Saujana Rawang. Di Glomac, anda digamit pelbagai pilihan menarik sepanjang masa.

Transcription

1 24 Saujana Rawang Di Glomac, anda digamit pelbagai pilihan menarik sepanjang masa.

2 Penyata Pengerusi 25 BAGI PIHAK LEMBAGA PENGARAH, SAYA DENGAN SUKACITANYA MEMBENTANGKAN LAPORAN TAHUNAN DAN PENYATA KEWANGAN GLOMAC BERHAD SERTA KUMPULAN BAGI TAHUN KEWANGAN YANG BERAKHIR PADA 30 APRIL KEPUTUSAN KEWANGAN Bagi tahun kewangan ini, Kumpulan telah mencatat pendapatan sebanyak RM285.5 juta berbanding dengan RM261.9 juta bagi tempoh sebelumnya. Keuntungan sebelum cukai adalah sebanyak RM59.8 juta berbanding dengan RM54.5 juta dengan untung bersih menurun secara marginal kepada RM38.1 juta dari RM40.1 juta bagi tempoh sebelumnya. Pendapatan sesaham (EPS) Kumpulan adalah sebanyak 17.9 sen (berdasarkan asas saham wajaran sebanyak RM juta) berbanding dengan 18.6 sen (berdasarkan asas saham wajaran sebanyak RM juta) bagi tahun sebelumnya. Unit pembangunan hartanah masih menjadi penyumbang terbesar kepada pendapatan Kumpulan dengan mewakili 85% dari pendapatan sebelum cukai dan faedah minoriti.

3 Penyata Pengerusi (samb.) 26 MAKLUMAT UTAMA BAGI TAHUN KEWANGAN YANG BERAKHIR PADA 30 APRIL /- (%) Suria Residen Pendapatan (RMjuta) Keuntungan Sebelum Cukai (RMjuta) Untung Bersih (RMjuta) Pendapatan Sesaham (sen) DIVIDEN Lembaga Pengarah anda dengan sukacitanya mengesyorkan dividen akhir sebanyak 5 sen sesaham (4 sen sebagai dividen akhir dan 1 sen sebagai dividen khas) ditolak cukai sebanyak 28%. Dengan mengambil kira dividen interim sebanyak 4 sen sesaham ditolak cukai sebanyak 28%, ia membawa kepada jumlah dividen sebanyak 9 sen sesaham bagi tahun yang berakhir pada 30 April 2006, berbanding dengan dividen bagi tahun LATARBELAKANG OPERASI Tahun kewangan ini sememangnya satu tahun yang mencabar. Pada tahun kewangan ini, harga bahan bakar dalam negara telah dinaikkan sebanyak dua kali disebabkan kenaikan harga minyak dunia yang mendadak. Pertumbuhan KDNK adalah perlahan iaitu dari 7.1% di tahun 2004 kepada 5.3% pada tahun Kos pengangkutan dan bahan mentah yang meningkat, pertambahan dalam kadar faedah dan jangkaan inflasi telah mempengaruhi situasi ekonomi dan sentimen pengguna di tahun Berdasarkan keadaan ini, kami berusaha mengawal kos operasi untuk kekal untung. Dalam tahun kewangan ini, kami telah melaksanakan program penjenamaan untuk terus menjadi relevan dan unik di mata pasaran, sambil memberi tumpuan kepada kekuatan kami untuk meneroka peluang-peluang yang ada dalam pasaran yang semakin kompetitif. Segmen-segmen perumahan dan bukan perumahan terus berkembang disebabkan permintaan yang kukuh terhadap rumah-rumah serta minat yang mendalam terhadap bangunan pejabat dan ruang niaga. Permintaan terhadap perumahan masih terus disokong oleh ciri-ciri demografi Malaysia yang baik. Dari jumlah 26 juta orang penduduk Malaysia, sebanyak lebih kurang 29% atau 7.5 juta orang penduduk adalah dari kumpulan usia tahun, yang mewakili kumpulan bakal pemilik rumah yang berpotensi. Permintaan terhadap perumahan terus kukuh disebabkan pertambahan pendapatan masih kekal dan prospek pekerjaan yang stabil. Di samping itu, produk-produk kewangan yang lebih inovatif bagi pinjaman-pinjaman hartanah telah mengurangkan kesan kenaikan kadar faedah dan turut membantu mengukuhkan permintaan.

4 Penyata Pengerusi (samb.) 27 ULASAN BERKENAAN OPERASI Dalam tahun kewangan ini, Kumpulan terus mencatatkan rekod jualan yang memuaskan dalam aktiviti-aktiviti hartanah yang dilancarkan. Sejumlah RM507 juta hartanah telah dilancarkan yang meliputi: Suria Residen Suria Stonor, kondominium milik bebas utama kami di tengah-tengah bandar raya di Kuala Lumpur; Glomac Boulevard, pembangunan hartanah komersial kami yang terkini di Kelana Jaya; Plaza KJ Fasa Dua, projek pembangunan komersial di Kelana Jaya; Lakeside Residences, projek pembangunan bercampur di Puchong; Taman Kota Laksamana Seksyen 3, Melaka; dan Projek-projek pembangunan perbandaran baru kami yang sedang dimajukan di Bandar Saujana Utama dan Sri Saujana. Untuk bahagian pembinaan, Glomac Bina Sdn Bhd telah menerima kontrak sebanyak RM juta dalam tahun kewangan ini. Pembangunan Hartanah Untuk tahun kewangan ini, projek-projek kami yang sedang dibangunkan sekarang adalah Suria Stonor, bangunan komersial Plaza KL Fasa Dua dan Glomac Square, Fasa Satu Lakeside Residences, Puchong, fasa pertama Taman Kota Laksamana Seksyen 3 di Melaka serta projek-projek perbandaran baru yang sedang dibangunkan di Saujana Utama, Sungai Buloh dan Sri Saujana di Johor. Untuk tahun kewangan ini, Kumpulan telah menyiapkan 515,000 kaki persegi ruang komersial dengan nilai jualan sebanyak RM109 juta dan menyiapkan 1,022 unit kediaman dengan nilai jualan sebanyak RM148 juta. Sehingga ke tarikh ini, Kumpulan telah berjaya menyiapkan lebih kurang 5 juta kaki persegi ruang komersial dengan jumlah jualan sebanyak RM1 bilion. Kumpulan juga telah menyiapkan lebih dari 9,000 unit kediaman dengan jualan berjumlah RM2 bilion. Suria Stonor Kondominium mewah milik bebas utama kami yang mengandungi 138 unit telah berjaya dilancarkan dalam bulan Julai Kedua-dua blok menaranya berciri eksklusif dan terletak di lokasi yang unggul dengan hanya 5 minit pemanduan ke Menara Berkembar Petronas yang terletak di tengah-tengah Kuala Lumpur. Sebagai satu pengiktirafan terhadap daya tarikan projek serta reputasi Glomac sebagai pemaju berkualiti, satu perjanjian tanggungan insurans telah dimeterai dengan sebuah tabung hartanah asing bagi penjualan 78 unit dari 138 unit yang ada. Seperti mana pada 31 April 2006, jumlah unit yang terjual termasuk unit-unit di bawah perjanjian tanggungan insurans adalah 109 unit. Kami telah menyiapkan lebih kurang 70% dari keseluruhan kerja-kerja pembinaan strukturnya. Pembinaan bangunan utama bermula dalam bulan Jun 2005.

5 Penyata Pengerusi (samb.) 28 Bandar Saujana Utama Untuk tahun kewangan ini, sebanyak 5 pelancaran telah dibuat yang melibatkan 353 unit komponen kediaman dan komersial. Saujana Rawang Bagi membolehkan para pembeli merasai produk sebenar, sebuah penempatan contoh yang baru disiapkan oleh Glomac mempamerkan pelbagai bentuk susun-atur rumah-rumah yang terdapat di Bandar Saujana Utama. Pembangunan hab komersial di Saujana Square, dengan pasar raya dan pusat belibelah seluas 200,000 kaki persegi sebagai tarikan utama adalah satu lagi pencapaian bagi Bandar Saujana Utama. Penyiapan pasar raya berkenaan pada awal tahun 2007 akan memberi kemudahan tambahan kepada para penduduk di bandar Saujana Utama dan sekitarnya. Pembinaan fasa pertama Saujana Square yang mengandungi 41 unit bangunan kedaipejabat sekarang berjalan dengan lancar dan dijangka akan siap sekurang-kurangnya 12 bulan lebih awal dari jadual. Pembinaan kediaman Maple Courtyard juga berjalan lebih awal dari jadual dan dijangka dapat diserahkan lebih cepat. Kami berbesar hati untuk melaporkan bahawa bahagian terakhir pembinaan jalan raya dua hala yang menghubungkan Kuala Selangor dengan Lebuh raya Shah Alam- Batu Arang kini sudah berjalan dan akan meningkatkan kemudahan perjalanan serta menambah daya tarikan bandar yang pesat membangun ini. Sebagai sebahagian dari komitmen Glomac untuk menyediakan suasana kehidupan berkomuniti yang lebih sempurna kepada komuniti di Bandar Saujana Utama, Kelab Saujana Utama telah dibina dan kini telah beroperasi sepenuhnya lengkap dengan kemudahan-kemudahan kolam renang, gimnasium dan karaoke. Di samping itu, cawangan Kelana Seafood yang ketiga telah mula beroperasi di Kelab Saujana Utama, yang menjanjikan keselesaan untuk seisi keluarga menjamu selera dan lengkap dengan kemudahan untuk beriadah dan bersantai. Sri Saujana Projek pembangunan perbandaran campuran di Sri Saujana, Johor, yang sedang berjalan sekarang terus menarik perhatian para pembeli walaupun dalam suasana yang kompetitif dan sentimen pasaran yang rendah. Terletak di antara Ulu Tiram dan Kota Tinggi, sehingga kini Kumpulan telah melancarkan sebanyak 2,703 unit kediaman dan hartanah komersial. Dari jumlah tersebut, sebanyak 2,480 unit telah pun diserahkan dan diberikan Sijil Kelayakan Duduk. Kami telah berjaya menyiapkan sebuah Sekolah Rendah China yang baru dan sebuah stesen minyak. Perbandaran ini sekarang dilengkapi dengan kemudahan-kemudahan seperti sekolah-sekolah rendah dan menengah, klinik-klinik, kedai-kedai, restoranrestoran, taman landskap seluas 20 ekar yang telah terbukti kehebatannya serta persekitaran yang indah dan penuh kehijauan.

6 Penyata Pengerusi (samb.) 29 Glomac Square Saujana Rawang Saya dengan sukacitanya melaporkan bahawa kami telah menyiapkan sepenuhnya unit-unit bangunan kedai-pejabat di Glomac Square dan telah sehingga ke tarikh ini menyerahkan kesemua unit kepada para pembeli. Projek milik bebas yang mengandungi 75 unit tiga tingkat bangunan kedai-pejabat, 22 unit dua tingkat bangunan kedaipejabat dan satu kompleks letak kereta bawah tanah ini terletak di lokasi strategik di Kelana Jaya. Plaza KJ Fasa Satu Plaza KJ yang mengandungi 18 unit 3 tingkat dan 4 tingkat bangunan kedaipejabat, telah diserahkan pada bulan Disember Fasa Dua telah dilancarkan secara rasmi pada bulan Januari Konsep keseluruhan Fasa 2 menawarkan rekabentuk dual frontage yang inovatif dengan kombinasi dua kedai dan satu pejabat. Kedai komersial moden yang mengandungi 48 unit ini memaparkan rekabentuk yang menawan di mana unit-unit tingkat bawah menghadap tasik yang indah, sementara tingkat satu menghubungkan kepada medan tengah yang menarik. Bermula dengan nilai harga RM1.4 juta, Plaza KJ telah mencatat tempahan sebanyak 77% dalam tempoh sebulan dari tarikh pra-pelancarannya. Glomac Boulevard Projek komersial terbaru kami di Kelana Jaya yang dinamakan Glomac Boulevard mengandungi 58 unit 3 tingkat bangunan kedai-pejabat dengan nilai pembangunan kasar (GDV) sebanyak RM90 juta. Sejak pelancaran rasmi pada penghujung bulan Mac 2006, kadar tempahan telah melepasi 50% seperti mana pada akhir bulan April Projek pembangunan komersial ini terletak dalam kawasan seluas 4.73 ekar yang unggul serta berada bersebelahan dengan Jalan Lapangan Terbang Subang dan berhampiran ibu pejabat Glomac yang berada di Kompleks Kelana Centre Point. Lakeside Residences Projek pembangunan hartanah campuran ini dimajukan di atas tanah seluas 90 ekar di mana ia akan dibangunkan secara berperingkat dalam tempoh lima tahun. Kami telah melancarkan fasa pembangunan yang pertama meliputi 102 unit rumah teres dua tingkat pada bulan Disember Reka bentuk-reka bentuknya adalah berasaskan tema-tema kontemporari moden dengan binaan ruang yang luas bermula dari 2,055 kaki persegi. Unit-unit kediaman akan dibangunkan dalam suasana komuniti berpagar yang eksklusif, dengan prasarana yang tersembunyi dan landskap yang luas, serta dilengkapi dengan sebuah kelab dan lain-lain kemudahan rekreasi. Aman Suria Damansara Kumpulan telah berjaya menyiapkan dan menyerahkan kesemua fasa Aman Suria Damansara yang mengandungi 347 unit rumah teres, rumah kembar dan banglo. Dua dan tiga tingkat bangunan kedai-pejabat kini telah beroperasi sepenuhnya. Kami merasa gembira kerana para pembeli Aman Suria telah pun menikmati kehidupan yang selesa di unit-unit kediaman masing-masing hasil dari pelaburan yang baik.

7 30 Suria Residen Reka bentuk inovatif yang memberi inspirasi kepada gaya hidup anda.

8 Penyata Pengerusi (samb.) 31 Taman Kota Laksamana, Melaka Dibangunkan di tengah-tengah pusat bandar Melaka, Taman Kota Laksamana di Seksyen 3 ini mewakili projek pertama Glomac di negeri bersejarah ini. Bandar Saujana Utama Ia merupakan projek pembangunan bercampur yang dimajukan di atas kawasan seluas ekar. Fasa pertama mengandungi 124 unit rumah teres dua tingkat yang telah dilancarkan pada bulan Mei Salah satu dari ciri-ciri keunikannya adalah pembinaan dua bilik tidur utama yang mengambil konsep ruang untuk tiga generasi di bawah satu bumbung. Laporan perkembangan terkini tanah-tanah simpanan Glomac Kumpulan kini memiliki tanah-tanah simpanan untuk tujuan pembangunan seluas kira-kira 1,005 ekar dengan potensi Nilai Pembangunan Kasar pada RM2.8 bilion. Perkembangan ini memberikan Kumpulan sumber yang kukuh bagi melaksanakan projek-projek pembangunan dan adalah dijangkakan akan berlaku peningkatan pesat dalam aktiviti kami sepanjang tempoh lima hingga enam tahun yang akan datang. Suria Residen Bagi tanah milik bebas kami seluas 52 ekar di Cheras, Kumpulan telah merancang untuk membangunkan kawasan kediaman bertaraf tinggi yang berpagar yang akan hanya mengandungi banglo dan banglo teres. Dengan jangkaan pelancarannya pada separuh penggal kedua 2006, kami yakin bahawa unit-unit yang memiliki rekabentuk menawan dan dibangunkan di atas muka bumi yang berbukit-bukau serta bersebelahan kawasan hutan Hulu Langat ini akan membuahkan kejayaan yang sama seperti mana yang telah terbukti di Aman Suria Damansara. Saujana Rawang Berlandaskan kejayaan Bandar Saujana Utama, Kumpulan akan melancarkan projek pembangunan ketiganya ini pada bulan Jun Dibangunkan di lokasi strategik yang hanya memakan masa 10 minit pemanduan dari susur keluar tol Rawang di Lebuh Raya Utara Selatan, Saujana Rawang akan memaparkan taman-taman perumahan bertemakan landskap di atas kawasan pembangunan seluas 345 ekar dengan 30 ekar kawasan taman dan 9 ekar kawasan tasik yang berada di tengah-tengahnya. Pelaburan Hartanah Portfolio pelaburan hartanah Kumpulan yang dibangunkan dalam hab perniagaan dan perdagangan Kelana Jaya terus memberikan hasil pendapatan sewaan yang berpanjangan. Secara purata, kadar penghunian bagi ruang komersial seluas 250,000 kaki persegi milik Kumpulan telah meningkat sehingga kira-kira 90% dari kira-kira 80% setahun yang lalu. Adalah menjadi strategi Kumpulan untuk terus menjual pelaburan hartanah pada harga dan masa yang bersesuaian, dan menyalurkan modal kepada aktiviti-aktiviti pembangunan yang memberikan margin yang lebih tinggi.

9 Penyata Pengerusi (samb.) 32 Pembinaan Bahagian pembinaan telah berjaya memperoleh kontrak berjumlah RM juta di mana 63% adalah mewakili projek-projek dalaman pada tahun kewangan ini. Di antara projek-projek dalaman bahagian ini yang sedang berjalan adalah: a) Rumah-rumah kediaman yang merangkumi pembinaan 526 unit rumah teres 2 tingkat, 68 unit rumah kembar dua tingkat dan 1 blok yang mengandungi pangsapuri 5 tingkat kos sederhana di Bandar Saujana Utama, 18 unit rumah teres dua tingkat di OUG Square, 27 unit banglo eksklusif di Aman Suria dan 106 unit rumah teres 2 tingkat di Sri Saujana, Johor. b) Projek-projek komersial yang mengandungi 97 unit bangunan kedai-pejabat di Glomac Square dan 25 unit bangunan kedaipejabat di OUG Square. Projek-projek luaran yang telah diperoleh merangkumi: a) Rumah-rumah kediaman unit rumah teres 2 tingkat di Bukit Raja, Klang dan 238 unit rumah teres 2 tingkat di Bandar Pinggiran USJ dan; b) Projek-projek komersial meliputi penyiapan 18 unit bangunan kedai-pejabat di Kelana Jaya dan 96 unit bangunan kedai-pejabat 3-5 tingkat di Ara Damansara. Lembaga Pengarah sedia maklum bahawa sektor pembinaan di Malaysia akan terus kekal kompetitif. Walau bagaimanapun, pembangunan-pembangunan yang dirancang dalam Rancangan Malaysia Kesembilan (RM9) serta projek-projek bernilai RM20 bilion yang akan dilaksanakan melalui Inisiatif Pembiayaan Persendirian (PFI), dijangka akan memesatkan lagi sektor ini. Kesan kenaikan harga minyak telah menyebabkan peningkatan dalam kos bagi bahan-bahan utama pembinaan. Dengan itu, adalah amat mustahak bagi kami untuk terus kekal inovatif dan mempamerkan kecekapan serta keberkesanan yang sangat tinggi dalam pengurusan projek. Kami kini lebih teliti dalam mendapatkan kontrak-kontrak baru tanpa terlalu agresif dalam peletakan harga dalam usaha kami untuk menangani risiko beroperasi dalam pasaran yang sangat kompetitif. Pengurusan Tempat Letak Kereta Bahagian Pengurusan Tempat Letak Kereta akan terus dimajukan dengan berteraskan matlamat untuk mencapai perkembangan yang berkekalan dalam dan luar Malaysia melalui peningkatan tahap perkhidmatan kami. Pengalaman langsung dalam menguruskan lebih dari 3,000 ruang letak kereta serta inisiatif penyelidikan dan pembangunan yang berterusan memberikan kami kelebihan dalam menyediakan perkhidmatan yang cemerlang kepada para pemilik kawasan letak kereta. Sistem Kualiti Komitmen dan profesionalisme kami dalam melaksanakan amalan-amalan perniagaan mengikut piawaian-piawaian ISO 9001 : 2000 adalah berterusan. Kami telah dianugerahkan sijil-sijil tersebut pada bulan Jun 2003 untuk bahagian pembangunan hartanah dan bulan Oktober 2004 untuk bahagian pembinaan. Kami berpegang teguh kepada komitmen kami untuk terus-menerus mempertingkatkan keberkesanan polisi, sistem, proses dan sumber insan, dan pada masa yang sama mematuhi keperluan-keperluan berkanun dan pengawasan dalam usaha untuk mencapai objektif-objektif dan matlamat-matlamat kami. PROSPEK Visi kami adalah untuk diiktiraf sebagai peneraju pembangunan hartanah yang memiliki reputasi baik di Malaysia. Tumpuan kami adalah untuk mencari pendekatan-pendekatan baru yang menjanjikan kelainan berkekalan dari para pesaing kami. Kumpulan memiliki budaya yang dibina berasaskan nilai-nilai unggul yang meliputi integriti, kecemerlangan, kualiti dan semangat insan.

10 Penyata Pengerusi (samb.) 33 Nilai jualan tinggi yang belum dibilkan sebanyak RM 343 juta seperti mana pada 30 April 2006 akan terus menerajui prestasi kewangan kami. Melihat ke hadapan, jumlah hartanah yang sedia ada untuk dijual adalah kira-kira RM650 juta yang mana akan memberikan peningkatan pendapatan yang berkekalan untuk tahun kewangan selanjutnya. Walau bagaimana pun berasaskan kepada situasi ekonomi semasa, kemajuan masa depan dijangka bergerak pada kadar yang agak perlahan tetapi stabil. Kami berusaha dan berhasrat untuk kekal inovatif, diyakini dan prihatin terhadap para pelanggan, di samping terus meningkatkan dan mengoptimumkan nilai di pihak para pemegang saham. Kami juga telah membuat keputusan yang strategik dengan memberi penekanan kepada inisiatif penjenamaan korporat dan rekod kerja untuk meneroka projek-projek luar negara, supaya boleh mempertingkatkan prospek-prospek pertumbuhan jangka panjang. Kumpulan sudah semestinya akan terus berusaha mengenal pasti dan mendapatkan tanah-tanah baru yang berpotensi untuk pembangunan bagi mengukuhkan kemajuan masa depan kami. TANGGUNGJAWAB SOSIAL Glomac berhasrat untuk memupuk nilai-nilai masyarakat majmuk yang prihatin dan menggalakkan amalan berbudi dan berkhidmat kepada komuniti. Dengan galakan Lembaga Pengarah, kami terus menyokong program-program bantuan kepada yang memerlukan serta kerja-kerja kebajikan lain. Kumpulan berbesar hati untuk melaporkan bahawa pembinaan sekolah ketiga dalam pembangunan di Sri Saujana, Ulu Tiram, Johor, telah siap dan kemasukan para pelajar bermula pada awal Adalah wajar untuk dinyatakan bahawa Kumpulan telah mendermakan tanah seluas lima ekar untuk pembinaan sekolah tersebut. Pada bulan Januari 2006, kami telah menyertai Program Penajaan The New Straits Times untuk sekolah-sekolah. Kami berbesar hati untuk melibatkan diri dalam usaha membekalkan akhbar sepanjang tahun ke dua buah sekolah setiap satu di Saujana Utama dan Sri Saujana untuk menggalakkan penggunaan akbar sebagai alat pendidikan. Di samping itu, pada tahun kewangan ini juga, kami telah memberi sumbangan kepada pelbagai rumah anak yatim dan persatuan ibu-ibu tunggal, tabung kebajikan The National Press Club serta Mercy Malaysia. PENGHARGAAN Saya ingin menyampaikan bagi pihak Lembaga Pengarah, penghargaan ikhlas kepada pihak pengurusan dan kakitangan yang dedikasi. Kejayaan kami terletak pada kualiti dan komitmen para pekerja. Merekalah yang memacu visi kami dan apa jua yang kami telah capai sepanjang tahun ini adalah bukti terhadap usaha mereka. Saya juga ingin mengambil peluang ini untuk melahirkan rasa terima kasih yang tidak terhingga kepada para pemegang saham, pembeli, rakan kongsi, ahli sekutu, pembiaya, pembekal, kontraktor, konsultan, media massa dan pihak-pihak berkuasa yang berkaitan di atas kesetiaan, kerjasama yang berterusan, sokongan dan galakan. Akhir sekali, saya ingin memanjangkan ucapan terima kasih dari hati yang ikhlas kepada para ahli Lembaga Pengarah di atas semangat setia kawan yang tidak berbelah-bahagi, kebijaksanaan yang tinggi dan sumbangan-sumbangan yang tiada tolok bandingnya yang telah dibuktikan sepanjang tahun kewangan ini. Adalah menjadi satu penghormatan dan sanjungan kepada saya dengan adanya anda dalam Lembaga Pengarah. Saya yakin bahawa kita akan terus meningkatkan nilai dan keuntungan Kumpulan pada tahun-tahun yang akan datang demi untuk manfaat para pekerja, pemegang saham dan seumpamanya, dengan izin Tuhan. DATO F.D. MANSOR Pengerusi Eksekutif Kumpulan 31 Julai 2006

11 34 Lakeside Residences Popular, high valued and in-demand developments our portfolio of success.

12 Corporate Governance Statement 35 The Board of Directors of Glomac Berhad appreciates and is committed to the maintenance of high standards of corporate governance by implementing the principles and best practices set out in Part 1 and 2 of the Malaysian Code of Corporate Governance ( Code ). Set out in the ensuing paragraphs are descriptions of how the Group has applied the principles and best practices of the Code during the financial year and the extent of compliance with best practices of the Code. A. BOARD OF DIRECTORS 1. Composition and Balance As at the date of this statement, the Board consists of 5 members, comprising 3 Executive Directors and 2 Independent Non- Executive Directors. With this Board composition, the Company complies with paragraph of the Listing Requirements of the Bursa Malaysia Securities Berhad ( Bursa Malaysia ) where at least 2 Directors or 1/3 of the Board, whichever is higher, are independent directors. The Board comprises Directors from different professional backgrounds and collectively bring with them depth and diversity in experience and expertise to the Group s operations. The Executive Directors are responsible for implementing policies of the Board, overseeing the Group s operations and developing the Group s business strategies. The role of the Independent Non- Executive Directors is to provide independent view, advice and judgement to ensure a balanced and unbiased decision making process. Dato Mohamed Mansor bin Fateh Din, the Group Executive Chairman, also holds the position of Chief Executive Officer. He is most appropriate to head the operations of the Group as he has the requisite knowledge and experience in managing the core business of the Group. The Board is mindful of the convergence of the two roles but is comfortable that there is no undue risk involved as all related party transactions are strictly dealt with in accordance with the Listing Requirements of Bursa Malaysia and with independent consultants to advise other Board members and shareholders. The profiles of each Director are presented on pages 10 and 11 of this Annual Report. 2. Board meetings During the financial year under review, four Board meetings were convened and all directors recorded a 100% attendance. All the directors have complied with the minimum 50% attendance requirement in respect of Board meetings as stipulated by the Listing Requirements of Bursa Malaysia. In the periods between the four Board meetings, Board approvals are sought via circular resolutions which are attached with sufficient information required to make an informed decision. Where a potential of conflict involving director s interest in the Group s investments, projects or any transactions, such director is required to declare his interest and abstain from further discussion and the decision making process. 3. Supply of Information All Board Meetings held during the year were preceded by a notice issued by the Company Secretary. Prior to the Board meeting, all directors receive the agenda together with relevant reports and Board papers containing information relevant to the business of the meeting. The directors are also given sufficient time to obtain further information or explanation on matters presented in the Board papers. In addition to the Board papers, the Board is notified of any corporate announcements released to Bursa Malaysia and is also kept informed of the requirements and updates issued by the various regulatory authorities. In furtherance of their duties, directors have access to all information within the Group and to the advice and services of the officers of the Company, Company Secretaries and allowed to call on or procure all necessary external professional advice at the Company s expense. Where necessary, the Board whether as a full Board or in their individual capacities, may engage independent professionals at the Company s expense to advise on issues of concerns to facilitate the proper discharge of their statutory and fiduciary duties.

13 Corporate Governance Statement (cont d) Board Committees The Board has delegated certain responsibilities to Executive Committees which operate within defined terms of reference. The Executive Committees include Audit Committee and ESOS Committee. The respective committees report to the Board on the relevant matters with their recommendation thereon. The ultimate responsibility for the final decision on all matters, however, lies with the Board. The Board functions as a Nomination and Remuneration Committee. During the financial year, no review was done on the present members of the Board of Directors as the mix of skills and experience of the current number of Directors are considered sufficient and optimum in addressing the issues affecting the Group. 5. Directors Training All the directors of Glomac have completed Bursa Malaysia s Mandatory Accreditation Programme. The Directors continues to attend other relevant training programmes to keep abreast with developments on a continuous basis in compliance with paragraph of the Bursa Malaysia s Listing Requirements. 6. Re-election In accordance with the Company s Articles of Association, all Directors will retire at regular intervals by rotation once at least every three (3) years and they shall be eligible for re-election. An election of directors takes place every year. B. DIRECTORS REMUNERATION The Executive Directors remuneration comprise basic salary, allowances, bonuses and other customary benefits to the Group made available as appropriate. The Non-Executive Directors remuneration comprise of Directors fees only. The details of the Directors remuneration is disclosed in page 69 of the Annual Report. The Board opts not to disclose the remuneration of individual directors as suggested by the Best Practice of the Code. The Board believes that this information will not have any significant bearing to the understanding and evaluation of the Group s corporate governance. C. RELATIONSHIP WITH SHAREHOLDERS AND INVESTOR RELATIONS The Company s Annual General Meeting remains the principal forum for dialogue with shareholders. Shareholders are encouraged to participate in the proceedings and discussions on the resolutions being proposed and the operations of the Group. In addition to various announcements made during the year, the timely release of annual reports, circulars to shareholders, press releases and financial results on a quarterly basis provides shareholders with an overview of the Group s performance and operations. The Company also actively responds to requests for discussions with institutional shareholders and analysts to give them a better understanding of the businesses of the Group. During the financial year, the Company continued to hold analysts briefings in conjunction with the release of the Group s quarterly financial results. The Company s website, is accessible for the shareholders, investors and members of the public to obtain information on the Company s announcements, corporate information, operational activities and financial performance. The appointment of a senior independent non-executive director to whom concerns may be conveyed has not been made as it is deemed not necessary since the Chairman encourages all the Board members to have full discussion and deliberation of issues affecting the Group.

14 Corporate Governance Statement (cont d) 37 D. ACCOUNTABILITY AND AUDIT 1. Financial Reporting In presenting the annual financial statements and quarterly announcement to shareholders, the Board aim to present a balanced and understandable assessment of the Company s position and prospects. The Group s quarterly and annual financial statements are reviewed by the Audit Committee and approved by the Board of Directors prior to submission to Bursa Malaysia. 2. Internal Control The Statement on Internal Control set out on page 42 of this Annual Report provides an overview of the state of internal controls within the Group. 3. Relationship with Auditors The Company s independent external auditors fill an essential role for the shareholders by enhancing the reliability of the Company s financial statements and giving assurance of that reliability to the users of the financial statements. The role of the Audit Committee is described in the Audit Committee Report set out on page 39 of this Annual Report. 4. Directors Responsibility Statement The Directors are required by the Companies Act, 1965 to prepare financial statements for each financial year which have been made out in accordance with the applicable approved accounting standards and give a true and fair view of the state of affairs of the Group and Company at the end of the financial year and of the results and cash flows of the Group and Company for the financial year. The Directors are satisfied that in preparing the financial statements of the Group and of the Company for the financial year ended 30 April 2006, the Group has used the appropriate accounting policies and applied them consistently. The Directors are also of the view that relevant approved accounting standards have been followed in the preparation of these financial statements. E. ADDITIONAL COMPLIANCE INFORMATION 1. Utilisation of proceeds raised from corporate proposals During the financial year, there were no corporate proposals announced but not completed at the date of this report. 2. Share buy-back During the financial year, the Company repurchased 4,489,500 of its own shares from the open market of Bursa Malaysia for a total consideration of RM5,287,951. The shares are being held as treasury shares. Details of the shares repurchased are set out on page 86 of this Annual Report. 3. Options, warrants or convertible securities During the financial year, a total of 4,000 of the share options had been exercised out of 14,976,000 shares granted to the employees of the Glomac Group under its Employees Share Option Scheme ( ESOS ). The Audit Committee has verified that the allocation of the Employees Share Option during the financial year is in accordance with the conditions set out in the ESOS bye-laws. During the financial year, the Company did not issue any warrants or convertible securities.

15 Corporate Governance Statement (cont d) American Depository Receipt (ADR) or Global Depository Receipt (GDR) programme During the year under review, the Company did not sponsor any ADR or GDR programme. 5. Imposition of sanctions/penalties There were no sanctions and/or penalties imposed on the Company and its subsidiaries, Directors or management by the relevant regulatory bodies. 6. Non-audit fees There were no non-audit fees paid to external auditors for the financial year except for the review of the Statement of Internal Control. 7. Profit estimate, forecast or projection There is no variance between the results for the financial year and the unaudited results previously announced. The Company did not make any release on the profit estimate, forecast or projections for the financial year. 8. Profit guarantee No profit guarantee was given by the Company in respect of the financial year. 9. Material contracts There were no material contracts entered into by the Company and its subsidiaries involving Directors and major shareholders interests. 10. Recurrent related party transactions At the 21st Annual General Meeting of the Company held on 30 August 2005, the Company had obtained the approval for the renewal of the shareholders mandate to enter into recurrent related party transactions of a revenue or trading nature, which are necessary for its day-to-day operations and in the ordinary course of its business with related parties. The said mandate takes effect on 30 August 2005 until the conclusion of the forthcoming Annual General Meeting of the Company. At the forthcoming Annual General Meeting to be held on 20 September 2006, the Company intends to seek its shareholders approval to renew the existing mandate for recurrent related party transactions of a revenue or trading nature. The details of the shareholders mandate to be sought will be furnished in the Circular to Shareholders dated 28 August 2006 accompanying this Annual Report. 11. Revaluation of landed properties The revaluation policy of the Group in relation to its investment properties is set out on page 99 of this Annual Report.

16 Audit Committee Report 39 A. MEMBERS The Audit Committee comprises 3 Directors, 2 of whom are Independent Non-Executive Directors: Dato Ikhwan Salim bin Dato Hj Sujak (Chairman/Independent Non-Executive Director) Chong Kok Keong (Independent Non-Executive Director) Dato Fateh Iskandar bin Dato Mohamed Mansor (Group Managing Director) B. TERMS OF REFERENCE 1. Composition of Audit Committee The Committee shall be appointed by the Directors from among its members and shall compose of not fewer than three (3) members of whom a majority shall not be: a) executive directors of the Company or any related corporation; b) a spouse, parent, brother, sister, son or adopted son or daughter or adopted daughter of an executive director of the Company or any related corporation; c) any person having a relationship which, in the opinion of the Directors, would interfere with the exercise of independent judgement in carrying out the functions of an audit committee. The Committee shall elect a Chairman from among its members who is not an executive director or employee of the Company or any related corporation. In the event that a member of an audit committee resigns, dies or for any other reason ceases to be a member with the result that the number of members is reduced below three (3), the Board of Directors shall, within three (3) months of that event, appoint such number of new members as may be required to make up the minimum of three (3) members. 2. Meetings and Quorum The Committee shall meet at least four times a year. The quorum for any meeting shall be two (2) members of which the majority must be independent directors. During the financial year ended 30 April 2006, the Committee held four meetings. The details of the attendance of each Committee member are as follows: (i) Dato Ikhwan Salim bin Dato Hj Sujak [4/4] (ii) Chong Kok Keong [4/4] (iii) Dato Fateh Iskandar bin Dato Mohamed Mansor [4/4] 3. Attendance of Meetings The Group General Manager and/or Head of Finance will normally be invited to attend all meetings of the Committee. The external auditors will be invited to attend when appropriate. However, the Committee may invite any person to be in attendance to assist it in its deliberation.

17 Audit Committee Report (cont d) Secretary to Audit Committee and Minutes The Company Secretary shall be the secretary of the Committee and as a reporting procedure, the minutes shall be circulated to all members of the Board. 5. Authority The Committee is authorised by the Board to investigate any activity within its terms of reference. It is authorised to seek any information it requires from any employee for the purpose of discharging its functions and responsibilities. The Committee is also authorised to obtain legal or other independent professional advice and to ensure the attendance of outsiders with relevant experience and expertise if it considers this necessary. 6. Duties and Responsibilities The duties and responsibilities of the Committee shall be: i) To review the Company s and the Group s Quarterly and Annual financial statements before submission to the Board. The review shall focus on: - any changes in accounting policies and practices - major judgmental areas - significant and unusual events - the going concern assumption - compliance with accounting standards and other legal requirements - compliance with Bursa Malaysia requirements ii) iii) iv) To review with the external auditors their audit plan, scope and nature of audit for the Company and the Group. To assess the adequacy and effectiveness of the systems of internal control and accounting control procedures of the Company and the Group by reviewing the external auditors management letters and management response. To hear from the external auditors problems and reservations arising from their interim and final audits. v) To review the internal audit plan, consider the major findings of internal audit, fraud investigations and actions and steps taken by management in response to audit findings. vi) vii) viii) ix) To review any related party transactions that may arise within the Company or the Group. To consider the appointment of the external auditors, the terms of reference of their appointment and any question of resignation or dismissal. To undertake such other responsibilities as may be agreed to by the Committee and the Board. To report to the Board its activities, significant results and findings.

18 Audit Committee Report (cont d) 41 C. SUMMARY OF AUDIT COMMITTEE ACTIVITIES In line with the terms of reference of the Committee, activities carried out by the Committee during the financial year ended 30 April 2006 in the discharge of its duties and responsibilities included the following: Reviewing with the external auditors on: - the scope of work and audit plan of the Company and of the Group for the financial year ended 30 April 2006; - significant issues and concerns arising from the audit Reviewing the audited financial statements for financial year ended 30 April 2006 Reviewing the unaudited quarterly financial results announcements of the Group prior to the Board of Directors approval with particular focus on: - compliance with accounting standards and regulatory requirements; and - the Group s accounting policies and practices Reviewing Related Party Transactions entered into by the Company and the Group and the draft proposal to seek shareholders mandate for the Company and the Group to enter into recurrent related party transactions of a revenue or trading nature Reviewing the Internal Audit Reports and accessing the Internal Auditor s findings and the management s responses thereto and thereafter, making the necessary recommendations or changes to the Board of Directors Considered and recommended to the Board for approval of the audit fees payable to the External Auditors and Internal Auditors D. INTERNAL AUDIT FUNCTION The Company has yet to set up a formal internal audit department. However, it recognizes that an internal audit department would compliment the review of the effectiveness of the Group s systems of internal control and is an essential and integral part of the risk management process. Therefore, the Board has outsourced the internal audit function in order to review and improve its existing processes for identifying and managing the Group s risks and the control procedures to manage those risks.

19 Statement On Internal Control 42 Pursuant to paragraph 15.27(b) of the Bursa Malaysia Securities Berhad ( Bursa Malaysia ) Listing Requirements, the Board of Directors ( the Board ) of Glomac Berhad ( the Group ) is pleased to provide the following statement on internal control on the state of internal control of the Company in accordance with the Statement of Internal Control Guidance for Directors of Public Listed Companies issued by the Institute of Internal Auditors Malaysia, and adopted by Bursa Malaysia. BOARD RESPONSIBILITY The Board is committed in its responsibility of maintaining good corporate governance practices in addition to a sound system of internal controls. This includes the establishment of an appropriate control environment and framework, and review of the effectiveness, adequacy and integrity of the system to safeguard shareholder s investment and Group s assets. In striving for continuous improvement, the Board will put in place appropriate action plans, when necessary, to further enhance the Group s systems of internal control. SYSTEMS OF INTERNAL CONTROL The following key processes have been established in reviewing the adequacy and integrity of the Group s system of internal controls: Clear Lines of Accountability & Reporting Within the Organisation Key responsibilities and accountability in the organisational structure is clearly defined, with clear reporting lines up to the Board and its Committees. Established delegation of authority sets out the appropriate authority levels for decision-making, including matters requiring Board approval. Strategic Business Planning Processes Appropriate business plans have been established within which the Group s business objectives, strategies and targets are articulated. Business planning and budgeting is undertaken annually, to establish plans and targets against which performance is monitored on an ongoing basis. ISO 9001:2000 Accreditation The Property Development and Construction Divisions of the Group have been accorded full ISO 9001:2000 accreditation in line with the Group s interest in consistently improving the strength of their internal controls.

20 Statement On Internal Control (cont d) 43 Formalised & Documented Policies and Procedures Internal policies and procedures which are set out in a series of clearly documented standard operating manuals covering a majority of areas within the Group are maintained and subject to review as and when necessary. Performance Monitoring & Reporting The Group s management team frequently monitors and reviews financial and operational results including monitoring and reporting of performance against the operating plans. The management team communicates regularly and formulate action plans to address areas of concern. Financial Performance The preparation of periodic and annual results and the state of affairs, as published to shareholders, are reviewed and approved by the Board. The full year financial statements are also audited by the external auditors. Quality Control The Group emphasises continuous effort in maintaining the quality of products and services. The Directors have ensured that safety and health regulations, environmental controls and all other legislations in connection with the industry have been considered and complied with. Due to the limitations that are inherent in any system of internal control, these systems are designed to manage, rather than totally eliminate, the risk of failure to achieve business objectives. Accordingly, such systems can only provide reasonable but not absolute assurance against material misstatement or loss. THE INTERNAL AUDIT FUNCTION Regular internal audits are carried out by an independent professional services firm to review the adequacy and integrity of the internal control systems of the business units. The internal audit team advises executive and operational management on areas for improvement and subsequently reviews the extent to which its recommendations have been implemented. The reports are submitted to the Audit Committee, which reviews the findings with management at its quarterly meetings. In addition, the External Auditors management letters and management s responsiveness to the control recommendations on deficiencies noted during financial audits provide added assurance that certain control procedures on matters of finance are in place, and are being followed. In assessing the adequacy and effectiveness of the system of internal controls and accounting control procedures of the Group, the Audit Committee reports to the Board of Directors its activities, significant results, findings and the necessary recommendations or changes. CONCLUSION The Board is of the view that there is no significant breakdown or weaknesses in the system of internal control of the Group for the financial year ended 30 April, The Group continues to take the necessary measures to ensure that the system of internal control is in place and functions effectively.

21 44 Glomac Boulevard Quality upheld so we can consistently deliver on our promises.

22 Financial Highlights Results for the year ended 30 April RM 000 RM 000 RM 000 RM 000 RM 000 Revenue 285, , , , ,405 Profit Before Tax and Exceptional Item 59,801 55,808 53,011 43,125 27,619 Exceptional Item - (1,305) 4, Profit Before Tax 59,801 54,503 57,310 43,125 27,619 Taxation (19,486) (15,242) (18,095) (13,327) (8,279) Profit Before Minority Interest 40,315 39,261 39,215 29,798 19,340 Minority Interest (2,191) 799 (491) (245) (264) Profit After Tax and Minority Interest 38,124 40,060 38,724 29,553 19,076 ASSETS AND SHAREHOLDERS FUNDS Total Assets Employed 761, , , , ,128 Paid-up share Capital 216, , , , ,000 Shareholders Funds 379, , , , ,147 Return On Shareholders Funds 10.1% 11.1% 11.6% 11.2% 7.8% Return On Total Assets 5.0% 5.8% 6.5% 6.1% 4.1% SHARE INFORMATION Basic Earnings Per Share (Sen) Net Assets Per Share (RM) Gross Dividend Per Share (Sen) Note : The earnings per share and net assets per share for 2002 to 2003 have been restated to take into account the effect of 49,500,000 bonus shares issued in 2004.

23 For you are a testimony to our success, we will continue to meet and exceed your expectations. Suria Stonor