Cycle & Carriage Bintang Berhad 2002 Annual Repor t 07

Transcription

1 Cycle & Carriage Bintang Berhad 2002 Annual Repor t 07

2 08 Cycle & Carriage Bintang Berhad 2002 Annual Report Board of Directors Tan Sri Abdul Halim bin Ali Chairman Tan Sri Abdul Halim, aged 59, a Malaysian, became the Non-Independent Non- Executive Chairman of the Board on 7 June He is also a member of the Nomination Committee. He is the Chairman of the Employees Provident Fund Board, Badan Pengawas Pemegang Saham Minoriti Berhad, Malaysia Building Society Berhad, Malakoff Berhad, Pos Malaysia & Services Holdings Berhad and a director of ESSO Malaysia Berhad. He is also a director of MCL Land and Cycle & Carriage Limited. He has in the past been Chief Secretary to the Government, Secretary General in the Ministry of Foreign Affairs and Ambassador to Austria and Vietnam. He gra d u a te d f rom the University of Malaya with a Bachelor of Arts (Honours) degree. Datuk Hassan Abas Deputy Chairman Datuk Hassan, aged 49, a Malaysian, joined the Board on 12 May 1993 as a Non-Independent Non-Executive Director and was subsequently appointed Deputy Chairman on 29 September He is also a member of the Audit Committee and the Remuneration Committee. He is currently the Deputy Chairman of Peremba (Malaysia) Sdn Bhd. He is a nonexecutive director of Landmarks Berhad, Kumpulan Fima Berhad and MCL Land and an independent director on the board of Cycle & Carriage Limited. He graduated from the University of Lancaster with a degree in Accounting and Finance and is a member of the Institute of Chartered Accountants in England and Wales and the Institute of Taxation, United Kingdom. Datuk Haji Mohamad bin Haji Hasan Managing Director Datuk Mohamad, aged 46, a Malaysian, joined the Board as the Managing Director on 20 April He is also th e independent non-exe c u t i ve Chairman of Kumpulan Fima Berhad. He has several years of experience in commercial and merchant banking both locally and overseas. Datuk Mohamad graduated from University of M a l aya with a Bach e l o r of Arts (Honours) degre e. Tan Sri Dato Abdul Rashid bin Haji Mohamed Hussain Tan Sri Rashid, aged 56, a Malaysian, joined the Board on 26 October 1993 as an Independent Non-Executive Director. He is the Chairman of the Audit Committee and the Nomination C o m m i t tee and a member of th e Re m u n e ration Committee. A pro m i n e n t f i g u re in the Malaysian business sector, he was the Executive Chairman of the RHB Group of Companies. The RHB Group comprises the third largest commercial bank in Malaysia, RHB Bank Berhad and one of the best investment banking franchise which includes RHB Securities Sdn Bhd, RHB Sakura Merchant Bankers Berhad, RHB Asset Management Sdn Bhd and RHB Unit Trust Management Berhad. Anthony John Liddell Nightingale Mr Nightingale, aged 55, a British citizen, joined the Board as a Non-Independent Non-Executive Director on 26 September He became a member of th e Nomination Committee on 13 December He is the Chairman of Jardine Pacific, Jardine Schindler Holdings, Jardine OneSolution, Jardine Motors Group, Gammon Skanska, MCL Land and Cycle & Carriage Limited. He is a director of Jardine Matheson Holdings, Edaran Otomobil Nasional Berhad, Hap Seng Consolidated Berhad and is on the Board of Commissioners of PT Astra Inte rn a t i o n a l. He is the Deputy Chairman of the General Committee of the Hongkong General Chamber of Commerce and a council member of the Hongkong Trade Development Council. Mr Nightingale holds a Bachelor s degree in C l a s s i c s (Honours) from Pe terhouse, Cambridge. Philip Eng Heng Nee Mr Eng, aged 56, a Singaporean, joined the Board on 23 June 1993 as a Non- Independent Non-Executive Director. He became a member of th e Re m u n e ration Committee on 13 December He has served with the Cycle & Carriage Group in various positions since 1982 and was the executive director responsible for the motor operations prior to his present appointment as the Group Managing Director of Cycle & Carriage Limited since May Mr Eng is also a director of MCL Land, Metalock (Singapore) and is on the Board of Commissioners of PT Astra International, PT Astra Graphia and PT United Tractors of which he is a Vice President. He is Singapore s High Commissioner to Nigeria and the Treasurer of Asean Business Forum. Mr Eng graduated from the University of New South Wales with a Bachelor in Commerce (Accountancy) and qualified as a Chartered Accountant of the Institute of Chartered Accountants of Australia. Dato Kamaruddin bin Mahmood Dato Kamaruddin, aged 67, a Malaysian, joined the Board as an Independent Non-Executive Director on 29 June He is the Chairman of the Remuneration Committee and a member of the Audit Committee and the Nomination Committee. He also sits on the board of U-Wood Holdings Berhad. Dato Kamaruddin has 30 years of experience in the Public Sector and held several senior positions. Among the positions held by him were the Deputy Director Budget of the Treasury Department, Secretary of the National Security Council in the Prime Minister s Department, Director General of Urban Development Authority and Secretary General of the Ministry of Housing and Local Government. Dato Kamaruddin holds a Bachelor of Arts degree from University of M a l aya and an MPA from New York, United Sta te s.

3 Cycle & Carriage Bintang Berhad 2002 Annual Repor t 09 Syed Zaid bin Syed Jaffar Albar Syed Zaid Albar, aged 48, a Malaysian, joined the Board as an Independent Non- Executive Director on 31 December He is also a member of the Audit Committee. He obtained his law degree from the United Kingdom and qualified as a Barrister-at-Law from Lincoln s Inn. He was called to the Malaysian Bar as an advocate and solicitor at the High Court of Malaya in He has been in active legal practice ever since then. Presently, he is the managing partner of a law firm in Kuala Lumpur. He also sits on the board and audit committees of several listed companies, namely, Malaysian Pacific Industries Berhad, Hume Cemboard Berhad and Malaysia Building Society Berhad. He is also a member of the Disciplinary Committee of the Malaysian Depository Sdn Bhd, a subsidiary company of Kuala Lumpur Stock Exchange. Neville Barry Venter Mr Neville Venter, aged 51, a South African, resigned as alternate to Mr Philip Eng Heng Nee and became a Non- Independent Non-Executive member of the Board and Audit Committee on 13 December A Chartered Accountant of the South Africa Institute of Chartered Ac c o u n tants, he joined C ycle & Carr i a ge Limite d as the Group Finance Director in April He was previously the Finance Director of J a rd i n e Pacific in Hong Kong and prior to joining the Jardine Group, he was the Group Financial Director of Rennies Group in South Africa. He is a director of MCL Land and also sits on the B o a rd of Commissioners of PT Astra Inte rn a t i o n a l. Dato Khalid bin Haji Ismail Dato Khalid, aged 62, a Malaysian, resigned as the alternate to Mr Anthony John Liddell Nightingale and became a Non-Independent Non-Executive Director on 24 February He is presently the Group Country Chairman of Jardine Matheson Group of Companies in Malaysia. He also sits on the boards of Edaran Otomobil Nasional Berhad and Malaysian Discount House Berhad. Previously, he held several senior posts in the Public Services Department, the Prime Minister s Department, the Ministry of Finance and re t i red as Secre ta ry -General of the Ministry of Culture, Arts and Tourism Malaysia. Dato Khalid holds a Bachelor of Arts (Honours) degree from University of Malaya and an MPA from University of Southern California, USA. Dato Sulaiman bin Sujak Dato Sulaiman, aged 68, a Malaysian, joined the Board as an Independent Non- Executive Director on 24 February 2003 and was appointed a member of the Nomination Committee on the same date. He has been with HSBC Bank Malaysia Berhad since 1989 and was appointed as executive director and adviser in January A graduate of Royal Air Force College, Cranwell, England, Dato Sulaiman served both with the Royal Air Force and the Royal Malaysian Air Force and was the first Malaysian Air Force Chief. He has vast experience in the public and the private sectors. He was an advisor (now known as Assistant Governor) of Bank Negara Malaysia and was a director of Kumpulan Guthrie Berhad. He was also the Deputy Chairman of Malaysian Airline System Berhad for 24 years. He also sits on the Board of HSBC (Malaysia) Trustee Berhad, HSBC Research Malaysia Sdn Bhd, FACB Industries Incorporated Berhad and Nationwide Express Courier Services Berhad. Adam Phillip Charles Keswick Mr Keswick, aged 30, a British citizen, joined the Board on 24 February 2003 as a Non-Independent Non-Executive Director. He is the Strategy Director of the Cycle & Carriage Group. He is also a director of MCL Land, Jardine Matheson and EON Bank Berhad. He has previously been the Finance Director of Jardine Pacific and has worked in the Group Treasury of the Jardine Matheson Group and NM Rothschild & Sons. Mr Keswick graduated from Edinburgh University with a Bachelor of Arts degree and holds a City Financial Diploma and is registered with the Securities and Futures Association in the United Kingdom as a futures and options representative. Steven Gareth Foster Alternate Director Mr Steven Foster, aged 35, a British citizen, joined the Company as the Director of Operation on 1 January He was appointed alternate to Mr Philip Eng Heng Nee on 3 March Mr Foster has held several senior positions within the Jardine Motor Group at both an operational and strategic level. Previously he was Managing Director of the Jardine Motor Group s Indian Joint Venture with the Tata Group and more recently the Development Director for the Jardine Motor Group s UK operations. He is a director of Jardine India Software Technologies Ltd. Mr Foster holds a Bachelor of Arts (Honours) degree from Hatfield College, Durham. Joshua Lariston Knightley Chetwode Alternate Director Mr Joshua Chetwode, aged 35, a British citizen, was appointed alternate to Mr Neville Barry Ve n ter on 3 March He has wo r ked for the Jardine Matheson Group in various finance roles since 1994 in Japan, France, Taiwan and Hong Kong and was until February 2003, the Group Vice President of Jardine Logistics. He gra d u a ted from the London School of Economics and Political Science with a Bachelor of Science degree and is a member of the Institute of Chartered Accountants in England and Wales.

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6 12 Cycle & Carriage Bintang Berhad 2002 Annual Repor t Chairman s Statement On behalf of the Board of Directors, I take pleasure in presenting the Annual Report and Audited Financial Statements of Cycle & Carriage Bintang Berhad ( CCB ) for the year ended 31 December Results The Group achieved a profit before taxation of RM87.8 million, a 9% decline from The result was affected by losses in its 40% owned CCL Group Properties ( CCLGP ), which was partly offset by improved contribution from the Group s core motor vehicle businesses. The Group s pre-tax profit before associates was RM91.8 million, up RM4 million against the corresponding year attributable to improved contribution from the Mercedes-Benz operations and the turn around of Mazda operations. The Mercedes-Benz marque had a successful year with passenger car registered sales increasing by 27% to 3,100 units, re p resenting 48% of the luxury car marke t. This was attributable mainly to a full ye a r s sales of th e C-Class and the promotion of the phasedout E-Class ahead of the launch of the new E-Class. The Group suffered a RM12.4 million exchange loss following CCLGP s repayment and reclassification of outstanding Singapore Dollar denominated loans. This was partially offset by the Group s share of CCLGP s RM1.2 million property revaluation surplus. Movements in exchange losses and property revaluations are now taken through the profit & loss whereas previously only reserves were affected. Major Events Shareholders have been aware of the ongoing discussions with DaimlerChrysler regarding their involvement in the distribution of Mercedes-Benz products in Malaysia. These discussions have now been successfully concluded. Apart from the loss of the Mercedes-Benz distribution and the formation of a joint-venture mentioned above, there were two other major events in The newly acquired Peugeot distributorship came into effect in January 2002 and a new retail network was successfully formed. In November 2002, the Jardine Matheson Group obtained a controlling shareholding in Cycle & Carriage Limited. The Board of Directors thus considers Jardine Matheson as its ultimate holding company.

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8 14 Cycle & Carriage Bintang Berhad 2002 Annual Report Chairman s Statement Dividends The Board is recommending a final dividend of 25 sen per share, less tax for approval at the fo rth c o m i n g Annual General Meeting of the Comp a ny. This, to ge th e r with the interim dividend of 15 sen less tax that was paid in September 2002, will yield a total distribution of 40 sen per share less tax for The total net dividend payment for the financial year ended 31 December 2002 amounts to RM28.2 million. Balance Sheet The Group s balance sheet remains strong. The net tangible assets of the Group improved from RM6.06 per share to RM6.60 per share attributable mainly to an increase in revenue reserve. Aggressive inventory management saw a fall in inventories as aged stocks were cleared during the year. This has translated into an increase in cash. Accounting Policies The accounting policies of the Group are consistent with those adopted in the previous financial year except for the adoption of new Malaysian Accounting Standards Board ( MASB ) standards applicable to the Group with effect from 1 January The adoption of these new standards had no material effects on the financial statements for the year ended 31 December 2002 except for: a) The effect of applying MASB Standard No. 19 Events After Balance Sheet Date with respect to recognition of proposed dividend. In accordance with MASB 19, proposed final dividends can no longer be recognised as a liability when proposed by the directors. Accordingly, the proposed final dividend for the year ended 31 December 2001 amounting to RM17,610,000 has been adjusted against retained earnings at 1 January The comparative had also been restated to conform with the standard; and b) The Group s holding of 6,487,000 ordinary shares of RM1 each in Park May Berhad was acquired in December 2001, and at 31 December 2001 the investment was recognised in the financial statements at a nominal value of RM1. With the adoption of MASB Standard No. 20 (effective 1 January 2002), this asset must now be reflected at market value which at 31 December 2001 was RM4,736,000. An adjustment to the opening balance of retained earnings at January 2002 of RM4,736,000 has therefore been made. Sale of Landed Properties During the year, the Company disposed of a piece of leasehold property at 5 1 /2 Mile, Jalan Tuaran, Kota Kinabalu, Sabah at a price of RM3.6 million. The profit on disposal was RM2.8 million.

9 Cycle & Carriage Bintang Berhad 2002 Annual Repor t 15 Board Changes Since the previous Annual General Meeting, there were a number of changes to the membership of the Board. Y. Bhg. Tan Sri Dato Seri Mohd Saleh bin Sulong resigned from the Board on 27 November Mr Neville Barry Venter resigned as the alternate director to Mr Philip Eng Heng Nee and was appointed as a member of the Board on 13 December Y. Bhg. Datuk Khalid bin Haji Ismail resigned as the alternate to Mr Anthony John Liddell Nightingale on 24 February 2003 and joined the Board together with Mr Adam Phillip Charles Keswick and Y. Bhg. Dato Sulaiman bin Sujak on 24 February Mr Steven Gareth Foster and Mr Joshua Lariston Knightley Chetwode were appointed alternate directors to Mr Philip Eng Heng Nee and Mr Neville Barry Venter, respectively on 3 March To Y. Bhg. Tan Sri Dato Seri Mohd Saleh, we would like to express our appreciation for his invaluable support and contributions to the Group s achievements. For the new members of the Board, I would like to extend my welcome to them. In the year, we also saw some changes to the membership of the various board committees. These changes have been reflected in the corporate governance section of the annual report. The Board wish to affirm its commitments to adhere to good corporate governance and will always work towards enhancing the standard of its duties. Prospects The Group s future earnings will be substantially reduced as a result of the set up of the new jointventure company, DaimlerChrysler Malaysia Sdn Bhd, to assume the Mercedes-Benz wholesale business in Malaysia effective 1 January Had the joint-venture been in place on 1 January 2002, the Directors estimate that the proforma effect of this transaction would be a reduction of consolidated profit from operations for the financial year ended 31 December 2002 by approximately 56% and a reduction of the Company s profit from o p e rations for the financial year by approx i m a te ly 45%. The Group will be making greater efforts to diversify its revenue base through its representation of other motor vehicle brands. Acknowledgement We will continue to rely on the invaluable support of our customers, suppliers, dealers and business associates. This, together with the continued dedication and commitment from employees, should ensure we are more than prepared to meet the challenges ahead. We would like to thank you, our shareholders, for the confidence placed in us and we strive to focus on our objectives and to increase shareholder value.

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11 Cycle & Carriage Bintang Berhad 2002 Annual Repor t 17 Penyata Pengerusi Saya bagi pihak Lembaga Pengarah dengan sukacitanya membentangkan Laporan Tahunan dan Penyata Kewangan Cycle & Carriage Bintang Berhad ( CCB ) yang telah Diaudit bagi tahun berakhir 31 Disember Keputusan Keuntungan sebelum cukai Kumpulan susut sebanyak 9% kepada RM87.8 juta, berbanding pencapaian pada tahun Keputusan ini terjejas akibat kerugian yang dialami oleh CCL Group Properties ( CCLGP ) di mana Kumpulan memiliki 40% ke p e n t i n gan di dalamnya, te tapi dita mp u n g sebahagiannya melalui sumbangan bertambah baik daripada pern i a gaan te ras ke n d e raan berm o tor Ku mp u l a n. Keuntungan sebelum cukai Kumpulan sebelum syarikatsyarikat bersekutu berjumlah RM91.8 juta, meningkat sebanyak RM4 juta berbanding pada tempoh yang sama sebelumnya. Ini disebabkan oleh sumbangan bertambah baik daripada operasi Mercedes-Benz dan pemulihan operasi Mazda. Marque Mercedes-Benz menampilkan satu tahun kejayaan kerana mencatatkan peningkatan jualan kereta penumpang sebanyak 27% kepada 3,100 unit, mewakili 48% pasaran kereta mewah. Keputusan tersebut didorong terutamanya oleh jualan setahun penuh model C-Class dan promosi E-Class yang dihentikan pengeluaran sebelum pelancaran model E-Class yang baru. Kumpulan menanggung kerugian pertukaran matawang sebanyak RM12.4 juta berikutan pembayaran semula CCLGP dan pengkelasan semula tunggakan pinjaman dalam denominasi Dolar Singapura. Ia telah ditampung sebahagiannya melalui bahagian Kumpulan dalam lebihan penilaian semula hartanah CCLGP sebanyak RM1.2 juta. Pergerakan kerugian pertukaran matawang dan penilaian semula hartanah kini diambilkira melalui keuntungan & kerugian di mana sebelumnya hanya rizab s a h aja yang te r j e j a s. Peristiwa Penting Para pemegang saham tentu telah menyedari tentang perbincangan berterusan yang dibuat dengan DaimlerChrysler berhubung dengan penglibatan dalam pengedaran produk Mercedes-Benz di Malaysia. Kini keputusan daripada semua perbincangan tersebut telahpun diputuskan. Selain daripada kehilangan pengedaran Mercedes-Benz dan pembentukan sebuah syarikat usahasama seperti yang disebutkan di atas, dua lagi peristiwa penting telah berlaku pada tahun Hak pengedaran Peugeot yang baru diambilalih mula berkuatkuasa pada bulan Januari 2002 diikuti dengan kejayaan menubuhkan satu rangkaian runcit yang baru. Pada bulan November 2002, Kumpulan Jardine Matheson telah mendapatkan pegangan saham kawalan dalam Cycle & Carriage Limited. Justeru, Lembaga Pengarah menganggap Jardine Matheson sebagai sebuah syarikat induk muktamadnya. Dividen Lembaga Pengarah mencadangkan dividen akhir sebanyak 25 sen sesaham, ditolak cukai untuk diluluskan pada Mesyuarat Agung Tahunan Syarikat yang akan datang. Jumlah ini serta dividen pertengahan sebanyak

12 18 Cycle & Carriage Bintang Berhad 2002 Annual Report Penyata Pengerusi 15 sen sesaham ditolak cukai yang dibayar pada bulan September 2002, akan menghasilkan jumlah pengagihan sebanyak 40 sen sesaham ditolak cukai bagi tahun Jumlah pembayaran dividen bersih bagi tahun kewangan b e rakhir 31 Disember 2002 adalah sebanyak RM28.2 juta. Kunci Kira-kira Kunci kira-kira Kumpulan kekal teguh. Harta ketara bersih Kumpulan bertambah baik daripada RM6.06 sesaham kepada RM6.60 sesaham disebabkan terutamanya oleh pertambahan rizab hasil. Pengurusan inventori yang agresif menyebabkan penyusutan inventori apabila stok lama dihabiskan pada tahun ini. Ia telah menyebabkan pertambahan tunai. Dasar-dasar Perakaunan Dasar-dasar perakaunan Kumpulan adalah konsisten dengan dasar-dasar yang diamalkan pada tahun kewangan sebelumnya kecuali amalan piawaian Lembaga Piawaian Perakaunan Malaysia ( MASB ) baru yang diterima pakai oleh Kumpulan mulai 1 Januari Amalan piawaian-piawaian ini tidak membawa kesan penting ke atas penyata kewangan bagi tahun berakhir 31 Disember 2002, kecuali: a) Kesan menerima pakai Piawaian MASB No. 19 Peristiwa Selepas Tarikh Kunci Kira-kira berhubung pengiktirafan dividen yang dicadangkan. Menurut MASB 19, dividen akhir dicadangkan tidak boleh lagi diiktiraf sebagai tanggungan apabila dicadangkan oleh para pengarah. Sehubungan itu, dividen akhir yang dicadangkan bagi tahun berakhir 31 Disember 2001 berjumlah RM17,610,000 telah dilaras dengan pendapatan tersimpan pada 1 Januari Perbandingan ini juga telah dinyatakan semula supaya mematuhi piawaian tersebut; dan b) Pegangan saham biasa sebanyak 6,487,000 oleh Kumpulan pada harga RM1 sesaham dalam Park May Berhad telah diambilalih pada bulan Disember 2001, dan pada 31 Disember 2001, pelaburan ini diiktiraf dalam penyata kewangan pada nilai nominal RM1. Dengan mengamalkan Piawaian MASB No. 20 (mulai 1 Januari 2002), kini harta ini perlu ditunjukkan pada nilai pasaran yang pada 31 Disember 2001 adalah sebanyak RM4,736,000. Justeru, pelarasan kepada baki awal pendapatan tersimpan pada bulan Januari 2002 sebanyak RM4,736,000 telah dilaksanakan. Penjualan Harta Tanah Pada tahun ini, Syarikat telah menjual sebidang hartanah pegangan pajakan di Batu 5 1 /2, Jalan Tuaran, Kota Kinabalu, Sabah pada harga RM3.6 juta. Keuntungan yang diperolehi daripada penjualan tersebut adalah sebanyak RM2.8 juta. Perubahan Dalam Lembaga Pengarah Sejak Mesyuarat Agung Tahunan yang lepas, terdapat beberapa perubahan kepada keahlian Lembaga Pengarah. Y. Bhg. Tan Sri Dato Seri Mohd Saleh bin Sulong telah meletakkan jawatan daripada Lembaga Pengarah pada 27 November Encik Neville Barry Venter telah meletakkan jawatan sebagai pengarah pengganti kepada Encik Philip Eng Heng Nee dan telah dilantik sebagai seorang ahli Lembaga Pengarah pada 13 Disember 2002.

13 Cycle & Carriage Bintang Berhad 2002 Annual Repor t 19 Y. Bhg. Datuk Khalid bin Haji Ismail telah meletakkan jawatan sebagai pengarah pengganti kepada Encik Anthony John Liddell Nightingale pada 24 Februari 2003 dan telah menyertai Lembaga Pengarah bersamasama dengan Encik Adam Phillip Charles Keswick dan Y. Bhg. Dato Sulaiman bin Sujak pada 24 Februari Encik Steven Gareth Foster dan Encik Joshua Lariston Knightley Chetwode telah dilantik sebagai pengarah pengganti masing-masing kepada Encik Philip Eng Heng Nee dan Encik Neville Barry Venter. Saya ingin menyampaikan ucapan penghargaan kepada Y. Bhg. Tan Sri Dato Seri Mohd Saleh, yang telah memberikan sokongan dan sumbangan yang amat bernilai kepada pencapaian Kumpulan. Kepada ahli-ahli Lembaga Pengarah yang baru, saya mengucapkan selamat datang kepada mereka semua. Beberapa perubahan telah berlaku kepada keahlian pelbagai jawatankuasa lembaga pengarah pada tahun ini. Semua perubahan ini ditunjukkan di bahagian tadbir urus korporat dalam laporan tahunan ini. Lembaga Pengarah ingin menegaskan sekali lagi tentang komitmennya untuk mematuhi amalan tadbir urus korporat yang baik dan akan sentiasa berusaha mempertingkatkan tahap pencapaian tugas yang dijalankan. Prospek Pendapatan masa depan Kumpulan akan berkurangan dengan ketara berikutan penubuhan syarikat usahasama D a i m l e r C h rysler Malaysia Sdn Bhd yang akan menjalanka n perniagaan pengedaran borong Mercedes-Benz di Malaysia mulai 1 Januari Sekiranya usahasama ini bermula pada 1 Januari 2002, para Pengarah menganggarkan bahawa kesan proforma daripada urusniaga ini berkemungkinan mengakibatkan pengurangan keuntungan operasi yang disatukan sebanyak kira-kira 56% dan penurunan keuntungan operasi Syarikat sebanyak kira-kira 45% bagi tahun kewangan berakhir 31 Disember Kumpulan akan menjalankan usaha yang lebih giat lagi untuk mempelbagaikan asas hasilnya melalui perwakilan jenama kenderaan bermotor lain. Penghargaan Kita akan terus bergantung atas sokongan tidak berbelah bahagi para pelanggan, pembekal, wakil penjual dan rakan-rakan dalam perniagaan. Sokongan ini serta komitmen daripada kakitangan, memberi kita kepastian yang menunjukkan bahawa kita telah lebih daripada bersedia untuk menghadapi pelbagai cabaran masa depan. Saya ingin mengucapkan terima kasih kepada anda para pemegang saham sekalian yang telah meletakkan keyakinan kepada kami dan oleh itu kami bertekad untuk terus memfokus kepada usaha yang membolehka n pencapaian objektif kita dan mempertingkatkan nilai pemegang saham. Tan Sri Abdul Halim bin Ali Chairman / Pengerusi

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