(Company No M) a fresh. perspective perspektif baru. annual report 2005 laporan tahunan

Transcription

1 U n i t e d M a l a y a n L a n d B h d (Company No M) a fresh perspective perspektif baru annual report 2005 laporan tahunan

2 when you start looking at things from new angles... Apabila anda meneliti dari pelbagai perspektif... A FRESH PERSPECTIVE A new vision and sense of purpose has emerged at UM Land. Gaining from fresh perspectives and new zeal, the corporation has re-aligned its vision, mission and goals with the view of becoming a property developer of distinction. The stage is set and the players are ready. Our passion for innovation and quality is set to colour the lives of homeowners and investors. PERSPEKTIF BARU UM Land telah mencorak peralihan senario yang baru dengan mewujudkan pendekatan yang lebih eksklusif dalam visinya. Untuk mencapai kejayaan yang berterusan, Kumpulan telah menggariskan semula visi, misi dan matlamatnya bagi menjadikan UM Land sebuah pemaju hartanah yang terunggul. Pelan tindakan telah disusun. Matlamat utama telah diselarikan. Adalah menjadi cita-cita kami di UM Land agar innovasi dan kualiti mampu mewarnai kehidupan para pemilik rumah dan pelabur. On the cover gambar muka depan Rumah Impiana Bandar Seri Alam Photo taken at sunrise Gambar diambil sewaktu mentari terbit

3 ...you gain new insights...anda akan memperolehi pemahaman baru

4 there comes a time to stop... Adakalanya, kita perlu berhenti seketika... and look at where we are going. sebelum mengorak langkah seterusnya

5 VISION wawasan to be a property developer of distinction, creating quality lifestyles and communities. Untuk menjadi pemaju hartanah terunggul yang mewujudkan gaya hidup berkualiti dan komuniti bersepadu. MISSION matlamat to develop a brand that represents quality and innovation which creates value and is the preferred choice. Untuk mencipta jenama yang melambangkan nilai kualiti dan inovasi yang tinggi serta menjadi pemaju hartanah pilihan utama. UNITED MALAYAN LAND BHD

6 That time is now. OVERVIEW It s time for a facelift. A metamorphosis as UM Land transforms itself into a dynamic developer with stronger brand positioning and a portfolio of designer homes. A time to discover better routes. A time to check and update our map. Masa untuk mencari sumber dan idea baru. Masa untuk mengkaji semula kemajuan yang dicapai dan memperbaiki hala tuju kita. Kini tibalah masanya. KESIMPULAN Kini tiba masanya untuk UM Land mengorak langkah melalui metamorfosis yang bakal dilihat dapat memperkukuhkan lagi kedudukan sebagai pemaju dinamik yang bereputasi tinggi dalam pembangunan kediaman-kediaman eksklusif.

7 inside kandungan mukasurat annual report 05 6 Corporate Information 6 Maklumat Korporat 8 Board of Directors Profile 8 Profil Lembaga Pengarah 16 Senior Management 16 Pengurusan Kanan 18 Message from Our New Chairman 19 Perutusan daripada Pengerusi Baru 20 Letter to Shareholders 26 Perutusan Kepada Para Pemegang Saham 32 Corporate Structure 32 Struktur Korporat 33 Transforming to make a difference 43 Transformasi untuk mencipta kemajuan 54 Corporate Calendar 54 Kalendar Korporat 59 Financial Calendar 59 Kalendar Kewangan 60 Five-Year Group Financial Highlights 60 Prestasi Kewangan Kumpulan Bagi Lima Tahun 62 Corporate Governance Statement 86 Penyata Urusan Tadbir Korporat 68 Statement on Internal Control 92 Penyata Kawalan Dalaman 70 Audit Committee Report 94 Laporan Jawatankuasa Audit 73 Additional Compliance Information 97 Maklumat Pematuhan Tambahan 78 List of Properties 102 Senarai Hartanah 80 Analysis of Shareholdings 80 Analisa Pegangan Saham 83 Notice of Annual General Meeting 104 Notis Mesyuarat Agung Tahunan 107 Financial Statements 151 Penyata Kewangan Form of Proxy Borang Proksi

8 6 Corporate INFORMATION BOARD OF DIRECTORS lembaga pengarah Chairman Pengerusi Joint Deputy Chairman Naib Pengerusi Bersama Joint Deputy Chairman / Executive Director Naib Pengerusi Bersama / Pengarah Eksekutif YBhg Tan Sri Dato Musa bin Hitam Encik Lui Chong Chee YBhg Dato Ng Eng Tee YBhg Datuk Mohd Khamil bin Jamil Resigned as Director on 31 March 2006 Meletak jawatan sebagai Pengarah pada 31 Mac 2006 YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed YB Datuk Nur Jazlan bin Tan Sri Mohamed Dr Choo Kian Koon Resigned as Director on 17 March 2006 Meletak jawatan sebagai Pengarah pada 17 Mac 2006 Tuan Syed Azmin bin Mohd Syed Nor Appointed as Director on 3 May 2006 Dilantik sebagai Pengarah pada 3 Mei 2006 Encik Ng Eng Soon YBhg Dato Mohd Hanafiah bin Omar Also Alternate Director to Juga Pengarah Gilir kepada Encik Lui Chong Chee Alternate Director to Pengarah Gilir kepada Dr Choo Kian Koon Encik Soong Hee Sang Appointed as Director on 22 March 2006 Dilantik sebagai Pengarah pada 22 Mac 2006 Puan Rita Lau Chen Chen Resigned as Alternate Director on 17 March 2006 Meletak jawatan sebagai Pengarah Gilir pada 17 Mac 2006 COMPANY SECRETARY setiausaha syarikat Puan Zuraidah Mohd Yusoff (MAICSA )

9 maklumat korporat 7 REGISTERED OFFICE pejabat berdaftar Suite 1.1, 1st Floor Kompleks Antarabangsa Jalan Sultan Ismail Kuala Lumpur Tel No : Fax No : SHARE REGISTRAR pendaftar saham Securities Services (Holdings) Sdn Bhd Level 7, Menara Milenium Pusat Bandar Damansara Damansara Heights Kuala Lumpur Tel No : Fax No : AUDITORS juruaudit PricewaterhouseCoopers 11th Floor, Wisma Sime Darby Jalan Raja Laut Kuala Lumpur PRINCIPAL BANKERS bank-bank utama OCBC Bank (Malaysia) Berhad Alliance Bank Malaysia Berhad Bumiputra-Commerce Bank Berhad Malayan Banking Berhad STOCK EXCHANGE LISTING penyenaraian bursa saham Main Board Papan Utama, Bursa Malaysia Securities Berhad Stock Code : UMLAND Stock No : 4561 UNITED MALAYAN LAND BHD

10 8 from left to right YBhg Tan Sri Dato Musa bin Hitam YBhg Dato Ng Eng Tee Encik Lui Chong Chee BOARD OF DIRECTORS Profile YBhg Tan Sri Dato Musa bin Hitam, aged 71 and a Malaysian, was appointed as an Independent Non-Executive Director and Chairman of UM Land on 26 January He is also Chairman of the Executive Committee of UM Land. Tan Sri Musa held a number of key government posts, including Chairman of Federal Land Development Authority (FELDA), Deputy Minister of Trade & Industry, Minister of Primary Industries and Minister of Education before becoming Malaysia s fifth Deputy Prime Minister and Minister of Home Affairs from 1981 to Between 1990 and 1991, he was Malaysia s Special Envoy to the United Nations and from 1995 to 2002 he was the Prime Minister s Special Envoy to the Commonwealth Ministerial Action group. Tan Sri Musa also led the Malaysian delegations to the UN Commission on Human Rights from 1993 to 1998 and was elected Chairman of the 52nd Session of the Commission in Tan Sri Musa obtained his Bachelor of Arts degree from the University of Malaya and Masters degree in International Relations from the University of Sussex, United Kingdom. He served briefly as Senior Lecturer at the University Malaya and was a Fellow at the Centre for International Affairs, Harvard University, United States of America. He is currently a Fellow of the Malaysian Institute of Management, Chairman of the Malaysia/China Business Council and Co-Chairman of the ASEAN/China Eminent Persons Group. He is also Chairman of Eminent Persons Group to draft the ASEAN Charter and Chairman of the World Islamic Economic Forum. He is also currently the Chairman of Kumpulan Guthrie Berhad and Lion Industries Corporation Berhad, both companies listed on the Main Board of Bursa Malaysia Securities Berhad. Tan Sri Musa has no family relationship with any director or major shareholder of UM Land. He has never been charged for any offences and does not have any conflict of interest with UM Land. YBhg Tan Sri Dato Musa bin Hitam, berusia 71 tahun dan seorang warganegara Malaysia, telah dilantik sebagai Pengarah Bebas Bukan Eksekutif dan Pengerusi UM Land pada 26 Januari Beliau juga adalah Pengerusi Jawatankuasa Eksekutif bagi UM Land. Tan Sri Musa telah menjawat beberapa jawatan kanan kerajaan, termasuk Pengerusi Lembaga Kemajuan Tanah Persekutuan (FELDA), Timbalan Menteri Perdagangan & Industri, Menteri Perusahaan Utama dan Menteri Pendidikan sebelum menjadi Timbalan Perdana Menteri Malaysia yang kelima dan Menteri Hal Ehwal Dalam Negeri dari tahun Di antara tahun 1990 dan 1991, beliau menjadi Utusan Khas Malaysia kepada Pertubuhan Bangsa-bangsa Bersatu dan dari tahun 1995 hingga 2002, beliau menjadi Utusan Khas Perdana Menteri kepada Kumpulan Bertindak Menteri-menteri Komanwel. Tan Sri Musa juga telah memimpin delegasi Malaysia ke Suruhanjaya Hak Asasi Manusia UN dari tahun 1993 hingga 1998 dan telah dipilih sebagai Pengerusi bagi Sesi Suruhanjaya ke-52, pada tahun Tan Sri Musa memiliki Ijazah Sarjana Muda Sastera dari Universiti Malaya dan Ijazah Sarjana pengkhususan dalam bidang Perhubungan Antarabangsa dari Universiti Sussex, United Kingdom. Beliau turut berkhidmat sebagai Pensyarah Kanan di Universiti Malaya dan ahli Fellow di Pusat Hal Ehwal Antarabangsa, Universiti Harvard, Amerika Syarikat. Kini, beliau adalah ahli Fellow di Institut Pengurusan Malaysia, Pengerusi Majlis Perniagaan Malaysia/Cina dan Pengerusi Bersama Kumpulan Tokoh-tokoh Utama ASEAN/Cina. Beliau juga adalah Pengerusi Kumpulan Tokoh Utama bagi merangka Piagam ASEAN dan Pengerusi Forum Ekonomi Islam Sedunia. Tan Sri Musa juga adalah Pengerusi bagi Kumpulan Guthrie Berhad dan Lion Industries Corporation Berhad, kedua-dua syarikat yang disenarai di Papan Utama Bursa Malaysia Securities Berhad. Tan Sri Musa tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang saham utama UM Land. Beliau tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land.

11 profil lembaga pengarah 9 YBhg Dato Ng Eng Tee, aged 56, a Non-Independent Executive Director joined the UM Land Board on 31 October 1995 as Managing Director and Group Chief Executive Officer until he relinquished the position in January He assumed his current position as Joint Deputy Chairman/Executive Director on 28 August Dato Ng is a member of the Remuneration Committee, Tender Board Committee, Risk Committee and the Executive Committee of UM Land. A Singapore citizen, he graduated from Singapore Polytechnic. Besides UM Land, Dato Ng is the Managing Director of Chee Tat Holdings (Singapore) Pte Ltd. He also sits on the Board of several private limited companies in Malaysia. Dato Ng is also the President of King George Financial Corporation and a Director of Allied Hotel Properties Incorporated, both listed on the Canadian Stock Exchange. He is also a founding life member of the Presidents Club of Simon Fraser University. Other than as disclosed, Dato Ng does not have any family relationship with any director or major shareholder of UM Land. He has never been charged for any offences and does not have any conflict of interest with UM Land. YBhg Dato Ng Eng Tee, berusia 56 tahun, merupakan Pengarah Eksekutif Bukan Bebas dan menyertai Lembaga Pengarah UM Land pada 31 Oktober 1995 sebagai Pengarah Urusan dan Ketua Pegawai Eksekutif Kumpulan sehingga beliau melepaskan jawatan tersebut pada Januari Beliau menyandang jawatannya kini sebagai Naib Pengerusi Bersama/ Pengarah Eksekutif pada 28 Ogos Dato Ng adalah ahli Jawatankuasa Imbuhan, Jawatankuasa Lembaga Tender, Jawatankuasa Risiko dan Jawatankuasa Eksekutif UM Land. Dato Ng, seorang warganegara Singapura adalah bekas graduan Politeknik Singapura. Selain dari UM Land, beliau juga adalah Pengarah Urusan Chee Tat Holdings (Singapore) Pte Ltd dan turut menganggotai Lembaga Pengarah beberapa syarikat persendirian di Malaysia. Di samping itu, Dato Ng juga merupakan Presiden King George Financial Corporation dan Pengarah Allied Hotel Properties Incorporated, kedua-duanya disenarai di Bursa Saham Kanada. Beliau juga adalah pengasas dan ahli sepanjang hayat Kelab Presiden Universiti Simon Fraser. Selain dari apa yang dinyatakan, Dato Ng tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang saham utama UM Land. Beliau tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land. Encik Lui Chong Chee, aged 45 and a Singaporean, is the Joint Deputy Chairman of UM Land. He joined the UM Land Board as a Non-Independent Non-Executive Director on 1 August He is also a member of the Remuneration Committee of UM Land. He is currently the Chief Executive Officer of CapitaLand Residential Limited, a company incorporated in the Republic of Singapore, which is a wholly owned subsidiary of CapitaLand Limited. Prior to this, he was the Chief Financial Officer of CapitaLand Limited. He graduated from New York University, United States of America with a Bachelor of Science in Business Administration (magna cum laude). He also holds a Master in Business Administration from New York University. Lui Chong Chee does not have any family relationship with any director or major shareholder of UM Land except by virtue of being a nominee of CapitaLand. He has never been charged for any offences and does not have any conflict of interest with UM Land. Encik Lui Chong Chee, berusia 45 tahun dan seorang warganegara Singapura, adalah Naib Pengerusi Bersama UM Land. Beliau menyertai Lembaga Pengarah UM Land sebagai Pengarah Bukan Bebas Bukan Eksekutif pada 1 Ogos Beliau juga adalah ahli Jawatankuasa Imbuhan UM Land. Beliau kini adalah Ketua Pegawai Eksekutif CapitaLand Residential Limited, sebuah syarikat yang diperbadankan di Republik Singapura, yang merupakan syarikat subsidiari milik penuh CapitaLand Limited. Beliau pernah menjawat sebagai Ketua Pegawai Kewangan CapitaLand Limited sebelum ini. Beliau memiliki Ijazah Sarjana Muda Sains (magna cum laude) dalam bidang Pentadbiran Perniagaan dan Ijazah Sarjana Pentadbiran Perniagaan dari Universiti New York, Amerika Syarikat. Lui Chong Chee tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang saham utama UM Land kecuali sebagai pengarah nomini CapitaLand. Beliau tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land. UNITED MALAYAN LAND BHD

12 10 BOARD OF DIRECTORS PROFILE (cont d) YBhg Datuk Mohd Khamil bin Jamil, aged 50 was appointed to the UM Land Board as a Non-Independent Non-Executive Director on 20 February He was the Chairman of the Risk Committee and a member of the Tender Board Committee of UM Land. He started his executive career with Bank Bumiputra Malaysia Bhd from August 1980 until November He is a Barrister-at-Law at Gray s Inn, England and was called to the English Bar in 1983 and the Malaysian Bar in September He was a practicing partner of several legal firms before venturing into business in Datuk Mohd Khamil is also director of DRB-Hicom Berhad, a company listed on the Main Board of Bursa Malaysia Securities Berhad. Datuk Mohd Khamil, a Malaysian citizen holds a Bachelor of Law (Honours) Degree from University of London. Datuk Mohd Khamil has no family relationship with any director or major shareholder of UM Land except by virtue of being a nominee of Tradewinds Corporation Berhad. He has never been charged for any offences and does not have any conflict of interest with UM Land. He has resigned as Director on 31 March YBhg Datuk Mohd Khamil bin Jamil, berusia 50 tahun, telah dilantik untuk menganggotai Lembaga Pengarah UM Land sebagai Pengarah Bukan Bebas Bukan Eksekutif pada 20 Februari Beliau merupakan bekas Pengerusi Jawatankuasa Risiko dan ahli Jawatankuasa Lembaga Tender UM Land. Beliau telah memulakan kerjayanya di Bank Bumiputra Malaysia Bhd dari Ogos 1980 hingga November Sebagai seorang Barrister di Gray s Inn, England, beliau menjadi ahli di Badan Peguam Inggeris dalam tahun 1983 dan Badan Peguam Malaysia pada September Beliau merupakan rakan kongsi beberapa firma guaman sebelum menceburkan diri dalam bidang perniagaan pada tahun Datuk Mohd Khamil juga adalah pengarah DRB-Hicom Berhad, sebuah syarikat yang disenarai di Papan Utama Bursa Malaysia Securities Berhad. Datuk Mohd Khamil, seorang warganegara Malaysia, memegang Ijazah Sarjana Muda Undang-undang (Kepujian) dari Universiti London. Datuk Mohd Khamil tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang saham utama UM Land kecuali sebagai pengarah nomini Tradewinds Corporation Berhad. Beliau tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land. Beliau meletak jawatan sebagai Pengarah pada 31 Mac 2006.

13 profil lembaga pengarah (samb.) 11 from left to right YBhg Datuk Mohd Khamil bin Jamil Encik Ng Eng Soon YBhg Dato Mohd Hanafiah bin Omar Encik Ng Eng Soon, aged 48 and a Singaporean, joined the UM Land Board as a Non-Independent Non-Executive Director on 31 October He is currently the Executive Director of Chee Tat Holdings (Singapore) Pte Ltd and is the brother of YBhg Dato Ng Eng Tee. He graduated from the London School of Economics, United Kingdom with a Bachelor of Science Degree majoring in Economics. Other than as disclosed, he has no family relationship with any director or major shareholder of UM Land except by virtue of being a nominee of Chee Tat Holdings (Singapore) Pte Ltd. He has never been charged for any offences and does not have any conflict of interest with UM Land. Encik Ng Eng Soon, berusia 48 tahun dan seorang warganegara Singapura, menyertai Lembaga Pengarah UM Land sebagai Pengarah Bukan Bebas Bukan Eksekutif pada 31 Oktober Beliau kini merupakan Pengarah Eksekutif Chee Tat Holdings (Singapore) Pte Ltd dan adalah adik kepada Dato Ng Eng Tee. Encik Ng telah menamatkan pengajiannya dari London School of Economics, United Kingdom dengan memiliki Ijazah Sarjana Muda Sains pengkhususan di dalam bidang Ekonomi. Selain dari apa yang dinyatakan, Encik Ng tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana Pengarah atau pemegang saham utama UM Land kecuali sebagai pengarah nomini Chee Tat Holdings (Singapore) Pte Ltd. Beliau tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land. YBhg Dato Mohd Hanafiah bin Omar, aged 61, is an Independent Non-Executive Director of UM Land. He was appointed to the UM Land Board on 10 January 2005 and is a member of the Risk Committee. He started his career with the Ministry of Finance as an officer in its Finance Division (External) Federal Treasury in 1968 and had held several positions before his appointment as the first Director of the Bumiputra Coordination and Participation Unit, Prime Minister s Department, Penang in In 1983, he was appointed as the first General Manager of Penang Regional Development Authority and was subsequently appointed as the Head of Task Force on Privatisation, Economic Planning Unit in He became the Deputy Secretary General of the Ministry of Land and Regional Development, from 1989 to In 1991, he joined Arab Malaysian Development Berhad (AMDB) as a Senior General Manager (Corporate) and was subsequently an Executive Director of AMDB. He was an Executive Director of Indah Water Konsortium Sdn Bhd from 1998 to Previously, he was the Chairman and Director of Integrated Rubber Corporation Berhad (formerly known as Berjuntai Tin Dredging Berhad). Dato Mohd Hanafiah, a Malaysian citizen holds a Bachelor of Arts (Honours) from University of Malaya and Diploma in Economics from University of Colorado, United States of America and Masters in Business Administration (Finance) from Michigan State University, United States of America. YBhg Dato Mohd Hanafiah bin Omar, berusia 61 tahun, adalah Pengarah Bebas Bukan Eksekutif UM Land. Beliau telah dilantik untuk menganggotai Lembaga Pengarah pada 10 Januari 2005 dan adalah ahli Jawatankuasa Risiko. Beliau telah memulakan kerjayanya dengan Kementerian Kewangan sebagai pegawai di Bahagian Kewangan (Luar), Perbendaharaan Persekutuan pada tahun 1968 dan pernah memegang beberapa jawatan sebelum dilantik sebagai Pengarah pertama Unit Penyelarasan dan Penyertaan Bumiputra di Jabatan Perdana Menteri, Pulau Pinang pada tahun Dalam tahun 1983, beliau telah dilantik sebagai Pengurus Besar pertama bagi Lembaga Kemajuan kawasan Pulau Pinang dan seterusnya dilantik sebagai Ketua Pasukan Petugas bagi Penswastaan, Unit Perancangan Ekonomi dalam tahun Beliau menjadi Timbalan Setiausaha Agung di Kementerian Kemajuan Tanah dan Wilayah, dari tahun 1989 hingga Pada tahun 1991, beliau telah menyertai Arab Malaysian Development Berhad (AMDB) sebagai Pengurus Besar Kanan (Korporat) dan kemudiannya sebagai Pengarah Eksekutif AMDB. Beliau juga telah memegang jawatan Pengarah Eksekutif Indah Water Konsortium Sdn Bhd dari tahun 1998 hingga Sebelum ini, beliau menjawat jawatan Pengerusi dan Pengarah Integrated Rubber Corporation Berhad (dahulunya dikenali sebagai Berjuntai Tin Dredging Berhad). Dato Mohd Hanafiah, seorang warganegara Malaysia, memegang Ijazah Sarjana Muda Sastera (Kepujian) dari Universiti Malaya dan Diploma dalam bidang Ekonomi dari Universiti Colorado, Amerika Syarikat serta Ijazah Sarjana Pentadbiran Perniagaan (Kewangan) dari Universiti Michigan, Amerika Syarikat. UNITED MALAYAN LAND BHD

14 12 BOARD OF DIRECTORS PROFILE (cont d) YB Datuk Nur Jazlan bin Tan Sri Mohamed, aged 40 joined the UM Land Board on 19 October 1994 as an Independent Non- Executive Director. He is a member of the Audit Committee and Nomination Committee of UM Land. Datuk Nur Jazlan, a Malaysian citizen, is a fellow member of the Association of Chartered Certified Accountants (ACCA), United Kingdom. He was a Council Member and Chairman of Public Relations Committee of Malaysian Institute of Accountants as well as Council Member of the ASEAN Federation of Accountants until September In addition to his corporate experience, Datuk Nur Jazlan is also active in politics. He is the Head of UMNO Pulai, Johor and also Chairman of Barisan Nasional for the division. He was an EXCO member of UMNO Youth from 1996 to He was elected as a Member of Parliament for Pulai Parliamentary Constituency (Johor) in the last General Election held in March He is also Secretary of foreign affairs committee and the economics and finance committee of the Backbenchers Club of Parliament. He also sits on the Board of Telekom Malaysia Berhad (TM), a company listed on the Main Board of Bursa Malaysia Securities Berhad. He is a member of the Board of Commissioners of PT Excelcomindo Pratama, Indonesia and Chairman of Multinet Pakistan (Private) Limited, subsidiaries of TM. Datuk Nur Jazlan is also a Director of Prinsiptek Corporation Berhad. Datuk Nur Jazlan has no family relationship with any director or major shareholder of UM Land. He has never been charged for any offences and does not have any conflict of interest with UM Land. YB Datuk Nur Jazlan bin Tan Sri Mohamed, berusia 40 tahun, menyertai Lembaga Pengarah UM Land pada 19 Oktober 1994 sebagai Pengarah Bebas Bukan Eksekutif. Beliau adalah ahli Jawatankuasa Audit dan Jawatankuasa Pencalonan UM Land. Datuk Nur Jazlan, seorang warganegara Malaysia, adalah ahli Fellow kepada Association of Chartered Certified Accountants (ACCA), United Kingdom. Beliau pernah memegang jawatan Ahli Majlis dan Pengerusi Jawatankuasa Perhubungan Awam bagi Institut Akauntan Malaysia serta Ahli Majlis Persekutuan Akauntan ASEAN sehingga September Di samping pengalaman korporatnya, Datuk Nur Jazlan turut aktif dalam bidang politik. Beliau adalah Ketua UMNO Pulai, Johor dan Pengerusi Barisan Nasional bahagian tersebut. Beliau merupakan ahli EXCO Pemuda UMNO dari tahun 1996 hingga Pada Pilihan Raya Agung yang diadakan pada Mac 2004, beliau telah dilantik sebagai Ahli Parlimen Kawasan Parlimen Pulai (Johor). Beliau juga merupakan Setiausaha jawatankuasa hal ehwal luar negeri dan jawatankuasa ekonomi dan kewangan bagi Kelab Ahli Parlimen. Beliau juga turut menganggotai Lembaga Pengarah Telekom Malaysia Berhad (TM), sebuah syarikat yang disenarai di Papan Utama Bursa Malaysia Securities Berhad. Di samping itu, beliau juga adalah ahli Lembaga Pesuruhjaya PT Excelcomindo Pratama, Indonesia dan Pengerusi Multinet Pakistan (Private) Limited yang merupakan syarikat-syarikat subsidiari TM. Datuk Nur Jazlan juga adalah Pengarah Prinsiptek Corporation Berhad. Datuk Nur Jazlan tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang saham utama UM Land. Beliau tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land. YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed, aged 56, joined the UM Land Board as an Independent Non-Executive Director on 19 October He is also the Chairman of the Audit Committee and a member of the Nomination Committee of UM Land. Besides UM Land, he is also the Chairman of Century Logistics Holdings Berhad, a company listed on the Second Board of Bursa Malaysia Securities Berhad. Datuk Syed Ahmad Khalid, a Malaysian citizen graduated from the University of Ohio, United States of America with a Masters Degree majoring in Economics and International Trade and Finance. Datuk Syed Ahmad Khalid has no family relationship with any director or major shareholder of UM Land. He has never been charged for any offences and does not have any conflict of interest with UM Land. YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed, berusia 56 tahun, menyertai Lembaga Pengarah UM Land sebagai Pengarah Bebas Bukan Eksekutif pada 19 Oktober Beliau juga merupakan Pengerusi Jawatankuasa Audit dan ahli Jawatankuasa Pencalonan UM Land. Selain dari UM Land, beliau juga adalah Pengerusi Century Logistics Holdings Berhad, sebuah syarikat yang disenarai di papan kedua Bursa Malaysia Securities Berhad. Datuk Syed Ahmad Khalid, seorang warganegara Malaysia telah menamatkan pengajiannya di Universiti Ohio, Amerika Syarikat dengan Ijazah Sarjana pengkhususan di dalam bidang Ekonomi dan Perdagangan dan Kewangan Antarabangsa. Datuk Syed Ahmad Khalid tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana Pengarah atau pemegang saham utama UM Land. Beliau juga tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land.

15 profil lembaga pengarah (samb.) 13 Dr Choo Kian Koon, aged 54, joined the UM Land Board as a Non-Independent Non-Executive Director on 1 January He was a member of the Executive Committee, Audit Committee and Tender Board Committee of UM Land. Dr Choo was the Senior Vice President, Malaysia Investment, at CapitaLand Residential Limited. He has worked as an estates officer with the Singapore Ministry of Defence and was a senior lecturer with the National University of Singapore. He was also with property consultants Richard Ellis and Jones Lang LaSalle where he has held several senior local and regional positions. He is a Fellow of the Singapore Institute of Surveyors and Valuers, a member of the Royal Institution of Chartered Surveyors, and an affiliate of the Singapore Institute of Planners. Dr Choo, a Singapore citizen, graduated in 1974 from the University of Singapore with a Bachelor of Science in Estate Management. He also holds a Masters Degree in Environmental Planning from the University of Nottingham, United Kingdom, and a PhD (Urban Planning) with a Certificate of Achievement in Urban Design from the University of Washington, United States of America. Dr Choo has no family relationship with any director or major shareholder of UM Land except by virtue of being a nominee of CapitaLand. He has never been charged for any offences and does not have any conflict of interest with UM Land. He resigned as Director on 17 March Dr Choo Kian Koon, berusia 54 tahun, menyertai Lembaga Pengarah UM Land pada 1 Januari 2003 sebagai Pengarah Bukan Bebas Bukan Eksekutif. Beliau merupakan bekas ahli Jawatankuasa Eksekutif, Jawatankuasa Audit dan Jawatankuasa Lembaga Tender UM Land. Dr Choo merupakan bekas Naib Presiden Kanan, Pelaburan Malaysia, di CapitaLand Residential Limited. Beliau pernah berkhidmat sebagai pegawai estet di Kementerian Pertahanan Singapura dan sebagai pensyarah kanan di Universiti Kebangsaan Singapura. Beliau juga pernah menyandang beberapa jawatan kanan setempat dan serantau ketika berkhidmat dengan Richard Ellis dan Jones Lang La Salle. Beliau merupakan ahli Fellow Singapore Institute of Surveyors and Valuers, ahli Royal Institution of Chartered Surveyors dan anggota gabungan Singapore Institute of Planners. Dr. Choo, seorang warganegara Singapura, telah menamatkan pengajiannya di Universiti Singapura pada tahun 1974 dan memiliki Ijazah Sarjana Muda Sains dalam bidang Pengurusan Estet. Beliau juga memegang Ijazah Sarjana Perancangan Alam Sekitar dari Universiti Nottingham, United Kingdom dan memiliki Kedoktoran (Perancangan Bandar) dengan Sijil Pencapaian di dalam Seni Reka Perbandaran dari Universiti Washington, Amerika Syarikat. Dr. Choo tiada sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang saham utama UM Land kecuali sebagai pengarah nomini CapitaLand. Beliau tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land. Beliau meletak jawatan sebagai Pengarah pada 17 Mac from left to right YB Datuk Nur Jazlan bin Tan Sri Mohamed YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed Dr Choo Kian Koon UNITED MALAYAN LAND BHD

16 14 BOARD OF DIRECTORS PROFILE (cont d) Encik Soong Hee Sang, aged 47 and a Singaporean, joined the UM Land Board on 5 September 2005 as an alternate director to Encik Lui Chong Chee. He is currently the Chief Executive Officer of CapitaLand Residential (New Markets) and Deputy Chief Executive Officer, Finance and Corporate Services of CapitaLand Residential Limited. Prior to this, he was with CapitaCommercial Trust as CEO and CapitaLand Commercial Limited as Deputy CEO and MD, Office and Industrial. Soong Hee Sang graduated from National University of Singapore with Bachelor of Science in Estate Management (Honours) and holds a Master in Business Administration from National University of Singapore. He has no family relationship with any director or major shareholder of UM Land except by virtue of being a nominee of CapitaLand. He has never been charged for any offences and does not have any conflict of interest with UM Land. He was appointed as Director on 22 March He remains as alternate director to Encik Lui Chong Chee. Encik Soong Hee Sang, berusia 47 tahun dan seorang warganegara Singapura, menyertai Lembaga Pengarah UM Land sebagai pengarah gilir kepada Encik Lui Chong Chee, pada 5 September Beliau kini merupakan Ketua Pegawai Eksekutif CapitaLand Residential (Pasaran Baru) dan Timbalan Ketua Pegawai Eksekutif, Kewangan dan Perkhidmatan Korporat bagi CapitaLand Residential Limited. Sebelum ini, beliau berkhidmat sebagai Ketua Pegawai Eksekutif CapitaCommercial Trust dan Timbalan Ketua Pegawai Eksekutif serta Pengarah Urusan, Pejabat dan Industri bagi CapitaLand Commercial Limited. Encik Soong Hee Sang memiliki Ijazah Sarjana Muda Sains (Kepujian) dalam bidang Pengurusan Estet dan Ijazah Sarjana Pentadbiran Perniagaan dari Universiti Kebangsaan Singapura. Beliau tiada sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang saham utama UM Land kecuali sebagai pengarah nomini CapitaLand. Beliau tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land. Beliau telah dilantik sebagai Pengarah pada 22 Mac Beliau kekal sebagai pengarah gilir kepada Encik Lui Chong Chee. Puan Rita Lau Chen Chen, aged 39, joined the UM Land Board on 21 July 2004 as an alternate director to Dr Choo Kian Koon. She is currently the Senior Vice President, Corporate Development & Finance of CapitaLand Residential Limited. She was with Pidemco Land Limited before its merger with DBS Land Limited to form CapitaLand Limited. Prior to this, she was with Banque National de Paris Singapore as Assistant Vice President. She started her career with the Singapore Auditor - General s Office where she also assumed the position of Assistant Secretary to the Council of Presidential Advisors. Rita Lau, a Singapore citizen, graduated from the National University of Singapore with a Bachelor of Science in Chemistry (Second Upper Honours) in She also holds a Master of Business Administration (Distinction) from Imperial College, London. Rita Lau has no family relationship with any director or major shareholder of UM Land except by virtue of being a nominee of CapitaLand. She has never been charged for any offences and does not have any conflict of interest with UM Land. She resigned as an alternate director to Dr Choo Kian Koon on 17 March Puan Rita Lau Chen Chen, berusia 39 tahun, menyertai Lembaga Pengarah UM Land pada 21 Julai 2004 sebagai pengarah gilir kepada Dr Choo Kian Koon. Beliau kini merupakan Naib Presiden Kanan, Pembangunan & Kewangan Korporat CapitaLand Residential Limited. Beliau pernah berkhidmat dengan Pidemco Land Limited sebelum penggabungannya dengan DBS Land Limited untuk membentuk CapitaLand Limited. Sebelum ini, beliau pernah berkhidmat dengan Banque National de Paris sebagai Penolong Naib Presiden. Beliau memulakan kerjayanya di Pejabat Auditor Negara Singapura di mana beliau telah menyandang jawatan Penolong Setiausaha kepada Majlis Penasihat Presiden. Puan Rita Lau, seorang warganegara Singapura telah menamatkan pengajiannya dari Universiti Kebangsaan Singapura dengan Ijazah Sarjana Muda Sains dalam bidang Kimia (Kepujian Kelas Kedua) dalam tahun Beliau turut memegang Ijazah Sarjana Pentadbiran Perniagaan (Kepujian) dari Kolej Imperial, London. Puan Rita Lau tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana pengarah atau pemegang saham utama UM Land kecuali sebagai pengarah nomini CapitaLand. Beliau juga tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land. Beliau meletak jawatan sebagai pengarah gilir kepada Dr Choo Kian Koon pada 17 Mac 2006.

17 profil lembaga pengarah (samb.) 15 from left to right Encik Soong Hee Sang Puan Rita Lau Chen Chen *Not in picture Tuan Syed Azmin bin Mohd Syed Nor, a Malaysian, aged 43, was appointed as a Non-Independent Non-Executive Director of UM Land Board on 3 May He graduated with a Bachelor of Science, majoring in Business Management from University of Berkeley, United States of America. Upon his graduation in 1984, he has been involved in several private business ventures which include trading in commodities, housing development, manufacturing and stock broking. He was appointed as Executive Director of CN Asia Corporation Berhad in 1997 until 2005, responsible for the corporate affairs and business development. In 1999, he was one of the Founders / Director of an IT company, Commerce Dot Com Sdn Bhd which undertook one of the Government s Electronic Commerce Project, e-perolehan. He is currently an Executive Director of Amtek Holdings Berhad, an Independent Non-Executive Director of Engtex Group Berhad, a Non-Independent Non-Executive Director of Tradewinds Corporation Berhad and Tradewinds (M) Berhad, all companies listed on Bursa Malaysia Securities Berhad, and is also Director and/or Shareholder of several private limited companies. He does not have any family relationship with any director of UM Land. He is a nominee of Tradewinds Corporation Berhad, a major shareholder of UM Land and a brother of YBhg Tan Sri Dato Syed Mokhtar Shah bin Syed Nor, a deemed substantial shareholder of the Company. He has had no convictions for any offences and does not have any conflict of interest with UM Land. *Tiada dalam gambar Tuan Syed Azmin bin Mohd Syed Nor, berusia 43 tahun dan seorang warganegara Malaysia, telah dilantik sebagai Pengarah Bukan Bebas Bukan Eksekutif Lembaga Pengarah UM Land pada 3 Mei Beliau adalah bekas graduan Universiti Berkeley, Amerika Syarikat dengan Ijazah Sarjana Muda Sains pengkhususan dalam bidang Pengurusan Perniagaan. Setelah tamat pengajian pada tahun 1984, beliau terlibat di dalam beberapa perniagaan persendirian termasuk perdagangan komoditi, pembangunan hartanah, perkilangan dan pembrokeran saham. Beliau telah dilantik sebagai Pengarah Eksekutif CN Asia Corporation Berhad pada tahun 1997 sehingga 2005, dimana beliau dipertanggungjawabkan untuk menguruskan hal ehwal korporat dan pembangunan perniagaan. Pada tahun 1999, beliau telah menjadi salah seorang daripada Pengasas / Pengarah Commerce Dot Com Sdn Bhd, sebuah syarikat IT yang mengendalikan Projek Elektronik Perdagangan Kerajaan, e-perolehan. Beliau kini merupakan Pengarah Eksekutif Amtek Holdings Berhad, Pengarah Bebas Bukan Eksekutif Engtex Group Berhad serta Pengarah Bukan Bebas Bukan Eksekutif Tradewinds Corporation Berhad dan Tradewinds (M) Berhad, kesemua syarikat disenarai di Bursa Malaysia Securities Berhad. Beliau juga adalah Pengarah dan/atau Pemegang Saham kepada beberapa syarikat sendirian berhad. Beliau tidak mempunyai sebarang pertalian kekeluargaan dengan mana-mana pengarah UM Land. Beliau merupakan pengarah nomini Tradewinds Corporation Berhad, pemegang saham utama UM Land dan adik kepada YBhg Tan Sri Dato Syed Mokhtar Shah bin Syed Nor, seorang pemegang saham berkepentingan besar Syarikat. Beliau tidak pernah disabit dengan sebarang kesalahan dan tiada sebarang konflik kepentingan dengan UM Land. UNITED MALAYAN LAND BHD

18 16 pengurusan korporat Management Corporate from left to right Encik Mohd Dinniah Yusof Senior General Manager, Tax Pengurus Besar Kanan, Cukai Cik Yap Man Ying Senior Manager, Finance Pengurus Kanan, Kewangan Puan Aminah Abdullah Assistant General Manager, Group Human Resources and Administration Penolong Pengurus Besar, Sumber Manusia Kumpulan dan Pentadbiran Encik Long Foo Lum General Manager, Business Development Pengurus Besar, Pembangunan Perniagaan Encik Pee Tong Lim Acting Group Chief Executive Officer/ Director, Finance & Corporate Pemangku Ketua Pegawai Eksekutif Kumpulan/ Pengarah, Kewangan & Korporat Puan Zuraidah Mohd Yusoff Assistant General Manager, Secretarial/Legal Penolong Pengurus Besar, Kesetiausahaan/Perundangan Cik Leong Chooi Kuen Assistant General Manager, Corporate, Tax Planning & Risk Management Penolong Pengurus Besar, Korporat, Perancangan Cukai & Pengurusan Risiko

19 pengurusan operasi 17 Management Operations Standing from left to right Encik Zulkifli Tahmali Acting Director, Operations Pemangku Pengarah, Operasi United Malayan Land Bhd Encik Cheong Ho Kuan General Manager Pengurus Besar Seri Alam Properties Sdn Bhd Encik Ng Tay Guan General Manager Pengurus Besar Bangi Heights Development Sdn Bhd Sitting from left to right Encik Chia Lui Meng General Manager, Cost Management and Control Pengurus Besar, Pengurusan Kos dan Kawalan United Malayan Land Bhd Encik Wong Kuen Kong Acting General Manager Pemangku Pengurus Besar Dynasty View Sdn Bhd Encik Lee Kar Fook Assistant General Manager, Asset Management Penolong Pengurus Besar, Pengurusan Aset United Malayan Land Bhd Encik Abdul Aziz Abdul Hamid Manager, Group Security Pengurus, Keselamatan Kumpulan United Malayan Land Bhd YM Tengku Mahmood Tengku Ismail General Manager, Group Technical Liaison Pengurus Besar, Perhubungan Teknikal Kumpulan United Malayan Land Bhd Encik Koh Alan General Manager Pengurus Besar Suasana Sentral Two Sdn Bhd UNITED MALAYAN LAND BHD

20 18 message from our new chairman The year 2006 marks the onset of a new phase of growth for UM Land. Coming on board as the new chairman in January 2006, I am stepping on as the Group takes off. Capitalising on opportunities in niche developments and joint ventures, I observe that the Group has made its mark not only in creating thriving townships, but also in high-end city living - a popular and growing trend in modern urban markets. It is thus an opportune time for UM Land to reposition itself and gain greater visibility. It is indeed a great honour to lead the Group forward into new horizons and outstanding achievements. I thank the Directors and everyone within this organisation for the trust and confidence that they have placed in me. I look forward to working with my fellow members on the Board and UM Land's dynamic management team, making strides in positioning UM Land as a progressive organisation and a developer of distinction. YBHG TAN SRI DATO MUSA BIN HITAM Chairman

21 perutusan daripada pengerusi baru 19 Tahun 2006 menandakan permulaan fasa kemajuan yang baru bagi UM Land. Pelantikan saya sebagai pengerusi baru UM Land kini seiring dengan perkembangan fasa baru ini. Saya mendapati bahawa Kumpulan telah berjaya memanfaatkan segala peluang yang ada dalam kegiatan pembangunan usaha sama dan khusus, untuk mewujudkan bandar-bandar maju serta penginapan eksklusif yang menawarkan impian gaya hidup terkini. Pembangunan sebegini semakin popular di pasaran urban moden. Maka amatlah sesuai untuk UM Land mengorak langkah baru untuk terus mengukuh dan menyerlahkan kedudukan istimewa ini. Saya merasa amat berbesar hati di atas penghormatan yang telah diberi untuk menerajui Kumpulan ke arah pencapaian baru yang lebih dinamik. Saya mengucapkan ribuan terima kasih kepada para Pengarah dan semua ahli organisasi atas kepercayaan dan keyakinan yang telah diberikan kepada saya. Saya berharapan untuk bekerjasama dengan ahli Lembaga Pengarah dan pihak pengurusan UM Land yang sungguh berkebolehan, untuk terus mengekalkan kedudukan UM Land sebagai sebuah organisasi yang progresif serta pemaju yang terunggul. YBHG TAN SRI DATO MUSA BIN HITAM Pengerusi UNITED MALAYAN LAND BHD

22 20 Dear shareholders Letter to On behalf of the Board of Directors of United Malayan Land Bhd, it gives us great pleasure to present to you the Annual Report and the Financial Statements of the Company and the Group for the financial year ended 31 December Shareholders IN BRIEF 2005 saw the global economy easing and Malaysia s economic growth moderating to a steady 5.3 per cent. Amidst this background, it is our pleasure to report that the Group accelerated to new heights as it enjoyed a 30 per cent increase in revenue and a heightened profile in towering high-end developments. It was a year of expansion as we embarked on joint ventures, land lease arrangement and launched a new township as well as a niche development project. All in all, a successful lead up to 2006, as UM Land embarks on a repositioning strategy to gain greater repute and recognition. Of significant note, we are proud to welcome our former Deputy Prime Minister of Malaysia YBhg Tan Sri Dato Musa bin Hitam as our new chairman this year. Shareholders of UM Land approved his appointment at an extraordinary general meeting held on 26 January Having dedicated time and insights into reformulating a 5-year strategic roadmap, UM Land, together with its management team, is set to capitalise on his new leadership and energy to see this plan through to fruition.

23 Revenue Hasil RM Million Juta Profit Before Tax Keuntungan Sebelum Cukai RM Million Juta Net Earnings per Share Pendapatan bersih sesaham Sen A MACRO PERSPECTIVE After growing an impressive 7.1 per cent in 2004, the Malaysian economy registered a GDP growth of 5.3 per cent last year (Source: BNM Fourth Quarter Report 2005). This was mainly due to the easing of global economic growth fuelled by rising oil prices and a short-term slump caused by the technology down-cycle was overall a mixed year where demand for mid-end mass housing was softening on a backdrop of increasing supply whereas well-conceptualised lifestyle projects, especially high-end condominiums in prime sites within Klang Valley and Kuala Lumpur city centre continued to attract market interest and registered respectable sales. The residential property sector, despite its resilience, was increasingly competitive and many developers had to contend with slower take-up rates and moderated earnings growth. While an overbuilt situation has emerged in the lower-priced housing segment, particularly apartments in the RM150,000 to RM250,000 range, demand for landed properties in better addresses remained good. Competition among developers remained intense and this has given cause to developers to take stock and rethink strategies to sustain profit growth. In this shift towards a buyers market, innovative designs in accessible locations, a recognised brand name and strong marketing expertise are crucial factors in gaining a leading edge. On the regulatory end, stringent measures taken against irresponsible developers resulted in more discerning home buyers and investors. This trend has placed the Group in good standing with our consistent track record and our emphasis in good customer service. Suasana Sentral Loft UNITED MALAYAN LAND BHD

24 22 Suasana Sentral Loft DRIVING PERFORMANCE For the financial year under review, the Group posted revenues of RM million, representing an increase of RM49.96 million or 30 per cent compared to RM million in The increase in revenue was largely contributed by the Group s high-end condominium project, Suasana Sentral Loft, launched in early 2005 and Seri Austin, a mixed township development in Mount Austin within the Tebrau growth corridor of Johor Bahru, launched in July Despite the positive growth in revenues, the Group s profit before tax of RM36.86 million was only marginally higher than that of 2004 financial year at RM35.02 million. Even though gross margins of products rolled out during the year held up strongly, up front marketing and selling expenses for new projects of Suasana Sentral Loft and Seri Austin in the face of intense competition has somewhat moderated the increase in pre-tax profits. Further, new set-ups in operating units of these developments contributed to a rise in personnel expenses and related overheads. On the other hand, net profits of RM29.21 million achieved in financial year 2005 was 42 per cent or RM8.64 million above the RM20.57 million recorded in The boost at net profits was attributed to lower taxes as a result of tax write-backs in a subsidiary company. The higher net profits of the Group has in turn led to an enhancement in earnings per share from 8.8 sen in 2004 to 12.6 sen in 2005, a healthy increase of over 43 per cent.

25 SHARING THE REWARDS For the financial year ended 31 December 2005, the Directors are pleased to propose a final gross dividend of 5.0 sen per share, less income tax, subject to the approval of shareholders at the forthcoming Annual General Meeting. Together with an interim gross dividend of 2.5 sen per share, less income tax, paid on 22 Feb 2006; the total dividend for the financial year is 7.5 sen per share less income tax. 23 CREATING NEW INROADS It was an eventful year with several high points as the Group reaped the harvest of its expansion strategy. Along with new phases in its existing township developments, UM Land s smart partnership in creating niche luxury lifestyle projects made the headlines. The notable highlights of the year were: Launch of Suasana Sentral Loft luxury condominiums Introducing resort living in an urban setting, Suasana Sentral Loft raised the bar of luxurious living when it was launched in January Azeanna Homes, Seri Austin A sequel to the adjacent 100 per cent sold Suasana Sentral condominum, Suasana Sentral Loft s super sleek sensual style set pulses rising and registered 90 per cent take up just within five months of its launch. This niche project is a result of UM Land s continued initiatives in seeking smart partnership opportunities with reputable partners; in this case, Malaysian Resources Corporation Berhad. Launch of Seri Austin township The promise of well designed properties with good value proved successful when UM Land launched the township of Seri Austin, located within Mount Austin - Tebrau growth corridor of Johor Bahru, in July Its first product, the single storey Mezza Homes terrace houses with a mezzanine floor received overwhelming response with 60 per cent sold on its first day of launch and 88 per cent sold to-date. Later in November, in line with UM Land s new aggressive marketing approach, a carnival-style day-long celebration was held to unveil its impressive show village. The event, which also featured new launches of its double-storey Azeanna and Azalea terrace houses, attracted huge crowds. Handover of Seri Bukit Ceylon serviced residences UM Land s pioneering foray into niche developments and smart partnerships registered much satisfaction with the successful handing over of Seri Bukit Ceylon serviced residences in October The Ascott International Management Group now manages 96 units of these serviced residences under its Somerset brand name. The Ascott International Management Group is a member of CapitaLand Group of Companies and also one of the world s leading serviced residences owner and operator. It has proven itself internationally with serviced apartments extending across major cities in Asia, Australia, New Zealand, UK and The Gulf Region. The successful handover of this serviced residences project is an impetus for the Group to invest in more of such developments with attractive returns and short gestation period. Joint venture with Bolton and CapitaLand on development of a landmark residential project Identifying a promising new development at the beginning of year 2006, UM Land entered into a joint venture with Bolton and CapitaLand to acquire, develop and market a 4.3-acre parcel of prime residential site located along Jalan Mayang and Jalan Yap Kwan Seng. The joint venture would see UM Land and Bolton holding equal stakes of 35 per cent each whilst CapitaLand owns the balance of 30 per cent. UNITED MALAYAN LAND BHD

26 24 Suasana Sentral Loft UM Land looks forward to 2006 as a year of continued promise even though the increase in interest rate poses some challenges to the current conducive consumer environment. Malaysia s high savings rate (36.4 per cent of gross national product) and a budget focused on providing a more conducive and enabling environment for the private sector, keep prospects encouraging. Coupled with a young demographic profile, declining average household size and urban migration, we believe there is a consistent and sustainable stream of house buyers to maintain a stable and resilient property market. Against this supportive environment, 2006 will be a year for introduction of new strategies and initiatives for the Group as we forge ahead with development plans that are already in motion. In our continuing spate of launches for existing townships, we aim to create differentiation and raise the appeal factor by building homes with unique themes and identities. To achieve sales targets, more emphasis will be placed on competitive pricing, increasing brand awareness, enhancing customers experience and improving marketing channels. This move signals UM Land s determination to capitalize opportunities through smart partnerships with strategic landbank owners and successful property companies following its remarkable success in its joint venture with MRCB to develop the Suasana Sentral Loft condominium project. With Singapore s CapitaLand as one of South East Asia s largest and experienced premier property company; and Bolton s unique insight in developing high-end residential properties, the combined talent and expertise of all three partners promises outstanding results. The site is one of the largest plots of land zoned for residential development within the popular KLCC vicinity. Taking advantage of the trend of high-end city living, a landmark condominium is slated for launch in BRAVING NEW CHALLENGES Although global uncertainties brought about primarily by the upswing in oil prices have yet to dissipate, the current stable political and economic climate should cushion the impact well in Fiscal measures to boost the economy by bringing forward some RM2.4 billion worth of projects under the Ninth Malaysian Plan paves a promising start to 2006, in which GDP is expected to grow to 6 per cent (Source: Bank Negara Malaysia 2005 Annual Report). Well-conceptualised show villages, carnival-like sales launches and impressive show interiors are steps we have already taken to move towards this direction. We are committed to explore more innovative product designs and novel marketing techniques to proactively create demand for our homes. POWERING NEW DIRECTIONS There is a saying that goes, In movement there is life. In change there is power. The exciting news this year is the exhilarating fresh approaches the Group is embarking upon to power dynamic growth by embracing a new vision and mission. This is laid out in a five year ( ) Group strategic plan. Our road map is driven by a growth strategy encompassing aggressive marketing and branding, product innovation, acquisition of strategic landbanks and smart partnerships. On the operations end, UM Land has embarked on a productivity strategy focusing on core business processes, human resources systems, information & communication management and the implementation of a performance-based remuneration system to improve the quality of our human capital. These constructive strategies are critical in lifting our profile above the teeming field of competitors and making UM Land a developer of distinction.

27 25 SURGING AHEAD Refreshed. Recharged. We are ready to take a huge leap forward. To lead us towards our new vision, we have the former Deputy Prime Minister of Malaysia YBhg Tan Sri Dato Musa bin Hitam on board as our new independent non-executive director and chairman. We are fortunate to have someone of his calibre and track record to guide the Group. His visionary leadership will be a tremendous asset in shaping the new face of UM Land. Our appreciation goes to our outgoing Group Chief Executive Officer (CEO), Encik Wan Abdullah bin Wan Ibrahim. His contribution and leadership has been essential in bringing UM Land to the forefront of a new horizon and we wish him well in his future endeavours. In the interim, our Director, Finance and Corporate, Encik Pee Tong Lim is covering all Group CEO s duties. Our vote of thanks to our fellow colleagues, YBhg Datuk Mohd Khamil bin Jamil, Dr Choo Kian Koon and Puan Rita Lau Chen Chen who have resigned from the Board subsequent to the Company s financial yearend. The Group has certainly benefited from their wise counsel during their tenure on the Board. On a similar note, we welcome Encik Soong Hee Sang and Tuan Syed Azmin bin Mohd Syed Nor as new directors on the Board. Our warm appreciation also goes to our fellow knowledgeable colleagues on the Board. We would like to assure our stakeholders that the Board will continue to work with management to achieve our corporate goals through sound business strategies, good management practices, and guided by the principles of transparency and corporate governance. And for standing by us and sharing our vision, we wish to thank our valued shareholders, business associates and customers. Our heartfelt gratitude lies with our sterling employees. A ship does not reach its port through focus alone, and their determination to realise our goals has empowered UM Land to cut through challenging waters with ease and speed. LUI CHONG CHEE Joint Deputy Chairman DATO NG ENG TEE Joint Deputy Chairman/ Executive Director UNITED MALAYAN LAND BHD

28 26 Perutusan kepada Para Pemegang Saham Para pemegang saham yang dihormati Bagi pihak Lembaga Pengarah United Malayan Land Bhd, kami dengan sukacitanya, membentangkan Laporan Tahunan serta Penyata Kewangan Syarikat dan Kumpulan bagi tahun kewangan berakhir 31 Disember SECARA RINGKAS Tahun 2005, menyaksikan kadar pertumbuhan ekonomi global mula menurun dan pertumbuhan ekonomi Malaysia dinilai pada kadar selesa 5.3 peratus. Walau bagaimanapun, di sebalik keadaan ini, suka cita kami melaporkan bahawa Kumpulan telah mencatat kejayaan yang cemerlang dengan peningkatan hasil Kumpulan sebanyak 30 peratus dan profil pembangunan mewah kami juga bertambah baik. Tahun 2005, merupakan tahun perkembangan dimana UM Land memasuki projek-projek usaha sama baru, pemajakan tanah serta pelancaran sebuah bandar baru dan projek pembangunan khusus. Secara keseluruhannya, UM Land terus berkembang maju memasuki tahun 2006 dengan perlaksanaan strategi baru telah dimulakan untuk memperkukuhkan kedudukan Kumpulan dan mempertingkatkan reputasinya. Kami dengan bangganya mengalukan pelantikan bekas timbalan Perdana Menteri Malaysia YBhg Tan Sri Dato Musa bin Hitam sebagai pengerusi baru kami. Para pemegang saham UM Land telah meluluskan pelantikan beliau di mesyuarat agung luar biasa pada 26 Januari Dengan berdedikasikan masa dan semangat baru dalam merangka semula pelan strategi 5-tahun, UM Land bersama pihak pengurusan dibawah pimpinan beliau yakin dapat menjayakan perlaksanaan pelan strategi tersebut.

29 1, Total Assets Jumlah Aset RM Million Juta 1, , , Shareholders Equity Ekuiti Pemegang Saham RM Million Juta Net Tangible Assets per Share Aset Ketara Bersih Sesaham RM Suasana Sentral Loft PERSPEKTIF MAKRO Setelah menikmati pertumbuhan cemerlang sebanyak 7.1 peratus dalam tahun 2004, ekonomi Malaysia mencatatkan pertumbuhan GDP sebanyak 5.3 peratus tahun lepas (Sumber: Laporan Suku Keempat BNM 2005). Punca utamanya adalah penurunan kadar ekonomi global akibat kenaikan harga minyak dan kemerosotan jangka pendek kitaran sektor teknologi. Secara keseluruhan, tahun 2005 didapati agak berbeza di mana permintaan untuk kediaman kelas sederhana telah menurun sementara bekalannya pula semakin bertambah. Sementara itu, permintaan untuk projek berkonsep penginapan eksklusif, terutamanya kondominium-kondominium mewah di lokasi unggul Lembah Klang dan pusat bandar raya Kuala Lumpur, terus menarik minat pasaran dan mencatatkan penjualan yang baik. Sektor hartanah perumahan, walaupun kukuh, telah menjadi semakin kompetitif. Kebanyakan pemaju memperolehi hasil jualan lebih rendah dan pertumbuhan perolehan yang sederhana. Walaupun segmen perumahan kos rendah-sederhana mengalami keadaan terlebih bina terutamanya pangsapuri dalam lingkungan harga RM150,000 hingga RM250,000 di pasaran, permintaan untuk harta bertanah di lokasi-lokasi baik masih tinggi. UNITED MALAYAN LAND BHD

30 28 Persaingan di kalangan pemaju kekal sengit dengan penyusunan semula strategi untuk berdaya saing bagi mengukuhkan keuntungan. Keadaan ini telah memanfaatkan para pembeli kerana persaingan ini telah menghasilkan pelbagai projek menarik dengan reka bentuk inovatif di lokasi-lokasi yang mudah diakses. Pemaju juga telah menekankan kepentingan jenama yang bereputasi tinggi serta khidmat pakar pemasaran yang cekap. Undang-undang berhubung pemaju telah diperketatkan dan tindakan tegas diambil terhadap pemaju yang tidak bertanggungjawab. Akibatnya, para pembeli dan pelabur menjadi semakin arif dalam pemilihan mereka. Senario ini telah memanfaatkan Kumpulan kerana ia mempunyai rekod prestasi yang cemerlang dengan khidmat pelanggan yang memuaskan. Suasana Sentral Loft ULASAN KEWANGAN Bagi tahun kewangan yang ditinjau, Kumpulan telah mencatatkan hasil sebanyak RM juta, iaitu kenaikan sebanyak RM49.96 juta atau 30 peratus berbanding RM juta dalam tahun Peningkatan hasil ini khasnya sumbangan daripada projek kondominium mewah Kumpulan iaitu Suasana Sentral Loft yang dilancarkan pada awal tahun 2005 dan pembangunan bandar bercampur Seri Austin di koridor maju Mount Austin - Tebrau, Johor Bahru, yang dilancarkan pada Julai Meskipun pertumbuhan hasil kekal positif, keuntungan sebelum cukai Kumpulan hanya meningkat kepada RM36.86 juta berbanding RM35.02 juta pada tahun kewangan Ini kerana walaupun margin kasar produk kekal kukuh sepanjang tahun, perbelanjaan tambahan untuk pemasaran dan penjualan bagi projek-projek baru seperti Suasana Sentral Loft dan Seri Austin terpaksa dilaksanakan untuk menyaingi pembangunan lain di pasaran. Di samping itu, unit-unit operasi yang ditubuhkan bagi menguruskan projek-projek baru ini menyebabkan kos kakitangan dan kos-kos berkaitan turut bertambah. Dalam pada itu, keuntungan bersih bagi tahun kewangan 2005 adalah sebanyak RM29.21 juta. Ini mewakili peningkatan sebanyak 42 peratus atau RM8.64 juta lebih tinggi daripada RM20.57 juta yang dicatatkan dalam tahun Pencapaian cemerlang ini berpunca terutamanya daripada cukai yang lebih rendah selepas kemasukan kira semula cukai bagi sebuah syarikat subsidiari. Selaras itu, pendapatan sesaham Kumpulan telah meningkat lebih daripada 43 peratus, iaitu daripada 8.8 sen dalam tahun 2004 kepada 12.6 sen dalam tahun PENGAGIHAN KEUNTUNGAN Bagi tahun kewangan berakhir 31 Disember 2005, para Pengarah dengan sukacitanya mencadangkan pembayaran dividen kasar akhir sebanyak 5.0 sen sesaham, tolak cukai pendapatan, tertakluk kepada kelulusan para pemegang saham di Mesyuarat Agung Tahunan yang akan datang. Bersama dividen interim kasar sebanyak 2.5 sen sesaham, tolak cukai pendapatan dibayar pada 22 Februari 2006, jumlah keseluruhan dividen bagi tahun kewangan ialah 7.5 sen sesaham, tolak cukai pendapatan.

31 29 PERISTIWA-PERISTIWA PENTING Tahun lepas telah menyaksikan pelbagai peristiwa penting dan pencapaian cemerlang dalam strategi perkembangan Kumpulan. Di samping pembinaan fasa-fasa baru bagi pembangunan bandaran sedia ada, UM Land telah mewujudkan beberapa perkongsian pintar bagi menguruskan projek-projek gaya hidup mewah. Antara pencapaian pentingnya adalah: Pelancaran Kondominium Mewah Suasana Sentral Loft Projek Suasana Sentral Loft yang dilancarkan pada Januari 2005 telah membawa makna baru kepada konsep kehidupan urban mewah. Seiring dengan kejayaan Kondominium Suasana Sentral yang habis dijual sepenuhnya, projek Suasana Sentral Loft menawarkan keunggulan gaya hidup yang diimpikan dan berjaya mencatatkan jualan sebanyak 95 peratus dalam masa hanya lima bulan selepas pelancarannya. Kejayaan projek khusus ini adalah inisiatif gabungan perkongsian pintar di antara Kumpulan dan Malaysian Resources Corporation Berhad, sebuah organisasi yang bereputasi. Pelancaran Seri Austin Pada Julai 2005, UM Land telah mengotakan janjinya untuk menyediakan kediaman selesa dan unik yang bernilai tinggi melalui pelancaran projek Seri Austin yang bertempat di koridor maju Mount Austin - Tebrau, Johor Bahru. Produk pertamanya, Mezza Homes rumah teres setingkat dengan tingkat mezzanine, telah menerima sambutan hangat. 60 peratus unit berjaya dijual pada hari pelancarannya sahaja dan setakat ini, jualan telah mencapai 88 peratus. Pada bulan November pula, seiring dengan strategi pemasaran agresif UM Land, pelancaran rumah-rumah pamerannya telah dilaksanakan dalam suasana karnival yang cukup meriah dan berjaya menarik minat ramai pembeli. Rumah teres dua tingkat Azeanna dan Azalea turut dilancarkan pada hari yang sama. Penyerahan pangsapuri khidmat Seri Bukit Ceylon Projek khusus dan usaha perkongsian pintar pertama UM Land iaitu pangsapuri khidmat Seri Bukit Ceylon telah menunjukkan prestasi yang sungguh memuaskan dilihat daripada penyerahannya pada bulan Oktober Kini, 96 buah unit pangsapuri khidmat tersebut diuruskan oleh Ascott International Management Group, di bawah jenama Somerset. Ascott International Management Group merupakan ahli Kumpulan CapitaLand dan terkenal sebagai salah satu pemilik dan pengurus kediaman pangsapuri khidmat yang terkemuka di dunia. Keunggulan Ascott telah terbukti di peringkat antarabangsa dengan kejayaannya menguruskan beberapa hotel dan pangsapuri khidmat yang mewah di bandar-bandar utama di Asia, Australia dan New Zealand, UK serta The Gulf Region. Kejayaan penyerahan projek pangsapuri khidmat ini telah mendorong Kumpulan untuk terus melabur di dalam projek-projek sebegini yang berpotensi untuk menjana pulangan tinggi dan mempunyai tempoh pembangunan yang singkat. Usaha sama dengan Bolton dan CapitaLand dalam pembangunan projek perumahan berprestij Di awal tahun 2006, satu projek pembangunan yang berpotensi telah dikenalpasti. Dengan pembentukan usaha sama antara UM Land dengan Bolton dan CapitaLand untuk memperoleh, membangun dan memasarkan tapak kediaman seluas 4.3 ekar yang terletak di kawasan Jalan Mayang dan Jalan Yap Kwan Seng. Di bawah usaha sama ini, Bolton dan UM Land memegang kepentingan sama rata sebanyak 35 peratus sementara CapitaLand memiliki 30 peratus ekuiti yang selebihnya. Rumah Deanna, Seri Austin Usaha sama ini menandakan kesungguhan UM Land untuk memanfaatkan peluang yang ada dengan mewujudkan perkongsian pintar dengan pemilik simpanan tanah yang strategik dan syarikat hartanah terkemuka. Lebih-lebih lagi selepas kejayaan kondominium Suasana Sentral Loft yang telah dibangunkan bersama MRCB. Berbekalkan reputasi tinggi CapitaLand di Asia Tenggara serta keunikan dan kepakaran Bolton dalam menyediakan hartanah perumahan yang mewah, perkongsian antara ketiga-tiga pihak ini menjanjikan hasil yang melebihi jangkaan. Tapak ini merupakan salah satu zon kediaman terbesar di kawasan popular KLCC. Selaras dengan trend semasa yang menggemari gaya hidup mewah di pusat bandar raya, sebuah kondominium mewah akan dilancarkan di sini dalam tahun UNITED MALAYAN LAND BHD

32 30 Rumah Azeanna, Seri Austin Antara langkah-langkah yang telah diambil termasuk menyediakan rumah-rumah pameran yang mempunyai konsep-konsep canggih dengan hiasan dalaman yang menawan serta perancangan pelancaran jualan yang lebih menarik. Kami juga akan menerokai reka bentuk yang lebih inovatif dan teknik-teknik pemasaran baru untuk memasarkan kediaman kami secara proaktif. KECEKALAN MENGHARUNGI RINTANGAN Walaupun ketidaktentuan global yang timbul akibat kenaikan harga minyak masih belum reda, kestabilan suasana politik dan ekonomi semasa dijangka dapat mengurangkan kesannya dalam tahun Langkah-langkah fiskal telah diambil untuk membangunkan kembali ekonomi, seperti perlaksanaan projek-projek bernilai RM2.4 bilion di bawah Rancangan Malaysia Ke-9. Ini menunjukkan satu permulaan yang baik bagi tahun 2006 di mana GDP dijangka meningkat kepada 6 peratus (Laporan Tahunan Bank Negara Malaysia 2005). Walaupun kenaikan kadar faedah mungkin menjanjikan kestabilan pasaran pengguna pada tahun 2006, UM Land tetap melihatnya sebagai tahun yang penuh dengan kemungkinan. Prospek perkembangan tetap wujud dengan adanya kadar simpanan Malaysia yang tinggi (36.4 peratus daripada keluaran dalam negara kasar) dan belanjawan yang dirangka untuk menggalakkan dan memberi lebih manfaat kepada sektor swasta. Berganding dengan profil demografik yang muda, saiz keluarga yang sederhana dan pemindahan ke kawasan urban meyakinkan kami bahawa pembeli masih mampu berbelanja dan ini akan mengekalkan kestabilan pasaran hartanah. MENJANA KEMAJUAN BARU Sesuatu perubahan pasti akan membawa kemajuan dan kejayaan. Bersandarkan prinsip ini, Kumpulan berharap untuk mencapai visi dan misi barunya melalui pendekatan baru yang pasti akan membawa kemajuan dan pertumbuhan yang dinamik. Ini dijelaskan di dalam pelan strategik 5-tahun ( ) Kumpulan. Hala tujuan kami dibuat berdasarkan strategi pertumbuhan yang melibatkan penjenamaan pemasaran yang agresif, inovasi produk, pengambilalihan simpanan tanah yang strategik serta perkongsian pintar. Dari segi peningkatan operasi, UM Land telah memulakan strategi produktiviti yang lebih tertumpu kepada proses perniagaan utama, sistem sumber manusia, pengurusan maklumat & komunikasi dan pembentukan sistem imbuhan menurut prestasi untuk meningkatkan kualiti sumber manusia kami. Strategi-strategi membina ini penting untuk menyerlahkan kedudukan kami di dalam pasaran yang semakin bersaing dan seterusnya merealisasikan UM Land sebagai pemaju hartanah yang terunggul. Dengan adanya kestabilan ini, Kumpulan bercadang untuk memperkenalkan strategi serta inisiatif baru pada tahun 2006 dan akan terus melaksanakan rancangan pembangunan pesatnya. Pelancaran fasa-fasa baru akan diteruskan di dalam pembangunan yang sedia ada. Kami bercadang untuk membawa perspektif baru dan menambahkan daya tarikan rumah-rumah kami dengan menawarkan tema dan identiti yang unik. Untuk mencapai sasaran jualan kami, penekanan lebih akan diberi kepada penjenamaan dan kepuasan pelanggan di samping peningkatan saluran pemasaran.

33 31 PENGHARGAAN Dengan semangat baru, kami bersedia untuk melangkah lebih jauh ke hadapan. Kami berasa amat bertuah dengan pelantikan bekas Timbalan Perdana Menteri Malaysia YBhg Tan Sri Dato Musa bin Hitam sebagai pengarah bukan eksekutif dan pengerusi baru UM Land. Bakat dan rekod prestasi hebat beliau yang dibawa bersama akan membantu Kumpulan untuk mencapai visi barunya. Kami menganggap kebijaksanaan dan wawasan jauh beliau sebagai aset yang amat berharga dalam melaksanakan proses transformasi UM Land. Kami juga mengambil kesempatan untuk merakamkan setinggi-tinggi penghargaan dan mengucapkan selamat maju jaya kepada bekas Ketua Pegawai Eksekutif Kumpulan (CEO), Encik Wan Abdullah bin Wan Ibrahim yang telah meninggalkan Kumpulan. Sumbangan dan kepimpinan beliau amat dihargai dan merupakan aspek penting yang telah berjaya membawa UM Land memasuki era yang baru. Buat waktu ini, Pengarah Kewangan dan Korporat, Encik Pee Tong Lim akan menguruskan semua tugas CEO Kumpulan. Kami juga ingin mengucapkan ribuan terima kasih kepada rakan-rakan sekerja, YBhg Datuk Mohd Khamil bin Jamil, Dr Choo Kian Koon dan Puan Rita Lau Chen Chen yang telah meletak jawatan daripada Lembaga selepas penghujung tahun kewangan Syarikat. Kumpulan amat menghargai segala nasihat bermanfaat yang diberikan sepanjang perkhidmatan mereka dalam Lembaga. Pada masa yang sama, kami ingin mengalualukan pelantikan Encik Soong Hee Sang dan Tuan Syed Azmin bin Mohd Syed Nor sebagai pengarah Lembaga. Penghargaan turut kami tujukan kepada semua rakan sekerja yang berpengalaman dalam Lembaga Pengarah. Kepada para pemegang saham, kami memberi jaminan bahawa Lembaga akan terus bekerjasama dengan pihak pengurusan untuk mencapai matlamat-matlamat korporat melalui strategi perniagaan yang mantap dan amalan pengurusan yang cekap berpandukan prinsip-prinsip ketelusan dan urusan tadbir korporat yang wajar. Terima kasih diucapkan kepada para pemegang saham, rakan perniagaan dan pelanggan kami atas kesetiaan dan sokongan berterusan anda. Penghargaan turut diberi kepada semua kakitangan kami. Seperti mana kapal bergantung kepada pengemudinya untuk selamat tiba ke pelabuhan, UM Land bergantung kepada kesungguhan kakitangannya untuk mengemudikan syarikat dan mengharungi segala cabaran bagi merealisasikan matlamat kami dengan cekap dan berkesan. LUI CHONG CHEE Naib Pengerusi Bersama DATO NG ENG TEE Naib Pengerusi Bersama/ Pengarah Eksekutif UNITED MALAYAN LAND BHD

34 32 CORPORATE STRUCTURE struktur korporat Investment holding and provision of management services Pegangan pelaburan dan peruntukan perkhidmatan pengurusan 100% SERI ALAM HOTEL RESORT SDN BHD General Trading Perdagangan Am 100% 100% SERI ALAM PROPERTIES SDN BHD Property Development Pembangunan Hartanah DYNASTY VIEW SDN BHD Property Development and Related Activities Pembangunan Hartanah dan Aktiviti Berkaitan 100% *PMS SERVICES SDN BHD Project Management Pengurusan Projek 100% SERI ALAM LEISURE SDN BHD Investment Holding Pegangan Pelaburan 100% SERI ALAM GOLF & EQUESTRIAN CLUB SDN BHD Operation of a Recreational Club and Related Activities Operasi Kelab Rekreasi dan Aktiviti Berkaitan 100% COUNTRY EQUITY SDN BHD Investment Holding Pegangan Pelaburan 70% BANGI HEIGHTS DEVELOPMENT SDN BHD Property Development and Property Investment Pembangunan Hartanah dan Pelaburan Hartanah 100% UM RESIDENCES SDN BHD Development of Serviced Apartments Pembangunan Pangsapuri Khidmat 70% SUASANA SENTRAL TWO SDN BHD Property Development and Related Activities Pembangunan Hartanah dan Aktiviti Berkaitan 35% ALPINE RETURN SDN BHD Property Development and Related Activities Pembangunan Hartanah dan Aktiviti Berkaitan 100% UM DEVELOPMENT SDN BHD Property Development and Related Activities Pembangunan Hartanah dan Aktiviti Berkaitan 100% EXQUISITE SKYLINE SDN BHD Property Development Pembangunan Hartanah 100% UM LAND ASSETS SDN BHD Property Investment Pelaburan Hartanah 40% IPJORA HOLDINGS SDN BHD Developing, Building, Owning and Operating Serviced Apartments Pembangunan, Pembinaan, Pemilik dan Operasi Pangsapuri Khidmat 100% UM LAND BENA SDN BHD Property Development and Related Activities Pembangunan Hartanah dan Aktiviti Berkaitan 100% *UM LEISURE SDN BHD General Trading Perdagangan Am *Inactive subsidiary company anak syarikat tidak aktif

35 Transforming to make a difference. 33 Improve: - business processes -quality of human capital - HR systems and information - communication management

36 34 Bandar Seri Alam Beyond developing, UM Land is making headlines with its current focus on strategic marketing initiatives. Nowhere is this more apparent than in this flagship township. Savouring the vast openness and soothing fresh green foliage in Bandar Seri Alam, it is easy to believe that you are standing on one of the largest modern integrated townships in Johor. But it is hard to imagine that just 18 km separates you from the hustle and bustle of Johor Bahru city centre. Located within the Johor Bahru - Pasir Gudang growth corridor, Bandar Seri Alam s vast landbank opens up unrivalled opportunities when it comes to development. To date, 1,796 acres have been developed with a variety of homes, strategic commercial areas, and a generously landscaped park. Still young and alive with potential, Bandar Seri Alam is UM Land s flagship township. This 3,700-acre township development, set to be home to 150,000 inhabitants, is enjoying greater popularity since the recent launch of its beautiful show village. Its good accessibility and ready infrastructure provide a favourable setting for quality homes in a variety of sizes and layout styles. Here, visitors get a taste of the variety of options. Whatever families are looking for - be it modern and exquisite homes, or spacious and functional layouts or practical and value-for-money investments - the choice and variety are sure to delight. top Impiana Homes bottom Elegance Homes

37 35 Currently over 45,000 residents call Bandar Seri Alam home and enjoy the wholesome living environment it offers with the surfeit of green space and outdoor activity. The lovely lakes and parks are hubs for recreational activities that facilitate daily community interaction and beckon healthy outdoor living. Another high point for families with schoolgoing children is the existence of seven schools within the township, including a Chinese school and a Japanese International School. With its combination of quality infrastructure, innovative designs, value-added facilities and close-knit community, Bandar Seri Alam has drawn continuous interest and attention from discerning home purchasers. The Bandar Seri Alam team has been successful in increasing the township s visibility to the Johor market. Ongoing media advertisements that emphasise the UM Land brand, billboards and outdoor displays are some of the recent initiatives that have helped create more awareness and sales! A steady stream of community and corporate events enhance a sense of traditional communal living. The carnival atmosphere of the Seri Alam Fest in 2005 drew residents and non-residents alike in celebration. Other activities include gatherings to commemorate tsunami victims, collection of funds for tsunami victims, various gotong-royong activities, and poolside parties for condominium residents. With constant interest being generated, the population here is projected to increase by 15,000 in three years as better access and additional amenities attract further interest. These include the upcoming opening of Tesco Seri Alam - the first Tesco Hypermarket in Johor Bahru, upgrading of the Pasir Gudang Highway, opening of the Senai-Pasir Gudang Highway, and an additional route to the city centre. centre Secret Garden Homes left Impiana Homes UNITED MALAYAN LAND BHD

38 36 Bandar Seri Putra Enjoying a smooth uninterrupted drive down the Kuala Lumpur - Seremban highway and the dedicated Putra-Mahkota interchange, it takes only 30 minutes to reach the peaceful oasis of Bandar Seri Putra from Kuala Lumpur city centre. Set amidst relatively pristine environs, overlooking a range of undulating hills, driving through the town s wide palm-lined roads is a refreshing and relaxing experience. The unpolluted industrialfree surrounds, free of traffic congestion, is a soothing balm to weary nerves indeed a breath of fresh air from the noisy Kuala Lumpur traffic. In the completed phases, clusters of well-designed homes, colourful child-care centres, green fields, a landscaped park and appealing playground nooks greet you - an ideal enclave for family life. Judging from the impressive decor of many units, it is clear that residents have put savings from the surprisingly affordable homes to good use in landscaping and interior decorating. In the rustically charming commercial district, quaint coffee shops sit alongside internet cafes reflecting the thriving diversity of residents who call this town home. Neighbourly chats and friendly greetings reflect the more leisurely paced life that one enjoys at Bandar Seri Putra. top and left D Sentral Terrace Homes

39 As more amenities, facilities and commercial entities sprout within the Seri Putra haven, a vibrant dynamism is being injected into the wholesome community lifestyle. 37 Destined to house a population of 35,000, about 50 per cent of the township has been developed and is inhabited by a population of above 10,000. Residents enjoy fast and easy access to Putrajaya, Kuala Lumpur International Airport and the nearby education hub encompassing various universities and colleges such as University Putra Malaysia, University Kebangsaan Malaysia and Selangor International Islamic University (KUIS). Overall feedback echoes a positive note with much appreciation voiced about their spacious and competitively priced value-formoney homes. Many were happy with the quality workmanship of the homes and well-developed infrastructure, not to mention the steady increase in investment value. bottom left D Puncak Putra Homes As pioneers in the new township they look forward to more facilities and amenities, and with the recent setting up of a police station and post office, life is getting more convenient. A primary and secondary school, mosque and food centre are some of the upcoming amenities that will boost interest and investment value in Bandar Seri Putra. UNITED MALAYAN LAND BHD

40 38 Seri Austin Within the increasingly popular growth corridor of Tebrau, Mount Austin is a thriving area known for its great accessibility and residential appeal. Here, excellent access via Jalan Tebrau and Pasir Gudang highway to Johor Bahru city centre, an undulating terrain, proximity to a 36-hole golf and country resort and a generous sprinkling of commercial centres spell middle-class suburban elegance. Seri Austin, comprising 500-acre of freehold land, leverages on this advantageous location together with homes of quality design and affordable pricing to deliver on its theme of a Simply Better lifestyle. Planned as a healthy and conducive community living environment, the development comprises individual precincts linked by green linear parks. Homes are clustered into cosy precincts with limited entry points for greater privacy and security. The number of units within each precinct is also planned to ensure optimal residency within the neighbourhood. To shape a healthy close-knit neighbourhood, emphasis is placed on providing ample recreational area for residents to relax, unwind and become acquainted. Parks, jogging tracks and bicycle lanes will be built throughout Seri Austin development to better promote a healthy outdoor lifestyle. top Deanna Homes left Azalea Homes

41 39 Seri Austin is gaining prominence due to several advantages. These include a strong corporate brand, excellent development record and enhanced promotions grounded by homes of better designs and superior quality. bottom Azalea Homes It is a concept that seems to have hit the jackpot judging from the overwhelming response received at Seri Austin s inaugural launch. Held in July 2005, the launch featured a carnival-like event with pony and elephant rides, eagle and snake shows, inflatable games and paragliders, providing extraordinary family fun and entertainment. This was followed by the unveiling of the Seri Austin show village in November. The show village, part of the Group s mission to enhance customers experience, features six different types of houses and offers buyers a chance to see, feel and touch the Simply Better value homes that boast better design and superior quality, yet remain competitively priced. The strong popularity of Seri Austin is not just due to the good modern layouts and attractive architecture of the homes. In placing itself one up over the surrounding developments, the Group has taken a more proactive approach in marketing. Emphasis is currently placed on increasing brand awareness and improving marketing communications. These have given the project more exposure and prominence, making it the talk of the town. The integrated development is expected to have a population of 29,000 upon full completion in To date, three phases have been launched. Highlights for the coming year include cluster houses and larger double storey houses. UNITED MALAYAN LAND BHD

42 40 Suasana Sentral Loft The unique concept of the sunken bath speaks of romantic indulgence while the infinity pool with underwater piped music and the sky club on the 38th floor, with its lounge club, gym, barbeque pits and function rooms overlooking the city, encapsulate the concept of spectacular living.

43 41 As international prestige shines on Kuala Lumpur Sentral, a development built around a world class transportation hub, UM Land basks in the afterglow of the immensely well-received launch of Suasana Sentral Loft, named for its trademark lofty ceilings. A landmark in both physical and material sense, The Loft, as it is popularly known, boasts great location, outstanding design and a breakthrough concept. If you are a travel-loving urbanite with a taste for luxurious living, this is the place to be. Located strategically within proximity of the Sentral Station - the nation s gateway to the world - Suasana Sentral Loft offers a live, work and play lifestyle within a metropolitan enclave. Offices, retail outlets, banks, serviced apartments and 5-star hotels are some of the neighbourhood amenities you can leverage your lifestyle on, within this MSCstatus development. It also accords an international jet setting lifestyle, as Kuala Lumpur International Airport is just a 28-minute ERL ride away! The Suasana Sentral Loft enjoyed an overwhelming 90 per cent take-up within months of its soft launch hence a runaway success! Great location, ideal layout, positive investment potential and unique concept are few of the many merits well recognised by its purchasers. With foreign purchasers making up 20 per cent of its total profile is testimony to its international appeal. Further, secondary market transactions for the adjacent project, Suasana Sentral Condominium, have been trending upwards since 2002, some enjoying total capital appreciation of more than 40 per cent. The fact that over 60 per cent of purchasers are driven by an investment objective further validates its anticipated promising investment returns. The building s design and architecture is created to produce a clean minimalist look and streamlined finishing. Integrated with natural landscape and a mystical environment, it is set to raise eyebrows and catapult it to new standards in high-end condominium development in the city. Suasana Sentral Loft has achieved several firsts for its infinity pool complete with underwater piped music; brazen master bathrooms with wide paneled glass windows and see-through glass walls topped with exotic large sunken baths; to literally top up all these is an exclusive rooftop Sky Club overlooking the scenic Lake Garden, and this comes equipped with a trendy lounge, gymnasium, barbeque pits and function rooms. Already the talk of the town, Suasana Sentral Loft has added words like alluring and epicurean into the professional vocabulary of architects. If driving a fast car makes you feel younger, then living in Suasana Sentral Loft is sure to heighten your sense of passion and inspiration. All in all, it is a project that is truly in a class of its own. top Sunken bath, Suasana Sentral Loft UNITED MALAYAN LAND BHD

44 42 Often the one drawback of working in the city is the woe of being part of the peak hour city traffic. The buzz and excitement of the Bukit Bintang area, encompassing the tourist havens of Bintang Walk, Starhill and Sungei Wang; is especially renowned for being at the heart of the best in shopping, dining and entertainment that Kuala Lumpur has to offer. Also in close proximity lies the prominent KLCC Petronas Twin Towers. Therein lies the ultimate advantage of Seri Bukit Ceylon serviced residences, UM Land s maiden foray into niche development. It offers you an urban lifestyle minutes away from where you want to be. What makes this development even more appealing is that the serviced residences are managed by the prestigious Ascott International Management Group under the Somerset brand name - hence the assurance of quality maintenance for these units is built into the affordably packaged price. With all 246 units handed over, many have already invested in the value-for-money lifestyle within this niche project. Whether business suites, serviced residences or condominiums, properties within this convenient well-maintained project promises good returns especially when backed by the dependability of a reputed developer and its strategic alliance with Ascott International Management Group. Seri Bukit Ceylon Convenient living in a well-maintained and prominent building within walking distance to all the joys of city living makes Seri Bukit Ceylon an outstanding investment. Feeling lucky to have bought a unit sums up the feelings of many investors who are currently benefiting from an appreciation in value that good maintenance and Somerset s positive reputation brings. The advantages are endless. Beyond the easy walking distance to the central business district, leading shopping centres and popular food and entertainment hubs; those living here enjoy easy access to Raja Chulan and Bukit Bintang monorail stations, and many luxurious extras within the building such as use of a business centre, pool and gym facilities, housekeeping services and laundry services. In short, it offers everything that young urbanites and dynamic executives yearn for! top Duplex Business Suite bottom Serviced Residence

45 Transformasi untuk mencipta kemajuan. 43 Peningkatan: -proses perniagaan - kualiti sumber manusia - sistem sumber manusia dan maklumat - pengurusan komunikasi UNITED MALAYAN LAND BHD

46 44 Bandar Seri Alam Sambil menikmati keindahan kawasan-kawasan hijau yang luas di Bandar Seri Alam, kemungkinan besar anda merasa seakan-akan sedang berada di sebuah bandar moden terbesar di Johor. Tapi, sebenarnya anda berada hanya 18km daripada kesibukan pusat bandar Johor Bahru. Bandar Seri Alam terletak di dalam lingkungan koridor pembangunan Johor Bahru - Pasir Gudang. Simpanan tanahnya yang luas menawarkan pelbagai peluang pembangunan. Setakat ini, 1,796 ekar tanah telah dibangunkan dengan pembinaan pelbagai jenis rumah kediaman, kawasan komersial yang strategik serta sebuah taman luas yang lengkap dengan lanskap yang menawan. Keadaan pembangunan Bandar Seri Alam yang begitu pesat dan penuh berpotensi menjadikannya projek perbandaran teragung UM Land. Perbandaran seluas 3,700 ekar ini boleh menampung 150,000 orang penduduk. Popularitinya semakin meningkat setelah pelancaran rumah-rumah pamerannya yang cukup menawan baru-baru ini. Lokasinya yang mudah diakses serta infrastruktur yang sedia ada menyediakan suatu keadaan yang sesuai untuk pembinaan pelbagai jenis kediaman berkualiti dengan pelbagai saiz dan reka bentuk. Apa jua yang diidamkan oleh keluarga anda sama ada rumah yang moden dan canggih, atau yang luas dengan susun atur yang praktikal dengan nilai terbaik untuk wang anda pilihan-pilihan yang ada pastinya memuaskan. Buat masa ini, 45,000 orang penduduk yang menetap di Bandar Seri Alam amat berpuas hati dengan keadaan persekitaran hidup di sini khasnya kawasan-kawasan hijau yang luas untuk mereka nikmati pelbagai aktiviti luar rumah. Tasik dan taman yang indah menjadi tumpuan bagi aktivitiaktiviti rekreasi yang diadakan untuk menjalin kemesraan sesama penduduk di samping menggalakkan kegiatan riadah yang sihat. Bagi keluarga yang mempunyai anak-anak yang bersekolah, terdapat tujuh buah sekolah di sini termasuk sebuah sekolah Cina dan sebuah Sekolah Antarabangsa Jepun. Kombinasi infrastruktur yang berkualiti, reka bentuk yang inovatif, kemudahan tambah nilai serta kemesraan komuniti, terus menarik minat para pembeli rumah untuk meninjau kehebatan Bandar Seri Alam. atas Rumah Secret Garden

47 45 kiri Rumah Impiana Di samping menjalani aktiviti pembangunan, UM Land turut aktif melaksanakan langkah-langkah pemasaran strategik yang agresif. Inisiatif ini jelas kelihatan dalam projek perbandaran teragungnya Bandar Seri Alam. Pengurusan Seri Alam telah berjaya menyerlahkan lagi kehebatan bandar ini di pasaran Johor. Pengiklanan media, penampilan melalui papanpapan iklan dan pameran luar dibuat secara berterusan untuk mempertingkatkan jenama UM Land. Langkah-langkah inisiatif ini bukan sahaja telah membantu mencipta kesedaran terhadap projek ini, malah telah meningkatkan jualan! Acara-acara kemasyarakatan dan korporat kerap dijalankan untuk memupuk semangat kekeluargaan di kalangan penduduk. Misalnya, kemeriahan Pesta Seri Alam 2005 telah berjaya menarik minat penduduk Bandar ini dan juga orang awam. Aktiviti-aktiviti lain yang dianjurkan termasuk perhimpunan bagi memperingati mangsa-mangsa tsunami, pengumpulan derma untuk mangsamangsa tsunami, gotong-royong dan jamuan diadakan di tepi kolam renang bagi penghuni kondominium. Dengan minat pembeli yang berterusan populasi penduduk dijangka akan meningkat sebanyak 15,000 orang dalam masa tiga tahun, terutamanya dengan lokasinya yang mudah dihubungi serta kemudahan tambahan yang sedang dibina. Ini termasuk pembukaan Tesco Seri Alam Pasar Raya Tesco pertama di Johor Bahru yang akan dibina, penaikkan taraf Lebuh Raya Pasir Gudang, pembukaan Lebuh Raya Senai - Pasir Gudang dan pembinaan laluan tambahan ke pusat bandar. UNITED MALAYAN LAND BHD

48 46 Bandar Seri Putra atas Rumah D Puncak Putra Dari pusat bandar Kuala Lumpur, perjalanan lancar terus ke lebuh raya Kuala Lumpur - Seremban dan persimpangan Putra - Mahkota, anda akan sampai ke Bandar Seri Putra, sebuah oasis nyaman dalam masa 30 minit sahaja. Apabila anda memandu melalui bandar ini sambil menikmati persekitarannya yang nyaman dan pemandangan bukit-bukau yang indah beralun, ia sememangnya satu pengalaman yang menyegarkan. Bandar Seri Putra terletak di dalam persekitaran yang bebas daripada aktiviti perindustrian dan kesesakan lalu lintas, lalu menjadikannya kawasan yang amat menenangkan dan sunyi daripada kesibukan trafik di Kuala Lumpur. Fasa-fasa yang sudah siap termasuk kelompok rumah-rumah yang indah reka bentuknya, pusat jagaan kanak-kanak yang berwarna ceria, padang-padang yang menghijau, taman berlanskap indah dan taman-taman permainan yang menarik serta suasana yang sungguh sesuai untuk kehidupan keluarga bahagia.

49 47 Apabila melihat rumah-rumah di sini yang cantik diubah suai dengan seni taman yang indah, jelaslah bahawa pendudukpenduduk berpuas hati dengan penjimatan yang mereka perolehi daripada pembelian pada harga yang amat berpatutan. Daerah perniagaannya yang berciri kedesaan, terdiri daripada beberapa kedai kopi yang menarik dan kafe internet yang sedia menanti kunjungan pelanggan. Kedamaian dan kemesraan yang terjalin di Bandar Seri Putra juga boleh dirasai apabila melihat pendudukpenduduknya bersembang dan beramah-mesra dalam suasana yang cukup harmoni. Bandar ini boleh menampung 35,000 penduduk dan setakat ini hampir 50 peratus daripada kawasannya telah dibangunkan dan kini didiami lebih daripada 10,000 orang penduduk. Para penduduk di sini menikmati akses yang cepat dan mudah ke Putrajaya, Lapangan Terbang Antarabangsa Kuala Lumpur dan pusat-pusat pendidikan tinggi berhampiran seperti Universiti Putra Malaysia, Universiti Kebangsaan Malaysia dan Kolej Universiti Islam Antarabangsa Selangor (KUIS). Berdasarkan maklum balas yang diterima, penduduk Bandar Seri Putra amat berpuas hati dengan pembelian rumah mereka kerana ruang dalamannya yang luas serta harganya yang berpatutan. Mereka turut gembira dengan kualiti seni bina bangunan dan infrastruktur yang disediakan di samping menikmati nilai pelaburan yang kian meningkat. Sebagai kumpulan penduduk pertama di sini, mereka mengharapkan penyediaan lebih banyak kemudahan serta perkhidmatan. Baru-baru ini, penghuni Bandar Seri Putra mula menikmati kemudahan operasi balai polis dan pejabat pos. Tidak lama lagi, sebuah sekolah rendah dan sekolah menengah, masjid dan pusat makan akan dibina yang pastinya akan meningkatkan lagi keistimewaan dan nilai pelaburan di Bandar Seri Putra. Apabila lebih banyak kemudahan, ameniti serta entiti komersial wujud di Bandar Seri Putra, maka wujudlah satu kehidupan berkomuniti menyeluruh yang lebih dinamik. atas Rumah D Punchak Putra kanan Rumah D Sentral Terrace UNITED MALAYAN LAND BHD

50 48 Seri Austin Di koridor pembangunan Tebrau yang semakin popular, Mount Austin merupakan sebuah kawasan yang pesat membangun dengan akses yang mudah dan kawasan perumahan yang menarik. Di sini, akses mudah melalui Jalan Tebrau dan lebuh raya Pasir Gudang ke bandar raya Johor Bahru, kawasan beralun yang luas, berhampiran dengan resort golf 36-lubang serta berberapa pusat komersial menawarkan keunggulan kehidupan pinggir kota bagi golongan kelas pertengahan. Seri Austin merangkumi kawasan hartanah pegangan bebas seluas 500 ekar dengan lokasinya yang baik, serta reka bentuk rumah berkualiti dan harga berpatutan menawarkan gaya hidup selaras dengan temanya Simply Better. Dirancang agar sesuai untuk suasana kehidupan komuniti yang sihat, pembangunan termasuk presint-presint individu yang dihubungkan antara satu sama lain oleh taman-taman linear. Demi keselamatan dan privasi penduduk, rumahrumah dibina secara berkelompokan didalam presint-presint dengan jalan masuk terhad. Jumlah unit di setiap presint turut dirancang rapi untuk menjamin kediaman optima di kawasan kejiranan ini. Untuk memupuk suasana kejiranan yang sihat dan rapat, kawasan rekreasi yang mencukupi disediakan untuk penduduk bersantai dan menenangkan fikiran sambil beramah-mesra. Taman-taman, trek joging dan laluan basikal juga akan dibina di segenap pembangunan Seri Austin untuk menggalakkan gaya hidup yang sihat. Sambutan hangat yang diterima semasa pelancaran rasmi Seri Austin membuktikan kejayaan konsep ini. Pada Julai 2005, pelancaran projek ini telah berlangsung dalam suasana karnival yang meriah dengan pelbagai aktiviti menarik untuk seisi keluarga diantaranya, aktiviti menunggang kuda dan gajah, pertunjukan burung helang dan ular, pelbagai permainan dan pertunjukan paraglider. atas Rumah Azalea

51 49 Pembangunan Seri Austin semakin popular disebabkan kelebihannya seperti penjenamaan korporat yang kukuh, rekod pembangunan yang cemerlang, ditambah pula dengan pembinaan rumah-rumah dengan reka bentuk yang menawan dan berkualiti tinggi. Ia diikuti dengan perasmian desa pameran Seri Austin pada bulan November. Desa pameran ini, sebahagian daripada misi Kumpulan dalam meningkatkan pengalaman pelanggan, mempamerkan enam jenis rumah yang berlainan yang menawarkan peluang untuk pelanggan melihat, merasa and mengalami nilai kediaman yang Simply Better yang mempunyai pelbagai reka bentuk yang menawan dan berkualiti tinggi namun berharga kompetitif. Kepopularan Seri Austin bukan semata-mata kerana rekabentuk moden dan seni bina kediamannya yang menawan. Kumpulan telah mengambil langkah yang proaktif dalam pemasaran untuk lebih menonjol daripada pembangunan dipersekitarannya. Keutamaan diberikan untuk meningkatkan kesedaran jenama dan memperbaiki komunikasi pemasaran. Ini telah memberikan projek lebih pendedahan dan keunggulan - menjadikannya buah mulut orang ramai. Pembangunan bersepadu ini dijangka akan menempatkan 29,000 orang penduduk apabila lengkap pada tahun Setakat ini, tiga fasa telah dilancarkan. Produk kemuncak bagi tahun depan termasuk rumah berkelompok dan rumah dua tingkat yang lebih luas. atas Rumah Azalea tengah dan bawah Rumah Deanna UNITED MALAYAN LAND BHD

52 50 Suasana Sentral Loft Pembangunan Kuala Lumpur Sentral yang bertaraf antarabangsa, di sekitar pusat pengangkutan yang bertaraf dunia telah membawa pelbagai manfaat kepada projek Suasana Sentral Loft oleh UM Land. Ini jelas terbukti apabila projek kediaman ini yang mendapat namanya daripada perkataan Lofty (bermaksud tinggi - sesuai dengan silingnya yang tinggi) menerima sambutan yang amat menggalakkan setelah dilancarkan. Suasana Sentral Loft dilihat sebagai satu mercu tanda hebat di dalam lokasi yang unggul, lengkap dengan reka bentuk menarik serta konsep baru yang canggih. Jika anda gemar melancong dan inginkan kehidupan mewah di bandar, inilah tempat yang paling sesuai untuk anda. Kedudukan Suasana Sentral Loft di kawasan strategik berhampiran dengan gerbang antarabangsa Stesen Sentral Kuala Lumpur, menawarkan gaya hidup yang diimpikan, ianya lengkap dengan segala kemudahan harian, pejabat dan hiburan di dalam kawasan metropolitan yang eksklusif. Antara kemudahan di sini termasuk pejabat, pusat-pusat komersial, bank, pangsapuri khidmat dan hotel-hotel bertaraf lima bintang. Lapangan Terbang Antarabangsa Kuala Lumpur yang terletak hanya 28 minit sahaja menaiki ERL dari sini turut memudahkan pergerakan mereka yang gemar melancong ke luar negara. Kesemuanya tersedia demi keselesaan hidup anda di dalam pembangunan yang berstatus MSC ini.

53 51 Hanya beberapa bulan sahaja selepas pelancaran projek, 90 peratus daripada unit-unitnya berjaya dijual! Para pembeli berminat dengan keistimewaan yang ditawarkan seperti lokasinya yang unggul, rekaan dalamannya yang menarik, potensi pelaburan yang tinggi serta konsep uniknya. 20 peratus daripada pembelinya merupakan pelabur asing. Ini jelas menunjukkan tarikannya begitu ketara di pasaran antarabangsa. Projek jirannya, Kondominium Suasana Sentral, turut menunjukkan peningkatan nilai semenjak tahun Malah ada yang telah mendapat keuntungan daripada kenaikan nilai pelaburan sebanyak 40 peratus. Dengan 60 peratus daripada pembelian hartanah tersebut untuk tujuan pelaburan, jelaslah bahawa projek ini berpotensi untuk memberi pulangan pelaburan yang tinggi. Reka bentuk dan seni bina bangunan ini mempunyai penampilan yang ringkas lagi kemas. Tambahan pula, dengan lanskap semula jadi dan persekitaran yang indah, ia bakal menjadi mercu tanda yang menampilkan satu pembangunan kondominium serba mewah di bandar raya Kuala Lumpur. Konsep unik tab mandi sunken yang eksotik menambahkan lagi suasana romantik sementara kolam renangnya yang lengkap dengan muzik di dalam air, Sky Club, kelab eksklusif di tingkat 38 yang menghala ke pemandangan indah di pusat bandar, kelab istirehat, gimnasium, tempat BBQ dan bilik pelbagai guna melengkapkan gaya hidup serba mewah yang diidamkan. Suasana Sentral Loft menawarkan pelbagai keistimewaannya yang tersendiri dan unik seperti kolam renang infiniti yang lengkap dengan muzik di dalam air serta bilik mandi utama yang menakjubkan dengan tingkap-tingkap besar berpanel kaca, dinding kaca lut sinar dan tab mandi besar sunken yang eksotik. Di samping itu, di tingkat 38 bangunan pula terdapat kelab eksklusif, iaitu Sky Club, yang menyediakan ruang istirehat, gimnasium, tempat BBQ serta bilik pelbagai guna. Daripada Sky Club ini, anda boleh menikmati keindahan Taman Tasik Perdana. Keunggulan Suasana Sentral Loft dan ciri-ciri uniknya amat mengkagumkan sehingga ia hangat diperkatakan di kalangan para arkitek. Sekiranya memandu kereta laju membuat anda merasa lebih muda, kehidupan di Suasana Sentral Loft pasti akan menambahkan semangat dan inspirasi anda. Secara keseluruhannya, projek ini benar-benar unik dan berciri tersendiri. UNITED MALAYAN LAND BHD

54 52 Seri Bukit Ceylon Kesibukan trafik kerapkali menjadi kesukaran bagi mereka yang bekerja di pusat bandar. Sememangnya berada di kawasan yang riuh dengan pelbagai aktiviti, berhampiran kawasan Bukit Bintang dan Menara Kembar Petronas KLCC khasnya, dikelilingi pelbagai pusat kunjungan pelancong seperti Bintang Walk, Starhill dan Sungei Wang yang terkenal sebagai pusat membeli-belah, menjamu selera dan hiburan utama di KL. Di sinilah terletaknya keistimewaan pangsapuri khidmat Seri Bukit Ceylon, yang merupakan projek ulung UM Land dalam pembangunan khusus. Ia menawarkan gaya hidup urban mewah yang serba lengkap di pusat bandar raya. atas Duplex Business Suite

55 53 Kehidupan selesa yang dilengkapi kemudahan serba moden dan bangunan indah serta memenuhi impian kehidupan urban pasti meningkatkan lagi pulangan nilai pelaburan Seri Bukit Ceylon. Apa yang lebih menarik adalah ianya diuruskan oleh Kumpulan Ascott International Management, di bawah jenama Somerset. Ini menjaminkan penyelenggaraan yang berkualiti yang telah dinilaikan sekali dalam pakej harga yang berpatutan bagi unit-unitnya. Penyerahan kesemua 246 unit telah pun dibuat dan ramai telah mula menikmati gaya hidup yang ditawarkan oleh projek khusus ini. Sama ada ianya merupakan bilik suit perniagaan, pangsapuri khidmat ataupun kondominium, semua hartanah di dalam projek ini menjanjikan pulangan yang tinggi terutama sekali dengan sokongan daripada pemaju yang bereputasi tinggi serta perikatan strategik dengan Kumpulan Ascott International Management. Ramai pemilik merasa bertuah sebab unit-unit yang telah dibeli semakin meningkat nilainya. Ini disebabkan projek ini menyediakan khidmat penyelenggaraan yang baik serta jaminan Somerset yang bereputasi tinggi. Terdapat banyak kelebihan lain di sini. Di samping lokasinya yang berhampiran dengan pusat perniagaan utama, pusat membeli-belah terkemuka dan pusat makan dan hiburan yang popular, penghuni juga menikmati akses mudah ke stesen monorel Raja Chulan dan Bukit Bintang. Mereka juga menikmati pelbagai kemudahan tambahan di dalam bangunannya sendiri seperti pusat perniagaan, kolam renang, gimnasium serta perkhidmatan opsional seperti dobi dan mengemas rumah. Secara ringkasnya, ia menawarkan segala keselesaan hidup yang diperlukan oleh golongan urban muda dan eksekutif dinamik hari ini! UNITED MALAYAN LAND BHD

56 54! january januari Bandar Seri Alam Johor, 5 January Led by a monk from Thailand, 200 Buddhists gathered at the Bandar Seri Alam Town Park to release birds and turtles in memory of the tsunami victims. Bandar Seri Alam Johor, 5 Januari Diketuai oleh seorang sami dari Thailand, seramai 200 penganut agama Buddha berkumpul di Taman Bandar Seri Alam untuk melepaskan burung dan penyu sebagai tanda memperingati mangsa-mangsa tsunami.! Bandar Seri Alam Johor, 19 February More than 200 guests were treated to games, entertainment and a delicious buffet during the Bandar Seri Alam Gong Xi Fa Cai celebrations. Bandar Seri Alam Johor, 19 Februari Lebih daripada 200 orang tetamu diraikan dengan pelbagai jenis permainan, hiburan serta hidangan bufet yang enak sempena sambutan Gong Xi Fa Cai Bandar Seri Alam. Corporate K alendar february februari Bandar Seri Alam Johor, 27 February Bandar Seri Alam residents, in a joint effort with Majlis Perbandaran Johor Bahru Tengah and the Health Department, organised a Majlis Gotong-royong Menangani Wabak Denggi to effectively eliminate surrounding aedes breeding areas. Bandar Seri Alam Johor, 27 Februari Penduduk Bandar Seri Alam bersama dengan Majlis Perbandaran Johor Bahru Tengah dan Jabatan Kesihatan, menganjurkan Majlis Gotong-royong Menangani Wabak Denggi untuk menghapuskan kawasan-kawasan pembiakan nyamuk aedes. Kuala Lumpur, 21 February Suasana Sentral Two Sdn Bhd, a 70:30 joint venture between UM Land and MRCB, held a media launch to unveil the Suasana Sentral Loft s captivating development concept. Kuala Lumpur, 21 Februari Suasana Sentral Two Sdn Bhd, projek usaha sama 70:30 di antara UM Land dan MRCB, mengadakan pelancaran media untuk memperkenalkan projek pembangunan Suasana Sentral Loft dan konsep uniknya.!

57 55 Bandar Seri Alam Johor, 3 March A newly-renovated workshop for the Johor Children Spastic School was opened in Bandar Seri Alam. Bandar Seri Alam Johor, 3 Mac Satu bengkel yang baru diubahsuai bagi Sekolah Kanak-kanak Spastik Johor dibuka di Bandar Seri Alam. Kuala Lumpur, 4 March Suasana Sentral Two Sdn Bhd organised a Directors Cocktail Night to celebrate the overwhelming sales garnered by the Suasana Sentral Loft. Kuala Lumpur, 4 Mac Suasana Sentral Two Sdn Bhd menganjurkan Majlis Koktel Pengarah untuk meraikan pencapaian jualan lumayan daripada Suasana Sentral Loft. march mac Bandar Seri Alam, 25 March Seri Alam Properties Sdn Bhd handed over keys for 160 units of its Phase 5C Doric and Corinthian Double Storey Terraces. Bandar Seri Alam, 25 Mac Seri Alam Properties Sdn Bhd menyerahkan kunci bagi 160 unit Fasa 5C Rumah Teres Dua Tingkat Doric dan Corinthian. Calendar 05 K orporat april april Bandar Seri Putra, Selangor, 8 April Bangi Police Station began its operations in a central location within Bandar Seri Putra. Bandar Seri Putra Selangor, 8 April Balai Polis Bangi memulakan operasi di lokasi pusat di dalam Bandar Seri Putra.! Bandar Seri Putra Selangor, 12 April POS Malaysia started operations at its new outlet in Bandar Seri Putra. Bandar Seri Putra Selangor, 12 April POS Malaysia memulakan operasi cawangan barunya di Bandar Seri Putera.! may mei! Bandar Seri Alam Johor, 8 May The Rediscover Seri Alam campaign was kicked off at the Seri Alam Fest. It brought together about 5,000 visitors from all walks of life to celebrate, experience and rediscover Seri Alam s appeal as a family township. Bandar Seri Alam Johor, 8 Mei Kempen Rediscover Seri Alam telah dilancarkan di Pesta Seri Alam. Ia berjaya menarik lebih kurang 5,000 orang pengunjung dari pelbagai lapisan masyarakat untuk meraikan, mengalami dan mengenali ciri-ciri unggul dalam kehidupan kekeluargaan di Bandar Seri Alam. UNITED MALAYAN LAND BHD

58 56 june jun Kuala Lumpur, 29 to 30 June The Group initiated a review of its Strategic Plan and started it with an External Environmental Analysis and an organisational Audit Survey Kuala Lumpur, 29 hingga 30 Jun Kumpulan menjalankan kajian ke atas Pelan Strategik bermula dengan Analisis Persekitaran Luar dan Tinjauan Audit Organisasi.! Seri Austin, Johor Bahru, 26 July Datuk Bandar of Johor Bahru, Datuk Wahid bin Dahlan, officiated the Seri Austin Sales Gallery and the Seri Austin Fest down south, marking its maiden launch with as much fun and excitement! The events were injected with fun-filled carnival atmosphere and are meant to represent the signature style for all UM Land s future launches. Seri Austin, Johor Bahru, 26 Julai Datuk Bandar Johor Bahru, Datuk Wahid bin Dahlan telah merasmikan Galeri Jualan Seri Austin dan Pesta Seri Austin di dalam suasana yang menyeronokkan dan menghiburkan! Acara-acara telah berlangsung di dalam suasana karnival yang sungguh meriah. Semua pelancaran UM Land di masa depan akan berlangsung di dalam suasana kemeriahan seperti ini. Bandar Seri Putra, Selangor, 24 July Bandar Seri Putra launched its inaugural Property Fest with the unveiling of the Seri Putra show village showcasing its new series of townhouses and double-storey terraces. Bandar Seri Putra Selangor, 24 Julai Bandar Seri Putra melancarkan Pesta Hartanah pertamanya dengan pelancaran desa pameran siri baru rumah bandar dan teres dua tingkat. Bandar Seri Alam, 8 July Seri Alam Properties Sdn Bhd handed over keys to 64 units of Superlink Lakeside Residency, a gated community. july julai!! august ogos Bandar Seri Alam, Johor, 20 August Tesco Stores (M) Sdn Bhd, one of the biggest and most established names among hypermarkets in Malaysia, signed a 30-year land lease with Seri Alam Properties Sdn Bhd. The event was witnessed by Johor Menteri Besar, YAB Datuk Abdul Ghani Othman. Also present was State Domestic Trade and Consumer Affairs Committee Chairman Datuk K.S. Balakrishnan. Bandar Seri Alam, 8 Julai Seri Alam Properties Sdn Bhd menyerahkan kunci bagi 64 unit Superlink Lakeside Residency, sebuah perumahan komuniti berpagar. Corporate K alendar Kuching, Sarawak 28 July UM Land Group celebrated its Family Day in Kuching, Sarawak, from 28 July till 31 July. Over 575 employees enjoyed a fun-packed 3-day getaway that included games and sports, a city tour, trips to tourist attractions as well as a Flora and fauna -themed dinner. Bandar Seri Alam, Johor, 20 Ogos Tesco Stores (M) Sdn Bhd, salah satu pasar raya terbesar dan terkemuka di Malaysia, menandatangani perjanjian pajakan tanah 30-tahun dengan Seri Alam Properties Sdn Bhd. Acara ini telah disaksikan oleh tetamu kehormat, Menteri Besar Johor, YAB Datuk Abdul Ghani Othman. Turut hadir bersama ialah Pengerusi Jawatankuasa Perdagangan Domestik dan Hal Ehwal Pengguna Negeri, Datuk K.S. Balakrishnan. Kuching, Sarawak 28 Julai Kumpulan UM Land meraikan Hari Keluarga di Kuching, Sarawak dari 28 Julai hingga 31 Julai. Lebih daripada 575 orang kakitangan menyertai percutian 3 hari ini yang penuh dengan acara permainan dan sukan, kunjungan ke pusat bandar dan pusat tarikan pelancong serta majlis makan malam yang bertemakan Flora and fauna.

59 september september Pasir Gudang Johor, 10 September Seri Alam Properties Sdn Bhd kicked off its Annual Golf Invitational - the Seri Alam Merdeka Classic at the Tanjong Puteri Golf and Country Resort. All sporting participants were decked in red and blue - UM Land s corporate colours. Pasir Gudang Johor, 10 September Seri Alam Properties Sdn Bhd melancarkan Acara Golf Tahunan - Seri Alam Merdeka Classic di Tanjong Puteri Golf and Country Resort. Semua peserta telah berpakaian merah dan biru warna korporat UM Land. 57 Kuala Lumpur, 14 October Suasana Sentral Two Sdn Bhd organized a Majlis Berbuka Puasa with the orphans from Asrama Darul Falah Perkim. Kuala Lumpur, 14 Oktober Suasana Sentral Two Sdn Bhd menganjurkan Majlis Berbuka Puasa dengan anak-anak yatim daripada Asrama Darul Falah Perkim. Calendar 05 october oktober! Kuala Lumpur, 20 October UM Residences Sdn Bhd handed over keys to 246 units of serviced residences in its Seri Bukit Ceylon development. Kuala Lumpur, 20 Oktober UM Residences Sdn Bhd menyerahkan kunci bagi 246 unit pangsapuri khidmat Seri Bukit Ceylon. K orporat! Kuala Lumpur, 20 November UM Residences Sdn Bhd held a Hari Raya get-together party at its newly completed Seri Bukit Ceylon serviced residences for all proud property owners. The poolside event served to welcome residents and foster a closer community. The highlight of the day was a lucky draw that rewarded 42 homeowners with new electrical appliances for their homes. Kuala Lumpur, 20 November UM Residences Sdn Bhd mengadakan jamuan Hari Raya di pangsapuri khidmat Seri Bukit Ceylon yang baru siap untuk semua pemilik unit. Acara berlangsung di tepi kolam renang dan bertujuan untuk menyambut kedatangan para penghuni serta menjalinkan kemesraan komuniti. Acara kemuncak pada hari tersebut adalah cabutan bertuah di mana 42 orang pemilik rumah telah memenangi barangan alat elektrik untuk rumah baru mereka. Seri Austin, Johor Bahru, 13 November Dynasty View Sdn Bhd unveiled its Azeanna single-storey homes and Azalea double-storey homes as part of a day-long carnival celebration which attracted a 6,000 strong crowd. Seri Austin, Johor Bahru, 13 November Dynasty View Sdn Bhd melancarkan rumah satu tingkat Azeanna dan rumah dua tingkat Azalea di karnival pelancaran yang berjaya menarik 6,000 orang pengunjung. november november Bandar Seri Alam Johor, 20 November Marked the final release of the Idaman Series homes and the second type of Elegance Series Homes refreshing designs that inspired visitors to Rediscover Seri Alam. Bandar Seri Alam Johor, 20 November Menandakan pelancaran terakhir rumah Siri Idaman dan Rumah Siri Elegance (jenis kedua) yang menawarkan reka bentuk unik yang mengkagumkan pengunjung ke pesta Rediscover Seri Alam.! UNITED MALAYAN LAND BHD

60 58 november november Kuala Lumpur, 23 November The Board of Directors gave their seal of approval to UM Land s 5-year Group Strategic Plan Kuala Lumpur, 23 November Lembaga Pengarah meluluskan Pelan Strategik 5-tahun Kumpulan ! Bandar Seri Alam Johor, 11 December Residents of Vista Seri Alam enjoyed a poolside party to get to know one another in Bandar Seri Alam. Bandar Seri Alam Johor, 11 Disember Penghuni Vista Seri Alam beramah mesra di majlis yang diadakan di tepi kolam renang untuk menjalin kemesraan sesama penduduk di Bandar Seri Alam. december disember Kuala Lumpur, 6-12 December Group Chief Executive Officer, Encik Wan Abdullah bin Wan Ibrahim communicated UM Land s 5-year Group Strategic Plan to all employees across the board. Kuala Lumpur, 6-12 Disember Ketua Pegawai Eksekutif Kumpulan, Encik Wan Abdullah bin Wan Ibrahim, menjelaskan Pelan Strategik 5-tahun Kumpulan kepada semua kakitangan di seluruh organisasi. Bandar Seri Alam Johor, 24 December Seri Alam Properties Sdn Bhd got people in a Christmas spirit with the launch of the Suria and Impiana terraces. Both featured spectacularly-designed spacious layouts in a tropical setting. january 06 januari 06 Bandar Seri Alam Johor, 24 Disember Seri Alam Properties Sdn Bhd menyemarakkan semangat Krismas dengan melancarkan rumah teres Suria dan Impiana. Kedua-duanya menawarkan susun atur yang hebat dan luas di dalam persekitaran tropika.! Kuala Lumpur, 18 January The year started off on a positive footing with the signing ceremony between UM Land, Bolton and CapitaLand committing to their joint venture on the Mayang Land project, located in vicinity of Kuala Lumpur City Centre (KLCC) Kuala Lumpur, 18 Januari Tanda permulaan tahun yang baik melalui majlis menandatangani usaha sama di antara UM Land, Bolton dan CapitaLand bagi melaksanakan projek Mayang Land, yang terletak di persekitaran Kuala Lumpur City Centre (KLCC). Kuala Lumpur, 26 January An Extraordinary General Meeting was held to approve the appointment of YBhg Tan Sri Dato Musa bin Hitam as Chairman of UM Land. Kuala Lumpur, 26 Januari Mesyuarat Agung Luar Biasa telah diadakan untuk meluluskan pelantikan YBhg Tan Sri Dato Musa bin Hitam sebagai Pengerusi UM Land.

61 FINANCIAL Calendar 59 K alendar Kewangan Kuala Lumpur, UM Land reported its Quarter 4 financial 28 February/Februari results for the financial year ended 31 December 2004 to Bursa Malaysia Securities. UM Land melaporkan keputusan kewangan Suku tahun keempat bagi tahun kewangan berakhir 31 Disember 2004 kepada Bursa Malaysia Sekuriti. Kuala Lumpur, UM Land announced its Quarter 1 financial 30 May/Mei results for the financial period ending 31 December 2005 to Bursa Malaysia Securities. UM Land mengumumkan keputusan kewangan Suku tahun pertama bagi tempoh kewangan berakhir 31 Disember 2005 kepada Bursa Malaysia Sekuriti. Kuala Lumpur, UM Land held its 44th Annual General Meeting 25 June/Jun at Crowne Plaza Mutiara, Kuala Lumpur. UM Land mengadakan Mesyuarat Agung Tahunan ke-44 di Crowne Plaza Mutiara, Kuala Lumpur. Kuala Lumpur, UM Land announced its Quarter 2 financial 24 August/Ogos results for the financial year ending 31 December 2005 to Bursa Malaysia Securities. UM Land mengumumkan keputusan kewangan Suku tahun kedua bagi tahun kewangan berakhir 31 Disember 2005 kepada Bursa Malaysia Sekuriti. Kuala Lumpur, A final dividend of 7.5 sen gross per ordinary 27 September share less tax, in respect of the financial year ended 31 December 2004, was paid on 27 September This final net dividend amounted to RM12.53 million. Dividen kasar akhir sebanyak 7.5 sen setiap saham, tolak cukai bagi tahun kewangan berakhir 31 Disember 2004 telah dibayar pada 27 September Demikian, dividen bersih akhir berjumlah RM juta. Kuala Lumpur, UM Land announced its Quarter 3 financial 23 November results for the financial year ending 31 December 2005 to Bursa Malaysia Securities. UM land mengumumkan keputusan kewangan Suku tahun ketiga bagi tahun kewangan berakhir 31 Disember 2005 kepada Bursa Malaysia Sekuriti. UNITED MALAYAN LAND BHD

62 60 FIVE-YEAR GROUP FINANCIAL HIGHLIGHTS prestasi kewangan kumpulan bagi lima tahun RM million RM million RM million RM million RM million RM Juta RM Juta RM Juta RM Juta RM Juta Revenue Hasil Profit before tax Keuntungan sebelum cukai Shareholders equity Ekuiti pemegang saham Total assets 1, , , , Jumlah aset Issued and paid-up capital Modal diterbitkan dan berbayar Gross dividend rate (%) Kadar dividen kasar (%) Net earnings per share (sen) * Pendapatan bersih sesaham (sen) Net tangible assets per share (RM) ** Aset ketara bersih sesaham (RM) * Net earnings per share (EPS) is calculated based on the weighted average number of shares of 232,005,534 in issue during the year. Pendapatan bersih sesaham (EPS) dikira berdasarkan purata bilangan saham berwajaran sebanyak 232,005,534 yang diterbit sepanjang tahun. ** Net tangible assets (NTA) per share is calculated based on the reduced number of shares of 231,957,933 in issue which is net of share buyback. Aset ketara bersih (NTA) sesaham dikira berdasarkan bilangan saham yang dikurangkan iaitu sebanyak 231,957,933 yang diterbit selepas pembelian balik saham.

63 61 Every new beginning leads us forward to new hopes and new opportunities. Setiap langkah pembaharuan pasti membawa bersamanya peluang dan harapan baru. UNITED MALAYAN LAND BHD

64 62 CORPORATE GOVERNANCE STATEMENT The Board of Directors of United Malayan Land Bhd (UM Land or the Company) will continue its commitment in ensuring that the highest standards of corporate governance are practiced throughout the Group. This is a fundamental part of discharging its responsibilities for the Group s continued progress and success in addition to safeguarding and enhancing shareholders investment and value whilst protecting the interests of other stakeholders of the Group. The Board is pleased to report that the Group has strengthened its application of the principles and best practices recommended by the Malaysian Code on Corporate Governance (the Code) throughout the financial year ended 31 December BOARD OF DIRECTORS The Board comprises members from diverse professional backgrounds with a wide range of business and financial experiences relevant to guide, lead and manage the Group towards achieving its business goals and objectives. Board Composition and Balance The Board currently has nine (9) members comprising eight (8) non-executive Directors and one (1) executive Director of whom four (4) are independent. This composition is in compliance with paragraph of the Listing Requirements of Bursa Malaysia Securities Berhad (Bursa Securities) where at least two (2) or one-third of its members are independent directors. A brief profile of each member of the Board are presented on pages 8 to 15 of this Annual Report. The Board recognizes that all Directors have equal responsibilities for the Group s operations. The role of the independent non-executive Directors is particularly important in ensuring that the strategies proposed by Management are fully deliberated and examined taking into account the long term interest of the shareholders and other stakeholders in which the Group conducts its business. There is a clear separation of role between the Chairman and the Group Chief Executive Officer with clear division of responsibilities to ensure proper balance of power and authority. Appointments to the Board The Nomination Committee is responsible for making recommendations for appointments to the Board and Board committees. This is to ensure that the level and make-up of its members are of the necessary calibre, experience and qualification needed to lead and manage the Group successfully. Roles and Responsibilities The Board retains full and effective responsibility for the overall strategic direction of the Group. It ensures that Management develop and maintain sound policies and practices which will help to promote and drive long term sustainable growth and shareholders value. To this end, the Board had assumed the following responsibilities in accordance with the Best Practices of the Code: Determine the strategic plan for the Company and Group; Overseeing the conduct of the Group s businesses; Identifying and managing principal risks affecting the Group; Reviewing the adequacy and integrity of the Group s internal control system; Implementing succession planning for timely succession of Management within the Group; and Maintaining an effective investor relations programme and shareholders communication policy for the Group.

65 63 Meetings The Board meets on a scheduled basis, at least four (4) times a year with additional meetings convened as and when important issues and decisions are required. During the financial year ended 31 December 2005, the Board met five (5) times to deliberate and consider a variety of significant matters including the review of the Group s 5-year strategic plan, budget, quarterly financial statements, corporate proposals and other related business matters that require deliberation and approval. Details of attendance of each director who were in office during the financial year ended 31 December 2005 are set out below. All Directors in office during the said period have complied with the minimum 50% attendance requirement under the Listing Requirements of Bursa Securities. % Directors Attendance of attendance Tan Sri Dato Musa bin Hitam (Appointed on 26 January 2006) - Not applicable - Lui Chong Chee (Appointed on 1 August 2005) 1/2 50 Dato Ng Eng Tee 5/5 100 Datuk Mohd Khamil bin Jamil (Resigned on 31 March 2006) 4/5 80 Datuk Syed Ahmad Khalid bin Syed Mohammed 5/5 100 Datuk Nur Jazlan bin Tan Sri Mohamed 5/5 100 Dr Choo Kian Koon (Resigned on 17 March 2006) 5/5 100 Syed Azmin bin Mohd Syed Nor (Appointed on 3 May 2006) - Not applicable - Ng Eng Soon 5/5 100 Dato Mohd Hanafiah bin Omar 4/5 80 Tham Kui Seng (Resigned on 1 August 2005) 1/2 50 Pee Tong Lim (Resigned on 21 March 2005) 1/1 100 Soong Hee Sang (Appointed as Alternate Director to - Not applicable - Lui Chong Chee on 5 September 2005 and as a Director on 22 March 2006) Rita Lau Chen Chen (Alternate Director to Dr Choo Kian Koon) - Not applicable - (Resigned on 17 March 2006) Ahmad Shaifuldin bin Mahamad Sharudi (Alternate Director to Datuk Mohd Khamil - Not applicable - bin Jamil) (Resigned on 10 November 2005) Note: Attendance record of alternate directors shall be read in concurrence with attendance record of their respective Principals. Supply of Information The Board of Directors has full and unrestricted access to all information pertaining to the Group s businesses and affairs to enable them to discharge their duties effectively. Prior to each Board meeting, Management provides an agenda together with comprehensive reports for each agenda item to be discussed to each director in a timely manner to enable Directors to obtain further clarification or explanation, where necessary, in order to be adequately informed before the meeting. The Directors also have access to independent professional advice, where necessary and appropriate, in the furtherance of their duties at the Company s expense. All Directors have full access to the advice and services of the Company Secretary. The Company Secretary attends to all corporate secretarial administration matters of the Group in addition to attending meetings of the Board and Board committees. UNITED MALAYAN LAND BHD

66 64 CORPORATE GOVERNANCE STATEMENT (cont d) Directors Training All Directors have successfully completed the Mandatory Accreditation Programme conducted by Bursatra Sdn Bhd and attended relevant training programmes under the Continuing Education Programmes (CEP). Further to the repealed Practice Note 15/2003 and Guidance Notes 10 on CEP requirements effective 1 January 2005, it is no longer mandatory for Directors to undergo CEP. Nonetheless, listed companies must evaluate and determine the training needs of its directors on a continuous basis. As such, Directors of the Company are actively encouraged to attend relevant training programmes to further enhance their skills and knowledge whilst keeping abreast with industry developments. Re-election In accordance with the Company s Articles of Association, one-third of the Directors for the time being shall retire from office at every Annual General Meeting. Retiring Directors can offer themselves for re-election. Directors who are appointed as additional directors or to fill casual vacancies during the year are subject to re-election by the shareholders at the next Annual General Meeting following their appointments. Directors who are over the age of seventy years are required to submit themselves for re-appointment annually in accordance with Section 129(6) of Companies Act, Presently, YBhg Tan Sri Dato Musa bin Hitam is subject to such re-appointment. Directorships in other Companies Pursuant to the Listing Requirements of Bursa Securities, each member of the Board shall hold not more than ten (10) directorships in public listed companies and not more than fifteen (15) directorships in non-public listed companies. This ensures that their commitment, resources and time are focused for an effective input to the Board and the Company. All Directors are in compliance with this requirement. Directors Remuneration Directors remuneration is determined at levels which enable the Company to attract and retain Directors with the relevant experience and expertise needed to manage the Group effectively. For executive Directors, the component parts of remuneration are structured so as to link rewards to corporate and individual performance. For non-executive Directors, the level of remuneration reflects the experience and level of responsibilities undertaken by these directors. The determination of remuneration packages for non-executive Directors, including the non-executive Chairman, is a matter for the Board as a whole. The Directors concerned are required to abstain from deliberations and voting on decisions in respect of their individual remuneration. The remuneration package of the Directors is as follows:- i. Basic salary - Basic salary for executive Directors is recommended upon consideration of individual performance and rates of salary for similar positions in comparable companies. ii. iii. iv. Fees - Directors fees are based on fixed sum as determined by the Board after considering comparable organizations and Directors participation in various Board committees. The fees are approved by the shareholders at the Annual General Meeting of the Company. Bonus Scheme - The Group operates a non-contractual bonus scheme for its executive Directors, which is determined based on the Group s level of profit and individual s performance during the period. Bonuses payable to executive Directors are reviewed and approved by the Remuneration Committee after consultation with the Board. Benefits-in-kind - Other customary benefits such as medical care, car, driver, etc are made available as appropriate. v. Directors Share Option - The executive Directors are eligible to participate in the Company s Employees Share Option Scheme on the same terms and conditions as those offered to employees. The executive Directors movement in share options during the year under review is reflected in the audited financial statements. No share options were offered to non-executive Directors during the year under review. A summary of the total remuneration of the Directors in office for the financial year ended 31 December 2005, distinguishing between executive and non-executive Directors, in aggregate with categorisation into appropriate components and the number of directors whose remuneration falls into each successive bands of RM50,000 are disclosed as follows :-

67 65 Directors Remuneration (cont d) Executive Non-Executive Directors Directors Total (RM) (RM) (RM) Basic salaries and bonus 450, ,000 Fees 25, , ,000 Meeting allowance 9,000 58,000 67,000 Benefits-in-kind 20,525 20,525 Total 504, , ,525 ======================= ======================= ======================= Executive Non-Executive Directors Directors Total RM 0 - RM50, RM50,001 - RM100, RM450,001 - RM500,000 RM500,001 - RM550, Total ======================= ======================= ======================= Board Committees The Board is supported by Board committees which have been delegated with specific responsibilities within clearly defined terms of references primarily to assist the Board in the execution of its duties and responsibilities. With the exception of the Executive Committee to which the Board has granted discretionary authority to deliberate and decide certain operational matters, the ultimate responsibility for final decision on all matters lies with the entire Board. The following Board Committees were established by the Board with clearly defined terms of references: Audit Committee Executive Committee BOARD OF DIRECTORS Board Committees Tender Board Committee Remuneration Committee Nomination Committee Risk Committee Audit Committee The Committee is authorized by the Board to investigate any activities within its terms of reference and shall have unrestricted access to both the internal and external auditors and members of Management of the Group. The activities carried out by the Committee during the year under review are summarized in the Audit Committee Report and its Terms of Reference as stated in pages 70 to 72 of this Annual Report. UNITED MALAYAN LAND BHD

68 66 CORPORATE GOVERNANCE STATEMENT (cont d) Executive Committee The role of the Executive Committee (EXCO) is to assist the Board in reviewing major operational and financial issues, monitoring progress and performance of business units in addition to ensuring the achievement of the Group s strategic goals and objectives. The functions of the EXCO include but are not limited to :- evaluation of the Group s strategic plans; recommending all major investments and business deals to the Board; advising Management on the overall policies and practices of the Company and the Group; reviewing the performance evaluation and reward system to be used as a basis of measurement of Management s effectiveness; monitoring the development and implementation of an investor relation programme; and such other functions as may be delegated by the Board from time to time. Tender Board Committee The Committee is tasked by the Board to oversee the Group s tender and contract procurement processes in compliance with the Group s relevant policies and requirements. In addition, the Committee also considers, evaluates and approves tender awards which are within its financial authority limit, taking into consideration various factors such as price, usage of products and services and other relevant factors. Remuneration Committee The role of the Remuneration Committee is to recommend a remuneration framework for all executive Directors by ensuring that the remuneration framework recommended reflects the Group s performance. Additionally, the Committee also reviews and approves annual salaries, incentive arrangements, service agreements and employment conditions for executive Directors and employees as well as performing regular review of the competitiveness of the Group s remuneration structure and policy. Nomination Committee The Nomination Committee recommends to the Board, candidates for all directorships of the Board and Board Committees and review the structure and balance of appointments between executives and non-executives. Additionally it also reviews the required mix of skills and experience and other qualities of all directorships. Risk Committee The Risk Committee assists the Board to actively focus and deliberate on all risk oversight responsibilities of the Group. The Committee reports to the Board and is tasked with maintaining an effective risk management system which will contribute towards the achievement of the Group s strategic, financial, operational and other business objectives. Ultimately, the Board is responsible for the Group s overall responsibility for risk oversight within the Group. INVESTOR RELATIONS AND SHAREHOLDER COMMUNICATION The Group supports the Code s principle to encourage shareholders and investors participation and is committed to regular and proactive communication with shareholders and investors. Formal channels of communication such as press conferences are used to inform major developments in its business and operations. Established procedures are also in place to ensure the timely release of share price sensitive information to the public. During the year under review, the Company has participated in Bursa Securities research scheme aimed at profiling local companies by research analysts set up under the Capital Market Development Fund Bursa Research Scheme. Under this scheme, Standard & Poor s and CIMB Securities Sdn Bhd will provide research coverage on the Company for a period of two years. The objective of the Company s participation in the research scheme is to enhance its communication channels with its shareholders and investors.

69 67 Shareholders also have the opportunity to communicate their views and discuss with the Board on matters affecting the Company at the Annual and Extraordinary General Meetings (General Meetings). All shareholders are encouraged to attend General Meetings and participate in the proceedings. Every opportunity is given to the shareholders to seek clarification from Board members on the resolutions being proposed and the Group s performance and activities. Shareholders and investors can also access the Company s website ( for Corporate information, the quarterly financial results and all public announcements made by the Company. A CCOUNTABILITY AND AUDIT Financial Reporting The Directors ensure that the financial statements are prepared in accordance with Companies Act, 1965 and the applicable approved accounting standards set by the Malaysian Accounting Standards Board so as to present a balanced and understandable assessment of the Group s financial position and prospects. Directors Responsibility Statement in respect of the preparation of the Annual Financial Statements The Board is responsible for ensuring that the financial statements gives a true and fair view of the state of affairs of the Group as at the end of the financial year and of the results and cashflow for the financial year then ended. In preparing the financial statements, the Directors have ensured that relevant accounting policies were applied consistently and made judgements and estimates that are reasonable and prudent. The Directors have also ensured that all applicable accounting standards have been followed and financial statements were prepared on the going concern basis as the Directors have a reasonable expectation, having made enquiries, that the Company and Group have adequate resources to continue in operational existence for the foreseeable future. The Directors also have responsibility for ensuring that the Company keeps accounting records which disclose with reasonable accuracy the financial position of the Company and of the Group which enable them to ensure that the financial statements comply with the provisions of Companies Act, The Directors have overall responsibilities for taking such steps as are reasonably open to them to safeguard the assets of the Group to prevent and detect fraud and other irregularities. Internal Controls The Board acknowledge their responsibility for the Group s system of internal controls not only financial controls but also operational and compliance controls as well as risk management. The Directors Statement on Internal Control set out on pages 68 to 69 of this Annual Report provides an overview of the state of internal control within the Group. Relationship With The Auditors The Board, through the Audit Committee maintains a transparent and professional relationship with the Company s Auditors, both external and internal. A full report of the Audit Committee enumerating its role in relation to the internal and external auditors is set out on pages 70 to 72 of this Annual Report. This statement is made in accordance with the Board s resolution dated 30 March UNITED MALAYAN LAND BHD

70 68 STATEMENT ON INTERNAL CONTROL INTRODUCTION Paragraph 15.27(b) of the Listing Requirements of Bursa Malaysia Securities Berhad ( Bursa Securities ) requires the board of directors of public listed companies to include in its annual report a statement about the state of internal control of the listed issuer as a group. The Board of Directors ( Board ) of the Company is committed to maintaining a sound system of internal control in the Group and is pleased to provide the following statement, which outlines the nature and scope of internal control of the Group during the financial year. BOARD S RESPONSIBILITY The Board is ultimately responsible for the Group s system of internal controls which includes the establishment of an appropriate control environment and framework as well as reviewing its adequacy and integrity. Because of the limitations that are inherent in any system of internal controls, it can only provide reasonable but not absolute assurance against material misstatement or loss, as it is designed to manage rather than eliminate the risk of failure to achieve business objectives. The system of internal controls covers, inter alia, risk management procedures and financial, operational and compliance controls. The Board has established an ongoing process for identifying, evaluating and managing significant risks faced by the Group. This process has been in place throughout the year and up to the date of approval of the annual report and financial statements. It has been regularly reviewed by the Board and accords with the Statement on Internal Control: Guidance for Directors of Public Listed Companies ( Internal Control Guidance ) issued by the Task Force on Internal Control with the support and endorsement of Bursa Securities. Whilst the Board maintains ultimate control over risk and control issues, it has delegated to the executive management the implementation of the system of risk management and internal control within an established framework. The Board has established key policies and has carried out a specific assessment of the Group s risk management and internal control systems. ENTERPRISE RISK MANAGEMENT FRAMEWORK The Board fully supports the contents of the Internal Control Guidance and through the Audit Committee, continually reviews the adequacy and effectiveness of the risk management processes in place within the various business units of the Group. As such, the Board has formalised the process for identifying, evaluating and managing significant risks faced by the Group through the establishment of an enterprise risk management framework. Management is responsible for the management of risk, for developing, operating and monitoring the system of internal control and for providing assurance to the Board that it has done so in accordance with the policies adopted by the Board. Further independent assurance is provided by the outsourced internal audit function, which performs its internal audit work on the Group s operations in accordance with the internal audit plan. The Board believes that maintaining a sound system of internal controls is premised on a clear understanding and appreciation of the following key elements of the Group s enterprise risk management framework: A risk policy and procedures manual is in place and it outlines mainly the risk management strategies and policies, risk communication structure and monitoring of the Group s risk management framework. This document is subject to reviews and improvement from time to time in order to enhance risk management processes. During the financial year, a sub-board committee known as the Risk Committee has been established to enable the main Board perform a more active and meaningful oversight role of risk management within UM Land Group. The risk communication structure was revised to reflect the formation of this sub-board committee including the adoption of the terms of reference for the Risk Committee. A Risk Management Committee, headed by the Group Chief Executive Officer, is placed with the responsibility to identify and communicate to the Risk Committee the present and potential critical risks the Group faces, their changes and management s action plans to manage these risks. The appointment of the Group Risk Coordinator at the Group level as well as Risk Coordinators at business unit level ensures that there is clear leadership, direction and coordination of the group-wide application of risk management. The management teams of the respective business units, on an ongoing basis, formulate action plans with implementation timescales to address key risks and control issues in line with their risk profiles. The risk profiles of the respective business units are re-assessed regularly and were updated three times during the financial year in line with the risk management programme. Periodic updates on the risk profiles of business units are communicated to the Risk Management Committee and the Board.

71 69 The Board considers that the enterprise risk management framework is robust, but will still subject the framework to continuous improvement, taking into consideration better practices and the changing business environment. To further promote risk management culture within the Group, a risk management training session involving relevant executive and management staff was carried out during the financial year to reinforce their understanding of enterprise risk management in addition to improving risk management knowledge and practices. INTERNAL AUDIT FUNCTION The internal audit function of the Group is outsourced to external consultants who report directly to the Audit Committee. Internal audit evaluates the internal controls within the key activities of the Group s businesses on the basis of an annual internal audit plan presented to the Audit Committee for approval. The internal audit function adopts a risk-based approach and prepares its internal audit strategy and plan based on the risk profiles of the major business units of the Group. The internal audit reports, including management s action plans to improve the internal control system, are reviewed by the Audit Committee. The Audit Committee presents its findings to the Board based on the frequency of internal audit cycles set out in the internal audit plan. For further details, please refer to the Audit Committee Report. OTHER RISK AND CONTROL PROCESSES The current system of internal control and risk management in the Group has within it, the following elements: There is in place an organisational structure with formally defined lines of responsibility and delegation of authority. A 5-year business plan outlining strategies towards achievement of corporate and business objectives of the Group, which provides a basis for monitoring the Group s business performance. Established financial limits of authority, which have been approved by the Executive Committee of the Board, are in place to ensure proper accountability and delegation of authority. A budgetary control system is in place whereby annual budgets are prepared by business units and approved by the Board. Review of actual performance against budget is regularly carried out, and this review encompasses both financial and nonfinancial key performance indicators. All major variances are reported to the Board. Appropriate remedial and corrective actions will be taken by the management to minimise the adverse effect of such variances, where necessary. Standard operating procedures in respect of certain operational areas have been established to regulate the day-to-day operations within the Group. Such standard operating procedures are reviewed from time to time to address changes in business operating environment. WEAKNESSES IN INTERNAL CONTROLS THAT RESULT IN MATERIAL LOSSES There were no material losses incurred during the current financial year as a result of weaknesses in internal control. Management continues to take measures to strengthen the control environment. This statement is made in accordance with the resolution of the Board dated 30 March UNITED MALAYAN LAND BHD

72 70 AUDIT COMMITTEE REPORT TERMS OF REFERENCE The Audit Committee (AC) was established by the Board of Directors in 1995 to assist the Board in carrying out its responsibilities. The AC is governed by its Terms of Reference as stipulated on pages 71 to 72 of the Annual Report. MEMBERSHIP The Audit Committee currently comprise three members out of which two are independent non-executive Directors namely: 1. Datuk Syed Ahmad Khalid bin Syed Mohammed Chairman/Independent Non-Executive Director 2. Datuk Nur Jazlan bin Tan Sri Mohamed Member/Independent Non-Executive Director 3. Soong Hee Sang Member/Non-Independent Non-Executive Director (Appointed on 22 March 2006) 4. Dr Choo Kian Koon Member/Non-Independent Non-Executive Director (Resigned on 17 March 2006) MEETINGS The AC shall meet at least four times a year. During the financial year ended 31 December 2005, the AC held a total of eight (8) meetings. Details of attendance by the AC members are set out below: Attendance Datuk Syed Ahmad Khalid bin Syed Mohammed 8/8 Datuk Nur Jazlan bin Tan Sri Mohamed 8/8 Dr Choo Kian Koon 8/8 Soong Hee Sang Not Applicable The meetings were also attended by the senior management of the Group and the Group s external auditors upon invitation by the Chairman of the Committee to provide input during deliberations on issues raised. SUMMARY OF ACTIVITIES DURING THE YEAR The Audit Committee performed the following activities during the financial year in the discharge of their duties and responsibilities in accordance with its Terms of Reference: Reviewed and recommended the quarterly and year end financial results, external audit plans and related fees for the Group to the Board for approval; Reviewed findings of audit examination conducted by the external auditors during the financial year; Quarterly review of recurrent related party transactions of the Group covered by the shareholders mandate and where relevant, additional related party transactions and their appropriate disclosure requirements; Reviewed and approved internal audit plan for Cycle 6 and 7 including related fees for the Group; Reviewed internal audit recommendation arising from internal audit reviews in the respective cycles and management s action plans to address the key improvement areas based on their implementation priority. INTERNAL AUDIT FUNCTION The internal audit review for the year 2005 covered the Company, Seri Alam Properties Sdn Bhd, Bangi Heights Development Sdn Bhd, UM Residences Sdn Bhd, Suasana Sentral Two Sdn Bhd and Dynasty View Sdn Bhd with the overall scope and emphasis areas concentrated on high and significant risk areas of the following business processes:

73 71 Strategic processes Strategic management Core processes Sales and marketing Project management Resources processes Financial management Human resource management Legal and regulatory The Audit Committee reviewed results of the internal audit exercise and considered the major findings of the exercise, including the recommendations by the internal auditors in key areas with improvement opportunities as well as management s proposed remedial action plans. Follow-up reviews on these highlighted observations and action plans will be carried out by the internal auditors in their subsequent review cycles in conjunction with Management-initiated reporting to the Committee from time to time on measures undertaken to address key improvement areas. TERMS OF REFERENCE OF THE AUDIT COMMITTEE COMPOSITION The Audit Committee shall be appointed by the Board from amongst their number and shall consist of not less than 3 members, a majority of whom shall be independent directors of the Company. The Chairman of the Committee shall be an independent director. MEETINGS Meetings shall be held not less than four times a year. A quorum shall be formed when a majority of the Committee members are independent directors. The Chairman may call for a meeting upon the request of any Committee member, the Managing Director and the internal and external auditors. The attendance of employees, other directors, representatives of the internal and external auditors at such meetings will be at the Committee s invitation. The Secretary to the Audit Committee shall be the Company Secretary or Assistant Company Secretary or any other person appointed by the Committee. The Secretary will be responsible for keeping the minutes of meetings of the Committee and circulating them to Committee members and other members of the Board of Directors. AUTHORITY The Committee is authorised by the Board to investigate any activities within its terms of reference and shall have unrestricted access to both the internal and external auditors and members of management of the Group. The Committee is also authorised by the Board to obtain independent professional advice and to secure the attendance of outsiders with relevant experience and expertise if it considers this necessary in the performance of their duties. DUTIES The duties of the Committee shall be:- To consider the appointment of the external auditors, the audit fee and any questions of resignation and dismissal; To discuss with the external auditors: The audit plan; Their evaluation of the system of internal controls; and The audit report on the financial statements. UNITED MALAYAN LAND BHD

74 72 AUDIT COMMITTEE REPORT (cont d) DUTIES (cont d) To ensure co-ordination of the external audit process where more than one audit firm is involved; To review the assistance given by employees of the Group to the external and internal auditors; To review the quarterly and year-end financial statements of the Company, focusing particularly on: Changes in accounting policies and practices; Significant and unusual events; Significant adjustments arising from the audit; The going concern assumption; and Compliance with accounting standards and other legal requirements. To discuss findings and matters arising from the interim and final audits, and any matters the auditors may wish to discuss; To review the internal and external auditors management letter and management s response; To do the following where an internal audit function exits: Review the adequacy of the scope, functions and resources of the internal audit function, and that it has the necessary authority to carry out its work; Review the internal audit programme and results of the internal audit process and where necessary, ensure that appropriate action is taken on the recommendations of the internal audit function; and Review any appraisal or assessment of the performance of members of the internal audit function. To review any related party transactions and conflict of interest situation that may arise within the Company or the Group; To consider the major findings of internal and special investigations and management s response; and To consider other matters as defined by the Board.

75 ADDITIONAL COMPLIANCE INFORMATION SHARE BUY BACK During the financial year, the Company repurchased 76,800 of its own shares from the open market of Bursa Securities for a total consideration of RM75,356. Details of the shares repurchased are as follows: No. of Highest Lowest Average Ordinary Gross Gross Gross Shares of Total Purchase Price Paid Price Paid Price Paid Month RM1 Each Consideration* Per Share Per Share Per Share RM RM RM RM January 1,100 1, February 900 1, March 2,300 2, April 2,700 2, May 12,800 12, June 11,400 11, July 1,600 1, August September 17,800 17, October 5,600 5, November 14,500 13, December 5,500 5, ,800 75,356 *Includes incidental cost such as commission, clearing fee and stamp duty. Since the implementation of the share buy back scheme, the Company has purchased 388,700 of its own shares at a total purchase consideration, including incidental cost, of RM449,807 or at an average gross price of RM1.140 per share. These shares are now being held as treasury shares. 2. MATERIAL CONTRACTS Save as disclosed below, there are no material contracts of the Company and/or its subsidiaries, involving directors' and major shareholders' interest, either still subsisting at the end of the financial year or, if not then subsisting, entered into since the end of the previous financial year: (i) On 7 March 2003, UM Residences Sdn Bhd ( UMR ), a wholly-owned subsidiary of the Company, entered into a joint venture agreement with Liang Court (Malaysia) Sdn Bhd ( LCSB ), a subsidiary of CapitaLand Limited which in turn is a major shareholder of the Company, to establish a joint venture partnership ( Partnership ) to govern the material aspects and conduct of the business of operation and management of the following: (a) 48 units of the Seri Bukit Ceylon serviced residences located between the 5th and 8th floor which had been purchased by LCSB for purposes of the leasing agreements to be entered into between LCSB and the Partnership; (b) another 48 units of the Seri Bukit Ceylon serviced residences located between the 9th and 12th floor for purposes of the leasing agreements to be entered into between UMR and the Partnership; and (a) and (b) collectively referred to as Somerset Serviced Residences and (c) other units of the Seri Bukit Ceylon serviced residences owned by individual owners (other than LCSB and UMR) ( Corporate Serviced Residences ) which are leased to UMR or its nominee pursuant to leasing agreements for subsequent re-letting to third parties, (a), (b) and (c) collectively referred to as the Business, by the Partnership. UNITED MALAYAN LAND BHD

76 74 ADDITIONAL COMPLIANCE INFORMATION (cont d) The Partnership also entered into a management agreement dated 7 March 2003 with Ascott International Management (Malaysia) Sdn Bhd ( AIM ), a subsidiary of CapitaLand Limited which in turn is a major shareholder of the Company, for purposes of engagement and appointment of AIM to operate, maintain, manage and market the Business for and on behalf of the Partnership. As consideration for the management services to be rendered by AIM, the Partnership has agreed to pay, inter alia, the following fees to AIM for each operating year during the initial 5- year period from the date of commencement: 3% of the total revenue of the Somerset Service Residences for that operating year; 10% of the gross operating profit of the Somerset Service Residences for that operating year; and 5% of the total revenue of the Corporate Service Residences for that operating year. (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) Joint venture and shareholders agreement dated 28 April 2004 between the Company and Malaysian Resources Corporation Berhad ( MRCB ) to govern a joint venture company, namely Suasana Sentral Two Sdn Bhd ( SSTwo ), for the development of the Suasana Sentral Loft condominium project in Kuala Lumpur Sentral. Tenancy agreement dated 6 October 2004 between the Company and Tradewinds Corporation Berhad, a major shareholder of the Company. The tenancy agreement is for the rental of office space at RM34, per month for a duration of 3 years from 1 August 2004 to 31 July Management agreement dated 2 January 2005 between SSTwo, a subsidiary of the Company, and CapitaLand Residential Limited, a major shareholder of the company. The management agreement is for the procurement of management assistance at Singapore Dollar 17,026 per month for the period from 1 January 2005 to 30 June Sale and purchase agreement dated 31 March 2005 between SSTwo and Datuk Mohd Khamil bin Jamil for sale of a condominium for a cash consideration of RM659,072. Datuk Mohd Khamil bin Jamil was a former director of the Company and SSTwo. Sale and purchase agreement dated 31 March 2005 between SSTwo and Pee Tong Lim for sale of a condominium for a cash consideration of RM562,108. Pee Tong Lim is the Acting Group Chief Executive Officer of the Company and a director of SStwo. Sale and purchase agreements dated 5 April 2005 and 9 August 2005 between SSTwo and Shahril Ridza bin Ridzuan for sale of two condominiums for a total cash consideration of RM991,078. Shahril Ridza bin Ridzuan is a director of SSTwo and MRCB which in turn is a major shareholder of SSTwo. Sale and purchase agreement dated 11 April 2005 between SSTwo and Dato Ahmad bin Hj Ibnihajar for sale of a condominium for a cash consideration of RM416,506. Dato Ahmad bin Hj Ibnihajar is a director of MRCB. Sale and purchase agreement dated 12 April 2005 between SSTwo and Wan Abdullah bin Wan Ibrahim for sale of a condominium for a cash consideration of RM607,220. Wan Abdullah bin Wan Ibrahim was a former alternate director of SSTwo and former Group Chief Executive Officer of the Company. Sale and purchase agreement dated 19 April 2005 between SSTwo and Datuk Azlan bin Mohd Zainol for sale of a condominium for a cash consideration of RM653,072. Datuk Azlan bin Mohd Zainol is a director of MRCB. Sale and purchase agreement dated 25 April 2005 between SSTwo and Abdul Rahman bin Ahmad for sale of a condominium for a cash consideration of RM493,800. Abdul Rahman bin Ahmad is a director of MRCB. Sale and purchase agreement dated 25 April 2005 between SSTwo and Dennis Ng Yew Kim for sale of a condominium for a cash consideration of RM672,592. Dennis Ng Yew Kim is the son of Dato Ng Eng Tee who in turn is a director of SSTwo, and major shareholder and director of the Company.

77 75 2. MATERIAL CONTRACTS (cont d) (xiii) (xiv) (xv) (xvi) (xvii) Sale and purchase agreement dated 28 April 2005 between SSTwo and Ahmad Zaki bin Zahid for sale of a condominium for a cash consideration of RM647,072. Ahmad Zaki bin Zahid is a director of MRCB. Sale and purchase agreement dated 29 April 2005 between SSTwo and Datuk Nur Jazlan bin Tan Sri Mohamed for sale of a condominium for a cash consideration of RM639,072. Datuk Nur Jazlan bin Tan Sri Mohamed is a director of the Company. Sale and purchase agreement dated 2 June 2005 between SSTwo and Dr Choo Kian Koon for sale of a condominium for a cash consideration of RM398,522. Dr Choo Kian Koon was a former director of SSTwo and the Company. Sale and purchase agreements dated 13 June 2005 and 11 August 2005 between SSTwo and Chan Chee Meng for sale of two condominiums for a total cash consideration of RM702,528. Chan Chee Meng is a director of SSTwo. Sale and purchase agreement dated 27 July 2005 between SSTwo and Datuk Zahari bin Omar for sale of a condominium for a cash consideration of RM432,461. Datuk Zahari bin Omar is a director of MRCB. (xviii) Joint venture agreement dated 18 January 2006 between the Company, Bolton Berhad ("Bolton"), Acegoal Pte Ltd ("Acegoal") and Alpine Return Sdn Bhd ("ARSB") to govern ARSB, the joint-venture company for the proposed condominium development project on a piece of land located along Jalan Mayang, Kuala Lumpur. Pursuant to the said agreement, the issued and paid-up capital of ARSB shall be increased to RM40,000,000 and will be subscribed by the Company, Bolton and Acegoal in the proportion of 35%, 35% and 30% respectively. Acegoal is an indirect wholly-owned subsidiary of CapitaLand Limited which in turn is a major shareholder of the Company. 3. NON-AUDIT FEES Non-audit fees paid to external auditors for the financial year ended 31 December 2005 amounted to RM79, RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE At an extraordinary general meeting held on 28 June 2005, the Company had obtained shareholders' mandate to allow the Company and/or its subsidiaries to enter into recurrent related party transactions of a revenue or trading nature. Pursuant to Paragraph 10.09(1)(b) of the Bursa Securities Listing Requirements, the details of the recurrent related party transactions conducted during the current financial year are disclosed as follows: Mandated Related Parties Nature of Transactions Value Interested Parties RM Bangi Heights Development Provision of 1,920,000 Interested Major Shareholder Sdn Bhd management services CapitaLand Limited Interested Directors Lui Chong Chee Soong Hee Sang Interested Former Directors Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen UNITED MALAYAN LAND BHD

78 76 ADDITIONAL COMPLIANCE INFORMATION (cont d) 4. RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE (cont d) Mandated Related Parties Nature of Transactions Value Interested Parties RM CapitaLand Residential Procurement of (338,273) Interested Major Shareholder Limited management services CapitaLand Limited Interested Directors Lui Chong Chee Soong Hee Sang Interested Former Directors Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen Suasana Sentral Two Provision of 740,000 Interested Major Shareholder Sdn Bhd management services CapitaLand Limited Interested Directors Lui Chong Chee Soong Hee Sang Interested Former Directors Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen Tradewinds Corporation Rental of office premise (496,901) Interested Major Shareholders Berhad Tradewinds Corporation Berhad Perspective Lane (M) Sdn Bhd Restu Jernih Sdn Bhd Tan Sri Syed Mokhtar Shah bin Syed Nor Interested Director Syed Azmin bin Mohd Syed Nor Interested Former Directors Datuk Mohd Khamil bin Jamil Ahmad Shaifuldin bin Mahamad Sharudi

79 77 5. FINANCIAL ASSISTANCE At an extraordinary general meeting held on 28 June 2005, the Company had obtained shareholders' mandate to allow the Company and/or its subsidiaries to provide/receive financial assistance to/from related parties. Pursuant to Paragraph 10.09(1)(b) of the Bursa Securities Listing Requirements, the details of financial assistance provided to/procured from related parties during the current financial year are disclosed as follows: Balance as at Type of Financial 31 December Mandated Related Parties Assistance 2005 Interested Parties RM Bangi Heights Development Pooling of funds 7,999,208 Interested Major Shareholder Sdn Bhd from the Company CapitaLand Limited and/or subsidiaries Interested Directors to Bangi Heights Lui Chong Chee Development Sdn Soong Hee Sang Bhd via centralised treasury management for a duration not exceeding 3 years Interested Former Directors Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen Bangi Heights Development Pooling of funds 33,189,707 Interested Major Shareholder Sdn Bhd from Bangi Heights CapitaLand Limited Development Sdn Interested Directors Bhd to the Lui Chong Chee Company and/or Soong Hee Sang subsidiaries via centralised treasury management for a duration not Interested Former Directors Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen exceeding 3 years Suasana Sentral Two Pooling of funds 27,958 Interested Major Shareholder Sdn Bhd from the Company CapitaLand Limited and/or subsidiaries Interested Directors to Suasana Sentral Lui Chong Chee Two Sdn Bhd Soong Hee Sang via centralised treasury management for a duration not exceeding 3 years Interested Former Directors Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen UNITED MALAYAN LAND BHD

80 78 LIST OF PROPERTIES as at 31 December 2005 Description & Age of Land Net Book Date of Last Location Existing Use Tenure Buildings Area Value Revaluation Year Acre RM 000 BANDAR SERI ALAM Mukim of Plentong Vacant land Freehold District of Johor Bahru - Government reserve 6 Jalan Lembah Corporate office Freehold ,031 Bandar Seri Alam Johor Darul Takzim 1 Jalan Purnama Equestrian clubhouse Freehold ,928 Bandar Seri Alam Johor Darul Takzim 3 Jalan Persiaran Japanese school Freehold ,867 Bandar Seri Alam Johor Darul Takzim Oct 96 Mukim of Plentong Vacant Freehold ,008 District of Johor Bahru development land - Residential ,784 - Commercial ,847 - Recreational & others ,144 - School & hostel Agriculture reserve ,489 Mukim of Plentong On-going development Freehold ,674 District of Johor Bahru - Residential Mukim of Plentong Vacant Freehold ,438 District of Johor Bahru development land - Residential ,157 - Commercial ,815 - Industrial ,534 - Recreational & others ,693 - School & hostel ,239 Mukim of Plentong On-going development Freehold ,311 May 90 District of Johor Bahru - Residential ,963 - Commercial ,348 Mukim of Plentong Completed properties Freehold ,597 District of Johor Bahru - Residential ,087 - Commercial ,510 Sub-total 2, ,854

81 79 Description & Age of Land Net Book Date of Last Location Existing Use Tenure Buildings Area Value Revaluation Year Acre RM 000 BANDAR SERI PUTRA Mukim of Kajang Vacant Freehold ,288 District of Ulu Langat development land Selangor - Residential ,769 - Commercial ,519 Mukim of Dengkil Vacant Freehold ,141 District of Sepang development land Selangor - Industrial Mukim of Kajang On-going development Freehold ,660 District of Ulu Langat - Residential Selangor Note Mukim of Kajang Completed properties Freehold ,768 District of Ulu Langat - Bungalow lots ,919 Selangor - Residential Commercial ,573 Bangi Old Town Completed properties Freehold ,103 District of Ulu Langat - Bungalow lots ,833 Selangor - Residential Sub-total ,960 SERI AUSTIN Mukim of Tebrau Vacant land Freehold District of Johor Bahru - Government reserve Mukim of Tebrau Vacant Freehold ,379 District of Johor Bahru development land - Residential ,461 - Commercial ,918 Note Mukim of Tebrau On-going development Freehold ,112 District of Johor Bahru - Residential Sub-total ,491 SERI BUKIT CEYLON 8 Lorong Ceylon Completed properties Freehold ,326 Off Jalan Raja Chulan - Service apartments Kuala Lumpur and condominium SUASANA SENTRAL LOFT Lot 80, Seksyen 70 On-going development Freehold ,536 Kuala Lumpur - Residential Note Note Grand total 2, ,032,167 Note : There has been no revaluation since the date of acquisition. UNITED MALAYAN LAND BHD

82 80 ANALYSIS OF SHAREHOLDINGS as at 30 April 2006 analisa pegangan saham pada 30 April 2006 AUTHORISED SHARE CAPITAL : 500,000,000 Modal Saham Dibenarkan ISSUED AND PAID-UP SHARE CAPITAL : 232,346,633 Modal Saham Diterbit dan Berbayar CLASS OF SHARES Jenis Saham : ORDINARY SHARES OF RM1.00 EACH Saham Biasa bernilai RM1.00 sesaham SUBSTANTIAL SHAREHOLDERS Pemegang Saham Utama DIRECT INTEREST Kepentingan Langsung INDIRECT INTEREST Kepentingan Tidak Langsung LIST OF SUBSTANTIAL SHAREHOLDERS NO. OF SHARES NO. OF SHARES Senarai Pemegang Saham Utama Bil Saham % Bil Saham % Wawasan Perangsang Mewah Sdn Bhd 57,153, Opal Holdings Pte Ltd 48,084, Chee Tat Holdings (S) Pte Ltd 17,828, Tradewinds Resources Sdn Bhd 17,826, Perspective Lane (M) Sdn Bhd 17,826, Restu Jernih Sdn Bhd 17,826, Tan Sri Syed Mokhtar Shah bin Syed Nor 17,826, Mohamed Ali Rashed Alabbar 57,153, Nor Azman bin Abd Halim 57,153, Vanda Holdings Pte Ltd 48,084, CapitaLand Residential Limited 50,064, CapitaLand Limited 50,064, Temasek Holdings (Private) Limited 50,064, Dato Ng Eng Tee 7,888, ,226, Ng Eng Soon 7,151, ,828, Ng Eng Ghee 6,560, ,826, DIRECTORS SHAREHOLDING Pegangan Saham Para Pengarah DIRECT INTEREST Kepentingan Langsung INDIRECT INTEREST Kepentingan Tidak Langsung LIST OF SUBSTANTIAL SHAREHOLDERS NO. OF SHARES NO. OF SHARES Senarai Pemegang Saham Utama Bil Saham % Bil Saham % Dato Ng Eng Tee 7,888, ,226, Ng Eng Soon 7,151, ,828,

83 81 SIZE OF SHAREHOLDINGS Saiz Pegangan Saham NO. OF % OF NO. OF % OF SHARE SAIZ OF SHAREHOLDERS SHAREHOLDERS SHAREHOLDERS SHARES CAPITAL Saiz Pegangan Saham Bil. Pemegang Saham % Pemegang Saham Bil. Saham Bil. Modal Saham , , , ,001-10, ,286, , , ,429, ,001 to less than ,415, % of issued shares 100,001 hingga kurang dari 5% saham diterbitkan 5% and above of issued shares ,892, % dan ke atas saham diterbitkan TOTAL Jumlah 1, ,346, LIST OF THIRTY LARGEST SHAREHOLDERS AS AT 30 APRIL 2006 Senarai Tiga Puluh Pemegang Saham Terbesar Pada 30 April 2006 Name NO. OF SHARES % OF SHARE CAPITAL Nama Bil. Saham Bil. Modal Saham 1. Wawasan Perangsang Mewah Sdn Bhd 57,153, Opal Holdings Pte Ltd 48,084, Chee Tat Holdings (S) Pte Ltd 17,828, Mayban Trustees Berhad 17,826, Pledged Securities Account for Tradewinds Resources Sdn Bhd 5. Khong Guan Flour Milling Limited 11,400, ICL Nominees (Asing) Sdn Bhd 7,151, OCBC Securities Private Limited for Ng Eng Soon 7. HDM Nominees (Asing) Sdn Bhd 6,560, UOB Kay Hian Pte Ltd for Ng Eng Ghee 8. Amsec Nominees (Asing) Sdn Bhd 3,939, Fraser Securities Pte Ltd for Ng Yew Hui 9. Amsec Nominees (Asing) Sdn Bhd 3,939, Fraser Securities Pte Ltd for Ng Yew Fong 10. Amsec Nominees (Asing) Sdn Bhd 3,939, Fraser Securities Pte Ltd for Ng Yew Chuan 11. Amsec Nominees (Asing) Sdn Bhd 3,938, Fraser Securities Pte Ltd for Ng Suat Paik Alice 12. Mayban Nominees (Tempatan) Sdn Bhd 3,496, Pledged Securities Account for Musa Michael Lee Abdullah SUB-TOTAL Jumlah kecil 185,258, UNITED MALAYAN LAND BHD

84 82 ANALYSIS OF SHAREHOLDINGS as at 30 April 2006 (cont d) analisa pegangan saham pada 30 April 2006 (samb.) LIST OF THIRTY LARGEST SHAREHOLDERS AS AT 30 APRIL 2006 Senarai Tiga Puluh Pemegang Saham Terbesar Pada 30 April 2006 Name NO. OF SHARES % OF SHARE CAPITAL Nama Bil. Saham Bil. Modal Saham Brought forward Di bawa kehadapan 185,258, EB Nominees (Tempatan) Sendirian Berhad 3,180, Pledged Securities Account for Ng Eng Tee 14. Ng Eng Tee 3,108, Khong Guan Group Pte Ltd 2,830, HDM Nominees (Asing) Sdn Bhd 1,980, DBS Vickers Secs (S) Pte Ltd for Prime Securities Pte Ltd 17. AMMB Nominees (Asing) Sdn Bhd 1,600, AmTrustee Berhad for King George Financial Corporation 18. Amsec Nominees (Asing) Sdn Bhd 1,600, Pledged Securities Account for Ng Eng Tee 19. AMMB Nominees (Asing) Sdn Bhd 1,500, AmTrustee Berhad for King George Park Ltd 20. Ng Yew Khim, Dennis 1,500, Hup Hock Trading Sendirian Berhad 1,406, Lembaga Tabung Haji 1,062, Ng Suet Ning, Tammy 1,000, Wong Winifred 1,000, Kah Hong Pte Limited 930, Taisho Company Sdn Berhad 927, Mayban Securities Nominees (Tempatan) Sdn Bhd 828, Malayan Banking Berhad for Musa Michael Lee Abdullah 28. Amsec Nominees (Asing) Sdn Bhd 797, Pledged Securities Account for Ng Yew Khim, Dennis 29. Victoria Prize Sdn Bhd 619, Khong Guan Biscuit Factory Sdn Berhad 574, TOTAL Jumlah 211,702,

85 NOTICE OF ANNUAL GENERAL MEETING 83 NOTICE IS HEREBY GIVEN THAT THE 45th ANNUAL GENERAL MEETING of United Malayan Land Bhd will be held to transact the following businesses:- Venue : Nirwana Ballroom 2, Lower Lobby, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, Kuala Lumpur Date : Tuesday, 20 June 2006 Time : a.m. ORDINARY BUSINESS: Ordinary Resolution 1 Ordinary Resolution 2 1. To receive the Audited Accounts for the financial year ended 31 December 2005 together with the Reports of the Directors and Auditors thereon. 2. To approve the payment of a Final Dividend of 5.0 sen per ordinary share, less tax, for the financial year ended 31 December To re-elect the following Directors, each of whom retires by rotation in accordance with Article 94 of the Company s Articles of Association:- Ordinary Resolution 3 i) YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed Ordinary Resolution 4 ii) Encik Ng Eng Soon 4. To re-elect the following Directors, each of whom retires in accordance with Article 99 of the Company s Articles of Association:- Ordinary Resolution 5 i) Encik Lui Chong Chee Ordinary Resolution 6 Ordinary Resolution 7 ii) iii) Encik Soong Hee Sang Tuan Syed Azmin bin Mohd Syed Nor Ordinary Resolution 8 5. To consider and, if thought fit, to pass the following resolution:- That pursuant to Section 129(6) of the Companies Act, 1965, YBhg Tan Sri Dato Musa bin Hitam be re-appointed a Director of the Company to hold office until the next Annual General Meeting. Ordinary Resolution 9 Ordinary Resolution To approve the payment of Directors fees for the financial year ended 31 December To re-appoint Messrs PricewaterhouseCoopers as Auditors of the Company for the ensuing year and to authorise the Directors to fix their remuneration. SPECIAL BUSINESS: Ordinary Resolution To consider, and if thought fit, to pass the following ordinary resolution:- AUTHORITY TO DIRECTORS TO ISSUE SHARES THAT subject always to the Companies Act, 1965, the Company s Articles of Association and approval of the relevant government/regulatory authorities, the Directors be and are hereby authorised pursuant to Section 132D of the Companies Act, 1965, to issue shares in the Company at any time until the conclusion of the next Annual General Meeting and upon such terms and conditions and for such purposes as the Directors may, in their absolute discretion deem fit, provided that the aggregate number of shares to be issued does not exceed 10% of the issued share capital of the Company for the time being. 9. To transact any other business of the Company for which due notice shall have been received in accordance with the Companies Act, UNITED MALAYAN LAND BHD

86 84 NOTICE OF ANNUAL GENERAL MEETING (cont d) NOTICE IS ALSO HEREBY GIVEN THAT the Final Dividend of 5.0 sen per ordinary share, less tax, for the financial year ended 31 December 2005, if approved by the shareholders at the 45th Annual General Meeting, will be paid on 19 September, 2006 to all shareholders registered in the Record of Depositors at the close of business on 12 September, A Depositor with the Bursa Malaysia Depository Sdn Bhd shall qualify for entitlement to the dividend only in respect of:- A) Shares transferred into the Depositor s Securities Account before p.m. on 12 September, 2006 in respect of ordinary transfers; and B) Shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of Bursa Malaysia Securities Berhad. BY ORDER OF THE BOARD ZURAIDAH MOHD YUSOFF MAICSA Company Secretary Kuala Lumpur 26 May 2006 NOTES: 1. Proxy A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the Company. The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly authorised in writing, or if the appointor is a corporation, under its common seal or in some other manner approved by its directors. The Form of Proxy must be deposited at the Company s Share Registrar, Securities Services (Holdings) Sdn Bhd at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, Kuala Lumpur not less than forty-eight (48) hours before the time set for the meeting or any adjournment thereof. 2. Authority to Directors to Issue Shares This resolution, if passed, will give powers to the Directors to issue ordinary shares in the capital of the Company up to an aggregate amount not exceeding 10% of the issued and paid-up share capital of the Company for the time being without having to convene a general meeting. This authority, unless revoked or varied at a general meeting, will expire at the next Annual General Meeting. 3. Statement Accompanying the Notice of Annual General Meeting Additional information pursuant to Paragraph 8.28(2) of the Listing Requirements of Bursa Malaysia Securities Berhad is set out in Annexure A in the Company s 2005 Annual Report.

87 85 ANNEXURE A STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING (Pursuant to Paragraph 8.28(2) of the Listing Requirements of Bursa Malaysia Securities Berhad) Directors who are standing for re-election and re-appointment at the 45th Annual General Meeting of the Company scheduled to be held on Tuesday, 20 June 2006 at a.m. at Nirwana Ballroom 2, Lower Lobby, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, Kuala Lumpur are:- 1. RE-ELECTION PURSUANT TO ARTICLE 94 OF THE COMPANY S ARTICLES OF ASSOCIATION:- a) YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed (Ordinary Resolution 3) b) Encik Ng Eng Soon (Ordinary Resolution 4) 2. RE-ELECTION PURSUANT TO ARTICLE 99 OF THE COMPANY S ARTICLES OF ASSOCIATION:- a) Encik Lui Chong Chee (Appointed on 1 August 2005) (Ordinary Resolution 5) b) Encik Soong Hee Sang (Appointed on 22 March 2006) (Ordinary Resolution 6) c) Tuan Syed Azmin bin Mohd Syed Nor (Appointed on 3 May 2006) (Ordinary Resolution 7) 3. RE-APPOINTMENT PURSUANT TO SECTION 129(6), COMPANIES ACT, 1965 a) YBhg Tan Sri Dato Musa bin Hitam (Appointed on 26 January 2006) (Ordinary Resolution 8) Please refer to the Profile of the Board of Directors on pages 8 to 15 of the Annual Report 2005 for further information on the abovenamed Directors who are standing for re-election and re-appointment. A total of five (5) Board Meetings were held in the financial year ended 31 December Details of attendance of Directors standing for re-election and re-appointment, at the Board Meetings are as follows:- Name of Directors No. of Meetings Attended 1. YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed 5/5 2. Encik Ng Eng Soon 5/5 3. Encik Lui Chong Chee (Appointed on 1 August 2005) 1/2 4. YBhg Tan Sri Dato Musa bin Hitam (Appointed on 26 January 2006) Not Applicable 5. Encik Soong Hee Sang (Appointed on 22 March 2006) Not Applicable 6. Tuan Syed Azmin bin Mohd Syed Nor(Appointed on 3 May 2006) Not Applicable UNITED MALAYAN LAND BHD

88 86 PENYATA URUSAN TADBIR KORPORAT Lembaga Pengarah United Malayan Land Bhd (UM Land atau Syarikat) akan terus berkomited untuk memastikan piawaian tertinggi diamalkan dalam urusan tadbir korporat Kumpulan. Ini merupakan tugas utama dalam melaksanakan tanggungjawab mereka demi perkembangan dan kejayaan berterusan Kumpulan di samping menjaga dan mempertingkatkan pelaburan dan nilai para pemegang saham sambil melindungi kepentingan lain-lain pemegang saham berkepentingan dalam Kumpulan. Lembaga Pengarah dengan sukacitanya melaporkan bahawa Kumpulan telah mengukuhkan penerapan prinsip-prinsip tersebut dan mematuhi amalan terbaik Kod Urusan Tadbir Korporat Malaysia (Kod), sepanjang tahun kewangan berakhir 31 Disember LEMBAGA PENGARAH Lembaga Pengarah terdiri daripada ahli-ahli profesional yang berpengalaman luas dalam bidang perniagaan dan kewangan yang relevan untuk memimpin, meneraju dan menguruskan Kumpulan ke arah pencapaian matlamat dan objektif perniagaannya. Komposisi dan Keseimbangan Lembaga Pengarah Lembaga Pengarah terdiri daripada sembilan (9) orang ahli, yang merangkumi lapan (8) orang Pengarah bukan eksekutif dan seorang Pengarah eksekutif, di mana empat (4) daripada mereka adalah pengarah bebas. Komposisi ini mematuhi perenggan Keperluan Penyenaraian Bursa Malaysia Securities Berhad (Bursa Sekuriti) di mana sekurang-kurangnya dua atau satu pertiga daripada ahlinya merupakan pengarah bebas. Profil ringkas bagi setiap orang ahli Lembaga dibentangkan di muka surat 8 hingga 15 Laporan Tahunan ini. Lembaga Pengarah mengiktiraf bahawa semua Pengarah mempunyai tanggungjawab yang sama dalam menguruskan operasi Kumpulan. Kehadiran Pengarah bebas bukan eksekutif terutamanya, adalah penting untuk memastikan strategi-strategi yang dicadangkan oleh Pengurusan dibincangkan dan dikaji sepenuhnya untuk melindungi kepentingan jangka panjang para pemegang saham dan lain-lain pemegang saham yang berkepentingan di mana Kumpulan mengendalikan perniagaannya. Terdapat perbezaan nyata dalam pembahagian tugas dan tanggungjawab di antara Pengerusi dan Ketua Pegawai Eksekutif Kumpulan bagi memastikan keseimbangan kuasa yang wajar. Pelantikan ke Lembaga Pengarah Jawatankuasa Pencalonan bertanggungjawab untuk mencadangkan pelantikan ke Lembaga dan jawatankuasa Lembaga. Ini dibuat untuk memastikan bahawa tahap serta komposisi ahli-ahlinya terdiri daripada mereka yang berkaliber, berpengalaman dan berkelayakan untuk menerajui dan mengurus Kumpulan dengan berjaya. Peranan dan Tanggungjawab Lembaga Pengarah bertanggungjawab sepenuhnya ke atas hala tuju strategik keseluruhan Kumpulan. Ia memastikan bahawa Pengurusan membangunkan dan mengekalkan dasar dan amalan yang kukuh untuk membantu menggalakkan pertumbuhan dan meningkatkan nilai pemegang saham secara berterusan. Berhubung dengan ini, Lembaga telah menjalankan tanggungjawab tersebut selaras dengan Amalan Terbaik Kod: Menentukan perancangan strategik Syarikat dan Kumpulan; Mengawal selia pengendalian perniagaan Kumpulan; Mengenal pasti dan menguruskan risiko-risiko utama yang mempengaruhi Kumpulan; Mengkaji kecukupan dan keutuhan sistem kawalan dalaman Kumpulan; Melaksanakan perancangan turutan untuk memastikan penggantian Pengurusan dalam Kumpulan dilakukan tepat pada waktunya; dan Mengekalkan program perhubungan dengan pelabur dan polisi komunikasi dengan pemegang saham yang berkesan untuk Kumpulan.

89 87 Mesyuarat Lembaga Pengarah bertemu sekurang-kurangnya empat (4) kali setahun dan mesyuarat tambahan diadakan apabila perkara-perkara mustahak serta keputusan penting perlu dibuat. Sepanjang tahun kewangan berakhir 31 Disember 2005, Lembaga Pengarah telah bermesyuarat sebanyak lima (5) kali untuk berbincang dan menimbangkan pelbagai perkara penting, termasuk mengkaji pelan strategik 5-tahun Kumpulan, penyata kewangan suku tahunan, beberapa cadangan korporat serta lain-lain urusan perniagaan berkaitan yang memerlukan kelulusan sewajarnya. Butiran kehadiran setiap orang Pengarah yang berkhidmat pada tahun kewangan berakhir 31 Disember 2005 dibentangkan di bawah Semua Pengarah yang berkhidmat telah memenuhi keperluan kehadiran minimum sebanyak 50% di bawah Keperluan Penyenaraian Bursa Sekuriti. % Pengarah Kehadiran Kehadiran Tan Sri Dato Musa bin Hitam (Dilantik pada 26 Januari 2006) - Tidak Berkenaan - Lui Chong Chee (Dilantik pada 1 Ogos 2005) 1/2 50 Dato Ng Eng Tee 5/5 100 Datuk Mohd Khamil bin Jamil (Meletak jawatan pada 31 Mac 2006) 4/5 80 Datuk Syed Ahmad Khalid bin Syed Mohammed 5/5 100 Datuk Nur Jazlan bin Tan Sri Mohamed 5/5 100 Dr Choo Kian Koon (Meletak jawatan pada 17 Mac 2006) 5/5 100 Syed Azmin bin Mohd Syed Nor (Dilantik pada 3 Mei 2006) - Tidak Berkenaan - Ng Eng Soon 5/5 100 Dato Mohd Hanafiah bin Omar 4/5 80 Tham Kui Seng (Meletak jawatan pada 1 Ogos 2005) 1/2 50 Pee Tong Lim (Meletak jawatan pada 21 Mac 2005) 1/1 100 Soong Hee Sang (Dilantik sebagai Pengarah Gilir kepada - Tidak Berkenaan - Lui Chong Chee pada 5 September 2005 dan sebagai Pengarah pada 22 Mac 2006) Rita Lau Chen Chen (Pengarah Gilir kepada Dr Choo Kian Koon) - Tidak Berkenaan - (Meletak jawatan pada 17 Mac 2006) Ahmad Shaifuldin bin Mahamad Sharudi (Pengarah Gilir kepada Datuk Mohd Khamil - Tidak Berkenaan - bin Jamil) (Meletak jawatan pada 10 November 2005) Nota: Rekod kehadiran pengarah gilir akan dibaca bersama rekod kehadiran Prinsipal masing-masing. Bekalan Maklumat Lembaga Pengarah mempunyai akses penuh tanpa batasan, kepada semua maklumat perniagaan dan hal ehwal Kumpulan untuk membolehkannya melaksanakan tugas dengan berkesan. Sebelum setiap mesyuarat Lembaga, Pengurusan akan menyerahkan agenda serta laporan komprehensif bagi setiap perkara agenda yang akan dibincangkan kepada setiap orang pengarah untuk membolehkan para Pengarah mendapatkan huraian atau penjelasan lanjut, jika perlu, agar mereka cukup bersedia sebelum mesyuarat berlangsung. Dalam melaksanakan tugas mereka, Pengarah juga boleh mendapatkan nasihat profesional bebas di bawah tanggungan Syarikat, jika perlu. Kesemua Pengarah boleh mendapatkan nasihat serta khidmat Setiausaha Syarikat. Setiausaha Syarikat menguruskan semua perkara berkenaan pentadbiran kesetiausahaan korporat Kumpulan dan menghadiri mesyuarat Lembaga dan jawatankuasa Lembaga. UNITED MALAYAN LAND BHD

90 88 PENYATA URUSAN TADBIR KORPORAT (samb.) Latihan Para Pengarah Semua Pengarah telah menyertai dan melengkapkan Program Akreditasi Mandatori yang dikelolakan oleh Bursatra Sdn Bhd dan telah menghadiri program-program latihan yang relevan di bawah Program Pendidikan Lanjut (CEP). Berhubung dengan pemansuhan Nota Amalan 15/2003 dan Nota-Nota Panduan 10 bagi keperluan CEP yang berkuatkuasa pada 1 Januari 2005, para Pengarah tidak lagi diwajibkan untuk menjalani CEP. Bagaimanapun, syarikat-syarikat tersenarai mesti menilai dan menentukan keperluan latihan para pengarahnya secara berterusan. Para Pengarah Syarikat digalakkan untuk menghadiri program latihan yang relevan untuk mempertingkatkan kemahiran dan pengetahuan mereka agar sehaluan dengan perkembangan industri. Pemilihan Semula Selaras dengan Tataurusan Syarikat, satu pertiga daripada para Pengarah semasa hendaklah bersara daripada jawatan pada setiap Mesyuarat Agung Tahunan. Pengarah yang bersara boleh menawarkan diri untuk pemilihan semula. Pengarah yang dilantik sebagai pengarah tambahan atau untuk mengisi kekosongan dalam tahun adalah tertakluk kepada pemilihan semula oleh para pemegang saham di Mesyuarat Agung Tahunan yang akan datang, selepas pelantikan mereka. Pengarah yang berumur lebih tujuh puluh tahun diwajibkan untuk menawarkan diri mereka untuk perlantikan semula setiap tahun, selaras dengan Seksyen 129 (6) Akta Syarikat, Buat masa ini, YBhg Tan Sri Dato Musa bin Hitam tertakluk kepada pelantikan semula ini. Jawatan Pengarah di dalam Syarikat lain Selaras dengan keperluan Penyenaraian Bursa Sekuriti, setiap orang ahli Lembaga boleh menjadi pengarah bagi tidak lebih daripada sepuluh (10) syarikat awam tersenarai dan tidak melebihi lima belas (15) syarikat bukan awam tersenarai. Ini bagi memastikan bahawa komitmen, sumber dan masa mereka tertumpu dalam pemberian input yang berkesan kepada Lembaga Pengarah dan Syarikat. Semua Pengarah mematuhi syarat ini. Imbuhan Para Pengarah Imbuhan para Pengarah ditentukan atas tahap yang membolehkan Syarikat menarik serta mengekalkan Pengarah yang berpengalaman dengan kemahiran yang relevan bagi menguruskan Kumpulan dengan berkesan. Komponen imbuhan Pengarah eksekutif disusun agar ia sejajar dengan prestasi korporat serta individu. Bagi Pengarah bukan eksekutif, tahap imbuhan mereka disesuaikan dengan pengalaman dan tahap tanggungjawab yang dipikul. Pakej imbuhan bagi Pengarah bukan eksekutif termasuk Pengerusi bukan eksekutif, ditentukan oleh Lembaga Pengarah. Pengarah yang terbabit perlu mengambil sikap berkecuali dalam perbincangan dan pengundian berhubung ganjaran individu mereka. Pakej imbuhan para Pengarah adalah seperti berikut:- i. Gaji pokok - Gaji pokok bagi Pengarah eksekutif dicadangkan setelah menimbangkan prestasi individu dan kadar gaji untuk jawatan serupa di dalam syarikat yang setanding. ii. iii. iv. Yuran - Yuran Pengarah adalah berdasarkan jumlah tetap yang ditentukan oleh Lembaga setelah menimbangkan organisasi setanding dan penyertaan Pengarah dalam pelbagai jawatankuasa Lembaga. Yuran diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunan Syarikat. Skim Bonus - Kumpulan mengamalkan skim bonus tidak berkontrak, bagi para Pengarah eksekutif, yang ditentukan mengikut tahap keuntungan Kumpulan dan prestasi individu dalam tempoh tersebut. Bonus yang harus dibayar kepada para Pengarah eksekutif dikaji dan diluluskan oleh Jawatankuasa Imbuhan selepas berunding dengan Lembaga. Manfaat barangan - Manfaat biasa lain seperti penjagaan perubatan, kereta, pemandu, dll disediakan sewajarnya. v. Opsyen Saham Pengarah - Para Pengarah eksekutif layak menyertai Skim Opsyen Saham Kakitangan Syarikat menurut syarat dan peraturan sama seperti yang ditawarkan kepada kakitangan. Pergerakan opsyen saham para Pengarah eksekutif sepanjang tahun yang ditinjau dinyatakan di dalam penyata kewangan beraudit. Tiada opsyen saham ditawarkan kepada Pengarah bukan eksekutif sepanjang tahun yang ditinjau. Ringkasan jumlah imbuhan para Pengarah, yang berbeza bagi Pengarah eksekutif dan Pengarah bukan eksekutif, dalam agregat mengikut kategori komponen yang bersesuaian serta bilangan pengarah, yang mana imbuhannya termasuk dalam setiap kelompok urutan RM50,000, bagi tahun kewangan berakhir 31 Disember 2005, dibentangkan seperti berikut:

91 89 Pengarah Pengarah Bukan Eksekutif Eksekutif Jumlah (RM) (RM) (RM) Gaji pokok dan bonus 450, ,000 Yuran 25, , ,000 Elaun Mesyuarat 9,000 58,000 67,000 Manfaat barangan 20,525 20,525 Jumlah 504, , ,525 =========================== =========================== =========================== Pengarah Pengarah Bukan Eksekutif Eksekutif Jumlah (RM) (RM) (RM) RM 0 - RM50, RM50,001 - RM100, RM450,001 - RM500,000 RM500,001 - RM550, Jumlah =========================== =========================== =========================== Jawatankuasa Lembaga Pengarah Lembaga Pengarah telah menyerahkan tanggungjawab tertentu kepada jawatankuasa Lembaga, yang beroperasi mengikut had bidang rujukan yang jelas, terutamanya untuk membantu Lembaga melaksanakan tugas dan tanggungjawabnya. Dengan pengecualian terhadap Jawatankuasa Eksekutif, yang telah diberi kuasa oleh Lembaga Pengarah untuk menimbang dan memutuskan perkara-perkara operasi tertentu mengikut budi bicaranya, tanggungjawab muktamad untuk membuat keputusan akhir bagi semua perkara terletak pada Lembaga Pengarah. Jawatankuasa Lembaga berikut telah ditubuhkan oleh Lembaga Pengarah dengan had bidang rujukan yang jelas: Jawatankuasa Audit Jawatankuasa Eksekutif LEMBAGA PENGARAH Jawatankuasa Lembaga Pengarah Jawatankuasa Lembaga Tender Jawatankuasa Imbuhan Jawatankuasa Pencalonan Jawatankuasa Risiko Jawatankuasa Audit Lembaga Pengarah memberi kuasa kepada Jawatankuasa ini untuk menyiasat sebarang aktiviti di bawah bidang rujukannya dan turut mempunyai akses tanpa batasan kepada kedua-dua juruaudit dalaman dan luar serta anggota Pengurusan Kumpulan. Ringkasan aktiviti-aktiviti Jawatankuasa dalam tahun yang ditinjau dinyatakan dalam Laporan Jawatankuasa Audit dan Bidang Rujukannya yang dibentangkan di muka surat 94 hingga 96 di dalam Laporan Tahunan ini. UNITED MALAYAN LAND BHD

92 90 PENYATA URUSAN TADBIR KORPORAT (samb.) Jawatankuasa Eksekutif Jawatankuasa Eksekutif (EXCO) berperanan untuk membantu Lembaga mengkaji isu-isu operasi dan kewangan utama, memantau perkembangan dan prestasi unit-unit perniagaan serta memastikan pencapaian matlamat dan objektif strategik Kumpulan. Fungsi-fungsi EXCO merangkumi tetapi tidak terbatas kepada:- menilai pelan strategik Kumpulan; mencadangkan semua pelaburan dan urusan perniagaan penting kepada Lembaga Pengarah; menasihati Pengurusan mengenai dasar dan amalan keseluruhan bagi Syarikat dan Kumpulan; mengkaji semula penilaian prestasi dan sistem imbuhan untuk digunakan sebagai asas mengukur keberkesanan Pengurusan; memantau pembangunan dan pelaksanaan program perhubungan pelabur; dan fungsi lain yang mungkin diserahkan oleh Lembaga Pengarah dari masa ke masa. Jawatankuasa Lembaga Tender Jawatankuasa ini bertanggungjawab untuk mengawasi proses pemerolehan tender dan kontrak Kumpulan agar mematuhi dasar serta keperluan relevan Kumpulan. Jawatankuasa turut menimbang, menilai dan meluluskan tender dalam bidang had kuasa kewangannya dengan mengambil kira pelbagai faktor seperti harga, penggunaan produk dan perkhidmatan serta factor-faktor lain yang relevan. Jawatankuasa Imbuhan Jawatankuasa ini bertanggungjawab untuk mencadangkan rangka kerja imbuhan untuk semua Pengarah eksekutif dengan memastikan bahawa rangka kerja tersebut mencerminkan prestasi Kumpulan. Jawatankuasa turut mengkaji semula dan meluluskan gaji tahunan, insentif, perjanjian khidmat dan syarat-syarat pekerjaan bagi Pengarah eksekutif dan kakitangan di samping mengkaji secara tetap, tahap kompetitif bagi struktur dan dasar imbuhan Kumpulan. Jawatankuasa Pencalonan Jawatankuasa Pencalonan mencadangkan kepada Lembaga Pengarah, calon-calon Pengarah bagi Lembaga Pengarah dan Jawatankuasa Lembaga serta mengkaji semula struktur dan keseimbangan pelantikan di antara eksekutif dan bukan eksekutif. Ia turut mengkaji kepelbagaian kemahiran dan pengalaman serta kualiti-kualiti lain yang diperlukan. Jawatankuasa Risiko Jawatankuasa Risiko membantu Lembaga memfokus dan membincangkan tanggungjawab penyeliaan risiko Kumpulan. Jawatankuasa Risiko melapor kepada Lembaga Pengarah dan bertanggungjawab untuk mengekalkan sistem pengurusan risiko yang berkesan untuk menyumbang terhadap pencapaian objektif-objektif strategik, kewangan, operasi dan perniagaan Kumpulan. Secara muktamadnya, Lembaga bertanggungjawab ke atas kewajipan keseluruhan Kumpulan terhadap kekhilafan risiko di dalam Kumpulan. PERHUBUNGAN DENGAN PARA PELABUR DAN KOMUNIKASI DENGAN PARA PEMEGANG SAHAM Kumpulan menyokong prinsip Kod untuk menggalakkan penyertaan pemegang saham dan pelabur serta berkomited untuk mewujudkan komunikasi yang tetap dan proaktif dengan mereka. Saluran komunikasi formal seperti sidang akhbar diadakan untuk memaklumkan tentang perkembangan penting dalam perniagaan dan operasi. Prosedur-prosedur tetap turut diwujudkan untuk memastikan maklumat sensitif mengenai harga saham dimaklumkan kepada pihak awam tepat pada masanya. Sepanjang tahun yang ditinjau, Syarikat telah mengambil bahagian dalam skim penyelidikan Bursa Sekuriti yang bertujuan untuk memprofilkan syarikat-syarikat tempatan oleh pakar analisis, yang ditubuhkan di bawah Skim Penyelidikan Dana Pembangunan Pasaran Modal Bursa. Di bawah skim ini, Standard & Poor s dan CIMB Securities Sdn Bhd akan menyediakan liputan penyelidikan Syarikat bagi tempoh dua tahun. Objektif penyertaan Syarikat dalam skim penyelidikan ini adalah untuk mempertingkatkan saluran komunikasi syarikat dengan pemegang saham dan pelabur.

93 91 Para pemegang saham juga berpeluang untuk membincangkan pandangan mereka mengenai perkara-perkara yang berkaitan dengan Syarikat bersama Lembaga Pengarah di Mesyuarat Agung Tahunan dan Mesyuarat Agung Luar Biasa (Mesyuarat Agung). Lembaga menggalakkan semua pemegang saham untuk menghadiri dan mengambil bahagian dalam perkaraperkara Mesyuarat Agung. Pemegang saham diberi peluang untuk bertanya mengenai resolusi-resolusi yang dicadangkan serta prestasi dan aktiviti Kumpulan. Para pemegang saham dan pelabur juga boleh mengunjungi laman web Syarikat ( untuk mendapatkan maklumat Korporat, keputusan kewangan suku tahunan dan semua pengumuman awam yang dibuat oleh Syarikat. AKAUNTABILITI DAN AUDIT Laporan Kewangan Para Pengarah memastikan bahawa penyata kewangan telah disediakan selaras dengan Akta Syarikat, 1965 dan piawaian perakaunan berpatutan yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia agar dapat memberikan penilaian yang seimbang dan boleh difahami terhadap kedudukan kewangan serta prospek Kumpulan. Penyata Tanggungjawab Para Pengarah berhubung penyediaan Penyata Kewangan Tahunan Lembaga Pengarah bertanggungjawab untuk memastikan penyata kewangan memberikan gambaran yang benar dan saksama mengenai hal ehwal Kumpulan pada akhir tahun kewangan serta aliran tunai bagi tempoh tersebut. Dalam menyediakan penyata kewangan, para Pengarah telah mematuhi dasar perakaunan yang bersesuaian secara konsisten dan telah membuat keputusan serta anggaran yang munasabah dan berhemat. Para Pengarah turut memastikan bahawa semua piawaian perakaunan yang sah telah dipatuhi dan telah menyediakan penyata kewangan berdasarkan andaian bahawa perniagaan akan berterusan memandangkan para Pengarah mempunyai jangkaan yang munasabah, setelah membuat siasatan, bahawa Kumpulan dan Syarikat mempunyai sumber yang mencukupi untuk meneruskan operasi sejauh yang nampak pada masa depan. Para Pengarah juga bertanggungjawab untuk memastikan Syarikat menyimpan rekod-rekod perakaunan yang mendedahkan kedudukan kewangan Syarikat dan Kumpulan dengan ketepatan munasabah, yang membolehkan mereka memastikan bahawa penyata kewangan tersebut mematuhi peruntukan Akta Syarikat, Para Pengarah bertanggungjawab untuk mengambil langkah-langkah yang sewajarnya untuk melindungi aset Kumpulan dan mencegah serta mengesan penipuan dan sebarang perkara lain yang menyimpang dari kebiasaan. Kawalan Dalaman Lembaga Pengarah mengakui tanggungjawab mereka terhadap sistem kawalan dalaman Kumpulan yang merangkumi kawalan kewangan, operasi dan kawalan pematuhan di samping pengurusan risiko. Penyata Kawalan Dalaman Para Pengarah yang dibentangkan di muka surat 92 hingga 93 Laporan Tahunan ini, memberi gambaran mengenai keadaan kawalan dalaman Kumpulan. Hubungan dengan Juruaudit Lembaga Pengarah mengekalkan hubungan yang profesional dan telus dengan Juruaudit luar dan dalaman Syarikat melalui Jawatankuasa Audit. Laporan lengkap Jawatankuasa Audit yang menjelaskan peranannya berhubung juruaudit dalaman dan luar dibentangkan di muka surat 94 hingga 96 Laporan Tahunan ini. Penyata ini dibuat selaras dengan resolusi Lembaga Pengarah bertarikh 30 Mac UNITED MALAYAN LAND BHD

94 92 PENYATA KAWALAN DALAMAN PENGENALAN Perenggan 15.27(b) Keperluan Penyenaraian Bursa Malaysia Securities Berhad ( Bursa Sekuriti ) memerlukan pihak lembaga pengarah syarikat yang disenarai awam untuk mengemukakan dalam laporan tahunannya suatu penyata tentang keadaan kawalan dalaman syarikat tersebut sebagai sebuah kumpulan. Lembaga Pengarah ( Lembaga ) Syarikat adalah komited untuk mengekalkan keadaan sistem kawalan dalaman Kumpulan yang kukuh dan dengan sukacitanya membentangkan penyata berikut, yang menggariskan ciri-ciri dan skop kawalan dalaman Kumpulan sepanjang tahun kewangan. TANGGUNGJAWAB LEMBAGA Lembaga mempunyai tanggungjawab muktamad terhadap sistem kawalan dalaman Kumpulan termasuk mewujudkan kawalan persekitaran dan rangka kerja yang bersesuaian serta mengkaji semula kecukupan dan keutuhannya. Memandangkan terdapatnya had-had yang tidak dapat dielakkan di dalam mana-mana sistem kawalan dalaman, sistem ini direka untuk menguruskan, berbanding menghapuskan risiko yang boleh mengelakkan pencapaian objektif perniagaan Kumpulan. Sistem kawalan dalaman merangkumi prosedur pengurusan risiko serta kawalan kewangan, operasi dan pematuhan. Lembaga telah menetapkan suatu proses berterusan bagi mengenal pasti, menilai dan menguruskan risiko-risiko penting yang dihadapi oleh Kumpulan. Proses ini telah dikekalkan sepanjang tahun sehingga ke tarikh kelulusan laporan tahunan dan penyata kewangan. Ia telah dikaji semula dengan kerap oleh Lembaga dan adalah selaras dengan Penyata Kawalan Dalaman: Panduan untuk Para Pengarah Syarikat Senarai Awam ( Panduan Kawalan Dalaman ) yang dikeluarkan oleh Pasukan Petugas Kawalan Dalaman dengan sokongan dan pengesahan daripada Bursa Sekuriti. Sungguhpun Lembaga mengekalkan kawalan muktamad terhadap isu-isu risiko dan kawalan, ia telah membahagikan pelaksanaan sistem pengurusan risiko dan kawalan dalaman mengikut rangka kerja yang telah ditetapkan kepada pihak pengurusan eksekutif. Lembaga telah menetapkan polisi-polisi utama dan telah melaksanakan penilaian khusus berkaitan sistem pengurusan risiko dan kawalan dalaman Kumpulan. RANGKA KERJA PENGURUSAN RISIKO ORGANISASI Lembaga menyokong sepenuhnya isi kandungan Panduan Kawalan Dalaman dan melalui Jawatankuasa Audit, ia berterusan mengkaji semula kecukupan dan keberkesanan proses pengurusan risiko yang dijalankan di dalam pelbagai unit perniagaan Kumpulan. Dengan itu, Lembaga telah memformalkan proses mengenal pasti, menilai dan menguruskan risiko-risiko penting yang dihadapi oleh Kumpulan menerusi penubuhan rangka kerja pengurusan risiko organisasi. Pihak pengurusan bertanggungjawab terhadap pengurusan risiko, membangun, mengendali dan memantau sistem kawalan dalaman serta memberi jaminan kepada Lembaga bahawa ia telah dilaksanakan menurut dasar-dasar yang diterima oleh Lembaga. Jaminan bebas yang selanjutnya diberikan melalui fungsi juruaudit dalaman yang didapati daripada sumber luar untuk menjalankan audit dalaman ke atas operasi Kumpulan selaras dengan perancangan audit dalaman. Lembaga percaya bahawa sistem kawalan dalaman yang kukuh harus dikekalkan berdasarkan pemahaman yang jelas serta penghargaan ke atas unsur-unsur utama rangka kerja pengurusan risiko organisasi Kumpulan seperti yang berikut: Melaksanakan satu buku panduan polisi dan prosedur risiko yang menggariskan strategi serta polisi pengurusan risiko, struktur komunikasi risiko dan pemantauan rangka kerja pengurusan risiko Kumpulan. Dokumen ini adalah tertakluk kepada kajian dan pembaikan dari masa ke masa untuk mempertingkatkan proses pengurusan risiko. Dalam tahun kewangan ini, satu Jawatankuasa Lembaga yang dikenali sebagai Jawatankuasa Risiko telah ditubuhkan untuk membantu Lembaga mengawal pengurusan risiko secara lebih aktif dan berkesan di dalam Kumpulan UM Land. Struktur komunikasi risiko telah disemak untuk menggambarkan pembentukan Jawatankuasa Lembaga ini termasuk penerimapakaian bidang rujukan bagi Jawatankuasa Risiko. Sebuah Jawatankuasa Pengurusan Risiko, diketuai oleh Ketua Pegawai Eksekutif Kumpulan, diberi tanggungjawab untuk mengenal pasti dan melaporkan kepada Jawatankuasa Risiko semua risiko kritikal yang wujud dan berkemungkinan dihadapi oleh Kumpulan, perubahan risiko serta pelan tindakan pihak pengurusan untuk menguruskan risiko-risiko tersebut. Pelantikan Penyelaras Risiko Kumpulan di peringkat Kumpulan serta Penyelaras Risiko di peringkat unit perniagaan dapat memastikan adanya kepimpinan, arah tuju serta penyelarasan yang jelas bagi penerapan pengurusan risiko di seluruh Kumpulan.

95 93 Kumpulan pengurusan bagi unit perniagaan masing-masing, telah menghasilkan pelan tindakan berserta skala masa pelaksanaan bagi mengatasi isu-isu risiko dan kawalan yang penting menurut profil risiko mereka. Profil risiko bagi setiap unit perniagaan akan dinilai semula secara kerap dan telah dikemaskinikan sebanyak tiga kali sepanjang tahun kewangan, selaras dengan program pengurusan risiko. Pengemaskinian berkala ke atas profil unit perniagaan akan dilaporkan kepada Jawatankuasa Pengurusan Risiko dan Lembaga. Lembaga beranggapan bahawa rangka kerja pengurusan risiko organisasi adalah kukuh, tetapi masih tertakluk kepada penambahbaikan yang berterusan, dengan mengambil kira amalan kerja terbaik serta persekitaran perniagaan yang berubah ubah. Untuk menggalakkan budaya pengurusan risiko di dalam Kumpulan, sesi latihan pengurusan risiko yang melibatkan eksekutif dan kakitangan pengurusan berkenaan telah dijalankan pada tahun kewangan untuk mengukuhkan pemahaman tentang pengurusan risiko syarikat di samping meningkatkan pengetahun dan amalan pengurusan risiko. FUNGSI AUDIT DALAMAN Fungsi audit dalaman Kumpulan diserahkan kepada perunding luar yang melapor terus kepada Jawatankuasa Audit. Audit dalaman akan menaksir kawalan dalaman berkaitan aktiviti utama perniagaan Kumpulan berdasarkan strategi audit dalaman tahunan yang dikemukakan kepada Jawatankuasa Audit untuk diluluskan. Fungsi audit dalaman mengguna pakai pendekatan berasaskan risiko dan menyediakan strategi serta perancangan auditnya berdasarkan profil risiko unit-unit perniagaan utama Kumpulan. Laporan audit dalaman, termasuk tindakan penambahbaikan yang disarankan oleh pihak pengurusan, akan dikaji semula oleh Jawatankuasa Audit. Jawatankuasa Audit akan membentangkan penemuannya kepada Lembaga berdasarkan kekerapan kitaran audit dalaman yang ditetapkan di dalam perancangan strategik audit dalaman. Untuk maklumat lanjut, sila rujuk kepada Laporan Jawatankuasa Audit. RISIKO LAIN DAN PROSES KAWALAN Sistem kawalan dalaman dan pengurusan risiko semasa Kumpulan mempunyai elemen-elemen berikut: Terdapatnya struktur organisasi yang secara formal menggariskan dengan jelas tanggungjawab serta pembahagian kuasa. Perancangan perniagaan 5-tahun yang menggariskan strategi pencapaian objektif korporat dan perniagaan Kumpulan, berdasarkan pemantauan prestasi perniagaan Kumpulan. Terdapatnya had kuasa kewangan yang diluluskan oleh Jawatankuasa Eksekutif bagi memastikan kebertanggungjawapan dan pembahagian kuasa yang sewajarnya. Terdapatnya sistem kawalan belanjawan di mana belanjawan tahunan disediakan oleh unit-unit perniagaan dan diluluskan oleh Lembaga. Kajian semula prestasi sebenar berbanding belanjawan kerap dijalankan dan merangkumi kedua-dua penunjuk utama prestasi kewangan dan bukan kewangan. Semua perubahan penting akan dilaporkan kepada Lembaga. Tindakan pemulihan yang sewajarnya akan diambil oleh pihak pengurusan, di mana perlu, bagi mengurangkan kesan daripada perubahan tersebut. Prosedur kendalian standard berkaitan bidang pengendalian tertentu telah diwujudkan bagi mengawal selia operasi harian Kumpulan. Proses kendalian standard ini akan kerap dikaji semula dari masa ke masa untuk mengatasi perubahanperubahan dalam persekitaran kendalian perniagaan. KELEMAHAN KAWALAN DALAMAN YANG MENGAKIBATKAN KERUGIAN PENTING Tiada sebarang kerugian ketara yang berlaku dalam tahun kewangan semasa akibat daripada kelemahan di dalam kawalan dalaman. Pihak Pengurusan akan terus mengambil langkah-langkah untuk memperkukuhkan persekitaran kawalan dalaman. Penyata ini disediakan selaras dengan resolusi Lembaga Pengarah bertarikh 30 Mac UNITED MALAYAN LAND BHD

96 94 LAPORAN JAWATANKUASA AUDIT BIDANG TUGAS Jawatankuasa Audit (JA) telah ditubuhkan oleh Lembaga Pengarah pada tahun 1955 untuk membantu Lembaga Pengarah melaksanakan tanggungjawab mereka. JA dikawal menurut Bidang Tugas yang dinyatakan di muka surat 95 hingga 96 Laporan Tahunan ini. KEAHLIAN Jawatankuasa Audit kini terdiri daripada tiga orang ahli, yang mana dua daripadanya adalah Pengarah bebas bukan eksekutif iaitu: 1. Datuk Syed Ahmad Khalid bin Syed Mohammed Pengerusi/Pengarah Bebas Bukan Eksekutif 2. Datuk Nur Jazlan bin Tan Sri Mohamed Ahli/Pengarah Bebas Bukan Eksekutif 3. Soong Hee Sang Ahli/Pengarah Bukan Bebas Bukan Eksekutif (Dilantik pada 22 Mac 2006) 4. Dr Choo Kian Koon Ahli/Pengarah Bukan Bebas Bukan Eksekutif (Meletak jawatan pada 17 Mac 2006) MESYUARAT JA bersidang sekurang-kurangnya empat kali dalam setahun. Sepanjang tahun kewangan berakhir 31 Disember 2005, JA telah mengadakan sebanyak lapan (8) mesyuarat. Butiran tentang kehadiran ahli JA dibentangkan seperti di bawah: Kehadiran Datuk Syed Ahmad Khalid bin Syed Mohammed 8/8 Datuk Nur Jazlan bin Tan Sri Mohamed 8/8 Dr. Choo Kian Koon 8/8 Soong Hee Sang Tidak Berkenaan Mesyuarat-mesyuarat tersebut turut dihadiri pengurusan kanan Kumpulan serta juruaudit luaran Kumpulan setelah dijemput oleh Pengerusi Jawatankuasa untuk memberi pandangan mereka semasa menimbangkan perkara-perkara yang dibangkitkan. RINGKASAN AKTIVITI SEPANJANG TAHUN Jawatankuasa Audit telah menjalankan aktiviti-aktiviti berikut sepanjang tahun kewangan dalam melaksanakan tugas serta tanggungjawab menurut Bidang Tugas mereka. Menyemak dan mencadangkan kepada Lembaga Pengarah kelulusan keputusan kewangan suku tahunan serta akhir tahun, rancangan audit luaran dan yuran yang berkaitan bagi Kumpulan; Menyemak hasil penemuan pemeriksaan audit yang dikendalikan oleh juruaudit luaran sepanjang tahun kewangan; Kajian terhadap urus niaga suku tahunan Kumpulan dengan pihak berkaitan yang berulangan dan termaktub di bawah mandat yang diberikan para pemegang saham dan di mana relevan, urus niaga tambahan pihak berkaitan serta keperluan pendedahan yang sewajarnya; Menyemak dan meluluskan rancangan audit dalaman bagi Kitaran 6 dan 7 termasuk yuran yang berkaitan bagi Kumpulan; Menyemak cadangan audit dalaman yang timbul daripada kajian semula audit dalaman dalam kitaran masing-masing serta pelan tindakan pengurusan untuk menangani bidang peningkatan utama menurut keutamaan pelaksanaan mereka.

97 95 PERANAN AUDIT DALAMAN Kajian semula audit dalaman bagi tahun 2005 meliputi Syarikat, Seri Alam Properties Sdn Bhd, Bangi Heights Development Sdn Bhd, UM Residences Sdn Bhd, Suasana Sentral Two Sdn Bhd dan Dynasty View Sdn Bhd dengan skop keseluruhan dan bahagian yang menitikberatkan bidang yang berisiko tinggi dan ketara bagi proses perniagaan berikut: Proses-proses Strategik Pengurusan strategik Proses-proses utama Jualan dan pemasaran Pengurusan projek Proses-proses sumber Pengurusan kewangan Pengurusan sumber manusia Perundangan dan kawal atur Jawatankuasa Audit telah menyemak keputusan audit dalaman yang dijalankan dan telah menimbangkan hasil penemuan pentingnya, termasuk cadangan oleh juruaudit dalaman dalam bidang utama dan peluang peningkatan yang ada serta pelan tindakan pemulihan yang disarankan oleh pihak pengurusan. Susulan kajian semula untuk menentukan status pelaksanaan pelan tindakan berhubung pemerhatian penting akan dilaksanakan oleh juruaudit dalaman pada kitaran kajian semula yang berikutnya bersama dengan laporan Pengurusan kepada Jawatankuasa dari masa ke masa tentang langkah-langkah yang telah diambil untuk menangani bidang peningkatan utama. BIDANG RUJUKAN JAWATANKUASA AUDIT KOMPOSISI Jawatankuasa ini hendaklah dilantik oleh Lembaga Pengarah dari kalangan mereka dan hendaklah terdiri dari tidak kurang daripada 3 orang ahli, majoriti hendaklah merupakan pengarah bebas Syarikat. Pengerusi Jawatankuasa hendaklah merupakan pengarah bebas. MESYUARAT Mesyuarat perlu diadakan sekurang-kurangnya empat kali setahun. Satu korum akan dibentuk apabila sebahagian besar daripada ahli Jawatankuasa merupakan pengarah bebas. Pengerusi boleh memanggil untuk bermesyuarat mengikut permintaan dari mana-mana ahli Jawatankuasa, Pengarah Urusan dan juruaudit dalaman serta luaran. Kehadiran kakitangan, pengarah lain, wakil juruaudit dalaman serta luaran di mesyuarat tersebut bergantung kepada jemputan daripada pihak Jawatankuasa. Setiausaha Syarikat atau Penolong Setiausaha Syarikat atau mana-mana individu yang dilantik oleh Jawatankuasa hendaklah menjadi Setiausaha Jawatankuasa Audit. Setiausaha bertanggungjawab mengambil minit mesyuarat dan mengedarkannya kepada setiap orang ahli Jawatankuasa dan Lembaga Pengarah. BIDANG KUASA Jawatankuasa ini diberi kuasa oleh Lembaga Pengarah untuk menyiasat sebarang aktiviti mengikut bidang rujukannya dan akan mempunyai akses tanpa batasan kepada juruaudit dalaman dan juruaudit luaran serta ahli pengurusan Kumpulan. Jawatankuasa ini turut diberi kuasa oleh Lembaga Pengarah untuk mendapatkan nasihat profesional bebas dan mendapatkan sumber-sumber luar yang berpengalaman dan berkemahiran relevan jika dianggap perlu dalam melaksanakan tugas mereka. UNITED MALAYAN LAND BHD

98 96 LAPORAN JAWATANKUASA AUDIT (samb.) BIDANG RUJUKAN JAWATANKUASA AUDIT (samb.) TUGAS Tugas-tugas Jawatankuasa adalah:- Untuk mempertimbangkan pelantikan, peletakan jawatan dan penyingkiran juruaudit luaran serta yuran audit; Untuk membincangkan dengan juruaudit luaran: Perancangan audit; Penilaian mereka terhadap sistem kawalan dalaman; dan Laporan audit berkaitan penyata kewangan. Untuk memastikan penyelarasan proses audit luaran di mana lebih daripada satu firma juruaudit terlibat; Untuk menyemak bantuan yang diberikan kepada juruaudit luaran dan dalaman oleh kakitangan Kumpulan; Untuk menyemak penyata kewangan suku tahunan dan akhir tahun Syarikat, dengan tumpuan khusus kepada: Perubahan dalam dasar dan amalan perakaunan; Peristiwa penting dan luar biasa; Pelarasan penting yang timbul daripada audit; Andaian bahawa perniagaan akan berterusan; dan Pematuhan kepada piawaian perakaunan dan keperluan perundangan yang lain. Untuk membincangkan hasil penemuan serta perkara-perkara yang timbul daripada audit sementara dan akhir, dan sebarang perkara yang ingin dibincangkan oleh juruaudit; Untuk menyemak surat pengurusan daripada juruaudit dalaman dan luaran serta jawapan balas pihak pengurusan; Untuk melakukan yang berikut, di mana fungsi audit dalaman wujud: Menyemak sama ada skop, fungsi dan sumber jabatan audit dalaman adalah mencukupi kuasa yang diperlukan untuk menjalankan tugasnya; Menyemak program audit dalaman serta keputusan proses audit dalaman dan di mana perlu, memastikan tindakan yang sewajarnya diambil berkaitan cadangan juruaudit dalaman; dan Menyemak sebarang penilaian atau taksiran tentang prestasi anggota juruaudit dalaman. Untuk menyemak sebarang urus niaga pihak berkaitan serta kemungkinan timbulnya percanggahan kepentingan di dalam Syarikat atau Kumpulan; Untuk menimbangkan penemuan penting daripada penyiasatan dalaman serta penyiasatan khas dan jawapan balas pihak pengurusan; dan Untuk menimbangkan perkara-perkara lain sebagaimana yang ditetapkan oleh Lembaga Pengarah.

99 MAKLUMAT PEMATUHAN TAMBAHAN BELIAN BALIK SAHAM Sepanjang tahun kewangan, Syarikat telah membeli balik 76,800 sahamnya daripada pasaran terbuka Bursa Sekuriti dengan jumlah balasan sebanyak RM75,356. Butiran belian balik saham adalah seperti berikut: Bil. Saham Harga Kasar Harga Kasar Harga Kasar Biasa Jumlah Tertinggi Terendah Purata Bernilai Balasan Sesaham Sesaham Sesaham Bulan RM1 Sesaham Pembelian* Dibayar Dibayar Dibayar RM RM RM RM Januari 1,100 1, Februari 900 1, Mac 2,300 2, April 2,700 2, Mei 12,800 12, Jun 11,400 11, Julai 1,600 1, Ogos September 17,800 17, Oktober 5,600 5, November 14,500 13, Disember 5,500 5, ,800 75,356 * Termasuk kos sampingan seperti komisyen, yuran penjelasan dan duti setem. Sejak pelaksanaan skim belian balik saham, Syarikat telah membeli balik 388,700 sahamnya dengan jumlah balasan termasuk kos sampingan berjumlah RM449,807 atau pada harga kasar purata RM1.140 sesaham. Saham-saham tersebut kini disimpan sebagai saham perbendaharaan. 2. KONTRAK-KONTRAK PENTING Kecuali dinyatakan di bawah ini, Syarikat dan/atau anak syarikat tiada sebarang kontrak penting yang melibatkan kepentingan para pengarah dan pemegang saham utama, sama ada ia masih wujud pada penghujung tahun kewangan, atau jika ia tidak wujud, dibuat sejak penghujung tahun kewangan sebelumnya: (i) Pada 7 Mac 2003, UM Residences Sdn Bhd ( UMR ), sebuah anak syarikat milik penuh Syarikat, telah memasuki perjanjian usaha sama dengan Liang Court (Malaysia) Sdn Bhd ( LCSB ), sebuah anak syarikat CapitaLand Limited, yang merupakan pemegang saham utama Syarikat, bagi menubuhkan sebuah perkongsian usaha sama ( Perkongsian ) untuk mentadbir aspek-aspek penting serta perjalanan perniagaan berhubung pengendalian dan pengurusan yang berikut: (a) 48 unit pangsapuri khidmat Seri Bukit Ceylon yang terletak di antara tingkat 5 dan 8, yang telah dibeli oleh LCSB bagi tujuan perjanjian penyewaan yang akan dibuat di antara LCSB dan Perkongsian; (b) 48 unit pangsapuri khidmat Seri Bukit Ceylon lain yang terletak di antara tingkat 9 dan 12, bagi tujuan perjanjian penyewaan yang akan dibuat di antara UMR dan Perkongsian; dan (a) dan (b) secara kolektif dirujuk sebagai Pangsapuri Khidmat Somerset dan (c) unit-unit lain pangsapuri khidmat Seri Bukit Ceylon yang dimiliki oleh pemilik-pemilik individu (selain daripada LCSB dan UMR) ( Pangsapuri Khidmat Korporat ) yang disewakan kepada UMR atau penamanya selaras dengan perjanjian penyewaan untuk penyewaan semula kepada pihak ketiga yang berikutnya. (a), (b) dan (c) secara kolektif dirujuk sebagai Perniagaan, oleh Perkongsian. UNITED MALAYAN LAND BHD

100 98 MAKLUMAT PEMATUHAN TAMBAHAN (samb.) Perkongsian juga telah memasuki perjanjian pengurusan bertarikh 7 Mac 2003 dengan Ascott International Management (Malaysia) Sdn Bhd ( AIM ), anak syarikat CapitaLand Limited, iaitu pemegang saham utama Syarikat, bertujuan mengambil dan melantik AIM untuk mengendali, menyelenggara, mengurus dan memasarkan Perniagaan untuk dan bagi pihak Perkongsian. Sebagai balasan kepada perkhidmatan pengurusan yang akan diberikan oleh AIM, Perkongsian telah bersetuju untuk membayar, antara lain, yuran-yuran berikut kepada AIM bagi setiap tahun ia beroperasi semasa tempoh 5 tahun terawal dari tarikh permulaannya. 3% daripada jumlah hasil Pangsapuri Khidmat Somerset bagi tahun operasi tersebut; 10% daripada untung kasar operasi Pangsapuri Khidmat Somerset bagi tahun operasi tersebut, dan 5% daripada jumlah hasil Pangsapuri Khidmat Korporat bagi tahun operasi tersebut. (ii) (iii) (iv) (v) (vi) (vii) Perjanjian usaha sama dan pemegang-pemegang saham bertarikh 28 April 2004 di antara Syarikat dan Malaysian Resources Corporation Berhad ( MRCB ) untuk mentadbir sebuah syarikat usaha sama, iaitu Suasana Sentral Two Sdn Bhd ( SSTwo ), untuk projek pembangunan kondominium Suasana Sentral Loft di Kuala Lumpur Sentral. Perjanjian penyewaan bertarikh 6 Oktober 2004 di antara Syarikat dan Tradewinds Corporation Berhad, iaitu pemegang saham utama Syarikat. Perjanjian ini adalah untuk penyewaan ruang pejabat pada harga RM34, sebulan selama 3 tahun, dari 1 Ogos 2004 hingga 31 Julai Perjanjian pengurusan bertarikh 2 Januari 2005 di antara SSTwo, sebuah anak syarikat, dan CapitaLand Residential Limited, sebuah pemegang saham utama syarikat. Perjanjian pengurusan ini adalah untuk tujuan pemerolehan khidmat pengurusan pada harga 17,026 Dolar Singapura sebulan bagi tempoh di antara 1 Januari 2005 hingga 30 Jun 2005 Perjanjian jual beli bertarikh 31 Mac 2005 di antara SSTwo dan Datuk Mohd Khamil bin Jamil bagi jualan kondominum untuk balasan tunai sebanyak RM659,072. Datuk Mohd Khamil bin Jamil adalah bekas pengarah Syarikat dan SSTwo. Perjanjian jual beli bertarikh 31 Mac 2005 di antara SSTwo dan Pee Tong Lim bagi jualan kondominium untuk balasan tunai sebanyak RM562,108. Pee Tong Lim adalah Pemangku Ketua Pegawai Eksekutif bagi Syarikat dan Pengarah SSTwo. Perjanjian jual beli bertarikh 5 April 2005 dan 9 Ogos 2005 di antara SSTwo dan Shahril Ridza bin Ridzuan bagi jualan dua buah kondominium untuk jumlah balasan tunai sebanyak RM991,078. Shahril Ridza bin Ridzuan adalah pengarah SSTwo dan MRCB, iaitu pemegang saham utama SSTwo. (viii) Perjanjian jual beli bertarikh 11 April 2005 di antara SSTwo dan Dato Ahmad bin Hj Ibnihajar bagi jualan kondominium untuk balasan tunai sebanyak RM416,505. Dato Ahmad bin Hj. Ibnihajar adalah pengarah MRCB. (ix) (x) (xi) (xii) (xiii) Perjanjian jual beli bertarikh 12 April 2005 di antara SSTwo dan Wan Abdullah bin Wan Ibrahim bagi jualan kondominium untuk balasan tunai sebanyak RM607,220. Wan Abdullah bin Wan Ibrahim adalah bekas pengarah gilir SSTwo dan bekas Ketua Pegawai Eksekutif Kumpulan bagi Syarikat. Perjanjian jual beli bertarikh 19 April 2005 di antara SSTwo dan Datuk Azlan bin Mohd Zainol bagi jualan kondominium untuk balasan tunai sebanyak RM653,072. Datuk Azlan bin Mohd Zainol adalah pengarah MRCB. Perjanjian jual beli bertarikh 25 April 2005 di antara SSTwo dan Abdul Rahman bin Ahmad bagi jualan kondominium untuk balasan tunai sebanyak RM493,800. Abdul Rahman bin Ahmad adalah pengarah MRCB. Perjanjian jual beli bertarikh 25 April 2005 di antara SSTwo dan Dennis Ng Yew Kim bagi jualan kondominium untuk balasan tunai sebanyak RM672,592. Dennis Ng Yew Kim adalah anak kepada Dato Ng Eng Tee, iaitu pengarah SSTwo dan pemegang saham utama serta pengarah Syarikat. Perjanjian jual beli bertarikh 28 April 2005 di antara SSTwo dan Ahmad Zaki bin Zahid bagi jualan kondominium untuk balasan tunai sebanyak RM647,072. Ahmad Zaki bin Zahid adalah pengarah MRCB.

101 99 2. KONTRAK-KONTRAK PENTING (samb.) (xiv) (xv) (xvi) Perjanjian jual beli bertarikh 29 April 2005 di antara SSTwo dan Datuk Nur Jazlan bin Tan Sri Mohamed bagi jualan kondominium untuk balasan tunai sebanyak RM639,072. Datuk Nur Jazlan bin Tan Sri Mohamed adalah pengarah Syarikat. Perjanjian jual beli bertarikh 2 Jun 2005 di antara SSTwo dan Dr Choo Kian Koon bagi jualan kondominium untuk balasan tunai sebanyak RM398,522. Dr Choo Kian Koon adalah bekas pengarah SSTwo dan Syarikat. Perjanjian jual beli bertarikh 13 Jun 2005 dan 11 Ogos 2005 di antara SSTwo dan Chan Chee Meng bagi jualan dua buah kondominium untuk jumlah balasan tunai sebanyak RM702,528. Chan Chee Meng adalah pengarah SSTwo. (xvii) Perjanjian jual beli bertarikh 27 Julai 2005 di antara SSTwo dan Datuk Zahari bin Omar bagi jualan kondominium untuk balasan tunai sebanyak RM432,461. Datuk Zahari bin Omar adalah pengarah MRCB. (xviii) Perjanjian usaha sama bertarikh 18 Januari 2006 di antara Syarikat, Bolton Berhad ( Bolton ), Acegoal Pte Ltd ( Acegoal ) dan Alpine Return Sdn Bhd ( ARSB ) untuk mentadbir ARSB, iaitu syarikat usaha sama untuk projek pembangunan kondominium yang terletak di kawasan Jalan Mayang, Kuala Lumpur. Menurut perjanjian ini, modal terbitan dan berbayar ARSB akan ditambahkan kepada RM40,000,000 dan akan dilanggan oleh Syarikat, Bolton dan Acegoal, pada kadar 35%, 35% dan 30% masing-masing. Acegoal adalah anak syarikat milik penuh tidak langsung CapitaLand Limited, iaitu pemegang saham utama Syarikat. 3. YURAN-YURAN BUKAN AUDIT Yuran bukan audit yang dibayar kepada juruaudit luaran bagi tahun kewangan berakhir 31 Disember 2005 berjumlah RM79, URUSNIAGA PIHAK BERKAITAN YANG BERULANG DAN BERBENTUK PENGHASILAN ATAU PERNIAGAAN Pada mesyuarat agung luar biasa yang diadakan pada 28 Jun 2005, Syarikat telah memperolehi mandat daripada para pemegang saham untuk membenarkan Syarikat dan/atau anak syarikatnya memasuki urusniaga pihak berkaitan, yang berulang dan berbentuk penghasilan atau perniagaan. Menurut Perenggan (1)(b) Keperluan Penyenaraian Bursa Sekuriti, butiran urusniaga pihak berkaitan yang berulang yang dilaksanakan sepanjang tahun kewangan semasa adalah seperti berikut: Pihak Berkaitan Jenis yang Diberi Mandat Urusniaga Nilai Pihak yang Berkepentingan RM Bangi Heights Development Peruntukan 1,920,000 Pemegang Saham Utama yang Sdn Bhd khidmat Berkepentingan pengurusan CapitaLand Limited Pengarah yang Berkepentingan Lui Chong Chee Soong Hee Sang Bekas Pengarah yang Berkepentingan Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen UNITED MALAYAN LAND BHD

102 100 MAKLUMAT PEMATUHAN TAMBAHAN (samb.) 4. URUSNIAGA PIHAK BERKAITAN YANG BERULANG DAN BERBENTUK PENGHASILAN ATAU PERNIAGAAN (samb.) Pihak Berkaitan Jenis yang Diberi Mandat Urusniaga Nilai Pihak yang Berkepentingan RM CapitaLand Residential Pemerolehan (338,273) Pemegang Saham Utama yang Limited khidmat Berkepentingan pengurusan CapitaLand Limited Pengarah yang Berkepentingan Lui Chong Chee Soong Hee Sang Bekas Pengarah yang Berkepentingan Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen Suasana Sentral Two Peruntukan 740,000 Pemegang Saham Utama yang Sdn Bhd khidmat Berkepentingan pengurusan CapitaLand Limited Pengarah yang Berkepentingan Lui Chong Chee Soong Hee Sang Bekas Pengarah yang Berkepentingan Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen Tradewinds Corporation Penyewaan (496,901) Pemegang Saham Utama yang Berhad premis Berkepentingan pejabat Tradewinds Corporation Berhad Perspective Lane (M) Sdn Bhd Restu Jernih Sdn Bhd Tan Sri Syed Mokhtar Shah bin Syed Nor Pengarah yang Berkepentingan Syed Azmin bin Mohd Syed Nor Bekas Pengarah yang Berkepentingan Datuk Mohd Khamil bin Jamil Ahmad Shaifuldin bin Mahamad Sharudi

103 BANTUAN KEWANGAN Pada mesyuarat agung luar biasa yang diadakan pada 28 Jun 2005, Syarikat telah memperolehi mandat daripada para pemegang saham untuk membenarkan Syarikat dan/atau anak syarikatnya menyediakan/menerima bantuan kewangan kepada/daripada pihak yang berkaitan. Menurut Perenggan (1)(b) Keperluan Penyenaraian Bursa Sekuriti, butiran bantuan kewangan di beri kepada/diterima daripada pihak berkaitan yang berulang yang dilaksanakan sepanjang tahun kewangan semasa adalah seperti berikut: Baki Pada Pihak Berkaitan Jenis Bantuan 31 Disember yang Diberi Mandat Kewangan 2005 Pihak yang Berkepentingan Pengumpulan dana RM Bangi Heights Development daripada Syarikat 7,999,208 Pemegang Saham Utama yang Sdn Bhd dan/atau anak Berkepentingan syarikat kepada Bangi CapitaLand Limited Heights Development Pengarah yang Berkepentingan Sdn Bhd melalui Lui Chong Chee pengurusan Soong Hee Sang perbendaharaan berpusat untuk tempoh tidak Bekas Pengarah yang Berkepentingan melebihi 3 tahun Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen Pengumpulan dana Bangi Heights Development daripada Bangi 33,189,707 Pemegang Saham Utama yang Sdn Bhd Heights Development Berkepentingan Sdn Bhd kepada CapitaLand Limited Syarikat dan/atau Pengarah yang Berkepentingan anak syarikat Lui Chong Chee melalui pengurusan Soong Hee Sang perbendaharaan berpusat untuk tempoh tidak Bekas Pengarah yang Berkepentingan melebihi 3 tahun Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen Pengumpulan dana Suasana Sentral Two daripada Syarikat 27,958 Pemegang Saham Utama yang Sdn Bhd dan/atau anak Berkepentingan syarikat kepada CapitaLand Limited Suasana Sentral Two Pengarah yang Berkepentingan Sdn Bhd melalui Lui Chong Chee pengurusan Soong Hee Sang perbendaharaan berpusat untuk tempoh tidak Bekas Pengarah yang Berkepentingan melebihi 3 tahun Tham Kui Seng Dr Choo Kian Koon Rita Lau Chen Chen UNITED MALAYAN LAND BHD

104 102 SENARAI HARTANAH pada 31 Disember 2005 Tarikh Nilai Penilaian Keterangan & Usia Keluasan Buku Semula Lokasi Kegunaan Semasa Hak Milik Bangunan Tanah Bersih Terakhir Tahun Ekar RM 000 BANDAR SERI ALAM Mukim Plentong Tanah kosong Pegangan Daerah Johor Bahru - Simpanan kerajaan bebas 6 Jalan Lembah Pejabat korporat Pegangan ,031 Bandar Seri Alam bebas Johor Darul Takzim 1 Jalan Purnama Rumah kelab Pegangan ,928 Bandar Seri Alam ekuestrian bebas Johor Darul Takzim 3 Jalan Persiaran Sekolah Jepun Pegangan ,867 Bandar Seri Alam bebas Johor Darul Takzim Okt 96 Mukim Plentong Tanah pembangunan Pegangan ,008 Daerah Johor Bahru kosong bebas - Perumahan ,784 -Komersil ,847 - Rekreasi & lain-lain ,144 - Sekolah & asrama Simpanan pertanian ,489 Mukim Plentong Pembangunan sedang Pegangan ,674 Daerah Johor Bahru dijalankan bebas - Perumahan Mukim Plentong Tanah pembangunan Pegangan ,438 Daerah Johor Bahru kosong bebas - Perumahan ,157 -Komersil ,815 - Perindustrian ,534 - Rekreasi & lain-lain ,693 - Sekolah & asrama ,239 Mukim Plentong Pembangunan sedang Pegangan ,311 Daerah Johor Bahru dijalankan bebas - Perumahan ,963 -Komersil ,348 Mei 90 Mukim Plentong Hartanah siap dibina Pegangan ,597 Daerah Johor Bahru - Perumahan bebas ,087 -Komersil ,510 Jumlah kecil 2, ,854

105 103 Tarikh Nilai Penilaian Keterangan & Usia Keluasan Buku Semula Lokasi Kegunaan Semasa Hak Milik Bangunan Tanah Bersih Terakhir Tahun Ekar RM 000 BANDAR SERI PUTRA Mukim Kajang Tanah pembangunan Pegangan ,288 Daerah Ulu Langat kosong bebas Selangor - Perumahan ,769 -Komersil ,519 Mukim Dengkil Tanah pembangunan Pegangan ,141 Daerah Sepang kosong bebas Selangor - Perindustrian Mukim Kajang Pembangunan sedang Pegangan ,660 Daerah Ulu Langat dijalankan bebas Selangor - Perumahan Nota Mukim Kajang Hartanah siap dibina Pegangan ,768 Daerah Ulu Langat - Lot banglo bebas ,919 Selangor - Perumahan Komersil ,573 Pekan Lama Bangi Hartanah siap dibina Pegangan ,103 Daerah Ulu Langat - Lot banglo bebas ,833 Selangor - Perumahan Jumlah kecil ,960 SERI AUSTIN Mukim Tebrau Tanah kosong Pegangan Daerah Johor Bahru - Simpanan kerajaan bebas Mukim Tebrau Tanah pembangunan Pegangan ,379 Daerah Johor Bahru kosong bebas - Perumahan ,461 -Komersil ,918 Nota Mukim Tebrau Pembangunan sedang Pegangan ,112 Daerah Johor Bahru dijalankan bebas - Perumahan Jumlah kecil ,491 SERI BUKIT CEYLON 8 Lorong Ceylon Hartanah siap dibina Pegangan ,326 Off Jalan Raja Chulan - Pangsapuri khidmat bebas Kuala Lumpur dan kondominium SUASANA SENTRAL LOFT Lot 80, Seksyen 70 Pembangunan sedang Pegangan ,536 Kuala Lumpur dijalankan bebas - Perumahan Nota Nota Jumlah besar 2, ,032,167 Nota : Tiada penilaian semula semenjak tarikh pemerolehan UNITED MALAYAN LAND BHD

106 104 NOTIS MESYUARAT AGUNG TAHUNAN DENGAN INI ADALAH DIMAKLUMKAN BAHAWA MESYUARAT AGUNG TAHUNAN United Malayan Land Bhd yang ke akan diadakan untuk urusan-urusan berikut:- Tempat : Dewan Nirwana 2, Lobi Bawah, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, Kuala Lumpur Tarikh : Selasa, 20 Jun 2006 Masa : pagi 45 URUSAN BIASA: Resolusi Biasa 1 Resolusi Biasa 2 Resolusi Biasa 3 Resolusi Biasa 4 Resolusi Biasa 5 Resolusi Biasa 6 Resolusi Biasa 7 Resolusi Biasa 8 1. Untuk menerima Akaun Beraudit bagi tahun kewangan berakhir 31 Disember 2005 beserta Laporan-Laporan Para Pengarah dan Juruaudit yang berkenaan. 2. Untuk meluluskan bayaran Dividen Akhir sebanyak 5.0 sen sesaham biasa, tolak cukai, bagi tahun kewangan berakhir 31 Disember Untuk melantik semula Para Pengarah berikut, di mana setiap dari mereka bersara mengikut giliran menurut Artikel 94 Tataurusan Syarikat:- i) YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed ii) Encik Ng Eng Soon 4. Untuk melantik semula Para Pengarah berikut, di mana setiap dari mereka bersara menurut Artikel 99 Tataurusan Syarikat :- i) Encik Lui Chong Chee ii) Encik Soong Hee Sang iii) Tuan Syed Azmin bin Mohd Syed Nor 5. Untuk mempertimbangkan, dan sekiranya difikirkan wajar, meluluskan resolusi berikut:- Bahawa menurut Seksyen 129(6) Akta Syarikat, 1965, YBhg Tan Sri Dato Musa bin Hitam dilantik semula sebagai Pengarah Syarikat sehingga Mesyuarat Agung Tahunan yang berikutnya. Resolusi Biasa 9 Resolusi Biasa Untuk meluluskan bayaran yuran Para Pengarah bagi tahun kewangan berakhir 31 Disember Untuk melantik semula Tetuan PricewaterhouseCoopers sebagai Juruaudit Syarikat bagi tahun berikutnya dan memberi kuasa kepada Para Pengarah untuk menetapkan bayaran khidmat mereka. URUSAN KHAS: Resolusi Biasa Untuk mempertimbangkan, dan sekiranya difikirkan wajar, meluluskan resolusi biasa berikut:- KUASA KEPADA PARA PENGARAH UNTUK MENERBITKAN SAHAM BAHAWA tertakluk sentiasa kepada Akta Syarikat, 1965, Tataurusan Syarikat dan kelulusan daripada badan kerajaan/penguatkuasa yang berkenaan, Para Pengarah dengan ini diberi kuasa menurut Seksyen 132D Akta Syarikat, 1965, untuk menerbitkan saham-saham Syarikat dari masa ke semasa sehingga tamatnya Mesyuarat Agung Tahunan yang berikutnya berdasarkan terma-terma dan syarat-syarat dan bagi tujuan-tujuan yang difikirkan wajar dan bersesuaian oleh Para Pengarah, tertakluk kepada jumlah agregat saham yang akan diterbitkan tidak melebihi 10% daripada jumlah semasa modal saham diterbit Syarikat. 9. Untuk membincangkan sebarang urusan lain Syarikat di mana notis yang sewajarnya telah diterima menurut Akta Syarikat, 1965.

107 105 DENGAN INI ADALAH JUGA DIMAKLUMKAN BAHAWA Dividen Akhir sebanyak 5.0 sen sesaham biasa, tolak cukai, bagi tahun kewangan berakhir 31 Disember 2005, sekiranya diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunan ke-45, akan dibayar pada 19 September, 2006 kepada semua para pemegang saham yang didaftarkan dalam Rekod Pendeposit pada tarikh penutupan urusniaga pada 12 September, Pendeposit yang berdaftar dengan Bursa Malaysia Depository Sdn Bhd adalah layak untuk menerima dividen hanya bagi:- A) Saham-saham yang dipindahkan kedalam Akaun Sekuriti Pendeposit sebelum tengahari pada 12 September, 2006 bagi pemindahan biasa; dan B) Saham-saham yang dibeli di Bursa Malaysia Securities Berhad atas dasar kelayakan menurut Peraturan-Peraturan Bursa Malaysia Securities Berhad. DENGAN PERINTAH LEMBAGA PENGARAH ZURAIDAH MOHD YUSOFF MAICSA Setiausaha Syarikat Kuala Lumpur 26 Mei 2006 NOTA-NOTA: 1. Proksi Seorang ahli yang berhak hadir dan mengundi di Mesyuarat Agung Tahunan adalah berhak untuk melantik proksi untuk hadir dan mengundi bagi pihaknya. Seorang proksi itu tidak semestinya ahli Syarikat. Borang Proksi mestilah di isi oleh sipelantik atau ahli guaman yang diperakukan atau jika sipelantik itu sebuah perbadanan, ianya hendaklah di bawah meterinya atau dikuatkuasakan dalam cara lain yang diluluskan oleh para pengarahnya. Borang Proksi hendaklah diserahkan kepada Pendaftar Saham Syarikat, Securities Services (Holdings) Sdn Bhd di Aras 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, Kuala Lumpur tidak lewat daripada 48 jam sebelum masa yang ditetapkan bagi mesyuarat tersebut atau sebarang penangguhannya. 2. Kuasa kepada Para Pengarah untuk Menerbitkan Saham Resolusi ini, sekiranya diluluskan, akan memberi kuasa kepada Para Pengarah untuk menerbitkan saham-saham biasa dalam modal Syarikat sehingga jumlah agregat yang tidak melebihi 10% daripada modal saham diterbitkan dan berbayar semasa Syarikat tanpa mengadakan mesyuarat agung. Kuasa ini, melainkan dibatalkan atau dipinda di mesyuarat agung, akan tamat pada Mesyuarat Agung Tahunan yang berikutnya. 3. Penyata Iringan Notis Mesyuarat Agung Tahunan Maklumat tambahan menurut Perenggan 8.28(2) Keperluan Penyenaraian Bursa Malaysia Securities Berhad adalah dinyatakan di Lampiran A kepada Laporan Tahunan Syarikat UNITED MALAYAN LAND BHD

108 106 NOTIS MESYUARAT AGUNG TAHUNAN(samb.) LAMPIRAN A PENYATA IRINGAN NOTIS MESYUARAT AGUNG TAHUNAN (Menurut Perenggan 8.28(2) Keperluan Penyenaraian Bursa Malaysia Securities Berhad) Para Pengarah yang menawarkan diri untuk dipilih dan dilantik semula di Mesyuarat Agung Tahunan ke-45 Syarikat yang akan diadakan pada hari Selasa, 20 Jun 2006 jam pagi di Dewan Nirwana 2, Lobi Bawah, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, Kuala Lumpur adalah:- 1. PEMILIHAN SEMULA MENURUT ARTIKEL 94 TATAURUSAN SYARIKAT:- a) YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed (Resolusi Biasa 3) b) Encik Ng Eng Soon (Resolusi Biasa 4) 2. PEMILIHAN SEMULA MENURUT ARTIKEL 99 TATAURUSAN SYARIKAT:- a) Encik Lui Chong Chee (Dilantik pada 1 Ogos 2005) (Resolusi Biasa 5) b) Encik Soong Hee Sang (Dilantik pada 22 Mac 2006) (Resolusi Biasa 6) c) Tuan Syed Azmin bin Mohd Syed Nor (Dilantik pada 3 Mei 2006) (Resolusi Biasa 7) 3. PERLANTIKAN SEMULA MENURUT SEKSYEN 129(6), AKTA SYARIKAT 1965:- a) YBhg Tan Sri Dato Musa bin Hitam (Dilantik pada 26 Januari 2006) (Resolusi Biasa 8) Sila rujuk kepada Profil Lembaga Pengarah pada muka surat 8 hingga 15 Laporan Tahunan 2005 untuk maklumat lanjut mengenai Para Pengarah yang menawarkan diri untuk dipilih semula dan dilantik semula. Pada tahun kewangan berakhir 31 Disember 2005, lima (5) Mesyuarat Lembaga Pengarah telah diadakan. Butir-butir kehadiran para Pengarah yang menawarkan diri untuk dipilih dan dilantik semula adalah seperti berikut:- Nama Para Pengarah Bil. Mesyuarat yang dihadiri 1. YBhg Datuk Syed Ahmad Khalid bin Syed Mohammed 5/5 2. Encik Ng Eng Soon 5/5 3. Encik Lui Chong Chee (Dilantik pada 1 Ogos 2005) 1/2 4. YBhg Tan Sri Dato Musa bin Hitam (Dilantik pada 26 Januari 2006) Tidak Berkenaan 5. Encik Soong Hee Sang (Dilantik pada 22 Mac 2006) Tidak Berkenaan 6. Tuan Syed Azmin bin Mohd Syed Nor (Dilantik pada 3 Mei 2006) Tidak Berkenaan

109 107 Financial Statements 108 Directors Report 112 Income Statements 113 Balance Sheets 114 Consolidated Statement of Changes In Equity 115 Company Statement of Changes In Equity 116 Cash Flow Statements 118 Notes To The Financial Statements 149 Statement By Directors/Statutory Declaration 150 Report of The Auditors UNITED MALAYAN LAND BHD

110 108 DIRECTORS REPORT for the financial year ended 31 December 2005 The Directors are pleased to submit to the members their annual report and the audited financial statements of the Group and Company for the financial year ended 31 December PRINCIPAL ACTIVITIES The principal activities of the Company are investment holding and the provision of management services. The principal activities of the subsidiary companies of the Group are as stated in Note 13 to the financial statements. There were no significant changes in the nature of these activities during the financial year. FINANCIAL RESULTS The financial results of the Group and Company for the financial year ended 31 December 2005 are as follows: Group RM 000 Company RM 000 Profit from ordinary activities after tax 33,728 16,985 Minority interests (4,517) Net profit for the financial year 29,211 16,985 ================= ================= DIVIDENDS The dividends paid by the Company since 31 December 2004 were as follows: RM 000 In respect of the financial year ended 31 December 2004: - final dividend of 7.5 sen gross per ordinary share, less income tax of 28%, paid on 27 September ,528 ================= In respect of the financial year ended 31 December 2005: - interim dividend of 2.5 sen gross per ordinary share, less income tax of 28%, paid on 22 February ,176 ================= The Directors now recommend the payment of a final dividend of 5.0 sen gross per ordinary share on 231,957,933 ordinary shares (which is net of 388,700 treasury shares), less income tax of 28%, in respect of the financial year ended 31 December This final net dividend amounting to RM8,350,486 is subject to the approval of the members at the forthcoming Annual General Meeting of the Company. RESERVES AND PROVISIONS All material transfers to or from reserves and provisions during the financial year are as disclosed in the financial statements. EMPLOYEES SHARE OPTION SCHEME ( ESOS ) The Company had implemented an Employees Share Option Scheme ( ESOS ) for its eligible employees and Executive Directors of the Group. The ESOS was approved by the shareholders at an Extraordinary General Meeting held on 25 June Details of the ESOS are as set out in Note 26 to the financial statements. The Company has been granted exemption by Companies Commission of Malaysia pursuant to Section 169(11) of Companies Act, 1965 from having to disclose the list of options holders and details of their holdings other than options holders who hold options over 200,000 ordinary shares and above. The Company has also been granted exemption from having to disclose the list of Directors and details of their holdings of options over ordinary shares.

111 109 EMPLOYEES SHARE OPTION SCHEME ( ESOS ) (cont d) The movements during the financial year in the number of options over ordinary shares of the Company granted to the options holders (excluding Directors) who hold options over 200,000 ordinary shares and above are as follows: Options over ordinary shares of RM1.00 each Exercise As at As at Name of employee price/share Granted Exercised Lapsed RM Chia Lui Meng Henry Leong Hock Seng (287) Lau Boon Ann Lee Kar Fook Ng Tay Guan TREASURY SHARES During the financial year, the Company repurchased its own shares amounting to 76,800 ordinary shares at an average price of approximately RM0.95 per share from the open market on Bursa Malaysia Securities. Details of the treasury shares are as set out in Note 26 to the financial statements. DIRECTORS The Directors who have held office during the period since the date of the last report are as follows: Alternate Director YBhg Tan Sri Dato Musa bin Hitam (Appointed on 26 January 2006) Lui Chong Chee (Appointed on 1 August 2005) Soong Hee Sang (Appointed on 5 September 2005) Dato Ng Eng Tee Datuk Mohd Khamil bin Jamil (Resigned on 31 March 2006) Ahmad Shaifuldin bin Mahamad Sharudi (Resigned on 10 November 2005) Datuk Syed Ahmad Khalid bin Syed Mohammed Datuk Nur Jazlan bin Tan Sri Mohamed Ng Eng Soon Dato Mohd Hanafiah bin Omar Soong Hee Sang (Appointed on 22 March 2006) Tham Kui Seng (Resigned on 1 August 2005) Dr Choo Kian Koon (Resigned on 17 March 2006) Rita Lau Chen Chen (Resigned on 17 March 2006) In accordance with Article 94 of the Company s Articles of Association, Datuk Syed Ahmad Khalid bin Syed Mohammed and Ng Eng Soon retire by rotation at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. In accordance with Article 99 of the Company s Articles of Association, Lui Chong Chee and Soong Hee Sang, who were appointed during the period, retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for election. In compliance with Section 129(2) of the Companies Act, 1965, YBhg Tan Sri Dato Musa bin Hitam, being over seventy years of age, retires at the forthcoming Annual General Meeting and be reappointed as Director in accordance with Section 129(6) of the Companies Act, DIRECTORS BENEFITS During and at the end of the financial year, no arrangements subsisted to which the Company is a party, being arrangements with the object or objects of enabling Directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate, other than the options over ordinary shares granted by the Company (see Note 7 to the financial statements). UNITED MALAYAN LAND BHD

112 110 DIRECTORS REPORT (cont d) for the financial year ended 31 December 2005 DIRECTORS BENEFITS (cont d) Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other than the Directors remuneration as disclosed in Note 7 to the financial statements) by reason of a contract made by the Company or a related corporation with the Director 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 in Note 28 to the financial statements. DIRECTORS INTERESTS IN SHARES AND DEBENTURES According to the Register of Directors Shareholdings, particulars of interests of Directors who held office at the end of the financial year in the shares and options over ordinary shares in the Company are as follows: Number of ordinary shares of RM1.00 each As at As at Acquired Disposed Shareholdings in the name of the Director Dato Ng Eng Tee 7,888 1,600 (1,600) 7,888 Ng Eng Soon 7,151 7,151 Shareholdings in which the Director is deemed to have an interest Dato Ng Eng Tee 21, ,045 Ng Eng Soon 17,829 17,829 Number of options over ordinary shares of RM1.00 each As at As at Granted Exercised Lapsed Dato Ng Eng Tee Dato Ng Eng Tee and Ng Eng Soon by virtue of their direct and indirect interests in the Company, are deemed to have an interest in the shares of the subsidiary companies to the extent the Company has an interest. Other than as disclosed above, according to the Register of Directors Shareholdings, the Directors in office at the end of the financial year did not hold any interest in shares, options over ordinary shares or debentures in the Company and its related corporations during the financial year. STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS Before the income statements and balance sheets were made out, the Directors took reasonable steps: (a) (b) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate allowance had been made for doubtful debts; and to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of business their values as shown in the accounting records of the Group and Company had 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: (a) (b) (c) which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in the financial statements of the Group and Company inadequate to any substantial extent; or which would render the values attributed to current assets in the financial statements of the Group and Company misleading; or which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and Company misleading or inappropriate.

113 111 STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (cont d) No contingent 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, in the opinion of the Directors, will or may affect the ability of the Group or Company to meet their obligations when they fall due. At the date of this report, there does not exist: (a) (b) any charge on the assets of the Group or Company which has arisen since the end of the financial year which secures the liability of any other person; or any contingent liability of the Group or Company which has arisen since the end of the financial year. At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financial statements which would render any amount stated in the financial statements misleading. In the opinion of the Directors: (a) (b) the results of the operations of the Group and Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature; and except as disclosed in Note 30 to the financial statements, 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 a material and unusual nature likely to affect substantially the results of the operations of the Group and Company for the financial year in which this report is made. CORPORATE INFORMATION The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Board of Bursa Malaysia Securities. The address of the registered office and the principal place of business of the Company is as follows: Suite 1.1, 1st Floor Kompleks Antarabangsa Jalan Sultan Ismail Kuala Lumpur Malaysia Telephone : (603) Fax : (603) Website : http: // AUDITORS The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office. Signed on behalf of the Board of Directors in accordance with their resolution dated 20 April DATO NG ENG TEE DIRECTOR DATUK NUR JAZLAN BIN TAN SRI MOHAMED DIRECTOR UNITED MALAYAN LAND BHD

114 112 INCOME STATEMENTS for the financial year ended 31 December 2005 Group Company Note RM 000 RM 000 RM 000 RM 000 Revenue 4 214, ,845 33,035 21,213 Interest income 1,816 1,446 Other operating income 2,603 1, Development costs recognised as expenses (138,369) (101,688) Construction costs recognised as expenses Employee benefits expenses 5 (17,209) (12,547) (6,305) (4,771) Depreciation of property, plant and equipment (1,605) (1,539) (330) (158) Property, plant and equipment written off (29) Advertising and promotion expenses (6,092) (2,739) (24) (91) Upkeep, repairs and maintenance of assets (1,313) (1,303) (296) (195) Rental of premises (753) (663) (544) (532) Allowance for doubtful debts (2,453) (3,391) Write-back of allowance for doubtful debts 3,837 5,084 Professional consultancy fees (7,721) (2,776) (350) (261) Management fees (338) (266) (104) (266) Other operating expenses (8,926) (7,589) (870) (796) Profit from operations 6 38,395 38,143 24,213 14,348 Finance cost 8 (1,544) (1,240) (367) (11) Share of results of an associated company 8 (1,885) Profit from ordinary activities before tax 36,859 35,018 23,846 14,337 Tax expense - Company and subsidiary companies 9 (3,131) (9,313) (6,861) (4,189) Profit from ordinary activities after tax 33,728 25,705 16,985 10,148 Minority interests (4,517) (5,140) Net profit for the financial year 29,211 20,565 16,985 10,148 ================= ================= ================= ================= Earnings per share (sen) - basic ================= ================= Not Not - diluted 10 applicable applicable ================= ================= Dividend per share (sen) ================= ================= ================= =================

115 BALANCE SHEETS as at 31 December Group Company Note RM 000 RM 000 RM 000 RM 000 NON-CURRENT ASSETS Property, plant and equipment , ,163 1, Investments in subsidiary companies , ,041 Investment in an associated company 14 2,748 2,740 Other investments 15 2, ,000 Land held for property development , ,985 Long term trade receivables 17 4,004 3,774 Deferred tax assets 18 17,861 14, , , , ,353 CURRENT ASSETS Completed properties 19 79,291 83,419 Property development costs , ,284 Tax recoverable 62 6, Trade and other receivables 21 83,581 72, , ,791 Deposits, bank and cash balances 22 47,585 18,089 6, , , , ,963 LESS: CURRENT LIABILITIES Trade and other payables 23 79,741 61,068 3,117 1,478 Provision ,777 Borrowings (secured) - bank overdrafts 25 15,915 8,060 - others , ,075 Current tax liabilities 5,753 8,089 3,287 3,322 Dividend payable 11 4,176 4, , ,069 10,580 4,800 NET CURRENT ASSETS 401, , , ,163 LESS : NON-CURRENT LIABILITIES Deferred tax liabilities 18 32,788 36, Borrowings ,673 89,600 20, , , , ,494 ================= ================= ================= ================= CAPITAL AND RESERVES Share capital , , , ,347 Reserves , , , ,147 Shareholders equity 746, , , ,494 Minority interests 59,401 54, , , , ,494 ================= ================= ================= ================= Net tangible assets per share 10 RM3.22 RM3.16 ================= ================= UNITED MALAYAN LAND BHD

116 114 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the financial year ended 31 December 2005 Share Share Revaluation Capital Treasury Retained Revaluation Note capital premium reserves reserves shares earnings reserves* Total RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 As at 1 January ,347 60, ,969 (41,300) (374) 183,334 54, ,970 Treasury shares acquired (76,800 ordinary shares) 26 (75) (75) Realisation of revaluation reserves (4,224) 4,224 Net profit for the financial year 29,211 29,211 Dividend paid for the financial year ended 31 December (12,528) (12,528) Interim dividend payable for the financial year ended 31 December (4,176) (4,176) As at 31 December ,347 60, ,745 (41,300) (449) 195,841 58, ,402 ========================================================================================================================================================== As at 1 January ,346 60, ,527 (41,300) (349) 171,123 53, ,565 Share issue expenses (1) (1) Treasury shares acquired (21,900 ordinary shares) 26 (25) (25) Issuance of ordinary shares on exercise of ESOS 1 1 Realisation of revaluation reserves (777) 777 Reversal of deferred tax liabilities 2,219 2,219 Net profit for the financial year 20,565 20,565 Dividend paid for the financial year ended 31 December 2003 (8,354) (8,354) As at 31 December ,347 60, ,969 (41,300) (374) 183,334 54, ,970 ========================================================================================================================================================== * This represents the accumulated revaluation reserves which have already been realised.

117 COMPANY STATEMENT OF CHANGES IN EQUITY for the financial year ended 31 December Non-distributable Distributable Share Share Revaluation Treasury Retained Revaluation Note capital premium reserves shares earnings reserves* Total RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 As at 1 January ,347 60, ,808 (374) 56,029 15, ,494 Treasury shares acquired (76,800 ordinary shares) 26 (75) (75) Net profit for the financial year 16,985 16,985 Dividend paid for the financial year ended 31 December (12,528) (12,528) Interim dividend payable for the financial year ended 31 December (4,176) (4,176) As at 31 December ,347 60, ,808 (449) 56,310 15, ,700 ===================================================================================================================================== As at 1 January ,346 60, ,808 (349) 54,235 15, ,725 Share issue expenses (1) (1) Treasury shares acquired (21,900 ordinary shares) 26 (25) (25) Issuance of ordinary shares on exercise of ESOS 1 1 Net profit for the financial year 10,148 10,148 Dividend paid for the financial year ended 31 December 2003 (8,354) (8,354) As at 31 December ,347 60, ,808 (374) 56,029 15, ,494 ===================================================================================================================================== * This represents the accumulated revaluation reserves which have already been realised. UNITED MALAYAN LAND BHD

118 116 CASH FLOW STATEMENTS for the financial year ended 31 December 2005 Group Company RM 000 RM 000 RM 000 RM 000 CASH FLOW FROM OPERATING ACTIVITIES Net profit for the financial year 29,211 20,565 16,985 10,148 Adjustments for: Allowance for doubtful debts 2,453 3,391 Write-back of allowance for doubtful debts (3,837) (5,084) Depreciation of property, plant and equipment 1,605 1, Property, plant and equipment written off 29 Gain on disposal of property, plant and equipment (16) (467) (205) Gross dividend income from subsidiary companies (23,236) (11,620) Interest expense 1,544 1, Interest income (1,846) (1,467) (4,524) (5,333) Loss on disposal of property, plant and equipment 52 Reversal of unutilised provision for property development costs (10,411) (1,653) Minority interests 4,517 5,140 Share of results of an associated company (8) 1,885 Tax expense 3,131 9,313 6,861 4,189 26,343 34,483 (3,217) (2,652) Decrease/(increase) in land held for property development, completed properties and property development costs 4,550 (145,986) (Increase)/decrease in receivables (9,826) 4,335 (6,053) 12,146 Increase/(decrease) in payables 11,321 (12,756) (161) 8 Net cash flow from operations 32,388 (119,924) (9,431) 9,502 Interest paid (11,580) (4,471) (59) (11) Interest received 1,406 1,192 4,823 3,684 Tax paid (10,674) (9,891) (1,393) (451) Net cash flow from operating activities 11,540 (133,094) (6,060) 12,724

119 117 Group Company RM 000 RM 000 RM 000 RM 000 CASH FLOW FROM INVESTING ACTIVITIES Investment in subsidiary companies (5,150) (12,500) Net dividend income from subsidiary companies 12,531 8,366 Proceeds from disposal of property, plant and equipment Purchase of property, plant and equipment (2,044) (226) (1,231) (31) Treasury shares acquired (75) (25) (75) (25) Net cash flow from investing activities (1,889) 655 6,281 (3,890) CASH FLOW FROM FINANCING ACTIVITIES Dividend paid (14,139) (8,354) (12,528) (8,354) Net drawdown of borrowings 24, ,275 18,000 Proceeds from issuance of redeemable preference shares in a subsidiary company to a minority interest 2,100 Proceeds from issuance of ordinary shares in a subsidiary company to a minority interest 1,500 Proceeds from issuance of ordinary shares on exercise of ESOS 1 1 Share issue expenses (1) (1) Net cash flow from financing activities 11, ,421 5,472 (8,354) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 21,641 (8,018) 5, CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL YEAR 10,029 18, CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR 31,670 10,029 6, ================= ================= ================= ================= Cash and cash equivalents comprise: Bank and cash balances (Note 22) 13,982 3,894 6, Bank balances under Housing Development Accounts ( HDA ) (Note 22) 32,187 14,195 Bank balances under sinking fund (Note 22) 1,416 Bank overdrafts (Note 25) (15,915) (8,060) 31,670 10,029 6, ================= ================= ================= ================= UNITED MALAYAN LAND BHD

120 118 NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December PRINCIPAL ACTIVITIES The principal activities of the Company are investment holding and the provision of management services. The principal activities of the subsidiary companies of the Group are as stated in Note 13 to the financial statements. There were no significant changes in the nature of these activities during the financial year. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been used consistently in dealing with items which are considered material in relation to the financial statements. (a) Basis of preparation The financial statements of the Group and Company have been prepared under the historical cost convention (as modified to include the revaluation of certain property, plant and equipment and investment in subsidiary companies), unless otherwise indicated in this summary of significant accounting policies. The financial statements comply with Malaysian Accounting Standards Board ( MASB ) approved accounting standards in Malaysia and the provisions of Companies Act, The preparation of the financial statements in conformity with MASB approved accounting standards in Malaysia and the provisions of Companies Act, 1965 requires the Directors to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported financial year. Although these estimates are based on the Directors best knowledge of current events and actions, actual results may differ from these estimates. (b) Basis of consolidation The consolidated financial statements include the financial statements of the Company and all its subsidiary companies made up to the end of the financial year. Subsidiary companies are those companies in which the Group has power to exercise control over the financial and operating policies so as to obtain benefits from their activities. Subsidiary companies are consolidated using the acquisition method of accounting except for a subsidiary company (as disclosed in Note 13 to the financial statements) which was accounted for using the merger method of accounting. The subsidiary was consolidated prior to 1 January 2002 in accordance with Malaysian Accounting Standard No. 2 Accounting for Acquisitions and Mergers, the generally accepted accounting principle prevailing at that time. The Group has used the exemption provided by Financial Reporting Standard ( FRS ) Business Combinations (formerly known as MASB 21) to apply this Standard prospectively. Accordingly, business combinations entered into prior to 1 January 2002 have not been restated to comply with this Standard. Under the acquisition method of accounting, subsidiary companies are consolidated from the date control is transferred to the Group and are no longer consolidated from the date that control ceases. The results of subsidiary companies acquired or disposed of during the financial year are included from the date of acquisition up to the date of disposal. At the date of acquisition, the fair values of the subsidiary companies net assets are determined and these values are reflected in the consolidated financial statements. The difference between the cost of acquisition over the fair values of the Group s share of the subsidiary companies identifiable net assets at the date of acquisition is reflected as goodwill or negative goodwill. See accounting policy Note 2(d) on goodwill on consolidation. The cost of acquisition is the amount of cash paid and the fair value at the date of acquisition of other purchase consideration together with directly attributable expenses of the acquisition. Under the merger method of accounting, the results of the subsidiary companies are presented as if the merger had been effected throughout the current and previous financial years. The cost of investment in a merger is recorded at the aggregate of the nominal value of equity shares issued, cash and cash equivalents and fair values of other considerations. Expenditure incurred in connection with the merger is recognised as an expense in the income statement. On consolidation, the cost of the merger is cancelled with the nominal values of the shares received. The excess of the carrying value of the investment over the nominal value of the shares acquired is treated as a reduction of reserves, whereas an excess of the nominal value of the shares acquired over the carrying value of the investment is treated as reserve arising on merger and included as part of shareholders equity.

121 119 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont d) (b) Basis of consolidation (cont d) All inter-company transactions, balances and unrealised gains on transactions are eliminated; unrealised losses are also eliminated unless costs cannot be recovered in which case such costs are charged to the income statement immediately. Where necessary, accounting policies for subsidiary companies have been changed to ensure consistency with the policies adopted by the Group. Minority interests are measured at the minority shareholders share of the post acquisition fair values of the identifiable assets and liabilities of the acquiree. Separate disclosure is made of minority interests. (c) Accounting for associated companies Associated companies are companies in which the Group exercises significant influence and which are neither subsidiary companies nor joint ventures of the Group. Significant influence is the power to participate in the financial and operating policy decisions of the associated companies but not control over those policies. Investments in associated companies are accounted for in the consolidated financial statements using the equity method of accounting. Equity accounting involves recognising in the income statement the Group s share of the results of associated companies for the financial year. The Group s investments in associated companies are carried in the balance sheet at an amount that reflects its share of the net assets of the associated companies. Equity accounting is discontinued when the carrying amount of the investment in an associated company reaches zero, unless the Group has incurred obligations or guaranteed obligations in respect of the associated company. Unrealised gains on transactions between the Group and its associated companies are eliminated to the extent of the Group s interest in the associated companies; unrealised losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred in which case such impairment is charged to the income statement immediately. Where necessary, in applying the equity method of accounting, adjustments are made to the financial statements of associated companies to ensure consistency of accounting policies with those of the Group. (d) Goodwill on consolidation Goodwill arising on consolidation represents the excess of the cost of acquisition over the fair values of the Group s share of the subsidiary and associated companies identifiable net assets at the date of acquisition. Goodwill arising on consolidation is firstly written off against capital reserve arising on consolidation to the extent of the amount maintained in the balance sheet. In all other cases, goodwill arising on consolidation is charged to the income statement immediately. Negative goodwill represents the excess of the fair values of the Group s share of the subsidiary and associated companies identifiable net assets over the cost of acquisition at the date of acquisition. Negative goodwill is credited to capital reserve arising on consolidation. (e) Revenue recognition Revenue from sale of development properties is recognised net of discounts, based on the percentage of completion method. The stage of completion is measured by reference to the physical proportion of work completed as a percentage of total physical work of the project as certified by duly appointed consultants. Revenue from sale of completed properties is recognised net of discounts, in accordance with the terms of the sale and purchase agreements. The sales consideration of completed properties under instalment schemes are recorded at their fair values, which is determined by discounting all future receipts using an imputed rate of interest. The difference between the fair value and the nominal value of the sales consideration is recognised as interest income and taken to the income statement on a time proportion basis that takes into account the effective yield on the receivables arising from the sale of completed properties under the instalment schemes over the term of the instalment period. Revenue from construction contracts is recognised based on the percentage of completion method. The stage of completion is measured by reference to the proportion that the contract costs incurred for work performed to date bears to the estimated total costs for the contract as certified by duly appointed consultants. UNITED MALAYAN LAND BHD

122 120 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont d) (e) Revenue recognition (cont d) Gross dividends from investments are taken up in the financial statements when the Company s right to receive payment is established. The following income is recognised on a receivable basis: - quarry lease rental, land lease rental and rental from properties. - management fees and project management fees. - interest income. Interest on overdue amounts receivable from house buyers is recognised in the income statement as it accrues. An allowance for doubtful debts is made when the collectibility of this interest is in doubt. (f) Construction contracts When the outcome of a construction contract can be estimated reliably, contract revenue and contract costs are recognised over the period of the contract as revenue and expenses respectively. The Group uses the percentage of completion method to determine the appropriate amount of revenue and costs to recognise in a given period; the stage of completion is measured by reference to the proportion that the contract costs incurred for work performed to date bear to the estimated total costs for the contract. When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised only to the extent of contract costs incurred that is probable will be recoverable; contract costs are recognised as expenses in the financial year in which they are incurred. Irrespective of whether the outcome of a construction contract can or cannot be estimated reliably, when it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. The aggregate of the costs incurred and the profit/loss recognised on each contract is compared against the progress billings up to the end of the financial year. Where costs incurred and recognised profits (less recognised losses) exceed progress billings, the balance is shown as an amount due from customer on construction contracts under trade and other receivables. Where progress billings exceed costs incurred plus recognised profits (less recognised losses), the balance is shown as an amount due to customer on construction contracts under trade and other payables. (g) Property, plant and equipment Freehold land is stated at cost or valuation. Freehold land is not depreciated as it has an infinite life. The freehold land was revalued by the Directors based on professional valuations carried out by independent professional valuers. The Directors have applied the transitional provision issued by Malaysian Accounting Standards Board on adoption of FRS Property, Plant and Equipment (formerly known as MASB 15), which allows these assets to be stated at their 1990 and 1996 valuations. Accordingly, the valuations have not been updated. Surpluses arising on revaluation are credited to non-distributable revaluation reserves. Deficits arising on revaluation are charged against non-distributable revaluation reserves to the extent of previous surpluses credited to non-distributable revaluation reserves of the same asset. In all other cases, a decrease in carrying amount is charged to the income statement. All other property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. All other property, plant and equipment are depreciated on a straight line basis over their estimated useful lives, summarised as follows: Buildings 5% Furniture, fittings and equipment 20% % Motor vehicles 20% Plant and machinery 20% Stable and equestrian equipment 20%

123 121 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont d) (g) Property, plant and equipment (cont d) Depreciation on assets under construction commences when the assets are ready for their intended use. Where an indication of impairment exists at the balance sheet date, an analysis is performed to assess whether the carrying amount of the asset is fully recoverable. A write-down is made if the carrying amount exceeds the recoverable amount. See accounting policy Note 2(i) on impairment of assets. On disposal of an asset, the difference between the net disposal proceeds and its carrying amount is charged or credited to the income statement. In the case of revalued land, the amount in non-distributable revaluation reserve relating to these revalued land which had been disposed is transferred to distributable reserves. Interest costs on borrowings to finance the construction of property, plant and equipment are capitalised as part of the cost of the asset during the period of time that is required to complete and prepare the asset for its intended use. (h) Investments (i) Subsidiary companies Investments in subsidiary companies are stated at valuation based on the net tangible assets value of the subsidiary companies, less accumulated impairment losses. Acquisitions subsequent to valuation date are stated at cost until the next revaluation. A valuation is conducted at least once in every five years. An increase in carrying amount arising from revaluation of investments in subsidiary companies is credited directly to shareholders equity as non-distributable revaluation reserves. To the extent that a decrease in carrying amount offsets a previous increase, for the same investment, that has been credited to non-distributable revaluation reserves and not subsequently reversed or utilised, it is charged against that non-distributable revaluation reserves. In all other cases, a decrease in carrying amount is charged to the income statement. An increase on revaluation which is directly related to a previous decrease in carrying amount for the same investment that was charged to the income statement is credited to the income statement to the extent that it offsets the previously recorded decrease. On disposal of a subsidiary company, the difference between the net disposal proceeds and the Group s share of the subsidiary company s net assets is charged or credited to the income statement. The amount in non-distributable revaluation reserves relating to these subsidiary companies will be transferred to distributable reserves. Goodwill on acquisition which has been credited or charged to capital reserve arising on consolidation and retained earnings respectively will be deducted when determining the gain or loss on disposal of a subsidiary company. Where an indication of impairment exists, the carrying amount of the investments in subsidiary companies is assessed and written down immediately to its recoverable amount. See accounting policy Note 2(i) on impairment of assets. (ii) Associated companies and other non-current investments Investments in associated companies are shown at cost less accumulated impairment losses. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount. Investments in other non-current investments are shown at cost and an allowance for diminution in value is made where, in the opinion of the Directors, there is a decline other than temporary in the value of such investments. Where there has been a decline other than temporary in the value of an investment, such a decline is recognised as an expense in the period in which the decline is identified. On disposal of an investment, the difference between the net disposal proceeds and its carrying amount is charged or credited to the income statement. UNITED MALAYAN LAND BHD

124 122 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont d) (i) Impairment of assets Property, plant and equipment and other non-current assets, including intangible assets, are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount. Recoverable amount is the higher of an asset s net selling price and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows. The impairment loss is charged to the income statement unless it reverses a previous revaluation in which case it is charged to the revaluation reserves. Any subsequent increase in recoverable amount is recognised in the income statement unless it reverses an impairment loss on a revalued asset in which case it is credited to revaluation reserves. (j) Trade receivables Trade receivables are carried at invoiced amount less an allowance for doubtful debts. The allowance is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Trade receivables arising from the sale of completed properties under instalment schemes are recorded at their fair values, which are determined by discounting all future receipts using an imputed rate of interest. (k) Income taxes Current tax expense is determined according to the tax law of the jurisdiction in which the Group operates. It includes all taxes chargeable upon the taxable profits, and real property gains tax payable on disposal of properties. Deferred tax is recognised in full, using the liability method, on temporary differences arising between the amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial statements. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which the deductible temporary differences or unused tax losses can be utilised. Deferred tax is recognised on temporary differences arising on investments in subsidiary companies and associated companies except where the timing of reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Tax rates enacted or substantively enacted by the balance sheet date are used to determine the deferred tax. (l) Land held for property development Land held for property development consists of land upon which no significant development work has been undertaken or where development activities are not expected to be completed within the normal operating cycle. Such land is classified as non-current asset and is stated at cost less accumulated impairment losses. Cost of land includes the purchase price of the land, professional fees, stamp duties, commissions, conversion fees and other relevant levies. Where the Group had previously recorded the land at revalued amount, it continues to retain this amount as its surrogate cost as allowed by FRS Property Development Activities (formerly known as MASB 32). Where an indication of impairment exists, the carrying amount of the asset is assessed and written down immediately to its recoverable amount. See accounting policy Note 2(i) on impairment of assets. Land held for property development is transferred to Property development costs (under current assets) upon commencement of development activities and where the development activities can be completed within the Group s normal operating cycle.

125 123 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont d) (m) Completed properties Properties which have been completed but not sold are classified as Completed properties and are stated at the lower of cost and net realisable value. Net realisable value is the estimate of the selling price in the ordinary course of business, less the cost of completion and selling expenses. (n) Property development costs Property development costs comprise cost of land and all costs directly attributable to development activities or that can be allocated on a reasonable basis to those activities. It includes borrowing costs related to the financing of development activities of the land, related development costs common to the development project and direct construction costs. Borrowing costs are included in the property development costs until the completion of the development projects. When the outcome of the development activities can be estimated reliably, property development revenue and expenses are recognised by using the percentage of completion method as mentioned in Note 2(e) on revenue recognition. When the outcome of the development activities cannot be estimated reliably, property development revenue is recognised only to the extent of property development costs incurred that is probable will be recoverable; property development costs on the development units sold are recognised when incurred. Irrespective of whether the outcome of property development activities can or cannot be estimated reliably, when it is probable that total property development costs will exceed total property development revenue, the expected loss is recognised as an expense immediately. Property development costs not recognised as an expense is recognised as an asset and is stated at the lower of cost and net realisable value. Where revenue recognised in the income statement exceeds billings to purchasers, the balance is presented as accrued billings under Trade and other receivables (within current assets). Where billings to purchasers exceed revenue recognised in the income statement, the balance is presented as progress billings under Trade and other payables (within current liabilities). (o) Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation, and when a reliable estimate of the amount can be made. (p) Share capital (i) Classification Ordinary shares are classified as equity. Distributions to holders of a financial instrument classified as an equity instrument are charged directly to equity. (ii) Share issue costs Incremental external costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. (iii) Dividends to shareholders of the Company Interim dividends on ordinary shares are recognised as liabilities when proposed. Final dividend proposed after the balance sheet date is not recognised as a liability at the balance sheet date until its approval by the shareholders at the Annual General Meeting. UNITED MALAYAN LAND BHD

126 124 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont d) (q) Treasury shares Where the Company or its subsidiary companies purchase the Company s equity share capital, the consideration paid, including any attributable transaction costs is deducted from total shareholders equity as treasury shares until they are cancelled. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders equity. (r) Employee benefits (i) Short term employee benefits Wages, salaries, paid annual leave, sick leave, bonuses, and non-monetary benefits are accrued in the period in which the associated services are rendered by the employees (including Executive Directors) of the Group. (ii) Post-employment benefits The Group has a post-employment benefit scheme whereby contributions are made to Employees Provident Fund ( EPF ), the national defined contribution plan. The Group s contributions to EPF are charged to the income statement in the financial period to which they relate. Once the contributions have been paid, the Group has no further payment obligations. (iii) Equity compensation benefits Details of the Group s Employees Share Option Scheme ( ESOS ) are set out in Note 26 to the financial statements. The Group does not make a charge to the income statement in connection with options over ordinary shares granted. When the options over ordinary shares are exercised, the proceeds received, net of any transaction costs, are credited to share capital and share premium. (s) Contingent liabilities and contingent assets The Group does not recognise a contingent liability but discloses its existence in the financial statements. A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by uncertain future events beyond the control of the Group or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in the extremely rare circumstance where there is a liability that cannot be recognised because it cannot be measured reliably. A contingent asset is a possible asset that arises from past events whose existence will be confirmed by uncertain future events beyond the control of the Group. The Group does not recognise a contingent asset but discloses its existence where inflows of economic benefits are probable, but not virtually certain. (t) Cash and cash equivalents For the purposes of the cash flow statements, cash and cash equivalents comprise cash in hand, bank balances, deposits held at call with banks, bank overdrafts and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Bank overdrafts are included within Borrowings in current liabilities in the balance sheet. (u) Reporting currency The financial statements are presented in Ringgit Malaysia.

127 125 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont d) (v) Financial instruments Description A financial instrument is any contract that gives rise to both a financial asset of one enterprise and a financial liability or equity instrument of another enterprise. A financial asset is any asset that is cash, a contractual right to receive cash or another financial asset from another enterprise, a contractual right to exchange financial instruments with another enterprise under conditions that are potentially favourable, or an equity instrument of another enterprise. A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another enterprise, or to exchange financial instruments with another enterprise under conditions that are potentially unfavourable. Financial instruments recognised in the balance sheet Financial instruments recognised in the balance sheet include deposits, cash and bank balances, investments, receivables, payables and borrowings. The recognition method adopted for financial instruments recognised in the balance sheet is disclosed in the individual accounting policy statements associated with each item. The financial assets and liabilities of the Group and Company are denominated in Ringgit Malaysia. Fair value estimation for disclosure purposes In assessing the fair values of financial instruments, the Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. In particular, the fair values of financial assets and financial liabilities are estimated by discounting the future contractual cash flows at the current market interest rate available to the Group for similar financial instruments. Fair values of other investments are determined based on the market value at the balance sheet date. The face values of financial assets (less any estimated credit adjustments) and financial liabilities with a maturity period of less than one year are assumed to approximate their fair values. 3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group is exposed to various financial risks including foreign currency exchange risk, interest rate risk, credit risk, liquidity risk and cash flow risk in the normal course of business. The Group s overall financial risk management objective is to ensure that the Group creates value for its shareholders. The Group focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. Financial risk management is carried out through risks review and internal control systems. The Board of Directors regularly reviews these risks to ensure that the Group s financial risk management policies are adhered to. (i) Foreign currency exchange risk The Group is not exposed to currency risk as foreign currency transactions entered into within the Group are minimal. (ii) Interest rate risk The Group s income and operating cash flows are substantially independent of changes in market interest rates. Interest rate exposure arises from the Group s borrowings and is managed through the use of fixed and floating rates debts. The Group is actively monitoring its borrowings to ensure that the Group will benefit most from the operating environment. (iii) Credit risk Concentration of credit risk with respect to trade receivables is limited as the ownership and rights to the properties revert to the Group in the event of default. The Group s historical experience in collection of trade receivables falls within the recorded allowances. Due to these factors, management believes that no additional credit risk beyond amounts provided for collection losses is inherent in the Group s trade receivables. UNITED MALAYAN LAND BHD

128 126 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont d) (iv) Liquidity and cash flow risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities. The Group aims at maintaining flexibility in funding by keepingcommitted credit lines available. 4 REVENUE RM 000 RM 000 Group Revenue from property development 219, ,773 Less: Revocation of sales (5,782) (4,988) 213, ,785 Construction contract 102 Quarry lease rental Land lease rental Rental from properties Interest income from short term deposits , ,845 ================= ================= Company Dividend income from subsidiary companies 23,236 11,620 Interest income from short term deposits and advances to subsidiary companies 4,524 5,333 Provision of management services 5,275 4,260 33,035 21,213 ================= ================= 5 EMPLOYEE BENEFITS EXPENSES Group Company RM 000 RM 000 RM 000 RM 000 Wages, salaries and bonus 13,854 10,066 5,121 3,767 Defined contribution retirement plan 1,911 1, Other employee benefits 1,444 1, ,209 12,547 6,305 4,771 ================= ================= ================= ================= Employee benefits expenses include the remuneration of Executive Directors. At the end of the financial year, there were 234 (2004: 193) employees in the Group and 51 (2004: 40) employees in the Company.

129 127 6 PROFIT FROM OPERATIONS The following items have been (credited)/charged in arriving at profit from operations: Group Company RM 000 RM 000 RM 000 RM 000 Interest income from - short term deposits (32) (21) (30) (21) - advances to subsidiary companies (4,494) (5,312) - sale of completed properties under instalment schemes (271) (1,072) - others (1,543) (374) Gain on disposal of property, plant and equipment (16) (467) (205) Rental income from completed and development properties (515) (481) Auditors remuneration Non statutory audit fees - tax advisory and compliance work other regulatory work Loss on disposal of property, plant and equipment 52 Management fees paid and payable to related parties ================= ================= ================= ================= 7 DIRECTORS REMUNERATION The aggregate amount of emoluments (excluding the estimated monetary value of benefits-in-kind) received and receivable by the Directors of the Company during the financial year are as follows: Group Company RM 000 RM 000 RM 000 RM 000 Executive Directors: - fees basic salaries and bonus defined contribution retirement plan other emoluments Non-Executive Directors: - fees other emoluments , ,126 ================= ================= ================= ================= The estimated monetary value of benefits-in-kind provided to the Executive Directors and Non-Executive Directors of the Company during the financial year by way of usage of the Company s assets and provision of other benefits amounted to RM20,525 (2004: RM34,425) and RM22,030 (2004: RM10,100) respectively. UNITED MALAYAN LAND BHD

130 128 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December DIRECTORS REMUNERATION (cont d) Executive Directors of the Company have been granted options over ordinary shares under the Employees Share Option Scheme ( ESOS ) on the same terms and conditions as those offered to other employees of the Group (Note 26). Details of these options over ordinary shares granted to an Executive Director are as follows: Number of options over ordinary shares of RM1.00 each Grant Expiry Exercise As at As at date date price/share Granted Exercised Lapsed RM ============================================================================================================ Number of options over ordinary shares of RM1.00 each As at As at Granted Exercised Lapsed ============================================================================================================ Number of options over ordinary shares vested as at balance sheet date ================= ================= 8 FINANCE COST Group Company RM 000 RM 000 RM 000 RM 000 Interest expense on: - revolving credit bank overdrafts term loan others 15 - advances from a subsidiary company ,544 1, ================= ================= ================= ================= 9 TAX EXPENSE Group Company RM 000 RM 000 RM 000 RM 000 Current tax: - Malaysian tax 5,527 8,845 6,231 3,676 Deferred tax (Note 18) (2,396) ,131 9,313 6,861 4,189 ================= ================= ================= ================= Current tax Current financial year 10,110 9,182 6,171 3,569 (Over)/underaccrual in prior financial years (net) (4,583) (337) ,527 8,845 6,231 3,676

131 129 9 TAX EXPENSE (cont d) Group Company RM 000 RM 000 RM 000 RM 000 Deferred tax Origination and reversal of temporary differences (1,002) (Over)/underaccrual in prior financial years (net) (1,394) 349 (55) 4 (2,396) ,131 9,313 6,861 4,189 ================= ================= ================= ================= The numerical reconciliation between the average effective tax rate of the Group and Company and the Malaysian tax rate is as follows: Group Company % % % % Malaysian tax rate Tax effects of: - expenses not deductible for tax purposes income not subject to tax (1) - current financial year s tax loss not recognised lower tax rate resulting from restatement of land costs for tax purposes (16) (8) - utilisation of previously unrecognised tax losses (3) - (over)/underaccrual of deferred tax in prior financial years (4) 1 - (over)/underaccrual of current tax in prior financial years (14) (1) 1 - others 1 4 Average effective tax rate ================= ================= ================= ================= Included in tax expense of the Group and Company are tax savings from utilisation of current financial year s tax losses amounting to RM2,658,000 (2004: RM2,310,763) and RM2,658,000 (2004: RM2,310,763) respectively. These tax savings arose from the utilisation of tax losses, from one business source or investment income against taxable profit from a different business source within the same company in the same financial year. 10 EARNINGS AND NET TANGIBLE ASSETS PER SHARE (a) Earnings per share Basic earnings per share Basic earnings per share of the Group is calculated by dividing the net profit for the financial year by the weighted average number of ordinary shares in issue during the financial year, excluding ordinary shares acquired by the Company and held as treasury shares Net profit for the financial year (RM 000) 29,211 20,565 Weighted average number of ordinary shares in issue ( 000) 232, ,046 Basic earnings per share (sen) ================= ================= UNITED MALAYAN LAND BHD

132 130 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December EARNINGS AND NET TANGIBLE ASSETS PER SHARE (cont d) (a) Earnings per share (cont d) Diluted earnings per share As at 31 December 2005, the Company has 8,838,100 (2004: 9,647,500) unissued ordinary shares outstanding under the Employees Share Option Scheme ( ESOS ) for eligible employees and Executive Directors of the Group. In accordance with the provisions laid down by FRS Earnings Per Share (formerly known as MASB 13), options over ordinary shares are dilutive when they would result in the issue of ordinary shares for less than fair value (determined based on the market price of the ordinary shares). Since the exercise prices of options over ordinary shares are above the fair value of the Company s ordinary shares for the financial years 2005 and 2004, the options over ordinary shares are non-dilutive. Accordingly, diluted earnings per share information is not presented in the financial statements. (b) Net tangible assets per share The net tangible assets per share is calculated by dividing the net tangible assets of the Group of RM746,401,879 (2004: RM733,970,164) by the issued share capital of 231,957,933 shares, (which is net of 388,700 treasury shares) (2004: 232,034,733 shares, [which is net of 311,900 treasury shares]), at the end of the financial year. 11 DIVIDEND PER SHARE Dividends declared and proposed in respect of ordinary shares of the Group and Company for the financial year are as follows: Gross Amount of Gross Amount of dividend dividend,net dividend dividend,net per share of 28% tax per share of 28% tax Sen RM 000 Sen RM 000 Interim dividend declared 2.5 4, Proposed final dividend 5.0 8, , , ,528 ================= ================= ================= ================= At the forthcoming Annual General Meeting ( AGM ) on 20 June 2006, a final dividend of 5.0 sen (2004: 7.5 sen) gross per ordinary share on 231,957,933 ordinary shares (which is net of 388,700 treasury shares), less income tax of 28%, in respect of the financial year ended 31 December 2005 will be proposed for shareholders approval. This final net dividend amounts to RM8,350,486. These financial statements do not reflect this final dividend as a liability. The final dividend will be accrued as a liability only after it has been approved by the shareholders at the forthcoming AGM. 12 PROPERTY, PLANT AND EQUIPMENT Group 2005 As at Disposals/ As at Additions write-off RM 000 RM 000 RM 000 RM 000 Cost/Valuation Freehold land 332, ,308 Buildings 17, ,045 Furniture, fittings and equipment 6,727 1,048 (239) 7,536 Motor vehicles 1, (392) 2,222 Plant and machinery Stable and equestrian equipment 100 (3) ,818 2,044 (634) 359,228

133 PROPERTY, PLANT AND EQUIPMENT (cont d) Charge for As at the financial Disposals/ As at year write-off RM 000 RM 000 RM 000 RM 000 Accumulated depreciation Freehold land Buildings 5, ,768 Furniture, fittings and equipment 6, (239) 6,530 Motor vehicles 1, (178) 1,425 Plant and machinery Stable and equestrian equipment 100 (3) 97 13,655 1,605 (420) 14,840 Group 2004 As at Disposals/ As at Additions write-off Transfers* RM 000 RM 000 RM 000 RM 000 RM 000 Cost/Valuation Freehold land 377,534 (45,226) 332,308 Buildings 17, (34) 17,042 Furniture, fittings and equipment 6, (3) 6,727 Motor vehicles 4,642 (3,021) 1,621 Plant and machinery Stable and equestrian equipment , (3,058) (45,226) 357,818 *Transfers to Land held for property development and Property development costs. Charge for As at the financial Disposals/ As at year write-off RM 000 RM 000 RM 000 RM 000 Accumulated depreciation Freehold land Buildings 5, (5) 5,926 Furniture, fittings and equipment 5, (3) 6,208 Motor vehicles 3, (2,530) 1,401 Plant and machinery Stable and equestrian equipment ,654 1,539 (2,538) 13,655 UNITED MALAYAN LAND BHD

134 132 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December PROPERTY, PLANT AND EQUIPMENT (cont d) As at As at RM 000 RM 000 Group Net book value Freehold land 332, ,308 Buildings 10,277 11,116 Furniture, fittings and equipment 1, Motor vehicles Plant and machinery Stable and equestrian equipment 344, ,163 ================= ================= Company 2005 As at As at Additions Disposals RM 000 RM 000 RM 000 RM 000 Cost Furniture, fittings and equipment 1, ,892 Motor vehicles 1, (343) 1,685 2,689 1,231 (343) 3,577 Accumulated depreciation Charge for As at the financial As at year Disposals RM 000 RM 000 RM 000 RM 000 Furniture, fittings and equipment 1, ,683 Motor vehicles (137) 887 2, (137) 2,570 Company 2004 As at As at Additions Disposals RM 000 RM 000 RM 000 RM 000 Cost Furniture, fittings and equipment 1, ,654 Motor vehicles 2,321 (1,286) 1,035 3, (1,286) 2,689

135 PROPERTY, PLANT AND EQUIPMENT (cont d) Charge for As at the financial As at year Disposals RM 000 RM 000 RM 000 RM 000 Accumulated depreciation Furniture, fittings and equipment 1, ,553 Motor vehicles 1, (1,191) 824 3, (1,191) 2,377 As at As at RM 000 RM 000 Company Net book value Furniture, fittings and equipment Motor vehicles , ================= ================= The freehold land of the Group was revalued by the Directors in 1990 based on a valuation carried out by an independent firm of professional valuers using the comparison method basis. The book value of freehold land was adjusted to reflect the revaluation and the revaluation surplus arising thereof was credited to revaluation reserves. A certain portion of the freehold land of the Group was revalued again by the Directors in 1996 based on a valuation carried out by an independent firm of professional valuers using the open market valuation basis and as approved by Securities Commission. The book value of freehold land was adjusted to reflect the revaluation and the revaluation surplus arising thereof was credited to revaluation reserves. Group RM 000 RM 000 The freehold land consists of the following: At cost or valuation Land, at 1990 valuation 20,545 20,545 Land, at 1996 valuation 304, ,858 Development expenditure, at cost 6,905 6, , ,308 ================= ================= If the freehold land had been determined in accordance with the historical cost convention, the cost of the freehold land for the Group is RM19,051,183 (2004: RM19,051,183). UNITED MALAYAN LAND BHD

136 134 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December INVESTMENTS IN SUBSIDIARY COMPANIES Company RM 000 RM 000 Unquoted shares - At cost 17,650 12,500 - At Directors valuation 584, , , ,041 ================= ================= The Company s investments in subsidiary companies are stated at valuation based on the net tangible assets value of the subsidiary companies as at 31 December Details of the subsidiary companies, all of which were incorporated in Malaysia, are as follows: Group s effective interest Name of company Principal activities % Seri Alam Properties Sdn Bhd Property development * UM Leisure Sdn Bhd General trading UM Land Assets Sdn Bhd Property investment UM Land Bena Sdn Bhd Property development and related activities Country Equity Sdn Bhd Investment holding * UM Development Sdn Bhd General trading UM Residences Sdn Bhd Development of serviced apartments Suasana Sentral Two Sdn Bhd Property development and related activities Dynasty View Sdn Bhd Property development and related activities * Alpine Return Sdn Bhd Property development and related activities Subsidiary companies of Seri Alam Properties Sdn Bhd * PMS Services Sdn Bhd Project management * Seri Alam Hotel Resort Sdn Bhd General trading Seri Alam Leisure Sdn Bhd Investment holding Subsidiary company of Seri Alam Leisure Sdn Bhd Seri Alam Golf & Equestrian Club Operation of a recreational Sdn Bhd club and related activities Subsidiary company of Country Equity Sdn Bhd Bangi Heights Development Sdn Bhd Property development and property investment ================= Subsidiary company consolidated using the merger method of accounting. * These subsidiary companies have not commenced operations.

137 INVESTMENT IN AN ASSOCIATED COMPANY Group RM 000 RM 000 Unquoted shares, at cost 6,240 6,240 Share of post-acquisition losses (3,485) (3,493) Goodwill on acquisition written off against capital reserve (7) (7) 2,748 2,740 ================= ================= Represented by: Share of net tangible assets 2,748 2,740 ================= ================= Details of the associated company, which was incorporated in Malaysia, are as follows: Group s effective interest Name of company Principal activities % % Ipjora Holdings Sdn Bhd Developing, building, owning and operating ================= ================= serviced apartments 15 OTHER INVESTMENTS Group Company RM 000 RM 000 RM 000 RM 000 Unquoted shares, at cost 9 9 Unquoted subordinated bonds, at cost 2,000 2,000 2, ,000 ================= ================= ================= ================= The fair value of the unquoted shares was estimated based on the investees net tangible assets value. The Directors are of the view that the fair value of this investment is not significantly different from the cost shown in the financial statements at the balance sheet date. The fair value of the unquoted subordinated bonds as at financial year end approximates the carrying amount. 16 LAND HELD FOR PROPERTY DEVELOPMENT Group RM 000 RM 000 At beginning of the financial year 206, ,860 Transfer from property, plant and equipment 12,411 Net transfer to property development costs (28,531) (46,608) Acquisition of land 129,322 At end of the financial year 178, ,985 ================= ================= Land held for property development with book value of RM152,015,900 (2004: RM189,360,942) has been pledged as security for borrowings (Note 25). UNITED MALAYAN LAND BHD

138 136 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December LONG TERM TRADE RECEIVABLES Group RM 000 RM 000 Current 6,101 15,767 Later than 1 year but not later than 2 years 4,004 3,603 Later than 2 years but not later than 5 years 171 Non-current 4,004 3,774 10,105 19,541 ================= ================= Long term trade receivables are the discounted future receipts arising from the sale of completed properties under instalment schemes and sale of land under deferred payment scheme. Proceeds from sale of completed properties under instalment schemes are receivable over four to seven years. Proceeds from sale of land under deferred payment scheme are receivable over two years. The instalments receivable within twelve months amounting to RM6,101,309 (2004: RM15,766,946) are included in Trade and other receivables in current assets. There were no balances due from Directors and related parties included in the long term trade receivables of the Group at the financial year end. 18 DEFERRED TAX Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority. The following amounts, determined after appropriate offsetting, are shown in the balance sheet: Group Company RM 000 RM 000 RM 000 RM 000 Deferred tax assets: - subject to income tax subject to real property gains tax ( RPGT ) 17,015 14,288 17,861 14,658 Deferred tax liabilities: - subject to income tax (16,604) (20,322) (652) (22) - subject to real property gains tax ( RPGT ) (16,184) (16,184) (32,788) (36,506) (652) (22) (14,927) (21,848) (652) (22) ================= ================= ================= ================= At beginning of the financial year: (21,848) (23,599) (22) 491 Credited/(charged) to income statement (Note 9): - property, plant and equipment (13) - land held for property development 1,155 2,625 - property development costs (2,140) (2,618) - interest capitalised receivables (130) (412) (1,633) - payables 312 (64) 44 (38) - interest receivable 946 (515) 886 (462) - tax losses 2, ,396 (468) (630) (513) Reversal of deferred tax to revaluation reserves 2,219 Underaccrual of RPGT in prior financial years 4,525 At end of the financial year (14,927) (21,848) (652) (22) ================= ================= ================= =================

139 DEFERRED TAX (cont d) Group Company RM 000 RM 000 RM 000 RM 000 Subject to income tax: Deferred tax assets (before offsetting): - property, plant and equipment tax losses 2, receivables payables ,685 2, Offsetting (3,839) (1,961) (981) (864) Deferred tax assets (after offsetting) ================= ================= ================= ================= Deferred tax liabilities (before offsetting): - property, plant and equipment (25) (4) - land held for property development (9,948) (11,103) - property development costs (5,995) (5,653) - interest capitalised (4,475) (4,577) - receivables (1,633) - interest receivable (946) (886) (20,443) (22,283) (1,633) (886) Offsetting 3,839 1, Deferred tax liabilities (after offsetting) (16,604) (20,322) (652) (22) ================= ================= ================= ================= Subject to RPGT: Deferred tax assets: - property development costs 17,015 14,288 ================= ================= ================= ================= Deferred tax liabilities: - property, plant and equipment (16,184) (16,184) ================= ================= ================= ================= The amount of unused tax losses (with no expiry date) for which no deferred tax asset is recognised in the balance sheet is as follows: Group Company RM 000 RM 000 RM 000 RM 000 Tax losses 40,137 27,684 ================= ================= ================= ================= 19 COMPLETED PROPERTIES Completed properties with book value of RM35,289,050 (2004: RM16,807,043) have been pledged as security for borrowings (Note 25). UNITED MALAYAN LAND BHD

140 138 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December PROPERTY DEVELOPMENT COSTS Group RM 000 RM 000 At beginning of the financial year Freehold land - at cost 85,777 30,084 - at valuation 78,393 17,026 Development costs incurred 295, ,926 Accumulated costs charged to income statement (68,029) (55,487) 391, ,549 ================= ================= Costs incurred during the financial year Land acquired 41,085 Development costs incurred 166,536 89,915 Transfer from property, plant and equipment 32,815 Net transfer from land held for property development 28,531 46,608 Transfer to completed properties (13,495) (13,117) Accumulated costs charged to income statement (141,008) (69,571) 40, ,735 ================= ================= At end of the financial year Freehold land - at cost 95,801 85,777 - at valuation 72,966 78,393 Development costs incurred 348, ,143 Accumulated costs charged to income statement (85,020) (68,029) 431, ,284 ================= ================= The freehold land at valuation was transferred from Property, plant and equipment to Property development costs at its carrying amounts. The Directors have applied the transitional provision issued by Malaysian Accounting Standards Board on adoption of FRS Property, Plant and Equipment (formerly known as MASB 15), which allows these assets to be stated at their 1990 and 1996 valuations. Accordingly, the carrying amounts have not been updated. Included in the development costs incurred during the financial year is interest capitalised amounting to RM10,553,962 (2004: RM3,548,130). Property development costs with book value of RM116,083,329 (2004: RM85,549,303) have been pledged as security for borrowings (Note 25).

141 TRADE AND OTHER RECEIVABLES Group Company RM 000 RM 000 RM 000 RM 000 Trade receivables 70,265 68, Less: Allowance for doubtful debts (10,234) (11,718) (297) (297) 60,031 56,622 Other receivables 5,648 5,716 6, Less: Allowance for doubtful debts (1,382) (1,282) 4,266 4,434 6, Amounts due from subsidiary companies 161, ,100 Amounts due from related companies 16 4 Deposits 3,444 3, Prepayments Accrued billings in respect of property development 15,344 7,435 19,284 11, , ,735 83,581 72, , ,791 ================= ================= ================= ================= Included in the trade receivables of the Group are balances due (to)/from Directors as follows: Group RM 000 RM 000 Amount due (to)/from Directors (5) 101 ================= ================= Credit terms of trade receivables range from 7 days to 365 days. Included in trade receivables is an amount owed by a purchaser of a parcel of land under the deferred payment scheme, who was granted a credit term of 365 days in accordance with the terms of the sale and purchase agreement. 22 DEPOSITS, BANK AND CASH BALANCES Group Company RM 000 RM 000 RM 000 RM 000 Bank and cash balances 13,982 3,894 6, Bank balances under Housing Development Accounts ( HDA ) 32,187 14,195 Bank balances under sinking fund 1,416 47,585 18,089 6, ================= ================= ================= ================= The effective weighted average interest rates of bank balances as at the balance sheet dates were as follows: Group Company % % % % Bank balances Bank balances under Housing Development Accounts ( HDA ) ================= ================= ================= ================= Bank balances are deposits held at call with banks. UNITED MALAYAN LAND BHD

142 140 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December DEPOSITS, BANK AND CASH BALANCES (cont d) The subsidiary companies bank balances under Housing Development Accounts are not freely remissible to the Company until the issuance of the Certificate of Fitness for the respective housing development and with the approval of the Controller of Housing after deducting certain sums of monies as specified in Housing Development (Control and Licensing) Act 1966, Housing Developers (Housing Development Account)(Amendment) Regulations 2002, Regulation 9. The sinking fund, which is established in accordance with the terms stipulated in the loan agreement, represents deposits with a bank which will be utilised for the repayment of term loan and bridging loan of a subsidiary company. 23 TRADE AND OTHER PAYABLES Group Company RM 000 RM 000 RM 000 RM 000 Trade payables 40,214 19,162 Trade accruals 26,079 19,271 Amount due to a subsidiary company 1,492 Amounts due to related parties Payroll liabilities 2,958 2, Real property gains tax payable 1,800 6,466 Progress billings in respect of property development 5,363 Other payables and accruals 8,688 8, ,741 61,068 3,117 1,478 ================= ================= ================= ================= Credit terms of trade payables granted to the Group vary from no credit terms to 60 days. The amount due to a subsidiary company, UM Residences Sdn Bhd, is unsecured and has no fixed term of repayment. The weighted average interest rate as at financial year end was 7.25% per annum. The amounts due to related parties, CapitaLand Residential Ltd, Tradewinds Corporation Berhad, Tradewinds Travel & Tours Sdn Bhd and Chee Tat Holdings (S) Pte Ltd are unsecured, interest-free and have no fixed term of repayment. 24 PROVISION Group RM 000 RM 000 Property development costs At beginning of the financial year 20,777 21,459 Provision for property development costs 950 3,483 Utilised during the financial year (2,512) Reversal of unutilised provision to: - development costs recognised as expenses (10,411) (1,653) - completed properties and property development costs (9,618) - trade accruals (748) (20,777) (1,653) At end of the financial year ,777 ================= ================= This represents the development costs estimated to be incurred. This provision will be utilised when the designated development activities take place. The reversal of unutilised provision during the financial year was due to changes in plans of the future designated development activities.

143 BORROWINGS Group Company RM 000 RM 000 RM 000 RM 000 Current Secured Bank overdrafts 15,915 8,060 Revolving credit 106, ,675 Term loan 27,475 30, , ,135 Non-current Secured Bridging loan 3,073 Term loan 89,600 89,600 Unsecured Term loan 20,000 20, ,673 89,600 20,000 Total Bank overdrafts 15,915 8,060 Revolving credit 106, ,675 Bridging loan 3,073 Term loan 137, ,000 20, , ,735 20,000 ================= ================= ================= ================= The borrowings are secured by the following: Group RM 000 RM 000 Land held for property development (Note 16) 152, ,361 Completed properties (Note 19) 35,289 16,807 Property development costs (Note 20) 116,083 85, , ,717 ================= ================= Weighted average interest Total carrying Maturity profile Group rate at balance sheet date amount < 1 year 1-5 years > 5 years % RM 000 RM 000 RM 000 RM Bank overdrafts ,915 15,915 Revolving credit , ,557 Term loan ,475 27,475 Bridging loan ,073 3,073 Term loan ,600 89,600 Term loan ,000 20, , , ,673 ================= ================= ================= ================= UNITED MALAYAN LAND BHD

144 142 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December BORROWINGS (cont d) Weighted average interest Total carrying Maturity profile Group rate at balance sheet date amount < 1 year 1-5 years > 5 years % RM 000 RM 000 RM 000 RM Bank overdrafts ,060 8,060 Revolving credit , ,675 Term loan ,400 30,400 Term loan ,600 67,200 22, , ,135 67,200 22,400 ================= ================= ================= ================= Company 2005 Term loan ,000 20,000 ================= ================= ================= ================= The net exposure of borrowings of the Group and Company to interest rate changes and the periods in which the borrowings reprice are as follows: Total Floating Fixed Weighted average interest carrying interest rate interest rate Group rate at balance sheet date amount < 1 year 1-5 years % RM 000 RM 000 RM Bank overdrafts ,915 15,915 Revolving credit , ,557 Term loan ,475 27,475 Bridging loan ,073 3,073 Term loan ,600 89,600 Term loan ,000 20, , ,620 20,000 ================= ================= ================= 2004 Bank overdrafts ,060 8,060 Revolving credit , ,675 Term loan ,400 30,400 Term loan ,600 89, , ,735 ================= ================= ================= Company 2005 Term loan ,000 20,000 ================= ================= ================= The unsecured term loan of RM20 million of the Group and Company represents a primary collateralised loan obligation. The term loan is subject to fixed interest rate of 6.13% per annum and is repayable in one lump sum in September The fair value of this long term loan at the balance sheet date is RM19,358,000. The fair value is estimated based on future contractual cash flows discounted at the interest rate of 6.90%. The carrying amount of all other borrowings of the Group at the balance sheet dates approximates their fair values.

145 SHARE CAPITAL Group and Company RM 000 RM 000 Authorised: Ordinary shares of RM1.00 each, at beginning and end of the financial year 500, ,000 ================= ================= Issued and fully paid: Ordinary shares of RM1.00 each At beginning of the financial year 232, ,346 Issued during the financial year 1 At end of the financial year 232, ,347 ================= ================= EMPLOYEES SHARE OPTION SCHEME ( ESOS ) The Company had, on 5 September 2003, implemented an Employees Share Option Scheme ( ESOS ) for its eligible employees and Executive Directors of the Group. This ESOS had been in force for a period of five years from the date of its implementation until its expiry on 4 September The ESOS was approved by the shareholders at an Extraordinary General Meeting held on 25 June The main features of the ESOS are as follows: (a) (b) (c) (d) (e) (f) (g) The maximum number of new ordinary shares of the Company which may be available under the scheme shall not in aggregate exceed 10% of the issued and paid-up share capital of the Company at any one time; Subject to the eligibility criteria as may be set by the Option Committee, an eligible employee shall be eligible to participate in the scheme; No option shall be granted to any Executive Director of the Company unless specific grant of options over ordinary shares to that Executive Director shall have been previously approved by the shareholders of the Company in a general meeting; The maximum number of new ordinary shares of the Company that may be offered and allotted to an eligible employee shall be determined at the discretion of the Option Committee taking into consideration the performances, seniority and years of service of the eligible employee. The allocation to the eligible Executive Directors and senior management shall not in aggregate exceed 50% of the new ordinary shares of the Company available under the scheme. Not more than 10% of the new ordinary shares of the Company available under the scheme should be allocated to any eligible employee who, either singly or collectively, through his associates (as defined in the Companies Act, 1965), holds 20% or more of the issued and paid-up capital of the Company; The price at which an eligible employee is entitled to subscribe for each new ordinary share of the Company shall be determined by the Option Committee based on the 5-day weighted average market price of the ordinary shares of the Company immediately preceding the Offer Date of the options over ordinary shares, with a discount of not more than 10%, or at the par value of the ordinary shares of the Company, whichever is higher; The options over ordinary shares granted must be exercised within a period of five years from the Date of Offer of the options over ordinary shares to the respective employees or before the expiry of the ESOS, which shall continue to be in force for a period of five years from 5 September 2003 (the date the options over ordinary shares were first granted to the eligible employees) subject to the ESOS not being extended for an additional five years; The new ordinary shares of the Company to be allotted upon exercise of any options over ordinary shares granted shall upon allotment and issue, rank pari passu in all respects with the existing Company s ordinary shares. The new ordinary shares of the Company so allotted will not be entitled to any dividends, rights, allotments and/or other distributions unless such new ordinary shares of the Company meet the conditions as specified in the By-Laws of the ESOS. UNITED MALAYAN LAND BHD

146 144 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December SHARE CAPITAL (cont d) EMPLOYEES SHARE OPTION SCHEME ( ESOS ) (cont d) The movements during the financial year in the number of options over ordinary shares of the Company were as follows: Option price Option price at RM1.31 at RM1.31 per share per share At beginning of the financial year 9,648 12,364 Exercised (1) Lapsed (810) (2,715) At end of the financial year 8,838 9,648 ================= ================= Number of options over ordinary shares vested as at end of the financial year 8,838 9,648 ================= ================= TREASURY SHARES During the financial year, the Company repurchased its own shares amounting to 76,800 (2004: 21,900) ordinary shares at the average price of approximately RM0.95 (2004: RM1.10) per share from the open market on Bursa Malaysia Securities. These repurchases were financed by internally generated funds. These shares repurchased are being held as treasury shares as allowed under Section 67A of Companies Act, None of these treasury shares has been sold. As at 31 December 2005, the number of outstanding shares in issue and which are all fully paid is 231,957,933 (net of 388,700 treasury shares) (2004: 232,034,733 [net of 311,900 treasury shares]) ordinary shares of RM1.00 each.

147 RESERVES Group Company RM 000 RM 000 RM 000 RM 000 Non-distributable Share premium 60,428 60,428 60,428 60,428 Revaluation reserves 240, , , , , , , ,236 Capital reserves: - Capital reserves arising on consolidation Merger deficit (41,625) (41,625) (41,300) (41,300) Treasury shares (Note 26) (449) (374) (449) (374) 259, , , ,862 Distributable Retained earnings 195, ,334 56,310 56,029 Revaluation reserves* 58,790 54,566 15,256 15, , ,900 71,566 71, , , , ,147 ================= ================= ================= ================= The Company has sufficient Section 108 tax credits and tax-exempt income under Malaysian Income Tax Act, 1967 to frank all of its retained earnings as at 31 December 2005, if paid out as dividends, without incurring additional tax liabilities. *This represents the accumulated revaluation reserves which have already been realised. 28 SIGNIFICANT RELATED PARTY TRANSACTIONS In addition to the related party disclosures mentioned elsewhere in the financial statements, set out below are other significant related party transactions. The transactions set out below have been entered into in the normal course of business and have been established under terms mutually agreed upon by the parties and which are not materially different from those obtainable in transactions with nonrelated parties. Group Transactions Company RM 000 RM 000 Transactions with a corporate shareholder Rental of premises paid and payable Tradewinds Corporation Berhad Procurement of hotel accommodation Tradewinds Corporation Berhad and meals paid and payable Transactions with a subsidiary company of a corporate shareholder, Chee Tat Holdings (S) Pte Ltd Rental income received Chee Tat Holdings (M) Sdn Bhd UNITED MALAYAN LAND BHD

148 146 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December SIGNIFICANT RELATED PARTY TRANSACTIONS (cont d) Group Transactions Company/Individual RM 000 RM 000 Transactions with subsidiary companies of a corporate shareholder, Tradewinds Corporation Berhad Procurement of airticket paid and payable Tradewinds Travel & Tours Sdn Bhd Procurement of insurance brokerage Tradewinds International Insurance services paid and payable Brokers Sdn Bhd Transactions with subsidiary companies of a corporate shareholder, CapitaLand Limited Procurement of management services CapitaLand Residential Ltd paid and payable Progress billings for sale of serviced Liang Court (Malaysia) Sdn Bhd 572 9,724 apartments received and receivable Transactions with an associated company of a corporate shareholder, CapitaLand Limited Rental of premises paid and payable OneSentral Park Sdn Bhd Transactions with Directors of the Company Progress billings for sale of serviced Datuk Nur Jazlan apartments and condominiums received bin Tan Sri Mohamed and receivable Progress billings for sale of condominium Datuk Mohd Khamil 132 received and receivable bin Jamil Progress billings for sale of condominium Dr Choo Kian Koon 80 received and receivable Transactions with person related to a Director of the Company, Dato Ng Eng Tee Progress billings for sale of condominium Dennis Ng Yew Kim 135 received and receivable The amounts that remained outstanding as at 31 December 2005 in respect of the above transactions with corporate shareholders and related parties are shown in Notes 21 and 23 to the financial statements.

149 MATERAL LITIGATIONS (a) On 7 October 1996, UM Leisure Sdn Bhd ( UM Leisure ), a wholly-owned subsidiary of the Company, entered into a Joint Venture Agreement ( JVA ) with Ultrapolis 3000 Holding Bermuda Ltd ( UPH ), with respect to the organisation, management and operation of Agarta Universe Sdn Bhd ( Agarta Universe ) which was to undertake the development and management of Agarta Universe Theme Park Resort together with theme-based hotels and shopping centre in Bandar Seri Alam, Johor, a township currently being developed by Seri Alam Properties Sdn Bhd ( Seri Alam ), a wholly-owned subsidiary of the Company. Pursuant to Clause 10.1(c) of the JVA, the Company issued a letter of guarantee of payment dated 3 January 1997 ( Letter of Guarantee ) to Trans Resources Corporation Sdn Bhd ( TRC ) which was to undertake earthworks on a piece of land, upon which Agarta Universe Theme Park Resort will be built, under a contract with Sanwell Corporation ( Sanwell ), whose principal is Agarta Universe. Thereafter, Seri Alam signed an Agreement for Lease dated 9 December 1997 with Agarta Universe. TRC commenced a writ action in the Kuala Lumpur High Court against Sanwell for RM17,459,445 being the amount due in respect of earthworks allegedly carried out. TRC has also claimed against the Company, for RM15,500,000 being the sum allegedly payable by the Company under the abovesaid Letter of Guarantee. In the Kuala Lumpur High Court action, the Company filed a counterclaim ( Counterclaim ) against TRC, Sanwell, UPH and Agarta Universe, seeking inter alia, a declaration that it stands discharged from any liability to TRC under the said Letter of Guarantee and an order that Agarta Universe is to indemnify the Company for all consequences of the Letter of Guarantee. Sanwell applied to stay the action on the basis that TRC s claim against it ought to be resolved through arbitration. The Company and TRC opposed Sanwell s stay application. On 19 May 1999, a stay ( Stay Order ) was granted by the Kuala Lumpur High Court. However, the Company and TRC appealed to the Court of Appeal against the grant of the Stay Order. On 29 June 2000, the Court of Appeal allowed TRC s appeal against Sanwell on a preliminary point of law and set aside the Stay Order. Upon further appeal by Sanwell, the Federal Court reinstated the Stay Order on 20 May In light of the Federal Court s order, the proceedings in the Kuala Lumpur High Court were adjourned sine die for the position between TRC and Sanwell to be referred to arbitration. Subsequently, TRC applied to the Kuala Lumpur High Court to vacate the Stay Order ( Removal Application ). The Removal Application was allowed by the High Court on 2 April 2005 with costs to be borne by Sanwell. With the Stay Order vacated, parties to the Kuala Lumpur High Court suit was to proceed to trial on TRC s claim and the Company s Counterclaim. Kuala Lumpur High Court fixed the trial on 25 May 2005 and 26 May On 25 May 2005, the Company and TRC have agreed, through an exchange of letters between their respective solicitors, to a settlement whereby the Company will pay TRC a sum of RM15,500,000 as full and final settlement of the claims made against the Company (Settlement). The settlement sum was satisfied during the financial year through a combination of cash and properties in Bandar Seri Alam upon terms and conditions as agreed. A formal Settlement Agreement was entered into on 28 December With this agreement, the claim made against the Company by TRC has been fully resolved. Additionally, amongst others, the following declarations were also granted by Kuala Lumpur High Court on 27 May 2005: (i) (ii) that the JVA between UM Leisure and UPH is cancelled; that the Agreement for Lease between Seri Alam and Agarta Universe is terminated; and (iii) that Agarta Universe is to indemnify the Company of all consequence of the said Letter of Guarantee including the sum of RM15,500,000. UNITED MALAYAN LAND BHD

150 148 NOTES TO THE FINANCIAL STATEMENTS (cont d) for the financial year ended 31 December MATERAL LITIGATIONS (cont d) (b) The Inland Revenue Board has raised notices of assessment and additional assessments in respect of prior years income tax of a subsidiary company, Bangi Heights Development Sdn Bhd. The assessments are mainly due to a different tax treatment accorded by Inland Revenue Board on the deduction of capitalised interest expense. The Group does not agree with the assessments and additional assessments and has filed appeals to the Special Commissioner of Income Tax. A deciding order was issued by Special Commissioner of Income Tax on 22 November 2005 which disallowed the deduction of capitalised interest expense. The Group will continue to defend its position against these assessments and additional assessments and will file an appeal to the High Court. Pending the resolution of the above matters, the Group has provisionally paid to-date an amount of RM2.1 million as at 31 December 2005 and has accounted the amount paid as tax expense in the income statement. 30 SIGNIFICANT POST BALANCE SHEET EVENTS The Company had on 18 January 2006 entered into a shareholders agreement with Bolton Berhad and Acegoal Pte Ltd to govern a joint venture company for the development of a condominium project (namely, Alpine Return Sdn Bhd) ( Proposed Joint Venture ). The Proposed Joint Venture is subject to the approval of Foreign Investment Committee ( FIC ). Alpine Return Sdn Bhd, a 35% owned associated company of the Company, had on the same day entered into a conditional sale and purchase agreement with Bolton Berhad to acquire eleven (11) contiguous parcels of freehold land measuring a total of approximately 17, square metres located along Jalan Mayang, Off Jalan Yap Kwan Seng, Kuala Lumpur for a total cash consideration of RM million ( Proposed Acquisition ). The Proposed Acquisition is subject to the following conditions precedent: (a) (b) (c) approval of FIC; approval of Bolton Berhad s shareholders; and procurement of development order from Dewan Bandaraya Kuala Lumpur. 31 SEGMENTAL INFORMATION The Group is primarily engaged in the property development industry (Primary segment). All activities of the Group are conducted within Malaysia (Secondary segment). 32 APPROVAL OF FINANCIAL STATEMENTS The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on 20 April 2006.

151 STATEMENT BY DIRECTORS Pursuant to Section 169 (15) of the Companies Act, We, Dato Ng Eng Tee and Datuk Nur Jazlan bin Tan Sri Mohamed, two of the Directors of United Malayan Land Bhd, state that, in the opinion of the Directors, the financial statements set out on pages 112 to 148 are drawn up so as to give a true and fair view of the state of affairs of the Group and Company as at 31 December 2005 and of the results and cash flows of the Group and Company for the financial year ended on that date in accordance with MASB approved accounting standards in Malaysia and the provisions of the Companies Act, Signed on behalf of the Board of Directors in accordance with their resolution dated 20 April DATO NG ENG TEE DIRECTOR DATUK NUR JAZLAN BIN TAN SRI MOHAMED DIRECTOR Kuala Lumpur STATUTORY DECLARATION Pursuant to Section 169 (16) of the Companies Act, 1965 I, Pee Tong Lim, the Officer primarily responsible for the financial management of United Malayan Land Bhd, do solemnly and sincerely declare that the financial statements set out on pages 112 to 148 are, to the best of my knowledge and belief, 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, PEE TONG LIM Subscribed and solemnly declared by the abovenamed Pee Tong Lim at Kuala Lumpur, Malaysia on 20 April Before me, COMMISSIONER FOR OATHS UNITED MALAYAN LAND BHD

152 150 REPORT OF THE AUDITORS To The Members of United Malayan Land Bhd (Company No M) (Incorporated in Malaysia) We have audited the financial statements set out on pages 112 to 148. These financial statements are the responsibility of the Company s Directors. It is our responsibility to form an independent opinion, based on our audit, on these financial statements and to report our opinion to you, as a body, in accordance with Section 174 of the Companies Act, 1965 and for no other purpose. We do not assume responsibility to any other person for the content of this report. We conducted our audit in accordance with approved auditing standards in Malaysia. Those 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 financial statement presentation. 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 MASB approved accounting standards in Malaysia so as to give a true and fair view of: (i) (ii) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and the state of affairs of the Group and Company as at 31 December 2005 and of the results and cash flows of the Group and Company for the financial year ended on that date; and (b) the accounting and other records and the registers required by the Act to be kept by the Company and by the subsidiary companies have been properly kept in accordance with the provisions of the Act. 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. Our audit reports on the financial statements of the subsidiary companies were not subject to any qualification and did not include any comment made under subsection (3) of Section 174 of the Act. PRICEWATERHOUSECOOPERS (No. AF: 1146) Chartered Accountants DATO AHMAD JOHAN BIN MOHAMMAD RASLAN (No. 1867/09/06 (J)) Partner of the firm Kuala Lumpur 20 April 2006

153 151 Penyata Kewangan 152 Laporan Para Pengarah 156 Penyata Pendapatan 157 Lembaran Imbangan 158 Penyata Perubahan Dalam Ekuiti Yang Disatukan 159 Penyata Perubahan Dalam Ekuiti Syarikat 160 Penyata Aliran Tunai 162 Nota-Nota Kepada Penyata Kewangan 193 Penyata Oleh Para Pengarah / Akuan Berkanun 194 Laporan Juruaudit UNITED MALAYAN LAND BHD

154 152 LAPORAN PARA PENGARAH bagi tahun kewangan berakhir 31 Disember 2005 Para Pengarah dengan sukacitanya membentangkan kepada ahli-ahli, laporan tahunan dan penyata kewangan Kumpulan dan Syarikat yang telah diaudit bagi tahun kewangan berakhir 31 Disember AKTIVITI-AKTIVITI UTAMA Aktiviti-Aktiviti utama Syarikat adalah pegangan pelaburan dan peruntukan perkhidmatan pengurusan. Aktiviti-Aktiviti utama syarikat subsidiari Kumpulan adalah seperti yang dinyatakan dalam Nota 13 penyata kewangan. Tiada perubahan penting dalam aktiviti-aktiviti tersebut sepanjang tahun kewangan. KEPUTUSAN KEWANGAN Keputusan kewangan Kumpulan dan Syarikat bagi tahun kewangan berakhir 31 Disember 2005 adalah seperti berikut: Kumpulan Syarikat RM 000 RM 000 Keuntungan daripada aktiviti biasa selepas cukai 33,728 16,985 Kepentingan minoriti (4,517) Keuntungan bersih bagi tahun kewangan 29,211 16,985 ================= ================= DIVIDEN Dividen yang dibayar oleh Syarikat sejak 31 Disember 2004 adalah seperti berikut: RM 000 Bagi tahun kewangan berakhir 31 Disember 2004: - dividen akhir sebanyak 7.5 sen kasar sesaham biasa tolak 28% cukai pendapatan, dibayar pada 27 September ,528 ================= Bagi tahun kewangan berakhir 31 Disember 2005: - dividen interim sebanyak 2.5 sen kasar sesaham biasa tolak 28% cukai pendapatan, dibayar pada 22 Februari ,176 ================= Para Pengarah mencadangkan pembayaran dividen akhir sebanyak 5.0 sen kasar sesaham biasa ke atas 231,957,933 saham biasa (iaitu bersih daripada 388,700 saham perbendaharaan), tolak 28% cukai pendapatan bagi tahun kewangan berakhir 31 Disember Dividen akhir bersih berjumlah RM8,350,486 adalah tertakluk kepada kelulusan ahli-ahli di Mesyuarat Agung Tahunan Syarikat yang akan datang. RIZAB DAN PERUNTUKAN Kesemua pindahan ketara kepada ataupun daripada rizab dan peruntukan sepanjang tahun kewangan adalah seperti yang dinyatakan di dalam penyata kewangan. SKIM OPSYEN SAHAM KAKITANGAN ( ESOS ) Syarikat telah melaksanakan Skim Opsyen Saham Kakitangan ( ESOS ) bagi kakitangan serta Pengarah Eksekutif Kumpulan yang berkelayakan. ESOS tersebut telah diluluskan oleh para pemegang saham di Mesyuarat Agung Luar Biasa yang diadakan pada 25 Jun Butiran berkaitan ESOS ini adalah seperti yang dibentangkan dalam Nota 26 penyata kewangan. Syarikat telah diberi pelepasan oleh Suruhanjaya Syarikat Malaysia selaras dengan Seksyen 169(11) Akta Syarikat, 1965 daripada mendedahkan senarai pemegang opsyen dan butiran pemegangan mereka kecuali bagi pemegang opsyen yang memegang opsyen 200,000 saham biasa dan ke atas. Syarikat juga telah diberi pelepasan daripada mendedahkan senarai Pengarah dan butiran pemegangan opsyen mereka ke atas saham biasa.

155 153 SKIM OPSYEN SAHAM KAKITANGAN ( ESOS ) (samb.) Di sepanjang tahun kewangan, pergerakan dalam bilangan opsyen ke atas saham biasa Syarikat yang diberi kepada pemegang opsyen (kecuali para Pengarah) yang memegang opsyen 200,000 saham biasa dan ke atas adalah seperti berikut: Opsyen ke atas saham biasa bernilai RM1.00 sesaham Harga Pada Pada Nama kakitangan langganan/saham Diberi Dilaksana Luput RM Chia Lui Meng Henry Leong Hock Seng (287) Lau Boon Ann Lee Kar Fook Ng Tay Guan SAHAM PERBENDAHARAAN Di sepanjang tahun kewangan, Syarikat telah membeli semula sahamnya sebanyak 76,800 saham biasa pada harga purata lebih kurang RM0.95 sesaham daripada pasaran terbuka Bursa Malaysia Sekuriti. Butiran tentang saham perbendaharaan adalah seperti yang dibentangkan dalam Nota 26 penyata kewangan. PARA PENGARAH Para Pengarah yang berkhidmat sepanjang tempoh bermula dari tarikh laporan yang lepas adalah seperti berikut: Pengarah Gilir YBhg Tan Sri Dato Musa bin Hitam (Dilantik pada 26 Januari 2006) Lui Chong Chee (Dilantik pada 1 Ogos 2005) Soong Hee Sang (Dilantik pada 5 September 2005) Dato Ng Eng Tee Datuk Mohd Khamil bin Jamil (Meletak jawatan pada 31 Mac 2006) Ahmad Shaifuldin bin Mahamad Sharudi (Meletak jawatan pada 10 November 2005) Datuk Syed Ahmad Khalid bin Syed Mohammed Datuk Nur Jazlan bin Tan Sri Mohamed Ng Eng Soon Dato Mohd Hanafiah bin Omar Soong Hee Sang (Dilantik pada 22 Mac 2006) Tham Kui Seng (Meletak jawatan pada 1 Ogos 2005) Dr Choo Kian Koon (Meletak jawatan pada 17 Mac 2006) Rita Lau Chen Chen (Meletak jawatan pada 17 Mac 2006) Selaras dengan Artikel 94 Tataurusan Syarikat, Datuk Syed Ahmad Khalid bin Syed Mohammed dan Ng Eng Soon bersara mengikut giliran di Mesyuarat Agung Tahunan yang akan datang dan, kerana layak, menawarkan diri mereka untuk pemilihan semula. Selaras dengan Artikel 99 Tataurusan Syarikat, Lui Chong Chee dan Soong Hee Sang, yang telah dilantik dalam tempoh tersebut, bersara di Mesyuarat Agung Tahunan yang akan datang dan, kerana layak, menawarkan dirinya untuk pemilihan semula. Selaras dengan Seksyen 129(2) Akta Syarikat, 1965, YBhg Tan Sri Dato Musa bin Hitam, kerana melebihi umur tujuh puluh tahun, bersara di Mesyuarat Agung Tahunan yang akan datang dan dilantik semula sebagai Pengarah menurut Seksyen 129(6) Akta Syarikat, MANFAAT PARA PENGARAH Di sepanjang dan di akhir tahun kewangan, tidak wujud sebarang urusan yang melibatkan Syarikat, yang bertujuan atau mempunyai tujuan untuk membolehkan para Pengarah Syarikat mendapat manfaat melalui perolehan saham atau debentur Syarikat atau mana-mana badan korporat lain, kecuali opsyen ke atas saham biasa yang diberikan oleh Syarikat (lihat Nota 7 penyata kewangan). UNITED MALAYAN LAND BHD

156 154 LAPORAN PARA PENGARAH (samb.) bagi tahun kewangan berakhir 31 Disember 2005 MANFAAT PARA PENGARAH (samb.) Sejak akhir tahun kewangan yang lalu, tiada Pengarah yang telah menerima atau menjadi layak untuk menerima manfaat (selain daripada ganjaran Pengarah yang dinyatakan dalam Nota 7 penyata kewangan) menerusi kontrak yang dibuat oleh Syarikat atau syarikat yang berkaitan dengan Pengarah atau dengan firma di mana Pengarah adalah ahli, atau dengan syarikat di mana Pengarah mempunyai kepentingan kewangan yang besar, kecuali seperti yang dinyatakan dalam Nota 28 penyata kewangan. KEPENTINGAN PARA PENGARAH DALAM SAHAM DAN DEBENTUR Menurut Daftar Pegangan Saham Para Pengarah, butiran kepentingan para Pengarah yang berkhidmat pada akhir tahun kewangan dalam saham dan opsyen ke atas saham biasa Syarikat adalah seperti berikut: Bilangan saham biasa bernilai RM1.00 sesaham Pada Pada Dibeli Dijual Pegangan saham di atas nama Pengarah Dato Ng Eng Tee 7,888 1,600 (1,600) 7,888 Ng Eng Soon 7,151 7,151 Pegangan saham di mana Pengarah dianggap mempunyai kepentingan Dato Ng Eng Tee 21, ,045 Ng Eng Soon 17,829 17,829 Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesaham Pada Pada Tawaran Langganan Luput Dato Ng Eng Tee Disebabkan kepentingan langsung dan tidak langsung Dato Ng Eng Tee dan Ng Eng Soon di dalam Syarikat, mereka dianggap mempunyai kepentingan di dalam saham syarikat subsidiari setakat mana Syarikat mempunyai kepentingan. Selain daripada apa yang dinyatakan di atas, menurut Daftar Pegangan Saham Para Pengarah, para Pengarah yang berkhidmat pada akhir tahun kewangan tidak memegang sebarang kepentingan dalam saham, opsyen ke atas saham biasa atau debentur Syarikat dan syarikat berkaitan sepanjang tahun kewangan. MAKLUMAT BERKANUN BERKAITAN PENYATA KEWANGAN Sebelum penyata pendapatan dan lembaran imbangan disediakan, para Pengarah telah mengambil langkah-langkah sewajarnya: (a) (b) untuk memastikan bahawa tindakan sewajarnya telah diambil berhubung dengan menghapus kira hutang lapuk dan penyediaan elaun bagi hutang ragu dan mereka telah berpuas hati bahawa semua hutang lapuk yang diketahui telah dihapus kira dan elaun secukupnya telah dibuat untuk hutang ragu; dan untuk memastikan bahawa sebarang aset semasa, kecuali hutang yang tidak mungkin diperolehi nilainya dalam perjalanan biasa perniagaan seperti yang ditunjukkan dalam rekod perakaunan Kumpulan dan Syarikat telah dikurangkan nilainya kepada satu jumlah yang dijangka boleh diperolehi. Pada tarikh laporan ini, para Pengarah tidak menyedari akan sebarang keadaan: (a) (b) (c) yang boleh menyebabkan jumlah yang dihapus kira bagi hutang lapuk atau jumlah yang diperuntukkan bagi hutang ragu di dalam penyata kewangan Kumpulan dan Syarikat menjadi tidak mencukupi ke sebarang tahap yang ketara; atau yang boleh menyebabkan nilai yang diletakkan ke atas aset semasa di dalam penyata kewangan Kumpulan dan Syarikat mengelirukan; atau yang telah timbul dan menyebabkan pematuhan kepada kaedah penilaian aset atau liabiliti Kumpulan dan Syarikat yang sedia ada mengelirukan atau tidak sesuai.

157 155 MAKLUMAT BERKANUN BERKAITAN PENYATA KEWANGAN (samb.) Tiada liabiliti luar jangka atau liabiliti lain yang telah berkuatkuasa atau berkemungkinan akan dikuatkuasakan dalam tempoh dua belas bulan selepas akhir tahun kewangan, yang mana mengikut pendapat para Pengarah, akan atau mungkin menjejaskan keupayaan Kumpulan atau Syarikat untuk memenuhi tanggungjawab mereka apabila tiba masanya. Pada tarikh laporan ini, tidak wujud: (a) (b) sebarang caj ke atas aset Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan yang menjamin liabiliti manamana pihak lain; atau sebarang liabiliti luar jangka Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan. Pada tarikh laporan ini, para Pengarah tidak menyedari akan adanya sebarang keadaan yang tidak diuruskan di dalam laporan atau penyata kewangan ini, yang akan menyebabkan sebarang jumlah yang dinyatakan di dalam penyata kewangan ini mengelirukan. Pada pendapat para Pengarah: (a) (b) keputusan operasi Kumpulan dan Syarikat sepanjang tahun kewangan tidak terjejas dengan ketara oleh sebarang perkara, urusniaga atau peristiwa penting dan bersifat luar biasa; dan dalam tempoh di antara akhir tahun kewangan dan tarikh laporan ini, tidak timbul sebarang perkara, urusniaga atau peristiwa penting dan bersifat luar biasa yang berkemungkinan menjejaskan keputusan operasi Kumpulan dan Syarikat dengan ketara bagi tahun kewangan di mana laporan ini dibuat, kecuali seperti yang dinyatakan dalam Nota 30 penyata kewangan. MAKLUMAT KORPORAT Syarikat merupakan sebuah syarikat awam dengan liabiliti terhad, yang diperbadankan dan bermastautin di Malaysia, dan tersenarai di Papan Utama Bursa Malaysia Sekuriti. Alamat pejabat berdaftar dan tempat kegiatan utama Syarikat adalah seperti berikut: Suit 1.1, Tingkat 1 Kompleks Antarabangsa Jalan Sultan Ismail Kuala Lumpur Malaysia Telefon : (603) Faks : (603) Laman web : http: // JURUAUDIT Juruaudit, PricewaterhouseCoopers, telah menyatakan kesanggupan mereka untuk terus berkhidmat. Ditandatangani bagi pihak Lembaga Pengarah, menurut resolusi mereka bertarikh 20 April DATO NG ENG TEE PENGARAH DATUK NUR JAZLAN BIN TAN SRI MOHAMED PENGARAH UNITED MALAYAN LAND BHD

158 156 PENYATA PENDAPATAN bagi tahun kewangan berakhir 31 Disember 2005 Kumpulan Syarikat Nota RM 000 RM 000 RM 000 RM 000 Hasil 4 214, ,845 33,035 21,213 Pendapatan faedah 1,816 1,446 Pendapatan operasi lain 2,603 1, Kos pembangunan yang diiktiraf sebagai perbelanjaan (138,369) (101,688) Kos pembinaan yang diiktiraf sebagai perbelanjaan Perbelanjaan manfaat kakitangan 5 (17,209) (12,547) (6,305) (4,771) Susutnilai hartanah, loji dan peralatan (1,605) (1,539) (330) (158) Hartanah, loji dan peralatan dihapus kira (29) Perbelanjaan pengiklanan dan promosi (6,092) (2,739) (24) (91) Pemeliharaan, pembaikan dan penyelenggaraan aset (1,313) (1,303) (296) (195) Penyewaan premis (753) (663) (544) (532) Elaun hutang ragu (2,453) (3,391) Masuk kira semula elaun hutang ragu 3,837 5,084 Yuran perunding profesional (7,721) (2,776) (350) (261) Yuran pengurusan (338) (266) (104) (266) Perbelanjaan operasi lain (8,926) (7,589) (870) (796) Keuntungan daripada operasi 6 38,395 38,143 24,213 14,348 Kos kewangan 8 (1,544) (1,240) (367) (11) Keputusan perkongsian syarikat bersekutu 8 (1,885) Keuntungan daripada aktiviti biasa sebelum cukai 36,859 35,018 23,846 14,337 Perbelanjaan Cukai - Syarikat dan syarikat subsidiari 9 (3,131) (9,313) (6,861) (4,189) Keuntungan daripada aktiviti biasa selepas cukai 33,728 25,705 16,985 10,148 Kepentingan minoriti (4,517) (5,140) Keuntungan bersih bagi tahun kewangan 29,211 20,565 16,985 10,148 ================= ================= ================= ================= Pendapatan sesaham (sen) - asas ================= ================= Tidak Tidak - cair 10 berkaitan berkaitan ================= ================= Dividen sesaham (sen) ================= ================= ================= =================

159 LEMBARAN IMBANGAN pada 31 Disember Kumpulan Syarikat Nota RM 000 RM 000 RM 000 RM 000 ASET BUKAN SEMASA Hartanah, loji dan peralatan , ,163 1, Pelaburan dalam syarikat subsidiari , ,041 Pelaburan dalam syarikat bersekutu 14 2,748 2,740 Pelaburan lain-lain 15 2, ,000 Tanah dipegang untuk pembangunan hartanah , ,985 Penghutang dagangan jangka panjang 17 4,004 3,774 Aset cukai tertunda 18 17,861 14, , , , ,353 ASET SEMASA Hartanah siap 19 79,291 83,419 Kos pembangunan hartanah , ,284 Cukai boleh pulih 62 6, Penghutang dagangan dan lain-lain 21 83,581 72, , ,791 Deposit, baki bank dan tunai 22 47,585 18,089 6, , , , ,963 TOLAK: LIABILITI SEMASA Pemiutang dagangan dan lain-lain 23 79,741 61,068 3,117 1,478 Peruntukan ,777 Pinjaman (bercagar) - overdraf bank 25 15,915 8,060 - lain-lain , ,075 Liabiliti cukai semasa 5,753 8,089 3,287 3,322 Pemiutang dividen 11 4,176 4, , ,069 10,580 4,800 ASET SEMASA BERSIH 401, , , ,163 TOLAK : LIABILITI BUKAN SEMASA Liabiliti cukai tertunda 18 32,788 36, Pinjaman ,673 89,600 20, , , , ,494 ================= ================= ================= ================= MODAL DAN RIZAB Modal saham , , , ,347 Rizab , , , ,147 Ekuiti pemegang saham 746, , , ,494 Kepentingan minoriti 59,401 54, , , , ,494 ================= ================= ================= ================= Aset ketara bersih sesaham 10 RM3.22 RM3.16 ================= ================= UNITED MALAYAN LAND BHD

160 158 PENYATA PERUBAHAN DALAM EKUITI YANG DISATUKAN bagi tahun kewangan berakhir 31 Disember 2005 Saham Pen- Modal Premium Rizab nilai Rizab Perben- dapatan Rizab nilai Nota saham saham semula modal daharaan tertahan semula* Jumlah RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 Pada 1 Januari ,347 60, ,969 (41,300) (374) 183,334 54, ,970 Pembelian saham perbendaharaan (76,800 saham biasa) 26 (75) (75) Realisasi rizab nilai semula (4,224) 4,224 Keuntungan bersih bagi tahun kewangan 29,211 29,211 Dividen yang dibayar bagi tahun kewangan berakhir 31 Disember (12,528) (12,528) Dividen interim perlu dibayar bagi tahun kewangan berakhir 31 Disember (4,176) (4,176) Pada 31 Disember ,347 60, ,745 (41,300) (449) 195,841 58, ,402 ========================================================================================================================================================== Pada 1 Januari ,346 60, ,527 (41,300) (349) 171,123 53, ,565 Perbelanjaan penerbitan saham (1) (1) Pembelian saham perbendaharaan (21,900 saham biasa) 26 (25) (25) Penerbitan saham biasa bagi pelaksanaan ESOS 1 1 Realisasi rizab nilai semula (777) 777 Pembalikan liabiliti cukai tertunda 2,219 2,219 Keuntungan bersih bagi tahun kewangan 20,565 20,565 Dividen yang dibayar bagi tahun kewangan berakhir 31 Disember 2003 (8,354) (8,354) Pada 31 Disember ,347 60, ,969 (41,300) (374) 183,334 54, ,970 ========================================================================================================================================================== * Ini mewakili rizab nilai semula terkumpul yang telah direalisasikan.

161 PENYATA PERUBAHAN DALAM EKUITI SYARIKAT bagi tahun kewangan berakhir 31 Disember Tidak boleh diagihkan Boleh diagihkan Modal Premium Rizab nilai Saham Pen- Nota saham saham semula Perben- dapatan Rizab nilai daharaan tertahan semula* Jumlah RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 Pada 1 Januari ,347 60, ,808 (374) 56,029 15, ,494 Pembelian saham perbendaharaan (76,800 saham biasa) 26 (75) (75) Keuntungan bersih bagi tahun kewangan 16,985 16,985 Dividen yang dibayar bagi tahun kewangan berakhir 31 Disember (12,528) (12,528) Dividen interim perlu dibayar bagi tahun kewangan berakhir 31 Disember (4,176) (4,176) Pada 31 Disember ,347 60, ,808 (449) 56,310 15, ,700 ===================================================================================================================================== Pada 1 Januari ,346 60, ,808 (349) 54,235 15, ,725 Perbelanjaan penerbitan saham (1) (1) Pembelian saham perbendaharaan (21,900 saham biasa) 26 (25) (25) Penerbitan saham biasa bagi pelaksanaan ESOS 1 1 Keuntungan bersih bagi tahun kewangan 10,148 10,148 Dividen yang dibayar bagi tahun kewangan berakhir 31 Disember 2003 (8,354) (8,354) Pada 31 Disember ,347 60, ,808 (374) 56,029 15, ,494 ===================================================================================================================================== * Ini mewakili rizab nilai semula terkumpul yang telah direalisasikan. UNITED MALAYAN LAND BHD

162 160 PENYATA ALIRAN TUNAI bagi tahun kewangan berakhir 31 Disember 2005 Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 ALIRAN TUNAI DARIPADA AKTIVITI OPERASI Keuntungan bersih bagi tahun kewangan 29,211 20,565 16,985 10,148 Pelarasan untuk: Elaun hutang ragu 2,453 3,391 Masuk kira semula elaun hutang ragu (3,837) (5,084) Susutnilai hartanah, loji dan peralatan 1,605 1, Hartanah, loji dan peralatan dihapus kira 29 Keuntungan atas pelupusan hartanah, loji dan peralatan (16) (467) (205) Pendapatan dividen kasar daripada syarikat subsidiari (23,236) (11,620) Perbelanjaan faedah 1,544 1, Pendapatan faedah (1,846) (1,467) (4,524) (5,333) Kerugian atas pelupusan hartanah, loji dan peralatan 52 Penarikbalikan peruntukan bagi kos pembangunan hartanah yang tidak digunakan (10,411) (1,653) Kepentingan minoriti 4,517 5,140 Perkongsian keputusan syarikat bersekutu (8) 1,885 Perbelanjaan Cukai 3,131 9,313 6,861 4,189 26,343 34,483 (3,217) (2,652) Pengurangan/(peningkatan) dalam tanah yang dipegang untuk pembangunan, hartanah siap dan kos pembangunan hartanah 4,550 (145,986) (Peningkatan)/pengurangan dalam penghutang (9,826) 4,335 (6,053) 12,146 Peningkatan/(pengurangan) dalam pemiutang 11,321 (12,756) (161) 8 Aliran tunai bersih daripada operasi 32,388 (119,924) (9,431) 9,502 Faedah dibayar (11,580) (4,471) (59) (11) Faedah diterima 1,406 1,192 4,823 3,684 Cukai dibayar (10,674) (9,891) (1,393) (451) Aliran tunai bersih daripada aktiviti operasi 11,540 (133,094) (6,060) 12,724

163 161 Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 ALIRAN TUNAI DARIPADA AKTIVITI PELABURAN Pelaburan dalam syarikat subsidiari (5,150) (12,500) Pendapatan dividen bersih daripada syarikat subsidiari 12,531 8,366 Hasil daripada pelupusan hartanah, loji dan peralatan Pembelian hartanah, loji dan peralatan (2,044) (226) (1,231) (31) Pembelian saham perbendaharaan (75) (25) (75) (25) Aliran tunai bersih daripada aktiviti pelaburan (1,889) 655 6,281 (3,890) ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAAN Dividen dibayar (14,139) (8,354) (12,528) (8,354) Surutan bersih bagi pinjaman 24, ,275 18,000 Hasil daripada penerbitan saham keutamaan boleh tebus dalam syarikat subsidiari kepada kepentingan minoriti 2,100 Hasil daripada penerbitan saham biasa dalam syarikat subsidiari kepada kepentingan minoriti 1,500 Hasil daripada penerbitan saham biasa bagi pelaksanaan ESOS 1 1 Perbelanjaan penerbitan saham (1) (1) Aliran tunai bersih daripada aktiviti pembiayaan 11, ,421 5,472 (8,354) PENINGKATAN/(PENGURANGAN) BERSIH DALAM TUNAI DAN SETARA TUNAI 21,641 (8,018) 5, TUNAI DAN SETARA TUNAI PADA AWAL TAHUN KEWANGAN 10,029 18, TUNAI DAN SETARA TUNAI PADA AKHIR TAHUN KEWANGAN 31,670 10,029 6, ================= ================= ================= ================= Tunai dan setara tunai merangkumi: Baki bank dan tunai (Nota 22) 13,982 3,894 6, Baki bank di bawah Akaun Pembangunan Perumahan ( HDA ) (Nota 22) 32,187 14,195 Baki bank di bawah dana terikat (Nota 22) 1,416 Overdraf bank (Nota 25) (15,915) (8,060) 31,670 10,029 6, ================= ================= ================= ================= UNITED MALAYAN LAND BHD

164 162 NOTA-NOTA KEPADA PENYATA KEWANGAN bagi tahun kewangan berakhir 31 Disember AKTIVITI-AKTIVITI UTAMA Aktiviti-aktiviti utama Syarikat adalah pegangan pelaburan dan peruntukan perkhidmatan pengurusan. Aktiviti-aktiviti utama syarikat subsidiari Kumpulan adalah seperti yang dinyatakan dalam Nota 13 penyata kewangan. Tiada perubahan penting dalam aktiviti-aktiviti tersebut sepanjang tahun kewangan. 2 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING Dasar-dasar perakaunan berikut telah digunakan secara konsisten dalam pengurusan perkara-perkara yang dianggap penting berhubung dengan penyata kewangan. (a) Asas penyediaan Penyata kewangan Kumpulan dan Syarikat telah disediakan berdasarkan kaedah kos sejarah (yang telah diubahsuai untuk mengambil kira penilaian semula hartanah, loji dan peralatan tertentu serta pelaburan dalam syarikat subsidiari), kecuali dinyatakan sebaliknya di dalam ringkasan dasar-dasar perakaunan penting ini. Penyata kewangan ini mematuhi piawaian perakaunan yang diluluskan di Malaysia oleh Badan Piawaian Perakaunan Malaysia ( MASB ) dan peruntukan Akta Syarikat, Penyediaan penyata kewangan ini menurut piawaian perakaunan MASB yang diluluskan di Malaysia dan peruntukan Akta Syarikat, 1965, memerlukan para Pengarah membuat anggaran serta andaian yang memberi kesan kepada jumlah aset dan liabiliti yang dilaporkan serta pendedahan aset dan liabiliti luar jangka pada tarikh penyata kewangan serta jumlah hasil dan perbelanjaan di sepanjang tahun kewangan yang dilaporkan. Walaupun anggaran ini dibuat berdasarkan pengetahuan para Pengarah sebaiknya berkaitan peristiwa dan tindakan semasa, keputusan sebenar mungkin berbeza daripada anggaran tersebut. (b) Asas penyatuan Penyata kewangan yang disatukan merangkumi penyata kewangan Syarikat dan semua syarikat subsidiarinya sehingga akhir tahun kewangan. Syarikat subsidiari adalah syarikat di mana Kumpulan mempunyai kuasa untuk melaksanakan kawalan ke atas dasar-dasar kewangan dan operasi syarikat untuk memperolehi manfaat daripada aktiviti-aktiviti mereka. Syarikat subsidiari disatukan menggunakan kaedah perakaunan pengambilalihan kecuali bagi syarikat subsidiari (seperti dinyatakan dalam Nota 13 penyata kewangan) yang telah disatukan menggunakan kaedah perakaunan percantuman. Syarikat subsidiari tersebut telah disatukan sebelum 1 Januari 2002 selaras dengan Piawaian Perakaunan Malaysia No. 2 Perakaunan bagi Pengambilalihan dan Penyatuan, yang merupakan dasar perakaunan yang diterima secara umum pada masa tersebut. Kumpulan telah menggunakan pengecualian di bawah Piawaian Pelaporan Kewangan ( FRS ) Gabungan Perniagaan (dulu dikenali sebagai MASB 21) untuk menerapkan Piawaian ini secara prospektif. Selaras dengan ini, gabungan perniagaan yang dimasuki sebelum 1 Januari 2002 tidak dinyatakan semula bagi mematuhi Piawaian tersebut. Di bawah kaedah perakaunan pengambilalihan, syarikat subsidiari disatukan dari tarikh kawalan dipindahkan kepada Kumpulan dan tidak lagi disatukan dari tarikh tamatnya kawalan tersebut. Keputusan syarikat subsidiari yang diambilalih atau dilupuskan sepanjang tahun kewangan dimasukkan dari tarikh pengambilalihannya sehingga ke tarikh pelupusannya. Pada tarikh pengambilalihan, nilai saksama aset bersih syarikat subsidiari ditentukan dan nilai ini digambarkan dalam penyata kewangan yang disatukan. Perbezaan antara kos pengambilalihan berbanding nilai saksama saham Kumpulan bagi aset bersih yang boleh dikenalpasti milik syarikat subsidiari pada tarikh pengambilalihan digambarkan sebagai muhibah atau muhibah negatif. Lihat dasar perakaunan Nota 2(d) mengenai muhibah atas penyatuan. Kos pengambilalihan adalah jumlah tunai yang dibayar dan nilai saksama pada tarikh pengambilalihan bagi pertimbangan pembelian lain berserta dengan perbelanjaan yang berpunca terus dari pengambilalihan tersebut. Di bawah kaedah perakaunan percantuman, keputusan syarikat subsidiari dibentangkan seolah-olah percantuman telah dilaksanakan di sepanjang tahun kewangan semasa dan sebelumnya. Kos pelaburan dalam percantuman ini dicatatkan pada agregat nilai nominal saham ekuiti diterbitkan, tunai dan setara tunai serta nilai saksama bagi pertimbangan lain. Perbelanjaan yang ditanggung berhubung percantuman ini diiktiraf sebagai perbelanjaan di dalam penyata pendapatan. Dengan penyatuan, kos percantuman dibatalkan dengan penerimaan nilai nominal saham. Lebihan nilai bawaan pelaburan berbanding nilai nominal saham yang diperoleh dianggap sebagai pengurangan rizab, manakala lebihan nilai nominal saham yang diperoleh ke atas nilai bawaan pelaburan dianggap sebagai rizab yang timbul daripada percantuman dan dimasukkan sebagai sebahagian daripada ekuiti pemegang saham.

165 163 2 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.) (b) Asas penyatuan (samb.) Semua urusniaga antara syarikat, baki dan keuntungan atas urusniaga yang belum direalisasi dihapuskan; kerugian belum direalisasi turut dihapuskan kecuali kos tidak dapat dipulihkan, yang mana dalam keadaan ini kos tersebut dicajkan kepada penyata pendapatan dengan segera. Dasar-dasar perakaunan bagi syarikat subsidiari telah ditukar di mana perlu, bagi memastikan ketekalan dengan dasar-dasar yang diterima pakai oleh Kumpulan. Kepentingan minoriti ditentukan mengikut bahagian perkongsian minoriti bagi nilai saksama aset dan liabiliti yang dikenal pasti ke atas pengambilalihan. Pendedahan berasingan dibuat bagi kepentingan minoriti. (c) Perakaunan bagi syarikat bersekutu Syarikat bersekutu adalah syarikat di mana Kumpulan menggunakan sebahagian besar pengaruhnya dan di mana ia bukannya syarikat subsidiari mahupun usaha sama Kumpulan. Pengaruh penting bermaksud kuasa untuk menyertai dalam keputusan berkaitan dasar kewangan serta pengendalian syarikat bersekutu tetapi tidak mempunyai kawalan ke atas dasar-dasar tersebut. Pelaburan dalam syarikat bersekutu diambil kira di dalam penyata kewangan disatukan menggunakan kaedah perakaunan ekuiti. Perakaunan ekuiti melibatkan pengiktirafan bahagian perkongsian yang diperolehi Kumpulan hasil keputusan syarikat bersekutu bagi tahun kewangan, di dalam penyata pendapatan. Pelaburan Kumpulan dalam syarikat bersekutu dinyatakan di dalam lembaran imbangan pada jumlah yang menggambarkan bahagian perkongsiannya dalam aset bersih syarikat bersekutu. Perakaunan ekuiti ditamatkan apabila jumlah bawaan pelaburan di dalam syarikat bersekutu mencapai sifar, kecuali jika Kumpulan menanggung atau menjamin kewajipan terhadap syarikat bersekutu tersebut. Keuntungan belum direalisasi ke atas urusniaga di antara Kumpulan dan syarikat bersekutunya dihapuskan sehingga tahap kepentingan Kumpulan dalam syarikat bersekutu; kerugian belum direalisasi juga dihapuskan kecuali urusniaga tersebut mengemukakan bukti tentang kerosakan aset yang dipindahkan, yang mana dalam hal ini kerosakan tersebut dicajkan ke penyata pendapatan dengan segera. Dalam menerapkan kaedah perakaunan ekuiti, pelarasan dibuat kepada penyata kewangan syarikat bersekutu, di mana sesuai, bagi memastikan ketekalan dasar perakaunannya dengan dasar Kumpulan. (d) Muhibah atas penyatuan Muhibah yang timbul dari penyatuan mewakili lebihan kos pengambilalihan berbanding nilai saksama bahagian perkongsian Kumpulan terhadap aset bersih yang dikenalpasti di dalam syarikat subsidiari dan syarikat bersekutu pada tarikh pengambilalihan. Muhibah yang timbul dari penyatuan dihapus kira terhadap rizab modal yang timbul dari penyatuan setakat jumlah yang dikekalkan dalam lembaran imbangan. Bagi perkara-perkara lain, muhibah yang timbul dari penyatuan dicajkan ke penyata pendapatan dengan segera. Muhibah negatif mewakili lebihan nilai saksama bahagian perkongsian Kumpulan terhadap aset bersih yang dikenalpasti di dalam syarikat subsidiari dan syarikat bersekutu berbanding kos pengambilalihan pada tarikh pengambilalihan. Muhibah negatif dikreditkan ke rizab modal yang timbul dari penyatuan. (e) Pengiktirafan hasil Hasil daripada penjualan hartanah pembangunan diiktiraf bersih selepas diskaun, berdasarkan kaedah peratusan siap. Tahap penyiapan diukur dengan merujuk kepada perkadaran fizikal kerja yang telah siap sebagai peratusan keseluruhan kerja fizikal bagi projek tersebut, seperti yang disahkan oleh pakar runding yang dilantik. Hasil daripada penjualan hartanah yang telah siap diiktiraf bersih selepas diskaun, selaras dengan syarat-syarat perjanjian jual beli. Balasan penjualan hartanah yang telah siap di bawah skim ansuran direkodkan pada nilai saksama, yang ditentukan dengan mendiskaunkan semua penerimaan di masa depan menggunakan kadar faedah imput. Perbezaan di antara nilai saksama dan nilai nominal balasan penjualan diiktiraf sebagai pendapatan faedah dan dimasukkan ke dalam penyata pendapatan berdasarkan pembahagian masa yang mengambil kira kesan penerimaan yang terbit daripada penjualan hartanah yang telah siap di bawah skim ansuran berbanding tempoh ansuran. Hasil daripada kontrak pembinaan diiktiraf berdasarkan kaedah peratusan siap. Tahap penyiapan diukur dengan merujuk kepada bahagian di mana kos kontrak ditanggung untuk kerja terkini yang dilakukan berbanding dengan anggaran keseluruhan kos kontrak seperti mana disahkan oleh pakar runding yang dilantik. UNITED MALAYAN LAND BHD

166 164 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.) (e) Pengiktirafan hasil (samb.) Dividen kasar daripada pelaburan dimasukkan ke dalam penyata kewangan apabila hak Syarikat untuk menerima bayaran ditetapkan. Pendapatan berikut diiktiraf atas dasar penerimaan: - penyewaan pajakan kuari, penyewaan tanah pajakan dan penyewaan hartanah. - yuran pengurusan dan yuran pengurusan projek. - pendapatan faedah. Faedah atas jumlah belum diterima daripada pembeli rumah diiktiraf dalam penyata pendapatan sebagai terakru. Peruntukan dibuat untuk hutang ragu apabila kebolehpungutan faedah ini diragui. (f) Kontrak pembinaan Apabila kesudahan kontrak pembinaan dapat dianggarkan secara andal, hasil kontrak serta kos kontrak diiktiraf sepanjang tempoh kontrak masing-masing sebagai hasil dan perbelanjaan. Kumpulan menggunakan kaedah peratusan siap untuk menentukan jumlah hasil serta kos yang berpatutan untuk diiktiraf dalam tempoh tertentu; tahap penyiapan diukur dengan merujuk kepada bahagian di mana kos kontrak ditanggung untuk kerja terkini yang dilakukan berbanding anggaran keseluruhan kos kontrak. Apabila kesudahan kontrak pembinaan tidak boleh dianggarkan secara andal, hasil kontrak diiktiraf hanya setakat kos kontrak yang ditanggung yang mana ia berkemungkinan boleh dipungut; kos kontrak diiktiraf sebagai perbelanjaan dalam tahun kewangan ia ditanggung. Sama ada kesudahan kontrak pembinaan boleh atau tidak boleh dianggarkan secara andal, apabila terdapatnya kemungkinan jumlah kos kontrak akan melebihi jumlah hasil kontrak, kerugian yang dijangkakan akan diiktiraf sebagai perbelanjaan dengan segera. Agregat kos ditanggung dan untung/rugi yang diiktiraf bagi setiap kontrak dibandingkan dengan bil berperingkat sehingga ke akhir tahun kewangan. Bila mana kos ditanggung dan keuntungan yang diiktiraf (tolak kerugian yang diiktiraf) melebihi bil berperingkat, baki akan ditunjukkan sebagai amaun dihutang oleh pelanggan bagi kontrak pembinaan di bawah perdagangan dan lain-lain belum terima. Bila mana bil berperingkat melebihi kos ditanggung serta keuntungan yang diiktiraf (tolak kerugian yang diiktiraf), baki akan ditunjukkan sebagai amaun terhutang kepada pelanggan bagi kontrak pembinaan di bawah perdagangan dan lain-lain belum bayar. (g) Hartanah, loji dan peralatan Tanah pegangan bebas dinyatakan pada kos atau penilaian. Tanah pegangan bebas tidak disusutnilai kerana ia mempunyai tempoh hayat infinit. Tanah pegangan bebas telah dinilai semula oleh para Pengarah berdasarkan penilaian profesional yang dilaksanakan oleh penilai profesional bebas. Para Pengarah telah menerapkan piawaian FRS Hartanah, Loji dan Peralatan, (dulu dikenali sebagai MASB 15) yang dikeluarkan oleh Badan Piawaian Perakaunan Malaysia yang membenarkan aset-aset tersebut dicatat pada penilaian mereka dalam tahun 1990 dan Selaras dengan itu, penilaian belum lagi dikemaskini. Lebihan yang timbul dari penilaian semula dikreditkan ke rizab nilai semula tidak boleh diagihkan. Defisit yang timbul dari penilaian semula dicajkan kepada rizab nilai semula tidak boleh diagihkan setakat lebihan sebelumnya yang dikreditkan ke rizab nilai semula tidak boleh diagihkan bagi aset yang sama. Bagi kes-kes lain, pengurangan dalam jumlah bawaan dicajkan ke penyata pendapatan. Semua hartanah, loji dan peralatan lain dinyatakan pada kos tolak susutnilai terkumpul dan kerugian terjejas terkumpul. Semua hartanah, loji dan peralatan lain disusutnilai mengikut dasar garis lurus sepanjang anggaran hayat berguna mereka, yang diringkaskan seperti berikut: Bangunan 5% Perabot, kelengkapan dan peralatan 20% % Kenderaan bermotor 20% Loji dan jentera 20% Bangsal kuda dan peralatan ekuestrian 20%

167 165 2 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.) (g) Hartanah, loji dan peralatan (samb.) Susutnilai ke atas aset yang sedang dibina bermula apabila aset tersebut telah siap mengikut tujuan penggunaannya. Bila mana wujudnya tanda kemerosotan pada tarikh lembaran imbangan, suatu analisis akan dilakukan untuk menaksir sama ada nilai bawaan aset tersebut boleh diperolehi sepenuhnya. Penurunan nilai dibuat jika nilai bawaan melebihi nilai yang boleh diperolehi. Lihat dasar perakaunan Nota 2(i) mengenai kemerosotan aset. Dengan pelupusan sesuatu aset, perbezaan di antara hasil pelupusan bersih dan jumlah bawaannya dicajkan atau dikreditkan ke penyata pendapatan. Dalam kes di mana tanah dinilai semula, nilai dalam rizab nilai semula tidak boleh diagihkan yang berkaitan dengan tanah dinilai semula yang telah dilupuskan ini, akan dipindahkan ke rizab boleh diagihkan. Kos faedah atas pinjaman untuk membiayai pembinaan hartanah, loji dan peralatan dipermodalkan sebagai sebahagian kos aset dalam tempoh masa yang diperlukan untuk menyiap dan menyediakan aset bagi tujuan kegunaannya. (h) Pelaburan (i) Syarikat subsidiari Pelaburan dalam syarikat subsidiari dinyatakan pada penilaian berdasarkan nilai aset ketara bersih syarikat subsidiari, tolak kerugian terjejas terkumpul. Pengambilalihan syarikat subsidiari berikutan tarikh penilaian dinyatakan pada kos sehingga penilaian semula yang akan datang. Penilaian akan dilakukan sekurang-kurangnya sekali setiap lima tahun. Peningkatan dalam nilai bawaan yang timbul dari penilaian semula pelaburan dalam syarikat subsidiari dikreditkan terus ke ekuiti para pemegang saham sebagai rizab nilai semula tidak boleh diagihkan. Ke tahap di mana pengurangan dalam amaun bawaan mengimbangi peningkatan sebelumnya, bagi pelaburan yang sama, yang telah dikreditkan ke rizab nilai semula tidak boleh diagihkan dan berikutan itu tidak dibalikkan atau digunakan, ia dicajkan ke rizab nilai semula tidak boleh diagihkan tersebut. Bagi semua perkara lain, pengurangan dalam nilai bawaan dicajkan ke penyata pendapatan. Peningkatan dalam penilaian semula di mana ianya berkait terus dengan pengurangan dalam nilai bawaan sebelumnya, bagi pelaburan yang sama, yang dicajkan ke penyata pendapatan akan dikreditkan ke penyata pendapatan setakat mana ia mengimbangi pengurangan yang dicatatkan sebelumnya. Bagi pelupusan syarikat subsidiari, perbezaan di antara hasil pelupusan bersih dan bahagian perkongsian Kumpulan bagi aset bersih syarikat subsidiari akan dicajkan atau dikreditkan ke penyata pendapatan. Nilai di dalam rizab nilai semula tidak boleh diagihkan yang berkaitan dengan syarikat subsidiari ini akan dipindahkan ke rizab boleh diagihkan. Muhibah atas pengambilalihan yang telah dikreditkan atau dicajkan ke rizab modal yang timbul dari penyatuan dan pendapatan tertahan akan ditolak sewaktu menentukan keuntungan atau kerugian atas pelupusan syarikat subsidiari. Bila mana wujudnya tanda kemerosotan, nilai bawaan pelaburan dalam syarikat subsidiari akan ditaksir dan segera dikurangkan nilainya ke nilai yang dapat diperolehi. Lihat dasar perakaunan Nota 2(i) mengenai kemerosotan aset. (ii) Syarikat bersekutu dan pelaburan lain-lain bukan semasa Pelaburan dalam syarikat bersekutu dinyatakan pada kos tolak kerugian terjejas terkumpul. Bila wujudnya tanda kemerosotan, nilai bawaan pelaburan tersebut ditaksir dan diturun nilai ke nilai yang dapat diperolehi dengan segera. Pelaburan dalam pelaburan lain-lain bukan semasa dinyatakan pada kos dan peruntukan untuk pengurangan nilai akan dibuat, di mana mengikut pendapat para Pengarah, terdapatnya penurunan selain daripada sementara di dalam nilai pelaburan tersebut, penurunan sebegini diiktiraf sebagai perbelanjaan di dalam tempoh di mana penurunan ini dikenalpasti. Bagi pelupusan pelaburan, perbezaan di antara hasil pelupusan bersih dan nilai bawaannya akan dicajkan atau dikreditkan ke penyata pendapatan. UNITED MALAYAN LAND BHD

168 166 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.) (i) Kemerosotan aset Hartanah, loji dan peralatan serta aset bukan semasa lain, termasuk aset tak ketara, akan diteliti semula untuk kerugian terjejas bila mana terdapat peristiwa atau perubahan keadaan yang menandakan bahawa nilai bawaan mungkin tidak dapat diperolehi. Kerugian terjejas diiktiraf bagi nilai di mana nilai bawaan aset melebihi nilai yang dapat diperolehi. Nilai yang dapat diperolehi adalah nilai yang lebih tinggi di antara harga jualan bersih dan nilai guna aset. Bagi tujuan menaksir kemerosotan, aset dikumpulkan pada tahap terendah yang mana terdapatnya aliran tunai yang boleh dikenalpasti secara berasingan. Kerugian terjejas dicajkan ke penyata pendapatan kecuali jika ia membalikkan penilaian semula yang sebelumnya, di mana dalam keadaan ini ia dicajkan ke rizab nilai semula. Sebarang peningkatan dalam nilai yang boleh diperolehi berikutannya diiktiraf dalam penyata pendapatan kecuali jika ia membalikkan kerugian terjejas pada aset yang dinilai semula di mana dalam keadaan ini ia dikreditkan ke rizab nilai semula. (j) Penghutang dagangan Penghutang dagangan dinyatakan pada nilai invois tolak elaun hutang ragu. Elaun diwujudkan apabila terdapat bukti objektif bahawa Kumpulan tidak dapat memungut kesemua nilai yang terhutang mengikut syarat-syarat asal penghutang tersebut. Penghutang dagangan atas penjualan hartanah siap di bawah skim ansuran dicatatkan pada nilai saksamanya, yang ditentukan dengan mendiskaun kesemua penerimaan masa depan menggunakan kadar faedah imput. (k) Cukai pendapatan Perbelanjaan cukai semasa ditentukan mengikut undang-undang cukai di bawah bidang kuasa di mana Kumpulan beroperasi. Ia termasuk semua cukai yang boleh dicajkan ke atas keuntungan kena cukai, dan cukai belum bayar bagi keuntungan hartanah di atas pelupusan hartanah. Cukai tertunda diiktiraf sepenuhnya menggunakan kaedah liabiliti berdasarkan perbezaan sementara yang timbul di antara nilai yang berpunca daripada aset dan liabiliti untuk tujuan cukai dan nilai bawaannya di dalam penyata kewangan. Aset cukai tertunda diiktiraf ke tahap di mana ada kemungkinan bahawa keuntungan kena cukai akan tersedia berbanding dengan perbezaan sementara yang boleh ditolak atau kerugian cukai yang tidak diguna, boleh digunakan. Cukai tertunda diiktiraf berdasarkan perbezaan sementara yang timbul dari pelaburan dalam syarikat subsidiari dan syarikat bersekutu kecuali di mana penentuan masa pembalikan bagi perbezaan sementara boleh dikawal dan ada kemungkinan perbezaan sementara ini tidak akan berbalik sejauh yang nampak pada masa depan. Kadar cukai yang dikenakan atau sebahagian besar cukai yang dikenakan menjelang tarikh lembaran imbangan diguna untuk menentukan cukai tertunda. (l) Tanah dipegang untuk pembangunan hartanah Tanah dipegang untuk pembangunan hartanah terdiri daripada tanah yang tiada kerja pembangunan ketara atau di mana kerja pembangunan tidak dijangka siap dalam kitaran operasi biasa. Tanah seperti ini dikelaskan sebagai aset bukan semasa dan dinyatakan pada kos tolak kerugian terjejas terkumpul. Kos tanah merangkumi harga pembelian tanah, yuran profesional, duti setem, komisyen, yuran pertukaran dan levi lain yang relevan. Bila mana Kumpulan telah mencatatkan tanah tersebut di nilai penilaian semula sebelum ini, ia terus mengekalkan nilai ini sebagai kos pengganti seperti yang dibenarkan oleh Piawaian FRS Aktiviti Pembangunan Hartanah (dulu dikenali sebagai MASB 32). Di mana terdapat petunjuk bahawa wujudnya kemerosotan, nilai bawaan aset tersebut ditaksir dan diturunkan nilai ke nilai yang boleh diperolehi dengan segera. Lihat dasar perakauanan Nota 2(i) mengenai kemerosotan aset. Tanah yang dipegang untuk pembangunan hartanah dipindahkan ke Kos pembangunan hartanah (di bawah aset semasa) apabila kerja pembangunan telah bermula dan dijangka siap dalam kitaran operasi biasa Kumpulan.

169 167 2 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.) (m) Hartanah siap Hartanah yang telah siap tetapi tidak dijual dikelas sebagai Hartanah Siap dan dinyatakan pada nilai yang lebih rendah di antara kos dan nilai boleh direalisasi bersih. Nilai boleh direalisasi bersih ialah anggaran harga jualan dalam urusan biasa perniagaan, tolak kos penyiapan dan perbelanjaan penjualan. (n) Kos pembangunan hartanah Kos pembangunan hartanah merangkumi kos tanah dan semua kos yang berkaitan secara langsung dengan kerja pembangunan atau boleh diuntukkan secara munasabah kepada kerja-kerja tersebut. Ia termasuk kos pinjaman yang berkaitan dengan pembiayaan kerja pembinaan tanah tersebut, kos berkaitan pembangunan yang biasa bagi projek pembangunan serta kos pembinaan langsung. Kos pinjaman dimasukkan ke dalam kos pembangunan hartanah sehingga projek pembangunan tersebut siap. Apabila kesudahan kerja pembinaan boleh dianggarkan secara andal, hasil dan perbelanjaan pembangunan hartanah diiktiraf menggunakan kaedah peratusan siap seperti yang disebut dalam Nota 2(e) mengenai pengiktirafan hasil. Apabila kesudahan kerja pembinaan tidak boleh dianggarkan secara andal, hasil pembangunan hartanah diiktiraf hanya setakat kos pembangunan hartanah yang ditanggung yang mana ia berkemungkinan boleh dipungut; kos pembangunan hartanah bagi unit pembangunan yang dijual diiktiraf bila ia ditanggung. Sama ada kesudahan bagi kerja pembangunan hartanah boleh atau tidak boleh dianggarkan secara andal, apabila terdapatnya kemungkinan jumlah kos pembangunan hartanah akan melebihi keseluruhan hasil pembangunan hartanah, kerugian yang dijangkakan ini akan diiktiraf sebagai perbelanjaan dengan segera. Kos pembangunan hartanah yang tidak diiktiraf sebagai perbelanjaan akan diiktiraf sebagai aset dan dinyatakan pada nilai yang lebih rendah di antara kos dan nilai boleh direalisasi. Bila mana hasil diiktiraf di dalam penyata pendapatan melebihi pembilan kepada pembeli, baki akan ditunjukkan sebagai pembilan terakru di bawah Penghutang dagangan dan lain-lain (dalam aset semasa). Bila mana bil kepada pembeli melebihi hasil yang diiktiraf dalam penyata pendapatan, baki akan ditunjukkan sebagai bil berperingkat di bawah Pemiutang dagangan dan lain-lain (dalam liabiliti semasa). (o) Peruntukan Peruntukan diiktiraf apabila Kumpulan mempunyai kewajipan perundangan atau konstruktif pada waktu ini akibat peristiwa lampau, jika terdapat kemungkinan bahawa aliran keluar sumber akan diperlukan untuk menyelesaikan kewajipan tersebut, dan apabila anggaran yang andal bagi nilai itu boleh dibuat. (p) Modal saham (i) Klasifikasi Saham biasa diklasifikasikan sebagai ekuiti. Pengagihan kepada pemegang instrumen kewangan yang dikelaskan sebagai instrumen ekuiti, dicajkan terus ke ekuiti. (ii) Kos penerbitan saham Kos luaran tambahan yang berpunca secara langsung dari penerbitan saham-saham baru, dinyatakan dalam ekuiti sebagai potongan yang bersih cukai, daripada hasil. (iii) Dividen kepada para pemegang saham Syarikat Dividen interim bagi saham biasa diiktiraf sebagai liabiliti sewaktu dicadangkan. Dividen akhir yang dicadangkan selepas tarikh lembaran imbangan tidak diiktiraf sebagai liabiliti pada tarikh lembaran imbangan sehingga ia diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunan. UNITED MALAYAN LAND BHD

170 168 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.) (q) Saham perbendaharaan Bila mana Syarikat atau syarikat subsidiari membeli ekuiti modal saham Syarikat, balasan yang dibayar, termasuk sebarang kos urusniaga yang berpunca darinya dipotong daripada keseluruhan ekuiti para pemegang saham sebagai saham perbendaharaan sehingga ia dibatalkan. Bila mana saham-saham ini dijual atau diterbitkan semula kemudiannya, sebarang balasan yang diterima akan dimasukkan ke dalam ekuiti para pemegang saham. (r) Manfaat pekerja (i) Manfaat pekerja jangka pendek Upah, gaji, cuti tahunan berbayar, cuti sakit, bonus dan faedah bukan wang adalah terakru dalam tempoh di mana khidmat yang bersangkutan diberikan oleh kakitangan (termasuk Pengarah Eksekutif) Kumpulan. (ii) Manfaat selepas pekerjaan Kumpulan mempunyai skim faedah selepas pekerjaan di mana sumbangan dibuat ke Kumpulan Wang Simpanan Pekerja ( KWSP ), sebuah pelan sumbangan negara yang wajib. Sumbangan Kumpulan kepada KWSP dicajkan ke penyata pendapatan dalam tahun kewangan yang berkaitan. Sebaik sahaja sumbangan tersebut dibayar, Kumpulan tidak mempunyai sebarang obligasi pembayaran selanjutnya. (iii) Manfaat pampasan ekuiti Butiran bagi Skim Opsyen Saham Kakitangan ( ESOS ) dibentangkan dalam Nota 26 penyata pendapatan. Kumpulan tidak mengenakan caj kepada penyata pendapatan berhubung dengan opsyen ke atas saham biasa yang diberikan. Apabila opsyen ke atas saham biasa dilaksanakan, hasil yang diterima, bersih dari sebarang kos urusniaga, dikreditkan ke modal saham dan saham premium. (s) Liabiliti dan aset luar jangka Kumpulan tidak mengiktiraf liabiliti luar jangka tetapi mendedahkan kewujudannya dalam penyata kewangan. Liabiliti luar jangka adalah suatu obligasi yang berkemungkinan timbul dari peristiwa lampau dan yang mana kewujudannya akan disahkan oleh peristiwa di masa depan yang belum pasti dan di luar kawalan Kumpulan atau obligasi semasa yang tidak diiktiraf kerana tidak berkemungkinan suatu aliran keluar sumber akan diperlukan untuk menyelesaikan obligasi tersebut. Liabiliti luar jangka juga timbul dalam keadaan yang amat jarang sekali di mana terdapatnya liabiliti yang tidak boleh diiktiraf kerana ia tidak dapat diukur secara andal. Aset luar jangka adalah aset yang berkemungkinan di mana ia timbul dari peristiwa lalu dan kewujudannya akan disahkan oleh peristiwa di masa depan yang belum pasti dan di luar kawalan Kumpulan. Kumpulan tidak mengiktiraf aset luar jangka tetapi mendedahkan kewujudannya di mana aliran masuk faedah ekonomi adalah mungkin, tetapi hakikatnya tidak dapat dipastikan (t) Tunai dan setara tunai Bagi tujuan penyata aliran tunai, tunai dan setara tunai merangkumi tunai di tangan, baki bank, deposit panggilan dipegang dengan bank, overdraf bank dan pelaburan berkecairan tinggi jangka pendek yang sedia untuk ditukarkan ke amaun tunai yang diketahui dan tertakluk kepada risiko perubahan nilai yang tidak ketara. Overdraf bank dimasukkan ke dalam Pinjaman dalam liabiliti semasa di dalam lembaran imbangan. (u) Mata wang pelapor Penyata kewangan dibentangkan dalam Ringgit Malaysia.

171 169 2 RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (samb.) (v) Instrumen kewangan Keterangan Instrumen kewangan adalah sebarang kontrak yang menghasilkan kedua-dua aset kewangan satu perusahaan dan liabiliti kewangan atau instrumen ekuiti kewangan satu perusahaan lain. Aset kewangan ialah sebarang aset yang merupakan tunai, hak berkontrak untuk menerima tunai atau aset kewangan lain daripada perusahaan lain, hak berkontrak untuk menukar instrumen kewangan dengan perusahaan lain mengikut syarat yang berpotensi baik, ataupun instrumen ekuiti perusahaan yang lain. Liabiliti kewangan ialah sebarang liabiliti yang merupakan obligasi berkontrak untuk menghasilkan tunai atau aset kewangan lain kepada perusahaan lain, atau untuk menukar instrumen kewangan dengan perusahaan lain mengikut syarat yang tidak berpotensi baik. Instrumen kewangan yang diiktiraf dalam lembaran imbangan Instrumen kewangan yang diiktiraf dalam lembaran imbangan merangkumi deposit, tunai dan baki bank, pelaburan, hutang belum diterima, hutang belum dibayar serta pinjaman. Kaedah pengiktirafan yang diterima pakai untuk instrumen kewangan yang diiktiraf dalam lembaran imbangan dinyatakan di dalam penyata dasar perakaunan individu berkaitan setiap perkara. Aset dan liabiliti kewangan Kumpulan dan Syarikat adalah di dalam mata wang Ringgit Malaysia. Anggaran nilai saksama bagi tujuan pendedahan Dalam menentukan nilai saksama instrumen kewangan, Kumpulan menggunakan pelbagai kaedah dan membuat andaian berdasarkan keadaan pasaran pada setiap tarikh lembaran imbangan. Secara khususnya, nilai saksama aset dan liabiliti kewangan dianggar dengan mendiskaunkan aliran tunai berkontrak masa depan pada kadar faedah pasaran semasa yang tersedia bagi Kumpulan untuk instrumen kewangan yang serupa. Nilai saksama instrumen lain ditetapkan mengikut nilai pasaran pada tarikh lembaran imbangan. Nilai muka aset kewangan (tolak sebarang anggaran pelarasan kredit) dan liabiliti kewangan dengan tempoh matang kurang dari satu tahun adalah diandaikan hampir kepada nilai saksamanya. 3 OBJEKTIF DAN DASAR-DASAR PENGURUSAN RISIKO KEWANGAN Kumpulan terdedah kepada pelbagai risiko kewangan termasuk risiko pertukaran mata wang asing, risiko kadar faedah, risiko kredit, risiko kecairan dan risiko aliran tunai dalam urusan biasa perniagaan. Objektif keseluruhan pengurusan risiko kewangan Kumpulan adalah untuk memastikan bahawa Kumpulan dapat mencipta nilai bagi para pemegang sahamnya. Kumpulan memfokus kepada pasaran kewangan yang tidak teramal dan berusaha untuk meminimumkan kesan buruk kepada prestasi kewangan Kumpulan. Pengurusan risiko kewangan dijalankan melalui kajian risiko dan sistem kawalan dalaman. Lembaga Pengarah kerap mengkaji semula risiko-risiko ini bagi memastikan dasar-dasar pengurusan risiko kewangan Kumpulan dipatuhi. (i) Risiko pertukaran mata wang asing Kumpulan tidak terdedah kepada risiko mata wang memandangkan penglibatan Kumpulan dalam urusniaga mata wang asing adalah minimum. (ii) Risiko kadar faedah Pendapatan dan aliran tunai kendalian Kumpulan adalah bebas dari perubahan dalam kadar faedah pasaran. Pendedahan kadar faedah timbul daripada pinjaman Kumpulan dan diurus menggunakan kadar faedah tetap dan terapung. Kumpulan sentiasa aktif memantau pinjamannya bagi memastikan Kumpulan menerima manfaat sepenuhnya daripada persekitaran kendalian. (iii) Risiko kredit Tumpuan ke atas risiko kredit yang berhubung dengan penghutang dagangan adalah terhad memandangkan pemilikan dan hak terhadap hartanah akan berbalik kepada Kumpulan dalam keadaan berlakunya kemungkiran. Pengalaman Kumpulan yang lalu bagi kutipan daripada penghutang dagangan jatuh dalam peruntukan yang dicatatkan. Disebabkan faktor-faktor ini, pihak pengurusan percaya tiada risiko kredit tambahan yang melebihi nilai yang disediakan untuk kerugian kutipan yang sedia wujud dalam penghutang dagangan Kumpulan. UNITED MALAYAN LAND BHD

172 170 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember OBJEKTIF DAN DASAR-DASAR PENGURUSAN RISIKO KEWANGAN (samb.) (iv) Risiko kecairan dan aliran tunai Pengurusan risiko kecairan yang berhemat bermaksud menjaga kecukupan tunai serta ketersediaan dana melalui jumlah kemudahan kredit yang komited dengan secukupnya. Matlamat Kumpulan ialah untuk mengekalkan fleksibiliti dalam pembiayaan dengan menyediakan barisan kredit yang komited. 4 HASIL RM 000 RM 000 Kumpulan Hasil daripada pembangunan hartanah 219, ,773 Tolak: Pembatalan jualan (5,782) (4,988) 213, ,785 Kontrak pembinaan 102 Sewaan pajakan kuari Sewaan pajakan tanah Sewaan dari hartanah Pendapatan faedah daripada deposit jangka pendek , ,845 ================= ================= Syarikat Pendapatan dividen daripada syarikat subsidiari 23,236 11,620 Pendapatan faedah daripada deposit jangka pendek dan pendahuluan kepada syarikat subsidiari 4,524 5,333 Peruntukan bagi khidmat pengurusan 5,275 4,260 33,035 21,213 ================= ================= 5 PERBELANJAAN MANFAAT KAKITANGAN Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Upah, gaji dan bonus 13,854 10,066 5,121 3,767 Pelan sumbangan persaraan wajib 1,911 1, Manfaat pekerja yang lain 1,444 1, ,209 12,547 6,305 4,771 ================= ================= ================= ================= Perbelanjaan manfaat kakitangan termasuk ganjaran para Pengarah Eksekutif. Pada akhir tahun kewangan, terdapat seramai 234 (2004: 193) pekerja di dalam Kumpulan dan 51 (2004: 40) pekerja di dalam Syarikat.

173 171 6 KEUNTUNGAN DARIPADA OPERASI Perkara di bawah telah (dikredit)/dicaj bagi mendapatkan keuntungan daripada operasi: Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Pendapatan faedah daripada - deposit jangka pendek (32) (21) (30) (21) - pendahuluan kepada syarikat subsidiari (4,494) (5,312) - penjualan hartanah siap di bawah skim ansuran (271) (1,072) - lain-lain (1,543) (374) Keuntungan atas pelupusan hartanah, loji dan peralatan (16) (467) (205) Pendapatan sewa daripada hartanah siap dan hartanah pembangunan (515) (481) Ganjaran juruaudit Yuran bukan audit berkanun - khidmat nasihat pencukaian dan kerja pematuhan kerja kawal selia yang lain Kerugian atas pelupusan hartanah, loji dan peralatan 52 Yuran pengurusan yang telah dibayar dan akan dibayar kepada pihak berkaitan ================= ================= ================= ================= 7 GANJARAN PARA PENGARAH Jumlah agregat emolumen (tidak termasuk anggaran nilai monetari bagi manfaat barangan) yang diterima dan akan diterima oleh para Pengarah Syarikat sepanjang tahun kewangan adalah seperti berikut: Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Pengarah Eksekutif: - yuran gaji pokok dan bonus pelan sumbangan persaraan wajib emolumen lain Pengarah Bukan Eksekutif: - yuran emolumen lain , ,126 ================= ================= ================= ================= Anggaran nilai monetari bagi manfaat barangan yang diberi kepada para Pengarah Eksekutif dan para Pengarah Bukan Eksekutif Syarikat sepanjang tahun kewangan melalui penggunaan aset Syarikat dan peruntukan manfaat lain masing-masing berjumlah RM20,525 (2004: RM34,425) dan RM22,030 (2004: RM10,100). UNITED MALAYAN LAND BHD

174 172 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember GANJARAN PARA PENGARAH (samb.) Para Pengarah Eksekutif Syarikat telah diberikan opsyen ke atas saham biasa di bawah Skim Opsyen Saham Kakitangan ( ESOS ) mengikut syarat dan peraturan yang sama seperti yang ditawarkan kepada kakitangan lain di dalam Kumpulan (Nota 26). Butiran tentang opsyen ke atas saham biasa ini yang diberikan kepada Pengarah Eksekutif adalah seperti berikut: Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesaham Harga Tarikh Tarikh langganan/ Pada Pada ditawarkan luput saham Ditawarkan Dilaksana Luput RM ============================================================================================================ Bilangan opsyen ke atas saham biasa bernilai RM1.00 sesaham Pada Pada Ditawarkan Dilaksana Luput ============================================================================================================ Bilangan opsyen ke atas saham biasa yang diletak hak pada tarikh lembaran imbangan ================= ================= 8 KOS KEWANGAN Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Perbelanjaan faedah ke atas: - kredit pusingan overdraf bank pinjaman bertempoh lain-lain 15 - pendahuluan daripada syarikat subsidiari ,544 1, ================= ================= ================= ================= 9 PERBELANJAAN CUKAI Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Cukai semasa: - Cukai Malaysia 5,527 8,845 6,231 3,676 Cukai tertunda (Nota 18) (2,396) ,131 9,313 6,861 4,189 ================= ================= ================= ================= Cukai semasa Tahun kewangan semasa 10,110 9,182 6,171 3,569 (Terlebih)/terkurang akru dalam tahun kewangan sebelumnya (bersih) (4,583) (337) ,527 8,845 6,231 3,676

175 173 9 PERBELANJAAN CUKAI (samb.) Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Cukai tertunda Asal dan penarikbalikan perbezaan sementara (1,002) (Terlebih)/terkurang akru dalam tahun kewangan sebelumnya (bersih) (1,394) 349 (55) 4 (2,396) ,131 9,313 6,861 4,189 ================= ================= ================= ================= Penyesuaian berangka antara purata kadar cukai berkesan Kumpulan dan Syarikat dengan kadar cukai Malaysia adalah seperti berikut: Kumpulan Syarikat % % % % Kadar cukai Malaysia Kesan cukai bagi: - perbelanjaan tidak boleh ditolak untuk tujuan cukai pendapatan tidak tertakluk kepada cukai (1) - kerugian cukai tahun kewangan semasa yang tidak diiktiraf kadar cukai lebih rendah akibat penyataan semula kos tanah untuk tujuan cukai (16) (8) - penggunaan kerugian cukai yang tidak diiktiraf sebelumnya (3) - cukai tertunda (terlebih)/terkurang akru dalam tahun kewangan sebelumnya (4) 1 - cukai semasa (terlebih)/terkurang akru dalam tahun kewangan sebelumnya (14) (1) 1 - lain-lain 1 4 Purata kadar cukai berkesan ================= ================= ================= ================= Termasuk dalam perbelanjaan cukai Kumpulan dan Syarikat ialah penjimatan cukai daripada penggunaan kerugian cukai tahun semasa, masing-masing berjumlah RM2,658,000 (2004: RM2,310,763) dan RM2,658,000 (2004: RM2,310,763). Penjimatan cukai ini terbit daripada penggunaan kerugian cukai, daripada satu sumber perniagaan atau pendapatan pelaburan terhadap keuntungan kena cukai daripada sumber perniagaan yang lain di dalam syarikat yang sama dalam tahun kewangan yang sama. 10 PENDAPATAN DAN ASET KETARA BERSIH SESAHAM (a) Pendapatan sesaham Pendapatan asas sesaham Pendapatan asas sesaham Kumpulan dikira dengan membahagikan keuntungan bersih bagi tahun kewangan dengan purata berwajaran bilangan saham biasa yang diterbitkan sepanjang tahun kewangan, tidak termasuk saham biasa yang diperolehi oleh Syarikat dan disimpan sebagai saham perbendaharaan Keuntungan bersih bagi tahun kewangan (RM 000) 29,211 20,565 Purata berwajaran bilangan saham biasa yang diterbitkan ( 000) 232, ,046 Pendapatan asas sesaham (sen) ================= ================= UNITED MALAYAN LAND BHD

176 174 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember PENDAPATAN DAN ASET KETARA BERSIH SESAHAM (samb.) (a) Pendapatan sesaham (samb.) Pendapatan cair sesaham Pada 31 Disember 2005, Syarikat mempunyai 8,838,100 (2004: 9,647,500) saham biasa belum terbit yang tertunggak di bawah Skim Opsyen Saham Kakitangan ( ESOS ) untuk kakitangan dan para Pengarah Eksekutif Kumpulan yang berkelayakan. Selaras dengan peruntukan yang dibuat di bawah piawaian FRS Pendapatan Sesaham (dulu dikenali sebagai MASB 13), opsyen ke atas saham biasa boleh mencairkan apabila ia akan mengakibatkan penerbitan saham biasa yang kurang daripada nilai saksama (ditentukan mengikut harga pasaran saham biasa). Memandangkan harga laksana opsyen ke atas saham biasa adalah lebih tinggi daripada nilai saksama saham biasa Syarikat bagi tahun kewangan 2005 dan 2004, opsyen ke atas saham biasa tidak boleh mencairkan. Selaras dengan itu, maklumat tentang pendapatan cair sesaham tidak dibentangkan di dalam penyata kewangan. (b) Aset ketara bersih sesaham Aset ketara bersih sesaham dikira dengan membahagikan aset ketara bersih Kumpulan berjumlah RM746,401,879 (2004: RM733,970,164) dengan modal saham terbitan sebanyak 231,957,933 saham (yang mana adalah bersih dari 388,700 saham perbendaharaan) (2004: 232,034,733 saham, [yang mana adalah bersih dari 311,900 saham perbendaharaan]), pada akhir tahun kewangan. 11 DIVIDEN SESAHAM Dividen yang diisytiharkan dan dicadangkan berhubung saham biasa Kumpulan dan Syarikat bagi tahun kewangan adalah seperti berikut: Dividen Jumlah Dividen Jumlah kasar dividen, bersih kasar dividen, bersih sesaham 28% cukai sesaham 28% cukai Sen RM 000 Sen RM 000 Dividen interim diisytiharkan 2.5 4, Dividen akhir dicadangkan 5.0 8, , , ,528 ================= ================= ================= ================= Pada Mesyuarat Agung Tahunan ( AGM ) yang akan datang pada 20 Jun 2006, dividen akhir sebanyak 5.0 sen (2004: 7.5 sen) kasar sesaham biasa atas 231,957,933 saham biasa (yang mana adalah bersih dari 388,700 saham perbendaharaan), tolak 28% cukai pendapatan, bagi tahun kewangan berakhir 31 Disember 2005 akan dicadangkan untuk kelulusan para pemegang saham. Dividen akhir bersih ini berjumlah RM8,350,486. Penyata kewangan ini tidak mencerminkan dividen akhir ini sebagai liabiliti. Dividen akhir akan diakru sebagai liabiliti hanya selepas diluluskan oleh para pemegang saham pada AGM yang akan datang. 12 HARTANAH, LOJI DAN PERALATAN Pada Pelupusan/ Pada Penambahan hapus kira RM 000 RM 000 RM 000 RM 000 Kumpulan 2005 Kos/Penilaian Tanah pegangan bebas 332, ,308 Bangunan 17, ,045 Perabot, kelengkapan dan peralatan 6,727 1,048 (239) 7,536 Kenderaan bermotor 1, (392) 2,222 Loji dan jentera Bangsal kuda dan peralatan ekuestrian 100 (3) ,818 2,044 (634) 359,228

177 HARTANAH, LOJI DAN PERALATAN (samb.) Caj bagi Pada tahun Pelupusan/ Pada kewangan hapus kira RM 000 RM 000 RM 000 RM 000 Susutnilai terkumpul Tanah pegangan bebas Bangunan 5, ,768 Perabot, kelengkapan dan peralatan 6, (239) 6,530 Kenderaan bermotor 1, (178) 1,425 Loji dan jentera Bangsal kuda dan peralatan ekuestrian 100 (3) 97 13,655 1,605 (420) 14,840 Kumpulan 2004 Pada Pelupusan/ Pada Penambahan hapus kira Pemindahan* RM 000 RM 000 RM 000 RM 000 RM 000 Kos/Penilaian Tanah pegangan bebas 377,534 (45,226) 332,308 Bangunan 17, (34) 17,042 Perabot, kelengkapan dan peralatan 6, (3) 6,727 Kenderaan bermotor 4,642 (3,021) 1,621 Loji dan jentera Bangsal kuda dan peralatan ekuestrian , (3,058) (45,226) 357,818 *Pemindahan ke Tanah dipegang untuk pembangunan hartanah dan Kos pembangunan hartanah. Caj bagi Pada tahun Pelupusan/ Pada kewangan hapus kira RM 000 RM 000 RM 000 RM 000 Susutnilai terkumpul Tanah pegangan bebas Bangunan 5, (5) 5,926 Perabot, kelengkapan dan peralatan 5, (3) 6,208 Kenderaan bermotor 3, (2,530) 1,401 Loji dan jentera Bangsal kuda dan peralatan ekuestrian ,654 1,539 (2,538) 13,655 UNITED MALAYAN LAND BHD

178 176 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember HARTANAH, LOJI DAN PERALATAN (samb.) Pada Pada RM 000 RM 000 Kumpulan Nilai buku bersih Tanah pegangan bebas 332, ,308 Bangunan 10,277 11,116 Perabot, kelengkapan dan peralatan 1, Kenderaan bermotor Loji dan jentera Bangsal kuda dan peralatan ekuestrian 344, ,163 ================= ================= Syarikat 2005 Pada Pada Penambahan Pelupusan RM 000 RM 000 RM 000 RM 000 Kos Perabot, kelengkapan dan peralatan 1, ,892 Kenderaan bermotor 1, (343) 1,685 2,689 1,231 (343) 3,577 Susutnilai terkumpul Caj bagi Pada tahun Pada kewangan Pelupusan RM 000 RM 000 RM 000 RM 000 Perabot, kelengkapan dan peralatan 1, ,683 Kenderaan bermotor (137) 887 2, (137) 2,570 Syarikat 2004 Pada Pada Penambahan Pelupusan RM 000 RM 000 RM 000 RM 000 Kos Perabot, kelengkapan dan peralatan 1, ,654 Kenderaan bermotor 2,321 (1,286) 1,035 3, (1,286) 2,689

179 HARTANAH, LOJI DAN PERALATAN (samb.) Caj bagi Pada tahun Pada kewangan Pelupusan RM 000 RM 000 RM 000 RM 000 Susutnilai terkumpul Perabot, kelengkapan dan peralatan 1, ,553 Kenderaan bermotor 1, (1,191) 824 3, (1,191) 2,377 Pada Pada RM 000 RM 000 Syarikat Nilai buku bersih Perabot, kelengkapan dan peralatan Kenderaan bermotor , ================= ================= Tanah pegangan bebas Kumpulan telah dinilai semula oleh para Pengarah dalam tahun 1990 berdasarkan penilaian yang dibuat oleh sebuah firma penilai profesional bebas dengan menggunakan kaedah perbandingan. Nilai buku bagi tanah pegangan bebas telah dilaraskan untuk mencerminkan penilaian semula dan lebihan penilaian semula yang terbit darinya telah dikreditkan ke rizab nilai semula. Sesetengah bahagian tanah pegangan bebas Kumpulan telah dinilai semula sekali lagi oleh para Pengarah dalam tahun 1996 berdasarkan penilaian yang dibuat oleh firma penilai profesional bebas menggunakan asas penilaian pasaran terbuka dan sebagaimana yang diluluskan oleh Suruhanjaya Sekuriti. Nilai buku tanah pegangan bebas telah dilaraskan untuk mencerminkan penilaian semula serta lebihan penilaian semula yang terbit darinya telah dikreditkan ke rizab nilai semula. Kumpulan RM 000 RM 000 Tanah pegangan bebas terdiri daripada yang berikut: Pada kos atau penilaian Tanah, pada penilaian ,545 20,545 Tanah, pada penilaian , ,858 Perbelanjaan pembangunan, pada kos 6,905 6, , ,308 ================= ================= Sekiranya tanah pegangan bebas telah ditetapkan selaras dengan kaedah kos sejarah, kos tanah pegangan bebas Kumpulan adalah RM19,051,183 (2004: RM19,051,183). UNITED MALAYAN LAND BHD

180 178 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember PELABURAN DALAM SYARIKAT SUBSIDIARI Syarikat RM 000 RM 000 Saham tidak disebut harga - Pada kos 17,650 12,500 - Pada penilaian para Pengarah 584, , , ,041 ================= ================= Pelaburan Syarikat dalam syarikat subsidiari dinyatakan pada penilaian berdasarkan nilai aset ketara bersih syarikat subsidiari pada 31 Disember Butiran syarikat subsidiari, yang kesemuanya diperbadankan di Malaysia, adalah seperti berikut: Kepentingan efektif Kumpulan Nama syarikat Aktiviti utama % Seri Alam Properties Sdn Bhd Pembangunan hartanah * UM Leisure Sdn Bhd Perniagaan am UM Land Assets Sdn Bhd Pelaburan hartanah UM Land Bena Sdn Bhd Pembangunan hartanah dan aktiviti berkaitan Country Equity Sdn Bhd Pegangan pelaburan * UM Development Sdn Bhd Perniagaan am UM Residences Sdn Bhd Pembangunan pangsapuri khidmat Suasana Sentral Two Sdn Bhd Pembangunan hartanah dan aktiviti berkaitan Dynasty View Sdn Bhd Pembangunan hartanah dan aktiviti berkaitan * Alpine Return Sdn Bhd Pembangunan hartanah dan aktiviti berkaitan Syarikat subsidiari Seri Alam Properties Sdn Bhd * PMS Services Sdn Bhd Pengurusan projek * Seri Alam Hotel Resort Sdn Bhd Perniagaan am Seri Alam Leisure Sdn Bhd Pegangan pelaburan Syarikat subsidiari Seri Alam Leisure Sdn Bhd Seri Alam Golf & Equestrian Club Operasi kelab rekreasi Sdn Bhd dan aktiviti berkaitan Syarikat subsidiari Country Equity Sdn Bhd Bangi Heights Development Sdn Bhd Pembangunan hartanah dan pelaburan hartanah ================= Syarikat subsidiari yang disatukan menggunakan kaedah percantuman perakaunan. * Syarikat subsidiari ini belum memulakan operasi.

181 PELABURAN DALAM SYARIKAT BERSEKUTU Kumpulan RM 000 RM 000 Saham tidak disebut harga, pada kos 6,240 6,240 Bahagian perkongsian kerugian selepas pengambilalihan (3,485) (3,493) Muhibah atas pengambilalihan dihapus kira terhadap rizab modal (7) (7) 2,748 2,740 ================= ================= Diwakili oleh: Bahagian perkongsian aset ketara bersih 2,748 2,740 ================= ================= Butiran tentang syarikat bersekutu, yang diperbadankan di Malaysia, adalah seperti berikut: Kepentingan efektif Kumpulan Nama syarikat Aktiviti utama % % Ipjora Holdings Sdn Bhd Pembangunan, pembinaan, pemilikan dan pengendalian ================= ================= pangsapuri khidmat 15 PELABURAN LAIN Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Saham tidak disebut harga, pada kos 9 9 Bon subordinat tidak disebut harga, pada kos 2,000 2,000 2, ,000 ================= ================= ================= ================= Nilai saksama saham yang tidak disebut harga dianggar berdasarkan nilai aset ketara bersih penerima pelaburan. Para Pengarah berpendapat nilai saksama pelaburan ini tidak berbeza secara ketara daripada kos yang dinyatakan di dalam penyata kewangan pada tarikh lembaran imbangan. Nilai saksama bon subordinat yang tidak disebut harga pada akhir tahun kewangan adalah lebih kurang sama dengan jumlah bawaan. 16 TANAH DIPEGANG UNTUK PEMBANGUNAN HARTANAH Kumpulan RM 000 RM 000 Pada awal tahun kewangan 206, ,860 Pindahan daripada hartanah, loji dan peralatan 12,411 Pindahan bersih kepada kos pembangunan hartanah (28,531) (46,608) Pengambilalihan tanah 129,322 Pada akhir tahun kewangan 178, ,985 ================= ================= Tanah dipegang untuk pembangunan hartanah dengan nilai buku RM152,015,900 (2004: RM189,360,942) telah dicagarkan sebagai sekuriti untuk pinjaman (Nota 25). UNITED MALAYAN LAND BHD

182 180 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember PENGHUTANG DAGANGAN JANGKA PANJANG Kumpulan RM 000 RM 000 Semasa 6,101 15,767 Lebih dari 1 tahun tapi tidak melebihi 2 tahun 4,004 3,603 Lebih dari 2 tahun tapi tidak melebihi 5 tahun 171 Bukan semasa 4,004 3,774 10,105 19,541 ================= ================= Penghutang dagangan jangka panjang ialah penerimaan masa depan yang didiskaunkan dan terbit daripada penjualan hartanah siap di bawah skim ansuran dan penjualan tanah di bawah skim pembayaran tertunda. Hasil daripada jualan hartanah siap di bawah skim ansuran akan diterima dalam tempoh empat hingga tujuh tahun. Hasil daripada jualan tanah di bawah skim pembayaran tertunda akan diterima dalam tempoh dua tahun. Ansuran yang akan diterima dalam tempoh dua belas bulan berjumlah RM6,101,309 (2004: RM15,766,946) telah dimasukkan ke dalam Penghutang dagangan dan lain-lain di dalam aset semasa. Tiada baki yang terhutang daripada para Pengarah serta pihak berkaitan yang dimasukkan ke dalam penghutang dagangan jangka panjang Kumpulan pada akhir tahun kewangan. 18 CUKAI TERTUNDA Aset dan liabiliti cukai tertunda diimbangi apabila terdapat hak perundangan yang boleh dikuatkuasakan untuk menolak aset cukai semasa terhadap liabiliti cukai semasa dan apabila cukai tertunda ini berkaitan dengan pihak berkuasa cukai yang sama. Nilai berikut, yang ditetapkan selepas imbangan sesuai, dinyatakan di dalam lembaran imbangan: Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Aset cukai tertunda: - tertakluk kepada cukai pendapatan tertakluk kepada cukai keuntungan hartanah ( RPGT ) 17,015 14,288 17,861 14,658 Liabiliti cukai tertunda: - tertakluk kepada cukai pendapatan (16,604) (20,322) (652) (22) - tertakluk kepada cukai keuntungan hartanah ( RPGT ) (16,184) (16,184) (32,788) (36,506) (652) (22) (14,927) (21,848) (652) (22) ================= ================= ================= ================= Pada awal tahun kewangan: (21,848) (23,599) (22) 491 Dikredit/(dicaj) ke penyata pendapatan (Nota 9): - hartanah, loji dan peralatan (13) - tanah dipegang untuk pembangunan hartanah 1,155 2,625 - kos pembangunan hartanah (2,140) (2,618) - permodalan faedah penghutang (130) (412) (1,633) - pemiutang 312 (64) 44 (38) - faedah belum terima 946 (515) 886 (462) - kerugian cukai 2, ,396 (468) (630) (513) Penarikbalikan cukai tertunda kepada rizab nilai semula 2,219 RPGT terkurang akru dalam tahun kewangan sebelumnya 4,525 Pada akhir tahun kewangan (14,927) (21,848) (652) (22) ================= ================= ================= =================

183 CUKAI TERTUNDA (samb.) Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Tertakluk kepada cukai pendapatan: Aset cukai tertunda (sebelum imbangan): - hartanah, loji dan peralatan kerugian cukai 2, penghutang pemiutang ,685 2, Imbangan (3,839) (1,961) (981) (864) Aset cukai tertunda (selepas imbangan) ================= ================= ================= ================= Liabiliti cukai tertunda (sebelum imbangan): - hartanah, loji dan peralatan (25) (4) - tanah dipegang untuk pembangunan hartanah (9,948) (11,103) - kos pembangunan hartanah (5,995) (5,653) - permodalan faedah (4,475) (4,577) - penghutang (1,633) - faedah belum terima (946) (886) (20,443) (22,283) (1,633) (886) Imbangan 3,839 1, Liabiliti cukai tertunda (selepas imbangan) (16,604) (20,322) (652) (22) ================= ================= ================= ================= Tertakluk kepada RPGT: Aset cukai tertunda: - kos pembangunan hartanah 17,015 14,288 ================= ================= ================= ================= Liabiliti cukai tertunda: - hartanah, loji dan peralatan (16,184) (16,184) ================= ================= ================= ================= Jumlah kerugian cukai belum guna (tanpa tarikh luput) yang mana tidak ada aset cukai tertunda diiktiraf dalam lembaran imbangan adalah seperti berikut: Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Kerugian cukai 40,137 27,684 ================= ================= ================= ================= 19 HARTANAH SIAP Hartanah siap dengan nilai buku RM35,289,050 (2004: RM16,807,043) telah dicagarkan sebagai sekuriti untuk pinjaman (Nota 25). UNITED MALAYAN LAND BHD

184 182 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember KOS PEMBANGUNAN HARTANAH Kumpulan RM 000 RM 000 Pada awal tahun kewangan Tanah pegangan bebas - pada kos 85,777 30,084 - pada penilaian 78,393 17,026 Kos pembangunan ditanggung 295, ,926 Kos terkumpul dicaj ke penyata pendapatan (68,029) (55,487) 391, ,549 ================= ================= Kos ditanggung dalam tahun kewangan Tanah diperolehi 41,085 Kos pembangunan ditanggung 166,536 89,915 Pindahan dari hartanah, loji dan peralatan 32,815 Pindahan bersih dari tanah yang dipegang untuk pembangunan hartanah 28,531 46,608 Pindahan ke hartanah siap (13,495) (13,117) Kos terkumpul dicaj ke penyata pendapatan (141,008) (69,571) 40, ,735 ================= ================= Pada akhir tahun kewangan Tanah pegangan bebas - pada kos 95,801 85,777 - pada penilaian 72,966 78,393 Kos pembangunan ditanggung 348, ,143 Kos terkumpul dicaj ke penyata pendapatan (85,020) (68,029) 431, ,284 ================= ================= Tanah pegangan bebas pada penilaian telah dipindahkan dari Hartanah, loji dan peralatan ke Kos pembangunan hartanah pada nilai bawaannya. Para Pengarah telah menggunakan peruntukan peralihan yang dikeluarkan oleh Lembaga Piawaian Perakaunan Malaysia melalui penerimapakaian piawaian FRS Hartanah, Loji dan Peralatan (dulu dikenali sebagai MASB 15), yang membolehkan aset-aset ini dinyatakan mengikut penilaian mereka dalam tahun 1990 dan Selaras dengan ini, nilai bawaan belum dikemaskini. Termasuk di dalam kos pembangunan ditanggung dalam tahun kewangan ialah permodalan faedah yang berjumlah RM10,553,962 (2004: RM3,548,130). Kos pembangunan hartanah dengan nilai buku RM116,083,329 (2004: RM85,549,303) telah dicagarkan sebagai sekuriti untuk pinjaman (Nota 25).

185 PENGHUTANG DAGANGAN DAN LAIN-LAIN Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Penghutang dagangan 70,265 68, Tolak: Elaun hutang ragu (10,234) (11,718) (297) (297) 60,031 56,622 Lain-lain belum terima 5,648 5,716 6, Tolak: Elaun hutang ragu (1,382) (1,282) 4,266 4,434 6, Jumlah dihutang oleh syarikat subsidiari 161, ,100 Jumlah dihutang oleh syarikat berkaitan 16 4 Deposit 3,444 3, Prabayaran Bil terakru berhubung pembangunan hartanah 15,344 7,435 19,284 11, , ,735 83,581 72, , ,791 ================= ================= ================= ================= Termasuk di dalam penghutang dagangan Kumpulan ialah baki dihutang (kepada)/oleh para Pengarah seperti berikut: Kumpulan RM 000 RM 000 Jumlah dihutang (kepada)/oleh para Pengarah (5) 101 ================= ================= Syarat kredit bagi penghutang dagangan menjangkau antara 7 hingga 365 hari. Termasuk dalam penghutang dagangan adalah jumlah yang dihutang oleh seorang pembeli tanah di bawah skim pembayaran tertunda, yang telah diberi syarat kredit selama 365 hari menurut syarat-syarat perjanjian jual beli. 22 DEPOSIT, BAKI BANK DAN TUNAI Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Baki bank dan tunai 13,982 3,894 6, Baki bank di bawah Akaun Pembangunan Perumahan ( HDA ) 32,187 14,195 Baki bank di bawah dana terikat 1,416 47,585 18,089 6, ================= ================= ================= ================= Kadar faedah purata berwajaran berkesan bagi baki bank pada tarikh lembaran imbangan adalah seperti berikut: Kumpulan Syarikat % % % % Baki bank Baki bank di bawah Akaun Pembangunan Perumahan ( HDA ) ================= ================= ================= ================= Baki bank ialah pegangan deposit panggilan dengan bank. UNITED MALAYAN LAND BHD

186 184 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember DEPOSIT, BAKI BANK DAN TUNAI (samb.) Baki bank syarikat subsidiari di bawah Akaun Pembangunan Perumahan tidak bebas diremitkan kepada Syarikat sehingga Sijil Layak Menduduki dikeluarkan bagi setiap pembangunan perumahan serta dengan kelulusan Pegawai Perumahan selepas menolak jumlah wang tertentu seperti yang ditetapkan dalam Akta Pembangunan Perumahan (Kawalan dan Perlesenan) 1966, Peraturan Pemaju Perumahan (Akaun Pembangunan Perumahan) (Pindaan) 2002, Peraturan 9. Dana terikat, yang diwujudkan menurut syarat-syarat di dalam perjanjian pinjaman, mewakili deposit dengan bank yang akan digunakan untuk membayar balik pinjaman bertempoh dan pinjaman penyambung syarikat subsidiari. 23 PEMIUTANG DAGANGAN DAN LAIN-LAIN Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Pemiutang dagangan 40,214 19,162 Dagangan terakru 26,079 19,271 Jumlah dihutang kepada syarikat subsidiari 1,492 Jumlah dihutang kepada pihak berkaitan Liabiliti senarai gaji 2,958 2, Cukai keuntungan hartanah akan dibayar 1,800 6,466 Bil berperingkat berhubung pembangunan hartanah 5,363 Pemiutang dan terakru yang lain 8,688 8, ,741 61,068 3,117 1,478 ================= ================= ================= ================= Syarat kredit pemiutang dagangan yang diberikan kepada Kumpulan adalah berbeza-beza dari tidak ada kredit sehingga ke 60 hari. Jumlah yang dihutang kepada syarikat subsidiari, UM Residences Sdn Bhd, adalah tanpa cagaran dan tidak mempunyai tempoh pembayaran balik yang tetap. Purata kadar faedah berwajaran pada akhir tahun kewangan adalah 7.25% setahun. Jumlah yang dihutang kepada pihak-pihak berkaitan, CapitaLand Residential Ltd, Tradewinds Corporation Berhad, Tradewinds Travel & Tours Sdn Bhd dan Chee Tat Holdings (S) Pte Ltd adalah tanpa cagaran, tanpa faedah dan tidak mempunyai tempoh pembayaran balik yang tetap. 24 PERUNTUKAN Kumpulan RM 000 RM 000 Kos pembangunan hartanah Pada awal tahun kewangan 20,777 21,459 Peruntukan bagi kos pembangunan hartanah 950 3,483 Digunakan dalam tahun kewangan (2,512) Penarikbalikan peruntukan yang tidak digunakan ke: - kos pembangunan yang diiktiraf sebagai perbelanjaan (10,411) (1,653) - hartanah siap dan kos pembangunan hartanah (9,618) - dagangan terakru (748) (20,777) (1,653) Pada akhir tahun kewangan ,777 ================= ================= Ini mewakili kos pembangunan yang dianggar akan ditanggung. Peruntukan ini akan digunakan apabila aktiviti pembangunan yang ditetapkan bermula. Penarikbalikan peruntukan yang tidak digunakan dalam tahun kewangan adalah disebabkan pertukaran rancangan masa depan bagi aktiviti pembangunan yang telah ditetapkan.

187 PINJAMAN Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Semasa Dicagar Overdraf bank 15,915 8,060 Kredit pusingan 106, ,675 Pinjaman bertempoh 27,475 30, , ,135 Bukan semasa Dicagar Pinjaman penyambung 3,073 Pinjaman bertempoh 89,600 89,600 Tidak dicagar Pinjaman bertempoh 20,000 20, ,673 89,600 20,000 Jumlah Overdraf bank 15,915 8,060 Kredit pusingan 106, ,675 Pinjaman penyambung 3,073 Pinjaman bertempoh 137, ,000 20, , ,735 20,000 ================= ================= ================= ================= Pinjaman dicagar oleh yang berikut: Kumpulan RM 000 RM 000 Tanah yang dipegang untuk pembangunan hartanah (Nota 16) 152, ,361 Hartanah siap (Nota 19) 35,289 16,807 Kos pembangunan hartanah (Nota 20) 116,083 85, , ,717 ================= ================= Kadar faedah purata berwajaran Jumlah nilai Profil matang Kumpulan pada tarikh lembaran imbangan bawaan < 1 tahun 1-5 tahun > 5 tahun % RM 000 RM 000 RM 000 RM Overdraf bank ,915 15,915 Kredit pusingan , ,557 Pinjaman bertempoh ,475 27,475 Pinjaman penyambung ,073 3,073 Pinjaman bertempoh ,600 89,600 Pinjaman bertempoh ,000 20, , , ,673 ================= ================= ================= ================= UNITED MALAYAN LAND BHD

188 186 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember PINJAMAN (samb.) Kadar faedah purata berwajaran Jumlah nilai Profil matang Kumpulan pada tarikh lembaran imbangan bawaan < 1 tahun 1-5 tahun > 5 tahun % RM 000 RM 000 RM 000 RM Overdraf bank ,060 8,060 Kredit pusingan , ,675 Pinjaman bertempoh ,400 30,400 Pinjaman bertempoh ,600 67,200 22, , ,135 67,200 22,400 ================= ================= ================= ================= Syarikat 2005 Pinjaman bertempoh ,000 20,000 ================= ================= ================= ================= Pendedahan bersih pinjaman Kumpulan dan Syarikat kepada perubahan kadar faedah dan tempoh di mana pinjaman diletakkan harga semula, adalah seperti berikut: Jumlah Kadar faedah Kadar faedah Kumpulan Kadar faedah purata berwajaran nilai terapung tetap pada tarikh lembaran imbangan bawaan < 1 tahun 1-5 tahun % RM 000 RM 000 RM Overdraf bank ,915 15,915 Kredit pusingan , ,557 Pinjaman bertempoh ,475 27,475 Pinjaman penyambung ,073 3,073 Pinjaman bertempoh ,600 89,600 Pinjaman bertempoh ,000 20, , ,620 20,000 ================= ================= ================= 2004 Overdraf bank ,060 8,060 Kredit pusingan , ,675 Pinjaman bertempoh ,400 30,400 Pinjaman bertempoh ,600 89, , ,735 ================= ================= ================= Syarikat 2005 Pinjaman bertempoh ,000 20,000 ================= ================= ================= Pinjaman bertempoh Kumpulan dan Syarikat yang tidak dicagar sebanyak RM20 juta mewakili pinjaman bercagar utama. Pinjaman bertempoh ini tertakluk kepada kadar faedah tetap sebanyak 6.13% setahun dan harus dibayar balik sekaligus pada September Nilai saksama pinjaman jangka panjang ini pada tarikh lembaran imbangan adalah RM19,358,000. Nilai saksama dianggar berdasarkan aliran tunai berkontrak masa depan didiskaunkan pada kadar faedah sebanyak 6.90%. Nilai bawaan bagi semua pinjaman lain Kumpulan pada tarikh lembaran imbangan adalah lebih kurang sama dengan nilai saksama mereka.

189 MODAL SAHAM Kumpulan dan Syarikat RM 000 RM 000 Dibenarkan: Saham biasa bernilai RM1.00 sesaham, pada awal dan akhir tahun kewangan 500, ,000 ================= ================= Diterbitkan dan dibayar penuh: Saham biasa bernilai RM1.00 sesaham Pada awal tahun kewangan 232, ,346 Diterbitkan sepanjang tahun kewangan 1 Pada akhir tahun kewangan 232, ,347 ================= ================= SKIM OPSYEN SAHAM KAKITANGAN ( ESOS ) Pada 5 September 2003, Syarikat telah melaksanakan Skim Opsyen Saham Kakitangan ( ESOS ) untuk kakitangan serta para Pengarah Eksekutif Kumpulan yang berkelayakan. ESOS ini berkuatkuasa selama 5 tahun dari tarikh pelaksanaannya sehingga tamat tempoh pada 4 September ESOS ini telah diluluskan oleh para pemegang saham di Mesyuarat Agung Luar Biasa yang diadakan pada 25 Jun Ciri-ciri utama ESOS ini adalah seperti berikut: (a) (b) (c) (d) (e) (f) (g) Jumlah maksima saham biasa baru Syarikat yang tersedia di bawah skim tersebut tidak boleh melebihi 10% dalam agregat modal saham diterbitkan dan berbayar Syarikat pada satu-satu masa; Tertakluk kepada kriteria kelayakan yang ditetapkan oleh Jawatankuasa Opsyen, kakitangan yang berkelayakan adalah layak menyertai skim tersebut; Opsyen tidak akan diberikan kepada mana-mana Pengarah Eksekutif Syarikat kecuali pemberian khusus opsyen ke atas saham biasa kepada Pengarah Eksekutif itu telahpun diluluskan sebelumnya oleh para pemegang saham Syarikat di dalam mesyuarat agung; Jumlah maksima saham biasa baru Syarikat yang mungkin ditawarkan dan diperuntukkan kepada kakitangan yang berkelayakan akan ditentukan mengikut budi bicara Jawatankuasa Opsyen dengan menimbangkan prestasi, kekananan dan tempoh khidmat kakitangan yang berkelayakan itu. Peruntukan kepada Pengarah Eksekutif yang berkelayakan serta pihak pengurusan kanan tidak boleh melebihi 50% dalam agregat saham biasa baru Syarikat yang tersedia di bawah skim. Tidak lebih daripada 10% saham biasa baru Syarikat yang tersedia di bawah skim ini akan diperuntukkan kepada manamana kakitangan yang berkelayakan, yang mana, sama ada secara berseorangan atau secara kolektif, melalui sekutunya (seperti yang ditetapkan dalam Akta Syarikat, 1965), memegang 20% atau lebih modal diterbitkan dan berbayar Syarikat; Harga yang berhak dilanggan oleh kakitangan yang berkelayakan bagi setiap saham biasa baru Syarikat akan ditentukan oleh Jawatankuasa Opsyen berdasarkan harga pasaran purata berwajaran saham biasa Syarikat bagi 5 hari sejurus sebelum Tarikh Tawaran opsyen ke atas saham biasa, dengan diskaun tidak melebihi 10%, atau pada nilai tara saham biasa Syarikat, yang mana lebih tinggi; Opsyen ke atas saham biasa yang ditawarkan mesti dilaksanakan dalam tempoh lima tahun dari Tarikh Tawaran opsyen ke atas saham biasa kepada setiap kakitangan atau sebelum tamat tempoh ESOS, yang akan terus berkuatkuasa dalam tempoh lima tahun dari 5 September 2003 (tarikh opsyen ke atas saham biasa pertama kali ditawarkan kepada kakitangan yang berkelayakan) tertakluk kepada ESOS tersebut tidak dilanjutkan untuk tambahan 5 tahun; Saham biasa baru Syarikat yang akan diperuntukkan dengan langganan sebarang opsyen ke atas saham biasa yang ditawarkan semasa peruntukan dan terbitan, bertaraf pari passu dalam semua aspek dengan saham biasa Syarikat yang sedia ada. Saham biasa baru Syarikat yang diperuntukan tidak berhak ke atas sebarang dividen, hak, peruntukan dan/atau pengagihan lain kecuali saham biasa baru Syarikat tersebut memenuhi syarat-syarat yang ditetapkan dalam Peraturan Kecil ESOS. UNITED MALAYAN LAND BHD

190 188 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember MODAL SAHAM (samb.) SKIM OPSYEN SAHAM KAKITANGAN ( ESOS ) (samb.) Pergerakan di sepanjang tahun kewangan dalam bilangan opsyen ke atas saham biasa Syarikat adalah seperti berikut: Harga Opsyen Harga Opsyen pada RM1.31 pada RM1.31 sesaham sesaham Pada awal tahun kewangan 9,648 12,364 Langganan (1) Luput (810) (2,715) Pada akhir tahun kewangan 8,838 9,648 ================= ================= Bilangan opsyen ke atas saham biasa yang diberi hak pada akhir tahun kewangan 8,838 9,648 ================= ================= SAHAM PERBENDAHARAAN Sepanjang tahun kewangan, Syarikat telah membeli balik sahamnya sebanyak 76,800 (2004: 21,900) saham biasa pada harga purata lebih kurang RM0.95 (2004: RM1.10) sesaham dari pasaran terbuka Bursa Malaysia Sekuriti. Belian balik ini telah dibiayai melalui dana dalaman. Saham yang dibeli balik ini disimpan sebagai saham perbendaharaan seperti yang dibenarkan di bawah Seksyen 67A Akta Syarikat, Tiada satupun dari saham perbendaharaan ini yang telah dijual. Pada 31 Disember 2005, bilangan saham tertunggak dalam terbitan dan berbayar penuh ialah 231,957,933 (bersih dari 388,700 saham perbendaharaan) (2004: 232,034,733 [bersih dari 311,900 saham perbendaharaan]) saham biasa bernilai RM1.00 sesaham.

191 R I ZAB Kumpulan Syarikat RM 000 RM 000 RM 000 RM 000 Tidak boleh diagihkan Premium saham 60,428 60,428 60,428 60,428 Rizab nilai semula 240, , , , , , , ,236 Rizab modal: - Rizab modal yang timbul dari penyatuan Defisit penggabungan (41,625) (41,625) (41,300) (41,300) Saham perbendaharaan (Nota 26) (449) (374) (449) (374) 259, , , ,862 Boleh diagihkan Pendapatan tertahan 195, ,334 56,310 56,029 Rizab nilai semula* 58,790 54,566 15,256 15, , ,900 71,566 71, , , , ,147 ================= ================= ================= ================= Syarikat mempunyai kredit cukai Seksyen 108 yang mencukupi dan pendapatan dikecualikan cukai di bawah Akta Cukai Pendapatan Malaysia, 1967 untuk membayar kesemua pendapatan tertahannya pada 31 Disember 2005, jika dibayar sebagai dividen, tanpa menanggung liabiliti cukai tambahan. *Ini mewakili rizab nilai semula terkumpul yang telah direalisasikan. 28 URUSNIAGA PENTING PIHAK BERKAITAN Di samping pendedahan tentang pihak berkaitan yang dinyatakan di bahagian lain dalam penyata kewangan ini, berikut adalah urusniaga penting yang lain oleh pihak berkaitan. Urusniaga yang dinyatakan di bawah telah dijalankan dalam urusan biasa perniagaan dan telah ditetapkan di bawah syaratsyarat yang dipersetujui oleh pihak-pihak yang terbabit dan tiada perbezaan ketara dari apa yang terdapat dalam urusniaga dengan pihak-pihak yang tidak berkaitan. Kumpulan Urusniaga Syarikat RM 000 RM 000 Urusniaga dengan pemegang saham korporat Penyewaan premis yang telah dibayar Tradewinds Corporation Berhad dan akan dibayar Perolehan bagi penginapan hotel serta makanan Tradewinds Corporation Berhad yang telah dibayar dan akan dibayar Urusniaga dengan syarikat subsidiari pemegang saham korporat, Chee Tat Holdings (S) Pte Ltd Pendapatan sewa diterima Chee Tat Holdings (M) Sdn Bhd UNITED MALAYAN LAND BHD

192 190 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember URUSNIAGA PENTING PIHAK BERKAITAN (samb.) Kumpulan Urusniaga Syarikat/Individu RM 000 RM 000 Urusniaga dengan syarikat subsidiari pemegang saham korporat, Tradewinds Corporation Berhad Perolehan tiket penerbangan yang telah Tradewinds Travel & Tours Sdn Bhd dibayar dan akan dibayar Perolehan perkhidmatan Tradewinds International Insurance pembrokeran insurans yang telah dibayar Brokers Sdn Bhd dan akan dibayar Urusniaga dengan syarikat subsidiari pemegang saham korporat, CapitaLand Limited Perolehan perkhidmatan pengurusan CapitaLand Residential Ltd yang telah dibayar dan akan dibayar Bil berperingkat bagi penjualan pangsapuri Liang Court (Malaysia) Sdn Bhd 572 9,724 khidmat yang telah diterima dan akan diterima Urusniaga dengan syarikat bersekutu pemegang saham korporat, CapitaLand Limited Penyewaan premis yang telah dibayar OneSentral Park Sdn Bhd dan akan dibayar Urusniaga dengan para Pengarah Syarikat Bil berperingkat bagi penjualan Datuk Nur Jazlan pangsapuri khidmat dan kondominium bin Tan Sri Mohamed yang telah diterima dan akan diterima Bil berperingkat bagi penjualan kondominium Datuk Mohd Khamil 132 yang telah diterima dan akan diterima bin Jamil Bil berperingkat bagi penjualan kondominium Dr Choo Kian Koon 80 yang telah diterima dan akan diterima Urusniaga dengan individu yang berkaitan dengan Pengarah Syarikat, Dato Ng Eng Tee Bil berperingkat bagi penjualan kondominium Dennis Ng Yew Kim 135 yang telah diterima dan akan diterima Jumlah yang masih tertunggak pada 31 Disember 2005 berhubung urusniaga di atas dengan para pemegang saham korporat dan pihak berkaitan dibentangkan dalam Nota 21 dan 23 penyata kewangan.

193 DAKWAAN MATERIAL (a) Pada 7 Oktober 1996, UM Leisure Sdn Bhd ( UM Leisure ), sebuah subsidiari milik penuh Syarikat, telah memasuki Perjanjian Usaha Sama ( JVA ) dengan Ultrapolis 3000 Holding Bermuda Ltd ( UPH ), berkaitan dengan organisasi, pengurusan dan pengendalian Agarta Universe Sdn Bhd ( Agarta Universe ) yang akan membangun dan menguruskan Pusat Peranginan Taman Tema Agarta Universe berserta hotel bertema dan pusat membeli-belah di Bandar Seri Alam, Johor, sebuah bandar yang sedang dibangunkan oleh Seri Alam Properties Sdn Bhd ( Seri Alam ), iaitu sebuah syarikat subsidiari milik penuh Syarikat. Selaras dengan Perenggan 10.1(c) JVA, Syarikat telah mengeluarkan surat jaminan pembayaran bertarikh 3 Januari 1997 ( Surat Jaminan ) kepada Trans Resources Corporation Sdn Bhd ( TRC ) untuk menjalankan kerja-kerja tanah di atas sebidang tanah, yang mana Pusat Peranginan Taman Tema Agarta Universe akan dibina, di bawah kontrak dengan Sanwell Corporation ( Sanwell ), yang mana prinsipalnya ialah Agarta Universe. Sejurus itu, Seri Alam telah menandatangani Perjanjian Pajakan bertarikh 9 Disember 1997 dengan Agarta Universe. TRC telah mengemukakan satu tindakan writ di Mahkamah Tinggi Kuala Lumpur terhadap Sanwell sebanyak RM17,459,445 yang merupakan jumlah terhutang berhubung kerja-kerja tanah yang dikatakan telah dijalankan. TRC juga membuat tuntutan terhadap Syarikat, sebanyak RM15,500,000 sebagai jumlah yang dikatakan belum dibayar oleh Syarikat di bawah Surat Jaminan yang dinyatakan di atas. Dalam tindakan Mahkamah Tinggi Kuala Lumpur, Syarikat telah memfailkan tuntutan balas ( Tuntutan Balas ) terhadap TRC, Sanwell, UPH dan Agarta Universe, yang memohon antara lain, akuan bahawa ia dibebaskan dari sebarang liabiliti terhadap TRC di bawah Surat Jaminan dan perintah bahawa Agarta Universe hendaklah membayar ganti rugi kepada Syarikat bagi semua akibat di bawah Surat Jaminan tersebut. Sanwell memohon untuk menggantung tindakan tersebut atas dasar bahawa tuntutan TRC terhadapnya seharusnya diselesaikan melalui timbangtara. Syarikat dan TRC membantah permohonan penggantungan Sanwell. Pada 19 Mei 1999, suatu penggantungan ( Perintah Penggantungan ) telah diberi oleh Mahkamah Tinggi Kuala Lumpur. Bagaimanapun, Syarikat dan TRC membuat rayuan di Mahkamah Rayuan terhadap keputusan Perintah Penggantungan tersebut. Pada 29 Jun 2000, Mahkamah Rayuan membenarkan permohonan TRC terhadap Sanwell berdasarkan pertimbangan permulaan undang-undang dan mengenepikan Perintah Penggantungan tersebut. Melalui permohonan rayuan selanjutnya oleh Sanwell, Mahkamah Persekutuan telah mengembalikan semula Perintah Penggantungan tersebut pada 20 Mei Berdasarkan perintah Mahkamah Persekutuan, prosiding di Mahkamah Tinggi Kuala Lumpur telah ditangguh tanpa tarikh dan kedudukan antara TRC dan Sanwell akan dirujuk kepada timbangtara. Berikutnya, TRC memohon kepada Mahkamah Tinggi Kuala Lumpur untuk membatalkan Perintah Penggantungan ( Permohonan Pembatalan ). Permohonan Pembatalan telah dibenarkan oleh Mahkamah Tinggi pada 2 April 2005 dengan kos ditanggung oleh Sanwell. Dengan pembatalan Perintah Penggantungan, pihak kepada guaman Mahkamah Tinggi Kuala Lumpur akan memulakan perbicaraan ke atas tuntutan TRC serta Tuntutan Balas Syarikat. Mahkamah Tinggi Kuala Lumpur telah menetapkan perbicaraan pada 25 Mei 2005 dan 26 Mei Pada 25 Mei 2005, Syarikat dan TRC telah bersetuju, melalui surat antara peguam masing-masing, untuk membuat penyelesaian di mana Syarikat akan membayar TRC jumlah sebanyak RM15,500,000 sebagai bayaran penuh dan penyelesaian muktamad tuntutan terhadap Syarikat (Penyelesaian). Jumlah penyelesaian ini telah dijelaskan dalam sepanjang tahun kewangan melalui gabungan wang tunai dan hartanah di Bandar Seri Alam berdasarkan syarat dan peraturan yang dipersetujui. Satu perjanjian penyelesaian rasmi telah dimasuki pada 28 Disember Dengan perjanjian ini, tuntutan terhadap Syarikat oleh TRC telah diselesaikan sepenuhnya. Di samping itu, pengisytiharan berikut telah diberikan oleh Mahkamah Tinggi Kuala Lumpur pada 27 Mei 2005:- (i) (ii) bahawa JVA antara UM Leisure dan UPH dibatalkan; bahawa Perjanjian Pajakan di antara Seri Alam dan Agarta Universe ditamatkan; dan (iii) bahawa Agarta Universe akan membayar ganti rugi kepada Syarikat bagi semua akibat di bawah Surat Jaminan tersebut termasuk jumlah sebanyak RM15,500,000. UNITED MALAYAN LAND BHD

194 192 NOTA-NOTA KEPADA PENYATA KEWANGAN (samb.) bagi tahun kewangan berakhir 31 Disember DAKWAAN MATERIAL (samb.) (b) Lembaga Hasil Dalam Negeri telah mengeluarkan notis taksiran serta taksiran tambahan berkaitan cukai pendapatan tahun sebelumnya bagi syarikat subsidiari, Bangi Heights Development Sdn Bhd. Taksiran ini sebahagian besarnya adalah disebabkan oleh pengolahan cukai yang berbeza yang dikenakan oleh Lembaga Hasil Dalam Negeri atas potongan perbelanjaan permodalan faedah. Kumpulan tidak bersetuju dengan taksiran serta taksiran tambahan dan telah memfailkan rayuan kepada Pesuruhjaya Khas Cukai Pendapatan. Arahan penentuan telah dikeluarkan oleh Pesuruhjaya Khas Cukai Pendapatan pada 22 November 2005 yang tidak membenarkan potongan perbelanjaan permodalan faedah tersebut. Kumpulan akan terus mempertahankan kedudukannya terhadap taksiran serta taksiran tambahan tersebut dan akan memfailkan rayuan kepada Mahkamah Tinggi. Sementara menunggu resolusi bagi perkara-perkara di atas, Kumpulan telah membayar RM2.1 juta setakat 31 Disember 2005 dan telah mengambil kira jumlah yang telah dibayar sebagai perbelanjaan cukai di dalam penyata pendapatan. 30 PERISTIWA-PERISTIWA PENTING SELEPAS TARIKH LEMBARAN IMBANGAN Pada 18 Januari 2006, Syarikat telah memasuki perjanjian pemegang saham dengan Bolton Berhad dan Acegoal Pte Ltd untuk mentadbir sebuah syarikat usaha sama yang akan membangunkan sebuah projek kondominium (Alpine Return Sdn Bhd) ( Usaha Sama Dicadangkan ). Usaha Sama Dicadangkan ini tertakluk kepada kelulusan Jawatankuasa Pelaburan Asing ( FIC ). Pada hari yang sama, Alpine Return Sdn Bhd, syarikat bersekutu yang dimiliki 35% oleh Syarikat, telah memasuki perjanjian jual beli bersyarat dengan Bolton Berhad untuk mengambilalih sebelas (11) bidang tanah pegangan bebas yang bersempadan antara satu sama lain, berukuran lebih kurang 17, meter persegi di sepanjang Jalan Mayang dan Jalan Yap Kwan Seng, Kuala Lumpur untuk jumlah balasan tunai sebanyak RM juta ( Pengambilalihan Dicadangkan ). Pengambilalihan Dicadangkan adalah tertakluk kepada syarat-syarat berikut terlebih dahulu: (a) (b) (c) kelulusan FIC; kelulusan pemegang saham Bolton Berhad; dan perolehan arahan pembangunan daripada Dewan Bandaraya Kuala Lumpur. 31 MAKLUMAT BERSEGMEN Penglibatan utama Kumpulan ialah di dalam industri pembangunan hartanah (Segmen utama). Semua aktiviti Kumpulan dijalankan di Malaysia (Segmen kedua). 32 KELULUSAN PENYATA KEWANGAN Penyata kewangan telah diluluskan untuk penerbitan selaras dengan resolusi Lembaga Pengarah pada 20 April 2006.

195 PENYATA OLEH PARA PENGARAH Selaras Dengan Seksyen 169 (15) Akta Syarikat, Kami, Dato Ng Eng Tee dan Datuk Nur Jazlan bin Tan Sri Mohamed, dua daripada Pengarah United Malayan Land Bhd, menyatakan bahawa, pada pendapat Para Pengarah, penyata kewangan yang dibentangkan dari muka surat 156 hingga 192. telah disediakan bagi memberi gambaran yang benar serta saksama berkenaan kedudukan Kumpulan dan Syarikat pada 31 Disember 2005 serta keputusan dan aliran tunai Kumpulan dan Syarikat bagi tahun kewangan yang berakhir pada tarikh tersebut, sejajar dengan piawaian perakaunan yang diluluskan oleh MASB dan diguna pakai di Malaysia serta peruntukan Akta Syarikat, Ditandatangani bagi pihak Lembaga Pengarah selaras dengan resolusi mereka bertarikh 20 April DATO NG ENG TEE PENGARAH DATUK NUR JAZLAN BIN TAN SRI MOHAMED PENGARAH Kuala Lumpur AKUAN BERKANUN Selaras Dengan Seksyen 169 (16) Akta Syarikat, 1965 Saya, Pee Tong Lim, Pegawai utama yang bertanggungjawab ke atas pengurusan kewangan United Malayan Land Bhd, dengan sesungguh dan seikhlasnya mengaku bahawa penyata kewangan yang dibentang dari muka surat 156 hingga 192. adalah, sebaik-baik pengetahuan dan kepercayaan saya, adalah betul dan saya membuat ikrar ini dengan sepenuh kepercayaan bahawa ia adalah benar, dan menurut peruntukan Akta Akuan Berkanun, PEE TONG LIM Ditandatangani dan diikrarkan oleh penama di atas, Pee Tong Lim di Kuala Lumpur, Malaysia pada 20 April Di hadapan saya, PESURUHJAYA SUMPAH UNITED MALAYAN LAND BHD

196 194 LAPORAN JURUAUDIT Kepada Ahli-Ahli United Malayan Land Bhd (No. Syarikat 4131 M) (Diperbadankan di Malaysia) Kami telah mengaudit penyata kewangan yang dibentangkan di muka surat 156 hingga 192. Penyata kewangan tersebut adalah tanggungjawab para Pengarah Syarikat. Adalah menjadi tanggungjawab kami untuk membentuk satu pendapat bebas, berdasarkan audit kami, bagi penyata kewangan dan untuk melaporkan pendapat kami kepada anda, sebagai satu badan, selaras dengan Seksyen 174 Akta Syarikat, 1965 dan bukan untuk sebarang tujuan lain. Kami tidak bertanggungjawab kepada sesiapa pun di atas kandungan laporan ini. Kami menjalankan audit berdasarkan piawaian-piawaian audit yang diluluskan di Malaysia. Piawaian-piawaian ini memerlukan kami merancang dan menjalankan audit bagi mendapatkan jaminan munasabah bahawa penyata kewangan tersebut bebas daripada salahnyata yang penting. Sesuatu audit merangkumi pemeriksaan, berdasarkan ujian, bukti yang relevan kepada jumlah dan pendedahan dalam penyata kewangan. Sesuatu audit juga merangkumi penilaian prinsip perakaunan yang digunakan dan anggaran ketara yang dibuat oleh para Pengarah serta penilaian tahap kecukupan keseluruhan pembentangan maklumat dalam penyata kewangan. Kami percaya kerja pengauditan kami telah memberi asas yang wajar untuk kami memberikan pendapat. Pada pendapat kami: (a) penyata kewangan ini telah disediakan selaras dengan peruntukan Akta Syarikat, 1965 dan piawaian perakaunan yang diluluskan oleh MASB yang diguna pakai di Malaysia untuk memberi gambaran yang benar dan saksama mengenai: (i) (ii) perkara-perkara yang dikehendaki oleh Seksyen 169 Akta Syarikat, 1965 untuk diuruskan di dalam penyata kewangan; dan kedudukan hal ehwal Kumpulan dan Syarikat pada 31 Disember 2005 dan keputusan serta aliran tunai Kumpulan dan Syarikat bagi tahun kewangan berakhir pada tarikh tersebut; dan (b) rekod perakaunan dan rekod-rekod lain serta daftar-daftar yang dikehendaki oleh Akta untuk disimpan oleh Syarikat dan syarikat-syarikat subsidiarinya, telah disimpan dengan sempurna selaras dengan peruntukan Akta tersebut. Kami berpuas hati bahawa penyata kewangan syarikat-syarikat subsidiari yang telah disatukan dengan penyata kewangan Syarikat adalah dalam bentuk dan kandungan yang sesuai dan wajar untuk tujuan penyediaan penyata kewangan yang disatukan dan kami telah menerima maklumat dan penjelasan memuaskan yang diperlukan bagi tujuan tersebut. Laporan audit bagi penyata kewangan syarikat-syarikat subsidiari tidak tertakluk kepada sebarang syarat dan tidak merangkumi sebarang ulasan di bawah sub-seksyen (3) Seksyen 174 Akta tersebut. PRICEWATERHOUSECOOPERS (No. AF: 1146) Akauntan Bertauliah DATO AHMAD JOHAN BIN MOHAMMAD RASLAN (No. 1867/09/06 (J)) Rakan Firma Kuala Lumpur 20 April 2006

197 (Company No M) Incorporated in Malaysia FORM OF PROXY/ BORANG PROKSI No. of Shares Bil. Saham Please refer to the notes below before completing this Form of Proxy/ Sila rujuk nota-nota di bawah sebelum mengisi Borang Proksi ini. I/We Saya/Kami of/ beralamat full name in block letters/ nama penuh dalam huruf besar full address/ alamat penuh a shareholder/shareholders of UNITED MALAYAN LAND BHD, hereby appoint sebagai ahli/ahli-ahli UNITED MALAYAN LAND BHD, dengan ini melantik full name in block letters/ nama penuh dalam huruf besar of/ beralamat full address/ alamat penuh or failing him/her, the Chairman of the meeting as my/our proxy to vote for me/us on my/our behalf at the 45th Annual General Meeting to be held at Nirwana Ballroom 2, Lower Lobby, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, Kuala Lumpur on 20 June 2006 at a.m. for the following ordinary resolutions as set out in the Notice of Annual General Meeting:- atau, jika beliau tidak dapat hadir, Pengerusi Mesyuarat sebagai proksi saya/kami untuk mengundi bagi pihak saya/kami di Mesyuarat Agung Tahunan Syarikat ke-45 yang akan diadakan di Dewan Nirwana 2, Lobi Bawah, Crowne Plaza Mutiara Kuala Lumpur, Jalan Sultan Ismail, Kuala Lumpur, 20 Jun 2006 jam pagi atas resolusi-resolusi biasa berikut yang dinyatakan di dalam Notis Mesyuarat Agung Tahunan:- RESOLUTION/ RESOLUSI FOR/ MENYOKONG AGAINST/ MENENTANG ABSTAIN/ BERKECUALI My/Our proxy is to vote on the resolutions as indicated by an X in the appropriate space above. If no indication is given, my/our proxy shall vote or abstain as he/she thinks fit. Proksi saya/kami akan mengundi untuk resolusi-resolusi berikut dengan menanda X di tempat yang disediakan. Jika tidak berbuat demikian, proksi saya/kami akan mengundi atau tidak mengundi mengikut pilihannya. Dated this day of 2006 Tarikh hari 2006 Signature(s) of shareholder(s) Tandatangan ahli/ahli-ahli NOTES: 1. A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the Company. The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly authorised in writing, or if the appointor is a corporation, under its common seal or in some other manner approved by its Directors. 2. The Form of Proxy must be deposited at the Company s Share Registrar, Securities Services (Holdings) Sdn Bhd at Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, Kuala Lumpur not less than forty-eight (48) hours before the time set for the meeting or any adjournment thereof. NOTA: 1. Seseorang ahli yang berhak hadir dan mengundi di Mesyuarat Agung Tahunan adalah berhak melantik proksi untuk hadir dan mengundi bagi pihaknya. Seorang proksi itu tidak semestinya ahli Syarikat. Borang Proksi mestilah di isi oleh sipelantik atau ahli guaman yang diperakukan atau jika sipelantik itu sebuah perbadanan, ianya hendaklah di bawah meterinya atau dikuatkuasakan dalam cara lain yang diluluskan oleh para pengarahnya. 2. Borang Proksi hendaklah diserahkan kepada Pendaftar Saham Syarikat, Securities Services (Holdings) Sdn Bhd di Aras 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, Kuala Lumpur tidak lewat daripada empat puluh lapan (48) jam sebelum masa yang ditetapkan bagi mesyuarat atau sebarang penangguhannya.

198 Fold Here/ Lipat Sini Stamp/ Setem Share Registrar/ Pendaftar Saham UNITED MALAYAN LAND BHD C/O SECURITIES SERVICES (HOLDINGS) SDN BHD Level 7, Menara Milenium, Jalan Damanlela Pusat Bandar Damansara, Damansara Heights Kuala Lumpur Fold Here/ Lipat Sini

199 Merentasi sempadan dan tradisi pembangunan untuk mencapai kejayaan cemerlang.

200 Beyond boundaries. Beyond conventions. Beyond expectations. UNITED MALAYAN LAND BHD 4131-M (Incorporated in Malaysia) Suite 1.1, 1st Floor, Kompleks Antarabangsa, Jalan Sultan Ismail, Kuala Lumpur, Malaysia. Tel: Fax: Website: