PARKSON-Page 31 to ProxyForm (1.6MB)

8/2/2019 PARKSON-Page 31 to ProxyForm (1.6MB)

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Pengambilalihan ini menandakan satu lagi kejayaan baru Kumpulandan menyediakan Kumpulan dengan peluang unik untuk menerokaserta mengembangkan rangkaian antarabangsanya di Indonesia yangmempunyai pasaran runcit besar dengan kira-kira 240 juta pengguna.Rancangan sedang dibuat untuk mengembangkan perniagaan sediaada dengan membuka lebih banyak gedung di lokasi pilihan diIndonesia untuk tempoh beberapa tahun akan datang.

DIVIDEN

Lembaga Pengarah dengan sukacitanya mencadangkan dividenperingkat satu akhir sebanyak 5 sen sesaham bagi tahun kewanganberakhir 30 Jun 2011, untuk kelulusan pemegang saham padaMesyuarat Agung Tahunan akan datang. Bayaran dividen bersih akan

berjumlah kira-kira RM55 juta.

Jumlah Dividen

(Tahun kewangan berakhir 30 Jun) 2011 2010

Awal - Dividen Tunai 10 sen

Akhir - Cadangan:- Dividen Tunai 5 sen 6 sen- Dividen Saham 1 untuk 100

Dividen ini dicadangkan selepas mengambil kira imbangan munasabah di antara ganjaran pemegang saham dan danayang diperuntukkan untuk pelaburan masa depan dan perkembangan perniagaan.

TANGGUNGJAWAB SOSIAL KORPORAT

Kita mendukung kepentingan Tanggungjawab Sosial Korporat (CSR) sebagai bahagian penting daripada perniagaandan menggabungkan rangka kerja CSR ke dalam rancangan perniagaan bagi meningkatkan keyakinan pemegangkepentingan, kebertanggungjawapan dan ketelusan. CSR adalah komponen penting dalam amalan perniagaan baikyang bermatlamat memperbaiki masyarakat dan alam sekitar.

MasyarakatDalam mengendalikan kegiatan perniagaannya, Kumpulan menyedari tanggungjawabnya sebagai warga korporat,dalam menyumbang kepada masyarakat di samping meningkatkan keuntungan dan nilai pemegang saham. Kumpulanmemberi tumpuan memajukan masyarakat menerus pendidikan dan penjagaan kesihatan melalui dua Yayasan yangditubuhkan oleh Syarikat-Syarikat Kumpulan Lion yang mana Kumpulan adalah ahlinya.

Yayasan Lion-Parkson menyalurkan dana untuk pelbagaikeperluan seperti pendidikan, kebajikan dan penyelidikansaintiik; dan setiap tahun, memberikan biasiswa danpinjaman pendidikan kepada mahasiswa di universiti-universiti tempatan. Tabung Bantuan Perubatan Kumpulan Lionmemberikan bantuan kewangan kepada mereka yang kurangbernasib baik yang memerlukan rawatan perubatan termasukpembedahan, pembelian peralatan perubatan dan ubat-ubatan. Tabung ini juga menaja program kesihatan masyarakat

seperti kem-kem perubatan, dan pembelian mesin dialisis bagiPusat Dialisis yang menyediakan rawatan bersubsidi kepadamereka yang mengalami kegagalan buah pinggang.


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Alam Sekitar

Di bawah program ParksonCaresMyPark, Kumpulan menjadikan taman-taman di beberapa negeri sebagai tamanangkat dengan matlamat memulihara taman-taman untuk dinikmati dan dimanaaat oleh masyarakat sekeliling. Program

ini membabitkan pemulihan, penambahbaikan dan menaiktara keadaan taman dan kemudahan rekreasi seiring usahamempromosi persekitaran hijau dan gaya hidup sihat. Gedung-gedung Parkson juga mengambil bahagian dalam HariTanpa Beg Plastik selaras dengan inisiati alam sekitar oleh beberapa negeri dalam mengurangkan penggunaan beg plastik.

PROSPEKMelangkah ke hadapan, walaupun pertumbuhan ekonomi serantau akan dilembapkan oleh kesukaran yang melandaEropah dan AS, Kumpulan akan terus memberi tumpuan mengembangkan kehadirannya di pasaran serantau dan menerokaipasaran runcit baru. Dalam hubungan ini, kerjasama kita dengan rakan kongsi Indonesia dan seterusnya penyenaraiansaham di SGX-ST memberi petanda baik bagi pertumbuhan masa depan Parkson di Indonesia serta di negara Asia yang lain.Pihak pengurusan yakin berjaya melaksanakan strategi pengembanganKumpulan dengan baik dan terbukti maju.Memanaatkan kunci kira-kira Kumpulan yang kukuh, model perniagaan menguntungkan, jenama ekuiti teguh dan asas

pelanggan yang besar daripada Program Kad Setia Parkson sedia ada, pihak pengurusan percaya Kumpulan berada padakedudukan baik untuk mengukuh dan mengekalkan kedudukannya sebagai peneraju.

LEMBAGA PENGARAH

Lembaga Pengarah mengalu-alukan pelantikan Y. Bhg. Tan Sri Abd Rahman bin Mamat sebagai Pengarah Syarikat dalamtahun kewangan ini.

Saya juga ingin merakamkan ucapan terima kasih dan penghargaan kepada Y. Bhg. Dato Mohamad Daud bin HajiDolmoin yang telah meletak jawatan daripada Lembaga Pengarah pada tahun kewangan ini, atas sumbangan beliausepanjang menjadi Pengarah Syarikat.

PENGHARGAAN

Bagi pihak Lembaga Pengarah, saya ingin menyampaikan ucapan terima kasih yang tidak terhingga kepada parapelanggan, pembekal, pembiaya, rakan perniagaan, pihak berkuasa Kerajaan dan pemegang saham yang dihargai atassokongan, kerjasama dan keyakinan berterusan terhadap Kumpulan.

Saya juga ingin merakamkan setinggi-tinggi perhargaan kepada rakan Pengarah atas bimbangan dan sumbangan yangtidak ternilai di sepanjang tahun serta kepada semua peringkat kakitangan atas dedikasi, komitmen dan sumbangankepada Kumpulan.

TAN SRI WILLIAM H.J. CHENGPengerusi

Kumpulan juga menganjurkan kegiatan amal tahunan Kembalike Sekolah dengan gedung-gedung Parkson di seluruh negaramenyediakan tong khas untuk orang ramai mendermabarangan keperluan sekolah seperti pakaian seragam, kasutdan alat tulis, yang diedarkan kepada kanak-kanak sekolahyang memerlukan di seluruh negara.Kumpulan turut menyokong masyarakat dengan mengambilbahagian dalam program-program kebajikan dan usahapengumpulan dana untuk membantu mereka yang memerlukan.


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Centro4

/

(630) 2011 2010

() 36 35() 46 45() 7 6(CentroKem Chicks) 6

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() 2011 2010 2011 2010

- 766 697 92 68- 2,048 1,927 729 712- 101 98 23 23-* 10 2

(15) (13)

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4

120111201163046451

20%20112012810

()

2005

7Parkson Paragon733

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(CentroKem Chicks)

20116PT Tozy Sentosa (Tozy)Tozy6Centro Liestyle Department StoreKem Chicks supermarket,

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201163055500

(630) 2011 2010 10

- 5 6 - - 1001

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,

Tan Sri Abd Rahman bin Mamat

Dato Mohamad Daud bin Haji Dolmoin


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FINANCIAL STATEMENTS

2011For The Financial Year Ended 30 June 2011

DIRECTORS REPORT

The Directors have pleasure in presenting their report together with the audited nancial statements o the Group ando the Company or the nancial year ended 30 June 2011.

PRINCIPAL ACTIVITIES

The principal activity o the Company is investment holding. The principal activities o its subsidiaries are set out in

Note 15 to the nancial statements.

There have been no signicant changes in the nature o the principal activities o the Company and o the Group duringthe nancial year.

RESULTS

Group CompanyRM000 RM000

Prot or the year 606,622 95,236

Prot or the year attributable to:Owners o the parent 348,404 95,236Minority interests 258,218

606,622 95,236

There were no material transers to or rom reserves or provisions during the nancial year other than as disclosed inthe nancial statements.

In the opinion o the Directors, the results o the operations o the Group and o the Company during the nancial yearwere not substantially aected by any item, transaction or event o a material and unusual nature.

DIVIDENDS

The amount o dividends paid by the Company since 30 June 2010 were as ollows:

In respect o the nancial year ended 30 June 2010:

Arstandnaldividendof6%(6 senpershare),taxexemptamountingtoRM64,803,000waspaidon15December 2010 and a total o 10,797,855 treasury shares were distributed as share dividend on 15 December2010 on the basis o one (1) treasury share or every one hundred (100) ordinary shares o RM1.00 each heldin the Company, ractions o treasury shares being disregarded.

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DIVIDENDS (continued)

In respect o the nancial year ended 30 June 2011:

Aninterimsingletierdividendof10%(10senpershare),amountingtoRM108,005,000waspaidon16December2010.

At the orthcoming Annual General Meeting, a nal single tier dividend in respect o the nancial year ended 30 June2011 o 5% (5 sen per share), amounting to a dividend payable o approximately RM54,533,000 will be proposed orshareholders approval. The nancial statements or the current nancial year do not refect this proposed dividend.Such dividend, i approved by the shareholders, will be accounted or in equity as an appropriation o retained protsin the nancial year ending 30 June 2012.

DIRECTORS

The Directors o the Company in oce since the date o the last report and at the date o this report are:

Tan Sri William H.J. ChengTan Sri Abd Rahman Bin Mamat (Appointed on 14.3.2011)Dato Hassan Bin Abdul MutalipYeow Teck ChaiDr Folk Jee YoongCheng Sin YengDato Mohamad Daud Bin Haji Dolmoin (Resigned with eect rom 8.7.2011)

In accordance with Article 98 o the Companys Articles o Association, Y. Bhg. Dato Hassan Bin Abdul Mutalip andMr Yeow Teck Chai retire by rotation at the orthcoming Annual General Meeting and, being eligible, oer themselvesor re-election.

In accordance with Article 99 o the Companys Articles o Association, Y. Bhg. Tan Sri Abd Rahman Bin Mamat whowas appointed during the nancial year retires at the orthcoming Annual General Meeting and, being eligible, oershimsel or re-election.

DIRECTORS BENEFITS

Neither at the end o the nancial year, nor at any time during that year, did there subsist any arrangement to whichthe Company was a party, whereby the Directors might acquire benets by means o the acquisition o shares in, ordebentures o, the Company or any other body corporate.

Since the end o the previous nancial year, no Director o the Company has received or become entitled to receivea benet (other than benets included in the aggregate amount o emoluments received or due and receivable by theDirectors as shown in Note 7(b) to the nancial statements or the xed salary o a ull time employee o the Company)

by reason o a contract made by the Company or a related corporation with any Director or with a rm o which theDirector is a member, or with a company in which the Director has a substantial nancial interest, except as disclosedin Note 36 to the nancial statements.

DIRECTORS INTERESTS

According to the Register o Directors Shareholdings, the interests o Directors in oce at the end o the nancial yearin shares in the Company during and at the end o the nancial year were as ollows:

Number o ordinary shares o RM1.00 each1.7.2010 Acuired Disposed 30.6.2011

Tan Sri William H.J. Cheng

Direct interest 246,389,224 9,713,890 (2,200,000) 253,903,114Indirect interest 250,205,151 72,347,456 (25,488,041) 297,064,566


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DIRECTORS INTERESTS (continued)

In addition, Tan Sri William H.J. Cheng was also deemed to have an interest in shares in the Company by virtue o the3-year 3.5% redeemable convertible secured loan stocks (RCSLS) o nominal value RM1.00 each convertible intonew ordinary shares o RM1.00 each in the Company at a conversion price o RM4.00 nominal amount o the RCSLSor every one new ordinary share o RM1.00 each in the Company as ollows:

Number o RM1.00 nominal value o RCSLS1.7.2010 Acuired Converted 30.6.2011

Indirect InterestTan Sri William H.J. Cheng 228,800,000 (228,800,000)

The interests o Directors in oce at the end o the nancial year in shares in the related corporations during and at theend o the nancial year were as ollows:

Indirect InterestTan Sri William H.J. Cheng

Nominalvalue perordinary Number o shares

share 1.7.2010 Acuired Disposed 30.6.2011

Parkson Retail Group Limited(Parkson Retail) HK$0.02 1,446,770,000 1,446,770,000

Kiara Innovasi Sdn Bhd RM1.00 1,200,000 1,800,000 3,000,000

Nominalvalue per

ordinary Number o sharesshare 31.3.2011 Acuired Disposed 30.6.2011

Parkson Retail Asia Limited * 2 143,510,486 143,510,488

Currency 1.7.2010 Acuired Disposed 30.6.2011

Investments in the PeoplesRepublic o China

Chongqing Wanyou ParksonPlaza Co Ltd Rmb 21,000,000 21,000,000

Dalian Tianhe ParksonShopping Centre Co Ltd Rmb 60,000,000 60,000,000

Guizhou Shenqi ParksonRetail Development Co Ltd Rmb 10,200,000 10,200,000

QingdaoNo.1ParksonCoLtd Rmb 226,990,197 (3,193,803)# 223,796,394Wuxi Sanyang Parkson Plaza

Co Ltd Rmb 48,000,000 48,000,000Xinjiang Youhao Parkson

Development Co Ltd Rmb 10,200,000 10,200,000

Investments in Vietnam

Parkson Hanoi Co Ltd US$ 3,360,000 3,360,000

* Shares in companies incorporated in Singapore do not have a par value.# Reduction in registered capital.

Save as disclosed above, none o the other Directors in oce at the end o the nancial year had any interest in sharesin the Company or its related corporations during and at the end o the nancial year.


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ISSUE OF SHARES

During the nancial year, the issued and paid-up share capital o the Company was increased rom RM1,036,410,250to RM1,093,673,250 by:

(i) the conversion o the remaining RM228,800,000 nominal value o RCSLS into 57,200,000 new ordinary shareso RM1.00 each in the Company (Share) at a conversion price o RM4.00 nominal amount o the RCSLS orevery one new Share; and

(ii) the issuance o 63,000 new Shares at an issue price o RM5.31 per Share or cash pursuant to the Executive ShareOption Scheme (ESOS) o the Company.

The new ordinary shares issued ranked paripassu in all respects with the then existing ordinary shares o the Company.

TREASURY SHARES

During the nancial year, the Company repurchased a total o 263,000 ordinary shares o its issued ordinary sharesrom the open market at an average price o RM5.56 per share. The total consideration paid or the repurchase includingtransaction costs was RM1.46 million. The repurchase transactions were nanced by internally generated unds.

A total o 10,797,855 treasury shares were distributed as share dividend on 15 December 2010 on the basis o one (1)treasury share or every one hundred (100) ordinary shares o RM1.00 each held in the Company, ractions o treasuryshares being disregarded.

As at 30 June 2011, the Company held 3,017,631 treasury shares and such treasury shares are held at a carrying amounto RM13.71 million and urther relevant details are disclosed in Note 26 to the nancial statements.

ESOS

The ESOS o the Company became eective on 7 May 2008 and will expire on 6 May 2013. The main eatures o theESOS are set out in Note 28 to the nancial statements.

The persons to whom the options have been granted have no right to participate, by virtue o the options, in any shareissue o any other company.

The movements in the number o options granted, exercised and lapsed pursuant to the ESOS during the nancial yearare as ollows:

Subscriptionprice per Number o options

Grant date share 1.7.2010 Granted Eercised Lapsed 30.6.2011

12 May 2008 RM6.35 3,942,100 (197,000) 3,745,1007 April 2010 RM5.31 5,073,400 (63,000) (215,800) 4,794,600

9,015,500 (63,000) (412,800) 8,539,700

OTHER STATUTORY INFORMATION

(a) Beore the income statements, statements o comprehensive income and statements o nancial position o theGroup and o the Company were made out, the Directors took reasonable steps:

(i) to ascertain that proper action had been taken in relation to the writing o o bad debts and the making oallowance or doubtul debts and had satised themselves that all known bad debts had been written oand that adequate allowance had been made or doubtul debts; and

(ii) to ensure that any current assets which were unlikely to realise their values as shown in the accountingrecords in the ordinary course o business had been written down to an amount which they might beexpected so to realise.


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OTHER STATUTORY INFORMATION (continued)

(b) At the date o this report, the Directors are not aware o any circumstances which would render:

(i) the amount written o or bad debts or the amount o the allowance or doubtul debts in these nancialstatements inadequate to any substantial extent; and

(ii) the values attributed to the current assets in the nancial statements o the Group and o the Companymisleading.

(c) At the date o this report, the Directors are not aware o any circumstances which have arisen which would renderadherence to the existing method o valuation o assets or liabilities o the Group and o the Company misleadingor inappropriate.

(d) At the date o this report, the Directors are not aware o any circumstances not otherwise dealt with in this reportor the nancial statements o the Group and o the Company which would render any amount stated in thenancial statements misleading.

(e) At the date o this report, there does not exist:

(i) any charge on the assets o the Group and o the Company which has arisen since the end o the nancialyear which secures the liabilities o any other person; or

(ii) any contingent liability in respect o the Group or o the Company which has arisen since the end o thenancial year.

() In the opinion o the Directors:

(i) no contingent or other liability has become enorceable or is likely to become enorceable within the periodo twelve months ater the end o the nancial year which will or may aect the ability o the Group ando the Company to meet their obligations when they all due; and

(ii) no item, transaction or event o a material and unusual nature has arisen in the interval between the end othe nancial year and the date o this report which is likely to aect substantially the results o the operationso the Group and o the Company or the nancial year in which this report is made, except as disclosedin Note 39 to the nancial statements.

SIGNIFICANT EVENTS

Signicant events during the nancial year are disclosed in Note 38 to the nancial statements.

SUBSEqUENT EVENTS

Details o subsequent events are disclosed in Note 39 to the nancial statements.

AUDITORS

The auditors, Ernst & Young, have expressed their willingness to continue in oce.

Signed on behal o the Board in accordance with a resolution o the Directors dated 14 October 2011.

TAN SRI WILLIAM H.J. CHENG CHENG SIN YENG

Chairman and Managing Director Director

Kuala Lumpur, Malaysia


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STATEMENT BY DIRECTORSPURSUANT TO SECTION 169(15) OF THE COMPANIES ACT, 1965

STATUTORY DECLARATIONPURSUANT TO SECTION 169(16) OF THE COMPANIES ACT, 1965

We, Tan Sri William H.J. Cheng and Cheng Sin Yeng, being two o the Directors o Parkson Holdings Berhad, dohereby state that, in the opinion o the Directors, the accompanying nancial statements set out on pages 45 to 148 aredrawn up in accordance with Financial Reporting Standards in Malaysia and the Companies Act, 1965, so as to give atrue and air view o the nancial position o the Group and o the Company as at 30 June 2011 and o their nancialperormance and cash fows or the year then ended.

The supplementary inormation set out in Note 45 to the nancial statements on page 149 has been prepared inaccordance with the Guidance on Special Matter No. 1, DeterminationofRealisedandUnrealisedProtsorLossesintheContextofDisclosuresPursuanttoBursaMalaysiaSecuritiesBerhadListingRequirements, as issued by the MalaysianInstitute o Accountants, and the directive o Bursa Malaysia Securities Berhad.

Signed on behal o the Board in accordance with a resolution o the Directors dated 14 October 2011.

TAN SRI WILLIAM H.J. CHENG CHENG SIN YENGChairman and Managing Director Director

Kuala Lumpur, Malaysia

I, Tan Sri William H.J. Cheng, the Director primarily responsible or the nancial management oParkson HoldingsBerhad, do solemnly and sincerely declare that the accompanying nancial statements set out on pages 45 to 149 arein my opinion correct, and I make this solemn declaration conscientiously believing the same to be true and by virtueo the provisions o the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by theabovenamed Tan Sri William H.J. Cheng

at Kuala Lumpur in the Federal Territoryon 14 October 2011. TAN SRI WILLIAM H.J. CHENG

Beore me,

W259AHMAD B. LAYACommissioner or OathsKuala Lumpur


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INDEPENDENT AUDITORS REPORTTO THE MEMBERS OF PARKSON HOLDINGS BERHAD

REPORT ON THE FINANCIAL STATEMENTS

We have audited the nancial statements o Parkson Holdings Berhad, which comprise the statements o nancialposition as at 30 June 2011 o the Group and o the Company, and the income statements, statements o comprehensiveincome, statements o changes in equity and statements o cash fows o the Group and o the Company or the year thenended, and a summary o signicant accounting policies and other explanatory notes, as set out on pages 45 to 148.

Directorsresponsibilityforthenancialstatements

The Directors o the Company are responsible or the preparation and air presentation o these nancial statements inaccordance with Financial Reporting Standards and the Companies Act, 1965 in Malaysia, and or such internal controlsas the Directors determine are necessary to enable the preparation o nancial statements that are ree rom materialmisstatement, whether due to raud or error.

Auditorsresponsibility

Our responsibility is to express an opinion on these nancial statements based on our audit. We conducted our auditin accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethicalrequirements and plan and perorm the audit to obtain reasonable assurance about whether the nancial statementsare ree rom material misstatement.

An audit involves perorming procedures to obtain audit evidence about the amounts and disclosures in the nancialstatements. The procedures selected depend on our judgement, including the assessment o risks o material misstatemento the nancial statements, whether due to raud or error. In making those risk assessments, we consider internal controlrelevant to the entitys preparation o nancial statements that give a true and air view in order to design audit proceduresthat are appropriate in the circumstances, but not or the purpose o expressing an opinion on the eectiveness o theentitys internal control. An audit also includes evaluating the appropriateness o the accounting policies used and thereasonableness o accounting estimates made by the Directors, as well as evaluating the overall presentation o thenancial statements.

We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis or our audit opinion.

Opinion

In our opinion, the nancial statements have been properly drawn up in accordance with Financial Reporting Standardsand the Companies Act, 1965 in Malaysia so as to give a true and air view o the nancial position o the Group ando the Company as at 30 June 2011 and o their nancial perormance and cash fows or the year then ended.

REPORT ON OTHER LEGAL AND REGULATORY REqUIREMENTS

In accordance with the requirements o the Companies Act, 1965 in Malaysia, we also report the ollowing:

(a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Companyand its subsidiaries o which we have acted as auditors have been properly kept in accordance with the provisionso the Act.

(b) We have considered the nancial statements and the auditors reports o all the subsidiaries o which we havenot acted as auditors, which are indicated in Note 15 to the nancial statements, being nancial statements thathave been included in the consolidated nancial statements.

(c) We are satised that the nancial statements o the subsidiaries that have been consolidated with the nancialstatements o the Company are in orm and content appropriate and proper or the purposes o the preparationo the consolidated nancial statements and we have received satisactory inormation and explanations requiredby us or those purposes.

(d) The auditors reports on the nancial statements o the subsidiaries were not subject to any material qualicationand did not include any comment required to be made under Section 174(3) o the Act.


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OTHER MATTERS

The supplementary inormation set out in Note 45 to the nancial statements on page 149 is disclosed to meet therequirement o Bursa Malaysia Securities Berhad. The Directors are responsible or the preparation o the supplementaryinormation in accordance with the Guidance on Special Matter No. 1,DeterminationofRealisedandUnrealisedProtsorLossesintheContextofDisclosuresPursuanttoBursaMalaysiaSecuritiesBerhadListingRequirements , as issued bythe Malaysian Institute o Accountants (MIA Guidance) and the directive o Bursa Malaysia Securities Berhad. In ouropinion, the supplementary inormation is prepared, in all material respects, in accordance with the MIA Guidanceand the directive o Bursa Malaysia Securities Berhad.

This report is made solely to the members o the Company, as a body, in accordance with Section 174 o the CompaniesAct, 1965 in Malaysia and or no other purpose. We do not assume responsibility to any other person or the contento this report.

Ernst & Young Low Khung LeongAF: 0039 No. 2697/01/13(J)Chartered Accountants Chartered Accountant

Kuala Lumpur, Malaysia14 October 2011

INDEPENDENT AUDITORS REPORTTO THE MEMBERS OF PARKSON HOLDINGS BERHAD (continued)


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INCOME STATEMENTSFOR THE FINANCIAL YEAR ENDED 30 JUNE 2011

Group CompanyNote 2011 2010 2011 2010

RM000 RM000 RM000 RM000

Revenue 3 2,925,082 2,722,256 100,000 100,000

Other items o incomeFinance income 4 141,701 114,504 1,755 1,597Other income 5 308,755 285,526 1 10

Items o epensePurchase o goods and changes

in inventories (954,398) (907,391) Employee benets expense 6 (263,677) (268,562) (436) (504)Depreciation and amortisation (141,558) (132,677) (2)

Promotional and advertising expenses (91,325) (72,915) Rental expenses (494,992) (453,604) Other expenses (458,164) (411,922) (4,336) (2,040)

Operating prot 971,424 875,215 96,982 99,063Finance costs 4 (166,290) (171,195) (2,099) (14,367)Share o results o an associate 133 153

Prot beore ta 7 805,267 704,173 94,883 84,696Income tax (expense)/credit 8 (198,645) (170,575) 353 1,584

Prot or the year 606,622 533,598 95,236 86,280

Prot or the year attributable to:Owners o the parent 348,404 285,128 95,236 86,280Minority interests 258,218 248,470

606,622 533,598 95,236 86,280

Earnings per share attributable toowners o the parent (sen)Basic 10(a) 32.33 27.96Diluted 10(b) 32.22 27.47

The accompanying accounting policies and explanatory notes orm an integral part o the nancial statements.


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STATEMENTS OF COMPREHENSIVE INCOMEFOR THE FINANCIAL YEAR ENDED 30 JUNE 2011

Group Company2011 2010 2011 2010

RM000 RM000 RM000 RM000

Prot or the year 606,622 533,598 95,236 86,280

Other comprehensive income/(loss)Gain on air value changes on

available-or-sale nancial assets 91 Gain on air value changes in hedging

instruments on cash fow hedges 12,728 1,481 Foreign currency translation (88,208) (177,498)

Other comprehensive loss or the year,net o ta (75,389) (176,017)

Total comprehensive income or the year 531,233 357,581 95,236 86,280

Total comprehensive income or the yearattributable to:

Owners o the parent 295,462 176,667 95,236 86,280Minority interests 235,771 180,914

531,233 357,581 95,236 86,280



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STATEMENTS OF FINANCIAL POSITIONAS AT 30 JUNE 2011


RM000 RM000 RM000 RM000

Assets

Non-current assetsProperty, plant and equipment 11 1,493,277 1,609,255 135 Investment properties 12 178,200 31,671 Intangible assets 13 1,235,534 1,244,742 28 28Land use rights 14 272,005 282,413 Investments in subsidiaries 15 23,758 23,152Investment in an associate 16 937 1,152 Deerred tax assets 18 38,106 35,824 Other assets 19 97,207 64,793

Amounts due rom subsidiaries 20 7,901,958 8,106,224Investment securities 21 14,543 650,840 Derivatives 22 52

3,329,861 3,920,690 7,925,879 8,129,404

Current assetsInventories 23 246,240 213,012 Trade and other receivables 24 345,849 328,726 25,753 24,130Amounts due rom subsidiaries 20 118,941 Investment securities 21 604,447 Tax recoverable 3,848 2,270 Deposits, cash and bank balances 25 2,740,698 2,273,802 7,140 7,232

3,941,082 2,817,810 151,834 31,362

Total assets 7,270,943 6,738,500 8,077,713 8,160,766

Euity and liabilities

Euity attributable to ownerso the parent

Share capital 26 1,093,673 1,036,410 1,093,673 1,036,410Share premium 26 3,729,979 3,593,554 3,729,979 3,593,554Treasury shares 26 (13,707) (60,929) (13,707) (60,929)Other reserves 27 (2,771,887) (2,923,812) 2,926,501 2,940,599

Retained prots 29 198,032 237,457 338,917 415,464

2,236,090 1,882,680 8,075,363 7,925,098Minority interests 1,147,275 990,957

Total euity 3,383,365 2,873,637 8,075,363 7,925,098


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STATEMENTS OF FINANCIAL POSITIONAS AT 30 JUNE 2011 (continued)


RM000 RM000 RM000 RM000

Non-current liabilitiesDeerred tax liabilities 18 114,085 123,716 353Loans and borrowings 30 739,151 623,953 109 Senior guaranteed notes 33 1,049,787 Long term payables 34 73,050 71,726 Derivative nancial

instruments designatedas hedging instruments 41(c) 22,236 22,056

948,522 1,891,238 109 353

Current liabilitiesTrade and other payables

and other liabilities 35 1,703,585 1,600,962 2,223 1,763Loans and borrowings 30 581,177 328,217 18 233,552Senior guaranteed notes 33 603,280 Tax payables 46,497 44,446 Derivative nancial

instruments designatedas hedging instruments 41(c) 4,517

2,939,056 1,973,625 2,241 235,315

Total liabilities 3,887,578 3,864,863 2,350 235,668

Total euity and liabilities 7,270,943 6,738,500 8,077,713 8,160,766



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CONSOLIDATED STATEMENT OF CHANGES IN EqUITYFOR THE FINANCIAL YEAR ENDED 30 JUNE 2011

Attributable to owners o the parentNon-distributable

Share Share Treasury Other Retained Minority TotalNote capital premium shares reserves prots Total interests equity

RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000(Note 26) (Note 26) (Note 26) (Note 27) (Note 29)

At 1 July 2010 1,036,410 3,593,554 (60,929) (2,923,812) 237,457 1,882,680 990,957 2,873,637Eects o adopting FRS 139 (811) (811) (811)

1,036,410 3,593,554 (60,929) (2,923,812) 236,646 1,881,869 990,957 2,872,826

Total comprehensive income/(loss) or the year (52,942) 348,404 295,462 235,771 531,233

Transactions with ownersAppropriation o prot to

capital reserves 9,687 (9,687) Dilution o interest in

subsidiaries (93) 4,367 4,274 35,850 40,124Conversion o RCSLS 57,200 184,713 (13,589) 228,324 228,324Employee share options lapsed (1,025) 1,025 Employee share options

exercised 63 396 (680) (221) (524) (745)Purchase o treasury shares 26 (1,462) (1,462) (1,462)Transer to merger decit 209,607 (209,607) Equity-settled share option

arrangements granted by:- The Company 640 640 640- A subsidiary 424 424 400 824

Disposal o a jointly controlledentity (104) (308) (412) (390) (802)

Dividends to minority interests (114,789) (114,789)Dividends paid: 9

- Cash dividend (172,808) (172,808) (172,808)- Share dividend (48,684) 48,684

Total transactions with owners 57,263 136,425 47,222 204,867 (387,018) 58,759 (79,453) (20,694)

At 30 June 2011 1,093,673 3,729,979 (13,707) (2,771,887) 198,032 2,236,090 1,147,275 3,383,365


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CONSOLIDATED STATEMENT OF CHANGES IN EqUITYFOR THE FINANCIAL YEAR ENDED 30 JUNE 2011 (continued)

Attributable to owners o the parentNon-distributable

Share Share Treasury Other Retained Minority TotalNote capital premium shares reserves prots Total interests equity

RM000 RM000 RM000 RM000 RM000 RM000 RM000 RM000(Note 26) (Note 26) (Note 26) (Note 27) (Note 29)

At 1 July 2009 1,036,410 3,637,912 (93,849) (3,328,318) 497,426 1,749,581 934,787 2,684,368

Total comprehensive income/(loss) or the year (108,461) 285,128 176,667 180,914 357,581

Transactions with ownersAppropriation o prot to

capital reserves 11,305 (11,305)

Dilution o interest in asubsidiary (130) (130) 7,635 7,505

Employee share options lapsed (587) 587 Employee share options

exercised (930) (930) (875) (1,805)Purchase o treasury shares 26 (11,438) (11,438) (11,438)Transer to merger decit 483,652 (483,652) Equity-settled share option

arrangements granted by:- The Company 9,449 9,449 9,449- A subsidiary 10,208 10,208 9,604 19,812

Acquisition o minority interests (36,839) (36,839)Dividends to minority interests (104,269) (104,269)Dividends paid: 9

- Cash dividend (50,727) (50,727) (50,727)- Share dividend (44,358) 44,358

Total transactions with owners (44,358) 32,920 512,967 (545,097) (43,568) (124,744) (168,312)

At 30 June 2010 1,036,410 3,593,554 (60,929) (2,923,812) 237,457 1,882,680 990,957 2,873,637



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COMPANY STATEMENT OF CHANGES IN EqUITYFOR THE FINANCIAL YEAR ENDED 30 JUNE 2011

Non-distributable DistributableShare Share Treasury Other Retained Total

Note capital premium shares reserves profts equityRM000 RM000 RM000 RM000 RM000 RM000

(Note 26) (Note 26) (Note 26) (Note 27) (Note 29)

At 1 July 2010 1,036,410 3,593,554 (60,929) 2,940,599 415,464 7,925,098

Total comprehensive incomeor the year 95,236 95,236

Transactions with ownersEquity-settled share option

arrangements granted 640 640Conversion o RCSLS 57,200 184,713 (13,589) 228,324

Employee share options lapsed (1,025) 1,025 Employee share options

exercised 63 396 (124) 335Purchase o treasury shares 26 (1,462) (1,462)Dividends paid: 9

- Cash dividend (172,808) (172,808)- Share dividend (48,684) 48,684

Total transactions with owners 57,263 136,425 47,222 (14,098) (171,783) 55,029

At 30 June 2011 1,093,673 3,729,979 (13,707) 2,926,501 338,917 8,075,363

At 1 July 2009 1,036,410 3,637,912 (93,849) 2,931,737 379,324 7,891,534

Total comprehensive incomeor the year 86,280 86,280

Transactions with ownersEquity-settled share option

arrangements granted 9,449 9,449Employee share options lapsed (587) 587 Purchase o treasury shares 26 (11,438) (11,438)Dividends paid: 9

- Cash dividend (50,727) (50,727)- Share dividend (44,358) 44,358

Total transactions with owners (44,358) 32,920 8,862 (50,140) (52,716)

At 30 June 2010 1,036,410 3,593,554 (60,929) 2,940,599 415,464 7,925,098



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STATEMENTS OF CASH FLOWSFOR THE FINANCIAL YEAR ENDED 30 JUNE 2011


RM000 RM000 RM000 RM000

Cash fows rom operating activitiesProt beore tax 805,267 704,173 94,883 84,696Adjustments or:

Depreciation and amortisation 7 141,558 132,677 2 Amortisation o deerred lease

expenses and income - net 7 502 Property, plant and equipment

written o 7 2,717 927 (Reversal o)/Allowance or

impairment on receivables - net 7 (80) 428 Write down o inventories 7 434 263

Employee share-based payments 6 1,464 29,261 34 90Unrealised exchange (gain)/loss 7 (1,841) 2,605 Loss on disposal o property, plant

and equipment 7 804 323 Share o results o an associate (133) (153) Interest expenses 4 152,588 171,195 2,099 14,367Premium arising rom early

redemption o the SGN2012 4 13,702 Interest income 4 (141,701) (114,504) (1,755) (1,597)Gain on dilution o interest in a

subsidiary 5 (7,192) Gain on disposal o a jointly

controlled entity 5 (20,794) Net air value gain on derivatives 5 (52) Dividend income (gross) 3 (100,000) (100,000)

Operating prot/(loss) beoreworking capital changes 954,435 920,003 (4,737) (2,444)

Changes in working capital:Inventories (30,820) (5,901) Receivables and other assets 6,299 18,905 85,326 (28,216)Payables 81,224 133,117 460 157

Net changes in working capital 56,703 146,121 85,786 (28,059)

Dened benet plan paid 34 (4)

Taxes paid (208,348) (164,022) (13)Interest paid (159,880) (162,192) (7,327) (8,096)Interest received 114,125 115,298 131 2,925

Net cash rom/(used in) operatingactivities 757,031 855,208 73,853 (35,687)


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STATEMENTS OF CASH FLOWSFOR THE FINANCIAL YEAR ENDED 30 JUNE 2011 (continued)


RM000 RM000 RM000 RM000

Cash fows rom investing activitiesPurchase o property, plant and

equipment 11 (163,667) (349,572) (10) Additions to investment properties 12 (42,661) Proceeds rom disposal o property,

plant and equipment 543 1,102 Proceeds rom disposal o a jointly

controlled entity 17 27,697 Net cash infow on acquisition o

subsidiaries 15 9,492 26,469 Acquisition o minority interests (99,101) Purchase o investment securities (14,452)

Dividends received rom:- A subsidiary 100,000 100,000- An associate 451 395

Net cash (used in)/rom investingactivities (182,597) (420,707) 99,990 100,000

Cash fows rom nancing activitiesDividends paid to:

- Shareholders o the Company (172,808) (50,727) (172,808) (50,727)- Minority shareholders (114,789) (104,269)

Issuance o shares by:- The Company 335 335 - Subsidiaries 9,718 13,354

Purchase o treasury shares (1,462) (11,438) (1,462) (11,438)Proceeds rom loans and borrowings 753,327 94,564 Repayment o loans, borrowings,

notes and derivatives liability (521,950) (49,887) Hire purchase principal payments (94) (328)

Net cash used in nancing activities (47,723) (108,731) (173,935) (62,165)

Net increase/(decrease) in cash andcash euivalents 526,711 325,770 (92) 2,148

Eects o changes in exchange rates (62,338) (145,479) Cash and cash euivalents at

beginning o year 2,273,802 2,093,511 7,232 5,084

Cash and cash euivalents atend o year 25 2,738,175 2,273,802 7,140 7,232



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NOTES TO THE FINANCIAL STATEMENTS30 JUNE 2011

1. CORPORATE INFORMATION

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Marketo Bursa Malaysia Securities Berhad (Bursa Securities). The registered oce and the principal place o business o theCompany are both located at Level 14, Oce Tower, No. 1 Jalan Nagasari (O Jalan Raja Chulan), 50200 Kuala Lumpur.

The principal activity o the Company is investment holding. The principal activities o its subsidiaries are set outin Note 15. There have been no signicant changes in the nature o the principal activities o the Company ando the Group during the nancial year.

The nancial statements were authorised or issue by the Board o Directors in accordance with a resolution othe Directors on 14 October 2011.

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis o preparation

The nancial statements o the Group and o the Company have been prepared in accordance with FinancialReporting Standards (FRSs) and the Companies Act, 1965 in Malaysia. At the beginning o the currentnancial year, the Company adopted new and revised FRSs which are mandatory or the nancial periodsbeginning on or ater 1 July 2010 as described ully in Note 2.2.

The nancial statements have been prepared on the historical cost basis except as disclosed in the accountingpolicies below.

The nancial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearestthousand (RM000) except when otherwise indicated.

2.2 Changes in accounting policies

The accounting policies adopted are consistent with those o the previous nancial year except as ollows:

On 1 July 2010, the Group and the Company adopted the ollowing applicable new and amended FRSsand IC Interpretations mandatory or annual nancial periods beginning on or ater 1 July 2010:

FRS1First-timeAdoptionofFinancialReportingStandards* FRS3BusinessCombinations(Revised) FRS4InsuranceContracts* FRS7FinancialInstruments:Disclosures FRS101PresentationofFinancialStatements(Revised) FRS123BorrowingCosts

FRS139FinancialInstruments:RecognitionandMeasurement AmendmentstoFRS1First-timeAdoptionofFinancialReportingStandardsand FRS 127Consolidated

andSeparateFinancialStatements:Costofan InvestmentinaSubsidiary,JointlyControlledEntityorAssociate

AmendmentstoFRS2Share-basedPayment:VestingConditionsandCancellations AmendmentstoFRS2Share-basedPayment AmendmentstoFRS5Non-currentAssetsHeldforSaleandDiscontinuedOperations* AmendmentstoFRS127ConsolidatedandSeparateFinancialStatements AmendmentstoFRS132FinancialInstruments:Presentation AmendmentstoFRS132ClassicationofRightIssues* AmendmentstoFRS138IntangibleAssets Amendments to FRS 139Financial Instruments:Recognition andMeasurement,FRS 7Financial

Instruments:Disclosuresand IC Interpretation 9ReassessmentofEmbeddedDerivatives


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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.2 Changes in accounting policies (continued)

AmendmentstoICInterpretation9ReassessmentofEmbeddedDerivatives ImprovementstoFRSsissuedin2009 ICInterpretation9ReassessmentofEmbeddedDerivatives ICInterpretation10InterimFinancialReportingandImpairment ICInterpretation11FRS2-GroupandTreasuryShareTransactions ICInterpretation12ServiceConcessionArrangements* ICInterpretation13CustomerLoyaltyProgrammes ICInterpretation14FRS119-TheLimitonaDenedBenetAsset,MinimumFundingRequirements

andtheirInteraction* ICInterpretation16HedgesofaNetInvestmentinaForeignOperation* ICInterpretation17DistributionsofNon-cashAssetstoOwners*

TRi-3PresentationofFinancialStatementsofIslamicFinancialInstitutions*

* These new and amended FRSs and IC interpretations are, however, not applicable to the Group andthe Company.

Adoption o the above standards and interpretations did not have any eect on the nancial perormanceor position o the Group and o the Company except or those discussed below:

FRS 7 FinancialInstruments:Disclosures

Prior to 1 July 2010, inormation about nancial instruments was disclosed in accordance with therequirements o FRS 132 Financial Instruments:DisclosureandPresentation. FRS 7 introduces newdisclosures to improve the inormation about nancial instruments. It requires the disclosure o qualitative

and quantitative inormation about exposure to risks arising rom nancial instruments, including speciedminimum disclosures about credit risk, liquidity risk and market risk, including sensitivity analysis to marketrisk.

The Group and the Company have applied FRS 7 prospectively in accordance with the transitional provisions.Hence, the new disclosures have not been applied to the comparatives. The new disclosures are includedthroughout the Groups and the Companys nancial statements or the year ended 30 June 2011.

FRS 101 PresentationofFinancialStatements(Revised)

The revised FRS 101 introduces changes in the presentation and disclosures o nancial statements. Therevised Standard separates owner and non-owner changes in equity. The statement o changes in equityincludes only details o transactions with owners, with all non-owner changes in equity presented as asingle line. The Standard also introduces the statement o comprehensive income, with all items o income

and expense recognised in prot or loss, together with all other items o income and expense recogniseddirectly in equity, either in one single statement, or in two linked statements. The Group and the Companyhave elected to present this statement as two linked statements.

In addition, a statement o nancial position is required at the beginning o the earliest comparative periodollowing a change in accounting policy, the correction o an error or the classication o items in thenancial statements.

The revised FRS 101 also requires the Group and the Company to make new disclosures to enable userso the nancial statements to evaluate the Groups and the Companys objectives, policies and processesor managing capital.

The revised FRS 101 was adopted retrospectively by the Group and the Company.


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FRS 127 ConsolidatedandSeparateFinancialStatements(Revised)

Changes in signiicant accounting policies resulting rom the adoption o the revised FRS 127include:

achangeintheownershipinterestofasubsidiarythatdoesnotresultinalossofcontrol,isaccountedor as an equity transaction. Thereore, such a change will have no impact on goodwill, nor will itgive rise to a gain or loss;

lossesincurredbyasubsidiaryareallocatedtotheminorityinterestevenifthelossesexceedtheminority interest in the subsidiarys equity; and

whencontrolovera subsidiaryis lost, anyinterestretainedismeasuredatfairvaluewiththecorresponding gain or loss recognised in prot or loss.

According to its transitional provisions, the revised FRS 127 has been applied prospectively, and doesnot impact the Groups consolidated nancial statements in respect o transactions with minority interest,attribution o losses to minority interest, and disposal o subsidiaries beore 1 July 2010. The changes willaect uture transactions with minority interest.

FRS 139 FinancialInstruments:RecognitionandMeasurement

FRS 139 establishes principles or recognising and measuring nancial assets, nancial liabilities andsome contracts to buy and sell non-nancial items. The Group and the Company have adopted FRS 139prospectively on 1 July 2010 in accordance with the transitional provisions. The eects arising rom theadoption o this Standard have been accounted or by adjusting the opening balance o retained prots asat 1 July 2010. Comparatives are not restated. The details o the changes in accounting policies and theeects arising rom the adoption o FRS 139 are discussed below:

Equityinstruments

Prior to 1 July 2010, the Group classied its investments in equity instruments which were heldor non-trading purposes as non-current investments. Such investments were carried at cost lessimpairment losses. Upon the adoption o FRS 139, these investments, except or those whose airvalue cannot be reliably measured, are designated at 1 July 2010 as available-or-sale nancial assetsand accordingly are stated at their air values as at that date. There are no material adjustment totheir previous carrying amounts to be recognised as adjustments to the opening balance o retainedprots as at 1 July 2010.

Debtsecurities

Prior to 1 July 2010, investments in debt securities were stated at amortised cost using the eectiveinterest rate method. Upon the adoption o FRS 139, these investments are designated as at 1 July2010 as held-to-maturity investments. The carrying values o held-to-maturity debt securities as at1 July 2010 amounted to RM650,840,000. The air values o these held-to-maturity debt securitiesapproximate their carrying amounts as at 1 July 2010.

Non-hedgingderivatives

Prior to 1 July 2010, all derivative nancial instruments were recognised in the nancial statementsonly upon settlement except or those which qualiy or hedge accounting under FRS 139. Hence,upon the adoption o FRS 139, all derivatives held by the Group as at 1 July 2010 except or thosedesignated as hedging instruments are recognised at their air values and are classied as nancialassets at air value through prot or loss.


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FRS 139 FinancialInstruments:RecognitionandMeasurement (continued)

Impairmentoftradereceivables

Prior to 1 July 2010, allowance or doubtul debts was recognised when it was considered uncollectible.Upon the adoption o FRS 139, an impairment loss is recognised when there is objective evidence thatan impairment loss has been incurred. The amount o the loss is measured as the dierence betweenthe receivables carrying amount and the present value o the estimated uture cash fows discountedat the receivables original eective interest rate. As at 1 July 2010, the Group has remeasured theallowance or impairment losses as at that date in accordance with FRS 139 and concluded that thereare no material adjustments required to the opening balance o retained prots.

Inter-companyloans

During the current and prior years, the Company granted interest-ree or below market interest loansand advances to its subsidiaries. Prior to 1 July 2010, these loans and advances were recorded at costin the Companys nancial statements. Upon the adoption o FRS 139, other than those inter-companyloans that are repayable on demand, the interest-ree or below market interest loans or receivablesare recorded initially at a air value. The dierence between the air value and carrying value o theloans or advances are recognised as an additional investment in the subsidiary. Subsequent to initialrecognition, the loans and advances are measured at amortised cost. As at 1 July 2010, the Companyhas concluded that the eects arising rom the adoption o FRS 139 are not material.

Rentaldepositsreceivableandpayable

During the current and prior years, the Group received and granted interest-ree rental deposits rom/to its landlords and tenants. Prior to 1 July 2010, these rental deposits were recorded at cost in thenancial statements o the Group. Upon the adoption o FRS 139, the interest-ree rental deposits arerecorded initially at their air values. The dierences between the air value and the absolute rentaldeposits received/paid represent deerred lease expense/income. Subsequent to the initial recognition,the deerred lease expense/income are measured at amortised cost. As at 1 July 2010, the Group hasremeasured such rental deposits receivable and payable at their amortised cost o RM28,319,000and RM4,773,000 respectively. The adjustments to their previous carrying amounts are recognisedas adjustments to the opening balance o retained prots as at 1 July 2010.

The eects arising rom the above changes in accounting policies are as ollows:

Increase/(Decrease)

As at As atGroup 30.6.2011 1.7.2010

RM000 RM000Statement o nancial positionNon-current assetsOther assets:- Rental deposits receivable (34,023) (28,208)- Deerred lease expenses 32,475 27,204

Non-current liabilitiesLong term payables:- Rental deposits payable (6,341) (5,168)- Deerred lease income 5,995 4,975

Retained prots (1,202) (811)


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FRS 139 FinancialInstruments:RecognitionandMeasurement (continued)

Rentaldepositsreceivableandpayable(continued)

Increase/(Decrease)Group 2011

RM000

Income statement

Revenue 1,353Finance income 1,305Rental expenses 1,855Operating prot 803Finance costs 1,194Prot beore tax/or the year (391)

Amendments to FRS 140 InvestmentProperty

On 1 July 2010, the Group adopted the amendments to FRS 140 InvestmentPropertywhich arose romthe Improvements to FRSs issued in 2009.

The Group has properties that are being constructed or uture use classied as investment properties. Suchinvestment properties under construction (IPUC) were accounted as property, plant and equipment. Uponadoption o the amendments to FRS 140, these IPUC are reclassied as investment properties and measured at cost.

The Group applied the amendments prospectively. As a result o the adoption o the amendments to FRS140, as at 1 July 2010, the Group has reclassied the IPUC o RM105,625,000 rom property, plant andequipment to investment properties, which represents the cost o IPUC as at 30 June 2010.

2.3 Standards and interpretations issued but not yet eective

The Group has not adopted the ollowing standards and interpretations that have been issued but not yeteective:

Eective or annual periods beginning on or ater 1 January 2011

AmendmentstoFRS1LimitedExemptionfromComparativeFRS7DisclosuresforFirst-timeAdopters* AmendmentstoFRS2GroupCash-settledShare-basedPaymentTransactions AmendmentstoFRS3BusinessCombinations AmendmentstoFRS7ImprovingDisclosuresaboutFinancialInstruments

ImprovementstoFRSsissuedin2010 ICInterpretation4DeterminingWhetheranArrangementContainsaLease ICInterpretation18TransferofAssetsfromCustomers*Eective or annual periods beginning on or ater 1 July 2011

AmendmentstoICInterpretation14PrepaymentsofaMinimumFundingRequirement* ICInterpretation19ExtinguishingFinancialLiabilitieswithEquityInstruments

Eective or annual periods beginning on or ater 1 January 2012

FRS124RelatedPartyTransactions ICInterpretation15AgreementsfortheConstructionofRealEstate*

* These new and amended FRSs and IC interpretations are, however, not applicable to the Group and

the Company.

The Directors expect that the adoption o the standards and interpretations above will not have any materialimpact on the nancial statements in the period o initial application.


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2.4 Summary o signicant accounting policies

(a) Subsidiaries and basis o consolidation

(i) Subsidiaries

Subsidiaries are entities over which the Group has the ability to control the nancial andoperating policies so as to obtain benets rom their activities. The existence and eect opotential voting rights that are currently exercisable or convertible are considered whenassessing whether the Group has such power over another entity.

In the Companys separate nancial statements, investments in subsidiaries are stated at costless impairment losses. On disposal o such investments, the dierence between net disposal

proceeds and their carrying amounts is included in prot or loss.

(ii) Basis o consolidation

The consolidated nancial statements comprise the nancial statements o the Company andits subsidiaries as at the reporting date. The nancial statements o the subsidiaries used in thepreparation o the consolidated nancial statements are prepared or the same reporting dateas the Company. Consistent accounting policies are applied to like transactions and eventsin similar circumstances.

All intra-group balances, income and expenses and unrealised gains and losses resultingrom intra-group transactions are eliminated in ull except or unrealised losses, which arenot eliminated i there are indications o impairment.

Acquisitions o subsidiaries are accounted or by applying the purchase method. Identiableassets acquired and liabilities and contingent liabilities assumed in a business combinationare measured initially at their air values at the acquisition date. Adjustments to those airvalues relating to previously held interests are treated as a revaluation and recognised in othercomprehensive income. The cost o a business combination is measured as the aggregate othe air values, at the date o exchange, o the assets given, liabilities incurred or assumed, andequity instruments issued, plus any costs directly attributable to the business combination.

Any excess o the cost o business combination over the Groups share in the net air value othe acquired subsidiarys identiable assets, liabilities and contingent liabilities is recordedas goodwill on the statement o nancial position. Any excess o the Groups share in the netair value o the acquired subsidiarys identiable assets, liabilities and contingent liabilitiesover the cost o business combination is recognised as income in prot or loss on the date oacquisition. When the Group acquires a business, embedded derivatives separated rom the

host contract by the acquiree are reassessed on acquisition unless the business combinationresults in a change in the terms o the contract that signicantly modies the cash fows thatwould otherwise be required under the contract.

Subsidiaries are consolidated rom the date o acquisition, being the date on which the Groupobtains control, and continue to be consolidated until the date that such control ceases.

Business combinations involving entities under common control are accounted or by applyingthe pooling o interest method. The assets and liabilities o the combining entities are refectedat their carrying amounts reported in the consolidated nancial statements o the controllingholding company.

Any dierence between the consideration paid and the share capital o the acquired entityis refected within equity as merger reserve/decit. The prot or loss refect the results othe combining entities or the ull year, irrespective o when the combination takes place.Comparatives are presented i the entities had always been combined since the date the entitieshad come under common control.


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2.4 Summary o signicant accounting policies (continued)

(a) Subsidiaries and basis o consolidation (continued)

(ii) Basis o consolidation (continued)

At each reporting date, the Groups retained prots or the immediate preceding nancialyear in relation to the entities under common control, ater adjusting or proposed/declareddividend as at that date will be transerred to merger decit.

(iii) Transactions with minority interests

Minority interests represent the portion o prot or loss and net assets in subsidiaries not held

by the Group and are presented separately in prot or loss o the Group and within equity inthe consolidated statement o nancial position, separately rom parent shareholders equity.Transactions with minority interests are accounted or using the entity concept method,whereby, transactions with minority interests are accounted or as transactions with owners.On acquisition o minority interests, the dierence between the consideration and book valueo the share o the net assets acquired is recognised directly in equity. Gain or loss on disposalto minority interests is recognised directly in equity.

(b) Associates

An associate is an entity, not being a subsidiary or a joint venture, in which the Group has signicantinfuence. An associate is equity accounted or rom the date the Group obtains signicant infuenceuntil the date the Group ceases to have signicant infuence over the associate.

The Groups investments in associates are accounted or using the equity method. Under the equitymethod, the investment in associates is measured in the statement o nancial position at cost pluspost-acquisition changes in the Groups share o net assets o the associates. Goodwill relating toassociates is included in the carrying amount o the investment. Any excess o the Groups share othe net air value o the associates identiable assets, liabilities and contingent liabilities over thecost o the investment is excluded rom the carrying amount o the investment and is instead includedas income in the determination o the Groups share o the associates prot or loss or the period inwhich the investment is acquired.

When the Groups share o losses in an associate equals or exceeds its interest in the associate, theGroup does not recognise urther losses, unless it has incurred obligations or made payments onbehal o the associate.

Ater application o the equity method, the Group determines whether it is necessary to recognisean additional impairment loss on the Groups investment in its associates. The Group determines ateach reporting date whether there is any objective evidence that the investment in the associate isimpaired. I this is the case, the Group calculates the amount o impairment as the dierence betweenthe recoverable amount o the associate and its carrying value and recognises the amount in protor loss.

The nancial statements o the associates are prepared as o the same reporting date as the Company.Where necessary, adjustments are made to bring the accounting policies in line with those o theGroup.

In the Companys separate nancial statements, investments in associates are stated at cost lessimpairment losses. On disposal o such investments, the dierence between net disposal proceeds

and their carrying amounts is included in prot or loss.


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(c) Jointly controlled entity (JCE)

A JCE is a contractual arrangement whereby two or more parties undertake an economic activity thatis subject to joint control, where the strategic nancial and operating decisions relating to the activityrequire the unanimous consent o the parties sharing control. The Group recognises its interest in

JCE using proportionate consolidation. The Group combines its share o each o the assets, liabilities,income and expenses o the JCE with the similar items, on a line-by-line basis, in its consolidatednancial statements. The JCE is proportionately consolidated rom the date the Group obtains jointcontrol until the date the Group ceases to have joint control over the JCE.

Adjustments are made in the Groups consolidated nancial statements to eliminate the Groups

share o intragroup balances, income and expenses and unrealised gains and losses on transactionsbetween the Group and its JCE.

The nancial statements o the JCE are prepared as o the same reporting date as the Group. Wherenecessary, adjustments are made to bring the accounting policies in line with those o the Group.

(d) Property, plant and euipment and depreciation

All items o property, plant and equipment are initially recorded at cost. Subsequent costs areincluded in the assets carrying amount or recognised as a separate asset, as appropriate, only whenit is probable that uture economic benets associated with the item will fow to the Group and thecost o the item can be measured reliably.

Subsequent to recognition, plant and equipment are measured at cost less accumulated depreciationand accumulated impairment losses. When signicant parts o plant and equipment are required tobe replaced in intervals, the Group recognises such parts as individual assets with specic useul livesand depreciation respectively. Likewise, when a major inspection is perormed, its cost is recognisedin the carrying amount o the plant and equipment as a replacement i the recognition criteria aresatised. All other repair and maintenance costs are recognised in prot or loss as incurred.

Depreciation o property, plant and equipment is provided or on a straight-line basis to write o thecost o each asset to its residual value over the estimated useul lie, at the ollowing annual rates:

Buildings 2% - 8%Oce equipment and vehicles 10% - 25%Furniture, ttings and other equipment 10% - 20%Renovation 10% - 20%

Capital work-in-progress included in property, plant and equipment are not depreciated as theseassets are not yet available or use.

The carrying values o property, plant and equipment are reviewed or impairment when events orchanges in circumstances indicate that the carrying value may not be recoverable.

The residual value, useul lie and depreciation method are reviewed at each reporting date, andadjusted prospectively, i appropriate.

An item o property, plant and equipment is derecognised upon disposal or when no uture economicbenets are expected rom its use or disposal. Any gain or loss on derecognition o the asset is includedin prot or loss in the year the asset is derecognised.


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(e) Investment properties

Investment properties and IPUC are initially measured at cost, including transaction costs. Subsequentto initial recognition, investment properties are measured at cost less accumulated depreciation andany accumulated impairment losses. IPUC are not depreciated as they are not yet ready or theirintended use.

A property interest under an operating lease is classied and accounted or as an investment propertyon a property-by-property basis when the Group holds it to earn rental or or capital appreciationor both. Any such property interest under an operating lease classied as an investment property iscarried at air value.

Investment properties are derecognised when either they have been disposed o or when the investmentproperty is permanently withdrawn rom use and no uture economic benet is expected rom itsdisposal. Any gain or loss on the retirement or disposal o an investment property is recognised inprot or loss in the year o retirement or disposal.

Transers are made to or rom investment property only when there is a change in use. For a transerrom investment property to owner-occupied property, the deemed cost or subsequent accounting isthe air value at the date o change in use. For a transer rom owner-occupied property to investmentproperty, the property is accounted or in accordance with the accounting policy or property, plantand equipment set out in Note 2.4(d) up to the date o change in use.

() Intangible assets

(i) Goodwill

Goodwill is initially measured at cost. Following initial recognition, goodwill is measured atcost less accumulated impairment losses.

For the purpose o impairment testing, goodwill acquired is allocated, rom the acquisitiondate, to each o the Groups cash-generating units (CGU) that are expected to benet romthe synergies o the combination.

The CGU to which goodwill has been allocated is tested or impairment annually and wheneverthere is an indication that the CGU may be impaired, by comparing the carrying amount othe CGU, including the allocated goodwill, with the recoverable amount o the CGU. Wherethe recoverable amount o the CGU is less than the carrying amount, an impairment loss is

recognised in prot or loss. Impairment losses recognised or goodwill are not reversed insubsequent periods.

Where goodwill orms part o a CGU and part o the operation within that CGU is disposedo, the goodwill associated with the operation disposed o is included in the carrying amounto the operation when determining the gain or loss on disposal o the operation. Goodwilldisposed o in this circumstance is measured based on the relative air values o the operationsdisposed o and the portion o the CGU retained.

Goodwill and air value adjustments arising on the acquisition o oreign operation on or ater1 January 2006 are treated as assets and liabilities o the oreign operations and are recordedin the unctional currency o the oreign operations and translated in accordance with theaccounting policy set out in Note 2.4(u).

Goodwill and air value adjustments which arising on acquisitions o oreign operation beore1 January 2006 are deemed to be assets and liabilities o the Group and are recorded in RMat the rates prevailing at the date o acquisition.


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() Intangible assets (continued)

(ii) Other intangible assets

Intangible assets acquired separately are measured initially at cost. The cost o intangible assetsacquired in a business combination is their air value as at the date o acquisition. Followinginitial acquisition, intangible assets are measured at cost less any accumulated amortisationand accumulated impairment losses.

Intangible assets with nite useul lives are amortised over the estimated useul lives andassessed or impairment whenever there is an indication that the intangible asset may be

impaired. The amortisation period and the amortisation method are reviewed at least at eachnancial year-end. Changes in the expected useul lie or the expected pattern o consumptiono uture economic benets embodied in the asset is accounted or by changing the amortisationperiod or method, as appropriate, and are treated as changes in accounting estimates. Theamortisation expense on intangible assets with nite lives is recognised in prot or loss.

Intangible assets with indenite useul lives or not yet available or use are tested or impairmentannually, or more requently i the events and circumstances indicate that the carrying valuemay be impaired either individually or at the cash-generating unit level. Such intangible assetsare not amortised. The useul lie o an intangible asset with an indenite useul lie is reviewedannually to determine whether the useul lie assessment continues to be supportable. I not,the change in useul lie rom indenite to nite is made on a prospective basis.

Gains or losses arising rom derecognition o an intangible asset are measured as the dierencebetween the net disposal proceeds and the carrying amount o the asset and are recognisedin prot or loss when the asset is derecognised.

Customerrelationships

Customer relationships which were acquired in a business combination are amortisedon a straight-line basis over their estimated useul lives o 5 years.

Computersoftware

Computer sotware o the Group is amortised on a straight-line basis over 5years.

Clubmemberships

Club memberships are amortised on a straight-line basis over their useul lives rangingrom 25 to 99 years.

(g) Land use rights

Land use rights are initially measured at cost. Following initial recognition, land use rights aremeasured at cost less accumulated amortisation and accumulated impairment losses. Land use rightsare amortised over their lease terms.

(h) Impairment o non-nancial assets

The Group assesses at each reporting date whether there is an indication that an asset may be impaired.I any such indication exists, or when an annual impairment assessment or an asset is required, theGroup makes an estimate o the assets recoverable amount.


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(h) Impairment o non-nancial assets (continued)

An assets recoverable amount is the higher o an assets air value less costs to sell and its value inuse. For the purpose o assessing impairment, assets are grouped at the lowest levels or which thereare separately identiable cash fows (CGU).

In assessing value in use, the estimated uture cash fows expected to be generated by the asset arediscounted to their present value using a pre-tax discount rate that refects current market assessmentso the time value o money and the risks specic to the asset. Where the carrying amount o an assetexceeds its recoverable amount, the asset is written down to its recoverable amount. Impairmentlosses recognised in respect o a CGU or groups o CGUs are allocated to reduce the carrying amount

o the assets in the unit or groups o units on a pro-rata basis.

Impairment losses are recognised in prot or loss.

An assessment is made at each reporting date as to whether there is any indication that previouslyrecognised impairment losses may no longer exist or may have decreased. A previously recognisedimpairment loss is reversed only i there has been a change in the estimates used to determine theassets recoverable amount since the last impairment loss was recognised. I that is the case, thecarrying amount o the asset is increased to its recoverable amount. That increase cannot exceedthe carrying amount that would have been determined, net o depreciation, had no impairment lossbeen recognised previously. Such reversal is recognised in prot or loss.

(i) Financial assets

Financial assets are recognised in the statements o nancial position when, and only when, the Groupand the Company becomes a party to the contractual provisions o the nancial instrument.

When nancial assets are recognised initially, they are measured at air value, plus, in the case onancial assets not at air value through prot or loss, directly attributable transaction costs.

The Group and the Company determine the classication o their nancial assets at initial recognition,and the categories include loans and receivables, available-or-sale nancial assets and held-to-maturity investments.

(i) Financial assets at air value through prot or loss

Financial assets are classied as nancial assets at air value through prot or loss i they are

held or trading or are designated as such upon initial recognition. Financial assets held ortrading are derivatives (including separated embedded derivatives) or nancial assets acquiredprincipally or the purpose o selling in the near term.

Subsequent to initial recognition, nancial assets at air value through prot or loss are measuredat air value. Any gains or losses arising rom changes in air value are recognised in protor loss. Net gains or net losses on nancial assets at air value through prot or loss do notinclude exchange dierences, interest and dividend income. Exchange dierences, interestand dividend income on nancial assets at air value through prot or loss are recognisedseparately in prot or loss as part o other losses or other income.

Financial assets at air value through prot or loss could be presented as current or non-current.Financial assets that are held primarily or trading purposes are presented as current whereas

nancial assets that is not held primarily or trading purposes are presented as current or non-current based on the settlement date.


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(i) Financial assets (continued)

(ii) Loans and receivables

Financial assets with xed or determinable payments that are not quoted in an active marketare classied as loans and receivables.

Subsequent to initial recognition, loans and receivables are measured at amortised cost usingthe eective interest method. Gains and losses are recognised in prot or loss when the loansand receivables are derecognised or impaired, and through the amortisation process.

Loans and receivables are classied as current assets, except or those having maturity dateslater than twelve months ater the reporting date which are classied as non-current.

(iii) Available-or-sale nancial assets

Available-or-sale nancial assets are nancial assets that are designated as available-or-saleor are not classied in any other categories.

Ater initial recognition, available-or-sale nancial assets are measured at air value. Anygains or losses rom changes in air value o the nancial assets are recognised in othercomprehensive income, except that impairment losses, oreign exchange gains and losses onmonetary instruments and interest calculated using the eective interest method are recognisedin prot or loss. The cumulative gain or loss previously recognised in other comprehensive

income is reclassied rom equity to prot or loss as a reclassication adjustment when thenancial asset is derecognised. Interest income calculated using the eective interest method isrecognised in prot or loss. Dividends on an available-or-sale equity instrument are recognisedin prot or loss when the Groups right to receive payment is established.

Investments in equity investments whose air value cannot be reliably measured are measuredat cost less impairment loss.

Available-or-sale nancial assets are classied as non-current assets unless they are expectedto be realised within twelve months ater the reporting date.

(iv) Held-to-maturity investments

Financial assets with xed or determinable payments and xed maturity are classied as held-

to-maturity when the Group has the positive intention and ability to hold the investment tomaturity.

Subsequent to initial recognition, held-to-maturity investments are measured at amortised costusing the eective interest method. Gains and losses are recognised in prot or loss whenthe held-to-maturity investments are derecognised or impaired, and through the amortisationprocess.

Held-to-maturity investments are classied as non-current assets, except or those havingmaturity within twelve months ater the reporting date which are classied as current.

A nancial asset is derecognised when the contractual right to receive cash fows rom the asset hasexpired. On derecognition o a nancial asset in its entirety, the dierence between the carrying

amount and the sum o the consideration received and any cumulative gain or loss that had beenrecognised in other comprehensive income is recognised in prot or loss.


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(i) Financial assets (continued)

Regular way purchases or sales are purchases or sales o nancial assets that require delivery o assetswithin the period generally established by regulation or convention in the marketplace concerned.All regular way purchases and sales o nancial assets are recognised or derecognised on the tradedate i.e., the date that the Group commits to purchase or sell the assets.

(j) Impairment o nancial assets

The Group and the Company assess at each reporting date whether there is any objective evidencethat a nancial asset is impaired.

Trade and other receivables and other nancial assets carried at amortised cost

To determine whether there is objective evidence that an impairment loss on nancial assets hasbeen incurred, the Group and the Company consider actors such as the probability o insolvency orsignicant nancial diculties o the debtor and deault or signicant delay in payments. For certaincategories o nancial assets, such as trade receivables, assets that are assessed not to be impairedindividually are subsequently assessed or impairment on a collective basis based on similar riskcharacteristics. Objective evidence o impairment or a portolio o receivables could include theGroups and the Companys past experience o collecting payments, an increase in the number odelayed payments in the portolio past the average credit period and observable changes in nationalor local economic conditions that correlate with deault on receivables.

I any such evidence exists, the amount o impairment loss is measured as the dierence betweenthe assets carrying amount and the present value o estimated uture cash fows discounted at thenancial assets original eective interest rate. The impairment loss is recognised in prot or loss.

The carrying amount o the nancial asset is reduced by the impairment loss directly or all nancialassets with the exception o trade receivables, where the carrying amount is reduced through the useo an allowance account. When a trade receivable becomes uncollectible, it is written o against theallowance account.

I in a subsequent period, the amount o the impairment loss decreases and the decrease as a resulto an event occurring ater the impairment was recognised, the previously recognised impairmentloss is reversed to the extent that the carrying amount o the asset does not exceed its amortised costat the reversal date. The amount o reversal is recognised in prot or loss.

Unquoted equity securities carried at cost

I there is objective evidence (such as signicant adverse changes in the business environment wherethe issuer operates, probability o insolvency or signicant nancial diculties o the issuer) thatan impairment loss on nancial assets carried at cost has been incurred, the amount o the loss ismeasured as the dierence between the assets carrying amount and the present value o estimateduture cash fows discounted at the current market rate o return or a similar nancial asset. Suchimpairment losses are not reversed in subsequent periods.

Available-or-sale nancial assets

Signicant or prolonged decline in air value below cost, signicant nancial diculties o the issueror obligor, and the disappearance o an active trading market are considerations to determine whetherthere is objective evidence that investment securities classied as available-or-sale nancial assetsare impaired.


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(j) Impairment o nancial assets (continued)

Available-or-sale nancial assets (continued)

I an available-or-sale nancial asset is impaired, an amount comprising the dierence between itscost (net o any principal payment and amortisation) and its current air value, less any impairmentloss previously recognised in prot or loss, is transerred rom equity to prot or loss.

Impairment losses on available-or-sale equity investments are not reversed in prot or loss in thesubsequent periods. Increase in air value, i any, subsequent to impairment loss is recognised in othercomprehensive income. For available-or-sale debt investments, impairment losses are subsequentlyreversed in prot or loss i an increase in the air value o the investment can be objectively related

to an event occurring ater the recognition o the impairment loss in prot or loss.

(k) Cash and cash euivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits, and short-term,highly liquid investments that are readily convertible to known amount o cash and which are subjectto an insignicant risk o changes in value. These also include bank overdrats that orm an integralpart o the Groups cash management.

(l) Inventories

Inventories are stated at lower o cost and net realisable value.

The cost o merchandise and consumables are determined using the weighted average method. The

cost o merchandise and consumables comprise cost o purchase.

In determination o closing inventories, cost is calculated based on weighted average and retailinventory method.

Net realisable value is the estimated selling price in the ordinary course o business less the estimatedcosts o completion and the estimated costs necessary to make the sale.

(m) Provisions

Provisions are recognised when the Group has a present obligation (legal or constructive) as a resulto a past event, it is probable that an outfow o economic resources will be required to settle theobligation and the amount can be estimated reliably.

Provisions are reviewed at each reporting date and adjusted to refect the current best estimate. I itis no longer probable that an outfow o economic resources will be required to settle the obligation,the provision is reversed. I the eect o the time value o money is material, provisions are discountedusing a current pre-tax rate that refects, where appropriate, the risks specic to the liability. Whendiscounting is used, the increase in the provision due to the passage o time is recognised as nancecost.

(n) Financial liabilities

Financial liabilities are classied according to the substance o the contractual arrangements enteredinto and the denitions o a nancial liability.

Financial liabilities, within the scope o FRS 139, are recognised in the statement o nancial positionwhen, and only when, the Group and the Company become a party to the contractual provisions o

the nancial instrument. Financial liabilities are classied as either nancial liabilities at air valuethrough prot or loss or other nancial liabilities.


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(n) Financial liabilities (continued)

(i) Financial liabilities at air value through prot or loss

Financial liabilities at air value through prot or loss include nancial liabilities held ortrading and nancial liabilities designated upon initial recognition as at air value throughprot or loss.

Financial liabilities held or trading include derivatives entered into by the Group and theCompany that do not meet the hedge accounting criteria. Derivative liabilities are initiallymeasured at air value and subsequently stated at air value, with any resultant gains or losses

recognised in prot or loss. Net gains or losses on derivatives include exchange dierences.

The Group and the Company have not designated any nancial liabilities at air value throughprot or loss.

(ii) Other nancial liabilities

The Groups and the Companys other nancial liabilities include trade payables, other payablesand loans and borrowings.

Trade and other payables are recognised initially at air value plus directly attributabletransaction costs and subsequently measured at amortised cost using the eective interestmethod.

Loans and borrowings are recognised initially at air value, net o transaction costs incurred, andsubsequently measured at amortised cost using the eective interest method. Borrowings areclassied as current liabilities unless the Group has an unconditional right to deer settlemento the liability or at least twelve months ater the reporting date.

For other nancial liabilities, gains and losses are recognised in prot or loss when the liabilitiesare derecognised, and through the amortisation process.

A nancial liability is derecognised when the obligation under the liability is extinguished. Whenan existing nancial liability is replaced by another rom the same lender on substantially dierentterms, or the terms o an existing liability are substantially modied, suc

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