contents kandungan 002 Prestasi Kumpulan Lima Tahun 003 Carta Prestasi Kumpulan Lima Tahun 004 Penyata Nilai Tambah

Similar documents
FRASER & NEAVE HOLDINGS BHD ( V)

SECTION. Performance Review SEKSYEN 1 TINJAUAN PRESTASI. Five-Year Group Performance Charts / Carta Prestasi Kumpulan Lima Tahun

PRESS RELEASE. Statistics of Submission Approved by the SC. Corporate Proposals

PRESS RELEASE. Total

FINANCIAL ANALYSIS OF WING IN GROUND EFFECT CRAFT USING MONTE CARLO SIMULATION IKE SUHARYANTI

Anggaran Hasil Kerajaan Persekutuan Tahun 2014 Estimates Of Federal Government s Revenue For 2014

seksyen 1 tinjauan prestasi Performance Review

ARAHAN: Bahagian ini mengandungi EMPAT (4) soalan esei. Jawab SEMUA soalan

PB 604 : BUSINESS FINANCE

CORPORATE PROFITABILITY: SOME EVIDENCES OF MALAYSIAN LISTED FIRMS

INSTRUCTION: This section consists of FOUR (4) structured questions. Answer ALL questions.

Kertas Perintah 16 Tahun 2010 DIKEMUKAKAN DALAM DEWAN RAKYAT MENURUT PERINTAH

NO. RUJUKAN CUKAI PENDAPATAN: INCOME TAX REFERENCE NO. :... CAWANGAN LEMBAGA HASIL DALAM NEGERI: BRANCH OF INLAND REVENUE BOARD :...

ANALYZING THE U.S CREDIT DEFAULT SWAP (CDS) MARKETS: EFFICIENCY, INTERDEPENDENCE, CONTAGION, CAUSAL FLOWS AND ASYMMETRIC DETERMINANTS

notice of annual general meeting

CONTENTS NOTICE OF ANNUAL GENERAL MEETING 2 CORPORATE INFORMATION 5 CHAIRMAN S STATEMENT 6 PENYATA PENGERUSI 10 AUDIT COMMITTEE 14

INTER-RELATIONSHIPS BETWEEN STOCK INDEX WITH RESIDENTIAL PROPERTIES AND INDIRECT PROPERTY INVESMENT IN MALAYSIA LEE YOUNG YEE

NO. RUJUKAN CUKAI PENDAPATAN: INCOME TAX REFERENCE NO. :... CAWANGAN LEMBAGA HASIL DALAM NEGERI: BRANCH OF INLAND REVENUE BOARD :...

PRESS RELEASE. Further Relaxation of Restrictions on Use of Proceeds from Issuance of Private Debt Securities

financial statements Directors Report 30 Statement by Directors 36 Statutory Declaration 36 Report of the Auditors 37 Income Statements 38

AmBank Credit Card Fee & Charges

You are liable for any unauthorized transactions before reporting to the Bank.

PROFIL KORPORAT CORPORATE PROFILE

INSURANS ISLAM (TAKAFUL): PERSEPSI KAKITANGAN UNIVERSITI UTARA MALAYSIA.

Bentuk struktur dihasilkan melalui logo ikonik NCB Holdings dan Northport.

ANGGARAN HASIL KERAJAAN PERSEKUTUAN ESTIMATES OF OF FEDERAL GOVERNMENT REVENUE

INSTRUCTION: This section consists of FIVE (5) structured questions. Answer ALL questions.

INSTRUCTION: This section consists of FOUR (4) structured questions. Answer ALL the questions.

KEMENTERIAN KEWANGAN MALAYSIA

Prudent economic measures paying off

CIT573 Financial Planning & Management [Perancangan dan Pengurusan Kewangan]

INSTRUCTION: This section consists of FOUR (4) structured questions. Answer ALL questions.

LIVING CARE. Critical Illness Insurance

THE PORTABLE & PERSONAL MEDICAL PLAN

THE INFLUENCE OF E-PARTICIPATION AS ANTECEDENT ON BEHAVIOURAL INTENTION TO USE AMONG SARAWAK E-FILERS LIM AI LING

School Children Personal Accident Insurance Plan - List Of Insured Persons

Uni.Asia General Insurance Berhad (16688-K) laporan tahunan annual report

PERINTAH CUKAI KEUNTUNGAN HARTA TANAH (PENGECUALIAN) 2015 REAL PROPERTY GAINS TAX (EXEMPTION) ORDER 2015

UNIVERSITI SAINS MALAYSIA. CIT573 Financial Planning & Management [Perancangan dan Pengurusan Kewangan]

MALAYSIA COMPETITION COMMISSION TERMS AND CONDITIONS OF THE #BEBASKARTEL ESSAY WRITING COMPETITION ON COMPETITION LAW

CORPORATE STATEMENT PENYATA KORPORAT

laporan tahunan annual report

UNIVERSITI PUTRA MALAYSIA RELATIVE FORECASTING PERFORMANCE OF STOCK RETURN FOR REAL ACTIVITY IN EMERGING MARKETS OF ASEAN COUNTRIES LIM YIN PING

Contents. A NEW Beginning. healthy. friendly. happy. Cover Design Rationale

TAX CLEARANCE LETTER APPLICATION FOR COMPANIES, LIMITED LIABILITY PARTNERSHIPS (LLP) AND LABUAN ENTITIES (LABUAN COMPANIES & LABUAN LLP)

UNIVERSITI PUTRA MALAYSIA THE PERFORMANCE OF PRIVATE UNIT TRUSTS IN MALAYSIA PANG LOOI FAI FEP

BASIS IN ASCERTAINING THE AMOUNT OF LIQUIDATED DAMAGES ILI LIYANA AZMAN UNIVERSITI TEKNOLOGI MALAYSIA

DISCOUNTS UP TO 15%* BUY ONE COMPLIMENTARY ONE* Participating merchants (**selected outlets)

Fund Disclosure Sheet Manulife Universal Life Fund

PROSEDUR LATIHAN INDUSTRI PK.UiTM.FKM.(OA).14

ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2014 LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 31 OKTOBER 2014

reaping the rewards...

UNIVERSITI SAINS MALAYSIA. CPT343/CPM314 Software Project Management, Process & Evolution [Pengurusan Projek, Proses & Evolusi Perisian]

INSTRUCTIONS: This section consists of THREE (3) structured questions. Answer ALL questions.

HSBC Amanah LifeSelect Fixed Income Fund Fund Fact Sheet November 2015

PRODUCT DISCLOSURE SHEET

Contents. Form of Proxy RCE CAPITAL BERHAD

This Policy reflects the terms and conditions of the contract of insurance as agreed between you and the Company.

Annual Report. Company No D. Cycle & Carriage Bintang Berhad

Islamic Fund Management Company (IFMC) PMB SHARIAH DIVIDEND FUND

Current Accounts. convenience. Your funds. You decide how and when. Eligible for protection by PIDM. Your Bank. Malaysia s Bank. AmBank.

Annual Review 2017 For the Financial Year Ended 31 December 2017

LAPORAN TAHUNAN ANNUAL REPORT

LION LAND BERHAD A Member of The Lion Group (415-D)

TAX INVOICE / INVOIS CUKAI INVOICE NO. NO. INVOIS DATE TARIKH GST REGISTRATION NO. NO. PENDAFTARAN GST : POLITEKNIK KUCHING SARAWAK

Apartment and Condominium Insurance Package

RMK 364 Construction Management and Finance 2 [Pengurusan Binaan dan Kewangan 2 ]

PRUlink global fund (Foreign)

Co n t e n t s. Notice of Annual General Meeting 2. Corporate Information 4. Board of Directors 5. Group Structure 6.

icapital.biz Berhad( X) 2007 Annual Report

Maybank Visa Debit Picture Card

Lembaran Fakta Dana. Dana Income Plus Select Balanced Fund Select Bond Fund Select Dividend Fund

ADVANCING AHEAD ANNUAL REPORT 2016

Annual Report. Company No D. Cycle & Carriage Bintang Berhad

CASH TREATS PROGRAM APR 2011

IMBANGAN PEMBAYARAN BALANCE OF PAYMENTS SUKU KETIGA/THIRD QUARTER MALAYSIA JABATAN PERANGKAAN MALAYSIA DEPARTMENT OF STATISTICS, MALAYSIA

PRODUCT DISCLOSURE SHEET

CONTENTS CORPORATE INFORMATION NOTICE OF THE TWENTY-FIRST ANNUAL GENERAL MEETING STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING

long-term returns Fixed Deposits Slowly but surely, your money grows Your Bank. Malaysia s Bank. AmBank.TM Eligible for protection by PIDM

THE IMPACT OF MALAYSIAN UNIT TRUST FAMILY MEMBERSHIP ON INVESTORS RISKS AND RETURNS ABSTRACT

MAJORITI SYARIKAT DI MALAYSIA BERTINDAK UNTUK MENGAMBIL PERLINDUNGAN TERHADAP RISIKO PERNIAGAAN SELEPAS BERLAKUNYA SUATU KRISIS

INVESTMENT AIA FUND FACT SHEET PT / aia.com.my

Current Accounts. convenience. Your funds. You decide how and when. Eligible for protection by PIDM. Your Bank. Malaysia s Bank. AmBank.

BIMB DANA AL-FAKHIM ANNUAL REPORT FOR THE YEAR ENDED 31 AUGUST 2017 LAPORAN TAHUNAN BAGI TAHUN BERAKHIR 31 OGOS 2017

HSBC Amanah LifeSelect Fixed Income Fund Fund Fact Sheet August 2014

Profit will be paid with principal for placements up to 1 year. The profit will be paid upon maturity.

RMK 356 Construction Management and Finance [Pengurusan Binaan dan Kewangan]

Delivering Enduring Success

BIMB-ARABESQUE MALAYSIA SHARIAH-ESG EQUITY FUND

INSTRUCTION: This section consists of FOUR (4) structured questions. Answer ALL questions.

OCBC GREAT EASTERN MASTERCARD FREQUENTLY ASKED QUESTIONS (FAQ) REBATE FEATURES, INTEREST FREE AUTO INSTALMENT PAYMENT PLAN (AUTO- IPP) AND BENEFITS

M A X I S M O B I L E S E R V I C E S S D N B H D T 1 C P

Islamic Fund Management Company (IFMC) PMB SHARIAH PREMIER FUND

BIMB i FLEXI FUND ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2017 LAPORAN TAHUNAN BAGI TAHUN KEWANGAN BERAKHIR 31 MAC 2017

68, Malaysian Chairman Senior Independent, Non Executive

BIMB i DIVIDEND FUND

BUDGET ALLOCATION MANAGEMENT MODEL FOR SEISMIC REHABILITATION OF INFRASTRUCTURE ASSETS MOHAMMADREZA YADOLLAHI

Dynamic Invest. Why Dynamic Invest?

HSBC Amanah LifeSelect Fixed Income Fund Fund Fact Sheet January 2012

LEVERAGING AND CORPORATE PERFORMANCE: EVIDENCE FROM SARAWAK BASED PUBLIC LISTED COMPANIES CHUA CHEE BING ( )

Transcription:

contents 002 Five-Year Group Performance 003 Five-Year Group Performance Charts 004 Statement of Value Added Corporate Review 006 Chairman s Statement 014 Board of Directors 016 Profile of Board of Directors 022 Corporate Information 023 Corporate Structure 024 Operations Review Soft Drinks Dairy Products Glass Containers Property Human Resource Community Involvement & Care of the Environment Corporate Governance 050 Statement on Corporate Governance 054 Report on Audit Committee 056 Statement on Internal Controls 057 Statement on Directors Responsibility Financial Statements 068 Directors Report 072 Statement by Directors 072 Statutory Declaration 073 Report of the Auditors 074 Income Statements 075 Balance Sheets 076 Statements of Changes in Equity 077 Cash Flow Statements 078 Notes to the Financial Statements Other Information 140 List of Properties 143 Shareholdings Statistics 145 Share Price Chart 146 Notice of Annual General Meeting Proxy Form kandungan 002 Prestasi Kumpulan Lima Tahun 003 Carta Prestasi Kumpulan Lima Tahun 004 Penyata Nilai Tambah Tinjauan Korporat 009 Kenyataan Pengerusi 014 Lembaga Pengarah 019 Profil Lembaga Pengarah 022 Maklumat Korporat 023 Struktur Korporat 024 Kajian Operasi Minuman Ringan Produk Tenusu Bekas Kaca Hartanah Sumber Manusia Penglibatan Kemasyarakatan & Penjagaan Alam Pengawasan Korporat 058 Penyata Tadbir Urus Korporat 062 Laporan Jawatankuasa Audit 064 Penyata Kawalan Dalaman 065 Penyata Tanggungjawab Pengarah Penyata Kewangan 104 Laporan Pengarah 108 Kenyataan oleh Para Pengarah 108 Akuan Berkanun 109 Laporan Juruaudit 110 Penyata Pendapatan 111 Lembaran Imbangan 112 Penyata Perubahan dalam Ekuiti 113 Penyata Aliran Tunai 114 Nota-nota kepada Penyata Kewangan Lain-lain Maklumat 140 Senarai Hartanah 143 Statistik Pegangan Saham 145 Carta Harga Saham 148 Notis Mesyuarat Agung Tahunan Borang Proksi Fraser & Neave Holdings Bhd 004205-V

five-year group performance prestasi kumpulan lima tahun Year ended / Tahun berakhir 30 September 2005 2004 2003 2002 2001 Results / Keputusan (RM million / juta) Revenue / Hasil 1,935.1 1,728.1 1,611.1 1,522.0 1,541.3 Profit before taxation (PBT) / Keuntungan sebelum cukai (KSC) 183.8 157.1 122.8 122.3 103.6 Attributable profits / Keuntungan boleh diagihkan 132.0 116.4 84.0 87.7 75.1 Dividend / Dividen Per share / Sesaham Earnings / Pendapatan (sen) 37.0 32.7 23.5 24.6 23.6^ Dividend net / Dividen bersih (sen) 30.0 * 25.0 20.0 12.0 9.0 Dividend cover / Liputan dividen (times / kali) 1.2 1.3 1.2 2.1 2.3 Balance Sheet / Lembaran Imbangan (RM million / juta) Share capital / Modal saham 356.5 356.5 356.5 356.5 356.5 Shareholders equity / Ekuiti pemegang saham 1,084.9 1,050.2 998.0 974.7 922.7 Total assets / Jumlah aset 1,676.6 1,652.1 1,613.6 1,448.0 1,428.2 Long term borrowings / Pinjaman jangka panjang 23.3 32.1 51.1 47.9 Net tangible assets per share / Harta ketara bersih sesaham (sen) 304 295 280 273 259 Ratio / Nisbah PBT on revenue / KSC atas hasil (%) 9.5 9.0 7.6 8.0 6.7 Return on equity / Pulangan atas ekuiti (%) 12.2 11.1 8.4 9.0 8.1 Gearing ratio / Nisbah penggearan (times / kali) 0.05 0.06 0.09 0.05 0.10 ^ Weighted earnings / Pendapatan wajaran * Include proposed dividend of 20 sen, which will only be recognised in the financial statements upon shareholders approval / Termasuk cadangan dividen sebanyak 20 sen, yang hanya akan diiktiraf dalam penyata kewangan apabila mendapat kelulusan pemegang-pemegang saham 002 Fraser & Neave Holdings Bhd 004205-V

five-year group performance charts carta prestasi kumpulan lima tahun Revenue Hasil Profit before tax & attributable profits Keuntungan sebelum cukai & keuntungan boleh diagihkan 1,541.3 1,522.0 1,611.1 1,728.1 1,935.1 103.6 75.1 122.3 87.7 122.8 84.0 157.1 116.4 183.8 132.0 (RM million) (RM juta) Profit before tax / Keuntungan sebelum cukai Attributable profits / Keuntungan boleh diagihkan (RM million) (RM juta) Earnings per share & net dividend Pendapatan sesaham & dividen bersih Shareholders' equity & total assets Ekuiti pemegang saham & jumlah aset (sen) 23.6 9.0 24.6 12.0 23.5 20.0 32.7 25.0 37.0 30.0 922.7 1,428.2 974.7 1,448.0 998.0 1,613.6 1,050.2 1,652.1 1,084.9 1,676.6 Earnings per share / Pendapatan sesaham Net dividend / Dividen bersih Shareholders' equity / Ekuiti pemegang saham Total assets / Jumlah aset (RM million) (RM juta) Net tangible assets per share Harta ketara bersih sesaham PBT on Turnover KSC atas Hasil 259 273 280 295 304 6.7 8.0 7.6 9.0 9.5 (sen) (%) Return on equity Pulangan atas ekuiti Gearing ratio Nisbah penggearan 8.1 9.0 8.4 11.1 12.2 0.10 0.05 0.09 0.06 0.05 (%) (Times) (Kali) Fraser & Neave Holdings Bhd 004205-V 003

statement of value added penyata nilai tambah 2005 2004 RM 000 RM 000 Revenue / Hasil 1,935,106 1,728,054 Purchase of goods and services / (1,404,239) (1,240,453) Pembelian barangan dan perkhidmatan Value added available for distribution / 530,867 487,601 Nilai tambahan sedia untuk pengagihan Distribution / Pengagihan To employees / Kepada pekerja 195,379 197,250 To government as taxation / 103,758 85,421 Kepada kerajaan untuk cukai To shareholders / 107,777 71,756 Kepada pemegang saham Retained for reinvestment and future growth / 123,953 133,174 Simpanan untuk pelaburan semula dan pertumbuhan akan datang 530,867 487,601 distribution of value added pengagihan nilai tambahan 2005 2004 36.8% 19.5% 20.3% 23.4% 40.5% 17.5% 14.7% 27.3% To employees / Kepada pekerja To government / Kepada kerajaan To shareholders / Kepada pemegang saham Retained for reinvestment and future growth / Simpanan untuk pelaburan semula dan pertumbuhan akan datang 004 Fraser & Neave Holdings Bhd 004205-V

corporate review tinjauan korporat 006 Chairman s Statement 014 Board of Directors 016 Profile of Board of Directors 022 Corporate Information 023 Corporate Structure 009 Kenyataan Pengerusi 014 Lembaga Pengarah 019 Profil Lembaga Pengarah 022 Maklumat Korporat 023 Struktur Korporat

chairman s statement kenyataan pengerusi

CHAIRMAN S STATEMENT During the financial year ended 30 September 2005, our operations achieved strong double-digit growth in both top and bottom line, setting new benchmarks with record revenue and operating profit. Revenue increased 12 per cent to RM1,935 million whilst our profit before tax was 17 per cent higher at RM184 million. Although depletion of previous years tax losses and reinvestment allowances in some operating subsidiaries meant attributable profit grew by a slower 13 per cent to RM132 million, it was still a commendable performance. All operating divisions registered improved revenue and set new volume records for soft drinks, condensed milk and glass containers. Despite significant escalation in the costs of essential raw materials and energy, all operating divisions recorded improved operating profits. Pro-active measures taken over the past several years to improve productivity and reduce overheads allowed us to absorb some of the cost increases. However, as a last resort, some modest costs had to be shared with our customers via increased selling prices. Reflecting the challenging business environment, both soft drinks and dairies divisions registered single digit improvement in operating profit. Operating profit for the glass division improved by 45 per cent due to reinstatement of production capacity in Malaysia and Vietnam, where two glass furnaces were closed for rebuilt last year. China remained the division s soft spot, but we expect to break even on an operating level next year as steps taken by management begin to bear results. This is clearly evident in the marked improvement in operating efficiencies seen during the year. This year saw significant contribution to group revenue and operating profit from the re-development of our former Jalan Foss factory site amounting to RM70 million and RM19 million, respectively. The board s strategy to retain and develop the prime freehold property at Jalan Foss, rather than selling it outright, has proven wise. Phase I of the development is known as Fraser Park and consists of five and six storey shop-office units. Phase I has been fully sold and will be handed to purchasers by next year. Phase II is currently at an advanced stage of planning. On completion of the total Jalan Foss development, we expect to achieve GDV (gross development value) of more than RM500 million and profit of about RM120 million which will be recognised over the life-span of the project. Delivering Value to Shareholders A review of our performance over the five years since 2001 shows that our revenue has improved by 26 per cent whilst operating profit has risen by 78 per cent. During this period, we have increased our ROE (Return on Equity) from 8 per cent to 12 per cent and profit before tax has grown at a compounded rate of 15 per cent per annum. Our market capitalisation has grown from RM1,212 million to RM1,979 million, an improvement of more than 1.6 times over the past five years. In tandem with our improved performance, directors are proposing a final dividend of 28 sen gross per share (or net of tax of 20.16 sen). Together with an interim dividend of 14 sen gross per share (or net of tax of 10.08 sen), our total dividend for the year would stand at 42 sen gross per share (or net of tax of 30.24 sen). This would represent a payout ratio of 82 per cent and an improvement of 20 per cent over the dividend of 25 sen net of tax paid last year. It would also mark the sixth straight year in which dividend payment had increased. Based on the share price of F&N at 30 September 2005 of RM5.55, the dividend yield worked out to be 7.6 per cent (gross) or 5.4 per cent (net) which compares favourably with similar stocks listed on Bursa Malaysia. Along with the 33 per cent appreciation in F&N s share price during the year, we have given our shareholders a handsome return on their investment. We shall continue to aspire to deliver value to our shareholders. Notwithstanding the robust dividend policy, the Group has been consistently prudent in maintaining a sound balance sheet and currently enjoys a net cash positive position of RM146 million. Together with strong operating cash flow and the possibility of gearing up, this gives the Group a sizeable war chest to back our on-going exploration for new opportunities. Corporate Governance Throughout the year we remained committed to the highest standards of corporate conduct and governance and strove continuously to improve the effectiveness of the board and of its committees. (More detailed information on the F&N Group s attention to corporate governance can be found in the appended statement on Corporate Governance.) Corporate Social Responsibility The F&N Group subscribes to a long-held policy of corporate social responsibility. The year in review was no exception to this rule. Fraser & Neave Holdings Bhd 004205-V 007

CHAIRMAN S STATEMENT We responded to the tsunami disaster by mounting a Group-wide effort to raise funds from our staff and matched these, ringgit for ringgit, with a contribution from the company, resulting in a total donation of RM163,000. The F&N Chairman s Awards this year disbursed RM165,600 to 133 children of the F&N Family. Since its inception three years ago to commemorate F&N s 120th anniversary in 2002, children from a total of 358 employees have benefited from the Awards scheme and more than RM380,000 has been disbursed. Our operating subsidiaries also sponsored many community and youth and sports events during the year. Details of these can be found in the Operations Review section. New investments During the year, we signed a Joint Venture (JV) agreement to build a greenfield glass container plant costing US$35 million in Thailand. F&N holds a 70 per cent stake in the JV. Its 250-tonnes-per-day furnace will be in operation in 2007, allowing the glass division to diversify production locations and to seek new customers. On completion of this project the division will operate five glass production facilities in four countries, making us one of the leading regional players and the only one able to meet demands for multi-location production by MNC customers. The soft drinks division invested RM43 million in collaboration with our PET bottle supplier to establish an in-house PET bottle blowing facility at our Shah Alam plant. The plant will supply 70 per cent of our soft drinks PET bottle requirements and yield considerable savings to the Group. In total the Group reinvested RM67 million to improve operating efficiencies, fund on-going capital replacement and to upgrade dated technology. Over the past two years the Group has systematically converted manufacturing operations from fossil fuel to natural gas. By the end of 2005, all our four factories in West Malaysia will have been converted to natural gas, which is more cost efficient and environmentally friendly. Our JV glass plant in Sichuan, China and the one planned for construction near Bangkok in Thailand have also been designed to operate on natural gas. Prospects The Malaysian economy is projected to enjoy a slower rate of growth next year. As 86 per cent of our revenue is generated in this country, our performance is inextricably linked to the state of the economy. However, the Group is in a strong position to face the challenges ahead. Over the past five years, we have undergone sustained restructuring. We have strategically reinstated capacities and made careful reinvestment in brands, IT infrastructure and improvements to our delivery system. These measures, together with the completion of Fraser Park Phase I and the planned launch of Phase II, should sustain Group earnings. Looking ahead and barring any external shocks and unforeseeable negative factors, we remain optimistic that the Group s performance will continue to be satisfactory. Board Change and Acknowledgement This year we welcomed to your board a new independent director, Dato Anwarrudin Ahamad Osman, former MD/CEO of Petronas Dagangan Berhad. Dato Anwarrudin was elected to the board at the last AGM. On behalf of the board and management, I would like to express my deepest appreciation to our staff, who have made our achievements over the years possible. I also thank our customers and business partners for their continuing support over many years. Finally, I would like to thank all shareholders for their continued confidence in the Company. Yours sincerely, Y.A.M. Tengku Syed Badarudin Jamalullail Chairman 30 November 2005 008 Fraser & Neave Holdings Bhd 004205-V

KENYATAAN PENGERUSI Pada tahun kewangan berakhir 30 September 2005, bahagian operasi kami telah mencatat pertumbuhan dua angka dari segi hasil dan keuntungan, mencatat dan menetapkan tanda aras baru untuk hasil dan keuntungan operasi seterusnya. Perolehan meningkat sebanyak 12 peratus kepada RM1,935 juta manakala keuntungan sebelum cukai yang berjumlah RM184 juta adalah 17 peratus lebih tinggi. Walaupun kerugian cukai dari tahun-tahun sebelum dan elaun pelaburan semula yang rendah di beberapa anak syarikat telah menyebabkan keuntungan yang dimiliki oleh pemegang saham meningkat pada kadar lebih perlahan iaitu pada kadar 13 peratus, kepada RM132 juta, namun ia tetap prestasi yang membanggakan. Semua bahagian operasi berjaya menjana hasil yang lebih baik dan mencatatkan rekod jumlah volum yang baru untuk minuman ringan, susu pekat dan bekas kaca. Walaupun dengan peningkatan ketara ke atas kos bahan mentah dan tenaga, semua bahagian operasi telah mencatat keuntungan operasi yang lebih baik. Langkah-langkah proaktif yang telah diambil sejak beberapa tahun lepas untuk meningkatkan produktiviti dan mengurangkan overhed telah membolehkan kami menyerap sebahagian daripada kenaikan kos-kos tersebut. Namun, sebagai jalan terakhir, sebahagian kecil kos terpaksa juga dikongsi dengan para pelanggan dengan menaikkan harga jualan. Persekitaran perniagaan yang lebih mencabar telah menyaksikan kedua-dua bahagian minuman ringan dan produk tenusu mencatat peningkatan satu digit pada keuntungan operasi. Keuntungan operasi bagi bahagian kaca meningkat sebanyak 45 peratus dengan adanya kapasiti pengeluaran yang bertambah berikutan dengan pembukaan semula dua relau kaca di Malaysia dan Vietnam. China masih menjadi titik kelemahan bahagian kaca, tetapi kami menjangkakan ia akan memberi pulangan modal di peringkat operasi pada tahun hadapan memandangkan langkah-langkah yang diambil oleh pihak pengurusan telah mula membuahkan hasil. Ini jelas dilihat daripada peningkatan ketara dalam kecekapan operasi pada sepanjang tahun. Sumbangan besar kepada hasil dan keuntungan operasi kumpulan pada tahun ini adalah dari pembangunan semula bekas tapak kilang kami di Jalan Foss masing-masing berjumlah RM70 juta dan RM19 juta. Strategi Lembaga Pengarah untuk tidak menjual sebaliknya mengekal dan membangunkan hartanah pegangan bebas di Jalan Foss terbukti berkesan. Fasa I pembangunan yang dikenali sebagai Fraser Park terdiri daripada unit pejabat kedai lima dan enam tingkat. Fasa I sudah habis dijual dan akan diserahkan kepada pembeli pada tahun hadapan. Fasa II kini berada di peringkat perancangan lanjut. Apabila selesai keseluruhan pembangunan Jalan Foss, kami menjangka akan mampu mencapai GDV (nilai pembangunan kasar) lebih RM500 juta dan keuntungan sebanyak RM120 juta bagi sepanjang jangka hayat projek. Menghasilkan Nilai Kepada Pemegang Saham Kajian terhadap prestasi kami sepanjang tempoh lima tahun sejak 2001 menunjukkan bahawa hasil telah meningkat sebanyak 26 peratus manakala keuntungan operasi telah meningkat sebanyak 78 peratus. Dalam tempoh ini, kami telah meningkatkan ROE (Pulangan Atas Ekuiti) daripada 8 peratus kepada 12 peratus dan keuntungan sebelum cukai telah berkembang pada kadar terkompaun 15 peratus setahun. Pasaran modal saham kami telah berkembang daripada RM1,212 juta kepada RM1,979 juta, iaitu peningkatan lebih 1.6 kali sepanjang tempoh lima tahun lepas. Sejajar dengan prestasi kami yang lebih baik, para pengarah mengesyorkan dividen akhir kasar 28 sen sesaham (atau dividen bersih 20.16 sen). Bersama dividen interim kasar 14 sen sesaham (atau dividen bersih 10.08 sen), jumlah keseluruhan dividen kasar bagi tahun ini ialah 42 sen sesaham (atau dividen bersih 30.24 sen). Jumlah ini mewakili nisbah pembayaran 82 peratus dan ia adalah peningkatan 20 peratus berbanding dividen bersih 25 sen selepas cukai yang dibayar pada tahun lepas. Ia juga merupakan tahun keenam berturut-turut dimana pembayaran dividen telah meningkat. Berasaskan harga saham F&N pada RM5.55 sen sesaham pada 30 September 2005, pulangan dividen sebanyak 7.6 sen (kasar) atau 5.4 peratus (bersih) dianggap agak baik berbanding saham-saham sejenis yang disenaraikan di Bursa Malaysia. Dengan kenaikan 33 peratus dalam harga saham F&N sepanjang tahun, kami telah memberikan para pemegang saham pulangan yang baik ke atas pelaburan para pemegang saham. Kami berhasrat untuk terus berbuat demikian di masa hadapan. Fraser & Neave Holdings Bhd 004205-V 009

KENYATAAN PENGERUSI Walaupun mengamalkan dasar pembayaran dividen yang agak tinggi, Kumpulan sentiasa berwaspada untuk memastikan kunci kira-kira yang seimbang dan pada masa kini berada dalam kedudukan tunai bersih sebanyak RM146 juta. Dengan aliran tunai yang mantap dan keupayaan untuk mendapatkan pinjaman, Kumpulan mempunyai dana yang secukupnya untuk membiayai usaha untuk meneroka peluang-peluang baru. Urus Tadbir Korporat Sepanjang tahun, kami telah meneruskan komitmen kami kepada piawaian amalan dan urus tadbir korporat tertinggi dan sentiasa berusaha untuk meningkatkan keberkesanan Lembaga Pengarah dan jawatankuasanya. (Maklumat lebih terperinci mengenai tumpuan yang diberikan oleh Kumpulan F&N kepada urus tadbir korporat boleh didapati dalam penyata Urus Tadbir Korporat yang dilampirkan). Tanggungjawab Sosial Korporat Kumpulan F&N mengamalkan dasar-dasar tanggungjawab sosial korporat yang sudah diamalkan sekian lama. Komitmen ini tetap diteruskan pada tahun ini. Kami telah menghulurkan bantuan kepada mangsa bencana tsunami menerusi kutipan derma daripada kakitangan syarikat Kumpulan dan menggandakan jumlah tersebut ringgit kepada ringgit, disamping sumbangan daripada Syarikat, dengan jumlah keseluruhan sebanyak RM163,000. Anugerah Pengerusi F&N tahun ini telah menyaksikan sejumlah RM165,600 disampaikan kepada 133 orang anak kakitangan F&N. Sejak dimulakan tiga tahun lalu sempena perayaan ulang tahun ke-120 F&N pada 2002, anak-anak kepada 358 kakitangan telah mendapat manafaat dari skim Anugerah ini dengan wang tunai berjumlah lebih RM380,000. Subsidiari kami juga telah menaja pelbagai acara kemasyarakatan, belia dan acara-acara sukan sepanjang tahun ini. Butir-butir mengenainya boleh didapati dalam bahagian Kajian Operasi. Pelaburan baru Pada tahun ini, kami telah menandatangani satu perjanjian usaha sama untuk membina kilang membuat bekas kaca di kawasan baru dengan kos sebanyak US$35 juta di Thailand. F&N memegang kepentingan 70 peratus dalam usaha sama tersebut. Relaunya yang mampu mengendalikan 250 tan sehari akan mula beroperasi pada 2007, membolehkan bahagian kaca mempelbagaikan lokasi pengeluaran dan mencari pelanggan baru. Selepas selesainya projek ini, bahagian kaca akan beroperasi dengan fasiliti lima kilang pengeluaran di empat buah negara, menjadikan kami salah satu daripada pengeluar serantau yang utama, dan satu-satunya syarikat yang mampu memenuhi permintaan pengeluaran dari berbilang lokasi untuk pelanggan syarikat multinasional. Bahagian minuman ringan telah melabur RM43 juta dengan kerjasama pembekal botol PET kami untuk membina kemudahan pengilangan botol PET dalaman di kilang Shah Alam. Kilang tersebut akan membekalkan 70 peratus daripada keperluan botol PET kami dan memberikan penjimatan besar kepada Kumpulan. Secara keseluruhannya, Kumpulan telah melaburkan semula RM67 juta untuk mempertingkatkan kecekapan operasi, membiayai usaha penggantian modal berterusan dan menaik taraf teknologi usang. Sejak dua tahun lepas, Kumpulan telah menukar secara sistematik operasi pengilangan daripada berasaskan bahan api fosil kepada gas asli. Menjelang akhir 2005, keempat-empat kilang di Malaysia Barat akan menggunakan gas asli yang lebih menjimatkan kos dan mesra alam. Kedua-dua kilang kaca JV di Sichuan, China dan yang dirancang dibina berhampiran Bangkok di Thailand juga telah direka bentuk untuk beroperasi menggunakan gas asli. 010 Fraser & Neave Holdings Bhd 004205-V

KENYATAAN PENGERUSI Prospek Ekonomi Malaysia diunjurkan akan mengalami perkembangan pada kadar lebih perlahan tahun hadapan memandangkan 86 peratus daripada hasil kami diperolehi di dalam negara, prestasi kami sememangnya berkait rapat dengan keadaan ekonomi semasa. Namun begitu, Kumpulan berada pada kedudukan yang kukuh untuk menghadapi segala cabaran pada masa hadapan. Dalam tempoh lima tahun lepas, kami telah melaksanakan penyusunan semula secara berterusan. Kami telah memulihkan semula kapasiti dan membuat pelaburan teliti dalam jenama, infrastruktur teknologi maklumat dan meningkatkan sistem penghantaran. Langkah-langkah ini, serta siapnya Fasa I Fraser Park dan rancangan untuk melancarkan Fasa II, dijangka dapat mempertahankan pendapatan Kumpulan. Di masa hadapan dimana selagi tiada kejutan luaran dan faktor negatif yang tidak diduga, kami tetap yakin bahawa Kumpulan akan terus mencatatkan prestasi yang memuaskan. Perubahan Lembaga Pengarah dan Penghargaan Pada tahun ini, kami mengalu-alukan penyertaan pengarah bebas baru, Dato' Anwarrudin Ahamad Osman, bekas Pengarah Urusan/Ketua Pegawai Eksekutif Petronas Dagangan Berhad. Dato' Anwarudin telah dipilih menganggotai Lembaga Pengarah pada Mesyuarat Agung Tahunan yang lepas. Bagi pihak Lembaga Pengarah dan pengurusan, saya ingin merakamkan setinggi-tinggi penghargaan kepada kakitangan kami yang telah menjadi tunggak kejayaan kami selama ini. Saya juga mengucapkan terima kasih kepada pelanggan dan rakan-rakan perniagaan kami di atas sokongan berterusan mereka selama ini. Akhir sekali, saya ingin mengucapkan terima kasih kepada semua pemegang saham kami atas keyakinan mereka yang berterusan terhadap Syarikat ini. Yang benar, Y.A.M. Tengku Syed Badarudin Jamalullail Pengerusi 30 November 2005 Fraser & Neave Holdings Bhd 004205-V 011