Malaysiastock.biz · 4/6/2009 · 47 BINTULU PORT HOLDINGS BERHAD (380802-T) LAPORAN TAHUNAN 2008 ANNUAL REPORT MANAGEMENT OF BINTULU PORT HOLDINGS BERHAD PENGURUSAN BINTULU PORT

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MANAGEMENT OF BINTULU PORT HOLDINGS BERHAD PENGURUSAN BINTULU PORT HOLDINGS BERHAD

MIOR AHMAD BAITI BIN MIOR LUB AHMAD Chief Executive Officer

Ketua Pegawai EksekutifNIK ABD RAHMAN BIN NIK ISMAIL Company Secretary Setiausaha Syarikat

RAMBLI BIN MASHAR Senior Manager, Finance

Pengurus Kanan, Kewangan

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STATEMENT ON CORPORATE GOVERNANCE

This Statement on Corporate Governance represents the continuous commitment and the extent of compliance by the Board with Para 15.26 of Bursa Malaysia Securities Listing Requirements (BMLR) and Malaysian Code on Corporate Governance.

A. PRINCIPAL RESPONSIBILITIES OF THE BOARD

As set out below, the principal responsibilities of the Board reflects the Board’s committment to effectively lead and fully control over the Company’s and the Group’s affairs for the best interest of the Company and its shareholders.

i. Reviewing, approving, adopting & monitoring of a strategic plan, Company’s budget and financial projections, the Management best financial and operational practices and the performance standard.

The Boards are not involved in the day to day management of the business. Their role as mentioned above ensures objectivity and breadth of judgment to the proposal and hence implementation by the Management.

For example, the Board has reviewed and approved a set of strategic plan which encapsulates four (4) main thrust of attracting cargo traffic, enhancing capacity and capabilities, enhancing cost and fund management and innovating and developing new business. The Implementation Committee comprises of all head of Divisions was set up to monitor and report on the plan’s development and progress. The Committee will meet quarterly to review and evaluate the proposed action plans taken for updates and monitoring purposes.

ii. Overseeing the conduct of the Company’s business and to evaluate whether the business is being properly managed.

This basic function is undertaken by setting up of operational and financial target to be measured by Key Performance Indicator (KPI) against which the management’s performance can be measured. It contemplates a corporate relationship that is supportive yet watchful between the Board and the Management.

iii. Appointing and fixing the remuneration of the senior management

This reflects the Board’s functions through delegation of the said function to the Nomination Committee and the Remuneration Committee. The Nomination Committee will evaluate and assess the performance of any proposed promotion to the office of the senior management and extension of the services of the Chief Executive Officer while the Remuneration Committee will assess the Chief Executive Officer’s performance and the Senior Management in particular the Head of Divisions for salary revision, payment of bonuses and other remunerations. All these assessment and evaluation are done through Key Performance Indicator (KPI) as set up by the Management. The Committees thereafter will make recommendations to the Board for approval.

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For the year 2008, The Company has entered into fixed term contract with the Chief Executive Officer, which is for a three (3) year period with terms and conditions of service reviewed and approved by the Board.

iv. Developing and implementing an investor relation programme

The Board believes that the investor relation programme forms an integral part of Bintulu Port Holdings Berhad’s commitment towards effective communication with shareholders, investors and analysts.

This programme was achieved mainly through the dissemination of information during

the Company’s Annual General Meetings (AGM), dissemination of the Annual Report, the timely release of quarterly financial results, announcement to the Bursa Malaysia and the Company’s website at http://www.bintuluport.com.my. In addition to that, enquiries from shareholders and investment community at large will be attended in an informative, timely and professional manner.

v. Reviewing and overseeing the adequacy and integrity of the Company’s internal control system, including system to comply with applicable laws, regulations, rules, directives and guidelines, the implementation of appropriate system or necessary procedure that effectively manage and monitor all risks through the Audit Committee and the Finance and Risk Management Committee.

As this responsibility firmly rests in the hands of the Board, the Board will ensure that there is a satisfactory framework of reporting on internal financial controls and regulatory compliance. All reports and findings are tabled to the Audit Committee and the Finance and Risk Management Committee for consideration prior to approval by the Board. These committees monitor the operational and financial risk of the Company. Further details on the Company’s internal control system are set out in the Statement on Internal Control on page 68 to 70 of the Annual Report.

B. THE COMPOSITION AND BALANCE OF THE BOARD

The composition and balance of the Board forms one of the most crucial elements in corporate governance since an effective Board can lead and control the business effectively. In ensuring this effectiveness, the Board comprises of members with combination of skills, backgrounds and long standing experiences as outlines on pages 38 to 46 of this Annual Report, who can bring a broader view to the Company’s activities.

During the financial year, the Board has maintained its composition of six (6) Non-Independent Non-Executive Directors and three (3) Independent Non-Executive Directors complying with Paragraph 15.02 of Bursa Malaysia Securities Listing Requirements (BMLR) which requires one third (1/3) of the Board are independent Directors. The Independent Non-Executive Directors will bring to the Board, deliberations of unbiased and independence of judgement whereas the Non-Independent Non-Executive Directors are nonetheless making positive contribution to the Board. All Directors have given declaration, undertaking and confirmation to comply with BMLR.

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The major shareholders are Petroliam Nasional Berhad (PETRONAS), State Financial Secretary (SFS) and Kumpulan Wang Persaraan (Incorporated) (KWAP). These major shareholders (except KWAP) have their representatives sitting as Directors in the Board of Bintulu Port Holdings Berhad.

C. SEPARATION OF POWERS AND AUTHORITY

This separation of powers and authority between the Management and the Board will ensure that no one individual has unfettered powers of decision. Hence, the position of the Chairman and the Chief executive Officer (CEO) is individually held by two (2) different persons.

The Chairman is primarily responsible for the orderly conduct and workings as well as

efficient functioning of the Board, whilst the CEO’s task is to run day-to-day business, leads the management team implementing the policies and decisions approved by the Board and chairs the Management Committee, Major Tender Board and IT Steering Committee.

The current Chairman of Bintulu Port Holdings Berhad is Y.A. Bhg. Tun Dato’ Seri Hj. Mohd. Eusoff bin Chin and he was not a previous CEO of Bintulu Port Holdings Berhad Group. Encik Mior Ahmad Baiti bin Mior Lub Ahmad is the CEO of the Company.

D. SUPPLY OF INFORMATION

The supply of information is made timely to the Board. Such information including analysis and recommendation must be reliable and relevant in enabling them to discharge their duties effectively. Appropriate forms such as notice of meetings, agenda and board papers are circulated in advance of the meeting dates for the Directors to read and be properly prepared prior to 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.

Board Meetings are scheduled in advance to enable Directors to plan ahead and fit the year’s meeting 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.

At every scheduled meeting, 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. The Board is also updated on other matters, including details of utilisation of Initial Public Offer, the Management Best Practices including financial and operational practices, the performance standard, the annual business plan and updates, quarterly results of the Group and Director’s compliance with specific requirements.


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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. The Directors also has separate and independent access to the advice and services of the Company Secretary. It is the responsibility of the Company Secretary to ensure that Board meeting procedures and applicable rules and regulations are complied with.

E. APPOINTMENT AND RE-ELECTION TO THE BOARD

The appointments and re-election to the Board are governed by virtue of the Company’s Memorandum and Articles of Association as well as required by Para 7.28 of BMLR. 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. Required mix of skills, expertise, knowledge, experiences and other qualities of the proposed Director will be taken into consideration in determining candidates for directorship.

One third (1/3) of the Directors shall retire by rotation each year and are eligible for re-election pursuant to Article 127 of the Company’s Articles of Association and Para 7.28 of the BMLR.

F. TRAINING OF THE BOARD

Training of the Board plays important element in enhancing their knowledge to enable them discharging their duties and responsibilities more effectively towards corporate governance. In compliance with BMLR, the directors have attended the Mandatory Accreditation Programme (MAP). Continuous Education Programme (CEP) has also been identified to ensure Directors are kept abreast with new developments in the business environment, including operational and regulatory updates. As at to date, various CEP attended by the Directors are as follows:

• SeminaronReviewofMajorLegalRequirementsAddressingRelatedPartyTransaction;

• Seminar on Practical Aspect in Conducting General Meeting of Public ListedCompanies;

• AuditCommittee’sUniqueCompetencyRequirements;

• FinanceforNon-FinanceDirectors;

• CompanyValuation, Restructuring & Funding;

• InternationalCurrencyRiskManagement;

• RiskManagementSeminar;

• Understanding Financial Management For Company Directors and SeniorManagement;

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• ManagingBusinessTurnaround;

• ManagingGoingGlobalBusiness;

• KualaLumpurStockExchangeBerhadCorporateGovernanceConference“FinancialReporting and Alternative Solutions to Achieving Better Corporate Governance”;

• LatestTrendsinCorporateGovernance,InternalAudit,DetectionandPreventionofFraudand Credit Rating; and

• Adopting Risk Management System Framework for Company Director and Senior Management.

G. DIRECTOR’S REMUNERATION

The Remuneration Committee is entrusted to propose, review and make recommendations on suitable remuneration packages for the Directors of the Company. Although the Directors, including the Chairman are Non-Executive, the remuneration packages reflect their experience and level of responsibilities. The remuneration packages also need to attract, retain and motivate Directors of the quality required by the Company. Director fees are paid to all Directors and they are also paid the meeting allowances for each sitting of the Board of Committees they attended.

Executive Directors must abstain from deliberations and voting on decisions in respect of their individual remuneration.

Number of Directors remuneration included within the range of the followings :

Remuneration RangeNumber of Directors

Executive Non-executive

Less than RM50,000 - -RM50,001.00 – RM100,000.00 - 9

RM100,001.00 – RM150,000.00 - -Above RM150,000.00 - -

All Directors are covered by the Directors and Officers Insurance Policy taken by the Group.

H. BOARD MEETINGS Board meetings are scheduled in advance to enable Directors to plan ahead and fit the

year’s meeting into their own. The schedule is also structured in such a way to emphasis on full attendance of Board of Directors and to cater sufficient allocation of time for discussion and deliberation. During the Board Meetings, Directors deliberate and give due consideration to the proposals tabled by the Management. An agenda is distributed together with the Board papers to ensure that meetings are effectively conducted.


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During the financial year ended 31 December 2008, the Board held six (6) meetings, and one (1) by way of circulation. Details of the Board of Director’s attendance are as per Statement Accompanying Notice of Annual General Meeting on page 10 to 11 hereto.

I. ANNUAL GENERAL MEETING (AGM)

AGM is an opportunity for the shareholders to participate effectively by exchanging views and also to approve resolutions including payment of dividend, Director’s fees, election and appointment of Directors as well as appointment of Auditors. All shareholders have direct access to the Board members at this AGM. To be able to exercise their rights effectively during AGM, shareholders are provided with full and relevant information pertaining to the affairs of the Company. Full reports on any special resolutions will be included in the Statement Accompanying the Notice of Meeting for the shareholders perusal and consideration. Questions and clarification regarding any proposed resolutions as well as matters relating to the Group’s businesses and affairs will be further explained during Question and Answer Session.

A Press Conference will be held immediately after the AGM where the Chairman advises the

press on resolution passed and answers question posed by the press on the Group.

J. INVESTORS RELATION AND SHAREHOLDER COMMUNICATION

Investor relation and shareholder communication are highly valued by the Board and the Management. The communication with the shareholders, stakeholders, investors and the public in general is channeled through distribution of Annual Reports which disclose the business, operational and financial performance and other related corporate information on the Group. Other channel of communication includes the Annual General Meeting (AGM) itself, timely release of quarterly financial results, announcement to Bursa Malaysia and Company’s website via http://www.bintuluport.com.my.

The Company is also engaged in direct communication with the investment community by

taking part in regular briefing and interfacing sessions with investors, shareholders and analysts organized by Research and Broking Agencies. To further enhance direct communication between the Company and the investment community, they are also welcomed to raise any issues and queries directly with the Company at any time throughout the year.

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K. ACCOUNTABILITY AND AUDIT

Accountability and audit of the Company is generally reflected through the following ways and means :

i. Financial Reporting

The Board ensures that the shareholders are provided with a balanced and understandable assessment of Company’s position and prospects through financial statement with quarterly and annually announcement to shareholders. In addition to that, the Company’s and the Group’s Financial Results are in accordance with the new Financial Reporting Standard, applicable accounting standards in Malaysia and the provision of Companies Act 1965.

Accuracy, adequacy and completeness of the Financial Results are important for

disclosure and various purposes. For this purpose, the Audit Committee had initiated separate session with the External Auditor in the absence of the Management.

The Company’s Annual Audited Financial Statements, quarterly financial results and announcements were issued in a timely manner in compliance with the BMLR.

ii. Internal Control

For the Financial year, the Board is continuously committed to maintain a sound system of Internal Control which provides reasonable assurance of effective and efficient operations, and compliance with laws and regulations, as well as well with internal procedures to safeguard shareholder’s investment and the Group assets.

Details on the Group’s Internal control are provided in the Statement on Internal Control as set out on page 68 to 70 of this Annual Report.

iii. Audit Committee and Auditor’s Relation

The Audit Committee consists of two (2) Independent Non-Executive Directors and one (1) Non-Independent Non-Executive Director. Further details on the composition and Terms of Reference of the Audit Committee can be found in the Audit Committee Report on page 78 to 81 of this Annual Report.

The Internal Audit Department which is independent from the Management of the Group, performs its function with impartiality, proficiency and due professional care. It’s supportive role to the Audit Committee in regularly monitoring the Group’s key controls and procedures provides a professional relationships between the Board, the Audit Committee and the Internal Audit Department.

The Board also recognizes the function of External Auditor to highlight their findings on matters that require the Board’s attention.


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STATUS OF UTILISATION OF PROCEEDS FROM THE INITIAL PUBLIC OFFER

As at 31 December 2008, the status of utilisation of proceeds from Initial Public Offer is as follows:

Utilisation Approved Utilisation

Actual Contract

Sum

Actual Utilisation

As at 31/12/08

Balance of Utilisation

of Proceed

Completion date as per prospectus

Approved new

completion date

(RM’000)Construction of warehouse facilities

Bulk Fertilizer Warehouse

TimberProduct

20,000

10,000

16,975

-

(18,495)

-

1,505

10,000

March 2003

Dec 2002

Completed on

20/09/05

Dec 2010

Additional equipment/facilities for BICT

Mobile Harbour Cranes

Rubber Tyre Gantry Cranes

Container Freight Station

Container Stacking Yard

16,000

12,000

10,000

10,000

9,495

8,685

-

61,999

(9,495)

(8,447)

-

(12,955)

6,505

3,553

10,000

(2,955)

Dec 2002

Dec 2003

Dec 2003

Dec 2003

Completed on 7/03/03

Completed on

16/05/04

Dec 2010

Dec 2010

Purchase of 5 units Tugboats

- 2 units 25 tons tugboats

- 3 units 45 tons Tugboats

71,000 75,471 (84,468)

(25,946)

(58,522)

(13,468) Dec 20022 units of 25 tons tugboats were completed on 15/11/02 and another 3 units 45 tons were c o m p l e t e d 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 200,000 223,785 (185,020) 14,980 - -

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As shown on the table above, the total fund of the Initial Public Offer (IPO) is RM200.00 million and the actual contract sum to date is RM223.78 million. The completion date had been extended for Timber Warehouse, Container Freights Station (CFS) and Container Stacking Yard due to the followings:

i. General warehouse for Timber - the issue of ownership to the land proposed for the project site had not been finalised;

ii. Container Freight Station – the award of tender had to be put on hold due to the Global economic recession; and

iii. Container Stacking Yard – the contract had just been awarded and commencement of works was only effected on 3 October 2008.

Three (3) units of tugboats were completed, delivered and commissioned on November 2007 and January 2008 respectively. The Board will continue to monitor the utilisation of this fund and the implementation of the designated projects.

The Board in its meeting no. 1/2009 held on 26th February 2009 has approved for the balance of the IPO in particular, the Bulk Fertilizer Warehouse, Mobile Harbour Cranes and Rubber Tyre Gantry Cranes amounting to RM11,563,000.00 only be ultilised for the execution of other procurements as approved under the IPO.

L. RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE NATURE

Recurrent related party transactions of a revenue nature must be disclosed in the Annual Report as required by BMLR. For the year 2008, there are no new related parties involved with the Group other than the existing ones which comprises 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 changes are applied consistently to all customers or classes of customers.

M. NON-AUDIT FEES

The non audit fees totalling RM7,000.00 was paid to the external auditor by the Group for reviewing the Director’s Statement on Internal Control for the year ended 31 December 2008.

N. MATERIAL CONTRACT

There was 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.


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O. IMPOSITION OF SANCTION / PENALTIES ON THE COMPANY AND ITS SUBSIDIARIES FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2008

There was no sanction / penalties imposed on the company, its subsidiaries, Board of Directors and management for the financial year ended 31 December 2008.

P. DETAILS OF ATTENDANCE AT MEETINGS HELD IN THE FINANCIAL YEAR ENDED 31 DECEMBER 2008

For attendance, please refer to page 11 and 74 to 75 of Statement Accompanying Notice of Annual General Meeting and the Board Committees Report respectively.

Q. 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 and observed the substantive provisions of the Malaysian Code on Corporate Governance.

Statement made in accordance with the Board’s Resolution dated the 26th day of February 2009.

Tun Dato’ Seri Hj. Mohd. Eusoff bin Chin Dato’ Seri Dr. Hj. Arshad bin Hashim Chairman Director

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PENYATA BERKAITANURUSTADBIR KORPORAT

Penyata mengenai Urustadbir Korporat ini mewakili komitmen dan pematuhan yang berterusan oleh Lembaga Pengarah ke atas Perenggan 15.26 pada Kehendak-Kehendak Penyenaraian Bursa Malaysia dan Kod Urustadbir Korporat.

A. TANGGUNGJAWAB UTAMA LEMBAGA PENGARAH

Sepertimana dinyatakan dibawah ini, tanggungjawab utama Lembaga Pengarah menggambarkan komitmen Lembaga Pengarah ke arah kepimpinan yang berkesan dan mempunyai kawalan ke atas Syarikat dan hal ehwal Kumpulan bagi kepentingan terbaik Syarikat dan para pemegang sahamnya.

i. Mengkaji, melulus, menerima dan memantau pelan strategik, bajet Syarikat dan unjuran kewangan, amalan terbaik Pengurusan ke atas kewangan dan operasi serta piawaian prestasi.

Lembaga Pengarah tidak terlibat dalam urusan seharian Pengurusan. Peranan Lembaga Pengarah sepertimana dinyatakan di atas adalah bagi memastikan objektif dan keputusan yang luas dibuat ke atas cadangan dan seterusnya implementasi oleh Pengurusan.

Sebagai contoh, Lembaga Pengarah telah meneliti dan meluluskan satu set pelan strategik yang meringkaskan empat (4) teras utama iaitu menarik laluan kargo, meningkatkan kapasiti dan keupayaan, memastikan keberkesanan kos dan pengurusan dana dan berinovasi serta membangunkan perniagaan baru. Jawatankuasa Perlaksanaan terdiri dari semua Ketua Bahagian telah ditubuhkan bertujuan memantau dan melapor perkembangan dan pembangunan pelan tersebut. Jawatankuasa akan bermesyuarat setiap suku tahun bagi meneliti dan menilai pelan tindakan untuk tujuan pemantauan dan kemaskini.

ii. Menyelia perilaku perniagaan Syarikat dan menilai samada perniagaan diurus dengan sebaiknya.

Fungsi asas ini telah dibuat dengan mewujudkan sasaran operasi dan kewangan yang diukur melalui Kunci Indikator Prestasi (KPI) dimana prestasi Pengurusan dapat diukur. Ia menunjukkan perhubungan korporat yang disokong tetapi diperhati di antara Lembaga Pengarah dengan Pengurusan.

iii. Perlantikan dan Penentuan Ganjaran Pengurusan Kanan

Ia menggambarkan fungsi Lembaga Penarah melalui penurunan fungsi tersebut kepada Jawatankuasa Penamaan dan Jawatankuasa Ganjaran. Jawatankuasa Penamaan akan menilai prestasi bagi mana-mana kenaikan pangkat untuk jawatan Pengurusan Kanan dan perlanjutan tempoh perkhidmatan Ketua Pengawai Eksekutif manakala Jawatankuasa Ganjaran akan menilai prestasi Ketua Pegawai Eksekutif dan Pengurusan Kanan khususnya Ketua-Ketua Bahagian bagi kajian ke atas struktur gaji, pembayaran bonus dan lain-lain ganjaran. Kesemua penilaian ini dibuat melalui Kunci Indikator Prestasi (KPI) yang telah ditetapkan oleh Pengurusan. Jawatankuasa ini kemudiannya akan membuat perakuan kepada Lembaga Pengarah untuk kelulusan.

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Bagi tahun 2008, Syarikat telah menandatangani kontrak secara tetap dengan Ketua Pegawai Eksekutif bagi tempoh selama tiga (3) tahun dengan terma dan syarat perkhidmatan yang akan dikaji dan diluluskan oleh Lembaga Pengarah.

iv. Pembangunan dan Perlaksanaan Program Perhubungan dengan Pelabur

Lembaga Pengarah percaya bahawa program perhubungan dengan pelabur adalah merupakan sebahagian daripada komitmen Bintulu Port Holdings Berhad ke arah komunikasi dengan para Pemegang Saham, Pelabur dan Analis lebih berkesan.

Program ini telah berjaya melalui pengedaran maklumat semasa Mesyuarat Agung Tahunan Syarikat (AGM), pengedaran Laporan Tahunan, penyebaran laporan kewangan suku tahun yang tepat pada masanya, pengumuman ke Bursa Malaysia dan melalui lamanweb Syarikat di www.bintuluport.com.my. Sebagai tambahan, sebarang pertanyaan daripada pemegang saham dan komuniti pelabur akan diambilkira dengan secara informatif, cepat dan professional.

v. Mengkaji dan menyelia kecukupan dan integriti sistem kawalan dalaman termasuk sistem pematuhan terhadap undang-undang yang diterimapakai, peraturan, arahan dan garispanduan, perlaksanaan sistem yang berkaitan atau prosidur yang sesuai yang ditadbir secara berkesan dan memantau semua risiko melalui Jawatankuasa Audit dan Jawatankuasa Kewangan & Pengurusan Risiko.

Memandangkan tanggungjawab ini dengan kukuhnya terletak pada Lembaga Pengarah, Lembaga Pengarah akan memastikan bahawa terdapat rangkakerja yang baik bagi melaporkan kawalan kewangan dalaman dan pematuhan terhadap undang-undang. Kesemua laporan dan hasil penemuan akan dibentangkan kepada Jawatankuasa Audit dan Jawatankuasa Kewangan dan Pengurusan Risiko untuk pertimbangan sebelum diluluskan oleh Lembaga Pengarah. Kedua-dua jawatankuasa ini akan memantau risiko operasi dan kewangan Syarikat. Butiran lanjut berkaitan sistem kawalan dalaman adalah sepertimana dinyatakan dalam Penyata berkaitan Kawalan Dalaman pada mukasurat 71 hingga 73 pada Laporan Tahunan ini.

B. KOMPOSISI DAN KESEIMBANGAN LEMBAGA PENGARAH

Komposisi dan keseimbangan Lembaga Pengarah adalah merupakan elemen penting dalam urustadbir korporat memandangkan Lembaga Pengarah yang berkesan boleh memimpin dan mengawal perniagaan dengan baik. Dalam memastikan keberkesanannya, Lembaga Pengarah terdiri dari ahli-ahli yang mempunyai pelbagai kemahiran, latarbelakang dan mempunyai pengalaman yang luas sepertimana dinyatakan pada mukasurat 38 hingga 46 pada Laporan Tahunan ini, yang boleh membawa pandangan yang lebih luas dalam aktiviti Syarikat.

Dalam tahun kewangan ini, Lembaga Pengarah telah mengekalkan komposisi yang sedia ada iaitu enam (6) orang Pengarah Bukan Bebas dan Bukan Eksekutif serta tiga (3) orang Pengarah Bebas Bukan Eksekutif yang mematuhi Perenggan 15.02 pada Kehendak-Kehendak Penyenaraian Bursa Malaysia yang memperuntukkan satu pertiga (1/3) daripada Pengarahnya adalah Pengarah Bebas. Pengarah Bebas Bukan Eksekutif akan membawa kepada Lembaga

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PENYATA BERKAITAN URUSTADBIR KORPORATPengarah perbincangan yang adil dan keputusan yang bebas manakala Pengarah Bukan Bebas dan Bukan Eksekutif pula akan menyumbang secara positif kepada Lembaga Pengarah. Kesemua Pengarah telah memberi deklarasi, akujanji dan pengesahan pematuhan dengan Kehendak-Kehendak Penyenaraian Bursa Malaysia.

Para Pemegang Saham Utama adalah Petroliam Nasional Berhad (PETRONAS), Setiausaha Kewangan Negeri Sarawak (SFS) dan Kumpulan Wang Persaraan (Diperbadankan) (KWAP). Para pemegang saham utama ini (kecuali KWAP) mempunyai wakil sebagai Pengarah dalam Lembaga Pengarah Bintulu Port Holdings Berhad.

C. PENGASINGAN KUASA DAN AUTORITI

Pengasingan kuasa dan autoriti di antara Pengurusan dan Lembaga Pengarah akan memastikan tiada seorang individu yang mempunyai kuasa yang terbatas untuk membuat keputusan. Sehubungan itu, kedudukan Pengerusi dan Ketua Pegawai Eksekutif (KPE) dipegang oleh dua (2) orang individu yang berlainan.

Pengerusi bertanggungjawab sepenuhnya ke atas pengendalian dan perjalanan fungsi Lembaga Pengarah manakala KPE bertanggungjawab ke atas urusan perjalanan harian perniagaan, memimpin Pengurusan melaksanakan polisi dan keputusan yang telah diluluskan oleh Lembaga Pengarah serta mempengerusikan mesyuarat Jawatankuasa Pengurusan, Lembaga Tender Utama dan Jawatankuasa Pemandu IT.

Pengerusi Bintulu Port Holdings Berhad pada masa ini adalah Y. A. Bhg. Tun Dato’ Seri Hj. Mohd. Eusoff bin Chin dan beliau bukanlah merupakan KPE Syarikat yang terdahulu. Encik Mior Ahmad Baiti bin Mior Lub Ahmad adalah KPE Syarikat ini.

D. BEKALAN MAKLUMAT

Bekalan maklumat kepada Lembaga Pengarah dibuat tepat pada waktunya. Maklumat tersebut termasuk analisa dan cadangan yang boleh dipercayai serta relevan bagi membolehkan mereka melaksanakan tugasnya secara berkesan. Maklumat yang bersesuaian seperti notis mesyuarat, agenda dan kertas cadangan akan diedarkan lebih awal bagi membolehkan para Pengarah membaca dan bersedia sebelum mesyuarat diadakan. Dokumen mesyuarat Lembaga Pengarah mengandungi minit mesyuarat Lembaga Pengarah dan Jawatankuasanya, laporan pengurusan yang komprehensif, kertas cadangan dan dokumen sokongan.

Jadual Mesyuarat Lembaga Pengarah dikemukakan lebih awal bagi membolehkan para Pengarah merangka jadual dan menetapkan mesyuarat supaya bersesuaian dengan jadual mereka. Apabila perlu, Mesyuarat Khas akan diadakan bagi membincangkan cadangan atau isu perniagaan yang memerlukan keputusan yang cepat dari Lembaga Pengarah. Wakil Pengurusan yang boleh memberi penjelasan tambahan akan dipanggil semasa mesyuarat Lembaga Pengarah dan Jawatankuasa Lembaga Pengarah. Sekiranya diperlukan, penasihat dan golongan profesional akan dijemput hadir untuk memberi penjelasan dan nasihat.

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Pada setiap Mesyuarat yang dirancangkan, Lembaga Pengarah akan membincang dan mempertimbangkan perkara yang merumuskan prestasi kewangan dan operasi Kumpulan berbanding dengan bajet tahunan, kajian perniagaan terkini dan strategi perniagaan serta perkara berkaitan urusan perolehan. Lembaga Pengarah juga dimaklumi berkaitan perkara lain termasuk perincian penggunaan Dana Terbitan Awam Awal, amalan terbaik Pengurusan termasuk amalan kewangan dan operasi, piawaian prestasi, pelan perniagaan tahunan yang dikemaskini, laporan suku tahun Kumpulan dan pematuhan Pengarah kepada keperluan tertentu.

Minit Mesyuarat Lembaga Pengarah termasuk keputusan dan resolusi Lembaga Pengarah direkodkan oleh Setiausaha Syarikat untuk semakan terlebih dahulu sebelum pengesahan dalam mesyuarat berikutnya. Para Pengarah juga mempunyai akses bebas kepada Setiausaha Syarikat ke atas nasihat dan khidmat Setiausaha Syarikat. Adalah menjadi tanggungjawab Setiausaha Syarikat untuk memastikan semua prosidur dan undang-undang yang berkaitan dengan Mesyuarat Lembaga Pengarah telah diikuti dan dipatuhi sebaiknya.

E. PERLANTIKAN DAN LANTIKAN SEMULA LEMBAGA PENGARAH

Perlantikan dan lantikan semula Lembaga Pengarah adalah selaras dengan Tataurusan Syarikat serta peruntukan Perenggan 7.28 pada Kehendak-Kehendak Penyenaraian, Bursa Malaysia. Jawatankuasa Penamaan diberi kuasa menilai calon-calon yang sesuai bagi jawatan Pengarah, perlantikan dan lantikan semula sebagai ahli Lembaga Pengarah sebelum memperakukannya kepada Lembaga Pengarah bagi tujuan pertimbangan dan kelulusan. Pelbagai kemahiran, pengetahuan, pengalaman serta lain-lain kualiti pengarah yang dicadangkan akan diambilkira dalam menentukan calon-calon bagi jawatan Pengarah.

Satu Pertiga (1/3) daripada Pengarah akan bersara secara pusingan pada setiap tahun dan layak untuk dilantik semula selaras dengan peruntukan Artikel 127, Tataurusan Syarikat dan Perenggan 7.28 pada Kehendak-Kehendak Penyenaraian Bursa Malaysia.

F. LATIHAN LEMBAGA PENGARAH

Latihan Lembaga Pengarah memainkan elemen penting dalam perkembangan pengetahuan bagi membolehkan mereka melaksanakan tugas dan tanggungjawab dengan lebih berkesan ke arah urustadbir korporat. Dalam pematuhan kepada Kehendak-Kehendak Penyenaraian Bursa Malaysia, para Pengarah telah menghadiri Mandatory Accreditation Programme (MAP).

Continuous Education Programme (CEP) juga telah dikenalpasti bagi memastikan para Pengarah adalah terdedah dengan pembangunan baru dalam persekitaran perniagaan termasuk operasi dan perundangan yang dikemaskini. Sehingga kini, pelbagai CEP yang telah dihadiri oleh para Pengarah adalah seperti berikut:

• SeminaronReviewofMajorLegalRequirementsAddressingRelatedPartyTransaction;

• Seminar on Practical Aspect in Conducting General Meeting of Public ListedCompanies;

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PENYATA BERKAITAN URUSTADBIR KORPORAT• AuditCommittee’sUniqueCompetencyRequirements;

• FinanceforNon-FinanceDirectors;

• Companyvaluation, Restructuring & Funding;

• InternationalCurrencyRiskManagement;

• RiskManagementSeminar;

• Understanding Financial Management For Company Directors and SeniorManagement;

• ManagingBusinessTurnaround;

• ManagingGoingGlobalBusiness;

• KualaLumpurStockExchangeBerhadCorporateGovernanceConference“FinancialReportingandAlternativeSolutionstoAchievingBetterCorporateGovernance”;

• LatestTrendsinCorporateGovernance,InternalAudit,DetectionandPreventionofFraudandCreditRating;and

• Adopting Risk Management System Framework for Company Director and SeniorManagement.

G. GANJARAN PENGARAH

Jawatankuasa Ganjaran diamanahkan untuk mencadang, mengkaji dan membuat perakuan ke atas pakej ganjaran yang sesuai bagi para Pengarah syarikat. Walaupun para Pengarah termasuk Pengerusi adalah merupakan Bukan Eksekutif, pakej ganjaran menggambarkan pengalaman dan tingkatan tanggungjawabnya. Pakej ganjaran ini juga perlu menarik, mengekal dan memotivasikan para Pengarah akan kualiti yang diperlukan oleh Syarikat. Yuran Pengarah akan dibayar kepada semua Pengarah dan mereka juga dibayar elaun mesyuarat bagi setiap kehadiran dalam mesyuarat Jawatankuasa Lembaga Pengarah.

Pengarah Eksekutif hendaklah mengecualikan dirinya dari membincang dan membuat keputusan berkaitan ganjarannya. Bilangan pengarah syarikat yang ganjaranya termasuk dalam lingkungan berikut:

Julat GanjaranBilangan Pengarah

Eksekutif Bukan Eksekutif

Kurang dari RM50,000 - -RM50,001.00 – RM100,000.00 - 9

RM100,001.00 – RM150,000.00 - -Melebihi RM150,000.00 - -

Semua Pengarah Kumpulan telah dilindungi di bawah DirectorsandOfficersInsurancePolicy.

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H. MESYUARAT LEMBAGA PENGARAH Jadual Mesyuarat Lembaga Pengarah dikemukakan lebih awal bagi membolehkan para

Pengarah merangka jadual dan menetapkan mesyuarat supaya bersesuaian dengan jadual mereka. Jadual berkenaan juga dirangka bagi memberi penekanan ke atas kehadiran penuh pengarah dan memberi masa bagi tujuan perbincangan. Semasa Mesyuarat Lembaga Pengarah diadakan, para pengarah boleh membincang dan memberi pertimbangan ke atas cadangan yang dikemukakan oleh Pengurusan. Agenda berserta dokumen mesyuarat akan diedarkan bagi memastikan mesyuarat dapat dijalankan secara berkesan.

Bagi tahun kewangan berakhir 31 Disember 2008, sebanyak enam (6) mesyuarat Lembaga Pengarah termasuk satu (1) secara edaran telah diadakan. Butiran lanjut berkaitan kehadiran para Pengarah adalah sepertimana Penyata Berserta Notis Mesyuarat Agung Tahunan pada mukasurat 13.

I. MESYUARAT AGUNG TAHUNAN (AGM)

AGM adalah peluang bagi para pemegang saham bertukar pandangan secara berkesan dan meluluskan resolusi termasuk pembayaran dividen, yuran pengarah, perlantikan pengarah serta Juruaudit. Semua pemegang saham mempunyai akses kepada ahli-ahli Lembaga Pengarah semasa AGM. Bagi membolehkan para pemegang saham melaksanakan haknya dengan berkesan semasa AGM, mereka dibekalkan dengan maklumat yang lengkap dan relevan ke atas hal ehwal Syarikat. Laporan penuh ke atas setiap resolusi khas akan dimasukkan dalam Penyata berserta Notis Mesyuarat bagi membolehkan para pemegang saham menelitinya untuk pertimbangan. Soalan lanjut dan pertanyaan ke atas cadangan resolusi serta perkara berkaitan perniagaan dan hal ehwal Kumpulan akan dibuat semasa Sesi Soal Jawab.

Sidang Akhbar sejurus selepas AGM akan diadakan dimana Pengerusi akan memaklumkan para wartawan berkaitan resolusi yang telah diluluskan dan menjawab soalan dari pihak media berkaitan Kumpulan.

J. HUBUNGAN KOMUNIKASI DENGAN PELABUR DAN PEMEGANG SAHAM

Hubungan komunikasi dengan pelabur dan pemegang saham amat dihargai oleh Lembaga Pengarah dan Pengurusan. Komunikasi dengan pemegang saham, stakeholders, pelabur dan pihak awam disalurkan melalui pengedaran Laporan Tahunan yang mengandungi maklumat yang terperinci berkaitan perniagaan, prestasi kewangan dan lain-lain maklumat korporat ke atas Kumpulan. Lain-lain saluran komunikasi adalah melalui Mesyuarat Agung Tahunan, laporan kewangan suku tahun, pengumuman kepada Bursa Malaysia dan lamanweb Syarikat di http://www.bintuluport.com.my.

Syarikat turut terlibat dalam komunikasi secara terus dengan komuniti pelabur dengan kerap memberi taklimat dan mengadakan sesi perjumpaan dengan pelabur, pemegang saham dan analis yang dianjurkan oleh Agensi Penyelidikan dan Broking. Bagi memantapkan lagi komunikasi secara terus di antara Syarikat dengan komuniti pelabur, mereka adalah dialu-alukan untuk membangkitkan apa-apa isu dan persoalan terus kepada Syarikat pada bila-bila masa sepanjang tahun.

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PENYATA BERKAITAN URUSTADBIR KORPORAT

K. AKAUNTABILITI DAN AUDIT Akauntabiliti dan Audit Syarikat ini digambarkan melalui kaedah-kaedah dan cara-cara

berikut:

i. Laporan Kewangan

Lembaga Pengarah memastikan bahawa para pemegang saham dibekalkan dengan penilaian kedudukan dan prospek Syarikat yang seimbang dan difahami melalui keputusan kewangan dengan pengumuman secara suku tahun maupun tahunan kepada pemegang saham. Sebagai tambahan, Laporan Kewangan Syarikat dan Kumpulan adalah selaras dengan piawaian perakaunan yang diluluskan di Malaysia dan peruntukan Akta Syarikat 1965.

Ketepatan, kecukupan dan kesempurnaan ke atas Keputusan Kewangan adalah penting bagi tujuan penzahiran dan tujuan lainnya. Bagi tujuan ini, Jawatankuasa Audit telah mengadakan sesi berasingan dengan Juruaudit Luar tanpa kehadiran Pengurusan.

Laporan Kewangan Tahunan Syarikat yang telah diaudit, keputusan kewangan suku tahunan dan pengumuman dikeluarkan tepat pada masanya sejajar dengan pematuhan kepada Kehendak-Kehendak Penyenaraian Bursa Malaysia.

ii. Kawalan Dalaman

Bagi tahun kewangan ini, Lembaga Pengarah secara berterusan adalah komited memastikan sistem kawalan dalaman yang mantap dan cekap yang dapat menjamin keberkesanan operasi dan pematuhan kepada undang-undang serta proses dalaman bagi menjaga pelaburan pemegang saham dan aset Kumpulan.

Butiran lanjut ke atas Kawalan Dalam Kumpulan dinyatakan dalam Penyata Berkaitan Kawalan Dalam sepertimana terdapat di mukasurat 71 hingga 73 pada Laporan Tahunan ini.

iii. Jawatankuasa Audit dan Hubungan dengan Juruaudit

Jawatankuasa Audit terdiri dari dua (2) orang Pengarah Bebas Bukan Eksekutif dan seorang Pengarah Bukan Bebas Bukan Eksekutif. Butiran lanjut komposisi dan Terma Rujukan Jawatankuasa Audit boleh didapati di Laporan Jawatankuasa Audit pada mukasurat 82 hingga 85 pada Laporan Tahunan ini.

Jabatan Audit Dalam yang bebas daripada Pengurusan Kumpulan melaksanakan fungsinya tanpa memihak, cekap dan profesional. Peranan sokongannya kepada Jawatankuasa Audit yang sentiasa memantau kunci kawalan dan prosidur Kumpulan mewujudkan hubungan profesional di antara Lembaga Pengarah, Jawatankuasa Audit dan Jabatan Audit Dalam.

Lembaga Pengarah turut mengakui fungsi Juruaudit Luar untuk mengemukakan hasil penemuannya yang mana memerlukan perhatian Lembaga Pengarah.

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STATUS PENGGUNAAN DANA TERBITAN AWAM AWAL Setakat 31 Disember 2008, status penggunaan Dana Terbitan Awam Awal adalah seperti

berikut:

Penggunaan

Penggunaanyang

diluluskan

HargaKontrakSebenar

Penggu-naan

SebenarSetakat

31/12/2008

BakiPenggu-

naanPerolehan

TarikhPenyiapanseperti di

dalamProspektus

Tarikh Penyiapanbaru yangdiluluskan

(RM’000)

Construction ofwarehousefacilities

BulkFertilizerWarehouse

TimberProduct

20,000

10,000

16,975

-

(18,495)

-

1,505

10,000

Mac 2003

Dis 2002

Siap pada 20/09/05

Dis 2010

Additionalequipment/facilitiesforBICT

MobileHarbour Cranes

RubberTyreGantryCranes

Container Freight Station

Container Stacking Yard

16,000

12,000

10,000

10,000

9,495

8,685

-

61,999

(9,495)

(8,447)

-

(12,955)

6,505

3,553

10,000

(2,955)

Dis 2002

Dis 2003

Dis 2003

Dis 2003

Siap pada 7/03/03

Siap pada 16/05/04

Dis 2010

Dis 2010

Purchaseof5units Tugboats

-2units25tonstugboats

-3units45tonsTugboats

71,000 75,471 (84,468)

(25,946)

(58,522)

(13,468) Dis 2002 2 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 masing-masingnya.

Perbelanjaanpenyenaraian

11,000 11,160 (11,160) (160) - -

Perbelanjaan Modal Kerja

40,000 40,000 40,000 - - -

Jumlah 200,000 223,785 (185,020) 14,980 - -

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PENYATA BERKAITANURUSTADBIR KORPORAT

Sepertimana digambarkan pada jadual di atas, jumlah keseluruhan Dana Terbitan Awam Awal (IPO) adalah sebanyak RM200.00 juta dan jumlah kontrak sebenar sehingga kini adalah RM223.78 juta. Tarikh tamat bagi Timber Warehouse, Container Freights Station (CFS) dan Container Stacking Yard telah dilanjutkan atas alasan-alasan berikut:

i General Warehouse for Timber – isu hakmilik ke atas tanah yang dicadangkan untuk tapak projek pembinaan tersebut masih belum selesai.

ii. Container Freight Station – penawaran tender bagi perolehan ini terpaksa ditangguhkan ekoran kegawatan ekonomi Global; dan

iii. Container Stacking Yard – Kontrak ini baru sahaja ditawarkan dan berkuatkuasa hanya pada 3 Oktober 2008.

Tiga (3) unit bot tunda telah siap dibina, diserahkan dan ditauliahkan pada bulan November 2007 dan Januari 2008 masing-masingnya. Lembaga Pengarah akan sentiasa memantau penggunaan dana ini dan juga perlaksanaan projek-projek yang telah dikenalpasti.

Lembaga Pengarah dalam mesyuarat Bil. 1/2009 pada 26 Februari 2009 telah meluluskan penggunaan baki Dana Terbitan Awam Awal khususnya bagi BulkFertilizerWarehouse,MobileHarbourCranesdanRubberTyreGantryCranes berjumlah RM11, 563,000.00 sahaja digunakan bagi melaksanakan perolehan-perolehan lain yang telah diluluskan dibawah Dana Terbitan Awam Awal.

L. URUSNIAGA BERULANG PIHAK BERKAITAN JENIS HASIL

Urusniaga berulang pihak berkaitan jenis hasil hendaklah dizahirkan dalam Laporan Tahunan sepertimana keperluan oleh Bursa Malaysia. Bagi tahun 2008, 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 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 yang dikenakan secara konsisten ke atas semua pelanggan atau kelas pelanggan.

M. YURAN BUKAN AUDIT

Yuran bukan audit berjumlah RM7,000.00 telah dibayar kepada Juruaudit Luar oleh Kumpulan bagi meneliti Penyata Berkaitan Kawalan Dalaman bagi tahun kewangan berakhir 31 Disember 2008.

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N. KONTRAK UTAMA

Tiada kontrak utama dimeteri oleh Syarikat dengan subsidiarinya yang melibatkan kepentingan para pengarah dan pemegang saham utama yang belum dilaksanakan pada akhir tahun kewangan.

O. PENGENAAN HUKUMAN / PENATLI TERHADAP SYARIKAT DAN SUBSIDIARINYA BAGI TAHUN KEWANGAN BERAKHIR 31 DISEMBER 2008

Tiada sebarang hukuman atau penalti yang dikenakan terhadap syarikat, subsidiarinya, Lembaga Pengarah dan Pengurusan bagi tahun kewangan berakhir 31 Disember 2008.

P. BUTIRAN TERPERINCI KEHADIRAN MESYUARAT YANG DIADAKAN DALAM TAHUN KEWANGAN BERAKHIR 31 DISEMBER, 2008

Bagi kehadiran Mesyuarat, sila rujuk mukasurat 13 dan 76 hingga 77 pada Penyata Berserta Notis Mesyuarat Agung Tahunan dan Laporan Jawatankuasa Lembaga Pengarah masing-masingnya.

Q. PENYATA KE ATAS PEMATUHAN

Setelah meneliti amalan dan institusi struktur/rangka kerja yang sedia ada, Lembaga Pengarah berpendapat Bintulu Port Holdings Berhad telah mematuhi peruntukan yang ada dalam Kod Urustadbir Korporat Malaysia.

Penyata ini dibuat selaras dengan Resolusi Lembaga Pengarah bertarikh 26 Februari 2009.

Tun Dato’ Seri Hj. Mohd. Eusoff bin Chin Dato’ Seri Dr. Hj. Arshad bin Hashim Pengerusi Pengarah

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STATEMENT ON INTERNAL CONTROL

By virtue of Paragraph 15.27(b) of Bursa Malaysia Securities Listing Requirements (BMLR) and pursuant to Malaysian Code on Corporate Governance, the Board of Bintulu Port Holdings Berhad is pleased to provide Statement on Internal Control of the Group for Financial Year ended 31 December 2008.

RESPONSIBILITY AND KEY INTERNAL CONTROL PROCESSES

The Board acknowledges its overall responsibility for the Group’s system of internal control and its risk management as well as reviewing the adequacy and integrity of those systems and its effectiveness. This also includes reviewing the strategic direction, financial and operational and compliance controls as well as the risk management. This responsibility is guided by the corporate objective to safeguard the shareholders’ investment and the Group’s assets.

It should be noted that the system is designed to manage rather than eliminate the risk of failure to achieve the goals and objectives of the Group. Hence, it provides reasonable assurance of effectiveness against material misstatement of management and financial information. The system also provides reasonable control against financial losses, fraud or occurrence of unforeseeable circumstances.

The Board confirms that there are continuous key internal control process for identifying, evaluating and managing the significant risks faced by the Group, which had been in place for the financial year ended 31 December 2008.

For example, the Board receives and reviews regular reports from the management among others, on operational, financial, statistical, legal and regulatory matters. The Board also responds and approves appropriate amendments to the Group’s policies.

The Group performs comprehensive budgeting and forecasting exercise where performance against the budget are analysed and reported on a quarterly basis to the Board. Corrective actions are then taken in timely manner. Forecasts are reviewed semi annually taking into account the changes in market conditions and significant business risks.

The Group’s Code of Conduct has been documented and issued to all staff upon joining the company. In performing their duties, all staffs are required to adhere strictly to the said Code.

The Group has established Quality Management System (ISO 9001 : 2000) to ensure compliance with all procedures. This system is audited semi annually for continuous compliance and enhancement of customers’ satisfaction.

In addition to that, the Group has maintained the status of International Ship And Port Facility Security Code (ISPS) Port’s Compliance.

The Customer Charter was in place to monitor operational efficiency and performance of the Company towards meeting customer’s satisfaction. The Management is committed to ensure strict adherence of Customer Charter by all levels of operations.

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KEY CONTROL COMMITTEES

The following committees were established as key controller, each with its dedicated roles, responsibility and function.

Audit Committee

The Board has delegated to the Audit Committee to regularly review and hold discussions with the management on the actions taken within the internal control system, issues identified by the Internal Audit Department, the external auditors and the management.

The Audit Committee, assisted by the Internal Audit Department performs regular reviews on business processes to assess the effectiveness of internal controls. The Audit Committee conducts annual reviews on the adequacy of the Internal Audit Department’s scope of work and resources.

Finance and Risks Management Committee

On behalf of the Board, the Finance and Risks Management Committee was set up to analyse and recommend the projects and capital expenditure. The Committee also reviews the capital expenditure for projects, business acquisitions and investment appraisals to be undertaken by the Company.

Tender Committees

Tender Committees which consists of the Management team are established to ensure tender evaluation exercises are conducted in an effective, transparent and fair manner based on the guided principles of accountability to the shareholders, published policy and procedures and value for money.

There are limits of authority in decision making process. These limits are reviewed by the Board as and when required and it is based on the value of tender, whereby certain limit of tender’s value are reserved for the Board deliberation and approval.

ENTERPRISE RISK MANAGEMENT SYSTEM

The Group has embarked on the Enterprise Risk Management (“ERM”) framework which incorporates the followings: • Asuitableoversightstructure • Riskmanagementpolicies • Risk parameters, processes and mechanisms for risk identification, profiling, assessment and

treatment

• Reportingmechanism

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The ERM system will be monitored and reviewed from time to time by the Audit Committee.

THE PROFESSIONALISM AND COMPETENCE OF STAFF

Professionalism and staff competencies are enhanced through various measures adopted by the Company. Potential candidates are subject to professional recruitment process. Fair Performance Appraisal System is in place, with established Key Performance Indicators (“KPI”) to measure staff performance. The performance review is conducted on annual basis. Various training and development programmes were implemented timely. The Company also instills positive values to promote culture of versatile personnel, teamwork, cooperation as well as total commitment towards organisational goal.

REVIEW OF THE STATEMENT BY INTERNAL AND EXTERNAL AUDITORS

The Internal as well as 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 31st December 2008 in line with paragraph 15.25 of the BMLR. 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 investments, the interest of customers, regulators and employees and the Group’s assets.

Statement made in accordance with the Board’s Resolution dated the 26th day of February 2009.

Tun Dato’ Seri Hj. Mohd. Eusoff bin Chin Dato’ Seri Dr. Hj. Arshad bin Hashim Chairman Director

STATEMENT ON INTERNAL CONTROL

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Selaras dengan Perenggan 15.27 (b) pada Kehendak-Kehendak Penyenaraian Bursa Malaysia dan Kod Urustadbir Korporat Malaysia, Lembaga Pengarah Bintulu Port Holdings Berhad dengan bangganya mengemukakan Penyata Berkaitan Kawalan Dalaman Kumpulan bagi Tahun Kewangan berakhir 31 Disember 2008.

TANGGUNGJAWAB DAN KUNCI PROSES KAWALAN DALAMAN

Lembaga Pengarah mengakui tanggungjawabnya secara keseluruhan ke atas sistem Kawalan Dalaman dan pengurusan risiko Kumpulan selain meneliti kecukupan dan integriti keberkesanan sistem tersebut. Ini termasuklah meneliti halatuju yang strategik, kewangan, operasi dan kawalan pematuhan serta pengurusan risiko. Tanggungjawab ini adalah berpandu kepada objektif korporat untuk menjaga kepentingan pelaburan pemegang saham dan aset Kumpulan.

Ianya hendaklah diakui bahawa sistem tersebut dicipta untuk mengurus, bukannya menghapus kan risiko kegagalan dalam mencapai objektif dan matlamat Kumpulan. Sehubungan itu, ianya menyediakan jaminan berpatutan ke atas keberkesanan salah kenyataan utama Pengurusan dan maklumat kewangan. Sistem ini juga menyediakan kawalan yang berpatutan terhadap kerugian kewangan, penyalahgunaan atau berlaku perkara yang diluar jangkaan.

Lembaga Pengarah mengesahkan terdapat kunci proses kawalan dalaman secara berterusan untuk mengenalpasti, menilai dan mengurus risiko yang ketara yang dihadapi oleh Kumpulan yang mana telah wujud bagi tahun kewangan berakhir 31 Disember 2008.

Sebagai contoh, Lembaga Pengarah kerap menerima dan meneliti laporan Pengurusan antara lainnya perkara berkaitan operasi, kewangan, statistik, perundangan dan perkara-perkara yang berkaitan. Lembaga Pengarah juga memberi maklumbalas dan meluluskan pindaan sewajarnya ke atas polisi-polisi Kumpulan.

Kumpulan melaksanakan bajet dan unjuran secara komprehensif di mana prestasi dan bajet dianalisa dan dilaporkan pada setiap suku tahun kepada Lembaga Pengarah. Tindakan pembetulan dibuat dengan cepat. Unjuran akan dikaji setiap setengah tahun mengambilkira perubahan keadaan pasaran dan risiko perniagaan ketara.

Kod Tatakelakuan Kumpulan telah dibukukan dan diedarkan kepada staf sebaik menyertai syarikat. Dalam melaksanakan tugas, semua staf dikehendaki mematuhi sepenuhnya akan Kod tersebut.

Kumpulan telah mewujudkan Sistem Pengurusan Kualiti (ISO 9001: 2000) bagi memastikan pematuhan kepada semua prosidur. Sistem ini diaudit setiap setengah tahun bagi memastikan pematuhan berterusan dan meningkatkan kepuasan pelanggan.

Sebagai tambahan, Kumpulan telah mengekalkan status pematuhan kepada International ShipandPortFacilitySecurityCode (ISPS).

Piagam Pelanggan telah diwujudkan bagi memantau keberkesanan operasi dan prestasi Syarikat kearah memenuhi kepuasan pelanggan. Pengurusan adalah komited untuk memastikan pematuhan sepenuhnya ke atas Piagam Pelanggan tersebut di semua peringkat operasi.

PENYATA BERKAITANKAWALAN DALAMAN

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PENYATA BERKAITAN KAWALAN DALAMAN

JAWATANKUASA KAWALAN UTAMA

Jawatankuasa-jawatankuasa berikut telah ditubuhkan sebagai kunci kawalan, masing-masing dengan peranan, tanggungjawab dan fungsi yang khusus.

Jawatankuasa Audit

Lembaga Pengarah telah menurunkan kuasa kepada Jawatankuasa Audit untuk sentiasa meneliti dan mengadakan perbincangan dengan Pengurusan ke atas tindakan yang perlu diambil berkaitan sistem kawalan dalaman, isu yang dikenalpasti oleh Jabatan Audit Dalam, Juruaudit Luar dan juga Pengurusan.

Jawatankuasa Audit dibantu oleh Jabatan Audit Dalam sentiasa meneliti proses perniagaan bagi menilai keberkesanan kawalan dalaman. Jawatankuasa Audit melaksanakan penelitian tahunan ke atas kecukupan skop kerja dan sumber-sumber Jabatan Audit Dalam.

Jawatankuasa Kewangan dan Pengurusan Risiko

Bagi pihak Lembaga Pengarah, Jawatankuasa Kewangan & Pengurusan Risiko telah ditubuhkan untuk menganalisa dan memperakukan projek dan perbelanjaan modal. Jawatankuasa ini juga meneliti perbelanjaan modal bagi projek, pengambilalihan perniagaan dan penilaian pelaburan yang akan dilaksanakan oleh Syarikat.

Jawatankuasa Tender

Jawatankuasa Tender yang terdiri dari pasukan Pengurusan telah ditubuhkan bagi memastikan penilaian tender dilaksanakan secara berkesan, telus dan adil sejajar dengan prinsip akauntabiliti kepada pemegang saham, prosidur dan polisi yang telah ditetapkan dan pulangan nilai wang.

Terdapat had kuasa yang ditetapkan dalam proses membuat keputusan. Had ini akan dikaji oleh Lembaga Pengarah apabila perlu berdasarkan nilai tender dimana terdapat had tender untuk pertimbangan dan kelulusan Lembaga Pengarah.

SISTEM PENGURUSAN RISIKO PERSENDIRIAN (ERM)

Kumpulan telah melancarkan rangka kerja Pengurusan Risiko Persendirian (ERM) yang menggabungkan perkara-perkara berikut:

• Strukturorganisasiyangsesuai

• PolisiPengurusanRisiko

• Ukuran risiko, proses dan mekanisma bagi mengenalpasti risiko, profil, penilaian danpembaikan

• MekanismaLaporan

Sistem ERM ini akan sentiasa dipantau dan diteliti dari masa ke semasa oleh Jawatankuasa Audit.

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PROFESIONALISMA DAN KECEKAPAN STAF

Profesionalisma dan kecekapan staf dilaksanakan melalui pelbagai ukuran yang diterimapakai oleh Syarikat. Calon-calon yang berkebolehan adalah tertakluk kepada proses pengambilan secara profesional. Sistem Penilaian Prestasi yang adil dengan Kunci Indikator Prestasi (KPI) telah diwujudkan bagi menilai prestasi staf. Penilaian prestasi ini dibuat pada setiap tahun. Pelbagai latihan dan program pembangunan telah dilaksanakan pada masanya. Syarikat juga memupuk nilai-nilai positif bagi meningkatkan budaya personel yang berketerampilan, semangat kerja berpasukan, saling bantu membantu serta komitmen yang penuh kearah mencapai impian organisasi.

PENELITIAN KE ATAS PENYATA BERKAITAN KAWALAN DALAMAN OLEH JABATAN AUDIT DALAM DAN JURUAUDIT LUAR

Jabatan Audit Dalam serta Juruaudit Luar telah meneliti dan mengesahkan bahawa Penyata Berkaitan Kawalan Dalaman ini dimasukkan dalam Laporan Tahunan Kumpulan bagi tahun kewangan berakhir 31 Disember 2008 selaras dengan Perenggan 15.25 Kehendak-Kehendak Penyenaraian Bursa Malaysia. 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 26 Februari 2009.

Tun Dato’ Seri Hj. Mohd. Eusoff bin Chin Dato’ Seri Dr. Hj. Arshad bin Hashim Pengerusi Pengarah

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BOARD COMMITTEES REPORT

INTRODUCTION

The Board Committees has set up four (4) committees, namely, Audit Committee, Nomination Committee, Remuneration Committee and Finance & Risk Management Committee to assist 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.

AUDIT COMMITTEE

TERMS OF REFERENCE COMPOSITON ATTENDANCE

The details of the Audit Committee’s composition, roles and responsibilities and number of meetings held during the financial year are provided on page 78 to 81 of this Annual Report

NOMINATION COMMITTEE


• 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.

• To review 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.

CHAIRMANDato’ Seri Dr. Hj. Arshad Bin Hashim

IndependentNon-ExecutiveDirector

2/2

MEMBERTun Dato’ Seri Hj. Mohd. Eusoff Bin

ChinNon-IndependentNon-Executive

Director

2/2

MEMBERDatuk Hashim Bin Ismail


2/2

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REMUNERATION COMMITTEE


• To review, discuss and make 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 executive director shall play no part in decision making of their own remuneration.

CHAIRMANDatuk Hashim Bin Ismail


2/2

MEMBERTun Dato’ Seri Hj. Mohd. Eusoff Bin

ChinNon-IndependentNon-Executive

Director

2/2

MEMBERTan Sri Dato’ Seri Hj. Mohd. Zahidi

Bin ZainuddinNon-IndependentNon-Executive

Director

2/2

MEMBERDato’ Shamsul Azhar Bin Abbas

Non-IndependentNon-ExecutiveDirector

2/2

FINANCE & RISK MANAGEMENT COMMITTEE


• 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.

CHAIRMANDato’ Shamsul Azhar Bin Abbas

Non-IndependentNon-ExecutiveDirector

3/3

MEMBERTan Sri Dato’ Seri Hj. Mohd. Zahidi

Bin ZainuddinNon-IndependentNon-Executive

Director

2/3

MEMBERDato’ Mohamad Norza Bin ZakariaNon-IndependentNon-Executive

Director

1/3

MEMBERDatu Hj. Abang Halmi Bin Ikhwan


2/3

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LAPORAN JAWATANKUASA LEMBAGA PENGARAH

PENGENALAN

Lembaga Pengarah telah menubuhkan empat (4) jawatankuasa iaitu Jawatankuasa Audit, Jawatankuasa Penamaan, Jawatankuasa Ganjaran dan Jawatankuasa Kewangan & Pengurusan Risiko untuk membantu Lembaga Pengarah dalam membuat keputusan ke atas perkara-perkara yang dibangkitkan kepada Lembaga Pengarah. Peranan setiap jawatankuasa adalah untuk membincang dan memperakukan kepada Lembaga Pengarah perkara-perkara yang dibincangkan diperingkat Jawatankuasa. Minit yang telah disahkan oleh Jawatankuasa akan diedarkan kepada semua ahli Lembaga Pengarah untuk memberi peluang kepada ahli-ahli yang tidak duduk dalam jawatankuasa bertanya soalan dan memberi pendapat ke atas perkara yang dibincangkan.

JAWATANKUASA AUDIT

TERMA RUJUKAN KOMPOSISI KEHADIRAN

Butiran lanjut berkaitan komposisi, peranan dan tanggungjawab serta jumlah mesyuarat yang diadakan dalam tahun kewangan bagi Jawatankuasa Audit dinyatakan dalam mukasurat 82 hingga 85 pada Laporan Tahunan ini.

JAWATANKUASA PENAMAAN


• Untuk memperakukan kepada Lembaga Pengarah calon-calon bagi jawatan Pengarah, perlantikan, kenaikan pangkat dan pembaharuan jawatan Ketua Pegawai Eksekutif dan Pengurusan Kanan Kumpulan.

•Untukmenelitikepakaran,pengalamandan lain-lain kualiti termasuk kompetensi utama pengarah bukan eksekutif, menilai keberkesanan Lembaga Pengarah secara keseluruhannya pada setiap tahun, jawatankuasa lembaga pengarah dan menilai sumbangan setiap individu pengarah.

PENGERUSIDato’ Seri Dr. Hj. Arshad Bin Hashim

PengarahBebasBukanEsekutif2/2

AHLITun Dato’ Seri Hj. Mohd. Eusoff Bin

ChinPengarahBukanBebasdan

BukanEksekutif

2/2

AHLIDatuk Hashim Bin Ismail

PengarahBebasBukanEksekutif2/2

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JAWATANKUASA GANJARAN


• Untuk mengkaji, membincang dan membuat perakuan berkaitan ganjaran pengarah eksekutif dan bukan eksekutif, Polisi Sumber Manusia termasuk terma dan syarat perkhidmatan Ketua Pegawai Eksekutif dan juga Pengurusan Kanan Kumpulan.

• Pengarah Eksekutif adalah berkecuali dalam membuat keputusan berkaitan ganjarannya.

PENGERUSIDatuk Hashim Bin Ismail

PengarahBebasBukanEksekutif2/2

AHLITun Dato’ Seri Hj. Mohd. Eusoff Bin

ChinPengarahBukanBebasdan

BukanEksekutif

2/2

AHLITan Sri Dato’ Seri Hj. Mohd. Zahidi

Bin ZainuddinPengarahBukanBebasdan

BukanEksekutif

2/2

AHLIDato’ Shamsul Azhar Bin Abbas

PengarahBukanBebasdanBukanEksekutif

2/2

JAWATANKUASA KEWANGAN & PENGURUSAN RISIKO


• Untuk mengkaji, menerima dan mengawas tingkah laku hal ehwal perniagaan dan kewangan Kumpulan, mengenalpasti risiko kewangan, meneliti bajet tahunan dan varians ke atas perbelanjaan sebenar Kumpulan. Juga mengkaji perbelanjaan modal bagi projek, pengambilalihan perniagaan dan penilaian pelaburan yang akan dibuat oleh Syarikat, meneliti dan memperakukan kepada Lembaga Pengarah keputusan kewangan Syarikat dan memperakukan kepada Lembaga Pengarah langkah-langkah yang akan diambil bagi meningkatkan keuntungan Syarikat.

PENGERUSIDato’ Shamsul Azhar Bin Abbas


3/3

AHLITan Sri Dato’ Seri Hj. Mohd. Zahidi

Bin ZainuddinPengarahBukanBebasdan

BukanEksekutif

2/3

AHLIDato’ Mohamad Norza Bin Zakaria


1/3

AHLIDatu Hj. Abang Halmi Bin IkhwanPengarahBebasBukanEksekutif

2/3

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AUDIT COMMITTEE REPORT

COMPOSITION AND COMPLIANCE TO PARA 15.10(1)(i)(c) & 15.16(3)(c) OF BURSA MALAYSIA SECURITIES LISTING REQUIREMENT (“BMLR”)

AUDIT COMMITTEE

COMPOSITION

ATTENDANCEMeeting No.1/2008 @27/02/2008 -3.00 p.m.

Meeting No.2/2008 @ 20/05/2008 -10.30 a.m.

Meeting No.3/2008 @ 18/08/2008 – 2.30 p.m.

Meeting No.4/2008 @ 24/11/2008 – 12.00 noon

CHAIRMANDatu Hj. Abang Halmi bin Ikhwan


√ √ √ √

MEMBERDato’ Seri Dr. Hj. Arshad bin

HashimIndependentNon-Executive

Director

√ √ √ √

MEMBERDato’ Mohamad Norza bin

ZakariaNon-Independent

Non-ExecutiveDirector[memberofMalaysianInstitute

Accountant]

- - √ -

The composition above meets the requirement of Para 15.10(1)(i)(c) of BMLR whereby:

√ The Audit Committee comprised of no fewer than three (3) members;

√ A majority of the Audit Committee is Independent Director; and

√ One (1) member of the Audit Committee, Dato’ Mohamad Norza bin Zakaria, is a member of Malaysian Institute of Accountant (“MIA”).

Further details on the profile of the members above can be referred to page 40, 42 and 45 of this Annual Report.

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TERMS OF REFERENCE OF THE AUDIT COMMITTEE PURSUANT TO PARA 15.26(3) OF BURSA MALAYSIA SECURITIES LISTING REQUIREMENT (BMLR)

1. Authority

The Committee is authorised 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 authorised to regulate the manner of proceedings of its meetings having regard to normal conventions on such matter.

2. 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 determine 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. To investigate or cause to be investigated any activity within its terms of reference; and

iii. To review procedures and disclose recurrent related party transactions of revenue or trading nature.

MEETINGS AND ATTENDANCE

The Audit Committee Report shall include the number of Audit Committee meetings held during the financial year and details of attendance of each Audit Committee member as outlined under Para 15.16 (3) (c) of BMLR.

The meetings of the Committee are scheduled throughout the year but shall not be less than four (4) times a year. The frequency varies depending on the audit activities and reports. In any case the Committee will meet at least once during each quarter. The Company Secretary is the Secretary to the Audit Committee and shall be responsible for circulating notices, agendas and minutes of

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meetings to all members. The Committee may require the External Auditor and any officials of the Company to attend any of its meeting as it determines. The Audit Committee met four (4) times and the record of attendance of the members for the Audit Committee meetings during the financial year ended 31 December 2008 is as summarised under Composition and Compliance to Para 15.16(3) BMLR on page 78.

SUMMARY OF ACTIVITIES

The Audit Committee Report shall include a summary of activities of the Audit Committee. As part to compliance with Para 15.16 (3) (d) of BMLR, below are the activities of the Audit Committee for the financial year which includes discussions and reviews of the followings :

• The External Audit plan and approach, results of their examinations, auditor’s reports andmanagement letters relating to audit and updates on new developments on accounting and auditing standards together with External Auditor;

• DraftauditedfinancialstatementstogetherwiththeExternalAuditor;

• UnauditedquarterlyresultspriortorecommendationtotheBoardforapproval;

• ProposedInternalAuditplans/programmestobeundertakenbytheInternalAuditor;

• ReportsandfindingsandrecommendationsmadebytheInternalAuditor;

• MonitortheManagementandauditfunctions.

INTERNAL AUDIT FUNCTION

The scope of Internal Audit covers the audits of all units and operations, including subsidiaries. As the Internal Audit Department is independent in terms of its activities and operations, it therefore accorded with primary responsibility of providing 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 Audit Committee plays a central role in enhancing Internal Audit’s value and effectiveness by ensuring that the Internal Audit is independent from management. The Internal Audit Department is also an independent and reasonable assurance provider to all levels of management concerning the overall control over assets and the effectiveness of the system of internal controls in achieving the company’s overall objectives and various Internal Audits on all operating unit of its subsidiaries. During the financial year ended 31st December 2008, the Internal Audit has performed its role with impartiality, proficiency and due professional care so as to give assurance to the Board on the adequacy in controls and integrity of the systems within the Group.

AUDIT COMMITTEE REPORT

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The Annual Audit Plan for 2008 was approved by the Audit Committee at it’s first meeting which was held on 27th February 2008. A total of 20 audit plans as follows were approved whereby only 14 were duly conducted for the year 2008:

No Name of Audit / Review1. Procurement of work force and establishment of new vacancies at Bintulu Port Sdn Bhd

for year 2007.

2. Kontrak No.BPSB/13/2006 – Supply of Stevedoring Services To Bintulu Port Sdn Bhd

3. Effectiveness of Integrated Port Management System (IPMS)*

4. Implementation of International Ship & Port Facility Security (ISPS) Bintulu Port Sdn Bhd

5. Implementation of Strategic Business Unit (SBU) Bintulu Port Sdn Bhd*

6. Implementation of new biling system for LNG vessel

7. Accuracy of Bintulu Port Sdn Bhd’s Statistical Report*

8. Development of Multipurpose Terminal*

9. External Customers Satisfaction Survey 2007*

10. Stock Keeping for Spare Parts*

11. Administration Credit Account for Business Debtors of Biport Bulkers Sdn Bhd

12. Revenue Leakages Biport Bulkers Sdn Bhd

13. Loss and Damages General Cargoes During Handling and Storage

14. Contract Vessel Requirement Bintulu Port Sdn Bhd

15. Availability and Utilization of Quay Crane

16. Construction of twenty-four (24) Oil Palm Tanks Biport Bulkers Sdn. Bhd.

17. Maritime Accident at Port Water Limit

18. Quay Crane (QC 4) Rental

19. Non-effectiveness of Vessel Entry & Exit System Plan

20. Maintenance of Safety Equipment for Bintulu Port Holdings Group

* Audit Plan still pending.

The Audit Program above has been incorporated into the Key Performance Indicator (“KPI”) for Internal Audit Department.

EXTERNAL AUDIT FUNCTION

As at 31 December 2008, the External Auditor has provides the non audit service in particular the review of the Statement on Internal Control for the Group. The details is spelt out in the Statement on Corporate Governance.

The Audit Committee has received and acknowledged the information on the nature of such services, and believes that such engagement will not impair the independence of the External Auditor.

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LAPORAN JAWATANKUASA AUDIT

KOMPOSISI DAN PEMATUHAN KEPADA PERENGGAN 15.10 (1) (i) (c) & 15.16 (3) (c) KEHENDAK-KEHENDAK PENYENARAIAN BURSA MALAYSIA

JAWATANKUASA AUDIT

KOMPOSISI

KEHADIRANMesyuaratBil.1/2008 @27/02/2008 -3.00 p.m.

Mesyuarat Bil2/2008 @20/05/2008 -10.30 a.m.

Mesyuarat Bil3/2008 @18/08/2008 –2.30 p.m.

Mesyuarat Bil4/2008 @24/11/2008 –12.00 tghari

PENGERUSIDatu Hj. Abang Halmi bin IkhwanPengarahBebasBukanEksekutif

√ √ √ √

AHLIDato’ Seri Dr. Hj. Arshad bin

HashimPengarahBebasBukanEksekutif

√ √ √ √

MEMBERDato’ Mohamad Norza bin

ZakariaPengarahBukanBebasBukan

Eksekutif[ahliInstitutAkauntanMalaysia)

- - √ -

Komposisi di atas memenuhi keperluan Perenggan 15.10 (1) (i) (c) Kehendak-Kehendak Penyenaraian Bursa Malaysia dimana:

√ Jawatankuasa Audit terdiri dari tidak kurang dari tiga (3) orang ahli;

√ Majoriti ahli adalah Pengarah Bebas

√ Seorang ahli iaitu Dato’ Mohamad Norza bin Zakaria adalah merupakan ahli Institut Akauntan Malaysia (MIA).

Butiran lanjut profil ahli-ahli di atas boleh dirujuk di mukasurat 40, 42 dan 45 pada Laporan Tahunan ini.

TERMA RUJUKAN JAWATANKUASA AUDIT SELARAS DENGAN PERENGGAN 15.26 (3) KEHENDAK-KEHENDAK PENYENARAIAN BURSA MALAYSIA

1. Kuasa

Jawatankuasa ini diberi kuasa melakukan apa yang difikirkan wajar bagi memenuhi tanggungjawab yang diserahkan kepadanya selaras dengan perlantikannya oleh Lembaga Pengarah dan 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.

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2. Tugas dan Tanggungjawab Jawatankuasa ini akan membantu Lembaga Pengarah melaksanakan tanggungjawab

fidusiarinya bagi polisi perakaunan dan amalan laporan oleh Syarikat dan subsidiarinya serta pengauditan yang mencukupi.

Tugas dan tanggungjawab Jawatankuasa Audit meliputi penelitian 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. Menyiasat atau mengarah untuk disiasat mana-mana aktiviti yang terkandung dalam Terma Rujukan; dan

iii. Meneliti prosidur dan memaklumkan urusniaga berulang pihak berkaitan yang melibatkan hasil atau berbentuk perniagaan.

MESYUARAT DAN KEHADIRAN

Laporan Jawatankuasa Audit hendaklah mengandungi bilangan mesyuarat yang diadakan bagi tahun kewangan dan butiran kehadiran setiap ahli Jawatankuasa Audit sepertimana digariskan dibawah Perenggan 15.16 (3) (c) pada Kehendak-Kehendak Penyenaraian Bursa Malaysia.

Mesyuarat Jawatankuasa Audit dijadualkan sepanjang tahun dan hendaklah tidak kurang dari empat (4) kali setahun. Kekerapan mesyuarat adalah tertakluk kepada aktiviti audit dan laporannya. Dalam apa-apa hal, Jawatankuasa hendaklah bermesyuarat sekurang-kurangnya sekali dalam setiap suku tahun. Setiausaha Syarikat adalah merupakan Setiausaha bagi Jawatankuasa Audit dan bertanggungjawab ke atas pengedaran notis, agenda dan minit mesyuarat kepada semua ahli. Jawatankuasa boleh memanggil Juruaudit Luar atau mana-mana pegawai Syarikat untuk hadir dalam mesyuarat sekiranya perlu. Jawatankuasa Audit telah bermesyuarat sebanyak empat (4) kali dan rekod kehadiran ahli-ahli Jawatankuasa Audit dalam mesyuarat semasa tahun kewangan berakhir 31 Disember 2008 dirumuskan dibawah komposisi dan pematuhan kepada Perenggan 15.16 (3) Kehendak-Kehendak Penyenaraian Bursa Malaysia sepertimana di mukasurat 82.

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LAPORAN JAWATANKUASA AUDIT

RINGKASAN AKTIVITI

Laporan Jawatankuasa Audit hendaklah mengandungi ringkasan aktiviti Jawatankuasa Audit. Sebagai langkah pematuhan kepada Perenggan 15.16 (3) (d) pada Kehendak-Kehendak Penyenaraian Bursa Malaysia, berikut adalah aktiviti-aktiviti Jawatankuasa Audit bagi tahun kewangan yang mana termasuk perbincangan dan penelitian ke atas:

• Perancangan serta pendekatan Juruaudit Luar, hasil pemeriksaan, laporan Juruaudit dansurat-surat pengurusan yang berkaitan dengan pengauditan dan piawaian perakaunan yang dikemaskini dan piagam pengauditan oleh Juruaudit Luar;

• DerafPenyataKewanganyangtelahdiauditbersamaJuruauditLuar;

• Laporan suku tahunanyangbelumdiaudit sebelumdisyorkankepadaLembagaPengarahuntuk kelulusan;

• Cadanganperancangan/programAuditDalamanyangdijalankanolehJuruauditDalam;

• Laporan,hasildanperakuanyangdibuatolehJuruauditDalam;

• Memantaupengurusandanfungsiaudit.

FUNGSI AUDIT DALAM

Skop Audit Dalam meliputi pengauditan ke atas semua unit dan operasi termasuk syarikat subsidiari. Memandangkan Jabatan Audit Dalam adalah bebas dari segi aktiviti dan operasinya, maka ia mempunyai tanggungjawab utama membekalkan Jawatakuasa Audit dengan laporan-laporan yang bebas dan berobjektif ke atas kawalan Audit Dalaman, pengurusan risiko, proses urustadbir dan had pematuhan ke atas polisi dan prosidur Kumpulan serta keperluan statutori yang berkaitan. Jawatankuasa Audit memainkan peranan utama dalam menambahbaik nilai Audit Dalaman dan keberkesanananya dengan memastikan Audit Dalaman adalah bebas dari Pengurusan. Jabatan Audit Dalam adalah juga bebas dan memberi jaminan yang berpatutan di setiap peringkat pengurusan berkaitan kawalan ke atas aset secara keseluruhannya dan keberkesanan sistem kawalan dalaman dalam mencapai objektif keseluruhan syarikat dan pelbagai audit dalaman ke atas semua unit operasi subsidiarinya. Bagi tahun kewangan berakhir 31 Disember 2008, Audit Dalaman telah melaksanakan peranannya tanpa memihak, cekap dan profesional bagi memberi jaminan kepada Lembaga Pengarah berkaitan kecukupan kawalan dan integriti sistem yang ada dalam Kumpulan.

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Pelan Audit Tahunan bagi tahun 2008 telah diluluskan oleh Jawatankuasa Audit dalam mesyuarat pertama yang diadakan pada 27 Februari 2008. Sebanyak dua puluh (20) program audit seperti berikut telah diluluskan dimana 14 sahaja berjaya dilaksanakan pada tahun 2008:

Bil Nama pengauditan / Kajian1. Procurement of work force and establishment of new vacancies at Bintulu Port Sdn Bhd

for year 2007.

2. Kontrak No.BPSB/13/2006 – Supply of Stevedoring Services To Bintulu Port Sdn Bhd

3. Effectiveness of Integrated Port Management System (IPMS)*

4. Implementation of International Ship & Port Facility Security (ISPS) Bintulu Port Sdn Bhd

5. Implementation of Strategic Business Unit (SBU) Bintulu Port Sdn Bhd*

6. Implementation of new biling system for LNG vessel

7. Accuracy of Bintulu Port Sdn Bhd’s Statistical Report*

8. Development of Multipurpose Terminal*

9. External Customers Satisfaction Survey 2007*

10. Stock Keeping for Spare Parts*

11. Administration Credit Account for Business Debtors of Biport Bulkers Sdn Bhd

12. Revenue Leakages Biport Bulkers Sdn Bhd

13. Loss and Damages General Cargoes During Handling and Storage

14. Contract Vessel Requirement Bintulu Port Sdn Bhd

15. Availability and Utilization of Quay Crane

16. Construction of twenty-four (24) Oil Palm Tanks Biport Bulkers Sdn. Bhd.

17. Maritime Accident at Port Water Limit

18. Quay Crane (QC 4) Rental

19. Non-effectiveness of Vessel Entry & Exit System Plan

20. Maintenance of Safety Equipment for Bintulu Port Holdings Group

* Pelan Audit yang masih belum dilaksanakan.

Program Audit di atas telah dimasukkan dalam Kunci Indikator Prestasi bagi Jabatan Audit Dalam.

FUNGSI AUDIT LUAR

Setakat 31 Disember 2008, Juruaudit Luar telah melaksanakan perkhidmatan bukan audit khususnya meneliti Penyata Berkaitan Kawalan Dalaman Kumpulan. Butiran lanjut boleh didapati dalam Penyata Berkaitan Urustadbir Korporat.

Jawatankuasa Audit telah menerima dan mengakui maklumat berkaitan perkhidmatan tersebut dan percaya perkhidmatan tersebut tidak akan menjejaskan kebebasan Juruaudit Luar.

86

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PROFILE OF SUBSIDIARY (BPSB) PROFIL SUBSIDIARI (BPSB)

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BINTULU PORT SDN. BHD.

BOARD OF DIRECTORS LEMBAGA PENGARAH

Chairman PengerusiDato’ Shamsul Azhar Bin Abbas

Director PengarahDatuk Fong Joo Chung

COMPANY SECRETARY SETIAUSAHA SYARIKATNik Abd Rahman Bin Nik Ismail

(LS. 005892)

REGISTERED OFFICE PEJABAT BERDAFTARLot 15, Block20, Kemena Land District

12th Mile, Tanjung Kidurong Road97008 Bintulu, Sarawak

AUDITORS JURUAUDITMessrs. Ernst & Young

Chartered Accountants Akauntan Bertauliah

PRINCIPAL BANKER BANK UTAMAMalayan Banking Berhad

COMPANY NO. NO. SYARIKAT254396-V

PLACE OF INCORPORATION TEMPAT DIPERBADANKANIncorporated in Malaysia

Diperbadankan di Malaysia

TELEFON TELEFON086-251001 (20 Lines Talian)

FAX FAKS086-253597/251578

WEBSITE LAMAN WEBhttp://www.bintuluport.com.my

OPERATIONAL & FINANCIAL HIGHLIGHTS PETUNJUK PENTING OPERASI & KEWANGAN

BINTULU PORT SDN. BHD.2008 2007 2006 2005 2004

Cargo Throughput (Million Tonnes)Kendalian Kargo (Juta Tan)

40.47 38.58 36.51 36.44 33.62

Container Handled (TEUs)Kendalian Kontena (TEUs)

290,167 251,800 199,704 147,800 143,783

Vessel CallsSinggahan Kapal

7,015 6,007 6,024 5,789 5,617

Turnover (RM Million)Perolehan (RM Juta)

434.57 411.49 385.54 382.89 359.67

Profit Before Taxation (RM Million)Keuntungan Sebelum Cukai (RM Juta)

195.70 182.42 170.42 152.62 150.06

Paid-up Capital (RM million)Modal Berbayar (RM juta)

65.00 65.00 65.00 65.00 65.00

Total Shareholders’ Fund (RM Million)Dana Pemegang Saham (RM Juta)

622.84 643.16 672.46 695.94 630.63

Dividend Paid (net) (RM Million)Dividen Dibayar (bersih) (RM Juta)

163.06 160.86 145.08 43.52 58.03

Gross Dividend Rate (Sen) Kadar Dividen Kasar (Sen)

339 339 186 217 124

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BINTULU PORT SDN. BHD. Board Of Directors Lembaga Pengarah

MIOR AHMAD BAITI BIN MIOR LUB AHMAD

Chief Executive Office Ketua Pegawai Eksekutif

DATUK FONG JOO CHUNG Director

Pengarah

DATO’ SHAMSUL AZHAR BIN ABBAS ChairmanPengerusi

NIK ABD RAHMAN BIN NIK ISMAIL

Company Secretary Setiausaha Syarikat

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MIOR AHMAD BAITI BIN MIOR LUB AHMADChief Executive Officer Ketua Pegawai Eksekutif

IR. HJ. ABDUL NASSER BIN ABDUL WAHABSenior Manager, Container Terminal Pengurus Kanan, Kontena Terminal

HJ. OMAR BIN HJ. SALLEHSenior Manager, Cargo Handling Services Pengurus Kanan, Perkhidmatan Pengendalian Kargo

ANDREW MAT RESSASenior Manager, Corporate DevelopmentPengurus Kanan, Pembangunan Korprat

HJ. AHMAT BIN NARAWI Senior Manager, Marine ServicesPengurus Kanan, Perkhidmatan Laut

MANAGEMENT OF BINTULU PORT SDN. BHD. PENGURUSAN BINTULU PORT SDN. BHD.

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NIK ABD RAHMAN BIN NIK ISMAILCompany Secretary Setiausaha Syarikat

RAMBLI BIN MASHARSenior Manager, Finance Pengurus Kanan, Kewangan

GIMA UJISenior Manager, Health, Safety and EnvironmentPengurus Kanan, Kesihatan, Keselamatan dan Alam Sekitar

HJ. ARSHAD BIN HJ. ABANG ANUARSenior Manager, Information Tecnology Pengurus Kanan, Teknologi Maklumat

HJ. JULKIP BIN HJ. SENOSenior Manager, Technical ServicesPengurus Kanan, Perkhidmatan Teknikal

HOTNI BINTI HJ. BAHARI Acting Senior Manager, Human Resources ManagementPemangku Pengurus Kanan, Pengurusan SumberManusia

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PROFILE OF SUBSIDIARY (BBSB) PROFIL SUBSIDIARI (BBSB)

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BIPORT BULKERS SDN. BHD.

BOARD OF DIRECTORS LEMBAGA PENGARAH

Chairman PengerusiDato’ Seri Dr. Hj. Arshad Bin Hashim

Director PengarahDatuk Hashim Bin Ismail

COMPANY SECRETARY SETIAUSAHA SYARIKATNik Abd Rahman Bin Nik Ismail

(LS. 005892)

REGISTERED OFFICE PEJABAT BERDAFTARLot 15, Block20, Kemena Land District

12th Mile, Tanjung Kidurong Road97008 Bintulu, Sarawak

AUDITORS JURUAUDITMessrs. Ernst & Young

Chartered Accountants Akauntan Bertauliah

PRINCIPAL BANKER BANK UTAMAMalayan Banking Berhad

COMPANY NO. NO. SYARIKAT635147-V

PLACE OF INCORPORATION TEMPAT DIPERBADANKANIncorporated in Malaysia

Diperbadankan di Malaysia

TELEFON TELEFON086-255101

FAX FAKS086-255117 / 255114

WEBSITE LAMAN WEBhttp://www.bintuluport.com.my

OPERATIONAL & FINANCIAL HIGHLIGHTS PETUNJUK PENTING OPERASI & KEWANGAN

Biport Bulkers Sdn. Bhd. 2008 2007 2006 2005 2004**

Cargo Throughput (Metric Tonnes)Kendalian Kargo (Metrik Tan)

1,528,436 388,976 400,619 339,640 26,842

Turnover (RM Million)Perolehan (RM Juta)

14.20 5.56 5.58 3.89 0.14

Profit/(Loss) Before Taxation (RM Million)Keuntungan/(Kerugian) Sebelum Cukai (RM Juta)

2.60 (1.30) (0.97) (2.28) (0.96)

Paid-up Capital (RM Million)Modal Berbayar (RM Juta)

40.00 10.0 10.0 10.0 10.0

Total Shareholders’ Fund (RM Million)Dana Pemegang Saham (RM Juta)

37.5 4.91 6.34 7.42 9.04

**Results from the date of incorporation on 20 November 2003 up to 31 December 2004.

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BIPORT BULKERS SDN. BHD. Board Of Directors Lembaga Pengarah

DATUK HASHIM BIN ISMAIL Director

Pengarah

DATO’ SERI DR. HJ. ARSHAD BIN HASHIM ChairmanPengerusi

NIK ABD RAHMAN BIN NIK ISMAIL

Company Secretary Setiausaha Syarikat

MIOR AHMAD BAITI BIN MIOR LUB AHMAD

Chief Executive Office Ketua Pegawai Eksekutif

NIK ABD RAHMAN BIN NIK ISMAIL Company Secretary Setiausaha Syarikat

MIOR AHMAD BAITI BIN MIOR LUB AHMAD Chief Executive Office Ketua Pegawai Eksekutif

DATUK HJ. ABDUL MALEK BIN DATO’ DEMANG HUSSIN Terminal Manager (Retired on 31/12/2008)Pengurus Terminal (Bersara pada 31/12/2008)

Management Pengurusan

Standing from left to rightBerdiri dari kiri ke kanan

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Historical Achievements - Compilation of ManhoursWithout LTI Case

DateAchieved

1 1st 1 Million Manhours Without LTI Case 08.04.94








AWARDS AND RECOGNITIONSANUGERAH DAN PENGHARGAAN

MALAYSIAN SOCIETY FOR OCCUPATIONAL SAFETY AND HEALTH AWARD (MSOSH)

LOST TIME INJURY FREQUENCY RATE (LTIF)

LOST TIME INJURY (LTI)

INTERNATIONAL SAFETY AWARD

LTIF Performance Against Targeted Corporate KPI - LTIF Per Million Manhours (Not More Than 1.7)

2.5 2.5 2.5 2.5 2.5

2.0 2.0 2.0 2.01.8 1.8 1.7 1.7

1.0

0.5 0.5

1

1.3

1.1

0.3

0.65

0.163

0.815

1.42

0.47

0.926

0.4630.631

1.048

2.5

0.0

0.5

1.0

1.5

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2.5

3.0

1994 1996 1998 2000 2002 2004 2006 2008 2010

Years

KPI - LTI LTIF Acheivement

LTIF

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AWARDS AND RECOGNITIONSANUGERAH DAN PENGHARGAAN

The Group through its subsidiary, the Bintulu Port Sdn. Bhd. once again was awarded with the MSOSH Occupational Safety and Health – Silver Award for the year 2007 by the Malaysian Society for Occupational Safety and Health. The similar awards was received by the Company for the last 12 consecutive years.

Bintulu Port had also won the prestigious safety award for 2007 qualifying year from the British Safety Council, U.K. Only companies with below average accident rate are eligible to participate.

Bintulu Port was awarded the National Safety Award for 2007 in recognition of services rendered in the cause of safety for 9 consecutive years. All the aforesaid awards were received by the Company in 2008.

Bintulu Port has set up Key Performance Indicator (KPI) to monitor the Company’s Safety Performance in the form of Lost Time Injury Frequency Rate (LTIF) and Accumulation of Manhours Without Lost Time Injury (LTI). The LTIF benchmark was derived from the national and international standard (MSOSH & BSC). This benchmark was later regularly reviewed by the management by lowering the targeted Corporate LTIF from year to year which is illustrated in the chart on page 92.

Bintulu Port had managed to achieve 4 times of it’s targeted Million Man Hours Without Lost Time Injury which started from 1st 5 Million Man Hours Without LTI to 1st 8 Million Man Hours Without LTI. The achievement of the 1st 8 Million Man Hours Without Lost Time Injury (LTI) was on 9 September 2008 which was accumulated from 19 June 2007. The history of the Company’s achievements in monitoring Million Man Hours Without Lost Time Injury is as shown in the table on page 92.

Kumpulan melalui subsidiarinya Bintulu Port Sdn. Bhd. sekali lagi telah dianugerahkan dengan Anugerah Perak bagi tahun 2007 oleh Pertubuhan Keselamatan dan Kesihatan Pekerja. Anugerah yang sama telah diterima oleh Syarikat selama 12 tahun berturut-turut.

Bintulu Port juga telah memenangi anugerah keselamatan yang berprestij bagi tahun 2007 dari British Safety Council, U.K. Hanya Syarikat yang mempunyai kadar kemalangan yang rendah layak menyertainya.

Bintulu Port telah dianugerahkan dengan Anugerah Keselamatan Kebangsaan bagi tahun 2007 selama 9 tahun berturut-turut sebagai menghargai perkhidmatan yang diberikan dengan selamat. Kesemua anugerah-anugerah tersebut telah diterima oleh Syarikat dalam tahun 2008.

Bintulu Port telah mewujudkan Kunci Indikator Prestasi (KPI) bagi memantau prestasi keselamatan syarikat melalui Kadar Kekerapan Kehilangan Masa Kecederaan (LTIF) dan pengumpulan masa kerja tanpa Kehilangan Masa Kecederaan (LTI). Ukuran bagi LTI ini diambil dari piawaian kebangsaan dan antarabangsa (MSOSH & BSC). Ukuran ini kemudiannya diteliti secara kerap oleh pengurusan dengan mengurangkan sasaran LTIF Korporat dari tahun ke tahun yang mana ditunjukkan pada carta di mukasurat 92.

Bintulu Port juga telah berjaya mencapai sasaran LTI sebanyak 4 kali yang 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 adalah pada 9 September 2008 dimana ianya dikira dari 16 Jun 2007. Sejarah pencapaian Syarikat dalam memantau masa kerja tanpa Kehilangan Masa Kecederaan adalah ditunjukkan pada jadual di mukasurat 92.

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CORPORATE SOCIAL RESPONSIBILITY (CSR)

CORPORATE SOCIAL RESPONSIBILITY is not a new concept to Bintulu Port Holdings Berhad Group. The Group is continuously committed to operate economically in a sustainable manner and upholding ethical business conduct. Bintulu Port Holdings Berhad CSR’s Program are streamlined into four (4) identified focal points, each demonstrates the Company’s commitment to actively manage the impacts of the activities while trying to balance the needs of diverse stakeholders.

A. WORKPLACE

A number of CSR’s initiatives were introduced in workplace, generally covers Human Capital Development as well as Health and Safety.

Human Capital Development

The Group recognises that Human Capital Development plays important role in contributing the success of organisation. Moreover, it has the positive impact on productivity of the Company.

In cognisanze of such contribution, the Company provides their employees with challenging opportunities, emphasizing on individual initiative, creativity for career development and advancement.

The Company’s initiatives begin at the very early stage, where the newly joined staffs are required to attend the compulsory induction programme held by the Company. During such programme, members of the staff were briefed on company and organizational structures, terms and conditions of the employment, welfare, benefits and other relevant matters. The newly joined staff were also given a tour to all relevant divisions. There they will be introduced to other staff in every divisions and briefings will given by the Senior Managers on functions of their respective divisions.

The Group also allocated budget for various trainings and career development programmes of which were implemented timely. For the year 2008, the Group had provided the sum of RM1.63 million specifically for such purposes.

Knowledge is power. In promoting and nurturing the reading culture amongst the employees, the Company take steps further by providing a library with various collection of books, journals, newspapers and other reading articles.

Safety & Health

In ensuring that the employees work in a healthy, safe and conducive environment, a health and safety management system as documented under the ISO 9001:2000 has set in place. The safety management system has been audited by the site audit annually conducted by Department of Occupational, Safety and Health as well as site verification audit by Malaysian Society for Occupational Safety and Health.

The introduction of several health education, training, counseling and preventions programmes such as Safety and Security Induction Briefing, HSE Campaign and Safety Inspection and Audit are for the purpose of assisting their employees.

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The Company goes further by taking steps to mitigate and /or reduce the incidence of safety risks by Joint Enforcement of Safety and Security Demerit System, Safety Audit, Emergency Drills / training between divisions, port neighbouring agencies and government bodies including local authorities.

Knowledge sharing on health, safety and environment such as the recent information on melamine products, Hand, Foot and Mouth Diseases [HMFD] were circulated regularly by way of e-mails to all staff of the Company.

Healthy lifestyle among employees was actively promoted whereby numerous sports activities such as inter-divisional sports and other sports organised by the government and corporate agencies are being held. In addition to that, other initiative will be by way of encouraging the employees to exercise or involve in physical activities by fully utilizing the Company’s Gym located at the Company’s Multipurpose Hall, Taman Sri Pelabuhan.

Employee Satisfaction Survey (“ESS”)

The Employee Satisfaction Survey (ESS) is a form of survey given to the employee annually so as to measure the employee’s satisfaction on many aspects of the Company as a whole, such as culture and values, career planning, workplace, communication, rewards and recognitions, performance and management and other work related issues.

The ESS continues to be an important feedback to enable the Group to improve the action plan for employee satisfaction as well as to improve the quality of services rendered by the Company as a whole.

B. COMMUNITY

In recognition with the Company’s involvement in community enriches the Community and the Company itself, the Bintulu Port Holdings Berhad Group has been involved in social welfare and community all this while.

The Company has invested in infrastructural support/services to local communities, youth development, education, sports and culture as part of its community investment initiatives. These were done through the CSR projects which involves various programmes and corporate event carried out throughout the year.

The Group has set aside RM0.32 million in the Community Projects and the Company has a monitoring system in place to systemically measure the impact of the Company’s contributions.

The Group, through its subsidiary Bintulu Port Sdn Bhd, has established Scholarship Award to help the children of the employees to pursue higher education. Educational sponsorship was also introduced to the employees who wish to pursue further education either as part time or on full time basis. Apart from sponsorship, study loans are available upon application by eligible employees.

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During the financial year ended 31 December 2008, the community also received the Company‘s brimless support through financial assistance for projects undertaken by local schools, higher education institution and other charitable organisations. The Company had contributed the sum of RM50,000.00 to the Sarawak Heart Foundation, the sum of RM10,000.00 being fund for Warrior Campaign Day and 3 units of Automated Dialyser Reprocessing System Machines to Bintulu Hospital as part of its CSR project.

Besides the financial assistance, the Company encourages the employees to support the health campaign held by other institutions and organization. On 1st December 2008, the employees voluntarily joined together with other institutions and port users to participate in blood donation campaign held by Immigration Department Malaysia in Bintulu.

C. THE MARKETPLACE

The Group will always committed to nurture and cultivate the best practices in complying with all requirements, by laws, rules and regulations towards enhancing business prosperity and corporate accountability with the ultimate of realising long term shareholder value, whilst taking into account the interests of other stakeholders.

Internal and External Customer Satisfaction Survey (ICS & ECS)

The ICS and ECS have been distributed annually to the internal and external customer of the Company. It is a form of satisfaction yardstick, measured the customer’s satisfaction internally and externally towards service and products rendered by the Company. The areas covered by the ICS particularly covers effectiveness, accuracy, promptness of the service rendered by the division and the Company as a whole. It even involves the speed, helpfulness and friendliness of the employee in attending the Customer’s needs as well as providing accurate informations, advise or solutions to enquiries / problems.

The ICS and ECS play important part as they assist the Company to improve, enhance their services as well as to strategise its business effectively. The ICS will be incorporated and built in the Key Performance Indicator (“KPI”) of that particular division / department.

Interfacing Sessions with Shareholders, Investors and Analysts

For the year 2008, the Company has initiated few interfacing sessions with shareholders, investors and analysts.

Ethical Procurement Practices

The existing approved procurement policy has been adopted into ethical practices and in effective, transparent and fair manner based on the guided principle of accountability to the shareholder, published policy and procedures and value for money.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

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Dissemination of information through the Company’s website, Company’s news bulletin, Annual Report

As highlighted in the Statement on Corporate Governance, investors relation and shareholders communication are highly valued by dissemination of information through the Company’s website, Company’s news bulletin and Annual Report.

D. ENVIRONMENT

The Company will utilise their best endeavour to become environmental socially responsible corporate citizen.

To reflect this continuous commitment, the Company has a system in place to assess the life cycle of the services in relation to environmental impacts. This was done through Quantitative Risk Assessment and Emergency Response Plan as well as Risk Assessment and Loss / Preventive Survey and Property Survey carried out by appointed Insurance Broker.

The Company’s manuals for handling the Company’s usage and disposal of chemical as required under Environmental Quality Act 1974 (“EQA 74”) sets a policy / objectives on the safe disposal of all waste generated while rendering the Company’s services.

In supports with CSR voluntary standard, the Company provides continuous assurance that their port operation must comply at all times to the legislative requirements such as OSHA 1994, EQA 1974, FMA 1967 and other Acts and legislation that relates to Health, Safety and Environment.

In its day-to-day operations, the Company took initiatives by implementing environmentally friendly processes such as recycling of paper, use of electronic mail as well as energy saving practices for lighting and air-conditioning. It has also allocated centralized printing for each division / department so as to eliminate the usage of individual printers.

The environment conscious initiative does not stop at the operation sites and administration premises only. The Company extended this effort by having “Majlis Gotong-Royong” and Tree Planting Campaign activities on 23 August 2008 at Taman Sri Pelabuhan. These activities involved the cleaning of the staff’s housing area and the planting of trees aiming at giving awareness to the staff on the need of having trees to the environment. These activities witnessed the participation of various levels of staff, ranging from senior management, executives to the non-executives.

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TANGGUNGJAWAB SOSIAL KORPORAT

TANGGUNGJAWAB SOSIAL KORPORAT bukanlah merupakan satu konsep baru di Kumpulan Bintulu Port Holdings Berhad. Kumpulan secara berterusan telah komited untuk berkekalan beroperasi secara ekonomi dan mendukung tingkah laku etika perniagaan. Program Tanggungjawab Sosial Korporat Bintulu Port Holdings Berhad dibahagi kepada empat (4) tumpuan utama, masing-masing menunjukkan komitmen syarikat untuk mengurus secara aktif kesan-kesan ke atas aktiviti-aktiviti sementara cuba menyeimbangkan keperluan stakeholders.

A. TEMPAT KERJA

Sejumlah inisiatif tanggungjawab sosial korporat telah diperkenalkan di tempat kerja, umumnya meliputi pembangunan modal insan serta kesihatan dan keselamatan.

Pembangunan Modal Insan

Kumpulan mengakui pembangunan modal insan memainkan peranan penting dalam menyumbang kearah kejayaan organisasi. Selain itu, ianya mempunyai kesan yang positif keatas produktiviti Syarikat.

Dalam mengakui sumbangan tersebut, Syarikat menyediakan kerjaya yang mencabar kepada pekerjanya dimana pembangunan kerjaya mereka dinilai dari segi daya usaha dan daya cipta individu.

Inisiatif Syarikat bermula di peringkat awal lagi dimana staf yang baru berkhidmat wajib menghadiri program induksi yang dianjurkan oleh Syarikat. Semasa program tersebut, staf akan dimaklumkan mengenai syarikat dan struktur organisasi, terma dan syarat perkhidmatan, kebajikan, kemudahan yang disediakan dan perkara-perkara yang berkaitan. Staf yang baru juga akan dibawa melawat semua Bahagian. Di sana mereka akan diperkenalkan kepada staf yang lain di setiap Bahagian dan taklimat akan dibuat oleh Pengurus Kanan ke atas fungsi setiap Bahagian tersebut.

Kumpulan juga memperuntukan bajet bagi pelbagai latihan dan program pembangunan kerjaya yang mana dilaksanakan pada masanya. Bagi tahun 2008, Kumpulan telah memperuntukan sebanyak RM1.63 juta bagi tujuan tersebut.

Ilmu adalah kuasa. Dalam mempromosi dan memupuk budaya membaca di kalangan pekerja, Syarikat juga mengambil langkah kedepan dengan menyediakan perpustakaan yang menyimpan pelbagai koleksi buku, jurnal, akhbar-akhbar dan bahan bacaan yang lainnya.

Keselamatan dan Kesihatan

Dalam memastikan pekerja berkerja dalam keadaan yang sihat, selamat dan persekitaran yang sihat, sistem pengurusan keselamatan dan kesihatan telah diwujudkan dibawah ISO 9001:2000. Sistem pengurusan keselamatan telah diaudit secara tahunan oleh Jabatan Keselamatan dan Kesihatan Pekerja serta pengesahan audit dibuat oleh Pertubuhan Keselamatan dan Kesihatan Pekerja Malaysia.

Pelbagai program pendidikan berkaitan kesihatan, latihan, kaunseling dan program pencegahan diperkenalkan seperti taklimat induksi berkaitan keselamatan dan kesihatan, kempen keselamatan dan kesihatan dan pemeriksaan keselamatan serta audit bertujuan membantu pekerjanya.

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Syarikat telah pergi jauh dengan mengambil langkah-langkah mengatasi atau mengurangkan berlakunya risiko keselamatan dengan menguatkuasa Sistem Demerit Keselamatan dan Kesihatan, Audit Keselamatan, Dril Kecemasan dan latihan diantara Bahagian, agensi sekitar Pelabuhan dan badan Kerajaan termasuk pihak berkuasa tempatan.

Perkongsian ilmu keselamatan, kesihatan dan alam sekitar seperti maklumat berkaitan produk melamin, penyakit tangan, kaki dan mulut [HMFD] telah kerap disebarkan melalui emel kepada kakitangan Syarikat.

Kehidupan yang sihat di kalangan pekerja telah diwar-warkan secara aktif melalui pelbagai aktiviti sukan seperti sukan diantara bahagian, penyertaan dalam pelbagai sukan yang dianjurkan oleh badan-badan Kerajaan dan swasta turut diadakan. Sebagai tambahan, inisiatif lain adalah dengan menggalakkan pekerja bersenam dengan menggunakan kemudahan yang ada di Gim Syarikat yang terletak di Taman Sri Pelabuhan.

Survei Kepuasan Pekerja (“ESS”)

Survei Kepuasan Pekerja adalah merupakan kajian yang dilaksanakan pada setiap tahun bagi mengukur kepuasan pekerja ke atas Syarikat secara keseluruhannya seperti budaya dan nilai, pelan pembangunan kerjaya, tempat kerja, komunikasi, imbuhan dan penghargaan, prestasi dan pengurusan serta isu-isu yang berkaitan.

Survei kepuasan pekerja ini merupakan maklumbalas penting bagi membolehkan Kumpulan meningkatkan pelan tindakan ke atas kepuasan pekerja serta memperbaiki kualiti perkhidmatan yang diberi oleh Syarikat secara keseluruhannya.

B. KOMUNITI

Menghargai pembabitan Syarikat dalam komuniti yang mengkayakan Komuniti dan Syarikat dengan sendirinya, Kumpulan Bintulu Port Holdings Berhad telah terlibat dalam kerja-kerja amal sosial dan komuniti sepanjang masa ini.

Syarikat turut menyumbang ke arah pembangunan infrastruktur sokongan, perkhidmatan kepada masyarakat tempatan, pembangunan belia, pendidikan, sukan dan kebudayaan sebagai sebahagian dari inisiatif pelaburan masyarakat. Program ini dilaksanakan melalui projek tanggungjawab sosial korporat yang melibatkan pelbagai program dan aturcara korporat yang dilaksanakan sepanjang tahun.

Kumpulan telah memperuntukan sebanyak RM0.32 juta dalam Projek Komuniti dan Syarikat mempunyai sistem bagi memantau dan mengukur kesan ke atas sumbangan tersebut.

Kumpulan melalui subsidiarinya Bintulu Port Sdn. Bhd. telah mewujudkan Tabung Biasiswa bagi membantu anak-anak pekerjanya melanjutkan pelajaran ke peringkat tertinggi. Sumbangan Pendidikan juga diperkenalkan kepada pekerja-pekerja yang berminat melanjutkan pelajaran samada melalui jarak jauh atau sepenuh masa. Selain itu, pinjaman pendidikan turut disediakan untuk pekerja-pekerja yang layak memohon.

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TANGGUNGJAWAB SOSIAL KORPORAT

Bagi tahun kewangan berakhir 31 Disember 2008, masyarakat turut menerima sumbangan kewangan bagi projek-projek yang dilaksanakan di sekolah-sekolah tempatan, institusi pengajian tinggi dan organisasi kebajikan. Syarikat telah menyumbang sebanyak RM50,000.00 kepada Yayasan Jantung Sarawak, RM10,000.00 untuk Tabung Hari Pahlawan dan 3 unit Mesin Dialisis kepada Hospital Bahagian Bintulu sebagai sebahagian dari projek CSRnya.

Selain sumbangan kewangan, Syarikat juga menggalakkan pekerjanya menyokong kempen kesihatan yang dikendalikan oleh insititusi dan organisasi lain. Pada 1 Disember 2008, para pekerja telah secara sukarela bersama-sama institusi dan pengguna perlabuhan menyertai kempen menderma darah anjuran Jabatan Imigresen Malaysia di Bintulu.

C. PASARAN

Kumpulan sentiasa komited memupuk dan menaman amalan terbaik dalam pematuhan kepada semua keperluan perundangan dan dalam usaha memakmurkan perniagaan dan akauntabiliti korporat bertujuan mencapai nilai pemegang saham pada jangka panjang sambil mengambilkira kepentingan stakeholder.

Survei Kepuasan Pelanggan Dalaman dan Luaran

Survei Kepuasan Pelanggan Dalaman dan Luaran diedarkan secara tahunan kepada pelanggan dalaman dan luaran Syarikat. Ini adalah sebagai ukuran kepuasan para pelanggan dalaman dan luaran ke arah perkhidmatan yang disediakan oleh Syarikat. Survei Kepuasan Pelanggan Dalaman merangkumi keberkesanan, ketepatan, kecepatan perkhidmatan yang disediakan oleh Bahagian dan Syarikat secara keseluruhan. Ianya turut melibatkan kecepatan, kesediaan membantu dan keramahan pekerja dalam berurusan dengan pelanggan yang memerlukan maklumat, nasihat, penyelesaian masalah.

Kedua-dua survei ini memainkan peranan penting dalam membantu Syarikat meningkatkan perkhidmatannya serta mengatur strategi perniagaan secara berkesan. Survei Kepuasan Pelanggan Dalaman akan dimasukkan dalam Kunci Indikator Prestasi bagi Bahagian/Jabatan berkaitan.

Sesi perjumpaan dengan Pemegang Saham, Pelabur dan Penganalisa

Bagi tahun 2008, Syarikat telah mengadakan beberapa sesi perjumpaan dengan pemegang saham, pelabur dan penganalisa.

Amalan Perolehan yang beretika

Polisi Perolehan sedia ada yang diluluskan telah diterima pakai dengan amalan beretika dan berkesan, telus dan adil berasaskan prinsip akauntabiliti kepada pemegang saham, polisi dan prosidur yang diumumkan dan mengambilkira nilai kewangan.

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Penyebaran maklumat melalui lamanweb Syarikat, Buletin dan Laporan Tahunan Syarikat

Sepertimana dinyatakan dalam Penyata Berkaitan Urustadbir Korporat, komunikasi dengan pelabur dan pemegang saham amat dihargai dengan penyebaran maklumat melalui lamanweb Syarikat, Buletin dan juga Laporan Tahuan Syarikat.

D. ALAM SEKITAR

Syarikat akan menggunakan budibicaranya sebaik mungkin untuk menjadi rakyat yang bertanggungjawab ke atas Alam Sekitar.

Bagi menggambarkan komitmen berterusan ini, Syarikat mempunyai sistem untuk menilai pusingan hayat perkhidmatan yang memberi kesan kepada Alam Sekitar. Ini dibuat melalui Penilaian Risiko Kuantitatif dan Pelan Tindakan Kecemasan serta Penilaian Risiko dan Kerugian / Survei Pencegahan dan Survei Harta yang dilaksanakan oleh Broker Insuran yang dilantik.

Buku panduan bagi mengendalikan penggunaan dan pembuangan kimia sepertimana keperluan dibawah Akta Kualiti Persekitaran 1974 menetapkan polisi / objektif berkaitan cara pembuangan pepejal yang selamat semasa memberi perkhidmatan Syarikat.

Dalam menyokong piawaian tanggungjawab sosial korporat secara sukarela, Syarikat memberi jaminan berterusan bahawa operasi Pelabuhan mestilah sepanjang masa mematuhi peruntukan perundangan seperti OSHA 1994, EQA 1974, FMA 1967 dan lain-lain Akta yang berkaitan dengan Keselamatan, Kesihatan dan Alam Sekitar.

Dalam urusan harian operasinya, Syarikat mengambil inisiatif melaksanakan proses persekitaran bersih dengan mengkitar semula kertas, mel elektronik serta amalan menjimatkan kuasa elektrik dan penghawa dingin. Ianya juga menetapkan penggunaan cetakan secara berpusat bagi menghapuskan penggunaan cetakan secara individu.

Inisiatif kesedaran Alam Sekitar tidak hanya berhenti setakat operasi dan pentadbiran premisnya. Syarikat turut mengadakan aktiviti Gotong Royong dan Kempen Menanam Pokok pada 23 Ogos 2008 di Taman Sri Pelabuhan. Aktiviti ini melibatkan kerja-kerja pembersihan di sekitar kawasan perumahan kakitangan dan menanam pokok bertujuan memberi kesedaran kepada staf keperluan pokok-pokok bagi Alam Sekitar. Aktiviti ini disertai oleh pelbagai tingkatan kakitangan meliputi pengurusan kanan, eksekutif dan bukan eksekutif.

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University Tanjung Pura Pontianak, Indonesia Visit

The group from University Tanjung Pura Pontianak, Indonesia paid a visit to Bintulu Port on 3rd January 2008.

Lawatan Universiti Tanjung Pura Pontianak, Indonesia

Rombongan dari University Tanjung Pura Pontianak, Indonesia melawat Pelabuhan Bintulu pada 3 Januari 2008.

3 January 2008 Januari 2008

Management Retreat Fishing Trip

Objective:• A recreational activity between the management of

Bintulu Port and Malaysia LNG Sdn. Bhd.• Tostrengthentiesbetweenthetwomanagement.

Program Memancing

Objektif:•SebagaiaktivitirekreasidiantarapengurusanBintuluPort

dan Malaysia LNG Sdn. Bhd.• Merapatkan lagi hubungan di antara kedua-dua

pengurusan.



CORPORATE HIGHLIGHTS 2008 PERISTIWA-PERISTIWA PENTING KORPORAT 2008

Handover of School Bags and Stationery contributions

The handover of school bags and stationery to the children of Bintulu Port staffs is one of the management’s welfare programmes. A total of 539 students (from Primary 1 – Primary 6) benefited from this programme.

Majlis Penyerahan Sumbangan Beg dan Peralatan Sekolah

Majlis Penyerahan Sumbangan Beg dan Peralatan Sekolah kepada anak-anak staf Bintulu Port adalah merupakan salah satu program kebajikan pengurusan. Seramai 539 pelajar (dari Darjah 1 - Darjah 6) mendapat manfaat dari program ini.

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Handing over ceremony of 3 units Automated Dialyser Reprocessing System machines.

Bintulu Port, as a Government Link Company is not exempted from the government’s idea and recommendation to spread, cultured and to carry out corporate social responsibility to the community. Hence, the company had contributed 3 units of Automated Dialyser Reprocessing System machines to the Bintulu Hospital on 17 January 2008.

Majlis Penyerahan 3 Unit Mesin Dialisis.

Bintulu Port selaku Syarikat Perhubungan Kerajaan adalah tidak terkecuali dari perlaksaan idea kerajaan untuk menyebar, menanam dan melaksanakan tanggungjawab sosial korporat kepada masyarakat. Sehubungan itu syarikat telah menyumbang 3 unit mesin dialisis kepada Hospital Bahagian Bintulu pada 17 Januari 2008.

Visit by Perdana Service Chairman Mr Rahim Mahmood and their Bintulu agent Syarikat Tenaga Suria C.E.M. Sdn Bhd, Bintulu on 21st January 2008.

Lawatan oleh Pengerusi Perdana Service, Encik Rahim Mahmud dan agennya di Bintulu Syarikat Tenaga Suria C.E.M. Sdn Bhd, Bintulu pada 21 Januari 2008.



Port Users Conference

Port users conference on Extended Working Hours of Royal Malaysia Customs at Bintulu Port on 24th January 2008.

Persidangan Pengguna-Pengguna Pelabuhan

Persidangan dengan pengguna-pengguna Pelabuhan berkaitan pelanjutan waktu bekerja oleh Jabatan Kastam Diraja Malaysia diadakan di Pelabuhan Bintulu pada 24 Januari 2008.

Group from Tokuyama Corporation, Japan Visit to Bintulu Port on 25th January 2008

The purpose of the visit is to get to know the latest port services and facilities rendered and the future development of the port.

Lawatan oleh Tokuyama Corporation, Jepun ke Pelabuhan Bintulu pada 25 Januari 2008

Tujuan lawatan adalah untuk mengenali perkhidmatan dan peralatan yang terkini yang disediakan dan pembangunan masa depan pelabuhan.



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The Company participated in the exhibition during the lauching ceremony of SCORE by the Honourable Prime Minister of Malaysia in Bintulu on 11th February 2008.

SCORE is one of the 5 region development corridors implementing in Malaysia. SCORE is an important initiative for development of Sarawak’s Central Region and continues to be the catalyst for Sarawak’s development towards achieving the status of developed state by year 2020. Its aim is to accelerate the economic growth and development as well as to improve the living quality of the people in the state.

There are 10 main industries identified from a total of 67 industries, and they are:

1. Palm Oil Industry 2. Marine Engineering Industry3. Timber-Based Industry4. Livestock Industry5. Fishing & Aquaculture Industry6. Metal-Based industry7. Aluminium Industry8. Oil-Based Industry9. Tourism Industry10. Glass Industry

Location of SCORE:

SCORE is located at Sarawak’s Central Region, covering a total of 320 kilometres from the coastal area of Tanjung Manis to Similajau, its surrounding areas, as well as the rural area. SCORE covers an area of about 70,000 km² with a total of 607,800 residents. This corridor also includes a few main city centres, such as Sibu, Bintulu, Mukah, Sarikei and Kapit.

Benefits of SCORE:

The development of SCORE is expected to create a more balance development among the regions in Sarawak and increase the income and living quality of the people in the state.

SCORE will also generate the economic growth, more employment and business opportunities, as well as to arouse the development of various public and social amenities.

Responsibility:

SCORE will be led by the Regional Corridors Development Authority or RECODA, which was set up under the Regional Corridors Development Authorities 2006 ordinance. RECODA is responsible in managing and promoting the corridor and provide services as a ‘one-stop agency’ for all port’s activities at the corridor. SCORE in MiriDate: 1st – 9th March 2008

SCORE in MukahDate: 24th -31st March 2008

SCORE in BintuluDate: 11th February 2008

SCORE – SARAWAK CORRIDOR OF RENEWABLE ENERGY


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Syarikat turut serta dalam pameran bersemperna Majlis Perasmian SCORE oleh YAB Perdana Menteri Malaysia di Bintulu pada 11 Februari 2008.

SCORE adalah merupakan 5 wilayah pembangunan koridor yang dilaksanakan di Malaysia. SCORE merupakan inisiatif penting bagi pembangunan kawasan tengah Sarawak dan akan menjadi pemangkin berterusan bagi pembangunan Sarawak ke arah mencapai status negeri yang membangun pada tahun 2020. Ianya bertujuan menjana pertumbuhan ekonomi dan pembangunan serta mengubah kualiti kehidupan rakyat di negeri ini.

Sebanyak 10 industri utama dari 67 industri telah dikenalpasti dan ianya adalah:

1. Industri Minyak Sawit 2. Industri Kejuruteraan Marin3. Industri Berasaskan Kayu4. Industri Ternakan5. Industri Perikanan dan Akuakultur6. Industri Berasaskan Logam7. Industri Aluminium8. Industri Berasaskan Minyak9. Industri Perlancongan10. Industri Kaca

Lokasi SCORE:

SCORE terletak di Wilayah Tengah Sarawak meliputi keseluruhan 320 kilometer dari kawasan persisir Tanjung Manis ke Similajau, kawasan berhampiran serta kawasan pedalaman. SCORE meliputi kawasan lebih kurang 70,000 km2 dengan penduduk seramai 607,800 orang. Koridor ini meliputi bandar-bandar utama seperti Sibu, Bintulu, Mukah, Sarikei dan Kapit.

Faedah SCORE:

Pembangunan SCORE dijangka dapat mewujudkan pembangunan yang seimbang di antara wilayah-wilayah di Sarawak dan meningatkan taraf kehidupan dan kualiti rakyat di negeri ini.

SCORE juga akan menjana pertumbuhan ekonomi di mana terdapat peluang pekerjaan dan perniagaan serta meningkatkan pembangunan ke atas pelbagai peralatan awam dan sosial.

Tanggungjawab:

SCORE akan diterajui oleh Lembaga Pembangunan Wilayah Koridor (RECODA) yang ditubuhkan di bawah Ordinan Lembaga Pembangunan Wilayah Koridor 2006. RECODA bertanggungjawab mengurus dan mempromosikan koridor dan menyediakan perkhidmatan sebagai Agensi Singgahan Setempat bagi semua aktiviti pelabuhan yang ada di Koridor.

SCORE di MiriTarikh: 1 – 9 Mac 2008

SCORE di MukahTarikh: 24 - 31 Mac 2008

SCORE di BintuluTarikh: 11 Februari 2008

SCORE – SARAWAK CORRIDOR OF RENEWABLE ENERGY

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Visit by Eta-Star Emirates Trading Agency L.L.C. & Star Cement Co. L.L.G. Dubai, UAE on 11th February 2008.

Lawatan oleh Eta-Star Emirates Trading Agency L.L.C. & Star Cement Co. L.L.G. Dubai, UAE pada 11 Februari 2008.

Site visit by Daiken and Itochu to Bintulu Port on 13th February 2008.

Lawatan oleh Daiken dan Itochu ke Pelabuhan Bintulu pada 13 Februari 2008.

Federation of Malaysian Operating Companies (FMPOC) Meeting

Bintulu Port was the host for the Federation of Malaysian Port Operating Companies (FMPOC) 2nd meeting of Human Resources Managers, which was held on 18th February 2008 at the Wisma Kontena Conference Room.

Mesyuarat Persekutuan Syarikat-Syarikat Pengendali Pelabuhan

Bintulu Port adalah tuan rumah bagi Mesyuarat Persekutuan Syarikat-Syarikat Pengendali Pelabuhan kedua bagi pengurus-pengurus sumber manusia yang diadakan pada 18 Februari 2008 di Bilik Persidangan Wisma Kontena.

11 February 2008 Februari 2008



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Visit by Felda Palm Industries Kuala Lumpur on 21st February 2008.

Lawatan oleh Felda Palm Industries Kuala Lumpur pada 21 Februari 2008.


Visit by Mitsui & Co. Ltd, Kuala Lumpur Branch to Bintulu Port on 22nd February 2008.

Lawatan oleh Mitsui & Co. Ltd, Kuala Lumpur Branch ke Pelabuhan Bintulu pada 22 Februari 2008.


Joint Oil Spill Exercise at SMDS Jetty by Bintulu Port and SMDS

The main objective of this drill is to test and assess the effectiveness and practicality of the Contingency Plan for SMDS Jetty.

Latihan Bersama ke atas Tumpahan Minyak di Jeti SMDS oleh Bintulu Port dan SMDS

Objektif utama latihan ini adalah untuk mencuba dan menilai keberkesanan dan tahap praktikal pelan kontigensi di Jeti SMDS.


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The 5th Agreement Signing Ceremony between Bintulu Port and The Union on 4 March 2008 (2007-2009)

The Staff Union and the management had successfully signed the 5th Collective Agreement on 4 March 2008.

Majlis Menandatangani Perjanjian ke 5 di antara Bintulu Port dan Kesatuan Sekerja pada 4 Mac 2008 (2007-2009)

Pihak Kesatuan Sekerja dan pengurusan telah berjaya menandatangani Perjanjian Bersama yang ke 5 pada 4 Mac 2008.

Universiti Putra Malaysia (UPM) Bintulu Branch

A group from Universiti Putra Malaysia (UPM) Bintulu Branch paid a visit to Bintulu Port on 26th March 2008.

Universiti Putra Malaysia (UPM) Cawangan Bintulu

Rombongan dari Universiti Putra Malaysia (UPM) Cawangan Bintulu melawat Pelabuhan Bintulu pada 26 Mac 2008.

4 March 2008 Mac 2008

18 March 2008 Mac 2008

26 March 2008 Mac 2008

Visit of 60 Squadron Sarawak Water Handling Expert Regiment

A total of 85 volunteers from 60 Squadron Sarawak Water Handling Expert Regiment visited Bintulu Port. Volunteers from both Sarawak and Peninsular Malaysia had joined the visit.

The visit was in conjunction with the Annual Training Camp Series 1/2008, which was hosted by Bintulu Northern Region Water Board.

Lawatan Rejiman ke 60 Skuadron Mahir Pengendalian Air, Sarawak

Seramai 85 orang sukarelawan dari Rejiman ke 60 Skuadron Mahir Pengendalian Air, Sarawak telah melawat Pelabuhan Bintulu. Para sukarelawan daripada Sarawak dan Semenanjung telah menyertai lawatan ini.

Lawatan ini adalah selaras dengan Kem Latihan Tahunan Siri 1/2008 yang dianjurkan oleh Lembaga Air Kawasan Utara Bintulu.

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Ganuise (Netherlands) & Petronas Visit

A group from Ganuise, Netherlands and Petronas paid a visit to Bintulu Port on 26th March 2008. Lawatan oleh Ganuise (Netherlands) & Petronas

Rombongan dari Ganuise, Netherlands dan Petronas telah melawat Pelabuhan Bintulu pada 26 Mac 2008.

26 March 2008 Mac 2008

‘Doa Selamat’ for Tugboat – M.T Durar, M.T Durrah & M.T Dawama

The ‘Doa Selamat’ ceremony to mark the arrival of 3 units tugboats was held on 4th April 2008 at Marine Base, Bintulu Port.

Majlis Doa Selamat untuk Bot Tunda – M.T Durar, M.T Durrah & M.T Dawama

Majlis Doa Selamat bagi menandakan penerimaan 3 unit bot tunda telah diadakan pada 4 April 2008 di Pengkalan Marin Base, Pelabuhan Bintulu.

4 April 2008 April 2008

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Bintulu Port Holdings Berhad 12th Annual General Meeting

Bintulu Port Holdings Berhad’s 12th Annual General Meeting was held at Kuching Hilton on 25th April 2008.

Mesyuarat Agung Tahunan ke 12 Bintulu Port Holdings Berhad - 25 April 2008

Mesyuarat Agung Tahunan ke 12 Bintulu Port Holdings Berhad telah diadakan di Kuching Hilton pada 25 April 2008.


MPC Sarawak – Industry Open Day – 17th April 2008 at Auditorium Menara Kidurong

The ceremony was officiated by YB Datuk Hj. Daud Abdul Rahman, Assistant Minister in Industrial Development, Sarawak.

Hari Terbuka Industri MPC Sarawak pada 17 April 2008 di Auditorium Menara Kidurong

Majlis telah dirasmikan oleh YB Datuk Hj. Daud Abdul Rahman, Timbalan Menteri di Pembangunan Industri Sarawak.



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Visit by Deputy Minister

Bintulu Port welcomes the Deputy Minister in the Prime Minister’s Department, YB Senator Murugiah A/L Thopasamy on 8th August 2008.

Lawatan oleh Timbalan Menteri

Pelabuhan Bintulu mengalukan kehadiran Timbalan Menteri di Jabatan Perdana Menteri YB Senator Murugiah A/L Thopasamy pada 8 Ogos 2008.

Tree Planting Campaign

Bintulu Port launched ‘Tree Planting Campaign’ at Taman Sri Pelabuhan on 23rd August 2008. The campaign was officiated by Chief Executive Officer as part of the adoption of the ‘Green Earth’ campaign aimed at getting the staff of Bintulu Port to be more aware of and appreciate the need for trees in the environment that we live in.

Kempen Menanam Pokok

Bintulu Port telah melancarkan Kempen Menanam Pokok di Taman Sri Pelabuhan pada 23 Ogos 2008. Kempen ini telah dirasmikan oleh Ketua Pegawai Eksekutif sebagai sebahagian dari Kempen Menghijaukan Bumi bertujuan memberi kesedaran kepada staf Pelabuhan Bintulu untuk lebih menghargai keperluan pokok-pokok di persekitaran tempat tinggal.

UPSR 2008 Motivational Program

UPSR 2008 Motivational Program jointly organized by the Education Department & Bintulu Port was held on 18th August 2008. About 292 students (including 28 teachers) from at least 28 primary schools participated in this program.

Program Motivasi UPSR 2008

Program Motivasi UPSR 2008 anjuran bersama Jabatan Pedidikan dan Bintulu Port telah diadakan pada 18 Ogos 2008. Seramai 292 pelajar (termasuk 28 orang guru) dari sekurang-kurangnya 28 sekolah rendah menyertai program ini.

8 August 2008 Ogos 2008



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51st Merdeka Day Celebration at Bintulu

‘Unity, The Core Of success’ that is the theme for this year’s 51st Merdeka Day Celebration. Bintulu Port has taken a collaborative step to celebrate this most meaningful ceremony for our country.

Perayaan Sambutan Ulangtahun Kemerdekaan ke 51 di Bintulu

Perpaduan Teras Kejayaan adalah tema bagi perayaan sambutan ulangtahun kemerdekaan ke 51. Bintulu Port telah turut serta bergandingan menyambut hari yang penuh bermakna bagi negara.


12th Convocation Ceremony of Bintulu Port Montessori

On 6th November 2008, Bintulu Port Montessori held its 12th convocation at the Ballroom of Parkcity Everly Hotel. A group of 26 graduating children received their respective scroll.

Majlis Konvokesyan ke 12 Montessori Bintulu Port

Pada 6 November 2008, Montessori Bintulu Port telah mengadakan Majlis Konvokesyan ke 12 di Ballroom, Parkcity Everly Hotel. Seramai 26 orang pelajar tadika telah menerima ijazah masing-masing.

6 November 2008 November 2008


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Family Day 2008

Members of the staff once again showed their spirit of unity and togetherness when they recently participated in the Family Day 2008. It was held on 28th November 2008 at Dewan Serbaguna, Taman Sri Pelabuhan.

Hari Keluarga 2008

Staf sekali lagi menunjukan semangat kerjasama dan bersatupadu apabila menyertai Hari Keluarga 2008. Ianya diadakan pada 28 November 2008 di Dewan Serbaguna, Taman Sri Pelabuhan.

28 November 2008 November 2008

Corporate Social Responsibility (CSR) 2008

936 students from 7 different schools were overjoyed at the sight of new school bags complete with stationery they need for school.

Tanggungjawab Sosial Korporat (CSR) 2008

Seramai 936 pelajar dari 7 buah sekolah gembira menerima beg dan peralatan sekolah baru.

11&12 November 2008 November 2008

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SUMMARY OF EQUIPMENT AND FACILITIES AS AT 28 FEBRUARY 2009PERALATAN DAN KEMUDAHAN SETAKAT 28 FEBRUARI 2009

DescriptionKeterangan

No. of Units /Facilities

Jumlah Unit /Kemudahan

Total Capacity / AreaJumlah Kapasiti / Keluasan

Type Of Berth Jenis Dermaga

General Cargo Wharf Dermaga Kargo AmBulk Cargo Wharf Dermaga Kargo PukalContainer Terminal Terminal KontenaLNG Jetty Jeti GACLPG Jetty Jeti LPG

Pertochemical Terminal- Petroleum Jetty- Oil Barge Berth

Coastal Terminal (Gravel Jetty)Edible Oils TerminalMultipurpose Terminal

3 Berths1 “2 “3 “1 “

2 “1 “

1 “2 “4 “

Quay

515 M 270 M450 M

- -

--

120 M-

950 M

Width

34 M30 M35 M

--

--

--

30 M

Depth

10.5 M13.5 M14.0 M15.5 M11.0 M

11.0 M7.0M

4.0 M14.0M14.0M

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 *

*(ReachStackerOperations)

2311

1213132

10,0007,20062,0002,376

1152 Ground Slots *584 Ground Slots *12 Ground Slots *48 Ground Slots *42 Ground Slots *

* (Twenty Foot)

Type Of Vessels Jenis Kapal Capacity Kapasiti

Mooring BoatShip Handling TugShip Handling TugHydrographic Survey LaunchPatrol BoatAluminium Patrol BoatAluminium Pilot Boat* Ship Handling Tug* Pilot Boat* Mooring Boat

*(Charter Hire)

4341112221

5 tonnes bollard pull45 tonnes bollard pull25 tonnes bollard pull

----

45 tonnes bollard pull--

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Cargo Handling & MechanicalEquipments

Peralatan PengendalianKargo & Mekanikal

No. of Units /Facilities

Jumlah Unit /Kemudahan

Metric Tonnes Metrik Tan

Container Handling Equipment

Post Panamax Gantry CranesRubber Tyred Gantry CranesMobile Harbour CraneReach Stacker DieselTowing Terminal TractorTrailer ( Container )Heavy ForkliftExtra Heavy ForkliftEmpty Container ForkliftsBattery Power ForkliftGas Forklift

Cargo Handling Equipment

Forklift Trucks (Diesel)Forklift Trucks 4 Ton (Diesel)Forklift Trucks H / M (LPG)Forklift Trucks L / M (LPG)Terminal Tractor

2616192221233

4192227

40.640.6100405040825142.53

844440

Storage Tanks and Machineries Tangki Simpanan dan kelengkapan Unit Metric Tonnes

Metrik Tan

2600 MT Tank2000 MT Tank1000 MT Tank650 MT Tank

422168

10,40044,00016,0005,200

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ANALYSIS OF EQUITY STRUCTURE ANALISIS STRUKTUR EKUITI

1. ANALYSIS OF HOLDINGS AS AT 28 FEBRUARY 2009 ANALISIS PEGANGAN PADA 28 FEBRUARI 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

1 – 99

100 – 1,000

1,001 – 10,000

10,001 – 100,000

100,001 – 19,999,999

20,000,000 and Above

6

676

683

161

66

3

0

9

12

13

12

0

309

618,300

2,764,900

6,123,750

78,652,600

300,952,900

0

8,100

41,529

451,994

10,385,618

0

0.000

0.154

0.691

1.530

19.663

75.238

0.000

0.002

0.010

0.112

2.596

0.000

Total Jumlah 1,595 46 389,112,759 10,887,241 97.276 2.720

2. LIST OF TOP THIRTY (30) HOLDERS AS AT 28 FEBRUARY 2009 SENARAI TIGA PULUH (30) PEMEGANG SAHAM TERTINGGI PADA 28 FEBRUARI

2009

No Bil

Name of HoldersNama Pemegang Saham

ShareholdingsPegangan Saham %

1. CARTABAN NOMINEES (TEMPATAN) SDN. BHD.[PETROLIAM NASIONAL BERHAD (STRATEGIC INV)]

131,171,000 32.792

2. STATE FINANCIAL SECRETARY SARAWAK 122,701,000 30.675

3. KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 47,080,900 11.770

4. VALUECAP SDN BHD 10,734,800 2.683

5. MISC BERHAD 10,619,000 2.654

6. EMPLOYEES PROVIDENT FUND BOARD 6,887,100 1.721

7. PERMODALAN NASIONAL BERHAD 5,636,000 1.409

8. AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD[SKIM AMANAH SAHAM BUMIPUTERA]

3,949,800 0.987

9. PERTUBUHAN KESELAMATAN SOSIAL 2,960,600 0.740

10. AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD[AMANAH SAHAM DIDIK]

2,800,000 0.700

11. HLG NOMINEE (TEMPATAN) SDN BHD[PB TRUSTEE SERVICES BERHAD FOR HLG GROWTH FUND]

2,798,800 0.699

12. HSBC NOMINEES (ASING) SDN BHD[HSBC-FS FOR VALUE PARTNERS ”A” FUND]

2,745,812 0.686

13. TM ASIA LIFE MALAYSIA BHD. [AS BENEFICIAL OWNER (PF)] 2,320,000 0.580

14. MAYBAN NOMINEES (TEMPATAN) SDN BHD[MAYBAN TRUSTEES BERHAD FOR PUBLIC ITTIKAL FUND]

2,249,100 0.562

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NoBil



15. HSBC NOMINEES (ASING) SDN BHD[HSBC-FS FOR VALUE PARTNERS HIGH – DIVIDEND STOCKS FUND]

2,230,500 0.557

16. HSBC NOMINEES (TEMPATAN) SDN BHD[NOMURA ASSET MGMT MALAYSIA FOR EMPLOYEES PROVIDENT

FUND]

2,216,800 0.554

17. AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD[PUBLIC ISLAMIC OPTIMAL GROWTH FUND]

2,056,500 0.514

18. CITIGROUP NOMINEES (TEMPATAN) SDN BHD[EXEMPT AN FOR AMERICAN INTERNATIONAL ASSURANCE BERHAD]

1,667,100 0.416

19. AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD[AMANAH SAHAM MALAYSIA]

1,500,000 0.375

20. LEMBAGA TABUNG HAJI 1,444,900 0.361

21. AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD[PUBLIC ISLAMIC SELECT TREASURES FUND]

1,440,300 0.360

22. AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD[PUBLIC ISLAMIC BALANCED FUND]

1,291,100 0.322

23. CARTABAN NOMINEES (ASING) SDN BHD[DBS VICKERS (HONG KONG) LIMITED FOR CHEAH CHENG HYE]

1,200,000 0.300

24. AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD[PUBLIC ISLAMIC DIVIDEND FUND]

1,185,700 0.296

25. SHOPTRA JAYA (M) SDN BHD 1,002,000 0.250

26. AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD[PUBLIC ISLAMIC EQUITY FUND]

865,000 0.216

27. AMSEC NOMINEES (TEMPATAN) SDN BHD[AMTRUSTEE BERHAD FOR HLG PENNY STOCK FUND (UT-HLG-PSF)]

834,500 0.208

28. AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD[AFFIN ISLAMIC EQUITY FUND]

815,300 0.203

29. MAYBAN NOMINEES (TEMPATAN) SDN BHD[ETIQA TAKAFUL BERHAD (FAMILY FUND)]

807,400 0.201

30. AMANAH RAYA NOMINEES (TEMPATAN) SDN BHD[PUBLIC ASIA ITTIKAL FUND]

780,000 0.195

TOTAL / JUMLAH 375,991,012 93.997

3. SUBSTANTIAL SHAREHOLDERS AS AT 28 FEBRUARY 2009 PEMEGANG SAHAM UTAMA PADA 28 FEBRUARI 2009

NoBil



1. CARTABAN NOMINEES (TEMPATAN) SDN. BHD.[PETROLIAM NASIONAL BERHAD (STRATEGIC INV)]

131,171,000 32.792

2. STATE FINANCIAL SECRETARY SARAWAK 122,701,000 30.675

3. KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 47,080,900 11.770

TOTAL / JUMLAH 300,952,900 75.238

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LIST OF PROPERTIES AS AT 28 FEBRUARY 2009SENARAI HARTANAH SETAKAT 28 FEBRUARI 2009

LocationLokasi

Description Keterangan

Tenure/Age ofBuilding (Years)Hakmilik / Usia

Bangunan(Tahun)

Area sq. ft.Keluasan

kaki persegi

Net BookValue RM’000

Nilai BukuBersih RM’000

Land:

Part of Lot 15 & 37 (Alienated Land), Tanjung Kidurong, Kemena Land District, Bintulu, Sarawak

Part of Lot 15 & 37 (BICT Land) Tanjung Kidurong, Kemena Land District, Bintulu, Sarawak

Buildings, Structures & Improvements:

Built on Alienated LandTraffic WarehouseSingle Storey Office Building

Built on BICT LandReceipt & Delivery BuildingGate HouseCrane Service StationCustom Examination ShedCanteen BuildingMarine Operation BuildingMarine Maintenance WorkshopWisma Kontena BuildingAccess Road (including 2 bridges)Container Stacking & Operations YardMain Intake SubstationQuay Crane SubstationCFS Substation MarineMarine Operation SubstationOffice Building for Health Safety & Environment and TechnicalServices DivisionWharves 4 & 5Small Craft HarbourCoastal TerminalEdible Oil TerminalBulk Fertilizer Warehouse

Built on Palm Oil Bulking Installation Facilities:Administration BuildingWeighing OfficePump HouseGuard HouseM & E Block AM & E Block BStorage Tank

The surveyed land area identified in the Agreement to Sub-Lease (Alienated Land) dated 31.12.1992

The surveyed land area which covers the BICT

--

----------

-----

-----

-------

Leasehold (expiring in 2022)

Leasehold(expiring in 2022)

15 years14 years

10 years10 years10 years


9 years9 years

10 years9 years

9 years9 years9 years9 years7 years

9 years9 years


4 years4 years4 years4 years4 years4 years4 years

4,415,170

2,693,037

31,9846,935

12,1105,0159,3002,583

11,95916,534

9,30069,727

-1,937,229

2,1741,485

9041,098

48,248

168,053-

9,08544,21521,700

1,140458

1,817322486444

-

-

-

1,206226

1,654604736

56838

2,8361,1755,609

13,20947,577

974578302458

3,016

42,1376,470

56540,91315,100

1,474689

1,620167519512

26,698

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FINANCIAL STATEMENTSDirectors’ Report and Audited Financial Statements

31 December 2008

CONTENTS PAGE

Directors’ Report 120 - 123

Statement by Directors 124

Statutory Declaration 124

Independent Auditors’ Report 125 - 126

Income Statements 127

Balance Sheets 128 - 129

Statements of Changes in Equity 130

Cash Flow Statements 131 - 132

Notes to the Financial Statements 133 - 165

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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 2008.

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 Company RM RM

Profit for the year 150,611,094 168,326,101

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 2007 were as follows: RMIn respect of the financial year ended 31 December 2007 as shown in the directors’ report of that year:

Final gross dividend of 15 sen per share, less income tax of 26% paid on 30 May 2008 44,400,000

Special gross dividend of 10 sen per share, less income tax of 26% paid on 30 May 2008 29,600,000

In respect of the financial year ended 31 December 2008:

Interim single tier dividend of 7.40 sen per share paid on 1 August 2008 29,600,000

Interim single tier dividend of 7.40 sen per share paid on 17 October 2008 29,600,000

Interim single tier dividend of 7.40 sen per share paid on 31 December 2008 29,600,000

DIRECTORS’ REPORT

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Dividends (cont’d.)

The directors recommend the payment of a final single tier dividend of 11.25 sen per share and a special single tier dividend of 7.50 sen per share on 400,000,000 ordinary shares, amounting to RM45,000,000 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 29 May 2009 to shareholders registered on the Company’s Register of Members at the close of business on 15 May 2009. 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 2009.

Directors

The name of directors who have held office during the period since the date of the last report are as follows:

Tun Dato’ Seri Hj. Mohd Eusoff bin Chin (Chairman)Tan Sri Dato Sri Mohd. Zahidi bin ZainuddinDato’ Seri Dr. Hj. Arshad bin Hj. HashimDato’ Shamsul Azhar bin AbbasDatuk Fong Joo ChungDato’ Mohamad Norza bin ZakariaDatuk Hashim bin IsmailDatu Hj. Abang Halmi bin IkhwanAhmad Nizam bin Salleh

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 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.

DIRECTORS’ REPORT (CONT’D.)

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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 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 of the Company; and

(ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading.

(c) At the date of this report, the directors are not aware of any circumstances which have arisen which 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.


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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 26 February 2009.

Tun Dato’ Seri Hj. Mohd Eusoff bin Chin Dato’ Shamsul Azhar bin Abbas

Kuala Lumpur, Malaysia


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We, Tun Dato’ Seri Hj. Mohd Eusoff bin Chin and Dato’ Shamsul Azhar bin Abbas, 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 127 to 165 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 2008 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 26 February 2009.



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 127 to 165 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, 1960.

Subscribed and solemnly declared by the abovenamed Rambli bin Mashar atKuala Lumpur in Wilayah Persekutuanon 26 February 2009. Rambli bin Mashar

Before me,

R Vasugi Ammal, PJKW 480Commissioner For Oath

STATEMENT by DIRECTORSPursuant to Section 169(15) of the Companies Act, 1965

STATUTORy DECLARATIONPursuant to Section 169(16) of the Companies Act, 1965

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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 2008 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 127 to 165.

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 Financial Reporting Standards and the Companies Act, 1965 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 Group’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 Group’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 Financial Reporting Standards and the Companies Act, 1965 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 2008 and of their financial performance and cash flows of the Group and of the Company for the year then ended.

INDEPENDENT AUDITORS’ REPORT to the members of Bintulu Port Holdings Berhad

(Incorporated in Malaysia)

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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

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 Habibah bte AbdulAF: 0039 No. 1210/05/10(J)Chartered Accountants Chartered Accountant

Kuala Lumpur, Malaysia26 February 2009

INDEPENDENT AUDITORS’ REPORT to the members of Bintulu Port Holdings Berhad (cont’d.)(Incorporated in Malaysia)

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INCOME STATEMENTSFor the year ended 31 December 2008

Group Company Note 2008 2007 2008 2007 RM RM RM RM

Revenue 3 448,766,957 417,171,514 220,350,000 220,350,000

Other income 4 21,216,821 21,621,133 10,540,753 11,554,239

Staff costs 5 (59,464,751 ) (52,940,171 ) (834,338 ) (703,794 )

Amortisation of

intangible assets (1,693,675 ) (1,153,866 ) - -

Charter hire of boats (5,284,150 ) (4,254,979 ) - -

Depreciation of property,

plant and equipment (26,780,587 ) (25,478,086 ) (1,814 ) (2,269 )

Dredging costs - (12,938,122 ) - -

Fuel, electricity and utilities (20,892,024 ) (13,905,735 ) (1,800 ) (1,800 )

Insurance (4,368,992 ) (3,810,787 ) - (14 )

Leasing of port facilities (100,160,853 ) (95,010,149 ) - -

Repairs and maintenance (19,187,390 ) (16,248,566 ) (234 ) (2,887 )

Stevedorage costs (5,356,027 ) (4,776,140 ) - -

Other expenses (20,912,326 ) (19,082,585 ) (2,249,199 ) (2,774,638 )

Profit before tax 6 205,883,003 189,193,461 227,803,368 228,418,837

Taxation 8 (55,271,909 ) (53,548,941 ) (59,477,267 ) (62,040,271 )

Profit for the year 150,611,094 135,644,520 168,326,101 166,378,566

Earnings per share

Basic (sen) 9 37.65 33.91

The accompanying notes form an integral part of the financial statements.

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bALANCE SHEETS as at 31 December 2008


AssetsNon-current assetsProperty, plant and equipment 11 516,032,313 478,156,746 14,598 18,100

Investments in subsidiaries 12 - - 339,999,998 309,999,998

Intangible assets 13 14,997,499 16,691,174 - -

Deferred tax assets 21 776,000 776,000 - -

531,805,812 495,623,920 340,014,596 310,018,098

Current assetsProperties held for sale 14 16,768,480 17,251,836 - -

Trade receivables 15 38,842,651 24,192,618 - -

Other receivables 16 32,338,243 32,431,921 204,185 819,664

Tax recoverable 15,578 - - -

Cash and cash equivalents 17 461,656,529 473,007,165 221,829,858 246,871,397

549,621,481 546,883,540 222,034,043 247,691,061

Total assets 1,081,427,293 1,042,507,460 562,048,639 557,709,159

Equity and liabilitiesEquity attributable to equity holders of the company

Share capital 18 400,000,001 400,000,001 400,000,001 400,000,001

Share premium 92,949,794 92,949,794 92,949,794 92,949,794

Retained earnings 19 388,081,494 400,270,400 67,724,603 62,198,502

Total equity 881,031,289 893,220,195 560,674,398 555,148,297

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bALANCE SHEETS as at 31 December 2008 (cont’d.)


Non-current liabilitiesRetirement benefits 20 34,735,845 31,594,134 - -

Deferred tax liabilities 21 16,500,000 10,860,000 - -

51,235,845 42,454,134 - -

Current liabilitiesOther payables 22 139,794,409 94,992,310 760,917 1,412,988

Tax payable 9,365,750 11,840,821 613,324 1,147,874

149,160,159 106,833,131 1,374,241 2,560,862

Total liabilities 200,396,004 149,287,265 1,374,241 2,560,862

Total equity and liabilities 1,081,427,293 1,042,507,460 562,048,639 557,709,159


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STATEMENTS OF CHANgES IN EqUITyFor the year ended 31 December 2008

Non- distributable Distributable Share Share Retained capital premium earnings Total Note RM RM RM RM

Group

At 1 January 2007 400,000,001 92,949,794 410,625,880 903,575,675

Profit for the year - - 135,644,520 135,644,520

Dividends 10 - - (146,000,000 ) (146,000,000 )

At 31 December 2007 400,000,001 92,949,794 400,270,400 893,220,195

At 1 January 2008 400,000,001 92,949,794 400,270,400 893,220,195


Dividends 10 - - (162,800,000 ) (162,800,000 )

At 31 December 2008 400,000,001 92,949,794 388,081,494 881,031,289

Company

At 1 January 2007 400,000,001 92,949,794 41,819,936 534,769,731


Dividends 10 - - (146,000,000 ) (146,000,000 )

At 31 December 2007 400,000,001 92,949,794 62,198,502 555,148,297

At 1 January 2008 400,000,001 92,949,794 62,198,502 555,148,297


Dividends 10 - - (162,800,000 ) (162,800,000 )

At 31 December 2008 400,000,001 92,949,794 67,724,603 560,674,398


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Group Company 2008 2007 2008 2007 RM RM RM RM

Cash flows from operating activitiesProfit before tax 205,883,003 189,193,46 1 227,803,368 228,418,837

Adjustments for:

Provision for retirement benefits 4,498,392 4,250,350 - -

Depreciation of property,

plant and equipment 26,780,587 25,478,086 1,814 2,269

Amortisation of intangible assets 1,693,675 1,153,866 - -

Work-in-progress written off 1,837,649 - - -

(Gain)/ loss on disposal of

property, plant and equipment (396,841 ) 129,540 4,698 -

Loss/ (gain) on disposal of

properties held for sale 165,900 (20,608 ) - -

Interest income (20,433,453 ) (21,053,567 ) (10,540,753 ) (11,554,239 )

Gross dividend income - - (220,350,000 ) (220,350,000 )

Operating profit/(loss) before

working capital changes 220,028,912 199,131,128 (3,080,873 ) (3,483,133 )

Changes in working capital:

Properties held for sale 1,307,661 922,880 - -

Receivables (20,431,997 ) (18,865,757 ) - 338

Retirement benefits paid (1,356,681 ) (1,048,596 ) - -

Payables 32,371,888 31,511,082 (652,071 ) (23,846 )

Cash generated from/

(used in) operations 231,919,783 211,650,737 (3,732,944 ) (3,506,641 )

Tax paid (52,122,558 ) (56,189,360 ) (2,720,817 ) (2,052,918 )

Tax refund - 109,394 - 109,394

Net cash flow generated from/

(used in) operating activities 179,797,225 155,570,771 (6,453,761 ) (5,450,165 )

CASH FLOw STATEMENTSFor the year ended 31 December 2008

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Cash flows from investing activitiesPurchase of property,

plant and equipment (51,374,582 ) (65,709,794 ) (3,010 ) (970 )

Purchase of intangible assets - (5,074,579 ) -

Interest received 22,449,216 20,285,934 11,156,232 11,690,438

Increase in investment in a subsidiary - - (30,000,000 ) -

Proceeds from disposal

of property, plant and equipment 401,810 46,607 - -

Proceeds from disposal

of properties held for sale 175,695 - - -

Net dividend received - - 163,059,000 160,855,500

Net cash flow (used in)/

generated from

investing activities (28,347,861 ) (50,451,832 ) 144,212,222 172,544,968

Cash flows from financing activitiesDecrease in deposits pledged

as securities for banking facilities 15,000 - - -

Dividends paid (162,800,000 ) (146,000,000 ) (162,800,000 ) (146,000,000 )

Net cash flow used in

financing activities (162,785,000 ) (146,000,000 ) (162,800,000 ) (146,000,000 )

Net change in cash and cash equivalents (11,335,636 ) (40,881,061 ) (25,041,539 ) 21,094,803

Cash and cash equivalents at beginning of financial year (Note 17) 470,224,165 511,105,226 246,853,397 225,758,594

Cash and cash equivalents at end of financial year (Note 17) 458,888,529 470,224,165 221,811,858 246,853,397


CASH FLOw STATEMENTSFor the year ended 31 December 2008 (cont’d.)

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NOTES TO THE FINANCIAL STATEMENTS31 December 2008

1. Corporate information

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 Board 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, 97008 Bintulu, Sarawak.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 26 February 2009.

2. Significant accounting policies

2.1 Basis of preparation

The financial statements comply with the provisions of the Companies Act, 1965 and applicable Financial Reporting Standards (“FRSs”) in Malaysia. At the beginning of the current financial year, the Group and the Company adopted new and revised FRSs which are mandatory for financial period beginning on or after 1 January 2008 as described fully in Note 2.3.

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) which is also the functional currency of the Group and of the Company.

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.

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NOTES TO THE FINANCIAL STATEMENTS31 December 2008 (cont’d.)

2. Significant accounting policies (cont’d.)2.2 Summary of significant accounting policies (cont’d.)

(a) Basis of consolidation (cont’d.)

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.

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 2022.

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.

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(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.

(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 2022.

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.

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(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.

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.

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(g) Employee benefits (cont’d.)

(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.

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 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.

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(h) Revenue recognition (cont’d.)

(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 properties 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.

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.

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(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 in equity in the period in which they are declared.

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2. Significant accounting policies (cont’d.)

2.3 Changes in accounting policies and effects arising from adoption of new and revised FRSs and Issues Committee (“IC”) Interpretations

The Group and the Company adopted the following FRSs and IC Interpretations mandatory for financial period beginning on or before 1 January 2008.

FRS 107 Cash Flow Statements

FRS 111 Construction Contracts

FRS 112 Income Taxes

FRS 118 Revenue

FRS 120 Accounting for Government and Disclosure of Government Assistance

FRS 134 Interim Financial Reporting

FRS 137 Provision, Contingent Liabilities and Contingent Assets

Amendment to FRS 121 The Effects of Changes in Foreign Exchange Rates - Net Investment in a Foreign Operation

IC Interpretation 1 Changes in Existing Decommissioning, Restoration and Similar Liabilities

IC Interpretation 2 Members’ Shares in Co-operative Entities and Similar Instruments

IC Interpretation 5 Rights to Interests arising from Decommissioning, Restoration, and Environmental Rehabilitation Funds

IC Interpretation 6 Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Economies

IC Interpretation 7 Applying the Restatement Approach under FRS 129 Financial Reporting in Hyperinflationary Economies

IC Interpretation 8 Scope of FRS 2 The adoption of the above FRSs, amendments to FRSs and Interpretations does not

have significant impact on the financial statements of the Group and the Company.

At the date of the authorisation of these financial statements, the following FRSs and Interpretations were issued but not yet effective and have not been applied by the Group and the Company:

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: Disclosure

FRS 139 Financial Instruments: Recognition and Measurement

IC Interpretation 9 Reassessment of Embedded Derivatives

IC Interpretation 10 Interim Financial Reporting and Impairment

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2. Significant accounting policies (cont’d.)

2.3 Changes in accounting policies and effects arising from adoption of new and revised FRSs and Issues Committee (“IC”) Interpretations (cont’d.)

The Group and the Company are exempted from disclosing the possible impact, if any, to the financial statements upon the initial application of FRS 7 and FRS 139.

The above FRSs and Interpretations are expected to have no significant impact on the financial statements of the Group and of the Company upon their initial application.

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 2008, the carrying amount of property, plant and equipment relating to the bulking business (“bulking assets”) is RM88,679,322 (2007: RM84,508,709). 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 cash flows.

The expected future cash flows as used by the Group in the analysis include a significant assumption on throughput to be achieved by the Group. In the event the Group is unable to achieve the projected throughput, 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 total carrying value of recognised unabsorbed capital allowances of the Group was RM13,920,781 (2007: RM11,817,900). The total unutilised tax losses recognised by the Group was RM124,888 (2007: RM Nil).

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2. Significant accounting policies (cont’d.)2.4 Significant accounting estimates and judgements (cont’d.)

(a) Key sources of estimation uncertainty (cont’d.)

(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.

3. Revenue Group Company 2008 2007 2008 2007 RM RM RM RM

Revenue from port

services rendered 434,568,758 411,491,616 - -

Revenue from bulking services 14,198,199 5,679,898 - -

Dividend income from

a subsidiary - - 220,350,000 220,350,000

448,766,957 417,171,514 220,350,000 220,350,000

4. Other income Group Company 2008 2007 2008 2007 RM RM RM RM

Interest income 20,433,453 21,053,566 10,540,753 11,554,239

Rental income 162,844 187,246 - -

Others 620,524 380,321 - -

21,216,821 21,621,133 10,540,753 11,554,239

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5. Staff costs Group Company 2008 2007 2008 2007 RM RM RM RM

Wages, salaries,

allowances and bonus 41,912,811 37,487,868 562,246 517,822

Defined benefit

Retirement Benefit

Scheme (Note 20) 4,498,392 4,250,350 - -

Defined contribution plan

(Employees Provident Fund) 4,437,040 4,117,138 54,662 49,829

Other employee benefits 8,616,508 7,084,815 217,430 136,143

59,464,751 52,940,171 834,338 703,794

Details of the defined benefit Retirement Benefit Scheme of the Group are set out in Note 20.

6. Profit before tax

The following amounts have been charged/(credited) in arriving at profit before tax: Group Company 2008 2007 2008 2007 RM RM RM RM

Auditors’ remuneration

- statutory audit

- current year 153,000 136,800 55,000 50,000

- other services - 516,000 - 282,000

Non-executive directors

- fees

- current year 756,000 648,000 564,000 456,000

- under provision of prior year 108,000 - 108,000 -

- other emoluments 124,000 133,000 88,000 99,000

Rental of equipment 2,192,819 448,618 50,917 48,220

Rental of motor vehicle - - 25,636 25,636

Rental of premises 278,208 151,728 37,200 37,200

(Gain)/loss on disposal

of property, plant

and equipment (396,841 ) 129,540 4,698 -

Loss/(gain) on disposal

of properties held for sale 165,900 (20,608 ) - -

Reversal of doubtful debts (5,566 ) (59,132 ) - -

Work-in-progress written off 1,837,649 - - -

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7. 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

2008 2007 2008 2007 RM RM RM RM

Remuneration and

benefits 1,665,600 1,390,280 828,800 623,800

Post-employment benefits:

Defined contribution plan 113,713 102,102 - -

1,779,313 1,492,382 828,800 623,800

(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:


Non-executive directors

- fees

- current year 756,000 648,000 564,000 456,000

- under provision

of prior year 108,000 - 108,000 -

- meeting allowance 124,000 133,000 88,000 99,000

- benefits-in-kind 8,800 8,800 8,800 8,800

996,800 789,800 768,800 563,800

Analysis excluding

benefits-in-kind:

Total non-executive directors’

remuneration excluding

benefits-in-kind 988,000 781,000 760,000 555,000

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7. Remuneration - key management personnel (cont’d.)

(b) Directors’ remuneration (cont’d.)

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 2008 2007Non-executive directors: RM50,001 - RM100,000 9 9

8. Taxation Group Company 2008 2007 2008 2007 RM RM RM RM

Income tax

- current year 49,689,610 51,353,563 59,602,610 62,149,665

- (over)/under provision

in prior years (57,701 ) 35,378 (125,343 ) (109,394 )

49,631,909 51,388,941 59,477,267 62,040,271

Deferred tax (Note 21)

Relating to origination

and reversal of temporary

differences 5,677,403 2,443,000 - -

Relating to changes in tax rates (197,574 ) (283,000 ) - -

Under provision in prior year 160,171 - - -

5,640,000 2,160,000 - -

55,271,909 53,548,941 59,477,267 62,040,271

Domestic income tax is calculated at the Malaysian statutory tax rate of 26% (2007: 27%) of

the estimated assessable profit for the year. The domestic statutory tax rate will be reduced to 25% from the current year’s rate of 26%, effective year of assessment 2009. The computation of deferred tax as at 31 December 2008 have reflected these changes.

The explanation of the relationship between tax expense and profit before tax is as follows:


Profit before tax 205,883,003 189,193,461 227,803,368 228,418,837

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8. Taxation (cont’d.) Group Company 2008 2007 2008 2007 RM RM RM RM

Tax calculated at the

Malaysian tax rate of

26% (2007: 27%) 53,529,581 51,082,235 59,228,876 61,673,086

Tax effects of:

- expenses not

deductible for tax purposes 2,601,690 2,452,111 219,864 442,529

Deferred tax assets

recognised on

unutilised tax losses

and unabsorbed

capital allowances (733,495 ) - - -

- changes in tax rates

on opening deferred tax (197,574 ) (283,000 ) - -

- deferred tax recognised

at different tax rates (184,633 ) (180,102 ) - -

(Over)/under provision

in prior years (57,701 ) 35,378 (125,343 ) (109,394 )

Deferred tax assets

not recognised 153,870 442,319 153,870 34,050

Under provision

of deferred tax in prior year 160,171 - - -

Income tax expense

for the year 55,271,909 53,548,941 59,477,267 62,040,271

9. Earnings per share

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 2008 2007

Profit for the year (RM) 150,611,094 135,644,520

Number of ordinary shares in issue 400,000,000 400,000,000

Basic earnings per share (sen) 37.65 33.91

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10. Dividends

Dividends in respect Dividends of the year Recognised in Year 2008 2007 2008 2007 RM RM RM RM

Recognised during the year: Final dividend for 2006:

- 10 sen per share, less

income tax 27% - - - 29,200,000

Special dividend for 2006:


income tax 27% - - - 29,200,000

Interim dividend for 2007:


income tax 27% - 29,200,000 - 29,200,000


income tax 27% - 29,200,000 - 29,200,000


income tax 27% - 29,200,000 - 29,200,000

Final dividend for 2007:


income tax 26% - 44,400,000 44,400,000 -

Special dividend for 2007:


income tax 26% - 29,600,000 29,600,000 -

Interim singler tier

dividend for 2008:

- 7.40 sen per share 29,600,000 - 29,600,000 -

- 7.40 sen per share 29,600,000 - 29,600,000 -

- 7.40 sen per share 29,600,000 - 29,600,000 -

88,800,000 161,600,000 162,800,000 146,000,000

The directors recommend the payment of a final single tier dividend of 11.25 sen per share

and a special single tier dividend of 7.50 sen per share on 400,000,000 ordinary shares,

amounting to RM45,000,000 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

29 May 2009 to shareholders registered on the Company’s Register of Members at the close

of business on 15 May 2009. 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 2009.

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11. 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 2022.

Office Company Equipment RM 2008 Cost

At 1 January 2008 23,420

Addition 3,010

Disposal (6,875 )

At 31 December 2008 19,555

Accumulated depreciation

At 1 January 2008 5,320

Charge during the financial year 1,814

Disposal (2,177 )

At 31 December 2008 4,957

Net carrying amount

At 31 December 2008 14,598

2007

Cost

At 1 January 2007 22,450

Addition 970

At 31 December 2007 23,420

Accumulated depreciation

At 1 January 2007 3,051

Charge during the financial year 2,269

At 31 December 2007 5,320

Net carrying amount

At 31 December 2007 18,100

151

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11. Property, plant and equipment (cont’d.)

Property, plant and equipment are acquired by means of:


Cash 51,374,582 65,709,794 3,010 970

Payables 16,415,490 1,651,189 - -

67,790,072 67,360,983 3,010 970

12. Investments in subsidiaries

Company 2008 2007 RM RM

Unquoted shares in Malaysia, at cost 339,999,998 309,999,998

Details of the subsidiaries which are all incorporated in Malaysia are as follows:

Effective equityinterest

Principal activitiesName of company 2008 2007

% %Bintulu Port Sdn. Bhd. 100 100 Provision of port services at Bintulu Port,

Sarawak

Biport Bulkers Sdn. Bhd. 100 100 Provision of bulking installation facilities for palm oil, edible oils, vegetable oils, fats and its by-products.

On 30 December 2008, its subsidiary, Biport Bulkers Sdn. Bhd. increased its issued and paid-up ordinary share capital from RM10,000,000 to RM40,000,000 by way of issuance of 30,000,000 ordinary shares. Pursuant to the increase in share capital, the Company subscribed for the 30,000,000 ordinary shares of RM1.00 each in share capital.

152

BIN

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PO

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HO

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13. Intangible assets

Right to operate Software Total RM RM RM 2008

Cost

At 1 January/31 December 2008 24,530,596 7,051,579 31,582,175

Accumulated amortisation

At 1 January 2008 14,718,359 172,642 14,891,001

Charge during the year 981,223 712,452 1,693,675

At 31 December 2008 15,699,582 885,094 16,584,676

Net carrying amount 8,831,014 6,166,485 14,997,499

2007

Cost

At 1 January 2007 24,530,596 - 24,530,596

Addition - 7,051,579 7,051,579

At 31 December 2007 24,530,596 7,051,579 31,582,175

Accumulated amortisation

At 1 January 2007 13,737,135 - 13,737,135

Charge during the year 981,224 172,642 1,153,866

At 31 December 2007 14,718,359 172,642 14,891,001

Net carrying amount 9,812,237 6,878,937 16,691,174

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 2022.

153

BIN

TULU

PO

RT

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LDIN

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13. Intangible assets (cont’d.)

Intangible assets are acquired by means of: Group 2008 2007 RM RM

Cash - 5 ,074,579

Payables - 1 ,977,000

- 7 ,051,579

14. Properties held for sale Group 2008 2007 RM RM

Properties held for sale, at cost 23,468,480 23,951,836

Less: Accumulated write down (6,700,000 ) ( 6,700,000 )

16,768,480 17,251,836

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 originally abandoned in year 2000. 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 claims was revised to RM14,112,905 on 23 June 2004. This claim is disclosed as contingent liability in Note 28.

Syarikat Perumahan Negara Berhad was appointed as the new developer in 2003 and the construction of the project was completed in 2005.

Title to the properties is pending transfer to the subsidiary from the former developer.

15. Trade receivables

Group 2008 2007 RM RM

Trade receivables 38,842,651 24,198,184

Less: Provision for doubtful debts - (5,566 )

38,842,651 24,192,618

154

BIN

TULU

PO

RT

HO

LDIN

GS

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15. Trade receivables (cont’d.)

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 RM15,363,980 (2007: RM14,440,998), RM28,778 (2007: RM17,736), RM331,480 (2007: RM288,419) and RM117,639 (2007: RM116,620), 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.

16. Other receivables


Amount due from

Bintulu Port Authority 5,730,261 4,969,468 - -

Staff loans 3,637,150 3,487,388 - -

Interest receivable 433,898 2,449,661 203,185 818,664

Prepayments 20,246,260 19,242,416 - -

Sundry receivables 2,290,674 2,282,988 1,000 1,000

32,338,243 32,431,921 204,185 819,664

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 2009 of RM16,987,676 (2007: RM15,700,000) to Bintulu Port Authority.

155

BIN

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PO

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HO

LDIN

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17. Cash and cash equivalents Group Company 2008 2007 2008 2007 RM RM RM RM

Money market

instruments purchased

under repurchase agreements 12,800,000 2,500,000 - -

Deposits with:

- Licensed banks 222,294,880 221,203,873 113,143,000 116,943,000

- Other institution 216,394,920 232,744,365 107,249,914 128,749,724

451,489,800 456,448,238 220,392,914 245,692,724

Cash and bank balances 10,166,729 16,558,927 1,436,944 1,178,673

461,656,529 473,007,165 221,829,858 246,871,397

Less: Short term deposits

pledged for bank

guarantees (2,768,000 ) (2,783,000 ) (18,000 ) (18,000 )

458,888,529 470,224,165 221,811,858 246,853,397

Deposits with other institution are monies placed in an Institutional Trust Account created with

a trustee company.

The interest rates per annum of short term deposits that were effective as at 31 December 2008 were as follows:

Group Company 2008 2007 2008 2007 % % % %

Licensed banks 3.00 - 3.90 2.38 - 3.70 3.55 - 3.60 2.38 - 3.70

Other institution 5.00 5.00 5.00 5.00

Money market instruments

purchased under

repurchase agreements 2.50 2.65 - -

Deposits of the Group and of the Company have remaining maturities of 11 to 245 days

(2007: 3 to 312 days) and 2 to 15 days (2007: 3 to 228 days) respectively.

156

BIN

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HO

LDIN

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18. Share capital

Group and Company 2008 2007 RM RM

Authorised 1,000,000,000 ordinary shares of RM1 each 1,000,000,000 1,000,000,000 One special rights redeemable preference share of RM1 (“Special Share”) 1 1

1,000,000,001 1,000,000,001


Issued and fully paid Ordinary shares of RM1 each:

At beginning and end

of financial year 400,000,000 400,000,000 400,000,000 400,000,000

One special rights

redeemable preference

share of RM1:

At beginning and end

of financial year 1 1 1 1

400,000,001 400,000,001 400,000,001 400,000,001

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.

157

BIN

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PO

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2-T)

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19. Retained earnings

Prior to the year assessment 2008, Malaysian companies adopt the full imputation system. In accordance with the Finance Act 2007 which was gazetted 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 2007.

The Company has elected for the irrevocable option to disregard the Section 108 balance as at 31 December 2008. 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 on 19 February 2009.

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:


At beginning of the financial year 31,594,134 28,392,380

Charge to income statement 4,498,392 4,250,350

Contributions paid (1,356,681 ) (1,048,596 )

At end of the financial year 34,735,845 31,594,134

The amount recognised in the Group’s balance sheet may be analysed as follows:


Present value of unfunded obligations 37,354,393 33,002,486

Unrecognised actuarial losses (2,618,548 ) (1,408,352 )

Liability in the balance sheet 34,735,845 31,594,134

158

BIN

TULU

PO

RT

HO

LDIN

GS

BER

HA

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20. Retirement benefits (cont’d.)

The expenses recognised in the Group’s income statement may be analysed as follows:


Current service cost 2,554,913 2,433,255

Interest cost 1,943,479 1,743,789

Past service cost - 73,306

Total, included in staff costs (Note 5) 4,498,392 4,250,350

The principal actuarial assumptions used in respect of the Group’s defined benefit plan were as follows:

Group 2008 2007 % %

Discount rate 6.50 6.00

Expected rate of salary increase 5.00 5.00

21. 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 1.1.2008 Statement 31.12.2008 RM RM RM

Deferred tax liabilities Property, plant and equipment 22,974,833 7,201,311 30,176,144

Deferred tax assets Unutilised tax losses - (32,741 ) (32,741 )

Unabsorbed capital allowances (3,190,833 ) (428,570 ) (3,619,403 )

Retirement benefits (7,900,000 ) (1,100,000 ) (9,000,000 )

Others (1,800,000 ) - (1,800,000 )

(12,890,833 ) (1,561,311 ) (14,452,144 )

Total 10,084,000 5,640,000 15,724,000

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21. Deferred tax (cont’d.)

Group Charged to At Income At 1.1.2007 Statement 31.12.2007 RM RM RM

Deferred tax liabilities Property, plant and equipment 20,314,833 2,660,000 22,974,833

Deferred tax assets Unabsorbed capital allowances (3,190,833 ) - (3,190,833 )

Retirement benefits (7,300,000 ) (600,000 ) (7,900,000 )

Others (1,900,000 ) 100,000 (1,800,000 )

(12,390,833 ) (500,000 ) (12,890,833 )

Total 7,924,000 2,160,000 10,084,000

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:

2008 2007 RM RM

Deferred tax assets (before offsetting) (14,452,144 ) (12,890,833 ) Offsetting 13,676,144 12,114,833 Deferred tax assets (after offsetting) (776,000 ) (776,000 ) Deferred tax liabilities (before offsetting) 30,176,144 22,974,833 Offsetting (13,676,144 ) (12,114,833 ) Deferred tax liabilities (after offsetting) 16,500,000 10,860,000

Deferred tax assets have not been recognised in respect of the following items:

2008 2007 RM RM

Unutilised tax losses - 124,888 Unabsorbed capital allowances - 2,696,246 Unutilised investment tax allowances 99,175,820 74,899,208 99,175,820 77,720,342

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22. Other payables


Amount due to a subsidiary - - 592,913 1,166,269

Amount due to Bintulu

Port Authority 100,062,201 66,461,736 - -

Accruals 8,638,684 11,224,244 21,750 48,395

Sundry payables 25,959,567 11,133,015 146,254 198,324

Maintenance dredging

works payable - 2,909,582 - -

Retention money 5,133,957 3,263,733 - -

139,794,409 94,992,310 760,917 1,412,988

Included in sundry payables of the Group is amount due to Petronas Dagangan Berhad,

a subsidiary of a substantial shareholder, Petroliam Nasional Berhad of RM757,434 (2007:

RM1,143,010).

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:

2008 2007 Group RM RM

Approved and contracted for 289,684,288 186,759,649

Approved but not contracted for 56,300,000 6,300,000

345,984,288 193,059,649

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24. Lease commitments

2008 2007 Group RM RM

Lease commitments:

- within one year 100,377,996 99,752,853

- between one to five years 544,264,781 528,361,254

- more than five years 1,029,009,693 1,145,291,216

1,673,652,470 1,773,405,323

Lease commitments are in respect of leases for land, certain buildings and port structures

payable to Bintulu Port Authority. Lease commitments include amounts of RM692,606,943 (2007: RM735,701,785) for which agreements with Bintulu Port Authority have yet to be finalised. The lease will expire on 31 December 2022.

25. 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 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:

Rendering of services:

Malaysia LNG Sdn. Bhd. 254,104,649 268,818,483

ASEAN Bintulu Fertilizer Sdn. Bhd. 724,397 550,746

MISC Agencies (Sarawak) Sdn. Bhd. 3,003,705 1,953,200

PS Terminal Sdn. Bhd. 1,378,243 1,334,209

Purchase of fuel and lubricants:

Petronas Dagangan Berhad (16,800,311 ) (10,994,825 )

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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 interest-bearing 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 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.

27. 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.

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27. 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 RM RM

Revenue Total revenue - external 434,568,758 14,198,199 448,766,957

Results Segment results 185,490,922 2,159,970 187,650,892

Interest and investment income 21,216,821

Unallocated costs (2,984,710 )

Profit from operations and before tax 205,883,003

Tax (55,271,909 )

Profit for the year 150,611,094

As at 31 December 2008

Segment assets 700,979,282 140,608,600 841,587,882

Unallocated assets 239,839,411

Total assets 1,081,427,293

Segment liabilities 170,501,064 3,861,185 174,362,249

Unallocated liabilities 26,033,755

Total liabilities 200,396,004

Provision of Provision of bulking port services services Unallocated Group RM RM RM RM

Other information

Capital expenditure 58,706,568 9,080,494 3,010 67,790,072

Depreciation 21,868,891 4,909,882 1,814 26,780,587

Amortisation of

intangible assets 1,693,675 - - 1,693,675

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(a) Primary reporting format - business segments (cont’d.)

Financial year ended 31 December 2007

Provision of Provision of bulking port services services Group RM RM RM

Revenue Total revenue - external 411,491,616 5,679,898 417,171,514 Results Segment results 172,816,201 (1,850,337 ) 170,965,864 Interest and investment income 21,621,133 Unallocated costs ( 3,393,536 )

Profit from operations and before tax 189,193,461 Tax (53,548,941 ) Profit for the year 135,644,520 As at 31 December 2007 Segment assets 671,894,026 103,245,440 775,139,466 Unallocated assets 267,367,994 Total assets 1,042,507,460

Segment liabilities 122,954,502 3,385,223 126,339,725 Unallocated liabilities 22,947,540 Total liabilities 149,287,265

Provision of Provision of bulking port services services Unallocated Group RM RM RM RM

Other information

Capital expenditure 44,730,822 29,680,770 970 74,412,562 Depreciation 21,908,918 3,566,899 2,269 25,478,086 Amortisation of intangible assets 1,153,866 - - 1,153,866

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(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.

28. Contingent liabilities (unsecured)


Claim from a former developer in connection with staff housing project of a subsidiary 14,112,905 14,112,905

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 2000. 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.

29. Comparatives

The following income statement comparative figures have been reclassed to conform with the current year’s presentation:

As previously stated Adjustment As restated RM RM RM

Group

Income statement

Revenue 417,046,914 124,600 417,171,514

Other income 21,766,341 (145,208 ) 21,621,133

Other expenses (19,103,193 ) 20,608 (19,082,585 )

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PENYATA KEWANGAN

KANDUNGAN MUKASURAT

Laporan Para Pengarah 168 - 171

Penyata Para Pengarah 172

Akuan Berkanun 172

Laporan Juruaudit Bertauliah 173 - 174

Penyata Pendapatan 175

Lembaran Imbangan 176 - 177

Penyata Perubahan Dalam Ekuiti 178

Penyata Aliran Tunai 179 - 180

Nota-nota Kepada Penyata Kewangan 181 - 213

Laporan Pengarah berserta Penyata Kewangan Diaudit31 Disember 2008

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Para pengarah dengan ini membentangkan laporan mereka berserta dengan penyata kewangan Kumpulan dan Syarikat yang telah diaudit bagi tahun kewangan berakhir 31 Disember 2008.

Aktiviti-aktiviti utama

Aktiviti utama Syarikat ialah pemegangan pelaburan.

Aktiviti-aktiviti utama Kumpulan ialah memberi perkhidmatan pelabuhan di Pelabuhan Bintulu, Sarawak dan menjalankan perniagaan kemudahan bulking bagi minyak kelapa sawit, minyakmakan, minyak sayuran, lemak dan produk-produk yang berkaitan.

Tidak terdapat sebarang perubahan ketara dalam aktiviti-aktiviti utama tersebut di sepanjangtahun kewangan ini.

Keputusan Kumpulan Syarikat RM RM

Keuntungan bagi tahun 150,611,094 168,326,101

Tidak terdapat sebarang pemindahan yang penting kepada atau daripada akaun rizab atauperuntukan di sepanjang tahun kewangan.

Pada pendapat para pengarah, keputusan operasi Kumpulan dan Syarikat pada tahun kewangan semasa tidak dipengaruhi secara besaran oleh sebarang butiran, urusniaga atau peristiwa yangpenting dan luar biasa.

Dividen

Amaun dividen dibayar oleh Syarikat sejak 31 Disember 2007 adalah seperti berikut: RMBerhubung tahun kewangan berakhir 31 Disember 2007 seperti yang ditunjukkan dalam laporan pengarah bagi tahun berkenaan:

Dividen kasar akhir 15 sen sesaham, tolak cukai pendapatan 26% dibayar pada 30 Mei 2008 44,400,000

Dividen kasar khas 10 sen sesaham, tolak cukai pendapatan 26% dibayar pada 30 Mei 2008 29,600,000

Berhubung tahun kewangan berakhir 31 Disember 2008:

Dividen interim setingkat 7.40 sen sesaham dibayar pada 1 Ogos 2008 29,600,000

Dividen interim setingkat 7.40 sen sesaham dibayar pada 17 Oktober 2008 29,600,000

Dividen interim setingkat 7.40 sen sesaham dibayar pada 31 Disember 2008 29,600,000

LAPORAN PARA PENGARAH

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Dividen (samb.)

Para pengarah mencadang pembayaran dividen akhir setingkat sebanyak 11.25 sen sesahamdan dividen khas setingkat sebanyak 7.50 sen sesaham ke atas 400,000,000 saham biasa, yangberjumlah RM45,000,000 dan RM30,000,000 masing-masingnya dimana, jika dilulus oleh ahli-ahlipada Mesyuarat Agung Tahunan Syarikat yang akan datang, akan dibayar pada 29 Mei 2009kepada para pemegang saham yang berdaftar sebagai ahli pada penutupan perniagaan pada 15 Mei 2009. Penyata kewangan bagi tahun semasa tidak menggambarkan dividen yangdicadangkan. Dividen tersebut, jika dipersetujui oleh para pemegang saham, akan diambilkira didalam ekuiti sebagai agihan ke atas keuntungan terkumpul dalam tahun kewangan berakhir 31Disember 2009.

Para pengarah

Nama para pengarah yang memegang jawatan dalam Syarikat sepanjang tempoh sejaktarikh laporan yang lepas adalah seperti berikut:

Tun Dato’ Seri Hj. Mohd Eusoff bin Chin (Chairman)Tan Sri Dato Sri Mohd. Zahidi bin ZainuddinDato’ Seri Dr. Hj. Arshad bin Hj. HashimDato’ Shamsul Azhar bin AbbasDatuk Fong Joo ChungDato’ Mohamad Norza bin ZakariaDatuk Hashim bin IsmailDatu Hj. Abang Halmi bin IkhwanAhmad Nizam bin Salleh

Manfaat para pengarah

Sepanjang dan pada akhir tahun kewangan ini, Syarikat tidak menjadi pihak kepada sebarangpersetujuan yang matlamatnya ialah bertujuan untuk membolehkan para pengarah Syarikatmendapat manfaat melalui perolehan saham, atau debentur Syarikat atau sebarang badan korporat.

Sejak akhir tahun kewangan yang lepas, tidak ada pengarah telah menerima atau berhakmenerima sebarang manfaat (selain daripada ganjaran pengarah yang dinyatakan dalam penyata kewangan) akibat daripada sebarang kontrak yang dibuat oleh Syarikat atau syarikat perbadanan berkaitan dengan pengarah atau dengan firma di mana pengarah tersebut adalah seorang ahli, atau dengan syarikat di mana ia mempunyai kepentingan kewangan yang ketara.

Kepentingan para pengarah

Menurut daftar pegangan saham para pengarah, tiada pengarah yang memegang jawatan pada akhir tahun kewangan mempunyai sebarang kepentingan di dalam saham Syarikat atau badan-badan korporat yang berkaitan dengannya pada tahun kewangan ini.

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Lain-lain maklumat berkanun

(a) Sebelum penyata pendapatan dan lembaran imbangan Kumpulan dan Syarikat disediakan, para pengarah mengambil langkah sewajarnya:

(i) untuk memastikan bahawa tindakan telah diambil berkaitan dengan penghapuskiraan hutang lapuk dan dalam membuat peruntukan bagi hutang ragu dan berpuashati bahawa tiada sebarang hutang lapuk diketahui dan peruntukan yang memadai telah dibuat untuk hutang ragu; dan

(ii) untuk memastikan bahawa aset semasa yang mungkin tidak dapat direalisasi nilainya seperti ditunjuk dalam rekod-rekod perakaunan dalam urusan perniagaan biasa telah dikurangkan nilainya kepada hasilaku yang dianggap boleh diperolehi.

(b) Pada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang akan menyebabkan:

(i) keperluan untuk menghapuskirakan hutang lapuk atau amaun yang diperuntukkan bagi hutang ragu dalam penyata kewangan Kumpulan dan Syarikat tidak memadai secara ketara; dan

(ii) nilai berkaitan aset semasa di dalam penyata kewangan Kumpulan dan Syarikat mengelirukan.

(c) Pada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang timbul yang boleh menyebabkan kepatuhan kepada kaedah penilaian yang wujud bagi penilaian aset atau liabiliti Kumpulan dan Syarikat mengelirukan atau tidak sesuai.

(d) Pada tarikh laporan ini, para pengarah tidak mengetahui tentang sebarang keadaan yang tidak dinyatakan dalam laporan ini atau penyata kewangan Kumpulan dan Syarikat yang akan menyebabkan mana-mana jumlah yang dinyatakan di dalam penyata kewangan mengelirukan.

(e) Pada tarikh laporan ini, tidak wujud:

(i) sebarang cagaran ke atas aset-aset Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan yang menjamin liabiliti pihak lain; atau

(ii) sebarang liabiliti luarjangka Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan.

(f) Pada pendapat para pengarah:

(i) tiada liabiliti luarjangka atau liabiliti lain yang telah dikuatkuasakan atau mungkin akan dikuatkuasakan dalam tempoh dua belas bulan selepas tahun kewangan berakhir, yang akan atau mungkin menjejaskan keupayaan Kumpulan atau Syarikat untuk menunaikan kewajipannya apabila tiba masanya kelak; dan

(ii) tiada butiran, urusniaga atau peristiwa yang ketara dan luar biasa yang berlaku dalam tempoh di antara akhir tahun kewangan dan tarikh laporan ini yang mungkin memberi kesan secara besaran kepada keputusan operasi Kumpulan atau Syarikat bagi tahun kewangan di mana laporan ini dibuat.

LAPORAN PARA PENGARAH (SAMB.)

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Juruaudit

Juruaudit, Ernst & Young, telah menyatakan kesanggupan mereka untuk menerima perlantikansemula.

Ditandatangani bagi pihak Lembaga menurut resolusi para pengarah bertarikh 26 Februari 2009.



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Kami, Tun Dato’ Seri Hj. Mohd Eusoff bin Chin dan Dato’ Shamsul Azhar bin Abbas, dua daripadapara pengarah Bintulu Port Holdings Berhad, dengan ini menyatakan bahawa, pada pendapatpara pengarah, penyata kewangan yang dibentangkan di mukasurat 175 hingga 213 telah disediakan menurut peruntukan Akta Syarikat, 1965 dan Piawaian Laporan Kewangan yang berkenaan di Malaysia untuk memberi gambaran yang benar dan saksama mengenai kedudukan kewangan Kumpulan dan Syarikat pada 31 Disember 2008 dan keputusan serta aliran tunai Kumpulan dan Syarikat bagi tahun berakhir pada tarikh tersebut.

Ditandatangani bagi pihak Lembaga menurut resolusi para pengarah bertarikh 26 Februari 2009.



Saya, Rambli bin Mashar, pegawai yang terutamanya bertanggungjawab ke atas pengurusankewangan Bintulu Port Holdings Berhad, dengan takzim dan iklas mengaku bahawa penyatakewangan yang dibentangkan di mukasurat 175 hingga 213 adalah, pada pendapat saya betul, dansaya membuat pengakuan ini sesungguhnya dengan hemat mempercayai bahawa ianya benardan menurut peruntukan Akta Akuan Berkanun, 1960.

Ditandatangani dan diakui sesungguhnyaoleh Rambli bin Mashar diKuala Lumpur di Wilayah Persekutuanpada 26 Februari 2009. Rambli bin Mashar

Di hadapan saya,

R Vasugi Ammal, PJKW 480Pesuruhjaya Sumpah

PENYATA PARA PENGARAHMenurut Kehendak Seksyen 169(15) Akta Syarikat, 1965

AKUAN BERKANUNMenurut Kehendak Seksyen 169(16) Akta Syarikat, 1965

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Laporan terhadap penyata kewangan

Kami telah mengaudit penyata kewangan Bintulu Port Holdings Berhad, yang terdiri daripadalembaran imbangan pada tarikh 31 Disember 2008 Kumpulan dan Syarikat, berserta penyatapendapatan, penyata perubahan dalam ekuiti dan penyata aliran tunai Kumpulan dan Syarikat bagi tahun berakhir, dan ringkasan dasar-dasar perakaunan penting serta nota-nota kepada penyata kewangan seperti yang dibentangkan di muka surat 175 hingga 213.

Tanggungjawab lembaga pengarah terhadap penyata kewangan

Para pengarah Syarikat bertanggungjawab dalam penyediaan serta penyampaian yang saksamaoleh penyata kewangan tersebut bersesuaian dengan Piawaian Laporan Kewangan dan AktaSyarikat, 1965 di Malaysia. Tanggungjawab ini termasuk: merancang, melaksana, dan menyeliakawalan dalaman Syarikat yang berhubungan dengan penyediaan dan penyampaian penyatakewangan yang saksama dan adalah bebas daripada salah nyata yang ketara, sama adadisebabkan oleh penipuan atau kesalahan; pemilihan dan penggunaan piawaian polisi perakaunan yang sesuai; dan anggaran perakaunan yang munasabah mengikut keadaan.

Tanggungjawab juruaudit

Tanggungjawab kami adalah untuk mengemukakan pendapat kami berdasarkan audit kamiterhadap penyata pendapatan. Kami melaksanakan audit mengikut piawaian pengauditan yangdiluluskan di Malaysia. Piawaian tersebut memerlukan kami mengikut garis panduan yang beretikadan merancang serta melaksanakan audit untuk mencapai kepastian munasabah mengenaisamada penyata kewangan tersebut bebas daripada salah nyata yang ketara.

Sesuatu audit merangkumi melaksanakan prosedur untuk memperoleh bukti audit atas jumlah danpenyataan dalam penyata kewangan. Prosedur-prosedur yang dipilih adalah bergantung kepadapertimbangan kami, termasuk penilaian terhadap risiko penyata kewangan adalah bebas daripada salah nyata yang ketara, sama ada disebabkan oleh penipuan atau kesalahan. Dalam menjalankan penilaian risiko tersebut, kami mempertimbangkan kawalan dalaman Syarikat yang berhubungan dengan penyediaan dan penyampaian saksama penyata kewangan untuk merancang prosedur audit yang sesuai mengikut keadaan-keadan tertentu, tetapi bukan bertujuan untuk menyatakan pendapat terhadap tahap keberkesanan kawalan dalaman Syarikat. Sesuatu audit juga merangkumi penilaian penggunaan prinsip perakaunan yang sesuai dan kewajaran anggaran-anggaran perakaunan yang dibuat oleh lembaga pengarah, serta menilai pembentangan penyata kewangan secara menyeluruh.

Kami percaya bahawa bukti audit yang kami memperoleh adalah cukup dan sesuai untuk memberi asas pendapat kami.

Pendapat

Pada pendapat kami, penyata kewangan tersebut telah disediakan dengan wajarnya bersesuaian dengan Piawaian Laporan Kewangan dan Akta Syarikat, 1965 untuk memberi gambaran yang benar dan saksama mengenai posisi kewangan Kumpulan dan Syarikat pada 31 Disember 2008 dan prestasi kewangan serta aliran tunainya bagi tahun berakhir tersebut.

LAPORAN jURUAUDiT BERTAULiAH kepada ahli-ahli Bintulu Port Holdings Berhad

(Diperbadankan in Malaysia)

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Laporan terhadap urusan perundangan dan badan berkanun lain

Sejajar dengan keperluan Akta Syarikat 1965 di Malaysia, kami juga membuat laporan perkara-perkara berikut:

(a) Pada pendapat kami, rekod perakaunan dan lain-lain rekod serta daftar-daftar yang dikehendaki oleh Akta untuk disimpan oleh Syarikat dan subsidiari-subsidiari yang diaudit kami telah disimpan dengan wajar menurut peruntukan-peruntukan Akta tersebut.

(b) Kami berpuas hati bahawa penyata kewangan subsidiari-subsidiari yang telah disatukan dengan penyata kewangan Syarikat adalah dalam bentuk dan kandungan yang sesuai dan teratur bagi tujuan penyediaan penyata kewangan disatukan dan kami telah menerima maklumat dan penjelasan yang memuaskan sebagaimana yang kami perlukan untuk tujuan tersebut.

(c) Laporan juruaudit terhadap penyata kewangan subsidiari-subsidiari tidak tertakluk kepada sebarang syarat dan tidak mengandungi sebarang ulasan yang perlu dibuat di bawah Seksyen 174(3) Akta tersebut.

Hal-hal lain

Laporan ini bertujuan hanya untuk pemegang-pemegang saham Syarikat, sebagai sebuah badan, menurut peruntukan Seksyen 174 Akta Syarikat, 1965 di Malaysia dan bukan untuk tujuan lain. Kami tidak bertanggungjawab ke atas kandungan laporan ini kepada mana-mana pihak lain.

Ernst & Young Habibah bte AbdulAF: 0039 No. 1210/05/10(J)Akauntan Bertauliah Akauntan Bertauliah

Kuala Lumpur, Malaysia26 Februari 2009

LAPORAN jURUAUDiT BERTAULiAH kepada ahli-ahli Bintulu Port Holdings Berhad (samb.)(Diperbadankan in Malaysia)

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PENYATA PENDAPATANBagi tahun berakhir 31 Disember 2008

Kumpulan Syarikat Nota 2008 2007 2008 2007 RM RM RM RM

Pendapatan 3 448,766,957 417,171,514 220,350,000 220,350,000

Lain-lain pendapatan 4 21,216,821 21,621,133 10,540,753 11,554,239

Kos staf 5 (59,464,751 ) (52,940,171 ) (834,338 ) (703,794 )

Pelunasan

aset tak ketara (1,693,675 ) (1,153,866 ) - -

Sewa bot (5,284,150 ) (4,254,979 ) - -

Susutnilai hartanah,

loji dan peralatan (26,780,587 ) (25,478,086 ) (1,814 ) (2,269 )

Kos pengorekan - (12,938,122 ) - -

Bahan api, elektrik dan utiliti (20,892,024 ) (13,905,735 ) (1,800 ) (1,800 )

Insurans (4,368,992 ) (3,810,787 ) - (14 )

Sewa pajak kemudahan

pelabuhan (100,160,853 ) (95,010,149 ) - -

Baik pulih dan penyelenggaraan (19,187,390 ) (16,248,566 ) (234 ) (2,887 )

Kos stevedor (5,356,027 ) (4,776,140 ) - -

Lain-lain perbelanjaan (20,912,326 ) (19,082,585 ) (2,249,199 ) (2,774,638 )

Keuntungan sebelum cukai 6 205,883,003 189,193,461 227,803,368 228,418,837

Cukai 8 (55,271,909 ) (53,548,941 ) (59,477,267 ) (62,040,271 )

Keuntungan bagi tahun 150,611,094 135,644,520 168,326,101 166,378,566

Pendapatan sesaham

Asas (sen) 9 37.65 33.91

Nota-nota yang disediakan merupakan sebahagian asasi penyata ini.

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LEMBARAN iMBANGAN pada 31 Disember 2008


AsetAset tak semasaHartanah, loji dan peralatan 11 516,032,313 478,156,746 14,598 18,100

Pelaburan dalam subsidiari 12 - - 339,999,998 309,999,998

Aset tak ketara 13 14,997,499 16,691,174 - -

Aset cukai tertunda 21 776,000 776,000 - -

531,805,812 495,623,920 340,014,596 310,018,098

Aset semasaHartanah

dipegang untuk jualan 14 16,768,480 17,251,836 - -

Penghutang perdagangan 15 38,842,651 24,192,618 - -

Lain-lain penghutang 16 32,338,243 32,431,921 204,185 819,664

Cukai boleh dituntut semula 15,578 - - -

Tunai dan setara tunai 17 461,656,529 473,007,165 221,829,858 246,871,397

549,621,481 546,883,540 222,034,043 247,691,061

Jumlah aset 1,081,427,293 1,042,507,460 562,048,639 557,709,159

Ekuiti dan LiabilitiEkuiti diagihkan kepada pemegang ekuiti Syarikat

Modal saham 18 400,000,001 400,000,001 400,000,001 400,000,001

Premium saham 92,949,794 92,949,794 92,949,794 92,949,794

Keuntungan terkumpul 19 388,081,494 400,270,400 67,724,603 62,198,502

Jumlah ekuiti 881,031,289 893,220,195 560,674,398 555,148,297

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LEMBARAN iMBANGAN pada 31 Disember 2008 (samb.)


Liabiliti tak semasaManfaat persaraan 20 34,735,845 31,594,134 - -

Liabiliti cukai tertunda 21 16,500,000 10,860,000 - -

51,235,845 42,454,134 - -

Liabiliti semasaLain-lain pemiutang 22 139,794,409 94,992,310 760,917 1,412,988

Cukai berbayar 9,365,750 11,840,821 613,324 1,147,874

149,160,159 106,833,131 1,374,241 2,560,862

Jumlah liabiliti 200,396,004 149,287,265 1,374,241 2,560,862

Jumlah ekuiti dan liabiliti 1,081,427,293 1,042,507,460 562,048,639 557,709,159


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PENYATA PERUBAHAN DALAM EKUiTiBagi tahun berakhir 31 Disember 2008

Premium Saham Keuntungan Modal Tak boleh Terkumpul saham Diagih Boleh Diagih Jumlah Nota RM RM RM RM

Kumpulan

Pada 1 Januari 2007 400,000,001 92,949,794 410,625,880 903,575,675

Keuntungan bagi tahun - - 135,644,520 135,644,520

Dividen 10 - - (146,000,000 ) (146,000,000 )

Pada 31 Disember 2007 400,000,001 92,949,794 400,270,400 893,220,195

Pada 1 Januari 2008 400,000,001 92,949,794 400,270,400 893,220,195


Dividen 10 - - (162,800,000 ) (162,800,000 )

Pada 31 Disember 2008 400,000,001 92,949,794 388,081,494 881,031,289

Syarikat

Pada 1 Januari 2007 400,000,001 92,949,794 41,819,936 534,769,731


Dividen 10 - - (146,000,000 ) (146,000,000 )

Pada 31 Disember 2007 400,000,001 92,949,794 62,198,502 555,148,297

Pada 1 Januari 2008 400,000,001 92,949,794 62,198,502 555,148,297


Dividen 10 - - (162,800,000 ) (162,800,000 )

Pada 31 Disember 2008 400,000,001 92,949,794 67,724,603 560,674,398


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Kumpulan Syarikat 2008 2007 2008 2007 RM RM RM RM

Aliran tunai daripada aktiviti-aktiviti operasiKeuntungan sebelum cukai 205,883,003 189,193,46 1 227,803,368 228,418,837

Pelarasan untuk:

Peruntukan bagi manfaat persaraan 4,498,392 4,250,350 - -

Susutnilai hartanah,

loji dan peralatan 26,780,587 25,478,086 1,814 2,269

Pelunasan aset tak ketara 1,693,675 1,153,866 - -

Kerja dalam pelaksanaan

dihapuskirakan 1,837,649 - - -

Kerugian/(keuntungan) atas

pelupusan hartanah, loji dan

peralatan (396,841 ) 129,540 4,698 -

Kerugian/(keuntungan) atas

pelupusan hartanah dipegang

untuk jualan 165,900 (20,608 ) - -

Pendapatan faedah (20,433,453 ) (21,053,567 ) (10,540,753 ) (11,554,239 )

Pendapatan dividen kasar - - (220,350,000 ) (220,350,000 )

Keuntungan/(Kerugian) operasi

sebelum perubahan modal kerja 220,028,912 199,131,128 (3,080,873 ) (3,483,133 )

Perubahan dalam modal kerja:

Hartanah dipegang untuk jualan 1,307,661 922,880 - -

Penghutang (20,431,997 ) (18,865,757 ) - 338

Faedah persaraan dibayar (1,356,681 ) (1,048,596 ) - -

Pemiutang 32,371,888 31,511,082 (652,071 ) (23,846 )

Aliran tunai daripada/ (digunakan

untuk) operasi 231,919,783 211,650,737 (3,732,944 ) (3,506,641 )

Cukai dibayar (52,122,558 ) (56,189,360 ) (2,720,817 ) (2,052,918 )

Cukai dibayar balik - 109,394 - 109,394

Aliran tunai bersih daripada/

(digunakan untuk) aktiviti-aktiviti

operasi 179,797,225 155,570,771 (6,453,761 ) (5,450,165 )

PENYATA ALiRAN TUNAiBagi tahun berakhir 31 Disember 2008

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Aliran tunai daripada aktiviti-aktiviti pelaburanPembelian hartanah,

loji dan peralatan (51,374,582 ) (65,709,794 ) (3,010 ) (970 )

Pembelian aset tak ketara - (5,074,579 ) -

Faedah diterima 22,449,216 20,285,934 11,156,232 11,690,438

Pertambahan pelaburan dalam

subsidiari - - (30,000,000 ) -

Hasil daripada pelupusan

hartanah, loji dan peralatan 401,810 46,607 - -

Hasil daripada pelupusan

hartanah dipegang untuk jualan 175,695 - - -

Dividen bersih diterima - - 163,059,000 160,855,500

Aliran tunai bersih (digunakan

untuk) / daripada aktiviti-aktiviti

pelaburan (28,347,861 ) (50,451,832 ) 144,212,222 172,544,968

Aliran tunai daripada aktiviti-aktiviti pembiayaanPengurangan deposit dicagar

sebagai sekuriti untuk

fasiliti pembankan 15,000 - - -

Dividen dibayar (162,800,000 ) (146,000,000 ) (162,800,000 ) (146,000,000 )

Aliran tunai bersih digunakan untuk

aktiviti-aktiviti pembiayaan (162,785,000 ) (146,000,000 ) (162,800,000 ) (146,000,000 )

Perubahan bersih tunai dan setara tunai (11,335,636 ) (40,881,061 ) (25,041,539 ) 21,094,803

Tunai dan setara tunai pada permulaan tahun kewangan (Nota 17) 470,224,165 511,105,226 246,853,397 225,758,594

Tunai dan setara tunai pada akhir tahun kewangan (Nota 17) 458,888,529 470,224,165 221,811,858 246,853,397


PENYATA ALiRAN TUNAiBagi tahun berakhir 31 Disember 2008 (samb.)

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1. Maklumat korporat

Aktiviti utama Syarikat ialah pemegangan pelaburan. Aktiviti-aktiviti utama Kumpulan ialah memberi perkhidmatan pelabuhan di Pelabuhan Bintulu, Sarawak dan menjalankan perniagaan kemudahan bulking bagi minyak kelapa sawit, minyak makan, minyak sayuran, lemak dan produk-produk yang berkaitan.

Syarikat adalah syarikat awam liabiliti terhad yang diperbadankan dan bermastautin di Malaysia dan disenaraikan di Papan Utama Bursa Malaysia Securities Berhad.

Pejabat berdaftar dan tempat perniagaan utama Syarikat terletak di Lot 15, Blok 20, Kemena Land District, 12th Mile, Jalan Tanjung Kidurong, 97008 Bintulu, Sarawak.

Penyata kewangan ini telah diluluskan untuk diterbit oleh Lembaga Pengarah menurut resolusi para pengarah pada 26 Februari 2009.

2. Dasar-dasar perakaunan penting

2.1 Asas penyediaan

Penyata kewangan ini mematuhi peruntukan Akta Syarikat, 1965 dan Piawaian Laporan Kewangan (Financial Reporting Standards - “FRSs”) yang berkenaan di Malaysia. Pada permulaan tahun kewangan semasa, Kumpulan dan Syarikat telah menerima pakai FRSs yang baru dan disemak semula dimana ianya adalah mandatori bagi tempoh kewangan bermula pada atau selepas 1 Januari 2008 seperti dinyatakan sepenuhnya dalam Nota 2.3.

Penyata kewangan Kumpulan dan Syarikat ini juga telah disediakan berasaskan kos sejarah.

Penyata kewangan ini dinyatakan dalam Ringgit Malaysia (RM) yang juga merupakan matawang fungsian Kumpulan dan Syarikat.

2.2 Ringkasan dasar-dasar perakaunan penting

(a) Asas penyatuan

Penyata kewangan yang disatukan merangkumi penyata kewangan Syarikat dan Syarikat-syarikat subsidiarinya pada tarikh lembaran imbangan. Penyata kewangan Syarikat-syarikat subsidiari telah disediakan bagi tempoh perakaunan yang sama dengan Syarikat.

Syarikat-syarikat subsidiari disatukan daripada tarikh pengambilalihan, iaitu tarikh dimana Kumpulan mempunyai kepentingan kawalan dan terus disatukan sehingga tarikh kawalan tersebut tamat. Dalam menyediakan penyata kewangan disatukan, baki antara syarikat dalam Kumpulan, urusniaga dan hasil laba atau kerugian yang belum direalisasi dihapuskan sepenuhnya. Dasar perakaunan yang seragam telah diterimapakai di dalam penyata kewangan disatukan untuk urusniaga dan peristiwa dalam keadaan yang serupa.

Pengambilalihan subsidiari diambilkira mengguna kaedah perakaunan pengambilalihan kecuali satu subsidiari yang diambilalih mengguna kaedah perakaunan penggabungan.

NOTA-NOTA KEPADA PENYATA KEWANGAN31 Disember 2008

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NOTA-NOTA KEPADA PENYATA KEWANGAN31 Disember 2008 (samb.)

2. Dasar-dasar perakaunan penting (samb.)

2.2 Ringkasan dasar-dasar perakaunan penting (samb.)

(a) Asas penyatuan (samb.)

Mengikut kaedah perakaunan penggabungan, kos pelaburan dalam buku Syarikat direkodkan pada nilai nominal saham diterbitkan. Keputusan subsidiari yang digabung diambilkira seolah-olah penggabungan tersebut telah berlaku sepanjang tahun kewangan semasa dan tahun-tahun kewangan sebelumnya. Sebarang hasil perbezaan kredit dikelaskan sebagai ekuiti dan dianggap sebagai rizab yang tidak boleh diagihkan. Sebarang hasil perbezaan debit diselaraskan dengan rizab yang bersesuaian.

Kaedah perakaunan pengambilalihan melibatkan pengagihan kos pengambilalihan kepada nilai saksama aset yang diperoleh, liabiliti dan liabiliti luarjangka diandaikan pada tarikh pengambilalihan. Kos sesuatu pengambilalihan dikira sebagai aggregat nilai saksama, pada tarikh pertukaran, bagi aset yang diperolehkan, liabiliti yang terlibat atau diandaikan, dan instrumen ekuiti yang diterbit, termasuk kos-kos yang menyumbang secara langsung kepada pengambilalihan tersebut.

Sebarang lebihan daripada kos pengambilalihan atas kepentingan Kumpulan dalam nilai saksama bersih aset yang dikenalpasti, liabiliti dan liabiliti luarjangka mewakili muhibah.

Sebarang lebihan terhadap kepentingan Kumpulan dalam nilai saksama bersih aset yang dikenalpasti, liabiliti dan liabiliti luarjangka atas kos pengambilalihan diiktiraf dalam penyata pendapatan dengan serta merta.

(b) Aset tak ketara

(i) Hak untuk operasi

Hak untuk operasi adalah berkaitan dengan lebihan harga belian perniagaan oleh Syarikat subsidiarinya daripada Lembaga Pelabuhan Bintulu ke atas aset bersih yang diambilalih berdasar pada Perjanjian Penswastaan antara Kerajaan Malaysia, Lembaga Pelabuhan Bintulu dan subsidiari Kumpulan.

Di bawah terma Perjanjian Penswastaan tersebut, syarikat subsidiari telah diberi lesen untuk memberi perkhidmatan pelabuhan sehingga tamat tempoh sewa pajak dalam tahun 2022.

Hak untuk operasi mempunyai jangka hayat kegunaan yang terhad

dan dinyata pada kos ditolak pelunasan dan kemerosotan nilai. Dasar perakaunan untuk pengiktirafan dan penilaian kerugian kemerosotan nilai adalah seperti dinyatakan dalam Nota 2.2(i).

Hak untuk operasi dilunaskan mengikut kaedah garis lurus sepanjang anggaran hayat kegunaannya selama dua puluh lima tahun.

(ii) Perisian

Perisian yang diperoleh secara berasingan dinilai pada pengiktirafan permulaan atas kos. Perisian mempunyai jangka hayat kegunaan yang terhad dan dinyata pada kos tolak pelunasan terkumpul dan kemerosotan nilai. Dasar perakaunan untuk pengiktirafan dan penilaian kerugian kemerosotan nilai adalah seperti dinyatakan dalam Nota 2.2(i).

Perisian dilunaskan mengikut kaedah garis lurus sepanjang anggaran hayat kegunaannya selama sepuluh tahun.

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(c) Pelaburan dalam subsidiari

Pelaburan Syarikat dalam Syarikat-syarikat subsidiari dinyatakan pada kos setelah ditolak kerugian rosotnilai. Dasar perakaunan untuk pengiktirafan dan penilaian kerugian kemerosotan nilai dinyatakan dalam Nota 2.2(i).

Semasa penjualan pelaburan berkenaan, perbezaan di antara perolehan bersih daripada penjualan dan nilai bawaan dicaj atau dikredit kepada penyata pendapatan.

(d) Hartanah, loji dan peralatan dan susutnilai

Semua hartanah, loji dan peralatan pada permulaannya direkodkan pada kos. Kos-kos tambahan adalah dimasuk dalam amaun bawaan aset atau diiktiraf sebagai aset berasingan, sebagaimana bersesuaian, hanya bila terdapat kemungkinan manfaat ekonomi masa hadapan berkaitan dengan aset tersebut akan membawa sumbangan kepada Kumpulan dan Syarikat dan kos aset tersebut boleh dinilai sewajarnya. Amaun bawaan untuk bahagian yang diganti tidak diiktirafkan. Semua kos berkaitan pembaikan dan penyelenggaraan dicaj kepada penyata pendapatan dalam tempoh kewangan ianya berlaku.

Berikutan kepada pengiktirafan, hartanah, loji dan peralatan dinyatakan pada kos tolak susutnilai terkumpul dan sebarang kerugian rosotnilai terkumpul.

Kerja dalam pelaksanaan tidak disusutnilaikan. Lain-lain hartanah, loji dan peralatan disusutnilai mengikut kaedah garis lurus bagi menghapuskirakan kos setiap aset kepada nilai sisa sepanjang anggaran hayat kegunaannya pada kadar tahunan berikut:

Kemudahan bulking 4% Loji dan peralatan 10% - 20% Kenderaan bermotor 10% - 20% Perabot pejabat, kelengkapan dan peralatan 10% - 13% Kapal 5% - 7%

Bangunan-bangunan dan struktur-struktur pelabuhan disusutnilai sepanjang jangka masa pajakan yang akan tamat dalam tahun 2022.

Nilai sisa, kegunaan jangka hayat dan kaedah susutnilai disemak semula

pada setiap akhir tahun kewangan untuk memastikan amaun, kaedah dan tempoh susutnilai adalah konsisten dengan anggaran terdahulu dan jangkaan kebergunaan aset pada masa hadapan yang terkandung dalam butiran hartanah, loji dan peralatan.

Hartanah, loji dan peralatan adalah tidak diiktirafkan sebagai aset dalam akaun Kumpulan dan Syarikat semasa dilupuskan atau apabila tidak terdapat lagi manfaat ekonomi masa depan dijangka daripada penggunaannya atau pelupusan tersebut. Perbezaan diantara terimaan bersih daripada pelupusan, sekiranya ada, dan amaun bersih bawaan diiktiraf dalam penyata pendapatan.

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(e) Hartanah dipegang untuk jualan

Hartanah dipegang untuk jualan dinyata pada kos dan nilai bersih terrealis yang mana rendah. Kos hartanah dipegang untuk jualan merangkumi perbelanjaan untuk memperolehi tanah, kos langsung dan pengagihan bersesuaian kos-kos bersama yang berkaitan untuk memajukan hartanah sehingga penyiapannya.

Sebarang keuntungan atau kerugian atas pelupusan hartanah dipegang untuk jualan diiktiraf dalam penyata pendapatan dalam tahun ianya berlaku.

(f) Cukai pendapatan

Cukai pendapatan pada penyata pendapatan bagi tahun terdiri daripada cukai semasa dan cukai tertunda. Cukai semasa adalah cukai pendapatan yang dijangka dibayar ke atas keuntungan bercukai pada tahun kewangan dan dikira mengikut kadar cukai yang telah diaktakan pada tarikh lembaran imbangan.

Cukai tertunda diperuntukkan mengguna kaedah liabiliti ke atas perbezaan sementara pada tarikh lembaran imbangan di antara asas cukai bagi aset dan liabiliti dan nilai bawaan dalam penyata kewangan. Mengikut prinsip, liabiliti cukai tertunda diiktiraf untuk semua perbezaan sementara bercukai dan aset cukai tertunda diiktiraf untuk semua perbezaan sementara deduktible, kerugian cukai dan kredit cukai yang belum digunakan setakat mana kemungkinan terdapat keuntungan bercukai untuk digunakan atas perbezaan sementara deduktible, kerugian cukai dan kredit cukai yang belum digunakan boleh digunapakai. Cukai tertunda tidak diiktirafkan jika perbezaan sementara timbul dari muhibah ataupun muhibah negatif atau dari pengiktirafan asal sesuatu aset atau liabiliti di dalam transaksi yang bukan kombinasi perniagaan dan pada masa transaksi, tidak menjejaskan keuntungan perakaunan atau keuntungan bercukai.

Cukai tertunda dikira pada kadar cukai yang dijangka akan diguna dalam tempoh mana aset direalisasi atau liabiliti diselesaikan, berdasar pada kadar cukai yang diaktakan atau hampir diaktakan pada tarikh lembaran imbangan. Cukai tertunda diiktiraf sebagai pendapatan atau perbelanjaan dan diambilkira dalam penyata pendapatan bagi tempoh yang dinyatakan, kecuali jika ianya timbul daripada transaksi yang diiktiraf secara langsung dalam ekuiti, dan dalam kes tersebut, cukai tertunda juga diiktiraf terus dalam ekuiti.

(g) Manfaat pekerja

(i) Manfaat jangka pendek

Upah, gaji, bonus dan sumbangan keselamatan sosial diiktiraf sebagai perbelanjaan dalam tahun di mana perkhidmatan yang berkaitan telah diberi oleh para pekerja. Gantirugi ketidakhadiran terkumpul jangka pendek seperti bayaran cuti tahunan diiktiraf apabila perkhidmatan yang diberi oleh para pekerja akan menambah kelayakannya ke atas gantirugi ketidakhadiran masa hadapan dan gantirugi ketidakhadiran tidak terkumpul jangka pendek seperti cuti sakit diiktiraf apabila ketidakhadiran berlaku.

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2.2 Ringkasan dasar perakaunan penting (samb.)

(g) Manfaat pekerja (samb.)

(ii) Skim sumbangan tetap

Skim sumbangan tetap adalah pelan manfaat persaraan dimana Kumpulan membayar sumbangan tetap ke dalam dana berasingan yang tidak mempunyai obligasi undang-undang atau obligasi konstruktif untuk membayar sumbangan-sumbangan selebihnya sekiranya dana tidak mencukupi untuk membayar kesemua manfaat pekerja berkaitan dengan perkhidmatan pekerja dalam tahun kewangan semasa dan tahun kewangan sebelumnya. Sumbangan ini diambilkira sebagai perbelanjaan dalam penyata pendapatan apabila ianya berlaku. Seperti yang dikehendaki oleh undang-undang, syarikat-syarikat di Malaysia memberi sumbangan kepada skim persaraan negara, Kumpulan Wang Simpanan Pekerja (KWSP).

(iii) Manfaat persaraan - pelan manfaat tetap

Kumpulan mengendalikan Skim Manfaat Persaraan tidak berdana untuk pekerjanya. Manfaat tersebut dibayar berdasar pada gaji akhir yang diterima oleh pekerja dan bilangan tahun perkhidmatan dengan Kumpulan.

Di bawah Skim ini, peruntukan kos manfaat persaraan dibuat dalam lembaran imbangan Kumpulan berdasarkan penilaian aktuari sekali setiap tiga tahun dengan mengguna kaedah unit kredit unjuran. Mengikut kaedah ini, peruntukan kos manfaat persaraan dicaj kepada penyata pendapatan secara sistematik supaya mengagihkan kos ke atas tempoh jangka hayat perkhidmatan pekerja dengan Kumpulan. Tanggungan ini dikira pada nilai terkini anggaran aliran tunai keluar masa depan mengguna pulangan pada tarikh lembaran imbangan sekuriti kerajaan yang mempunyai tarikh matang menghampiri terma tanggungan Kumpulan.

Laba dan kerugian aktuari berlaku disebabkan perubahan dalam andaian aktuari dan perbezaan diantara andaian aktuari dengan kejadian sebenar. Laba dan kerugian berkenaan dikredit atau dicaj kepada penyata pendapatan ke atas tempoh baki purata hayat perkhidmatan dijangka bagi seseorang pekerja yang menyertai pelan tersebut.

(h) Pengiktirafan pendapatan

Pendapatan diiktiraf apabila kemungkinan manfaat ekonomi berkaitan dengan transaksi berpindah kepada Kumpulan dan amaun pendapatan tersebut boleh dianggarkan dengan munasabah.

(i) Pendapatan daripada operasi pelabuhan

Pendapatan daripada operasi pelabuhan diiktiraf setelah ditolak rebet berdasarkan asas akruan apabila perkhidmatan tersebut dilaksanakan.

(ii) Pendapatan daripada kemudahan bulking

Pendapatan daripada kemudahan bulking diiktiraf setelah ditolak diskaun berdasarkan asas akruan apabila perkhidmatan tersebut dilaksanakan.

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(h) Pengiktirafan pendapatan (samb.)

(iii) Faedah pendapatan

Pendapatan faedah diiktiraf mengikut asas pembahagian masa yang menunjukkan pulangan efektif aset tersebut.

(iv) Pendapatan dividen

Pendapatan dividen diiktiraf apabila hak pemegang saham untuk menerima bayaran telah terbukti.

(i) Rosotnilai aset bukan kewangan

Nilai bawaan aset, selain aset cukai tertunda disemak semula pada setiap tarikh lembaran imbangan untuk menentukan wujud sebarang petanda rosotnilai. Jika wujud sebarang petunjuk, ‘asset recoverable amount’ akan dianggarkan untuk menentukan amaun kerugian rosotnilai.

Bagi aset tak ketara yang mempunyai kegunaan hayat yang tidak tetap dan aset tak ketara yang belum dapat digunakan, ‘recoverable amount’ dianggar pada setiap tarikh lembaran imbangan atau lebih kerap apabila petunjuk rosotnilai dapat dikenalpasti.

Bagi tujuan pengujian rosotnilai aset-aset tersebut, ‘recoverable amount’ ditentukan berdasar aset individu melainkan terdapat aset yang tidak menjana aliran tunai yang sebahagian besarnya bebas daripada aset-aset lain. Sekiranya terdapat perkara sebegini, ‘recoverable amount’ ditentukan bagi unit janaan tunai (UJT) di mana aset tergolong.

‘Asset recoverable amount’ adalah nilai aset atau nilai saksama unit janaan tunai (UJT) tolak kos jualan yang mana tinggi dan nilai dalam penggunaan. Dalam menaksir nilai dalam penggunaan, anggaran aliran tunai masa depan didiskaunkan kepada nilai terkini mengguna kadar diskaun sebelum cukai yang menggambarkan penilaian pasaran semasa nilai masa wang dan risiko spesifik kepada aset. Sekiranya amaun bawaan sesuatu aset melebihi ‘recoverable amount’, aset tersebut dianggap rosot dan diturunkan nilai kepada ‘recoverable amount’.

Kerugian rosotnilai bagi sesuatu aset akan dibalik semula jika, dan hanya sekiranya, terdapat perubahan dalam anggaran yang digunakan untuk menentukan ‘asset recoverable amount’ sejak kerugian rosotnilai terakhir diiktirafkan. Amaun bawaan aset akan dinaikkan kepada ‘recoverable amount’ yang disemak semula, melainkan amaun tersebut tidak melebihi amaun bawaan yang boleh ditentukan (pelunasan bersih atau susutnilai) sekiranya tiada kerugian rosotnilai telah diiktirafkan bagi aset tersebut dalam tahun-tahun sebelumnya. Pembalikkan kerugian rosotnilai sesuatu aset diambilkira dalam penyata pendapatan.

(j) Sewa pajak operasi

Sewa pajak aset di mana sebahagian besar risiko dan ganjaran pemilikan ditanggung oleh pemilik aset dikelaskan sebagai sewa pajak operasi. Bayaran yang dibuat bagi sewa pajak operasi diiktiraf sebagai perbelanjaan mengikut kaedah garis lurus sepanjang jangka pajakan.

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(k) Peruntukan liabiliti

Peruntukan liabiliti diiktiraf apabila Kumpulan mempunyai tanggungan semasa akibat daripada kejadian lampau dan kemungkinan penggunaan sumber yang mempunyai manfaat ekonomi diperlukan untuk menyelesaikan tanggungan tersebut, dan jumlah anggaran yang munasabah boleh dibuat. Peruntukan diteliti semula pada setiap tarikh lembaran imbangan dan diselaraskan untuk menggambar anggaran semasa yang terbaik.

(l) Instrumen-instrumen kewangan

Instrumen-instrumen kewangan diiktiraf dalam lembaran imbangan apabila Kumpulan menjadi salah satu pihak kepada peruntukan kontrak instrumen tersebut. Instrumeninstrumen kewangan dikelaskan sebagai liabiliti atau ekuiti menurut kandungan perjanjian kontrak berkenaan. Kaedah pengiktirafan instrumen-instrumen kewangan dalam lembaran imbangan dinyatakan dalam setiap dasar perakaunan yang berkaitan dengan setiap butiran.

(i) Penghutang

Penghutang dibawa pada nilai yang dijangka boleh direalisasi. Hutang lapuk dihapuskirakan apabila dikenalpasti. Anggaran dibuat bagi hutang ragu berdasarkan penelitian ke atas semua baki yang belum dijelaskan pada tarikh lembaran imbangan.

(ii) Tunai dan setara tunai

Bagi tujuan penyata aliran tunai, tunai dan setara tunai termasuk tunai dan baki tunai di bank, deposit panggilan dan pelaburan jangka pendek berkecairan tinggi yang mempunyai risiko tidak ketara akibat perubahan nilai, ditolak deposit dicagarkan.

(iii) Pemiutang

Pemiutang dinyatakan pada kos iaitu nilai saksama pembelian berbayar pada masa hadapan untuk barangan dan perkhidmatan yang diterima.

(iv) Instrumen ekuiti

Saham biasa diklasifikasikan sebagai ekuiti. Dividen atas saham biasa diiktiraf di ekuiti dalam tempoh ianya diisytiharkan.

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2.3 Perubahan dalam dasar-dasar perakaunan dan kesan dari terimapakai piawaian laporan kewangan (“FRS”) yang baru dan disemak semula dan Tafsiran Issues Committee (“IC”)

Kumpulan dan Syarikat telah menggunapakai FRS dan Tafsiran IC berikut yang mandatori bagi tempoh kewangan bermula pada atau sebelum 1 Januari 2008.

FRS 107 Penyata Aliran Tunai

FRS 111 Kontrak Pembinaan

FRS 112 Cukai Pendapatan

FRS 118 Pendapatan

FRS 120 Perakaunan untuk Geran Kerajaan dan Pendedahan Bantuan Kerajaan

FRS 134 Laporan Kewangan Interim

FRS 137 Peruntukan, Liabiliti Luarjangka dan Aset Luarjangka

Pindaan pada FRS 121

Kesan Perubahan Dalam Kadar Tukaran Asing - Pelaburan Bersih dalam Operasi Luar

Tafsiran IC 1 Perubahan dalam Penyahgunaan, Pemulihan dan Liabiliti Serupa yang Sedia Ada

Tafsiran IC 2 Bahagian Ahli dalam Entiti Koperasi dan Instrumen Serupa

Tafsiran IC 5 Hak atas Kepentingan yang timbul daripada Dana Penyahgunaan, Pembaik Pulihan dan Pemulihan Alam Sekitar

Tafsiran IC 6 Liabiliti yang timbul daripada Penglibatan dalam Pasaran Khusus - Sisa Peralatan Elektrik dan Elektronik

Tafsiran IC 7 Menerima pakai Pendekatan Penyataan Semula di bawah FRS 129 - Pelaporan Kewangan dalam Ekonomi Inflasi Hiper

Tafsiran IC 8 Skop FRS 2 Menerima pakai FRS, pindaan kepada FRS dan Tafsiran-tafsiran yang dinyatakan di atas

tidak memberi impak yang ketara kepada penyata kewangan Kumpulan dan Syarikat. Pada tarikh penyata kewangan ini dikuatkuasakan, FRS dan Tafsiran berikut telah

diterbitkan tetapi belum lagi efektif dan belum diaplikasi oleh Kumpulan dan Syarikat: Berkuatkuasa untuk tempoh kewangan bermula pada atau selepas 1 Julai 2009:

FRS 8 Segmen-segmen Operasi

Berkuatkuasa untuk tempoh kewangan bermula pada atau selepas 1 Januari 2010:

FRS 4 Kontrak Insurans

FRS 7 Instrumen Kewangan: Pendedahan

FRS 139 Instrumen Kewangan: Pengiktirafan dan Penilaian

Tafsiran IC 9 Penilaian Semula Embedded Derivatives

Tafsiran IC 10 Laporan Kewangan Interim dan Rosotnilai

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2.3 Perubahan dalam dasar-dasar perakaunan dan kesan dari terimapakai piawaian laporan kewangan (“FRS”) yang baru dan disemak semula dan Tafsiran Issues Committee (“IC”) (samb.)

Kumpulan dan Syarikat dikecualikan daripada mendedahkan impak yang mungkin, sekiranya ada, kepada penyata kewangan pada permulaan aplikasi FRS 7 dan FRS 139.

FRS dan Tafsiran IC di atas dijangka tidak memberi impak yang ketara terhadap penyata kewangan Kumpulan dan Syarikat pada aplikasi permulaannya.

2.4 Anggaran dan penilaian perakaunan penting

(a) Sumber-sumber utama anggaran yang ketidaktentuan

Andaian-andaian utama berkaitan masa depan dan lain-lain sumber utama anggaran yang ketidaktentuan pada tarikh lembaran imbangan, yang boleh mempunyai risiko penting untuk mengakibatkan pelarasan ketara kepada amaun bawaan aset dan liabiliti dalam tahun kewangan yang akan datang dibincangkan di bawah:

(i) Penilaian rosotnilai hartanah, loji dan peralatan berkaitan perkhidmatan bulking

Pada 31 Disember 2008, amaun bawaan hartanah, loji dan peralatan berkaitan dengan kemudahan bulking (“aset-aset bulking”) adalah RM88,679,322 (2007: RM84,508,709). Kumpulan memastikan samada terdapat kemerosotan nilai pada amaun bawaan aset bulking sekurangkurangnya setiap tahun. Kumpulan menjalankan ujian rosotnilai berdasarkan nilai penggunaan aset bulking tersebut. Dalam membuat anggaran nilai penggunaan, Kumpulan perlu membuat anggaran aliran tunai yang dijangka daripada aset bulking dan juga untuk memilih kadar diskaun yang berpatutan untuk mengira nilai terkini aliran tunai tersebut.

Unjuran aliran tunai masa depan sepertimana digunakan oleh Kumpulan dalam analisa termasuk andaian yang signifikan berkaitan pertumbuhan kendalian kargo. Dalam keadaan dimana Kumpulan tidak dapat mencapai unjuran pertumbuhan kendalian kargo, aliran tunai masa depan akan terjejas dan memungkinkan peruntukkan rosotnilai diiktiraf pada amaun bawaan aset bulking tersebut.

(ii) Aset cukai tertunda

Aset cukai tertunda diiktiraf untuk kerugian cukai belum digunapakai dan elaun modal belum diserap setakat mana kemungkinan terdapat keuntungan bercukai boleh digunakan ke atas kerugian dan elaun modal tersebut.

Penilaian yang teliti perlu dibuat oleh pengurusan untuk memastikan amaun aset cukai tertunda yang boleh diiktiraf, berdasar pada penentuan pemasaan dan tahap keuntungan bercukai masa depan bersama dengan strategi perancangan cukai masa hadapan. Jumlah nilai bawaan elaun modal belum diserap yang diiktiraf bagi Kumpulan adalah RM13,920,781 (2007: RM11,817,900). Jumlah kerugian cukai belum digunapakai diiktiraf oleh Kumpulan adalah RM124,888 (2007: RM Tiada).

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2.4 Anggaran dan penilaian perakaunan penting (samb.)

(a) Sumber-sumber utama anggaran yang ketidaktentuan (samb.)

(iii) Hartanah dipegang untuk jualan

Sepertimana dinyatakan dalam Nota 14, hartanah dipegang untuk jualan adalah berkaitan dengan rumah-rumah yang dibeli oleh subsidiari berhubung dengan projek perumahan subsidiari di Bintulu. Suratan hak milik ke atas harta berkenaan masih belum dipindahmilik kepada Syarikat subsidiari. Pengurusan beranggapan bahawa hak milik akan dipindahmilik kepada Syarikat subsidiari.

3. Pendapatan Kumpulan Syarikat 2008 2007 2008 2007 RM RM RM RM

Pendapatan daripada

perkhidmatan pelabuhan 434,568,758 411,491,616 - -

Pendapatan daripada

perkhidmatan bulking 14,198,199 5,679,898 - -

Pendaptan dividen daripada

subsidiari - - 220,350,000 220,350,000

448,766,957 417,171,514 220,350,000 220,350,000

4. Lain-lain pendapatan Kumpulan Syarikat 2008 2007 2008 2007 RM RM RM RM

Pendapatan faedah 20,433,453 21,053,566 10,540,753 11,554,239

Pendapatan daripada sewa 162,844 187,246 - -

Lain-lain 620,524 380,321 - -

21,216,821 21,621,133 10,540,753 11,554,239

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5. Kos staf Kumpulan Syarikat 2008 2007 2008 2007 RM RM RM RM

Upah, gaji, elaun dan

bonus 41,912,811 37,487,868 562,246 517,822

Manfaat Tetap

Skim Manfaat

Persaraan (Nota 20) 4,498,392 4,250,350 - -

Skim penyumbangan

tetap (Kumpulan Wang

Simpanan Pekerja) 4,437,040 4,117,138 54,662 49,829

Lain-lain manfaat pekerja 8,616,508 7,084,815 217,430 136,143

59,464,751 52,940,171 834,338 703,794

Butir-butir kos persaraan Skim Manfaat Persaraan Kumpulan ada terkandung dalam Nota 20.

6. Keuntungan sebelum cukai Amaun berikut telah dicaj/(dikredit) untuk mendapat keuntungan sebelum cukai: Kumpulan Syarikat 2008 2007 2008 2007 RM RM RM RM

Ganjaran juruaudit - audit berkanun - tahun semasa 153,000 136,800 55,000 50,000 - lain-lain perkhidmatan - 516,000 - 282,000 Ganjaran pengarah bukan eksekutif - yuran - tahun semasa 756,000 648,000 564,000 456,000 - kurang peruntukan tahun lepas 108,000 - 108,000 - - lain-lain emolumen 124,000 133,000 88,000 99,000 Sewa peralatan 2,192,819 448,618 50,917 48,220 Sewa kenderaan bermotor - - 25,636 25,636 Sewa ruang pejabat 278,208 151,728 37,200 37,200 (Keuntungan)/kerugian daripada pelupusan hartanah, loji dan peralatan (396,841 ) 129,540 4,698 - Kerugian/(keuntungan) daripada penjualan hartanah dipegang untuk jualan 165,900 (20,608 ) - - Balikan hutang ragu (5,566 ) (59,132 ) - - Kerja dalam pelaksanaan dihapuskirakan 1,837,649 - - -

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7. Ganjaran - pengurusan utama

(a) Pampasan untuk kakitangan pengurusan utama

Kakitangan pengurusan utama adalah seseorang yang mempunyai kuasa dan tanggungjawab untuk perancangan, arahan dan kawalan ke atas aktiviti-aktiviti sesebuah entiti samada secara langsung atau tidak langsung, termasuk para pengarah entiti tersebut.

Ganjaran para pengarah dan pengurusan utama Kumpulan dan Syarikat pada tahun kewangan adalah seperti berikut:

Kumpulan Syarikat

2008 2007 2008 2007 RM RM RM RM

Ganjaran dan manfaat 1,665,600 1,390,280 828,800 623,800

Manfaat Tetap persaraan:

Skim penyumbangan tetap 113,713 102,102 - -

1,779,313 1,492,382 828,800 623,800

(b) Ganjaran pengarah

Jumlah aggregat emolumen diterima dan belum terima oleh para pengarah Kumpulan dan Syarikat pada tahun kewangan adalah seperti berikut:


Pengarah bukan eksekutif

- yuran

- tahun semasa 756,000 648,000 564,000 456,000

- kurang peruntukan

tahun lepas 108,000 - 108,000 -

- elaun mesyuarat 124,000 133,000 88,000 99,000

- manfaat barangan 8,800 8,800 8,800 8,800

996,800 789,800 768,800 563,800

Analisa tidak termasuk

manfaat barangan:

Jumlah ganjaran pengarah

bukan eksekutif

tidak termasuk

manfaat barangan 988,000 781,000 760,000 555,000

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7. Ganjaran - pengurusan utama (samb.)

(b) Ganjaran pengarah (samb.)

Bilangan para pengarah Syarikat yang mana jumlah ganjaran dalam tahun kewangan tergolong dalam julat berikut adalah seperti di bawah:

Bilangan Pengarah 2008 2007Pengarah bukan eksekutif: RM50,001 - RM100,000 9 9

8. Cukai Kumpulan Syarikat 2008 2007 2008 2007 RM RM RM RM

Cukai pendapatan - tahun semasa 49,689,610 51,353,563 59,602,610 62,149,665 - (lebih)/kurang peruntukan dalam tahun-tahun lepas (57,701 ) 35,378 (125,343 ) (109,394 ) 49,631,909 51,388,941 59,477,267 62,040,271 Cukai tertunda (Nota 21) Berkaitan dengan perbezaan sementara asal dan dibalik semula 5,677,403 2,443,000 - - Berkaitan perubahan dalam kadar cukai (197,574 ) (283,000 ) - - Kurang peruntukan pada tahun lepas 160,171 - - -

5,640,000 2,160,000 - -

55,271,909 53,548,941 59,477,267 62,040,271

Cukai pendapatan dikira mengikut kadar cukai berkanun di Malaysia pada 26% (2007: 27%) daripada anggaran pendapatan bercukai untuk tahun semasa. Kadar cukai berkanun akan dikurangkan kepada 25% daripada kadar tahun semasa pada 26%, berkuatkuasa tahun taksiran 2009. Pengiraan cukai tertunda pada 31 Disember 2008 telah mengambilkira perubahan ini.

Penjelasan berkaitan hubungan antara perbelanjaan cukai dan keuntungan sebelum cukai adalah seperti berikut:


Keuntungan sebelum cukai 205,883,003 189,193,461 227,803,368 228,418,837

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8. Cukai (samb.) Kumpulan Syarikat 2008 2007 2008 2007 RM RM RM RM

Cukai dikira mengikut

kadar cukai Malaysia pada

26% (2007: 27%) 53,529,581 51,082,235 59,228,876 61,673,086

Kesan cukai daripada:

- perbelanjaan yang tidak

dibenarkan untuk tujuan

percukaian 2,601,690 2,452,111 219,864 442,529

Aset cukai tertunda

diiktiraf atas

kerugian cukai belum digunapakai

dan elaun modal

belum diserap (733,495 ) - - -

- perubahan dalam kadar cukai

atas baki pembukaan

cukai tertunda (197,574 ) (283,000 ) - -

- cukai tertunda diiktiraf

pada kadar cukai

berlainan (184,633 ) (180,102 ) - -

Kurang/(lebih) peruntukan

pada tahun lepas (57,701 ) 35,378 (125,343 ) (109,394 )

Cukai tertunda tidak diiktiraf 153,870 442,319 153,870 34,050

Kurang peruntukan

cukai tertunda

tahun lepas 160,171 - - -

Perbelanjaan cukai pendapatan

bagi tahun 55,271,909 53,548,941 59,477,267 62,040,271

9. Pendapatan sesaham

Pendapatan asas sesaham Kumpulan dikira dengan membahagikan keuntungan bagi tahun dengan bilangan saham biasa yang diterbitkan sepanjang tahun kewangan.

Kumpulan 2008 2007

Keuntungan bagi tahun (RM) 150,611,094 135,644,520

Bilangan saham biasa yang diterbitkan 400,000,000 400,000,000

Pendapatan asas sesaham (sen) 37.65 33.91

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10. Dividen

Dividen berhubung Dividen tahun Diiktiraf dalam Tahun 2008 2007 2008 2007 RM RM RM RM

Diiktiraf pada tahun: Dividen akhir bagi 2006:

- 10 sen sesaham, tolak

cukai pendapatan 27% - - - 29,200,000

Dividen khas bagi 2006:


cukai pendapatan 27% - - - 29,200,000

Dividen interim bagi 2007:


cukai pendapatan 27% - 29,200,000 - 29,200,000





Dividen akhir bagi 2007:


cukai pendapatan 26% - 44,400,000 44,400,000 -

Dividen khas bagi 2007:


cukai pendapatan 26% - 29,600,000 29,600,000 -

Dividen interim

setingkat bagi 2008:

- 7.40 sen sesaham 29,600,000 - 29,600,000 -

- 7.40 sen sesaham 29,600,000 - 29,600,000 -

- 7.40 sen sesaham 29,600,000 - 29,600,000 -

88,800,000 161,600,000 162,800,000 146,000,000

Para pengarah mencadang pembayaran dividen akhir setingkat sebanyak 11.25 sen sesaham dan dividen khas setingkat sebanyak 7.50 sen sesaham ke atas 400,000,000 saham biasa, yang berjumlah RM45,000,000 dan RM30,000,000 masing-masingnya dimana, jika dilulus oleh ahli-ahli pada Mesyuarat Agung Tahunan Syarikat yang akan datang, akan dibayar pada 29 Mei 2009 kepada para pemegang saham yang berdaftar sebagai ahli pada penutupan perniagaan pada 15 Mei 2009. Penyata kewangan bagi tahun semasa tidak menggambarkan dividen yang dicadangkan. Dividen tersebut, jika dipersetujui oleh para pemegang saham, akan diambilkira di dalam ekuiti sebagai agihan ke atas keuntungan terkumpul dalam tahun kewangan berakhir 31 Disember 2009.

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11. Hartanah, loji dan peralatan (samb.)

Bangunan-bangunan dan struktur-struktur pelabuhan Kumpulan didirikan di atas tanah yang dipajak daripada Lembaga Pelabuhan Bintulu. Pajakan ini akan luput pada tahun 2022.

Peralatan Syarikat Pejabat RM 2008 Kos

Pada 1 Januari 2008 23,420

Tambahan 3,010

Pelupusan ( 6,875 )

Pada 31 Disember 2008 19,555

Susutnilai terkumpul


Caj bagi tahun kewangan 1,814

Pelupusan (2,177 )


Amaun bawaan bersih


2007

Kos


Tambahan 970


Susutnilai terkumpul


Caj bagi tahun kewangan 2,269


Amaun bawaan bersih


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11. Hartanah, loji dan peralatan (samb.)

Hartanah, loji dan peralatan diperolehi dengan cara:


Tunai 51,374,582 65,709,794 3,010 970

Berbayar 16,415,490 1,651,189 - -

67,790,072 67,360,983 3,010 970

12. Pelaburan dalam subsidiari

Syarikat 2008 2007 RM RM

Saham tidak disebut, pada kos 339,999,998 309,999,998

Butir syarikat-syarikat subsidiarinya yang diperbadankan di Malaysia adalah seperti berikut:

Faedah ekuitiefektif

Aktiviti-aktiviti utamaNama Syarikat 2008 2007

% %Bintulu Port Sdn. Bhd. 100 100 Memberi perkhidmatan pelabuhan di

Pelabuhan Bintulu, Sarawak.

Biport Bulkers Sdn. Bhd. 100 100 Menjalankan perniagaan kemudahan bulking bagi minyak kelapa sawit, minyak makan, minyak sayuran, lemak dan produk-produk yang berkaitan.

Pada 30 Disember 2008, syarikat subsidiarinya, Biport Bulkers Sdn. Bhd. telah menambah saham terbitan dan berbayarnya daripada RM10,000,000 kepada RM40,000,000 dengan terbitan 30,000,000 saham biasa. Berikutan pertambahan modal saham ini, Syarikat telah melanggan 30,000,000 saham biasa pada RM1.00 setiap satu dalam modal saham.

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13. Aset tak ketara

Hak untuk operasi Perisian Jumlah RM RM RM 2008

Kos

Pada 1 Januari/31 Disember 2008 24,530,596 7,051,579 31,582,175

Pelunasan Terkumpul

Pada 1 Januari 2008 14,718,359 172,642 14,891,001

Caj bagi tahun kewangan 981,223 712,452 1,693,675

Pada 31 Disember 2008 15,699,582 885,094 16,584,676

Amaun bawaan bersih 8,831,014 6,166,485 14,997,499

2007

Kos

Pada 1 Januari 2007 24,530,596 - 24,530,596

Tambahan - 7,051,579 7,051,579

Pada 31 Disember 2007 24,530,596 7,051,579 31,582,175

Pelunasan Terkumpul

Pada 1 Januari 2007 13,737,135 - 13,737,135

Caj bagi tahun kewangan 981,224 172,642 1,153,866

Pada 31 Disember 2007 14,718,359 172,642 14,891,001

Amaun bawaan bersih 9,812,237 6,878,937 16,691,174

Hak untuk operasi adalah lebihan amaun yang dibayar bagi pembelian perniagaan oleh

Syarikat subsidiarinya, Bintulu Port Sdn. Bhd., daripada Lembaga Pelabuhan Bintulu ke atas nilai aset bersih yang diambilalih berdasar pada Perjanjian Penswastaan antara Kerajaan Malaysia, Lembaga Pelabuhan Bintulu dan Bintulu Port Sdn. Bhd.. Di bawah terma Perjanjian Penswastaan tersebut, Bintulu Port Sdn. Bhd. telah diberi lesen untuk memberi perkhidmatan pelabuhan bagi tempoh sewa pajakan yang mana akan luput dalam tahun 2022.

201

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13. Aset tak ketara (samb.)

Aset tak ketara diperolehi dengan cara: Kumpulan 2008 2007 RM RM

Tunai - 5 ,074,579

Berbayar - 1 ,977,000

- 7 ,051,579

14. Hartanah dipegang untuk jualan Kumpulan 2008 2007 RM RM

Hartanah dipegang untuk jualan, pada kos 23,468,480 23,951,836

Tolak: Kerugian rosotnilai terkumpul (6,700,000 ) ( 6,700,000 )

16,768,480 17,251,836

Hartanah dimiliki untuk jualan adalah berkaitan dengan rumah-rumah yang dibeli oleh subsidiarinya, Bintulu Port Sdn. Bhd., berhubung dengan projek perumahan kakitangan di Bintulu. Projek diabaikan pada tahun 2000. Untuk itu, subsidiari telah mengeluarkan notis penamatan kerja kepada pemaju pada 30 Jun 2003, dan telah mengambilalih tapak projek.

Dalam bulan November 2003, pemaju sebelum ini telah mengemukakan tuntutan sebanyak RM13,881,027 kepada Syarikat subsidiari. Tuntutan asal sebanyak RM13,881,027 telah diubah oleh pemaju kepada RM14,112,905 pada 23 Jun 2004. Tuntutan ini dinyatakan sebagai liabiliti luarjangka dalam Nota 28.

Syarikat Perumahan Negara Berhad telah dilantik sebagai pemaju yang baru dalam tahun 2003 dan kerja pembinaan bagi projek ini telah siap dalam tahun 2005.

Suratan hak milik ke atas harta berkenaan masih belum dipindahmilik kepada Syarikat subsidiari daripada pemaju sebelum ini.

15. Penghutang perdagangan

Kumpulan 2008 2007 RM RM

Penghutang perdagangan 38,842,651 24,198,184

Tolak: Peruntukan hutang ragu - (5,566 )

38,842,651 24,192,618

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15. Penghutang perdagangan (samb.)

Termasuk dalam penghutang perdagangan adalah amaun belum terima daripada Malaysia LNG Sdn. Bhd., ASEAN Bintulu Fertilizer Sdn. Bhd., MISC Agencies (Sarawak) Sdn. Bhd. dan PS Terminal Sdn. Bhd. yang berjumlah RM15,363,980 (2007: RM14,440,998), RM28,778 (2007: RM17,736), RM331,480 (2007: RM288,419) dan RM117,639 (2007: RM116,620), masing-masingnya. Kesemua syarikat berkenaan merupakan subsidiari kepada pemegang saham utama, Petroliam Nasional Berhad.

Tempoh syarat kredit biasa perdagangan Kumpulan adalah di antara 15 hingga 45 hari. Syarat kredit lain diteliti dan dilulus berdasarkan kes-kes tertentu.

Kumpulan tidak mempunyai tumpuan risiko kredit ketara yang lain yang mungkin timbul daripada pendedahan kepada mana-mana pelanggan individu atau kepada sekumpulan pelanggan.

16. Lain-lain penghutang


Amaun daripada

Lembaga Pelabuhan Bintulu 5,730,261 4,969,468 - -

Pinjaman kakitangan 3,637,150 3,487,388 - -

Faedah belum terima 433,898 2,449,661 203,185 818,664

Prabayaran 20,246,260 19,242,416 - -

Pelbagai penghutang 2,290,674 2,282,988 1,000 1,000

32,338,243 32,431,921 204,185 819,664

Amaun daripada Lembaga Pelabuhan Bintulu merupakan pembayaran bagi pihak Lembaga Pelabuhan Bintulu berkaitan dengan kerja pembinaan dan menaik taraf struktur pelabuhan dan fasiliti-fasiliti lain yang dilaksanakan olehnya. Jumlah hutang adalah tidak bercagar, tanpa faedah dan dibayar balik apabila dituntut.

Termasuk dalam prabayaran adalah pembayaran sewa pajak suku pertama 2009 berjumlah RM16,987,676 (2007: RM15,700,000) kepada Lembaga Pelabuhan Bintulu.

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17. Tunai dan setara tunai Kumpulan Syarikat 2008 2007 2008 2007 RM RM RM RM

Instrumen pasaran kewangan

diperolehi di bawah perjanjian

pembelian semula 12,800,000 2,500,000 - -

Deposit dengan:

- bank berlesen 222,294,880 221,203,873 113,143,000 116,943,000

- lain-lain institusi 216,394,920 232,744,365 107,249,914 128,749,724

451,489,800 456,448,238 220,392,914 245,692,724

Tunai dan baki di bank 10,166,729 16,558,927 1,436,944 1,178,673

461,656,529 473,007,165 221,829,858 246,871,397

Tolak: Deposit jangka pendek

dicagar untuk

jaminan bank (2,768,000 ) (2,783,000 ) (18,000 ) (18,000 )

458,888,529 470,224,165 221,811,858 246,853,397

Deposit dengan institusi lain merupakan perletakan simpanan dalam Akaun Amanah Institusi

(“Institutional Trust Account”) yang diwujudkan dengan syarikat pemegang amanah.

Kadar faedah setahun bagi deposit jangka pendek yang berkuatkuasa pada 31 Disember 2008 adalah seperti berikut:

Kumpulan Syarikat 2008 2007 2008 2007 % % % %

Bank berlesen 3.00 - 3.90 2.38 - 3.70 3.55 - 3.60 2.38 - 3.70

Lain-lain institusi 5.00 5.00 5.00 5.00

Instrumen pasaran kewangan

diperolehi di bawah

perjanjian pembelian

semula 2.50 2.65 - -

Deposit Kumpulan dan Syarikat mempunyai tempoh kematangan pada purata 11 hingga

245 hari (2007: 3 hingga 312 hari) dan 2 hingga 15 hari (2007: 3 hingga 228 hari) masing-masingnya.

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18. Modal saham

Kumpulan dan Syarikat 2008 2007 RM RM

Dibenarkan 1,000,000,000 saham biasa RM1 sesaham 1,000,000,000 1,000,000,000 Satu saham keutamaan boleh tebus berhak istimewa bernilai RM1 sesaham (“Saham Istimewa”) 1 1

1,000,000,001 1,000,000,001


Diterbitkan dan dibayar sepenuhnya Saham biasa RM1 sesaham:

Pada permulaan dan akhir

tahun kewangan 400,000,000 400,000,000 400,000,000 400,000,000

Satu hak istimewa

saham keutamaan boleh tebus

bernilai RM1:

Pada permulaan dan akhir

tahun kewangan 1 1 1 1

400,000,001 400,000,001 400,000,001 400,000,001

Saham Istimewa

Saham Istimewa, yang hanya boleh dimiliki oleh atau dipindah milik kepada Menteri Kewangan (Diperbadankan) atau pengganti beliau atau mana-mana wakil Menteri, atau sesiapa yang bertindak bagi pihak Kerajaan Malaysia, mempunyai hak istimewa seperti terkandung dalam Artikel 15A dan 109A Tataurusan Syarikat. Hak istimewa ini termasuk:

(i) hak untuk melantik tidak melebihi empat orang Pengarah Syarikat pada bila-bila masa.(ii) hak untuk dibayar balik modal dibayar atas Saham Istimewa terdahulu daripada ahli-

ahli sekiranya berlaku pembubaran Syarikat.(iii) hak untuk meminta Syarikat menebus Saham Istimewa tersebut atas harga par pada

bila-bila masa. Beberapa perkara khususnya, di dalam pindaan mana-mana Artikel Tataurusan Syarikat

(termasuk Artikel yang berkaitan dengan had pemegangan saham), sebarang pelupusan aset yang ketara, penyatuan, penggabungan dan pengambilalihan, hendaklah mendapat kelulusan daripada pemegang Saham Istimewa terlebih dahulu.

Pemegang Saham Istimewa ini tidak mendapat sebarang hak untuk mengundi semasa Mesyuarat Agung tetapi berhak untuk hadir dan bersuara dalam mesyuarat tersebut.

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19. Keuntungan terkumpul

Sebelum tahun taksiran 2008, Syarikat-syarikat di Malaysia menggunapakai sistem imputasi penuh. Menurut Akta Kewangan 2007 yang diwartakan pada 28 Disember 2007, syarikat-syarikat tidak perlu memotong cukai ke atas dividen yang dibayar, dikredit atau diagih kepada pemegang sahamnya, dan dividen ini akan dikecualikan cukai daripada pemegang saham (“sistem setingkat”). Walau bagaimanapun, syarikat-syarikat diberi tempoh peralihan selama enam tahun, yang mana tamat pada 31 Disember 2013, untuk membenarkan pembayaran dividen kepada pemegang saham di dalam keadaan tertentu. Syarikat-syarikat juga mempunyai pilihan, yang tidak boleh ditarik balik, untuk mengabaikan baki Seksyen 108 dan memilih untuk membayar dividen di bawah sistem setingkat. Perubahan dalam perundangan cukai juga membenarkan baki Seksyen 108 berada dalam keadaan tertutup pada 31 Disember 2007 menurut Seksyen 39 Akta Kewangan 2007.

Syarikat ini telah memilih untuk mengabaikan baki Seksyen 108 pada 31 Disember 2008. Oleh itu, Syarikat boleh mengagihkan dividen daripada keseluruhan keuntungan terkumpulnya di bawah sistem bayaran dividen setingkat.

20. Manfaat persaraan

Kumpulan telah menubuhkan satu pelan Skim Manfaat Persaraan tidak berdana untuk kakitangan. Tanggungan Kumpulan di bawah Skim ini ditentukan berdasar penilaian aktuari setiap tiga tahun dengan mengguna Kaedah Jangkaan Kredit Unit.

Kali terakhir Skim Manfaat Persaraan dinilai semula adalah pada 19 Februari 2009.

Pergerakan sepanjang tahun kewangan bagi amaun yang diiktiraf dalam lembaran imbangan berkaitan Skim Manfaat Persaraan Kumpulan adalah seperti berikut:


Pada permulaan tahun kewangan 31,594,134 28,392,380

Dicajkan kepada penyata kewangan 4,498,392 4,250,350

Sumbangan dibayar (1,356,681 ) (1,048,596 )

Pada akhir tahun kewangan 34,735,845 31,594,134

Amaun yang diiktiraf dalam lembaran imbangan Kumpulan boleh dianalisa seperti berikut:


Nilai semasa tanggungan tidak berdana 37,354,393 33,002,486

Kerugian aktuari tidak diiktiraf (2,618,548 ) (1,408,352 )

Liabiliti dalam lembaran imbangan 34,735,845 31,594,134

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20. Manfaat persaraan (samb.)

Perbelanjaan yang diiktiraf dalam penyata pendapatan Kumpulan boleh dianalisa seperti berikut:


Kos perkhidmatan semasa 2,554,913 2,433,255

Kos faedah 1,943,479 1,743,789

Kos perkhidmatan lepas - 73,306

Jumlah, termasuk dalam Kos Staf (Nota 5) 4,498,392 4,250,350

Andaian utama yang digunakan oleh aktuari berkaitan skim manfaat persaraan Kumpulan adalah seperti berikut:

Kumpulan 2008 2007 % %

Kadar diskaun 6.50 6.00

Kadar kenaikan gaji dijangka 5.00 5.00

21. Cukai tertunda

Komponen dan pergerakan liabiliti dan aset cukai tertunda sepanjang tahun kewangan sebelum offset adalah seperti berikut:

Kumpulan Caj kepada Pada Penyata Pada 1.1.2008 Pendapatan 31.12.2008 RM RM RM

Liabiliti cukai tertunda Hartanah, loji dan peralatan 22,974,833 7,201,311 30,176,144

Aset cukai tertunda Kerugian cukai belum digunapakai - (32,741 ) (32,741 )

Elaun modal belum diserap (3,190,833 ) (428,570 ) (3,619,403 )

Manfaat Persaraan (7,900,000 ) (1,100,000 ) (9,000,000 )

Lain-lain (1,800,000 ) - (1,800,000 )

(12,890,833 ) (1,561,311 ) (14,452,144 )

Jumlah 10,084,000 5,640,000 15,724,000

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21. Cukai tertunda (samb.)

Kumpulan Caj kepada Pada Penyata Pada 1.1.2007 Pendapatan 31.12.2007 RM RM RM

Liabiliti cukai tertunda Hartanah, loji dan peralatan 20,314,833 2,660,000 22,974,833

Aset cukai tertunda Elaun modal belum diserap (3,190,833 ) - (3,190,833 )

Manfaat Persaraan (7,300,000 ) (600,000 ) (7,900,000 )

Lain-lain (1,900,000 ) 100,000 (1,800,000 )

(12,390,833 ) (500,000 ) (12,890,833 )

Jumlah 7,924,000 2,160,000 10,084,000

Aset dan liabiliti cukai tertunda dioffset apabila terdapat hak undang-undang yang boleh dilaksanakan untuk offset aset cukai semasa dengan liabiliti semasa dan apabila cukai tertunda adalah berkaitan dengan lembaga cukai yang sama.

Jumlah berikut yang ditentukan selepas offset yang berpatutan, ditunjukkan dalam lembaran imbangan:

2008 2007 RM RM

Aset cukai tertunda (sebelum offset) (14,452,144 ) (12,890,833 ) Offset 13,676,144 12,114,833 Aset cukai tertunda (selepas offset) (776,000 ) (776,000 ) Liabiliti cukai tertunda (sebelum offset) 30,176,144 22,974,833 Offset (13,676,144 ) (12,114,833 ) Liabiliti cukai tertunda (selepas offset) 16,500,000 10,860,000

Aset cukai tertunda belum diiktiraf berhubung perkara berikut:

2008 2007 RM RM

Kerugian cukai belum digunapakai - 124,888 Elaun modal belum diserap - 2,696,246 Elaun cukai pelaburan belum digunapakai 99,175,820 74,899,208 99,175,820 77,720,342

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22. Lain-lain pemiutang


Berbayar kepada subsidiari - - 592,913 1,166,269

Berbayar kepada Lembaga

Pelabuhan Bintulu 100,062,201 66,461,736 - -

Akruan 8,638,684 11,224,244 21,750 48,395

Pelbagai pemiutang 25,959,567 11,133,015 146,254 198,324

Kerja pengorekan berbayar - 2,909,582 - -

Wang tahanan 5,133,957 3,263,733 - -

139,794,409 94,992,310 760,917 1,412,988

Termasuk dalam pelbagai pemiutang Kumpulan adalah amaun berbayar kepada Petronas

Dagangan Berhad, syarikat subsidiari pemegang saham utama, Petroliam Nasional Berhad

sebanyak RM757,434 (2007: RM1,143,010).

Amaun berbayar kepada Lembaga Pelabuhan Bintulu adalah tidak bercagar, tanpa faedah

dan dibayar balik apabila dituntut.

23. Komitmen modal

Perbelanjaan modal tidak diperuntukkan dalam penyata kewangan adalah seperti berikut:

2008 2007 Kumpulan RM RM

Dilulus dan dikontrakkan 289,684,288 186,759,649

Dilulus tetapi belum dikontrakkan 56,300,000 6,300,000

345,984,288 193,059,649

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24. Komitmen sewa pajak

2008 2007 Kumpulan RM RM

Komitmen sewa pajak:

- dalam tempoh satu tahun 100,377,996 99,752,853

- antara satu hingga lima tahun 544,264,781 528,361,254

- lebih daripada lima tahun 1,029,009,693 1,145,291,216

1,673,652,470 1,773,405,323

Komitmen sewa pajak adalah berkaitan dengan sewa pajak untuk tanah, bangunan-

bangunan tertentu dan struktur-struktur pelabuhan berbayar kepada Lembaga Pelabuhan Bintulu. Komitmen sewa pajak termasuk amaun RM692,606,943 (2007: RM735,701,785) yang mana perjanjian dengan Lembaga Pelabuhan Bintulu belum lagi dimuktamadkan. Sewa pajak akan luput pada 31 Disember 2022.

25. Urusniaga penting dengan pihak berkaitan

Selain daripada penzahiran pihak berkaitan sepertimana dinyatakan di bahagian lain dalam penyata kewangan, berikut adalah lain-lain transaksi penting dengan pihak berkaitan. Urusniaga dengan pihak berkaitan yang dinyatakan di bawah dijalankan mengikut terma dan syarat urusniaga biasa yang mana tidak terdapat perbezaan ketara dengan urusniaga yang dilakukan dengan pihak-pihak tidak berkaitan.


Transaksi dengan subsidiari pemegang saham

utama, Petroliam Nasional Berhad:

Pemberian perkhidmatan:

Malaysia LNG Sdn. Bhd. 254,104,649 268,818,483

ASEAN Bintulu Fertilizer Sdn. Bhd. 724,397 550,746

MISC Agencies (Sarawak) Sdn. Bhd. 3,003,705 1,953,200

PS Terminal Sdn. Bhd. 1,378,243 1,334,209

Perolehan bahan api dan minyak pelincir:

Petronas Dagangan Berhad (16,800,311 ) (10,994,825 )

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26. Instrumen-instrumen kewangan

(a) Dasar dan objektif pengurusan risiko kewangan

Pendekatan pengurusan risiko keseluruhan Kumpulan adalah untuk meminimumkan kesan pendedahannya kepada risiko kadar faedah, risiko kredit dan risiko kecairan.

(b) Risiko kadar faedah

Risiko kadar faedah aliran tunai adalah risiko aliran tunai masa depan sesuatu instrumen kewangan akan berubah-ubah disebabkan perubahan dalam kadar faedah pasaran. Risiko kadar faedah nilai saksama adalah risiko nilai sesuatu instrumen kewangan akan berubah-ubah disebabkan perubahan dalam kadar faedah pasaran. Oleh kerana Kumpulan tidak mempunyai aset kewangan pembawa faedah yang signifikan, pendapatan Kumpulan dan aliran tunai operasi adalah bebas dengan ketaranya daripada perubahan dalam kadar faedah pasaran. Aset kewangan pembawa faedah Kumpulan adalah berjangka pendek dan diletak dalam simpanan tetap.

(c) Risiko kredit

Selain daripada amaun tertunggak daripada subsidiari-subsidiari Petroliam Nasional Berhad seperti dinyatakan dalam Nota 15, Kumpulan tidak mempunyai sebarang penempuan risiko kredit yang ketara. Risiko kredit diminimumkan dan dikawal melalui permohonan kelulusan kredit, had kredit dan prosidur pemantauan yang berkaitan.

(d) Risiko kecairan

Kumpulan mengekalkan tahap wang tunai dan deposit jangka pendek yang mencukupi untuk memenuhi keperluan modal kerja.

(e) Nilai saksama

Nilai bawaan untuk aset dan liabiliti kewangan bagi Kumpulan dan Syarikat pada tarikh di lembaran imbangan menghampiri nilai saksama masing-masing.

27. Laporan bersegmen

Kumpulan dibahagi kepada dua segmen perniagaan:

(i) Memberi perkhidmatan pelabuhan.(ii) Menjalan perniagaan kemudahan bulking bagi minyak kelapa sawit, minyak makan,

minyak sayuran, lemak dan produk-produk yang berkaitan.

(a) Format laporan utama - segmen perniagaan

Untuk tujuan laporan bersegmen, kos yang tidak diagihkan adalah berkaitan dengan perbelanjaan pentadbiran syarikat induk. Aset yang tidak diagihkan adalah berkaitan dengan tunai dan setara tunai syarikat induk dan liabiliti yang tidak diagihkan adalah berkaitan dengan liabiliti cukai Kumpulan.

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27. Laporan bersegmen (samb.)

(a) Format laporan utama - segmen perniagaan (samb.)

Tahun kewangan berakhir 31 Disember 2008

Memberi Memberi Perkhidmatan Kemudahan Pelabuhan Bulking Kumpulan RM RM RM

Pendapatan Jumlan pendapatan - luaran 434,568,758 14,198,199 448,766,957

Keputusan Keputusan segmen 185,490,922 2,159,970 187,650,892

Pendapatan daripada faedah

dan pelaburan 21,216,821

Kos tidak diagihkan (2,984,710 )

Keuntungan daripada operasi dan sebelum cukai 205,883,003

Cukai (55,271,909 )

Keuntungan bagi tahun 150,611,094

Pada 31 Disember 2008

Aset segmen 700,979,282 140,608,600 841,587,882

Aset tidak diagihkan 239,839,411

Jumlah aset 1,081,427,293

Liabiliti segmen 170,501,064 3,861,185 174,362,249

Liabiliti tidak diagihkan 26,033,755

Jumlah liabiliti 200,396,004

Memberi Memberi Perkhidmatan Kemudahan Tidak Pelabuhan Bulking Diagihkan Kumpulan RM RM RM RM

Maklumat lain

Perbelanjaan modal 58,706,568 9,080,494 3,010 67,790,072

Susutnilai 21,868,891 4,909,882 1,814 26,780,587

Pelunasan aset

tak ketara 1,693,675 - - 1,693,675

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27. Laporan bersegmen (samb.)(a) Format laporan utama - segmen perniagaan (samb.)

Tahun kewangan berakhir 31 Disember 2007 Memberi Memberi Perkhidmatan Kemudahan Pelabuhan Bulking Kumpulan RM RM RM

Pendapatan Jumlan pendapatan - luaran 411,491,616 5,679,898 417,171,514 Keputusan Keputusan segmen 172,816,201 (1,850,337 ) 170,965,864 Pendapatan daripada faedah dan pelaburan 21,621,133 Kos tidak diagihkan ( 3,393,536 ) Keuntungan daripada operasi dan sebelum cukai 189,193,461 Cukai (53,548,941 ) Keuntungan bagi tahun 135,644,520 Pada 31 Disember 2007 Aset segmen 671,894,026 103,245,440 775,139,466 Aset tidak diagihkan 267,367,994 Jumlah aset 1,042,507,460 Liabiliti segmen 122,954,502 3,385,223 126,339,725 Liabiliti tidak diagihkan 22,947,540 Jumlah liabiliti 149,287,265

Memberi Memberi Perkhidmatan Kemudahan Tidak Pelabuhan Bulking Diagihkan Kumpulan RM RM RM RM

Maklumat lain

Perbelanjaan modal 44,730,822 29,680,770 970 74,412,562 Susutnilai 21,908,918 3,566,899 2,269 25,478,086 Pelunasan aset tak ketara 1,153,866 - - 1,153,866

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27. Laporan bersegmen (samb.)

(b) Format laporan kedua - segmen lokasi

Laporan segmen mengikut lokasi geografi tidak disediakan kerana operasi Kumpulan tertumpu di Malaysia.

28. Liabiliti luarjangka (Tak bercagar)


Tuntutan daripada pemaju berkaitan projek perumahan kakitangan syarikat subsidiari 14,112,905 14,112,905

Tuntutan ini timbul akibat daripada keputusan syarikat subsidiari menamatkan perkhidmatan pemaju sebelum ini oleh kerana pemaju tersebut telah mengabaikan projek perumahan kakitangan dalam tahun 2000. Syarikat subsidiari telah membuat tuntutan terhadap pemaju yang berkaitan menuntut arahan perlaksanaan spesifik bagi pindahmilik suratan hak milik tanah dan kos tambahan untuk menyiapkan projek perumahan tersebut.

29. Perbandingan

Angka-angka perbandingan kos berikut pada Penyata Pendapatan telah dinyatakan semula mengikut pembentangan tahun semasa:

Dinyatakan Dinyatakan sebelum ini Pelarasan semula RM RM RM

Kumpulan

Penyata pendapatan

Pendapatan 417,046,914 124,600 417,171,514

Lain-lain pendapatan 21,766,341 (145,208 ) 21,621,133

Lain-lain perbelanjaan (19,103,193 ) 20,608 (19,082,585 )

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I/We

of

being a member / members of BINTULU PORT HOLDINGS BERHAD, do hereby appoint

of

or failing him, THE CHAIRMAN OF THE MEETING as my/our proxy, to vote for me/us and my/our behalf, at the

Thirteen (13th) Annual General Meeting of the Company to be held at Ballroom Lobby Floor, Hilton Kuching,

Jalan Tunku Abdul Rahman, 93748 Kuching, on Tuesday, 28th day of April, 2009 at 11.00 a.m. or any adjournment

thereof. My/our proxy is to vote as indicated below:

Please indicate with “X” on the spaces provided how you wish your votes to be casted. In the absent of specific directions, your proxy will vote or abstain from voting at his discretion.

Dated this …….. day of ……………………………….. 2009.

Signatures of Member(s)/Common Seal

Notes:

PROXY i. A member of the Company entitled to attend and vote is entitled to appoint a proxy to attend and vote in his stead. A proxy need not

be a member of the Company.

ii. The instrument appointing a proxy in the case of an individual shall be signed by the appointor or his attorney duly authorised in writing and in the case of a corporation, the instrument appointing a proxy must be under seal or under the hand of an officer or attorney duly authorised.

iii. The instrument appointing a proxy must be deposited at the Registered Office of the Company at Headquarters Building, Bintulu Port Holdings Berhad, Lot 15, Block 20, Kemena Land District, 12th Mile, Tanjung Kidurong Road, 97008 Bintulu, Sarawak, Malaysia, not less than 48 hours before the time appointed for holding the Meeting and or any adjournment thereof.

No. of Shares Held

BINTULU PORT HOLDINGS BERHADCompany No.: 380802 – T

(Incorporated in Malaysia)

PROXY FORM

No. Resolution For Against

1. To receive and adopt the Directors’ Report and Audited Accounts for the year ended 31 December 2008 and the Auditors’ Report thereon;

2. To approve the payment of a final single tier dividend of 11.25 sen per share and special single tier dividend of 7.50 sen per share in respect of the year ended 31 December 2008;

3. To approve the Directors’ Fees of RM564,000.00 for the year ended 31 December 2008;

4. To re-elect Tun Dato’ Seri Hj. Mohd. Eusoff bin Chin who retires under Section 129 (2) of the Companies Act, 1965 and Article 127 of the Company’s Articles of Association;

5. To re-elect Tan Sri Dato’ Seri Hj. Mohd. Zahidi bin Zainuddin who retires under Article 127 of the Company’s Articles of Association;

6. To re-elect Encik Ahmad Nizam bin Salleh who retires under Article 127 of the Company’s Articles of Association;

7. To re-appoint Messrs. Ernst & Young as Auditors of the Company and to authorise the Directors to fix their remuneration;

8. To transact any other business for which due notice shall have been given

The Company Secretary

Bintulu Port Holdings BerhadLot 15, Block 20, Kemena Land District12th Mile, Tanjung Kidurong RoadP. O. Box 996, 97008 Bintulu, Sarawak, Malaysia

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BORANG PROKSI

BINTULU PORT HOLDINGS BERHADNo. Syarikat: 380802 – T

(Diperbadankan di Malaysia)

Saya/Kami

beralamat

sebagai ahli / ahli-ahli BINTULU PORT HOLDINGS BERHAD, dengan ini melantik

beralamatatau sekiranya beliau tidak hadir, PENGERUSI MESYUARAT sebagai proksi saya / kami untuk mengundi bagi pihak saya / kami pada Mesyuarat Agung Tahunan Ketiga Belas (13) yang akan diadakan di Ballroom Lobby Floor, Hilton Kuching, Jalan Tunku Abdul Rahman, 93748 Kuching, pada hari Selasa, 28 April 2009 jam 11.00 pagi atau pada tarikh-tarikh lain yang ditetapkan sekiranya berlaku penangguhan. Proksi saya / kami haruslah mengundi seperti berikut:

Sila tandakan dengan “X” di ruang yang tersedia tentang bagaimana anda menghendaki proksi anda mengundi. Jika tidak, proksi anda berhak mengundi atau tidak mengikut budi bicaranya sendiri.

Bertarikh hari …….. bulan ……………………………….. 2009.

Tandatangan Ahli / Ahli-Ahli / Meteri Syarikat

Nota-Nota:

PROKSI i. Seorang ahli yang berhak hadir dan mengundi adalah berhak melantik seorang proksi untuk hadir dan mengundi bagi pihaknya. Seorang

proksi tidak semestinya ahli syarikat tersebut.

ii. Surat perlantikan proksi dari seseorang individu mestilah ditandatangani oleh pelantik atau wakilnya yang telah dilantik dengan secara bertulis, dan surat perlantikan proksi dari sesebuah perbadanan mestilah disempurnakan di bawah meteri syarikat atau ditandatangani oleh pegawai yang diberi kuasa berbuat demikian.

iii. Borang proksi yang telah disempurnakan mestilah dihantar ke Pejabat Berdaftar Syarikat, Ibu Pejabat, Bintulu Port Holdings Berhad, Lot 15, Block 20, Kemena Land District, 12th Mile, Jalan Tanjung Kidurong, 97008 Bintulu, Sarawak, Malaysia, tidak lewat dari 48 jam sebelum waktu mesyuarat yang ditetapkan dan atau waktu penangguhannya.

Bil. Resolusi Setuju Tidak Setuju

1. Menerima dan meluluskan Laporan Pengarah dan Penyata Akaun yang telah diaudit bagi tahun berakhir 31 Disember 2008 dan Laporan Juruaudit yang dilampirkan;

2. Meluluskan pembayaran dividen akhir sistem setingkat sebanyak 11.25 sen sesaham dan dividen khas sistem setingkat sebanyak 7.50 sen sesaham bagi tahun berakhir 31 Disember 2008

3. Meluluskan bayaran yuran Pengarah-Pengarah sebanyak RM564,000.00 bagi tahun berakhir 31 Disember 2008;

4. Melantik semula Tun Dato’ Seri Hj. Mohd. Eusoff bin Chin yang bersara menurut Seksyen 129 (2) Akta Syarikat, 1965 dan Artikel 127, Tataurusan Syarikat;

5. Melantik semula Tan Sri Dato’ Seri Hj. Mohd. Zahidi bin Zainuddin yang bersara menurut Artikel 127, Tataurusan Syarikat;

6. Melantik semula Encik Ahmad Nizam bin Salleh yang bersara menurut Artikel 127, Tataurusan Syarikat;

7. Melantik semula Tetuan Ernst & Young sebagai Juruaudit Syarikat dan memberi kuasa kepada Pengarah-Pengarah menetapkan ganjarannya;

8. Menjalankan sebarang urusan lain yang mana notis sewajarnya telah diberitahu selaras dengan Akta Syarikat 1965.

Jumlah saham yang dipegang

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BINTULU PORT HOLDINGS BERHAD (380802-T)LAPORAN TAHUNAN 2007 ANNUAL REPORT 218

Setiausaha Syarikat

Bintulu Port Holdings BerhadLot 15, Block 20, Kemena Land District12th Mile, Tanjung Kidurong RoadP. O. Box 996, 97008 Bintulu, Sarawak, Malaysia

Documents

Malaysiastock.biz · 4/6/2009 · 47 BINTULU PORT HOLDINGS BERHAD (380802-T) LAPORAN TAHUNAN 2008 ANNUAL REPORT MANAGEMENT OF BINTULU PORT HOLDINGS BERHAD PENGURUSAN BINTULU PORT