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1 financial statements

2 directors report The Directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December Principal Activities The principal activities of the Company during the financial year are poultry processing and further processing and investment holding. The subsidiary companies are primarily engaged in the operations of convenience food store and restaurant chains. There have been no significant changes in the nature of these activities during the financial year. Financial Results Group Company RM 000 RM 000 Operating profit 21,186 21,085 Amortisation of goodwill on consolidation (10) Profit before taxation 21,176 21,085 Taxation (4,938) (4,109) Profit attributable to shareholders 16,238 16,976 Retained profit brought forward 65,098 64,601 81,336 81,577 Bonus issue (49,750) (49,750) Proposed dividend (5,881) (5,881) Retained profit carried forward 25,705 25,946 There were no other material transfers to or from reserves or provisions during the year other than those disclosed in the financial statements. 29 In the opinion of the Directors, the results of the operations of the Group and of the Company during the financial year have not been substantially affected by any item, transaction or event of a material and unusual nature. Dividend The dividend paid or recommended by the Company during the year were as follows: RM 000 a. In respect of the year ended 31 December 2000: The Company paid a first and final tax-exempt dividend of 10 sen per share, as declared in the Directors report of that year. 4,975 b. In respect of the year ended 31 December 2001: The Directors recommend the payment of a first and final tax-exempt dividend of 3 sen per share, based on the enlarged share capital of 196,050,000, pursuant to the corporate exercise which were completed subsequent to year end as disclosed in Note 27 (i) & (ii). 5,881

3 Share Capital During the year, the issued and paid-up share capital of the Company was increased from 49,750,000 ordinary shares of RM1.00 each to 99,500,000 ordinary shares of RM1.00 each by way of a Bonus Issue of 49,750,000 new ordinary shares of RM1.00 each on the basis of one new ordinary share for every one existing ordinary share in issue. The Bonus Issue of 49,750,000 new ordinary shares of RM1.00 each was implemented through the capitalisation of RM49,750,000 from the Company s Retained Profit Account. The newly issued shares ranked pari passu in all respects with the existing shares in issue. Subsequent to year end, the share capital was further enlarged to 196,050,000 ordinary shares of RM1.00 each on completion of the corporate exercise disclosed in Note 27. Executive Employee Share Option Scheme The Executive Employee Share Option Scheme ( The Scheme ) of the holding company, KFC Holdings (Malaysia) Bhd ( KFCH ) was implemented on 28 November The Scheme granted options to eligible executive employees of the KFCH Group with the right to subscribe for new ordinary shares of RM1.00 each ( The Share ) of KFCH at the predetermined subscription price.the Scheme was approved by the shareholders of KFCH at an Adjourned Extraordinary General Meeting held on 6 October 1998.The main features of the Scheme are: a. The Scheme is effective for a period of five (5) years commencing 28 November 1998; b. The maximum number of new Shares of KFCH that may be available under the Scheme shall be up to ten (10) percent of the total number of issued and paid-up shares of KFCH at any point of time during the effective period of the Scheme after deducting the aggregate number of employee share options exercised under the previous Scheme; c. The subscription price for the new Shares shall be the average of the mean market quotation of the Shares as shown in the Official Daily List issued by the Kuala Lumpur Stock Exchange for the five(5) market days immediately preceding the date the options are offered, subject to the provision that the subscription price of the Share shall in no event be less than the par value of the Share; d. Eligible executive employees are executive employees of the Group who are Malaysians, at least eighteen (18) years of age and have been in continuous employment of the Group for at least one (1) year as at the cut-off date of the option offer; and 30 e. The number of new Shares to be offered to eligible executive employees is at the discretion of the Board of Directors of KFCH and based on the maximum allowable new Shares for the respective job categories of the executive employees. As at 31 December 2001, there were 7,966,000 unissued shares under options granted pursuant to the Scheme. The movements in the options to take up unissued new ordinary shares of RM1.00 each and the option prices are as follows: Option Share Options Price Granted Exercised RM No. of Shares First option April ,914,000 6,352,000 Second option June ,225,000 14,000 Third option August ,000 Fourth option November ,000 As at 31 December ,332,000 6,366,000 Directors The names of the Directors of the Company in office since the date of the last report and at the date of this report are: Tuan Haji Izhar bin Sulaiman (Executive Chairman) YBhg Datuk Haji Abdullah bin Omar (Executive Deputy Chairman) Tuan Haji Johari bin Abdul Ghani (Appointed as Executive Director on 27 December 2001) YBhg Dato Haji Karim bin Marzuki YB Encik Hilmi bin Haji Abdul Rashid Encik Bahaman bin Haji Abdul Hamid YBhg Dato Dr Ridzuan bin Akil (Appointed on 27 December 2001) YBhg Datuk Haji Ishak bin Ismail (Resigned on 2 November 2001)

4 Neither at the end of the financial year, nor at any time during the year, did there subsist any arrangement, to which the Company is a party, whereby Directors might acquire benefits by means of the aquisition of shares in, or debentures of, the Company or any other body corporate. The following Directors who held office at the end of the financial year had, according to the register required to be kept under Section 134 of the Companies Act 1965, interests in shares in the Company and its related corporations, as stated below: Direct and indirect interests in Ordinary Shares of KFC Holdings (Malaysia) Bhd As at During the year As at 1/1/2001 Bought Sold 31/12/2001 Tuan Haji Izhar bin Sulaiman 1,063,334 1,063,334 YBhg Datuk Haji Abdullah bin Omar 1,063,334 1,063,334 In accordance with Article 79 of the Company s Article of Association, YBhg Datuk Haji Abdullah bin Omar and YBhg Dato Haji Karim bin Marzuki retire by rotation, and being eligible, offer themselves for re-election at the forthcoming Annual General Meeting ( AGM ). In accordance with Article 86 of the Company s Article of Association,Tuan Haji Johari bin Abdul Ghani and YBhg Dato Dr Ridzuan bin Akil retire at the forthcoming AGM, and being eligible, offer themselves for re-election. Since the end of the previous financial year, no Director of the Group or of the Company has received or become entitled to receive any benefits (other than a benefit included in the aggregate amount of emoluments received or due and receivable by the Directors shown in the financial statements or the fixed salary of a full-time employee of the Group or the Company) by reason of a contract made by the Company or a related corporation with any Director or with a firm of which the Director is a member or with a company in which the Director has a substantial financial interest. Significant Events Significant events during the year are disclosed in Note 26 to the financial statements. Subsequent Events Significant subsequent events to the balance sheet date are disclosed in Note 27 to the financial statements. 31 Other Statutory Information a. Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps: i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that there were no known bad debts and that no provision for doubtful debts was necessary; and ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected so to realise. b. At the date of this report, the Directors are not aware of any circumstances which would render: i) it necessary to write off any bad debts or to make provision for doubtful debts in respect of the financial statements of the Group or of the Company; and ii) the values attributed to current assets in the financial statements of the Group and of the Company misleading. c. At the date of this report, the Directors are not aware of any circumstances which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate. d. At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or financial statements of the Group and of the Company which would render any amount stated in the financial statements and consolidated financial statements misleading.

5 e. As at the date of this report, there does not exist: i) any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which secures the liabilities of any other person; or ii) any contingent liability in respect of the Group or of the Company which has arisen since the end of the financial year. f. In the opinion of the Directors: i) no contingent liability or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet its obligations as and when they fall due; and ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the Company for the financial year in which this report is made. Auditors The auditors, Ernst & Young, have expressed their willingness to continue in office. On behalf of the Board Izhar bin Sulaiman Executive Chairman 32 Datuk Haji Abdullah bin Omar Executive Deputy Chairman Kuala Lumpur 29 April 2002

6 income statement for the year ended 31 December 2001 Group Company Note RM 000 RM 000 RM 000 RM 000 Revenue 2 411, , , ,612 Cost of sales (312,161) (284,137) (306,720) (278,932) Gross profit 99,804 88,308 78,234 67,680 Distribution costs (69,382) (57,815) (51,484) (42,870) Administrative expenses (11,260) (10,030) (8,683) (8,019) Other operating expenses (29) (2,133) (1,815) Other operating income 3,144 3,134 4,109 11,380 Operating profit 3 22,277 21,464 22,176 26,356 Finance cost 4 (1,091) (1,173) (1,091) (1,173) Amortisation of goodwill (10) Profit before taxation 21,176 20,291 21,085 25,183 Taxation 5 (4,938) (2,053) (4,109) (2,838) Profit attributable to shareholders 16,238 (18,238) 16,976 22,345 Basic earnings per share (sen) Fully diluted earnings per share (sen) Dividend per share (sen) The annexed notes form an integral part of the financial statements.

7 balance sheets As at 31 December 2001 Assets employed: Group Company Note RM 000 RM 000 RM 000 RM 000 Property, plant and equipment 8 90,951 85,830 79,052 77,726 Subsidiary companies 9 4,003 4,003 Intangible assets Investment Current assets Inventories 12 12,272 8,060 10,770 7,248 Trade receivables 21,744 18,491 14,835 14,186 Other receivables 13 33,120 47,300 51,616 54,938 Deposits with licensed financial institution 7,000 7,000 Cash and bank balances 7,275 3, ,411 77,287 84,938 76,733 Current liabilities Trade payables 7,569 7,164 7,109 6,793 Other payables 14 13,286 13,267 11,426 12,045 Taxation 2,394 2,088 1,705 1,399 Proposed dividend 5,881 4,975 5,881 4,975 Bank borrowings 15 5,924 5,190 5,924 5,190 35,054 32,684 32,045 30, Net current assets 46,357 44,603 52,893 46, , , , ,500 Financed by: Share capital 16 99,500 49,750 99,500 49,750 Retained profit 17 25,705 65,098 25,946 64,601 Reserve on consolidation 18 1,599 1, , , , ,351 Deferred taxation 19 4,418 4,290 3,775 3,775 Long term loan 20 7,007 10,374 7,007 10, , , , ,500 The annexed notes form an integral part of the financial statements.

8 statement of changes in equity For the year ended 31 December 2001 Group Share Retained Reserve on Note Capital Profit Consolidation Total RM 000 RM 000 RM 000 RM 000 At 1 January ,750 51,835 1, ,184 Profit for the year 18,238 18,238 Dividend 7 (4,975) (4,975) At 31 December ,750 65,098 1, ,447 Profit for the year 16,238 16,238 Dividend 7 (5,881) (5,881) Bonus issue 49,750 (49,750) At 31 December ,500 25,705 1, ,804 Company At 1 January ,750 47,231 96,981 Profit for the year 22,345 22,345 Dividend 7 (4,975) (4,975) At 31 December ,750 64,601 _ 114,351 Profit for the year 16,976 16,976 Dividend 7 (5,881) (5,881) Bonus issue 49,750 (49,750) At 31 December ,500 25, , The annexed notes form an integral part of the financial statements.

9 cash flow statement For the year ended 31 December 2001 Group Company RM 000 RM 000 RM 000 RM 000 Cash flows from operating activities Profit before taxation 21,176 20,291 21,085 25,183 Adjustments for: Depreciation of property, plant and equipment 9,651 8,378 7,936 6,778 Loss/(gain) on disposal of property, plant and equipment (16) (135) Amortisation of - deferred expenditure franchise fees 24 - goodwill on consolidation 10 Dividend income (1,000) (8,347) Interest expense 1,091 1,173 1,091 1,173 Interest income (105) (103) Operating profit before working capital changes 32,261 30,189 29,157 24,817 Working capital changes: Inventories (4,212) 6,476 (3,522) 6,538 Receivables 10,927 (23,496) 2,673 (26,486) Payables 424 (1,741) (303) (1,180) Cash generated from operations 39,400 11,428 28,005 3,689 Interest paid (1,091) (1,173) (1,091) (1,173) Taxation (paid)/refunded (4,504) 3,145 (3,803) 1,728 Net cash provided by operating activities 33,805 13,400 23,111 4, Cash flows from investing activities Deferred expenditure (238) Franchise fees (475) Transfer of property, plant and equipment to related company Purchase of property, plant and equipment (15,155) (18,571) (9,458) (17,546) Purchase of investments (4) (4) Proceeds from disposal of property, plant and equipment Acquisition of subsidiary companies (Note a) (200) Interest received Net cash used in investing activities (15,358) (18,430) (9,147) (17,263) Cash flows from financing activities Dividend received 1,000 8,347 Bank borrowings (2,000) (5,100) (2,000) (5,100) Drawdown of term loan 1,140 12,228 1,140 12,228 Payment of term loan (1,168) (1,168) Dividend paid to shareholders of the Company (4,975) (3,980) (4,975) (3,980) Net cash (used in)/provided by financing activities (7,003) 3,148 (6,003) 11,495 Net increase/(decrease) in cash and cash equivalents 11,444 (1,882) 7,961 (1,524) Cash and cash equivalents at beginning of year 2,746 4,628 (329) 1,195 Cash and cash equivalents at end of year 14,190 2,746 7,632 (329)

10 Group Company RM 000 RM 000 RM 000 RM 000 Cash and cash equivalents Deposits with licensed financial institution 7,000 7,000 Cash and bank balances 7,275 3, Bank overdrafts (85) (690) (85) (690) 14,190 2,746 7,632 (329) Note (a) Acquisition of subsidiary companies The fair value of the assets acquired and the liabilities assumed are as follows: RM 000 Current assets 78 Fair value of assets acquired 78 Goodwill Less: Cash and cash equivalents in subsidiaries acquired (78) Cash flow on acquisition 200 The effect of the acquisition of subsidiary companies on the results of the Group is immaterial. 37

11 notes to the financial statements 31 December Significant Accounting Policies a. Basis of Accounting The financial statements of the Group and of the Company are prepared under the historical cost convention, unless otherwise as disclosed in the significant accounting policies and comply with applicable approved accounting standards in Malaysia issued by the Malaysian Accounting Standards Board. b. Basis of Consolidation The Group financial statements consolidate, using the acquisition method, the financial statements of the Company and all its subsidiary companies made up to the end of the financial year. The results of subsidiary companies acquired or disposed of are included in the consolidated financial statements from the date of acquisition or up to the date of disposal. Intra-group transactions and resulting profits and losses are eliminated fully on consolidation and the consolidated income statement reflect external transactions only. c. Goodwill and Reserve on Consolidation Goodwill and reserve on consolidation represents the difference between the consideration paid for the shares in the subsidiary companies and the value of attributable net assets acquired. Goodwill on consolidation is amortised over 20 years on a straight line basis. d. Subsidiary Companies Investments in subsidiary companies are stated at cost and provision is only made where, in the opinion of the Directors, there has been a permanent diminution in value. Permanent diminution in value is recognised as an expense in the period in which the diminution is identified. e. Property, Plant and Equipment All property, plant and equipment are stated at their purchase cost and any incidental costs of acquisition. Long leasehold land with unexpired lease periods of more than 50 years, is not amortised as the impact of non-amortisation is expected to be immaterial. Leasehold land with unexpired lease period of 50 years or less is amortised over the period of the lease. 38 All other property, plant and equipment are depreciated over their estimated useful lives on a straight line basis. The principal annual rates used are as follows: Leasehold land and buildings 2% Leasehold improvements 10% Plant and machinery 10% Motor vehicles and computers 20% Other assets 10% f. Intangible Assets The restaurants initial franchise fees are stated at cost and are amortised on a straight line basis over 20 years. Pre-production and pre-processing expenses for which future measurable economic benefits are expected to be derived, are amortised on a straight line basis over a period of 15 years. g. Inventories Inventories are valued at the lower of cost and net realisable value, cost being determined on an actual basis. In arriving at net realisable value, due allowance is made for all obsolete and slow moving items. Cost includes the purchase price of goods and attributable expenditure. Cost of finished goods includes the cost of raw materials, direct labour and certain manufacturing overheads less recovery value of by-products. h. Payables and Receivables Trade and other payables are carried at cost which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Company. Trade and other receivables are carried at anticipated realisable value. Specific provisions are made for debts which have been identified as bad or doubtful. In addition, general provisions are made to cover possible losses which are not specifically identified.

12 i. Deferred Taxation Deferred taxation is provided at current rates in respect of timing differences between profits as computed for taxation purposes and profits as stated in the financial statements except to the extent that the deferral can be expected to continue for the foreseeable future. Where such timing differences result in net deferred tax benefit, such benefits are not accounted for. j. Cash and Cash Equivalents Cash and cash equivalents include cash balances, bank overdrafts, deposits and other short-term, highly liquid investments that are readily convertible to cash and are subject to insignificant risk of changes in value. k. Foreign Currencies The financial statements are stated in Ringgit Malaysia. Foreign currency transactions have been converted into Ringgit Malaysia at rates of exchange ruling on the dates of the transactions, or where settlements have not taken place by the year end at the approximate rates ruling at that date. All exchange differences are taken to the income statement. In the Group financial statements, the assets, liabilities and results of the overseas subsidiary company is translated at exchange rate ruling at the balance sheet date. The exchange differences arising on translation are dealt with through the reserve account. The exchange rate used in the Group is: Year End Rate Average Rate RM RM RM RM Singapore (S$) l. Revenue Recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be measured with reliable certainty. Revenue is recognised upon delivery and acceptance of goods sold. 39 Income from investments is included in the income statement when the right to receive has been established. Sales between Group companies are excluded from revenue of the Group. All other incomes are recognised on accrual basis and/or when the rights of receipts have been established. 2. Revenue Revenue for the Company represents invoiced trading sales after allowing for discounts. Revenue for the Group represents cash and invoiced sales less returns and discounts and excludes intra-group transactions. 3. Operating Profit Group Company RM 000 RM 000 RM 000 RM 000 Operating profit is stated after charging: Auditors remuneration current under provision in prior year 7 5 Amortisation of deferred expenditure franchise fees 24 Depreciation of property, plant and equipment 9,651 8,378 7,936 6,778 Directors remuneration fees emoluments

13 3. Operating Profit (contd.) Group Company RM 000 RM 000 RM 000 RM 000 Management and other fees payable holding company 1,679 1,870 1,369 1,523 related company 960 1, ,620 Rental of premises holding company related company 30 others 4,559 3, Loss on disposal of property, plant and equipment and crediting: 40 Gross dividend income unquoted subsidiary company 1,000 8,347 Profit on disposal of property, plant and equipment Fixed deposit interest Rental income premises equipment 6 Franchise fees income Finance Cost Interest payable bank overdrafts term loan bankers acceptance revolving credit others ,091 1,173 1,091 1, Taxation Malaysian taxation based on profit for the year 4,810 2,710 4,109 3,438 Deferred taxation (Note 19) 128 (657) (600) 4,938 2,053 4,109 2,838 The effective tax rate for the Group and the Company is lower than the statutory rate of taxation due to availability of capital allowances and reinvestment allowance for set-off against taxable income. 6. Earnings Per Share The basic earnings per share has been calculated based on the consolidated profit after taxation of RM16,238,000 (2000:RM18,238,000) and on the number of ordinary shares in issue of 99,500,000 after the bonus issue as mentioned in Note 16. The fully diluted earnings per share is the same as the basic earnings per share as the Group does not have any items deemed to be dilutive in nature. 7. Dividend Per Share Group/Company RM 000 RM 000 Proposed tax-exempt dividend of 3 sen per share on enlarged share capital of 196,050,000 (2000:10 sen per share) 5,881 4,975

14 8. Property, Plant And Equipment Long Leasehold Leasehold Leasehold Plant & Motor Other Land Land Buildings Improvements Machinery Vehicles Assets Total Group RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 Cost At 1 January ,894 31,924 6,706 77,881 8,335 11, ,012 Additions 701 2,314 7,239 1,191 3,710 15,155 Disposals (162) (2,594) (1,647) (4,403) Transfers to related company (55) (71) (27) (153) Reclassification (56) 56 At 31 December , ,625 8,803 82,455 9,526 13, ,611 Accumulated depreciation At 1 January ,983 3,482 37,927 7,150 5,640 58,182 Charge for the year , ,180 9,651 Disposals (149) (2,393) (1,631) (4,173) At 31 December ,633 4,030 41,994 7,812 5,189 63,660 Net book value At 31 December , ,992 4,773 40,461 1,714 8,119 90,951 At 31 December ,894 27,941 3,224 39,954 1,185 5,632 85,830 Depreciation charge for , ,004 8,378 Company Cost At 1 January ,894 31,193 2,462 70,075 7,201 5, ,510 Additions 701 1,104 6, Disposals (10) (2,073) (1,556) (3,639) Reclassification (56) At 31 December , ,894 3,556 74,187 7,823 4, ,329 Accumulated depreciation At 1 January , ,743 6,121 3,176 46,784 Charge for the year , ,936 Disposals (10) (1,877) (1,556) (3,443) At 31 December ,472 1,215 36,729 6,694 2,165 51,277 Net book value At 31 December , ,422 2,341 37,458 1,129 2,810 79,052 At 31 December ,894 27,356 1,555 37,332 1,080 2,509 77,726 Depreciation charge for , ,778 Other assets comprise electrical installation, computers and furniture and fittings.

15 9. Subsidiary Companies Company RM 000 RM 000 Unquoted shares, at cost 4,003 4,003 Details of the subsidiary companies are as follows: Country of Percentage of Name Incorporation Effective Equity Held Activity % % Ayamas Convenience Stores Sdn Bhd Malaysia Convenience food store chain Rayaplex Sdn Bhd Malaysia Investment holding Farm s Choice Marketing (M) Sdn Bhd * Malaysia 100 Trading in poultry products (formerly known as Famous Merit Sdn Bhd) Ayamas Food Corporation (S) Pte Ltd + Singapore Trading in poultry products (formerly known as Yokell Pte Ltd) Rasa Gourmet Sdn Bhd Malaysia Restaurant chain SBC Coffee Holdings Sdn Bhd Malaysia Investment holding (formerly known as Expand Empire Sdn Bhd) Seattle s Best Coffee Sdn Bhd * Malaysia 100 Restaurant chain Restoran Sabang Sdn. Bhd. Malaysia Restaurant chain (formerly known as Rancang Azim Nikmat Sdn Bhd) 42 AFCB Properties Sdn Bhd Malaysia Investment holding Pintas Tiara Sdn Bhd * Malaysia Property holding Gro-Max Agriculture Sdn Bhd * Malaysia Ceased operations Ayamas Marketing (M) Sdn Bhd* Malaysia 100 Dormant (formerly known as Influx Phoenix Sdn Bhd) Rasa Gourmet Restaurants Sdn Bhd Malaysia 100 Dormant known as Galleryprise Sdn Bhd) * These investments are held through other subsidiaries. + Subsidiary company audited by member firm of Ernst & Young International.

16 10. Intangible Assets Pre-production and Goodwill on Franchise Pre-processing Consolidation Fees Expenditure Total Group RM 000 RM 000 RM 000 RM At 1 January Acquisition of a new subsidiary Additions Amortisation (10) (24) (402) (436) At 31 December At 1 January Additions Amortisation (165) (165) At 31 December Company 2001 At 1 January Amortisation (164) (164) At 31 December At 1 January Amortisation (165) (165) At 31 December Investment Group/Company RM 000 RM 000 Quoted, at cost: Within Malaysia Shares 4 43 Market value 6 The above investment is held on a long term basis. 12. Inventories Group Company RM 000 RM 000 RM 000 RM 000 At cost: Raw materials 1, , Grocery and consumables 2,159 1, Finished goods 8,661 5,859 8,661 5,859 12,272 8,060 10,770 7,248

17 13. Other Receivables Group Company RM 000 RM 000 RM 000 RM 000 Amount due from subsidiary companies 27,314 9,097 Amount due from related companies 13,086 35,536 12,908 35,536 Deposits and prepayment 16,566 9,299 7,942 7,850 Sundry receivables 3,468 2,465 3,452 2,455 33,120 47,300 51,616 54, Other Payables Sundry payables 5,116 5,987 4,080 5,431 Accruals and provisions 7,021 6,097 6,367 5,602 Payroll liabilities 1,149 1, ,012 13,286 13,267 11,426 12, Bank Borrowings Group/Company RM 000 RM 000 Bank overdrafts Revolving credit 2, ,690 Current portion of term loan (Note 20) 5,839 2,500 5,924 5, The bank borrowings are secured by way of corporate guarantee by its holding company, KFC Holdings (Malaysia) Bhd and bear interest at Cost of Fund or Base Lending Rate plus a margin varying from 0.5% to 1.0% (2000: 0.5% to 1.5%) per annum. 16. Share Capital Group/Company No. of Shares No. of Shares 000 RM RM 000 Ordinary shares of RM1 each Authorised: 250, , , ,000 Issued and fully paid: At 1 January 49,750 49,750 49,750 49,750 Arising from bonus issue 49,750 49,750 At 31 December 99,500 99,500 49,750 49,750 On 30 August 2001, the Company allotted and granted bonus issue of 49,750,000 new ordinary shares of RM1.00 each on the basis of 1 new ordinary share for every 1 existing ordinary share in issue.the shares were listed on 13 September 2001 and ranked pari passu in all respects to existing shares in issue. 17. Retained Profit Based on estimated tax credits available and subject to agreement of the Inland Revenue Board, the Company can distribute its retained profit by way of dividends without incurring additional tax liability up to an amount of RM38,000,000(2000: RM30,500,00.0). In addition, as at 31 December 2001, the retained profit of the Company which is available for distribution as tax-exempt dividend subject to agreement of the Inland Revenue Board is estimated to be RM62,000,000 (2000: RM59,500,000).

18 18. Reserve on Consolidation Group RM 000 RM 000 Arising on consolidation of Ayamas Convenience Stores Sdn Bhd, a subsidiary company 1,599 1, Deferred Taxation Group Company RM 000 RM 000 RM 000 RM 000 At 1 January 4,290 4,947 3,775 4,375 Transfer from/(to) income statement 128 (657) (600) At 31 December 4,418 4,290 3,775 3,775 Deferred tax provided for in the financial statements capital allowances 4,341 4,167 3,775 3,775 other timing differences Estimated potential tax benefit not accounted for in the financial statements : Tax losses Other timing differences ,418 4,290 3,775 3, Long Term Loan Group/Company RM 000 RM 000 Unsecured Term loan 12,846 12,874 Less: Repayable within 12 months (Note 15) (5,839) (2,500) 45 7,007 10,374 Repayments due: Between one to two years 4,671 5,000 Between two to three years 2,336 5,374 7,007 10,374 The unsecured term loan bears interest at Base Lending Rate plus a margin varying from 0.5% to 1% (2000: 0.75% to 1%) per annum. The term loan is repayable by quarterly instalments over a period of 3 years through 12 quarterly instalments of RM1,167,817 each commencing in the third quarter of year 2001.

19 21. Significant Related Party Transactions Significant related party transactions other than those disclosed in Note 3 to the financial statements are as follows: Group Company RM 000 RM 000 RM 000 RM 000 Sales to subsidiary companies: Ayamas Convenience Stores Sdn Bhd 46,574 40,342 Rasa Gourmet Sdn Bhd 1,777 1,687 Ayamas Food Corporation (S) Pte Ltd 439 Farm s Choice Marketing (M) Sdn Bhd 2, Sales to related companies: KFC (Peninsular Malaysia) Sdn Bhd 123,689 99, ,689 99,481 KFC (M) Sdn Bhd 5,332 4,870 5,332 4,870 Asbury s (Malaysia) Sdn Bhd SPM Restaurants Sdn Bhd 11,346 11,346 KFC Manufacturing Sdn Bhd Signature Chef Foodservice & Catering Sdn Bhd 1, , Signature Chef Dining Services Sdn Bhd Mutual Empire Sdn Bhd Pizza Hut Restaurants Sdn Bhd 9,342 8,494 9,342 8,494 KFC (B) Sdn Bhd KFC (Sabah) Sdn Bhd 2,043 2,206 2,043 2,206 KFC (Sarawak) Sdn Bhd 1,892 1,874 1,892 1,874 Purchases from related companies: KFC Integrated Poultry Industry Sdn Bhd 95,068 86,164 95,068 86,164 KFC Manufacturing Sdn Bhd 128, , , ,385 KFC (Peninsular Malaysia) Sdn Bhd 7 6 Region Food Industries Sdn Bhd Hiei Food Industries Sdn Bhd Signature Chef Foodservice & Catering Sdn Bhd The Directors of the Company are of the opinion that the above transactions have been entered into in the normal course of business and have been established under terms that are no less favourable than those arranged with independent third parties. 22. Capital Commitments Group Company RM 000 RM 000 RM 000 RM 000 Amount approved and contracted for Property, plant and equipment 67,256 64,826 6,326 6, Holding Company The holding company is KFC Holdings (Malaysia) Bhd, a public listed company incorporated in Malaysia. Related companies refer to companies within the KFC Holdings (Malaysia) Bhd group of companies.

20 24. Segmental Reporting Profit/(Loss) Revenue Before Taxation Assets Employed RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 Division Poultry processing and retail businesses 403, ,704 23,224 19, , ,888 Restaurants 8,440 7,741 (2,038) ,619 3, , ,445 21,186 20, , ,795 Goodwill on consolidation (10) , ,445 21,176 20, , ,795 No geographical segmental information is presented as the Group operates principally within Malaysia. 25. Employees The monthly average number of persons employed by the Group and the Company during the year are as follows: Group Company Number Number Number Number Management Operations 1, Administration ,372 1, RM 000 RM 000 RM 000 RM 000 Total staff cost (excluding Directors) 28,847 23,895 21,396 18, Significant Events 47 i) On 9 February 2001, the Company through its wholly-owned subsidiary, SBC Coffee Holdings Sdn Bhd (formerly known as Expand Empire Sdn Bhd), acquired the entire issued and fully paid-up share capital of Seattle s Best Coffee Sdn Bhd comprising 100,000 ordinary shares of RM1.00 each for a purchase consideration of RM300,000; ii) On 6 July 2001, the Company through its wholly-owned subsidiary, Rayaplex Sdn Bhd, acquired the entire issued and fully paidup share capital of Ayamas Marketing (M) Sdn Bhd (formerly known as Influx Phoenix Sdn Bhd) comprising 2 ordinary shares of RM1.00 each for a purchase consideration of RM2; iii) On 6 July 2001, the Company through its wholly-owned subsidiary, Ayamas Marketing (M) Sdn Bhd (formerly known as Influx Phoenix Sdn Bhd), acquired the entire issued and fully paid-up share capital of Farm s Choice Marketing (M) Sdn Bhd (formerly known as Famous Merit Sdn Bhd) comprising 2 ordinary shares of RM1.00 each for a purchase consideration of RM2; and iv) On 10 August 2001, the Company through its wholly-owned subsidiary, Rasa Gourmet Sdn Bhd, entered into a sale and purchase agreement with Antah Holdings Bhd to acquire 4,000,000 ordinary shares representing 10% of the entire issued and fully paid-up share capital of Permanis Sdn Bhd for a total cash consideration of RM6.8 million. The acquisition was completed on 5 April There is a put option by Urban Fetch Sdn Bhd, a substantial shareholder of Permanis Sdn Bhd, granting Rasa Gourmet Sdn Bhd the right to require Urban Fetch Sdn Bhd to purchase Rasa Gourmet Sdn Bhd s entire 4,000,000 ordinary shares in Permanis Sdn Bhd, exercisable within 3 months from the date of acquisition at cost (plus holding costs). The exercise period was extended for 16 months from 10 November v) On 11 December 2001, the Company acquired the entire issued and fully paid-up share capital of Rasa Gourmet Restaurants Sdn Bhd (formerly known as Galleryprise Sdn Bhd) comprising 2 ordinary shares of RM1.00 each for a purchase consideration of RM2.

21 27. Subsequent Events i) On 25 January 2002, the Company issued by way of a rights issue 49,750,000 new ordinary shares of RM1.00 each at an issue price of RM1.00 each on a renouncable basis together with 49,750,000 detachable free new Warrants, on the basis of 1 new ordinary share of RM1.00 each together with 1 free Warrant for every 2 ordinary shares held on 30 November The Warrants entitle the registered Warrants holders the rights at any time commencing on 25 January 2002 ( Issue Date ) and maturing on 24 January 2007 ( Maturity Date ) to subscribe for new ordinary shares in the Company, on the basis of 1 new ordinary share of RM1.00 each for each Warrant held. The exercise price of Warrants is as follows: a. RM1.13 per new ordinary share for the period commencing from the Issue Date and ending at the close of business at 5.00 pm in Malaysia on the day immediately preceding the third anniversary of the Issue Date ( First Expiry Date ); or b. RM1.19 per new ordinary share for the period commencing from the date immediately following the First Expiry Date and ending at the close of business at 5.00 pm in Malaysia on the Maturity Date. These shares and Warrants were granted for listing on 5 February 2002 and the shares ranked pari passu in all respects to existing shares in issue. ii) On 18 February 2002, the Company completed the acquisition of 52,740 square metres of land together with the building structures situated in Mukim and District of Klang, State of Selangor Darul Ehsan for a purchase consideration of RM65,000,000. The deposit of RM6,500,000 had been paid in cash and the balance of RM58,500,000 was satisfied by way of issuance of 46,800,000 new ordinary shares of RM1.00 each on 4 February 2002 at an issue price of RM1.25 per share. These shares ranked pari passu in all respects to existing shares in issue. iii) On 18 February 2002, the Company s entire issued and fully paid-up share capital comprising 196,050,000 ordinary shares of RM1.00 each was transferred from the Second Board to the Main Board of the Kuala Lumpur Stock Exchange. 48

22 statement by directors Pursuant to Section 169(15) of the Companies Act 1965 We, Izhar bin Sulaiman and Datuk Haji Abdullah bin Omar, being two of the Directors of Ayamas Food Corporation Bhd, state that, in the opinion of the Directors, the financial statements set out on pages 33 to 48 are drawn up in accordance with applicable approved accounting standards in Malaysia so as to give a true and fair view of: i) the financial position of the Group and of the Company as at 31 December 2001 and of the results of the Group and of the Company for the year ended on that date; and ii) the cash flows of the Group and of the Company for the year ended 31 December On behalf of the Board Izhar bin Sulaiman Executive Chairman Datuk Haji Abdullah bin Omar Executive Deputy Chairman Kuala Lumpur 29 April 2002 statutory declaration Pursuant to Section 169(16) of the Companies Act I, Izhar bin Sulaiman, the Director primarily responsible for the financial management of Ayamas Food Corporation Bhd, do, solemnly and sincerely, declare that the financial statements set out on pages 33 to 48 are, in my opinion, correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act Subscribed and solemnly declared by the abovenamed Izhar bin Sulaiman at Kuala Lumpur in the Federal Territory on 29 April Izhar bin Sulaiman Before me Woon Yoon Thiam (W252) Commissioner for Oaths

23 auditors report To the Members of Ayamas Food Corporation Bhd We have audited the financial statements set out on pages 33 to 48. These financial statements are the responsibility of the Company s Directors. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved standards of auditing in Malaysia. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Directors, as well as evaluating the overall adequacy of the presentation of information in the financial statements. We believe that our audit provides a reasonable basis for our opinion. In our opinion: a. the financial statements are properly drawn up in accordance with the provisions of the Companies Act 1965 and applicable approved accounting standards in Malaysia so as to give a true and fair view of: i) the financial position of the Group and of the Company as at 31 December 2001 and the results of the Group and of the Company and the cash flows of the Group and of the Company for the year then ended; and ii) the matters required by Section 169 of the Companies Act 1965 to be dealt with in the financial statements and consolidated financial statements. b. the accounting and other records and the registers required by the Act to be kept by the Company and by the subsidiary companies for which we have acted as auditors have been properly kept in accordance with the provisions of the Act. We have considered the financial statements and the Report of the Auditors of the subsidiary company for which we have not acted as auditors as indicated in Note 9 to the financial statements, being the financial statements which are included in the consolidated financial statements. We are satisfied that the financial statements of the subsidiary companies that have been consolidated with the Company s financial statements are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we have received satisfactory information and explanations required by us for those purposes. 50 The Reports of the Auditors on the financial statements of the subsidiary companies were not subject to any qualification and did not include any comment required to be made under Section 174(3) of the Companies Act Ernst & Young AF: 0039 Chartered Accountants Mohd Sukarno bin Tun Sardon 1697/03/03(J) Partner Kuala Lumpur 29 April 2002

24 PENYATA KEWANGAN

25

26 LAPORAN PENGARAH Lembaga Pengarah dengan sukacitanya mengemukakan laporan mereka berserta dengan penyata kewangan Kumpulan dan Syarikat yang telah diaudit bagi tahun kewangan berakhir 31 Disember Kegiatan Utama Kegiatan-kegiatan utama Syarikat adalah pemerosesan ayam dan pemerosesan lanjutan serta pemegangan pelaburan. Kegiatan utama anak-anak syarikat adalah mengendalikan rangkaian kedai makanan serbaneka dan rangkaian restoran. Tiada perubahan penting di dalam kegiatan-kegiatan tersebut sepanjang tahun kewangan semasa. Keputusan Kewangan Kumpulan Syarikat RM 000 RM 000 Keuntungan operasi 21,186 21,085 Perlupusan muhibah atas penyatuan (10) Keuntungan sebelum cukai 21,176 21,085 Cukai (4,938) (4,109) Keuntungan yang boleh diagihkan kepada pemegang saham 16,238 16,976 Keuntungan terkumpul dibawa ke hadapan 65,098 64,601 81,336 81,577 Terbitan bonus (49,750) (49,750) Dividen dicadangkan (5,881) (5,881) Keuntungan terkumpul dibawa ke tahun berikutnya 25,705 25,946 Tiada pemindahan ketara yang lain kepada atau daripada akaun rizab atau peruntukan di sepanjang tahun kewangan kecuali seperti yang telah dinyatakan dalam penyata kewangan. 53 Pada pendapat para Pengarah, keputusan operasi Kumpulan dan Syarikat dalam tahun kewangan tidak banyak diubah oleh sebarang perkara, urusniaga atau peristiwa penting dan luarbiasa. Dividen Dividen yang dibayar atau disyorkan oleh Syarikat untuk tahun semasa adalah seperti berikut: a. Berkenaan dengan tahun berakhir 31 Disember 2000: RM 000 Syarikat telah membayar dividen yang pertama dan akhir yang dikecualikan cukai sebanyak 10 sen sesaham, seperti yang diisytiharkan di dalam Laporan Pengarah untuk tahun berkenaan. 4,975 a. Berkenaan dengan tahun berakhir 31 Disember 2000: Para pengarah mengesyorkan dividen pertama dan terakhir dikecualikan cukai sebanyak 3 sen sesaham berdasarkan modal saham yang telah bertambah berjumlah 196,050,000 selaras dengan perlaksanaan korporat yang telah diselesaikan pada penghujung tahun seperti yang dinyatakan dalam Nota 27 (i) & (ii). 5,881

27 Modal Saham Dalam tahun kewangan, modal saham Syarikat yang diterbitkan dan berbayar telah meningkat dari 49,750,000 saham biasa bernilai RM1.00 sesaham kepada 99,500,000 saham biasa bernilai RM1.00 sesaham dengan cara Terbitan Bonus 49,750,000 saham biasa baru bernilai RM1.00 sesaham pada dasar satu saham biasa baru bagi setiap satu saham biasa yang sedia dipegang. Terbitan Bonus 49,750,000 saham biasa baru bernilai RM1.00 sesaham dilaksanakan melalui pembentukan modal RM49,750,000 daripada Akaun Keuntungan Terkumpul Syarikat. Saham-saham yang baru diterbitkan ini adalah bertaraf pari passu di dalam semua aspek dengan saham-saham yang sedia ada. Kemudian, pada penghujung tahun, modal saham telah diperbesarkan lagi kepada 196,050,000 saham biasa bernilai RM1.00 setiap satu selepas tamatnya perlaksanaan korporat seperti yang dibentangkan dalam Nota 27. Skim Opsyen Saham Kakitangan Eksekutif Skim Opsyen Saham Kakitangan Eksekutif ( Skim ) syarikat induk, KFC Holdings (Malaysia) Bhd ( KFCH ) telah dilaksanakan pada 28 November Skim ini memperuntukkan opsyen kepada kakitangan eksekutif Kumpulan KFCH yang layak dengan hak untuk melanggan saham baru bernilai RM1.00 setiap saham ( Saham ) pada harga langganan yang telah ditetapkan. Skim ini telah diluluskan oleh pemegang saham KFCH dalam Mesyuarat Agung Luarbiasa pada 6 Oktober Ciri-ciri utama Skim ini adalah: a. Skim ini berkuatkuasa untuk tempoh lima (5) tahun bermula pada 28 November 1998; b. Jumlah maksima saham baru KFCH yang boleh ditawarkan di bawah Skim ini adalah sehingga sepuluh (10) peratus daripada jumlah saham KFCH yang diterbitkan dan berbayar pada satu-satu masa semasa tempoh Skim ini berkuatkuasa selepas ditolak jumlah agregat opsyen-opsyen Saham yang ditebus di bawah Skim terdahulu; c. Harga langganan untuk Saham baru ini adalah harga purata Saham seperti yang ditunjukkan di dalam Senarai Rasmi Harian yang dikeluarkan oleh Bursa Saham Kuala Lumpur selama lima (5) hari pasaran sejurus selepas tarikh opsyen ditawarkan, bergantung kepada peruntukan bahawa harga langganan Saham tersebut tidak boleh kurang daripada nilai setara Saham; d. Kakitangan eksekutif yang layak adalah kakitangan eksekutif Kumpulan yang terdiri daripada warganegara Malaysia, berumur sekurangkurangnya lapan belas (18) tahun dan telah berkhidmat dengan Kumpulan sekurang-kurangnya satu (1) tahun pada tarikh titik potong tawaran opsyen; dan 54 e. Jumlah Saham baru yang akan ditawarkan kepada kakitangan eksekutif yang layak adalah bergantung kepada budi bicara Lembaga Pengarah KFCH dan berdasarkan kepada jumlah maksima Saham baru yang dibenarkan untuk setiap kategori kakitangan eksekutif yang berkenaan. Pada 31 Disember 2001, terdapat 7,966,000 saham yang belum diterbitkan di bawah opsyen ini berdasarkan skim tersebut. Harga Opsyen Saham Opsyen Diperuntukkan Dilanggan RM Bilangan Saham Opsyen Pertama April ,914,000 6,352,000 Opsyen Kedua Jun ,225,000 14,000 Opsyen Ketiga Ogos ,000 - Opsyen Keempat November ,000 Pada 31 Disember ,332,000 6,366,000

28 Para Pengarah Berikut ialah senarai nama Pengarah Syarikat yang telah menyandang jawatan semenjak tarikh laporan yang lepas dan pada tarikh laporan ini: Tuan Haji Izhar bin Sulaiman (Pengerusi Eksekutif ) YBhg Datuk Haji Abdullah bin Omar (Timbalan Pengerusi Eksekutif ) Tuan Haji Johari bin Abdul Ghani (Dilantik sebagai Pengarah Eksekutif pada 27 Disember 2001) YBhg Dato Haji Karim bin Marzuki YB Encik Hilmi bin Haji Abdul Rashid Encik Bahaman bin Haji Abdul Hamid YBhg Dato Dr Ridzuan bin Akil (Dilantik pada 27 Disember 2001) YBhg Datuk Haji Ishak bin Ismail (Letak jawatan pada 2 November 2001) Sepanjang dan pada akhir tahun kewangan, Syarikat tidak berpihak kepada sebarang persetujuan yang bertujuan untuk membolehkan para Pengarah mendapat manfaat melalui perolehan saham atau debentur Syarikat ataupun sebarang badan korporat yang lain. Menurut daftar yang perlu disimpan mengikut Seksyen 134 Akta Syarikat 1965, Pengarah-pengarah berikut yang memegang jawatan pada akhir tahun kewangan ini memiliki kepentingan dalam saham Syarikat dan syarikat-syarikat lain yang berkaitan seperti yang dinyatakan di bawah: Pada Dalam tahun semasa Pada 1/1/2001 Belian Jualan 31/12/2001 Kepentingan langsung dan tidak langsung dalam Saham Biasa KFC Holdings (Malaysia) Bhd Tuan Haji Izhar bin Sulaiman 1,063,334 1,063,334 YBhg Datuk Haji Abdullah bin Omar 1,063,334 1,063,334 Menurut Artikel 79 Tataurusan Syarikat,YBhg Datuk Haji Abdullah bin Omar dan YBhg Dato Haji Karim bin Marzuki bersara mengikut giliran dan kerana layak, menawarkan diri mereka untuk dilantik semula pada Mesyuarat Agung Tahunan yang akan datang. Menurut Artikel 86 Tataurusan Syarikat,Tuan Haji Johari bin Abdul Ghani dan YBhg Dato Dr Ridzuan bin Akil bersara pada Mesyuarat Agung Tahunan yang akan datang dan kerana layak, menawarkan diri untuk dilantik semula. Sejak akhir tahun kewangan yang lalu, tiada Pengarah Kumpulan dan Syarikat menerima atau berhak menerima sebarang ganjaran (selain daripada ganjaran dan lain-lain emolumen sebagaimana yang dinyatakan dalam penyata kewangan atau gaji tetap sebagai seorang pekerja sepenuh masa Kumpulan atau Syarikat), disebabkan perjanjian yang dibuat oleh Syarikat atau syarikat-syarikat lain yang berkaitan dengan Pengarah atau dengan firma di mana beliau adalah seorang ahli atau dengan syarikat di mana beliau mempunyai kepentingan kewangan yang besar. 55 Peristiwa-Peristiwa Penting Peristiwa-peristiwa penting sepanjang tahun dibentangkan dalam Nota 26 kepada penyata kewangan. Peristiwa Berikutnya Peristiwa penting yang berlaku selepas tarikh kunci kira-kira ada dibentangkan dalam Nota 27 kepada penyata kewangan.

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