STATEMENT of CHAIRMAN

Transcription

1 STATEMENT of CHAIRMAN On behalf of the Board of Directors of Bintulu Port Holdings Berhad, I am pleased to present the Annual Report and Audited Financial Statements of the Group for the financial year ended 31 st December This is my maiden statement since becoming the Chairman of the Group on 1 st November Tan Sri Dr. Wan Abdul Aziz Bin Wan Abdullah OVERVIEW Year 2009 seemed to be a challenging year for the Group as it witnessed the global economic depression resulting from the financial crisis. This had adversely affected the country s economy and the Group indirectly. The Malaysian Government had taken proactive measures to overcome this situation by implementing two (2) Economic Stimulus Packages that had prevented the Malaysian economy from sliding into a deeper recession. Following such proactive measures, the economy had shown signs of recovery, which is evidence by the increase in the Gross Domestic Product (GDP) of -3.9% in the second quarter as compared to -6.2% in the first quarter. As a matter of fact, the growth result for the fourth quarter of 2009 was 4.5%. Although the Malaysian GDP is forecasted to grow steadily, it seems the global economy and trade have yet to show strong signs of recovery and in facing such situation, we have to plan wisely and make appropriate decisions in order to stabilise the financial position of the Group. FINANCIAL HIGHLIGHTS The Group will take necessary action to retain its competitiveness and meeting the existing challenges. For the year 2009, the Group s total revenue was RM million which had decreased by about 2.16% as compared to RM million in the year This was mainly due to the decrease in cargo throughput as well as container handled. During the fiscal year ended 31 st December 2009, the Group generated Profit Before Tax of RM million which showed a decreased of about 15.7% from 2008 of RM million. The Total Shareholder s Fund was not spared from declining where it recorded the sum of RM million in 2009 as compared to RM million in DIVIDEND The Group has paid total dividend of RM million (40.95 sen) for the year Consistent with the economic slowdown, the Board of Directors is recommending a final single tier dividend of 7.5 sen and special single tier dividend of 7.5 sen per share respectively. With this proposal total dividend for the year under review is RM million (37.50 sen). Payment will be made on 27 th May 2010 subject to the approval of shareholders in the Annual General Meeting. 20

2 CORPORATE GOVERNANCE As corporate governance played important roles in enhancing shareholders value, the Board had subscribed to guidelines prescribed by Malaysian Code on Corporate Governance to govern its conduct. The Board had at all times committed to accomplish the best practices and uphold high standards of business integrity in all activities undertaken by the Group apart from compliance with relevant statutory requirements. The Board has undertaken all probable measures to ensure that the Group activities are conducted in accordance with the best practices and principles of corporate governance. A detailed Board s Statement pertaining to the Corporate Governance can be found on pages 47 to 56. PERFORMANCE OF SUBSIDIARIES As regards the overall performance of the Group, year 2009 showed a slightly sluggish performance due to the world economic slowdown. The performance of the Group subsidiaries in particular the Bintulu Port Sdn. Bhd. (BPSB) has slightly declined. Cargo throughput handled has reduced from million tonnes in 2008 to million tonnes in Container handled has also registered a drop of 14.39% from 2008 which was 290,167 TEUS as compared to the container handled in 2009 of 248,390 TEUS. Despite the decrease in the cargo throughput and container handled, vessel calls has increased from 7015 calls in 2008 to 7514 calls for the period under review. This increase was mainly on the non carrying cargo vessel and therefore could not cushion the impact of overall drop. Turnover for the year 2009 was RM million as compared to RM million in 2008 whilst the Profit Before Tax in the sum of RM million as compared to RM million in the year Another wholly owned subsidiary of Bintulu Port Holdings Berhad, the Biport Bulkers Sdn. Bhd. (BBSB) however registered an increased in the cargo throughput of 17.86% whereby the cargo throughput handled for 2009 was 1,860,891 metric tonnes as compared to the year 2008 of 1,528,436 metric tonnes. Turnover for 2009 in the sum of RM17.19 million has signified an increased of 21.0% as compared to the previous year of RM14.20 million. However the Profit Before Tax has reduced from RM2.73 million in the year 2008 to RM0.06 million in 2009 as a result of inter company financing costs. Despite a slight decline in the overall performance of the subsidiaries, the Group will make every effort to capitalise its capabilities and advantages so as to remain competitive in the marketplace. UTILISATION OF PROCEEDS The Group had diligently carried out the identified projects under Initial Public Offer. For that purpose total utilisation was RM million instead of original proceeds of RM200 million. The excess of utilisation for the identified projects have been financed by internal generated fund. Detailed utilisation of proceed can be referred to in the Statement on Corporate Governance on page 54 to 55 of this Annual Report. 21

3 STATEMENT of CHAIRMAN CORPORATE SOCIAL RESPONSIBILITY (CSR) Apart from focusing on business performance and marketing, the Group is also concerned on employees, society as well as the environment where it is operating. Employees of the Group have been trained in their respective areas in an effort to make them competent and reliable in the marketplace. A total of about RM1.08 million was spend on training and other form of capability enhancement and human capitals development in Generally about 800 staff have benefited from these initiatives. The Group has continuously carried out various initiatives for local community in the form of donations for health and educational improvement programmes as well as other community works and activities. In 2009, the Group has contributed RM0.3 million for its CSR Projects. For the year 2009 the Group has spent RM0.4 million on environmental monitoring, control and protection especially in the port area. FUTURE OUTLOOK Currently the Group is focusing on port services as a core business with LNG sector and Non LNG sector contributing 57.85% and 42.15% of cargo throughput respectively. Since the natural gas is depleting in the future the Group has to re-aligned its focus accordingly by reducing dependency on LNG from 78% then to 60% of its total operating revenue in the next five years. Subsequently the dependency will gradually be reduced further in accordance with the then economic environment. In this respect the Group will be focusing on the development of container sector, bulk cargo and palm oil. Several related projects have been identified and had commenced development such as the expansion of container terminal (stacking yard and container freight station), multipurpose terminal and the expansion of bulking facilities. Other than that focus will also be given to oil and gas activities to supplement current business needs. For LNG sector the Group will develop related facilities based on demand. The Group has also been exploring other businesses as an effort to diversify the revenue of the Group in line with the proposed new business plan that will commence in The above plan will be revisited from time to time depending on the need of the industry and other commercial considerations. APPRECIATION On behalf of the Board of Directors, I would like to express my sincere and utmost gratitude to Y. A. Bhg. Tun Dato Seri Hj. Mohd. Eusoff bin Chin, the former Chairman for his guidance and dedication in contributing towards the Group s performance all this while. Also, I would like to thank the Management and staff for their continued efforts in making the year 2009 a meaningful year despite the economic slowdown and challenging business environment. Last but not least, I would like to thank all our shareholders in particular the Ministry of Finance (Incorporated) being the Preference Shareholder, the PETRONAS, Sarawak State Financial Secretary, Kumpulan Wang Persaraan (Diperbadankan) and stakeholders as well as the Sarawak Government, Government authorities and agencies, customers, the shipping fraternities and the port users for their unwavering support towards the Group. Finally, to all my fellow Directors, thank you for your continued guidance, support and cooperation all this while. Thank you. TAN SRI DR. WAN ABDUL AZIZ BIN WAN ABDULLAH Chairman Bintulu Port Holdings Berhad 22

4 PENYATA PENGERUSI Bagi pihak Lembaga Pengarah Bintulu Port Holdings Berhad, saya dengan sukacitanya membentangkan Laporan Tahunan Kumpulan dan Penyata Kewangan yang telah diaudit bagi tahun kewangan berakhir 31 Disember Ini adalah merupakan penyata sulung saya semenjak menjadi Pengerusi Kumpulan pada 1 November ULASAN DAN PANDANGAN Tahun 2009 merupakan tahun yang mencabar bagi Kumpulan apabila ia menyaksikan kemerosotan ekonomi akibat krisis kewangan. Keadaan ini telah menjejaskan ekonomi negara dan Kumpulan secara tidak langsungnya. Kerajaan Malaysia telah mengambil langkah proaktif untuk menangani masalah ini dengan melaksanakan dua (2) Pakej Rangsangan Ekonomi yang telah berjaya mengelakkan negara daripada terjerumus ke dalam kemelesetan ekonomi yang lebih teruk. Berikutan langkah-langkah proaktif tersebut, ekonomi negara telah menunjukkan pemulihan di mana Keluaran Dalam Negara Kasar (KDNK) bagi suku kedua telah meningkat dari -3.9% berbanding -6.2% pada suku pertama. Hakikatnya, pertumbuhan pada suku keempat tahun 2009 adalah sebanyak 4.5%. Walaupun KDNK Malaysia dijangka terus tumbuh, kedudukan ekonomi global dan perdagangan masih belum menampakkan tanda-tanda pemulihan yang kukuh dan dalam menangani situasi ini, kita perlu merancang secara bijak dan membuat keputusan yang berpatutan dalam usaha menstabilkan kedudukan kewangan Kumpulan. PETUNJUK PENTING KEWANGAN Kumpulan akan bertindak sebaik mungkin dalam mengelakkan daya saingnya dan menghadapi cabaran-cabaran yang ada. Pada tahun 2009, jumlah hasil operasi Kumpulan adalah sebanyak RM juta di mana telah menurun sebanyak 2.16% berbanding RM juta dalam tahun Ini disebabkan penurunan pertanan kargo dan juga kendalian kontena. Dalam tahun fiskal berakhir 31 Disember 2009, Kumpulan telah meraih Keuntungan Sebelum Cukai sebanyak RM juta yang menunjukkan penurunan sebanyak 15.7% dari tahun 2008 sebanyak RM juta. Dana Pemegang Saham juga tidak terkecuali dari mengalami penurunan kepada RM juta dalam tahun 2009 berbanding RM juta dalam tahun DIVIDEN Kumpulan telah membayar dividen keseluruhan sebanyak RM juta (40.95 sen) pada tahun Sejajar dengan kelembapan ekonomi, Lembaga Pengarah mencadangkan pembayaran dividen akhir sistem setingkat sebanyak 7.5 sen dan dividen khas sistem setingkat sebanyak 7.5 sen sesaham masing-masingnya. Dengan cadangan ini, jumlah keseluruhan dividen yang dibayar dalam tahun yang dinilai adalah sebanyak RM juta (37.50 sen). Bayaran akan dibuat pada 27 Mei 2010 tertakluk kepada kelulusan para Pemegang Saham dalam Mesyuarat Agung Tahunan. 23

5 PENYATA PENGERUSI URUSTADBIR KORPORAT Memandangkan urustadbir korporat memainkan peranan penting dalam meningkatkan nilai pemegang saham, Lembaga Pengarah menerimapakai garispanduan sepertimana digariskan dalam Kod Urustadbir Korporat Malaysia dalam mentadbir perilakunya. Lembaga Pengarah sentiasa komited menyempurnakan amalan yang baik dan berpegang kepada piawaian integriti perniagaan yang tinggi dalam kesemua aktiviti yang dikendalikan oleh Kumpulan selain pematuhan kepada peruntukan statutori yang berkaitan. Lembaga Pengarah telah mengambil langkah-langkah perlu bagi memastikan aktiviti Kumpulan dilakukan mengikut prinsip-prinsip dan amalan urustadbir korporat yang baik. Butiran lanjut penyata Lembaga Pengarah ke atas Urustadbir Korporat boleh diperolehi di mukasurat 57 hingga 66. PRESTASI SYARIKAT SUBSIDIARI Prestasi keseluruhan Kumpulan tahun 2009 mengalami sedikit penurunan ekoran kelembapan ekonomi dunia. Prestasi syarikat-syarikat subsidiari khususnya Bintulu Port Sdn. Bhd. (BPSB) telah menurun sedikit. Pertanan kargo yang dikendalikan telah berkurangan dari juta tan dalam tahun 2008 kepada juta tan dalam tahun Kendalian kontena juga telah mencatatkan penurunan sebanyak 14.39% iaitu dari 290,167 TEUs dalam tahun 2008 kepada 248,390 TEUs dalam tahun Disebalik penurunan kendalian kargo dan kontena, singgahan kapal ke Pelabuhan Bintulu telah mencatat peningkatan dari 7015 buah dalam tahun 2008 kepada 7514 buah pada tahun yang dinilai. Peningkatan ini berpunca dari kedatangan kapal-kapal bukan kargo dan tidak dapat memberi kesan dalam menahan penurunan keseluruhan. Perolehan hasil bagi tahun kewangan 2009 adalah sebanyak RM juta berbanding RM juta dalam tahun 2008 manakala Keuntungan Sebelum Cukai berjumlah RM juta berbanding RM juta dalam tahun Sebuah lagi syarikat subsidiari yang dimiliki sepenuhnya oleh Bintulu Port Holdings Berhad iaitu Biport Bulkers Sdn. Bhd. (BBSB) bagaimanapun telah mencatakan peningkatan dalam pertanan kargo sebanyak 17.86% di mana kendalian kargo bagi tahun 2009 adalah 1,860,891 metrik tan berbanding tahun 2008 sebanyak 1,528,436 metrik tan. Perolehan hasil bagi tahun 2009 sebanyak RM17.19 juta telah menunjukkan peningkatan sebanyak 21.0% berbanding tahun sebelumnya sebanyak RM14.20 juta. Walau bagaimanapun, Keuntungan Sebelum Cukai telah berkurangan dari RM2.73 juta dalam tahun 2008 kepada RM0.06 juta dalam tahun 2009 hasil dari kos pembiayaan antara syarikat. Disebalik penurunan keseluruhan prestasi syarikat subsidiarinya, Kumpulan akan terus berusaha meningkatkan lagi keupayaannya dan peluang yang ada dalam usaha untuk kekal bersaing dalam pasaran. PENGGUNAAN DANA TERBITAN AWAM AWAL Kumpulan telah melaksanakan projek-projek yang telah diluluskan dari Dana Terbitan Awam Awal. Bagi tujuan tersebut, jumlah keseluruhan penggunaan adalah sebanyak RM juta berbanding dana asal sebanyak RM200 juta. Lebihan penggunaan kos bagi projek tersebut dibiayai melalui dana dalaman. Butiran lanjut berkaitan status penggunaan Dana Terbitan Awam Awal boleh dirujuk dalam Penyata Berkaitan Urustadbir Korporat pada mukasurat 64 sehingga 65 pada Laporan Tahunan ini. TANGGUNGJAWAB SOSIAL KORPORAT Selain menumpukan kepada prestasi perniagaan dan pemasaran, Kumpulan juga prihatin terhadap pekerjanya, masyarakat, dan juga alam sekitar di mana ianya beroperasi. Pekerja-pekerja Kumpulan telah dilatih dalam bidang-bidang masing-masing dalam usaha menjadikan mereka cekap dan berguna di pasaran. Dalam tahun 2009, sejumlah RM1.08 juta telah dibelanjakan untuk latihan dan lain-lain bentuk peningkatan keupayaan dan pembangunan modal insan. Secara umumnya, seramai 800 kakitangan telah mendapat faedah dari initiatif ini. Kumpulan juga telah meneruskan pelbagai initiatif untuk masyarakat tempatan dalam bentuk sumbangan kepada program pembangunan pendidikan dan kesihatan serta lain-lain kerja amal dan aktiviti kemasyarakatan. Dalam tahun 2009, Kumpulan telah menyumbang sebanyak RM0.3 juta bagi projek sosial korporatnya. Bagi tahun 2009, Kumpulan telah membelanjakan sebanyak RM0.4 juta untuk pemantauan, penjagaan dan perlindungan alam sekitar khususnya di kawasan pelabuhan. 24

6 PROSPEK MASA DEPAN Kini, Kumpulan menumpukan kepada perkhidmatan pelabuhan sebagai perniagaan utamanya dengan sektor LNG dan bukan LNG masing-masing menyumbang sebanyak 57.85% dan 42.15% dari jumlah pertanan kargo. Memandangkan gas asli akan berkurangan di masa hadapan, Kumpulan perlu menyelaras fokus sewajarnya dengan mengurangkan penggantungan kepada LNG dari 78% kepada 60% dari jumlah hasil operasinya dalam tempoh lima tahun. Kemudiannya, penggantungan ini akan berkurangan lagi sejajar dengan keadaan ekonomi pada masa itu. Dalam hal ini, Kumpulan akan memberi fokus kepada pembangunan sektor kontena, kargo pukal dan minyak sawit. Beberapa projek-projek yang berkaitan telah dikenalpasti dan telah mula dibangunkan seperti pembesaran terminal kontena (stacking yard dan container freight station), terminal pelbagai guna dan pembesaran fasiliti bulking. Selain itu, fokus akan diberi kepada aktiviti minyak dan gas untuk melengkapi keperluan perniagaan sekarang. Bagi sektor LNG, Kumpulan akan membangunkan fasilitinya berdasarkan keperluan. Kumpulan juga telah meneliti beberapa perniagaan lain sebagai usaha untuk mempelbagaikan hasil Kumpulan selaras dengan cadangan pelan perniagaan baru yang akan bermula dalam tahun PENGHARGAAN Bagi pihak Lembaga Pengarah, saya dengan tulus ikhlas merakamkan ucapan penghargaan kepada Y. A. Bhg. Tun Dato Seri Hj. Mohd. Eusoff bin Chin, mantan Pengerusi atas panduan, dedikasi dan sumbangan beliau kepada prestasi Kumpulan selama ini. Saya juga ingin mengucapkan terima kasih kepada Pengurusan dan staf atas sokongan yang berterusan dalam menjadikan tahun 2009 sebagai tahun yang bermakna di sebalik kegawatan ekonomi dan persekitaran perniagaan yang mencabar. Akhirnya dan tidak terkecuali, saya juga mengucapkan terima kasih kepada para pemegang saham kami khususnya Menteri Kewangan (Diperbadankan) selaku Pemegang Saham Khas, PETRONAS, Pejabat Kewangan Negeri Sarawak, Kumpulan Wang Persaraan (Diperbadankan), stakeholders, Kerajaan Negeri Sarawak serta badan-badan Kerajaan, semua pelanggan kami, rakan perkapalan dan pengguna pelabuhan atas sokongan padu kepada Kumpulan. Akhir sekali, kepada semua Pengarah, terima kasih atas panduan yang berterusan, sokongan dan kerjasama selama ini. Terima kasih. TAN SRI DR. WAN ABDUL AZIZ BIN WAN ABDULLAH Pengerusi Bintulu Port Holdings Berhad 25

7 STATEMENT of CHief executive officer I believe by way of our best effort and excellent strategies will optimize our ability to become A World Class LNG Port and the Port of BIMP-EAGA. MIOR AHMAD BAITI BIN MIOR LUB AHMAD Year 2009 had been a challenging year where the economic slowdown had adversely affected the cargo throughput of the Group. Just like any other ports in the world, Bintulu Port s growth is reliant on the revival of the trade volumes in Malaysia which is dependable on the global trade activities. FINANCIAL PERFORMANCE The Group recorded total operating revenue of RM million for the year 2009 a decrease of 2.16% as compared to RM million in the year This was mainly contributed by the downfall of the cargo throughput where revenue decreased from the handling of LNG, petrolum products, LPG, general cargo, container and dry bulk cargo like fertilizer and silica sand. The non-operating revenue of the Group is RM17.56 million as compared to RM21.22 million in Profit Before Tax is RM million as compared to RM million in 2008 while Profit After Tax is RM miliion as compared to RM million in OPERATIONAL PERFORMANCE Our cargo statistics illustrated that while worldwide economic difficulties have had a significant effect on the global trade, our Port has demonstrated a reasonable stability and resiliency during this period. For 2009 as a whole, the Group registered a decrease of 5% in the total cargo throughput from million tonnes in 2008 to million tonnes in Total break bulk cargo decreased by 14%, dry bulk cargo decreased by 9% while the major liquid bulk cargo decreased by 3% from million tonnes in 2008 to million tonnes in Container volume registered a drop of 14.39% from 290,167 TEUs in 2008 to 248,390 TEUs in Despite the downfall in the cargo throughput and container handled, vessel calls to Bintulu Port registered an increased in number to 7514 calls as compared to 7015 calls in 2008, mainly from the activities of offshore supply vessels. 26

8 Another wholly owned subsidiary of Bintulu Port Holdings Berhad, the Biport Bulkers Sdn. Bhd. (BBSB) however registered an increase in the cargo throughput of 21.8% whereby the cargo throughput for 2009 was 1,860,891 metric tonnes as compared to 1,528,436 metric tonnes in This increase is mainly due to the full utilisation of the bulking facilities by the two (2) major refineries in particular the Bintulu Edible Oils Sdn. Bhd. and Kirana Palm Oil Refinery Sdn. Bhd. PORT SAFETY We always put safety as our top priority and had in placed the safety policy to be abided by all our port users, staff, clients and customers. Being a Port certified with International Ship and Port Facility Security (ISPS), we will never compromise on the safety aspect of the Port. In ensuring compliance to the code, the Group has enhanced its standard operating procedures, improves documentation system and developed training and security drills for its safety personnel, employees and port users. Our safety officers conducted regular safety audit on vessels, port facilities and infrastructures, operational practices, and environment. Over and above the safety audit, constant safety trainings and briefings are also being conducted so that all parties entering the Port are well versed with the safety codes and ethics at the Port. The Company also instituted demerit system and emergency response plan to strengthen port safety. Such effort of maintaining safety was proven when the Group through its subsidiary, Bintulu Port Sdn. Bhd. has been conferred with the Malaysian Society of Occupational Safety and Health (MSOSH) Awards for 13 consecutive years and National Safety Award from the British Safety Council, U.K. for 10 consecutive years. HUMAN CAPITAL Human capital development is an important aspect to accomplish the Company s objective. Continuous effort has been made to equip our employees with the necessary knowledge, positive values and skills imbued with a culture of high performance in order to become truly versatile that will remain resilient and relevant to meet current and future challenges. The Group has allocated substantial amount of fund for staff development and training programmes and continue to provide financial assistance in the form of scholarship or educational loan to the eligible staff and children of the staff for them to pursue further education. 27

9 STATEMENT of CHief executive officer BUSINESS OUTLOOK Despite the slowdown in economic growth for the year 2009, the Group is currently embarking on a RM220 million expansion programme to boost Bintulu Port s cargo handling capacity. With the completion of the container terminal expansion by the year 2011, the annual throughput capacity is expected to be increased by 250,000 TEUs to 650,000 TEUs. Also under implementation is the expansion of the multipurpose terminal for dry bulk cargo and break bulk cargo and the bulking facilities for palm oil. To gear itself for the rapid development which will take place in the region in particular Sarawak and the hope of Bintulu Port achieving its vision of A World Class LNG Port and the Port of BIMP-EAGA, Bintulu Port will continue to upgrade and improve its services and facilities. We will continue to develop ways and means to ensure Bintulu Port improves its profitability, productivity and efficiency. Lastly, as we start a new year, we will continue to pursue our vision and strengthen our customer satisfaction while tackling the challenge of achieving new growth. APPRECIATION On behalf of the management, I would like to take this opportunity to extend my special appreciation and gratitude to all staff and my fellow management team for their hard work and enthusiasm towards the success of the Company throughout the financial year I would also like to express our heartfelt appreciation to our former Chairman, Y. A. Bhg. Tun Dato Seri Hj. Mohd. Eusoff bin Chin for his past guidance, services and many contributions to the development of Bintulu Port over his 6 years tenure as the Chairman and we wish him all the best in his undertakings. At the same time, we warmly welcome Y. Bhg. Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah for being appointed the new Chairman of the Group. We look forward to his leadership and to benefit from his wide experience in the professional and corporate world. Lastly, I would also like to express my sincere appreciation to all the Board of Directors for their invaluable advice, guidance and trust in me in steering the Company, to all our customer, shareholders and stakeholders, business associates, suppliers, bankers and Government authorities for their support so far. We look forward to your continuing partnership to propel the Group forward in the future. I believe by way of our best effort and excellent strategies will optimize our ability to become A World Class LNG Port and the Port of BIMP-EAGA. Thank you. MIOR AHMAD BAITI BIN MIOR LUB AHMAD Chief Executive Officer Bintulu Port Holdings Berhad 28

10 PENYATA KETUA PENGAWAI EKSEKUTIF Tahun 2009 adalah merupakan tahun yang mencabar di mana kelembapan ekonomi telah memberi kesan yang mendalam terhadap kendalian kargo Kumpulan. Sepertimana pelabuhan-pelabuhan lain di dunia, pertumbuhan Pelabuhan Bintulu bergantung kepada pemulihan jumlah dagangan di Malaysia yang mana turut juga bergantung kepada jumlah aktiviti dagangan global. PRESTASI KEWANGAN Kumpulan mencatatkan jumlah hasil operasi sebanyak RM juta bagi tahun 2009 yang menunjukkan pengurangan sebanyak 2.16% berbanding RM juta dalam tahun Ini adalah berikutan kejatuhan kendalian kargo di mana hasil menurun dari kendalian LNG, produk petroliam, LPG, kargo am, kontena dan kargo pukal kering seperti baja urea dan pasir silika. Walaupun jumlah singgahan kapal telah meningkat, ianya tidak menyumbang ke arah hasil secara terus. Hasil bukan operasi Kumpulan adalah sebanyak RM17.56 juta berbanding RM21.22 juta dalam tahun Keuntungan Sebelum Cukai adalah sebanyak RM juta berbanding RM juta dalam tahun 2008 manakala Keuntungan Selepas Cukai adalah sebanyak RM juta berbanding RM juta dalam tahun PRESTASI OPERASI Statistik kargo kami menunjukkan bahawa meskipun keadaan keseluruhan ekonomi dunia mengalami kerumitan dan memberi kesan mendalam kepada dagangan global. Pelabuhan kami telah menunjukkan kestabilan dan ketahanan yang sederhana dalam tempoh tersebut. Bagi tahun 2009 secara keseluruhannya, Kumpulan telah menunjukkan pengurangan sebanyak 5% dalam kendalian kargo dari juta tan dalam tahun 2008 kepada juta tan dalam tahun Jumlah kargo pukal telah menurun sebanyak 14%, kargo pukal kering merosot sebanyak 9% manakala kargo pukal cecair utama pula menurun 3% dari juta tan dalam tahun 2008 kepada juta tan dalam Jumlah kontena juga menunjukkan pengurangan sebanyak 14.39% dari 290,167 TEUs dalam 2008 kepada 248,390 TEUs dalam Meskipun terdapat pengurangan dalam kendalian kargo dan kontena, jumlah singgahan kapal ke Pelabuhan Bintulu telah meningkat kepada 7514 buah berbanding 7015 buah dalam tahun 2008, terutama dari aktivitiaktiviti kapal bekalan luar pantai. 29

11 PENYATA KETUA PENGAWAI EKSEKUTIF Sebuah lagi syarikat subsidiari yang dimiliki sepenuhnya oleh Bintulu Port Holdings Berhad, Biport Bulkers Sdn. Bhd. (BBSB) bagaimanapun, menunjukkan peningkatan sebanyak 21.8% dimana jumlah kendalian kargo bagi tahun 2009 adalah 1,860,891 metrik tan berbanding 1,528,436 metrik tan dalam tahun Peningkatan ini terutamanya disebabkan penggunaan sepenuhnya fasiliti-fasiliti bulking yang ada oleh dua (2) kilang penapis utama khususnya Bintulu Edible Oils Sdn. Bhd. dan Kirana Palm Oil Refinery Sdn. Bhd. KESELAMATAN PELABUHAN Kami sentiasa memberi keutamaan kepada aspek keselamatan dan kami mempunyai polisi keselamatan yang perlu dipatuhi oleh semua pengguna pelabuhan, staf, klien dan pelanggan. Sebagai Pelabuhan yang diiktiraf dengan sijil International Ship and Port Facility Security (ISPS), kami tidak pernah berkompromi dalam aspek keselamatan di Pelabuhan. Dalam memastikan pematuhan kepada Kod tersebut, Kumpulan telah memantapkan piawaian prosidur operasi, menambahbaik sistem dokumentasi dan membangun latihan keselamatan untuk pegawai keselamatan kami, staf dan pengguna pelabuhan. Pegawai Keselamatan kami sentiasa mengadakan audit keselamatan secara berkala ke atas kapal, fasiliti pelabuhan dan infrastruktur, amalan operasi dan alam sekitar. Selain daripada audit keselamatan, taklimat dan latihan keselamatan yang kerap turut diadakan supaya semua pihak yang memasuki Pelabuhan mempunyai pengetahuan akan kod dan etika keselamatan di Pelabuhan. Syarikat juga turut melaksanakan sistem dimerit dan mengadakan pelan tindakan kecemasan bagi memantapkan lagi tahap keselamatan Pelabuhan. Usaha memastikan tahap keselamatan ini telah terbukti apabila Kumpulan melalui anak syarikatnya, Bintulu Port Sdn. Bhd. telah dianugerahkan Pingat Pertubuhan Keselamatan dan Kesihatan Pekerja, Malaysia (MSOSH) selama 13 tahun berturut-turut dan National Safety Award dari British Safety Council, U.K. selama 10 tahun berturut-turut. MODAL INSAN Pembangunan modal insan merupakan aspek penting untuk mencapai objektif Syarikat. Usaha yang berterusan telah dibuat bagi membekalkan staf kami dengan ilmu pengetahuan yang bersesuaian, nilai-nilai positif dan kemahiran yang dipenuhi dengan budaya kerja berprestasi tinggi bagi membolehkan mereka benar-benar berketerampilan dan dapat bertahan serta berupaya melawan segala cabaran semasa dan akan datang. Kumpulan telah menyediakan jumlah peruntukan yang berpatutan bagi pembangunan dan program latihan staf dan turut terus menyediakan bantuan kewangan dalam bentuk biasiswa atau pinjaman pelajaran kepada staf dan anak-anak staf yang layak supaya dapat meneruskan pengajian diperingkat yang lebih tinggi. GAMBARAN UMUM PERNIAGAAN Disebalik kelembapan pertumbuhan ekonomi pada tahun 2009, Kumpulan pada masa ini telah memulakan pembangunan pembesaran Pelabuhan Bintulu bagi meningkatkan kapasiti pengendalian kargo dengan kos sebanyak RM220 juta. Dengan penyiapan pembesaran terminal kontena pada tahun 2011 nanti, kapasiti kendalian tahunan dijangka akan meningkat sebanyak 250,000 TEUs kepada 650,000 TEUs. Juga yang sedang dalam perlaksanaan adalah terminal pelbagai guna untuk kargo pukal kering dan kargo pukal serta bulking facilities untuk minyak sawit. Dalam menyesuaikan dengan pembangunan pesat yang akan berlaku di rantau ini khususnya di Sarawak dan harapan Pelabuhan Bintulu mencapai visi menjadi Pelabuhan LNG bertaraf dunia dan Pelabuhan di BIMP EAGA, Pelabuhan Bintulu akan terus menaiktaraf dan meningkatkan perkhidmatan serta fasilitinya. Kami akan terus mencari jalan dan kaedah bagi memastikan Pelabuhan Bintulu dapat mempertingkatkan keuntungan, produktiviti dan kecekapan. Akhir kata, dengan permulaan tahun baru dan dalam usaha mencapai visi, kami akan terus berusaha meningkatkan tahap kepuasan pelanggan sambil menangani cabaran yang ada bagi mencapai pertumbuhan baru. 30

12 PENGHARGAAN Bagi pihak Pengurusan, saya mengambil kesempatan ini merakamkan ucapan penghargaan istimewa dan terima kasih kepada semua staf dan rakan pengurusan di atas kerja keras dan semangat ke arah kejayaan Syarikat sepanjang tahun kewangan 2009 ini. Saya juga ingin melahirkan penghargaan tulus ikhlas saya kepada mantan Pengerusi, Y. A. Bhg. Tun Dato Seri Hj. Mohd. Eusoff bin Chin atas panduan, khidmat bakti dan sumbangan beliau dalam pembangunan Pelabuhan Bintulu sepanjang tempoh 6 tahun beliau sebagai Pengerusi dan kami mendoakan kesejahteraan beliau dalam setiap bidang yang diceburinya. Pada masa yang sama, kami mengalualukan Y. Bhg. Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah di atas perlantikan beliau sebagai Pengerusi baru Kumpulan. Kami menaruh harapan ke atas kepimpinan beliau dan mendapat faedah dari pengalaman beliau yang luas dalam bidang profesional dan dunia korporat. Akhir kata, saya juga merakamkan ucapan penghargaan ikhlas saya kepada semua ahli Lembaga Pengarah di atas nasihat, panduan dan kepercayaan yang diberi kepada saya menerajui Syarikat, kepada semua pelanggan, pemegang saham dan stakeholders, rakan perniagaan, pembekal, pihak bank dan Pihak Berkuasa Kerajaan atas sokongan mereka selama ini. Kami menaruh harapan untuk mewujudkan hubungan perniagaan yang berterusan bagi mendorong Kumpulan maju kehadapan. Saya percaya dengan usaha kita yang terbaik dan strategi yang berkesan akan mengoptimakan kebolehan kita untuk menjadi Pelabuhan LNG bertaraf dunia dan Pelabuhan di BIMP-EAGA. Terima kasih. MIOR AHMAD BAITI BIN MIOR LUB AHMAD Ketua Pegawai Eksekutif Bintulu Port Holdings Berhad 31

13 GROUP BOARD OF DIRECTORS From left to right; Dari kiri ke kanan; 1. DATUK HASHIM BIN ISMAIL 2. DATUK FONG JOO CHUNG 3. DATO SERI DR. HJ. ARSHAD BIN HASHIM 4. TAN SRI DATO SERI HJ. MOHD. ZAHIDI BIN ZAINUDDIN 5. TAN SRI DR. WAN ABDUL AZIZ BIN WAN ABDULLAH 6. TUN DATO SERI HJ. MOHD. EUSOFF BIN CHIN 32

14 LEMBAGA PENGARAH KUMPULAN From left to right; Dari kiri ke kanan; 1. Dato Mohamad Norza Bin Zakaria 2. Datu Hj. Abang Halmi Bin Ikhwan 3. Dato Shamsul Azhar bin Abbas 4. Encik Amir Hamzah Bin Azizan 5. Encik Ahmad Nizam Bin Salleh 33

15 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Tun Dato Seri Hj. Mohd. Eusoff bin Chin was appointed as Director cum Chairman of the Bintulu Port Holdings Berhad on 1st November 2003 by the Special Shareholder pursuant to the Article 109A (1) of the Company s Articles of Association. He ceased to be the Director cum Chairman on 31 st October He was admitted as Barrister-at-Law from Lincoln s Inn, London. He had been in the Judicial Services holding various positions until he became the Lord President of Malaysia prior to his retirement in December He was a member of Nomination Committee and Remuneration Committee of Bintulu Port Holdings Berhad. Tun Dato Seri Hj. Mohd. Eusoff bin Chin is also a Chairman of Alcatel Network Systems (M) Sdn. Bhd. For the year under review, he has attended six (6) Board Meetings, including two (2) Board Meeting by way of circulation and seven (7) Board Committees Meetings. TUN DATO SERI HJ. MOHD EUSOFF BIN CHIN Malaysian, aged 74 Warganegara Malaysia, 74 tahun Non-Independent Non-Executive Director Pengarah Bukan Bebas Bukan Eksekutif (Director cum Chairman until 31/10/09 Pengarah merangkap Pengerusi sehingga 31/10/09) Tun Dato Seri Hj. Mohd. Eusoff bin Chin telah dilantik sebagai Pengarah merangkap Pengerusi Bintulu Port Holdings Berhad pada 1 November 2003 oleh Pemegang Saham Khas selaras dengan Artikel 109A (1), Tataurusan Syarikat. Beliau telah berhenti sebagai Pengarah merangkap Pengerusi pada 31 Oktober Beliau telah diterima masuk sebagai Barrister-at- Law di Lincoln s Inn, London. Beliau juga telah berkhidmat dalam Perkhidmatan Kehakiman dengan memegang pelbagai jawatan sehingga beliau menjadi Ketua Hakim Negara sebelum bersara pada bulan Disember Tun Dato Seri Hj. Mohd. Eusoff bin Chin juga adalah Pengerusi syarikat Alcatel Network Systems (M) Sdn. Bhd. Bagi tahun yang dinilai, beliau telah menghadiri enam (6) Mesyuarat Lembaga Pengarah termasuk dua (2) Mesyuarat secara edaran dan tujuh (7) Mesyuarat Jawatankuasa Lembaga Pengarah. Beliau adalah merupakan ahli Jawatankuasa Penamaan dan Jawatankuasa Ganjaran, Bintulu Port Holdings Berhad. 34

16 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah was appointed as Director cum Chairman of Bintulu Port Holdings Berhad on 1st November 2009 by the Special Shareholder under Article 109A (1) of the Company s Articles of Association. He is a member of the Nomination Committee and Remuneration Committee respectively. He holds a Bachelor of Economic with Honours from the University of Malaya, Kuala Lumpur, Master of Philosophy (Development Studies) from Institute of Development Studies, University of Sussex, Brighton United Kingdom, Doctor of Philosophy (Ph.D) (Business Economic) from the School of Business and Economic Studies, University of Leeds, Leeds United Kingdom, and the Advanced Management Program from Harvard Business School, Harvard University, Boston, Massachusetts, USA. He started his career as Assistant Director of the Economic Planning Unit (EPU) of the Prime Minister s Department in 1975, then up he goes holding various positions including Senior Assistant Director (Macro-Economics), Senior Assistant Director, Human Resource Section, Director of Energy Section, Deputy Director General (Macro) all at the EPU before joining the Ministry of Finance as Deputy Secretary (Economics and International Division) in 2001, then as the Deputy Secretary General of Treasury (Policy) prior to holding his current post as the Secretary General of Treasury, Minister of Finance, Malaysia. Tan Sri Dr. Wan Abdul Aziz is a Chairman of the Pembinaan BLT Sdn. Bhd., Cyberview Sdn. Bhd., Kuala Lumpur International Airport Berhad as well as Chairman for the Petronas and FELDA Audit Committee, Disciplinary Committee of Inland Revenue Board, and Investment Committee of the Kumpulan Wang Persaraan (Diperbadankan). He is a Director of Malaysian Airline System Berhad, MISC Berhad and several other companies including Syarikat Bekalan Air Selangor Sdn. Bhd., Pembinaan PFI Sdn. Bhd., Syarikat Tanah dan Harta Sdn. Bhd., Bank Negara Malaysia, Perbadanan Insurans Deposit Malaysia and University Malaysia Kelantan. Upon his appointment to the Board of Bintulu Port Holdings Berhad, he has attended one (1) Board Meeting during the year under review. TAN SRI DR. WAN ABDUL AZIZ BIN WAN ABDULLAH Malaysian, aged 57 Warganegara Malaysia, 57 tahun Non-Independent Non-Executive Director Pengarah Bukan Bebas Bukan Eksekutif (Appointed as Director cum Chairman on 01/11/09 Dilantik sebagai Pengarah merangkap Pengerusi pada 01/11/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah telah dilantik sebagai Pengarah merangkap Pengerusi Bintulu Port Holdings Berhad pada 1 November 2003 oleh Pemegang Saham Khas di bawah Artikel 109A (1) Tataurusan Syarikat. Beliau adalah merupakan ahli Jawatankuasa Penamaan dan Jawatankuasa Ganjaran masing-masingnya. Beliau memegang Ijazah Sarjana Muda Ekonomi dari Universiti Malaya, Kuala Lumpur, Ijazah Sarjana Falsafah (Pengajian Pembangunan) dari Institute of Development Studies, University of Sussex, Brighton United Kingdom, Doktor Falsafah (Ph.D) (Perniagaan Ekonomi) dari School of Business and Economic Studies, University of Leeds, Leeds United Kingdom, dan Advanced Management Program dari Harvard Business School, Harvard University, Boston, Massachusetts, USA. Beliau memulakan kerjaya sebagai Penolong Pengarah di Unit Perancang Ekonomi (UPE), Jabatan Perdana Menteri dalam tahun 1975, kemudian beliau dinaikkan pangkat dengan memegang pelbagai jawatan termasuk sebagai Penolong Pengarah Kanan (Ekonomi Makro), Penolong Pengarah Kanan di Seksyen Sumber Manusia, Pengarah bagi Seksyen Tenaga, Penolong Ketua Pengarah (Makro), kesemuanya di UPE sebelum beliau menyertai Kementerian Kewangan sebagai Penolong Setiausaha (Bahagian Ekonomi dan Antarabangsa) pada tahun 2001, kemudian sebagai Penolong Ketua Setiausaha Perbendaharaan (Polisi) sebelum menyandang jawatan sekarang sebagai Ketua Setiausaha Perbendaharaan, Kementerian Kewangan, Malaysia. Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah merupakan Pengerusi Pembinaan BLT Sdn. Bhd., Cyberview Sdn. Bhd., Kuala Lumpur International Airport Berhad serta Pengerusi bagi Jawatankuasa Audit, Petronas dan FELDA, Jawatankuasa Tatatertib bagi Lembaga Hasil Dalam Negeri dan Jawatankuasa Pelaburan Kumpulan Wang Persaraan (Diperbadankan). Beliau juga adalah Pengarah bagi syarikat Malaysian Airline System Berhad, MISC Berhad dan beberapa syarikat lain termasuk Syarikat Bekalan Air Selangor Sdn. Bhd., Pembinaan PFI Sdn. Bhd., Syarikat Tanah dan Harta Sdn. Bhd., Bank Negara Malaysia, Perbadanan Insurans Deposit Malaysia and Universiti Malaysia Kelantan. Sebaik dilantik dalam Lembaga Pengarah Bintulu Port Holdings Berhad, beliau telah menghadiri satu (1) Mesyuarat Lembaga Pengarah sepanjang tahun yang dinilai. 35

17 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin was appointed as Director of Bintulu Port Holdings Berhad on 16th March He was formerly a member of the Remuneration Committee of the Company and due to re-organisation of the composition of the Board Committees on 28th May 2009, he was appointed as member of the Nomination Committee and retained as member of the Finance and Risk Management Committee. Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin holds the Master of Science Degree in Defence & Strategic Studies from Quaid-i-Azam University, Islamabad, Pakistan. He first joined the Malaysian Army in 1966 as an Officer Cadet in the Royal Military College, Sungai Besi and was commissioned as a Second Lieutenant in the Royal Malay Regiment in May Served in the Malaysian Armed Forces for 39 years. He became the Malaysian Army from 1st January 1998 for one year and later became the Chief Defence Forces Malaysia from 1st January 1999 till 30 th April He is currently the Chairman of Affin Holdings Berhad and holds several directorships in public listed companies including Genting Plantations Berhad (formerly known as Asiatic Development Berhad), Cahya Mata Sarawak Berhad, Genting Malaysia Berhad (formerly known as Resorts World Berhad), Wah Seong Corporation Berhad and Bandar Raya Development Berhad. He has attended all the seven (7) Board Meetings, including two (2) Board Meeting by way of circulation and four (4) Board Committee Meetings during the year under review. TAN SRI DATO SERI HJ. MOHD. ZAHIDI BIN ZAINUDDIN Malaysian, aged 62 Warganegara Malaysia, 62 tahun Non-Independent Non-Executive Director Pengarah Bukan Bebas Bukan Eksekutif Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin dilantik sebagai Pengarah Bintulu Port Holdings Berhad pada 16 Mac Beliau sebelum ini adalah merupakan ahli Jawatankuasa Ganjaran, Syarikat dan berikutan penstrukturan semula komposisi Jawatankuasa Lembaga Pengarah pada 28 Mei 2009, beliau telah dilantik sebagai ahli Jawatankukasa Penamaan dan dikekalkan sebagai ahli Jawatankuasa Kewangan dan Pengurusan Risiko. Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin memiliki Ijazah Sarjana Sains Dalam Bidang Kajian Pertahanan Dan Strategik dari Universiti Quaid-i-Azam, Islamabad, Pakistan. Beliau adalah Pengerusi Affin Holdings Berhad dan menjadi pengarah beberapa syarikat awam termasuk Genting Plantations Berhad (sebelum ini dikenali sebagai Asiatic Development Berhad), Cahya Mata Sarawak Berhad, Genting Malaysia Berhad (sebelum ini dikenali sebagai Resorts World Berhad), Wah Seong Corporation Berhad dan Bandar Raya Development Berhad. Beliau telah menghadiri tujuh (7) Mesyuarat Lembaga Pengarah termasuk dua (2) Mesyuarat Lembaga Pengarah secara edaran dan empat (4) Mesyuarat Jawatankuasa Lembaga Pengarah sepanjang tahun. Beliau mula menyertai Angkatan Tentera Malaysia dalam tahun 1966 sebagai Pegawai Kadet, Kolej Tentera Diraja, Sungai Besi dan ditauliahkan sebagai Leftenan Muda, Rejimen Askar Melayu Diraja pada bulan Mei Berkhidmat dalam Angkatan Tentera Malaysia selama 39 tahun. Beliau menyandang jawatan Panglima Tentera Darat Malaysia dari 1 Januari 1998 selama setahun dan kemudiannya sebagai Panglima Angkatan Tentera Malaysia dari 1 Januari 1999 sehingga 30 April

18 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Dato Seri Dr. Hj. Arshad bin Hashim was appointed as Director of Bintulu Port Holdings Berhad on 1st December He was formerly the Chairman of the Nomination Committee and member of the Audit Committee of Bintulu Port Holdings Berhad. Pursuant to the reorganisation of the Board Committees on 28th May 2009, he was appointed as the Chairman of Audit Committee and member of the Finance and Risk Management Committee. He holds Bachelor of Arts (Hons) in Economic from University Malaya, Diploma in Economic Development from Cambridge University, Master in Economics from Vanderbilt, USA and Doctor of Philosophy (Ph.D) in Extension Education from UPM/NCSU. He served for over 30 years in the Malaysian Civil Service starting as the Assistant Secretary of the Economic Division in the Ministry of Finance and rising to the position of State Financial Officer of Penang in Amongst other positions held, was as Director of Bumiputera Participation Division, Prime Minister s Department, Penang, Director General of Tourism Malaysia and Deputy Secretary General (Finance and Development) Ministry of Education. He was the Secretary General at the Ministry of Information from 2001 until Dato Seri Dr. Hj. Arshad bin Hashim is also a Chairman of Biport Bulkers Sdn. Bhd. (Subsidiary of Bintulu Port Holdings Berhad) and director of NCB Holdings Berhad. He has attended seven (7) Board Meetings, including two (2) Board Meeting by way of circulation and nine (9) Board Committee Meetings during the year under review. DATO SERI DR. HJ. ARSHAD BIN HASHIM Malaysian, aged 61 Warganegara Malaysia, 61 tahun Independent Non-Executive Director Pengarah Bebas Bukan Eksekutif Dato Seri Dr. Hj. Arshad bin Hashim telah dilantik sebagai Pengarah Bintulu Port Holdings Berhad pada 1 Disember Beliau sebelum ini adalah merupakan Pengerusi, Jawatankuasa Penamaan dan ahli Jawatankuasa Audit, Bintulu Port Holdings Berhad. Selaras dengan penstrukturan semula Jawatankuasa Lembaga Pengarah pada 28 Mei 2009, beliau telah dilantik sebagai Pengerusi, Jawatankuasa Audit dan ahli Jawatankuasa Kewangan dan Pengurusan Risiko. Beliau memiliki Ijazah Sarjana Muda Sastera (Kepujian) dalam bidang Ekonomi dari Universiti Malaya, Diploma Pembangunan Ekonomi dari Universiti Cambridge, Ijazah Sarjana Ekonomi dari Vanderbilt, USA dan Doktor Falsafah dalam bidang Lanjutan Pendidikan dari UPM/NCSU. Beliau mempunyai latarbelakang berkhidmat lebih 30 tahun dalam Perkhidmatan Awam Malaysia, bermula sebagai seorang Penolong Setiausaha Bahagian Ekonomi, Kementerian Kewangan. Kemudian, beliau terus meningkat ke jawatan Pegawai Kewangan Negeri Pulau Pinang dalam tahun Antara jawatan yang pernah beliau sandang adalah sebagai Pengarah, Bahagian Penyertaan Bumiputera, Jabatan Perdana Menteri, Pulau Pinang, Ketua Pengarah Tourism Malaysia dan Timbalan Ketua Setiausaha (Kewangan dan Pembangunan) Kementerian Pelajaran. Beliau menyandang jawatan Ketua Setiausaha Penerangan dari tahun 2001 sehingga Dato Seri Dr. Hj. Arshad bin Hashim juga adalah Pengerusi Biport Bulkers Sdn. Bhd. (Syarikat Subsidiari Bintulu Port Holdings Berhad) dan pengarah di NCB Holdings Berhad. Beliau telah menghadiri tujuh (7) Mesyuarat Lembaga Pengarah termasuk dua (2) Mesyuarat Lembaga Pengarah secara edaran dan sembilan (9) Mesyuarat Jawatankuasa Lembaga Pengarah sepanjang tahun. 37

19 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Datuk Fong Joo Chung was appointed as Director of Bintulu Port Holdings Berhad on 16th September, He was appointed as member of the Remuneration Committee on 28th May Holds a Bachelor degree in Law (LLB) with honors from the University Of Bristol, United Kingdom in 1971 before obtaining Barrister-at-Law from Lincoln s Inn in the same year. He began his professional career as an advocate in private legal practice before being appointed as the State Attorney-General, Sarawak in August His service as State Attornery General ended on 31 st December 2007, but he has been retained by the Sarawak Government in an advisory capacity as State Legal Counsel. Datuk Fong Joo Chung is also the Chairman of Bintulu Port Sdn. Bhd. (Subsidiary of Bintulu Port Holdings Berhad) and holds directorship in several public and private limited companies such as Sarawak Energy Berhad (formerly known as Sarawak Enterprise Corporation Berhad), Encorp Berhad, Syarikat SESCO Berhad, and Universal Cables (Sarawak) Sdn. Bhd., Borneo Development Corporation (Sarawak) Sdn. Bhd., Harwood Timber Sdn. Bhd., Permodalan Assar Sdn. Bhd. and others. He has attended six (6) Board Meetings, including two (2) Board Meeting by way of circulation and two (2) Board Committee Meetings during the year under review. DATUK FONG JOO CHUNG Malaysian, aged 60 Warganegara Malaysia, 60 tahun Non-Independent Non-Executive Director Pengarah Bukan Bebas Bukan Eksekutif Datuk Fong Joo Chung telah dilantik sebagai Pengarah Bintulu Port Holdings Berhad pada 16 September Beliau telah dilantik sebagai ahli Jawatankuasa Ganjaran pada 28 Mei Memiliki Ijazah Sarjana Muda Undang-Undang (LLB) dengan kepujian dari Universiti Bristol, United Kingdom pada tahun 1971 sebelum memperolehi Barrister-at-Law dari Lincoln s Inn dalam tahun yang sama. Beliau memulakan karier profesionalnya sebagai peguam di firma guaman sebelum dilantik sebagai Peguam Besar Negeri Sarawak pada bulan Ogos Perkhidmatan beliau sebagai Peguam Besar Negeri Sarawak berakhir pada 31 Disember 2007 tetapi beliau telah kekal bertugas dengan Kerajaan Sarawak sebagai Penasihat Perundangan Negeri. Datuk Fong Joo Chung juga adalah merupakan Pengerusi, Bintulu Port Sdn. Bhd. (Syarikat Subsidiari Bintulu Port Holdings Berhad) dan turut menjadi Pengarah syarikat awam dan sendirian berhad seperti Sarawak Energy Berhad (dikenali sebagai Sarawak Enterprise Corporation Berhad), Encorp Berhad, Syarikat SESCO Berhad, Universal Cables (Sarawak) Sdn. Bhd., Borneo Development Corporation (Sarawak) Sdn. Bhd., Harwood Timber Sdn. Bhd., Permodalan Assar Sdn. Bhd. dan lain-lain. Beliau telah menghadiri enam (6) Mesyuarat Lembaga Pengarah termasuk dua (2) Mesyuarat Lembaga Pengarah secara edaran dan dua (2) Mesyuarat Jawatankuasa Lembaga Pengarah sepanjang tahun. 38

20 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Datuk Hashim bin Ismail was appointed as Director of Bintulu Port Holdings Berhad on 1 st December He is the Chairman of Remuneration Committee and was appointed as member of Audit Committee on 28 th May He Holds a Bachelor of Arts (Hons) from University Malaya. He started work a Senior Private Secretary to Deputy Minister of Energy, Telecommunication and Post in 1985, State Assembly of Johor in 1990 and then he was Johor State Exco until In 2004, he was a Parliamentary Secretary to the Ministry of Finance. Holds directorship in Biport Bulkers Sdn. Bhd. (subsidiary of Bintulu Port Holdings Berhad). Datuk Hashim bin Ismail has attended seven (7) Board Meetings, including two (2) Board Meeting by way of circulation and seven (7) Board Committee Meetings during the year under review. DATUK HASHIM BIN ISMAIL Malaysian, aged 64 Warganegara Malaysia, 64 tahun Independent Non-Executive Director Pengarah Bebas Bukan Eksekutif Datuk Hashim bin Ismail telah dilantik sebagai Pengarah Bintulu Port Holdings Berhad pada 1 Disember Beliau adalah merupakan Pengerusi, Jawatankuasa Ganjaran dan telah dilantik sebagai ahli Jawatankuasa Audit pada 28 Mei Memiliki Ijazah Sarjana Muda Sastera (Kepujian) dari Universiti Malaya Sebagai Pengarah Biport Bulkers Sdn. Bhd. (syarikat subsidiari of Bintulu Port Holdings Berhad). Beliau telah menghadiri tujuh (7) Mesyuarat Lembaga Pengarah termasuk dua (2) Mesyuarat Lembaga Pengarah secara edaran dan tujuh (7) Mesyuarat Jawatankuasa Pengarah sepanjang tahun. Beliau memulakan kerjanya sebagai Setiausaha Sulit Kanan, Timbalan Menteri Tenaga, Telekom dan Pos pada tahun 1985, Ahli Dewan Undangan Negeri Johor tahun 1990 dan dilantik sebagai Exco Negeri Johor sehingga tahun Dalam tahun 2004, beliau menyandang jawatan Setiausaha Parlimen, Kementerian Kewangan Malaysia. 39

21 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Dato Mohamad Norza bin Zakaria was appointed as Director of Bintulu Port Holdings Berhad on 1 st December He is a member of the Audit Committee and was fomerly a member of the Finance and Risk Management Committee. Holds a Bachelor Degree in Commerce majoring in Accountancy from University of Wollongong, NSW, Australia. Possessed professional qualifications, Chartered Accountant (CA) of Malaysian Institute of Accountants (MIA) and Fellow Certified Practicing Accountant (FCPA) of CPA Australia Ltd. Dato Mohamad Norza bin Zakaria was a Senior Audit Assistant in Messrs. Arthur Anderson & Co. in 1988 before joining Bank Negara Malaysia as the Executive of Bank Regulation Department, then he became the Senior Executive, Finance and Administration Department, Gas and Petrochemical Development Division, PETRONAS. Later, he became the Group Financial Controller, SPK Sentosa Corporation Berhad before becoming Group Audit Manager, Mun Loong Berhad. He was the Chief Executive Officer of Gabungan Stratejik Sdn. Bhd. from 1998 until Also holds several directorships in public and private limited companies including Malay Research & Strategy Foundation (YKSM). He has attended six (6) Board Meetings, including two (2) Board Meeting by way of circulation and eight (8) Board Committee Meetings during the year under review. DATO MOHAMAD NORZA BIN ZAKARIA Malaysian, aged 43 Warganegara Malaysia, 43 tahun Non-Independent Non-Executive Director Pengarah Bukan Bebas Bukan Eksekutif Dato Mohamad Norza bin Zakaria Dilantik sebagai Pengarah Bintulu Port Holdings Berhad pada 1 Disember Beliau adalah merupakan ahli Jawatankuasa Audit dan sebelum ini sebagai ahli Jawatankuasa Kewangan dan Pengurusan Risiko. Memiliki Ijazah Sarjana Muda Perniagaan pengkhususan dalam bidang Perakaunan dari Universiti of Wollongong, NSW, Australia. Turut memiliki kelayakan professional, Akauntan Bertauliah (CA), Institut Akauntan Malaysia (MIA) dan Fellow Certified Practising Accountant (FCPA) dari CPA Australia Ltd. Dato Mohamad Norza bin Zakaria sebelum ini adalah merupakan Penolong Audit Kanan, Tetuan Arthur Anderson & Co. dalam tahun 1988 sebelum menyertai Bank Negara Malaysia sebagai Eksekutif, Jabatan Pengawalan Bank, kemudian menyandang jawatan Eksekutif Kanan, Jabatan Kewangan dan Pentadbiran, Bahagian Pembangunan Gas dan Petrokimia PETRONAS. Kemudian beliau memegang jawatan Pengawal Kewangan Kumpulan SPK, Sentosa Corporation Berhad sebelum menjadi Pengurus Audit Kumpulan, Mun Loong Berhad. Beliau adalah Ketua Pegawai Eksekutif Gabungan Stratejik Sdn. Bhd.dari tahun 1998 hingga Turut menjadi Pengarah syarikat awam dan sendirian berhad termasuk Malay Research & Strategy Foundation (YKSM). Beliau telah menghadiri enam (6) Mesyuarat Lembaga Pengarah termasuk dua (2) Mesyuarat Lembaga Pengarah secara edaran dan lapan (8) Mesyuarat Jawatankuasa Lembaga Pengarah pada tahun yang dinilai. 40

22 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Datu Hj. Abang Halmi bin Ikhwan was appointed as Director of Bintulu Port Holdings Berhad on 4 th November He was appointed as Chairman of Nomination Committee on 28 th May 2009 and is a member of Finance and Risk Management Committee. He holds Bachelor of Economics (Hons) from University Malaya and Master of Business Administration, Catholic University of Leuven, Belgium. Datu Hj. Abang Halmi bin Ikhwan started his career as an Administrative Officer of Bank Negara Malaysia in 1972, later served at Sarawak Economic Development Corporation before becoming General Manager of Bintulu Development Authority from 1983 until Later he was Permanent Secretary to State Ministries from 1992 until Currently he holds several directorships in public and private limited companies including Custodev Sdn. Bhd., Ta Ann Plantation Sdn. Bhd., Nursinar Majestic Sdn. Bhd. and Kidurong Properties Sdn. Bhd. He has attended seven (7) Board Meetings, including two (2) Board Meeting by way of circulation and six (6) Board Committee Meetings during the year under review. DATU HJ. ABANG HALMI BIN IKHWAN Malaysian, aged 61 Warganegara Malaysia, 61 tahun Independent Non-Executive Director Pengarah Bebas Bukan Eksekutif Datu Hj. Abang Halmi bin Ikhwan dilantik sebagai Pengarah Bintulu Port Holdings Berhad pada 4 November Beliau telah dilantik sebagai Pengerusi, Jawatankuasa Penamaan pada 28 Mei 2009 dan adalah ahli Jawatankuasa Kewangan dan Pengurusan Risiko. Beliau memiliki Ijazah Sarjana Muda Ekonomi (Kepujian) dari Universiti Malaya dan Ijazah Sarjana Pentadbiran Perniagaan, Catholic University, Leuven, Belgium. Merupakan Pengarah beberapa syarikat awam dan sendirian berhad termasuk Custodev Sdn. Bhd., Ta Ann Plantation Sdn. Bhd., Nursinar Majestic Sdn. Bhd. dan Kidurong Properties Sdn. Bhd. Beliau telah menghadiri tujuh (7) Mesyuarat Lembaga Pengarah termasuk dua (2) Mesyuarat Lembaga Pengarah secara edaran dan enam (6) Mesyuarat Jawatankuasa Pengarah sepanjang tahun yang dinilai. Datu Hj. Abang Halmi bin Ikhwan memulakan kariernya sebagai Pegawai Pentadbir di Bank Negara Malaysia pada tahun Kemudiannya berkhidmat dengan Sarawak Economic Development Corporation sebelum menjadi Pengurus Besar Lembaga Kemajuan Bintulu dari tahun 1983 hingga Kemudian beliau adalah Setiausaha Tetap di beberapa Kementerian Negeri Sarawak dari tahun 1992 sehingga

23 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Dato Shamsul Azhar bin Abbas was appointed as Director of Bintulu Port Holdings Berhad on 29th July He was the Chairman of Bintulu Port Sdn. Bhd. prior to his retirement on 28th April Holds a Bachelor in Political Science from Science University of Malaysia, M.Science in Energy Management from University of Pennsylvania, USA and Technical Diploma in Petroleum Economics from Institute Francaise du Petrole (IPF), France. Dato Shamsul Azhar bin Abbas is the President/Chief Executive Office of Petroliam Nasional Berhad (PETRONAS). He joined PETRONAS in 1975 as an Executive Trainee and President/Chief Executive Officer of MISC Berhad, a subsidiary of PETRONAS before retiring on 1st January He is a member of PETRONAS Management Committee and also a committee member of the London Steamship Owner s Mutual Insurance Association Limited, council member of the American Bureau of Shipping. Also holds other directorship of public and/or private limited companies including Chairman of AET Inc Limited and Malaysia Marine and Heavy Engineering Sdn. Bhd. (formerly known as Malaysia Shipyard and Engineering Sdn. Bhd.), Chairman of Bintulu Port Sdn. Bhd. and Centralised Terminal Sdn. Bhd. He also sits on various Board of PETRONAS subsidiaries and associate companies both in Malaysia and overseas. He has attended two (2) Board Meetings, including one (1) Board Meeting by way of circulation and one (1) Board Committee Meeting during the year under review. DATO SHAMSUL AZHAR BIN ABBAS Malaysian, aged 56 Warganegara Malaysia, 56 tahun Non-Independent Non-Executive Director Pengarah Bukan Bebas Bukan Eksekutif (Director until 28/04/09 Pengarah sehingga 28/04/09) Dato Shamsul Azhar bin Abbas telah dilantik sebagai Pengarah Bintulu Port Holdings Berhad pada 29 Julai Beliau menyandang jawatan Pengerusi Bintulu Port Sdn. Bhd. sebelum bersara pada 28 April Memiliki Ijazah Sarjana Muda Sains Politik dari Universiti Sains Malaysia, Ijazah Sarjana Sains dalam bidang Pengurusan Tenaga dari University of Pennsylvania, USA dan Diploma Teknikal dalam bidang Ekonomi Petroliam dari Institute Francaise du Petrole (IPF), France. Dato Shamsul Azhar bin Abbas adalah merupakan Presiden/ Ketua Pegawai Eksekutif Petroliam Nasional Berhad (PETRONAS). Menjadi Pengarah syarikat awam dan/atau syarikat sendirian berhad termasuk Pengerusi AET Inc Limited dan Malaysia Marine and Heavy Engineering Sdn. Bhd. (sebelum ini dikenali sebagai Malaysia Shipyard and Engineering Sdn. Bhd.), Pengerusi Bintulu Port Sdn. Bhd. dan Centralised Terminal Sdn. Bhd. Beliau juga menjadi pengarah syarikat-syarikat subsidiari dan bersekutu PETRONAS di Malaysia dan luar negara. Beliau telah menghadiri dua (2) Mesyuarat Lembaga Pengarah termasuk satu (1) Mesyuarat Lembaga Pengarah secara edaran dan satu (1) mesyuarat Jawatankuasa Lembaga Pengarah sepanjang tahun yang dinilai. Beliau mula menyertai PETRONAS dalam tahun 1975 sebagai Eksekutif Pelatih dan Presiden/Ketua Pegawai Eksekutif MISC Berhad, syarikat subsidiari PETRONAS sebelum bersara pada 1 Januari Beliau juga merupakan ahli Jawatankuasa Pengurusan PETRONAS dan ahli jawatankuasa London Steamship Owner s Mutual Insurance Association Limited dan ahli majlis American Bureau of Shipping. 42

24 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Amir Hamzah bin Azizan was appointed as Director of Bintulu Port Holdings Berhad on 28th April 2009 and appointed as a member of the Nomination Committee on 28th May He holds a Bachelor of Science Degree in Management majoring in Finance and Economic from Syracuse University, New York, Stanford Executive Programme at Stanford University, United States of America and Corporate Finance Evening Programme at London Business School, United Kingdom. He is the President/Chief Executive Officer of MISC Berhad. Prior to joining MISC, he served the Shell Group of Companies for 10 years in various capacities including Head of Financial Services and Manager, Planning & Support at Sarawak Shell Berhad, Marketing Credit Accountant at Shell Singapore Ptd. Ltd., Internal Auditor at Shell Eastern Petroleum Pte. Ltd., and Senior Treasury Advisor at Shell International Ltd. London. In the year 2000, he joined MISC and was the Group s General Manager of Corporate Planning Services. Subsequently in 2004, he was the Regional Business Director (Europe, America, Africa and FSU) of MISC based in London, United Kingdom and was appointed as President/Chief Executive Officer of AET Tanker Holdings Sdn. Bhd., a wholly owned subsidiary of MISC Berhad, on 1st April 2005 and sits on various Boards within AET Group. Amir Hamzah bin Azizan is a Board member of UK P&I Club, Star Energy Group plc and Milford Energy Limited as well as an Executive Committee member of the American Bureau of Shipping. He has attended four (4) Board Meetings, including two (2) Board Meeting by way of circulation and one (1) Board Committee Meetings during the year under review. AMIR HAMZAH BIN AZIZAN Malaysian, aged 42 Warganegara Malaysia, 42 tahun Non-Independent Non-Executive Director Pengarah Bukan Bebas Bukan Eksekutif Amir Hamzah bin Azizan telah dilantik sebagai Pengarah Bintulu Port Holdings Berhad pada 28th April 2009 dan dilantik sebagai ahli Jawatankuasa Penamaan pada 28 Mei Memiliki Ijazah Sarjana Muda Sains Pengurusan Pengkhususan dalam bidang Perakaunan dan Ekonomi dari Universiti of Syracuse, New York, menjalani Stanford Executive Programme di Stanford University, Amerika Syarikat dan Corporate Finance Evening Programme di London Business School, United Kingdom. Beliau adalah Presiden/Ketua Pegawai Eksekutif MISC Berhad. Sebelum menyertai MISC, beliau telah berkhidmat dengan Kumpulan Syarikat Shell selama 10 tahun dengan menyandang pelbagai jawatan termasuk Ketua, Perkhidmatan Kewangan dan Pengurus, Perancangan & Sokongan di Sarawak Shell Berhad, Akauntan, Kredit Pemasaran di Shell Singapore Ptd. Ltd., Juruaudit Dalaman di Shell Eastern Petroleum Pte. Ltd., dan Penasihat Kanan, Perbendaharaan di Shell International Ltd. London. Dalam tahun 2000, beliau telah menyertai MISC dan adalah merupakan Pengurus Besar, Kumpulan bagi Perkhidmatan Perancangan Korporat. Setelah itu dalam tahun 2004, beliau adalah Pengarah Wilayah Perniagaan (Europe, America, Africa dan FSU) MISC yang bertapak di London, United Kingdom dan telah dilantik sebagai Presiden/Ketua Pegawai Eksekutif di AET Tanker Holdings Sdn. Bhd., sebuah syarikat yang dimiliki sepenuhnya oleh MISC Berhad, pada 1 April 2005 dan duduk dalam Lembaga Pengarah Kumpulan AET. Amir Hamzah bin Azizan adalah merupakan ahli Lembaga Pengarah UK P&I Club, Star Energy Group dan Milford Energy Limited dan ahli Jawatankuasa Eksekutif Amerika Bureau of Shipping. Beliau telah menghadiri empat (4) Mesyuarat Lembaga Pengarah termasuk dua (2) Mesyuarat Lembaga Pengarah secara edaran dan satu (1) Mesyuarat Jawatankuasa Pengarah sepanjang tahun. 43

25 PROFILE OF DIRECTORS PROFIL PENGARAH-PENGARAH Ahmad Nizam bin Salleh was appointed Director of Bintulu Port Holdings Berhad on 17 th January He is the Chairman of Finance & Risk Management Committee and a member of Remuneration Committee. He holds a Bachelor of Business Administration from Ohio University and had attended AMP, Wharton School from University of Pennsylvania. He is Vice-President Corporate Services, PETRONAS and a Board Member of various PETRONAS subsidiary Companies which includes among others PETRONAS International Corporation Limited, PETRONAS Hartabina Sdn. Bhd., PETRONAS Asset Sdn. Bhd., Ethylene Malaysia Sdn. Bhd., PETRONAS Methanol (Labuan) Sdn. Bhd., KL Convention Centre Sdn. Bhd., and MISC Berhad. He has attended six (6) Board Meetings, including two (2) Board Meeting by way of circulation and three (3) Board Committee Meetings during the year under review. AHMAD NIZAM BIN SALLEH Malaysian, aged 54 Warganegara Malaysia, 54 tahun Non-Independent Non-Executive Director Pengarah Bukan Bebas Bukan Eksekutif Ahmad Nizam bin Salleh telah dilantik sebagai Pengarah Bintulu Port Holdings Berhad pada 17 Januari Beliau adalah Pengerusi, Jawatankuasa Kewangan & Pengurusan Risiko dan merupakan ahli Jawatankuasa Ganjaran. Memiliki Ijazah Sarjana Muda Pentadbiran Perniagaan dari Universiti Ohio dan telah menghadiri AMP, Wharton School di Universiti Pennysylvania. Beliau adalah Naib Presiden Perkhidmatan Korporat, PETRONAS dan Ahli Lembaga Pengarah beberapa syarikat subisidiari PETRONAS termasuk PETRONAS International Corporation Limited, PETRONAS Hartabina Sdn. Bhd., PETRONAS Asset Sdn. Bhd., Ethylene Malaysia Sdn. Bhd., PETRONAS Methanol (Labuan) Sdn. Bhd., KL Convention Centre Sdn. Bhd., dan MISC Berhad. Beliau telah menghadiri enam (6) Mesyuarat Lembaga Pengarah termasuk dua (2) Mesyuarat Lembaga Pengarah secara edaran dan tiga (3) Mesyuarat Jawatankuasa Pengarah sepanjang tahun. Note: None of the Directors has any family relationship with any Director and/or major shareholder and none of them has any conviction for offences within the past ten (10) years. Nota: Tiada Pengarah yang mempunyai hubungan keluarga dengan mana-mana pengarah dan/atau pemegang saham utama dan tiada Pengarah yang dikenakan sabitan kesalahan dalam tempoh sepuluh (10) tahun. 44

26 PROFILE OF CHIEF EXECUTIVE OFFICER PROFIL KETUA PEGAWAI EKSEKUTIF Mior Ahmad Baiti holds a Bachelor of Science in Offshore Engineering (Civil) from Heriot-Watt University, Edinburgh, Scotland in He was appointed as the Chief Executive Officer of Bintulu Port Sdn. Bhd. on 1 st July 2004 as well as the acting Chief Executive Officer of Bintulu Port Holdings Berhad and Biport Bulkers Sdn. Bhd. respectively. Started his career as Civil Engineer at Bintulu Port Authority (BPA) in Then, was promoted as Assistant Manager, Engineering Service Department (Civil) and later as Manager of the same Department in In 1996, he was appointed as Senior Manager Technical Service Division prior to becoming the Chief Executive Officer. MIOR AHMAD BAITI BIN MIOR LUB AHMAD Chief Executive Officer Ketua Pegawai Eksekutif Malaysian, aged 53 Warganegara Malaysia, 53 tahun Mior Ahmad Baiti memiliki Ijazah Sarjana Sains dalam Offshore Engineering (Civil) dari Heriot- Watt University, Edinburgh, Scotland pada tahun Beliau telah dilantik sebagai Ketua Pegawai Eksekutif Bintulu Port Sdn. Bhd. pada 1 Julai 2004 dan juga sebagai pemangku Ketua Pegawai Eksekutif Bintulu Port Holdings Berhad dan Biport Bulkers Sdn. Bhd. masing-masingnya. Memulakan kerjaya sebagai Jurutera Awam dengan Lembaga Pelabuhan Bintulu (LPB) pada tahun Kemudian telah dinaikkan pangkat sebagai Penolong Pengurus Perkhidmatan Kejuruteraan (Awam) dan kemudiannya sebagai Pengurus di Jabatan yang sama pada tahun Dalam tahun 1996, beliau telah dilantik sebagai Pengurus Kanan, Perkhidmatan Teknikal sebelum menjadi Ketua Pegawai Eksekutif. 45

27 MANAGEMENT OF BINTULU PORT HOLDINGS BERHAD PENGURUSAN BINTULU PORT HOLDINGS BERHAD MIOR AHMAD BAITI BIN MIOR LUB AHMAD Chief Executive Officer Ketua Pegawai Eksekutif RAMBLI BIN MASHAR Senior Manager, Finance Pengurus Kanan, Kewangan NIK ABD RAHMAN BIN NIK ISMAIL Company Secretary Setiausaha Syarikat 46

28 STATEMENT ON CORPORATE GOVERNANCE (Pursuant to Chapter 15, Part E, Para of the Main Market Listing Requirements) The Board of Directors of Bintulu Port Holdings Berhad acknowledges the importance of Corporate Governance and continues with its commitment to uphold the highest standard of Corporate Governance practices which are based on the best practices and principles as outlined by the Malaysian Code of Corporate Governance. This Statement on Corporate Governance is made in compliance with Chapter 15, Part E, Paragraph of the Main Market Listing Requirements ( Main Market LR ) and Part 2 of the Malaysian Code on Corporate Governance ( the Code ). INTRODUCTION Bintulu Port Holdings Berhad is sustaining high standards of corporate governance in order to safeguard the interests of the shareholders and to enhance the enduring values of the Group. It has adopted the Corporate Governance Guidelines in governing its conduct within the spirit of the Code and the Main Market Listing Requirements. The Board has approved this Statement and is of the opinion that it has in all material aspects, complied with the principles and best practices as outlined in the Code for the financial year ended 31 st December THE BOARD Principal Responsibilities of the Board The Board has adopted the following responsibilities in the discharge of its stewardship: i. Reviewing, approving, adopting and monitoring strategic plan for the Company, Company s budget and financial projection, the Management Best Practices including financial and operational practices as well as performance standard. The Board s responsibility with regard to reviewing, approving, adopting and monitoring the Company s strategic plan as well as the budget and financial projection ensures the objectivity and breadth of decisions and thereafter implementation by the Management. They are not involved in the daily management of the business. The Board has reviewed and approved the Company s Strategic Plan and the Company s budget, the Financial Statements, the Quarterly Reports and the performance standard of the Company. ii. Overseeing the conduct of the company s business and to evaluate whether the business is being properly managed. A combination of various backgrounds, specialisations and wide range of experiences as well as capabilities of the members of the Board enable the Board to lead and control the Company effectively. Hence, in undertaking the responsibility of overseeing the conduct of the Company s business, the Board has sets up Key Performance Indicator (KPI) in operational and financial areas which serves as measurement for the management performance. iii. Appointing and fixing the remuneration of the Chief Executive Officer and Senior Management. The Board has delegated this function to the Nomination Committee which is responsible for evaluating and assessing the performance of any potential candidates to the office of the Chief Executive Officer and the Senior Management. Whereas the Remuneration Committee s function is to assess the salary revision, payment of bonuses and other remunerations of the Chief Executive Officer, the Senior Management as well as the general staff. These Committees make necessary recommendations for approval of the Board. 47

29 STATEMENT ON CORPORATE GOVERNANCE (Pursuant to Chapter 15, Part E, Para of the Main Market Listing Requirements) iv. Identifying principal risks and ensuring the implementation of appropriate systems to manage these risks. Risk management system is considered as an integral part of the business operation and hence is embedded in the Group s system of Internal Control. The Board has delegated the aforesaid function to the Audit Committee and the Finance and Risk Management Committee to monitor and review the system and framework of the Enterprise Risk Management (ERM). v. Developing and implementing an investor relation programme. The Company realizes the importance of sustaining effective communication with its investors and shareholders and does this through: a. Dissemination of information during the Company s Annual General Meetings (AGM); b. Dialogues with the Shareholders and Investors; c. Dissemination of information through the Annual Report and bulletins; d. Release of the Quarterly financial results in a timely manner; e. Appropriate announcement to the Bursa Malaysia; f. Periodic press releases; and g. Posting of information pertaining to the Company s performance in the Company s website at vi. Reviewing and overseeing the adequacy of the Company s internal control system to comply with applicable laws, regulation, rules, directives and guideline. The Board had set up various committees with its dedicated functions, roles and responsibilities in order to ensure the adequacy of the Company s internal control system and compliance to the applicable laws, rules and directives prior to implementation of any proposals thereto. Code of Ethics The Board of Directors of Bintulu Port Holdings Berhad adhered to the Company Director s Code of Ethics which was established by the Companies Commission of Malaysia. The said Code of Ethics for Directors govern the standards of ethics and good conduct including principles relating to the Directors duties, the welfare of the employees as well as corporate social responsibility (CSR). The Board exercises fair, just and professional judgment prior to any decision making or any approval of any proposed resolution and matters arising. This is important and significant in order to avoid disorder and power deviation. The Composition and Balance of the Board The Group had since privatisation complied with the requirement under Chapter 15, Part B, Para Composition of the board of directors of the Main Market Listing Requirements which requires one third (1/3) of the composition of the Board to be independent director. For the financial year ended 31 st December 2009, the composition of the Board comprises of six (6) Non-Independent Non-Executive Directors and three (3) Independent Non-Executive Directors as follows: 48

30 The Board of Directors, Bintulu Port Holdings Berhad Tun Dato Seri Hj. Mohd Eusoff bin Chin (Chairman cum Director until 30/10/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah (Appointed as Chairman cum Director on 01/11/09) Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin Dato Seri Dr. Hj. Arshad bin Hj. Hashim Datuk Fong Joo Chung Datuk Hashim bin Ismail Dato Mohamad Norza bin Zakaria Datu Hj. Abang Halmi bin Ikhwan Dato Shamsul Azhar bin Abbas (Director until 28/04/09) Amir Hamzah bin Azizan (Appointed as Director on 28/04/09) Ahmad Nizam bin Salleh Chairman / Non-Independent Non-Executive Director Chairman / Non-Independent Non-Executive Director Non-Independent Non-Executive Director Independent Non-Executive Director Non-Independent Non-Executive Director Independent Non-Executive Director Non-Independent Non-Executive Director Independent Non-Executive Director Non-Independent Non-Executive Director Non-Independent Non-Executive Director Non-Independent Non-Executive Director All Directors have given declaration, undertaking and confirmation with regards to compliance with the requirements of the Main Market Listing Requirements. The Independent Non-Executive Directors will exercise their independence and unbiased judgement while the Non-Independent Non Executive Directors play their roles accordingly. The Minister of Finance (Incorporated) is the Preference Shareholder while the Petroliam Nasional Berhad (PETRONAS), State Financial Secretary (SFS) and Kumpulan Wang Persaraan (Incorporated) (KWAP) are the major shareholders of the Company. Both the Preference Shareholder and Major Shareholders other than KWAP have their representatives sitting on the Board. Separation of Powers and Authority There are separation of powers and authority between the Board and the Management guided by clear separation of functions, roles and responsibilities. In order to ensure that no one individual has unfettered powers of decision in the Company, the position of Chairman and Chief Executive Officer are held by two (2) different persons, the Chairman being the head of the Board and the Chief Executive Officer (CEO) leading the Management. Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah is the Chairman of Bintulu Port Holdings Berhad and he is responsible for the orderly conduct and workings of the Board as well as efficient functioning of the Board, while, Mior Ahmad Baiti bin Mior Lub Ahmad being the CEO is responsible in running the Company s daily business and operations. In this respect, the CEO led the Management in implementing the policies and decisions as approved by the Board. Appointment and Re-Election to the Board As regards to the appointment and re-election of Directors, Article 132 of the Company s Articles of Association provides authority for the Board to appoint any person who is willing to act as Director to fill up casual vacancy and such person shall retire and eligible for re-election in the next Annual General Meeting (AGM). Further, the re-election of Directors by rotation is governed under Article 127 of the Company s Articles of Association as well as the requirement under Chapter 7, Part J, Para 7.26 of the Main Market 49

31 STATEMENT ON CORPORATE GOVERNANCE (Pursuant to Chapter 15, Part E, Para of the Main Market Listing RequirementS) Listing Requirement whereby one third (1/3) of the Directors shall retire by rotation each year and are eligible for re-election. The Nomination Committee is empowered to evaluate the potential candidates for directorship, appointment and re-election of the Board members prior to recommendations to the Board. In assessing the composition of the Board and determining candidates for directorship, a required mix of skills, expertise, knowledge, experiences, attributes and other qualities of the proposed director will be taken into consideration. Training of the Board In complying with the requirement of Chapter 15, Part B, Para of the Main Market Listing Requirements, the appointed directors had to undergo the Mandatory Accreditation Program (MAP), Continuous Education Program (CEP) and other relevant training programmes identified by the Company from time to time in order to enhance their knowledge so as to enable them to discharge their duties and responsibilities diligently. Further, such trainings form an integral part of orientation and education programmes for the newly appointed Directors and as refresher to the existing Directors so that they are kept abreast with the current development in the business environment, including regulatory updates. For the year ended 31 st December 2009, the Board of Bintulu Port Holdings Berhad had undergone the trainings as follows: Board Of Director Tun Dato Seri Hj. Mohd Eusoff bin Chin (Chairman cum Director until 30/10/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah (Appointed as Chairman cum Director 01/11/09) on Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin Dato Seri Dr. Hj. Arshad bin Hashim Training - Mandatory Accreditation Programme (MAP) - Audit Committees Unique Competency Requirements - A Half-day impact seminar on Practical Aspect in Conducting General Meeting of Public Listed Companies - Company Valuation, Restriction & Funding - International Currency Risk Management Risk Management Seminar - Mandatory Accreditation Programme (MAP) - Mandatory Accreditation Programme (MAP) - Mandatory Accreditation Programme (MAP) - Understanding Financials Management for Company Directors and Senior Management - Managing Business Turnaround - Managing Going Global Business - Briefing for Financial Instruments; Recognition, Measurement, Presentation And Disclosure. - Audit Committee Role and The Internal Audit Challenges. - Board Effectiveness: Redefining The Roles And Functions Of An Independent Director. 50

32 Datuk Fong Joo Chung Datuk Hashim bin Ismail Dato Mohamad Norza bin Zakaria Datu Hj. Abang Halmi bin Ikhwan Dato Shamsul Azhar bin Abbas (Director until 28/04/09) Amir Hamzah bin Azizan (Appointed on 28/04/09) Ahmad Nizam bin Salleh - Risk Management Best Practices. - Directors Duties And Governance Conference 2010 Towards Boardroom Excellence & Corporate Governance Best Practices - Forum On The Challenges Of Implementing FRS Mandatory Accreditation Programme (MAP) - Kuala Lumpur Stock Exchange Berhad Corporate Governance Conference Financial Reporting and Alternative Solution to Achieving Better Corporate Governance - Understanding and Minimizing The Risk of Accounting Manipulations: A Corporate Director s Perspective - Advanced Directors College Mandatory Accreditation Programme (MAP) - Directors Duties And Governance Conference 2010 Towards Boardroom Excellence & Corporate Governance Best Practices - Mandatory Accreditation Programme (MAP) - Mandatory Accreditation Programme (MAP) - Latest Trends in Corporate Governance, Internal Audit, Detection and Prevention of Fraud and Credit Rating - Mandatory Accreditation Programme (MAP) - Mandatory Accreditation Programme (MAP) - Mandatory Accreditation Programme (MAP) Supply of Information The Management supplies the Board with timely, reliable and relevant information, analysis and recommendations to enable the Board to discharge its duties efficiently and effectively. All the Directors have access to all information whether as a full board or in their individual capacity. An open line of communication between the individual members of the Board and Management is encouraged to enable Directors to gain a better understanding of the Group s business. The information furnish for Board meetings includes: i. Notice of meetings, agenda and board papers duly distributed in advance prior to the meeting dates to enable the Directors to read and be properly prepared before the said meeting. The Board papers will include minutes of meetings of the Board and its Committees, comprehensive management reports, proposal papers and supporting documents. ii. The Management scheduled the meetings in advance to enable the Directors to prepare ahead and fit the year s meeting schedule into their own. As and when required, special Board meetings are held to deliberate and assess proposals or business issues that require timely decisions by the Board. Management representatives who are able to provide additional insight will be present during the Board and Board Committees Meetings. Appointed advisers and professionals may be invited to provide further explanations and advice where applicable. 51

33 STATEMENT ON CORPORATE GOVERNANCE (Pursuant to Chapter 15, Part E, Para of the Main Market Listing RequirementS) iii. iv. The Board deliberated and considered matters that encapsulate the Group financial and operational performance against annual budget, current business review and the business strategies as well as matters pertaining to procurements. Minutes of the Board meetings including decisions and resolutions of the Board are properly recorded by the Company Secretary for their perusal prior to confirmation at the following meetings. v. The Company Secretary will advice the Directors and is responsible in ensuring that the Board meeting procedures and applicable rules and regulations are complied with. Director s Remuneration The Company s Remuneration Policy provides remuneration packages necessary to attract, retain and motivate director of the quality required by the company. Details of the Directors remuneration (including benefit-in-kind) for each Director of the Company during the Financial Year 2009 are as follows: Non-Independent Non-Executive Director Tun Dato Seri Hj. Mohd Eusoff bin Chin (Chairman) (Chairman cum Director until 30/10/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah (Chairman) (Appointed as Chairman cum Director on 01/11/09) Fees Meeting Allowance RM 000 Benefitin-kind Total Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin Datuk Fong Joo Chung Dato Mohamad Norza bin Zakaria Dato Shamsul Azhar bin Abbas (Director until 28/04/09) Amir Hamzah bin Azizan (Appointed as Director on 04/04/09) Ahmad Nizam bin Salleh Independent Non-Executive Director Dato Seri Dr. Hj. Arshad bin Hj. Hashim Datuk Hashim bin Ismail Datu Hj. Abang Halmi bin Ikhwan Total Pursuant to Article 110 (1) of the Company s Articles of Association and Chapter 7, Part J, Para 7.23 Remuneration of Directors of the Main Market Listing Requirements, the Directors are paid fixed Directors fees as approved in the AGM. 52

34 SHAREHOLDERS Investor s Relation and Shareholder s Communication The Board acknowledges and values effective communication by both the Board and the Management with the Shareholders, Stakeholders, Investors and the general public at large. Hence, such communications are channelled through the distribution of the Annual Reports which incorporates the business, operational and financial performance as well as other related corporate information of the Group. The primary contact for Investor Relations matters of the Group are the following officers: a. Chief Executive Officer Bintulu Port Holdings Berhad Tel: Fax: b. Company Secretary Bintulu Port Holdings Berhad Tel: (ext: 379)/ (Direct Line) Fax: / Other than that, the means of communication includes the Annual General Meeting (AGM) itself where the shareholders are welcomed to raise any issues and queries directly with the Board and Management, holding dialogues and regular briefings as well as interfacing sessions with the investors, shareholders and analysts. Further information of the Group are also posted in the Company s website at Annual General Meeting (AGM) The AGM is the opportunity for the shareholders to communicate with the Board and exchange views as well as to approve resolution including payment of dividend, Director s fees, election and appointment of Directors and Auditors. All shareholders have direct access to the Board members at this AGM and able to exercise their rights effectively. Shareholders are provided with full and relevant information pertaining to the affairs of the Company in the Question and Answer (Q&A) sessions. The external auditor attended the AGM as well and is available to answer questions from theshareholders present. Immediately after the AGM, the Company will call for a Press Conference where the Chairman advises the Press on resolutions passed and answer question posed by the press to the Group. ACCOUNTABILITY AND AUDIT Financial Reporting The Board acknowledges that Financial Reporting should reflect a balanced and understandable assessment of the Company s position and prospects through financial statement with quarterly and annually announcements of results to the shareholders. The Boards ensures that the Company s and the Group s financial results are in accordance with the approved accounting standards of Malaysia and are committed to provide timely, relevant and up to date disclosures of the performance of the Group. Such financial statements are prepared in a consolidated form as provided for under Chapter 9, Part K, Para 9.24 of the Main Market Listing Requirements. In complying with Section 169 (15) of the Companies Act 1965, the Directors are required to ensure that Financial Statement prepared for each financial year provides a true and fair view on the state of affairs of the Company and the Group. Pursuant to Section 169 (16) of the Companies Act 1965, a declaration on the correctness of the accompanying financial statement in the Annual Report was made by the officer primarily responsible for the financial management of the Company who is also a member of the Malaysian Institute of 53

35 STATEMENT ON CORPORATE GOVERNANCE (Pursuant to Chapter 15, Part E, Para of the Main Market Listing RequirementS) Accountant (MIA). This fulfills the requirement of Chapter 9, Part K, Para 9.27 (a) of the Main Market Listing Requirements. The Audit Committee had initiated separate session with the External Auditor in the absence of the Management in screening the accuracy and adequacy of the Financial Result and other related matters which are important for disclosure and various purposes. Internal Control The Board is continuously committed to maintain a sound system of internal control in order to safeguard the shareholders investment and the Group s assets. This responsibility extends to cover the operational and compliance controls as well as risk management. Information on Group s Internal Control is presented in the Statement on Internal Control laid out on page 67 to 69 of this Annual Report. Relationship with Auditors In seeking professional advice and to ensure that the Board complies with the accounting standards in Malaysia, the Group has established professional relationship with the External Auditors through its Audit Committee and the Internal Audit Department. The Audit Committee has been overtly accorded the power to communicate directly with both the external and internal Auditors. Further details on the composition and Terms of Reference of the Audit Committee can be found in the Audit Committee Report on page 80 to 83 of this Annual Report. OTHER INFORMATION Status of Utilization of Proceeds from the Initial Public Offer Complying with the requirement of Chapter 9, Para 9.25 and Para 9.41 and in particular Item (13) of Appendix 9C of the Main Market Listing Requirements, the Board had incorporated in this report the status of utilisation of proceeds from the Initial Public Offer (IPO) as at 31 st December 2009, to be as follows: 54

36 Utilisation Approved Utilisation Actual Contract Sum Actual Utilisation As at 31/12/09 Balance Utilisation of Proceed Completion Date as per Prospectus Approved New Completion Date (RM 000) Construction of warehouse facilities Bulk Fertilizer Warehouse 20,000 16,975 (18,495) 1,505 March 2003 Completed on 20/09/05 Timber Product 10,000 88,886 (12,800) (2,800) Dec 2002 Dec 2010 Additional equipment/ facilities for BICT Mobile Harbour Cranes Rubber Tyre Gantry Cranes 16,000 9,495 (9,495) 6,505 Dec ,000 8,685 (8,447) 3,553 Dec 2003 Completed on 7/03/03 Completed on 16/05/04 Container Freight Station Container Stacking Yard 10,000 14,999 (4,127) 5,878 Dec 2003 Dec ,000 62,000 (53,360) (43,360) Dec 2003 Dec 2010 Purchase of 5 units Tugboats - 2 units 25 tons Tugboats - 3 unit 45 tons Tugboats 71,000 75,471 (84,468) (13,468) Dec 2002 (25,946) (58,522) 2 units of 25 tons tugboats were completed on 15/11/02 and another 3 units 45 tons were completed on 02/11/07, 09/01/08 and 24/01/08 respectively. Listing Expenses 11,000 11,160 (11,160) (160) - - Working capital 40,000 40,000 (40,000) Total 200, ,671 (242,352) (42,352) - - Recurrent Related Party Transactions of a Revenue Nature As required by Main Market Listing Requirements, recurrent related party transactions of a revenue nature must be disclosed in the Annual Report. For the year 2009, there are no new related parties involved with the Group other than the existing ones which comprised the States Financial Secretary (SFS) and Petroliam Nasional Berhad (PETRONAS). The transactions involved are in the ordinary course of business and are of terms not more favourable to the related party than those generally available to the public. The services rendered or goods purchased are based on a non-negotiable fixed price which is published or publicly quoted and all material terms including the prices or charges are applied consistently to all customers or classes of customers. 55

37 STATEMENT ON CORPORATE GOVERNANCE (Pursuant to Chapter 15, Part E, Para of the Main Market Listing RequirementS) Non-Audit Fees The requirement to disclose the non audit fee is provided for under Chapter 9, Item (18) of Appendix 9C of the Main Market Listing Requirements. Hence, the non audit fee paid to the External Auditor by the Group for reviewing the Director s Statement on Internal Control for the year ended 31 st December 2009 is in the sum of RM7, only. Material Contract Pursuant to Item (21) of Appendix 9C of the Main Market Listing Requirements, the Board confirms that there are no material contract entered into by the Company and its subsidiaries involving the Directors and major shareholders interest still subsisting at the end of the year Imposition of Sanction / Penalties on The Company And Its Subsidiaries For The Financial Year Ended 31 st December 2009 There was no sanction/penalties on the Company, its subsidiaries, Board of Directors and Management for the financial year ended 31 st December Details of Attendance at Meetings Held In the Financial Year Ended 31 st December 2009 For attendance, please refer to page 8 to 11 of Statement Accompanying Notice of Annual General Meeting and the Board Committees Report respectively. Statement on Compliance Having reviewed the practices and institutional framework/structures that are currently in place, the Board is of the view that Bintulu Port Holdings Berhad has complied with and observed the substantive provisions of the Malaysian Code on Corporate Governance. Statement made in accordance with the Board s Resolution dated 25 th February Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah Chairman Dato Seri Dr. Hj. Arshad bin Hashim Independent Director 56

38 Penyata BERKAITAN Urustadbir Korporat (Selaras dengan Chapter 15, Part E, Perenggan Kehendak-kehendak Penyenaraian Pasaran Utama) Lembaga Pengarah Bintulu Port Holdings Berhad mengakui akan kepentingan Urustadbir Korporat dan memberikan komitmen yang berterusan untuk mendukung piawaian tertinggi amalan Urustadbir Korporat berdasarkan prinsip dan amalan terbaik sepertimana digariskan dalam Kod Urustadbir Korporat Malaysia. Penyata Urustadbir Korporat ini dibuat dengan pematuhan kepada Chapter 15, Part E, Perenggan Kehendak Penyenaraian Pasaran Utama dan Bahagian 2 pada Kod Urustadbir Korporat Malaysia (Kod). PENGENALAN Bintulu Port Holdings Berhad mengekalkan piawaian tertinggi urustadbir korporat demi menjaga kepentingan pemegang saham dan mengekalkan nilai-nilai yang ada dalam Kumpulan. Ianya telah menerimapakai Garis Panduan Urustadbir Korporat dalam mentadbir tingkahlakunya selaras dengan hasrat yang ada pada Kod Urustadbir Korporat dan Kehendak-kehendak Penyenaraian Pasaran Utama. Penyata ini telah diluluskan oleh Lembaga Pengarah dan berpendapat bahawa ianya telah mematuhi prinsip-prinsip dan amalan terbaik sepertimana digariskan dalam Kod Urustadbir Korporat bagi tahun kewangan 31 Disember LEMBAGA PENGARAH Tanggungjawab Utama Lembaga pengarah Tanggungjawab-tanggungjawab berikut telah diterimapakai oleh Lembaga Pengarah dalam melaksanakan tugasnya. i. Mengkaji, melulus, menerima dan memantau pelan strategik Syarikat, bajet dan unjuran kewangan Syarikat, amalan terbaik Pengurusan termasuk kewangan dan operasi serta piawaian prestasi. Tanggungjawab Lembaga Pengarah berhubung mengkaji, melulus, menerima dan memantau pelan strategik Syarikat, bajet dan unjuran kewangan Syarikat adalah bertujuan untuk memastikan objektif dan keputusan yang dibuat secara meluas dan seterusnya dilaksanakan oleh pihak Pengurusan. Mereka tidak terlibat langsung dalam urusan perniagaan seharian. Lembaga Pengarah telah mengkaji dan meluluskan Pelan Strategik Syarikat, bajet Syarikat, Penyata Kewangan, Laporan Suku Tahunan, dan piawaian prestasi Syarikat. ii. Menyelia perilaku perniagaan Syarikat dan menilai samada perniagaan diurus dengan sebaiknya. Dengan kombinasi latar belakang yang berbeza, kepakaran, pengalaman yang luas dan keupayaan setiap pengarah membolehkan Lembaga Pengarah memimpin dan mengawal Syarikat dengan berkesan. Oleh itu, dalam menjalankan tanggungjawab menyelia perilaku perniagaan Syarikat, Lembaga Pengarah telah menetapkan Kunci Prestasi Indikator (KPI) dalam bahagian operasi dan kewangan untuk mengukur prestasi Pengurusan. iii. Perlantikan dan Penentuan Ganjaran Ketua Pegawai Eksekutif dan Pengurusan Kanan. Lembaga Pengarah telah menyerahkan fungsi tersebut kepada Jawatankuasa Penamaan yang bertanggungjawab untuk menilai dan menaksir prestasi mana-mana calon yang berpotensi bagi jawatan Ketua Pegawai Eksekutif dan Pengurusan Kanan. Manakala fungsi Jawatankuasa Ganjaran pula meneliti semakan gaji, pembayaran bonus dan lain-lain ganjaran Ketua Pegawai Eksekutif, Pengurusan Kanan dan semua staf. Jawatankuasa-Jawatankuasa ini kemudiannya akan membuat perakuan untuk kelulusan Lembaga Pengarah. 57

39 Penyata BERKAITAN Urustadbir Korporat (Selaras dengan Chapter 15, Part E, Perenggan Kehendak-kehendak Penyenaraian Pasaran Utama) iv. Mengenalpasti risiko-risiko utama dan memastikan perlaksanaan sistem yang teratur untuk menguruskan risiko-risiko tersebut. Sistem pengurusan risiko dianggap sebagai pelengkap dalam operasi perniagaan dan telah disemai dalam sistem kawalan dalaman Kumpulan. Lembaga Pengarah telah menyerahkan fungsi ini kepada Jawatankuasa Audit dan Jawatankuasa Kewangan dan Pengurusan Risiko untuk memantau dan meneliti sistem serta rangka kerja Enterprise Risk Management (ERM). v. Pembangunan dan Perlaksanaan Program Perhubungan dengan Pelabur. Syarikat mengakui pentingnya mengekalkan komunikasi yang berkesan dengan para pelabur dan pemegang saham serta melaksanakannya melalui beberapa kaedah: a. Penyebaran maklumat semasa Mesyuarat Agung Tahunan (AGM) Syarikat; b. Sesi dialog bersama Pemegang Saham dan Pelabur; c. Penyebaran maklumat melalui Laporan Tahunan dan buletin; d. Pengumuman keputusan Laporan Suku Tahunan Kewangan tepat pada masanya; e. Pengumuman yang bersesuaian kepada Bursa Malaysia; f. Membuat sidang akbar secara berkala; dan g. Memasukkan maklumat berhubung dengan prestasi Syarikat dalam laman web vi. Mengkaji dan menyelia kecukupan sistem kawalan dalaman termasuk mematuhi peruntukan perundangan yang ada, arahan dan garispanduan. Lembaga Pengarah telah menubuhkan pelbagai Jawatankuasa dengan fungsi yang khusus, peranan dan tanggungjawab dalam usaha memastikan kecukupan Sistem Kawalan Dalaman Syarikat dan pematuhan kepada undang-undang yang sedia ada, peraturan-peraturan dan arahan-arahan sebelum melaksanakan sebarang cadangan-cadangan tersebut. Kod Etika Lembaga Pengarah Bintulu Port Holdings Berhad mematuhi Kod Etika Pengarah Syarikat yang telah ditetapkan oleh Suruhanjaya Syarikat Malaysia. Kod Etika tersebut mentadbir piawaian ke atas etika dan tingkahlaku para Pengarah termasuk prinsip-prinsip berkaitan tanggungjawab Pengarah, kebajikan pekerja serta tanggungjawab sosial korporat. Lembaga Pengarah melaksanakan penilaian yang adil dan professional sebelum meluluskan resolusi yang dicadangkan atau kelulusan ke atas perkara berbangkit. Ini adalah penting untuk mengelak daripada penyalahgunaan kuasa dan penyelewengan. Komposisi dan Keseimbangan Lembaga Pengarah Semenjak diapongkan, Kumpulan telah patuh kepada keperluan dibawah Chapter 15, Part B, Perenggan Komposisi Lembaga Pengarah pada Kehendak-kehendak Penyenaraian Pasaran Utama yang memerlukan satu pertiga (1/3) dari komposisi Lembaga Pengarahnya hendaklah terdiri dari Pengarah Bebas. Bagi tahun kewangan berakhir 31 Disember 2009, komposisi Lembaga pengarah terdiri daripada enam (6) orang Pengarah Bukan Bebas Bukan Eksekutif dan tiga (3) Pengarah Bebas Bukan Eksekutif seperti berikut: 58

40 Komposisi Lembaga Pengarah, Bintulu Port Holdings Berhad Tun Dato Seri Hj. Mohd Eusoff bin Chin (Pengerusi merangkap Pengarah sehingga 30/10/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah (Dilantik sebagai Pengerusi merangkap Pengarah pada 01/11/09) Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin Dato Seri Dr. Hj. Arshad bin Hj. Hashim Datuk Fong Joo Chung Datuk Hashim bin Ismail Dato Mohamad Norza bin Zakaria Datu Hj. Abang Halmi bin Ikhwan Dato Shamsul Azhar bin Abbas (Pengarah sehingga 28/04/09) Amir Hamzah bin Azizan (Dilantik sebagai Pengarah pada 28/04/09) Ahmad Nizam bin Salleh Pengerusi/Pengarah Bukan Bebas Bukan Eksekutif Pengerusi/Pengarah Bukan Bebas Bukan Eksekutif Pengarah Bukan Bebas Bukan Eksekutif Pengarah Bebas Bukan Eksekutif Pengarah Bukan Bebas Bukan Eksekutif Pengarah Bebas Bukan Eksekutif Pengarah Bukan Bebas Bukan Eksekutif Pengarah Bebas Bukan Eksekutif Pengarah Bukan Bebas Bukan Eksekutif Pengarah Bukan Bebas Bukan Eksekutif Pengarah Bukan Bebas Bukan Eksekutif Kesemua ahli Lembaga Pengarah telah memberi deklarasi, akujanji dan pengesahan ke atas pematuhan kepada Kehendak-kehendak Penyenaraian Pasaran Utama. Pengarah-pengarah Bebas Bukan Eksekutif akan melaksanakan penilaian secara bebas dan adil manakala Pengarah-pengarah Bukan Bebas Bukan Eksekutif pula memainkan peranan mereka sewajarnya. Kementerian Kewangan (Diperbadankan) adalah Pemegang Saham Khas manakala Petroliam Nasional Berhad (PETRONAS), Setiausaha Kewangan Negeri Sarawak (SFS) dan Kumpulan Wang Persaraan (Diperbadankan) (KWAP) adalah merupakan pemegang saham utama Syarikat. Kedua-dua Pemegang Saham Khas dan Pemegang Saham Utama, kecuali KWAP mempunyai wakil dalam Lembaga Pengarah. Pengasingan Kuasa dan Autoriti Terdapat pengasingan kuasa dan autoriti diantara Lembaga Pengarah dan Pengurusan berpandukan pengasingan fungsi, peranan dan tanggungjawab yang jelas. Ini adalah untuk memastikan tiada seorang individu yang mempunyai kuasa tidak terbatas untuk membuat keputusan dalam Syarikat. Jawatan Pengerusi dan Ketua Pegawai Eksekutif (KPE) dipegang oleh dua (2) orang individu yang berlainan, Pengerusi menjadi ketua Lembaga Pengarah manakala Ketua Pegawai Eksekutif pula mengetuai pihak Pengurusan. Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah adalah Pengerusi Bintulu Port Holdings Berhad dan beliau bertanggungjawab memastikan perilaku dan tugasan Lembaga Pengarah serta keberkesanan fungsi Lembaga Pengarah yang teratur manakala Encik Mior Ahmad Baiti bin Mior Lub Ahmad selaku Ketua Pegawai Eksekutif bertanggungjawab ke atas urusan perjalanan harian perniagaan dan operasi Syarikat. Dalam hal ini, Ketua Pegawai Eksekutif akan memimpin Pengurusan melaksanakan polisi dan keputusan yang telah diluluskan oleh Lembaga Pengarah. Perlantikan Dan Lantikan Semula Lembaga Pengarah Dalam membuat perlantikan dan lantikan semula Pengarah, Artikel 132, Tataurusan Syarikat memberi kuasa kepada Lembaga Pengarah melantik mana-mana individu yang sanggup menjadi Pengarah dan mengisi kekosongan yang ada dan individu tersebut adalah layak dilantik semula pada Mesyuarat Agung Tahunan 59

41 Penyata BERKAITAN Urustadbir Korporat (Selaras dengan Chapter 15, Part E, Perenggan Kehendak-kehendak Penyenaraian Pasaran Utama) (AGM). Juga, perlantikan para Pengarah secara giliran diperuntukan dibawah Artikel 127, Tataurusan Syarikat dan Chapter 7, Part J, Perenggan 7.26 Kehendak-kehendak Penyenaraian Pasaran Utama yang memerlukan satu pertiga (1/3) daripada para pengarah bersara secara giliran dan layak untuk lantikan semula. Jawatankuasa Penamaan diberi kuasa menilai calon-calon yang berpotensi bagi jawatan Pengarah, perlantikan dan lantikan semula ahli Lembaga Pengarah sebelum memperakukan kepada Lembaga Pengarah. Dalam menilai komposisi Lembaga Pengarah dan menentukan calon bagi jawatan Pengarah, kepelbagaian kemahiran, pengetahuan, pengalaman, sifat dan nilai kualiti individu yang dicadangan menjadi Pengarah itu akan dipertimbangkan. Latihan Lembaga Pengarah Dalam mematuhi peruntukan Chapter 15, Part B, Perenggan Kehendak-kehendak Penyenaraian Pasaran Utama, pengarah-pengarah yang dilantik perlu menghadiri Mandatory Accreditation Program (MAP), Continuous Education Program (CEP) dan kursus-kursus lain yang bersesuaian dari semasa ke semasa untuk meningkatkan pengetahuan dan memudahkan mereka menjalankan tugas dan tanggungjawab mereka dengan baik. Bentuk latihan seperti ini merupakan sebahagian dari orientasi dan program pendidikan bagi pengarah yang baru dilantik, juga sebagai ulangkaji kepada pengarah sedia ada supaya mereka sentiasa didedahkan dengan pembangunan perniagaan persekitaran terkini termasuk perundangan yang dikemaskini. Bagi tahun kewangan berakhir 31 Disember 2009, Lembaga Pengarah Bintulu Port Holding Berhad telah menghadiri kursus-kursus seperti berikut: Lembaga Pengarah Tun Dato Seri Hj. Mohd Eusoff bin Chin (Pengerusi merangkap Pengarah sehingga 30/10/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah (Dilantik sebagai Pengerusi merangkap Pengarah pada 1/10/09) Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin Dato Seri Dr. Hj. Arshad bin Hashim Latihan - Mandatory Accreditation Programme (MAP) - Audit Committees Unique Competency Requirements - A Half-day impact seminar on Practical Aspect in Conducting General Meeting of Public Listed Companies - Company Valuation, Restriction & Funding - International Currency Risk Management Risk Management Seminar - Mandatory Accreditation Programme (MAP) - Mandatory Accreditation Programme (MAP) - Mandatory Accreditation Programme (MAP) - Understanding Financials Management for Company Directors and Senior Management - Managing Business Turnaround - Managing Going Global Business - Briefing for Financial Instruments; Recognition, Measurement, Presentation And Disclosure. - Audit Committee Role and The Internal Audit Challenges. - Board Effectiveness: Redefining The Roles And Functions Of An Independent Director. 60

42 Datuk Fong Joo Chung Datuk Hashim bin Ismail Dato Mohamad Norza bin Zakaria Datu Hj. Abang Halmi bin Ikhwan Dato Shamsul Azhar bin Abbas (Pengarah sehingga 28/04/09) Amir Hamzah bin Azizan (Dilantik sebagai Pengarah pada 28/04/09) Ahmad Nizam bin Salleh - Risk Management Best Practices. - Directors Duties And Governance Conference 2010 Towards Boardroom Excellence & Corporate Governance Best Practices - Forum On The Challenges Of Implementing FRS Mandatory Accreditation Programme (MAP) - Kuala Lumpur Stock Exchange Berhad Corporate Governance Conference Financial Reporting and Alternative Solution to Achieving Better Corporate Governance - Understanding and Minimizing The Risk of Accounting Manipulations: A Corporate Director s Perspective - Advanced Directors College Mandatory Accreditation Programme (MAP) - Directors Duties And Governance Conference 2010 Towards Boardroom Excellence & Corporate Governance Best Practices - Mandatory Accreditation Programme (MAP) - Mandatory Accreditation Programme (MAP) - Latest Trends in Corporate Governance, Internal Audit, Detection and Prevention of Fraud and Credit Rating - Mandatory Accreditation Programme (MAP) - Mandatory Accreditation Programme (MAP) - Mandatory Accreditation Programme (MAP) Bekalan Maklumat Pihak Pengurusan akan membekalkan maklumat yang berkaitan, analisis-analisis dan cadangan-cadangan dengan cepat untuk membolehkan Lembaga Pengarah menjalankan tugasnya secara berkesan dan efisyen. Kesemua Pengarah mempunyai akses kepada maklumat samada secara menyeluruh ataupun atas kapasiti individu. Komunikasi secara terbuka di antara individu pengarah dan Pengurusan adalah digalakkan bagi membolehkan Lembaga Pengarah memahami dengan lebih baik perniagaan Kumpulan. Maklumat yang disediakan untuk mesyuarat Lembaga Pengarah termasuklah: i. Notis mesyuarat, agenda dan kertas cadangan akan diedarkan lebih awal bagi membolehkan para Pengarah membaca dan bersedia sebelum mesyuarat diadakan. Dokumen mesyuarat mengandungi minit mesyuarat Lembaga Pengarah dan Jawatankuasanya, laporan pengurusan yang komprehensif, kertas cadangan dan dokumen sokongan. ii. Pihak Pengurusan menyediakan jadual Mesyuarat Lembaga Pengarah lebih awal bagi membolehkan para Pengarah merangka jadual dan menetapkan mesyuarat supaya bersesuaian dengan jadual mereka sendiri. Sekiranya perlu, Mesyuarat Khas Lembaga Pengarah akan diadakan untuk membincangkan cadangan atau isu perniagaan yang memerlukan keputusan yang cepat dari Lembaga Pengarah. Wakil Pengurusan yang boleh memberikan penjelasan tambahan akan dipanggil dalam mesyuarat Lembaga Pengarah dan Jawatankuasa Lembaga Pengarah. Penasihat dan golongan professional yang dilantik akan dijemput untuk memberikan penerangan lanjut dan nasihat yang berguna jika perlu. 61

43 Penyata BERKAITAN Urustadbir Korporat (Selaras dengan Chapter 15, Part E, Perenggan Kehendak-kehendak Penyenaraian Pasaran Utama) iii. iv. Lembaga Pengarah akan membincang dan mempertimbangkan perkara yang merangkumi kewangan Kumpulan dan prestasi operasi berbanding bajet tahunan, kajian perniagaan terkini dan strategi perniagaan serta urusan perolehan. Minit Mesyuarat Lembaga Pengarah termasuk keputusan dan resolusi Pengarah direkod secara sempurna oleh Setiausaha Syarikat untuk semakan terlebih dahulu sebelum pengesahan dalam mesyuarat yang seterusnya. v. Setiausaha Syarikat akan memberi nasihat kepada para Pengarah dan bertanggungjawab memastikan prosidur dan peraturan mesyuarat dipatuhi. Ganjaran Pengarah Polisi Ganjaran Syarikat menyediakan pakej ganjaran yang bersesuaian bagi menarik, mengekal dan memotivasikan pengarah-pengarah akan kualiti yang diperlukan oleh syarikat. Butiran lanjut ganjaran Pengarah (termasuklah manfaat barangan) setiap Pengarah bagi Tahun Kewangan 2009 adalah seperti berikut: Pengarah Bukan Bebas Bukan Eksekutif Tun Dato Seri Hj. Mohd Eusoff bin Chin (Pengerusi) (Pengerusi merangkap Pengarah sehingga 30/10/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah (Pengerusi) (Dilantik sebagai Pengerusi merangkap Pengarah pada 01/11/09) Yuran Elaun Mesyuarat RM 000 Manfaat Barangan Jumlah Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin Datuk Fong Joo Chung Dato Mohamad Norza bin Zakaria Dato Shamsul Azhar bin Abbas (Pengarah sehingga 28/04/09) Amir Hamzah bin Azizan (Dilantik sebagai Pengarah pada 04/04/09) Ahmad Nizam bin Salleh Pengarah Bebas Bukan Eksekutif Dato Seri Dr. Hj. Arshad bin Hj. Hashim Datuk Hashim bin Ismail Datu Hj. Abang Halmi bin Ikhwan Jumlah Selaras dengan Artikel 110 (1) Tataurusan Syarikat dan Chapter 7, Part J, Perenggan 7.23 Ganjaran Pengarah pada Kehendak-kehendak Penyenaraian Pasaran Utama, pengarah-pengarah akan dibayar elaun tetap seperti yang telah diluluskan dalam AGM. 62

44 PEMEGANG SAHAM Hubungan Komunikasi Dengan Pelabur Dan Pemegang Saham Lembaga Pengarah mengakui dan menghargai komunikasi yang berkesan di antara Lembaga Pengarah dan Pengurusan dengan para Pemegang Saham, Stakeholders, Pelabur dan orang awam secara amnya. Dengan itu, komunikasi tersebut disalurkan melalui pengedaran Laporan Tahunan yang merangkumi perniagaan, prestasi operasi dan kewangan serta lain-lain maklumat korporat Kumpulan. Pegawai yang boleh dihubungi bagi Perhubungan Pelabur adalah seperti berikut: a. Ketua Pegawai Eksekutif Bintulu Port Holdings Berhad Tel: Faks: b. Setiausaha Syarikat Bintulu Port Holdings Berhad Tel: (ext: 379)/ (Talian Terus) Faks: / Selain itu, kaedah-kaedah komunikasi lain adalah termasuk Mesyuarat Agung Tahunan (AGM), dimana para pemegang saham dialu-alukan untuk bertanya soalan dan membangkitkan isu kepada Lembaga Pengarah dan Pengurusan secara terus, mengadakan sesi dialog dan kekerapan taklimat serta sesi bersama para pelabur, pemegang saham dan penganalisis. Maklumat lanjut berkenaan Kumpulan juga boleh diperolehi daripada laman web Syarikat Mesyuarat Agung Tahunan (AGM) Mesyuarat Agung Tahunan merupakan peluang bagi para pemegang saham berkomunikasi dengan Lembaga Pengarah dan saling bertukar pandangan serta meluluskan resolusi termasuk pembayaran dividen, yuran Pengarah, perlantikan Pengarah dan Juruaudit. Semua pemegang saham mempunyai akses kepada ahli-ahli Lembaga Pengarah semasa Mesyuarat Agung Tahunan dan dapat melaksanakan haknya dengan berkesan. Para Pemegang Saham dibekalkan dengan maklumat yang lengkap dan relevan ke atas hal ehwal Syarikat semasa Sesi Soal Jawab. Juruaudit Luar juga menghadiri Mesyuarat Agung Tahunan ini dan bersedia menjawab soalan yang diutarakan oleh para pemegang saham yang hadir. Sejurus selepas Mesyuarat Agung Tahunan, Syarikat akan membuat sidang akhbar dimana Pengerusi akan memaklumkan para wartawan berkaitan resolusi yang telah diluluskan dan menjawab soalan dari pihak media berkaitan Kumpulan. AUDIT DAN AKAUNTIBILITI Laporan Kewangan Lembaga Pengarah mengakui bahawa Laporan Kewangan sepatutnya menggambarkan kedudukan dan prospek Syarikat yang seimbang dan penilaian yang difahami melalui Penyata Kewangan dengan mengumumkan keputusan kepada para pemegang saham secara tahunan dan suku tahunan. Lembaga Pengarah memastikan bahawa Laporan Kewangan Syarikat dan Kumpulan adalah selaras dengan piawaian perakaunan yang diluluskan di Malaysia dan komited memberi penzahiran ke atas prestasi Kumpulan tepat pada waktunya, relevan dan terkini. Penyediaan Penyata Kewangan ini adalah dalam bentuk konsolidasi sepertimana diperuntukan dibawah Chapter 9, Part K, Perenggan 9.24 Kehendak-kehendak Penyenaraian Pasaran Utama. 63

45 Penyata BERKAITAN Urustadbir Korporat (Selaras dengan Chapter 15, Part E, Perenggan Kehendak-kehendak Penyenaraian Pasaran Utama) Dalam mematuhi peruntukan Seksyen 165 (15) Akta Syarikat 1965, Lembaga Pengarah perlu memastikan Penyata Kewangan yang disediakan setiap tahun memberi gambaran yang betul dan munasabah ke atas hal ehwal Syarikat dan Kumpulan. Selaras dengan Seksyen 169 (16) Akta Syarikat 1965, pengisytiharan penyata kewangan yang disertakan dalam Laporan tahunan dibuat oleh Pegawai yang bertanggungjawab terhadap pengurusan kewangan Syarikat yang juga merupakan ahli Institut Akauntan Malaysia (MIA). Ini adalah bagi memenuhi keperluan Chapter 9, Part K, Perenggan 9.27 Kehendak-kehendak Penyenaraian Pasaran Utama. Jawatankuasa Audit telah mengadakan sesi pertemuan secara berasingan dengan Juruaudit Luar tanpa kehadiran Pengurusan bagi memastikan ketepatan dan kecukupan Keputusan Kewangan yang mana adalah penting untuk penzahiran dan pelbagai guna. Kawalan Dalaman Lembaga Pengarah secara berterusan adalah komited memastikan sistem kawalan dalaman yang baik bagi menjaga pelaburan pemegang saham dan aset Kumpulan. Tanggungjawab ini adalah termasuk kawalan ke atas operasi dan pematuhan serta pengurusan risiko. Butiran lanjut ke atas Kawalan Dalaman Kumpulan dinyatakan dalam Penyata Berkaitan Kawalan Dalaman ini terdapat di mukasurat 70 hingga 73 pada Laporan Tahunan ini. Hubungan dengan Juruaudit Dalam mendapatkan nasihat profesional dan bagi memastikan Lembaga Pengarah patuh kepada piawaian perakaunan di Malaysia, Kumpulan telah mewujudkan satu hubungan professional dengan Juruaudit Luar melalui Jawatankuasa Audit dan Jabatan Audit Dalam. Jawatankuasa Audit telah diberi kuasa yang jelas untuk berkomunikasi secara terus dengan Juruaudit Luar dan Juruaudit Dalam. Butiran lanjut komposisi dan Terma Rujukan Jawatankuasa Audit boleh didapati di laporan Jawatankuasa Audit pada mukasurat 84 hingga 87 pada Laporan Tahunan ini. LAIN-LAIN MAKLUMAT Status Penggunaan Dana Terbitan Awam Awal Dengan mematuhi keperluan Chapter 9, Perenggan 9.25 dan Perenggan 9.41, khususnya Perkara (13) Appendix 9C Kehendak-kehendak Penyenaraian Pasaran Utama, Lembaga Pengarah telah memasukkan, status penggunaan Dana Terbitan Awam Awal (IPO) setakat 31 Disember seperti berikut: 64

46 Penggunaan Penggunaan yang Diluluskan Harga Kontrak Sebenar Penggunaan Sebenar setakat 31/12/09 Baki Penggunaan Perolehan Tarikh Penyiapan Seperti dalam Prospektus Penyiapan Baru Yang Diluluskan Construction of warehouse facilities Bulk Fertilizer Warehouse (RM 000) 20,000 16,975 (18,495) 1,505 March 2003 Siap pada 20/09/05 Timber Product 10,000 88,886 (12,800) (2,800) Dec 2002 Dec 2010 Additional equipment/ facilities for BICT Mobile Harbour Cranes Rubber Tyre Gantry Cranes Container Freight Station Container Stacking Yard Purchase of 5 units Tugboats - 2 units 25 tons Tugboats - 3 unit 45 tons Tugboats Perbelanjaan Penyenaraian Perbelanjaan Modal Kerja 16,000 9,495 (9,495) 6,505 Dec ,000 8,685 (8,447) 3,553 Dec 2003 Siap pada 7/03/03 Siap pada 16/05/04 10,000 14,999 (4,127) 5,878 Dec 2003 Dec ,000 62,000 (53,360) (43,360) Dec 2003 Dec ,000 75,471 (84,468) (13,468) Dec 2002 (25,946) (58,522) 11,000 11,160 (11,160) (160) ,000 40,000 (40,000) Jumlah 200, ,671 (242,352) (42,352) unit 25 tan bot tunda telah disiapkan pada 15/11/02 dan 3 unit 45 tan lagi telah disiapkan pada 02/11/07, 09/01/08 dan 24/01/08 masingmasingnya. 65

47 Penyata BERKAITAN Urustadbir Korporat (Selaras dengan Chapter 15, Part E, Perenggan Kehendak-kehendak Penyenaraian Pasaran Utama) Urusniaga Berulang Pihak Berkaitan Jenis Hasil Urusniaga berulang pihak berkaitan jenis hasil hendaklah dizahirkan dalam Laporan Tahunan sepertimana keperluan Kehendak-kehendak Penyenaraian Pasaran Utama, Bagi tahun 2009, tiada urusniaga berulang pihak berkaitan baru yang terlibat dengan Kumpulan melainkan yang sedia ada iaitu Setiausaha Kewangan Negeri Sarawak (SFS) dan Petroliam Nasional Berhad (PETRONAS). Urusniaga yang terlibat adalah urusniaga dalam keadaan biasa dan tidak menguntungkan pihak berkaitan berbanding dengan yang boleh didapati oleh pihak awam secara umumnya. Perkhidmatan-perkhidmatan yang diberikan atau barangan yang dibeli adalah berdasarkan harga tetap yang tidak boleh dirunding dan diterbitkan atau disebutharga secara umum dan semua terma utama termasuk harga atau caj dikenakan secara konsisten ke atas semua pelanggan atau kelas pelanggan. Yuran Bukan Audit Keperluan untuk menzahirkan yuran bukan audit diperuntukan dalam Chapter 9, Perkara (18) Appendix 9C Kehendak-kehendak Penyenaraian Pasaran Utama. Dengan itu, yuran bukan audit yang dibayar oleh Kumpulan kepada Juruaudit Luar bagi meneliti Penyata Berkaitan Kawalan Dalaman bagi tahun kewangan berakhir 31 Disember 2009 adalah sebanyak RM7, Kontrak Utama Selaras dengan Perkara (21) Appendix 9C Kehendak-kehendak Penyenaraian Pasaran Utama, Lembaga Pengarah mengesahkan tiada kontrak utama dimeteri oleh Syarikat dengan subsidiarinya yang melibatkan kepentingan para pengarah dan pemegang saham utama yang sedang berlangsung pada penghujung tahun Pengenaan Hukuman / Penatli Terhadap Syarikat Dan Subsidiarinya Bagi Tahun Kewangan Berakhir 31 Disember 2009 Tiada sebarang hukuman atau penalti yang dikenakan terhadap Syarikat, subsidiarinya, Lembaga Pengarah dan Pengurusan bagi tahun kewangan berakhir 31 Disember Butiran Terperinci Kehadiran Mesyuarat yang Diadakan Dalam Tahun Kewangan Berakhir 31 Disember 2009 Bagi Kehadiran Mesyuarat, sila rujuk muka surat 6 hingga 7 pada Penyata Berserta Notis Mesyuarat Agung Tahunan dan Laporan Jawatankuasa Lembaga Pengarah masing-masingnya. Penyata ke Atas Pematuhan Setelah meneliti amalan dan institusi struktur/rangka kerja yang sedia ada, Lembaga Pengarah berpendapat bahawa Bintulu Port Holdings Berhad telah mematuhi peruntukan yang ada dalam Kod Urustadbir Korporat Malaysia. Penyata ini dibuat selaras dengan Resolusi Lembaga Pengarah bertarikh 25 Februari Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah Pengerusi Dato Seri Dr. Hj. Arshad bin Hashim Pengarah Bebas 66

48 STATEMENT ON INTERNAL CONTROL (Pursuant to Chapter 15, Part E, Para (b) of the Main Market Listing RequireMents) In line with Para (b) of the Main Market Listing Requirements (Main Market LR) and pursuant to Malaysian Code on Corporate Governance, the Board is required to include the Statement on Internal Control in its annual report. Hence, the Board is committed to maintain a sound system of internal control within the Group through the various Committees of the Board. RESPONSIBILITY The Board of Directors (Board) is responsible for the Group s system of internal control which covers governance, financial, compliance and risk management as well as reviewing the adequacy and integrity of those systems and its effectiveness in order to safeguard the Shareholders investments and the Group s assets. Among others, this include reviewing and adopting the Strategic Plan for the Group, receiving and reviewing regular reports from the management which comprises of operational, financial, statistic, legal and regulatory matters as well as implementing the investor relations programme for the assurance of the continuing key internal control process. This system of internal control obviously is designed to manage and control the Group s risk within an acceptable risk profile rather than eliminating the risk of failures in order to achieve the Group s objective. Accordingly, it provides reasonable assurance of effectiveness against material misstatement of management and financial information, financial losses, fraud and occurrence of unforeseeable circumstances. The Group also performs comprehensive budgeting and forecasting exercise where performance against budget are analyzed and reported on a quarterly basis to the Board. The forecast are reviewed semi-annually taking into account the changes in the market and significant business risks. Any corrective actions to be taken are carried out on a timely manner. The Group through its subsidiaries had established Quality Management System (ISO 9001:2000) in order to ensure compliance with all procedures. This system is audited semi annually by both the Internal Quality Auditors as well as the Lloyds Registered Quality Assurance (LRQA) for continuous compliance and enhancement of customer satisfaction. Currently, the Group is in the process of renewing its Quality Certificate of ISO 9001:2008) and expected to be certified under the said standard by the first quarter of The Group through its subsidiary company, the Bintulu Port Sdn. Bhd. is in the process of applying for the certification on HACCP Feed Safety Management System mainly for the Cargo Handling Services and the certification for GMP+B3 for both the Trade, Collection and Storage & Transhipment of Feeds (Fixed Scope) and Handling of Palm Kernel Related Products (Free Scope) from LRQA. In addition, the Group has maintained its International Ship and Port Facility Security Code (ISPS) Compliance. The duly documented code of conduct has been issued to the staff upon joining the Group and they are required to adhere strictly to the said Code. The Group assured that the staffs are competent, qualified and well trained to carry out their responsibilities. The Customer Charter is significant to the Group in ensuring operational efficiency and customer s satisfaction. All level of operations are required to adhere to the customer charter. KEY INTERNAL CONTROL The following Committees were established to be the key controllers with dedicated roles, responsibilities and functions in order to safeguard the interest of the Group. 67

49 STATEMENT ON INTERNAL CONTROL (Pursuant to Chapter 15, Part E, Para (b) of the Main Market Listing RequireMents) 1.0 Audit Committee The Audit Committee is responsible to regularly review and hold discussions with the management on issues identified by the Internal Audit Department and the external auditors. Detail statement on the Audit Committee Report can be found on page 80 to 83 of this Annual Report. 2.0 Finance and Risks Management Committee This Committee was set up to oversee the Group s business in respect of financial, budget, planning, risk control, development proposal and recommends to the Board of Directors for approval. Detail statement on this Committee can be found in the Board Committee Report on page 74 of this Annual Report. 3.0 Nomination Committee The Nomination Committee is responsible to recommend to the Board any nomination, re-election and composition of the Board. The Committee is also responsible for the appointment of the Chief Executive Officer and senior management as well as reviewing Human Resources Policies of the Group. Detail statement on this Committee can be found in the Board Committee Report on page 75 of this Annual Report. 4.0 Remuneration Committee This Committee is to recommend to the Board remuneration packages of the Directors, Chief Executive Officer and the senior management. Detail statement on this Committee can be found in the Board Committee Report on page 76 of this Annual Report. 5.0 Tender Committee Tender Committees are established to ensure that all tender administration and contract management are being carried out in accordance with the approved policies and procedures. This Committee shall also ensure that tender evaluation exercises are conducted in an effective, transparent and fair manner based on guided principles of accountability to the shareholders, published policy and procedures and value for money. The approving authority varies according to the tender value from the Chief Executive Officer to the Board of the subsidiaries and the Board of the holding company. 6.0 Other Ad-hoc Committees Apart from the above Committees, the Group had also established ad-hoc committees such as the Steering Committee for Strategic Plan, Recruitment Committee, Inquiry Committee and others where necessary in order to ensure the effectiveness of the internal control systems and for a sound check and balance process. 7.0 Primary contact for the officer responsible to the Company s Internal Control matters is as follows: a. Chief Executive Officer Bintulu Port Holdings Berhad Tel: Fax: b. The Head of Internal Audit Bintulu Port Holdings Berhad Tel: Fax:

50 Enterprise Risk Management System Risk management is firmly embedded in the Group s system of internal control as it is regarded by the Board to be an integral part of the operation. Its function is to assist the Group to identify, manage, and control the risks existing in the Group systematically. Hence, the Group will be able to create strategic and systematic plan to handle the risks efficiently. The Board has embarked on the Enterprise Risk Management (ERM) framework which incorporates the followings: - A suitable oversight structure - Risk management policies - Risk parameter; - Process and mechanisms for risk identification; - Risk Profiling - Risk assessment and treatment; and - Reporting mechanism This system will be monitored and reviewed regularly by the Audit Committee as well as the Finance and Risk Management Committee. The Professionalism and Competence of Staff Staffs are encouraged to take on full ownership and accountability of the individual control mechanisms within their respective areas of works. The Performance of the staff are evaluated annually based on established Key Performance Indicators (KPI) and competencies. The Group provide sufficient budget for training and development programmes to enhance positive values and to promote culture of versatile personnel, teamwork, cooperation and total commitment towards organizational objectives. REVIEW OF THE STATEMENT BY INTERNAL AND EXTERNAL AUDITORS Both the Internal as well as the External Auditors have reviewed and affirmed this Statement on Internal Control for inclusion in the Annual Report of the Group for the financial year ended 31 st December 2009 in line with Para (b) of the Main Market Listing Requirements. The Board is of the view that the system of internal control is in place for the year under review and up to the date of issuance of Annual Report and Financial Statement and is sufficient to safeguard the shareholder s investment, the interest of customers, regulators and employees and the Group s assets. Statement made in accordance with the Board s Resolution dated the 25 th February Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah Chairman Dato Seri Dr. Hj. Arshad bin Hashim Independent Director 69

51 Penyata BERKAITAN KAWALAN DALAMAN (Selaras dengan Chapter 15, Part E, Perenggan (b) Kehendak-kehendak Penyenaraian Pasaran Utama) Selaras dengan Perenggan (b) Kehendak-kehendak Penyenaraian Pasaran Utama dan Kod Urustadbir Korporat Malaysia, Lembaga Pengarah perlu mengemukakan Penyata Berkaitan Kawalan Dalaman dalam Laporan Tahunannya. Maka, Lembaga Pengarah adalah komited memastikan sistem kawalan dalaman yang baik dalam Kumpulan melalui pelbagai Jawatankuasa-Jawatankuasa Lembaga Pengarah. TANGGUNGJAWAB Lembaga Pengarah bertanggungjawab ke atas sistem kawalan dalaman Kumpulan yang merangkumi urustadbir, kewangan, pematuhan dan pengurusan risiko serta meneliti kecukupan dan intergriti sistem tersebut serta keberkesanannya bagi menjaga kepentingan pelaburan Pemegang Saham dan aset Kumpulan. Antaranya termasuklah meneliti dan menerimapakai Pelan Strategik Kumpulan, menerima dan meneliti laporan secara kerap daripada Pengurusan yang merangkumi operasi, kewangan, statistik, perundangan dan perkara-perkara berkaitan pihak berkuasa serta pelaksanaan program hubungan pelabur untuk pemastian yang berterusan proses kawalan dalaman utama. Adalah jelas bahawa sistem kawalan dalaman ini dicipta untuk mengurus dan mengawal risiko Kumpulan dalam profil risiko yang boleh diterima bukannya menghapuskan risiko kegagalan dalam mencapai objektif Kumpulan. Ianya menyediakan jaminan berpatutan keberkesanan dari salah kenyataan utama Pengurusan dan maklumat kewangan, kerugian, penyalahgunaan dan perilaku yang diluar jangkaan. Kumpulan juga melaksanakan bajet dan unjuran secara komprehensif di mana prestasi dan bajet dianalisa dan dilaporkan pada setiap suku tahun kepada Lembaga Pengarah. Unjuran tersebut akan dikaji setiap setengah tahun dengan mengambilkira perubahan keadaan pasaran dan risiko perniagaan yang ketara. Setiap tindakan pembetulan yang diambil akan dilaksanakan tepat pada waktunya. Kumpulan melalui subsidiari-subsidiarinya telah menubuhkan Sistem Pengurusan Kualiti (9001:2000) untuk memastikan Kumpulan patuh kepada semua prosidur yang telah ditetapkan. Sistem ini diaudit setiap setengah tahun oleh Juruaudit Kualiti Dalaman dan Lloyds Registered Quality Assurance (LRQA) bagi memastikan pematuhan yang berterusan dan meningkatkan kepuasan pelanggan. Terbaru, Kumpulan kini masih dalam proses memperbaharui Sijil Kualiti ISO (9001:2008) dan pentauliahan sijil berkenaan dijangka diperolehi pada suku pertama tahun Kumpulan melalui subsidiarinya, Bintulu Port Sdn. Bhd. sedang dalam proses memohon pensijilan untuk HACCP Feed Safety Management System khusus untuk Perkhidmatan Pengendalian Kargo dan pensijilan untuk GMP+B3 masing-masing bagi Dagangan, Penerimaan dan Penstoran & transhipment of feeds (Fix Scope) dan Handling of Palm Kernel Related Products (Free Scope) daripada LRQA. Sebagai tambahan, Kumpulan telah mengekalkan status pematuhan kepada International Ship and Port Facility Security Code (ISPS). Kod Tatakelakuan Kumpulan telah dibukukan dan diedarkan kepada staf sebaik sahaja menyertai Kumpulan. Dalam melaksanakan tugas, semua staf dikehendaki mematuhi sepenuhnya akan Kod tersebut. Kumpulan memastikan stafnya adalah cekap, berkelayakan dan terlatih untuk melaksanakan tugas dan tanggungjawab mereka. Piagam Pelanggan adalah penting kepada Kumpulan dalam memastikan keberkesanan operasi dan memenuhi kepuasan pelanggan. Semua peringkat operasi perlu mematuhi sepenuhnya Piagam tersebut. 70

52 KUNCI KAWALAN DALAMAN Jawatankuasa-jawatankuasa berikut diwujudkan bertujuan sebagai kunci kawalan dengan peranan, tanggungjawab dan fungsinya yang khusus bagi menjaga kepentingan Kumpulan. 1.0 Jawatankuasa Audit Jawatankuasa Audit bertanggungjawab meneliti dan mengadakan perbincangan secara kerap dengan Pengurusan ke atas isu-isu yang dikenalpasti oleh Jabatan Audit Dalam dan Juruaudit Luar. Butiran lanjut berkaitan Laporan Jawatankuasa Audit boleh diperolehi di mukasurat 84 hingga 87 pada Laporan Tahunan ini. 2.0 Jawatankuasa Kewangan dan Pengurusan Risiko Jawatankuasa ini ditubuhkan untuk memantau perniagaan Kumpulan dari segi kewangan, bajet, perancangan, kawalan risiko, cadangan pembangunan dan memperakukannya untuk kelulusan Lembaga Pengarah. Butiran lanjut berkaitan Jawatankuasa ini boleh diperolehi dalam Laporan Jawatankuasa Lembaga Pengarah yang terdapat di mukasurat 77 pada Laporan Tahunan ini. 3.0 Jawatankuasa Penamaan Jawatankuasa penamaan ini bertanggungjawab memperakukan kepada Lembaga Pengarah pencalonan, perlantikan semula dan komposisi Lembaga Pengarah. Jawatankuasa ini juga bertanggungjawab melantik Ketua Pegawai Eksekutif dan pengurusan kanan serta meneliti Polisi Sumber Manusia Kumpulan. Butiran lanjut berkaitan Jawatankuasa ini boleh diperolehi dalam Laporan Jawatankuasa Lembaga Pengarah yang terdapat di mukasurat 78 pada Laporan Tahunan ini. 4.0 Jawatankuasa Ganjaran Jawatankuasa ini akan memperakukan kepada Lembaga Pengarah pakej ganjaran para Pengarah, Ketua Pegawai Eksekutif dan pengurusan kanan. Butiran lanjut berkaitan Jawatankuasa ini boleh diperolehi dalam Laporan Jawatankuasa Lembaga Pengarah yang terdapat di mukasurat 79 pada Laporan Tahunan ini. 5.0 Jawatankuasa Tender Jawatankuasa Tender ditubuhkan untuk memastikan semua urusan pentadbiran tender dan pengurusan kontrak dibuat berdasarkan polisi dan prosidur yang telah diluluskan. Jawatankuasa ini juga perlu memastikan penilaian tender dilaksanakan dengan berkesan, telus dan adil berpandukan prinsip-prinsip akauntibiliti kepada pemegang saham, polisi dan prosidur yang diterimapakai, dan pulangan nilai wang. Kuasa meluluskan tender adalah berbeza daripada Ketua Pegawai Eksekutif sehinggalah Lembaga Pengarah subsidiari dan Lembaga Pengarah syarikat induknya mengikut had nilai tender tersebut. 71

53 Penyata BERKAITAN KAWALAN DALAMAN (Selaras dengan Chapter 15, Part E, Perenggan (b) Kehendak-kehendak Penyenaraian Pasaran Utama) 6.0 Lain-lain Jawatankuasa Ad-hoc Selain daripada Jawatankuasa-jawatankuasa yang telah dinyatakan di atas, Kumpulan juga telah mewujudkan Jawatankuasa secara ad-hoc seperti Jawatankuasa Pemandu bagi Pelan Strategik, Jawatankuasa Pengambilan Pekerja, Jawatankuasa Siasatan dan lain-lain di mana perlu bagi memastikan keberkesanan sistem kawalan dalaman dan juga untuk proses keseimbangan dan pemeriksaan yang baik. 7.0 Pegawai yang dihubungi Pegawai yang boleh dihubungi berkenaan dengan Kawalan Dalaman adalah seperti berikut: a. Ketua Pegawai Eksekutif Bintulu Port Holdings Berhad Tel: Fax: b. Ketua, Jabatan Audit Dalam Bintulu Port Holdings Berhad Tel: Fax: Enterprise Risk Management System (Erm) Pengurusan risiko sememangnya telah disemai dengan baik dalam sistem Kawalan Dalam Kumpulan memandangkan ianya dianggap oleh Lembaga Pengarah sebagai sebahagian dari keseluruhan operasi. Fungsinya adalah untuk membantu Kumpulan mengenalpasti, mengurus, dan mengawal risiko yang wujud dalam Kumpulan secara sistematik. Oleh itu, Kumpulan akan dapat merangka pelan strategik dan sistematik untuk menangani risiko-risiko tersebut dengan berkesan. Lembaga Pengarah telah memulakan rangka kerja Enterprise Risk Management System (ERM) yang merangkumi perkara-perkara berikut: - Struktur Penyeliaan yang sesuai - Polisi Pengurusan Risiko - Parameter Risiko - Proses dan mekanisme bagi mengenalpasti risiko - Pemprofilan Risiko - Penilaian dan cadangan penyelesaian risiko - Mekanisme Laporan Sistem ini akan dipantau dan diteliti secara berkala oleh Jawatankuasa Audit dan Jawatankuasa Kewangan dan Pengurusan Risiko. Profesionalisma Dan Kecekapan Staf Staf diberi digalakkan menjadikan hakmilik dan akauntibiliti sepenuhnya ke atas mekanisma kawalan individu dalam bidang kerja masing-masing. Prestasi staf dinilai secara tahunan berdasarkan Kunci Indikator Prestasi (KPI) dan kompetensi. Syarikat telah menyediakan bajet yang mencukupi bagi menyediakan latihan dan program pembangunan untuk meningkatkan nilai-nilai yang positif dan menggalakkan budaya kerja yang cekap dalam pelbagai lapangan, semangat kerja berpasukan, kerjasama dan komitmen yang padu ke arah mencapai objektif organisasi. 72

54 PENELITIAN KE ATAS PENYATA BERKAITAN KAWALAN DALAMAN OLEH JABATAN AUDIT DALAM DAN JURUAUDIT LUAR Kedua-dua Jabatan Audit Dalam dan Juruaudit Luar telah meneliti dan mengesahkan bahawa Penyata Berkaitan Kawalan Dalam ini boleh dimasukkan dalam Laporan Tahunan Kumpulan bagi tahun kewangan berakhir 31 Disember 2009 selaras dengan Perenggan (b) Kehendak-kehendak Penyenaraian Pasaran Utama. Lembaga Pengarah berpendapat sistem kawalan dalaman telah ada bagi tahun kewangan yang dinilai dan sehingga pengeluaran Laporan Tahunan dan Penyata Kewangan ini, ianya adalah mencukupi untuk menjaga kepentingan pelaburan, para pemegang saham, pelanggan, badan kawalselia dan pekerja serta aset Kumpulan. Penyata ini dibuat selaras dengan Resolusi Lembaga Pengarah bertarikh 25 Februari Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah Pengerusi Dato Seri Dr. Hj. Arshad bin Hashim Pengarah Bebas 73

55 BOARD COMMITTEE REPORT There are four (4) committees set up by the Board, namely, Audit Committee, Finance & Risk Management Committee, Nomination Committee and Remuneration Committee with the function of assisting the Board in decision-making on matters tabled to the Board. The role of each committee is to deliberate, discuss and recommend to the Board on matters tabled at committee s level. The confirmed minutes of the Committees shall then be circulated to all Board members in order to give opportunity to any members of the Board who did not sit as members of the respective committees to seek any clarification, raise any query or view on the matters discussed. The composition and performance of the members in each Committee were evaluated, reviewed and analysed by the Nomination Committee and where necessary, the composition will be re-organised in order to give all the Directors the opportunity sitting in the respective Board Committees as well as to ensure the effectiveness of the said Committees. AUDIT COMMITTEE The role of the Audit Committee is to assist the Board in fulfilling its fiduciary responsibilities vested by the Board. The details of the Audit Committee s composition, roles, responsibilities and number of meetings held during the financial year are provided on page 80 to 83 of this Annual Report. FINANCE & RISK MANAGEMENT COMMITTEE The Terms of Reference of this Committee is to review, adopt and oversee the conduct of the Group s business and financial affairs, identify the financial risks, reviewing the Group s Annual Budget and the variances of actual results against the approved budget and forecasted budget. Also to review the capital expenditure for projects, business acquisitions and investment appraisals undertaken by the Company, review and recommend to the Board all financial result of the Company and recommend to the Board measures to be undertaken in order to enhance its profitability. This Committee also monitored and reviewed regularly the overall risk profile of the Group. COMPOSITION Dato Shamsul Azhar bin Abbas - Chairman Non-Independent Non-Executive Director (Chairman until 28/04/09) Ahmad Nizam bin Salleh - Chairman Non-Independent Non-Executive Director (Appointed as Chairman on 28/05/09) Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin - Member Non-Independent Non-Executive Director Datu Hj. Abang Halmi bin Ikhwan - Member Independent Non-Executive Director Dato Seri Dr. Hj. Arshad bin Hashim - Member Independent Non-Executive Director (Appointed as Member on 28/05/09) Dato Mohamad Norza bin Zakaria - Member Non-Independent Non-Executive Director (Member until 27/08/09) MEETING ATTENDENCE [ - ] [2/2] [1/2] [1/2] [2/2] [2/2] 74

56 NOMINATION COMMITTEE The function of this Committee is to recommend to the Board, candidates for all directorships to the Board, appointment, promotion and renewal of the Chief Executive Officer and Senior Management of the Group, reviewing the skills, experience and other qualities including the core competencies of the Non-Executive Directors, annually assessing the effectiveness of the Board as a whole, the committees of the Board and assessing the contribution of each individual director. For the year 2009, the composition of the Board Committees has been reviewed and organized accordingly. COMPOSITION Dato Seri Dr. Hj. Arshad bin Hashim - Chairman Independent Non-Executive Director (Chairman until 28/05/09) Datu Hj. Abang Halmi bin Ikhwan - Chairman Independent Non-Executive Director (Appointed as Chairman on 28/05/09) Datuk Hashim bin Ismail - Member Independent Non-Executive Director (Member until 28/05/09) Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin - Member Non-Independent Non-Executive Director (Appointed as Member on 28/05/09) Amir Hamzah bin Azizan - Member Non-Independent Non-Executive Director (Appointed as Member on 27/08/09) Tun Dato Seri Hj. Mohd Eusoff bin Chin - Member Non-Independent Non-Executive Director (Member until 31/10/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah - Member Non-Independent Non-Executive Director (Appointed as Member on 01/11/09) MEETING ATTENDENCE [2/2] [2/2] [2/2] [2/2] [ - ] [4/4] [ - ] 75

57 BOARD COMMITTEE REPORT REMUNERATION COMMITTEE This Committee has the role of reviewing, discussing and making all recommendations in respect of the executive as well as non executive director s remunerations, Human Resources Policies including Terms and Conditions of Services of both the Chief Executive Officer and Senior Management of the Group. The Committee shall ensure that the Executive Directors shall play no part in decision making of their own remuneration. COMPOSITION Datuk Hashim bin Ismail - Chairman Independent Non-Executive Director Dato Shamsul Azhar bin Abbas - Member Non-Independent Non-Executive Director (Member until 28/04/09) Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin - Member Non-Independent Non-Executive Director (Member until 28/05/09) Datuk Fong Joo Chung - Member Non-Independent Non-Executive Director (Appointed as Member on 28/05/09) Ahmad Nizam bin Salleh - Member Non-Independent Non-Executive Director (Appointed as Member on 28/05/09) Tun Dato Seri Hj. Mohd Eusoff bin Chin - Member Non-Independent Non-Executive Director (Member until 31/10/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah - Member Non-Independent Non-Executive Director (Appointed as Member on 01/11/09) MEETING ATTENDENCE [3/3] [1/1] [1/1] [2/2] [1/2] [3/3] [ - ] 76

58 LAPORAN JAWATANKUASA LEMBAGA PENGARAH Terdapat empat (4) Jawatankuasa yang telah ditubuhkan oleh Lembaga Pengarah, iaitu Jawatankuasa Audit, Jawatankuasa Kewangan & Pengurusan Risiko, Jawatankuasa Penamaan dan Jawatankuasa Ganjaran berfungsi membantu Lembaga Pengarah membuat keputusan ke atas perkara yang dibentangkan dalam Lembaga Pengarah. Peranan setiap Jawatankuasa adalah untuk membincang dan memperakukan kepada Lembaga Pengarah perkara-perkara yang dibentangkan di peringkat Jawatankuasa. Minit mesyuarat Jawatankuasa yang telah disahkan akan diedarkan kepada semua ahli Lembaga Pengarah untuk memberi peluang kepada mana-mana ahli Lembaga Pengarah yang tidak menjadi Ahli Jawatankuasa bertanya soalan dan memberi pendapat ke atas perkara yang dibincangkan. Komposisi dan prestasi setiap Ahli Jawatankuasa akan dinilai, dikaji dan dianalisa oleh Jawatankuasa Penamaan dan dimana perlu, komposisi berkenaan akan disusun semula bagi memberi peluang kepada para Pengarah menganggotai Jawatankuasa Lembaga Pengarah serta memastikan keberkesanan Jawatankuasa tersebut. JAWATANKUASA AUDIT Peranan Jawatankuasa Audit adalah untuk membantu Lembaga Pengarah dalam melaksanakan tanggungjawab fidusiari yang terletak pada Lembaga Pengarah. Maklumat lanjut berkaitan komposisi, peranan, tanggungjawab dan jumlah mesyuarat yang diadakan dalam tahun kewangan ini adalah sepertimana di mukasurat 84 hingga 87 pada Laporan Tahunan. JAWATANKUASA KEWANGAN & PENGURUSAN RISIKO Terma Rujukan Jawatankuasa ini adalah mengkaji, menerima dan memantau perilaku perniagaan dan hal ehwal kewangan Kumpulan, mengenalpasti risiko kewangan, mengkaji belanjawan tahunan Kumpulan dan perbezaan di antara perbelanjaan sebenar berbanding belanjawan yang diluluskan dan unjuran belanjawan. Selain itu, meneliti perbelanjaan modal bagi projek, pengambilalihan perniagaan dan penilaian pelaburan yang dilaksanakan oleh Syarikat, meneliti dan memperakukan kepada Lembaga Pengarah semua keputusan yang melibatkan kewangan Syarikat serta memperakukan kepada Lembaga Pengarah langkah-langkah yang perlu diambil bagi meningkatkan keuntungan. Jawatankuasa ini juga memantau dan meneliti profil risiko Kumpulan secara keseluruhan. KOMPOSISI Dato Shamsul Azhar bin Abbas - Pengerusi Pengarah Bukan Bebas Bukan Eksekutif (Pengerusi sehingga 28/04/09) Ahmad Nizam bin Salleh - Pengerusi Pengarah Bukan Bebas Bukan Eksekutif (Dilantik sebagai Pengerusi pada 28/05/09) Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin - Ahli Pengarah Bukan Bebas Bukan Eksekutif Datu Hj. Abang Halmi bin Ikhwan - Ahli Pengarah Bebas Bukan Eksekutif Dato Seri Dr. Hj. Arshad bin Hashim - Ahli Pengarah Bebas Bukan Eksekutif (Dilantik sebagai Ahli 28/05/09) Dato Mohamad Norza bin Zakaria - Ahli Pengarah Bukan Bebas Bukan Eksekutif (Ahli sehingga 27/08/09) KEHADIRAN MESYUARAT [ - ] [2/2] [1/2] [1/2] [2/2] [2/2] 77

59 LAPORAN JAWATANKUASA LEMBAGA PENGARAH JAWATANKUASA PENAMAAN Fungsi Jawatankuasa ini adalah untuk memperakukan kepada Lembaga Pengarah, calon-calon yang akan dilantik sebagai pengarah, perlantikan, kenaikan pangkat dan pembaharuan perkhidmatan Ketua Pegawai Eksekutif serta Pengurusan Kanan Kumpulan, mengkaji kemahiran, pengalaman dan kualiti-kualiti yang ada termasuk kompetensi utama para Pengarah Bukan Eksekutif, menilai secara tahunan keberkesanan Lembaga Pengarah secara keseluruhan, Jawatankuasa Lembaga Pengarah dan menilai sumbangan setiap individu pengarah. Bagi tahun 2009, komposisi Jawatankuasa Lembaga Pengarah telah dikaji dan disusun semula sewajarnya. KOMPOSISI Dato Seri Dr. Hj. Arshad bin Hashim - Pengerusi Pengarah Bebas Bukan Eksekutif (Pengerusi sehingga 28/05/09) Datu Hj. Abang Halmi bin Ikhwan - Pengerusi Pengarah Bebas Bukan Eksekutif (Dilantik sebagai Pengerusi pada 28/05/09) Datuk Hashim bin Ismail - Ahli Pengarah Bebas Bukan Eksekutif (Ahli sehingga 28/05/09) Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin - Ahli Pengarah Bukan Bebas Bukan Eksekutif (Dilantik sebagai Ahli pada 28/05/09) Amir Hamzah bin Azizan - Ahli Pengarah Bukan Bebas Bukan Eksekutif (Dilantik sebagai Ahli pada 27/08/09) Tun Dato Seri Hj. Mohd Eusoff bin Chin - Ahli Pengarah Bebas Bukan Eksekutif (Ahli sehingga 31/10/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah - Ahli Pengarah Bukan Bebas Bukan Eksekutif (Dilantik sebagai Ahli pada 01/11/09) KEHADIRAN MESYUARAT [2/2] [2/2] [2/2] [2/2] [ - ] [4/4] [ - ] 78

60 JAWATANKUASA GANJARAN Jawatankuasa ini berperanan meneliti, membincang dan membuat perakuan ke atas ganjaran para pengarah eksekutif dan juga bukan eksekutif, Polisi Sumber Manusia termasuk terma dan syarat perkhidmatan Ketua Pegawai Eksekutif serta Pengurusan Kanan Kumpulan. Jawatankuasa akan memastikan bahawa Pengarah Eksekutif tidak terlibat dalam membuat keputusan ke atas ganjarannya. KOMPOSISI Datuk Hashim bin Ismail - Pengerusi Pengarah Bebas Bukan Eksekutif Dato Shamsul Azhar bin Abbas - Ahli Pengarah Bukan Bebas Bukan Eksekutif (Ahli sehingga 28/04/09) Tan Sri Dato Seri Hj. Mohd. Zahidi bin Zainuddin - Ahli Pengarah Bukan Bebas Bukan Eksekutif (Ahli sehingga 28/05/09) Datuk Fong Joo Chung - Ahli Pengarah Bukan Bebas Bukan Eksekutif (Dilantik sebagai Ahli pada 28/05/09) Ahmad Nizam bin Salleh - Ahli Pengarah Bukan Bebas Bukan Eksekutif (Dilantik sebagai Ahli pada 28/05/09) Tun Dato Seri Hj. Mohd Eusoff bin Chin - Ahli Pengarah Bukan Bebas Bukan Eksekutif (Ahli sehingga 31/10/09) Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah - Ahli Pengarah Bukan Bebas Bukan Eksekutif (Dilantik sebagai ahli pada 01/11/09) KEHADIRAN MESYUARAT [3/3] [1/1] [1/1] [2/2] [1/2] [3/3] [ - ] 79

61 AUDIT COMMITTEE REPORT (Pursuant to Chapter 15, Part C, Para of the Main Market Listing Requirements) This report reflects the ways the Committee served to implement and support the oversight function of the Board in line with Chapter 15, Part C, Paragraph of the Main Market Listing Requirements (Main Market LR). The general objective of the Committee is to ensure the adequacy and effectiveness of the Company s system of internal control and the quality of performances in carrying out the assigned responsibilities. i. MEMBERS OF THE AUDIT COMMITTEE Chairman Datu Hj. Abang Halmi bin Ikhwan Independent Non-Executive Director (Chairman until 28/05/2009) Dato Seri Dr. Hj. Arshad bin Hashim Independent Non-Executive Director (Member until 27/05/2009) (Appointed as Chairman on 28/05/2009) Members Datuk Hashim bin Ismail Independent Non-Executive Director (Appointed as Member on 28/05/2009) Dato Mohamad Norza bin Zakaria Non-Independent Non-Executive Director ii. COMPOSITION OF AUDIT COMMITTEE By virtue of Para of Main Market Listing Requirements, the appointment of the Audit Committee must be from amongst its Directors that fulfils the following requirements: (i) (ii) The Audit Committee must be composed of no fewer than 3 members; All the Audit Committee members must be non-executive directors with a majority of the Audit committee must be Independent Directors; and (iii) At least one member of the Audit Committee must be a member of the Malaysian Institute of Accountants (MIA). In accordance with Chapter 15, Part C, Para (1) (c) (i), Dato Mohamad Norza bin Zakaria fulfills such requirement where he is a holder of an accounting qualification and is a member of the Malaysian Institute of Accountants (MIA). All other members have working familiarity with basic finance and accounting practices. iii TERMS OF REFERENCE OF THE AUDIT COMMITTEE Para (3) (b) of Main Market Listing Requirements provides that the Audit Committee Report must include the terms of reference of the Audit Committee. Authority The Committee is authorized to do all things necessary to fulfill its responsibilities as vested upon it by virtue of its appointment by the Board and such other special authorities specifically vested by the Board from time to time. The Committee is also authorized to regulate the manner of proceedings of its meetings having regard to normal conventions on such matter. 80

62 Duties and Responsibilities The Committee shall assist the Board in fulfilling fiduciary responsibilities as to accounting policies and reporting practices of the Company and its subsidiaries and the sufficiency of auditing relating thereto. The duties and responsibilities of the Audit Committee encompassed review of the following: i. To review: a. The audit plans; b. The audit reports and associated financial statements, to make appropriate decisions and determines specific actions to ensure that the Company s operations and management comply with policies, plans, procedures, laws and regulations having jurisdiction over or significant impact on the same; c. The proposal for the appointment of External Auditor and to make recommendations on the terms of such appointment. ii. iii. To investigate or cause to be investigated any activity within its terms of reference; and To review procedures and disclose recurrent related party transactions of revenue or trading nature. The Committee ensures that all procedures on recurrent related party transactions are reviewed and disclosure on the related party transactions is made accordingly. All transactions in respect of recurrent related party are conducted on arm s length basis and based on normal commercial terms which are consistent and not favourable to the related parties than those generally available to the public. The Committee also ensures that the recurrent related party transactions are not detrimental to the minority shareholders of the Company. iv. MEETINGS AND ATTENDANCE Meetings The Committee shall meet not less than four (4) times a year, at times to be decided by the Audit Committee and the Report shall include the number of meetings held during the financial year. The quorum for the meeting shall be two (2). The report of the Audit Committee shall include the number of meetings held during the financial year. The Audit Committee meetings review the Quarterly Reports relating to the financial results for approval of the Board prior to announcing to Bursa Malaysia. The Committee also review and approved the Internal Audit Plan, Internal Audit Reports and the Financial Statements. The Company Secretary is appointed by the Committee to act as the Secretary of the Committee. Notices of meetings are circulated to members well before the meeting dates. The Committee also receives full agendas, reports and proposal papers for deliberation with sufficient time for understanding and preparing for the meetings. During the financial year ended 31 st December 2009, the Audit Committee met five (5) times as per calendar for the year. Details of the meetings are as follow: 81

63 AUDIT COMMITTEE REPORT (Pursuant to Chapter 15, Part C, Para of the Main Market Listing Requirements) No. of Meeting Date of Meeting Time Place Attendance 1/ /02/ am Marriott Putrajaya 2/ /03/ pm Le Meridien, Kota Kinabalu 3/ /05/ am Marriott Putrajaya 4/ /08/ am Marriott Putrajaya 5/ /11/ am Marriott Putrajaya The record of attendance of the members of the Audit Committee during the financial year 2009 is as follows: COMPOSITION Datu Hj. Abang Halmi bin Ikhwan - Chairman Independent Non-Executive Director (Chairman until 28/05/09) Dato Seri Dr. Hj. Arshad bin Hashim - Chairman Independent Non-Executive Director (Member until 27/05/09) (Appointed as Chairman on 28/05/09) Dato Mohamad Norza bin Zakaria - member Non-Independent Non-Executive Director Datuk Hashim bin Ismail - Member Independent Non-Executive Director (Appointed as Member on 28/05/2009) MEETING ATTENDENCE [3/3] [5/5] [5/5] [2/2] v. SUMMARY OF ACTIVITIES IN 2009 The Audit Committee carried out its duties as defined in the Terms of Reference thereto. Below are the summary of the Audit Committee activities as at 31 st of December 2009: i. Discuss the Internal Audit plans and agenda, result of their evaluation as reflected in the auditor s reports. ii. iii. iv. Review the Audit Planning Memorandum and Management letter relating to audit and updates on primarily Corporate Governance and Internal Control Statements, statutory and regulatory requirement, compliance with accounting and auditing standards, and other business outline together with the External Auditor. Reviewed audited financial statements together with the External Auditor purposely for the Board consideration and approval prior to announcement to Bursa Malaysia. Besides, to review the report presented and considered the significant audit findings and recommendation as well as management s responses to the audit findings. Review the appointment of External Auditor and proposed recommendation to the Board. 82

64 vi. INTERNAL AUDIT FUNCTION The Internal Audit function is to provide the Audit Committee and the Board with the confidence it requires in regards to the adequacy, transparency and integrity of the system of internal controls which includes carrying out auditing works at all units and operations of the Group and its subsidiaries. In terms of activities and operations, the Internal Audit Department is independent in nature, thus its primary responsibility is to provide the Audit Committee with independent and objective reports on the state of internal controls, risk management, governance processes and the extent of compliance to the Group s established policies and procedures and even the relevant statutory requirements. The frequency of reporting shall be made in a quarterly basis or as and when the Committee met, in accordance with the audit plan. The Audit Committee has an essential role in developing Internal Audit s value and efficiency by ensuring the Internal Audit Department is independent from the management. Not only being independent, the Internal Audit Department also provides reasonable assurance to all levels of management concerning the overall control over assets and the effectiveness of the system of internal controls, to ensure the Company achieves overall objectives on all operating units and subsidiaries. As at 31 st December 2009, the Internal Audit manage to perform its responsibility with independence, proficiency and due professional care so as to give assurance to the Board on the capability in controls and reliability of the systems in the Group. vii. EXTERNAL AUDIT FUNCTION The External Auditor has worked together with Group Internal Audit to review any audited/unaudited financial reports and provide the non-audit service as to review the Statement on Internal Control and Statement on Corporate Governance for the Group. The details is spell out in the Statement of Corporate Governance on page 56. The Audit Committee has received and acknowledged the information given on the nature of such services, and believes that such engagement will not impair the independence of the External Auditor. 83

65 LAPORAN JAWATANKUASA AUDIT (Selaras dengan Chapter 15, Part C, Perenggan Kehendak-Kehendak Penyenaraian Pasaran Utama) Laporan ini menggambarkan cara-cara Jawatankuasa bertindak, melaksanakan dan menyokong fungsi Lembaga Pengarah selaras dengan peruntukan Chapter 15, Part C, Perenggan Kehendak-Kehendak Penyenaraian Pasaran Utama. Objektif Jawatankuasa ini adalah memastikan kecukupan dan keberkesanan sistem kawalan dalaman dan kualiti prestasi dalam melaksanakan tugasan yang diberi. i. KEAHLIAN JAWATANKUASA AUDIT Pengerusi Datu Hj. Abang Halmi bin Ikhwan Pengarah Bebas Bukan Eksekutif (Pengerusi sehingga 28/05/2009) Dato Seri Dr. Hj. Arshad bin Hashim Pengarah Bebas Bukan Eksekutif (Ahli sehingga 27/05/2009) (Dilantik sebagai Pengerusi pada 28/05/2009) Ahli Datuk Hashim bin Ismail Pengarah Bebas Bukan Eksekutif (Dilantik sebagai ahli pada 28/05/2009) Dato Mohamad Norza bin Zakaria Pengarah Bukan Bebas Bukan Eksekutif ii. KOMPOSISI JAWATANKUASA AUDIT Selaras dengan Perenggan pada Kehendak-Kehendak Penyenaraian Pasaran Utama, perlantikan Jawatakuasa Audit hendaklah dari kalangan para Pengarah yang memenuhi keperluan berikut: (i) (ii) Jawatankuasa Audit hendaklah terdiri dari tidak kurang 3 orang ahli; Kesemua ahli hendaklah merupakan Pengarah Bukan Eksekutif dengan majoriti ahli Jawatankuasa Audit terdiri dari Pengarah Bebas; dan (iii) Sekurang-kurangnya seorang dari ahli Jawatankuasa Audit adalah merupakan ahli Institut Akauntan Malaysia (MIA). Dalam memenuhi Chapter 15, Part C, Perenggan (1) (c) (i), Dato Mohamad Norza bin Zakaria telah memenuhi keperluan tersebut dimana beliau memiliki kelayakan dalam bidang perakaunan dan adalah merupakan ahli Institut Akauntan Malaysia (MIA). Kesemua ahli mempunyai pengalaman kerja berasas kewangan dan amalan perakaunan. iii TERMA RUJUKAN JAWATANKUASA AUDIT Perenggan (3) (b) pada Kehendak-Kehendak Penyenaraian Pasaran Utama memperuntukan bahawa Laporan Jawatankuasa Audit mestilah memasukkan Terma Rujukan Jawatankuasa Audit. Kuasa Jawatankuasa ini diberi kuasa melakukan apa jua perkara yang sesuai untuk memenuhi tanggungjawab yang diamanahkan ke atasnya selaras dengan perlantikan oleh Lembaga Pengarah dan apa-apa jua kuasa khas yang dikhususkan keatasnya oleh Lembaga Pengarah dari semasa ke semasa. Jawatankuasa ini juga diberi kuasa mengawal perjalanan mesyuarat dengan mengambilkira norma-norma biasa bagi hal yang demikian. 84

66 Tugas dan Tanggungjawab Jawatankuasa ini akan membantu Lembaga Pengarah melaksanakan tanggungjawab fidusiarinya ke atas polisi perakaunan dan amalan laporan oleh Syarikat dan subsidiarinya serta pengauditan yang mencukupi. Tugas dan tanggungjawab Jawatankuasa Audit meliputi penelitian ke atas perkara berikut: i. Meneliti: a. Perancangan Audit; b. Laporan audit dan penyata kewangan yang berkaitan, membuat keputusan yang sesuai dan menentukan langkah-langkah khusus bagi memastikan operasi dan pengurusan Syarikat mematuhi polisi, pelan, prosidur dan perundangan yang memberi kesan yang mendalam ke atas Syarikat; c. Cadangan dan perlantikan Juruaudit Luar dan memperakukan terma bagi perlantikan tersebut. ii. iii. Menyiasat atau mengarah untuk disiasat mana-mana aktiviti yang terkandung dalam Terma Rujukan; dan Meneliti prosidur dan memaklumkan urusniaga berulang pihak berkaitan yang melibatkan hasil atau berbentuk perniagaan. Jawatankuasa Audit akan memastikan kesemua prosidur berkaitan urusniaga pihak berulang diteliti dan dizahirkan sewajarnya. Kesemua transaksi yang melibatkan urusniaga pihak berulang dilaksanakan dengan telus berdasarkan arm s length dan terma komersil biasa yang teratur dan tidak memihak kepada pihak-pihak yang berkenaan berbanding pihak awam. Jawatankuasa juga akan memastikan urusniaga pihak berulang tidak akan menjejaskan pemegang saham minoriti Syarikat. iv. MESYUARAT DAN KEHADIRAN Mesyuarat Mesyuarat hendaklah diadakan tidak kurang dari empat (4) kali dalam setahun, pada masa yang akan ditetapkan oleh Jawatankuasa dan Laporan hendaklah menyatakan jumlah mesyuarat yang diadakan dalam tahun kewangan. Korum mesyuarat adalah dua (2). Mesyuarat Jawatankuasa Audit meneliti Laporan Kewangan Suku Tahunan untuk kelulusan Lembaga Pengarah sebelum diumumkan ke Bursa Malaysia. Jawatankuasa ini juga meneliti dan melulus Perancangan Audit Dalaman, Laporan Audit Dalaman dan Penyata Kewangan. Setiausaha Syarikat dilantik oleh Jawatankuasa untuk bertindak sebagai Setiausaha, Jawatankuasa ini. Notis mesyuarat Jawatankuasa diedarkan kepada semua ahli sebelum tarikh mesyuarat. Jawatankuasa juga menerima agenda lengkap, laporan dan kertas cadangan untuk dibincang dengan masa yang mencukupi untuk pemahaman dan persediaan mesyuarat. Bagi tahun kewangan berakhir 31 Disember 2009, Jawatankuasa Audit telah bermesyuarat lima (5) kali. Kesemua mesyuarat yang diadakan adalah sepertimana jadual yang telah dirancangkan sepanjang tahun. 85

67 LAPORAN JAWATANKUASA AUDIT (Selaras dengan Chapter 15, Part C, Perenggan Kehendak-Kehendak Penyenaraian Pasaran Utama) Bil. Mesyuarat Kehadiran Tarikh Mesyuarat Masa Tempat 1/ /02/ am Marriott Putrajaya 2/ /03/ pm Le Meridien, Kota Kinabalu 3/ /05/ am Marriott Putrajaya 4/ /08/ am Marriott Putrajaya 5/ /11/ am Marriott Putrajaya Rekod kehadiran ahli-ahli Jawatankuasa Audit bagi tahun kewangan 2009 adalah seperti berikut: KomposiSI Datu Hj. Abang Halmi bin Ikhwan - Pengerusi Pengarah Bebas Bukan Eksekutif (Pengerusi sehingga 28/05/09) Dato Seri Dr. Hj. Arshad bin Hashim - Pengerusi Pengarah Bebas Bukan Eksekutif (Ahli sehingga 27/05/2009) (Dilantik sebagai Pengerusi pada 28/05/09) Dato Mohamad Norza bin Zakaria - Ahli Pengarah Bukan Bebas Bukan Eksekutif Datuk Hashim bin Ismail - Ahli Pengarah Bebas Bukan Eksekutif (Dilantik sebagai Ahli pada 28/05/2009) Kehadiran Mesyuarat [3/3] [5/5] [5/5] [2/2] v. RINGKASAN AKTIVITI BAGI TAHUN 2009 Jawatankuasa Audit melaksanakan tugasnya selaras dengan Terma Rujukannya. Berikut adalah ringkasan aktiviti Jawatankuasa Audit setakat 31 Disember 2009: i. Membincang perancangan dan agenda Audit Dalam, hasil penilaian sepertimana ditunjukkan dalam laporan Juruaudit. ii. iii. iv. Meneliti perancangan audit dan Surat Pengurusan berkaitan audit dan mengemaskini Penyata Berkaitan Urustadbir Korporat dan Penyata Berkaitan Kawalan Dalaman, keputusan statutori dan regulartary, pematuhan kepada piawaian perakaunan dan audit serta lain-lain urusan bersama-sama Juruaudit Luar. Meneliti penyata kewangan yang telah diaudit bersama Juruaudit Luar untuk pertimbangan dan kelulusan Lembaga Pengarah sebelum pengumuman kepada Bursa Malaysia. Selain itu, meneliti laporan yang dibentangkan dan menimbang hasil pengauditan yang penting dan perakuan serta maklumbalas pengurusan ke atas hasil pengauditan tersebut. Meneliti dan memperakukan perlantikan Juruaudit Luar kepada Lembaga Pengarah. 86

68 vi. FUNGSI AUDIT DALAM Fungsi Audit Dalam adalah memberi keyakinan yang diperlukan kepada Jawatankuasa Audit dan Lembaga Pengarah dari segi ketelusan, kecukupan dan integriti sistem kawalan dalaman termasuk melaksanakan kerja-kerja pengauditan di semua unit operasi Kumpulan dan subsidiarinya. Dari segi aktiviti dan operasinya, Jabatan Audit Dalam adalah bebas, dengan itu tanggungjawab utamanya adalah untuk memberi Jawatankuasa Audit laporan yang bebas dan berobjektif ke atas kawalan dalaman, pengurusan risiko, proses urustadbir dan pematuhan kepada polisi dan prosidur yang diterimapakai diperingkat Kumpulan serta keperluan statutori yang berkaitan. Kekerapan laporan hendaklah dibuat secara suku tahun atau apabila Jawatankuasa bermesyuarat sepertimana terkandung dalam perancangan audit. Jawatankuasa Audit mempunyai peranan utama dalam membangunkan nilai Audit Dalam serta keberkesanannya dengan memastikan Jabatan Audit Dalam bertindak secara bebas dari Pengurusan. Tidak hanya bertindak secara bebas, Jabatan Audit Dalam hendaklah juga memberi pengesahan yang munasabah di semua peringkat Pengurusan berkaitan kawalan keseluruhan ke atas aset-aset dan keberkesanan ke atas sistem kawalan dalaman, memastikan Syarikat mencapai objektif keseluruhannya dan pelbagai audit dalaman ke atas operasi unit dan subsidiari. Sehingga 31 Disember 2009, Audit Dalaman berupaya melaksanakan tanggungjawabnya dengan berkecuali, cekap dan profesional bagi memberi jaminan kepada Lembaga Pengarah keatas keupayaan kawalan dalaman dan integriti sistem tersebut dalam Kumpulan. vii. FUNGSI AUDIT LUAR Juruaudit Luar telah bekerjasama dengan Audit Dalaman Kumpulan untuk meneliti mana-mana laporan kewangan yang diaudit/belum diaudit dan memberi perkhidmatan bukan audit bagi meneliti Penyata berkaitan Kawalan Dalaman dan Penyata berkaitan Urustadbir Korporat Kumpulan. Maklumat lanjut boleh diperolehi di Penyata Berkaitan Urustadbir Korporat Kumpulan di mukasurat 66. Jawatankuasa Audit telah menerima dan mengakui maklumat berkaitan perkhidmatan tersebut dan percaya perkhidmatan tersebut tidak akan menjejaskan kebebasan Juruaudit Luar. 87

69 CORPORATE AND SOCIAL RESPONSIBILITY (CSR) The Group is committed in ensuring the sustainability performance of its business operations and in line with such commitment, the Group being the Government Link Companies (GLC) continues to contribute to the nation economic development although it was envisage that the economic downturn would have an impact on the business performance of the Group. Being a good corporate citizen and being part of the community, the Group considered corporate social responsibility as part of doing business. During the year 2009, the Group continued its CSR programmes into four (4) identified core areas, namely the workplace, community, environment and the marketplace. Work Place With over 800 employees, the Group emphasize on the staff welfare and continuously provide work place which is conducive for the staff and employees. Several activities and programmes such as induction course, sports and recreational programmes, talks and seminars were organized by the Company purposely to enhance its employee s capability and productivity. Apart from that, the Group also organized Family Day for the staff which is an annual event for strengthening the relationship between the management, staff and families of the staff. The Group had spent RM1.08 million for enhancing human capital. The Group has in place the staff loans such as computer loan, housing loan and car loan for the staff as well as scholarship and educational loan for both the eligible staff and children of the staff of the Group. Not forgetting the importance of teamwork spirit, the Group through its subsidiary, Biport Bulkers Sdn. Bhd. had organised Productive Teambuilding at Taman Negara Similaju which was conducted by Malaysia Productive Corporation (MPC). It is hope that through this programmes, the staff can improve their selfesteem and hence can contribute towards the success of the Group. In order to measure the satisfaction of the employees, the Group conducted employee satisfaction survey (ESS) annually to assess employees satisfaction towards the Group as a whole. This survey is important to the Group so as to enable the Group to improve its action plan to increase the satisfaction of the employees. Bintulu Port ensures that its safety and health procedures are in placed. Total commitment from the management is essential to promote occupational safety and health in Bintulu Port. Any increase in the productivity and improvement in the workplace environment were results of good safety and health work practices and the adoption of work safety culture. Community Bintulu Port consistently continued to support various outreach and community programmes and had spend RM0.3 million for its CSR programmes. Among the programmes held for the year 2009 are as follows: i. Handing over two (2) units of Cardioserv Defibrillator and monitor ECG to the Bintulu General Hospital; ii. iii. iv. Giving aid to the flood victims when Bintulu was badly hit by flood due to the heavy monsoon rain; Conduct and organized training, workshops and motivation programmes for the UPSR and PMR Students 2009 in order to achieve good academic result and better future; Collaborate with the Bintulu General Hospital in conducting health talk on the H1N1 pandemic awareness for the employees, port users, agents and customers; v. Involved in the blood donation programme organized by the Bintulu Hospital; vi. Contributed to the Borneo Kites Festival, Kaul Festival and other programmes thereto. 88

70 Environment Bintulu Port takes full responsibility in complying with the legislative requirement that relates to safety, health and environment. We have in place a manual for the proper usage and disposal of chemical in line with the provision in the Environmental Quality (EQA) Act Scheduled wastes such as used oil, batteries and other used components are disposed off in compliance with the relevant Act as part of our commitment to protect the environment. The activities in the port are also monitored on quarterly basis through the internal environmental audit and the environmental monitoring. These reports are vetted by the regulatory authority and the Department of Environment, Kuching. For the year 2009, the Group had spent RM0.4 million for such purpose. Besides, in order to support with CSR voluntary standard, the Company provides continuous assurance that their port operation must comply at all times to the legislative requirement such as OSHA 1994, EQA 1974, FMA 1967 that relates to Health, Safety and Environment. The Marketplace The Group carry out activities and events to establish network with the other communities in the market place. In measuring the satisfaction of their customers, the Group conducted the customer satisfaction survey (CSS) annually to assess the performance of the Group as a whole. Further, interfacing sessions with the business fraternities, shareholders, investors and analysts were also held for a better rapport and understanding between the management and the customers. 89

71 TANGGUNGJAWAB SOSIAL KORPORAT (CSR) Kumpulan adalah komited dalam memastikan kesinambungan prestasi operasi perniagaannya dan selaras dengan komitment tersebut, Kumpulan selaku syarikat yang berkaitan dengan Kerajaan (GLC) terus menyumbang ke arah pembangunan ekonomi walaupun telah dijangka bahawa kemelesetan ekonomi akan memberi kesan kepada prestasi perniagaan Kumpulan. Selaku rakyat yang mempunyai tanggungjawab korporat yang baik dan sebagai sebahagian dari masyarakat, Kumpulan menganggap tanggungjawab sosial korporat adalah sebahagian dari perniagaannya. Dalam tahun 2009, Kumpulan meneruskan program tanggungjawab sosial korporatnya dengan menjurus kepada empat (4) perkara utama iaitu, tempat kerja, komuniti, alam sekitar dan pasaran. Tempat Kerja Dengan lebih 800 pekerja, Kumpulan memberi penekanan kepada kebajikan staff dan terus menyediakan tempat kerja yang selesa untuk pekerjanya. Pelbagai aktiviti dan program seperti kursus induksi, sukan dan program rekreasi, ceramah dan seminar dianjurkan oleh Syarikat bertujuan meningkatkan keberkesanan produktiviti dan keupayaan pekerjanya. Selain itu, Kumpulan telah menganjurkan Hari Keluarga yang merupakan acara tahunan bagi mengeratkan lagi hubungan silaturrahim di antara Pengurusan, Pekerja dan Keluarga Pekerja. Kumpulan telah mebelanjakan RM1.08 juta bagi meningkatkan modal insan. Kumpulan menyediakan pinjaman kakitangan seperti pinjaman komputer, perumahan dan kenderaan kepada pekerjanya serta biasiswa dan pinjaman pendidikan untuk pekerja dan anak-anak pekerja Kumpulan yang berkelayakan. Tidak lupa akan pentingnya semangat kerja berpasukan, Kumpulan melalui anak syarikatnya, Biport Bulkers Sdn. Bhd. telah menganjurkan Kerjasama Berpasukan yang Produktif di Taman Negara Similaju yang telah dikendalikan oleh Malaysia Productive Corporation (MPC). Adalah menjadi harapan agar program sebegini dapat meningkatkan daya saing dan seterusnya menyumbang ke arah kejayaan Kumpulan. Bagi mengukur tahap kepuasan pekerja secara keseluruhannya, Kumpulan telah membuat kajian kepuasan pekerja (ESS) secara tahunan. Kajian ini adalah penting kepada Kumpulan bagi membolehkan Kumpulan menambahbaik pelan tindakan bagi meningkatkan tahap kepuasan pekerja. Pelabuhan Bintulu memastikan prosidur keselamatan dan kesihatannya berada ditempatnya. Komitmen yang penuh dari Pengurusan adalah penting bagi meningkatkan keselamatan dan kesihatan pekerjaan di Pelabuhan Bintulu. Sebarang peningkatan dalam produktiviti dan penambahbaikan di tempat kerja adalah hasil dari amalan keselamatan dan kesihatan yang baik di tempat kerja dan penerimaan budaya kerja yang selamat. Komuniti Pelabuhan Bintulu sentiasa konsisten dalam meneruskan pelbagai sokongan program komuniti dan telah mebelanjakan RM0.3 juta untuk program tanggungjawab sosial korporatnya. Antara program yang telah diadakan dalam tahun 2009 adalah seperti berikut: i. Penyerahan dua (2) unit Cardioserv Defibrillator dan monitor ECG kepada Hospital Bahagian, Bintulu; ii. iii. Memberi pertolongan kepada mangsa banjir di Bintulu apabila Bintulu dilanda banjir berikutan hujan lebat akibat angin monsun; Mengendalikan latihan, bengkel dan program motivasi untuk para pelajar yang akan menduduki peperiksaan UPSR dan PMR pada tahun 2009 bagi membolehkan mereka mencapai keputusan yang cemerlang dan masa depan yang cerah; 90

72 iv. Bekerjasama dengan Hospital Bahagian Bintulu dalam menganjurkan ceramah kesihatan bagi meningkatkan tahap kesedaran ke atas pandemik H1N1 untuk pekerjanya, pengguna pelabuhan, agen dan pelanggan; v. Terlibat dalam program derma darah yang dianjurkan oleh Hospital Bahagian Bintulu; vi. Menyumbang untuk Pesta Layang-layang Borneo, Pesta Kaul dan lain-lain program. Alam Sekitar Pelabuhan Bintulu mengambil tanggungjawab sepenuhnya dalam mematuhi keperluan perundangan yang berkaitan dengan kesihatan, keselamatan dan alam sekitar. Kami mempunyai buku panduan yang sesuai bagi mengendalikan penggunaan dan pembuangan bahan kimia selaras dengan peruntukan Akta Alam Sekitar (EQA), Sebagai sebahagian dari komitmen kami dalam menjaga alam sekitar, pembuangan pepejal seperti minyak, bateri dan lain-lain komponen dibuat selaras dengan pematuhan kepada Akta. Aktiviti-aktiviti di Pelabuhan dipantau secara suku tahunan melalui audit alam sekitar yang dibuat secara dalaman dan juga pemantauan ke atas alam sekitar. Laporan-laporan audit dalaman ini akan diteliti oleh pihak berkuasa dan Jabatan Alam Sekitar (JAS), Kuching. Bagi tahun 2009, Kumpulan telah membelanjakan sebanyak RM0.4 juta untuk tujuan tersebut. Selain itu, dalam usaha menyokong piawaian tanggungjawab sosial korporat secara sukarela, Syarikat menyediakan jaminan yang berterusan bahawa operasi Pelabuhan sentiasa mematuhi keperluan peruntukan perundangan yang ada seperti OSHA 1994, EQA 1974, FMA 1967 yang berkaitan dengan Kesihatan, Keselamatan dan Alam Sekitar. Pasaran Kumpulan melaksanakan aktiviti-aktiviti dan acara-acara bagi mewujukan hubungan dengan komuniti lain di pasaran. Dalam mengukur tahap kepuasan pelanggannya, Kumpulan telah mengadakan kajian kepuasan pelanggan (CSS) yang dibuat secara tahunan bagi menilai tahap prestasi Kumpulan secara keseluruhannya. Di samping itu, sesi perjumpaan dengan pelanggan perniagaan, pemegang saham, pelabur dan penganalisa saham juga diadakan bagi mewujudkan hubungan yang erat dan persefahaman di antara Pengurusan dan Pelanggan. 91

73 PROFILE OF BINTULU PORT SDN. BHD. (BPSB) PROFIL BINTULU PORT SDN. BHD. (BPSB) BINTULU PORT sdn. bhd. Board of Directors Lembaga Pengarah Dato Shamsul Azhar bin Abbas Chairman Pengerusi (Director cum Chairman until 28/04/09 Pengarah merangkap Pengerusi sehingga 28/04/09) Datuk Hashim bin Ismail Director Pengarah (Appointed as Director on 01/10/09 Dilantik sebagai Pengarah pada 01/10/09 Datuk Fong Joo Chung Chairman Pengerusi (Appointed as Director cum Chairman on 28/04/09 Dilantik sebagai Pengarah merangkap Pengerusi pada 28/04/09) Amir Hamzah bin Azizan Director Pengarah (Appointed as Director on 28/04/09 Dilantik sebagai Pengarah pada 28/04/09) Company Secretary Setiausaha Syarikat Nik Abd Rahman bin Nik Ismail (LS ) Place Of Incorporation Tempat Diperbadankan Incorporated in Malaysia Diperbadankan di Malaysia Auditors Juruaudit Messrs. Ernst & Young Chartered Accountants Akauntan Bertauliah Principal Banker Bank Utama Malayan Banking Berhad Registered Office Pejabat Berdaftar Lot 15, Block 20, Kemena Land District 12th Mile, Tanjung Kidurong Road Bintulu, Sarawak Tel : (30 Lines Talian) Fax : / Company No. / No. Syarikat : V OPERATIONAL & FINANCIAL HIGHLIGHTS PETUNJUK PENTING OPERASI & KEWANGAN BINTULU PORT SDN. BHD Cargo Throughput (Million Tonnes) Kendalian Kargo (Juta Tan) Container Handled (TEUs) Kendalian Kontena (TEUs) Vessel Calls Singgahan Kapal Turnover (RM Million) Perolehan (RM Juta) Profit Before Taxation (RM Million) Keuntungan Sebelum Cukai (RM Juta) Paid-up Capital (RM million) Modal Berbayar (RM juta) Total Shareholders Fund (RM Million) Dana Pemegang Saham (RM Juta) Dividend Paid (Net) (RM Million) Dividen Dibayar (Bersih) (RM Juta) Gross Dividend Rate (sen) Kadar Dividen Kasar (sen) , , , , ,800 7,514 7,015 6,007 6,024 5,

74 BPSB BOARD OF DIRECTORS LEMBAGA PENGARAH BPSB Dato Shamsul Azhar bin Abbas Chairman Pengerusi Datuk Fong Joo Chung Chairman Pengerusi Datuk Hashim Bin Ismail Director Pengarah Amir Hamzah Bin Azizan Director Pengarah 93

75 MANAGEMENT of Bintulu Port SDN. BHD. MIOR AHMAD BAITI BIN MIOR LUB AHMAD Chief Executive Officer Ketua Pegawai Eksekutif ANDREW MAT RESSA Senior Manager, Corporate Development Pengurus Kanan, Pembangunan Korprat HJ. AHMAT BIN NARAWI Senior Manager, Marine Services Pengurus Kanan, Perkhidmatan Laut IR. HJ. ABDUL NASSER BIN ABDUL WAHAB Senior Manager, Container Terminal Pengurus Kanan, Kontena Terminal HJ. OMAR BIN HJ.SALLEH Senior Manager, Cargo Handling Services Pengurus Kanan, Perkhidmatan Pengendalian Kargo GIMA UJI Senior Manager, Health, Safety and Environment Pengurus Kanan, Kesihatan, Keselamatan dan Alam Sekitar 94

76 PENGURUSAN Bintulu Port SDN. BHD. RAMBLI BIN MASHAR Senior Manager, Finance Pengurus Kanan, Kewangan Hotni Binti Hj. Bahari Senior Manager, Human Resources Management Pengurus Kanan, Pengurusan Sumber Manusia MANAN BIN ILING (Acting) Senior Manager, Information Technology (Pemangku) Pengurus Kanan, Teknologi Maklumat HJ. JULKIP BIN HJ. SENO Senior Manager, Technical Services Pengurus Kanan, Perkhidmatan Teknikal NIK ABD RAHMAN BIN NIK ISMAIL Company Secretary Setiausaha Syarikat (LS ) 95

77 PROFILE OF BIPORT BULKERS SDN. BHD.(BBSB) PROFIL BIPORT BULKERS SDN. BHD. (BBSB) BIPORT BULKERS SDN. BHD. Board of Directors Lembaga Pengarah Dato Seri Dr. Hj. Arshad bin Hashim Chairman Pengerusi Datu Hj. Abang Halmi bin Ikhwan Director Pengarah (Appointed as Director on 01/10/09 Dilantik sebagai Pengarah pada 01/10/09) Dato Mohamad Norza bin Zakaria Director Pengarah (Appointed as Director on 01/10/09 Dilantik sebagai Pengarah pada 01/10/09) Datuk Hashim bin Ismail Director Pengarah (Director until 30/09/09 Pengarah sehingga 30/09/09) Company Secretary Setiausaha Syarikat Nik Abd Rahman bin Nik Ismail (LS ) Place Of Incorporation Tempat Diperbadankan Incorporated in Malaysia Diperbadankan di Malaysia Auditors Juruaudit Messrs. Ernst & Young Chartered Accountants Akauntan Bertauliah Principal Banker Bank Utama Malayan Banking Berhad Registered Office Pejabat Berdaftar Lot 15, Block 20, Kemena Land District 12th Mile, Tanjung Kidurong Road Bintulu, Sarawak Tel : Fax : / Company No. / No. Syarikat : V OPERATIONAL & FINANCIAL HIGHLIGHTS PETUNJUK PENTING OPERASI & KEWANGAN Biport Bulkers Sdn. Bhd. Cargo Throughput (Metric Tonnes) Kendalian Kargo (Metrik Tan) Turnover (RM Million) Perolehan (RM Juta) Profit/(Loss) Before Taxation (RM Million) Keuntungan/(Kerugian) Sebelum Cukai (RM Juta) Paid-up Capital (RM Million) Modal Berbayar (RM Juta) Total Shareholders Fund (RM Million) Dana Pemegang Saham (RM Juta) ,860,891 1,528, , , , (1.30) (0.97) (2.28)

78 BBSB BOARD OF DIRECTORS LEMBAGA PENGARAH BBSB DATO SERI DR. HJ. ARSHAD BIN HASHIM Chairman Pengerusi Dato Mohamad Norza Bin Zakaria Director Pengarah Datu Hj. Abang Halmi Bin Ikhwan Director Pengarah Datuk Hashim Bin Ismail Director Pengarah 97

79 MANAGEMENT OF BBSB PENGURUSAN BBSB MIOR AHMAD BAITI BIN MIOR LUB AHMAD Chief Executive Officer Ketua Pegawai Eksekutif NIK ABD RAHMAN BIN NIK ISMAIL Company Secretary Setiausaha Syarikat SHAMSUDDIN BIN ISMAIL Manager, Operation Pengurus, Operasi 98

80 AWARDs AND RECOGNITIONs Malaysian Society For Occupational Safety and Health Award (MSOSH) International Safety Award LTIF Performance Against Targeted Corporate KPI - LTIF Per Million Manhours (Not More Than 1.0) 3.0 KPI - LTI LTIF AAchievement Years Lost Time Injury Frequency Rate (Ltif) Historical Achievements Compilation of Manhours Man Hours Without LTI Date Achieve 1 1st 1 Million Manhours 08 th April st 2 Million Manhours 25 th October st 3 Million Manhours 23 rd January st 4 Million Manhours 11 th April st 5 Million Manhours 18 th March st 6 Million Manhours 16 th May st 7 Million Manhours 16 th July st 8 Million Manhours 09 th September 2008 Lost Time Injury (Lti) 99

81 AWARDs AND RECOGNITIONs NATIONAL AND INTERNATIONAL AWARDS AND RECOGNITIONS In the year 2009, the Group through its subsidiary, the Bintulu Port Sdn. Bhd. (BPSB) once again was awarded with the MSOSH Occupational Safety and Health Bronze Award for the year 2008 by the Malaysian Society for Occupational Safety and Health. Bintulu Port has received similar awards from Malaysian Society for Occupational Safety and Health for the last 13 consecutive years. In the same year, Bintulu Port has also won a prestigious safety award from the British Safety Council, U.K. for 10 consecutive years. Only companies with below average accident rate are eligible to participate in this award. Winners must have lower than the average accident rate, good safety policies and safety plans and commitment to health and safety at the highest board level. Bintulu Port is the only port in the country that has been conferred with the Malaysian Society of Occupational Safety and Health (MSOSH) Awards and National Safety Award from the British Safety Council, U.K. for sound occupational safety and health performance. LOST TIME INJURY FREQUENCY RATE (LTIF) Bintulu Port has a target or Key Performance Indicator (KPI) to monitor its Safety Performance in the form of Lost Time Injury Frequency Rate (LTIF) and Accumulation of Manhours without Lost Time Injury (LTI). The performance of the LTIF is as shown in the table on page 99. The KPI or targeted LTIF is measured based on a benchmark whereby the existing or actual LTIF should not be the same or above the target set. The LTIF benchmark was originally derived from the national and international standard (MSOSH & BSC). The management periodically reviewed this benchmark by setting higher target for each year. The LTIF that is below the targeted LTIF means the company performs a good safety record or in other words, less lost time injury cases or cases involving bodily injury that required a day away from work or sick leave or medical leave. Based on the safety performance statistics since 1994 until now, Bintulu Port has always achieved the preset targets through the institution of various steps/programs to improve the port safety performance. The Health, Safety and Environment Policy is in place to serve as guidance in providing a safe, efficient and high quality port services as well as pollution free environment which meet customer s expectation. LOST TIME INJURY (LTI) Bintulu Port had managed to achieve at least on four (4) occasions its targeted Million Man Hours Without Lost Time Injury which started from 1 st 5 Million Man Hours Without LTI to 1 st 8 Million Man Hours Without LTI. The achievement of the 1 st 8 Million Man Hours Without Lost Time Injury (LTI) was achieved on 9 th September The history of the Company s achievements in monitoring Million Man Hours Without Lost Time Injury is as shown in the table on page

82 ANUGERAH DAN PENGHARGAAN ANUGERAH DAN PENGHARGAAN KEBANGSAAN DAN ANTARABANGSA Dalam tahun 2009, Kumpulan melalui syarikat subsidiarinya, Bintulu Port Sdn. Bhd. (BPSB) sekali lagi telah dianugerahkan dengan Anugerah Gangsa bagi tahun 2008 dari Pertubuhan Keselamatan dan Kesihatan Pekerja, Malaysia. Pelabuhan Bintulu telah menerima anugerah yang serupa dari Pertubuhan Keselamatan dan Kesihatan Pekerja selama 13 tahun berturut-turut. Dalam tahun yang sama, Pelabuhan Bintulu juga telah menerima anugerah yang berprestij dari British Safety Council, U.K. selama 10 tahun berturut-turut. Hanya syarikat-syarikat yang mempunyai kadar kemalangan yang rendah sahaja yang layak menyertai anugerah ini. Para pemenang mestilah mempunyai kadar kemalangan yang rendah, polisi keselamatan dan pelan keselamatan yang baik serta komitment terhadap kesihatan dan keselamatan di peringkat Lembaga Pengarah yang tertinggi. Pelabuhan Bintulu adalah merupakan satu-satunya Pelabuhan dalam negara yang telah menerima Anugerah dari Pertubuhan Keselamatan dan Kesihatan Pekerja, Malaysia dan British Safety Council, U.K. ke atas prestasi keselamatan dan kesihatan yang baik. KADAR KEKERAPAN KEHILANGAN MASA KECEDERAAN (LTIF) Pelabuhan Bintulu mempunyai sasaran atau Kunci Indikator Prestasi (KPI) bagi memantau prestasi keselamatan dalam bentuk Kadar Kekerapan Kehilangan Masa Kecederaan (LTIF) dan pengumpulan Masa Kerja Tanpa Kehilangan Masa Kecederaan (LTI). Prestasi LTIF adalah ditunjukkan pada jadual di mukasurat 99. KPI atau sasaran LTIF ini diukur berdasarkan ukuran dimana LTIF sedia ada atau yang sebenarnya hendaklah tidak sama atau di atas sasaran yang ditetapkan. Ukuran LTIF ini diambil dari piawaian kebangsaan dan antarabangsa (MSOSH & BSC). Ukuran ini juga akan diteliti secara kerap oleh Pengurusan dengan menetapkan sasaran yang tinggi pada setiap tahun. LTIF yang dibawah sasaran bermaksud syarikat telah melaksanakan rekod keselamatan atau dalam erti kata lain, kurangnya kes kadar kekerapan kehilangan masa kecederaan atau kes-kes yang melibatkan kecederaan kepada badan yang memerlukan tidak hadir bekerja atau mempunyai cuti sakit. Berdasarkan statistik prestasi keselamatan semenjak tahun 1994 sehingga sekarang, Pelabuhan Bintulu sentiasa mencapai tahap sasaran yang ditetapkan melalui pelbagai langkah/program untuk meningkatkan tahap prestasi keselamatan Pelabuhan. Polisi Kesihatan Keselamatan dan Alam Sekitar yang ada dijadikan panduan dalam memberi perkhidmatan Pelabuhan yang selamat, berkesan dan tinggi kualitinya serta alam sekitar yang bebas dari pencemaran yang memenuhi kehendak pelanggan. MASA KERJA TANPA KEHILANGAN MASA KECEDERAAN (LTI) Pelabuhan Bintulu berjaya mencapai tahap sasaran masa kerja tanpa kehilangan masa kecederaan (LTI) sekurangkurangnya empat (4) kali bermula dari 5 juta yang pertama masa kerja tanpa kehilangan masa kecederaan sehingga 8 juta pertama masa kerja tanpa kehilangan masa kecederaan. Pencapaian 8 juta pertama masa kerja tanpa kehilangan masa kecederaan telah diperolehi pada 9 September Sejarah pencapaian syarikat dalam memantau masa kerja tanpa kehilangan masa kecederaan adalah ditunjukkan pada jadual di mukasurat

83 CORPORATE HIGHLIGHTS th January 2009 Januari 2009 Corporate visit by Miri Airport (MASB) to BPSB A group of staff personnel from Miri Airport (MASB) paid a visit to BPSB on 12 th January Lawatan korporat daripada pihak Lapangan Terbang Miri (MASB) ke BPSB Lawatan oleh sekumpulan kakitangan dari Lapangan Terbang Miri (MASB) ke BPSB pada 12 Januari th th January 2009 Januari 2009 Port Facility Security Officers Meeting The meeting was kindly hosted by Bintulu Port Authority (BPA) on 15 th to 16 th January Security Officers from BPSB and BPA attended this meeting. Mesyuarat Pegawai - Pegawai Keselamatan Pelabuhan Lembaga Pelabuhan Bintulu (LPB) adalah tuan rumah bagi Mesyuarat tersebut yang diadakan pada 15 hingga 16 Januari Pegawai-Pegawai Keselamatan dari BPSB dan LPB telah menghadiri Mesyuarat tersebut. 29 th January 2009 Januari 2009 CSR - Corporate Social Responsibility Projects 2009 Handing over ceremony of 2 units of Cardioserv Defribillator and Monitor ECG to the Bintulu General Hospital on 29 th January CSR - Projek Tanggungjawab Sosial dan Korporat (CSR) 2009 Penyerahan 2 unit Cardoserv Defribillator dan Monitor ECG kepada Hospital Umum Bintulu pada 29 Januari

84 PERiSTIWA-PERISTIWA PENTING Korporat th February 2009 Februari 2009 th 5 February 2009 Februari 2009 Corporate visit by President and Chief Operation Officer (COO) of Samsung to BPSB The groups from Burel Sdn. Bhd., First London PLC, Linde Engineering, Samsung Engineering and Arkitek Seniformasi paid a visit to BPSB on 5 th February Lawatan Korporat oleh Pengerusi dan Ketua Pegawai Operasi (COO) Samsung ke BPSB Lawatan oleh Burel Sdn. Bhd., First London PLC, Linde Engineering, Samsung Engineering dan Arkitek Seniformasi ke BPSB pada 5 Februari Meeting of the 2 nd Federation Of Malaysian Port Operating Companies (FMOC) Meeting of the 2 nd FMOC was held on 5 th February 2009 at Wisma Kontena BPSB. Mesyuarat Persekutuan kali ke-2 untuk Syarikat- Syarikat Pengendali Pelabuhan Malaysia (FMOC) Mesyuarat FMOC kali ke-2 telah diadakan pada 5 Februari 2009 di Wisma Kontena BPSB. 6 th February 2009 Februari 2009 Farewell Dinner The dinner was held at the Regency Plaza Hotel, Bintulu on 6th February Staff retiring were: Encik Abdul Abi Bin Masri Encik Supian Bin Nawi Encik Ahmad Bin Maharop Encik Ahmad Bin Husin Majlis Makan Malam Perpisahan Majlis tersebut telah diadakan di Regency Plaza Hotel Bintulu pada 6 Februari Antara staf yang bersara: Encik Abdul Abi Bin Masri Encik Supian Bin Nawi Encik Ahmad Bin Maharop Encik Ahmad Bin Husin 9 th February 2009 Februari 2009 Study Tour to BPSB by Students from Faculty of Resource Science and Technology, University Malaysia Sarawak (UNIMAS) On 9 th February 2009, 60 students from the Faculty of Resource Science and Technology, UNIMAS made a study tour to Bintulu Port. Lawatan Sambil Belajar oleh Pelajar-Pelajar dari Fakulti Sumber Sains dan Teknologi, Universiti Malaysia Sarawak (UNIMAS) Pada 9 Februari 2009, seramai 60 orang pelajar Pelajar-Pelajar dari Fakulti Sumber Sains dan Teknologi, UNIMAS telah mengikuti lawatan sambil belajar ke Pelabuhan Bintulu. 103

85 CORPORATE HIGHLIGHTS th February 2009 Februari 2009 Corporate visit by MLNG and Gladstone LNG to BPSB The group from MLNG and Gladstone LNG, Safety and Security Department paid a visit to BPSB on 12 th February Briefing was given by DSP Elvis on port security and ISPS code. Lawatan Korporat oleh MLNG dan Gladstone LNG ke BPSB Lawatan Korporat oleh Jabatan Keselamatan dan Sekuriti, MLNG dan Gladstone LNG ke BPSB pada 12 Februari Tetamu telah diberi taklimat oleh DSP Elvis mengenai keselamatan di Pelabuhan dan Kod ISPS. 25 th February 2009 Februari 2009 Visitors from PKE Buyers (BEO) A group from PKE Buyers (Wilmar) from New Zealand and Australia paid a visit to BPSB on 25 th February Lawatan oleh PKE Buyers (BEO) Lawatan oleh PKE Buyers (Wilmar) dari New Zealand dan Australia ke BPSB pada 25 Februari rd March 2009 Mac 2009 Visit by BPSB Customers BPSB Customers paid a visit to BPSB on 3 rd March Lawatan dari Pelanggan-Pelanggan BPSB Pelanggan-Pelanggan BPSB telah mengadakan lawatan tersebut pada 3 Mac rd April 2009 April 2009 BPSB take delivery of 17 units of TERBERG Terminal Tractor 17 units of Terberg Terminal Tractor were delivered to BPSB by Permata Naluri Sdn. Bhd. on 3 rd April Penghantaran 17 unit TERBERG Terminal Tractor 17 unit Terberg Terminal Tractor telah dihantar ke BPSB oleh Permata Naluri Sdn. Bhd. pada 3 April

86 PERiSTIWA-PERISTIWA PENTING Korporat th April 2009 April 2009 Bintulu Port Holdings Berhad 13 th Annual General Meeting Bintulu Port Holdings Berhad s 13 th Annual General Meeting was held at Kuching Hilton on 28 th April Mesyuarat Agung Tahunan ke-13 Bintulu Port Holdings Berhad Mesyuarat Agung Tahunan ke-13 Bintulu Port Holdings Berhad telah diadakan di Hilton Kuching pada 28 April th May 2009 Mei 2009 Swearing-In Ceremony for 15 New Port Security Officers This ceremony was held at the Conference Room, Wisma Kontena on the 15 th May 2009, witnessed by YDH Ketua Polis Daerah Bintulu. Majlis Angkat Sumpah untuk 15 orang Pegawai Keselamatan Pelabuhan yang baru Majlis ini telah diadakan di Conference Room, Wisma Kontena pada 15 Mei 2009 dan telah disaksikan oleh YDH Ketua Polis Daerah Bintulu. 15 th May 2009 Mei 2009 Farewell Dinner A dinner was held at Parkcity Everly Hotel on 15 th May Staff retiring were: En. Hardi Bin Ibrahim / Hademan Hj. Abu Bakar Hj. Wan Adenan Majlis makan malam untuk kakitangan yang bersara Majlis makan malam tersebut telah diadakan di Parkcity Everly Hotel pada 15 Mei Antara staf yang bersara: En. Hardi Bin Ibrahim / Hademan Hj. Abu Bakar Hj. Wan Adenan 105

87 CORPORATE HIGHLIGHTS th June 2009 Jun 2009 Visit from Japanese Contractors - MLNG guest to BPSB on the 10 th June 2009 Corporate briefing was given by Mr. Bo Jow Yung and Captain Jai Kenek (MLNG). Lawatan oleh Kontraktor dari Jepun - tetamu dari MLNG ke BPSB pada 10 Jun 2009 Mereka telah diberi taklimat korporat oleh Encik Bo Jow Yung dan Kapten Jai Kenek (MLNG). 10 th June 2009 Jun 2009 Special Health Briefing (H1N1) Representative from Health Department, Bintulu Division and Safety Office gave a special H1N1 briefing session to help curb the H1N1. This briefing was attended by port users, agents and customers as an early prevention for the H1N1 disease. Taklimat Khas Kesihatan (H1N1) Wakil daripada Jabatan Kesihatan, Bahagian Bintulu dan Pejabat Keselamatan telah memberi sesi taklimat khas mengenai H1N1 sebagai usaha pencegahan penyakit tersebut. Taklimat ini telah dihadiri oleh pengguna-pengguna pelabuhan, agensi-agensi dan para pelanggan. 13 th June 2009 Jun 2009 Visit by Tan Sri Nor Mohamed Yaakop Tan Sri Nor Mohamed Yaakop paid an official visit to Bintulu Port on the 13 th June Lawatan oleh Tan Sri Nor Mohamed Yaakop Lawatan rasmi oleh Tan Sri Nor Mohamed Yaakop ke Pelabuhan Bintulu pada 13 Jun

88 PERiSTIWA-PERISTIWA PENTING Korporat th June 2009 Jun 2009 The 14 th Annual General Meeting (Koperasi BPSB) The meeting was held on 26 th June 2009 at the Conference Room, Wisma Kontena. Mesyuarat Agung Tahunan ke-14 (Koperasi BPSB) Mesyuarat tersebut telah diadakan pada 26 Jun 2009 bertempat di Conference Room, Wisma Kontena. 3 rd July 2009 Julai 2009 Completion of Industry Training A simple ceremony held on 3 rd July 2009 marked the completion of the Industry Training for the 16 trainees. Penamatan Latihan Industri Satu majlis ringkas telah diadakan pada 3 Julai 2009 bagi menandakan penamatan Latihan Industri untuk 16 orang pelatih. 13 th July 2009 Julai 2009 Majlis Penganugerahan APC 2009 This ceremony was held at the Conference Room, Wisma Kontena on 13 th July Majlis Penganugerahan APC 2009 Majlis tersebut telah diadakan pada 13 Julai 2009 bertempat di Conference Room, Wisma Kontena. 107

89 CORPORATE HIGHLIGHTS st July 2009 Julai 2009 BPSB Oil Spill and Fire Drill Exercise On 21 st July 2009, a Oil Spill and Fire Exercise was held at the Oil Barge Berth. The main objective is to test and access the Overall Emergency Preparedness of BPSB. Latihan ke atas Tumpahan Minyak dan Latihan Kebakaran Latihan tersebut telah diadakan pada 21 Julai 2009 bertempat di Oil Barge Berth. Objektif utama latihan ini adalah untuk menguji dan menilai Kesediaan Kecemasan Keseluruhan BPSB. 22 nd July 2009 Julai 2009 Delegates from Kimbely Land Council (KLC) Northern Economic Development Pty. Ltd. (NED) and Petronas delegates to Bintulu Port on 22 nd July Delegasi dari Kimberly Land Council (KLC) Delegasi dari Northern Economic Development Pty. Ltd. (NED) dan Petronas telah mengadakan lawatan ke Pelabuhan Bintulu pada 22 Julai th August 2009 ogos 2009 Official visit by Assistant Minister of Transportation Datuk Abdul Rahim bin Bakri paid an official visit to Bintulu Port on the 4 th August He was briefed by the General Manager, Bintulu Port Authority (BPA) and our Senior Manager, Corporate Development, Mr. Andrew Mat Ressa at Wisma Kidurong. Lawatan Rasmi oleh Timbalan Menteri Pengangkutan Datuk Abdul Rahim bin Bakri telah mengadakan lawatan rasmi ke Pelabuhan Bintulu pada 4 ogos Beliau telah diberi taklimat ringkas oleh Pengurus Besar, Lembaga Pelabuhan Bintulu (LPB) dan Pengurus Kanan, Pembangunan Korporat, Encik Andrew Mat Ressa bertempat di Wisma Kidurong. 108

90 PERiSTIWA-PERISTIWA PENTING Korporat th August 2009 ogos 2009 Maiden Call by MV Mell Saraca BPSB welcome MV Mell Saraca to Bintulu Port on 25 th August Singgahan Pertama oleh Mell Saraca BPSB telah mengalu-alukan ketibaan MV Mell Saraca ke Pelabuhan Bintulu pada 25 Ogos th August 2009 ogos 2009 Visit by Technology Engineering Club of Curtin University Technology Engineering Club of Curtin University visit Bintulu Port on 26 th August Lawatan oleh Kelab Teknologi Kejuruteraan dari Universiti Curtin Lawatan ke Pelabuhan Bintulu oleh Kelab Teknologi Kejuruteraan tersebut telah diadakan pada 26 Ogos st September 2009 September 2009 Visit by DCP Dato Hamza bin Taib Visit by DCP Dato Hamza bin Taib to Bintulu Port on 1 st September Lawatan oleh DCP Dato Hamza Bin Taib DCP Dato Hamza bin Taib telah mengadakan lawatan ke Pelabuhan Bintulu pada 1 September th September 2009 September 2009 Visit by Asia Minerals Ltd. Hong Kong Visit by Asia Minerals Ltd. Hong Kong with officials from MIDA to BPSB on 8 th September Lawatan oleh Asia Minerals Ltd. Hong Kong Lawatan oleh Asia Minerals Ltd. Hong Kong secara rasmi bersama Pegawai-Pegawai dari MIDA ke BPSB pada 8 September

91 CORPORATE HIGHLIGHTS 2009 th 13 October 2009 Oktober th October 2009 Oktober 2009 Visit by OSK Research (Investors) Delegates from Sabah Port Sdn. Bhd. Visit by OSK Research (Investors) from Kuala Lumpur to Bintulu Port, on 13 th October Lawatan oleh OSK Research (Pelabur) Lawatan oleh OSK Research (Pelabur) dari Kuala Lumpur ke Pelabuhan Bintulu pada 13 Oktober Delegates from Sabah Port Sdn. Bhd. to Bintulu Port, on 16 th October Delegasi dari Sabah Port Sdn. Bhd. Delegasi Sabah Port Sdn. Bhd. ke Pelabuhan Bintulu pada 16 Oktober th October 2009 Oktober 2009 Tuan Yang Terutama (TYT) Tun Abang Muhammad Salahuddin s Birthday Celebration 2009 The 88 th birthday celebration of the Yang di-pertua Negeri, Tun Abang Muhammad Salahuddin at the Civic Centre, Bintulu on 24 th October Sambutan Hari Jadi Tuan Yang Terutama (TYT) Tun Abang Muhammad Salahuddin Sambutan Hari jadi yang ke-88 Yang di-pertua Negeri, Tun Abang Muhammad Salahudin di Dewan Suarah Bintulu pada 24 Oktober

92 PERiSTIWA-PERISTIWA PENTING Korporat 2009 th 27 October 2009 Oktober 2009 th 30 October 2009 Oktober 2009 Visit by MIDA & MEMC (USA) Visit by MISC Bhd. Visit by MIDA & MEMC (USA) to Bintulu Port, on 27 th October Lawatan oleh MIDA & MEMC (USA) Lawatan oleh MIDA & MEMC (USA) ke Pelabuhan Bintulu pada 27 Oktober Visit by MISC Bhd. from Kuala Lumpur HQ to Bintulu Port, on 30 th October Lawatan oleh MISC Bhd. Lawatan oleh MISC Bhd. dari Ibu Pejabat Kuala Lumpur ke Pelabuhan Bintulu pada 30 Oktober rd 3-5 th November 2009 November 2009 International Energy Week (IEW 09) The event was held on 3 rd to 5 th November 2009, at New Borneo Convention Centre, Kuching. International Energy Week (IEW 09) Acara tersebut telah diadakan pada 3 hingga 5 November 2009 di New Borneo Convention Centre, Kuching. 111

93 CORPORATE HIGHLIGHTS 2009 th 9 November 2009 November th November 2009 November 2009 Visit by OSH Committee Malaysian Airports Sdn. Bhd. Visit by Bintulu Edible Oils Sdn. Bhd. Visit by OSH Committee Malaysian Airports Sdn. Bhd. Sibu Branch on 9 th November Lawatan oleh OSH Committee Malaysia Airports Sdn. Bhd. Lawatan oleh OSH Committee Malaysia Airports Sdn. Bhd. Cawangan Sibu, pada 9 November Visit by Bintulu Edible Oils Sdn. Bhd. to BPSB on 13 th November Lawatan oleh Bintulu Edible Oils Sdn. Bhd. Lawatan oleh Bintulu Edible Oils Sdn. Bhd. ke BPSB pada 13 November th November 2009 November th BPSB Montessori Convocation On 18 th November 2009, BPSB Montessori held its 13 th convocation at the Ballroom of Parkcity Everly Hotel. Konvokesyen Montessori BPSB yang ke-13 Pada 18 November 2009, Montessori BPSB telah mengadakan konvokesyen ke-13 di Ballroom, Parkcity Everly Hotel. 112

94 PERiSTIWA-PERISTIWA PENTING Korporat th November 2009 November 2009 Visit by Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah, Bintulu Port Holdings Berhad New Chairman Our new Chairman, Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah, made an official visit to Bintulu Port on 20 th November Encik Mior Ahmad Baiti, CEO of BPSB, management and staff of Bintulu Port warmly welcome him. Lawatan oleh Pengerusi baru Bintulu Port Holdings Berhad, Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah telah mengadakan lawatan rasmi ke Pelabuhan Bintulu pada 20 November Kedatangan beliau dialu-alukan oleh KPE BPSB, Encik Mior Ahmad Baiti, pihak pengurusan dan kakitangan Pelabuhan Bintulu. 10 th December 2009 Disember 2009 Visit by the participants of Kem Cuti Sekolah HIKMAH Participants of Kem Cuti Sekolah HIKMAH visit Bintulu Port on 10 th December Lawatan Peserta-Peserta Kem Cuti Sekolah HIKMAH Lawatan dari peserta-peserta Kem Cuti Sekolah HIKMAH ke Pelabuhan Bintulu pada 10 Disember th December 2009 Disember 2009 BPSB Blood Donation BPSB Blood Donation was held on 15 th December Kempen Derma Darah BPSB Kempen Derma Darah BPSB telah diadakan pada 15 Disember

95 Analysis of Equity Structure 1. ANALYSIS OF HOLDINGS AS AT 17 th MARCH 2009 ANALISIS PEGANGAN PADA 17 MAC 2009 Size of Shareholdings Saiz Pegangan No. of Holders Bil. Pemegang Saham No. of Shares Bil. Saham % SHARE SAHAM M SIAN FOREIGN M SIAN FOREIGN M SIAN FOREIGN ,000 1,001 10,000 10, , ,001 19,999,999 20,000,000 and Above ,300 2,816,200 5,430,950 89,494, ,985, ,700 44, ,694 5,310, Total Jumlah 1, ,347,271 5,652, LIST OF TOP THIRTY (30) HOLDERS AS AT 17 th MARCH 2009 SENARAI TIGA PULUH (30) PEMEGANG SAHAM TERTINGGI PADA 17 MAC 2009 No Bil 1. Name of Holders Nama Pemegang Saham Cartaban Nominees (Tempatan) Sdn. Bhd. Petroliam Nasional Berhad (Strategic Inv) Shareholdings Pegangan Saham % 131,171, State Financial Secretary Sarawak 122,701, Kumpulan Wang Persaraan (Diperbadankan) 42,113, Valuecap Sdn. Bhd. 13,580, Employees Provident Fund Board 12,480, Misc Berhad 10,619, Amanahraya Trustees Berhad Skim Amanah Saham Bumiputera Amanahraya Trustees Berhad Amanah Saham Didik Amanahraya Trustees Berhad Amanah Saham Malaysia 7,351, ,404, ,731, Pertubuhan Keselamatan Sosial 2,960, Amanahraya Trustees Berhad Public Islamic Dividen Fund Amanahraya Trustees Berhad Public Islamic Optimal Growth Fund Mayban Nominees (Tempatan) Sdn. Bhd. Mayban Trustee Berhad For Public Ittikal Fund (N ) Tm Asia Life Malaysia Bhd. As Beneficial Owner (Pf) Hsbc Nominees (Tempatan) Sdn. Bhd. Nomura Asset Mgmt Malaysia For Employees Provident Fund 2,689, ,456, ,320, ,320, ,216,

96 Analisis Struktur Ekuiti No Bil Name of Holders Nama Pemegang Saham Citigroup Nominees (Tempatan) Sdn. Bhd. Exempt An For American International Assurance Berhad Hlg Nominee (Tempatan) Sdn. Bhd. Pb Trustee Services Berhad For Hlg Growth Fund Amanahraya Trustees Berhad Amanah Saham Wawasan 2020 Amanahraya Trustees Berhad Sekim Amanah Saham Nasional Amanahraya Trustees Berhad Public Islamic Select Treasures Fund Cartaban Nominees (Asing) Sdn. Bhd. Dbs Vickers (Hong Kong) Limited For Cheah Cheng Hye Mayban Nominees (Tempatan) Sdn. Bhd. Etiqa Takaful Berhad (Family Fund) Cartaban Nominees (Asing) Sdn. Bhd. Ssbt Fund J728 For Spdr S&P Emerging Asia Pacific Etf Shareholdings Pegangan Saham % 1,667, ,645, ,641, ,600, ,440, ,200, ,080, ,044, Lembaga Tabung Haji 1,011, Shoptra Jaya (M) Sdn. Bhd. 1,002, Amanahraya Trustees Berhad Public Islamic Equity Fund Amanahraya Trustees Berhad Affin Islamic Equity Fund Bhlb Trustee Berhad Public Focus Select Fund Amsec Nominees (Tempatan) Sdn. Bhd. Assar Asset Management Sdn. Bhd. For Tabung Baitulmal Sarawak (Majlis Islam Sarawak) (Fm-Assar-Tbs) Amanahraya Trustees Berhad Public Islamic Asia Dividend Fund 865, , , , , TOTAL / JUMLAH 381,028, SUBSTANTIAL SHAREHOLDERS AS AT 17 th MARCH 2009 PEMEGANG SAHAM UTAMA PADA 17 MAC 2009 No Bil 1. Name of Holders Nama Pemegang Saham Cartaban Nominees (Tempatan) Sdn. Bhd. Petroliam Nasional Bhd. (Strategic Inv) Shareholdings Pegangan Saham % 131,171, State Financial Secretary Sarawak 122,701, Kumpulan Wang Persaraan (Diperbadankan) 42,113, TOTAL / JUMLAH 295,985,

97 SUMMARY OF EQUIPMENT AND FACILITIES AS AT 17 th MARCH 2009 Description Keterangan No. of Units / Facilities Jumlah Unit / Kemudahan Total Capacity / Area Jumlah Kapasiti / Keluasan Type Of Berth Jenis Dermaga Quay Width Depth General Cargo Wharf Dermaga Kargo Am Bulk Cargo Wharf Dermaga Kargo Pukal Container Terminal Terminal Kontena LNG Jetty Jeti GAC LPG Jetty Jeti LPG 3 Berth M 270 M 450 M M 30 M 35 M M 13.5 M 14.0 M 15.5 M 11.0 M Petrochemical Terminal - Petroleum Jetty - Oil Barge Berth M 7.0M Coastal Terminal (Gravel Jetty) Edible Oils Terminal Multipurpose Terminal M M M 4.5 M 14.0M 14.0M Type Of Storage Jenis Penstoran Square meters Meter Persegi General Cargo Wharf Wharf Kargo Am - Transit Shed - Warehouses - Open Storage Area - Rigger Warehouse Container Terminal Terminal Kontena - RTG Blocks - RSD Block - Customs Examination Area * - Dangerous Goods Storage * - Reefer Points * - On Dock Depot (ODD) * (Reach Stacker Operations) Type Of Vessels Jenis Kapal Mooring Boat Mooring Boat (Charter) Shiphandling Tug 45 Tons (New) Shiphandling Tug 45 Tons (Old) Shiphandling Tug 45 Tons (Charter) Shiphandling Tug 25 Tons (New) Shiphandling Tug 25 Tons (Old) Aluminium Pilot Boat Pilot Boat (Charter) Hydrographic Survey Launch Fiberglass Patrol Boat * (Twenty Foot) 10,000 7,200 62,000 2, Ground Slots * 524 Ground Slots * 12 Ground Slots * 48 Ground Slots * 42 Ground Slots * 442 Ground Slots * Capacity Kapasiti Tonnes bollard pull 45 Tonnes bollard pull 45 Tonnes bollard pull 25 Tonnes bollard pull 25 Tonnes bollard pull

98 PERALATAN DAN KEMUDAHAN SETAKAT 17 MAC 2009 Cargo Handling & Mechanical Equipments Peralatan Pengendalian Kargo & Mekanikal Container Handling Equipment Post Panamax Gantry Cranes Rubber Tyred Gantry Cranes Mobile Harbour Crane Reach Stacker Diesel Towing Terminal Tractor Trailer (Container) Toyota Diesel Forklift Extra Heavy Forklift Empty Container Forklifts Battery Power Forklift Gas Forklift Empty Container Handler Cargo Handling Equipment Forklift Trucks 4 Ton (Diesel) Forklift Trucks 8 Ton (Diesel) Forklift Trucks 25 Ton (Diesel) Forklift Trucks H/M (LPG) Forklift Trucks L/M (LPG) Terminal Tractor Platform Trailer Reach Stacker 2600 MT Tank 2000 MT Tank 1000 MT Tank 650 MT Tank Bulking Facilities / Kemudahan Penstoran No. of Units / Facilities Jumlah Unit / Kemudahan No. of Units / Facilities Jumlah Unit / Kemudahan Metric Tonnes Metrik Tan Metric Tonnes Metrik Tan 10,400 44,000 16,000 5,

99 LIST OF PROPERTIES AS AT 17 th MARCH 2010 SENARAI HARTANAH SETAKAT 17 MAC 2010 Location Lokasi Description Keterangan Tenure/Age of Building (Years) Hakmilik / Usia Bangunan (Tahun) Area sq. ft. Keluasan kaki persegi Net Book Value RM 000 Nilai Buku Bersih RM 000 Land: Part of Lot 15 & 37 (Alienated Land), Tanjung Kidurong, Kemena Land District, Bintulu, Sarawak The surveyed land area identified in the Agreement to Sub- Lease (Alienated Land) dated Leasehold (expiring in 2022) 4,415,170 - Part of Lot 15 & 37 (BICT Land) Tanjung Kidurong, Kemena Land District, Bintulu Port Holdings Berhad, Sarawak The surveyed land area which covers the BICT Leasehold (expiring in 2022) 2,693,037 - Buildings, Structures & Improvements: Built on Alienated Land Single Storey Office Building - 15 years 6, Built on BICT Land Receipt & Delivery Building Gate House Crane Service Station Custom Examination Shed Canteen Building Marine Operation Building Marine Maintenance Workshop Wisma Kontena Building Access Road (including 2 bridges) Container Stacking & Operations Yard Main Intake Substation Quay Crane Substation Quay Crane Station CFS Substation Marine Marine Operation Substation Wharves 4 & 5 Small Craft Harbour Coastal Terminal Edible Oil Terminal Bulk Fertilizer Warehouse Empty Container Stacking Yard years 11 years 11 years 10 years 11 years 11 years 10 years 10 years 11 years 10 years 10 years 10 years 1 year 6 months 10 years 10 years 10 years 10 years 11 years 5 years 4 years 7 months 12,110 5,015 9,300 2,583 11,959 16,534 9,300 69,727 * 1,937,229 2,174 1,485 10, , ,053 * 9,085 44,215 21, ,725 1, ,589 1,055 8,627 7,403 43, , ,946 5, ,642 13,921 5,180 Built on Palm Oil Bulking Installation Facilities: Administration Building Weighing Office Pump House Guard House M & E Block A M & E Block B Storage Tank years 5 years 5 years 5 years 5 years 5 years 5 years 1, , , , ,256 * The Access Road (including 2 bridges) and the Small Craft Harbour are descriptive improvements and structures, which are not quantified in floor area measurement. 118

100 FINANCIAL STATEMENTS Directors Report and Audited Financial Statements 31 December 2009 Contents Page Directors report Statement by directors 123 Statutory declaration 123 Independent auditors report Income statements 126 Balance sheets 127 Statements of changes in equity 128 Cash flow statements Notes to the financial statements

101 Directors report The directors hereby present their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December Principal activities The principal activity of the Company is investment holding. The principal activities of the Group consist of the provision of port services at Bintulu Port, Sarawak and provision of bulking installation facilities for palm oil, edible oils, vegetable oils, fats and its by-products. There was no significant change in the nature of these activities during the financial year. Results Group RM 000 Company RM 000 Profit for the year 128, ,732 There were no material transfers to or from reserves or provisions during the financial year. In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature. Dividends The amount of dividends paid by the Company since 31 December 2008 were as follows: In respect of the financial year ended 31 December 2008 as shown in the directors report of that year: RM 000 Final single tier dividend of sen per share paid on 29 May ,000 Special single tier dividend of 7.50 sen per share paid on 29 May ,000 In respect of the financial year ended 31 December 2009: Interim single tier dividend of 7.50 sen per share paid on 4 August ,000 Interim single tier dividend of 7.50 sen per share paid on 2 October ,000 Interim single tier dividend of 7.50 sen per share paid on 30 December ,000 The directors recommend the payment of a final single tier dividend of 7.50 sen per share and a special single tier dividend of 7.50 sen per share on 400,000,000 ordinary shares, amounting to RM30,000,000 and RM30,000,000 respectively which, subject to the approval of members at the forthcoming Annual General Meeting of the Company, will be paid on 27 May 2010 to shareholders registered on the Company s Register of Members at the close of business on 14 May The financial statements for the current financial year do not reflect these proposed dividends. Such dividends, if approved by the shareholders, will be accounted for in equity as an appropriation of retained profits in the financial year ending 31 December

102 Directors report Directors The name of directors who have held office during the period since the date of the last report are as follows: Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah (Chairman) (Appointed on 1 November 2009) Tan Sri Dato Sri Mohd. Zahidi bin Zainuddin (Retired and reappointed on 28 April 2009) Dato Seri Dr. Hj. Arshad bin Hj. Hashim Dato Mohamad Norza bin Zakaria Datuk Fong Joo Chung Datuk Hashim bin Ismail Datu Hj. Abang Halmi bin Ikhwan Ahmad Nizam bin Salleh (Retired and reappointed on 28 April 2009) Amir Hamzah bin Azizan (Appointed on 28 April 2009) Dato Shamsul Azhar bin Abbas (Retired on 28 April 2009) Tun Dato Seri Hj. Mohd Eusoff bin Chin (Retired on 31 October 2009) Directors benefits Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company was a party, whereby the directors might acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than directors remuneration as disclosed in Note 6 and 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 substantial financial interest. Directors interests According to the register of directors shareholdings, none of the directors in office at the end of the financial year had any interest in shares in the Company or its related corporations during the financial year. Other statutory information (a) Before the income statements and balance sheets of the Group and of the Company were made out, the directors took reasonable steps: (i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that there were no known bad debts and that no provision for doubtful debts was necessary; and (ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected so to realise. (b) At the date of this report, the directors are not aware of any circumstances which would render: (i) it necessary to write off any bad debts or to make any provision for doubtful debts in respect of the financial statements of the Group and the Company; and (ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading. 121

103 Directors report Other statutory information (cont d) (c) At the date of this report, the directors are not aware of any circumstances which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate. (d) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial statements of the Group and of the Company which would render any amount stated in the financial statements misleading. (e) As at the date of this report, there does not exist: (i) any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which secures the liabilities of any other person; or (ii) any contingent liability of the Group or of the Company which has arisen since the end of the financial year. (f) In the opinion of the directors: (i) no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet its obligations when they fall due; and (ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the Company for the financial year in which this report is made. Auditors The auditors, Ernst & Young, have expressed their willingness to continue in office. Signed on behalf of the Board in accordance with a resolution of the directors dated 25 February Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah Datuk Fong Joo Chung Kuala Lumpur, Malaysia 122

104 Statement by directors Pursuant to Section 169(15) of the Companies Act, 1965 We, Tan Sri Dr. Wan Abdul Aziz and Datuk Fong Joo Chung, being two of the directors of Bintulu Port Holdings Berhad, do hereby state that, in the opinion of the directors, the accompanying financial statements set out on pages 126 to 159 are drawn up in accordance with the provisions of the Companies Act, 1965 and applicable Financial Reporting Standards in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2009 and the results and cash flows of the Group and of the Company for the year then ended. Signed on behalf of the Board in accordance with a resolution of the directors dated 25 February Tan Sri Dr. Wan Abdul Aziz bin Wan Abdullah Datuk Fong Joo Chung Kuala Lumpur, Malaysia Statutory declaration Pursuant to Section 169(16) of the Companies Act, 1965 I, Rambli bin Mashar, being the officer primarily responsible for the financial management of Bintulu Port Holdings Berhad, do solemnly and sincerely declare that the accompanying financial statements set out on pages 126 to 159 are, in my opinion, correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, Subscribed and solemnly declared by the abovenamed Rambli bin Mashar at Kuala Lumpur in Wilayah Persekutuan on 25 February 2010 Rambli bin Mashar Before me, R Vasugi Ammal, PJK W 480 Commissioner For Oath 123

105 Independent auditors report to the members of Bintulu Port Holdings Berhad (Incorporated in Malaysia) Report on the financial statements We have audited the financial statements of Bintulu Port Holdings Berhad, which comprise the balance sheets as at 31 December 2009 of the Group and of the Company, and the income statements, statements of changes in equity and cash flow statements of the Group and of the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 126 to 159. Directors responsibility for the financial statements The directors of the Company are responsible for the preparation and fair presentation of these financial statements in accordance with the Companies Act, 1965 and applicable Financial Reporting Standards in Malaysia. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with applicable Approved Standards on Auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgement, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements have been properly drawn up in accordance with the Companies Act, 1965 and applicable Financial Reporting Standards in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2009 and of their financial performance and cash flows of the Group and of the Company for the year then ended. 124

106 Report on other legal and regulatory requirements In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report the following: (a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiaries have been properly kept in accordance with the provisions of the Act. (b) We are satisfied that the accounts of the subsidiaries that have been consolidated with the financial statements of the Company 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. (c) The auditors reports on the accounts of the subsidiaries were not subject to any qualification and did not include any comment required to be made under Section 174(3) of the Act. Other matters Independent auditors report to the members of Bintulu Port Holdings Berhad (cont d.) (Incorporated in Malaysia) This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act, 1965 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report. Ernst & Young AF: 0039 Chartered Accountants Habibah bte Abdul No. 1210/05/10(J) Chartered Accountant Kuala Lumpur, Malaysia 25 February

107 Income statements For the year ended 31 December 2009 Group Company Note RM 000 RM 000 RM 000 RM 000 Revenue 3 439, , , ,350 Other income 4 17,556 21,217 10,413 10,541 Staff costs 5 (57,110) (59,465) (639) (834) Amortisation of intangible assets 13 (1,687) (1,693) - - Charter hire of boats (5,682) (5,284) - - Depreciation of property, plant and equipment 11 (29,586) (26,781) (12) (2) Dredging costs (12,500) Fuel, electricity and utilities (15,282) (20,893) (2) (2) Insurance (3,696) (4,369) - - Leasing of port facilities (113,372) (100,161) - - Repairs and maintenance (21,834) (19,187) (5) - Stevedorage costs (5,017) (5,356) - - Other expenses (17,319) (20,912) (2,262) (2,249) Profit before tax 6 173, , , ,804 Taxation 8 (44,762) (55,272) (57,111) (59,477) Profit for the year 128, , , ,327 Earnings per share Basic (sen) The accompanying notes form an integral part of the financial statements. 126

108 Balance sheets as at 31 December 2009 Group Company Note RM 000 RM 000 RM 000 RM 000 Assets Non-current assets Property, plant and equipment , , Investments in subsidiaries , ,000 Intangible assets 13 13,392 14, Other receivables ,590 - Deferred tax assets , , , ,015 Current assets Properties held for sale 14 15,753 16, Trade receivables 15 39,522 38, Other receivables 16 28,489 32,338 9, Tax recoverable Cash and cash equivalents , , , , , , , ,034 Total assets 1,014,163 1,081, , ,049 Equity and liabilities Equity attributable to equity holders of the company Share capital , , , ,000 Share premium 92,950 92,950 92,950 92,950 Retained earnings , ,081 73,457 67,725 Total equity 844, , , ,675 Non-current liabilities Retirement benefits 20 38,271 34, Deferred tax liabilities 21 17,510 16, ,781 51, Current liabilities Other payables , ,794 1, Tax payable 4,136 9, , ,160 1,930 1,374 Total liabilities 169, ,396 1,930 1,374 Total equity and liabilities 1,014,163 1,081, , ,049 The accompanying notes form an integral part of the financial statements. 127

109 Statements of changes in equity For the year ended 31 December 2009 Group Nondistributable Distributable Share share retained capital premium earnings Total Note RM 000 RM 000 RM 000 RM 000 At 1 January ,000 92, , ,220 Profit for the year , ,611 Dividends (162,800) (162,800) At 31 December ,000 92, , ,031 At 1 January ,000 92, , ,031 Profit for the year , ,756 Dividends (165,000) (165,000) At 31 December ,000 92, , ,787 Company At 1 January ,000 92,950 62, ,148 Profit for the year , ,327 Dividends (162,800) (162,800) At 31 December ,000 92,950 67, ,675 At 1 January ,000 92,950 67, ,675 Profit for the year , ,732 Dividends (165,000) (165,000) At 31 December ,000 92,950 73, ,407 The accompanying notes form an integral part of the financial statements. 128

110 Cash flow statements For the year ended 31 December 2009 Group Company RM 000 RM 000 RM 000 RM 000 Cash flows from operating activities Profit before tax 173, , , ,804 Adjustments for: Provision for retirement benefits 5,122 4, Depreciation of property, plant and equipment 29,586 26, Amortisation of intangible assets 1,687 1, Work-in-progress written off 18 1, (Gain)/Loss on disposal of property, plant and equipment (323) (397) - 5 Loss on disposal of properties held for sale Interest income (14,913) (20,433) (10,413) (10,541) Gross dividend income - - (220,350) (220,350) Operating profit/(loss) before working capital changes 194, ,030 (2,908) (3,080) Changes in working capital: Properties held for sale 876 1, Receivables 5,449 (20,432) (10) - Retirement benefits paid (1,588) (1,357) - - Payables (43,918) 32, (652) Cash generated from/ (used in) operations 155, ,921 (2,324) (3,732) Tax paid (48,964) (52,123) (2,061) (2,721) Net cash flow generated from/ (used in) operating activities 106, ,798 (4,385) (6,453) 129

111 Cash flow statements For the year ended 31 December 2009 (cont d.) Group Company RM 000 RM 000 RM 000 RM 000 Cash flows from investing activities Amount due from a subsidiary - - (89,395) - Purchase of property, plant and equipment (103,421) (51,375) (177) (3) Purchase of intangible assets (82) Interest received 13,749 22,449 8,449 11,156 Increase in investment in a subsidiary (30,000) Proceeds from disposal of property, plant and equipment Proceeds from disposal of properties held for sale Net dividend received , ,059 Net cash flow (used in)/ generated from investing activities (89,522) (28,348) 84, ,212 Cash flows from financing activities Decrease in deposits pledged as securities for banking facilities 2, Dividends paid (165,000) (162,800) (165,000) (162,800) Net cash flow used in financing activities (162,232) (162,785) (164,982) (162,800) Net change in cash and cash equivalents (145,174) (11,335) (85,228) (25,041) Cash and cash equivalents at beginning of financial year (Note 17) 458, , , ,853 Cash and cash equivalents at end of financial year (Note 17) 313, , , ,812 The accompanying notes form an integral part of the financial statements. 130

112 1. Corporate information Notes to the financial statements 31 December 2009 The principal activity of the Company is investment holding. The principal activities of the Group are the provision of port services at Bintulu Port, Sarawak and provision of bulking installation facilities for palm oil, edible oils, vegetable oils, fats and its by-products. The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of the Bursa Malaysia Securities Berhad. The address of the registered office and the principal place of business of the Company is Lot 15, Block 20, Kemena Land District, 12th Mile, Jalan Tanjung Kidurong, Bintulu, Sarawak. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 25 February Significant accounting policies 2.1 Basis of preparation The financial statements comply with Financial Reporting Standards and the Companies Act, 1965 in Malaysia. The financial statements of the Group and of the Company have also been prepared under the historical cost basis. The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand (RM 000) except when otherwise stated. 2.2 Summary of significant accounting policies (a) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the balance sheet date. The financial statements of the subsidiaries are prepared for the same reporting date as the Company. Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. In preparing the consolidated financial statements, intragroup balances, transactions and unrealised gains or losses are eliminated in full. Uniform accounting policies are adopted in the consolidated financial statements for like transactions and events in similar circumstances. Acquisitions of subsidiaries are accounted for using the purchase method except for one subsidiary which was accounted for using the merger method of accounting. Under merger method of accounting, the cost of investment in the Company s book is recorded at the nominal value of shares issued. The results of the company being merged are included as if the merger had been effected throughout the current and previous financial years. Any resulting credit difference is classified as equity and regarded as a non-distributable reserve. Any resulting debit difference is adjusted against any suitable reserve. 131

113 Notes to the financial statements 31 December Significant accounting policies (cont d.) 2.2 Summary of significant accounting policies (cont d.) (a) Basis of consolidation (cont d.) The purchase method of accounting involves allocating the cost of the acquisition to the fair value of the assets acquired and liabilities and contingent liabilities assumed at the date of acquisition. The cost of an acquisition is measured as the aggregate of the fair values, at the date of exchange, of the assets given, liabilities incurred or assumed, and equity instruments issued, plus any costs directly attributable to the acquisition. Any excess of the cost of the acquisition over the Group s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities represents goodwill. Any excess of the Group s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition is recognised immediately in the income statement. (b) Intangible asset (i) Right to operate Right to operate pertains to the excess of the cost of acquisition of the business by a subsidiary from Bintulu Port Authority over the net assets acquired based on the Privatisation Agreement between the Government of Malaysia, Bintulu Port Authority and the subsidiary of the Group. Under terms of the Privatisation Agreement, the subsidiary is granted license to provide port services for the period of the land lease which expires in year The right to operate has a finite useful life and is stated at cost less accumulated amortisation and impairment losses. The policy for the recognition and measurement of impairment losses is in accordance with Note 2.2(i). Right to operate is amortised on a straight-line basis over its estimated useful life of twenty five years. (ii) Software Software acquired separately is measured on initial recognition at cost. Software has a finite useful life and is stated at cost less accumulated amortisation and impairment losses. The policy for the recognition and measurement of impairment losses is in accordance with Note 2.2(i). Software is amortised on a straight-line basis over its estimated useful life of ten years. (c) Investment in subsidiaries The Company s investment in subsidiaries is stated at cost less impairment losses. The policy for the recognition and measurement of impairment losses is in accordance with Note 2.2(i). On disposal of such investment, the difference between net disposal proceeds and its carrying amount is charged or credited to the income statement. 132

114 2. Significant accounting policies (cont d.) Notes to the financial statements 31 December Summary of significant accounting policies (cont d.) (d) Property, plant and equipment and depreciation All items of property, plant and equipment are initially recorded at cost. Subsequent costs are included in the asset s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Subsequent to recognition, property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Construction-in-progress is not depreciated. Other property, plant and equipment are depreciated on a straight line basis to write off the cost of each asset to their residual value over their estimated lives, at the following annual rates: Building and bulking facilities 4% Machinery and equipment 10% - 20% Motor vehicles 10% - 20% Office furniture, fittings and equipment 10% - 13% Vessels 5% - 7% Buildings and port structure are depreciated over the lease period which expires in year The residual values, useful life and depreciation method are reviewed at each financial year end to ensure that the amount, method and period of depreciation are consistent with previous estimates and the expected pattern of consumption of the future economic benefits embodied in the items of property, plant and equipment. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The difference between the net disposal proceeds, if any and the net carrying amount is recognised in the income statement. (e) Properties held for sale Properties held for sale are stated at the lower of cost and net realisable value. The cost of properties held for sale includes the expenditure incurred in acquiring the land, direct cost and appropriate proportion of common costs attributable to developing the properties to completion. Any gains or losses on the disposal of properties held for sale are recognised in the income statement in the year in which they arise. (f) Income tax Income tax on the income statement for the year comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted at the balance sheet date. 133

115 Notes to the financial statements 31 December Significant accounting policies (cont d.) 2.2 Summary of significant accounting policies (cont d.) (f) Income tax (cont d.) Deferred tax is provided for, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts in the financial statements. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilised. Deferred tax is not recognised if the temporary difference arises from goodwill or negative goodwill or from the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit. Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised as income or an expense and included in the income statement for the period, except when it arises from a transaction which is recognised directly in equity, in which case the deferred tax is also recognised directly in equity. (g) Employee benefits (i) Short term benefits Wages, salaries, bonuses and social security contributions are recognised as an expense in the year in which the associated services are rendered by employees of the Group. Short term accumulating compensated absences such as paid annual leave are recognised when services are rendered by employees that increase their entitlement to future compensated absences, and short term non-accumulating compensated absences such as sick leave are recognised when the absences occur. (ii) Defined contribution plan Defined contribution plan is post-employment benefit plan under which the Group pays fixed contributions into a separate fund and will have no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employee benefits relating to employee services in the current and preceding financial years. Such contributions are recognised as an expense in the income statement as incurred. As required by law, companies in Malaysia make such contributions to the Employees Provident Fund ( EPF ). (iii) Post-employment benefits - defined benefit plan The Group operates an unfunded, defined benefit Retirement Benefit Scheme for its employees. Benefits are payable based on the last drawn salary of the employee and the number of years of service with the Group. Provision is made in the balance sheet of the Group for the cost of retirement benefits under this Scheme which is determined based on triennial actuarial valuation using the projected unit credit method. Under this method, the cost of providing retirement benefits is charged to the income statement. The obligation is measured at the present value of the estimated future cash outflows using the yield at balance sheet date on government securities that have maturity dates approximating the terms of the Group s obligations. 134

116 2. Significant accounting policies (cont d.) Notes to the financial statements 31 December Summary of significant accounting policies (cont d.) (iii) Post-employment benefits - defined benefit plan (cont d.) Actuarial gains and losses arise mainly from changes in actuarial assumptions and differences between actuarial assumptions and what has actually occurred. Such gains and losses are credited or charged to the income statement over the expected average remaining working lives of the employees participating in the plan. (h) Revenue recognition Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the Group and the Company and the amount of the revenue can be measured reliably. (i) Revenue from port operations Revenue from port operations are recognised net of rebates on an accrual basis when the services are performed. (ii) Revenue from bulking services Revenue from bulking services are recognised net of discount on an accrual basis when the services are performed. (iii) Interest income Interest income is recognised on a time proportion basis that reflects the effective yield on the asset. (iv) Dividend income Dividend income is recognised when the right to receive payment is established. (i) Impairment of non-financial assets The carrying amounts of assets, other than deferred tax assets and property held for sale are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset s recoverable amount is estimated to determine the amount of impairment loss. For intangible assets that have an indefinite useful life and intangible assets that are not yet available for use, the recoverable amount is estimated at each balance sheet date or more frequently when indicators of impairment are identified. For the purpose of impairment testing of these assets, recoverable amount is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, recoverable amount is determined for the cash-generating unit (CGU) to which the asset belongs to. An asset s recoverable amount is the higher of the asset s or CGU s fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 135

117 Notes to the financial statements 31 December Significant accounting policies (cont d.) 2.2 Summary of significant accounting policies (cont d.) (i) Impairment of non-financial assets (cont d.) An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset s recoverable amount since the last impairment loss was recognised. The carrying amount of an asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset is recognised in the income statement. (j) Operating leases Leases of assets where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Operating lease payments are recognised as an expense on a straight-line basis over the term of the lease. (k) Provisions for liabilities Provisions for liabilities are recognised when the Group has a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. (l) Financial instruments Financial instruments are recognised in the balance sheet when the Group has become a party to the contractual provisions of the instruments. Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. The particular recognition method adopted for financial instruments recognised in the balance sheet is disclosed in the individual accounting policies associated with each item. (i) Receivables Receivables are carried at anticipated realisable values. Bad debts are written off when identified. An estimate is made for doubtful debts based on review of all outstanding amounts as at the balance sheet date. (ii) Cash and cash equivalents For the purpose of the cash flow statements, cash and cash equivalents include cash and bank balances, deposit at call and short term highly liquid investments which have an insignificant risk of changes in value, net of deposits pledged. (iii) Payables Payables are stated at cost which is the fair value of the consideration to be paid in the future for goods and services received. (iv) Equity instruments Ordinary shares are classified as equity. Dividends on ordinary shares are recognised as equity in the period in which they are declared. 136

118 2. Significant accounting policies (cont d.) Notes to the financial statements 31 December Standards and Interpretations Issued but Not Yet Effective At the date of authorization of these financial statements, the following new FRSs, Amendments to FRSs and Interpretations were issued but not yet effective and have not been applied by the Group and the Company: FRSs, Amendments to FRSs and Interpretations Effective for financial periods beginning on or after 1 July 2009: FRS 8 Operating Segments Effective for financial periods beginning on or after 1 January 2010: FRS 4 Insurance Contracts FRS 7 Financial Instruments: Disclosures FRS 101 Presentation of Financial Statements (as revised in 2009) FRS 123 Borrowing Costs FRS 139 Financial Instruments: Recognition and Measurement Amendments to Share-based Payment: Vesting Conditions FRS 2 and Cancellations Amendments to First-time Adoption of Financial Reporting Standards and FRS 1 and Consolidated and Separate Financial Statements: FRS 127 Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate Amendment to Non-current Assets Held for Sale and Discontinued FRS 5 Operations Amendments to Financial Instruments: Disclosures FRS 7 Amendments to Operating Segments FRS 8 Amendment to Cash Flow Statements FRS 107 Amendment to Accounting Policies, Changes in Accounting Estimates FRS 108 and Errors Amendment to Events After the Balance Sheet Date FRS 110 Amendment to Property, Plant and Equipment FRS 116 Amendment to Leases FRS

119 Notes to the financial statements 31 December Significant accounting policies (cont d.) 2.3 Standards and Interpretations Issued but Not Yet Effective (cont d.) FRSs, Amendments to FRSs and Interpretations (cont d.) Effective for financial periods beginning on or after 1 January 2010 (cont d.): Amendment to Revenue FRS 118 Amendment to Employee Benefits FRS 119 Amendment to Accounting for Government Grants and Disclosure of FRS 120 Government Assistance Amendment to Borrowing Costs FRS 123 Amendment to Investments in Associates FRS 128 Amendment to Financial Reporting in Hyperinflationary Economies FRS 129 Amendment to Interests in Joint Ventures FRS 131 Amendments to Financial Instruments: Presentation FRS 132 Amendment to Interim Financial Reporting FRS134 Amendment to Impairment of Assets FRS 136 Amendment to Intangible Assets FRS 138 Amendments to Financial Instruments: Recognition and Measurement, FRS 139, FRS 7 Disclosures and Reassessment of Embedded and IC Derivatives Interpretation 9 Improvement to Improvement to FRSs (2009) FRSs 2009 IC Interpretation 9 Reassessment of Embedded Derivatives IC Interpretation 10 Interim Financial Reporting and Impairment IC Interpretation 11 FRS 2 - Group and Treasury Share Transactions IC Interpretation 13 Customer Loyalty Programmes IC Interpretation 14 FRS The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction 138

120 2. Significant accounting policies (cont d.) Notes to the financial statements 31 December Standards and Interpretations Issued but Not Yet Effective (cont d.) FRSs, Amendments to FRSs and Interpretations (cont d.) Effective for financial periods beginning on or after 1 July 2010: FRS 1 FRS 1 First-time Adoption of Financial Reporting Standards FRS 3 Business Combinations FRS 127 Consolidated and Separate Financial Statements IC Interpretation 12 Service Concession Arrangements IC Interpretation 15 Agreements for the Construction of Real Estate IC Interpretation 16 Hedges of a Net Investment in a Foreign Operation IC Interpretation 17 Distributions of Non-cash Assets to Owners Amendments to Share-based Payment FRS 2 Amendment to Non-current Assets Held for Sale and Discontinued Operations FRS 5 Amendment to Intangible Assets FRS 138 Amendments to Financial Instruments: Recognition and Measurement FRS 139 Amendments to IC Reassessment of Embedded Derivatives Interpretation 9 The above new FRSs, Amendments to FRSs and Interpretations are expected to have no significant impact on the financial statements of the Group and the Company upon their initial application except for the changes arising from the adoption of FRS 7 and FRS 139. The Group and the Company are exempted from disclosing the possible impact to the financial statements upon the initial application of FRS 7 and FRS 139. The revised FRS 101 separates owner and non-owner changes in equity. Therefore, the consolidated statement of changes in equity will now include only details of transactions with owners. All non-owner changes in equity are presented as a single line labeled as total comprehensive income. The Standard also introduces the statement of comprehensive income: presenting all items of income and expense recognised in the income statement, together with all other items of recognised income and expense, either in one single statement, or in two linked statements. The Group is currently evaluating the format to adopt. In addition, a statement of financial position is required at the beginning of the earliest comparative period following a change in accounting policy, the correction of an error or the reclassification of items in the financial statements. This revised FRS does not have any impact on the financial position and results of the Group and the Company. 139

121 Notes to the financial statements 31 December Significant accounting policies (cont d.) 2.4 Significant accounting estimates and judgements (a) Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (i) Impairment assessment of property, plant and equipment relating to the bulking business As at 31 December 2009, the carrying amount of property, plant and equipment relating to the bulking business ( bulking assets ) is RM97,380,773 (2008: RM88,697,322). The Group determines whether the carrying amount of the bulking assets is impaired at least on an annual basis. The Group carried out the impairment test based on the value-in-use of the bulking assets. Estimating the value-in-use requires the Group to make an estimate of the expected future cash flows from the bulking assets and also to choose a suitable discount rate in order to calculate the present value of those cashflows. The expected future cash flows as used by the Group in the analysis include a significant assumption on throughput growth. In the event the Group is unable to achieve the projected throughput growth, the future cash flows would be affected and this may require impairment provision to be recognised on the carrying amount of the bulking assets. (ii) Deferred tax assets Deferred tax assets are recognised for unutilised tax losses and unabsorbed capital allowances to the extent that it is probable that taxable profit will be available against which the losses and capital allowances can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and level of future taxable profits together with future tax planning strategies. The unutilised tax losses of the Group as at balance sheet date is RM130,964 (2008: RM93,752) and unabsorbed capital allowances as at balance sheet date is RM699,044 (2008: RM Nil).The unutilised investment tax allowance of the Group as at balance sheet date is RM99,475,500 (2008: RM99,270,060). (iii)properties held for sale As disclosed in Note 14, the properties held for sale relate to the houses purchased by the subsidiary in connection with the subsidiary s staff housing project in Bintulu. The title to these properties has yet to be transferred to the subsidiary. Management has assumed that the title will be transferred to the subsidiary. 140

122 Notes to the financial statements 31 December Revenue Group Company RM 000 RM 000 RM 000 RM 000 Revenue from port services rendered 421, , Revenue from bulking services 17,185 14, Dividend income from a subsidiary , , , , , , Other income Group Company RM 000 RM 000 RM 000 RM 000 Interest income 14,913 20,433 10,413 10,541 Rental income 2, Others ,556 21,217 10,413 10, Staff costs Group Company RM 000 RM 000 RM 000 RM 000 Wages, salaries, allowances and bonus 40,090 41, Defined benefit Retirement Benefit Scheme (Note 20) 5,122 4, Defined contribution plan (Employees Provident Fund) 4,533 4, Other employee benefits 7,365 8, ,110 59, Details of the defined benefit Retirement Benefit Scheme of the Group are set out in Note

123 Notes to the financial statements 31 December Profit before tax The following amounts have been charged/(credited) in arriving at profit before tax: Group Company RM 000 RM 000 RM 000 RM 000 Auditors remuneration - statutory audit - current year over provision in prior year (10) - (3) - Non-executive directors - fees 1, other emoluments Rental of equipment 1,052 2, Rental of motor vehicle Rental of premises (Gain)/Loss on disposal of property, plant and equipment (321) (397) - 5 Loss on disposal of properties held for sale Reversal of doubtful debts - (6) - - Work-in-progress written off 18 1, Remuneration - key management personnel (a) Compensation of key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any directors of that entity. The remuneration of directors and other member of key management of the Group and of the Company during the financial year was as follows: Group Company RM 000 RM 000 RM 000 RM 000 Remuneration and benefits 1,835 1, Post-employment benefits: Defined contribution plan ,951 1,

124 7. Remuneration - key management personnel (cont d.) (b) Directors remuneration The aggregate amount of emoluments received and receivable by directors of the Group and of the Company during the financial year was as follows: Group Company RM 000 RM 000 RM 000 RM 000 Non-executive directors - fees - current year 1, under provision of prior year meeting allowance benefits-in-kind , Analysis excluding benefits in-kind: Notes to the financial statements 31 December 2009 Total non-executive directors remuneration excluding benefits-in-kind 1, The number of directors of the Company whose total remuneration during the financial year fell within the following bands is as follows: Number of Directors Non-executive directors: Below RM50, RM50,001 - RM100,

125 Notes to the financial statements 31 December Taxation Group Company RM 000 RM 000 RM 000 RM 000 Income tax - current year 44,533 49,690 57,111 59,602 - over provision in prior years (781) (58) - (125) 43,752 49,632 57,111 59,477 Deferred tax (Note 21) Relating to origination and reversal of temporary differences 1,703 5, Relating to changes in tax rates - (197) - - (Over)/Under provision in prior year (693) ,010 5, ,762 55,272 57,111 59,477 Domestic income tax is calculated at the Malaysian statutory tax rate of 25% (2008: 26%) of the estimated assessable profit for the year. A reconciliation of income tax expense applicable to profit before tax at the statutory income tax rate to income tax expense at the effective income tax rate of Company is as follows: Group Company RM 000 RM 000 RM 000 RM 000 Profit before tax 173, , , ,804 Tax calculated at the Malaysian tax rate of 25% (2008: 26%) 43,380 53,530 56,961 59,229 Tax effects of: - expenses not deductible for tax purposes 2,672 2, changes in tax rates on opening deferred tax - (197) deferred tax recognised at different tax rates - (185) - - Deferred tax assets recognised on unutilised tax losses and unabsorbed capital allowances - (733) - - Over provision in prior years (781) (58) - (125) Deferred tax assets not recognised (Over)/Under provision of deferred tax in prior year (693) Income tax expense for the year 44,762 55,272 57,111 59,

126 9. Earnings per share (a) Basic Basic earnings per share of the Group is calculated by dividing the profit for the year by the number of ordinary shares in issue during the financial year. Group Profit for the year (RM 000) 128, ,611 Number of ordinary shares in issue ( 000) 400, ,000 Basic earnings per share (sen) (b) Diluted There is no dilution in earnings per share. Notes to the financial statements 31 December Dividends Dividends in respect Dividends of the year Recognised in Year RM 000 RM 000 RM 000 RM 000 Recognised during the year: Final dividend for 2007: - 15 sen per share, less income tax 26% ,400 Special dividend for 2007: - 10 sen per share, less income tax 26% ,600 Interim single tier dividend for sen per share - 29,600-29, sen per share - 29,600-29, sen per share - 29,600-29,600 Final single tier dividend for sen per share - 45,000 45,000 - Special single tier dividend for sen per share - 30,000 30,000 - Interim single tier dividend for sen per share 30,000-30, sen per share 30,000-30, sen per share 30,000-30,000-90, , , ,800 The directors recommend the payment of a final single tier dividend of 7.50 sen per share and a special single tier dividend of 7.50 sen per share on 400,000,000 ordinary shares, amounting to RM30,000,000 and RM30,000,000 respectively which, subject to the approval of members at the forthcoming Annual General Meeting of the Company, will be paid on 27 May 2010 to shareholders registered on the Company s Register of Members at the close of business on 14 May The financial statements for the current financial year do not reflect these proposed dividends. Such dividends, if approved by the shareholders, will be accounted for in equity as an appropriation of retained profits in the financial year ending 31 December

127 Notes to the financial statements 31 December Property, plant and equipment Office furniture, 2009 Machinery fittings Port Bulking and Motor and Work-in- Group Buildings structures facilities equipment vehicles equipment Vessels progress Total RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 Cost At 1 January , ,933 84, ,069 6,397 19, ,345 65, ,461 Additions , , ,243 Disposals (5,382 ) (533 ) (516 ) (1,166 ) - (7,597 ) Transfer - 4,776-10, (15,766 ) - Reclassification/ adjustments/ write off (18 ) (18 ) At 31 December , ,319 84, ,876 6,159 19, , , ,089 Accumulated depreciation At 1 January ,025 89,837 9,478 86,944 3,400 12,490 43, ,429 Charge for the financial year 3,618 10,475 3,376 7, ,058 3,364-29,586 Disposals (5,381 ) (481 ) (516 ) (1,064 ) - (7,442 ) At 31 December , ,312 12,854 88,917 3,260 13,032 45, ,573 Net carrying amount At 31 December , ,007 71,205 70,959 2,899 6,198 88, , ,

128 Notes to the financial statements 31 December Property, plant and equipment (cont d.) Office furniture, 2008 Machinery fittings Port Bulking and Motor and Work-in- Group Buildings structures facilities equipment vehicles equipment Vessels progress Total RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 RM 000 Cost At 1 January , ,372 61, ,527 5,415 18,603 92,387 87, ,703 Additions , ,705 50,698 67,790 Disposals (2,888 ) (9 ) (7 ) - - (2,904 ) Transfer 1,159-22,822 8, ,253 (69,586 ) - Reclassification/ adjustments/ write off - (10 ) - (281 ) (2,850 ) (3,128 ) At 31 December , ,933 84, ,069 6,397 19, ,345 65, ,461 Accumulated depreciation At 1 January ,497 79,520 6,213 84,914 3,140 11,246 40, ,547 Charge for the financial year 3,528 10,317 3,265 4, ,246 3,238-26,781 Disposals (2,888 ) (9 ) (2 ) - - (2,899 ) At 31 December ,025 89,837 9,478 86,944 3,400 12,490 43, ,429 Net carrying amount At 31 December , ,096 74,581 66,125 2,997 6,585 92,090 65, ,

129 Notes to the financial statements 31 December Property, plant and equipment (cont d.) The Group s buildings and port structure are sited on land which are leased from Bintulu Port Authority. These land leases will expire in the year Company 2009 Office Equipment RM 000 Cost At 1 January Additions 177 At 31 December Accumulated depreciation At 1 January Charge during the financial year 12 At 31 December Net carrying amount At 31 December Cost At 1 January Additions 3 Disposal (7) As at 31 December Accumulated depreciation At 1 January Charge during the financial year 2 Disposal (2) As at 31 December Net carrying amount As at 31 December Property, plant and equipment are acquired by means of: Group Company RM 000 RM 000 RM 000 RM 000 Cash 103,775 51, Payables 12,468 16, ,243 67,

130 Notes to the financial statements 31 December Investments in subsidiaries Company RM 000 RM 000 Unquoted shares in Malaysia, at cost 340, ,000 Details of the subsidiaries which are all incorporated in Malaysia are as follows: Effective equity interest Principal Name of company activities % % Bintulu Port Sdn. Bhd Provision of port services at Bintulu Port, Sarawak Biport Bulkers Sdn. Bhd Provision of bulking installation facilities for palm oil, edible oils, vegetable oils, fats and its by-products. 13. Intangible assets 2009 Right to operate Software Total RM 000 RM 000 RM 000 Cost At 1 January ,531 7,050 31,581 Additions At 31 December ,531 7,132 31,663 Accumulated amortisation At 1 January , ,584 Charge during the year ,687 At 31 December ,680 1,591 18,271 Net carrying amount 7,851 5,541 13, Cost At 1 January/31 December ,531 7,050 31,581 Accumulated amortisation At 1 January , ,891 Charge during the year ,693 At 31 December , ,584 Net carrying amount 8,832 6,165 14,

131 Notes to the financial statements 31 December Intangible assets (cont d.) Right to operate is the excess of the amount paid for the purchase of the business by the subsidiary of the Company, Bintulu Port Sdn. Bhd., from Bintulu Port Authority over the net assets acquired in accordance with the Privatisation Agreement between the Government of Malaysia, Bintulu Port Authority and Bintulu Port Sdn. Bhd.. Under terms of the Privatisation Agreement, Bintulu Port Sdn. Bhd. is granted license to provide port services for the period of the land lease which expires in year Intangible assets are acquired by means of: Group RM 000 RM 000 Cash Properties held for sale Group RM 000 RM 000 Properties held for sale, at cost 22,453 23,468 Less: Accumulated impairment loss (6,700) (6,700) 15,753 16,768 The properties held for sale relate to the houses purchased by a subsidiary, Bintulu Port Sdn. Bhd. in connection with the subsidiary s staff housing project in Bintulu. This project was abandoned in year In view of this, the subsidiary issued a notice of termination to the developer on 30 June 2003, and took possession of the project site. In November 2003, the former developer, submitted a claim of RM13,881,027 to the subsidiary. Subsequently the claim was revised to RM14,112,905 on 23 June This claim is disclosed as contingent liabilities in Note 28. Syarikat Perumahan Negara Berhad was appointed as the new developer in 2003 and the construction of the project was completed in Title to the properties is pending transfer to the subsidiary from the former developer. 15. Trade receivables Group RM 000 RM 000 Trade receivables 39,522 38,843 Trade receivables include amounts due from Malaysia LNG Sdn. Bhd., ASEAN Bintulu Fertilizer Sdn. Bhd., MISC Agencies (Sarawak) Sdn. Bhd. and PS Terminal Sdn. Bhd. amounting to RM21,241,094 (2008: RM15,421,310), RM69,828 (2008: RM28,778), RM636,237 (2008: RM331,480) and RM162,038 (2008: RM117,639), respectively. All these companies are subsidiaries of a substantial shareholder, Petroliam Nasional Berhad. The Group s normal trade credit term ranges from 15 to 45 days. Other credit terms are assessed and approved on a case-by-case basis. The Group has no other significant concentration of credit risk that may arise from exposures to a single customer or to groups of customers. 150

132 Notes to the financial statements 31 December Other receivables Current Group Company RM 000 RM 000 RM 000 RM 000 Amount due from Bintulu Port Authority 279 5, Staff loans 3,849 3, Interest receivable 2, , Prepayments 17,973 20, Sundry receivables 3,673 2, Amount due from a subsidiary - - 7,806-28,489 32,338 9, Non-current Amount due from a subsidiary ,590 - Amount due from Bintulu Port Authority represents payment on behalf of Bintulu Port Authority in connection with the construction and upgrading of port structures and other facilities undertaken by Bintulu Port Authority. The amount is unsecured, interest free and repayable on demand. Included in the prepayment is prepaid base rental for the first quarter of 2010 of RM14,164,435 (2008: RM16,987,676) to Bintulu Port Authority. 17. Cash and cash equivalents Group Company RM 000 RM 000 RM 000 RM 000 Money market instruments purchased under repurchase agreements 29,200 12, Deposits with: - Licensed banks 49, ,295 25, ,143 - Other institution 225, , , , , , , ,393 Cash and bank balances 9,991 10, , , , , ,830 Less: Short term deposits pledged for bank guarantees - (2,768) - (18) 313, , , ,812 Deposits with other institution are monies placed in an Institutional Trust Account created with a trustee company. 151

133 Notes to the financial statements 31 December Cash and cash equivalents (cont d.) The interest rates per annum of short term deposits that were effective as at 31 December 2009 were as follows: Group Company % % % % Licensed banks Other institution Money market instruments purchased under repurchase agreements Deposits of the Group and of the Company have an average maturity period of 1 to 365 days (2008: 11 to 245 days) and 92 to 365 days (2008: 78 to 358 days) respectively. 18. Share capital Group and Company RM 000 RM 000 Authorised 1,000,000,000 ordinary shares of RM1 each 1,000,000 1,000,000 One special rights redeemable preference share of RM1 ( Special Share ) * 1,000,000 * 1,000,000 Issued and fully paid Ordinary shares of RM1 each: Group Company RM 000 RM 000 RM 000 RM 000 At beginning and end of financial year 400, , , ,000 One special rights redeemable preference share of RM1: At beginning and end of financial year * * * * 400, , , ,000 * The Special Share amounted to RM1. The special share The Special Share, which may only be held by or transferred to the Minister of Finance (Incorporation) or its successors or any Minister representative, or any person acting on behalf of the Government of Malaysia, carries certain rights as provided by Article 15A and 109A of the Company s Articles of Association. These special rights include: (i) the right to appoint not more than four persons at anytime as directors of the Company. (ii) the right to repayment of the capital paid up on the Special Share in priority to any other member in the event of winding-up of the Company. (iii) the right to require the Company to redeem the Special Share at par at any time. Certain matters, in particular, the alteration of specified Articles (including the Articles relating to the limitation on shareholdings), any substantial disposal of assets, amalgamation, merger and takeover, require the prior approval of the holder of the Special Share. The Special Share does not carry any right to vote at General Meetings but the holder is entitled to attend and speak at such meetings. 152

134 Notes to the financial statements 31 December Retained earnings Prior to the year assessment 2008, Malaysian companies adopt the full imputation system. In accordance with the Finance Act 2007 which was gazette on 28 December 2007, companies shall not be entitled to deduct tax on dividend paid, credited or distributed to its shareholders, and such dividends will be exempted from tax in the hands of the shareholders ( single tier system ). However, there is a transitional period of six years, expiring on 31 December 2013, to allow companies to pay franked dividends to their shareholders under limited circumstances. Companies also have an irrevocable option to disregard the Section 108 balance and opt to pay dividends under the single tier system. The change in the tax legislation also provides for the Section 108 balance to be locked-in as at 31 December 2007 in accordance with Section 39 of the Finance Act The Company has elected for the irrevocable option to disregard the Section 108 balance as at 31 December Hence, the Company will be able to distribute dividends out of its entire retained earnings under the single tier system. 20. Retirement benefits The Group operates an unfunded, defined benefit Retirement Benefit Scheme for its employees. The Group s obligations under this scheme are determined based on triennial actuarial valuation using the projected unit credit method. The Retirement Benefit Scheme was last revalued in December The movements during the financial year in the amount recognised in the balance sheet in respect of the Group s Retirement Benefit Scheme are as follows: Group RM 000 RM 000 At beginning of the financial year 34,736 31,594 Charge to income statement 5,122 4,498 Contributions paid (1,587) (1,356) At end of the financial year 38,271 34,736 The amount recognised in the Group s balance sheet may be analysed as follows: Group RM 000 RM 000 Present value of unfunded obligations 41,949 37,354 Unrecognised actuarial losses (3,678) (2,618) Liability in the balance sheet 38,271 34,736 The expenses recognised in the Group s income statement may be analysed as follows: Group RM 000 RM 000 Current service cost 2,726 2,555 Interest cost 2,396 1,943 Total, included in staff costs (Note 5) 5,122 4,498 The principal actuarial assumptions used in respect of the Group s defined benefit plan were as follows: Group % % Discount rate Expected rate of salary increase

135 Notes to the financial statements 31 December Deferred tax The components and movement of deferred tax liabilities and assets during the financial year prior to offsetting are as follows: Group Charged to At Income At Statement RM 000 RM 000 RM 000 Deferred tax liabilities Property, plant and equipment 30, ,866 Deferred tax assets Unutilised tax losses (33) 33 - Unabsorbed capital allowances (3,619) 799 (2,820) Retirement benefits (9,000) (568) (9,568) Others (1,800) 56 (1,744) (14,452) 320 (14,132) Group Charged to At Income At Statement RM 000 RM 000 RM 000 Deferred tax liabilities Property, plant and equipment 22,975 7,201 30,176 Deferred tax assets Unutilised tax losses - (33) (33) Unabsorbed capital allowances (3,191) ( 428 ) (3,619) Retirement benefits (7,900) (1,100) (9,000) Others (1,800) - (1,800) (12,891) (1,561) (14,452) Deferred tax assets and liabilities are offset when there is a legal enforceable right to set off current tax assets against current 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: RM 000 RM 000 Deferred tax assets (before offsetting) (14,132) (14,452) Offsetting 13,356 13,676 Deferred tax assets (after offsetting) (776) (776) Deferred tax liabilities (before offsetting) 30,866 30,176 Offsetting (13,356) (13,676) Deferred tax liabilities (after offsetting) 17,510 16,500 Deferred tax assets have not been recognised in respect of the following items: RM 000 RM 000 Unutilised tax losses Unabsorbed capital allowances Unutilised investment tax allowances 99,475 99, ,305 99,

136 Notes to the financial statements 31 December Other Payables Group Company RM 000 RM 000 RM 000 RM 000 Amount due to a subsidiary Amount due to Bintulu Port Authority 64, , Accruals 7,200 8, Sundry payables 27,739 25, Retention money 10,354 5, , ,794 1, Included in accruals and sundry payables of the Group is amount due to Petronas Dagangan Berhad, a subsidiary of a substantial shareholder, Petroliam Nasional Berhad of RM1,567,720 (2008: RM757,434). The amount due to Bintulu Port Authority is unsecured, interest free and repayable on demand. 23. Capital commitments Capital expenditure not provided for in the financial statements are as follows: Group RM 000 RM 000 Approved and contracted for 228, ,684 Approved but not contracted for 13,000 56, , , Lease commitments Group RM 000 RM 000 Lease commitments: - within one year 105, ,378 - between one to five years 574, ,265 - more than five years 930,082 1,029,009 1,609,341 1,673,652 Lease commitments are in respect of leases for land, certain buildings and port structures payable to Bintulu Port Authority. Lease commitments include amounts of RM684,952,430 (2008: RM692,606,943) for which agreements with Bintulu Port Authority have yet to be finalised. The lease will expire on 31 December

137 Notes to the financial statements 31 December Significant related party transactions In addition to related party disclosures mentioned elsewhere in the financial statements, set out below are other significant related party transactions. The significant related party transactions described below were carried out on terms and conditions that are not materially different from that obtainable in transactions with unrelated parties. Transactions with subsidiaries of a substantial shareholder, Petroliam Nasional Berhad: Group RM 000 RM 000 Rendering of services: Malaysia LNG Sdn. Bhd. 278, ,105 ASEAN Bintulu Fertilizer Sdn. Bhd MISC Agencies (Sarawak) Sdn. Bhd. 4,633 3,004 PS Terminal Sdn. Bhd. 1,205 1,378 Purchase of fuel and lubricants: Petronas Dagangan Berhad (15,106) (16,800) 26. Financial instruments (a) Financial risk management objectives and policies The Group s overall risk management approach is to minimise the effects of its exposure to interest rate risk, credit risk and liquidity risk. (b) Interest rate risk Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. As the Group has no significant interest-bearing financial assets, the Group s income and operating cash flows are substantially independent of changes in market interest rates. The Group s interestbearing financial assets are mainly short term in nature and have been mostly placed in fixed deposits. (c) Credit risk Other than the amount owing by subsidiaries of Petroliam Nasional Berhad as disclosed in Note 15, the Group does not have other significant concentration of credit risk. The credit risk is minimised and controlled through the application of credit approvals, credit limits and monitoring procedures. (d) Liquidity risk The Group maintains sufficient levels of cash and short-term deposits which are expected to be sufficient to meet its working capital requirements. (e) Fair value The carrying amounts of financial assets and liabilities of the Group and Company at the balance sheet date approximate their fair values. 156

138 Notes to the financial statements 31 December Segmental reporting The Group is organised into two main business segments: (i) Provision of port services; and (ii) Provision of bulking installation facilities for palm oil, edible oils, vegetable oils, fats and its by-products. (a) Primary reporting format - business segments For the purpose of segmental reporting, unallocated costs relate to administrative expenses of the holding company. Unallocated assets and liabilities pertain to the holding company s cash and cash equivalents and the group s tax liabilities respectively. Financial year ended 31 December 2009 Provision of Provision of bulking port services services Group RM 000 RM 000 RM 000 Revenue Total revenue - external 421,862 17, ,047 Results Segment results 155,119 (1,061) 154,058 Interest and investment income 22,167 Unallocated costs (2,707) Profit from operations and before tax 173,518 Tax (44,762) Profit for the year 128,756 As at 31 December 2009 Segment assets 729, , ,824 Unallocated assets 154,339 Total assets 1,014,163 Segment liabilities 143,089 4, ,301 Unallocated liabilities 22,075 Total liabilities 169,376 Other information Provision of Provision of bulking port services services Unallocated Group RM 000 RM 000 RM 000 RM 000 Capital expenditure 102,346 13, ,243 Depreciation 24,556 5, ,586 Amortisation of intangible assets 1, ,

139 Notes to the financial statements 31 December Segmental reporting (cont d.) (a) Primary reporting format - business segments (cont d.) Financial year ended 31 December 2008 Provision of Provision of bulking port services services Group RM 000 RM 000 RM 000 Revenue Total revenue - external 434,569 14, ,767 Results Segment results 185,491 2, ,651 Interest and investment income 21,217 Unallocated costs (2,985) Profit from operations and before tax 205,883 Tax (55,272) Profit for the year 150,611 As at 31 December 2008 Segment assets 700, , ,588 Unallocated assets 239,839 Total assets 1,081,427 Segment liabilities 170,501 3, ,362 Unallocated liabilities 26,034 Total liabilities 200,396 Other information Provision of Provision of bulking port services services Unallocated Group RM 000 RM 000 RM 000 RM 000 Capital expenditure 58,707 9, ,790 Depreciation 21,869 4, ,781 Amortisation of intangible assets 1, ,693 (b) Secondary reporting format - geographical segments Segmental analysis of the Group s operation for geographical segments is not provided as the Group operates in a single geographical segment, in Malaysia. 158

140 28. Contingent liabilities (unsecured) Notes to the financial statements 31 December 2009 Group RM 000 RM 000 Claim from a former developer in connection with staff housing project of a subsidiary 14,113 14,113 The claim arose from the decision by the subsidiary to terminate the appointment of the former developer because the former developer abandoned the staff housing project in year The subsidiary has made claims against the former developer seeking specific performance for the transfer of land titles and settlement of additional costs incurred in completing the staff housing project. 159

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142 PENYATA KEWANGAN Laporan Pengarah berserta Penyata Kewangan Diaudit 31 Disember 2009 ANNUAL REPORT 2009 LAPORAN TAHUNAN Kandungan Mukasurat Laporan para pengarah Penyata para pengarah 165 Akuan berkanun 165 Laporan juruaudit bertauliah Penyata Pendapatan 168 Lembaran Imbangan 169 Penyata perubahan dalam ekuiti 170 Penyata aliran tunai Nota-nota kepada penyata kewangan