia Development Sdn Bhd 5,370,000 98.8 80 Property development

Subsidiary incorporated in British Virgin Islands

Gamuda Overseas Investment Ltd US$100,000 100 100 Investment holding

Subsidiary incorporated in Mauritius

Gamuda (Offshore) Private Limited* US$1,000 100 - Investment holding

Subsidiary incorporated in India

Gamuda (India) Pte Ltd* Rps100,000 100 100 Dormant

Held by Gamuda (Offshore) Pte Ltd:

Gamuda - WCT (India) Pte Ltd* Rps100,000 70 - Civil engineering construction

Unincorporated subsidiaries

GKTJV - 70 70 Civil engineering construction

GMMJV - 70 - Civil engineering construction

* Audited by firms of auditors other than Arthur Andersen & Co., Malaysia

The details of the unincorporated subsidiaries are as follows:

Entity Joint venture partners Economic activity

GKTJV Gamuda Berhad, Kumpulan Darul Ehsan To undertake civil engineering construction of the dam Berhad and The Sweet Water Alliance and water treatment facilities of theSdn Bhd Sungai Selangor Water Supply Scheme Phase 3

GMMJV Gamuda Berhad and Mujur Minat Sdn Bhd To undertake civil engineering construction of the Western Kuala Lumpur Traffic Dispersal Scheme

Both GKTJV and GMMJV are unincorporated joint ventures formed under a contractual agreement. Pursuant to Malaysian AccountingStandards Board, Standard No. 16: Financial Reporting of Interests in Joint Ventures, both GKTJV and GMMJV are deemed to be thesubsidiaries of Gamuda Berhad by virtue of its power to govern the financial and operating policies of the economic activities of these entities.

106




Acquisition and subscription of additional interest of subsidiaries:

In Malaysia

a On 27 February 2002, the Company subscribed for additional equity interest in Valencia Development Sdn Bhd comprising4,800,000 new ordinary shares of RM1.00 each at the subscription price of RM1.00 per share and 270,000 Redeemable PreferenceShares of RM1.00 each at a premium of RM99.00 per share for a total consideration of RM31.8 million.

b On 21 March 2002, the Company acquired the entire issued and paid up share capital of Gamuda Land Sdn Bhd comprising 2ordinary shares of RM1.00 each for cash.

c On 26 March 2002, the Company subscribed for 1,100,000 Redeemable Preference Shares of RM1.00 each at a premium ofRM99.00 each in Harum Intisari Sdn Bhd by capitalisation of advances.

d On 22 April 2002, the Company through its wholly owned subsidiary, Gamuda Engineering Sdn Bhd, acquired 70% of the issuedand paid-up share capital of Megah Landscape Sdn Bhd, comprising 350,000 ordinary shares of RM1.00 each for a total cashconsideration of RM350,000.

Overseas

a On 15 November 2001, the Company acquired the entire issued and paid-up share capital of Gamuda (Offshore) Private Limited, acompany incorporated in Mauritius, comprising 1,000 ordinary shares of US$1 each.

b On 16 November 2001, the Company through its wholly owned subsidiary, Gamuda (Offshore) Private Limited, acquired 70%equity interest in Gamuda-WCT (India) Private Limited, a company incorporated in India, comprising 7,000 equity shares of Rps 10each.

There has been no effect of the acquisition of ordinary shares in the subsidiaries on the financial results of the Group from the date ofacquisition to 31 July 2002 because the results of the external transactions are immaterial.

The summary of effects of the acquisition of ordinary shares on the financial position of the Group as at 31 July 2002 is as follows:

In RM’000 2002

Property, plant and equipment 21,893Investment in associates 43,172Receivables 7,869Amount due from customers for construction contracts 11,591Cash and bank balances 7,885Payables (91,833)Minority interest (150)

427

The acquisition of Gamuda Water Sdn Bhd (formerly known as The Sweet Water Management Sdn Bhd) in prior year was completed on31 July 2001 and, accordingly, did not have any effect on the financial results and financial position of the Group as at 31 July 2001.

107



The fair value of the assets acquired and liabilities assumed from the acquisition of the subsidiaries at date of the acquisition are as follows:

In RM’000 2002 2001

Net assets acquired:Property, plant and equipment 309 -Trade and other receivables 1,118 220Amount due from customers 375 -Cash and bank balances 94 1,784Trade and other payables (1,886) (4)

10 2,000Minority interest - (400)

10 1,600Concession rights - 70,000Purchase consideration 10 71,600Less: Cash and cash equivalents of subsidiaries acquired (94) (1,784)Net cash (generated from)/used for acquisition of subsidiaries (84) 69,816

5 ASSOCIATED COMPANIES


Unquoted shares, at cost:- Ordinary shares 125,191 122,685 125,185 122,685- Redeemable preference shares 377,800 306,425 334,625 306,425Group’s share of profits, net of dividends receivable and amortisation of goodwill 238,418 185,601 - -

741,409 614,711 459,810 429,110

Quoted shares, at cost 179,020 179,020 179,020 179,020Group’s share of profits, net of dividends receivable 119,473 85,513 - -

298,493 264,533 179,020 179,0201,039,902 879,244 638,830 608,130

Represented by:Unquoted shares- Share of net assets 708,370 570,769 - -- Goodwill, net of amortisation 33,039 43,942 - -

741,409 614,711 - -Quoted shares- Share of net assets 298,493 264,533 - -

1,039,902 879,244 - -

Market value:Quoted shares, in Malaysia 519,715 527,140 519,715 527,140

With respect to the construction of expressway, some of the associated companies adopted the accounting policy to capitalise interestincurred on borrowings for the construction of the expressway already in use. The continued capitalisation of interest incurred for theexpressway in use and deferral of post-construction interest represents a departure from the provisions of International AccountingStandard (“IAS”) No. 23, Capitalisation of Borrowing Costs. IAS 23, is not, however, an approved accounting standard adopted by theMalaysian Accounting Standards Board (“MASB”).

108



109


5 ASSOCIATED COMPANIES (CONT’D)

During the year, MASB issued MASB Standard No. 27: Borrowing Costs (“MASB 27”). The capitalisation of interest incurred after thecommencement of the Expressway’s tolling operations will no longer be allowed under MASB 27. The Group has not adopted therequirements of MASB 27 as it is not effective until financial periods commencing on or after 1 July 2002.

The pro forma effects of complying with the requirements of MASB 27 on the Group’s net profit and shareholders’ funds, had theprovisions of MASB 27 been complied in the preparation of the financial statements, will be as follows:

As reported ProformaIn RM’000 2002 2001 2002 2001

Group

Net profit for the year 238,788 191,708 193,470 156,654Shareholders’ funds 1,456,612 1,216,015 1,276,590 1,075,538

The directors of Gamuda Berhad intend to comply with the requirements of MASB 27 in the next financial year ending 31 July 2003.

The associated companies, all of which are incorporated in Malaysia, are as follows:

Effective interestPaid-up Capital 2002 2001


Associated companies incorporated in Malaysia

Dyna Plastics Sdn Bhd 48,001,720 41 44 Manufacturing and sale of Polymer Lithium ionbatteries and related accessories

Gabungan Cekap Berhad 170,900,000 30 30 Investment holding and provision of managementservices

Syarikat Pengeluar Air Sungai 50,000,001 30 30 Concession holder of Sungai Selangor Water Supply Selangor Sdn Bhd Scheme Phases 1 and 2

Hicom-Gamuda Development 6,053,004 50 50 Property developmentSdn Bhd

Danau Permai Resort Berhad 5,500,000 50 50 Proprietary of a club and the management of the golf course

Kota Kemuning Nursery & 800,000 50 50 Supply and planting of landscaping materials and Landscaping Sdn Bhd landscaping services

HGD Property Services Sdn Bhd 2 50 50 Property maintenance services

Kesas Holdings Berhad 470,914,840 30 30 Investment holding

Kesas Sdn Bhd 5,000,000 30 30 Toll highway concession

Lingkaran Trans Kota Holdings Bhd* 480,622,118 39 41 Investment holding and provision of management services

5 ASSOCIATED COMPANIES (CONT’D)

Effective interestPaid-up Capital 2002 2001


Associated companies incorporated in Malaysia

Lingkaran Trans Kota Sdn Bhd 50,000,000 39 41 Toll highway concession

Penyenggaraan Litrak Sdn Bhd 2 39 41 Highway maintenance

Sukma Sinaran Sdn Bhd 2 39 41 Investment holding

Litrak Sdn Bhd 2 39 41 Dormant

Semarak Zaman Sdn Bhd 2 39 41 Dormant

Midawasa Sdn Bhd 1,000 39 41 Investment holding

Madang Permai Sdn Bhd 5,000,000 36 36 Concession holder of an expressway

Sistem Penyuraian Trafik 9,067,000 49 42 Investment holdingKL Barat Holdings Sdn Bhd

Sistem Penyuraian Trafik 50,000,000 49 42 Toll highway concessionKL Barat Sdn Bhd

Sussen (M) Sdn Bhd 600,000 - 50 Manufacturing and trading of bitumen emulsion products

Held by Kesas Holdings Berhad, Lingkaran Trans Kota Holdings Berhadand Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd:

ETC Links Sdn Bhd 600,003 40 38 Rental of software and related equipment

* Quoted shares in Malaysia

Associated companies incorporated in Mauritius

Held by Gamuda (Offshore) Pvt Ltd:

Suria Holding (O) Pvt Ltd US$3,000 50 - Investment holding

Gamuda - WCT (Offshore) US$3,000 50 - Investment holdingPrivate Limited

Associated companies incorporated in India

Held by Suria Holding (O) Pvt Ltd:

Emas Expressway Pvt Ltd Rps12,237,500 50 - Concession holder of an expressway

Held by Gamuda - WCT (Offshore) Private Limited:

Mapex Infrastructure Rps558,039,930 50 - Concession holder of an expresswayPrivate Limited

110



6 OTHER INVESTMENTS


At cost:Quoted shares, in Malaysia 3,842 3,703 3 3Unquoted shares, in Malaysia 50 50 50 50Investment in transferable club memberships 665 665 665 665

4,557 4,418 718 718Provision for diminution in value of investment in quoted shares, in Malaysia (978) (978) - -

3,579 3,440 718 718Market value:Quoted shares, in Malaysia 3,720 2,972 20 21

7 NET GOODWILL ARISING ON CONSOLIDATION

GroupIn RM’000 2002 2001

Goodwill arising on consolidation (a) 5,448 5,448Reserve arising on consolidation (b) (1,787) (1,787)

3,661 3,661Cumulative amortisation of goodwill (2,597) (2,415)Cumulative recognition of reserve 1,787 1,787

2,851 3,033

a The goodwill on consolidation is attributable to the acquisition of G.B. Kuari Sdn Bhd. The goodwill is amortised over a period of30 years in line with the lease period of the quarry which is the principal asset.

b The reserve arising on consolidation is attributable to the acquisition of Gammau Construction Sdn Bhd. The reserve wasamortised to the income statements over a period of 8 years based on the approximate average economic useful life of majorproperty, plant and equipment acquired.

8 CONCESSION RIGHTS

GroupIn RM’000 2002 2001

Concession rights 70,000 70,000Amortisation (2,333) -

67,667 70,000

The concession rights is attributable to the acquisition of a subsidiary, Gamuda Water Sdn Bhd (formerly known as The Sweet WaterManagement Sdn Bhd), which has been granted the rights to operate and maintain the water treatment plants of Sungai SelangorWater Supply Scheme Phase 3 for a period of 30 years.

111


9 DEVELOPMENT PROPERTIES

GroupIn RM’000 2002 2001

Freehold land, at cost 354,031 294,981Leasehold land, at cost 59,540 60,656Development expenditure 91,484 11,098Attributable profits 21,657 1,396

526,712 368,131Less: Progress billings received and receivable (108,494) (5,815)

418,218 362,316

Included in development expenditure incurred during the year are:

Interest expense 1,959 -Depreciation 391 372Staff costs 1,777 944

The freehold land with carrying value of RM314,900,000 (2001 : RM255,838,494) are pledged to a licensed bank for bank guarantee inrespect of remaining purchase consideration and term loan granted to a subsidiary for the land acquired by the subsidiary as referredto in Note 19(c) and (d).

The land title of a freehold land with carrying amount of RM100,332,000 (2001 : RM50,166,000) is in the process of being registeredin the name of a subsidiary.

10 INVENTORIES


At cost:

Raw materials - 273 - -Work-in-progress - 1,601 - -Finished goods 302 845 - -Crusher run and aggregates 1,320 805 - -Consumable stores and spares 1,971 1,099 - 1,099

3,593 4,623 - 1,099

At net realisable value:

Raw materials 2,593 6,873 - -Work-in-progress 1,340 - - -Finished goods 1,181 4,115 - -

5,114 10,988 - -

8,707 15,611 - 1,099

112



11 AMOUNT DUE FROM/(TO) CUSTOMERS FOR CONSTRUCTION CONTRACTS


Construction costs 3,295,587 2,966,698 2,512,659 2,310,277Recognised profits less recognised losses 409,331 252,827 210,985 199,834Progress billings received and receivable (3,888,136) (3,228,072) (2,737,761) (2,542,232)

(183,218) (8,547) (14,117) (32,121)

Represented by:

Due from customers for construction contracts 108,234 73,530 - 2,376Due to customers for construction contracts (291,452) (82,077) (14,117) (34,497)

(183,218) (8,547) (14,117) (32,121)

Included in the amount due from/(to) customers for construction contracts are:

Construction contract costs incurred during the year 1,670,806 1,147,406 325,874 544,619

Construction contract costs recognised as contract expenses during the year 599,330 604,544 123,491 241,921

Included in construction contract costs incurred during the year are:

Depreciation 8,019 7,368 43 214Interest expense - 7,036 - 7,036Staff costs 21,208 19,184 367 5,443Rental expense on hire of equipment 43,844 19,954 - 1,250Rental of premises 580 66 19 -

12 RECEIVABLES


Trade receivables- Joint ventures 195,153 349,788 89,767 312,235- Associated companies 84,834 98,414 - -- Retention sum 26,768 13,881 12,534 13,881- Others 104,938 30,488 11,350 1,726

Other receivables 44,647 43,819 9,198 19,860Dividends receivable 16,833 16,833 18,083 16,833

473,173 553,223 140,932 364,535Provision for doubtful debts (1,587) (2,994) - (2,000)

471,586 550,229 140,932 362,535

Included in the other receivables of the Group and the Company in the previous year was an amount due from an associated companyof RM15,000,000 in respect of subscription for redeemable preference shares.

113


13 DUE FROM SUBSIDIARIES

CompanyIn RM’000 2002 2001

Due from subsidiaries - trade 75,632 69,726- non-trade 243,630 244,145

319,262 313,871Less: Provision for doubtful debts (22,512) -

296,750 313,871

Included in amount due from subsidiaries is amount due from an unincorporated subsidiary of RM47,087,000 (2001: RM38,945,000).

The amounts due from subsidiaries are unsecured, interest free and have no fixed terms of repayment except for an advance ofRM145,277,000 (2001 : RM18,398,000) given to subsidiaries which bore interest of 6.0% to 7.4% (2001 : 2.5%) per annum.

14 CASH AND BANK BALANCES


Cash in hand and at banks 16,917 7,747 496 556Housing Development Accounts 33,040 - - -Deposits with licensed banks 371,978 335,767 73,397 57,136Deposits with discount houses 50,743 16,350 21,233 1,150

472,678 359,864 95,126 58,842

Included in deposits with licensed banks are deposits pledged for the term loan’s interest amounting to RM899,666 (2001 : Nil) asreferred to in Note 19(d).

15 BANK BORROWINGS

GroupIn RM’000 2002 2001

Bank overdrafts - 308Bankers acceptance 330 8,607

330 8,915

The bankers acceptance and bank overdrafts are secured against certain assets of the Group as referred to in Note 3 and bear interestof between 3.10% to 8.05% (2001: 3.90% to 8.30%) per annum.

114



16 PAYABLES


Trade payables 181,374 187,661 2,101 6,666Retention sums 35,543 40,285 569 8,881Other payables 116,862 121,951 15,419 29,969Due to associated companies 89,410 126,229 - -

423,189 476,126 18,089 45,516

Included in other payables of the Group is an amount due within twelve months of RM47,041,000 (2001: RM47,041,000) as referred toin Note 19(c) in respect of remaining purchase considerations for the land acquired by its subsidiary.

The amount due to associated companies are in respect of advances received for construction contracts and the amounts areunsecured, interest free and repayable through contra with future progress billings.

17 DUE TO SUBSIDIARIES

Included in amount due to subsidiaries are amounts due to an unincorporated subsidiary of RM38,532,000 (2001: Nil).

The amounts due to subsidiaries are unsecured, interest free and have no fixed terms of repayment.

18 SHARE CAPITAL

Number of ordinaryshares of RM1 each (‘000) Amount (RM’000)

2002 2001 2002 2001

Authorised:

At 1 August 2,000,000 1,000,000 2,000,000 1,000,000Created during the year - 1,000,000 - 1,000,000At 31 July 2,000,000 2,000,000 2,000,000 2,000,000

Issued and fully paid:

At 1 August 665,355 665,191 665,355 665,191Conversion of share application monies from exercise of ESOS to paid up share capital 34 - 34 -Conversion of warrants 2 - 2 -Exercise of ESOS 7,448 164 7,448 164

672,839 665,355 672,839 665,355Share application monies - 34At 31 July 672,839 665,389

a The issued and paid-up share capital was increased via issuance of 7,482,000 and 2,000 new ordinary shares of RM1.00 eachpursuant to the exercise ESOS and conversion of warrants respectively. The new shares issued rank pari passu in all respects withthe existing ordinary shares of the Company.

115


18 SHARE CAPITAL (CONT’D)

b The principal features of the ESOS are as follows:i Eligible persons are full-time monthly paid employees and Executive Directors of the Group (including contract and non-

Malaysian employees with a minimum three years of contract of service) whose employment has been confirmed and havebeen in the employment of the Group for a continuous period for at least one year as at the date of offer. The selection ofeligible person for participation in the ESOS shall be at the discretion of the Option Committee.

ii The ESOS shall be in force for a period of 5 years from 26 December 2000 subject however to any extension or renewal for afurther period of not exceeding 5 years commencing from the day after the date of expiration of the original 5 years periodas may be approved by all relevant parties.

iii The total number of shares to be offered shall not exceed 10% of the issued and paid-up share capital of the Company at anypoint of time during the duration of the ESOS.

iv The subscription price under the ESOS shall be the weighted average market price of the shares as shown in the Daily OfficialList issued by the Kuala Lumpur Stock Exchange for the 5 market days immediately preceding the date of offer of the optionssubject to a discount of not more than ten per cent (10%), or at par value of the share, whichever is higher.

v The aggregate number of shares to be offered to an eligible employee in accordance with the ESOS shall be determined at thediscretion of the Option Committee after taking into consideration, amongst other factors, the position, performance,seniority and the length of service that the eligible employee has rendered and subject to the maximum allowable allotmentof shares for each eligible employee.

vi The number of shares under the ESOS remaining unexercised or the option price or both may be adjusted following anyalteration in the capital structure of the Company during the option period, whether such alteration is by way ofcapitalisation of profits or reserves, right issues, consolidation of shares, sub-division of shares or reduction of capital orotherwise howsoever taking place, made by the Company.

vii The options shall not carry any right to vote at any general meeting of the Company and a grantee shall not be entitled toany dividends, right or other entitlements on his unexercised options.

viii The options granted under the ESOS are not assignable.

ix The new shares allotted upon any exercise of the option shall rank pari passu in all respects with the then existing issued andpaid-up ordinary shares of the Company except that the new shares so issued will not rank for any dividends, rights,allotments and/or other distributions, the entitlement date (namely the date as at the close of business on whichshareholders must be registered in order to be entitled to any dividends, rights, allotments or other distributions) of which isprior to the date of allotment of the new shares.

c In the financial year ended 31 July, 1997, the Company issued 38,351,903 Warrants 1996/2006 as described in Note 19(a)(i). As atthe balance sheet date, the total number of Warrants 1996/2006 which remain unexercised amounted to 76,650,642 (2001:76,650,642) units after adjustment for the one for one bonus issue in the previous financial year.

d In the financial year ended 31 July 2001, the Company issued 166,297,668 Warrants 2001/2007 as described in Note 19(a)(ii). Asat the balance sheet date, the total number of Warrants 2001/2007 which remain unexercised amounted to 166,295,668 (2001:166,297,668) units.

116



19 LONG TERM LIABILITIES


Bonds (a) 400,000 400,000 400,000 400,000Deferred taxation (b) 14,589 9,575 6,272 6,272Long term payable (c) 47,042 94,083 - -Term loan - secured (d) 43,089 - - -Provision for retirement benefits (e) 5,030 5,065 3,796 3,991

509,750 508,723 410,068 410,263

Group and CompanyIn RM’000 2002 2001

a Bonds

Nominal amount of 4% Redeemable Unsecured Bonds 1996/2001 - 115,000Nominal amount of 3% Redeemable Unsecured Bonds 2000/2007 400,000 400,000

400,000 515,000Amount due within 12 months - (115,000)

400,000 400,000

The principal features of the bonds are as follows:

i The RM115,000,000 nominal amount of 4% Redeemable Unsecured Bonds 1996/2001 were issued with 38,351,903 detachablewarrants to a primary subscriber and subsequently resold to the shareholders on the basis of one warrant for every three existingordinary shares held at an offer price of 58.4 sen per warrant. Each warrant entitles the registered holder to subscribe for one newshare in the Company at any time on or before the expiry date at the end of five years following the date of issue on 30 December1996. In 1999, the subscription period was extended for a further period of five years from 29 December 2001 to 29 December2006. Each Warrant 1996/2006 carries the entitlement to subscribe for one new ordinary shares of RM1.00 each in the Companyat an exercise price of RM4.21, which are subject to adjustment in accordance with the provision in the Deed Poll.

The bonds were issued at 100% of the nominal amount and carry a fixed coupon rate of 4% per annum payable annually inarrears. At the end of its tenure, the bonds were redeemed at 100% nominal value together with interest accrued to the date ofmaturity on 29 December 2001.

ii The RM400,000,000 nominal amount of 3% Redeemable Unsecured Bonds 2000/2007 were issued with 166,297,668 detachablewarrants to a primary subscriber and subsequently resold to the shareholders on the basis of one warrant for every four existingordinary shares held at an offer price of 61.0 sen per warrant. Each warrant entitles the registered holder to subscribe for one newshare in the Company at any time on or before the expiry date at the end of six and half years following the date of issue on 22February 2001 at an exercise price of RM3.75 per share. The exercise price is subject to adjustments from time to time inaccordance with the conditions set out in the Deed Poll created on 22 February 2001.

The bonds were issued at 100% of the nominal amount and carry a fixed coupon rate of 3% per annum payable semi annually inarrears. At the end of its tenure, the bonds will be redeemed at 100% nominal value together with interest accrued to the date ofmaturity on 28 September 2007.

117


19 LONG TERM LIABILITIES (CONT’D)

b Deferred taxation


At 1 August 9,575 7,986 6,272 6,272Transfer from income statement (Note 23) 5,014 1,589 - -At 31 July 14,589 9,575 6,272 6,272

Deferred taxation amounting to RM3,965,000 (2001 : RM3,965,000) is not provided for on the surplus arising from therevaluation of certain land and buildings as it is not the intention of the directors to dispose these properties.

c Long term payable is in respect of obligation due to a third party for the acquisition of land held for development, referred to inNote 9. The obligation is payable in accordance with the terms and conditions of the sale and purchase agreement as follows:

Group and CompanyIn RM’000 2002 2001

Long term payable 94,083 141,124Due within 12 months (Note 16) (47,041) (47,041)Due after 12 months 47,042 94,083

Repayable:

Within one year 47,041 47,041Between one and two years 47,042 47,041Between two and five years - 47,042

94,083 141,124

d Term loan (secured)

GroupIn RM’000 2002 2001

Due after 12 months 43,089 -

The term loan bears interest of 7.65% per annum. The term loan is secured by the following:

i First legal charge over the freehold land as disclosed in Note 9.

ii A debenture for RM250 million over all property, plant and equipment and floating assets of the subsidiary; Harum Intisari SdnBhd.

iii Fixed deposits equivalent to not less than 3 months interest of the outstanding balance of the loan as disclosed in Note 14.

118



19 LONG TERM LIABILITIES (CONT’D)

e The provision for retirement benefits is non-funded and is determined based on the schedule of benefits stipulated in the Group’spolicies and agreements.


At 1 August 5,065 4,777 3,991 3,996Provision/ (write back of provision) for the year (Note 21) 160 288 - (5)Utilised during the year (195) - (195) -At 31 July 5,030 5,065 3,796 3,991

20 REVENUE

Revenue of the Group and the Company consist of the following:


Engineering and construction 859,514 751,369 195,530 344,776Property development 103,103 5,924 - -Quarry sales 31,113 29,815 - -Paper sales 15,282 25,442 - -Trading of construction materials 26,234 18,339 - -Others 7,506 394 - -

1,042,752 831,283 195,530 344,776

21 PROFIT FROM OPERATIONS

Profit from operations is stated after charging/(crediting):


Auditors’ remuneration- Statutory audits 209 165 55 55- Other services 99 58 99 58

Amortisation of concession rights 2,333 - - -Amortisation of goodwill on consolidation:

- Subsidiaries 182 182 - -- Associated company 10,903 2,313 - -

Inventories written off 817 172 - -Unrealised loss on foreign exchange - 20 - -Hire of plant and equipment 4,350 5,962 - 1,250Rental expense of premises 1,263 1,496 560 530Rental expense of land 51 - 51 -Provision/(write back of provision) for retirement benefit 160 288 - (5)Provision for diminution in value of investment in quoted shares in Malaysia - 535 - -Provision for diminution in value of investment in subsidiaries - - 16,290 -

119


21 PROFIT FROM OPERATIONS (CONT’D)

Profit from operations is stated after charging/(crediting):


Provision for doubtful debts- Others 893 138 - -- Subsidiaries - - 22,512 -

Write back of provision for doubtful debts (605) (300) (605) -Write back of provision for diminution in value of investment (46) - - -Property, plant and equipment written off 162 680 15 45Impairment losses on property, plant and equipment 2,750 - - -Directors’ remuneration (Note 22) 3,530 4,176 2,941 3,934Management fees received from a subsidiary - - - (450)Dividends received/receivable from

- Subsidiaries - - (34,250) (1,250)- Associated company (quoted) - - (9,280) (12,968)

Gain on disposal of property, plant and equipment (1,073) (799) (179) (690)Brokerage income (216) (62) - -Gain on disposal of investment (789) - (110) -Net bad debts recovered (267) - - -Realised gain on foreign exchange (34) - - -Unrealised gain on foreign exchange (12) - - -Rental income

- Subsidiary - - (570) (289)- Others (461) (117) (134) (96)

Appropriation of profits from unincorporated subsidiaries - - (77,578) -

22 DIRECTORS’ REMUNERATION


Directors of the Company:

Executive:Salaries and other emoluments 3,286 4,065 2,697 3,823Benefits-in-kind 268 363 226 342

3,554 4,428 2,923 4,165

Non-Executive:Fees 244 111 244 111Benefits-in-kind 44 31 44 31

288 142 288 142

Total 3,842 4,570 3,211 4,307

Total excluding benefits-in-kind 3,530 4,176 2,941 3,934

120



22 DIRECTORS’ REMUNERATION (CONT’D)

The number of the directors of the Company whose total remuneration during the year fall within the following bands are:

Number of Directors2002 2001

Executive directors:RM250,001 – RM300,000 1 1RM300,001 – RM350,000 - -RM350,001 – RM400,000 2 -RM400,001 – RM450,000 1 -RM450,001 – RM500,000 3 4RM500,001 – RM550,000 - 4RM550,001 – RM600,000 - -RM600,001 – RM650,000 - -RM650,001 – RM700,000 1 1

8 10Non-executive directors:RM1 – RM50,000 5 2RM50,001 – RM100,000 - -RM100,001– RM150,000 1 1

6 3

Total 14 13

23 TAXATION


Current year’s provision 63,566 41,626 48,953 23,107Transfer to deferred taxation (Note 19(b)) 5,014 1,589 - -Taxation under provided in prior years 5,344 1,290 9,660 1,432

73,924 44,505 58,613 24,539

The effective tax rate of the Group is higher than the statutory tax rate principally due to losses of certain group companies whichcannot be set off against profits made by other companies in the Group as there is no tax relief for the Group.

The effective tax rate of the Company is higher than the statutory tax rate principally due to certain expenses which are not deductiblefor tax purposes. As at 31 July 2002, the Company has tax exempt profit available for distribution of approximately RM14,191,000(2001: RM10,506,000) subject to agreement with Inland Revenue Board.

The Company has sufficient tax credit under Section 108 of the Income Tax Act 1967 to frank the payment of dividends out of itsentire retained profits as at 31 July 2002.

121


24 DIVIDENDS

Group and CompanyAmount (RM’000) Dividend per share (Sen)

2002 2001 2002 2001

Interim dividend paid of 5% less 28% taxation (2001 : 4% tax exempt) 24,133 26,611 4 4Proposed final dividend Nil (2001 : 4% less 28% taxation) - 19,163 - 3

24,133 45,774

At the forthcoming Annual General Meeting, a final dividend in respect of the current financial year ended 31 July 2002 of 5% on 672,838,672ordinary shares less 28% taxation amounting to a total dividend of RM24,222,192 (3.6 sen per share) will be proposed for shareholders’ approval.The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved by shareholders, will beaccounted for in the shareholders’ funds as an appropriation of retained profits in the next financial year ending 31 July 2003.

25 EARNINGS PER SHARE

a Basic

The basic earning per share is calculated by dividing the Group’s net profit attributable to shareholders by the weighted averagenumber of ordinary shares in issue during the financial year.

Group2002 2001

Net profit attributable to shareholders (RM’000) 238,788 191,708Weighted average number of ordinary shares in issue (’000) 668,093 665,240

Basic earnings per share (sen) 36 29

b Diluted

The fully diluted earnings per share is arrived at by dividing the Group’s adjusted net profit attributable to shareholders by the adjustedweighted average number of ordinary shares in issue and issuable assuming full conversion of ESOS and Warrants during the financial year.

Group2002 2001

Net profit attributable to shareholders (RM’000) 238,788 191,708

Weighted average number of ordinary shares in issue (’000) 668,093 665,240

Adjusted for:Assumed shares issued from the exercise of ESOS (’000) 17,187 4,628Assumed shares issued from the exercise of Warrants 1996/2006 (’000) 15,009 9,545Assumed shares issued from the exercise of Warrants 2001/2007 (’000) 47,176 - *

747,465 679,413

Fully diluted earnings per share (sen) 32 28

* The effect on the fully diluted earnings per share arising from the assumed conversion of Warrants 2001/2007 for financial year ended 31July 2001 was anti-dilutive and accordingly, Warrants 2001/2007 were excluded from the computation of fully diluted earnings per share.

122



26 COMMITMENTS


Approved and contracted for 102,497 151,160 64 93

Included in commitments is an amount of RM100,332,000 (2001 : RM150,499,000) relating to the purchase of land by the Company’ssubsidiary, Harum Intisari Sdn Bhd.

27 CONTINGENT LIABILITIES (UNSECURED)


Indemnities and guarantees given to trade suppliers for credit facilities granted to a subsidiary company - - 2,000 1,037

Performance and retention sum guarantees 275,946 266,157 368,370 268,113275,946 266,157 370,370 269,150

28 SIGNIFICANT RELATED PARTY TRANSACTIONS


Contract services rendered to Lingkaran Trans Kota Sdn Bhd, an associated company (2,822) (1,587) (29) (1,587)

Contract services rendered to Sistem Penyuraian Trafik KL Barat Sdn Bhd, an associated company (148,826) (163,064) (54,660) (163,064)

Contract services rendered by companies in which a director, Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim has interest:

- Sepakat Setia Perunding Sdn Bhd 933 1,764 - -- SSP Geotechnics Sdn Bhd 40 - - -- Pioneer Continental Sdn Bhd 1,197 - - -- SSP (E&M) Sdn Bhd 275 - - -

Contract services rendered by GLC Architect, a company in which a person connected with a director, Goon Heng Wah, has interest 409 - - -

Contract services rendered to GKTJV, an unincorporated subsidiary - - (139,789) (164,620)Contract services rendered to Syarikat Pengeluar Air Sungai Selangor Sdn Bhd, an associated company (695,366) (133,560) - -

Contract services rendered by subsidiaries - - 140,231 302,807Gross dividends receivable from subsidiaries - - (34,250) (1,550)Interest payable to subsidiaries - - - 67Management fees receivable from subsidiaries - - - (450)Rental received from a subsidiary - - (570) (337)Interest receivable from subsidiaries - - (12,817) (439)Transfer of property, plant and equipment from subsidiaries - - 72 66Transfer of property, plant and equipment to subsidiaries - - (80) (45)

The directors are of the opinion that the transactions have been entered into in the normal course of business and have beenestablished on terms and conditions that are not materially different from that obtainable in transactions with unrelated parties.

123


29 SIGNIFICANT EVENTS

During the financial year,

a On 4 September 2001, the acquisition of 80% equity interest in Gamuda Water Sdn Bhd (formerly known as The Sweet WaterManagement Sdn Bhd) was completed after fulfilling the conditions stipulated in the Sales and Purchase Agreement.

b On 26 September 2001, the National Highways Authority of India accepted the joint bid by the Company and WCT EngineeringBerhad to design, finance, construct, operate and maintain a highway project at KM 517 to KM 581.457, Panagarh-Palsit Sectionin the State of West Bengal, India. The project is estimated to cost Rps 5.0 billion (approximately RM420 million). The concessionagreement was signed on 21 November 2001.

c On 15 November 2001, the Company acquired the entire issued and paid-up share capital of Gamuda (Offshore) Private Limited(“GOPL”), a company incorporated in Mauritius, comprising 1,000 ordinary shares of US$1 each.

d On 15 November 2001, the Company through its wholly owned subsidiary, GOPL, acquired 50% equity interest in Gamuda-WCT(Offshore) Private Limited (“GWOPL”), a company incorporated in Mauritius, comprising 1,500 ordinary shares of US$1 each.GWOPL is the holding company of Mapex Infrastructure Private Limited, the concession company undertaking the Panagarh-PalsitHighway project in the state of West Bengal, India.

e On 16 November 2001, the Company through its wholly owned subsidiary, GOPL, acquired 70% equity interest in Gamuda-WCT(India) Private Limited (“GWIPL”), a company incorporated in India, comprising 7,000 equity shares of Rps 10 each. GWIPL isundertaking the engineering, procurement and construction activities of the Panagarh-Palsit Highway project in the state of WestBengal, India.

f On 3 January 2002, the Company entered into a Sale and Purchase Agreement to dispose 50% equity interest in Sussen (Malaysia)Sdn Bhd comprising 100,000 ordinary shares of RM1.00 each and 400,000 redeemable cumulative preference shares of RM0.50each for a cash consideration of RM610,000. The transaction was completed on 16 January 2002.

g On 31 January 2002, the National Highways Authority of India accepted the joint bid by the Company and WCT EngineeringBerhad to design, finance, construct, operate and maintain a highway project at KM 581 to KM 646 on the existing DurgapurExpressway, Dankuni-Palsit Section in the State of West Bengal, India. The project is estimated to cost Rps 4.2 billion(approximately RM350 million). The concession agreement was signed on 27 March 2002.

h On 27 February 2002, the Company subscribed for additional equity interest in Valencia Development Sdn Bhd (“VDSB”)comprising 4,800,000 new ordinary shares of RM1.00 each at the subscription price of RM1.00 per share and 270,000 RedeemablePreference Shares of RM1.00 each at a premium of RM99.00 per share for a total consideration of RM31.8 million. Pursuant tothe share subscription, the Company’s equity interest in VDSB increased from 80% to 98.8%.

i On 18 March 2002, the Company through its wholly owned subsidiary, GOPL, acquired 50% equity interest in Suria Holding (O)Pvt. Limited (“SHOPL”), a company incorporated in Mauritius, comprising 1,500 ordinary shares of US$1 each. SHOPL is theholding company of Emas Expressway Private Limited, the concession company undertaking the Durgapur Expressway project inthe State of West Bengal, India.

j On 21 March 2002, the Company acquired the entire issued and paid up share capital of Gamuda Land Sdn Bhd (“GLSB”)comprising 2 ordinary shares of RM1.00 each for cash. The principal activity of GLSB is property development.

k On 26 March 2002, the Company subscribed for 1,100,000 Redeemable Preference Shares of RM1.00 each at a premium ofRM99.00 each in Harum Intisari Sdn Bhd by capitalisation of advances.

124



29 SIGNIFICANT EVENTS (CONT’D)

l On 22 April 2002, the Company through its wholly owned subsidiary, Gamuda Engineering Sdn Bhd, acquired 70% of the issuedand paid-up share capital of Megah Landscape Sdn Bhd, comprising 350,000 ordinary shares of RM1.00 each for a total cashconsideration of RM350,000.

m On 19 June 2002, the Company acquired the entire issued and paid up share capital of G.B. Kuari Sdn Bhd comprising 750,000ordinary shares of RM1.00 each from its wholly owned subsidiary, Ganaz Bina Sdn Bhd for a total cash consideration ofRM28,754,400. Following the acquisition, G.B. Kuari Sdn Bhd became a direct wholly owned subsidiary of the Company.

n On 26 July 2002, the Company entered into a Joint Venture Agreement with MMC Engineering Berhad for the purpose of formingan unincorporated joint venture known as MMCEG-Gamuda Joint Venture to collaborate with each other to jointly negotiate andundertake the design, engineering, procurement, construction, installation, testing and commissioning as an engineering,procurement and construction (“EPC”) contractor for the construction of an integrated Bypass Tunnel cum Motorway in the city ofKuala Lumpur to alleviate the flood and traffic congestion problems in the city, in the event the proposal is accepted by theGovernment of Malaysia. The project is known as the Stormwater Management And Road Tunnel (“SMART”) project.

30 SUBSEQUENT EVENTS

The Company has entered into the following agreements:

a a sale and purchase agreement dated 12 September 2002 with its wholly owned subsidiary, Reka Strategi Sdn Bhd (“RSSB”), forthe disposal of its 80% equity interest in Gamuda Water Sdn Bhd (formerly known as The Sweet Water Management Sdn Bhd)(“G-Water”) comprising 1,600,000 ordinary shares of RM1.00 each (“G-Water Sale Shares”) to RSSB for a total cash considerationof RM120 million (“Proposed Disposal of G-Water”); and

b a sale and purchase agreement dated 13 September 2002 with its 30% owned associate company, Gabungan Cekap Berhad(”GCB”), for the disposal of its entire equity interest in RSSB comprising 2 ordinary shares of RM1.00 each (“RSSB Sale Shares”) toGCB for a total cash consideration of RM2.00 (“Proposed Disposal of RSSB”).

Upon completion of the disposal of the RSSB Sales Shares, RSSB and G-Water will cease to be subsidiaries of the Company. However,they will remain as associate companies of the Company via GCB.

The Proposed Disposals are expected to be completed in the financial year ending 31 July 2003 and it is expected to result in a gain ofapproximately RM39 million and RM48 million at Group and Company level respectively.

c On 2 October 2002, the Kaohsiung Rapid Transit Corporation, Taiwan, Republic of China accepted the joint bid by the Companyand New Asia Construction & Development Corporation, a company incorporated in Taiwan, Republic of China and listed on theTaiwan Stock Exchange, to design, construct and complete the Kaohsiung Mass Rapid Transit System Project, Orange Line PackageC04 which forms part of the overall Kaohsiung Underground Mass Rapid Transit System in the City of Kaohsiung, Taiwan, Republicof China.

d On 4 October 2002, Gamuda Engineering Sdn Bhd, a wholly owned subsidiary of the Company, was awarded a contract for thedesign, construction and upgrading works of six interchanges on Lebuhraya Damansara-Puchong by Lingkaran Trans Kota Sdn Bhd.

125


126



31 SEGMENTAL ANALYSIS

Profit before Total assetsIn RM’000 Revenue taxation employed

Analysis by activity:

2002

The Company and its subsidiaries:

Engineering and construction 859,514 198,938 1,150,777Manufacturing, quarrying and others 80,135 17,656 197,063Property development 103,103 16,980 337,939

1,042,752 233,574 1,685,779

Associated companies:

Expressways 88,743 617,437Water supply 49,365 148,882Property development 29,858 189,625Manufacturing and others (16,574) 83,958

151,392 1,039,902

1,042,752 384,966 2,725,681

2001

The Company and its subsidiaries:

Engineering and construction 751,369 125,646 946,323Manufacturing, quarrying and others 73,990 18,712 167,373Property development 5,924 (96) 370,199Water supply - (219) 75,084

831,283 144,043 1,558,979

Associated companies:

Expressways 64,688 559,025Water supply 41,708 83,339Property development 26,955 168,127Manufacturing and others (1,359) 68,753

131,992 879,244

831,283 276,035 2,438,223

The activities of the Group are principally carried out in Malaysia and the activities of foreign subsidiaries are not significant as theyare at their preliminary stage.

The directors are of the opinion that all inter-segment transactions have been entered in the normal course of business and have beenestablished on terms and conditions that are not materially different from that obtainable in transactions with unrelated parties.

32 CURRENCY

All amounts are stated in Ringgit Malaysia unless otherwise stated.

33 COMPARATIVE FIGURES

Certain comparative figures have been reclassified to conform with the current year’s presentation.

127


Net book Approximate Datevalue age of building of valuation/

Location Tenure Area Description Year of expiry (RM) (Years) acquisition

No. 36/38, Jalan SS21/62 Freehold 1,078 sq m 2 blocks, - 1,097,000 14 199147400 Petaling Jaya 4 storey Selangor shoplot/office

No. 30, Jalan SS2/44 Freehold 501 sq m Bungalow/ - 353,800 22 199147300 Petaling Jaya staff quartersSelangor

No. 39, Jalan SS22/23 Freehold 499 sq m 4 storey - 636,640 14 199147400 Petaling Jaya shoplot/officeSelangor

No. 55-61, Jalan SS22/23 Freehold 1,996 sq m 4 blocks, - 893,002 17 199247400 Petaling Jaya 4 storey 893,002Selangor shoplot/office 1,251,068

1,037,908

Lot 6, Jalan U1/17 Freehold 3,527 acres Industrial - 7,097,063 12 1991Seksyen U1 estate/40000 Shah Alam factory/officeSelangor

No. 152, Jalan Gopeng Leasehold 164 sq m 3 storey 2078 207,585 22 199131350 Ipoh, Perak shoplot/office

No. 158, Jalan Gopeng Leasehold 163 sq m 3 storey 2078 202,800 22 199131350 Ipoh, Perak shoplot/office

PT 51683, Jalan Jelapang Leasehold 4,353 sq m Industrial 2043 476,927 18 199130020 Ipoh, Perak estate/

workshop

PT 183485 Leasehold 12,144 sq m Industrial 2050 746,308 12 1991Meru Industrial Estate estate/storeJelapang, 30020 Ipoh, Perak

Lot 195821, 195822, Leasehold 45 hectares Granite hill, 2022 9,357,008 - 1991195823, 195824, 195825, limestone hill195826, 195827, 46482 and industrial57417 all in the Mukim land/quarry Kampar, District of Kinta31350 Ipoh, Perak

HS (D) 54871, Freehold 16,898 sq ft Industrial - 8,288,464 - 1995PT No. 56274 Mukim & estate/Mukim & District of Kelang workshopSelangor

HS (D) 52561, Freehold 42,217 sq ft Commercial - 9,104,000 - 1996PT No. 53932 landMukim & District of KelangSelangor

List of Major PropertiesHeld as at 31 July 2002

ORDINARY SHARES

Authorised capital : RM2,000,000,000.00Issued and fully paid : RM674,225,674.00Type of shares : Ordinary shares of RM1.00 eachVoting rights : 1 vote per shareholder on a show of hands

1 vote per ordinary share on a pollNo. of shareholders : 9,917

DISTRIBUTION OF SHAREHOLDINGS

Size of shareholdings No. of shareholders % No. of shares %

1 – 999 338 3.41 50,442 0.011,000 – 10,000 7,872 79.38 21,667,087 3.2110,001 – 100,000 1,134 11.43 39,941,652 5.92100,001 – 33,711,282 571 5.76 490,617,359 72.7733,711,283* and above 2 0.02 121,949,134 18.09

Total 9,917 100.00 674,225,674 100.00

Note:* Denotes 5% of the issued capital

SUBSTANTIAL SHAREHOLDERSAs shown in the Register of Substantial Shareholders (excluding bare trustees)

No. of sharesName of substantial shareholder Direct interest Deemed interest %

Generasi Setia (M) Sdn Bhd 92,486,928 (a) - 13.72Raja Dato’ Seri Eleena Azlan Shah - 92,486,928 (b) 13.72Dato’ Lin Yun Ling 46,848,818 (a) - 6.95Employees Provident Fund Board 38,510,250 (c) - 5.71

Note:(a) Include shares held through a nominee company(b) Deemed interested through Generasi Setia (M) Sdn Bhd(c) Include shares held by portfolio managers

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Shareholders’ & Warrantholders’ Information - as at 8 November 2002

129


TOP 30 SHAREHOLDERSAs per the Record of Depositors (without aggregating the securities from different securities accounts belonging to the same person)

No. Shareholder’s name No. of shares held %

1 Generasi Setia (M) Sdn Bhd 82,986,928 12.312 Dato’ Lin Yun Ling 38,962,206 5.783 Employees Provident Fund Board 19,343,250 2.874 Ng Kee Leen 12,516,114 1.865 Ha Tiing Tai 11,207,938 1.666 PAB Nominee (Tempatan) Sdn Bhd - Pledged Securities Account for Generasi Setia (M) Sdn Bhd 9,500,000 1.417 Citicorp Nominees (Asing) Sdn Bhd - CBHK PBGSGP for Keyport Limited 7,811,250 1.168 EB Nominees (Tempatan) Sendirian Berhad 7,402,052 1.10

- Pledged Securities Account for Shang Yong @ Chung Koon Yee

9 Goon Heng Wah 7,071,158 1.0510 Amanah Raya Nominees (Tempatan) Sdn Bhd - Skim Amanah Saham Bumiputera 6,967,000 1.0311 Sukma Sinaran Sdn Bhd 6,102,000 0.9112 EB Nominees (Tempatan) Sendirian Berhad 6,000,000 0.89

- Pledged Securities Account for Chan Yong Foo @ Chan Kuan Nam

13 Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Growth Fund 5,977,000 0.8914 Amanah Raya Nominees (Tempatan) Sdn Bhd - Amanah Saham Malaysia 5,902,000 0.8815 Cartaban Nominees (Asing) Sdn Bhd 5,837,800 0.87

- Government Of Singapore Investment Corporation Pte Ltd for Government Of Singapore (C)

16 Cartaban Nominees (Asing) Sdn Bhd 5,715,000 0.85- SSBT Fund Po01 for Morgan Stanley Investment Management Emerging Markets Trust

17 HSBC Nominees (Asing) Sdn Bhd - RTCC London for Edinburgh Dragon Trust Plc 5,500,000 0.8218 Heng Teng Kuang 5,312,494 0.7919 EB Nominees (Tempatan) Sendirian Berhad 5,138,300 0.76

- Pledged Securities Account for Heng Teng Kuang

20 HSBC Nominees (Asing) Sdn Bhd - Stichting Pensioenfonds Abp. 4,980,000 0.7421 HLG Nominee (Tempatan) Sdn Bhd - PB Trustee Services Berhad for HLG Growth Fund 4,536,000 0.6722 Am Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board 3,949,000 0.5923 HSBC Nominees (Asing) Sdn Bhd - Mineworkers’ Pension Scheme 3,744,000 0.5624 HSBC Nominees (Asing) Sdn Bhd - JPMCB for Fleming Flagship Asian Opportunities Fund 3,695,000 0.5525 DB (Malaysia) Nominee (Asing) Sdn Bhd 3,616,000 0.54

- DBSPN for Prudential Assurance Company Singapore (Pte) Limited (Prulink Fund)

26 HSBC Nominees (Asing) Sdn Bhd - SAMA JF 3,574,000 0.5327 Shang Yong @ Chung Koon Yee 3,397,830 0.5028 Mayban Nominees (Tempatan) Sdn Bhd 3,395,000 0.50

- Mayban Trustees Berhad for Public Regular Savings Fund

29 HSBC Nominees (Asing) Sdn Bhd - Coal Staff Superannuation Scheme Trustees Limited 3,363,000 0.5030 Amanah Raya Nominees (Tempatan) Sdn Bhd - Amanah Saham Wawasan 2020 3,265,000 0.48

Total 296,767,320 44.02

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WARRANTS 1996/2006

Type of securities : WarrantsNo. of warrants unexercised : 76,650,640Exercise period : 30/12/1996 - 29/12/2006Exercise price : RM4.21 each warrantExercise rights : Each warrant entitles the holder to subscribe for one (1) new ordinary share of RM1.00 in the Company at

any time during the exercise periodVoting rights : One vote per warrantholder on a show of hands in the meeting of

One vote per warrant on a poll warrantholdersNo. of warrantholders : 3,058

DISTRIBUTION OF WARRANTS 1996/2006 HOLDINGS

Size of warrantholdings No. of warrantholders % No. of warrants %

1 - 999 61 2.00 23,120 0.031,000 – 10,000 2,577 84.27 8,004,000 10.4410,001 – 100,000 359 11.74 10,428,410 13.61100,001 – 3,832,531 57 1.86 31,729,368 41.393,832,532* and above 4 0.13 26,465,742 34.53

Total 3,058 100.00 76,650,640 100.00

Note:* Denotes 5% of the total unexercised warrants


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TOP 30 WARRANTS 1996/2006 HOLDERSAs per the Record of Depositors (without aggregating the securities from different securities accounts belonging to the same person)

No. ofNo. Warrants 1996/2006 holder’s name Warrants 1996/2006 held %

1 Generasi Setia (M) Sdn Bhd 11,400,000 14.872 Dato’ Lin Yun Ling 6,453,410 8.423 Malaysia National Insurance Berhad 4,655,000 6.074 Chan Yong Foo @ Chan Kuan Nam 3,957,332 5.165 Heng Teng Kuang 3,553,076 4.646 Shang Yong @ Chung Koon Yee 2,500,320 3.267 Ng Kee Leen 2,288,000 2.988 Universal Trustee (Malaysia) Berhad - SBB Premium Capital Fund 1,975,000 2.589 Goon Heng Wah 1,788,158 2.3310 Ha Tiing Tai 1,704,000 2.2211 Citicorp Nominees (Asing) Sdn Bhd - CBHK PBGSGP for Keyport Limited 1,574,832 2.0512 Takaful Nasional Sdn Berhad 1,187,000 1.5513 AMMB Nominees (Tempatan) Sdn Bhd - AmTrustee Berhad for HLG Penny Stock Fund (5/4-3) 1,148,000 1.5014 RHB Nominees (Tempatan) Sdn Bhd - Pledged Securities Account for Chan Kok Wah 963,056 1.2615 Allianz Life Insurance Malaysia Berhad 767,000 1.0016 Cartaban Nominees (Asing) Sdn Bhd 667,000 0.87

- Credit Agricole Indosuez Luxembourg for Credit Agricole Funds-Asian Renaissance

17 Allianz Life Insurance Malaysia Berhad 637,000 0.8318 Southern Nominees (Tempatan) Sdn Bhd - Southern Bank Berhad 602,000 0.7919 Lee Muk Siong 580,000 0.7620 BHLB Trustee Berhad - TA Growth Fund 566,000 0.7421 Universal Trustee (Malaysia) Berhad - BHLB Pacific Emerging Companies Growth Fund 487,388 0.6422 Citicorp Nominees (Asing) Sdn Bhd - Nom HK for Capital Intelligence Limited 462,000 0.6023 Citicorp Nominees (Asing) Sdn Bhd - CBHK PBGSGP for Su Zhou Investments Ltd 457,666 0.6024 SBBAM Nominees (Tempatan) Sdn Bhd - Malaysian Assurance Alliance Bhd 423,000 0.5525 Omega Nominees (Tempatan) Sdn Bhd - Pledged Securities Account for Tan Kai Ann @ T Teck Chuan 420,000 0.5526 BHLB Trustee Berhad - TA Comet Fund 395,000 0.5227 Wong Kok Hou 374,000 0.4928 Kay Yew Kiang 300,000 0.3929 Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for RHB Dynamic Fund 300,000 0.3930 Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for RHB Capital Fund 300,000 0.39

Total 52,885,238 69.00

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WARRANTS 2001/2007

Type of securities : WarrantsNo. of warrants unexercised : 166,295,668Exercise period : 22/2/2001 – 21/8/2007Exercise price : RM3.75 each warrant Exercise rights : Each warrant entitles the holder to subscribe for one (1) new ordinary share of RM1.00 in the Company at

any time during the exercise periodVoting rights : One vote per warrantholder on a show of hands in the meeting of

One vote per warrant on a poll warrantholdersNo. of warrantholders : 5,952

DISTRIBUTION OF WARRANTS 2001/2007 HOLDINGS

Size of warrantholdings No. of warrantholders % No. of warrants %

1 - 999 366 6.15 152,550 0.091,000 – 10,000 4,719 79.28 12,779,088 7.6810,001 – 100,000 683 11.48 21,650,693 13.02100,001 – 8,314,782 181 3.04 84,409,724 50.768,314,783* and above 3 0.05 47,303,613 28.45

Total 5,952 100.00 166,295,668 100.00

Note:* Denotes 5% of the total unexercised warrants

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TOP 30 WARRANTS 2001/2007 HOLDERSAs per the Record of Depositors (without aggregating the securities from different securities accounts belonging to the same person)

No. of No. Warrants 2001/2007 holder’s name Warrants 2001/2007 held %

1 Generasi Setia (M) Sdn Bhd 23,122,000 13.902 Dato’ Lin Yun Ling 12,240,551 7.363 Employees Provident Fund Board 11,941,062 7.184 Chan Yong Foo @ Chan Kuan Nam 3,564,000 2.145 Ha Tiing Tai 3,177,000 1.916 Citicorp Nominees (Asing) Sdn Bhd - CBHK PBGSGP for Keyport Limited 2,952,812 1.787 Ng Kee Leen 2,835,000 1.708 Sukma Sinaran Sdn Bhd 2,661,000 1.609 EB Nominees (Tempatan) Sendirian Berhad - Pledged Securities Account for Heng Teng Kuang 2,535,000 1.5210 HSBC Nominees (Tempatan) Sdn Bhd - HSBC (M) Trustee Bhd for Malaysian Assurance Alliance Bhd 2,000,000 1.2011 AMMB Nominees (Tempatan) Sdn Bhd - AmTrustee Berhad for HLG Penny Stock Fund (5/4-3) 1,906,999 1.1512 EB Nominees (Tempatan) Sendirian Berhad - Pledged Securities Account for Shang Yong @ Chung Koon Yee 1,852,000 1.1113 Goon Heng Wah 1,703,000 1.0214 Heng Teng Kuang 1,590,000 0.9615 Allianz General Insurance Malaysia Berhad 1,493,000 0.9016 Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Growth Fund 1,488,000 0.8917 HSBC Nominees (Asing) Sdn Bhd - Chase Manhattan Bank for BT Pacific Basin Fund 1,485,000 0.8918 Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Savings Fund 1,482,000 0.8919 Ng Kee Leen 1,473,335 0.8920 Goon Heng Wah 1,293,000 0.7821 EB Nominees (Tempatan) Sendirian Berhad - Pledged Securities Account for Chan Kok Wah 1,250,000 0.7522 HDM Nominees (Asing) Sdn Bhd - J.M.Sassoon & Co. (Pte) Ltd for Mak Wai Nam 1,156,000 0.7023 Shang Yong @ Chung Koon Yee 1,147,000 0.6924 Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for Public Aggressive Growth Fund 951,000 0.5725 Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for Public Ittikal Fund 873,000 0.5226 John Hancock Life Insurance (Malaysia) Berhad 814,000 0.4927 HSBC Nominees (Asing) Sdn Bhd - BNY Brussels for JF Asean Fund 800,000 0.4828 Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad for Public Regular Savings Fund 794,000 0.4829 Tan Kay Hwa 789,000 0.4730 Foo Ai Chin 750,000 0.45

Total 92,118,759 55.39

136 Laporan Para Pengarah

142 Penyata Para PengarahAkuan Berkanun

143 Laporan Juruaudit

144 Lembaran Imbangan Disatukan

145 Penyata Pendapatan Disatukan

146 Penyata Perubahan dalam Ekuiti Disatukan

147 Penyata Aliran Tunai Disatukan

149 Lembaran Imbangan

150 Penyata Pendapatan

151 Penyata Perubahan dalam Ekuiti

152 Penyata Aliran Tunai

154 Nota-nota kepada Penyata Kewangan

PARA PENGARAH DENGAN INI MEMBENTANGKAN

LAPORAN MEREKA DAN PENYATA KEWANGAN

KUMPULAN DAN SYARIKAT YANG TELAH DIAUDIT

BAGI TAHUN KEWANGAN BERAKHIR 31 JULAI 2002.

Penyata Kewangan

Gamuda Berhad (29579-T) Laporan Tahunan 2002

Laporan Para Pengarah

KEGIATAN UTAMAKegiatan utama Syarikat adalah pegangan pelaburan dan pembinaan kejuruteraan awam.

Kegiatan-kegiatan utama syarikat-syarikat subsidiari telah dihuraikan dalam Nota 4 kepada penyata kewangan.

Tiada sebarang perubahan penting dalam kegiatan-kegiatan utama ini di sepanjang tahun kewangan selain daripada kegiatan-kegiatansyarikat-syarikat subsidiari baru yang dihuraikan dalam Nota 4 kepada penyata kewangan.

KEPUTUSAN

Dalam RM’000 Kumpulan Syarikat

Keuntungan selepas cukai 264,012 102,968Kepentingan minoriti (25,224) -Keuntungan bersih milik para pemegang syer 238,788 102,968

DIVIDENJumlah dividen yang telah dibayar oleh Syarikat sejak 31 Julai 2001 adalah seperti berikut:

Dalam RM’000

Bagi tahun kewangan berakhir 31 Julai 2001Dividen akhir sebanyak 4% dikecualikan 28% cukai dibayar pada 5 Februari 2002 19,163

Bagi tahun kewangan berakhir 31 Julai 2002Dividen interim sebanyak 5% dikecualikan 28% cukai dibayar pada 3 Mei 2002 24,133

Pada Mesyuarat Agung yang akan datang, dividen akhir bagi tahun kewangan semasa yang berakhir 31 Julai 2002 sebanyak 5% ke atas672,838,672 syer biasa dikecualikan 28% cukai berjumlah RM24,222,192 (3.6 sen sesyer) akan dicadangkan untuk kelulusan pemegang-pemegangsyer. Penyata kewangan semasa tidak menunjukan kesan dividen akhir dicadang. Dividen akhir yang berkenaan, jika diluluskan oleh pemegang-pemegang syer, akan diakaunkan ke dalam ekuiti pemegang syer sebagai pengagihan untung tertahan pada tahun berakhir 31 Julai 2003.

RIZAB DAN PERUNTUKANTiada pindahan yang penting kepada atau daripada rizab atau peruntukan di sepanjang tahun kewangan ini selain dari yang dinyatakan didalam penyata perubahan dalam ekuiti.

HUTANG LAPUK DAN HUTANG RAGUSebelum penyata pendapatan dan lembaran imbangan disediakan, para pengarah telah mengambil langkah-langkah yang sewajarnya untukmemastikan bahawa tindakan telah diambil berkaitan dengan menghapuskirakan hutang lapuk dan dalam membuat peruntukan bagihutang ragu dan berpuashati bahawa kesemua hutang yang diketahui lapuk telah dihapuskira dan peruntukan yang mencukupi telah dibuatbagi hutang ragu.

Pada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang kejadian yang memerlukan hutang lapuk dihapuskirakan ataujumlah yang diperuntukkan bagi hutang ragu Kumpulan dan Syarikat tidak mencukupi hingga ke peringkat yang menjejaskan.

ASET SEMASASebelum penyata pendapatan dan lembaran imbangan disediakan, para pengarah telah mengambil langkah-langkah yang sewajarnya untukmemastikan bahawa aset semasa yang mungkin tidak dapat dijual dalam urusniaga biasa pada nilai yang ditunjukkan di dalam rekod-rekodperakaunan Kumpulan dan Syarikat, telah dikurangkan kepada nilai yang dianggap boleh diperolehi.

Pada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang mungkin menyebabkan nilai aset semasa di dalampenyata kewangan Kumpulan dan Syarikat mengelirukan.

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KAEDAH PENILAIANPada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang timbul yang boleh menjadikan kepatuhan kepadakaedah penilaian yang sedia ada bagi penilaian aset atau liabiliti Kumpulan dan Syarikat mengelirukan atau tidak sesuai.

LIABILITI LUARJANGKA DAN LAIN-LAIN LIABILITIPada tarikh laporan ini, tidak wujud:

a sebarang tindihmilik ke atas aset Kumpulan atau Syarikat yang timbul sejak akhir tahun kewangan yang menjamin liabiliti pihak lain;atau

b sebarang liabiliti luarjangka Kumpulan atau Syarikat yang timbul sejak akhir tahun kewangan.

Tiada liabiliti luarjangka atau lain-lain liabiliti yang telah berkuatkuasa atau berkemungkinan dikuatkuasakan dalam tempoh dua belasbulan dari akhir tahun kewangan ini yang pada pendapat para pengarah, akan atau mungkin menjejaskan secara berkesan keupayaanKumpulan atau Syarikat untuk menunaikan kewajipan mereka apabila tiba masanya kelak.

PERUBAHAN KEADAANPada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang tidak dinyatakan di dalam laporan ini ataupenyata kewangan Kumpulan atau Syarikat yang akan menyebabkan mana-mana jumlah yang dinyatakan di dalam penyata kewanganmengelirukan.

BUTIRAN YANG BERSIFAT LUARBIASAPara pengarah berpendapat bahawa keputusan Kumpulan dan Syarikat di sepanjang tahun kewangan tidak dipengaruhi secara berkesanoleh sebarang butiran, urusniaga atau kejadian yang bersifat penting dan luarbiasa.

Di dalam jangkamasa di antara akhir tahun kewangan dan tarikh laporan ini, tidak timbul sebarang butiran, urusniaga atau kejadian yangbersifat penting dan luarbiasa yang, pada pendapat para pengarah, akan mempengaruhi secara berkesan ke atas keputusan Kumpulan atauSyarikat bagi tahun kewangan di mana laporan ini disediakan.

PERISTIWA-PERISTIWA PENTINGPeristiwa-peristiwa penting di sepanjang tahun kewangan ini adalah dinyatakan dalam Nota 29 kepada penyata kewangan.

PERISTIWA- PERISTIWA SUSULANPeristiwa-peristiwa susulan di sepanjang tahun kewangan ini adalah dinyatakan dalam Nota 30 kepada penyata kewangan.

WARANWaran 1996/2001 adalah dibentuk oleh Surat Ikatan Cabutan bertarikh 23 Disember 1996 yang dilaksanakan oleh Syarikat untukpemegang-pemegang Waran 1996/2001. Pada tahun 1999, jangkamasa langganan telah dilanjutkan selama lima tahun bermula 29Disember 2001 ke 29 Disember 2006.

Waran 1996/2006 boleh dilaksanakan pada bila-bila masa pada dan selepas 30 Disember 1996 sehingga 29 Disember 2006. Setiap Waran1996/2006 membolehkan pemegang waran untuk melanggan satu syer biasa baru Syarikat bernilai RM1.00 setiap satu pada hargaperlaksanaan RM4.21 setiap satu tertakluk kepada perubahan mengikut syarat yang terkandung di dalam Surat Ikatan Cabutan. Waran-waran 1996/2006 yang tidak dilaksanakan pada tarikh matang, akan kehilangan haknya dan menjadi tidak sah untuk apa-apa kegunaan.

Syer-syer yang diterbitkan daripada perlaksanaan Waran 1996/2006 mempunyai taraf yang sama dalam semua hal dengan syer biasaSyarikat kecuali pemegang-pemegang syer tersebut tidak akan layak untuk sebarang hak, dividen atau pengagihan yang lain melainkanperlaksanaan Waran 1996/2006 tersebut telah dijalankan sebelum tarikh tutup buku daftar-daftar syer untuk penentuan kelayakan padahak-hak dan pengagihan tersebut.

Pada tarikh lembaran imbangan, Waran 1996/2006 yang masih belum dilaksanakan berjumlah 76,650,642 unit.

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WARAN (SAMB) Waran 2001/2007 yang dibentuk oleh Surat Ikatan Cabutan bertarikh 27 November 2000, boleh dilaksanakan pada bila-bila masa pada danselepas 22 Februari 2002 hingga 21 Ogos 2007. Setiap Waran 2001/2007 membolehkan pemegang waran untuk melanggan satu syer biasabaru Syarikat bernilai RM1.00 setiap satu pada harga perlaksanaan RM3.75 setiap satu tertakluk kepada perubahan mengikut syarat yangterkandung di dalam Surat Ikatan Cabutan. Waran 2001/2007 yang tidak dilaksanakan pada tarikh matang, akan kehilangan haknya danmenjadi tidak sah untuk apa-apa kegunaan.

Syer-syer yang diterbitkan daripada perlaksanaan Waran 2001/2007 mempunyai taraf yang sama dalam semua hal dengan syer biasa Syarikat kecualipemegang-pemegang hak tersebut tidak akan layak untuk sebarang hak, dividen atau pengagihan yang lain melainkan perlaksanaan Waran2001/2007 tersebut telah dijalankan sebelum tarikh tutup buku daftar-daftar syer untuk penentuan kelayakan pada hak-hak dan pengagihan tersebut.

Pada tarikh lembaran imbangan, Waran 2001/2007 yang masih belum dilaksanakan berjumlah 166,295,668 unit.

Pada tarikh laporan ini, tiada Waran 1996/2006 dan Waran 2001/2007 telah ditukar ke syer-syer biasa selepas akhir tahun kewangan.

SKIM OPSYEN SYER PEKERJASkim Opsyen Syer Pekerja (“SOSP”) Kedua bagi Gamuda Berhad telah diluluskan oleh para pemegang syer semasa Mesyuarat Agung Luarbiasapada 31 Oktober 2000 dan berkuatkuasa pada 26 Disember 2000 selepas pengesahan muktamad diperolehi daripada Suruhanjaya Sekuriti.Menurut SOSP itu, opysen untuk melanggan sebanyak 57,552,000 (2001 : 28,205,000) syer biasa baru Syarikat bernilai RM1.00 setiap satutelah diberikan kepada pekerja-pekerja yang layak. Ciri-ciri utama SOSP ini adalah dinyatakan dalam Nota 18(b) kepada penyata kewangan.

Perubahan dalam opsyen dan harga perlaksanaan opsyen pada 31 Julai 2002 adalah seperti berikut:

Baki belum Dilaksanakan mulaiditerbitkan 1 Ogos 2002

Harga pada hingga tarikhOpsyen Diberikan Ditarikbalik * Diterima Dilaksanakan 31 Julai 2002 laporan ini

RM3.25 20,532,000 1,166,000 19,366,000 4,669,000 14,697,000 519,000RM3.45 7,673,000 560,000 7,113,000 1,390,000 5,723,000 365,000RM4.07 12,406,000 262,000 12,144,000 774,000 11,370,000 236,000RM4.26 11,847,000 90,000 11,757,000 813,000 10,944,000 203,000RM5.33 5,094,000 - 5,094,000 - 5,094,000 62,000

57,552,000 47,828,000 1,385,000

* Disebabkan oleh perletakan jawatan atau tawaran tidak diterima

MODAL SYERDi sepanjang tahun kewangan Syarikat telah menambahkan modal diterbitkan dan dibayar daripada RM665,354,672 ke RM672,838,672melalui terbitan:

a 7,482,000 syer biasa baru bernilai RM1.00 setiap satu berkaitan dengan perlaksanaan SOSP.

b 2,000 syer biasa baru bernilai RM1.00 setiap satu berkaitan dengan perlaksanaan Waran 2001/2007.

PARA PENGARAH Para pengarah yang bertugas sejak tarikh laporan terakhir ialah:

Y Bhg Tan Sri Dato’ Ir. Talha bin Haji Mohd HashimY Bhg Dato’ Lin Yun LingY Bhg Tan Sri Dato’ Mohd. Ramli bin KushairiY Bhg Tan Sri Ab. Rahman bin OmarY A M Raja Dato’ Seri Eleena Azlan ShahY M Raja Dato’ Seri Abdul Aziz bin Raja Salim Y Bhg Dato’ Kamarul Zaman bin Mohd AliNg Kee Leen

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PARA PENGARAH (SAMB)Goon Heng WahHa Tiing TaiWong Chin YenSaw Wah ThengAzmi Mat NorChow Chee Wah (pengarah silih ganti kepada Y Bhg Dato’ Lin Yun Ling)

Menurut Tataurusan Pertubuhan Syarikat, Y Bhg Dato’ Kamarul Zaman bin Mohd Ali, Goon Heng Wah, Ha Tiing Tai and Wong Chin Yen bersaramenurut giliran pada Mesyuarat Agung Tahunan yang akan datang dan, oleh kerana layak, menawarkan diri mereka untuk dilantik semula.

Komposisi Ahli Jawatankuasa Audit, Ahli Jawatankuasa Penamaan dan Ahli Jawatankuasa Ganjaran adalah seperti berikut:

Ahli Jawatankuasa Audit:Y M Raja Dato’ Seri Abdul Aziz bin Raja Salim (Pengerusi)Y Bhg Tan Sri Dato’ Mohd. Ramli bin KushairiNg Kee LeenWong Chin Yen

Ahli Jawatankuasa Penamaan:Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim (Pengerusi)Y Bhg Tan Sri Dato’ Mohd Ramli bin KushairiWong Chin Yen

Ahli Jawatankuasa Ganjaran:Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim (Pengerusi)Y Bhg Dato’ Lin Yun LingY M Raja Dato’ Seri Abdul Aziz bin Raja Salim

MANFAAT PARA PENGARAHDi sepanjang dan pada akhir tahun kewangan, Syarikat tidak menjadi pihak kepada sebarang persetujuan yang matlamatnya adalah untukmembolehkan para pengarah Syarikat mendapat manfaat melalui perolehan syer atau debentur Syarikat atau sebarang badan korporat,selain daripada sebarang manfaat yang diperolehi daripada opsyen syer yang diberikan menurut SOSP Syarikat.

Sejak akhir tahun kewangan yang lepas, tiada pengarah telah menerima atau berhak menerima manfaat (selain daripada manfaat yangtermasuk dalam jumlah ganjaran diterima atau akan diterima oleh para pengarah yang dinyatakan dalam Nota 22 kepada penyatakewangan atau gaji tetap bagi pekerja sepenuh masa Syarikat) akibat dari sebarang kontrak yang dibuat oleh Syarikat atau syarikatberkaitan dengan pengarah atau dengan firma di mana ia adalah ahli, atau dengan syarikat di mana ia mempunyai kepentingan kewanganyang besar, kecuali seperti yang dinyatakan dalam Nota 28 kepada penyata kewangan.

KEPENTINGAN PARA PENGARAHMenurut daftar pegangan syer para pengarah, kepentingan para pengarah yang memegang jawatan pada akhir tahun kewangan di dalamsyer-syer, opsyen dan waran Syarikat dan syarikat-syarikat berkaitan sepanjang tahun kewangan adalah seperti berikut:

Bilangan Syer Biasa RM1 Setiap Satu 1 Ogos 2001/ Perlaksanaan

tarikh perlantikan SOSP Jual 31 Julai 2002Gamuda Berhad

Pegangan Langsung Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 825,828 - 300,000 525,828Y Bhg Dato’ Lin Yun Ling 56,848,818 - 10,000,000 46,848,818Ng Kee Leen 14,516,114 - 2,000,000 12,516,114Goon Heng Wah 11,471,158 - - 11,471,158Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 1,218,000 - 30,000 1,188,000Ha Tiing Tai 13,207,938 - 1,500,000 11,707,938

KEPENTINGAN PARA PENGARAH (SAMB)

Bilangan Syer Biasa RM1 Setiap Satu 1 Ogos 2001/ Perlaksanaan

tarikh perlantikan SOSP Jual 31 Julai 2002Gamuda Berhad

Pegangan LangsungSaw Wah Theng 100,000 100,000 100,000 100,000Azmi Mat Nor 10,000 - - 10,000Chow Chee Wah 2,000 50,000 - 52,000

Pegangan Tidak LangsungY A M Raja Dato’ Seri Eleena Azlan Shah* 92,486,928 - - 92,486,928

* Dianggap bermanfaat menerusi Generasi Setia (M) Sdn Bhd

Skim Opsyen Syer Pekerja

Jumlah Opsyen1 Ogos 2001/

tarikh perlantikan Diberikan Dilaksanakan 31 Julai 2002

Y Bhg Dato’ Lin Yun Ling 500,000 500,000 - 1,000,000Ng Kee Leen 500,000 300,000 - 800,000Goon Heng Wah 500,000 300,000 - 800,000Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 500,000 300,000 - 800,000Ha Tiing Tai 500,000 300,000 - 800,000Saw Wah Theng 500,000 300,000 100,000 700,000Azmi Mat Nor - 700,000 - 700,000Chow Chee Wah 450,000 250,000 50,000 650,000

Waran 1996/2006

Jumlah Waran1 Ogos 2001 Beli Jual 31 Julai 2002

Pegangan Langsung Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 110,110 - 110,000 110Y Bhg Dato’ Lin Yun Ling 8,053,442 - - 8,053,442Ng Kee Leen 2,288,000 - - 2,288,000Goon Heng Wah 1,788,158 - - 1,788,158Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 172,000 - - 172,000Ha Tiing Tai 1,704,000 - - 1,704,000

Pegangan Tidak Langsung Y A M Raja Dato’ Seri Eleena Azlan Shah* 13,724,000 - 2,324,000 11,400,000


Setiap waran 1996/2006 memberi pemegang berdaftarnya hak untuk melanggan satu syer baru Syarikat pada bila-bila masa dalam tempohsepuluh tahun selepas tarikh terbitan iaitu 30 Disember 1996.

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KEPENTINGAN PARA PENGARAH (SAMB)

Waran 2001/2007

Jumlah Waran1 Ogos 2001 Beli Jual 31 Julai 2002

Pegangan LangsungY Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim 206,457 - 206,457 -Y Bhg Dato’ Lin Yun Ling 12,240,551 - - 12,240,551Ng Kee Leen 4,308,335 - - 4,308,335Goon Heng Wah 2,996,000 - - 2,996,000Ha Tiing Tai 3,477,000 - - 3,477,000Y Bhg Dato’ Kamarul Zaman bin Mohd Ali 331,500 - 60,000 271,500Saw Wah Theng 96,000 - - 96,000

Pegangan Tidak LangsungYAM Raja Dato’ Seri Eleena Azlan Shah* 23,122,000 - - 23,122,000


Setiap waran 2001/2007 memberi pemegang berdaftarnya hak untuk melanggan satu syer baru Syarikat pada bila-bila masa dalam tempohenam setengah tahun selepas tarikh terbitan iaitu 22 Februari 2001.

Para pengarah yang lain tidak mempunyai sebarang kepentingan di dalam syer-syer, opsyen dan waran Syarikat atau syarikat-syarikatberkaitan dengannya sepanjang tahun kewangan.

JURUAUDITArthur Andersen & Co. bersara dan tidak meminta perlantikan semula. Satu pencalonan telah diterima daripada seorang pemegang syeruntuk perlantikan Ernst & Young sebagai pengganti juruaudit yang bersara.

Ditandatangani bagi pihak Lembaga menurut resolusi para pengarah

Y Bhg Tan Sri Dato’ Ir Talha bin Haji Mohd HashimPengerusi

Saw Wah ThengPengarah Kewangan

Petaling JayaBertarikh: 28 Oktober 2002

141


Kami, Y BHG TAN SRI DATO’ IR. TALHA BIN HAJI MOHD HASHIM dan SAW WAH THENG, dua daripada para pengarah GAMUDA BERHAD,dengan ini menyatakan bahawa, pada pendapat para pengarah, penyata kewangan yang dibentangkan di muka surat 144 hingga 186,memberi gambaran yang benar dan saksama mengenai keadaan urusan Kumpulan dan Syarikat pada 31 Julai 2002 dan keputusan sertaaliran tunai Kumpulan dan Syarikat bagi tahun berakhir pada tarikh tersebut, dan telah disediakan dengan wajarnya menurut peruntukanAkta Syarikat, 1965 dan piawaian perakaunan berkenaan yang diluluskan di Malaysia.

Ditandatangani bagi pihak Lembaga menurut resolusi para pengarah


Saw Wah Theng

Petaling JayaBertarikh: 28 Oktober 2002

Akuan Berkanun

Saya, SAW WAH THENG, pengarah yang terutamanya bertanggungjawab terhadap pengurusan kewangan GAMUDA BERHAD, dengansesungguh dan seikhlasnya mengaku bahawa penyata kewangan yang dibentangkan di muka surat 144 hingga 186 adalah sebaik-baikpengetahuan dan kepercayaan saya betul, dan saya membuat pengakuan ini dengan sesungguhnya mempercayai bahawa ianya benar danmenurut peruntukan Akta Akuan Berkanun, 1960.

Ditandatangani dan diakui sesungguhnya )oleh penama di atas SAW WAH THENG )di Kuala Lumpur dalam Wilayah Persekutuan pada 28 Oktober 2002 ) SAW WAH THENG

Di hadapan saya:

Teong Kian Meng (W147)Pesuruhjaya Sumpah

142


Penyata Para Pengarah

Kepada Pemegang-Pemegang Syer GAMUDA BERHAD

Kami telah mengaudit penyata kewangan yang dibentangkan di muka surat 144 hingga 186. Penyata kewangan tersebut adalahtanggungjawab para pengarah Syarikat. Tanggungjawab kami adalah untuk menyatakan pendapat mengenai penyata kewangan tersebutberdasarkan audit kami.

Kami melaksanakan audit mengikut Piawaian Pengauditan yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami merancang danmelaksanakan audit untuk mencapai kepastian munasabah mengenai samada penyata kewangan tersebut bebas daripada salah nyata yangketara. Sesuatu audit merangkumi pemeriksaan, berdasarkan ujian, bukti yang menyokong amaun dan penyataan dalam penyata kewangan.Sesuatu audit juga merangkumi penilaian prinsip perakaunan yang digunakan dan anggaran penting yang dibuat oleh para pengarah, sertapenilaian pembentangan penyata kewangan secara keseluruhannya. Kami percaya bahawa audit kami telah memberi asas munasabah untukmenyatakan pendapat kami.

Pada pendapat kami,

a penyata kewangan telah disediakan dengan wajarnya menurut peruntukan Akta Syarikat, 1965 dan piawaian perakaunan berkenaanyang diluluskan di Malaysia dan memberi gambaran yang benar dan saksama mengenai:

i keadaan urusan Kumpulan dan Syarikat pada 31 Julai 2002 dan hasil serta aliran tunai Kumpulan dan Syarikat bagi tahun berakhirpada tarikh tersebut; dan

ii perkara-perkara yang diperlukan oleh Seksyen 169 dalam Akta Syarikat, 1965 yang perlu dituruti di dalam penyata kewangan; dan

b rekod perakaunan dan lain-lain rekod dan daftar-daftar yang dikehendaki oleh Akta untuk disimpan oleh Syarikat telah disimpandengan sempurna menurut peruntukan Akta.

Kami telah mempertimbangkan penyata kewangan dan laporan juruaudit bagi semua syarikat subsidiari yang mana kami bukan juruaudit,seperti yang dihuraikan di Nota 4 kepada penyata kewangan sebagai penyata kewangan yang termasuk dalam penyata kewangan disatukan.

Kami berpuashati bahawa penyata kewangan subsidiari-subsidiari yang telah disatukan dengan penyata kewangan Syarikat adalah dalambentuk dan kandungan yang sesuai dan wajar bagi tujuan penyediaan penyata kewangan disatukan dan kami telah menerima maklumatdan penjelasan yang memuaskan sebagaimana dikehendaki oleh kami bagi tujuan tersebut.

Laporan juruaudit bagi penyata kewangan subsidiari-subsidiari tidak tertakluk kepada sebarang syarat dan, bagi subsidiari-subsidiari yang diperbadankan di Malaysia, tidak termasuk sebarang teguran dengan Seksyen kecil (3) di bawah Seksyen 174 Akta tersebut.

Arthur Andersen & Co Abraham Verghese a/l T.V. AbrahamNo. AF 0103 No. 1664/10/04(J)Akauntan Awam Rakan Kongsi Firma

Bertarikh: 28 Oktober 2002

143


Laporan Juruaudit

Dalam RM’000 Nota 2002 2001

Aset Jangka Panjang

Hartanah, loji dan peralatan 3 132,259 120,956Syarikat-syarikat bersekutu 5 1,039,902 879,244Lain-lain pelaburan 6 3,579 3,440Muhibah dari penyatuan 7 2,851 3,033Hak-hak konsesi 8 67,667 70,000

1,246,258 1,076,673Aset Semasa

Pembangunan hartanah 9 418,218 362,316Inventori 10 8,707 15,611Hutang daripada pelanggan untuk kontrak pembinaan 11 108,234 73,530Penerimaan 12 471,586 550,229Tunai dan baki bank 14 472,678 359,864

1,479,423 1,361,550Liabiliti Semasa

Pinjaman bank 15 330 8,915Bon 19 (a) - 115,000Pembayaran 16 423,189 476,126Hutang kepada pelanggan untuk kontrak pembinaan 11 291,452 82,077Cukai 15,621 8,853Dividen dicadangkan - 19,163

730,592 710,134Aset Semasa Bersih 748,831 651,416

1,995,089 1,728,089Dibiayai Oleh:

Modal syer 18 672,839 665,389Rizab 783,773 550,626Ekuiti pemegang syer 1,456,612 1,216,015Kepentingan minoriti 28,727 3,351

1,485,339 1,219,366

Liabiliti jangka panjang 19 509,750 508,7231,995,089 1,728,089

Nota-nota yang disertakan merupakan sebahagian asasi lembaran imbangan ini.

144


Lembaran Imbangan Disatukan - pada 31 Julai 2002


Hasil 20 1,042,752 831,283Lain-lain pendapatan operasi 6,123 8,134Kos kontrak pembinaan dicaj sebagai perbelanjaan kontrak (614,701) (604,544)Kos tanah dan pembangunan (82,220) (4,420)Perubahan dalam stok barangan siap dan kerja dalam proses (9,753) 1,170Pembelian - bahan mentah (25,286) (20,184)

- bahan perdagangan (15,396) (14,805)Kos pengeluaran (1,887) (2,216)Kos kakitangan (27,492) (25,015)Susutnilai (9,578) (9,171)Lain-lain kos operasi (33,955) (15,340)Keuntungan dari operasi 21 228,607 144,892Kos kewangan (14,230) (15,125)Pendapatan faedah 19,197 14,276Perkongsian keuntungan syarikat-syarikat bersekutu 151,392 131,992Keuntungan sebelum cukai 384,966 276,035Cukai 23 (73,924) (44,505)Perkongsian cukai syarikat-syarikat bersekutu (47,030) (35,345)Keuntungan selepas cukai 264,012 196,185Kepentingan minoriti (25,224) (4,477)Keuntungan milik para pemegang syer 238,788 191,708

Perolehan sesyer 25

Perolehan asas sesyer 36 sen 29 senPerolehan cair penuh sesyer 32 sen 28 sen

Nota-nota yang disertakan merupakan sebahagian asasi penyata ini.

145


Penyata Pendapatan Disatukan- bagi tahun berakhir 31 Julai 2002

Modal Premium KeuntunganDalam RM’000 syer syer * tertahan ** Jumlah

Pada 1 Ogos 2000 665,191 39,039 368,385 1,072,615Perlaksanaan SOSP 164 371 - 535Belanja berhubung dengan pengumpulan modal - (3,182) - (3,182)Wang permohonan syer 34 79 - 113Keuntungan bersih bagi tahun semasa - - 191,708 191,708Dividen (Nota 24) - - (45,774) (45,774)Pada 31 Julai 2001 665,389 36,307 514,319 1,216,015

Pada 1 Ogos 2001 665,389 36,307 514,319 1,216,015Perlaksanaan SOSP 7,448 18,488 - 25,936Perlaksanaan waran 2 4 - 6Keuntungan bersih bagi tahun semasa - - 238,788 238,788Dividen (Nota 24) - - (24,133) (24,133)Pada 31 Julai 2002 672,839 54,799 728,974 1,456,612

* Tidak boleh diagihkan** Boleh diagihkan


146


Penyata Perubahan dalam Ekuiti Disatukan- bagi tahun berakhir 31 Julai 2002

Dalam RM’000 2002 2001

Aliran Tunai dari Aktiviti Operasi

Keuntungan sebelum cukai 384,966 276,035Pelarasan untuk:

Pelunasan hak-hak konsesi 2,333 -Pelunasan muhibah dari penyatuan:

- Subsidiari-subsidiari 182 182- Syarikat-syarikat bersekutu 10,903 2,313

Keuntungan berpunca daripada pembangunan hartanah (20,261) (1,396)Keuntungan berpunca daripada kontrak pembinaan (216,109) (146,912)Susutnilai 9,578 9,171Hartanah, loji dan peralatan dihapuskira 162 680(Keuntungan)/kerugian tidak direalisasikan atas tukaran asing (12) 20Peruntukan untuk ganjaran persaraan pekerja 160 288Peruntukan untuk penyusutan nilai pelaburan dalam syer tersiarharga di Malaysia - 535Peruntukan untuk hutang ragu 893 138Inventori dihapuskira 817 172Kerugian daripada kerosakan hartanah, loji dan peralatan 2,750 -Keuntungan daripada penjualan hartanah, loji dan peralatan (1,073) (799)Keuntungan daripada penjualan pelaburan (789) -Perkongsian keuntungan syarikat-syarikat bersekutu (151,392) (131,992)Peruntukan semula hutang ragu (605) (300)Peruntukan semula penyutusan nilai pelaburan (46) -Pendapatan faedah (19,197) (14,276)Perbelanjaan faedah 14,230 15,125

Keuntungan operasi sebelum perubahan modal kerja 17,490 8,984Pengurangan/(penambahan) inventori 6,087 (436)Pengurangan/(penambahan) penerimaan 138,933 (369,372)Penambahan pembangunan hartanah (35,250) (119,457)Pengurangan hutang bersih daripada pelanggan untuk kontrak pembinaan 339,386 165,786(Pengurangan)/penambahan pembayaran (54,822) 332,231

Tunai dihasilkan daripada operasi 411,824 17,736Dividen diterima dari syarikat-syarikat bersekutu 6,682 12,968Cukai dibayar (61,748) (59,964)Perbelanjaan faedah dibayar (14,230) (18,084)Ganjaran persaraan pekerja dibayar (195) -

Tunai bersih dihasilkan daripada/(digunakan dalam) aktiviti operasi 342,333 (47,344)


147


Penyata Aliran Tunai Disatukan- bagi tahun berakhir 31 Julai 2002

Dalam RM’000 2002 2001

Aliran Tunai dari Aktiviti Pelaburan

Pembelian hartanah, loji dan peralatan (35,785) (14,475)Perolehan daripada penjualan hartanah, loji dan peralatan 4,964 1,732Perolehan daripada penjualan pelaburan 1,235 -Pelaburan dalam syarikat-syarikat bersekutu (74,381) (19,465)Pembelian pelaburan (92) -Aliran tunai bersih daripada pengambilalihan subsidiari-subsidiari (Nota 4) 84 (69,816)Pembayaran kepada pemegang syer minoriti untuk pengambilalihan subsidiari - (18,400)Penerimaan daripada pemegang syer minoriti untuk permohonan syer di dalam subsidiari 150 -Pendapatan faedah diterima 19,197 14,276

Tunai bersih digunakan dalam aktiviti pelaburan (84,628) (106,148)

Aliran Tunai dari Aktiviti Pembiayaan

Perolehan daripada penukaran waran 6 -Perolehan daripada SOSP dan wang permohonan syer 25,936 648Perolehan daripada terbitan bon dan waran - 400,000Pembayaran balik bon (115,000) -Pembayaran balik pinjaman jangka panjang (3,952) -(Pembayaran)/penerimaan pinjaman bank (8,277) 1,403Belanja berhubung dengan pengumpulan modal - (3,182)Dividen dibayar kepada pemegang syer (43,296) (53,219)Dividen dibayar kepada pemegang syer minoriti - (193)

Tunai bersih (digunakan dalam)/dihasilkan daripada aktiviti pembiayaan (144,583) 345,457

Penambahan bersih tunai dan tunai setara 113,122 191,965Tunai dan tunai setara pada 1 Ogos 359,556 167,591Tunai dan tunai setara pada 31 Julai 472,678 359,556

Tunai dan tunai setara terdiri daripada:

Tunai dan baki bank 49,957 7,747Deposit tetap 422,721 352,117Overdraf bank - (308)

472,678 359,556


148


Penyata Aliran Tunai Disatukan- bagi tahun berakhir 31 Julai 2002


Aset Jangka Panjang

Hartanah, loji dan peralatan 3 60,408 59,492Subsidiari-subsidiari 4 335,631 181,140Syarikat-syarikat bersekutu 5 638,830 608,130Lain-lain pelaburan 6 718 718

1,035,587 849,480

Aset Semasa

Inventori 10 - 1,099Hutang daripada pelanggan untuk kontrak pembinaan 11 - 2,376Penerimaan 12 140,932 362,535Hutang daripada subsidiari-subsidiari 13 296,750 313,871Tunai dan baki bank 14 95,126 58,842

532,808 738,723

Liabiliti Semasa

Bon 19 (a) - 115,000Pembayaran 16 18,089 45,516Hutang kepada pelanggan untuk kontrak pembinaan 11 14,117 34,497Hutang kepada subsidiari-subsidiari 17 102,579 57,750Cukai 15,640 2,889Dividen dicadangkan - 19,163

150,425 274,815Aset Semasa Bersih 382,383 463,908

1,417,970 1,313,388

Dibiayai Oleh:

Modal syer 18 672,839 665,389Rizab 335,063 237,736Ekuiti pemegang syer 1,007,902 903,125

Liabiliti jangka panjang 19 410,068 410,2631,417,970 1,313,388

Nota-nota yang disertakan merupakan sebahagian asasi lembaran imbangan ini.

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Lembaran Imbangan - pada 31 Julai 2002


Hasil 20 195,530 344,776Lain-lain pendapatan operasi 131,031 20,853Kos kontrak pembinaan dicaj sebagai perbelanjaan kontrak (123,491) (241,921)Perubahan dalam stok barangan siap (1,099) 87Kos kakitangan (8,993) (13,309)Susutnilai (4,037) (4,338)Lain-lain kos operasi (31,466) (2,150)Keuntungan dari operasi 21 157,475 103,998Kos kewangan (13,903) (14,628)Pendapatan faedah 18,009 7,568Keuntungan sebelum cukai 161,581 96,938Cukai 23 (58,613) (24,539)Keuntungan bersih milik para pemegang syer 102,968 72,399


150


Penyata Pendapatan - bagi tahun berakhir 31 Julai 2002

151


Penyata Perubahan dalam Ekuiti - bagi tahun berakhir 31 Julai 2002

Modal Premium KeuntunganDalam RM’000 syer syer * tertahan ** Jumlah

Pada 1 Ogos 2000 665,191 39,039 174,804 879,034Perlaksanaan SOSP 164 371 - 535Belanja berhubung dengan pengumpulan modal - (3,182) - (3,182)Wang permohonan syer 34 79 - 113Keuntungan bersih bagi tahun semasa - - 72,399 72,399Dividen (Nota 24) - - (45,774) (45,774)Pada 31 Julai 2001 665,389 36,307 201,429 903,125

Pada 1 Ogos 2001 665,389 36,307 201,429 903,125Perlaksanaan SOSP 7,448 18,488 - 25,936Perlaksanaan waran 2 4 - 6Keuntungan bersih bagi tahun semasa - - 102,968 102,968Dividen (Nota 24) - - (24,133) (24,133)Pada 31 Julai 2002 672,839 54,799 280,264 1,007,902

* Tidak boleh diagihkan** Boleh diagihkan


Dalam RM’000 2002 2001

Aliran Tunai dari Aktiviti Operasi

Keuntungan sebelum cukai 161,581 96,938Pelarasan untuk:

Keuntungan berpunca daripada kontrak pembinaan (70,940) (102,942)Susutnilai 4,037 4,338Hartanah, loji dan peralatan dihapuskira 15 45Peruntukan bersih untuk ganjaran persaraan pekerja - (5)Keuntungan daripada penjualan pelaburan (110) -Peruntukan hutang ragu 22,512 -Peruntukan penyusutan nilai pelaburan 16,290 -Peruntukan semula hutang ragu (605) -Keuntungan daripada penjualan hartanah, loji dan peralatan (179) (690)Pendapatan faedah (18,009) (7,568)Pendapatan dividen (43,530) (14,218)Perbelanjaan faedah 13,903 14,628

Keuntungan/(kerugian) operasi sebelum perubahan modal kerja 84,965 (9,474)Pengurangan/(penambahan) inventori 1,099 (87)Pengurangan/(penambahan) penerimaan 163,258 (213,507)Penambahan hutang daripada subsidiari (13,093) (126,761)Pengurangan hutang bersih daripada pelanggan untuk kontrak pembinaan 112,767 118,337Pengurangan pembayaran (24,730) (17,818)Penambahan hutang kepada subsidiari 42,460 34,910

Tunai dihasilkan daripada/(digunakan dalam) operasi 366,726 (214,400)Cukai dibayar (22,703) (42,688)Perbelanjaan faedah dibayar (16,600) (17,587)Ganjaran persaraan pekerja dibayar (195) -Tunai bersih dihasilkan daripada/(digunakan dalam) aktiviti operasi 327,228 (274,675)

Aliran Tunai dari Aktiviti Pelaburan

Pemindahan bersih hartanah, loji dan peralatan daripada/(kepada) subsidiari 8 (21)Pembelian hartanah, loji dan peralatan (5,344) (2,945)Perolehan daripada penjualan hartanah, loji dan peralatan 504 911Perolehan daripada penjualan syarikat bersekutu 610 -Pelaburan dalam subsidiari (170,781) (111,600)Pelaburan dalam syarikat bersekutu (31,200) (19,465)Pendapatan faedah diterima 17,171 7,284Pendapatan dividen diterima 30,442 13,178Tunai bersih digunakan dalam aktiviti pelaburan (158,590) (112,658)


152


Penyata Aliran Tunai - bagi tahun berakhir 31 Julai 2002

Dalam RM’000 2002 2001

Aliran Tunai dari Aktiviti Pembiayaan

Perolehan daripada penukaran waran 6 -Perolehan daripada SOSP dan wang permohonan syer 25,936 648Perolehan daripada terbitan bon dan waran - 400,000Belanja berhubung dengan pengumpulan modal - (3,182)Pembayaran dividen kepada pemegang syer (43,296) (53,219)Pembayaran balik bon (115,000) -Tunai bersih (digunakan dalam)/dihasilkan daripada aktiviti pembiayaan (132,354) 344,247

Penambahan/(pengurangan) bersih tunai dan tunai setara 36,284 (43,086)Tunai dan tunai setara pada 1 Ogos 58,842 101,928Tunai dan tunai setara pada 31 Julai 95,126 58,842

Tunai dan tunai setara terdiri daripada:Tunai dan baki bank 496 556Deposit dengan institusi-institusi kewangan 94,630 58,286

95,126 58,842


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Penyata Aliran Tunai - bagi tahun berakhir 31 Julai 2002

1 KEGIATAN UTAMA DAN MAKLUMAT UMUM

Kegiatan utama Syarikat adalah pegangan pelaburan dan pembinaan kejuruteraan awam.

Kegiatan-kegiatan utama syarikat-syarikat subsidiari dihuraikan dalam Nota 4. Tiada sebarang perubahan penting dalam kegiatan-kegiatan utama ini di sepanjang tahun kewangan selain daripada kegiatan-kegiatan syarikat-syarikat subsidiari baru.

Syarikat ini adalah sebuah syarikat awam dengan liabiliti terhad, diperbadankan dan berdomisil di Malaysia, dan disenaraikan di PapanUtama Bursa Saham Kuala Lumpur. Pejabat berdaftar syarikat terletak di 78, Jalan SS22/21, Damansara Jaya, 47400 Petaling Jaya,Selangor Darul Ehsan.

Bilangan pekerja di dalam Kumpulan dan Syarikat pada akhir tahun kewangan masing-masing adalah seramai 1,379 (2001 : 1,232) dan103 (2001 : 121) orang.

Lembaga Pengarah membenarkan penerbitan penyata kewangan melalui resolusi daripada para pengarah pada 28 Oktober 2002 .

2 DASAR-DASAR PERAKAUNAN PENTING

a Asas Perakaunan

Penyata kewangan Kumpulan dan Syarikat telah disediakan menurut kelaziman kos sejarah selain daripada yang dinyatakan olehdasar-dasar perakaunan di bawah dan mematuhi peruntukan Akta Syarikat, 1965 dan piawaian perakaunan berkenaan yangdiluluskan di Malaysia.

b Asas Penyatuan

Penyata kewangan disatukan termasuk penyata kewangan Syarikat dan kesemua subsidiarinya yang disediakan hingga akhir tahunkewangan. Subsidiari adalah syarikat-syarikat di mana Kumpulan memiliki kuasa untuk mengawal dasar-dasar kewangan danoperasinya untuk memperolehi manfaat daripada aktiviti-aktivitinya. Sesebuah usahasama adalah dianggap sebagai sebuahsubsidiari apabila Kumpulan memiliki kuasa untuk mengawal dasar-dasar kewangan dan operasinya untuk memperolehi manfaatdaripada aktiviti-activitinya. Syarikat-syarikat subsidiari yang diambilalih dan dilupuskan sepanjang tahun telah diambilkira dalampenyata kewangan disatukan dari tarikh pengambilalihan sehingga tarikh pelupusan. Urusniaga di antara Syarikat telahdimansuhkan semasa penyatuan dan penyata kewangan disatukan hanya mencerminkan urusniaga dengan pihak ketiga sahaja.Kerugian yang belum direalisasikan telah dimansuhkan semasa penyatuan kecuali apabila kosnya tidak boleh dipulihkan.

Perbezaan harga belian atas nilai saksama aset-aset bersih subsidiari-subsidiari pada tarikh pengambilalihan diambilkira dalamlembaran imbangan disatukan sebagai muhibah atau rizab dari penyatuan. Muhibah dari penyatuan dilunaskan sepanjanganggaran hayat kegunaannya. Muhibah dari penyatuan akan dinilai pada setiap tarikh lembaran imbangan dan akan disusutkannilai untuk penyusutan nilai yang dianggap perlu.

Keuntungan atau kerugian daripada penjualan syarikat subsidiari adalah merupakan perbezaan di antara jualan bersih dan asetbersih Kumpulan serta baki muhibah yang belum dilunaskan atau dikenalpasti di dalam penyata pendapatan yang disatukan.

c Pertukaran dan Terjemahan Matawang

Urusniaga matawang asing telah ditukar kepada matawang Ringgit Malaysia pada kadar pertukaran yang berkuatkuasa padatarikh urusniaga. Aset dan liabiliti matawang asing yang bersifat kewangan pada tarikh lembaran imbangan telah diterjemahkanke matawang Ringgit Malaysia pada kadar yang berkuatkuasa pada tarikh lembaran imbangan. Semua perbezaan pertukaran telahdiambilkira di dalam penyata pendapatan.

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Nota-nota kepada Penyata Kewangan - 31 Julai 2002

2 DASAR-DASAR PERAKAUNAN PENTING (SAMB)

c Pertukaran dan Terjemahan Matawang (samb)

Penyata kewangan subsidiari-subsidiari asing yang telah disatukan telah diterjemahkan pada kadar pertukaran yang berkuatkuasapada akhir tahun kewangan untuk lembaran imbangan dan pada kadar pertukaran yang berkuatkuasa pada tarikh urusniaga untukpenyata pendapatan. Semua perbezaan terjemahan telah diambilkira di dalam rizab.

Kadar pertukaran untuk setiap unit matawang asing yang berkuatkuasa pada tarikh lembaran imbangan adalah seperti berikut:

Dalam RM 2002 2001

Dollar Amerika Syarikat 3.80 3.80Dollar Singapura 2.15 2.08Rupee India 0.08 -

d Hartanah, Loji dan Peralatan dan Susutnilai

Hartanah, loji dan peralatan dinyatakan pada kos atau penilaian setelah ditolak susutnilai terkumpul dan kerugian kerosakanterkumpul.

Nilai bawa hartanah, loji dan peralatan akan dinilai pada setiap tarikh lembaran imbangan samada terdapat tanda-tandapengurangan nilai. Jika terdapat tanda-tanda tersebut, nilai aset boleh pulih bagi hartanah, loji dan peralatan akan dianggarkan.Kerugian kerosakan akan diambilkira apabila nilai bawa untuk satu-satu item hartanah, loji dan peralatan melebihi nilai bolehdipulihnya. Kerugian kerosakan ini akan diambilkira di dalam penyata pendapatan melainkan ia mengurangkan penilaian terdahulu,kerugian ini akan diambilkira di dalam ekuiti.

Peningkatan dalam nilai boleh pulih yang berikutnya akan dikurangkan dengan jumlah yang akan diiktiraf sebagai susutnilaisekiranya tiada penghapuskiraan berlaku. Pemulihan ini akan diambilkira di dalam penyata pendapatan, kecuali jika aset tersebutdirekodkan pada amaun penilaian. Pemulihan penyusutan nilai ke atas aset yang dinilai akan dikreditkan sebagai lebihan ke ataspenilaian semula. Walaubagaimanapun, sekiranya kerugian dari pengurangan aset tersebut telah diambilkira sebagai perbelanjaandalam penyata kewangan, ia akan diiktiraf sebagai pendapatan dalam penyata tersebut.

Susutnilai tidak diperuntukkan bagi tanah milikbebas dan pembinaan sedang dijalankan. Susutnilai diperuntukkan bagi tanahpegangpajak di sepanjang tempoh pajakan.

Susutnilai hartanah, loji dan peralatan yang lain diperuntukkan mengikut kaedah garis lurus untuk menghapuskirakan kos ataupenilaian setiap aset ke nilai baki masing-masing di sepanjang anggaran hayat kegunaannya berdasarkan kadar tahunan berikut:

Tanah pegangpajak jangkapanjang Sepanjang 60 tahunTanah pegangpajak jangkapendek dan bangunan di atasnya Sepanjang 30 hingga 50 tahunBangunan dan pembaikan 2%Loji, mesin dan peralatan pejabat 12% - 33%Perabot dan kelengkapan 10% - 15%Kenderaan bermotor 12% - 25%

Tanah milik bebas, tanah pegang pajak jangka panjang dan pendek dan bangunan di dalam Kumpulan dan Syarikat belumdinilaikan semula semenjak penilaian semula yang pertama pada tahun 1991. Para pengarah belum lagi mengamalkan polisipenilaian semula secara teratur untuk aset-aset tersebut. Sepertimana yang dibenarkan di bawah peruntukan peralihan dalamLembaga Piawaian Perakaunan Malaysia No. 15 : Hartabenda, Loji dan Peralatan, aset berkaitan terus dinyatakan pada nilaiantahun 1991 ditolak susutnilai terkumpul.

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e Inventori

Inventori dinyatakan pada harga terendah di antara kos (ditentukan pada asas kos purata wajaran) dan nilai pasaran bersih. Kosbarangan siap dan kerja dalam proses adalah terdiri daripada kos bahan mentah, kos buruh langsung dan kos pasti pengeluaranyang berkenaan. Kos bahan mentah adalah terdiri daripada kos belian dan kos langsung yang berkenaan.

f Manfaat Persaraan

Sumbangan adalah dibuat kepada Skim Dana Persaraan Syarikat, satu pelan manfaat tertakrif. Kos faedah persaraan di bawahSkim ini adalah ditentukan pada kaedah akruan penilaian faedah. Kesemua kos perkhidmatan semasa, kos perkhidmatan lepas danpelarasan pengalaman yang berhubung kait dengan Skim Dana Persaraan Syarikat adalah diambilkira menerusi penyatapendapatan secara sistematik sepanjang baki tempoh perkhidmatan ahli yang boleh dijangka.

Pada tahun yang lepas, syarikat telah menyediakan pengiraan untuk menentukan peruntukan bagi skim dan tiada penilaianaktuari dilaksanakan. Bagi tahun semasa, para pengarah Syarikat telah melantik aktuari untuk menilai kos manfaat persaraanberasaskan “Projected Unit Method”. Perubahan dalam polisi perakaunan ini tidak membawa kesan yang penting.

g Pengiktirafan Perolehan

i Perolehan dari kontrak pembinaan dan pembangunan hartanah adalah diiktiraf berasaskan “kaedah peratusan siap”. Peratusansiap diukur berasaskan kepada nisbah kos yang dibelanjakan sehingga sekarang dibandingkan dengan jumlah kos jangkaan dimana hasil projek-projek tersebut boleh dianggarkan dengan pasti. Semua kerugian yang dijangka telah diperuntukkansepenuhnya. Peratusan siap diukur berasaskan kepada pengesahan kerja pembinaan yang terkini.

ii Perolehan berkaitan dengan jualan barangan dan perkhidmatan adalah diiktiraf selepas cukai jualan dan diskaun apabilapenghantaran telah berlaku dan pemindahan risiko dan ganjaran telah siap.

h Penerimaan

Penerimaan adalah dibawa pada jangkaan nilai yang boleh direalisasikan. Semua hutang lapuk yang diketahui dihapuskirakan.Peruntukan dibuat bagi hutang ragu berdasarkan kepada semakan semula tertentu baki tertunggak pada akhir tahun kewangan.

i Hutang daripada / kepada Pelanggan Untuk Kontrak Pembinaan

Hutang daripada pelanggan untuk kontrak pembinaan adalah hutang bersih daripada kos yang dibelanjakan bersama dengankeuntungan yang diiktiraf selepas ditolak jumlah kerugian yang diiktirafkan dan tuntutan ansuran untuk semua kontrak dalamproses, di mana kos dibelanjakan bersama dengan keuntungan diiktiraf (ditolak kerugian diiktiraf) melebihi tuntutan ansuran.

Hutang kepada pelanggan untuk kontrak pembinaan adalah hutang bersih daripada kos yang dibelanjakan bersama dengankeuntungan yang diiktiraf selepas ditolak jumlah kerugian yang diiktirafkan dan tuntutan ansuran untuk semua kontrak dalamproses, di mana tuntutan ansuran melebihi kos dibelanjakan bersama dengan keuntungan diiktiraf (ditolak kerugian diiktiraf).

Kos terdiri daripada kos bahan mentah, buruh langsung, jumlah sub-kontrak dan kos pasti dibayar atau terakru terkini yang berkaitan.

j Cukai Tertunda

Cukai tertunda diperuntukkan di bawah kaedah liabiliti bagi semua perbezaan masa yang penting kecuali di mana terdapat buktimunasabah bahawa perbezaan masa ini akan berterusan.

k Pelaburan

Pelaburan di dalam subsidiari-subsidiari, usahasama dan lain-lain pelaburan adalah dinyatakan pada kos ditolak sebarangperuntukan untuk penyusutan nilai kekal. Apabila pelaburan dijual, perbezaan di antara perolehan bersih daripada jualan dan nilaibawa pelaburan adalah dicaj atau dikredit ke penyata pendapatan.

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l Pembangunan Hartanah

Kos tanah dan pembangunan di mana sebahagian besar kerja pembangunan telah dijalankan dan dijangka akan siap dalampusingan operasi biasa adalah dikelaskan sebagai pembangunan hartanah. Pembangunan hartanah dinyatakan pada kos campurkeuntungan ditolak kerugian dan tuntutan ansuran yang berkaitan. Kos merangkumi kos tanah, segala kos pembangunan langsungdan lain-lain kos pembangunan yang berkaitan, termasuk faedah yang timbul sepanjang tempoh pembangunan yang aktif.

m Tunai dan Tunai Setara

Tunai dan tunai setara termasuk tunai dalam tangan dan di bank serta deposit panggilan, selepas mengambilkira overdraf bankyang terhutang.

n Syarikat-syarikat Bersekutu

Kumpulan menganggap syarikat-syarikat bersekutu adalah syarikat-syarikat di mana ia mempunyai kepentingan ekuiti jangkapanjang di antara 20 hingga 50 peratus dan di mana ia mempunyai pengaruh penting atas polisi-polisi kewangan dan operasisyarikat-syarikat bersekutu.

Pelaburan dalam syarikat-syarikat bersekutu adalah dinyatakan dalam penyata kewangan disatukan melalui kaedah ekuitiberdasarkan penyata kewangan syarikat-syarikat bersekutu. Pelaburan di dalam syer keutamaan boleh tebus dalam syarikat-syarikat bersekutu adalah dinyatakan pada kos ditolak sebarang peruntukan untuk penyusutan nilai kekal. Keuntungan yang belumdirealisasikan hasil daripada urusniaga antara Kumpulan dengan syarikat-syarikat bersekutu telah dimansuhkan sebahagiannyasetakat kepentingan Kumpulan dalam syarikat-syarikat bersekutu tersebut. Kerugian yang belum direalisasikan telah dimansuhkankecuali apabila kosnya tidak boleh dipulihkan.

Perkongsian Kumpulan dalam keuntungan selepas pengambilalihan setelah ditolak kerugian syarikat-syarikat bersekutu telahdiambilkira dalam penyata pendapatan disatukan dan kepentingan Kumpulan dalam syarikat-syarikat bersekutu adalah dinyatakanpada kos dicampur perkongsian Kumpulan dalam keuntungan terkumpul dan rizab selepas pengambilalihan. Muhibah dariperolehan syarikat-syarikat bersekutu telah dilunaskan sepanjang anggaran hayat kegunaannya, tertakluk kepada penilaiantahunan untuk mengenalpasti sebarang penyusutan nilai kekal pada nilai bawa.

Dalam tahun semasa, kadar perlunasan muhibah atas perolehan sebuah syarikat bersekutu telah ditukar daripada 20 tahun ke 7tahun secara peninjauan pengembalian untuk menunjukkan anggaran faedah ekonomi muhibah tersebut dengan lebih tepat.

Perubahan anggaran perakaunan telah menambahkan amaun perlunasan muhibah Kumpulan sebanyak RM8,590,000 danmengurangkan keuntungan tahun semasa Syarikat dengan amaun yang sama.

o Peruntukan liabiliti

Peruntukan liabiliti diperlukan apabila Kumpulan mempunyai tanggungjawab semasa yang berpunca daripada peristiwa lampau danadalah berkemungkinan bahawa pengaliran keluar sumber ekonomi diperlukan untuk mengatasi tanggungjawab tersebut dan suatuanggaran yang berkepastian boleh dibuat. Peruntukan-peruntukan akan dikaji semula pada setiap tarikh lembaran imbangan dandilaraskan untuk menunjukkan anggaran semasa. Jika kesan inflasi adalah penting, amaun peruntukan adalah berasaskan amaun semasayang diperlukan untuk menjelaskan tanggungjawab tersebut.

p Hak-hak Konsesi

Hak-hak konsesi adalah kos-kos berkaitan yang dibelanjakan, yang berhubung dengan pengaturan di mana Kumpulan dapatmemperoleh manfaat ekonomi di sepanjang tahun-tahun yang akan datang. Hak-hak konsesi akan dilunaskan di sepanjanganggaran hayat kegunaannya, tertakluk kepada penilaian tahunan untuk mengenalpasti sebarang penyusutan nilai kekal padanilai bawa.

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q Usahasama

Penyata kewangan Kumpulan termasuk semua usahasama yang telah dimeterai oleh Syarikat di mana Syarikat mengambilkirausahasama sebagai usahasama operasi yang berdasarkan kepada pembahagian keuntungan menurut kepentingan ekuiti sebanyak 70%.

Perkongsian keuntungan atau kerugian dalam usahasama telah diambilkira di dalam penyata kewangan Syarikat berdasarkanperatusan perkongsian keuntungan atau kerugian di dalam setiap usahasama.

r Permodalan Faedah

Faedah ke atas pinjaman yang dikenakan untuk pembangunan hartanah dan hutang daripada/kepada pelanggan untuk kontrakpembinaan adalah dipermodalkan. Permodalan faedah ke atas pinjaman akan dihentikan apabila aset-aset tersebut sedia digunakanuntuk tujuan yang sepatutnya.

3 HARTANAH, LOJI DAN PERALATAN

Lain-lainPembinaan hartanah,

Tanah dan sedang loji danDalam RM’000 bangunan * dijalankan peralatan ** Jumlah

Kumpulan

Pada Nilaian/Kos

Pada 1 Ogos 2001 44,349 26,407 163,386 234,142Penambahan 399 3,688 31,758 35,785Aset daripada subsidiari yang dibeli - - 359 359Jualan - - (7,211) (7,211)Klasifikasi semula 4,345 (4,505) 160 -Pelupusan - - (1,265) (1,265)Pada 31 Julai 2002 49,033 25,590 187,187 261,810

Susutnilai Terkumpul dan Kerosakan

Pada 1 Ogos 2001 6,611 - 106,575 113,186Caj 780 - 17,208 17,988Caj daripada subsidiari yang dibeli - - 50 50Kerosakan - - 2,750 2,750Jualan - - (3,320) (3,320)Pelupusan - - (1,103) (1,103)Pada 31 Julai 2002 7,391 - 122,160 129,551

Nilai Buku Bersih

Pada 31 Julai 2002 41,642 25,590 65,027 132,259

Pada 31 Julai 2001 37,738 26,407 56,811 120,956

Susutnilai untuk 2001 745 - 16,166 16,911

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3 HARTANAH, LOJI DAN PERALATAN (SAMB)

* Tanah dan bangunan

Pada Nilaian Pada KosTanah dan

Tanah dan bangunan Tanah Bangunan Tanah danbangunan pegangpajak pegangpajak pegangpajak bangunan

Dalam RM’000 milik bebas jangka panjang jangka pendek jangka pendek milik bebas Jumlah

Kumpulan

Nilaian/Kos

Pada 1 Ogos 2001 1,640 2,023 14,313 187 26,186 44,349Klasifikasi semula 700 - - - 3,645 4,345Penambahan - - - - 339 339Pada 31 Julai 2002 2,340 2,023 14,313 187 30,170 49,033


Pada 1 Ogos 2001 172 341 4,728 64 1,306 6,611Klasifikasi semula 57 5 - - (62) -Caj 23 43 473 6 235 780Pada 31 Julai 2002 252 389 5,201 70 1,479 7,391

Nilai Buku Bersih

Pada 31 Julai 2002 2,088 1,634 9,112 117 28,691 41,642

Pada 31 Julai 2001 1,468 1,682 9,585 123 24,880 37,738

Susutnilai untuk 2001 - 51 472 6 216 745

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** Lain-lain hartanah, loji dan peralatan

Pada KosPeralatan

pejabat, Loji,Kenderaan perabot dan mesin dan

Dalam RM’000 bermotor kelengkapan peralatan Jumlah

Kumpulan

Kos

Pada 1 Ogos 2001 36,273 16,173 110,940 163,386Klasifikasi semula - 160 - 160Aset daripada subsidiari yang dibeli 292 67 - 359Penambahan 4,162 4,087 23,509 31,758Jualan (1,664) (336) (5,211) (7,211)Pelupusan (246) (554) (465) (1,265)Pada 31 Julai 2002 38,817 19,597 128,773 187,187


Pada 1 Ogos 2001 21,627 11,888 73,060 106,575Caj 3,633 2,563 11,012 17,208Caj daripada subsidiari yang dibeli 43 7 - 50Kerosakan - 129 2,621 2,750Jualan (1,294) (215) (1,811) (3,320)Pelupusan (111) (533) (459) (1,103)Pada 31 Julai 2002 23,898 13,839 84,423 122,160

Nilai Buku Bersih

Pada 31 Julai 2002 14,919 5,758 44,350 65,027

Pada 31 Julai 2001 14,646 4,285 37,880 56,811

Susutnilai untuk 2001 4,137 2,237 9,792 16,166

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Lain-lainPembinaan hartanah,

Tanah dan sedang loji danDalam RM’000 bangunan ^ dijalankan peralatan ^^ Jumlah

Syarikat

Nilaian/Kos

Pada 1 Ogos 2001 25,305 21,902 36,892 84,099Penambahan 282 2,318 2,744 5,344Pindahan masuk - - 214 214Pindahan keluar - - (242) (242)Jualan - - (946) (946)Pelupusan - - (655) (655)Pada 31 Julai 2002 25,587 24,220 38,007 87,814


Pada 1 Ogos 2001 1,039 - 23,568 24,607Caj 200 - 3,880 4,080Pindahan masuk - - 142 142Pindahan keluar - - (162) (162)Jualan - - (621) (621)Pelupusan - - (640) (640)Pada 31 Julai 2002 1,239 - 26,167 27,406

Nilai Buku Bersih

Pada 31 Julai 2002 24,348 24,220 11,840 60,408

Pada 31 Julai 2001 24,266 21,902 13,324 59,492

Susutnilai untuk 2001 167 - 4,385 4,552

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^ Tanah dan bangunan

Pada Nilaian Pada KosTanah dan

Tanah dan bangunan Tanah danbangunan pegangpajak bangunan

Dalam RM’000 milik bebas jangka panjang milik bebas Jumlah

Syarikat

Nilaian/Kos

Pada 1 Ogos 2001 1,640 1,763 21,902 25,305Penambahan - - 282 282Pada 31 Julai 2002 1,640 1,763 22,184 25,587


Pada 1 Ogos 2001 172 301 566 1,039Caj 17 32 151 200Pada 31 Julai 2002 189 333 717 1,239

Nilai Buku Bersih

Pada 31 Julai 2002 1,451 1,430 21,467 24,348

Pada 31 Julai 2001 1,468 1,462 21,336 24,266

Susutnilai untuk 2001 - 49 118 167

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^^ Lain-lain hartanah, loji dan peralatan

Peralatanpejabat, Loji,

Kenderaan perabot dan mesin danDalam RM’000 bermotor kelengkapan peralatan Jumlah

Syarikat

Kos

Pada 1 Ogos 2001 22,578 10,581 3,733 36,892Penambahan 1,582 1,162 - 2,744Pindahan masuk 214 - - 214Pindahan keluar (215) (27) - (242)Jualan (836) (110) - (946)Pelupusan - (530) (125) (655)Pada 31 Julai 2002 23,323 11,076 3,608 38,007


Pada 1 Ogos 2001 12,191 8,236 3,141 23,568Caj 2,610 1,094 176 3,880Pindahan masuk 142 - - 142Pindahan keluar (143) (19) - (162)Jualan (531) (90) - (621)Pelupusan - (521) (119) (640)Pada 31 Julai 2002 14,269 8,700 3,198 26,167

Nilai Buku Bersih

Pada 31 Julai 2002 9,054 2,376 410 11,840

Pada 31 Julai 2001 10,387 2,345 592 13,324

Susutnilai untuk 2001 3,127 1,009 249 4,385

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164




a Tanah dan bangunan Kumpulan mengikut penilaian jurunilai professional bebas pada 31 Julai 2002 adalah seperti berikut:

Tanah dan bangunan pegangpajak jangkapanjang dan jangkapendek

Tahun Jumlah Tahunpenilaian Butir-butir hartanah RM’000 Asas penilaian pajakan tamat

1991 Tanah dan bangunan pegangpajak 260 Harga pasaran bebas 2078jangkapanjang di Jalan Gopeng, Ipoh

1991 Tanah dan bangunan pegangpajak 753 Harga pasaran bebas 2050jangkapanjang di Jelapang, Ipoh

1991 Tanah dan bangunan pegangpajak 462 Harga pasaran bebas 2043jangkapanjang di Jelapang, Ipoh

1991 Tanah kuari dan bangunan di Kuala Dipang, 14,500 Harga pasaran bebas 2022Perak Darul Ridzuan

1991 Tanah dan bangunan pegangpajak 260 Harga pasaran bebas 2078di Jalan Gopeng, Ipoh, Perak Darul Ridzuan

Tanah dan bangunan milik bebas

Tahun Jumlah penilaian Butir-butir hartanah RM’000 Asas penilaian

1991 Tanah dan bangunan milik bebas di Petaling Jaya 1,240 Harga pasaran bebas

1991 Tanah dan bangunan milik bebas di Petaling Jaya 400 Harga pasaran bebas

1991 Tanah milik bebas di Petaling Jaya 412 Harga pasaran bebas

1991 Bangunan di Petaling Jaya 288 Harga pasaran bebas

b Hartanah, loji dan peralatan Kumpulan dengan nilai buku RM7,097,000 (2001: RM7,183,000) telah dicagarkan kepada sebuahinstitusi kewangan untuk kemudahan kredit yang diberikan kepada Kumpulan.

c Termasuk di dalam hartanah, loji dan peralatan Kumpulan dan Syarikat ialah hartanah, loji dan peralatan yang telah disusutnilaikan penuh,masih digunakan pada kos masing-masing berjumlah RM53,671,000 (2001: RM48,619,000) dan RM14,628,000 (2001: RM11,836,000).

d Sekiranya hartanah, loji dan peralatan pada nilaian dinyatakan pada kos sejarah ditolak susutnilai terkumpul, nilai buku bersihuntuk setiap kelas hartanah, loji dan peralatan yang sepatutnya direkodkan dalam penyata kewangan Kumpulan dan Syarikatadalah seperti berikut:

Kumpulan SyarikatDalam RM’000 2002 2001 2002 2001

Tanah dan bangunan milik bebas 1,544 1,586 1,130 1,160Tanah dan bangunan pegangpajak jangkapanjang 945 973 748 771Tanah dan bangunan pegangpajak jangkapendek 142 150 - -

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4 SUBSIDIARI-SUBSIDIARI

SyarikatDalam RM’000 2002 2001

Syer tidak tersiarharga, pada kos 351,921 181,140Tolak: Peruntukan penyusutan nilai (16,290) -

335,631 181,140

Butir-butir syarikat-syarikat bersekutu adalah seperti berikut:

Kepentingan berkesanModal berbayar 2002 2001

Nama syarikat RM % % Kegiatan utama

Subsidiari-subsidiari berdaftar di Malaysia

Gammau Construction Sdn Bhd 6,000,000 100 100 Kejuruteraan awam dan pembinaan kerja tanah

Gamuda Engineering Sdn Bhd 770,000 100 100 Pembinaan insfrastruktur dan kejuruteraan awam

Megah Landscape Sdn Bhd 500,000 70 - Pembekalan dan penanaman bahan landskap danperuntukan servis landskap

Gamuda Land Sdn Bhd 2 100 - Tidak aktif

Gamuda Paper Industries Sdn Bhd 18,000,000 95 95 Perkilangan dan penjualan barangan kertas danbarangan yang berkaitan

GPI Trading Sdn Bhd 2 95 95 Perdagangan kertas dan produk kertas

Gamuda Trading Sdn Bhd 109,000 100 100 Perdagangan bahan pembinaan

Gamuda Water Sdn Bhd (dahulunya 2,000,000 80 80 Pengendalian dan penyelenggaraan loji-loji dikenali sabagai The Sweet Water penapisan airManagement Sdn Bhd)

G.B. Kuari Sdn Bhd 750,000 100 100 Pengendalian kuari dan perataan jalanraya danperkilangan “premix”

Ganaz Bina Sdn Bhd 3,000,000 100 100 Pembinaan kejuruteraan awam

GIT Services Sdn Bhd 100,000 100 100 Perdagangan dan perkhidmatan teknoloji maklumat

Harum Intisari Sdn Bhd 6,450,000 100 100 Pembangunan hartanah

Masterpave Sdn Bhd 2,500,000 100 100 Perkilangan, penyediaan dan perletakan baranganperataan jalanraya

Megah Capital Sdn Bhd 2 100 100 Perdagangan dan pegangan pelaburan

Megah Management Services Sdn Bhd 50,000 100 100 Ejen insurans

Megah Sewa Sdn Bhd 100,002 100 100 Penyewaan loji dan mesin

Reka Strategi Sdn Bhd* 2 100 100 Tidak aktif

Valencia Development Sdn Bhd 5,370,000 98.8 80 Pembangunan hartanah

4 SUBSIDIARI-SUBSIDIARI (SAMB)

Kepentingan berkesan2002 2001

Nama syarikat Modal berbayar % % Kegiatan utama

Subsidiari berdaftar di British Virgin Islands

Gamuda Overseas Investment Ltd US$100,000 100 100 Pegangan pelaburan

Subsidiari berdaftar di Mauritius

Gamuda (Offshore) Pte Ltd* US$1,000 100 - Pegangan pelaburan

Subsidiari berdaftar di India

Gamuda (India) Pte Ltd* Rps100,000 100 100 Tidak aktif

Dipegang oleh Gamuda (Offshore) Pte Ltd:

Gamuda - WCT (India) Pte Ltd* Rps100,000 70 - Pembinaan dan kejuruteraan awam

Subsidiari-subsidiari yang tidak berdaftar

GKTJV - 70 70 Kejuruteraan awam dan pembinaan

GMMJV - 70 - Kejuruteraan awam dan pembinaan

* Diaudit oleh firma selain daripada Arthur Andersen & Co., Malaysia

Keperincian tentang subsidiari-subsidiari yang tidak berdaftar adalah seperti berikut:

Entiti Parti usahasama Activit ekonomi

GKTJV Gamuda Berhad, Kumpulan Darul Ehsan Pengendalian kejuruteraan awam dan pembinaan empangan Berhad dan The Sweet Water Alliance dan kemudahan perawatan air bagi Skim Bekalan AirSdn Bhd Sungai Selangor Fasa 3

GMMJV Gamuda Berhad and Mujur Minat Sdn Bhd Pengendalian kejuruteraan awam dan pembinaanSkim Sistem Penyuraian Trafik Kuala Lumpur - Barat

Kedua-dua GKTJV dan GMMJV adalah usahasama tidak berdaftar yang dibentuk dibawah perjanjian usahasama. Menurut LembagaPiawaian Perakaunan Malaysia No. 16: Penyata Kewangan bagi Usahasama, kedua-dua GKTJV dan GMMJV dianggap sebagai subsidiariGamuda Berhad berasaskan kuasa syarikat dalam pengendalian kewangan dan polisi operasi entiti tersebut.

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Pembelian dan permohonan syer tambahan bagi subsidiari-subsidiari:

Di Malaysia

a Pada 27 Februari 2002, Syarikat telah memohon syer tambahan di Valencia Development Sdn Bhd yang terdiri daripada 4,800,000syer biasa baru bernilai RM1.00 sesyer pada harga pasaran RM1.00 sesyer dan 270,000 Syer Keutamaan Boleh Tebus bernilaiRM1.00 sesyer pada premium RM99.00 sesyer untuk harga RM31.8 juta.

b Pada 21 Mac 2002, Syarikat telah membeli keseluruhan modal syer terbitan dan berbayar Gamuda Land Sdn Bhd yang terdiridaripada 2 syer biasa berharga RM1.00 sesyer secara tunai.

c Pada 26 Mac 2002, Syarikat telah memohon 1,100,000 Syer Keutamaan Boleh Tebus yang bernilai RM1.00 sesyer pada premiumRM99.00 sesyer di Harum Intisari Sdn Bhd dengan permodalan pendahuluan.

d Pada 22 April 2002, Syarikat menerusi subsidiari milik sepenuh, Gamuda Engineering Sdn Bhd, telah membeli 70% daripada modalsyer terbitan dan berbayar Megah Landscape Sdn Bhd, yang terdiri daripada 350,000 syer biasa bernilai RM1.00 sesyer untuk tunaisebanyak RM350,000.

Luar negara

a Pada 15 November 2001, Syarikat telah membeli keseluruhan modal terbitan dan berbayar Gamuda (Offshore) Private Limited,syarikat berdaftar di Mauritius, yang terdiri daripada 1,000 syer biasa bernilai US$1 sesyer.

b Pada 16 November 2001, Syarikat menerusi subsidiari milik sepenuh, Gamuda (Offshore) Private Limited, telah membeli 70% ekuitidi Gamuda-WCT (India) Private Limited, sebuah syarikat berdaftar di India yang terdiri daripada 7,000 syer ekuiti bernilai Rps10sesyer.

Kesan pembelian syer biasa dalam subsidiari adalah tidak penting dan tidak diambilkira dalam keputusan kewangan Kumpulan daritarikh pembelian sehingga ke 31 Julai 2002.

Rumusan kesan pembelian syer biasa ke atas keadaan kewangan Kumpulan pada 31 Julai 2002 adalah seperti berikut:

Dalam RM’000 2002

Hartanah, loji dan peralatan 21,893Syarikat-syarikat bersekutu 43,172Penerimaan 7,869Hutang daripada pelanggan 11,591Tunai dan baki bank 7,885Pembayaran (91,833)Kepentingan minoriti (150)

427

Pembelian Gamuda Water Sdn Bhd (dahulunya dikenali sebagai The Sweet Water Management Sdn Bhd) pada tahun lepas telahdilaksanakan pada 31 Julai 2001 dan tiada kesan ke atas penyata kewangan Kumpulan pada 31 Julai 2001.

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Nilai saksama aset dan liabiliti yang didapati daripada pembelian subsidiari-subsidiari pada tarikh pembelian adalah seperti berikut:

Dalam RM’000 2002 2001

Aset bersih yang diperolehi:Hartanah, loji dan peralatan 309 -Penerimaan 1,118 220Hutang daripada pelanggan untuk kontrak pembinaan 375 -Tunai dan baki bank 94 1,784Pembayaran (1,886) (4)

10 2,000Kepentingan minoriti - (400)

10 1,600Hak-hak konsesi - 70,000Harga belian 10 71,600Tolak: Tunai dan tunai setara bagi subsidiari yang dibeli (94) (1,784)Tunai bersih (diterima daripada)/digunakan dalam pembelian subsidiari-subsidiari (84) 69,816

5 SYARIKAT-SYARIKAT BERSEKUTU


Syer tidak tersiarharga, pada kos:- Syer biasa 125,191 122,685 125,185 122,685- Syer keutamaan boleh tebus 377,800 306,425 334,625 306,425Hak Kumpulan pada keuntungan,ditolak dividen yang akan diterima dan perlunasan muhibah 238,418 185,601 - -

741,409 614,711 459,810 429,110

Syer tersiarharga, pada kos 179,020 179,020 179,020 179,020Hak Kumpulan pada keuntungan, ditolak dividen yang akan diterima 119,473 85,513 - -

298,493 264,533 179,020 179,0201,039,902 879,244 638,830 608,130

Diwakili oleh:Syer tidak tersiarharga- Perkongsian Kumpulan terhadap aset bersih 708,370 570,769 - -- Muhibah ditolak pelunasan 33,039 43,942 - -

741,409 614,711 - -Syer tersiarharga- Perkongsian Kumpulan terhadap aset bersih 298,493 264,533 - -

1,039,902 879,244 - -

Harga pasaran:Syer tersiarharga, di Malaysia 519,715 527,140 519,715 527,140

Berkenaan dengan pembinaan Lebuhraya, beberapa buah syarikat bersekutu telah menggunakan polisi perakaunan yang penundaanpermodalan faedah yang dikenakan ke atas pinjaman yang digunakan untuk pembinaan Lebuhraya yang telah digunakan. Penundaanpermodalan faedah mewakili penyelewengan dari peruntukan dalam Piawaian Perakaunan Antarabangsa (PPA) 23 : Kos PinjamanDipermodalkan. PPA 23 bukan satu piawaian perakaunan yang digunakan oleh Lembaga Piawaian Perakaunan Malaysia.

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169


5 SYARIKAT-SYARIKAT BERSEKUTU (SAMB)

Dalam tahun semasa, Lembaga Piawaian Perakaunan Malaysia telah mengeluarkan Lembaga Piawaian Perakaunan Malaysia No. 27:Kos Pinjaman. Permodalan faedah yang ditanggung selepas pembukaan operasi tol Lebuhraya adalah tidak dibenarkan mengikutLembaga Piawaian Perakaunan Malaysia 27. Kumpulan masih belum menggunakan Lembaga Piawaian Perakaunan Malaysia No. 27kerana tarikh penguatkuasaan berasaskan jangkamasa kewangan bermula pada atau selepas 1 Julai 2002.

Kesan pro-forma ke atas keuntungan bersih bagi tahun semasa dan ekuiti pemegang syer Kumpulan jika Lembaga PiawaianPerakaunan Malaysia No. 27 dipatuhi adalah seperti berikut:

Yang dilaporkan ProformaDalam RM’000 2002 2001 2002 2001

Kumpulan

Keuntungan bersih milik para pemegang syer 238,788 191,708 193,470 156,654Ekuiti pemegang syer 1,456,612 1,216,015 1,276,590 1,075,538

Para pengarah Gamuda Berhad akan mematuhi Lembaga Piawaian Perakaunan Malaysia No. 27 pada tahun kewangan yang akandatang berakhir 31 Julai 2003.

Syarikat-syarikat bersekutu, yang kesemuanya diperbadankan di Malaysia, adalah seperti berikut:



Syarikat-syarikat bersekutu berdaftar di Malaysia

Dyna Plastics Sdn Bhd 48,001,720 41 44 Pengilangan dan penjualan bateri ion Lithium Polimer dan aksesori berkaitan

Gabungan Cekap Berhad 170,900,000 30 30 Pegangan pelaburan

Syarikat Pengeluar Air Sungai 50,000,001 30 30 Pegangan konsesi Skim Bekalan Air Sungai Selangor Sdn Bhd Selangor Fasa 1 dan 2

Hicom-Gamuda Development 6,053,004 50 50 Pembangunan hartanahSdn Bhd

Danau Permai Resort Berhad 5,500,000 50 50 Pengurusan kelab golf

Kota Kemuning Nursery & 800,000 50 50 Pembekalan dan penanaman bahan landskap dan Landscaping Sdn Bhd peruntukan servis landskap

HGD Property Services Sdn Bhd 2 50 50 Pengendalian servis hartanah

Kesas Holdings Berhad 470,914,840 30 30 Pegangan pelaburan

Kesas Sdn Bhd 5,000,000 30 30 Pegangan konsesi Lebuhraya

Lingkaran Trans Kota Holdings Bhd* 480,622,118 39 41 Pegangan pelaburan dan peruntukan perkhidmatan pengurusan

5 SYARIKAT-SYARIKAT BERSEKUTU (SAMB)



Syarikat-syarikat bersekutu berdaftar di Malaysia

Lingkaran Trans Kota Sdn Bhd 50,000,000 39 41 Pegangan konsesi Lebuhraya

Penyenggaraan Litrak Sdn Bhd 2 39 41 Pengendalian servis lebuhraya

Sukma Sinaran Sdn Bhd 2 39 41 Pegangan pelaburan

Litrak Sdn Bhd 2 39 41 Tidak aktif

Semarak Zaman Sdn Bhd 2 39 41 Tidak aktif

Midawasa Sdn Bhd 1,000 39 41 Pegangan pelaburan

Madang Permai Sdn Bhd 5,000,000 36 36 Pegangan konsesi sebuah Lebuhraya

Sistem Penyuraian Trafik 9,067,000 49 42 Pegangan pelaburanKL Barat Holdings Sdn Bhd

Sistem Penyuraian Trafik 50,000,000 49 42 Pegangan konsesi LebuhrayaKL Barat Sdn Bhd

Sussen (M) Sdn Bhd 600,000 - 50 Perkilangan dan perniagaan barangan emulsi bitumen

Dibawah Kesas Holdings Berhad, Lingkaran Trans Kota Holdings Berhad dan Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd:

ETC Links Sdn Bhd 600,003 40 38 Penyewaan perisian dan peralatan yang berkenaan

* Syer tersiarharga di Malaysia

Syarikat-syarikat bersekutu berdaftar di Mauritius

Dipegang oleh Gamuda (Offshore) Pvt Ltd:

Suria Holding (O) Pvt Ltd US$3,000 50 - Pegangan pelaburan

Gamuda - WCT (Offshore) Pvt Ltd US$3,000 50 - Pegangan pelaburan

Syarikat-syarikat bersekutu berdaftar di India

Dipegang oleh Suria Holding (O) Pvt Ltd:

Emas Expressway Pvt Ltd Rps12,237,500 50 - Pegangan konsesi Lebuhraya

Dipegang oleh Gamuda - WCT (Offshore) Pvt Ltd:

Mapex Infrastructure Rps558,039,930 50 - Pegangan konsesi LebuhrayaPrivate Limited

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6 LAIN-LAIN PELABURAN


Pada kos:Syer tersiarharga, di Malaysia 3,842 3,703 3 3Syer tak tersiarharga, di Malaysia 50 50 50 50Pelaburan dalam keanggotaan kelab yang boleh dipindahmilik 665 665 665 665

4,557 4,418 718 718Peruntukan untuk penyusutan nilai pelaburan dalam syer tersiarharga, di Malaysia (978) (978) - -

3,579 3,440 718 718Harga pasaran:Syer tersiarharga, di Malaysia 3,720 2,972 20 21

7 MUHIBAH DARI PENYATUAN

KumpulanDalam RM’000 2002 2001

Muhibah dari penyatuan (a) 5,448 5,448Rizab dari penyatuan (b) (1,787) (1,787)

3,661 3,661Pelunasan muhibah terkumpul (2,597) (2,415)Jumlah rizab terkumpul dikredit 1,787 1,787

2,851 3,033

a Muhibah dari penyatuan timbul daripada pembelian G. B. Kuari Sdn Bhd. Muhibah tersebut akan dilunaskan sepanjang tempoh 30tahun selaras dengan tempoh pajakan kuari, yang merupakan aset utama.

b Rizab dari penyatuan timbul daripada pembelian Gammau Construction Sdn Bhd. Rizab tersebut akan dilunaskan ke penyatapendapatan sepanjang tempoh 8 tahun berdasarkan purata anggaran hayat hartanah, loji dan peralatan utama tetap yang dibeli.

8 HAK-HAK KONSESI


Hak-hak konsesi 70,000 70,000Pelunasan (2,333) -

67,667 70,000

Hak-hak konsesi adalah berhubung perolehan sebuah subsidiari, Gamuda Water Sdn Bhd (dahulunya dikenali The Sweet WaterManagement Sdn Bhd). Gamuda Water Sdn Bhd telah dikurniakan hak-hak untuk mengendali dan menyelenggarakan loji-lojipenapisan air Skim Bekalan Air Sungai Selangor Fasa 3 untuk tempoh 30 tahun.

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9 PEMBANGUNAN HARTANAH


Tanah pegangan bebas, pada kos 354,031 294,981Tanah pegangpajak, pada kos 59,540 60,656Perbelanjaan pembangunan 91,484 11,098Keuntungan diiktiraf 21,657 1,396

526,712 368,131Tolak: Tuntutan ansuran diterima dan akan diterima (108,494) (5,815)

418,218 362,316

Termasuk di dalam perbelanjaan pembangunan yang dibelanjakan sepanjang tahun adalah:

Perbelanjaan faedah 1,959 -Susutnilai 391 372Kos kakitangan 1,777 944

Tanah pegangan bebas dengan jumlah yang dibawa sebanyak RM314,900,000 (2001 : RM255,838,494) telah dicagarkan kepadasebuah bank berlesen untuk jaminan bank yang diberikan kepada sebuah subsidiari berhubung baki pertimbangan belian bagi tanahyang diperolehi oleh subsidiarinya seperti yang dinyatakan dalam Nota 19(c) dan (d).

Hak milik tanah bagi sebidang tanah pegangan bebas dengan nilai bawa RM100,332,000 (2001 : RM50,166,000) belum dipindahmilikkepada subsidiari pada akhir tahun kewangan.

10 INVENTORI


Pada kos:

Bahan-bahan mentah - 273 - -Kerja dalam proses - 1,601 - -Barangan siap 302 845 - -“Crusher run” dan kelompok-kelompok 1,320 805 - -Barangan penggunaan setor dan bekalan 1,971 1,099 - 1,099

3,593 4,623 - 1,099

Pada nilai pasaran bersih:

Bahan-bahan mentah 2,593 6,873 - -Kerja dalam proses 1,340 - - -Barangan siap 1,181 4,115 - -

5,114 10,988 - -

8,707 15,611 - 1,099

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11 HUTANG DARIPADA/(KEPADA) PELANGGAN UNTUK KONTRAK PEMBINAAN


Kos pembinaan 3,295,587 2,966,698 2,512,659 2,310,277Keuntungan diiktiraf selepas ditolak kerugian 409,331 252,827 210,985 199,834Tuntutan ansuran diterima dan akan diterima (3,888,136) (3,228,072) (2,737,761) (2,542,232)

(183,218) (8,547) (14,117) (32,121)

Diwakili oleh:

Hutang daripada pelanggan untuk kontrak pembinaan 108,234 73,530 - 2,376Hutang kepada pelanggan untuk kontrak pembinaan (291,452) (82,077) (14,117) (34,497)

(183,218) (8,547) (14,117) (32,121)

Termasuk di dalam hutang daripada pelanggan untuk kontrak pembinaan adalah:

Kos kontrak pembinaan yang dibelanjakan sepanjang tahun 1,670,806 1,147,406 325,874 544,619

Kos kontrak pembinaan yang diiktirafkan sebagai perbelanjaan kontrak sepanjang tahun 599,330 604,544 123,491 241,921

Termasuk di dalam kos kontrak pembinaan yang dibelanjakan sepanjang tahun adalah:

Susutnilai 8,019 7,368 43 214Perbelanjaan faedah - 7,036 - 7,036Kos kakitangan 21,208 19,184 367 5,443Sewa peralatan 43,844 19,954 - 1,250Sewa premis 580 66 19 -

12 PENERIMAAN


Penerimaan perdagangan- Usahasama 195,153 349,788 89,767 312,235- Syarikat-syarikat bersekutu 84,834 98,414 - -- Wang tertahan 26,768 13,881 12,534 13,881- Lain-lain 104,938 30,488 11,350 1,726

Lain-lain penerimaan 44,647 43,819 9,198 19,860Dividen yang akan diterima 16,833 16,833 18,083 16,833

473,173 553,223 140,932 364,535Peruntukan bagi hutang ragu (1,587) (2,994) - (2,000)

471,586 550,229 140,932 362,535

Termasuk dalam lain-lain penerimaan Kumpulan dan Syarikat bagi tahun lepas ialah hutang daripada sebuah syarikat bersekutusebanyak RM15,000,000 berkenaan dengan permohonan untuk syer keutamaan boleh tebus.

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13 HUTANG DARIPADA SUBSIDIARI-SUBSIDIARI

SyarikatDalam RM’000 2002 2001

Hutang daripada subsidiari-subsidiari - perdagangan 75,632 69,726- bukan perdagangan 243,630 244,145

319,262 313,871Tolak: Peruntukan bagi hutang ragu (22,512) -

296,750 313,871

Termasuk dalam hutang daripada subsidiari-subsidiari ialah hutang daripada subsidiari-subsidiari usahasama yang tidak berdaftarsebanyak RM47,087,000 (2001: RM38,945,000).

Hutang daripada subsidiari-subsidiari adalah tidak bercagar, tidak dikenakan faedah dan tidak mempunyai tempoh pembayaran balikyang tetap kecuali amaun sebanyak RM145,277,000 (2001 : RM18,398,000) pendahuluan yang diberi kepada sebuah subsidiari yangdikenakan faedah pada kadar 6.0% ke 7.4% (2001 : 2.5%) setahun.

14 TUNAI DAN BAKI BANK


Tunai di tangan dan baki bank 16,917 7,747 496 556Akaun Pemaju Perumahan 33,040 - - -Deposit tetap di bank 371,978 335,767 73,397 57,136Deposit tetap di Syarikat Kewangan Berlesen 50,743 16,350 21,233 1,150

472,678 359,864 95,126 58,842

Temasuk dalam deposit tetap di bank ialah deposit bercagar untuk faedah pinjaman bank sebanyak RM899,666 (2001 : Nil) yangdihuraikan dalam Nota 19 (d).

15 PINJAMAN BANK


Overdraf bank - 308Resit amanah penerimaan bank 330 8,607

330 8,915

Resit amanah penerimaan bank dan overdraf bank telah dicagarkan ke atas aset-aset tertentu Kumpulan seperti yang dihuraikan dalamNota 3 dan kadar faedah yang dikenakan adalah di antara 3.10% hingga 8.05% (2001: 3.90% hingga 8.30%) setahun.

174



16 PEMBAYARAN


Pembayaran perdagangan 181,374 187,661 2,101 6,666Wang tertahan 35,543 40,285 569 8,881Lain-lain pembayaran 116,862 121,951 15,419 29,969Hutang kepada syarikat-syarikat bersekutu 89,410 126,229 - -

423,189 476,126 18,089 45,516

Termasuk dalam lain-lain pembayaran Kumpulan adalah jumlah hutang sebanyak RM47,041,000 (2001 : RM47,041,000) yang perludibayar balik dalam tempoh 12 bulan berhubung baki pertimbangan belian bagi tanah yang diperolehi oleh subsidiarinya seperti yangdinyatakan dalam Nota 19(c).

Hutang kepada syarikat-syarikat bersekutu adalah pendahuluan berhubung kontrak pembinaan yang tidak bercagar, tanpa faedah dandibayar balik secara ansuran yang dituntut oleh Kumpulan.

17 HUTANG KEPADA SUBSIDIARI-SUBSIDIARI

Termasuk dalam hutang kepada subsidiari-subsidiari ialah hutang kepada sebuah subsidiari usahasama yang tidak berdaftar sebanyakRM38,532,000 (2001 : Nil).

Hutang kepada subsidiari-subsidiari adalah tidak bercagar, tanpa faedah dan tidak mempunyai tempoh pembayaran balik yang tetap.

18 MODAL SYER

Bilangan syer biasabernilai RM1 setiap satu (‘000) Jumlah (RM’000)

2002 2001 2002 2001

Dibenarkan:

Pada 1 Ogos 2,000,000 1,000,000 2,000,000 1,000,000Terbitan di sepanjang tahun - 1,000,000 - 1,000,000Pada 31 Julai 2,000,000 2,000,000 2,000,000 2,000,000

Diterbitkan dan dibayar penuh:

Pada 1 Ogos 665,355 665,191 665,355 665,191Pelaksanaan wang permohonan syer daripada waran ke syer biasa 34 - 34 -Perlaksanaan waran 2 - 2 -Perlaksanaan SOSP 7,448 164 7,448 164

672,839 665,355 672,839 665,355Wang permohonan syer - 34Pada 31 Julai 672,839 665,389

a Modal syer Syarikat yang diterbitkan dan dibayar telah ditambah menerusi terbitan 7,482,000 dan 2,000 syer biasa baru melaluiperlaksanaan SOSP dan waran masing-masing. Kesemua syer baru yang diterbitkan mempunyai taraf yang sama dalam semua haldengan syer biasa Syarikat yang sedia ada.

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18 MODAL SYER (SAMB)

b Ciri-ciri utama SOSP adalah seperti berikut:i Mereka yang layak adalah pekerja-pekerja dan Pengarah Eksekutif sepenuh masa Kumpulan (termasuk pekerja kontrak dan

warganegara asing dengan kontrak perkhidmatan sekurang-kurangnya tiga tahun) yang telah disahkan jawatan dan telahbekerja dengan Kumpulan untuk tempoh yang berterusan selama sekurang-kurangnya satu tahun pada tarikh tawaran.Kelayakan untuk mengambil bahagian dalam SOSP adalah tertakluk kepada pertimbangan Ahli Jawatankuasa Opsyen.

ii SOSP akan berkuatkuasa bagi tempoh 5 tahun bermula dari 26 Disember 2000 tertakluk kepada sebarang pelanjutan ataupembaharuan untuk tempoh selanjutnya yang tidak melebihi 5 tahun bermula dari hari berikutan tarikh tamatnya tempoh 5tahun yang asal, yang boleh diluluskan oleh semua pihak berkenaan.

iii Jumlah bilangan syer yang akan ditawarkan tidak boleh melebihi 10% daripada modal syer Syarikat yang diterbitkan dandibayar penuh pada bila-bila masa sepanjang tempoh SOSP.

iv Harga langganan di bawah SOSP ini adalah harga purata wajaran bagi harga pasaran syer-syer Syarikat sebagaimanadinyatakan dalam Senarai Rasmi Harian yang diterbitkan oleh Bursa Saham Kuala Lumpur bagi 5 hari pasaran sebelum tarikhtawaran opsyen tersebut tertakluk kepada diskaun tidak melebihi sepuluh peratus (10%), atau pada nilai tara syer tersebut,yang mana lebih tinggi.

v Bilangan syer yang akan ditawarkan kepada seseorang pekerja yang layak mengikut SOSP akan ditentukan berdasarkanpertimbangan Ahli Jawatankuasa Opsyen selepas mengambilkira faktor-faktor seperti jawatan, prestasi, senioriti dan tempohperkhidmatan pekerja yang layak tersebut dan tertakluk kepada peruntukan maksima yang dibenarkan untuk seseorangpekerja yang layak.

vi Bilangan syer di bawah SOSP yang tidak diterbitkan atau harga opsyen atau kedua-duanya boleh diselaraskan jika berlakusebarang perubahan dalam struktur modal Syarikat di sepanjang tempoh opsyen, sama ada secara permodalan keuntunganatau rizab, terbitan hak, penyatuan syer-syer, pembahagian kecil atau pengurangan modal dan sebagainya, yang dilakukanoleh Syarikat.

vii Opsyen tersebut tidak akan layak untuk sebarang hak untuk mengundi di sebarang mesyuarat agung Syarikat dan seseorangpenerima tidak akan layak untuk sebarang dividen, hak atau kelayakan-kelayakan lain atas opsyen yang belum dilaksanakan.

viii Opsyen yang diberi di bawah SOSP tidak boleh ditukar hakmilik.

ix Syer-syer baru Syarikat yang akan diperuntukkan dengan perlaksanaan opsyen tersebut akan mempunyai taraf yang samadalam semua hal dengan syer-syer biasa Syarikat yang diterbitkan dan dibayar penuh yang sedia ada melainkan syer-syerbaru yang diterbitkan tidak akan layak untuk sebarang dividen, hak, peruntukan dan/atau pengagihan lain, sebelum tarikhkelayakan (iaitu tarikh tutup perniagaan di mana para pemegang syer mesti berdaftar agar melayakkan diri mereka untuksebarang dividen, hak, peruntukan atau pengagihan lain), yang mana sebelum tarikh peruntukan syer-syer baru.

c Dalam tahun kewangan berakhir 31 Julai 1997, Syarikat telah menerbitkan 38,351,903 Waran 1996/2006 seperti yang dinyatakandalam Nota 19(a)(i) kepada penyata kewangan. Pada tarikh lembaran imbangan, jumlah Waran 1996/2006 yang belumdilaksanakan adalah sebanyak 76,650,642 (2001 : 76,650,642) unit selepas perlarasan untuk terbitan bonus satu untuk satu padatahun kewangan yang lepas.

d Di sepanjang tahun kewangan berakhir 31 Julai 2001, Syarikat telah menerbitkan 166,297,668 Waran 2001/2007 seperti yangdinyatakan dalam Nota 19(a)(ii) kepada penyata kewangan. Pada tarikh lembaran imbangan, jumlah Waran 2001/2007 yangbelum dilaksanakan adalah sebanyak 166,295,668 (2000 : 166,297,668) unit.

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19 LIABILITI JANGKA PANJANG


Bon (a) 400,000 400,000 400,000 400,000Cukai tertunda (b) 14,589 9,575 6,272 6,272Pembayaran jangkapanjang (c) 47,042 94,083 - -Pinjaman bank – bercagar (d) 43,089 - - -Peruntukan untuk ganjaran persaraan (e) 5,030 5,065 3,796 3,991

509,750 508,723 410,068 410,263

Kumpulan dan syarikatDalam RM’000 2002 2001

a Bon

Jumlah nominal 4% Bon Bolehtebus Tidak Bercagar 1996/2001 - 115,000Jumlah nominal 3% Bon Bolehtebus Tidak Bercagar 2000/2007 400,000 400,000

400,000 515,000Jumlah perlu dibayar balik dalam 12 bulan - (115,000)

400,000 400,000

Sifat-sifat utama Bon Bolehtebus Tidak Bercagar adalah seperti berikut:

i 4% Bon Bolehtebus Tidak Bercagar 1996/2001 yang berjumlah nominal RM115,000,000 telah diterbitkan bersama 38,351,903waran ceraian kepada pembeli utama dan kemudiannya dijual kepada pemegang syer dengan nisbah satu waran untuk setiap tigasyer biasa sedia ada yang telah dimiliki pada harga tawaran 58.4 sen setiap waran. Setiap waran memberi pemegang berdaftarnyahak untuk melanggan satu syer baru Syarikat pada bila-bila masa pada atau sebelum tarikh akhir iaitu lima tahun selepas tarikhpenerbitan iaitu 30 Disember 1996. Pada tahun 1999, tempoh langganan telah dilanjutkan untuk tempoh selanjutnya selama limatahun bermula dari 29 Disember 2001 hingga 29 Disember 2006. Setiap Waran 1996/2006 memberikan hak untuk melanggansatu syer Syarikat bernilai RM1.00 setiap satu pada harga perlaksanaan RM4.21, tertakluk kepada perubahan selaras denganperuntukan yang dinyatakan di dalam Surat Ikatan Cabutan.

Bon-bon yang telah diterbitkan pada 100% nilai nominalnya dan mempunyai kadar kupon tetap sebanyak 4% setahun dibayartertunggak secara tahunan. Apabila tamat tempohnya, bon-bon akan ditebus pada 100% nilai nominal berserta dengan faedahterakru sehingga tarikh matangnya iaitu 29 Disember 2001.

ii 3% Bon Bolehtebus Tidak Bercagar 2000/2007 yang berjumlah nominal RM400,000,000 telah diterbitkan bersama 166,297,668waran ceraian kepada pembeli utama dan kemudiannya dijual kepada pemegang syer dengan nisbah satu waran untuk setiapempat syer biasa sedia ada yang telah dimiliki pada harga tawaran 61.0 sen setiap waran. Setiap waran memberi pemegangberdaftarnya hak untuk melanggan satu syer baru Syarikat pada bila-bila masa pada atau sebelum tarikh akhir iaitu enamsetengah tahun selepas tarikh penerbitan iaitu 22 Februari 2001, pada harga perlaksanaan RM3.75 setiap syer. Hargaperlaksanaan tertakluk kepada perubahan dari semasa ke semasa selaras dengan syarat-syarat yang dinyatakan di dalam SuratIkatan Cabutan yang diwujudkan pada 22 Februari 2001.

Bon-bon yang telah diterbitkan pada 100% nilai nominalnya dan mempunyai kadar kupon tetap sebanyak 3% setahun dibayartertunggak tiap-tiap setengah tahun. Apabila tamat tempohnya, bon-bon akan ditebus pada 100% nilai nominal berserta denganfaedah terakru sehingga tarikh matangnya iaitu 28 September 2007.

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19 LIABILITI JANGKA PANJANG (SAMB)

b Cukai tertunda


Pada 1 Ogos 9,575 7,986 6,272 6,272Pindahan dari penyata pendapatan (Nota 23) 5,014 1,589 - -Pada 31 Julai 14,589 9,575 6,272 6,272

Cukai tertunda sebanyak RM3,965,000 (2001 : RM3,965,000) bagi penilaian semula sesetengah tanah dan bangunan tidakdiperuntukkan dalam penyata kewangan kerana para pengarah tidak mempunyai niat untuk menjual hartanah tersebut.

c Pembayaran jangkapanjang adalah berhubung dengan hutang kepada pihak ketiga bagi baki pertimbangan belian tanah untukpembangunan seperti yang dinyatakan dalam Nota 9. Pembayaran hutang jangkapanjang mengikut syarat-syarat perjanjian beliandan jualan tanah adalah seperti berikut:

Kumpulan dan syarikatDalam RM’000 2002 2001

Pembayaran jangkapanjang 94,083 141,124Jumlah perlu dibayar balik dalam 12 bulan (Nota 16) (47,041) (47,041)Jumlah perlu dibayar balik selepas 12 bulan 47,042 94,083

Jumlah perlu dibayar:

Dalam satu tahun 47,041 47,041Diantara satu dan dua tahun 47,042 47,041Diantara dua dan lima tahun - 47,042

94,083 141,124

d Pinjaman bank - bercagar


Jumlah perlu dibayar selepas 12 bulan 43,089 -

Pinjaman bank dikenakan kadar faedah 7.65% setahun. Pinjaman bank telah dicagarkan dengan:

i Caj pertama ke atas tanah pegangan bebas seperti dihuraikan dalam Nota 9.

ii Suatu debentur bernilai RM250 juta ke atas semua hartanah, loji dan peralatan dan aset terapung sebuah subsidiari; HarumIntisari Sdn Bhd.

iii Deposit tetap bersamaan dengan, tidak kurang daripada faedah untuk 3 bulan ke atas baki terhutang pinjaman seperti yangdihuraikan dalam Nota 14.

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19 LIABILITI JANGKA PANJANG (SAMB)

e Peruntukan untuk ganjaran pesaraan pekerja adalah tidak berdana dan ditentukan berdasarkan jadual faedah seperti yangdinyatakan di dalam polisi dan perjanjian Kumpulan.


Pada 1 Ogos 5,065 4,777 3,991 3,996Peruntukan bersih/(caj bagi tahun) (Nota 21) 160 288 - (5)Digunakan tahun semasa (195) - (195) -Pada 31 Julai 5,030 5,065 3,796 3,991

20 HASIL

Hasil Kumpulan dan Syarikat terdiri daripada:


Kejuruteraan dan pembinaan 859,514 751,369 195,530 344,776Pembangunan hartanah 103,103 5,924 - -Jualan hasil kuari 31,113 29,815 - -Jualan kertas 15,282 25,442 - -Jualan barang pembinaan 26,234 18,339 - -Lain-lain 7,506 394 - -

1,042,752 831,283 195,530 344,776

21 KEUNTUNGAN DARI OPERASI

Keuntungan dari operasi selepas dicaj/(dikredit):


Ganjaran juruaudit- Audit berkanun 209 165 55 55- Lain-lain 99 58 99 58

Pelunasan hak-hak konsesi 2,333 - - -Pelunasan muhibah dari penyatuan:

- Subsidiari-subsidiari 182 182 - -- Syarikat bersekutu 10,903 2,313 - -

Inventori dihapuskira 817 172 - -Kerugian tidak direalisasikan atas tukaran asing - 20 - -Sewa loji dan peralatan 4,350 5,962 - 1,250Sewa premis 1,263 1,496 560 530Sewa tanah 51 - 51 -Peruntukan bersih/(pemulihan) untuk ganjaran persaraan kakitangan 160 288 - (5)Peruntukan untuk penyusutan nilai pelaburan dalam syer tersiarharga di Malaysia - 535 - -

Peruntukan penyusutan nilai pelaburan dalam subsidiari - - 16,290 -

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21 KEUNTUNGAN DARI OPERASI (SAMB)

Keuntungan dari operasi selepas dicaj/(dikredit):


Peruntukan hutang ragu- Lain-lain 893 138 - -- Subsidiari-subsidiari - - 22,512 -

Pemulihan peruntukan hutang ragu (605) (300) (605) -Peruntukan semula penyusutan nilai pelaburan (46) - - -Hartanah, loji dan peralatan dihapuskira 162 680 15 45Kerosakan atas hartanah, loji dan peralatan 2,750 - - -Ganjaran pengarah (Nota 22) 3,530 4,176 2,941 3,934Yuran pengurusan diterima daripada sebuah subsidiari - - - (450)Dividen diterima/akan diterima daripada:

- syarikat-syarikat subsidiari - - (34,250) (1,250)- syarikat bersekutu (disenaraikan) - - (9,280) (12,968)

Keuntugan dari penjualan hartanah, loji dan peralatan (1,073) (799) (179) (690)Pendapatan broker (216) (62) - -Keuntungan dari penjualan pelaburan (789) - (110) -Pemulihan hutang lapuk dihapuskira, bersih (267) - - -Keuntungan direalisasikan atas tukaran asing (34) - - -Keuntungan tidak direalisasikan atas tukaran asing (12) - - -Pendapatan sewa

- Subsidiari - - (570) (289)- Lain-lain (461) (117) (134) (96)

Pengagihan keuntungan dari subsidiari usahasama yang tidak diperbadankan - - (77,578) -

22 GANJARAN PENGARAH


Para pengarah Syarikat:

Eksekutif:Gaji dan emolumen lain 3,286 4,065 2,697 3,823Lain-lain manfaat 268 363 226 342

3,554 4,428 2,923 4,165

Bukan Eksekutif:Yuran 244 111 244 111Lain-lain manfaat 44 31 44 31

288 142 288 142

Jumlah 3,842 4,570 3,211 4,307

Jumlah tanpa lain-lain manfaat 3,530 4,176 2,941 3,934

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22 GANJARAN PENGARAH (SAMB)

Bilangan pengarah-pengarah Syarikat di mana jumlah ganjaran di sepanjang tahun terangkum dalam lingkungan berikut adalah:

Bilangan pengarah2002 2001

Pengarah Eksekutif:RM250,001 – RM300,000 1 1RM300,001 – RM350,000 - -RM350,001 – RM400,000 2 -RM400,001 – RM450,000 1 -RM450,001 – RM500,000 3 4RM500,001 – RM550,000 - 4RM550,001 – RM600,000 - -RM600,001 – RM650,000 - -RM650,001 – RM700,000 1 1

8 10Pengarah bukan eksekutif:RM1 – RM50,000 5 2RM50,001 – RM100,000 - -RM100,001– RM150,000 1 1

6 3

Jumlah 14 13

23 CUKAI


Peruntukan bagi tahun semasa 63,566 41,626 48,953 23,107Pindahan dari cukai tertunda (Nota 19(b)) 5,014 1,589 - -Kekurangan peruntukan bagi tahun-tahun lepas 5,344 1,290 9,660 1,432

73,924 44,505 58,613 24,539

Kadar cukai berkesan Kumpulan adalah lebih tinggi daripada kadar cukai berkanun disebabkan terutamanya oleh kerugian sesetengahsubsidiari yang tidak boleh diimbangi oleh keuntungan syarikat-syarikat lain di dalam Kumpulan memandangkan Kumpulan tidakmempunyai pelepasan cukai.

Kadar cukai berkesan ke atas keuntungan Syarikat adalah lebih tinggi daripada kadar cukai berkanun disebabkan sesetengahperbelanjaan yang tidak dibenarkan tolakan cukai. Pada 31 Julai 2002, Syarikat mempunyai keuntungan pengecualian cukai yang bolehdiagihkan berjumlah kira-kira RM14,191,000 (2001 : RM10,506,000) tertakluk kepada persetujuan daripada Lembaga Hasil DalamNegeri.

Syarikat mempunyai kredit cukai yang mencukupi di bawah Seksyen 108, Akta Cukai Pendapatan, 1967 untuk membolehkanpembayaran dividen dibuat daripada keseluruhan keuntungan tertahannya pada 31 Julai 2002 tanpa dikenakan cukai tambahan.

181


182



24 DIVIDEN

Kumpulan dan SyarikatJumlah (RM’000) Dividen sesyer (Sen)

2002 2001 2002 2001

Dividen interim dibayar sebanyak 5% selepas 28% cukai (2001 : 4% dikecualikan cukai) 24,133 26,611 4 4

Dividen akhir dicadangkan Nil (2001 : 4% selepas 28% cukai) - 19,163 - 324,133 45,774

Pada Mesyuarat Agung yang akan datang, dividen akhir bagi tahun kewangan semasa yang berakhir 31 Julai 2002 sebanyak 5% ke atas672,838,672 syer biasa dikecualikan 28% cukai berjumlah RM24,222,192 (3.6 sen sesyer) akan dicadangkan untuk kelulusanpemegang-pemegang syer. Penyata kewangan semasa tidak menunjukkan kesan dividen akhir dicadang. Dividen akhir yang berkenaan,jika diluluskan oleh pemegang-pemegang syer, akan diakaunkan ke dalam ekuiti pemegang syer sebagai pengagihan untung tertahanpada tahun berakhir 31 Julai 2003.

25 PEROLEHAN SESYER

a Perolehan sesyer biasa

Perolehan asas setiap syer telah dikira dengan membahagikan keuntungan Kumpulan selepas cukai dan kepentingan minoritidengan bilangan purata wajaran syer dalam terbitan di sepanjang tahun.

Kumpulan2002 2001

Keuntungan bersih milik para pemegang syer (RM’000) 238,788 191,708Bilangan purata wajaran syer dalam terbitan (’000) 668,093 665,240

Perolehan sesyer (sen) 36 29

b Perolehan sesyer yang dicair

Perolehan sesyer yang dicairkan sepenuhnya telah dikira berdasarkan keuntungan Kumpulan selepas cukai dan kepentinganminoriti yang telah diselaraskan dan berdasarkan bilangan syer yang telah atau akan diterbitkan dengan anggapan perlaksanaanSOSP dan Waran dengan sepenuhnya pada akhir tahun.

Kumpulan2002 2001

Keuntugan bersih milik para pemegang syer (RM’000) 238,788 191,708

Bilangan purata wajaran syer (’000) 668,093 665,240

Dilaraskan untuk:Anggaran syer diterbit dari perlaksanaan SOSP (’000) 17,187 4,628Anggaran syer diterbit dari perlaksanaan waran 1996/2006 (’000) 15,009 9,545Anggaran syer diterbit dari perlaksanaan waran 2001/2007 (’000) 47,176 - *

747,465 679,413

Perolehan sesyer yang dicairkan (sen) 32 28

* Bagi tahun kewangan berakhir 31 Julai 2001, Waran 2001/2007 telah dikecualikan daripada pengiraan perolehan sesyer yang dicairkansepenuhnya untuk syer biasa RM1 disebabkan kesan penukaran waran tersebut ke syer-syer biasa adalah bertentangan dengan sifatpencairan.

26 PENGLIBATAN


Dilulus dan dikontrakkan 102,497 151,160 64 93

Termasuk dalam penglibatan adalah jumlah sebanyak RM100,332,000 (2001 : RM150,499,000) yang berkaitan dengan pembeliantanah oleh sebuah subsidiari Syarikat, Harum Intisari Sdn Bhd.

27 LIABILITI LUARJANGKA (TIDAK BERCAGAR)


Jaminan yang diberi kepada pemiutang perdagangan untuk kemudahan kredit yang diberikan kepada sebuah syarikat subsidiari - - 2,000 1,037

Jaminan “performance” dan jaminan wang tertahan 275,946 266,157 368,370 268,113275,946 266,157 370,370 269,150

28 URUSNIAGA PENTING DENGAN PIHAK BERKAITAN


Perkhidmatan kontrak untuk Lingkaran Trans Kota Sdn Bhd,sebuah syarikat bersekutu (2,822) (1,587) (29) (1,587)

Perkhidmatan kontrak untuk Sistem Penyuraian Trafik KL Barat Sdn Bhd, sebuah syarikat bersekutu (148,826) (163,064) (54,660) (163,064)

Perkhidmatan kontrak oleh syarikat-syarikat di mana salah seorang pengarah, Tan Sri Dato’ Ir Talha bin Haji Mohd Hashim, mempunyai kepentingan:

- Sepakat Setia Perunding Sdn Bhd 933 1,764 - -- SSP Geotechnics Sdn Bhd 40 - - -- Pioneer Continental Sdn Bhd 1,197 - - -- SSP (E&M) Sdn Bhd 275 - - -

Perkhidmatan kontrak kepada GLC Architect, sebuah syarikat di mana salah seorang pengarah, Goon Heng Wah, mempunyai kepentingan 409 - - -

Perkhidmatan kontrak untuk GKTJV, sebuah subsidiari yang tidak berdaftar - - (139,789) (164,620)Perkhidmatan kontrak untuk Syarikat Pengeluar Air Sungai Selangor Sdn Bhd, sebuah syarikat bersekutu (695,366) (133,560) - -

Perkhidmatan kontrak oleh subsidiari - - 140,231 302,807Dividen kasar akan diterima daripada subsidiari - - (34,250) (1,550)Faedah akan dibayar kepada subsidiary - - - 67Yuran pengurusan akan diterima daripada subsidiary - - - (450)Sewa diterima daripada subsidiari - - (570) (337)Faedah akan diterima daripada subsidiari - - (12,817) (439)Pindahan aset tetap daripada subsidiary - - 72 66Pindahan aset tetap kepada subsidiari - - (80) (45)

Para pengarah berpendapat bahawa urusniaga di atas telah dijalankan menurut pengurusan perniagaan yang normal dan berdasarkanasas yang telah diperundingkan yang tidak banyak berbeza daripada yang diuruskan dengan pihak yang tidak berkaitan.

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29 PERISTIWA-PERISTIWA PENTING

Di sepanjang tahun kewangan,

a Pada 4 September 2001, pembelian 80% ekuiti dalam Gamuda Water Sdn Bhd (dahulunya dikenali sebagai The Sweet WaterManagement Sdn Bhd) telah diselesaikan selepas memenuhi syarat-syarat yang diketarakan dalam Perjanjian Jual Beli.

b Pada 26 September 2001, “National Highways Authority of India” telah meluluskan tender bersama Syarikat dengan WCTEngineering Berhad untuk mereka, membiayai, membina, mengoperasi dan mengendalikan projek lebuhraya di KM 517 ke KM581.457, Seksyen Panagarh-Palsit di Wilayah Bengal Barat, India. Projek ini dianggarkan berkos Rps 5.0 billion (anggaran RM420million). Perjanjian konsesi ini ditandatangani pada 21 November 2001.

c Pada 15 November 2001, Syarikat telah membeli keseluruhan modal terbitan dan berbayar Gamuda (Offshore) Private Limited(“GOPL”), sebuah syarikat diperbadankan di Mauritius, yang terdiri daripada 1,000 syer biasa bernilai US$1 sesyer.

d Pada 15 November 2001, Syarikat melalui subsidiari milik sepenuhnya, GOPL, membeli 50% ekuiti di Gamuda-WCT (Offshore)Private Limited (“GWOPL”), sebuah syarikat diperbadankan di Mauritius, yang terdiri daripada 1,500 syer biasa bernilai US$1sesyer. GWOPL ialah syarikat induk Mapex Infrastructure Private Limited, syarikat konsesi yang mengendalikan projek LebuhrayaPanagarh-Palsit di Wilayah Bengal Barat, India.

e Pada 16 November 2001, Syarikat melalui subsidiari milik sepenuhnya, GOPL, membeli 70% ekuiti di Gamuda-WCT (India) PrivateLimited (“GWIPL”), sebuah syarikat diperbadankan di India, yang terdiri daripada 7,000 syer ekuiti yang bernilai Rps 10 sesyer.GWIPL mengendalikan aktiviti kejuruteraan, pembinaan dan pemerolehan projek Lebuhraya Panagarh-Palsit di Wilayah BengalBarat, India.

f Pada 3 Januari 2002, Syarikat menandatangani Perjanjian Jual Beli untuk menjual 50% ekuiti syer Gamuda di Sussen (Malaysia)Sdn Bhd yang terdiri daipada 100,000 syer biasa bernilai RM1.00 sesyer dan 400,000 syer keutamaan boleh tebus bertimbun padaharga RM0.50 sesyer untuk tunai sebanyak RM610,000. Urusniaga ini telah diselesaikan pada 16 Januari 2002.

g Pada 31 Januari 2002, “National Highways Authority of India” meluluskan tender bersama Syarikat dengan WCT EngineeringBerhad untuk mereka, membiayai, membina, mengoperasi dan mengendalikan projek lebuhraya dari KM 581 ke KM 646 diLebuhraya Durgapur, Seksyeb Dankuni-Palsit di Wilayah Bengal Barat, India. Projek ini dianggarkan berkos Rps 4.2 billion(anggaran RM350 juta). Perjanjian konsesi ini ditandatangani pada 27 Mac 2002.

h Pada 27 Februari 2002, Syarikat memohon ekuiti tambahan di Valencia Development Sdn Bhd (“VDSB”) yang terdiri daripada4,800,000 syer biasa baru bernilai RM1.00 sesyer pada harga RM1.00 sesyer dan 270,000 syer keutamaan boleh tebus bernilaiRM1.00 sesyer pada premium RM99.00 sesyer untuk RM31.8 juta. Melalui permohonan ini, ekuiti Syarikat ke atas VDSB telahbertambah dari 80% ke 98.8%.

i Pada 18 Mac 2002, Syarikat melalui subsidiari milik sepenuhnya, GOPL, membeli 50% ekuiti di Suria Holding (O) Pvt. Limited(“SHOPL”), sebuah syarikat diperbadankan di Mauritius, yang terdiri daripada 1,500 syer biasa bernilai US$1 sesyer. SHOPL ialahsyarikat induk Emas Expressway Private Limited, syarikat konsesi yang mengendalikan projek Lebuhraya Durgapur di WilayahBengal Barat, India.

j Pada 21 Mac 2002, Syarikat membeli keseluruhan modal terbitan dan berbayar Gamuda Land Sdn Bhd (“GLSB”) yang terdiridaripada 2 syer biasa bernilai RM1.00 sesyer untuk tunai. GLSB ialah sebuah syarikat pembangunan hartanah.

k Pada 26 Mac 2002, Syarikat memohon 1,100,000 Syer Keutamaan Boleh Tebus yang bernilai RM1.00 sesyer pada premiumRM99.00 sesyer di Harum Intisari Sdn Bhd dengan permodalan pendahuluan.

184



29 PERISTIWA-PERISTIWA PENTING (SAMB)

l Pada 22 April 2002, Syarikat melalui subsidiari milik sepenuhnya, Gamuda Engineering Sdn Bhd, membeli 70% daripada modalterbitan dan berbayar Megah Landscape Sdn Bhd, yang terdiri daripada 350,000 syer biasa bernilai RM1.00 sesyer untuk tunaisebanyak RM350,000.

m Pada 19 Jun 2002, Syarikat membeli keseluruhan modal terbitan dan berbayar dalam G.B. Kuari Sdn Bhd yang terdiri daripada750,000 syer biasa yang bernilai RM1.00 sesyer daripada subsidiari milik sepenuhnya, Ganaz Bina Sdn Bhd untuk tunai sebanyakRM28,754,400. Melalui pembelian ini, G.B. Kuari Sdn Bhd menjadi subsidari kepada Syarikat.

n Pada 26 Julai 2002, Syarikat menandatangani Perjanjian Usahasama dengan MMC Engineering Berhad dengan tujuan untukmembentuk sebuah usahasama yang tidak diperbadankan yang dikenali sebagai MMCEG Usahasama Gamuda untuk bekerjasamadalam perudingan dan mengendalikan rekaan, kejuruteraan, pemerolehan, pembinaan, pemasangan, pengujian dan berfungsisebagai kontrator kejuruteraan, pemerolehan untuk pembinaan percantuman terowong pintasan bersama jalan motor dalam KualaLumpur, yang bertujuan untuk meringankan kesesakan lalu lintas di bandar. Cadangan ini telah diluluskan oleh Kerajaan Malaysia.Projek tersebut dikenali sebagai “Stormwater Management And Road Tunnel” (“SMART”) projek.

30 PERISTIWA-PERISTIWA SUSULAN

Syarikat telah menandatangani perjanjian yang berikut:

a suatu perjanjian jual beli bertarikh 12 September 2002 dengan subsidiari milik sepenuh, Reka Strategi Sdn Bhd (“RSSB”), untukpenjualan 80% ekuiti di Gamuda Water Sdn Bhd (dahulunya dikenali sebagai The Sweet Water Management Sdn Bhd) (“G-Water”)yang terdiri daripada 1,600,000 syer biasa bernilai RM1.00 sesyer (“Jualan Syer G-Water”) kepada RSSB untuk tunai RM120 juta(“Cadangan Penjualan G-Water”); dan

b suatu perjanjian jual beli bertarikh 13 September 2002 dengan sebuah syarikat bersekutu yang 30% ekuiti dimiliki syarikat,Gabungan Cekap Berhad (”GCB”), untuk penjualan keseluruhan ekuiti dalam RSSB yang terdiri 2 syer biasa bernilai RM1.00 sesyer(“Jualan Syer RSSB”) kepada GCB untuk tunai RM2.00 (“Cadangan Penjualan RSSB”).

Selepas selesainya penjualan syer RSSB, RSSB dan G-Water akan tamat sebagai subsidiari Syarikat. Walau bagaimanapun, syarikat-syarikat tersebut akan kekal sebagai syarikat bersekutu Syarikat melalui GCB.

Cadangan penjualan tersebut dijangka akan tamat pada tahun kewangan berakhir 31 Julai 2003 dan dijangka menghasilkan lebihkurang RM39 juta dan RM48 juta keuntungan kepada Kumpulan dan Syarikat masing-masing.

c Pada 2 Oktober 2002, “Kaohsiung Rapid Transit Corporation”, Taiwan, Republic of China telah menerima permohonan bersamaSyarikat dengan “New Asia Construction & Development Corporation”, sebuah syarikat diperbadankan di Taiwan, Republic ofChina dan disenaraikan di Bursa Saham Taiwan. Pemohonan bersama berkenaan adalah untuk mereka, membina dan menyiapkan“Kaohsiung Mass Rapid Transit System Project”, “Orange Line Package C04” yang mana terdiri daripada sebahagian daripada“Kaohsiung Underground Mass Rapid Transit System” di bandar Kaohsiung, Taiwan, Republic of China.

d Pada 4 Oktober 2002, Gamuda Enginnering Sdn Bhd, sebuah subsidiari milik sepenuhnya, telah ditawarkan kontrak untuk mereka,membina dan kerja membaikpulihkan enam “interchange” di Lebuhraya Damansara-Puchong oleh Lingkaran Trans Kota Sdn Bhd.

185


186



31 ANALISA BERSEGMEN

Keuntungan Jumlah asetDalam RM’000 Hasil sebelum cukai digunakan

Analisa menurut aktiviti:

2002

Syarikat dan subsidiari-subsidiarinya:

Kejuruteraan dan pembinaan 859,514 198,938 1,150,777Perkilangan, kuari dan lain-lain 80,135 17,656 197,063Pembangunan hartanah 103,103 16,980 337,939

1,042,752 233,574 1,685,779

Syarikat-syarikat bersekutu:

Lebuhraya 88,743 617,437Bekalan air 49,365 148,882Pembangunan hartanah 29,858 189,625Perkilangan, kuari dan lain-lain (16,574) 83,958

151,392 1,039,902

1,042,752 384,966 2,725,681

2001

Syarikat dan subsidiari-subsidiarinya:

Kejuruteraan dan pembinaan 751,369 125,646 946,323Perkilangan, kuari dan lain-lain 73,990 18,712 167,373Pembangunan hartanah 5,924 (96) 370,199Bekalan air - (219) 75,084

831,283 144,043 1,558,979

Syarikat-syarikat bersekutu:

Lebuhraya 64,688 559,025Bekalan air 41,708 83,339Pembangunan hartanah 26,955 168,127Perkilangan, kuari dan lain-lain (1,359) 68,753

131,992 879,244

831,283 276,035 2,438,223

Kesemua aktiviti-aktiviti Kumpulan adalah dijalankan di dalam Malaysia.

Para pengarah berpendapat bahawa segala urusniaga di antara segmen di atas telah dijalankan menurut pengurusan perniagaan yangnormal dan berdasarkan syarat-syarat yang tidak banyak berbeza daripada yang diurusakan dengan pihak yang tidak berkaitan.

32 MATAWANG

Semua jumlah adalah dinyatakan di dalam Ringgit Malaysia kecuali jika dinyatakan sebaliknya.

32 ANGKA BANDINGAN

Angka bandingan tertentu telah diklasifikasikan semula supaya menurut pembentangan tahun semasa.

187


Nilai buku Anggaran Tarikh bersih usia bangunan penilaian/

Lokasi Pegangan Kawasan Keterangan Tempoh tamat (RM) (Tahun) perolehan

No. 36/38, Jalan SS21/62 Bebas 1,078 meter 2 blok, rumah - 1,097,000 14 199147400 Petaling Jaya persegi kedai/pejabatSelangor 4 tingkat

No. 30, Jalan SS2/44 Bebas 501 meter Banglo/ - 353,800 22 199147300 Petaling Jaya persegi kuartersSelangor kakitangan

No. 39, Jalan SS22/23 Bebas 499 meter Rumah kedai/ - 636,640 14 199147400 Petaling Jaya persegi pejabatSelangor 4 tingkat

No. 55-61, Jalan SS22/23 Bebas 1,996 meter 4 blok, - 893,002 17 199247400 Petaling Jaya persegi rumah kedai/ 893,002Selangor pejabat 1,251,068

4 tingkat 1,037,908

Lot 6, Jalan U1/17 Bebas 3,527 ekar Kawasan - 7,097,063 12 1991Seksyen U1 perindustrian/40000 Shah Alam kilang/Selangor pejabat

No. 152, Jalan Gopeng Berpajak 164 meter Rumah kedai/ 2078 207,585 22 199131350 Ipoh, Perak persegi pejabat

3 tingkat

No. 158, Jalan Gopeng Berpajak 163 meter Rumah kedai/ 2078 202,800 22 199131350 Ipoh, Perak persegi pejabat

3 tingkat

PT 51683, Jalan Jelapang Berpajak 4,353 meter Kawasan 2043 476,927 18 199130020 Ipoh, Perak persegi perindustrian/

bengkel

PT 183485 Berpajak 12,144 meter Kawasan 2050 746,308 12 1991Kawasan Perindustrian Meru persegi perindustrian/Jelapang, 30020 Ipoh, Perak stor

Lot 195821, 195822, Berpajak 45 hektar Bukit granit, 2022 9,357,008 - 1991195823, 195824, 195825, bukit batu 195826, 195827, 46482 kapur dan 57417 kesemuanya di Mukim tanahKampar, Daerah Kinta perindustrian/31350 Ipoh, Perak kuari

HS (D) 54871, Bebas 16,898 kaki Kawasan - 8,288,464 - 1995PT No. 56274 persegi perindustrian/Mukim & Daerah Kelang bengkelSelangor

HS (D) 52561, Bebas 42,217 kaki Tanah - 9,104,000 - 1996PT No. 53932 persegi komersialMukim & Daerah KelangSelangor

Senarai Hartanah Utama yang DimilikiPada 31 Julai 2002

188


Maklumat Mengenai Para Pemegang Saham &Para Pemegang Waran - pada 8 November 2002

SAHAM BIASA

Modal dibenarkan : RM2,000,000,000.00Diterbitkan dan dibayar penuh : RM674,225,674.00Jenis saham : Saham biasa bernilai RM1.00 sesahamHak mengundi : 1 undi bagi setiap pemegang saham dengan cara mengangkat tangan

1 undi bagi setiap saham biasa dengan cara polBil. pemegang saham : 9,917

PENGALIHAN PEGANGAN SAHAM

Saiz pegangan saham Bil. pemegang saham % Bil. saham biasa %

1 – 999 338 3.41 50,442 0.011,000 – 10,000 7,872 79.38 21,667,087 3.2110,001 – 100,000 1,134 11.43 39,941,652 5.92100,001 – 33,711,282 571 5.76 490,617,359 72.7733,711,283* dan ke atas 2 0.02 121,949,134 18.09

Jumlah 9,917 100.00 674,225,674 100.00

Nota:* Menandakan 5% daripada modal terbitan

PARA PEMEGANG SAHAM UTAMASeperti yang ditunjukkan di dalam Daftar Pemegang-Pemegang Saham Utama

Bil. sahamNama pemegang saham utama Mempunyai Dianggap mempunyai

kepentingan langsung kepentingan %

Generasi Setia (M) Sdn Bhd 92,486,928 (a) - 13.72Raja Dato’ Seri Eleena Azlan Shah - 92,486,928 (b) 13.72Dato’ Lin Yun Ling 46,848,818 (a) - 6.95Employees Provident Fund Board 38,510,250 (c) - 5.71

Nota:(a) Termasuk saham yang dipegang melalui syarikat nomini(b) Dianggap mempunyai kepentingan melalui Generasi Setia (M) Sdn Bhd(c) Termasuk saham yang dipegang melalui pengurus-pengurus portfolio

189


30 PEMEGANG SAHAM TERBESARMengikut Rekod Pendeposit (tanpa mengagregat sekuriti daripada akaun-akaun sekuriti yang berbeza milik orang yang sama)

Bil. Nama pemegang saham Pegangan saham %

1 Generasi Setia (M) Sdn Bhd 82,986,928 12.312 Dato’ Lin Yun Ling 38,962,206 5.783 Employees Provident Fund Board 19,343,250 2.874 Ng Kee Leen 12,516,114 1.865 Ha Tiing Tai 11,207,938 1.666 PAB Nominee (Tempatan) Sdn Bhd - Akaun Sekuriti Dicagarkan bagi Generasi Setia (M) Sdn Bhd 9,500,000 1.417 Citicorp Nominees (Asing) Sdn Bhd - CBHK PBGSGP bagi Keyport Limited 7,811,250 1.168 EB Nominees (Tempatan) Sendirian Berhad 7,402,052 1.10

- Akaun Sekuriti Dicagarkan bagi Shang Yong @ Chung Koon Yee

9 Goon Heng Wah 7,071,158 1.0510 Amanah Raya Nominees (Tempatan) Sdn Bhd - Skim Amanah Saham Bumiputera 6,967,000 1.0311 Sukma Sinaran Sdn Bhd 6,102,000 0.9112 EB Nominees (Tempatan) Sendirian Berhad 6,000,000 0.89

- Akaun Sekuriti Dicagarkan bagi Chan Yong Foo @ Chan Kuan Nam

13 Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Growth Fund 5,977,000 0.8914 Amanah Raya Nominees (Tempatan) Sdn Bhd - Amanah Saham Malaysia 5,902,000 0.8815 Cartaban Nominees (Asing) Sdn Bhd 5,837,800 0.87

- Government Of Singapore Investment Corporation Pte Ltd bagi Government Of Singapore (C)

16 Cartaban Nominees (Asing) Sdn Bhd 5,715,000 0.85- SSBT Fund Po01 bagi Morgan Stanley Investment Management Emerging Markets Trust

17 HSBC Nominees (Asing) Sdn Bhd - RTCC London bagi Edinburgh Dragon Trust Plc 5,500,000 0.8218 Heng Teng Kuang 5,312,494 0.7919 EB Nominees (Tempatan) Sendirian Berhad 5,138,300 0.76

- Akaun Sekuriti Dicagarkan bagi Heng Teng Kuang

20 HSBC Nominees (Asing) Sdn Bhd - Stichting Pensioenfonds Abp. 4,980,000 0.7421 HLG Nominee (Tempatan) Sdn Bhd - PB Trustee Services Berhad bagi HLG Growth Fund 4,536,000 0.6722 Am Nominees (Tempatan) Sdn Bhd - Employees Provident Fund Board 3,949,000 0.5923 HSBC Nominees (Asing) Sdn Bhd - Mineworkers’ Pension Scheme 3,744,000 0.5624 HSBC Nominees (Asing) Sdn Bhd - JPMCB bagi Fleming Flagship Asian Opportunities Fund 3,695,000 0.5525 DB (Malaysia) Nominee (Asing) Sdn Bhd 3,616,000 0.54

- DBSPN bagi Prudential Assurance Company Singapore (Pte) Limited (Prulink Fund)

26 HSBC Nominees (Asing) Sdn Bhd - SAMA JF 3,574,000 0.5327 Shang Yong @ Chung Koon Yee 3,397,830 0.5028 Mayban Nominees (Tempatan) Sdn Bhd 3,395,000 0.50

- Mayban Trustees Berhad bagi Public Regular Savings Fund

29 HSBC Nominees (Asing) Sdn Bhd - Coal Staff Superannuation Scheme Trustees Limited 3,363,000 0.5030 Amanah Raya Nominees (Tempatan) Sdn Bhd - Amanah Saham Wawasan 2020 3,265,000 0.48

Jumlah 296,767,320 44.02

190


Maklumat Mengenai Para Pemegang Saham & Para PemegangWaran - pada 8 November 2002

WARAN 1996/2006

Jenis sekuriti : WaranBil. waran yang belum dilaksanakan : 76,650,640Tempoh pelaksanaan : 30/12/1996 - 29/12/2006Harga pelaksanaan : RM4.21 setiap waranHak pelaksanaan : Setiap waran memberi hak kepada pemegangnya untuk melanggan satu (1) saham biasa baru

bernilai RM1.00 dalam Syarikat pada bila-bila masa sepanjang tempoh pelaksanaanHak mengundi : 1 undi bagi setiap pemegang waran dengan cara mengangkat tangan di mesyuarat

1 undi bagi setiap waran dengan cara pol para pemegang waranBil. pemegang waran : 3,058

PENGALIHAN WARAN 1996/2006

Saiz pegangan waran Bil. pemegang waran % Bil. waran dipegang %

1 - 999 61 2.00 23,120 0.031,000 – 10,000 2,577 84.27 8,004,000 10.4410,001 – 100,000 359 11.74 10,428,410 13.61100,001 – 3,832,531 57 1.86 31,729,368 41.393,832,532* dan ke atas 4 0.13 26,465,742 34.53

Jumlah 3,058 100.00 76,650,640 100.00

Nota:* Menandakan 5% daripada jumlah waran yang belum dilaksanakan

191


30 PEMEGANG WARAN 1996/2006 TERBESARMengikut Rekod Pendeposit (tanpa mengagregat sekuriti daripada akaun-akaun sekuriti yang berbeza milik orang yang sama)

Bil. waran Bil. Nama pemegang Waran 1996/2006 1996/2006 dipegang %

1 Generasi Setia (M) Sdn Bhd 11,400,000 14.872 Dato’ Lin Yun Ling 6,453,410 8.423 Malaysia National Insurance Berhad 4,655,000 6.074 Chan Yong Foo @ Chan Kuan Nam 3,957,332 5.165 Heng Teng Kuang 3,553,076 4.646 Shang Yong @ Chung Koon Yee 2,500,320 3.267 Ng Kee Leen 2,288,000 2.988 Universal Trustee (Malaysia) Berhad - SBB Premium Capital Fund 1,975,000 2.589 Goon Heng Wah 1,788,158 2.3310 Ha Tiing Tai 1,704,000 2.2211 Citicorp Nominees (Asing) Sdn Bhd - CBHK PBGSGP bagi Keyport Limited 1,574,832 2.0512 Takaful Nasional Sdn Berhad 1,187,000 1.5513 AMMB Nominees (Tempatan) Sdn Bhd - AmTrustee Berhad bagi HLG Penny Stock Fund (5/4-3) 1,148,000 1.5014 RHB Nominees (Tempatan) Sdn Bhd - Akaun Sekuriti Dicagarkan bagi Chan Kok Wah 963,056 1.2615 Allianz Life Insurance Malaysia Berhad 767,000 1.0016 Cartaban Nominees (Asing) Sdn Bhd 667,000 0.87

- Credit Agricole Indosuez Luxembourg bagi Credit Agricole Funds-Asian Renaissance

17 Allianz Life Insurance Malaysia Berhad 637,000 0.8318 Southern Nominees (Tempatan) Sdn Bhd - Southern Bank Berhad 602,000 0.7919 Lee Muk Siong 580,000 0.7620 BHLB Trustee Berhad - TA Growth Fund 566,000 0.7421 Universal Trustee (Malaysia) Berhad - BHLB Pacific Emerging Companies Growth Fund 487,388 0.6422 Citicorp Nominees (Asing) Sdn Bhd - Nom HK bagi Capital Intelligence Limited 462,000 0.6023 Citicorp Nominees (Asing) Sdn Bhd - CBHK PBGSGP bagi Su Zhou Investments Ltd 457,666 0.6024 SBBAM Nominees (Tempatan) Sdn Bhd - Malaysian Assurance Alliance Bhd 423,000 0.5525 Omega Nominees (Tempatan) Sdn Bhd - Akaun Sekuriti Dicagarkan bagi Tan Kai Ann @ T Teck Chuan 420,000 0.5526 BHLB Trustee Berhad - TA Comet Fund 395,000 0.5227 Wong Kok Hou 374,000 0.4928 Kay Yew Kiang 300,000 0.3929 Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad bagi RHB Dynamic Fund 300,000 0.3930 Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad bagi RHB Capital Fund 300,000 0.39

Jumlah 52,885,238 69.00

192


Maklumat Mengenai Para Pemegang Saham & Para PemegangWaran - pada 8 November 2002

WARAN 2001/2007

Jenis sekuriti : Waran Bil. waran yang belum dilaksanakan : 166,295,668Tempoh pelaksanaan : 22/2/2001 – 21/8/2007Harga pelaksanaan : RM3.75 setiap waran Hak pelaksanaan : Setiap waran memberi hak kepada pemegangnya untuk melanggan satu (1) saham biasa baru

bernilai RM1.00 dalam Syarikat pada bila-bila masa sepanjang tempoh pelaksanaanHak mengundi : 1 undi bagi setiap pemegang waran dengan cara mengangkat tangan di mesyuarat

1 undi bagi setiap waran dengan cara pol para pemegang waranBil. pemegang waran : 5,952

PENGALIHAN WARAN 2001/2007

Saiz pegangan waran Bil. pemegang waran % Bil. waran dipegang %

1 - 999 366 6.15 152,550 0.091,000 – 10,000 4,719 79.28 12,779,088 7.6810,001 – 100,000 683 11.48 21,650,693 13.02100,001 – 8,314,782 181 3.04 84,409,724 50.768,314,783* dan ke atas 3 0.05 47,303,613 28.45

Jumlah 5,952 100.00 166,295,668 100.00

Nota:* Menandakan 5% daripada jumlah waran yang belum dilaksanakan

193


30 PEMEGANG WARAN 2001/2007 TERBESARMengikut Rekod Pendeposit (tanpa mengagregat sekuriti daripada akaun-akaun sekuriti yang berbeza milik orang yang sama)

Bil. waran Bil. Nama pemegang Waran 2001/2007 2001/2007 dipegang %

1 Generasi Setia (M) Sdn Bhd 23,122,000 13.902 Dato’ Lin Yun Ling 12,240,551 7.363 Employees Provident Fund Board 11,941,062 7.184 Chan Yong Foo @ Chan Kuan Nam 3,564,000 2.145 Ha Tiing Tai 3,177,000 1.916 Citicorp Nominees (Asing) Sdn Bhd - CBHK PBGSGP bagi Keyport Limited 2,952,812 1.787 Ng Kee Leen 2,835,000 1.708 Sukma Sinaran Sdn Bhd 2,661,000 1.609 EB Nominees (Tempatan) Sendirian Berhad - Akaun Sekuriti Dicagarkan bagi Heng Teng Kuang 2,535,000 1.5210 HSBC Nominees (Tempatan) Sdn Bhd - HSBC (M) Trustee Bhd bagi Malaysian Assurance Alliance Bhd 2,000,000 1.2011 AMMB Nominees (Tempatan) Sdn Bhd - AmTrustee Berhad bagi HLG Penny Stock Fund (5/4-3) 1,906,999 1.1512 EB Nominees (Tempatan) Sendirian Berhad - Akaun Sekuriti Dicagarkan bagi Shang Yong @ Chung Koon Yee 1,852,000 1.1113 Goon Heng Wah 1,703,000 1.0214 Heng Teng Kuang 1,590,000 0.9615 Allianz General Insurance Malaysia Berhad 1,493,000 0.9016 Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Growth Fund 1,488,000 0.8917 HSBC Nominees (Asing) Sdn Bhd - Chase Manhattan Bank bagi BT Pacific Basin Fund 1,485,000 0.8918 Amanah Raya Nominees (Tempatan) Sdn Bhd - Public Savings Fund 1,482,000 0.8919 Ng Kee Leen 1,473,335 0.8920 Goon Heng Wah 1,293,000 0.7821 EB Nominees (Tempatan) Sendirian Berhad - Akaun Sekuriti Dicagarkan bagi Chan Kok Wah 1,250,000 0.7522 HDM Nominees (Asing) Sdn Bhd - J.M.Sassoon & Co. (Pte) Ltd bagi Mak Wai Nam 1,156,000 0.7023 Shang Yong @ Chung Koon Yee 1,147,000 0.6924 Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad bagi Public Aggressive Growth Fund 951,000 0.5725 Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad bagi Public Ittikal Fund 873,000 0.5226 John Hancock Life Insurance (Malaysia) Berhad 814,000 0.4927 HSBC Nominees (Asing) Sdn Bhd - BNY Brussels bagi JF Asean Fund 800,000 0.4828 Mayban Nominees (Tempatan) Sdn Bhd - Mayban Trustees Berhad bagi Public Regular Savings Fund 794,000 0.4829 Tan Kay Hwa 789,000 0.4730 Foo Ai Chin 750,000 0.45

Jumlah 92,118,759 55.39


Notes


Nota-nota


This page has been intentionally left blank


Form of ProxyA

B

I/We ______________________________________________________________________________________________________________ (FULL NAME IN CAPITALS)

of ____________________________________________________________________________________________________________________________ (ADDRESS)

being a member/members of GAMUDA BERHAD, hereby appoint _____________________________________________________________ (FULL NAME)

of ____________________________________________________________________________________________________________________________ (ADDRESS)

or failing him/her, ____________________________________________________________________________________________________ (FULL NAME)

of ____________________________________________________________________________________________________________________________ (ADDRESS)

or failing him/her, the Chairman of the Meeting as my/our *first proxy to attend and vote for me/us on my/our behalf at the Annual GeneralMeeting of the Company to be held at the Ballroom of Kota Permai Golf & Country Club, No.1, Jalan 31/100A, Kota Kemuning, Section 31,40460 Shah Alam, Selangor Darul Ehsan, Malaysia on Tuesday, 14 January 2003 at 10.00 a.m., and at any adjournment thereof.

Where it is desired to appoint a second proxy, this section must also be completed. Otherwise it should be deleted.

I/We ______________________________________________________________________________________________________________ (FULL NAME IN CAPITALS)

of ____________________________________________________________________________________________________________________________ (ADDRESS)

being a member/members of GAMUDA BERHAD, hereby appoint _____________________________________________________________ (FULL NAME)

of ____________________________________________________________________________________________________________________________ (ADDRESS)

or failing him/her, ____________________________________________________________________________________________________ (FULL NAME)

of ____________________________________________________________________________________________________________________________ (ADDRESS)

or failing him/her, the Chairman of the Meeting as my/our *second proxy to attend and vote for me/us on my/our behalf at the Annual GeneralMeeting of the Company to be held at the Ballroom of Kota Permai Golf & Country Club, No.1, Jalan 31/100A, Kota Kemuning, Section 31,40460 Shah Alam, Selangor Darul Ehsan, Malaysia on Tuesday, 14 January 2003 at 10.00 a.m., and at any adjournment thereof.

Notes:1 A member of the Company who is entitled to attend and vote at this meeting is entitled to appoint a proxy or not more than two (2) proxies to attend and vote in his stead. A proxy need not be a member

of the Company.2 Where a member appoints two (2) proxies, the appointment shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.3 Where a member is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991, it may appoint a least one (1) proxy in respect of each securities account it holds with

ordinary shares of the Company standing to the credit of the said securities account.4 If no name is inserted in the space provided for the name of your proxy, the Chairman of the meeting will act as your proxy.5 In the case of a corporate member, the Form of Proxy shall be under its Common Seal or under the hand of its attorney.6 The Form of Proxy must be deposited at the Company’s Registered Office situated at No. 78, Jalan SS22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia, not less than forty-eight

(48) hours before the time fixed for holding the meeting or at any adjournment thereof.

The proportions of my/our holding to be represented by my/our proxies are as follows:-

First Proxy A %Second Proxy B %

100 %

In case of a vote by a show of hands, *First Proxy A/*Second Proxy B shall vote on my/our behalf.

My/our proxy shall vote as follows:-

(Please indicate with an “X” or “√” in the space provided below how you wish your votes to be cast on the resolutions specified in the Notice ofAnnual General Meeting. If you do not do so, the proxy/proxies will vote, or abstain from voting on the resolutions as he/they may think fit.)

First Proxy A Second Proxy BNo. Resolution For Against For Against

1 Adoption of Audited Financial Statements and Reports for the year ended 31 July 20022 Declaration of final dividend3 Approval of Directors’ fees4 Re-election of Y Bhg Dato’ Ir Kamarul Zaman bin Mohd Ali as Director5 Re-election of Mr Goon Heng Wah as Director6 Re-election of Mr Ha Tiing Tai as Director7 Re-election of Ms Wong Chin Yen as Director8 Change of auditors9 Authority to Directors to allot and issue shares 10 Proposed renewal of Share Buy-Back Authority11 Proposed renewal of Shareholders’ Mandate for Recurrent Related Party Transaction

with Lingkaran Trans Kota Sdn Bhd

Signed this _________ day of ________________________ 2002/2003 Number of shares held CDS account no.

* Delete if inapplicable ____________________________________________________________Signature of Member and/or Common Seal

Registered Office

Gamuda Berhad

No. 78, Jalan SS22/21

Damansara Jaya

47400 Petaling Jaya

Selangor Darul Ehsan

Malaysia

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Stamp


Borang ProksiA

B

Saya/Kami ______________________________________________________________________________________________ (NAMA PENUH DALAM HURUF BESAR)

beralamat _____________________________________________________________________________________________________________________ (ALAMAT)

sebagai ahli/ahli-ahli GAMUDA BERHAD, dengan ini melantik ____________________________________________________________ (NAMA PENUH)


atau jika beliau tidak hadir ________________________________________________________________________________________ (NAMA PENUH)


atau jika beliau tidak hadir, Pengerusi Mesyuarat sebagai proksi pertama* saya/kami untuk menghadiri dan mengundi bagi pihak saya/kami di Mesyuarat Agung Tahunan Syarikat yang akan diadakan di Ballroom, Kota Permai Golf & Country Club, No.1, Jalan 31/100A,Kota Kemuning, Seksyen 31, 40460 Shah Alam, Selangor Darul Ehsan, Malaysia pada hari Selasa, 14 Januari 2003, jam 10.00 pagi, dan padasebarang penangguhannya.

Sekiranya berhasrat untuk melantik proksi kedua, bahagian ini hendaklah juga diisi. Sekiranya tidak berhasrat berbuat demikian, sila potong bahagian ini.

Saya/Kami ______________________________________________________________________________________________ (NAMA PENUH DALAM HURUF BESAR)


sebagai ahli/ahli-ahli GAMUDA BERHAD, dengan ini melantik ____________________________________________________________ (NAMA PENUH)


atau jika beliau tidak hadir ________________________________________________________________________________________ (NAMA PENUH)


atau jika beliau tidak hadir, Pengerusi Mesyuarat sebagai proksi kedua* saya/kami untuk menghadiri dan mengundi bagi pihaksaya/kami di Mesyuarat Agung Tahunan Syarikat yang akan diadakan di Ballroom, Kota Permai Golf & Country Club, No.1, Jalan 31/100A,Kota Kemuning, Seksyen 31, 40460 Shah Alam, Selangor Darul Ehsan, Malaysia pada hari Selasa, 14 Januari 2003, jam 10.00 pagi, dan padasebarang penangguhannya.

Nisbah pemegangan saya/kami yang akan diwakili oleh proksi saya/kami adalah seperti berikut:-

Proksi Pertama A %Proksi Kedua B %

100 %

Sekiranya pengundian secara mengangkat tangan dijalankan, , *Proksi Pertama A/*Proksi Kedua B akan mengundi bagi pihak saya/kami.

Proksi saya/kami akan mengundi seperti berikut:-

(Sila tandakan "X" atau "√" dalam ruang yang disediakan di bawah mengenai cara bagaimana undian anda ingin dilakukan mengenai resolusi-resolusi yang dinyatakan di dalam Notis Mesyuarat Agung Tahunan. Sekiranya anda tidak berbuat demikian, proksi/proksi-proksi tersebut akanmengundi, atau mengecualikan diri daripada mengundi mengenai resolusi-resolusi tersebut mengikut pertimbangan beliau/mereka.)

Proksi Pertama A Proksi Kedua BNo. Resolusi Menyokong Menentang Menyokong Menentang

1 Menerima Penyata-Penyata Kewangan Teraudit dan Laporan-Laporan bagi tahun berakhir 31 Julai 20022 Mengisytiharkan dividen akhir3 Melulus yuran para Pengarah4 Memilih semula Y Bhg Dato' Ir Kamarul Zaman bin Mohd Ali sebagai Pengarah5 Memilih semula Encik Goon Heng Wah sebagai Pengarah6 Memilih semula Encik Ha Tiing Tai sebagai Pengarah7 Memilih semula Cik Wong Chin Yen sebagai Pengarah8 Menukar juruaudit9 Memberi kuasa kepada para Pengarah untuk memperuntukkan dan menerbitkan saham-saham 10 Mencadangkan pembaharuan Kuasa Belian Balik Saham11 Mencadangkan pembaharuan Mandat para Pemegang Saham bagi Urusniaga Pihak Berkaitan Yang Berulang

dengan Lingkaran Trans Kota Sdn Bhd

Ditandatangani pada _________ haribulan ________________________ 2002/2003 Bilangan saham dipegang No. akaun CDS

* Sila potong mana yang tidak berkenaan ____________________________________________________________Tandatangan dan/atau Meterai Ahli

Nota-nota:1 Seseorang ahli Syarikat yang layak untuk hadir dan mengundi pada mesyuarat ini adalah layak untuk melantik seorang proksi atau tidak melebihi dua (2) proksi untuk hadir dan mengundi bagi pihaknya.

Proksi tidak semestinya ahli Syarikat.2 Apabila seseorang ahli melantik dua (2) proksi, perlantikan tersebut akan menjadi tidak sah kecuali dinyatakan nisbah pemegangannya yang akan diwakili oleh setiap proksi.3 Apabila seseorang ahli itu adalah nomini dibenarkan seperti ditakrifkan di bawah Akta Perindustrian Sekuriti (Depositori Pusat) 1991, ia boleh melantik sekurang-kurangnya satu (1) proksi bagi setiap akaun

sekuriti yang dipegangnya yang masih mempunyai kredit saham-saham biasa Syarikat.4 Jika tiada nama dimasukkan di dalam ruang yang disediakan untuk nama proksi, Pengerusi Mesyuarat akan bertindak sebagai proksi anda.5 Sekiranya anda ahli korporat, Borang Proksi hendaklah dimeterai atau ditandatangani oleh peguam yang telah diberi kuasa.6 Borang Proksi hendaklah diserahkan di Pejabat Berdaftar Syarikat di No. 78, Jalan SS22/21, Damansara Jaya, 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia, tidak lewat dari empat puluh lapan (48) jam

sebelum waktu yang telah ditetapkan untuk mengadakan mesyuarat atau pada sebarang penangguhannya.

Pejabat Berdaftar

Gamuda Berhad

No. 78, Jalan SS22/21

Damansara Jaya

47400 Petaling Jaya

Selangor Darul Ehsan

Malaysia

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