Annual Report PROTON

PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Annual Report Laporan Tahunan

2004
Performance Review
Chairmans Statement 146
Perutusan Pengerusi 146
Group CEOs Review of Business Operations 156
Tinjauan Operasi Ketua Pegawai Eksekutif
Kumpulan 156
Five Years Financial Highlights 180
Ringkasan Kewangan untuk Lima Tahun 180
Key Financial Indicators 186
Petunjuk Kewangan Utama 186
Financial Calendar 187
Takwim Kewangan 187
Share Price and Volume Traded 188
Harga Saham dan Saham Diniagakan 188
Awards and Recognition 189
Anugerah dan Pengiktirafan 189
p e n i l a i a n p r e s t a s i
CHAIRMANS
Y.Bhg. Datuk Abu Hassan bin Kendut
Chairman / Pengerusi
147
INTRODUCTION
On behalf of the Board of Directors, I am pleased to present the annual report of
Perusahaan Otomobil Nasional Berhad for the year ended 31 March 2004, prepared
in accordance with the applicable approved accounting standards in Malaysia and
the provisions of the Companies Act 1965.
CORPORATE REORGANISATION
On 27 May 2003, the Board announced a proposed Corporate Reorganisation,
which was subsequently approved by the shareholders and regulatory authorities.
On 5 April 2004, all shareholders of Perusahaan Otomobil Nasional Berhad
exchanged their ordinary shares of RM1.00 each in the Company for new ordinary
shares of RM1.00 each in PROTON Holdings Berhad. With the exchange of shares,
PROTON Holdings Berhad became the shareholder of Perusahaan Otomobil
Nasional Berhad and the ultimate holding company of the PROTON Group.
On 16 April 2004, the shares of Perusahaan Otomobil Nasional Berhad were
delisted and PROTON Holdings Berhad assumed the listing status on the Bursa
Malaysia Securities Berhad. PROTON Holdings Berhad was incorporated on 28 July
2003 and remained dormant until the exchange of shares on 5 April 2004. The first
annual general meeting of PROTON Holdings Berhad will be held on 29 September
2004 to approve the financial statements for the period ended 31 March 2004.
The Corporate Reorganisation has streamlined the business activities into five core
business divisions and created a Group structure that would operate and compete
more effectively in an increasingly competitive environment.
TATEMENT
PERUTUSAN PENGERUSI
S
148
Chairmans Statement
Perutusan Pengerusi
PENGENALAN
Bagi pihak Lembaga Pengarah, saya amat berbesar hati dapat membentangkan
laporan tahunan Perusahaan Otomobil Nasional Berhad bagi tahun berakhir
31 Mac 2004, yang disediakan berdasarkan piawaian perakaunan yang diiktiraf di
Malaysia dan peruntukan Akta Syarikat 1965.
PENYUSUNAN SEMULA KORPORAT
Pada 27 Mei 2003, Lembaga Pengarah telah mengumumkan satu cadangan
Penyusunan Semula Korporat, yang mana telah diluluskan oleh pemegang saham
dan pihak berkuasa. Pada 5 April 2004, semua pemegang saham Perusahaan
Otomobil Nasional Berhad telah menukarkan saham biasa mereka bernilai RM1.00
sesaham dalam Syarikat dengan saham biasa baru bernilai RM1.00 sesaham dalam
PROTON Holdings Berhad. Dengan penukaran saham tersebut, PROTON Holdings
Berhad menjadi pemegang saham Perusahaan Otomobil Nasional Berhad dan
syarikat induk tertinggi Kumpulan PROTON.
Pada 16 April 2004, saham Perusahaan Otomobil Nasional
Berhad telah tidak lagi tersenarai di Bursa Malaysia Securities
Berhad dan status penyenaraian tersebut diambil alih oleh
PROTON Holdings Berhad. PROTON Holdings Berhad yang
ditubuhkan pada 28 Julai 2003 kekal tidak beroperasi sehingga
penukaran saham pada 5 April 2004. Mesyuarat agung
pertama PROTON Holdings Berhad akan diadakan pada
28 September 2004 untuk meluluskan penyata kewangan bagi
tahun berakhir 31 Mac 2004.
Penyusunan semula Korporat telah menyelaraskan aktiviti-
aktiviti perniagaan kepada lima divisyen utama dan telah
membentuk satu struktur Kumpulan yang mampu beroperasi
dan bersaing dengan lebih berkesan di dalam suasana
persaingan yang semakin hebat.
149
Chairmans Statement
Perutusan Pengerusi
COMPETITIVE BUSINESS ENVIRONMENT
The operating environment for the year under
review was both difficult and challenging. The
domestic passenger car market experienced a
decline of 11 per cent as buyers adopted a wait
and see attitude pending the announcement of
reduced tariffs by the government in compliance
with the Asean Free Trade Agreement. Total
sales of passenger cars in 2003 declined from
359,934 units to 319,847 units. The climate of
uncertainty also adversely affected Protons
market share as customers held back purchases
in anticipation of lower prices. Aggressive
marketing and the launch of new models by
competitors were also factors that led to the
decline in market share.
For exports, the adverse economic impact and
uncertainty arising from the Iraq War affected
sales to the Middle East, our largest overseas
market. Sales in the United Kingdom and
Australia also slowed as customers awaited the
arrival of Protons new models to replace the
existing ageing product range.
SUASANA PERDAGANGAN YANG
KOMPETITIF
Keadaan operasi untuk tahun yang diulas adalah
amat mencabar dan sukar. Pasaran kereta
tempatan mengalami penurunan sebanyak 11%
akibat daripada pembeli yang mengambil sikap
tunggu dan lihat terhadap pengumuman
kerajaan untuk mengurangkan kadar tarif,
bersesuaian dengan Perjanjian Perdagangan
Bebas Asean. Jumlah jualan kereta tempatan
merosot kepada 319,847 unit pada tahun 2003
berbanding 359,934 unit pada tahun sebelumnya.
Sikap pelanggan yang menangguh pembelian
kerana mengharapkan penurunan harga
menyebabkan iklim yang tidak menentu dan
memberi kesan kepada penguasaan pasaran
Proton. Aktiviti pemasaran yang agresif oleh
pesaing dan pelancaran model terbaru mereka
juga merupakan faktor kepada penurunan
pasaran penguasaan.
Bagi pasaran ekspot, keadaan ekonomi yang
tidak menentu berpunca dari perang Iraq telah
memberi kesan terhadap jualan di Timur Tengah
yang merupakan pasaran terbesar luar negara
kita. Di United Kingdom dan Australia pula,
jualannya amat lembab akibat dari sikap
pelanggan menungggu pelancaran model-model
terbaru Proton bagi menggantikan produk yang
sedia ada.
150
Chairmans Statement
Perutusan Pengerusi
FINANCIAL PERFORMANCE
Amidst a weak domestic market and slowdown in exports,
Proton recorded a lower Group profit after tax of RM521
million, compared to RM1,118 million in the last financial
year. This was achieved on the back of a thirty per cent
decline in turnover from RM9.27 billion to RM6.47 billion.
Earnings per share was lower at 92.9 sen compared to
201.9 sen previously.
At the Company level, revenue declined by 31% to RM5.26
billion compared to RM7.67 billion in the previous year.
Consequently, profit after tax dropped to RM321.8 million
from RM772.3 million. Proton Edar Sdn Bhd, a wholly
owned subsidiary and the domestic distributor of Proton
cars, recorded a profit before tax of RM127 million on a
turnover of RM5.9 billion. Lotus Group International
Limited recorded a net profit of 0.2m, a major
turnaround from the losses made over the last three years.
DIVIDENDS
The Directors have recommended the payment of a final
tax-exempt dividend of 10 sen a share. The total dividends
paid/payable for the financial year ended 31 March 2004
would amount to 15 sen per share or a total of
RM82,382,300 (2003: 20 sen per share or a total tax-
exempt dividend payout of RM109,841,000). The final
dividends will be paid to Proton Holdings Berhad.
PRESTASI KEWANGAN
Di tengah-tengah keadaan pasaran tempatan yang lemah
dan ekspot yang merosot, Proton telah mencatatkan
keuntungan selepas cukai Kumpulan yang rendah sebanyak
RM521 juta, berbanding RM1,118 juta pada tahun kewangan
sebelumnya. Ini dicapai berikutan dengan penurunan
sebanyak 30% jualan iaitu dari RM9.27 bilion kepada
RM6.47 bilion. Pendapatan sesaham adalah lebih rendah
iaitu 92.9 sen berbanding 201.9 sen pada tahun sebelumnya.
Pada peringkat Syarikat pendapatan menurun sebanyak
31% kepada RM5.26 bilion berbanding RM7.67 bilion pada
tahun sebelumnya. Akibatnya keuntungan selepas cukai
menurun kepada RM321.8 juta dari RM772.3 juta. Proton
Edar Sdn. Bhd., syarikat subsidiari milik penuh Proton yang
merupakan wakil pengedar tempatan kereta Proton, telah
mencatatkan keuntungan sebelum cukai sebanyak RM127
juta dari jumlah jualan sebanyak RM5.9 bilion. Lotus Group
International Limited pula mencatatkan keuntungan bersih
berjumlah 0.2 juta, yang merupakan satu pencapaian
berbanding kerugian untuk tiga tahun yang lepas.
DIVIDEN
Lembaga Pengarah telah mencadangkan bayaran dividen
akhir yang dikecualikan cukai sebanyak 10 sen sesaham.
Jumlah dividen dibayar/akan dibayar bagi tahun kewangan
berakhir 31 Mac 2004 akan berjumlah 15 sen sesaham atau
sejumlah RM82,382,300 (2003: 20 sen sesaham atau
sejumlah dividen dibayar yang dikecualikan sebanyak
RM109,841,000). Dividen akhir akan dibayar kepada Proton
Holdings Berhad.
151
OPERATIONS REVIEW
PROTON
During the financial year, Proton launched a number of
new model variants in the domestic market in anticipation
of weaker demand and a general slowdown in passenger
car sales with the impending implementation of AFTA. The
Iswara ST, Wira SE and Perdana CC received encouraging
response and helped revitalise the products as they
approach the end of their lifecycle. As a result, Protons
market share decline was contained at 45%.
In February 2004, the much-awaited Gen.2 was launched in
the domestic market to overwhelming response. The Gen.2
is a sporty four-door hatchback with innovative styling and
leading-class ride and handling. Developed from Protons
own platform, the Gen.2 will spearhead the launch of a
series of new products over the next two years. More than
13,000 bookings have been received with a waiting period
of three months or more. Following the success of the car
in the domestic market, the launch of the Gen.2 in
Singapore, Brunei, UK and Australia has been scheduled
for August 2004.
Protons own engine family, the Campro, commenced
commercial production in January 2004 and powers the
Gen.2. This marked a major milestone for Proton, as it
became a truly independent automotive manufacturer
with its own cars and engines.
ULASAN OPERASI
PROTON
Pada tahun kewangan ini, Proton telah melancarkan
beberapa model baru dalam pasaran tempatan berdasarkan
jangkaan terhadap permintaan yang semakin lemah dan
juga penurunan jualan kereta penumpang dengan
perlaksanaan AFTA. Iswara ST, Wira SE dan Perdana CC
telah mendapat reaksi yang menggalakkan dan membantu
memulih semula produk tersebut yang hampir sampai ke
penghujung pusingan hayatnya. Akibatnya, penurunan
penguasaan pasaran Proton dapat bertahan pada 45%.
Dalam bulan Februari 2004, produk yang ditunggu-tunggu,
Gen.2 telah dilancarkan dalam pasaran tempatan dan
mendapat sambutan yang memberangsangkan dari
pelanggan. Gen.2 merupakan sebuah kereta hatchback
empat pintu yang eksklusif dengan gaya inovatif dan kelas
pemanduan dan pengendalian yang tinggi. Dibangunkan
dari platform Proton sendiri, Gen.2 bakal menerajui siri
pelancaran produk baru dalam tempoh dua tahun yang
akan datang. Lebih dari 13,000 tempahan diterima dengan
tempoh menunggu 3 bulan atau lebih. Berikutan dari
kejayaannya di dalam pasaran tempatan, Gen.2 dijadualkan
akan dilancarkan di Singapura, Brunei, UK dan Australia
pada Ogos 2004.
Campro iaitu famili enjin keluaran Proton sendiri, telah
memulakan pengeluaran komersialnya pada Januari 2004
dan dipasang pada Gen.2. Ini menandakan satu perubahan
besar bagi Proton yang berkemampuan dalam menjadi
pengilang otomotif yang mengeluarkan kereta dan
enjinnya sendiri.
152
Chairmans Statement
Perutusan Pengerusi
The new Tanjung Malim factory, with a capacity of 150,000
units when fully commissioned, commenced operations
from January 2004. The factory employs a higher level of
automation and adopts flexible manufacturing processes
capable of producing cars of the highest quality. All future
new models will be manufactured at this new state-of-the-
art factory.
In recognition of the Companys continuous drive for
quality improvement and the implementation of world-
class quality systems, Proton was awarded the 2004 Prime
Ministers Quality Management Excellence Award. In the
2004 UK J.D. Power Customer Satisfaction Survey, Proton
tied for 10th position in the Overall Top Brand Category
out of 33 global brands and was placed second in Dealer
Service Satisfaction, just behind Lexus.
In February 2004, Proton Commerce Sdn. Bhd., an auto
finance joint venture established with the Commerce Asset
Group, one of the countrys leading financial institutions,
commenced operations. The joint venture will provide one-
stop financing to Proton customers and is expected to
contribute significantly to Group revenue in the near
future.
LOTUS
During the year Lotus Engineering steadily built up its
customer base following the successful delivery of a
number of engineering projects. A new Engineering office
opened in China at the beginning of 2004 to forge closer
links to existing and potential customers. This brings the
number of Lotus Engineerings offices around the world to
five (UK, Germany, Malaysia, China and USA).
Kilang baru Tanjung Malim dengan kapasitinya 150,000
unit mula beroperasi pada Januari 2004. Kilang tersebut
menggunakan tahap automasi yang tinggi dan
mengadaptasi proses pengilangan yang fleksibel serta
mampu mengeluarkan kereta yang berkualiti tinggi.
Semua pengeluaran model baru pada masa akan datang
akan dikeluarkan di kilang baru yang serta canggih ini.
Dalam mengiktiraf usaha berterusan Syarikat untuk
meningkatkan kualiti dan perlaksanaan sistem kualiti bertaraf
dunia, Proton telah dianugerahkan dengan Anugerah
Kecemerlangan Pengurusan Kualiti Perdana Menteri bagi
tahun 2004. Pada tahun 2004, indeks J.D. Powers Customer
Satisfaction Survey di UK telah meletakkan Proton terikat
di tangga ke-10 kategori keseluruhan, daripada 33 jenama
global yang lain. Proton juga menduduki tempat kedua
dalam indeks Dealer Service Satisfaction, hanya di
belakang Lexus.
Pada Februari 2004, Proton Commerce Sdn. Bhd., sebuah
syarikat pembiayaan kenderaan telah ditubuhkan secara
usahasama dengan Commerce Asset Group, salah sebuah
institusi kewangan yang terkemuka di negara ini, telah
menjalankan operasinya. Usahasama ini menyediakan
kaedah pembiayaan setempat kepada pelanggan Proton
dan dijangkakan akan memberi sumbangan ketara kepada
pulangan Kumpulan di masa yang terdekat.
LOTUS
Pada tahun semasa, Lotus Engineering telah membina
rangkaian pelanggannya sendiri berikutan kejayaannya
dalam menguruskan beberapa projek kejuruteraan. Sebuah
pejabat kejuruteraan yang baru telah dibuka di China
pada pemulaan 2004 bertujuan untuk merapatkan lagi
hubungan pelanggan yang sedia ada dan juga pelanggan
yang berpotensi. Ini membawa kepada peningkatan
bilangan pejabat Lotus Engineering di lima negara (UK,
Jerman, Malaysia, China dan Amerika Syarikat).
153
Chairmans Statement
Perutusan Pengerusi
In the UK, Lotus Cars concentrated on producing new
model variants. The Elise, with a new hi-tech 189hp engine
made its debut in the US at the Los Angeles Auto Show.
The first review by the media of the new US Lotus Elise is
extremely positive and the first cars will be delivered in
June 2004. A non-USA version of this 189hp Elise
(designated Elise 111R) was launched into the European,
Asia Pacific and Australian markets in January 2004. In
March 2004, the new Lotus Exige was unveiled at the
Geneva Motorshow. The Lotus Elise 111R won the title
Best Sportscar 2004 awarded by BBC Top Gear Magazine.
CORPORATE GOVERNANCE
Our statement on Corporate governance is found on pages
44 to 67. There were no sanctions and/or penalties
imposed on the Company and its subsidiaries, Directors or
management, by the relevant regulatory bodies.
RELATED PARTY TRANSACTIONS
Significant related party transactions of the Group during
the period are disclosed in Note 35 to the financial
statements.
Di UK, Lotus Cars telah menumpukan pengeluarannya
kepada pelbagai model baru. Elise, yang mempunyai enjin
hi-tech 189hp telah diperkenalkan buat pertama kalinya di
Amerika Syarikat di Los Angeles Auto Show. Ulasan
pertama yang dibuat oleh media terhadap Lotus Elise
Amerika Syarikat yang baru menunjukkan tindakbalas yang
positif dan penghantaran kereta pertama dijadualkan pada
Jun 2004. Versi bukan Amerika Syarikat untuk 189hp Elise
(reka bentuk Elise 111R) telah dilancarkan di pasaran
Eropah, Asia Pasifik dan Australia pada bulan Januari 2004.
Pada Mac 2004, Lotus Exige yang baru telah dipamerkan
di Geneva Motorshow. Lotus Elise 111R telah memenangi
anugerah Best Sportscar 2004 yang dianugerahkan oleh
BBC Top Gear Magazine.
URUS TADBIR KORPORAT
Penyata untuk urus tadbir korporat boleh didapati pada
muka surat 44 sehingga 67. Tiada tindakan undang-undang
dan/atau penalti dikenakan ke atas Syarikat dan syarikat
subsidiari, Para Pengarah atau pengurusan oleh pihak yang
berkuasa.
TRANSAKSI PIHAK BERKAITAN
Transaksi ketara pihak berkenaan untuk Kumpulan pada
tahun semasa dinyatakan dalam Nota 35 dalam penyata
kewangan.
154
RESEARCH AND DEVELOPMENT
The Group continues to research new technologies with
the ultimate aim to put these innovations into production
through partnerships with Tier One Suppliers or OEM
customers. Two such advancements likely to see production
are engine technology AVT (Active Valve Train) and chassis
technology VVA (Versatile Vehicle Architecture). The Group
has also invested significantly on the development of new
innovative products to meet the challenges of the market
place. During the financial year, the Group invested
RM542.9 million (2003: RM413 million) in research and
development.
PROSPECT
Proton car sales in the domestic market for the first
quarter of financial year 2004/05 recorded a year on year
increase of 10%, reflecting renewed interest and improved
buying sentiment. Orders for the Gen.2 have continued to
be strong and production will be increased to 5,000 units
from October 2004 with the introduction of a second shift
at the Tanjung Malim factory. The Waja 1.6 Enhancement,
which was launched in July 2004, has also spurred demand
and increased orders. To provide customers with greater
choice, Proton will introduce a new two-door hatchback
and a small four-door sedan at the end of 2004 and in
early 2005 respectively.
PENYELIDIKAN DAN PEMBANGUNAN
Kumpulan terus meningkatkan penyelidikan dalam
teknologi baru dengan objektif utama untuk mengaplikasi
penemuan baru dalam pengeluaran melalui gabungan
dengan pembekal-pembekal Tier One atau pelanggan
OEM. Dua kemajuan yang dilihat boleh diketengahkan
dalam pengeluaran adalah teknologi enjin AVT (Active
Valve Train) dan teknologi chassis VVA (Versatile Vehicle
Architecture). Kumpulan juga telah melabur secara ketara
dalam pembangunan pembaharuan produk baru untuk
menghadapi cabaran di dalam pasaran. Pada tahun semasa,
Kumpulan telah melaburkan sejumlah RM542.9 juta (2003:
RM413 juta) dalam penyelidikan dan pembangunan.
PROSPEK
Jualan kereta Proton dalam pasaran tempatan untuk suku
pertama tahun kewangan 2004/05 mencatat peningkatan
kepada 10% dibandingkan dengan tempoh yang sama
tahun lepas, kesan daripada minat dan peningkatan
sentimen pembelian. Permintaan untuk GEN.2 semakin
meningkat dan pengeluaran akan ditingkatkan kepada
5,000 unit bermula pada bulan Oktober 2004 dengan
permulaan dua shif di kilang Tanjung Malim. Model Waja
1.6 Enhancement yang dilancarkan pada bulan Julai
2004 juga telah meningkatkan permintaan dan tempahan.
Untuk menyediakan pilihan yang lebih meluas kepada
pelanggan, Proton akan memperkenalkan kereta dua pintu
hatchback dan kereta bersaiz kecil empat pintu sedan
pada penghujung tahun 2004 dan juga pada awal tahun
2005.
155
Chairmans Statement
Penyata Pengerusi
In the export market, the easing of political tension in the
Middle East has helped to improve sales to the region
although the volume is not expected to be significant in
the short term. Sales to the other regions are expected to
improve with the introduction of new models.
Baring any unforeseen circumstances, the Directors are of
the view that the improved domestic sales performance
and introduction of new models will have a positive
impact on the Group performance in the current financial
year.
ACKNOWLEDGEMENT
On behalf of the Board of Directors, I would like to thank
our shareholders, customers, business associates and
regulatory authorities for their continuing support and
confidence in Proton. I wish to extend our appreciation to
the management team and all employees of the Group for
their contribution during the financial year. The success of
the organisation depends ultimately on their dedication
and commitment towards the shared mission and
objectives.
While we acknowledge that the road ahead will be rough
with the impending liberalisation of the automotive sector,
we are confident that we will succeed in our endeavour.
We believe that your Company will thrive with
competition and grow stronger because of it.
Datuk Abu Hassan bin Kendut
Chairman
Dari segi pasaran ekspot pemulihan ketegangan politik di
Timur Tengah telah membantu dalam meningkatkan jualan
ke rantau itu walaupun bilangan yang dijangkakan tidak
berapa ketara dalam jangka masa pendek. Jualan ke
rantau-rantau lain dijangka meningkat dengan pengenalan
model baru.
Berdasarkan keadaan yang tidak dapat diramal, Para
Pengarah berpandangan bahawa dengan meningkatkan
jualan pasaran tempatan dan pengenalan model-model
baru dapat memberi impak yang positif kepada prestasi
Kumpulan pada tahun kewangan semasa.
PENGHARGAAN
Bagi pihak Lembaga Pengarah, saya ingin merakamkan
ucapan terima kasih kepada pemegang-pemegang saham,
pelanggan-pelanggan, rakan-rakan perniagaan dan pihak
berkuasa di atas sokongan yang berterusan dan
berkayakinan terhadap Proton. Saya juga ingin merakamkan
setinggi-tinggi penghargaan kepada pihak pengurusan dan
semua pekerja-pekerja Kumpulan di atas sumbangan
mereka pada tahun kewangan ini. Kejayaan organisasi ini
bergantung sepenuhnya di atas dedikasi dan komitmen
mereka dalam merealisasikan objektif dan misi bersama.
Walaupun kami menyedari bahawa perjalanan ke hadapan
penuh cabaran dengan liberalisasi sektor otomotif, kami
berkeyakinan bahawa kami akan berjaya di dalam usaha-usaha
kami. Kami percaya Syarikat anda akan terus ke hadapan
menghadapi saingan dan akan menjadi lebih kukuh.
Datuk Abu Hassan bin Kendut
Pengerusi
156
BUSINESS OBJECTIVES
In conducting our business, PROTON is guided
by the interests of the shareholders, customers,
business associates, employees and the
community. The Group needs capital from its
shareholders to conduct its business and expand
to enhance returns. But capital can only be used
profitably in the long term if customers are
satisfied with the Groups performance. This in
turn calls for excellent products and services,
which are not possible without capable business
associates and motivated employees.
Customers, shareholders, business associates and
employees are at the same time citizens in an
international community. The PROTON Group
supports and encourages environmental,
cultural, sports and educational initiatives. In
this way, added value is not only created for the
Group but for the community and all interest
groups as well.
In order to bring more balance into how we
measure achievements and progress, Proton has
started to implement the balanced scorecard
system for the Group. The design of the
scorecard defines our financial objectives along
the lines of the strategic goals.
OBJEKTIF PERNIAGAAN
PROTON berpandukan kepada kepentingan
pelbagai pihak semasa menjalankan urusan
perniagaannya seperti pemegang saham,
pelanggan, rakan niaga, pekerja dan juga
masyarakat. Kumpulan memerlukan modal
daripada pemegang-pemegang saham untuk
berurusniaga dan seterusnya berkembang bagi
meningkatkan pulangan. Walau bagaimanapun
dalam jangka masa panjang, modal hanya boleh
digunakan secara untung jika pelanggan
berpuashati dengan prestasi Kumpulan. Ini
memerlukan produk dan perkhidmatan yang
cemerlang dan ianya tidak boleh dicapai tanpa
rakan niaga yang berkeupayaan tinggi dan
pekerja yang bersemangat tinggi.
Dalam masa yang sama pelanggan, pemegang
saham, rakan niaga dan juga pekerja adalah
sebahagian daripada masyarakat antarabangsa.
Kumpulan Proton menyokong dan menggalakan
inisiatif-inisiatif bersifat persekitaran, kebudayaan,
kesukanan dan pembelajaran. Dengan cara ini,
nilai tambahan bukan sahaja dicipta untuk
Kumpulan tetapi juga untuk masyarakat dan
semua golongan yang berkepentingan.
Proton telah mula melaksanakan sistem
imbangan kad skor untuk Kumpulan bagi
menentukan bagaimana kami mengukur
pencapaian dan kemajuan. Corak kad skor
menyatakan objektif kewangan selaras dengan
matlamat strategi.
Group CEOs Review of Business Operations
Tinjauan Operasi Ketua Pegawai Eksekutif Kumpulan
Y.M. Tengku Tan Sri Dr. Mahaleel bin Tengku Ariff
Group Chief Executive Officer /
Ketua Pegawai Eksekutif Kumpulan
ROUP CEOS REVIEW OF BUSINESS OPERATIONS
TINJAUAN OPERASI KETUA PEGAWAI EKSEKUTIF KUMPULAN
G
158
We continue to seek new opportunities to add value to
the business, achieve operational excellence, enhance our
corporate culture and align our corporate goals with the
interests of our shareholders and other stakeholders. Our
core values drive our success as a transparent, accountable
and ethical organisation.
COMPETITIVE OPERATING ENVIRONMENT
The global automotive landscape has become increasingly
challenging as growth stagnates and overcapacity reign in
many car plants around the world. Stocks of unsold
vehicles of up to 3.5 million within the US alone have
forced manufacturers to rationalise platforms and
production. New environmental regulations and the
demands of workers unions have resulted in cost increases
whilst the twin pressures of competition and rising
consumerism have forced car companies to reduce prices.
As a result, margins are eroded leading to lower profits for
some and losses for others. The search for new areas of
growth is further intensified and the ASEAN region, the
traditional bastion of Japanese car companies, has become
the focus of the Americans, Europeans and even Koreans.
Kami terus mencari peluang-peluang baru untuk
mempertingkatkan nilai perniagaan, mencapai operasi
yang terbaik, mengembangkan budaya korporat dan
menyelaraskan matlamat korporat kita dengan kepentingan
para pemegang saham dan lain-lain pemegang
berkepentingan. Nilai teras kami menggerakkan kejayaan
kami sebagai sebuah organisasi yang telus, bertanggungjawab
dan beretika.
SUASANA PERSAINGAN OPERASI
Industri otomotif global telah bertambah mencabar
dengan tidak meningkatnya pertumbuhan dan lebihan
pengeluaran di dalam kebanyakkan kilang-kilang kereta
serata dunia. Stok kereta yang tidak terjual meningkat
kepada 3.5 juta di Amerika Syarikat sahaja memberi
tekanan kepada pengeluar-pengeluar untuk menyusun
semula platfom-platfom serta pengeluaran. Peraturan-
peraturan baru persekitaran dan permintaan-permintaan
daripada kesatuan-kesatuan pekerja telah menyebabkan
peningkatan dalam kos, manakala tekanan-tekanan
daripada persaingan dan peningkatan dalam kepentingan
pengguna membuatkan syarikat-syarikat kereta terpaksa
menurunkan harga. Akibatnya, margin semakin berkurang
dan membawa kepada keuntungan yang rendah kepada
beberapa pengeluar dan kerugian kepada yang lain.
Pencarian kawasan-kawasan pertumbuhan yang baru
makin meningkat dan kawasan ASEAN, secara tradisinya
kawasan yang selamat bagi syarikat-syarikat kereta Jepun,
telah menjadi fokus kepada syarikat-syarikat Amerika,
Eropah dan juga Korea.
159
During the financial year, uncertainty over the
implementation of the ASEAN Free Trade Agreement
allowed foreign car companies to make inroads in the
domestic market. Sales of passenger cars experienced a
decline as many prospective buyers adopted a wait and
see attitude in anticipation of the Governments
announcement on car tariffs. Many buyers were hoping for
a drastic fall in car prices and delayed their purchase
decisions. In a weak market, aggressive marketing and the
launch of new models by foreign car manufacturers were
factors that led to the erosion of the national cars market
share.
For exports, the adverse economic impact and uncertainty
arising from the Iraq War affected sales to the Middle
East, our largest overseas market. Sales in the United
Kingdom and Australia also slowed as customers awaited
the arrival of Protons new models to replace the existing
ageing product range.
Dalam tahun kewangan, ketidaktentuan ke atas perlaksanaan
Kawasan Perjanjian Perdagangan Bebas Asean memberi
peluang kepada syarikat-syarikat kereta asing memasuki
pasaran tempatan. Penjualan kereta-kereta penumpang
mengalami kemerosotan oleh kerana kebanyakkan bakal-
bakal pembeli yang mengambil sikap tunggu dan lihat
sebagai langkah berhati-hati terhadap pengumuman
kerajaan mengenai tarif kereta. Kebanyakkan pembeli
mengharapkan penurunan harga kereta yang mendadak
dan menangguhkan keputusan untuk membeli kereta.
Dalam pasaran yang lemah, pemasaran yang agresif dan
pelancaran model-model baru oleh pengeluar-pengeluar
kereta asing adalah faktor utama yang menyebabkan
kemerosotan dalam penguasaan pasaran kereta tempatan.
Untuk pasaran ekspot, kesan daripada keadaan ekonomi
yang sukar dan ketidaktentuan yang timbul daripada
peperangan Iraq memberi kesan ke atas penjualan di
Timur Tengah, pasaran terbesar kita di seberang laut.
Penjualan di United Kingdom dan Australia juga lembab
kerana pelanggan-pelanggan menunggu ketibaan model-
model Proton yang baru untuk menggantikan produk-
produk lama yang sedia ada.
160
Strong customer orientation and innovative, competitively
priced products are the foundation of our business and
essential to our success. We believe that vehicles offering
superior ride and handling, quality, safety and value, made
by a trusted company, have universal appeal. Our markets
are always changing, and so are the products we offer. We
anticipate trends, respond to changes through our product
offerings and lead by developing new innovative features.
Among the initiatives by PROTON is the introduction of
new Malaysian developed and manufactured cars, which
are engineered to exhilarate and embedded with the
world-renowned Lotus ride and handling. The Proton
product range includes many innovations to address
environmental and safety concerns.
Produk yang berorientasikan pelanggan, berinovasi dan
dengan harga yang berdaya saing adalah asas kepada
perniagaan kami dan adalah penting untuk kejayaan kami.
Kami percaya bahawa kenderaan yang memiliki
pemanduan dan pengawalan yang lebih baik, berkualiti,
selamat dan bernilai dan dibuat oleh syarikat yang diyakini
memilki ciri-ciri yang diingini semua. Pasaran kami sering
berubah dan begitu juga produk yang kami tawarkan.
Kami mengenalpasti perubahan citarasa, kami bertindakbalas
dengan membawa perubahan melalui produk yang kami
tawarkan dan kami mengetuainya melalui pembentukan
produk berinovasi. Di antara inisiatif-inisiatif yang diambil
oleh Proton ialah pengenalan kereta-kereta baru yang
dibangunkan dan dikilangkan di Malaysia yang memiliki
kecemerlangan kejuruteraan yang dilengkapi dengan
pemanduan dan pacuan Lotus yang terkenal di seluruh
dunia itu. Produk-produk Proton merangkumi pelbagai
pembaharuan dengan berkonsepkan mesra alam dan
berteraskan keselamatan.
PRODUCTS & SERVICES
p r o d u k & p e r k h i d ma t a n
161
During the year, Proton introduced the Perdana CC, a
variant of the popular two litre large sedan. With a
restyled front grille, new lamps and interior, the Perdana
CC is fitted with a 2.0 litre 6 cylinders DOHC engine with
adaptive automatic transmission that incorporates fuzzy
logic which enhances fuel efficiency and results in reduced
exhaust emission levels.
In February 2004, a new addition to the product range,
the stylish Gen.2 was launched. Designed and developed
by Malaysians, the four-door hatchback is fitted with
Protons very own engine, the 1.6 litre 4 cylinder DOHC 16
valve Campro. Outstanding features of the Gen.2 include
agile handling, precise progressive steering response and
extreme stability in cornering and changing lanes. The
body strength on this car exceeds international safety
regulations and market requirements of the European
Community (EC), Australian Design Rules and Gulf standards.
Safety features include increased body rigidity, driver and
passenger airbags, brake assist, electronic brake force
distribution and the vehicle tracking security system, Captor.
During the year Lotus Engineering steadily built up its
customer base following the successful delivery of a
number of engineering projects. A new Engineering office
opened in China at the beginning of 2004 to forge closer
links to existing and potential customers. This brings the
number of Lotus Engineerings offices around the world to
five (UK, Germany, Malaysia, China and USA).
In February 2004, Proton Commerce Sdn. Bhd., an auto
finance joint venture established with the Commerce Asset
Group, one of the countrys leading financial institutions,
commenced operations. The joint venture will provide one-
stop financing to PROTON customers and is expected to
contribute significantly to Group revenue in the near future.
Pada tahun semasa, Proton memperkenalkan Perdana CC,
2 liter sedan yang bersaiz besar. Dengan gaya gril depan yang
baru, lampu dan rekaan terkini, Perdana CC dilengkapkan
dengan 2.0 liter 6 silinder dengan enjin DOHC dan dengan
injap masa pelbagai dan penyesuaian transmisi otomatik
dengan fuzzy logik yang menambah kecekapan penggunaan
minyak dan pengurangan tahap keluaran asap ekzos.
Pada Februari 2004, Gen.2 telah dilancarkan dengan
penambahan baru dari sudut gaya. Dengan rekaan dan
pembentukkan yang dibuat oleh Malaysia sendiri, dilengkapi
dengan empat pintu hatchback dan 1.6 liter 4 silinder
dengan enjin DOHC valve Campro. Gen.2 mempunyai
pacuan yang pantas dan mudah, cepat bertindakbalas
pada pertukaran arah dan stabil dalam mengenalpasti
pertukaran laluan. Kekuatan badan kereta ini memenuhi
peraturan keselamatan antarabangsa dan syarat-syarat
pasaran Komuniti Eropah (EEC), Peraturan Rekaan
Australia dan Piawai Gulf. Ciri-ciri keselamatan termasuk
badan kereta yang kukuh, beg udara pemandu dan
penumpang, bantuan brek, agihan kuasa brek elektronik
dan sistem keselamatan pengesanan kenderaan, Captor.
Pada tahun semasa, Lotus Engineering telah membina
rangkaian pelanggannya sendiri berikutan kejayaannya
dalam menguruskan beberapa projek kejuruteraan. Sebuah
pejabat kejuruteraan yang baru telah dibuka di China
pada pemulaan 2004 dengan bertujuan untuk merapatkan
lagi hubungan pelanggan yang sedia ada dan juga
pelanggan yang berpotensi. Ini membawa peningkatan
kepada bilangan pejabat Lotus Engineering di lima negara
(UK, Jerman, Malaysia, China dan AS).
Pada Februari 2004, Proton Commerce Sdn. Bhd., sebuah
syarikat yang membiayai kenderaan secara kawalan
bersama Kumpulan Commerce Asset, sebuah institusi
kewangan yang terkemuka, telah memulakan operasinya.
Kawalan bersama ini menyediakan satu kaedah
pembiayaan setempat kepada pelanggan PROTON dan
dijangkakan akan memberikan keuntungan Kumpulan
yang memuaskan di masa hadapan.
PROTON continued to intensify research in advanced
technology in the areas of powertrain and lightweight
materials. Research projects currently being undertaken
include natural gas vehicle, engine cam profiling, electric
hybrid vehicle, engine order cancellation, and engine
active valve train. A number of projects are also being
conducted through collaborations with Malaysian and UK
universities with some funding provided by the Malaysian
government. These collaborations include the use of
alternative materials for passenger vehicles and the
development of a new low cost flexible engine.
PROTON terus meningkatkan penyelidikan dalam teknologi
enjin dan bahan ringan. Pada masa ini projek penyelidikan
yang sedang dijalankan termasuk kenderaan bergas
semulajadi, enjin cam profiling, kenderaan kombinasi
berletrik, enjin pembatalan pesanan dan enjin injap
aktif. Beberapa projek juga sedang dikendalikan melalui
kerjasama dengan universiti di Malaysia dan di UK dengan
peruntukan kewangan yang dibiayai oleh kerajaan
Malaysia. Kerjasama ini termasuklah penggunaan berbagai
bahan untuk kenderaan penumpang dan pembangunan
dalam enjin kos rendah yang fleksibel.
162
RESEARCH & DEVELOPMENT
p e n y e l i d i k a n & p e mb a n g u n a n
163
For 2004, total development expenditure increased
significantly with work focused on the development of
new models on a number of platforms including the
leading edge Versatile Vehicle Architecture (VVA). The VVA
reduces the time it takes to bring a new product to
market and helps meet changing demand more quickly.
Globally, we are moving towards shared technologies so
that vehicles can be differentiated while using common
components. The reduction in development time will
create greater efficiency and the standardisation will also
lead to greater economies of scale in purchasing
components.
Development has also begun on an aluminium-bodied
vehicle built on the VVA platform. Increased fuel efficiency
and power through weight reduction and material
recyclability are key factors that have conspired together
to promote the use of aluminium in vehicle body
structures for high volume production.
Pada tahun 2004, jumlah perbelanjaan pembangunan telah
meningkat dengan membangunkan pelbagai platform
termasuklah platform yang boleh diubahsuai Versatile
Vehicle Architecture (VVA). Platform (VVA) ini mengurangkan
masa yang diambil untuk membawa produk baru ke
pasaran dan membantu membuat pembaharuan hasil
daripada perubahan permintaan dengan lebih cepat.
Di seluruh dunia, semua bergerak ke arah perkongsian
teknologi supaya kenderaan masih boleh dibezakan
walaupun menggunakan komponen yang sama. Masa
pembangunan yang lebih cepat akan mencetuskan
kecekapan yang lebih tinggi dan penggunaan komponen
yang sama mengurangkan kos melalui skala pembelian
yang besar.
Pembangunan telah bermula terhadap pembinaan badan
kenderaan beraluminium pada platform VVA. Peningkatan
kecekapan minyak dan kuasa melalui pengurangan berat
dan bahan kitaran semula adalah merupakan kunci
persepakatan bersama untuk memperkenalkan penggunaan
aluminium di dalam struktur badan kenderaan untuk
pengeluaran yang tinggi.
164
The production facilities in Malaysia recorded average
utilisation rates of 54% due to the weaker domestic
market. Total production from the Malaysian plants
was 148,981 units whilst the UK Lotus plant in Norwich
recorded production of 2,763 units.
The state-of-the-art Tanjung Malim Plant commenced
operations in January 2004 and is expected to result in
significant savings because of lean production processes
and the ability to shift production to different models
relatively quickly. The Flexible manufacturing system
installed in the plant will enable the Company to
respond more quickly to changing customer demand
with faster changeover of models.
Kilang di Malaysia merekodkan kadar penggunaan
setinggi 54% berdasarkan permintaan terhadap produk
kita. Jumlah hasil pengeluaran bagi kilang di Malaysia
pada tahun 2004 adalah 148,981 unit sementara kilang
di Lotus UK di Norwich merekodkan hasil pengeluaran
sebanyak 2,763 unit.
Kilang Tanjung Malim yang serba canggih telah mula
beroperasi dalam bulan Januari 2004 dan dijangkakan
akan memberikan penjimatan yang ketara hasil
daripada proses pengeluaran yang efisien dan
keupayaan untuk menukar pengeluaran model-model
yang berlainan secara relatif dan cepat.
MANUFACTURING
p e r k i l a n g a n
165
The Plant is capable of producing four models off three
platforms. To achieve production flexibility, the Body
factory, for example, operates with several short flexible
lines capable of accommodating 3 different platforms
comprising 9 separate models rather than the single
continuous line in the existing Shah Alam plant. On its
quality capability, the plant is designed with a direct pass
ratio in excess of 85% compared with 60% for the Shah
Alam plant and a World Best Practice ratio of 90%. On
cost efficiency capability, the new plant is designed for an
operation productivity ratio of 90% (Shah Alam Plant:
85%; World Best Practice: 95%).
Proton has announced plans to acquire a plant in
Indonesia to produce cars for the ASEAN market. The plant
will have an installed capacity of 30,000 units and will
initially produce the Wira model for the local market and
export to other ASEAN countries. In Vietnam, Proton is
undertaking a study to determine the feasibility of
assembling the Arena at the joint venture plant, Vinastar
Motors, for the local market.
Kilang ini berkemampuan untuk mengeluarkan empat
model dengan tiga platform serentak. Untuk mencapai
pengeluaran yang fleksibel, bahagian pemasangan badan
sebagai contohnya beroperasi di tiga barisan pengeluaran
yang fleksibel dan pendek dan mampu mengeluarkan
9 model daripada 3 platform dibandingkan dengan satu
barisan yang panjang di kilang Shah Alam sekarang. Dari
segi kualiti, kilang ini direka untuk mendapat nisbah terus
lulus sebanyak 85% dibandingkan dengan 60% di Shah
Alam dan 90% kilang terbaik dunia. Untuk menjimatkan
kos, kilang baru ini direka untuk mendapat nisbah
produktiviti sebanyak 90% (Shah Alam 85%; Terbaik di
Dunia 95%).
Proton telah megumumkan untuk memperolehi sebuah
kilang di Indonesia bagi mengeluarkan kereta untuk
pasaran ASEAN. Kilang tersebut akan mempunyai
keupayaan sebanyak 30,000 unit dan pada dasarnya akan
mengeluarkan model Wira untuk pasaran tempatan dan
untuk di ekspot ke negara-negara ASEAN. Di Vietnam,
Proton sedang membuat satu kajian bagi menentukan
kebolehlaksanaan pemasangan model Arena di kilang
usahasama, Vinastar Motors untuk pasaran tempatan.
To be able to compete in a liberalised market, it is key to get things
right in terms of customer satisfaction and quality. This involves a
positive experience with the dealer during the sale and service of the
vehicle, satisfaction with the initial quality of the vehicle and
satisfaction with the dependability of the vehicle after extended use.
Untuk menjadi lebih berdaya saing di pasaran yang liberal, adalah
penting untuk memastikan kepuasan pelanggan dan kualiti dipenuhi.
Ini termasuk mewujudkan pengalaman positif dengan pengedar
ketika menjual dan menyelenggara kenderaan, berpuashati dengan
kualiti kereta ketika diterima dan berpuashati dengan tahap
kemampuan kenderaan selepas penggunaan berlebihan.
166
KEY DATA / DATA UTAMA 2004 2003
ISO Accreditation /
Pengiktirafan ISO ISO 9000/2000 ISO9000/1994
QCC teams (Proton) /
Kumpulan QCC (Proton) 283 249
QCC teams (Proton Edar) /
Kumpulan QCC (Proton Edar) 127 0
QCC teams (Lotus) /
Kumpulan QCC (Lotus) 14 0
QCC Awards
Regional Gold Awards /
Anugerah Emas Wilayah 1 3
National Awards /
Anugerah Nasional 3 1
No. of suggestions /
Jumlah cadangan 5,313 4,481
No. of Kaizen /
Jumlah kaizen 3,429 3,409
QUALITY MANAGEMENT
p e n g u r u s a n k u a l i t i
Proton adopts the three-stage line inspection for quality
assurance static evaluation on fitting and appearance
exterior and interior on cars that are just produced from
the production line, dynamic evaluation on function and
drivability and final inspection before being approved fit
for delivery to customers. From May 2003, all inspections
have been transferred to the production line to further
empower the employees. Vendor quality was addressed at
source using Advance Product Quality Planning (APQP) teams.
As a result of these initiatives, there was further reduction
in the number of quality problems. Built-up quality was
improved from 8.8 defects per car in 2002 to 7.2 defects in
2003 and 6.9 defects in 2004. This reduction was in large
part due to Quality Control Circle activities, which achieved
significant waste elimination savings. Other efforts like
standardising our processes through our Quality Operating
System and engaging our employees through Kaizen
activities are making a difference in quality. As a result,
various internal and external indicators of quality performance
show that we are making significant progress. However,
outgoing quality deteriorated to 12 demerit points from
8.5 demerits the year before as the production line
adjusted to the new quality inspection procedures.
In recognition of the Companys continuous drive for
quality improvement and the implementation of world-
class quality systems, Proton was awarded the Prime
Ministers Quality Management Excellence Award 2004.
Proton menggunapakai pemeriksaan tiga peringkat untuk
jaminan kualiti. Penilaian statik kepada kemasan dan
ketrampilan luar di bahagian luar dan dalam kenderaan
yang dikeluarkan oleh bahagian pengeluaran, penilaian
secara dinamik kepada fungsi serta pamanduan kenderaan
dan pemeriksaan akhir dilakukan sebelum kenderaan
diluluskan untuk dihantar kepada pelanggan. Bermula Mei
2003, semua pemeriksaan telah ditukar ke bahagian
pengeluaran untuk menggalakkan sifat mementingkan
kualiti kepada pekerja-pekerja. Kualiti pembekal
dikenalpasti pada sumbernya menggunakan pasukan Pelan
Kualiti Produk Kehadapan (APQP)
Hasil dari inisiatif-inisiatif ini terdapat pengurangan jumlah
masalah kualiti. Kualiti siap-bina bertambah baik dengan
tahap defek menurun daripada 8.8 defek satu kereta
dalam tahun 2002 kepada 7.2 defek dalam tahun 2003 dan
6.9 defek dalam tahun 2004. Sebahagian besar pengurangan
tersebut adalah berpunca daripada aktiviti Kumpulan
Kawalan Mutu, yang berjaya menjimatkan kos. Usaha lain
seperti pemiawaian proses melalui Sistem Kualiti Operasi
dan penglibatan pekerja dengan aktiviti Kaizen memberi
perbezaan kepada kualiti. Hasilnya, pelbagai petunjuk
kualiti dalaman dan luaran telah membuktikan bahawa
perlaksanaan kualiti yang sedang kami jalankan adalah
bertambah baik. Walau bagaimanapun kualiti keluar merosot
kepada 12 mata demerit dari 8.5 mata demerit pada tahun
sebelumnya disebabkan pengubahsuaian barisan pengeluaran
terhadap tata cara pemeriksaan kualiti yang baru.
Proton telah dianugerahkan dengan Anugerah Pengurusan
Kualiti Terbaik Perdana Menteri 2004 sebagai pengiktirafan
kepada usaha berterusan Syarikat untuk mempertingkatkan
kualiti dan melaksanakan sistem kualiti bertaraf dunia.
167
We continued to work with our distributors and dealers in a
number of ways, most importantly, on programs designed to
enhance the sales and service experience for our customers. The
strengthening of the domestic sales and service network remain
our key focus to improve customer service and maintain our
market share.
During the year, Proton Edar increased the number of Sales
dealers by 8% from 160 to 173 outlets and Service dealers by 3%
from 144 to 149 outlets. Consequently, turnover increased to
RM4,182 million from RM4,138 million previously and the Proton
Edar share of the domestic passenger car market increased from
23.9% to 25.9%.
In order to improve its customer focus, a Customer Management
Center was launched during the year. The service, known as
Proton I.Care, provides a one-stop center for customers to
Kami terus bekerjasama dengan pengedar dan wakil penjual
dengan pelbagai cara dan yang terpentingnya, dalam program
yang dirancang untuk mempertingkatkan pengalaman jualan dan
perkhidmatan kepada pelanggan kami. Pengukuhan rangkaian
jualan dan servis akan terus menjadi tumpuan utama kami bagi
mengekalkan bahagian pasaran kami.
Dalam tahun semasa, Proton Edar telah menambahkan jumlah
Pengedar Jualan sebanyak 8% dari 160 ke 173 rangkaian dan
Pengedar Perkhidmatan sebanyak 3% dari 144 ke 149 rangkaian.
Dengan itu, jualan telah meningkat dari RM4,138 juta ke
RM4,182 juta sebelumnya dan penguasaan Proton Edar di dalam
pasaran kereta penumpang meningkat dari 23.9% ke 25.9%.
Bagi memperbaiki fokus pelanggan, sebuah Pusat Pengurusan
Pelanggan telah dilancarkan. Khidmat tersebut dikenali sebagai
Proton I.Care. Ia menyediakan pusat setempat bagi para
168
SALES & DISTRIBUTION
j u a l a n & p e n g e d a r a n
contact and interact with Proton Edar for product and
service enquiry as well as 24 hours emergency breakdown
assist.
For exports, the adverse economic impact and uncertainty
arising from the Iraq War affected sales to the Middle
East, previously our largest overseas market. Total exports
fell 7% with 7,339 cars sold in 2004 compared with 7,929
units the year before. A shipment of 5,000 cars due for
Iraq was deferred pending resolution of the political crises
in that country.
Proton Cars Australia recorded retail sales of 1,388 units,
an increase of 55%. This was the second largest increase in
percentage terms of any OEM in Australia. The higher
sales were attributed to the success of the Jumbuck
(Arena) which accounted for 786 units.
Proton Cars UK managed to retail a total of 507 units of
Jumbuck (Arena), which represented 80% of the sub one-
ton single cab petrol pick-up market. Total sales however,
recorded a decline of 14% with the gradual phasing out
of the old products.
Proton has continued to achieve excellent results in the
2004 UK J.D. Power Customer Satisfaction Survey. Proton
tied for 10th position in the Overall Top Brand Category
out of 33 brands and was placed second in Dealer Service
Satisfaction, just behind Lexus.
Further inroad into the neighbouring Asean markets is
expected in 2005 with the establishment of Proton Edar
Indonesia and Proton Singapore.
pelanggan berhubung dan berinteraksi dengan Proton
Edar untuk sebarang pertanyaan mengenai produk dan
perkhidmatan serta khidmat bantuan kecemasan 24 jam.
Dari segi ekspot, kesan kemerosotan ekonomi dan
keadaan yang tidak dapat diramal yang disebabkan oleh
peperangan Iraq telah menjejaskan jualan di Timur
Tengah, yang sebelumnya merupakan pasaran luar negara
terbesar kami. Jualan Proton menurun sebanyak
7% dengan 7,339 unit kereta dijual pada tahun 2004
dibandingkan dengan 7,929 unit sebelumnya.
Penghantaran 5,000 kereta ke Iraq terpaksa ditunda akibat
krisis politik yang dialami oleh negara tersebut.
Proton Cars Australia mencatatkan jualan sebanyak 1,388
unit, iaitu peningkatan sebanyak 55%. Ini merupakan
peningkatan kedua terbesar dalam bentuk peratusan
dalam mana-mana OEM di Australia. Model Jumbuck (Arena)
telah mencatatkan jualan sebanyak 786 unit di mana telah
menyumbangkan kepada peningkatan tersebut.
Proton Cars UK berjaya mencapai jualan sebanyak 507 unit
Jumbuck (Arena), yang mewakili 80% pasaran pick-up
sub-satu tan berkabin tunggal berkuasa petrol. Walau
bagaimanapun jumlah jualan menurun sebanyak 14%
dengan pengurangan secara berperingkat terhadap
produk lama.
Proton terus mencapai hasil yang cemerlang pada tahun
2004 mengikut kajiselidik kepuasan pelanggan yang dibuat
oleh UK J.D. Power. Proton menduduki tempat yang
kesepuluh dalam Kategori Jenama Teratas Keseluruhan
dari 33 jenama dan tempat yang kedua dalam Kepuasan
Servis Pengedar di belakang Lexus.
Pasaran yang lebih luas akan diperolehi dalam negara jiran
yang terdekat iaitu Asean pada tahun 2005 dengan
pembentukan Proton Edar Indonesia dan Proton Singapore.
KEY DATA / DATA UTAMA 2004 2003
Malaysian / Malaysia Bumiputra / Bumiputra 69.04% 60.57%
Non-Bumiputra /
Bukan Bumiputra 4.03% 12.33%
Foreign / Warga Asing 26.93% 27.10%
KEY FIGURES / ANGKA UTAMA 2004 2003
Share price as at 31 March /
Harga saham pada 31 Mac RM9.85 RM8.00
Dividends per share (Interim and proposed final) /
Dividen sesaham (Interim dan cadangan akhir) 15 sen 20 sen
Earnings per share / Keuntungan sesaham 92.9 sen 201.9 sen
NTA per share RM10.08 RM9.35
171
Timely shareholder communication remains the
objective of our investor relations program, which
involves the participation of the Board and senior
management. Although the principal forum for
dialogue with shareholders remains the Annual General
Meeting, the investor relations program establishes a
direct channel of communication with shareholders and
the investment community, both local and foreign.
Under this program, the Group organises regular
briefings for analysts and fund managers as well as
participates in investors forums to keep them abreast
with the latest development.
In 2003/04, the Group held more than 50 meetings
with equity research analysts, fund managers and
institutional investors and shareholders. Analyst
briefings and plant tours were also conducted at Shah
Alam as well as the new factory in Tanjung Malim. The
senior management participates in all investor relation
activities, meeting fund managers and analysts regularly.
PROTON shares began the financial year at RM8.00 and
reached a high of RM10.10 before succumbing to
global uncertainties arising from the Iraq War. In an
overall weak market, PROTON shares were adversely
affected by investor restraint. However, the overwhelming
response to the Gen.2 launched in February 2004
resulted in the share price closing higher at RM9.85 on
31 March 2004.
Komunikasi yang berkesan dengan pemegang-pemegang
saham pada masa yang tepat kekal sebagai objektif
utama di dalam program perhubungan dengan pelabur
kami, yang menyaksikan penglibatan pihak Pengarah
dan pengurusan kanan. Walaupun Mesyuarat Agung
Tahunan masih menjadi forum dialog utama, program
perhubungan dengan pelabur adalah saluran komunikasi
secara terus dengan pemegang-pemegang saham dan
komuniti pelabur di dalam dan luar negara. Menerusi
program ini, Kumpulan sentiasa menganjurkan sesi
penerangan untuk penganalisa-penganalisa dan
pengurus-pengurus dana di samping mengambil
bahagian di dalam forum pelabur untuk memastikan
bahawa mereka dimaklumkan tentang sebarang
perkembangan terkini.
Dalam tahun 2003/04, Kumpulan telah mengadakan
lebih daripada 50 perjumpaan dengan penganalisa-
penganalisa penyelidik ekuiti, pengurus-pengurus dana
institusi-institusi pelaburan dan pemegang-pemegang
saham. Taklimat dan lawatan kilang juga telah diadakan
di Shah Alam dan juga di kilang baru, Tanjung Malim.
Pengurusan-pengurusan kanan juga kerap mengambil
bahagian dalam semua aktiviti-aktiviti yang berkaitan
dengan pelabur-pelabur, perbincangan dengan
pengurus-pengurus dana dan penganalisa-penganalisa.
Saham PROTON bermula dalam tahun kewangan dengan
harga RM8.00 dan mencecah paras tertinggi pada
RM10.10 sebelum merosot kerana kegawatan
antarabangsa akibat dari perang di Iraq. Walau
bagaimanapun, respon yang menggalakkan terhadap
pelancaran Gen.2 pada Februari 2004 telah
mengakibatkan harga saham ditutup lebih tinggi pada
RM9.85 pada 31 Mac 2004.
SHAREHOLDERS
p e me g a n g - p e me g a n g s a h a m
During the year, Proton continued to forge
partnerships with suppliers, service providers and
technical experts to enable the Group to deliver
innovative products and services to our customers. We
carefully select those alliance opportunities that enable
us to deliver better ideas into the marketplace in new
and exciting ways. Diversity is apparent as our business
associates span the globe and include Asian, European,
North American and South American companies.
Pada tahun semasa, Proton terus membentuk
perkongsian dengan pembekal-pembekal, pembekal-
pembekal perkhidmatan dan pakar-pakar teknikal
untuk membolehkan Kumpulan menyalurkan produk
dan perkhidmatan yang inovatif kepada pelanggan
kami. Kami berhati-hati memilih peluang perikatan
bagi membolehkan kami menyampaikan idea yang
lebih baik ke dalam pasaran dengan cara yang baru
dan lebih menarik. Kepelbagaian adalah nyata di mana
rakan niaga kami berada di seluruh dunia termasuk
syarikat-syarikat dari Asia, Eropah, Amerika Utara dan
Amerika Selatan.
172
BUSINESS ASSOCIATE
r a k a n n i a g a
Proton has continued to spearhead the development of
local capabilities in the manufacture of automotive
components. Over 100 Malaysian manufacturers were
appointed as Simultaneous Engineering Partners in the
development of our new range of products. This involved
participation in the engineering design and testing of key
components and will result in the acquisition of research
and development capabilities. Proton has continued to
actively encourage Malaysian vendors to venture abroad to
supply our overseas assembly operations.
In August 2003, Proton formed a joint venture with
Miyazu of Japan, one of the worlds largest manufacturers
of automotive dies, to develop Malaysian capabilities in die
design, manufacturing and maintenance. Using a
combination of Japanese technology and local resource,
the joint venture, Miyazu (Malaysia) Sdn. Bhd., will be able
to reduce the cost of automotive dies for Protons new
models by as much as 20%. In recognition of its
technology transfer role, the company has also been
granted status as a high technology company entitling it
special tax incentives.
173
Proton terus menerajui pembangunan tenaga-tenaga
tempatan di dalam perkilangan kompenan otomotif. Lebih
100 pengilang Malaysia telah dilantik sebagai Rakan
Kejuruteraan Serentak di dalam pembangunan produk
baru kami. Ini termasuklah penglibatan di dalam
kejuruteraan rekaan dan ujian ke atas komponen-
komponen utama di mana kebolehan tempatan dalam
penyelidikan dan pembangunan akan diperolehi. Proton
akan terus menggalakkan pembekal dari Malaysia untuk
menerokai ke luar negara bagi membekalkan komponen
untuk operasi pemasangan di sana.
Pada Ogos 2003, Proton telah menandatangani perjanjian
kawalan bersama dengan Miyazu dari Jepun, salah sebuah
pengilang acuan otomotif terbesar di dunia untuk
meningkatkan kemampuan Malaysia dalam rekaan acuan,
pengilangan dan penyelengaraan. Dengan menggunakan
kombinasi teknologi Jepun dan sumber tempatan, Miyazu
(Malaysia) Sdn. Bhd. berkemampuan mengurangkan kos
otomotif acuan untuk model baru Proton sebanyak 20%.
Di dalam pengiktirafan peranannya sebagai pemindah
teknologi, syarikat juga telah diberi status syarikat yang
berteknologi tinggi dan berhak untuk mendapat insentif-
insentif cukai.
174
OUR PEOPLE ARE THE SOURCE OF OUR SUCCESS
The overall thrust of our Human Resource strategy is to
recruit, reward and retain the best employees. During
the year, a number of recruitment road shows were
conducted in Malaysia as well as the UK among leading
engineering and business universities to meet our
growing requirement. The response was overwhelming
and more such road shows are being planned for the
coming year. An internship program for graduate
trainees was implemented during the year to meet the
growing needs of the business.
The Human Resource Management Group has
continued to be the key forum for the communication
of policies and issues affecting the employees. The
Group comprising representatives from the Senior
Management and the Proton Workers Union meet on a
monthly basis to discuss strategic human resource issues
affecting employees. It is a unique program that allows
regular communication and prompt resolution of issues
as well as participation by the Union in the
development of policies affecting the employees.
ORANG KAMI ADALAH SUMBER KEJAYAAN KAMI
Strategi keseluruhan Sumber Manusia kami adalah
untuk merekrut, memberi ganjaran dan mengekalkan
pekerja terbaik. Pada tahun semasa, beberapa road
show telah dijalankan di universiti-universiti kejuruteraan
dan perniagaan yang terkemuka di Malaysia dan di UK
untuk memenuhi peningkatan keperluan kami.
Sambutan yang diberikan amat menggalakan dan kami
merancang untuk mengadakan lebih banyak road show
pada masa akan datang. Satu program pengambilan
pelatih-pelatih graduan telah diadakan dalam tahun
semasa bagi menampung peningkatan dalam keperluan-
keperluan perniagaan.
Kumpulan Pengurusan Sumber Manusia terus menjadi
forum utama dalam menyampaikan maklumat dan isu
yang membabitkan pekerja. Pihak pengurusan yang
diwakili oleh pengurus kanan bersama dengan wakil
kesatuan pekerja berjumpa setiap bulan untuk
membincangkan isu-isu strategik sumber manusia yang
membabitkan pekerja. Ia adalah program unik yang
membolehkan komunikasi antara dua belah pihak
sentiasa dijalankan, isu diselesaikan serta merta yang
membolehkan penglibatan Kesatuan di dalam
pembangunan polisi yang melibatkan pekerja.
HUMAN RESOURCES
s u mb e r ma n u s i a
175
176
The following HR initiatives continue to be adopted by the
Group.
PERFORMANCE MANAGEMENT SYSTEM
The system aligns the targets, which is linked to corporate
goals, with the competencies required to achieve them. It
provides clear accountability, with focus on critical business
issues and enables self-tracking of individual performance.
It uses the balanced scorecard approach to provide an
objective assessment and to identify high potential future
leaders.
COMPENSATION
The aim of this program is to align remuneration with
performance to attract and retain top talents. This is
achieved through a combination of fixed and variable
payment, which is benchmarked against industry standards,
that is linked to achievement of agreed targets. The
quantum of variable payment is measured against the
Companys performance, affordability and compensation
objectives.
LEARNING ORGANISATION
As the competitive environment becomes more complex, it
is crucial that our employees acquire the necessary
knowledge to cope with these challenges. Under this
initiative, all non-executives will undergo training and
certification under an in-house developed program
accredited by the Majlis Latihan Vokasional Kebangsaan.
Eligible executives were enrolled in a three-month part
time collaborative program with University Malaya to
equip them with knowledge in marketing, finance, law
and business.
Inisiatif-inisiatif berikut terus digunapakai oleh Kumpulan.
SISTEM PRESTASI PENGURUSAN
Sistem ini menyelaraskan sasaran, yang dikaitkan dengan
objektif korporat, dengan kecekapan yang diperlukan.
Tanggungjawab pekerja adalah jelas, tumpuan kepada
isu-isu perniagaan yang kritikal boleh diberikan dan setiap
individu akan menjejak prestasi diri sendiri. Sistem ini
menggunakan imbangan kad skor untuk memberi penilaian
objektif dan mengenalpasti bakal pemimpin pada masa
hadapan.
PAMPASAN
Tujuan program ini ialah untuk menyelaraskan imbuhan
dengan prestasi bagi menarik dan mengekalkan pekerja
yang sangat berbakat. Ini dapat dicapai melalui gabungan
di antara pembayaran tetap dan pembayaran berubah-
ubah yang dibandingkan dengan aras industri dan
dikaitkan dengan sasaran yang telah dipersetujui. Jumlah
imbuhan adalah berdasarkan prestasi Syarikat, kemampuan
Syarikat dan objektif imbuhan itu sendiri.
ORGANISASI PEMBELAJARAN
Dalam persekitaran yang semakin kompleks, adalah
penting untuk pekerja kita memperolehi pengetahuan
yang perlu untuk menempuhi cabaran. Di bawah inisiatif
ini, semua pekerja bukan eksekutif akan melalui latihan
dan persijilan di bawah pembangunan program dalaman
yang diiktiraf oleh Majlis Latihan Vokasional Kebangsaan.
Eksekutif yang berkelayakan didaftarkan di dalam program
3 bulan separuh masa dengan Universiti Malaya untuk
melengkapkan mereka dengan pengetahuan di dalam
pemasaran, kewangan, perundangan dan perniagaan.
177
ENVIRONMENT, HEALTH AND SAFETY
p e r s e k i t a r a n , k e s i h a t a n d a n k e s e l a ma t a n
178
PROTON is committed towards protecting the
environment, health and safety of those who make,
distribute or use our products. In 1997, we began an EHS
Initiative to raise the profile of health and safety issues in
our organisation, develop effective approaches and
integrate them with our operating environment. We
implemented measures to ensure a conducive, safe and
healthy working environment for our employees by
providing the appropriate resources and monitoring and
maintaining a high standard. Compulsory motorcycle
defensive riding training was implemented for non-
executive employees and has been successful in reducing
road accidents. The program has continued to reduce lost
time injuries in our organisation significantly since then.
We stand behind our commitment to continuously improve
the safety of our vehicles for our customers and the public.
Safety features such as energy absorbing crumble zones,
safety belts, air bags and side impact beams help reduce
the likelihood of injury to drivers and passengers in an
accident. In the past several years, PROTON has worked
with our business associates to add sophisticated
technologies to basic features including the vehicles level
of comfort, ease of use, lighting, maneuverability and
braking systems to help drivers avoid collisions and
maintain control in emergency situations.
In the Gen.2, the emphasis on safety is further accentuated
with a three-stage safety system a safer cabin, active
safety and passive safety. It features increased body rigidity
and crumple zone, four wheel anti lock brake system with
electronic brake force distribution and airbags
supplemented with an electronic seat belt pre-tensioner
system which locks the belt in place to limit occupant
travel in the event of a crash.
Proton adalah komited dalam melindungi alam sekitar,
kesihatan dan keselamatan semua yang terlibat dalam
pembuatan, pengedaran atau penggunaan produk kami.
Pada tahun 1997, kami memulakan inisiatif bagi
meningkatkan profil isu kesihatan dan keselamatan dalam
syarikat membentuk langkah-langkah yang berkesan dan
menyatukan langkah-langkah tersebut ke dalam persekitaran
kerja kami. Kami melaksanakan langkah yang perlu untuk
memastikan persekitaran kerja yang sesuai, selamat dan
sihat bagi pekerja-pekerja dengan menyediakan sumber-
sumber yang perlu dan mengawas serta mengekalkan
piawaian yang tinggi. Latihan wajib kemahiran menunggang
motosikal juga dilaksanakan untuk pekerja-pekerja bukan
eksekutif dan telah berjaya dalam mengurangkan kemalangan
jalan raya. Program ini terus berjaya mengurangkan
kehilangan masa kecederaan dalam organisasi kami.
Kami terus komited bagi meningkatkan ciri-ciri keselamatan
kenderaan untuk keselamatan pelanggan dan orang awam.
Ciri-ciri keselamatan seperti zon penyerapan kuasa
pecahan, tali pinggang keselamatan, beg udara dan alang
langgaran tepi membantu mengurangkan kemungkinan
berlaku kecederaan kepada pemandu dan penumpang
ketika kemalangan. Selama beberapa tahun yang lepas,
PROTON telah bekerjasama dengan rakan niaganya untuk
meningkatkan teknologi yang sofistikated di dalam ciri-ciri
asas kenderaan, kemudahan pengendalian, pencahayaan,
pemanduan dan sistem brek untuk membantu pemandu
mengelakkan perlanggaran dan mengekalkan kawalan
dalam situasi cemas.
Untuk Gen.2, penekanan terhadap keselamatan dilanjutkan
lagi dengan sistem keselamatan tiga peringkat kabin
yang lebih selamat, keselamatan aktif dan keselamatan
pasif. Ia menampilkan peningkatan ketahanan badan,
kuasa pecahan, sistem brek anti kekunci empat roda
dengan pengagihan tekanan brek elektronik dan beg-beg
udara dengan tambahan sistem pra-regangan tali
pinggang keselamatan elektronik yang mana mengunci
kedudukan tali pinggang untuk menghadkan pergerakan
pemakai jika berlaku perlanggaran.
COMMUNITY RELATIONS
p e r h u b u n g a n ma s y a r a k a t
179
At PROTON, we believe that successful business and social
responsibility go hand in hand. In 2004, we continued to
play our role as a responsible corporate citizen by
sponsoring projects that support sustainability, tourism and
international relations, offering educational assistance
through Yayasan PROTON and by participating in cultural
and sports activities.
We continue to be a major supporter of the vision to
position Malaysia as a leading cycling and tourist destination
through the annual Le Tour de Langkawi cycling race. Our
support of badminton through sponsorship of its development
program has seen the grooming of many Malaysian world-
class players. Protons sponsorship of the Norwich City
Football Club, an English Premier League team, has
enabled hundreds of young Malaysian footballers to
benefit from the football clinics conducted by the Club
under the Football for the Community Program.
Contributions were made to the less fortunate from the
various communities during the annual Hari Raya, Chinese
New Year, Deepavali and Christmas celebrations.
PROTON is also committed to support the Governments
efforts to upgrade the academic and technical skills of
Malaysians by providing scholarships through Yayasan
PROTON.
Di PROTON kami percaya bahawa kejayaan perniagaan
dan tanggungjawab sosial berkait rapat. Dalam tahun
2004, kami meneruskan tanggungjawab sebagai warga
korporat dengan menaja projek-projek yang menyokong
pengekalan pulangan, pelancongan dan hubungan
antarabangsa, memberi bantuan pendidikan melalui
Yayasan PROTON dan penglibatan di dalam aktiviti-aktiviti
kebudayaan dan kesukanan.
Kami terus menyokong visi untuk menempatkan Malaysia
sebagai destinasi sukan berbasikal, pelancongan yang
utama melalui acara tahunan Perlumbaan Berbasikal
Le Tour de Langkawi. Sokongan kami kepada sukan
badminton melalui penajaan program pembangunannya
telah melahirkan ramai pemain-pemain Malaysia yang
bertaraf antarabangsa. Penajaan Proton ke atas Kelab
Bolasepak Norwich City, pasukan dari Liga Perdana Inggeris
telah membolehkan ratusan pemain-pemain bolasepak
remaja Malaysia mendapat manfaat daripada klinik
bolasepak yang dilaksanakan oleh kelab tersebut di bawah
program Bolasepak untuk Komuniti.
Kami juga telah memberi sumbangan kepada mereka yang
kurang bernasib baik di dalam masyarakat semasa
perayaan tahunan Hari Raya, Tahun Baru Cina, Deepavali
dan Krismas.
PROTON juga adalah komited dalam menyokong usaha
kerajaan untuk meningkatkan kemahiran akademik dan
teknikal rakyat Malaysia dengan menyediakan penajaan
melalui Yayasan PROTON.
180
FIVE YEARS FINANCIAL HIGHLIGHTS
r i n g k a s a n k e wa n g a n u n t u k l i ma t a h u n
BALANCE SHEET AS AT 31 MARCH / KUNCI KIRA-KIRA PADA 31 MAC
(RM Million / Juta)
Group / Kumpulan Company / Syarikat
2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Current Assets /
Aset Semasa
Inventories / Inventori 821.9 835.5 720.2 881.7 660.8 374.1 372.5 232.5 450.3 303.1
Receivables /
Penghutang 944.5 852.5 894.0 836.2 871.2 809.9 808.1 847.4 674.7 708.0
Short Term
Investments /
Pelaburan Jangka
Pendek 182.0 166.4 185.0 144.2 160.2 182.0 166.4 185.0 144.2 160.2
Deposits, Bank and
Cash Balances /
Deposit, Bank
dan Baki Tunai 2,989.2 3,793.3 3,639.9 2,309.3 1,473.5 2,136.2 3,005.6 2,965.1 1,609.5 1,416.0
4,937.6 5,647.7 5,439.1 4,171.4 3,165.7 3,502.2 4,352.6 4,230.0 2,878.7 2,587.3
Current Liabilities /
Liabiliti Semasa
Payables / Pemiutang 1,935.3 2,464.4 2,256.5 2,441.4 2,034.9 1,393.8 1,700.7 1,736.6 1,440.1 1,145.8
Taxation / Cukai 143.4 206.5 280.3 182.2 146.3 139.3 207.5 250.7 124.0 136.4
2,078.7 2,670.9 2,536.8 2,623.6 2,181.2 1,533.1 1,908.2 1,987.3 1,564.1 1,282.2
181
Five Years Financial Highlights
Ringkasan Kewangan untuk Lima Tahun
BALANCE SHEET AS AT 31 MARCH (Contd.) / KUNCI KIRA-KIRA PADA 31 MAC (Samb.)
(RM Million / Juta)
2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Net Current Assets /
Aset Semasa Bersih 2,858.9 2,976.8 2,902.3 1,547.8 984.5 1,969.1 2,444.4 2,242.7 1,314.6 1,305.1
Property, Plant and
Equipment /
Hartanah, Loji
dan Peralatan 2,940.3 2,256.9 1,737.8 2,111.8 2,124.5 2,613.6 2,019.3 1,594.3 1,666.6 1,754.6
Subsidiary
Companies /
Syarikat Subsidiari 483.8 444.7 422.8 763.4 407.1
Associated
Companies /
Syarikat Bersekutu 170.1 146.9 89.3 65.3 187.9 32.0 32.0 27.8 23.0 37.8
Jointly Controlled
Entities / Entiti
Kawalan Bersama 28.1 2.8 1.7 1.2 0.6
Other Long Term
Investments /
Pelaburan Jangka
Panjang Lain 6.3 6.3 6.3 6.3 1.3 2.4 2.4 2.4 2.4 0.6
Long Term
Liabilities / Liabiliti
Jangka Panjang (447.4) (222.3) (509.8) (563.2) (368.4) (169.9) (222.2) (272.6) (290.4) (307.5)
Minority Interest /
Kepentingan
Minoriti (64.6) (56.6) (46.8) (36.0) (57.5)
Deferred Tax
Assets/(Liabilities) /
Cukai Tertunda
Aset/(Liabiliti) 46.3 26.3 (10.0) (57.8) (57.6) 34.5 14.8 (15.7) (52.1) (59.4)
5,538.0 5,137.1 4,170.8 3,075.4 2,815.3 4,965.5 4,735.4 4,001.7 3,427.5 3,138.3
182
BALANCE SHEET AS AT 31 MARCH (Contd.) / KUNCI KIRA-KIRA PADA 31 MAC (Samb.)
(RM Million / Juta)
2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Shareholders Funds /
Dana Pemegang
Saham
Share Capital /
Modal Saham 549.2 549.2 543.1 542.7 542.7 549.2 549.2 543.1 542.7 542.7
Other Reserves /
Rizab 46.4 62.2 121.6 117.7 124.9 477.2 475.6 432.4 429.4 429.4
Retained Profits /
Keuntungan
Tersimpan 4,942.4 4,525.7 3,506.1 2,415.0 2,147.7 3,939.1 3,710.6 3,026.2 2,455.4 2,166.2
5,538.0 5,137.1 4,170.8 3,075.4 2,815.3 4,965.5 4,735.4 4,001.7 3,427.5 3,138.3
183
INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH/ PENYATA PENDAPATAN BAGI TAHUN KEWANGAN BERAKHIR 31 MAC
(RM Million / Juta)
2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Revenue / Hasil 6,470.3 9,268.0 10,307.7 8,301.2 6,496.7 5,259.8 7,674.3 8,571.1 6,902.9 5,399.6
Profit Before
Taxation /
Keuntungan
Sebelum Cukai 592.0 1,360.0 1,511.8 378.3 141.3 329.6 934.0 889.7 358.8 127.1
Profit After
Taxation /
Keuntungan
Selepas Cukai 521.1 1,117.8 1,185.0 278.6 86.0 321.8 772.3 649.4 319.1 98.9
Retained Profit
Carried Forward
before Dividend /
Keuntungan
Tersimpan Dibawa
ke Hadapan
sebelum Dividen 5,035.8 4,613.6 3,584.8 2,444.9 2,196.5 4,032.5 3,798.5 3,104.9 2,485.3 2,215.0
Dividend / Dividen (93.4) (87.9) (78.7) (29.9) (48.8) (93.4) (87.9) (78.7) (29.9) (48.8)
Retained Profit
Carried Forward /
Keuntungan
Tersimpan Dibawa
ke Hadapan 4,942.4 4,525.7 3,506.1 2,415.0 2,147.7 3,939.1 3,710.6 3,026.2 2,455.4 2,166.2
184
SHARE INFORMATION / MAKLUMAT SAHAM
(RM Million / Juta)
2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Per Share / Sesaham
Basic Earnings /
Perolehan Asas
(sen) 92.9 201.9 215.5 54.8 14.2 58.6 140.8 119.7 58.8 18.2
Tax-Exempt
Dividend Paid /
Dividen
Dikecualikan
Cukai Dibayar
(sen) 17.0 16.0 14.5 5.5 9.0 17.0 16.0 14.5 5.5 9.0
Net Tangible
Asset / Aset
Ketara Bersih
(RM) 10.08 9.35 7.68 5.67 5.19 9.04 8.62 7.37 6.32 5.78
Share Price /
Harga Saham (RM) 9.85 8.00 10.90 5.60 7.80
185
KEY FINANCIAL INDICATORS
p e t u n j u k k e wa n g a n u t a ma
R
M

M
I
L
L
I
O
N

/

R
M

J
U
T
A
R
M

M
I
L
L
I
O
N

/

R
M

J
U
T
A
Dividend /
Dividen
120
100
80
60
40
20
0
00 01 02 03 04
Retained Profit
Carried Forward /
Keuntungan Tersimpan
Dibawa ke Hadapan
6,000
5,000
4,000
3,000
2,000
1,000
0
00 01 02 03 04
Group and Company /
Kumpulan dan Syarikat
Group / Kumpulan
Company / Syarikat
240
200
160
120
80
40
0
00 01 02 03 04
Basic Earnings Per Share /
Perolehan Asas Sesaham
Group / Kumpulan
Company / Syarikat
S
E
N

/

S
E
N
Net Tangible Assets /
Aset Ketara Bersih
12
10
8
6
4
2
0
00 01 02 03 04
Group / Kumpulan
Company / Syarikat
R
M

/

R
M
186
Revenue / Hasil
12,000
10,000
8,000
6,000
4,000
2,000
R
M

M
I
L
L
I
O
N

/

R
M

J
U
T
A
R
M

M
I
L
L
I
O
N

/

R
M

J
U
T
A
R
M

M
I
L
L
I
O
N

/

R
M

J
U
T
A
R
M

M
I
L
L
I
O
N

/

R
M

J
U
T
A
0
00 01 02 03 04
Profit Before Taxation /
Keuntungan Sebelum Cukai
1,800
1,500
1,200
900
600
300
0
00 01 02 03 04
Profit After Taxation /
Keuntungan Selepas Cukai
1,200
1,000
800
600
400
200
0
00 01 02 03 04
Net Profit Attributable
to Shareholders /
Keuntungan Bersih kepada
Pemegang Saham
1,200
1,000
800
600
400
200
0
00 01 02 03 04
Group / Kumpulan
Company / Syarikat
Group / Kumpulan
Company / Syarikat
Group / Kumpulan
Company / Syarikat
Group / Kumpulan
Company / Syarikat
Key Financial Indicators
Petunjuk Kewangan Utama
187
FINANCIAL CALENDAR
t a k wi m k e wa n g a n
ACTIVITIES / AKTIVITI-AKTIVITI DATE / TARIKH
ANNOUNCEMENT OF RESULTS / PENGUMUMAN KEPUTUSAN
Unaudited First (1st) quarter results for the three months ended 30 June 2003 29 August /
Keputusan suku pertama yang belum diaudit bagi tiga bulan berakhir 30 Jun 2003 Ogos 2003
Date of Notice of 20th Annual General Meeting / Tarikh Notis Mesyuarat Agung Tahunan ke 20 5 September 2003
20th Annual General Meeting / Mesyuarat Agung Tahunan yang ke 20 29 September 2003
Date of entitlement to the tax exempt final dividend of 12% for the financial year 8 October /
ending 31 March 2003 / Tarikh untuk hak menerima dividen akhir yang dikecualikan daripada Oktober 2003
cukai sebanyak 12% bagi tahun kewangan berakhir 31 Mac 2003
Payment of the tax exempt final dividend of 12% for the financial year ending 31 March 2003 28 October /
Pembayaran dividen akhir yang dikecualikan daripada cukai sebanyak 12% bagi tahun Oktober 2003
kewangan berakhir 31 Mac 2003
Unaudited Second (2nd) quarter results for the three months ended 30 September 2003 19 November 2003
Keputusan suku kedua yang belum diaudit bagi tiga bulan berakhir 30 September 2003
Date of entitlement to the tax exempt interim dividend of 5% for the financial year 19 December /
ending 31 March 2004 / Tarikh untuk hak menerima dividen interim yang dikecualikan Disember 2003
daripada cukai sebanyak 5% bagi tahun kewangan berakhir 31 Mac 2004
Payment of the tax exempt interim dividend of 5% for the financial year 16 January /
ending 31 March 2004 / Pembayaran dividen interim dikecualikan daripada cukai sebanyak 5% Januari 2004
bagi tahun kewangan berakhir 31 Mac 2004
Unaudited Third (3rd) quarter results for the three months ended 31 December 2003 27 February /
Keputusan suku ketiga yang belum diaudit bagi tiga bulan berakhir 31 Disember 2003 Februari 2004
Unaudited Fourth (4th) quarter results for the three months ended 31 March 2004 25 May /
Keputusan suku ke-empat yang belum diaudit bagi tiga bulan berakhir 31 Mac 2004 Mei 2004
188
SHARE PRICE AND VOLUME TRADED
h a r g a s a h a m d a n s a h a m d i n i a g a k a n
10,000
8,000
6,000
4,000
2,000
Apr
2003
May Jun Jul Aug Apr May Jun Jul Aug Sep Oct Nov Dec
2003
Jan
2004
Feb Mar
0
Closing / Penutup Volume / Jumlah '000 Lowest / Terendah Highest / Tertinggi Opening / Pemula
10
8
6
4
2
Volume / Jumlah
'000
Price / Harga
(RM)
189
Awards and Recognition
Anugerah dan Pengiktirafan
Malaysia best brand Award.
Anugerah jenama terbaik
Malaysia.
Industry Excellence
Award 2003.
Anugerah
Kecemerlangan
Industri 2003.
ISO 9001:2000 certification
Vehicle Certificate Agency.
Pengiktirafan ISO 9001:2000.
SIRIM QAS.
SIRIM QAS.
2003 Best Landscape
Competition (First
Place Factory
Category).
Pertandingan Lanskap
Halaman Cantik 2003
(Pemenang Pertama
Kategori Kilang).
PROTON continued to win
accolades and awards,
endorsing the relentless
efforts and continuous
programmes to transform
PROTON into a world class
automobile manufacturer
while reinforcing its
position in an increasingly
competitive automobile
market environment.
PROTON terus memenangi anugerah,
sebagai pengiktirafan usaha-usaha dan
program-program berterusan untuk
mengubah PROTON sebagai pengeluar
otomotif bertaraf dunia sambil
memperkukuhkan kedudukannya di
dalam pasaran otomotif dunia yang
makin kompetitif.
National Creativity &
Innovation Award 2004.
Anugerah Kreativiti &
Inovasi Kebangsaan 2004.
Industry Excellence Award
2003. Quality Management
Category III.
Anugerah Kecemerlangan
Industri 2003. Pengurusan
Kualiti Kategori III.
Directors Report 191
Laporan Pengarah 281
Income Statements 196
Penyata Pendapatan 286
Balance Sheets 197
Kunci Kira-kira 287
Consolidated Statement of Changes in Equity 199
Penyata Perubahan Ekuiti Disatukan 289
Company Statement of Changes in Equity 201
Penyata Perubahan Ekuiti Syarikat 291
Cash Flow Statements 203
Penyata Aliran Tunai 293
Notes to the Financial Statements 206
Nota-nota kepada Penyata Kewangan 296
Statement by Directors 279
Penyata oleh Pengarah 369
Statutory Declaration 279
Akuan Berkanun 369
Report of the Auditors 280
Laporan Juruaudit 370
Financial Statements
Penyata Kewangan
The Directors have pleasure in submitting their annual report to the members together with the audited financial statements
of the Group and Company for the financial year ended 31 March 2004.
PRINCIPAL ACTIVITIES
The Company is principally involved in manufacturing, assembling and selling motor vehicles and related products.
The principal activities of the subsidiary and associated companies are set out in Notes 23 and 24 to the financial statements.
There was no significant changes in the activities of the Group during the financial year.
FINANCIAL RESULTS
Group Company
RM000 RM000
Profit after taxation 521,076 321,836
Minority interests (11,005)
Net profit attributable to shareholders 510,071 321,836
DIVIDENDS
The amount of dividends paid or declared by the Company since 31 March 2003 were as follows:
In respect of the financial year ended 31 March 2003 as shown in the Directors' report of that year:
RM000
Final tax exempt dividend of 12.0 sen per ordinary share, paid on 28 October 2003 65,906
In respect of the financial year ended 31 March 2004:
Interim tax exempt dividend of 5.0 sen per ordinary share, paid on 16 January 2004 27,461
DIRECTORS REPORT
191
DIVIDENDS (Contd.)
The Directors now recommend the payment of a final tax exempt dividend of 10.0 sen per ordinary share on 549,213,000
ordinary shares amounting to RM54,921,300 for the financial year ended 31 March 2004 to be paid to its parent company,
Proton Holdings Berhad.
RESERVES AND PROVISIONS
There were no material transfers to or from reserves and provisions during the financial year except as disclosed in the
financial statements.
DIRECTORS
The Directors who have held office during the period since the date of the last report are:
Y.Bhg. Datuk Abu Hassan bin Kendut (Resigned on 25 May 2004)
Alternate director: Y.Bhg. Datuk Anwar bin Haji @ Aji (Resigned on 25 May 2004)
Y.M. Tengku Tan Sri Dr. Mahaleel bin Tengku Ariff (Resigned on 25 May 2004)
Y.Bhg. Datuk Kisai bin Rahmat (Resigned on 25 May 2004)
Y.Bhg. Dato Haji Abdul Majid bin Haji Hussein (Resigned on 25 May 2004)
Mr. Hisayoshi Kumai (Resigned on 25 May 2004)
Alternate director: Mr. Akihiko Mizumoto (Resigned on 25 May 2004)
Y.Bhg. Tan Sri A. Razak bin Ramli (Resigned on 25 May 2004)
Encik Badrul Feisal bin Abdul Rahim (Resigned on 25 May 2004)
Y.Bhg. Dato Mohd Ghazali @ Fauzi bin Yacub (Resigned on 25 May 2004)
Encik Abdul Jabbar bin Abdul Majid (Resigned on 25 May 2004)
Y.Bhg. Lt Gen (R) Dato Seri Mohamed Daud bin Abu Bakar (Resigned on 25 May 2004)
Y.Bhg. Datuk Dr. Soh Chai Hock (Resigned on 25 May 2004)
Y.Bhg. Tan Sri Ahmad Fuzi bin Haji Abdul Razak (Resigned on 25 May 2004)
Encik Md Ali bin Md Dewal (Resigned on 25 May 2004)
Mr. Masaharu Iwata (Resigned on 19 November 2003)
Mr. Fumihiko Minami (Appointed on 19 November 2003/
Resigned on 25 May 2004)
Y.Bhg. Datuk Kisai bin Rahmat (Appointed on 25 May 2004)
Mr. Tan Seng Lee (Appointed on 25 May 2004)
Puan Fadilat binti Ismail (Appointed on 25 May 2004)
Ms. Savita Saigal (Appointed on 25 May 2004)
192
Directors Report
DIRECTORS (Contd.)
Pursuant to Article 103 of the Companys Articles of Association, Y.Bhg. Datuk Kisai bin Rahmat, Mr. Tan Seng Lee, Puan
Fadilat binti Ismail and Ms. Savita Saigal retire at the forthcoming Annual General Meeting and, being eligible, offer
themselves for re-election.
DIRECTORS' BENEFITS
During and at the end of the financial year, no arrangements subsisted to which the Company is a party, being arrangements
with the object or objects of enabling Directors of the Company to 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
benefits disclosed as Directors remuneration in Note 6 to the financial statements) by reason of a contract made by the
Company or a related corporation with the Director or with a firm of which the Director is a member, or with a company
in which the Director has a substantial financial interest.
DIRECTORS INTEREST IN SHARES AND DEBENTURES
At the end of the financial year, Y.Bhg. Datuk Abu Hassan bin Kendut is deemed to have an indirect interest in shares of
the Company through 4,000 ordinary shares of RM1 each held by his spouse.
No other Director in office at the end of the financial year held any interest in shares in the Company and its related
corporations.
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS
Before the income statements and balance sheets of the Group and Company were made out, the Directors took reasonable
steps:
(a) to ascertain that action had been taken in relation to the writing off of bad debts and the making of allowance for
doubtful debts, and satisfied themselves that all known bad debts had been written off and that adequate allowance
had been made for doubtful debts; and
(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of business
their values as shown in the accounting records of the Group and Company had been written down to an amount
which they might be expected so to realise.
193
Directors Report
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (Contd.)
At the date of this report, the Directors are not aware of any circumstances:
(a) which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in the
financial statements of the Group and Company inadequate to any substantial extent; or
(b) which would render the values attributed to current assets in the financial statements of the Group and Company
misleading; or
(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and
Company misleading or inappropriate.
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, in the opinion of the Directors, will or may substantially affect the ability
of the Group and Company to meet their obligations when they fall due.
At the date of this report, there does not exist:
(a) any charge on the assets of the Group or the Company which has arisen since the end of the financial year which
secures the liability of any other person; or
(b) any contingent liability of the Group or the Company which has arisen since the end of the financial year.
At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the
financial statements which would render any amount stated in the financial statements misleading.
In the opinion of the Directors:
(a) the results of the Groups and Companys operations during the financial year were not substantially affected by any
item, transaction or event of a material and unusual nature except as disclosed in Note 41 to the financial statements;
and
(b) there has not arisen in the interval between the end of the financial year and the date of this report any item,
transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the
Group or the Company for the financial year in which this report is made except as disclosed in Note 40 to the financial
statements.
194
Directors Report
ULTIMATE HOLDING COMPANY
The holding and ultimate holding company subsequent to 5 April 2004, is Proton Holdings Berhad, a company incorporated
in Malaysia.
AUDITORS
The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.
Signed on behalf of the Board of Directors in accordance with their resolution dated 16 July 2004.
FADILAT BINTI ISMAIL TAN SENG LEE
Director Director
195
Directors Report
Group Company
Note 2004 2003 2004 2003
RM000 RM000 RM000 RM000
Revenue 4 6,470,347 9,267,996 5,259,781 7,674,265
Cost of sales (5,414,073) (7,397,530) (4,825,658) (6,466,738)
Gross profit 1,056,274 1,870,466 434,123 1,207,527
Other operating income 233,931 215,672 156,500 172,977
Distribution costs (166,503) (256,762) (21,375) (48,635)
Administrative expenses (466,545) (387,009) (214,339) (372,281)
Other operating expenses (73,422) (91,279) (10,735) (12,990)
Profit from operations 5 583,735 1,351,088 344,174 946,598
Finance cost 7 (37,127) (38,378) (14,604) (12,565)
Share of results of associated companies 43,292 45,838
Share of results of jointly controlled entities 25 2,093 1,430
Profit before taxation 591,993 1,359,978 329,570 934,033
Taxation
Company (7,734) (161,747) (7,734) (161,747)
Subsidiary companies (48,243) (73,159)
Share of taxation in associated companies (14,305) (6,795)
Share of taxation in jointly controlled entities (635) (520)
8 (70,917) (242,221) (7,734) (161,747)
Profit after taxation 521,076 1,117,757 321,836 772,286
Minority interest (11,005) (10,233)
Net profit attributable to shareholders 510,071 1,107,524 321,836 772,286
Earnings per share
basic 9 92.9 sen 201.9 sen
diluted 9 N/A N/A
The notes on pages 206 to 278 form part of these financial statements.
INCOME STATEMENTS
f o r t h e f i n a n c i a l y e a r e n d e d 31 Ma r c h 2004
196
Group Company
Note 2004 2003 2004 2003
RM000 RM000 RM000 RM000
CURRENT ASSETS
Inventories 11 821,925 835,486 374,149 372,458
Trade and other receivables 12 897,741 830,082 252,581 455,479
Amounts due from subsidiary companies 13 557,158 352,065
Amounts due from associated companies 14 1,023 3,363 145 530
Tax recoverable 45,790 19,053
Short term investments 15 181,980 166,435 181,980 166,435
Deposits, bank and cash balances 16 2,989,220 3,793,257 2,136,190 3,005,638
4,937,679 5,647,676 3,502,203 4,352,605
CURRENT LIABILITIES
Trade and other payables 17 1,506,179 1,663,729 971,710 1,189,045
Provisions 18 240,230 264,838 209,043 240,832
Amounts due to subsidiary companies 19 144,649 78,875
Amounts due to associated companies 20 15,817 28,512 15,817 28,463
Taxation 143,383 206,453 139,286 207,486
Short term borrowings 21 173,134 507,376 52,570 163,441
2,078,743 2,670,908 1,533,075 1,908,142
NET CURRENT ASSETS 2,858,936 2,976,768 1,969,128 2,444,463
BALANCE SHEETS
a s a t 31 Ma r c h 2004
197
Group Company
Note 2004 2003 2004 2003
RM000 RM000 RM000 RM000
NON CURRENT ASSETS
Property, plant and equipment 22 2,940,315 2,256,884 2,613,601 2,019,238
Subsidiary companies 23 425,165 426,755
Amounts due from subsidiary companies 13 58,492 17,944
Associated companies 24 170,075 146,855 32,026 32,026
Jointly controlled entities 25 28,150 2,835
Other long term investments 26 6,276 6,276 2,475 2,475
Deferred tax assets 28 47,252 27,404 34,514 14,812
3,192,068 2,440,254 3,166,273 2,513,250
NON CURRENT LIABILITIES
Long term liabilities 27 447,430 222,268 169,926 222,268
Deferred tax liabilities 28 1,023 1,023
448,453 223,291 169,926 222,268
5,602,551 5,193,731 4,965,475 4,735,445
FINANCED BY:
Share capital 29 549,213 549,213 549,213 549,213
Reserves 30 4,988,774 4,587,908 4,416,262 4,186,232
Shareholders' funds 5,537,987 5,137,121 4,965,475 4,735,445
MINORITY INTERESTS 64,564 56,610
5,602,551 5,193,731 4,965,475 4,735,445
198
Balance Sheets
Issued and fully paid
ordinary shares Non-distributable Distributable
Nominal Foreign
Number value of Share exchange Retained
Note of shares RM1 each premium Goodwill translation earnings Total
000 RM000 RM000 RM000 RM000 RM000 RM000
At 1 April 2002
(as previously reported) 543,144 543,144 432,409 (337,998) 27,175 3,431,847 4,096,577
Prior year adjustment 41 74,180 74,180
As restated 543,144 543,144 432,409 (337,998) 27,175 3,506,027 4,170,757
Issued under Perusahaan
Otomobil Nasional Berhad
Employees Share Option
Scheme 6,069 6,069 6,069
Premium on shares issued 43,208 43,208
Currency translation differences (80,967) (80,967)
Goodwill written-off (21,599) (21,599)
Net profit attributable
to shareholders 1,107,524 1,107,524
Dividends for the year ended
31 March 2002 final (43,935) (43,935)
31 March 2003 interim (43,936) (43,936)
At 31 March 2003 549,213 549,213 475,617 (359,597) (53,792) 4,525,680 5,137,121
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
199
Nominal Foreign
Number value of Share exchange Retained
Note of shares RM1 each premium Goodwill translation earnings Total
000 RM000 RM000 RM000 RM000 RM000 RM000
At 1 April 2003
(as previously reported) 549,213 549,213 475,617 (359,597) (53,792) 4,482,969 5,094,410
As restated 549,213 549,213 475,617 (359,597) (53,792) 4,525,680 5,137,121
Currency translation differences (15,839) (15,839)
to shareholders 510,071 510,071
31 March 2003 final (65,905) (65,905)
31 March 2004 interim (27,461) (27,461)
At 31 March 2004 549,213 549,213 475,617 (359,597) (69,631) 4,942,385 5,537,987
200
Consolidated Statement of Changes in Equity
Nominal Foreign
Number value of Share Exchange Retained
Note of shares RM1 each premium Translation earnings Total
000 RM000 RM000 RM000 RM000 RM000
At 1 April 2002
(as previously reported) 543,144 543,144 432,409 2,957,745 3,933,298
As restated 543,144 543,144 432,409 3,026,200 4,001,753
Issued under Perusahaan
Otomobil Nasional Berhad
Employees Share Option
Scheme 6,069 6,069 6,069
Premium on shares issued 43,208 43,208
to shareholders 772,286 772,286
31 March 2002 final (43,935) (43,935)
31 March 2003 interim (43,936) (43,936)
At 31 March 2003 549,213 549,213 475,617 3,710,615 4,735,445
COMPANY STATEMENT OF CHANGES IN EQUITY
201
Nominal Foreign
Number value of Share Exchange Retained
Note of shares RM1 each premium Translation earnings Total
000 RM000 RM000 RM000 RM000 RM000
At 1 April 2003
(as previously reported) 549,213 549,213 475,617 3,678,758 4,703,588
As restated 549,213 549,213 475,617 3,710,615 4,735,445
Currency translation differences 1,560 1,560
Net profit attributable to
shareholders 321,836 321,836
31 March 2003 final (65,905) (65,905)
31 March 2004 interim (27,461) (27,461)
At 31 March 2004 549,213 549,213 475,617 1,560 3,939,085 4,965,475
202
Company Statement of Changes in Equity
CASH FLOWSTATEMENTS
203
Group Company
Note 2004 2003 2004 2003
RM000 RM000 RM000 RM000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit after taxation 521,076 1,117,757 321,836 772,286
Adjustments for:
Taxation 70,917 242,221 7,734 161,747
Property, plant and equipment written off 41,072 86,477 40,487 75,733
Impairment of property, plant and equipment 1,000
Allowance/(write back) for inventories written down 7,957 3,663 (11,165) 3,663
Inventories written off 12,977 12,977
Depreciation of property, plant and equipment 329,383 402,929 302,456 383,334
Interest expense 37,127 38,378 14,604 12,565
Interest income (107,542) (117,028) (92,800) (99,693)
Gain on disposal of property, plant and equipment (46,592) (6,521) (333) (3,976)
Share of results of associated companies (43,292) (45,838)
Share of results of jointly controlled entities (2,093) (1,430)
Allowance for diminution in value of investment in
subsidiary companies 231,649
Write back of diminution in value of investment in
associated companies (4,200)
(Write back of)/allowance for diminution in value of
short term investments (17,791) 8,985 (17,791) 8,985
(Gain)/loss on disposal of short term investments (12,388) 1,694 (12,388) 1,694
(Write back of)/allowance for doubtful debts (1,566) 5,440 (9,049) (23,231)
Unrealised foreign exchange loss/(gain) 6,098 (63,687) 1,752 (64,710)
Provision for warranties (net of expected reimbursement) 48,860 53,858 21,463 46,925
Dividend income (8,218) (2,520) (22,689) (8,857)
Operating profit before working capital changes 823,008 1,738,355 544,117 1,506,891
Group Company
Note 2004 2003 2004 2003
RM000 RM000 RM000 RM000
Changes in working capital:
Inventories 35,635 (107,552) 9,474 (156,601)
Receivables
Trade and other receivables (36,431) 277,274 203,985 275,365
Subsidiary companies (240,458) (63,776)
Associated companies 2,340 1,479 521 (127)
Payables
Trade and other payables (203,142) (211,852) (216,247) (286,861)
Provisions for liabilities and charges (90,294) (144,976) (53,252) (130,086)
Subsidiary companies 65,774 47,598
Associated companies (12,695) (4,634) (12,646) (4,336)
Cash generated from operations 518,421 1,548,094 301,268 1,188,067
Taxation paid (163,952) (356,534) (92,500) (234,950)
Interest received 113,168 116,340 97,019 93,973
Interest paid (42,152) (41,991) (15,692) (13,363)
Net cash flow from operating activities 425,485 1,265,909 290,095 1,033,727
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (1,059,011) (1,017,953) (938,125) (916,617)
Additional investment in a subsidiary company (21,599) (1,785) (253,649)
Additional investment in an associated company (21,998)
Additional investment in a jointly controlled entity (25,000)
Repayment of advances from subsidiary companies (1,632) 67,042
Purchase of short term investments (122,955) (104,968) (122,955) (104,968)
Disposal of short term investments 137,589 112,841 137,589 112,841
Proceeds from disposal of property, plant and equipment 56,175 11,742 1,152 36,549
Dividends received 18,291 7,360 19,417 8,857
Return of capital from a liquidated subsidiary company 3,375
Net cash flow used in investing activities (994,911) (1,034,575) (902,964) (1,049,945)
204
Cash Flow Statements
Group Company
Note 2004 2003 2004 2003
RM000 RM000 RM000 RM000
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (93,366) (87,871) (93,366) (87,871)
Proceeds from issuance of share capital 49,277 49,277
Cash contribution by minority interest 1,715
Proceeds from short term borrowings 846,927 113,112 846,927 113,112
Proceeds from new term loan 277,500
Repayment of term loans (357,304) (69,054) (50,329) (17,816)
Finance lease and hire purchase instalments paid (146) (656)
Repayment of short term borrowings (965,541) (127,400) (959,811)
Fixed deposits pledged as securities 38 (308,880) (308,880)
Net cash flow (used in)/from financing activities (599,095) (122,592) (565,459) 56,702
NET INCREASE IN CASH AND CASH EQUIVALENTS (1,168,521) 108,742 (1,178,328) 40,484
EXCHANGE RATE EFFECTS 8,684 1,844
CASH AND CASH EQUIVALENTS AT BEGINNING OF
THE FINANCIAL YEAR 3,719,613 3,609,027 3,005,638 2,965,154
CASH AND CASH EQUIVALENTS AT END OF
THE FINANCIAL YEAR 38 2,559,776 3,719,613 1,827,310 3,005,638
205
Cash Flow Statements
1. CORPORATE INFORMATION
The Company is principally involved in manufacturing, assembling and selling motor vehicles and related products.
The principal activities of the subsidiary and associated companies are set out in Notes 23 and 24 to the financial
statements. There have been no significant changes in the activities of the Group during the financial year.
Subsequent to 31 March 2004, the Company completed a Group Reorganisation exercise. As at 31 March 2004, the
Company was a public limited liability company, incorporated and domiciled in Malaysia and, until 16 March 2004, was
listed on the Main Board of the Bursa Malaysia Berhad (BMB). On 5 April 2004, Proton Holdings Berhad became the
holding company of the Company. The listing status of the Company on the main board of Bursa Malaysia Berhad was
assumed by Proton Holdings Berhad on 16 April 2004.
The holding and ultimate holding company subsequent to 5 April 2004, is Proton Holdings Berhad, a company
incorporated in Malaysia.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of accounting
The financial statements of the Group and Company have been prepared under the historical cost convention (as
modified by the revaluation of certain freehold land), unless otherwise indicated in the summary of significant
accounting policies.
The financial statements comply with the applicable approved accounting standards in Malaysia and the provisions
of the Companies Act, 1965. The new applicable approved accounting standards adopted in these financial
statements are as follows:
MASB Standard 25 Income Taxes
MASB Standard 27 Borrowing Costs
MASB Standard 28 Discontinuing Operations
MASB Standard 29 Employee Benefits
With the exception of MASB Standard 25 and MASB Standard 29, there are no changes in accounting policies that
affect net profit or shareholders equity for the financial year as a result of the adoption of the above standards
in these financial statements as the Group was already following the recognition and measurement principles in
those standards. The effects of adopting MASB 25 and MASB 29 are summarised in Note 41 to the financial
statements.
NOTES TO THE FINANCIAL STATEMENTS
31 Ma r c h 2004
206
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contd.)
(a) Basis of accounting (Contd.)
The preparation of financial statements in conformity with the applicable approved accounting standards in
Malaysia and the provisions of the Companies Act, 1965 require the Directors to make estimates and assumptions
that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and expenses during the financial year.
Actual results could differ from those estimates.
(b) Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiary companies
made up to the end of the financial year. All subsidiary companies financial statements are consolidated based on
the acquisition method of accounting. The consolidated income statement includes the results of subsidiary
companies acquired or disposed during the financial year from the date of their acquisition or up to the date of
their disposal, respectively.
(i) Subsidiary companies
Subsidiary companies are those companies in which the Group has power to exercise control over the financial
and operating policies so as to obtain benefits from their activities.
Minority interest is measured at the minorities share of the post acquisition fair values of the identifiable
assets and liabilities of the acquiree. Separate disclosure is made of minority interest.
Investments in subsidiaries are stated at cost. Where an indication of impairment exists, the carrying amount
of the investment is assessed and written down immediately to its recoverable amount.
(ii) Associated companies
Associated companies are companies in which the Group exercises significant influence. Significant influence
is the power to participate in the financial and operating policy decisions of the associated companies but not
control over those policies. Investment in associated companies are accounted for in the consolidated financial
statements by the equity method of accounting.
The consolidated income statement includes the Groups share of results of the associated companies based
on its latest audited financial statements or management financial statements of the companies concerned.
Investments in associates are stated at cost. Where an indication of impairment exists, the carrying amount of
the investment is assessed and written down immediately to its recoverable amount.
In the consolidated balance sheet, the Groups interest in the associated companies is stated at cost plus the
Groups share of post acquisition results and reserves.
207
Notes to the Financial Statements
208
(b) Basis of consolidation (Contd.)
(iii) Jointly controlled entities
Jointly controlled entities are corporations, partnerships or other entities over which there is contractually
agreed sharing of control by the Group with one or more parties. The Groups interest in jointly controlled
entities are accounted for in the consolidated financial statements by the equity method of accounting.
(c) Investments
Investments in other non-current investments are shown at cost and an allowance for diminution in value is made
where, in the opinion of the Directors, there is a decline other than temporary in the value of such investments.
Where there has been a decline other than temporary in the value of an investment, such a decline is recognised
as an expense in the financial year in which the decline is identified. See accounting policy Note 2 (u) on
impairment of assets.
Short term investments are carried at the lower of cost and market value, determined on an aggregate portfolio
basis by category of investments. Market value is calculated by reference to stock exchange quoted selling prices
at the close of business on the balance sheet date. Increases/decreases in the carrying amount of short term
investments are credited/charged to the income statement.
On disposal of an investment, the difference between net disposal proceeds and its carrying amount is
charged/credited to the income statement.
(d) Goodwill
Goodwill arising on consolidation represents the excess of the purchase price over the fair value of the net assets
of subsidiary companies at the date of acquisition and is written off and set-off against reserves in the year of
acquisition.
(e) Property, plant and equipment
A piece of freehold land held by the Company is stated at Directors valuation based on a 1983 independent
professional valuation of the open market value of the land on existing use basis. The surplus arising on
revaluation was credited directly to capital reserves and subsequently utilised. This valuation has not been updated.
All other land held by the Group and Company are stated at cost. Freehold land and work in progress are not
amortised. All long leasehold land are amortised over the period of their lease term.
All other property, plant and equipment except for dies and jigs included under plant and machinery, held by the
Group and Company are stated at cost less accumulated depreciation and impairment losses. Depreciation is
charged on a straight line basis to write off the costs of the assets over the term of their estimated useful lives.
Where an indication of impairment exists, the carrying amount of the assets is assessed and written down
immediately to its recoverable amount.
The principal annual rates of depreciation used are as follows:
Long leasehold land Over period of lease term of 98 years
Buildings 2% 5%
Plant and machinery 10% 50%
Office equipment, furniture, fittings and vehicles 10% 50%
Dies and jigs, included under plant and machinery are depreciated based on the unit of production basis to write
off the cost of the assets over the term of their estimated useful lives which range from 5 to 6 years.
Work in progress is not depreciated. Upon completion, the related costs will be transferred to the respective
category of assets. Depreciation on work in progress commences when the assets are ready for their intended use.
(f) Land and development expenditure
Land and development expenditure consists of land held for development and related development costs common
to projects. Developed land is stated at the lower of cost and net realisable value.
All expenditure incurred on uncompleted projects are capitalised and are included in the balance sheet as
development expenditure.
Upon completion of the projects, land and related development cost are reclassified as apartments for sale.
209
(g) Leases
Finance leases are leases of property, plant and equipment where the Group assumes substantially all the benefits
and risks of ownership.
Property, plant and equipment acquired under finance leases are included in tangible property, plant and
equipment and are depreciated in accordance with Note 2(e) above. Obligations under such agreements are
treated as a liability and finance charges are allocated to the income statement over the lease periods to give a
constant periodic rate of interest on the remaining lease liabilities.
Operating leases are leases of assets under which a significant portion of the risks and benefits of ownership are
effectively retained by the lessor. Payments made under operating leases are charged to the income statement on
a straight line basis over the lease period.
(h) Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined on a first-in, first-out basis
except for parts and accessories held for resale by certain subsidiaries which is determined on a weighted average
basis.
In the case of work-in-progress and finished vehicles, an appropriate proportion of production overheads are
included in the costs.
(i) Trade and other receivables
Trade and other receivables are carried at anticipated net realisable value. Allowances are made for doubtful debts
based on specific review of outstanding balances at balance sheet date. General allowances are made to cover
possible losses which are not specifically identified. Bad debts are written off to the income statement during the
financial year in which they are identified.
(j) Research and development expenditure
Research and development expenditure is generally recognised as an expense. Costs incurred on development
projects are capitalised to the extent that such expenditure is reasonably certain to generate future economic
benefits. Expenditures capitalised are depreciated over the useful lives of the project. Development costs initially
recognised as an expense are not recognised as an asset in a subsequent period.
210
(k) Provision
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events,
when it is probable that an outflow of resources will be required to settle the obligation, and when a reliable
estimate of the amount can be made. Where the Group expects a provision to be reimbursed, the reimbursement
is recognised as a separate asset but only when the reimbursement is virtually certain.
Provision for warranties
Provision is made for the estimated liability on all products under warranty in addition to claims already received.
Warranties are provided for a period of between one to three years for vehicles sold. The provision is based on
experienced levels of claims arising during the period of warranty. When the Group expects warranties to be
reimbursed from suppliers, the reimbursement is recognised as a separate asset but only when the reimbursement
is virtually certain.
(l) Employee benefits
(i) Short term employee benefits
Salaries, wages, paid annual leave and sick leave, bonuses and non-monetary benefits are accrued in the
period in which the associated services are rendered by employees of the Group.
(ii) Post employment benefits
The Group has various post-employment benefit schemes in accordance with the local conditions and practices
in the countries in which it operates. The Group has both defined contribution and defined benefit plans.
Defined contribution plans
The Groups contributions to defined contribution plans are charged to the income statement in the period
to which they relate. Once the contributions have been paid, the Group has no further payment obligations.
211
(l) Employee benefits (Contd.)
(ii) Post employment benefits (Contd.)
Defined benefit plans
The liability in respect of a defined benefit plan is the present value of the defined benefit obligation at the
balance sheet date minus the fair value of plan assets, together with adjustments for actuarial gains/losses
and past service cost. The Group determines the present value of the defined benefit obligation and the fair
value of any plan assets with sufficient regularity such that the amounts recognised in the financial statements
do not differ materially from the amounts that would be determined at the balance sheet date.
The defined benefit obligation, calculated using the projected unit credit method, is determined by
independent actuaries on the basis of triennial valuations. Assumptions were made in relation to the annual
investment returns, annual salary increases and annual increases in pension payments.
Plan assets in excess of the defined benefit obligation are subject to the asset limitation specified in MASB
29.
Actuarial gains and losses arise from experience adjustments and changes in actuarial assumptions. The
amount of net actuarial gains and losses recognised in the income statement is determined by the corridor
method in accordance with MASB 29 and is charged or credited to income over the average remaining service
lives of the related employees participating in the defined benefit plan.
Upon initial adoption of MASB 29 effective on 1 April 2003, the increase in defined benefit liability is
recognised as an expense on a straight line basis over 5 years in accordance with the transitional provision of
the Standard.
(iii) Termination benefits
Termination benefits are payable whenever an employees employment is terminated before the normal
retirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. The
Group recognises termination benefits when it is demonstrably committed to either terminate the
employment of current employees according to a detailed formal plan without possibility of withdrawal or to
provide termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling
due more than 12 months after balance sheet date are discounted to present value.
212
(m) Income taxes
Current tax expense is determined according to the tax laws of each jurisdiction in which the Group operates and
include all taxes based upon the taxable profits, including withholding taxes payable by a foreign subsidiary
company on distributions of retained earnings to companies in the Group.
Deferred tax is recognised in full, using the liability method, on temporary differences arising between the
amounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial statements.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences or unused tax losses can be utilised.
Deferred tax is recognised on temporary differences arising on investments in subsidiaries, associates and joint
ventures except where the timing of the reversal of the temporary difference can be controlled and it is probable
that the temporary difference will not reverse in the foreseeable future.
Tax rates enacted or substantively enacted by the balance sheet date are used to determine deferred tax.
(n) Foreign currency transactions and translation
Transactions in foreign currencies during the financial year are translated into Ringgit Malaysia at exchange rates
ruling at the transaction dates. Foreign currency monetary assets and liabilities at the balance sheet date are
translated into Ringgit Malaysia at the exchange rates ruling at that date. Exchange differences arising from the
settlement of foreign currency transactions and from the translation of foreign currency monetary assets and
liabilities are included in the income statement.
Results of foreign subsidiary and associated companies are translated into Ringgit Malaysia at average rates of
exchange for the financial year. Assets and liabilities are translated into Ringgit Malaysia, at the rates of exchange
ruling at the balance sheet date. Exchange differences arising from the translation of the results for the year at
average rates and assets and liabilities at year end rates and the restatement at year end rates of the opening net
investments in foreign subsidiary and associated companies are taken in a foreign exchange translation account as
a component of shareholders funds.
213
(n) Foreign currency transactions and translation (Contd.)
The principal closing rates used in translation of foreign currency amounts were as follows:
Foreign currency 31.3.2004 31.3.2003
RM RM
1 USD 3.80 3.80
1 GBP 6.94 5.98
1 AUD 2.87 2.29
1 EURO 4.63 4.11
100 JPY 3.59 3.17
(o) Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, bank balances, bank deposits, bank overdrafts and short term,
highly liquid investments that are readily convertible to known amounts of cash which are subject to insignificant
risk of changes in value.
(p) Revenue recognition
Sales which includes vehicles, spare parts and accessories are recognised upon delivery.
Revenue from sale of completed apartments is recognised when the Sale and Purchase Agreements are signed.
Revenue for rendering of services on long term engineering contracts is recognised on the basis of the stage of
completion of such contracts at the financial year end, where the contract outcome can be assessed with
reasonable certainty. Full provision is made for all foreseeable losses on contracts entered into or commenced prior
to the financial year end. Amounts are included within receivables and prepayments to recognise timing differences
arising between amounts invoiced and amounts recognised in the income statement on individual engineering
contracts.
Other revenue comprises mainly revenue from rental, royalty and interest income, which are recognised on an
accrual basis.
214
(q) Financial instruments
(i) Financial instruments recognised on the balance sheet
The particular recognition method adopted for financial instruments recognised on the balance sheet is
disclosed in the individual policy statements associated with each item.
(ii) Financial instruments not recognised on the balance sheet
The Group is a party to financial instruments which comprise foreign currency forward contracts and interest
rate cap and floor contract. These instruments are not recognised in the financial statements on inception.
Foreign currency forward contracts
The Group enters into foreign currency forward contracts to protect the Group from movements in exchange
rates by establishing the rate at which a foreign currency asset or liability will be settled.
Exchange gains and losses arising on contracts entered into as hedges of anticipated future transactions are
deferred until the date of such transaction, at which time they are included in the measurement of such
transactions.
All other exchange gains and losses relating to hedge instruments are recognised in the income statement in
the same period as the exchange differences on the underlying hedged items. Gains and losses on contracts
which are no longer designated as hedges are included in the income statement.
(iii) Fair value estimation for disclosure purposes
The fair value of publicly traded derivatives and securities is based on quoted market prices at the balance
sheet date.
The fair value of interest rate cap and floor contract is determined by the differences between the interest
payable at the contracted rate and the market rate. The fair value of forward foreign exchange contracts is
determined using forward exchange market rates at the balance sheet date.
In assessing the fair value of non-traded derivatives and financial instruments, the Group uses a variety of
methods and makes assumptions that are based on market conditions existing at each balance sheet date.
Quoted market prices or dealer quotations for the specific or similar instruments are used for long term debt.
Unquoted long term investments are valued based on quoted investments with similar features.
The face values, less any estimated credit adjustments, for financial assets and liabilities classified as current
are assumed to approximate their fair values.
215
(r) Borrowings
Classification
Borrowings are initially recognised based on the proceeds received, net of transaction costs incurred. Subsequently,
borrowings are stated at amortised cost using the effective yield method; any difference between proceeds (net
of transaction costs) and the redemption value is recognised in the income statement over the period of the
borrowings.
Interest, dividends, losses and gains relating to a financial instrument, or a component part, classified as a liability
is reported within finance cost in the income statement.
Capitalisation of borrowings cost
Borrowings cost incurred on specific and identifiable borrowings used to finance property development and
construction contract is capitalised until the properties are ready for their intended use.
(s) Share capital
Ordinary shares are classified as equity. External cost directly attributable to the issue of new shares are expensed
off in the income statement.
Final dividends payable on ordinary shares are recognised as liabilities when formally approved.
(t) Contingent liabilities and contingent assets
The Group does not recognise a contingent liability but discloses its existence in the financial statements. A
contingent liability is a possible obligation that arises from past events whose existence will be confirmed by
uncertain future events beyond the control of the Group or a present obligation that is not recognised because it
is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also
arises in the extremely rare circumstance where there is a liability that cannot be recognised because it cannot be
measured reliably.
A contingent asset is a possible asset that arises from past events whose existence will be confirmed by uncertain
future events beyond the control of the Group. The Group does not recognise contingent assets but discloses its
existence where inflows of economic benefits are probable, but not virtually certain.
216
(u) Impairment of assets
Property, plant and equipment and other non-current assets, including intangible assets, are reviewed for
impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. Impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its
recoverable amount. The recoverable amount is the higher of an assets net selling price and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest level for which there is separately identifiable
cash flows.
The impairment loss is charged to the income statement unless it reverses a previous revaluation in which case it
is charged to the revaluation surplus. Any subsequent increase in recoverable amount is recognised in the income
statement unless it reverses an impairment loss on a revalued asset in which case it is taken to revaluation surplus.
3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Groups activities exposes it to a variety of financial risks, including foreign currency exchange risk, interest rate
risk, market risk, credit risk, liquidity and cash flow risk. The Group focuses on the unpredictability of financial markets
and seeks to minimise potential adverse effects on the financial performance of the Group. Financial risk management
is carried out through risks reviews, internal control systems, a global insurance programme and adherence to Group
financial risk management policies. The Board regularly reviews these risks and approves the treasury policies, which
covers the management of these risks.
The Group uses derivative financial instruments such as foreign exchange contracts and interest rate instruments to
hedge certain exposures. It does not trade in financial instruments.
(a) Foreign currency exchange risk
The Group is exposed to currency risk as a result of the foreign currency transactions entered into by the Company
and subsidiaries in currencies other than their functional currency. The Group enters into forward foreign currency
exchange contracts to limit the exposure on foreign currency receivables and payables, and on cash flows
generated from anticipated transactions denominated in foreign currencies.
(b) Interest rate risk
The Groups income and operating cash flows arising from bank deposits are substantially affected by changes in
market interest rates. Derivative financial instruments are used, where appropriate, to generate the desired interest
rate profile.
217
3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.)
(c) Market risk
The Group does not face significant exposure from the risk from changes in debt and equity prices.
(d) Credit risk
The Group seeks to invest cash assets safely and profitably. The Group considers the risk of material loss in the
event of non-performance by a financial counterparty to be unlikely in view of their respective financial strength.
The Group seeks to control customers credit risk by ensuring that significant sales of product and services are made
to customers with an appropriate credit history.
(e) Liquidity and cash flow risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of
funding through an adequate amount of committed credit facilities and the ability to close out market positions.
4. REVENUE
Revenue represents the invoiced value of goods sold and services provided and is net of commission paid to dealers
and related taxes. Revenue comprises:
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Sale of vehicles, spare parts and accessories 6,260,640 9,155,614 5,254,156 7,668,748
Sale of apartments 3,094 2,975
Rendering of services 206,613 104,194 815 482
Others 5,213 4,810 5,035
6,470,347 9,267,996 5,259,781 7,674,265
218
5. PROFIT FROM OPERATIONS
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
The following items have been charged/(credited) in
arriving at profit from operations:
Gross dividends receivable from:
subsidiary company, unquoted (5,280) (1,760)
associated companies, unquoted (9,191) (4,577)
others, quoted (6,668) (1,770) (6,668) (1,770)
others, unquoted (1,550) (750) (1,550) (750)
Property, plant and equipment:
depreciation 329,383 402,929 302,456 383,334
written off 41,072 86,477 40,487 75,733
impairment 1,000
Research and development expenditure 542,881 412,955 525,883 390,645
Provision for warranties (net of expected reimbursement) 48,860 53,858 21,463 46,925
(Write back of)/Allowance for doubtful debts (1,566) 5,440 (9,049) (23,231)
Allowance for diminution in value of investment in
subsidiary companies 231,649
Write back of diminution in value of investment in
associated companies (4,200)
(Write back of)/Allowance for diminution in value of
short term investments (17,791) 8,985 (17,791) 8,985
(Gain)/loss on disposal of short term investments (12,388) 1,694 (12,388) 1,694
Group audit fees to PricewaterhouseCoopers
Malaysia 358 268 200 150
firms of worldwide organisation 1,294 1,198
Non-audit service fees to PricewaterhouseCoopers
Malaysia 412 100 37
firms of worldwide organisation 936 1,084 332
219
5. PROFIT FROM OPERATIONS (Contd.)
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Operating lease rental 5,676 11,632
Hire of plant, machinery and equipment 604 217
Rental of premises 21,562 16,124
Foreign exchange loss/(gain):
realised 1,569 2,113 2,740 (2,175)
unrealised 6,098 (63,687) 1,752 (64,710)
Gain on disposal of property, plant and equipment (46,592) (6,521) (333) (3,976)
Rental income on land and buildings (381) (773) (38) (99)
Interest income from:
subsidiary companies (1,374) (4,512)
others (107,542) (117,028) (91,426) (95,181)
Inventories written off 12,977 12,977
Allowance for/(write back of) inventories written down 7,957 3,663 (11,165) 3,663
6. STAFF COST
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Wages, salaries and bonus 517,042 496,148 158,181 182,634
Termination benefits 1,180 2,475
Pension cost
defined contribution plan 23,697 21,567 20,254 19,971
defined benefit plan 24,940 13,102
Other employee benefits 46,499 34,831 26,969 17,787
613,358 568,123 205,404 220,392
The number of staff (including executive Directors) as at financial year end amounted to 8,956 (2003: 9,466) in the
Group and 5,379 (2003: 5,976) persons in the Company.
220
6. STAFF COST (Contd.)
Directors remuneration
The aggregate amount of emoluments receivable by Directors of the Company during the year was as follows:
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Non-executive Directors:
fees 547 553 523 540
estimated money value of benefits-in-kind 56 34 56 34
Executive Directors:
salaries and bonus 968 1,348 968 1,348
estimated money value of benefits-in-kind 71 66 71 66
defined contribution retirement plan 70 86 70 86
other employee benefits 143 146 143 146
1,855 2,233 1,831 2,220
Details of the defined contribution and defined benefit plans of the Group and Company are set out in Note 31.
7. FINANCE COST
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Interest expense on:
Long term loans 25,956 30,245 9,816 11,544
Short term borrowings 9,462 6,722 4,788 1,021
Finance leases and hire purchase 715
Others 1,709 696
37,127 38,378 14,604 12,565
221
8. TAXATION
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Taxation in Malaysia
Current taxation:
Charge for the year 75,295 271,594 27,436 192,234
Under provision in respect of prior years 182
Taxation on share of profits of associated company 7,870 3,630
Taxation outside Malaysia
Current taxation:
Charge for the year 3 116
(Over)/under provision in respect of prior years (341) (596)
Benefit from previously unrecognised tax loss 868
Taxation on share of profits of associated companies 6,435 3,165
Taxation on share of profits of joint venture entities 635 520
Deferred taxation
Origination and reversal of temporary differences (10,087) (36,390) (19,702) (30,487)
Previously unrecognised tax benefits (9,761)
70,917 242,221 7,734 161,747
Total taxation for company and subsidiaries 55,977 234,906 7,734 161,747
Share of taxation in associated companies 14,305 6,795
Share of taxation in joint venture entities 635 520
70,917 242,221 7,734 161,747
222
8. TAXATION (Contd.)
Numerical reconciliation between the average effective tax rate and the Malaysian tax rate.
Group Company
2004 2003 2004 2003
% % % %
Malaysian tax rate 28 28 28 28
Tax effects of:
double deduction and allowance incentive
on qualified expenditure (18) (7) (29) (12)
expenses not deductible for tax purposes 3 1 5 1
income not subject to tax (2) (1) (2)
current years tax loss not recognised 3
others (2) (3)
Average effective tax rate 12 18 2 17
Disclosure Items:
Current year tax losses utilised during the year 1,736 21,456
Tax savings arising from such tax losses 512 6,434
Previously unrecognised tax losses utilised during the year 2,897
Tax savings arising from such tax losses 868
Unutilised tax losses carried forward 640,767 615,027
Unutilised reinvestment allowance 898,400 898,400
223
9. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit attributable to shareholders by the weighted average
number of ordinary shares in issue during the financial year.
Group
2004 2003
RM000 RM000
Net profit attributable to shareholders (RM000) 510,071 1,107,524
Weighted average number of ordinary shares in issue (000) 549,213 548,547
Basic earnings per share (sen) 92.9 201.9
The Employee Share Option Scheme which is the only option that may have a potential dilution effect expired on
11 March 2003. Therefore, there is no dilutive impact on earnings per share.
10. DIVIDENDS
Dividends declared or proposed in respect of the financial year ended 31 March 2004 are as follows:
Company
2004 2003
RM000 RM000
Final dividend proposed for the financial year 2004:
Tax exempt dividend of 10.0 sen (2003: 12.0 sen) per share 54,921 65,906
Interim dividend paid for the financial year 2004:
Tax exempt dividend of 5.0 sen (2003: 8.0 sen) per share 27,461 43,936
82,382 109,842
224
11. INVENTORIES
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
At cost
Raw materials:
Completely knocked-down packs of vehicles 135,764 100,166 135,764 100,166
Others 84,015 65,505 52,408 41,392
Parts, accessories and general stores 108,804 86,756 22,528 15,681
Work-in-progress 102,658 57,007 98,898 51,346
Finished vehicles 283,646 316,720 37,986 96,572
Goods-in-transit 20,129 34,629 12,851 34,629
735,016 660,783 360,435 339,786
Apartments for sale 9,984 10,828
745,000 671,611 360,435 339,786
At net realisable value
Raw materials:
Completely knocked-down packs of vehicles 726 726
Others 233
Parts, accessories and general stores 6,310 5,304
Finished vehicles 56,069 142,546 12,988 32,672
63,105 148,083 13,714 32,672
Apartments for sale 13,820 15,792
76,925 163,875 13,714 32,672
821,925 835,486 374,149 372,458
225
12. TRADE AND OTHER RECEIVABLES
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Trade receivables 626,273 546,986 15,028 201,148
Allowance for doubtful debts (9,857) (7,259) (646) (448)
616,416 539,727 14,382 200,700
Amount due from a related party 43 7,173 43 62
Reimbursement of warranty claims (Note 18) 143,677 165,819 141,774 165,819
Other receivables 114,219 112,157 86,228 88,092
Prepayments 12,030 9,955 2,946 1,873
Deposits 12,588 5,520 7,956 7,165
Allowance for doubtful debts (1,232) (10,269) (748) (8,232)
897,741 830,082 252,581 455,479
The currency exposure profile of trade and other receivables are as follows:
Currency exposure at 31.3.2004
Ringgit Pound US
Malaysia Sterling Dollar Others Total
RM000 RM000 RM000 RM000 RM000
Group
Functional currency
Ringgit Malaysia 707,155 7,499 16,701 9,859 741,214
Pound Sterling 82,841 25,502 38,298 146,641
Others 111 9,775 9,886
707,155 90,340 42,314 57,932 897,741
Company
Functional currency
226
12. TRADE AND OTHER RECEIVABLES (Contd.)
Ringgit Pound US
RM000 RM000 RM000 RM000 RM000
Group
Functional currency
Ringgit Malaysia 640,148 15,842 7,710 663,700
Pound Sterling 127,199 10,292 21,261 158,752
Others 259 7,371 7,630
640,148 127,199 26,393 36,342 830,082
Company
Functional currency
Credit terms of trade receivable for Group and Company range from payment in advance to 180 days. However, the
majority of the Companys trade receivables have a credit term between 14 days to 60 days (2003: 14 days to 60 days).
Following the formalisation of a Memorandum of Agreement (MOA) between Proton Edar Sdn. Bhd., a subsidiary
company and a selected Super Dealer, the Companys sales are now concentrated within the Proton Group of
companies. The directors believe that no additional credit risk beyond the amount provided for collection losses is
inherent to the Companys trade receivables.
Group sales are concentrated in Malaysia and highly dependant on sales of Proton Edar Sdn. Bhd., the distribution
Company of the Group in Malaysia. Group sales are also concentrated on one major third party customer in Malaysia
making up 34% (2003: 38%) of total Group revenue. Historical experience and the financial strength of this customer
indicates that no additional credit risk beyond amount provided for collection losses as inherent to the Group trade
receivables.
227
13. AMOUNTS DUE FROM SUBSIDIARY COMPANIES
Company Less than More than Less than More than
1 year 1 year Total 1 year 1 year Total
2004 2004 2004 2003 2003 2003
RM000 RM000 RM000 RM000 RM000 RM000
Amount due from subsidiary
companies 558,832 604,136 1,162,968 826,830 826,830
Advances to subsidiary companies 2 59,754 59,756 32,587 30,790 63,377
Allowance for doubtful debts (1,676) (605,398) (607,074) (507,352) (12,846) (520,198)
557,158 58,492 615,650 352,065 17,944 370,009
The amounts due from subsidiary companies have the following credit terms and currency profile:
Company Amount Amount
Advances due from Total Advances due from Total
2004 2004 2004 2003 2003 2003
RM000 RM000 RM000 RM000 RM000 RM000
Credit terms less than 1 year
14 days 529,783 529,783 268,171 268,171
30 days 3,962 3,962 4,425 4,425
60 days 3,028 3,028
120 days 9,863 9,863 38,800 38,800
Repayable on demand 2 10,520 10,522 32,587 8,082 40,669
2 557,156 557,158 32,587 319,478 352,065
There is no fixed repayment terms for amount due more than 1 year.
228
13. AMOUNTS DUE FROM SUBSIDIARY COMPANIES (Contd.)
Ringgit Pound
Malaysia Sterling Others Total
RM000 RM000 RM000 RM000
Company
Functional currency
Advances 45,278 45,278
Amount due from 544,263 23,067 3,042 570,372
589,541 23,067 3,042 615,650
Ringgit Pound
Malaysia Sterling Others Total
RM000 RM000 RM000 RM000
Company
Functional currency
Advances 50,531 50,531
Amount due from 279,524 39,205 749 319,478
330,055 39,205 749 370,009
Interest charged on the advances range from 0% to 8% per annum (2003: 0% to 8%). Effective from 1 November 2003,
no interest were charged on the advances in accordance with Moneylenders (Amendment) Act 2003.
Concentration of credit risk in respect of the amounts due from subsidiary companies are subject to the performance
of the subsidiary companies itself. The Companys past experience indicates that the receivable amounts falls within the
recorded allowances. Therefore, the Directors believe that no additional credit risk beyond the amounts provided for
collection losses is inherent to the Company.
229
14. AMOUNTS DUE FROM ASSOCIATED COMPANIES
The amounts due from associated companies arose from normal trade transactions. The amounts due from associated
companies have credit terms ranging from 30 to 60 days (2003: 30 to 60 days).
Ringgit Pound
Malaysia Sterling Total
RM000 RM000 RM000
Group
Functional currency
Ringgit Malaysia 145 145
Pound Sterling 878 878
145 878 1,023
Company
Functional currency
Ringgit Pound
Malaysia Sterling Total
RM000 RM000 RM000
Group
Functional currency
Ringgit Malaysia 1,467 1,467
Pound Sterling 1,896 1,896
1,467 1,896 3,363
Company
Functional currency
230
15. SHORT TERM INVESTMENTS
Group and Company
2004 2003
RM000 RM000
Quoted investments in Malaysia:
Cost:
Shares 97,116 104,457
Commercial papers and corporate debt 168 168
97,284 104,625
Unquoted investments in Malaysia:
Cost:
Commercial papers and corporate debt 84,696 79,601
181,980 184,226
Allowance for diminution in value (17,791)
181,980 166,435
Market value of investments:
Shares 107,880 86,664
Commercial papers and corporate debt 88,195 82,546
196,075 169,210
The market value, at the balance sheet date, of quoted investments approximate their fair value. The fair value of
unquoted investment is based on its carrying value at the financial year end.
231
16. DEPOSITS, BANK AND CASH BALANCES
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Short term funds deposited with:
Licensed banks 2,653,713 2,988,731 1,919,624 2,342,558
Discount houses 36,990 73,109 36,990 73,109
Other financial institutions 162,651 588,503 162,651 536,503
2,853,354 3,650,343 2,119,265 2,952,170
Bank and cash balances 135,866 142,914 16,925 53,468
2,989,220 3,793,257 2,136,190 3,005,638
The deposits have the following maturity profiles:
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
0 1 month 1,049,644 834,425 372,322 245,433
2 3 months 161,255 172,838 114,488 166,808
4 6 months 89,264 166,567 89,264 138,577
6 12 months 1,553,191 2,475,490 1,543,191 2,401,352
More than 12 months 1,023
2,853,354 3,650,343 2,119,265 2,952,170
Bank balances are deposits held at call with banks.
232
16. DEPOSITS, BANK AND CASH BALANCES (Contd.)
The currency exposure profile of deposits, bank and cash balances are as follows:
Ringgit Pound US
RM000 RM000 RM000 RM000 RM000
Group
Functional currency
Ringgit Malaysia 2,676,072 59,770 53,238 98,578 2,887,658
Pound Sterling 67,815 10,535 9,000 87,350
Others 14,212 14,212
2,676,072 127,585 63,773 121,790 2,989,220
Company
Functional currency
Ringgit Pound US
RM000 RM000 RM000 RM000 RM000
Group
Functional currency
Ringgit Malaysia 3,672,357 36,564 123 27,184 3,736,228
Pound Sterling 37,086 4,415 4,639 46,140
Others 387 10,502 10,889
3,672,357 73,650 4,925 42,325 3,793,257
Company
Functional currency
Ringgit Malaysia 2,941,890 36,564 27,184 3,005,638
The weighted average effective interest rates of deposits at the balance sheet date were 3.00% (2003: 3.11%) and
3.13% (2003: 3.14%) for the Group and the Company respectively.
233
17. TRADE AND OTHER PAYABLES
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Trade payables 402,200 241,346 238,620 117,063
Other payables 278,408 173,771 68,842 3,322
Accruals 816,092 1,219,097 654,779 1,039,726
Amounts due to related parties 9,469 29,389 9,469 28,934
Leasing and hire purchase creditors
current portion (Note 27) 10 126
1,506,179 1,663,729 971,710 1,189,045
The currency exposure profile of the trade and other payables are as follows:
Ringgit Pound Japanese
Malaysia Sterling Yen Others Total
RM000 RM000 RM000 RM000 RM000
Group
Functional currency
Ringgit Malaysia 1,108,963 334 66,062 86,601 1,261,960
Pound Sterling 219,459 28 18,946 238,433
Others 5,786 5,786
1,108,963 219,793 66,090 111,333 1,506,179
Company
Functional currency
Ringgit Malaysia 837,068 334 52,281 82,027 971,710
234
17. TRADE AND OTHER PAYABLES (Contd.)
Ringgit Pound Japanese
Malaysia Sterling Yen Others Total
RM000 RM000 RM000 RM000 RM000
Group
Functional currency
Pound Sterling 185,591 179 17,690 203,460
Others 3,159 3,159
1,360,404 206,193 44,752 52,380 1,663,729
Company
Functional currency
Terms of trade payables granted to the Group and Company vary from no credit to 180 credit days (2003: 0-60 credit
days) and no credit to 60 credit days (2003: 0-60 credit days) respectively.
235
18. PROVISIONS
Group Company
Warranties Warranties
RM000 RM000
At 1 April 2003 264,838 240,832
Exchange differences 5,490
Charged to income statement 48,860 21,463
Expected reimbursement of warranties 14,699 12,796
Additional provision for the year 63,559 34,259
Utilised during the financial year (93,657) (66,048)
At 31 March 2004 240,230 209,043
As at 31 March 2004, the Group and the Company expect to receive reimbursement from suppliers in respect of
warranties amounting to RM143,677,000 (2003: RM165,819,000) and RM141,774,000 (2003: RM165,819,000) respectively
as disclosed in Note 12.
19. AMOUNTS DUE TO SUBSIDIARY COMPANIES
Amounts due to subsidiary companies are unsecured, interest free and have no fixed repayment terms.
The currency exposure profile of the amounts due to subsidiary companies are as follows:
Ringgit Pound Australian Singapore
Malaysia Sterling Dollar Dollar Total
RM000 RM000 RM000 RM000 RM000
Company
Functional currency
Ringgit Malaysia 18,502 119,036 7,077 34 144,649
236
19. AMOUNTS DUE TO SUBSIDIARY COMPANIES (Contd.)
Ringgit Pound Australian Singapore
Malaysia Sterling Dollar Dollar Total
RM000 RM000 RM000 RM000 RM000
Company
Functional currency
20. AMOUNTS DUE TO ASSOCIATED COMPANIES
Amounts due to associated companies arises from normal trade transactions and is denominated in Ringgit Malaysia.
21. SHORT TERM BORROWINGS
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Unsecured:
Long term loans
current portion (Note 27) 52,342 50,329 52,342 50,329
Short term loans 113,112 113,112
Bankers acceptances 228 228
Bank overdrafts 120,564 73,644
173,134 237,085 52,570 163,441
Secured:
Long term loans
current portion (Note 27) 265,718
Short term loans 4,573
173,134 507,376 52,570 163,441
237
21. SHORT TERM BORROWINGS (Contd.)
The interest rate charged for bank overdrafts during the year ranged from 5.40% to 5.75% (2003: 4.25% to 6.31%).
The interest rates charged on the unsecured short term loan during the last financial year was fixed at 1.8%. The loan
was drawn down in USD and was fully repaid in the current financial year.
The bankers acceptance was drawn in Ringgit Malaysia and payable within 60 days. No interest was charged to the
amount drawn.
The secured short term loans are secured by guarantees of the Company. Subordination agreements have been entered
into by a subsidiary company, the Company and the subsidiary companys bankers whereby the repayment of amount
due to the Company have been subordinated to the repayment of the short term loans. The loan was drawn down in
Australian Dollar and was fully repaid in the current year.
Interest on the secured short term loans in the last financial year was fixed at 4.81%.
The currency exposure profile of the short term borrowings are as follows:
Ringgit Pound
Malaysia Sterling Euro Others Total
RM000 RM000 RM000 RM000 RM000
Group
Functional currency
Pound Sterling 98,170 15,415 6,979 120,564
52,570 98,170 15,415 6,979 173,134
Company
Functional currency
238
21. SHORT TERM BORROWINGS (Contd.)
Ringgit Pound
Malaysia Sterling Euro Others Total
RM000 RM000 RM000 RM000 RM000
Group
Functional currency
Ringgit Malaysia 50,329 113,112 163,441
Others 12,472 12,472
50,329 331,463 125,584 507,376
Company
Functional currency
22. PROPERTY, PLANT AND EQUIPMENT
Office
equipment,
Land
furniture,
Long term Plant and fittings and Work-in-
Group Freehold leasehold Buildings machinery vehicles progress Total
2004 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Cost/valuation
At 1 April 2003 250,165 24,934 786,308 2,464,263 704,274 820,830 5,050,774
Currency translation
differences 1,993 2,232 31,622 33,581 29,367 23 98,818
Additions 1 3,733 8,611 96,118 950,548 1,059,011
Disposals (15,151) (27,087) (1,130) (74,807) (118,175)
Written off (7,102) (2,382) (40,481) (49,965)
Reclassifications 419,356 895,502 111,211 (1,426,069)
At 31 March 2004 252,159 12,015 1,213,932 3,393,725 863,781 304,851 6,040,463
239
22. PROPERTY, PLANT AND EQUIPMENT (Contd.)
Office
equipment,
Land
furniture,
2004 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Accumulated depreciation
At 1 April 2003 604 229,113 1,776,179 481,819 2,487,715
differences 6,722 21,480 20,466 48,668
Charge for the year 118 89,877 173,568 65,820 329,383
Disposals (5,237) (1,096) (69,056) (75,389)
Written off (6,299) (2,583) (8,882)
At 31 March 2004 722 320,475 1,963,832 496,466 2,781,495
Accumulated impairment
losses
At 1 April 2003 12,455 13,945 153,327 73,441 53,007 306,175
differences 1,993 2,231 24,536 11,752 8,406 48,918
Disposals (15,151) (21,278) (36,429)
Written off (7) (4) (11)
At 31 March 2004 14,448 1,025 156,585 85,186 61,409 318,653
Net book value
at 31 March 2004 237,711 10,268 736,872 1,344,707 305,906 304,851 2,940,315
240
Office
equipment,
Land
furniture,
2003 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Cost/valuation
At 1 April 2002 197,707 23,624 730,810 2,321,076 667,403 183,697 4,124,317
differences 600 1,310 18,925 19,407 21,258 61,500
Additions 45,790 6,393 20,997 63,626 881,147 1,017,953
Transfer (3,726) (3,726)
Disposals (23) (2,308) (56,909) (59,240)
Written off (3,603) (86,427) (90,030)
Reclassifications 6,068 33,929 105,091 12,499 (157,587)
At 31 March 2003 250,165 24,934 786,308 2,464,263 704,274 820,830 5,050,774
At 1 April 2002 486 136,863 1,506,628 458,292 2,102,269
differences 3,945 12,521 15,551 32,017
Transfer (379) (379)
Charge for the year 118 88,684 259,143 54,984 402,929
Disposals (2,113) (43,567) (45,680)
Written off (3,441) (3,441)
At 31 March 2003 604 229,113 1,776,179 481,819 2,487,715
241
Office
equipment,
Land
furniture,
2003 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Accumulated impairment
losses
At 1 April 2002 5,787 12,635 144,432 66,455 54,905 284,214
differences 600 1,310 14,980 6,893 5,719 29,502
Impairment losses 1,000 1,000
Disposals (17) (25) (8,387) (8,429)
Written off (112) (112)
Reclassifications 6,068 (6,068) 118 (118)
At 31 March 2003 12,455 13,945 153,327 73,441 53,007 306,175
Net book value
at 31 March 2003 237,710 10,385 403,868 614,643 169,448 820,830 2,256,884
242
Office
equipment,
Land
furniture,
Company Freehold leasehold Buildings machinery vehicles progress Total
2004 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Cost/valuation
At 1 April 2003 147,444 529,670 2,171,007 410,681 820,686 4,079,488
Additions 3,053 2,836 22,553 909,683 938,125
Disposals (1,968) (1,968)
Written off (738) (40,481) (41,219)
Reclassifications 378,885 895,509 137,837 (1,412,231)
At 31 March 2004 147,444 911,608 3,069,352 568,365 277,657 4,974,426
At 1 April 2003 179,070 1,578,983 302,197 2,060,250
Disposals (1,149) (1,149)
Written off (732) (732)
At 31 March 2004 268,144 1,745,119 347,562 2,360,825
Net book value
At 31 March 2004 147,444 643,464 1,324,233 220,803 277,657 2,613,601
243
Office
equipment,
Land
furniture,
Company Freehold leasehold Buildings machinery vehicles progress Total
2003 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Cost/valuation
At 1 April 2002 178,674 488,014 2,055,148 381,670 173,000 3,276,506
Additions 1,659 14,135 19,819 881,004 916,617
Disposals (31,230) (4,878) (36,108)
Written off (1,796) (75,731) (77,527)
Reclassifications 39,997 101,724 15,866 (157,587)
At 31 March 2003 147,444 529,670 2,171,007 410,681 820,686 4,079,488
At 1 April 2002 92,998 1,323,998 265,249 1,682,245
Disposals (3,535) (3,535)
Written off (1,794) (1,794)
At 31 March 2003 179,070 1,578,983 302,197 2,060,250
Net book value
At 31 March 2003 147,444 350,600 592,024 108,484 820,686 2,019,238
244
The Directors revalued a piece of the Company's freehold land on 5 September 1983 based on an independent
professional valuation. The surplus of RM36,881,980 arising on the revaluation was credited to the capital reserves and
subsequently utilised.
Had the freehold land been carried at historical cost, the net book value of freehold land that would have been
included in the financial statements at the end of the financial year is as follows:
Group and Company
2004 2003
RM000 RM000
Freehold land 22,448 22,448
The long term leasehold land comprise 2 parcels of land held by certain subsidiary companies which have unexpired
leases of 138 and 93 years respectively as at 31 March 2004 (2003: 139 and 94 years respectively).
The title deed to the land of the Group and Company amounting to net book value of RM41,316,000 (2003:
RM41,429,000) and RM20,600,000 (2003: RM20,600,000) respectively has not been transferred pending subdivision of the
master title.
Net book value of property, plant and equipment for the Group includes an amount of approximately RM20,000 (2003:
RM1,477,000) purchased under finance leases.
In the last financial year, the Company has accelerated the depreciation of plant and machinery in the current factory
located in Shah Alam. As a result, an additional depreciation of RM105,340,000 (2003: RM105,340,000) was charged to
the income statement during the year. The estimated useful life of the assets has been reduced to 2 years ended
31 March 2004.
245
23. SUBSIDIARY COMPANIES
Company
2004 2003
RM000 RM000
Unquoted shares at cost:
At 1 April 995,725 742,076
Increase in investment in subsidiary companies 1,785 253,649
Decrease in investment in subsidiary companies (3,375)
At 31 March 994,135 995,725
Allowance for diminution in value (568,970) (568,970)
425,165 426,755
The additional investment in the current financial year relates to the investment in Miyazu (Malaysia) Sdn. Bhd. The
decrease in investment relates to the liquidation of Proton MC Metal Sdn. Bhd. during the financial year. There is no
significant impact of the liquidation to the Group financial statements.
The details of the subsidiary companies are as follows:
Country of Groups effective
Name Principal activities incorporation interest
2004 2003
Proton Corporation Sdn. Bhd. Dormant Malaysia 100% 100%
Proton Properties Sdn. Bhd. Property development Malaysia 100% 100%
Proton Cars (UK) Ltd.* Distributor of Proton England 100% 100%
vehicles in United Kingdom
246
23. SUBSIDIARY COMPANIES (Contd.)
2004 2003
Proton MC Metal Sdn. Bhd. Trading in steel and related products Malaysia 0% 75%
Proton Cars (Europe) Ltd.* Dormant England 56% 56%
Proton Parts Centre Sdn. Bhd. Warehousing, trading of motor Malaysia 55% 55%
vehicle components, spare parts
and accessories
Proton Engineering Research Engine and technologies research Malaysia 100% 100%
Technology Sdn. Bhd. and development of automotive
related technologies
Lotus Group International Ltd.* Investment holding England 100% 100%
Proton Cars Australia Pty. Ltd.* Importation and distribution of Australia 100% 100%
motor vehicles and related
spare parts
Proton Cars Benelux NV. SA* Dormant Belgium 100% 100%
Lotus Cars Asia Pacific Sdn. Bhd. Dormant Malaysia 100% 100%
Auto Compound and Distribution Dormant Malaysia 100% 100%
Centre Sdn. Bhd.
Proton Automobiles (China) Ltd.+ Investment holding (Dormant) British Virgin 100% 100%
Islands
247
2004 2003
Miyazu (Malaysia) Sdn. Bhd.# Development, marketing and sale Malaysia 51% 0%
of products and services relating
to the design of dies and jigs,
maintenance services of dies,
die manufacturing and engineering
consultancy services for automotive
body-in-white integration with
procurement and supply of toolings
Proton Tanjung Malim Sdn. Bhd.# Dormant Malaysia 100% 0%
Proton Edar Sdn. Bhd. Sale of motor vehicles, related Malaysia 100% 100%
spare parts and accessories
Subsidiary of Proton Edar Sdn. Bhd.
Proton Singapore Pte. Ltd.*# Sale of motor vehicles, related Singapore 100% 0%
spare parts and accessories
Proton Edar Resources Sdn. Bhd. Repair and maintenance Malaysia 100% 100%
of motor vehicles
(previously dormant)
Proton Edar Ventures Sdn. Bhd. Dormant Malaysia 100% 100%
Subsidiary of Proton Engineering Research Technology Sdn. Bhd.
Marco Acquisition Corporation* Investment holding company United States 100% 100%
of America
248
2004 2003
Subsidiary of Proton Cars (UK) Ltd.
Smith & Sons Motors Ltd.* Dormant England 100% 100%
Subsidiary of Proton Cars (UK) Ltd.
Proton Direct Ltd.+ Motor dealership England 100% 100%
Proton Cars (Imports) Ltd.* Dormant England 100% 100%
Proton Cars Direct Limited* Dormant England 100% 100%
Subsidiary of Lotus Group International Ltd.
Group Lotus plc* Holds intellectual property England 100% 100%
Subsidiaries of Group Lotus plc
Lotus Cars Ltd.* Car manufacture and England 100% 100%
engineering consultancy
Lotus Body Engineering Ltd.* Dormant England 100% 100%
Lotus Motorsports Ltd.* Dormant England 100% 100%
Lotus Holdings Inc.* Holding company for United States 100% 100%
operations in North America of America
Subsidiary of Lotus Cars Ltd.
Lotus Engineering Ltd.* Carries out specific England 100% 100%
engineering contracts
Lotus Engineering (Malaysia) Engineering consultancy Malaysia 100% 100%
Sdn. Bhd.
249
2004 2003
Subsidiary of Lotus Holdings Inc.
Lotus Engineering Inc.* Engineering consultancy United States 100% 100%
in North America of America
Lotus Cars USA Inc.* Car sales and servicing United States 100% 100%
of America
* Audited by overseas firms associated with PricewaterhouseCoopers, Malaysia
+ Not audited by PricewaterhouseCoopers
# Acquired during the financial year
Liquidated during the financial year
24. ASSOCIATED COMPANIES
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
At 1 April 64,087 42,087 37,825 37,825
Increase in investment 22,000
At 31 March 64,087 64,087 37,825 37,825
Allowance for diminution in value (5,799) (5,799) (5,799) (5,799)
58,288 58,288 32,026 32,026
Share of post acquisition reserves 111,787 88,567
170,075 146,855 32,026 32,026
250
24. ASSOCIATED COMPANIES (Contd.)
Group
2004 2003
RM000 RM000
Interest in associated companies are represented by:
Groups share of net tangible assets 164,964 141,327
Groups share of intangible assets 5,111 5,528
170,075 146,855
The details of the associated companies are as follows:
2004 2003
PHN Industry Sdn. Bhd. Manufacture and sales of stamped Malaysia 35% 35%
parts and sub-assembly of automotive
metal components
Aluminium Alloy Castings Sdn. Bhd. Development, manufacture and sale Malaysia 25% 25%
of aluminium alloy casting products
Marutech Elastomer Industries Manufacture and production of Malaysia 25% 25%
Sdn. Bhd. moulded products, extruded and
rubber hoses for motor vehicles,
motorcycle and other related
products
Vina Star Motors Corporation Import, assembly and distribution Socialist 25% 25%
of vehicles in Vietnam Republic of
Vietnam
251
24. ASSOCIATED COMPANIES (Contd.)
2004 2003
Exedy (Malaysia) Sdn. Bhd. Manufacture and assembly of Malaysia 45% 45%
manual clutch and automatic
transmission parts
Proton City Development Property developer and Malaysia 40% 40%
Corporation Sdn. Bhd. project management
Associated company of Proton Cars (UK) Ltd.
Proton Finance Ltd. Provide dealer and England 49.99% 49.99%
customer finance
Associated company of Proton Edar Sdn. Bhd.
Netstar Advance Systems Sdn. Bhd. Engaged in the manufacturing, Malaysia 40% 40%
assembly and sale of vehicle
tracking devices
Associated company of Proton Automobile China Ltd.
Goldstar Proton Automobiles Production of automobile tools China 49% 49%
Co. Ltd. and manufacture key
automobile spare parts
252
25. JOINTLY CONTROLLED ENTITIES
Group
2004 2003
RM000 RM000
At 1 April 2,835 1,734
Increase in investment 25,000
27,835 1,734
Retained earnings for the financial year 315 1,101
At 31 March 28,150 2,835
The following amounts represent the Groups share of the assets, liabilities, revenue and expenses of the jointly
controlled entities:
Group
2004 2003
RM000 RM000
Current assets 102,194 67,376
Current liabilities (74,044) (64,541)
Share of net assets 28,150 2,835
Revenue 6,092 5,960
Profit from ordinary activities before taxation 2,093 1,430
Taxation (Note 8) (635) (520)
Profit after taxation 1,458 910
253
25. JOINTLY CONTROLLED ENTITIES (Contd.)
The details of the jointly controlled entities are as follows:
2004 2003
Advanced Engine Research Engine research and development Malaysia 50% 50%
Sdn. Bhd. of fuels, lubricant and advanced
engine materials
Jointly controlled entity of Group Lotus plc
Lotus Finance Ltd. Joint venture company for England 49.9% 49.9%
financing vehicle purchases
Jointly controlled entity of Proton Edar Sdn. Bhd.
Proton Commerce Sdn. Bhd.# Motor vehicles finances Malaysia 50% 0%
# Acquired during the financial year.
26. OTHER LONG TERM INVESTMENTS
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Unquoted investments in Malaysia:
At cost 9,226 9,226 5,425 5,425
Allowance for diminution in value (2,950) (2,950) (2,950) (2,950)
At 31 March 6,276 6,276 2,475 2,475
254
27. LONG TERM LIABILITIES
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Unsecured:
Long term loans 222,268 272,597 222,268 272,597
Portion repayable within twelve months (Note 21) (52,342) (50,329) (52,342) (50,329)
169,926 222,268 169,926 222,268
Secured:
Long term loans 277,500 265,718
Portion repayable within twelve months (Note 21) (265,718)
277,500
Finance lease and hire purchase creditors
secured 14 126
Portion repayable within twelve months (Note 17) (10) (126)
4
447,430 222,268 169,926 222,268
255
27. LONG TERM LIABILITIES (Contd.)
Group and Company
2004 2003
RM000 RM000
(a) Long term loans unsecured
The long term loans are repayable as follows:
Within one year 52,342 50,329
Between one and two years 54,435 52,342
Between two and five years 115,491 169,926
222,268 272,597
On 29 July 2002, the unsecured long term loan from HICOM Holdings Berhad was novated to the Government of
Malaysia through a novation agreement. The term loans are repayable by 5 annual instalments over a 5 year
period. The loan balance comprises of RM41.5 million (2003: RM50.8 million) and another loan of RM180.7 million
(2003: RM221.7 million). The final payment of the first tranche of the loan is due on 22 June 2007 and the second
tranche is due on 30 September 2007. Both tranches of the loan bears a fixed interest rate of 4% per annum and
is repayable in Ringgit Malaysia.
(b) Long term loans secured
The secured long term loans obtained by certain subsidiary companies are:
(i) The secured long term loan as at 31 March 2004 comprise a loan of 40 million obtained by a subsidiary
company. Interest is payable at a fixed rate of 4.94% and the loan is repayable in full in October 2006. The
loan is secured against the Companys cash deposit in a bank in Malaysia (Note 38).
256
(b) Long term loans secured (Contd.)
(ii) A term loan drawn against a facility to fund a specific long-term engineering contract.
The loan is repayable in twenty-eight monthly instalments, comprising twenty-seven payments of 609,750
commencing in April 2001 and a final payment of 786,750 in July 2003. The loan was drawn in pounds
sterling and incurred an interest rate of between 4.50% and 4.75% per annum in the last financial year.
The loan is secured by a deed of assignment on the contract receivables against which the funding was
advanced.
The loan was fully repaid in the financial year.
(iii) Guaranteed floating rate notes listed on the London Stock Exchange.
The listed debt represents 40 million guaranteed floating rate notes in denominations of 100,000 each,
issued in October 2000 and repayable in October 2003. The debt is guaranteed by the Company (Note 36).
Interest is payable semi annually in arrears due in April and October. Interest charged in the last financial year
was fixed at 6.3% per annum. The loan was fully repaid in the financial year.
(iv) A note payable of USD5 million granted by a financial institution in the United States of America which is
due in monthly instalments of USD101,741 from March 2000 through to February 2005. The balance of the
loan was reclassified as current in the last financial year due to certain covenants including minimum tangible
net worth and debt service coverage ratio that was not met by the subsidiary company. The loan was fully
repaid in the financial year.
These secured term loans bear interest rates of between 3.65% to 4.14% per annum in the last financial year.
257
(c) Leasing and hire purchase creditors
The leasing and hire purchase arrangements obtained by subsidiary companies are secured against the assets of
the respective subsidiary companies.
Analysis of finance lease and hire purchase commitments:
Group
2004 2003
RM000 RM000
Payable within one year 10 126
Payable between one and five years 4
14 126
Less: Finance charges
14 126
28. DEFERRED TAXATION
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when the deferred taxes relate of the same tax authority. The following amounts, determined
after appropriate offsetting, are shown in the balance sheet:
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Subject to income tax:
Deferred tax assets 47,252 27,404 34,514 14,812
Deferred tax liabilities (1,023) (1,023)
46,229 26,381 34,514 14,812
258
28. DEFERRED TAXATION (Contd.)
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Movement of deferred tax
At start of year 26,381 (10,009) 14,812 (15,675)
(Charged)/credited to income statement
property, plant and equipment 27,571 40,636 32,160 41,871
inventories (11,840) 13,750
tax losses 647
allowances and provisions 3,626 (804) (12,949) 6,455
receivables 491 (17,839) 491 (17,839)
46,229 26,381 34,514 14,812
Deferred tax assets (before offsetting)
property, plant and equipment 48,802 66,613 48,802 66,613
inventories 12,153 23,993
tax losses 647 647
allowances and provisions 50,842 47,216 45,668 58,617
receivables 491 491
112,935 138,469 94,961 125,230
Offsetting (65,683) (111,065) (60,447) (110,418)
Deferred tax assets (after offsetting) 47,252 27,404 34,514 14,812
Deferred tax liability (before offsetting)
property, plant and equipment (48,587) (93,969) (42,328) (92,299)
receivables (18,119) (18,119) (18,119) (18,119)
(66,706) (112,088) (60,447) (110,418)
Offsetting 65,683 111,065 60,447 110,418
Deferred tax liabilities (after offsetting) (1,023) (1,023)
259
28. DEFERRED TAXATION (Contd.)
The amount of deductible temporary differences and unused tax losses (both of which have no expiry date) for which
no deferred tax asset is recognised in the balance sheet are as follows:
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Deductible temporary differences of which no
deferred tax assets is recognised
Unrecognised tax losses 205,112 174,590
Unabsorbed capital allowances 27,299 32,061
Unrecognised reinvestment allowances 251,552 251,552
Other temporary differences 9,366 9,431
Deductible temporary differences of which no
deferred tax liabilities is recognised
Surplus from land revaluation 12,488 10,765
As at 31 March 2003, there is no temporary differences associated with unremitted earnings of subsidiaries for the
recognition of deferred tax liabilities (2003: Nil).
29. SHARE CAPITAL
Company
2004 2003
RM000 RM000
Authorised share capital:
1,000,000,000 ordinary shares of RM1 each 1,000,000 1,000,000
260
30. RESERVES
The Company has sufficient Section 108(6) tax credits to frank approximately RM2,881.7 million (2003: RM2,753.9
million) of its retained profits as at 31 March 2004 if paid out as dividends.
In addition, the Company has tax exempt income as at 31 March 2004 amounting to approximately RM1,137.3 million
(2003: RM1,216.9 million) available for distribution as tax exempt dividends to shareholders. This tax exempt income is
subject to the agreement by the Inland Revenue Board.
31. EMPLOYEE RETIREMENT BENEFITS
(a) Defined contribution plan
Group companies incorporated in Malaysia contribute to the Employees Provident Fund, the national defined
contribution plan. Once the contributions are paid, the Group has no further payment obligations.
(b) Defined benefit plan
Lotus Group Scheme defined benefit scheme
Lotus Group International Ltd. and its subsidiaries (Lotus Group), operate a defined benefit pension scheme, the
Lotus Pension Plan. The assets are held in separate trustee administered funds. In addition, it provides life
assurance cover for all employees.
Contributions to the scheme are charged to the income statement so as to spread the cost of pensions over
employees working lives with the Lotus Group. The contributions are determined by a qualified actuary on the
basis of triennial valuations. The latest actuarial valuation of the plan was carried out on 31 December 2002, using
the Projected Unit method, updated to 31 March 2004.
261
31. EMPLOYEE RETIREMENT BENEFITS (Contd.)
(b) Defined benefit plan (Contd.)
Lotus Group Scheme defined benefit scheme (Contd.)
The movements during the financial year in the amount recognised in the consolidated balance sheet is as follows:
Group
2004 2003
RM000 RM000
At 1 April 1,507 1,598
Charged to income statements 24,940 13,102
Currency translation differences 2,001 329
Contributions and benefits paid (17,691) (13,522)
At 31 March 10,757 1,507
The amounts recognised in the consolidated balance sheet is analysed as follows:
Group
2004 2003
RM000 RM000
Present value of funded obligation 270,729 189,606
Fair value of plan assets (198,170) (122,774)
Shortfall of funded plan 72,559 66,832
Unrecognised actuarial losses (47,877) (50,320)
Unrecognised transitional liability (13,925) (15,005)
Liability in balance sheet 10,757 1,507
262
31. EMPLOYEE RETIREMENT BENEFITS (Contd.)
(b) Defined benefit plan (Contd.)
Lotus Group Scheme defined benefit scheme (Contd.)
The expense recognised in the consolidated income statement is analysed as follows:
Group
2004 2003
RM000 RM000
Current service cost 17,497 12,304
Interest cost 11,937 9,286
Expected return on plan assets (9,481) (9,386)
Actuarial losses recognised 1,618
Past service cost 117 898
Amortisation of transitional liability 3,252
Total, included in staff costs within administrative expenses (Note 6) 24,940 13,102
Actual return on plan assets 30,076 (45,353)
The principal actuarial assumptions used in respect of the Groups defined benefit plan were as follows:
Group
2004 2003
% %
Discount rates 5.50 5.50
Expected return on plan assets
Equities 7.50 7.50
Bond 5.00 5.00
Others 4.00 4.00
Expected rate of salary increase 4.25 4.00
Expected rate of pension payment increase 2.75 2.50
Inflation 2.75 2.50
263
32. SEGMENTAL INFORMATION
The Group is principally engaged in the automobile industry namely manufacturing, assembling, trading and provision
of engineering and other services in respect of motor vehicles and related products. Accordingly, no segmental
information is considered necessary for analysis by industry segments.
Intersegment sales comprise of sales of cars, parts and engineering services to companies in different geographical
locations.
Analysis of the Groups revenue, results and other information by geographical locations of the assets are as follows:
Malaysia Other countries Elimination Total
2004 2003 2004 2003 2004 2003 2004 2003
RM million RM million RM million RM million RM million RM million RM million RM million
Revenue
External sales 5,664.1 8,491.0 806.2 777.0 6,470.3 9,268.0
Inter-segment sales 154.7 97.1 372.2 297.5 (526.9) (394.6)
Total Revenue 5,818.8 8,588.1 1,178.4 1,074.5 (526.9) (394.6) 6,470.3 9,268.0
Result
Segment operating
profit/(loss) 367.8 1,074.4 30.1 5.3 39.9 162.6 437.8 1,242.3
Unallocated expenses (10.7)
Unallocated income 38.5 2.5
Interest expense (37.1) (38.4)
Interest income 107.5 117.0
Share of net profit of
associated companies
and jointly controlled
entities 4.2 26.2 26.2 13.8 30.4 40.0
Taxation (56.0) (234.9)
Net profit after taxation 521.1 1,117.8
264
32. SEGMENTAL INFORMATION (Contd.)
2004 2003 2004 2003 2004 2003 2004 2003
Other Information
Segment asset 7,087.7 7,189.8 608.3 536.8 7,696.0 7,726.6
Unallocated assets 433.7 349.8
Total assets 8,129.7 8,076.4
Segment liabilities 1,361.8 1,609.4 400.4 347.6 1,762.2 1,957.0
Unallocated liabilities 765.0 925.5
Total liabilities 2,527.2 2,882.5
Capital expenditure 1,024.4 1,005.5 34.6 12.5 1,059.0 1,018.0
Depreciation and
amortisation 319.1 398.4 10.3 4.5 329.4 402.9
Assets written off 40.5 86.5 0.6 41.1 86.5
Impairment 1.0 1.0
Other non-cash items 41.7 41.4 7.9 13.0 (40.9) 15.0 8.7 69.4
Unallocated income includes dividend from other investments, gain on disposal of short term investments and writeback
of provision for diminution in value of short term investments. Unallocated costs represent losses on short term
investments, both realised and unrealised. Segment assets consist primarily of property, plant and equipment,
inventories, receivables and operating cash, and exclude investments in associates, joint venture, long term investments,
short term investments and deferred tax assets. Segment liabilities comprise operating liabilities and exclude items such
as taxation and borrowings.
265
32. SEGMENTAL INFORMATION (Contd.)
Capital expenditure mainly comprises additions to property, plant and equipment (Note 22).
Prior years segment data that has been presented for comparative purposes has been restated to meet the
requirements of MASB 25 and MASB 29 (Note 41).
Secondary reporting format
The primary reporting format is based on geographical locations of the assets. The industry segmentation is considered
unnecessary as the Group is principally engaged in automobile industry as explained above. Therefore, only sales to
external customer based on customer location is presented.
2004 2003 2004 2003 2004 2003 2004 2003
Revenue
External sales 5,598.1 8,364.3 872.2 903.7 6,470.3 9,268.0
Inter segment sales 154.7 97.1 372.2 297.5 (526.9) (394.6)
Total revenue 5,752.8 8,461.4 1,244.4 1,201.2 (526.9) (394.6) 6,470.3 9,268.0
33. CAPITAL AND OTHER COMMITMENTS
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Capital commitments
Capital expenditure for property, plant and equipment
approved by the Board not provided for in the
financial statements:
Contracted for 664,435 974,022 593,908 857,752
Not contracted for 4,901,319 3,593,917 4,728,815 3,478,905
5,565,754 4,567,939 5,322,723 4,336,657
266
33. CAPITAL AND OTHER COMMITMENTS (Contd.)
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Additional investment in a jointly controlled entity approved
by the Board not provided for in the financial statements:
Contracted for 100,000
34. OPERATING LEASES
At 31 March 2004, the Group was committed to making the following payments in respect of operating leases expiring:
Land and Plant and Land and Plant and
buildings machinery Total buildings machinery Total
2004 2004 2004 2003 2003 2003
RM000 RM000 RM000 RM000 RM000 RM000
Within one year 722 4,436 5,158 549 5,119 5,668
Between one and five years 190 2,618 2,808 686 3,987 4,673
After five years 26 26 323 323
912 7,080 7,992 1,558 9,106 10,664
267
35. SIGNIFICANT RELATED PARTIES DISCLOSURES
In the normal course of business, the Company undertakes a variety of transactions at mutually agreed terms with its
subsidiary and associated companies, other companies deemed related parties by virtue of being members of the
KHAZANAH group of companies and other related parties. The related parties with whom the Group and Company
transact with, include the following companies:
Related parties Relationship
Mitsubishi Motors Corporation, Japan (MMC) Corporate shareholder
Mitsubishi Corporation, Japan Shareholder of MMC
Petroliam Nasional Berhad (PETRONAS) Corporate shareholder
PEPS-JV (M) Sdn. Bhd. Equity investments
Technomeiji Rubber Industries Sdn. Bhd. Equity investments
In addition to related parties 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 obtainable in transactions with unrelated parties unless otherwise stated. Transactions with the utilities
providers, Tenaga Nasional Berhad and Telekom Malaysia Berhad, the associated companies of KHAZANAH are not
disclosed.
(a) Sales of goods and services
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Sales of goods to:
Vina Star Motors Corporation 20 38
PHN Industry Sdn. Bhd. 5,331
PEPS-JV (M) Sdn. Bhd. 14,400
Mitsubishi Motors Corporation 92 125 92 125
268
35. SIGNIFICANT RELATED PARTIES DISCLOSURES (Contd.)
(b) Purchases of goods and services
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Purchases of goods from:
Mitsubishi Motors Corporation, Japan 25,039 31,347 5,333 8,977
Mitsubishi Corporation, Japan 963,246 1,215,585 963,246 1,191,892
Associated companies 125,448 173,532 124,483 170,690
Technomeiji Rubber Industries Sdn. Bhd. 13,991 20,763 13,991 20,744
PEPS-JV (M) Sdn. Bhd. 55,319 58,804 55,319 58,804
Purchases of services from:
Mitsubishi Motors Corporation, Japan 16,411 66,806 16,411 66,806
Mitsubishi Corporation, Japan 1,828 1,828
36. CONTINGENT LIABILITIES (UNSECURED)
Company
2004 2003
RM000 RM000
Guarantees given to bankers for facilities granted to subsidiary and
associated companies 520,115 686,631
Unhedged guarantees denominated in foreign currencies are as follows:
USD1,750,000 (2003: USD1,750,000) 6,650 6,650
AUD10,200,000 (2003: AUD10,200,000) 29,228 23,322
GBP69,800,000 (2003: GBP69,800,000) 484,237 417,439
Floating rate notes GBP40,000,000 239,220
520,115 686,631
269
37. SIGNIFICANT EVENTS
On 6 May 2003, a wholly owned subsidiary company, Proton Tanjung Malim Sdn. Bhd. was incorporated. The Company
became operational on 1 April 2004.
On 3 July 2003, Proton Edar Sdn. Bhd., a wholly owned subsidiary of the Company incorporated a company in
Singapore, Proton Singapore Pte Ltd.
On 5 August 2003, the Company subscribed for 51% of shares in Miyazu Malaysia Sdn. Bhd. The company commenced
its operations in August 2003.
On 22 October 2003, Proton Edar Sdn. Bhd. entered into a joint venture agreement with Bumiputra-Commerce Finance.
The joint venture entity, Proton Commerce Sdn. Bhd. commenced its operations in March 2004. The results of Proton
Commerce Sdn. Bhd. are insignificant and are not consolidated in the current financial year.
38. CASH AND CASH EQUIVALENTS
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Licensed banks 2,653,713 2,988,731 1,919,624 2,342,558
Discount houses 36,990 73,109 36,990 73,109
Other licensed financial institutions 162,651 588,503 162,651 536,503
2,853,354 3,650,343 2,119,265 2,952,170
Bank and cash balances 135,866 142,914 16,925 53,468
Bank overdrafts (120,564) (73,644)
Fixed deposit pledged as securities (Note 27) (308,880) (308,880)
2,559,776 3,719,613 1,827,310 3,005,638
270
38. CASH AND CASH EQUIVALENTS (Contd.)
Included in cash and cash equivalents of the Group as at 31 March 2004 are monies held under the Housing
Development Accounts pursuant to Section 7A of the Housing Developers (Control and Licensing) Act 1966 (Act 118)
amounting to approximately RM649,000 (2003: RM2,685,000).
39. FINANCIAL INSTRUMENTS
(a) Forward foreign exchange contracts
Forward foreign exchange contracts are entered into by the Group in currencies other than the functional currency
to manage exposure to fluctuations in foreign currency exchange rates on specific transactions.
As at 31 March 2004, the outstanding notional principal amount of the Group and Company foreign exchange
contracts are as follows:
Group Company
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Maturity
Less than 6 months 453,966 458,421 427,218 433,200
Between 6 months to 1 year 6,154 27,719
More than 1 year 6,980
460,120 493,120 427,218 433,200
271
39. FINANCIAL INSTRUMENTS (Contd.)
(a) Forward foreign exchange contracts (Contd.)
The foreign currency amounts to be received and the contractual exchange rates of the Group and Companys
outstanding contracts are as follows:
2004 Currency Currency Average
to be to be RM000 contracted
Hedged item received paid equivalent rate
Group
Future purchase of raw materials
over the following 6 months JPY USD 427,218 1 USD = JPY108.16
Forecasted receivables
the following 6 months GBP USD 6,564 1 USD = GBP 0.6640
6 to 12 months GBP USD 1,636 1 USD = GBP 0.6688
the following 6 months GBP CHF 4,392 1 CHF = GBP 0.4351
6 to 12 months GBP CHF 300 1 CHF = GBP 0.4418
the following 6 months GBP EURO 968 1 EURO = GBP 0.6872
Forecasted payables
the following 6 months JPY GBP 14,824 1 GBP = JPY 190.00
6 to 12 months JPY GBP 4,218 1 GBP = JPY 190.83
460,120
Company
272
(a) Forward foreign exchange contracts (Contd.)
2003 Currency Currency Average
to be to be RM000 contracted
Hedged item received paid equivalent rate
Group
Forecasted receivables
the following 6 months GBP USD 16,282 1 USD = GBP 0.6717
6 to 12 months GBP USD 27,719 1 USD = GBP 0.6627
more than 12 months GBP USD 6,980 1 USD = GBP 0.6659
the following 6 months GBP CHF 3,362 1 CHF = GBP 0.4460
the following 6 months GBP EURO 172 1 EURO = GBP 0.6831
Forecasted payables
the following 6 months EURO GBP 5,405 1 GBP = EURO 1.5429
493,120
Company
The fair value of outstanding foreign exchange contracts of the Group and Company at the balance sheet date
was a net favourable position of RM22,451,000 and RM21,081,000 respectively (2003: RM5,758,000 and
RM6,241,000).
273
(b) Interest rate cap and floor contract
A subsidiary has entered into a cap and floor contract to manage its interest rate exposure. The notional principle
amount of the contract at the end of last financial year is RM239,220,000, the floor rate is 5.1% per annum and
the cap rate is 6.95% per annum. The agreement expired on 20 October 2003.
The fair value of the contract at the balance sheet date of the last financial year was an unfavourable position of
RM1,498,000.
(c) Credit risk
The Group and Company has no significant credit risks other than as set out below.
Company
The majority of its deposits are placed with major financial institutions which are creditworthy in Malaysia. The
majority of the trade receivables arises from transactions with its own subsidiaries. A substantial amount of these
receivables have been received since the financial year end.
Group
The majority of its deposits are placed with major financial institutions which are creditworthy in Malaysia.
(d) Fair values
The carrying amounts of financial assets and liabilities of the Group and Company at the balance sheet date
approximated their fair values except as set out below:
2004 Group Company
Carrying Carrying
Note amount Fair value amount Fair value
RM000 RM000 RM000 RM000
Recognised on the balance sheet
Long term investments 26 6,276 * 2,475 *
Long term loans
unsecured 27 (222,268) (220,965) (222,268) (220,965)
secured 27 (277,500) (273,920)
Subsidiary companies (more than 1 year) 13 58,492 **
Not recognised on the balance sheet
Foreign exchange hedge instruments 22,451 21,081
274
(d) Fair values (Contd.)
2003 Group Company
Carrying Carrying
Note amount Fair value amount Fair value
RM000 RM000 RM000 RM000
Recognised on the balance sheet
Long term investments 26 6,276 * 2,475 *
Long term loans
unsecured 27 (272,597) (270,694) (272,597) (270,694)
Amounts due from subsidiary companies
(more than 1 year) 13 17,944 **
Not recognised on the balance sheet
Foreign exchange hedge instruments 5,758 6,241
Interest rate cap and floor contract (1,498)
* It was not practicable within the constraints of timeliness and cost to estimate the fair values of the unquoted
shares reliably. The Group and Company share of the net tangible worth of the investments at the balance
sheet date is RM8,528,000. (2003: RM7,729,000)
** It was not practicable to estimate the fair value of advances to subsidiary companies as the advances has no
fixed repayment terms.
275
40. SUBSEQUENT EVENTS
(a) Subsequent to the Corporate reorganisation announced by the Company on 27 May 2003, the following has been
completed as at the date of signing of this report.
(i) All the existing shareholders of Perusahaan Otomobil Nasional Berhad have exchanged all their ordinary
shares of RM1.00 each in Perusahaan Otomobil Nasional Berhad for new ordinary shares of RM1.00 each in
Proton Holdings Berhad on 5 April 2004.
(ii) The listing status of Perusahaan Otomobil Nasional Berhad in the official list of Bursa Malaysia Securities
Berhad was transferred to Proton Holdings Berhad on 16 April 2004. Perusahaan Otomobil Nasional Berhad
was subsequently delisted.
(b) On 5 July 2004, the Company executed a joint venture agreement with Tracoma Holdings Berhad in connection
with the establishment and incorporation of a joint venture company in Indonesia having the name PT Proton
Tracoma Motors (JVC). The incorporation of JVC is subject to relevant approval from the government authorities
in Indonesia. The JVC is established to undertake contract assembly of motor vehicles in Indonesia.
41. PRIOR YEAR ADJUSTMENT
During the year, the Group changed its accounting policy with respect to the adoption of MASB 25 Income Taxes and
MASB 29 Employee Benefits.
Under MASB 25, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are
recognised for all deductible temporary differences when it is probable that the Group has sufficient taxable profit to
be utilised. The changes in accounting policies have been applied retrospectively and comparatives have been restated.
The adoption of MASB 29 resulted in prior year adjustments in respect of amounts payable for short term employees
benefits in the form of accumulated compensated absences. This obligation was not provided for prior to the adoption
of MASB 29. The changes in accounting policies have been applied retrospectively and comparatives have been restated
for the financial year ended 31 March 2003.
276
41. PRIOR YEAR ADJUSTMENT (Contd.)
The effects of changes in accounting policies are as follows:
Balance Sheet and Statement of Changes in Equity
Group Deferred Trade
Deferred tax and other Retained Minority
tax assets liabilities payables profits interest
RM000 RM'000 RM000 RM000 RM000
At 1 April 2002, as previously reported 84,565 1,797,079 3,431,847 46,472
Effects of adopting MASB 25 (74,556) 74,180 376
As restated 10,009 1,797,079 3,506,027 46,848
At 1 April 2003, as previously reported 18,894 1,661,766 4,482,969 56,009
Effects of adopting MASB 29 1,963 (1,918) (45)
Effects of adopting MASB 25 27,404 (17,871) 44,629 646
As restated 27,404 1,023 1,663,729 4,525,680 56,610
Company Deferred Trade
Deferred tax and other Retained
tax assets liabilities Payables profits
RM000 RM000 RM000 RM000
At 1 April 2002, as previously reported 84,130 1,476,704 2,957,745
Effects of adopting MASB 25 (68,455) 68,455
As restated 15,675 1,476,704 3,026,200
At 1 April 2003, as previously reported 17,871 1,188,219 3,678,758
Effects of adopting MASB 29 826 (826)
Effects of adopting MASB 25 14,812 (17,871) 32,683
As restated 14,812 1,189,045 3,710,615
277
41. PRIOR YEAR ADJUSTMENT (Contd.)
Income Statement
Year ended 31 March 2003
Group Company
RM000 RM000
Profit after tax as previously reported 1,149,001 808,884
Effects of adopting MASB 29 (1,963) (826)
Effects of adopting MASB 25 (29,281) (35,772)
As restated 1,117,757 772,286
42. APPROVAL OF FINANCIAL STATEMENTS
The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on
16 July 2004.
278
STATUTORY DECLARATION
p u r s u a n t t o S e c t i o n 169( 16) o f t h e C o mp a n i e s A c t , 1965
I, Tan Seng Lee, the Director primarily responsible for the financial management of Perusahaan Otomobil Nasional Sdn.
Bhd., do solemnly and sincerely declare that the financial statements set out on pages 196 to 278 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.
TAN SENG LEE
Subscribed and solemnly declared by the abovenamed Tan Seng Lee at Shah Alam in Malaysia on 16 July 2004, before me.
COMMISSIONER FOR OATHS
We, Fadilat binti Ismail and Tan Seng Lee, two of the Directors of Perusahaan Otomobil Nasional Sdn. Bhd., state that,
in the opinion of the Directors, the financial statements set out on pages 196 to 278 are drawn up so as to give a true
and fair view of the state of affairs of the Group and the Company as at 31 March 2004 and of the results of the Group
and the Company and cash flows of the Group and the Company for the financial year ended on that date in accordance
with the applicable approved accounting standards in Malaysia and the provisions of the Companies Act, 1965.
Signed on behalf of the Board of Directors in accordance with their resolution dated 16 July 2004.
Director Director
279
STATEMENT BY DIRECTORS
p u r s u a n t t o S e c t i o n 169( 15) o f t h e C o mp a n i e s A c t , 1965
We have audited the financial statements set out on pages 196 to 278. These financial statements are the responsibility of
the Companys Directors. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with approved auditing standards in Malaysia. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by Directors, as
well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for
our opinion.
In our opinion:
(a) the financial statements have been prepared in accordance with the provisions of the Companies Act, 1965 and
applicable approved accounting standards in Malaysia so as to give a true and fair view of:
(i) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and
(ii) the state of affairs of the Group and of the Company as at 31 March 2004 and of the results and cash flows of
the Group and Company for the financial year ended on that date;
and
(b) the accounting and other records and the registers required by the Act to be kept by the Company and by the
subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the Act.
The names of the subsidiary companies of which we have not acted as auditors are indicated in Note 23 to the financial
statements. We have considered the financial statements of these subsidiaries and the auditors reports thereon.
We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Companys financial
statements 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.
The auditors reports on the financial statements of the subsidiaries were not subject to any qualification and did not include
any comment made under subsection (3) of section 174 of the Act.
PRICEWATERHOUSECOOPERS DATO AHMAD JOHAN BIN MOHAMMAD RASLAN
(No. AF: 1146) (No. 1867/09/04(J))
Chartered Accountants Partner of the firm
Kuala Lumpur
16 July 2004
REPORT OF THE AUDITORS
t o t h e Me mb e r s o f P e r u s a h a a n O t o mo b i l Na s i o n a l S d n . Bh d .
280
Para Pengarah dengan sukacitanya membentangkan laporan tahunan mereka berserta penyata kewangan Kumpulan dan
Syarikat yang telah diaudit bagi tahun kewangan berakhir 31 Mac 2004.
KEGIATAN UTAMA
Penglibatan utama Syarikat adalah dalam bidang perkilangan, pemasangan dan penjualan kenderaan serta produk
berkaitan.
Kegiatan utama syarikat subsidiari dan bersekutu adalah seperti dinyatakan dalam Nota 23 dan 24 penyata kewangan.
Tiada perubahan ketara dalam kegiatan Kumpulan di sepanjang tahun kewangan.
KEPUTUSAN KEWANGAN
Kumpulan Syarikat
RM000 RM000
Keuntungan selepas cukai 521,076 321,836
Kepentingan minoriti (11,005)
Keuntungan bersih bagi pemegang saham 510,071 321,836
DIVIDEN
Jumlah dividen yang telah dibayar atau diisytiharkan oleh Syarikat semenjak 31 Mac 2003 adalah seperti berikut:
Untuk tahun kewangan berakhir 31 Mac 2003 seperti yang dinyatakan dalam laporan para Pengarah tahun itu:
RM000
Dividen terakhir dikecualikan cukai sebanyak 12.0 sen sesaham biasa, dibayar pada 28 Oktober 2003 65,906
Untuk tahun kewangan berakhir 31 Mac 2004:
Dividen interim dikecualikan cukai sebanyak 5.0 sen sesaham biasa, dibayar pada 16 Januari 2004 27,461
LAPORAN PENGARAH
281
DIVIDEN (Samb.)
Para Pengarah mencadangkan pembayaran dividen terakhir dikecualikan cukai sebanyak 10.0 sen sesaham biasa ke atas
549,213,000 saham biasa berjumlah RM54,921,300 bagi tahun kewangan berakhir 31 Mac 2004, untuk dibayar kepada
syarikat induknya, Proton Holdings Berhad.
RIZAB DAN PERUNTUKAN
Tiada pindahan ketara kepada atau dari rizab dan peruntukan di sepanjang tahun kewangan ini selain daripada yang
dinyatakan dalam penyata kewangan.
PARA PENGARAH
Para Pengarah yang telah memegang jawatan semenjak dari tarikh laporan terakhir adalah:
Y.Bhg. Datuk Abu Hassan bin Kendut (meletak jawatan pada 25 Mei 2004)
Pengarah Gantian: Y.Bhg. Datuk Anwar bin Haji @ Aji (meletak jawatan pada 25 Mei 2004)
Y.M. Tengku Tan Sri Dr. Mahaleel bin Tengku Ariff (meletak jawatan pada 25 Mei 2004)
Y.Bhg. Datuk Kisai bin Rahmat (meletak jawatan pada 25 Mei 2004)
Y.Bhg. Dato Haji Abdul Majid bin Haji Hussein (meletak jawatan pada 25 Mei 2004)
Encik Hisayoshi Kumai (meletak jawatan pada 25 Mei 2004)
Pengarah Gantian: Encik Akihiko Mizumoto (meletak jawatan pada 25 Mei 2004)
Y.Bhg. Tan Sri A. Razak bin Ramli (meletak jawatan pada 25 Mei 2004)
Encik Badrul Feisal bin Abdul Rahim (meletak jawatan pada 25 Mei 2004)
Y.Bhg. Dato Mohd Ghazali @ Fauzi bin Yacub (meletak jawatan pada 25 Mei 2004)
Encik Abdul Jabbar bin Abdul Majid (meletak jawatan pada 25 Mei 2004)
Y.Bhg. Lt Gen (R) Dato Seri Mohamed Daud bin Abu Bakar (meletak jawatan pada 25 Mei 2004)
Y.Bhg. Datuk Dr. Soh Chai Hock (meletak jawatan pada 25 Mei 2004)
Y.Bhg. Tan Sri Ahmad Fuzi bin Haji Abdul Razak (meletak jawatan pada 25 Mei 2004)
Encik Md Ali bin Md Dewal (meletak jawatan pada 25 Mei 2004)
Encik Masaharu Iwata (meletak jawatan pada 19 November 2003)
Encik Fumihiko Minami (dilantik pada 19 November 2003/
meletak jawatan pada 25 Mei 2004)
Y.Bhg. Datuk Kisai bin Rahmat (dilantik pada 25 Mei 2004)
Encik Tan Seng Lee (dilantik pada 25 Mei 2004)
Puan Fadilat binti Ismail (dilantik pada 25 Mei 2004)
Cik Savita Saigal (dilantik pada 25 Mei 2004)
282
Laporan Pengarah
PARA PENGARAH (Samb.)
Menurut Artikel 103 Tataurusan Syarikat, Y.Bhg. Datuk Kisai bin Rahmat, Encik Tan Seng Lee, Puan Fadilat binti Ismail dan
Cik Savita Saigal akan bersara pada Mesyuarat Agung Tahunan akan datang, dan kerana layak, menawarkan diri mereka
untuk dipilih semula.
GANJARAN PENGARAH
Sepanjang dan pada akhir tahun kewangan, Syarikat tidak membuat sebarang perjanjian yang membolehkan para Pengarah
Syarikat mendapat ganjaran melalui perolehan saham atau debentur Syarikat atau badan korporat lain.
Sejak akhir tahun kewangan yang lepas, tiada seorang pun Pengarah telah menerima atau berhak menerima ganjaran (selain
ganjaran yang termasuk dalam imbuhan Pengarah dalam nota 6 penyata kewangan) hasil daripada perjanjian yang dibuat
oleh Syarikat atau perbadanan berkaitan dengan Pengarah atau dengan firma yang Pengarah adalah seorang ahli atau
dengan syarikat yang Pengarah mempunyai kepentingan kewangan ketara.
KEPENTINGAN PENGARAH DALAM SAHAM DAN DEBENTUR
Pada akhir tahun kewangan, Y.Bhg. Datuk Abu Hassan bin Kendut dianggap mempunyai kepentingan tidak langsung dalam
saham Syarikat melalui 4,000 saham biasa bernilai RM1 setiap satu yang dipegang oleh isteri beliau.
Tiada pengarah yang memegang kepentingan saham sama ada dalam Syarikat atau syarikat yang berkaitan.
MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN
Sebelum penyata pendapatan dan kunci kira-kira Kumpulan dan Syarikat disediakan, Para Pengarah mengambil langkah-
langkah yang wajar:
(a) untuk menentukan tindakan telah diambil berkait dengan pelupusan hutang lapuk dan membuat peruntukan untuk
hutang ragu, dan berpuas hati semua hutang lapuk yang diketahui telah dihapus kira dan peruntukan yang mencukupi
telah dibuat untuk hutang ragu; dan
(b) untuk memastikan bahawa mana-mana aset semasa, selain hutang, yang tidak mungkin akan mendapatkan nilai dalam
urusan perniagaan biasa seperti yang dinyatakan dalam rekod perakaunan Kumpulan dan Syarikat telah diturunkan
nilai kepada suatu jumlah yang dijangka mungkin diperoleh.
283
Laporan Pengarah
MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN (Samb.)
Pada tarikh laporan ini, Para Pengarah tidak menyedari tentang sebarang keadaan:
(a) yang boleh menyebabkan jumlah dihapuskan untuk hutang lapuk atau jumlah peruntukan untuk hutang ragu, dalam
penyata kewangan Kumpulan dan Syarikat tidak mencukupi dengan jumlah besar; atau
(b) yang boleh menyebabkan nilai kepada aset semasa dalam penyata kewangan Kumpulan dan Syarikat mengelirukan;
atau
(c) yang telah timbul yang menyebabkan pematuhan kepada kaedah penilaian aset atau liabiliti Kumpulan dan Syarikat
mengelirukan atau tidak munasabah.
Tiada liabiliti luar jangka atau liabiliti lain telah dikuatkuasakan atau akan dikuatkuasakan dalam jangka masa dua belas
bulan selepas berakhir tahun kewangan yang pada pendapat Pengarah, akan atau boleh menjejaskan keupayaan Kumpulan
dan Syarikat untuk memenuhi tanggungjawabnya apabila tiba masanya.
Pada tarikh laporan ini, tidak ada:
(a) sebarang tuntutan ke atas aset Kumpulan dan Syarikat yang timbul sejak akhir tahun kewangan yang mencagarkan
liabiliti mana-mana orang lain; atau
(b) sebarang liabiliti luar jangka bagi Kumpulan dan Syarikat yang timbul sejak akhir tahun kewangan.
Pada tarikh laporan ini, para Pengarah tidak menyedari tentang sebarang keadaan yang tidak dinyatakan dalam laporan
atau penyata kewangan ini yang boleh menyebabkan jumlah yang dinyatakan dalam penyata kewangan ini mengelirukan.
Pada pendapat para Pengarah:
(a) keputusan operasi Kumpulan dan Syarikat sepanjang tahun kewangan tidak banyak terjejas oleh apa-apa perkara,
urusniaga atau peristiwa yang penting dan luarbiasa kecuali seperti yang didedahkan dalam Nota 41 penyata
kewangan; dan
(b) dalam tempoh antara akhir tahun kewangan dan tarikh laporan ini, tidak timbul apa-apa perkara, urusniaga, atau
peristiwa yang penting dan luarbiasa yang mungkin akan banyak menjejaskan keputusan operasi Kumpulan dan
Syarikat untuk tahun kewangan yang laporan ini disediakan melainkan yang dinyatakan dalam Nota 40 penyata
kewangan.
284
Laporan Pengarah
SYARIKAT INDUK UTAMA
Selepas 5 April 2004 Proton Holdings Berhad, sebuah syarikat yang ditubuhkan di Malaysia, dianggap sebagai syarikat induk
dan syarikat induk utama.
JURUAUDIT
Juruaudit, PricewaterhouseCoopers, telah menyatakan kesanggupan untuk meneruskan perkhidmatan mereka.
Ditandatangani bagi pihak Lembaga Pengarah selaras dengan resolusi pengarah bertarikh 16 Julai 2004.
Pengarah Pengarah
285
Laporan Pengarah
Kumpulan Syarikat
Nota 2004 2003 2004 2003
RM000 RM000 RM000 RM000
Hasil 4 6,470,347 9,267,996 5,259,781 7,674,265
Kos jualan (5,414,073) (7,397,530) (4,825,658) (6,466,738)
Keuntungan kasar 1,056,274 1,870,466 434,123 1,207,527
Lain-lain pendapatan operasi 233,931 215,672 156,500 172,977
Kos pengagihan (166,503) (256,762) (21,375) (48,635)
Perbelanjaan pentadbiran (466,545) (387,009) (214,339) (372,281)
Lain-lain perbelanjaan operasi (73,422) (91,279) (10,735) (12,990)
Keuntungan daripada operasi 5 583,735 1,351,088 344,174 946,598
Kos kewangan 7 (37,127) (38,378) (14,604) (12,565)
Bahagian keuntungan syarikat bersekutu 43,292 45,838
Bahagian keuntungan entiti kawalan bersama 25 2,093 1,430
Keuntungan sebelum cukai 591,993 1,359,978 329,570 934,033
Cukai
Syarikat (7,734) (161,747) (7,734) (161,747)
Syarikat subsidiari (48,243) (73,159)
Bahagian cukai dalam syarikat bersekutu (14,305) (6,795)
Bahagian cukai dalam entiti kawalan bersama (635) (520)
8 (70,917) (242,221) (7,734) (161,747)
Keuntungan selepas cukai 521,076 1,117,757 321,836 772,286
Kepentingan minoriti (11,005) (10,233)
Keuntungan bersih bagi pemegang saham 510,071 1,107,524 321,836 772,286
Perolehan sesaham
asas 9 92.9 sen 201.9 sen
dicairkan 9 N/A N/A
Nota di muka surat 296 hingga 368 merupakan sebahagian daripada penyata kewangan ini.
PENYATA PENDAPATAN
b a g i t a h u n k e wa n g a n b e r a k h i r 31 Ma c 2004
286
Kumpulan Syarikat
Nota 2004 2003 2004 2003
RM000 RM000 RM000 RM000
ASET SEMASA
Inventori 11 821,925 835,486 374,149 372,458
Penghutang perdagangan dan penghutang lain 12 897,741 830,082 252,581 455,479
Jumlah tertunggak dari syarikat subsidiari 13 557,158 352,065
Jumlah tertunggak dari syarikat bersekutu 14 1,023 3,363 145 530
Cukai terlebih bayar 45,790 19,053
Pelaburan jangka pendek 15 181,980 166,435 181,980 166,435
Deposit, bank dan baki tunai 16 2,989,220 3,793,257 2,136,190 3,005,638
4,937,679 5,647,676 3,502,203 4,352,605
LIABILITI SEMASA
Pemiutang perdagangan dan pemiutang lain 17 1,506,179 1,663,729 971,710 1,189,045
Peruntukan 18 240,230 264,838 209,043 240,832
Jumlah tertunggak kepada syarikat subsidiari 19 144,649 78,875
Jumlah tertunggak kepada syarikat bersekutu 20 15,817 28,512 15,817 28,463
Cukai 143,383 206,453 139,286 207,486
Pinjaman jangka pendek 21 173,134 507,376 52,570 163,441
2,078,743 2,670,908 1,533,075 1,908,142
ASET SEMASA BERSIH 2,858,936 2,976,768 1,969,128 2,444,463
KUNCI KIRA-KIRA
p a d a 31 Ma c 2004
287
Kumpulan Syarikat
Nota 2004 2003 2004 2003
RM000 RM000 RM000 RM000
BUKAN ASET SEMASA
Hartanah, loji dan peralatan 22 2,940,315 2,256,884 2,613,601 2,019,238
Syarikat subsidiari 23 425,165 426,755
Jumlah tertunggak daripada syarikat subsidiari 13 58,492 17,944
Syarikat bersekutu 24 170,075 146,855 32,026 32,026
Entiti kawalan bersama 25 28,150 2,835
Lain-lain pelaburan jangka panjang 26 6,276 6,276 2,475 2,475
Aset cukai tertunda 28 47,252 27,404 34,514 14,812
3,192,068 2,440,254 3,166,273 2,513,250
BUKAN LIABILITI SEMASA
Liabiliti jangka panjang 27 447,430 222,268 169,926 222,268
Liabiliti cukai tertunda 28 1,023 1,023
448,453 223,291 169,926 222,268
5,602,551 5,193,731 4,965,475 4,735,445
DIBIAYAI OLEH:
Modal saham 29 549,213 549,213 549,213 549,213
Rizab 30 4,988,774 4,587,908 4,416,262 4,186,232
Dana pemegang saham 5,537,987 5,137,121 4,965,475 4,735,445
KEPENTINGAN MINORITI 64,564 56,610
5,602,551 5,193,731 4,965,475 4,735,445
288
Kunci Kira-kira
Saham biasa diterbitkan Boleh
dan dibayar penuh Tidak boleh diagihkan diagihkan
Nilai nominal Pertukaran
Bilangan RM1 Premium mata wang Keuntungan
Nota saham sesaham saham Muhibah asing tersimpan Jumlah
000 RM000 RM000 RM000 RM000 RM000 RM000
Pada 1 April 2002
(seperti yang dilaporkan
dahulu) 543,144 543,144 432,409 (337,998) 27,175 3,431,847 4,096,577
Penyelarasan tahun dahulu 41 74,180 74,180
Dinyatakan semula 543,144 543,144 432,409 (337,998) 27,175 3,506,027 4,170,757
Diterbitkan di bawah Skim
Opsyen Saham Pekerja
Perusahaan Otomobil
Nasional Berhad 6,069 6,069 6,069
Premium ke atas terbitan saham 43,208 43,208
Perbezaan pertukaran
mata wang (80,967) (80,967)
Muhibah dihapuskira (21,599) (21,599)
Keuntungan bersih kepada
pemegang saham 1,107,524 1,107,524
Dividen bagi tahun berakhir:
31 Mac 2002 akhir (43,935) (43,935)
31 Mac 2003 interim (43,936) (43,936)
Pada 31 Mac 2003 549,213 549,213 475,617 (359,597) (53,792) 4,525,680 5,137,121
PENYATA PERUBAHAN EKUITI DISATUKAN
289
Nota saham sesaham saham Muhibah asing tersimpan Jumlah
000 RM000 RM000 RM000 RM000 RM000 RM000
Pada 1 April 2003
(seperti yang dilaporkan
dahulu) 549,213 549,213 475,617 (359,597) (53,792) 4,482,969 5,094,410
Dinyatakan semula 549,213 549,213 475,617 (359,597) (53,792) 4,525,680 5,137,121
Perbezaan pertukaran
mata wang (15,839) (15,839)
pemegang saham 510,071 510,071
Dividen bagi tahun akhir
31 Mac 2003 akhir (65,905) (65,905)
31 Mac 2004 interim (27,461) (27,461)
Pada 31 Mac 2004 549,213 549,213 475,617 (359,597) (69,631) 4,942,385 5,537,987
290
Penyata Perubahan Ekuiti Disatukan
Nota saham sesaham saham asing tersimpan Jumlah
000 RM000 RM000 RM000 RM000 RM000
Pada 1 April 2002
(seperti yang dilaporkan dahulu) 543,144 543,144 432,409 2,957,745 3,933,298
Dinyatakan semula 543,144 543,144 432,409 3,026,200 4,001,753
Diterbitkan di bawah Skim
Opsyen Saham Pekerja
Perusahaan Otomobil Nasional
Berhad 6,069 6,069 6,069
Premium ke atas terbitan saham 43,208 43,208
31 Mac 2002 akhir (43,935) (43,935)
31 Mac 2003 interim (43,936) (43,936)
Pada 31 Mac 2003 549,213 549,213 475,617 3,710,615 4,735,445
PENYATA PERUBAHAN EKUITI SYARIKAT
291
Nota saham sesaham saham asing tersimpan Jumlah
000 RM000 RM000 RM000 RM000 RM000
Pada 1 April 2003
(seperti yang dilaporkan dahulu) 549,213 549,213 475,617 3,678,758 4,703,588
Dinyatakan semula 549,213 549,213 475,617 3,710,615 4,735,445
Perbezaan pertukaran mata wang 1,560 1,560
31 Mac 2003 akhir (65,905) (65,905)
31 Mac 2004 interim (27,461) (27,461)
Pada 31 Mac 2004 549,213 549,213 475,617 1,560 3,939,085 4,965,475
292
Penyata Perubahan Ekuiti Syarikat
PENYATA ALIRAN TUNAI
293
Kumpulan Syarikat
Nota 2004 2003 2004 2003
RM000 RM000 RM000 RM000
ALIRAN TUNAI DARIPADA AKTIVITI OPERASI
Keuntungan selepas cukai 521,076 1,117,757 321,836 772,286
Pelarasan untuk:
Cukai 70,917 242,221 7,734 161,747
Hapuskira hartanah, loji dan peralatan 41,072 86,477 40,487 75,733
Jejas nilai hartanah, loji dan peralatan 1,000
Peruntukan untuk turun nilai inventori 7,957 3,663 (11,165) 3,663
Inventori dihapus kira 12,977 12,977
Susut nilai hartanah, loji dan peralatan 329,383 402,929 302,456 383,334
Perbelanjaan faedah 37,127 38,378 14,604 12,565
Pendapatan faedah (107,542) (117,028) (92,800) (99,693)
(Keuntungan) bagi pelupusan hartanah, loji dan peralatan (46,592) (6,521) (333) (3,976)
Bahagian keuntungan syarikat bersekutu (43,292) (45,838)
Bahagian keuntungan entiti kawalan bersama (2,093) (1,430)
Peruntukan untuk penurunan nilai pelaburan dalam
syarikat subsidiari 231,649
Masuk kira semula penurunan nilai pelaburan dalam
syarikat bersekutu (4,200)
(Masuk kira semula)/peruntukan untuk penurunan nilai
dalam pelaburan jangka pendek (17,791) 8,985 (17,791) 8,985
(Keuntungan)/kerugian ke atas pelupusan pelaburan
jangka pendek (12,388) 1,694 (12,388) 1,694
(Masuk kira semula)/peruntukan untuk hutang ragu (1,566) 5,440 (9,049) (23,231)
Kerugian/(keuntungan) pertukaran mata wang asing
belum terealisasi 6,098 (63,687) 1,752 (64,710)
Peruntukan untuk waranti (bersih daripada bayaran
dijangka balik) 48,860 53,858 21,463 46,925
Pendapatan dividen (8,218) (2,520) (22,689) (8,857)
Keuntungan operasi sebelum perubahan dalam modal kerja: 823,008 1,738,355 544,117 1,506,891
Kumpulan Syarikat
Nota 2004 2003 2004 2003
RM000 RM000 RM000 RM000
Perubahan dalam modal kerja:
Inventori 35,635 (107,552) 9,474 (156,601)
Penghutang
Perdagangan dan lain-lain (36,431) 277,274 203,985 275,365
Syarikat subsidiari (240,458) (63,776)
Syarikat bersekutu 2,340 1,479 521 (127)
Pemiutang
Perdagangan dan lain-lain (203,142) (211,852) (216,247) (286,861)
Peruntukan untuk belanja dan liabiliti (90,294) (144,976) (53,252) (130,086)
Syarikat subsidiari 65,774 47,598
Syarikat bersekutu (12,695) (4,634) (12,646) (4,336)
Aliran tunai hasil daripada operasi 518,421 1,548,094 301,268 1,188,067
Cukai dibayar (163,952) (356,534) (92,500) (234,950)
Faedah diterima 113,168 116,340 97,019 93,973
Faedah dibayar (42,152) (41,991) (15,692) (13,363)
Aliran tunai bersih dihasilkan daripada aktiviti operasi 425,485 1,265,909 290,095 1,033,727
ALIRAN TUNAI DARIPADA AKTIVITI PELABURAN
Pembelian hartanah, loji dan peralatan (1,059,011) (1,017,953) (938,125) (916,617)
Tambahan pelaburan dalam syarikat subsidiari (21,599) (1,785) (253,649)
Tambahan pelaburan dalam syarikat bersekutu (21,998)
Tambahan pelaburan dalam entiti kawalan bersama (25,000)
Bayaran balik pendahuluan dari syarikat subsidiari (1,632) 67,042
Pembelian pelaburan jangka pendek (122,955) (104,968) (122,955) (104,968)
Pelupusan pelaburan jangka pendek 137,589 112,841 137,589 112,841
Perolehan dari penjualan hartanah, loji dan peralatan 56,175 11,742 1,152 36,549
Dividen diterima 18,291 7,360 19,417 8,857
Pulangan modal saham dalam pemansuhan syarikat subsidiari 3,375
Aliran tunai bersih digunakan dalam aktiviti pelaburan (994,911) (1,034,575) (902,964) (1,049,945)
294
Penyata Aliran Tunai
Kumpulan Syarikat
Nota 2004 2003 2004 2003
RM000 RM000 RM000 RM000
ALIRAN TUNAI DARIPADA AKTIVITI KEWANGAN
Bayaran dividen (93,366) (87,871) (93,366) (87,871)
Perolehan dari terbitan modal saham 49,277 49,277
Tunai hasil dari kepentingan minoriti 1,715
Perolehan dari pinjaman jangka pendek 846,927 113,112 846,927 113,112
Perolehan dari pinjaman bertempoh 277,500
Bayaran balik pinjaman bertempoh (357,304) (69,054) (50,329) (17,816)
Bayaran ansuran pajakan kewangan dan sewabeli (146) (656)
Bayaran balik pinjaman jangka pendek (965,541) (127,400) (959,811)
Deposit tetap dicagarkan 38 (308,880) (308,880)
Aliran tunai bersih (digunakan dalam)/dihasilkan
daripada aktiviti kewangan (599,095) (122,592) (565,459) 56,702
TAMBAHAN BERSIH DALAM TUNAI DAN KESETARAAN TUNAI (1,168,521) 108,742 (1,178,328) 40,484
KESAN KADAR PERTUKARAN WANG ASING 8,684 1,844
TUNAI DAN KESETARAAN TUNAI PADA PERMULAAN
TAHUN KEWANGAN 3,719,613 3,609,027 3,005,638 2,965,154
TUNAI DAN KESETARAAN TUNAI PADA AKHIR TAHUN
KEWANGAN 38 2,559,776 3,719,613 1,827,310 3,005,638
295
Penyata Aliran Tunai
1. MAKLUMAT KORPORAT
Penglibatan utama Syarikat ialah dalam bidang perkilangan, pemasangan dan penjualan kenderaan dan produk
berkaitan.
Kegiatan utama syarikat subsidiari dan bersekutu adalah seperti yang dinyatakan dalam Nota 23 dan 24 penyata
kewangan. Tiada perubahan ketara dalam kegiatan Kumpulan di sepanjang tahun kewangan.
Selepas 31 Mac 2004, Syarikat telah selesai dalam proses Penyusunan Semula Kumpulan. Sebelumnya, Syarikat adalah
syarikat liabiliti awam terhad, diperbadan dan bermastautin di Malaysia dan disenaraikan di Papan Utama Bursa
Malaysia Berhad (BMB). Pada 5 April 2004, Proton Holdings Berhad telah menjadi syarikat induk kepada Syarikat.
Penyenaraian di Papan Utama Bursa Malaysia Berhad telah diambil oleh Syarikat induk pada 16 April 2004.
Syarikat induk dan Syarikat induk utama selepas 5 April 2004 adalah Proton Holdings Berhad, sebuah syarikat yang
ditubuhkan di Malaysia.
2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING
(a) Asas perakaunan
Penyata kewangan telah disediakan mengikut kelaziman kos sejarah (yang diubahsuai oleh penilaian semula tanah
pegangan bebas tertentu) kecuali seperti yang dinyatakan di dalam ringkasan dasar perakaunan penting.
Penyata kewangan ini adalah selaras dengan piawaian perakaunan yang diluluskan di Malaysia dan peruntukan
Akta Syarikat, 1965. Piawaian perakaunan yang baru diluluskan di dalam penyata kewangan ini adalah seperti
berikut:
Piawaian MASB 25 Cukai Pendapatan
Piawaian MASB 27 Kos Pinjaman
Piawaian MASB 28 Pemberhentian Operasi
Piawaian MASB 29 Manfaat Pekerja
Selain daripada Piawaian MASB 25 dan MASB 29, tiada perubahan pada polisi perakaunan yang melibatkan
perubahan pada keuntungan bersih atau modal pemegang saham dalam tahun kewangan hasil daripada
penggunaan piawaian tersebut dalam penyata kewangan ini kerana Kumpulan telah mematuhi dasar pengiktirafan
dan ukuran piawaian itu. Kesan dari pematuhan Piawaian MASB 25 dan MASB 29 telah dirumuskan dalam
Nota 41 penyata kewangan.
NOTA-NOTA KEPADA PENYATA KEWANGAN
31 Ma c 2004
296
2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(a) Asas perakaunan (Samb.)
Penyediaan penyata kewangan yang mematuhi piawaian perakaunan yang diluluskan di Malaysia dan peruntukan
Akta Syarikat 1965, memerlukan Pengarah untuk membuat andaian dan anggaran ke atas nilai aset dan liabiliti
yang dilaporkan dan pendedahan aset dan liabiliti luarjangka pada tarikh penyata kewangan dan nilai pendapatan
dan perbelanjaan yang dilaporkan sepanjang tahun kewangan. Keputusan sebenar mungkin berbeza daripada
anggaran tersebut.
(b) Asas penyatuan
Penyata kewangan yang disatukan mengandungi penyata kewangan Syarikat dan semua subsidiarinya pada akhir
tahun kewangan. Kesemua penyata kewangan syarikat subsidiari disatukan dengan menggunakan kaedah
perakaunan pemerolehan. Penyata pendapatan yang disatukan mengandungi hasil syarikat subsidiari yang
diperolehi atau dilupuskan sepanjang tahun kewangan dari tarikh pemerolehan atau sehingga tarikh pelupusan
masing-masing.
(i) Syarikat subsidiari
Syarikat subsidiari adalah syarikat yang mana Kumpulan mempunyai kuasa untuk mengawal dasar kewangan
dan polisi operasi untuk mendapatkan manfaat dari aktiviti mereka.
Kepentingan minoriti dikira berdasarkan pada manfaat bahagian minoriti dalam nilai wajar aset dan liabiliti
selepas pengambilan sesebuah syarikat. Pendedahan berasingan dibuat untuk kepentingan minoriti.
Pelaburan dalam syarikat subsidiari dinyatakan pada kos. Apabila terdapat petanda rosot nilai, jumlah pelaburan
yang dibawa akan dikaji semula dan dirosotkan nilainya kepada jumlah yang boleh diperolehi semula.
(ii) Syarikat bersekutu
Syarikat bersekutu adalah syarikat yang mana Kumpulan melaksanakan pengaruh penting. Pengaruh penting
adalah kuasa untuk menyertai dalam keputusan dasar-dasar kewangan dan operasi syarikat bersekutu tetapi
bukan untuk mengawal dasar-dasar itu. Pelaburan dalam syarikat bersekutu diambilkira di dalam penyata
kewangan berdasarkan kaedah perakaunan ekuiti.
Penyata kewangan yang disatukan mengandungi bahagian keuntungan atau kerugian syarikat bersekutu yang
dikira berdasarkan penyata kewangan terakhir diaudit atau penyata kewangan pengurusan syarikat tersebut.
Pelaburan dalam syarikat bersekutu dinyatakan pada kos. Apabila terdapat petanda rosot nilai, jumlah pelaburan
yang dibawa akan dikaji semula dan dirosotkan nilainya kepada jumlah yang boleh diperolehi semula.
Dalam kunci kira-kira disatukan, kepentingan Kumpulan dalam syarikat bersekutu dinyatakan pada kos
campur bahagian keuntungan atau kerugian selepas pemerolehan dan rizab.
297
Nota-nota kepada Penyata Kewangan
298
(b) Asas penyatuan (Samb.)
(iii) Entiti kawalan bersama
Entiti kawalan bersama adalah syarikat, perkongsian atau entiti lain yang mana terdapat kontrak pengawalan
bersama antara Kumpulan dengan satu atau lebih pihak lain. Dalam penyata kewangan yang disatukan,
kepentingan Kumpulan dalam entiti kawalan bersama diambil kira berdasarkan kaedah perakaunan ekuiti.
(c) Pelaburan
Pelaburan dalam pelaburan bukan semasa lain dinyatakan pada kos, dan peruntukan untuk pengurangan nilai
dibuat apabila para Pengarah berpendapat terdapat penurunan selain penurunan sementara dalam nilai pelaburan.
Apabila terdapat penurunan selain penurunan sementara dalam nilai pelaburan, maka penurunan itu dikira
sebagai perbelanjaan dalam tahun kewangan tersebut. Sila lihat polisi perakaunan Nota 2(u) berkaitan dengan
rosot nilai aset.
Pelaburan jangka pendek dinyatakan pada yang mana lebih rendah di antara kos dan nilai pasaran, yang
ditentukan berasaskan portfolio agregat mengikut kategori pelaburan. Nilai pasaran dikira dengan merujuk harga
jualan yang tersiar di bursa saham pada masa perniagaan ditutup pada tarikh kunci kira-kira. Naik/turunnya jumlah
yang dibawa bagi pelaburan jangka pendek direkodkan sebagai pendapatan/perbelanjaan kepada penyata
pendapatan.
Bagi pelaburan yang dijual, perbezaan antara hasil jualan bersih dan jumlah yang dibawa direkodkan sebagai
pendapatan/perbelanjaan kepada penyata pendapatan.
(d) Muhibah
Muhibah hasil daripada penyatuan adalah lebihan harga belian ke atas nilai wajar bagi aset bersih syarikat
subsidiari pada tarikh pemerolehan. Muhibah dihapuskira dan ditolak daripada rizab dalam tahun pemerolehan.
(e) Hartanah, loji dan peralatan
Sebidang tanah pegangan bebas yang dipegang oleh Syarikat dinyatakan oleh para Pengarah berdasarkan
penilaian profesional bebas pada tahun 1983 mengikut nilai pasaran terbuka berasaskan kegunaan sedia ada.
Lebihan akibat daripada penilaian semula dikreditkan terus ke rizab modal dan seterusnya digunakan. Penilaian
ini belum dikemaskinikan.
Kesemua tanah lain yang dipegang oleh Kumpulan dan Syarikat dinyatakan pada kos. Tanah pegangan bebas dan
kerja yang sedang dijalankan tidak disusutnilaikan. Semua tanah pegangan pajak jangka panjang dilunaskan
sepanjang tempoh pajakan.
Semua hartanah, loji dan peralatan lain selain dari acuan dan aci yang dikategorikan di bawah loji dan jentera,
yang dipegang oleh Kumpulan dan Syarikat dinyatakan pada kos tolak susut nilai terkumpul dan jejas nilai. Susut
nilai dikira menggunakan kaedah garis lurus untuk menghapuskira kos aset di sepanjang tempoh anggaran hayat
penggunaanya. Apabila terdapat petanda jejas nilai, nilai aset yang dibawa akan dikaji dan dijejaskan nilainya
kepada jumlah yang boleh diperolehi semula dengan segera.
Kadar tahunan utama susut nilai yang digunakan adalah seperti berikut:
Tanah pegangan pajak jangka panjang Sepanjang tempoh pajakan 98 tahun
Bangunan 2% 5%
Loji dan jentera 10% 50%
Peralatan pejabat, perabut, lekapan dan kenderaan 10% 50%
Acuan dan aci yang dikategorikan dalam loji dan jentera disusut nilai berdasarkan asas unit pengeluaran untuk
melupuskan kos aset di sepanjang tempoh anggaran hayat penggunaan iaitu dari 5 ke 6 tahun.
Kerja yang sedang dilaksanakan tidak disusut nilai. Apabila siap, kos berkaitan akan dipindahkan kepada kategori
aset masing-masing. Susut nilai atas kerja yang dijalankan dikira bila aset telah sedia untuk digunakan.
(f) Tanah dan perbelanjaan pembangunan
Tanah dan perbelanjaan pembangunan terdiri daripada tanah yang dipegang untuk pembangunan dan kos
pembangunan berkaitan yang biasa untuk projek. Tanah yang dibangunkan dinyatakan pada kos atau nilai bersih
yang boleh diperolehi, yang mana lebih rendah.
Semua perbelanjaan untuk projek belum siap, dipermodalkan dan direkodkan ke dalam kunci kira-kira sebagai
perbelanjaan pembangunan.
Apabila projek siap, kos tanah dan pembangunan berkaitan diklasifikasikan sebagai pangsapuri untuk dijual.
299
(g) Pajakan
Pajakan kewangan ialah pajakan hartanah, loji dan peralatan di mana Kumpulan menerima sebahagian besar
segala manfaat dan risiko pemilikan.
Hartanah, loji dan peralatan yang diambil alih di bawah pajakan kewangan termasuk dalam hartanah, loji dan
peralatan dan disusut nilai selaras dengan Nota 2(e) di atas. Obligasi di bawah perjanjian pajakan dianggap
sebagai liabiliti dan perbelanjaan faedah diperuntukkan dalam penyata pendapatan di sepanjang tempoh pajakan
untuk memberi kadar faedah berkala tetap ke atas liabiliti pajakan selebihnya.
Pajakan operasi adalah pajakan aset di mana sebahagian besar risiko dan manfaat pemilikan dipegang oleh
pemajak. Bayaran yang dibuat di bawah operasi direkodkan sebagai belanja dalam penyata pendapatan
berdasarkan asas garis lurus pada sepanjang tempoh pajakan.
(h) Inventori
Inventori dinyatakan menurut yang mana lebih rendah antara kos dan nilai jualan bersih. Kos ditentukan
berasaskan masuk-dulu keluar-dulu kecuali alat ganti dan aksesori yang dipegang oleh sesetengah subsidiari yang
ditentukan mengikut purata wajaran.
Untuk kerja yang sedang dijalankan dan kenderaan siap, kadar kos pengilangan yang sesuai dikira sebagai kos.
(i) Penghutang perdagangan dan penghutang lain
Penghutang perdagangan dan penghutang lain dinyatakan pada nilai yang dijangka boleh diperolehi. Peruntukan
dibuat untuk hutang ragu berdasarkan tinjauan tertentu ke atas baki tertunggak pada tarikh kunci kira-kira.
Peruntukan am dibuat untuk menampung kerugian yang mungkin berlaku dan tidak dapat dikenal pasti dengan
nyata. Hutang lapuk dihapuskira pada tahun kewangan ia dikenal pasti.
(j) Perbelanjaan penyelidikan dan pembangunan
Perbelanjaan penyelidikan dan pembangunan secara amnya dikira sebagai belanja. Kos untuk projek pembangunan
dipermodalkan apabila perbelanjaan tersebut boleh menghasilkan manfaat ekonomi pada masa hadapan.
Perbelanjaan yang dipermodalkan akan disusut nilai berdasarkan anggaran jangkahayat projek tersebut. Kos
pembangunan yang pada mulanya diambilkira sebagai belanja tidak akan dikira sebagai aset dalam tempoh
berikutnya.
300
(k) Peruntukan
Kumpulan membuat peruntukan apabila terdapat tanggungan dari segi undang-undang ataupun tanggungan hasil
daripada peristiwa lampau di mana ada kemungkinan besar bahawa sumber Kumpulan akan digunakan untuk
melunaskan tanggungan tersebut dan jumlahnya boleh dianggarkan dengan baik. Apabila Kumpulan pasti bahawa
peruntukan tersebut akan dibayar balik, peruntukan untuk pembayaran semula akan di kenal pasti sebagai aset.
Peruntukan waranti
Peruntukan dibuat untuk anggaran liabiliti atas semua produk dalam waranti di samping tuntutan yang telah
diterima. Waranti dikira bagi kenderaan yang dijual dalam tempoh satu sehingga tiga tahun. Peruntukan dibuat
berasaskan pengalaman lepas tentang tahap tuntutan yang diterima dalam tempoh waranti. Apabila Kumpulan
pasti bahawa peruntukan waranti tersebut akan dibayar balik, pembayaran semula akan dikenal pasti sebagai aset.
(l) Manfaat pekerja
(i) Manfaat pekerja jangka pendek
Gaji, upah, cuti tahunan bergaji dan cuti sakit, bonus dan faedah-faedah lain bukan tunai diakru dalam
tempoh berdasarkan perkhidmatan yang diberi oleh pekerja Kumpulan dalam tempoh tersebut.
(ii) Manfaat selepas pekerjaan
Kumpulan memiliki pelbagai skim manfaat selepas pekerjaan tertakluk kepada keadaan tempatan dan amalan
di negara Kumpulan beroperasi. Kumpulan mempunyai kedua-dua pelan caruman tertakrif dan pelan manfaat
tertakrif.
Pelan caruman tertakrif
Caruman Kumpulan di dalam Pelan caruman tertakrif dikira dalam penyata kewangan dalam tempoh yang
berkaitan. Selepas caruman dibuat, Kumpulan tidak lagi mempunyai apa-apa tanggungan ke atas pelan tersebut.
301
(l) Manfaat pekerja (Samb.)
(ii) Manfaat selepas pekerjaan (Samb.)
Pelan manfaat tertakrif
Liabiliti Kumpulan dalam pelan manfaat tertakrif dikira berdasarkan tanggungan Kumpulan pada tarikh kunci
kira-kira tolak nilai wajar aset pelan tersebut, termasuk keuntungan/kerugian aktuari dan kos perkhidmatan
terdahulu. Kumpulan sentiasa menentukan nilai semasa tanggungan manfaat tertakrif dan nilai wajar aset
pelan tidak berbeza secara ketara dengan jumlah yang ditentukan pada tarikh kunci kira-kira.
Tanggungan dalam pelan manfaat tertakrif adalah dikira dengan menggunakan kaedah unit yang disarankan
oleh pihak aktuari bebas berasaskan penilaian bagi setiap tiga tahun. Andaian dibuat mengenai pulangan
pelaburan tahunan, peningkatan gaji tahunan dan peningkatan persaraan tahunan.
Pelan aset yang melebihi tanggungan Kumpulan adalah terhad seperti yang dinyatakan dalam MASB 29.
Keuntungan dan kerugian aktuari terhasil dari perubahan peristiwa lepas dan juga perubahan dalam andaian
aktuari. Jumlah keuntungan dan kerugian bersih dalam penyata kewangan ditentukan dengan kaedah
koridor berdasarkan MASB 29 dan dikira dalam penyata pendapatan berdasarkan purata baki hayat bekerja
kakitangan yang terlibat dalam pelan tersebut.
Semasa permulaan aplikasi Piawaian MASB 29 pada 1 April 2003, peningkatan dalam liabiliti pelan manfaat
tertakrif adalah dikira sebagai perbelanjaan berdasarkan kepada kaedah garis lurus selama 5 tahun seperti
yang dibenarkan oleh Piawaian.
(iii) Manfaat pemberhentian kerja
Manfaat akan dibayar apabila pekerja ditamatkan tempoh pekerjaannya sebelum tarikh persaraan atau
apabila pekerja bersetuju ditamatkan kerja secara sukarela dengan tujuan mendapatkan bayaran manfaat.
Kumpulan mengenalpasti manfaat pemberhentian kerja apabila Kumpulan telah menunjukkan komitmen
untuk memberhentikan pekerja melalui rancangan rasmi yang terperinci tanpa sebarang kemungkinan
penarikan semula atau hasil daripada tawaran yang dibuat untuk menggalakkan pemberhentian secara
sukarela. Manfaat yang melebihi 12 bulan dari tarikh kunci kira-kira adalah dikurangkan kepada nilai semasa.
302
(m) Cukai Pendapatan
Perbelanjaan cukai semasa ditentukan berasaskan kepada undang-undang cukai di mana Kumpulan beroperasi dan
termasuk semua keuntungan boleh dicukai, termasuk pembayaran cukai pegangan oleh syarikat subsidiari asing ke
atas pengagihan keuntungan tersimpan kepada syarikat-syarikat dalam Kumpulan.
Cukai tertunda dikira sepenuhnya berasaskan kaedah liabiliti atas perbezaan sementara terhasil di antara nilai aset
dan liabiliti untuk tujuan cukai dan nilainya yang dibawa dalam penyata kewangan.
Aset cukai tertunda diambilkira apabila terdapat kemungkinan besar bahawa keuntungan bercukai boleh
digunakan untuk mengimbangi perbezaan sementara atau kerugian cukai yang belum digunakan.
Cukai tertunda diambilkira untuk perbezaan sementara dari pelaburan dalam syarikat subsidiari, syarikat bersekutu
dan Syarikat kawalan bersama melainkan bila ada bukti yang munasabah bahawa perbezaan sementara itu boleh
dikawal dan tidak akan berbalik pada masa depan yang dijangkakan.
Enakmen kadar cukai pada tarikh kunci kira-kira digunakan dalam penentuan cukai tertunda.
(n) Urusniaga dan pertukaran mata wang asing
Urusniaga dalam mata wang asing pada tahun kewangan ditukarkan ke Ringgit Malaysia mengikut kadar
pertukaran semasa pada tarikh urusniaga. Aset dan liabiliti kewangan dalam mata wang asing pada tarikh kunci
kira kira ditukarkan ke Ringgit Malaysia mengikut kadar pertukaran semasa pada tarikh itu. Perbezaan kadar
pertukaran hasil daripada penyelesaian urusniaga mata wang asing dan daripada tukaran aset dan liabiliti
kewangan mata wang asing dimasukkan dalam penyata pendapatan.
Hasil daripada syarikat subsidiari dan syarikat bersekutu asing ditukarkan ke Ringgit Malaysia pada kadar
pertukaran purata bagi tahun kewangan. Aset dan liabiliti ditukarkan ke Ringgit Malaysia mengikut kadar
pertukaran semasa pada tarikh kunci kira-kira. Perbezaan pertukaran daripada hasil tukaran bagi tahun itu pada
kadar purata dan aset dan liabiliti pada kadar akhir tahun dan penyataan semula pada kadar akhir tahun
pembukaan pelaburan bersih dalam syarikat subsidiari dan syarikat bersekutu asing dibawa ke akaun terjemahan
tukaran asing sebagai komponen dana pemegang saham.
303
(n) Urusniaga dan pertukaran mata wang asing (Samb.)
Kadar pertukaran penutup utama yang digunakan dalam pertukaran jumlah mata wang asing adalah seperti
berikut:
Mata wang asing 31.03.2004 31.03.2003
RM RM
1 USD 3.80 3.80
1 GBP 6.94 5.98
1 AUD 2.87 2.29
1 EURO 4.63 4.11
100 JPY 3.59 3.17
(o) Tunai dan kesetaraan tunai
Tunai dan kesetaraan tunai terdiri dari tunai di tangan, baki bank, deposit bank, overdraft bank dan pelaburan
jangka pendek mudah cair yang boleh ditukarkan dengan mudah kepada wang tunai dalam jumlah yang diketahui
dan tertakluk kepada risiko perubahan nilai yang tidak ketara.
(p) Pengiktirafan hasil
Penjualan barangan termasuk kenderaan, alat ganti dan aksesori diiktiraf apabila produk diserahkan.
Hasil daripada jualan pangsapuri yang telah siap diiktiraf apabila Perjanjian Jual Beli ditandatangani.
Hasil daripada penyediaan khidmat untuk kontrak kejuruteraan jangka panjang diiktiraf berdasarkan peringkat
siap kontrak tersebut pada akhir tahun kewangan dengan hasil kontrak boleh dinilaikan mengikut ketentuan yang
munasabah. Peruntukan penuh dibuat bagi semua kerugian yang dijangkakan pada masa kontrak dibuat atau
bermula sebelum akhir tahun kewangan. Jumlah dimasukkan dalam lingkungan belum terima dan bayaran
terdahulu untuk memastikan perbezaan masa yang timbul antara jumlah yang diinbois dan jumlah yang dikira
dalam penyata pendapatan pada kontrak kejuruteraan individu.
Hasil lain sebahagian besarnya terdiri daripada hasil sewa dan pendapatan royalti. Hasil sewa dan pendapatan
royalti dikira berdasarkan akruan.
304
(q) Instrumen kewangan
(i) Instrumen kewangan diiktiraf dalam kunci kira-kira
Cara pengiktirafan yang digunakan bagi instrumen kewangan yang diiktiraf dalam kunci kira-kira adalah
dinyatakan di dalam polisi berasingan untuk setiap instrumen.
(ii) Instrumen kewangan tidak diiktiraf pada kunci kira-kira
Kumpulan adalah pihak kepada instrumen kewangan yang merangkumi kontrak kehadapan mata wang asing
dan kontrak nilai faedah tertinggi dan terendah. Instrumen-instrumen ini tidak diiktiraf di dalam penyata
kewangan.
Kontrak hadapan mata wang asing
Kumpulan membuat kontrak hadapan mata wang asing bagi melindungi Kumpulan daripada perubahan pada
tukaran nilai mata wang dengan menetapkan satu nilai di mana aset atau liabiliti mata wang asing akan
diuruskan.
Keuntungan dan kerugian tukaran dari penglibatan kontrak hadapan mata wang asing sebagai perlindungan
dalam jangkaan urusniaga masa hadapan adalah ditunda kepada tarikh urusniaga tersebut, di mana ianya
dikira di dalam ukuran urusniaga itu.
Kesemua keuntungan dan kerugian tukaran lain berkaitan dengan instrumen perlindungan adalah diiktiraf
dalam penyata pendapatan pada tempoh yang sama dengan perbezaan tukaran pada perkara yang dilindung.
Apabila kontrak tersebut tidak lagi dijadikan sebagai instrumen perlindungan, keuntungan dan kerugian
tersebut dikira dalam penyata pendapatan.
(iii) Anggaran nilai wajar bagi tujuan pendedahan
Nilai wajar lindung nilai dan sekuriti yang didagangkan secara terbuka adalah berdasarkan pada harga
pasaran pada tarikh kunci kira-kira.
Nilai wajar kontrak kadar faedah tertinggi dan terendah dikira berdasarkan perbezaan antara faedah
berbayar pada nilai pasaran dan pada nilai kontrak. Nilai wajar kontrak hadapan mata wang asing ditentukan
berdasarkan nilai pasaran tukaran hadapan pada tarikh kunci kira-kira.
Dalam menilai nilai wajar instrumen lindung nilai bukan dagangan dan instrumen kewangan, Kumpulan
menggunakan pelbagai cara dan andaian dibuat berdasarkan keadaan pasaran pada setiap tarikh kunci kira-
kira. Harga pasaran tersiar atau sebut harga peniaga untuk instrumen yang tertentu atau sama adalah
digunakan bagi pinjaman jangka panjang. Pelaburan tak tersiarharga jangka panjang adalah dinilai
berdasarkan pelaburan tersiarharga yang memiliki ciri-ciri yang sama.
Nilai muka, ditolak anggaran penyesuaian kredit, bagi aset dan liabiliti kewangan semasa adalah dianggarkan
sama dengan nilai instrumen tersebut.
305
(r) Pinjaman
Pengkelasan
Pinjaman pada mulanya diiktiraf berdasarkan pada tunai diterima tolak, kos urusniaga. Pada tempoh berikutnya,
pinjaman dinyatakan pada kos yang dilunaskan menggunakan cara kadar hasil efektif; sebarang perbezaan antara
tunai diterima (bersih kos urusniaga) dan nilai boleh dikembalikan diiktiraf dalam penyata pendapatan sepanjang
tempoh pinjaman.
Faedah, dividen, kerugian dan keuntungan adalah berkaitan dengan instumen kewangan, dikelaskan sebagai
liabiliti di bawah kos kewangan dalam penyata kewangan.
Permodalan Kos pinjaman
Kos pinjaman terhasil apabila pinjaman tertentu yang digunakan untuk pembangunan harta dan perkiraan
kontrak/dipermodalkan sehingga harta tersebut sedia untuk digunakan.
(s) Modal saham
Saham biasa adalah dikategorikan sebagai ekuiti. Kos luaran yang disebabkan dengan penerbitan saham baru
adalah dikira sebagai perbelanjaan di dalam penyata pendapatan.
Dividen akhir yang perlu dibayar untuk pemegang saham biasa adalah diiktiraf sebagai liabiliti apabila diluluskan
secara formal.
(t) Liabiliti Kontigen dan Aset Kontigen
Kumpulan tidak mentakrifkan liabiliti kontigen tetapi mendedahkan kewujudannya dalam penyata kewangan.
Kontigen liabiliti adalah kemungkinan obligasi yang meningkat dari peristiwa yang lepas, yang kesahihannya
ditentukan oleh peristiwa masa hadapan yang tidak dapat diramal dan tidak dapat dikawal oleh kumpulan atau
obligasi semasa yang tidak ditakrifkan kerana tiada kemungkinan munasabah pengaliran keluar sumber diperlukan
untuk menyelesaikan obligasi tersebut. Liabiliti kontigen juga adalah hasil dari peristiwa yang luar biasa di mana
liabilitinya tidak dapat dikenalpasti secara terperinci.
Aset kontigen berkemungkinan terhasil dari peristiwa yang lepas, merujuk kepada peristiwa di luar kawalan
kumpulan. Kumpulan tidak mentakrifkan kontigen aset, tetapi mendedahkan kewujudannya apabila terdapat
kemungkinan yang munasabah pengaliran masuk manfaat ekonomi, tetapi tidak secara mutlak.
306
(u) Penjejasan nilai aset
Hartanah, loji dan peralatan dan lain-lain bukan aset semasa termasuk aset tak ketara adalah disemak untuk
ditentukan nilainya apabila terdapat perubahan keadaan dan nilai yang dibawa tidak dapat diperolehi semula.
Jejas nilai diiktiraf apabila jumlah yang dibawa melebihi jumlah diperolehi semula. Nilai yang boleh diperolehi
semula dikira berdasarkan yang tertinggi di antara harga jualan bersih aset dan nilai penggunaannya. Untuk
tujuan penilaian jejas nilai, aset-aset dikelaskan berdasarkan paras terendah aset tersebut di mana setiap aliran
tunai dapat dikenalpasti.
Jejas nilai aset adalah dikira kepada penyata kewangan melainkan terdapat pembalikkan pada penilaian semula
sebelumnya, yang mana ianya dikira dalam rizab penilaian semula. Mana-mana peningkatan dalam jumlah yang
akan diterima adalah diiktiraf dalam penyata kewangan melainkan dalam kes aset yang pernah dinilai semula yang
mana ianya akan dibawa ke rizab penilaian semula.
3. OBJEKTIF DAN POLISI PENGURUSAN RISIKO KEWANGAN
Operasi Kumpulan terdedah ia kepada pelbagai risiko kewangan termasuk risiko tukaran mata wang asing, risiko kadar
faedah, risiko pasaran, risiko kredit, risiko kecairan dan risiko aliran tunai. Kumpulan memberi tumpuan kepada pasaran
kewangan yang tidak boleh diramal dan memastikan untuk mengurangkan kesan negatif kepada kewangan Kumpulan.
Pengurusan risiko kewangan dilaksanakan melalui penyemakan risiko, sistem kawalan dalaman, program insurans global
dan pematuhan kepada pengurusan risiko kewangan Kumpulan. Ahli Lembaga Pengarah sering menyemak risiko-risiko
ini dan meluluskan polisi perbendaharaan, yang meliputi pengurusan risiko ini.
Kumpulan menggunakan alat instrumen kewangan seperti kontrak tukaran wang asing dan kontrak kadar faedah
tertinggi dan terendah untuk mengelakkan risiko-risiko tertentu. Kumpulan tidak berdagang dengan instrumen
kewangan.
(a) Risiko tukaran mata wang asing
Kumpulan terdedah kepada risiko mata wang kesan dari urusniaga mata wang asing yang dimasuki oleh Syarikat
dan subsidiari dalam mata wang selain dari mata wang fungsi mereka. Kumpulan membuat kontrak tukaran
hadapan mata wang asing bagi menghadkan pendedahan ke atas penghutang dan pemiutang dalam mata wang
asing, dan ke atas aliran tunai yang dihasilkan dari urusniaga dalam mata wang asing.
(b) Risiko kadar faedah
Pendapatan dan aliran tunai Kumpulan dari deposit bank adalah berkait rapat dengan perubahan dalam kadar
faedah pasaran. Instrumen lindung nilai kewangan digunakan, di mana bersesuaian bagi mendapatkan profil kadar
faedah yang dikehendaki.
307
3. OBJEKTIF DAN POLISI PENGURUSAN RISIKO KEWANGAN (Samb.)
(c) Risiko pasaran
Kumpulan tidak berdepan dengan risiko besar hasil dari perubahan pada harga pinjaman dan ekuiti.
(d) Risiko kredit
Kumpulan berusaha untuk melabur aset tunai dengan berhati-hati dan menguntungkan. Kumpulan juga
menganggap bahawa risiko kerugian besar disebabkan oleh kegagalan oleh pihak kewangan tidak mungkin
berlaku berdasarkan kekuatan kewangan mereka.
Kumpulan mengawal risiko kredit pelanggan dengan memastikan sebahagian besar jualan bagi produk dan
perkhidmatan diberikan kepada pelanggan yang mempunyai risiko kredit yang berpatutan.
(e) Risiko kecairan dan aliran tunai
Pengurusan kecairan tunai secara berhati-hati bermakna mengawal tunai dan sekuriti yang boleh dipasarkan secara
memadai, menyediakan kemudahan kredit yang cukup untuk pembayaran dan keupayaan untuk menutup
kedudukan pasaran.
4. HASIL
Hasil merupakan nilai inbois barang yang dijual dan khidmat yang diberikan dan bersih daripada komisen yang dibayar
kepada wakil jualan dan cukai yang berkaitan. Hasil terdiri daripada:
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Jualan kenderaan, alat ganti dan aksesori 6,260,640 9,155,614 5,254,156 7,668,748
Jualan pangsapuri 3,094 2,975
Penyediaan khidmat 206,613 104,194 815 482
Lain-lain 5,213 4,810 5,035
6,470,347 9,267,996 5,259,781 7,674,265
308
5. KEUNTUNGAN DARIPADA OPERASI
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Perkara berikut telah direkodkan sebagai belanja/(kredit)
dalam pengiraan keuntungan daripada operasi:
Dividen kasar daripada:
syarikat subsidiari, tak tersiarharga (5,280) (1,760)
syarikat bersekutu, tak tersiarharga (9,191) (4,577)
lain-lain, tersiarharga (6,668) (1,770) (6,668) (1,770)
lain-lain, tak tersiarharga (1,550) (750) (1,550) (750)
Hartanah, loji dan peralatan:
susut nilai 329,383 402,929 302,456 383,334
hapus nilai 41,072 86,477 40,487 75,733
jejas nilai 1,000
Perbelanjaan penyelidikan dan pembangunan 542,881 412,955 525,883 390,645
Peruntukan untuk waranti (bersih daripada pembayaran balik) 48,860 53,858 21,463 46,925
(Masuk kira semula)/peruntukan untuk hutang ragu (1,566) 5,440 (9,049) (23,231)
Peruntukan untuk penurunan nilai pelaburan dalam syarikat
subsidiari 231,649
Masuk kira semula penurunan nilai pelaburan dalam syarikat
bersekutu (4,200)
(Masuk kira semula)/peruntukan untuk penurunan nilai
pelaburan jangka pendek (17,791) 8,985 (17,791) 8,985
(Keuntungan)/kerugian pelupusan pelaburan jangka pendek (12,388) 1,694 (12,388) 1,694
Yuran audit kumpulan kepada PricewaterhouseCoopers
Malaysia 358 268 200 150
Organisasi Global 1,294 1,198
Yuran bukan audit Kumpulan kepada PricewaterhouseCoopers
Malaysia 412 100 37
Organisasi Global 936 1,084 332
309
5. KEUNTUNGAN DARIPADA OPERASI (Samb.)
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Sewa pajak operasi 5,676 11,632
Sewa loji, jentera dan peralatan 604 217
Sewa premis 21,562 16,124
Kerugian/(keuntungan) tukaran asing:
terealisasi 1,569 2,113 2,740 (2,175)
tak terealisasi 6,098 (63,687) 1,752 (64,710)
(Keuntungan) ke atas jualan tanah, loji dan peralatan (46,592) (6,521) (333) (3,976)
Pendapatan sewa bagi tanah dan bangunan (381) (773) (38) (99)
Pendapatan faedah daripada:
syarikat subsidiari (1,374) (4,512)
lain-lain (107,542) (117,028) (91,426) (95,181)
Hapuskira nilai inventori 12,977 12,977
Peruntukan untuk penurunan nilai inventori 7,957 3,663 (11,165) 3,663
6. KOS KAKITANGAN
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Upah, gaji dan bonus 517,042 496,148 158,181 182,634
Manfaat pemberhentian kerja 1,180 2,475
Kos persaraan
Pelan sumbangan tertakrif 23,697 21,567 20,254 19,971
Pelan manfaat tertakrif 24,940 13,102
Lain-lain manfaat pekerja 46,499 34,831 26,969 17,787
613,358 568,123 205,404 220,392
Bilangan kakitangan (termasuk Pengarah eksekutif) dalam Kumpulan pada akhir tahun kewangan berjumlah 8,956
(2003: 9,466) dan 5,379 (2003: 5,976) kakitangan dalam Syarikat.
310
6. KOS KAKITANGAN (Samb.)
Ganjaran Para Pengarah
Jumlah ganjaran yang diterima oleh Para Pengarah Syarikat adalah seperti berikut:
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Para Pengarah Bukan Eksekutif:
yuran 547 553 523 540
anggaran nilai wang untuk manfaat barangan 56 34 56 34
Para Pengarah Eksekutif:
gaji dan bonus 968 1,348 968 1,348
anggaran nilai wang untuk manfaat barangan 71 66 71 66
pelan manfaat persaraan 70 86 70 86
lain-lain manfaat kakitangan 143 146 143 146
1,855 2,233 1,831 2,220
Butir-butir perihal caruman dan pelan manfaat untuk Kumpulan dan Syarikat terkandung dalam Nota 31.
7. KOS KEWANGAN
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Belanja faedah ke atas:
Pinjaman jangka panjang 25,956 30,245 9,816 11,544
Pinjaman jangka pendek 9,462 6,722 4,788 1,021
Pajakan kewangan dan sewa beli 715
Lain-lain 1,709 696
37,127 38,378 14,604 12,565
311
8. CUKAI
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Di Malaysia:
Cukai semasa:
untuk tahun semasa 75,295 271,594 27,436 192,234
peruntukan terkurang untuk tahun sebelumnya 182
Cukai ke atas bahagian keuntungan syarikat bersekutu 7,870 3,630
Di luar Malaysia:
Cukai semasa:
untuk tahun semasa 3 116
peruntukan terlebih untuk tahun sebelumnya (341) (596)
faedah dari kerugian cukai yang terdahulu 868
Cukai ke atas bahagian keuntungan syarikat bersekutu 6,435 3,165
Cukai ke atas bahagian keuntungan entiti kawalan bersama 635 520
Cukai tertunda
Pemulaan dan pembalikan perbezaan sementara (10,087) (36,390) (19,702) (30,487)
Manfaat cukai terdahulu yang tidak ditakrifkan (9,761)
70,917 242,221 7,734 161,747
Jumlah cukai untuk Syarikat dan syarikat subsidiari 55,977 234,906 7,734 161,747
Bahagian cukai dalam syarikat bersekutu 14,305 6,795
Bahagian cukai dalam entiti kawalan bersama 635 520
70,917 242,221 7,734 161,747
312
8. CUKAI (Samb.)
Penyesuaian angka di antara kadar cukai purata efektif dan kadar cukai Malaysia.
Kumpulan Syarikat
2004 2003 2004 2003
% % % %
Kadar cukai Malaysia 28 28 28 28
Kesan cukai untuk:
penolakkan berganda dan insentif cukai ke atas
perbelanjaan yang layak (18) (7) (29) (12)
perbelanjaan yang tidak dikecualikan cukai 3 1 5 1
pendapatan tidak dikenakan cukai (2) (1) (2)
kerugian cukai tahun semasa yang tidak diiktiraf 3
lain-lain (2) (3)
Purata kadar efektif cukai 12 18 2 17
Perkara-perkara yang perlu didedahkan:
Kerugian cukai semasa yang digunakan dalam tahun
kewangan tersebut 1,736 21,456
Pengurangan cukai hasil dari kerugian cukai 512 6,434
Kerugian cukai tahun terdahulu yang tidak digunakan 2,897
Pengurangan cukai hasil dari kerugian cukai tersebut 868
Kerugian cukai tak diguna dibawa ke hadapan 640,767 615,027
Peruntukkan pelaburan semula yang tak diguna 898,400 898,400
313
9. PEROLEHAN SESAHAM
Perolehan asas sesaham dikira dengan membahagikan keuntungan bersih kepada pemegang saham dengan jumlah
purata wajaran saham biasa yang diterbitkan bagi tahun kewangan.
Kumpulan
2004 2003
RM000 RM000
Keuntungan bersih kepada pemegang saham (RM000) 510,071 1,107,524
Jumlah purata wajaran saham biasa yang diterbitkan (000) 549,213 548,547
Perolehan asas sesaham (sen) 92.9 201.9
Skim Opsyen Saham Pekerja, satu-satunya opsyen yang mempunyai potensi pencairan perolehan telah luput pada
11 Mac 2003. Dengan itu tiada kesan pencairan ke atas perolehan sesaham.
10. DIVIDEN
Dividen yang diisytihar atau dicadangkan bagi tahun kewangan berakhir 31 Mac 2004 adalah seperti yang berikut:
Syarikat
2004 2003
RM000 RM000
Dividen akhir dicadangkan untuk tahun kewangan 2004:
Dividen dikecualikan cukai sebanyak 10.0 sen (2003: 12.0 sen) sesaham 54,921 65,906
Dividen interim dibayar untuk tahun kewangan 2004:
Dividen dikecualikan cukai sebanyak 5.0 sen (2003: 8.0 sen) sesaham 27,461 43,936
82,382 109,842
314
11. INVENTORI
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Pada kos
Bahan mentah:
Pek kenderaan tercurai sepenuhnya 135,764 100,166 135,764 100,166
Lain-lain 84,015 65,505 52,408 41,392
Alat ganti, aksesori dan stor am 108,804 86,756 22,528 15,681
Kerja yang sedang dijalankan 102,658 57,007 98,898 51,346
Kenderaan siap 283,646 316,720 37,986 96,572
Barang dalam perjalanan 20,129 34,629 12,851 34,629
735,016 660,783 360,435 339,786
Pangsapuri untuk dijual 9,984 10,828
745,000 671,611 360,435 339,786
Pada nilai terealis bersih
Bahan mentah:
Pek kenderaan tercurai sepenuhnya 726 726
Lain-lain 233
Alat ganti, aksesori dan stor am 6,310 5,304
Kenderaan siap 56,069 142,546 12,988 32,672
63,105 148,083 13,714 32,672
Pangsapuri untuk dijual 13,820 15,792
76,925 163,875 13,714 32,672
821,925 835,486 374,149 372,458
315
12. PENGHUTANG PERDAGANGAN DAN PENGHUTANG LAIN
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Penghutang perdagangan 626,273 546,986 15,028 201,148
Peruntukan untuk hutang ragu (9,857) (7,259) (646) (448)
616,416 539,727 14,382 200,700
Jumlah tertunggak dari pihak berkaitan 43 7,173 43 62
Bayaran balik tuntutan waranti (Nota 18) 143,677 165,819 141,774 165,819
Penghutang lain 114,219 112,157 86,228 88,092
Bayaran terdahulu 12,030 9,955 2,946 1,873
Deposit 12,588 5,520 7,956 7,165
Peruntukan untuk hutang ragu (1,232) (10,269) (748) (8,232)
897,741 830,082 252,581 455,479
Profil pendedahan mata wang bagi penghutang perdagangan dan penghutang lain adalah seperti berikut:
Dedahan mata wang pada 31.3.2004
Ringgit Pound Dolar
Malaysia Sterling Amerika Lain-lain Jumlah
RM000 RM000 RM000 RM000 RM000
Kumpulan
Mata wang digunakan
Pound Sterling 82,841 25,502 38,298 146,641
Lain-lain 111 9,775 9,886
707,155 90,340 42,314 57,932 897,741
Syarikat
Mata wang digunakan
316
12. PENGHUTANG PERDAGANGAN DAN PENGHUTANG LAIN (Samb.)
Ringgit Pound Dolar
RM000 RM000 RM000 RM000 RM000
Kumpulan
Mata wang digunakan
Pound Sterling 127,199 10,292 21,261 158,752
Lain-lain 259 7,371 7,630
640,148 127,199 26,393 36,342 830,082
Syarikat
Mata wang digunakan
Terma kredit bagi penghutang perdagangan untuk Kumpulan dan Syarikat adalah di antara pembayaran pendahuluan
hingga 180 hari. Bagaimanapun, kebanyakan penghutang perdagangan Syarikat mempunyai terma kredit di antara
14 hari ke 60 hari (2003: 14 hari ke 60 hari).
Berikutan termeterainya Perjanjian Persefahaman di antara Proton Edar Sdn. Bhd., sebuah syarikat subsidiari dengan
satu wakil jualan terpilih, jualan Syarikat sekarang tertumpu kepada syarikat-syarikat di dalam Kumpulan Proton sahaja.
Para pengarah percaya bahawa tiada penambahan risiko kredit selain daripada yang diperuntukan kepada penghutang
perdagangan syarikat.
Jualan Kumpulan tertumpu di Malaysia dan sangat bergantung kepada jualan syarikat pengedaran di Malaysia, Proton
Edar Sdn. Bhd. Jualan Kumpulan juga tertumpu kepada satu pelanggan besar di Malaysia yang menyumbangkan 34%
(2003: 38%) dari jumlah jualan Kumpulan. Pengalaman lampau dan kekuatan kewangan pelanggan tersebut memberi
keyakinan bahawa tiada penambahan risiko kredit terkandung kepada penghutang perdagangan Kumpulan.
317
13. JUMLAH TERTUNGGAK DARIPADA SYARIKAT SUBSIDIARI
Syarikat Kurang dari Lebih dari Kurang dari Lebih dari
setahun setahun Jumlah setahun setahun Jumlah
2004 2004 2004 2003 2003 2003
RM000 RM000 RM000 RM000 RM000 RM000
Jumlah tertunggak daripada
syarikat subsidiari 558,832 604,136 1,162,968 826,830 826,830
Pendahuluan kepada syarikat
subsidiari 2 59,754 59,756 32,587 30,790 63,377
Peruntukan untuk hutang ragu (1,676) (605,398) (607,074) (507,352) (12,846) (520,198)
557,158 58,492 615,650 352,065 17,944 370,009
Jumlah tertunggak daripada syarikat subsidiari mempunyai terma kredit dan profil mata wang seperti berikut:
Syarikat Jumlah Jumlah
Pendahuluan tertunggak Jumlah Pendahuluan tertunggak Jumlah
2004 2004 2004 2003 2003 2003
RM000 RM000 RM000 RM000 RM000 RM000
Syarat kredit kurang dari setahun
14 hari 529,783 529,783 268,171 268,171
30 hari 3,962 3,962 4,425 4,425
60 hari 3,028 3,028
120 hari 9,863 9,863 38,800 38,800
Berbayar apabila diminta 2 10,520 10,522 32,587 8,082 40,669
2 557,156 557,158 32,587 319,478 352,065
Tiada sebarang terma kredit dikenakan untuk jumlah tertunggak melebihi 1 tahun.
318
13. JUMLAH TERTUNGGAK DARIPADA SYARIKAT SUBSIDIARI (Samb.)
Ringgit Pound
Malaysia Sterling Lain-lain Jumlah
RM000 RM000 RM000 RM000
Syarikat
Mata wang digunakan
Pendahuluan 45,278 45,278
Jumlah tertunggak 544,263 23,067 3,042 570,372
589,541 23,067 3,042 615,650
Ringgit Pound
Malaysia Sterling Lain-lain Jumlah
RM000 RM000 RM000 RM000
Syarikat
Mata wang digunakan
Pendahuluan 50,531 50,531
Jumlah tertunggak 279,524 39,205 749 319,478
330,055 39,205 749 370,009
Faedah yang dikenakan ke atas pendahuluan adalah di antara 0% hingga 8% setahun (2003: 0% ke 8%). Bermula
1 November 2003, tiada faedah dikenakan ke atas pendahuluan seperti yang termaktub dalam Akta Pinjaman Wang
(Pindahan) 2003.
Risiko kredit dari segi jumlah tertunggak daripada subsidiari tertumpu kepada prestasi subsidiari itu sendiri. Sejarah
menunjukkan jumlah hutang adalah dalam lingkungan peruntukan yang telah ditetapkan. Oleh sebab itu para
Pengarah percaya bahawa tiada penambahan risiko kredit melebihi jumlah peruntukan kutipan kerugian terkandung
pada syarikat.
319
14. JUMLAH TERTUNGGAK DARIPADA SYARIKAT BERSEKUTU
Jumlah tertunggak daripada syarikat bersukutu adalah hasil daripada urusniaga dagangan biasa. Terma kreditnya
adalah dari lingkungan 30 ke 60 hari (2003: 30 hari ke 60 hari).
Ringgit Pound
Malaysia Sterling Jumlah
RM000 RM000 RM000
Kumpulan
Mata wang digunakan
Pound Sterling 878 878
145 878 1,023
Syarikat
Mata wang digunakan
Ringgit Pound
Malaysia Sterling Jumlah
RM000 RM000 RM000
Kumpulan
Mata wang digunakan
1,467 1,896 3,363
Syarikat
Mata wang digunakan
320
15. PELABURAN JANGKA PENDEK
2004 2003
RM000 RM000
Pelaburan tersiarharga di Malaysia:
Kos:
Saham 97,116 104,457
Kertas perdagangan dan hutang korporat 168 168
97,284 104,625
Pelaburan tak tersiarharga di Malaysia:
Kos:
Kertas perdagangan dan hutang korporat 84,696 79,601
181,980 184,226
Peruntukan untuk penurunan nilai (17,791)
181,980 166,435
Nilai pasaran pelaburan tersiarharga:
Saham 107,880 86,664
Kertas perdagangan dan hutang korporat 88,195 82,546
196,075 169,210
Nilai pasaran pelaburan pada tarikh kunci kira-kira dianggarkan sama dengan nilai wajarnya. Nilai wajar pelaburan
yang tak tersiarharga adalah berdasarkan nilai yang dibawa pada akhir tahun kewangan.
321
16. DEPOSIT, BAKI TUNAI DAN BANK
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Dana jangka pendek yang didepositkan dengan:
Bank berlesen 2,653,713 2,988,731 1,919,624 2,342,558
Gedung diskaun 36,990 73,109 36,990 73,109
Institusi kewangan lain 162,651 588,503 162,651 536,503
2,853,354 3,650,343 2,119,265 2,952,170
Baki bank dan tunai 135,866 142,914 16,925 53,468
2,989,220 3,793,257 2,136,190 3,005,638
Profil matang deposit adalah seperti berikut:
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
0 1 bulan 1,049,644 834,425 372,322 245,433
2 3 bulan 161,255 172,838 114,488 166,808
4 6 bulan 89,264 166,567 89,264 138,577
6 12 bulan 1,553,191 2,475,490 1,543,191 2,401,352
Lebih dari 12 bulan 1,023
2,853,354 3,650,343 2,119,265 2,952,170
Baki bank ialah deposit yang disimpan di dalam bank dan boleh digunakan serta merta.
322
16. DEPOSIT, BAKI TUNAI DAN BANK (Samb.)
Profil pendedahan mata wang bagi deposit, baki bank dan tunai adalah seperti berikut:
Ringgit Pound Dolar
RM000 RM000 RM000 RM000 RM000
Kumpulan
Mata wang digunakan
Pound Sterling 67,815 10,535 9,000 87,350
Lain-lain 14,212 14,212
2,676,072 127,585 63,773 121,790 2,989,220
Syarikat
Mata wang digunakan
Ringgit Pound Dolar
RM000 RM000 RM000 RM000 RM000
Kumpulan
Mata wang digunakan
Ringgit Malaysia 3,672,357 36,564 123 27,184 3,736,228
Pound Sterling 37,086 4,415 4,639 46,140
Lain-lain 387 10,502 10,889
3,672,357 73,650 4,925 42,325 3,793,257
Syarikat
Mata wang digunakan
Ringgit Malaysia 2,941,890 36,564 27,184 3,005,638
Purata wajaran efektif bagi kadar faedah deposit dalam tahun kewangan untuk Kumpulan dan Syarikat masing-masing
ialah 3.00% (2003: 3.11%) dan 3.13% (2003: 3.14%)
323
17. PEMIUTANG PERDAGANGAN DAN PEMIUTANG LAIN
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Pemiutang perdagangan 402,200 241,346 238,620 117,063
Pemiutang lain 278,408 173,771 68,842 3,322
Akruan 816,092 1,219,097 654,779 1,039,726
Jumlah tertunggak kepada pihak berkaitan 9,469 29,389 9,469 28,934
Pemiutang pajakan dan sewa beli
bahagian semasa (Nota 27) 10 126
1,506,179 1,663,729 971,710 1,189,045
Profil pendedahan mata wang bagi pemiutang perdagangan dan pemiutang lain adalah seperti berikut:
Ringgit Pound Yen
Malaysia Sterling Jepun Lain-lain Jumlah
RM000 RM000 RM000 RM000 RM000
Kumpulan
Mata wang digunakan
Ringgit Malaysia 1,108,963 334 66,062 86,601 1,261,960
Pound Sterling 219,459 28 18,946 238,433
Lain-lain 5,786 5,786
1,108,963 219,793 66,090 111,333 1,506,179
Syarikat
Mata wang digunakan
Ringgit Malaysia 837,068 334 52,281 82,027 971,710
324
17. PEMIUTANG PERDAGANGAN DAN PEMIUTANG LAIN (Samb.)
Ringgit Pound Yen
Malaysia Sterling Jepun Lain-lain Jumlah
RM000 RM000 RM000 RM000 RM000
Kumpulan
Mata wang digunakan
Pound Sterling 185,591 179 17,690 203,460
Lain-lain 3,159 3,159
1,360,404 206,193 44,752 52,380 1,663,729
Syarikat
Mata wang digunakan
Terma kredit bagi pemiutang perdagangan yang diberikan kepada Kumpulan dan Syarikat masing-masing adalah dari
tiada kredit ke 180 hari (2003: 0-60 hari) dan dari tiada kredit hingga 60 hari (2003: 0-60 hari).
325
18. PERUNTUKAN
Kumpulan Syarikat
Waranti Waranti
RM000 RM000
Pada 1 April 2003 264,838 240,832
Perbezaan pertukaran mata wang 5,490
Dikira dalam penyata pendapatan 48,860 21,463
Anggaran tuntutan semula 14,699 12,796
Peruntukan tambahan 63,559 34,259
Digunakan semasa tahun kewangan (93,657) (66,048)
Pada 31 Mac 2004 240,230 209,043
Pada 31 Mac 2004, Kumpulan dan Syarikat masing-masing menjangkakan untuk menerima tuntutan waranti daripada
pembekal seperti yang ditunjukkan dalam Nota 12 berjumlah RM143,677,000 (2003: RM165,819,000) dan RM141,774,000
(2003: RM165,819,000).
19. JUMLAH TERTUNGGAK KEPADA SYARIKAT SUBSIDIARI
Jumlah tertunggak kepada syarikat subsidiari adalah tanpa cagaran, tanpa faedah dan tanpa tarikh pembayaran semula
yang ditetapkan.
Profil pendedahan mata wang bagi jumlah tertunggak daripada syarikat subsidiari adalah seperti berikut:
Ringgit Pound Dolar Dolar
Malaysia Sterling Australia Singapura Jumlah
RM000 RM000 RM000 RM000 RM000
Syarikat
Mata wang digunakan
326
19. JUMLAH TERTUNGGAK KEPADA SYARIKAT SUBSIDIARI (Samb.)
Ringgit Pound Dolar Dolar
Malaysia Sterling Australia Singapura Jumlah
RM000 RM000 RM000 RM000 RM000
Syarikat
Mata wang digunakan
20. JUMLAH TERTUNGGAK KEPADA SYARIKAT BERSEKUTU
Jumlah tertunggak kepada syarikat bersekutu adalah hasil daripada urusniaga perdagangan biasa dan dalam Ringgit
Malaysia.
21. PINJAMAN JANGKA PENDEK
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Tanpa cagaran:
Pinjaman jangka panjang
bahagian semasa (Nota 27) 52,342 50,329 52,342 50,329
Pinjaman jangka pendek 113,112 113,112
Penerimaan jurubank 228 228
Overdraf bank 120,564 73,644
173,134 237,085 52,570 163,441
Bercagar:
bahagian semasa (Nota 27) 265,718
Pinjaman jangka pendek 4,573
173,134 507,376 52,570 163,441
327
21. PINJAMAN JANGKA PENDEK (Samb.)
Kadar faedah yang dikenakan ke atas overdraf bank dalam tahun kewangan adalah daripada 5.40% hingga 5.75%
(2003: 4.25% to 6.31%) setahun. Kadar faedah yang dikenakan ke atas pinjaman jangka pendek tanpa cagaran pada
tahun lepas ditetapkan pada 1.8%. Pinjaman tersebut dibuat dalam USD dan dibayar sepenuhnya dalam tahun semasa.
Penerimaan jurubank dikeluarkan dalam Malaysia Ringgit dan berbayar dalam masa 60 hari. Tiada faedah yang
dikenakan ke atas jumlah yang dikeluarkan.
Pinjaman jangka pendek bercagar adalah dicagar dengan jaminan Syarikat. Perjanjian subordinat telah ditandatangani
oleh syarikat subsidiari, Syarikat dan jurubank syarikat subsidiari dengan pembayaran balik jumlah tertunggak kepada
Syarikat disubordinatkan ke pembayaran balik pinjaman jangka pendek. Pinjaman dikeluarkan dalam Dolar Australia
dan dibayar sepenuhnya dalam tahun semasa.
Faedah ke atas pinjaman bertempoh untuk tahun kewangan sebelumnya adalah daripada 4.81%.
Profil pendedahan mata wang bagi pinjaman jangka pendek adalah seperti berikut:
Ringgit Pound
Malaysia Sterling Euro Lain-lain Jumlah
RM000 RM000 RM000 RM000 RM000
Kumpulan
Mata wang digunakan
Pound Sterling 98,170 15,415 6,979 120,564
52,570 98,170 15,415 6,979 173,134
Syarikat
Mata wang digunakan
328
21. PINJAMAN JANGKA PENDEK (Samb.)
Ringgit Pound
Malaysia Sterling Euro Lain-lain Jumlah
RM000 RM000 RM000 RM000 RM000
Kumpulan
Mata wang digunakan
Lain-lain 12,472 12,472
50,329 331,463 125,584 507,376
Syarikat
Mata wang digunakan
22. HARTANAH, LOJI DAN PERALATAN
Peralatan
Tanah
pejabat,
Pajakan perabot, Kerja yang
Pegangan Jangka Loji dan lekapan dan sedang
Kumpulan bebas Panjang Bangunan jentera kenderaan dijalankan Jumlah
2004 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Kos/Penilaian
Pada 1 April 2003 250,165 24,934 786,308 2,464,263 704,274 820,830 5,050,774
Pertukaran mata wang 1,993 2,232 31,622 33,581 29,367 23 98,818
Tambahan 1 3,733 8,611 96,118 950,548 1,059,011
Pelupusan (15,151) (27,087) (1,130) (74,807) (118,175)
Hapus nilai (7,102) (2,382) (40,481) (49,965)
Pengkelasan 419,356 895,502 111,211 (1,426,069)
Pada 31 Mac 2004 252,159 12,015 1,213,932 3,393,725 863,781 304,851 6,040,463
329
22. HARTANAH, LOJI DAN PERALATAN (Samb.)
Peralatan
Tanah
pejabat,
2004 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Susut nilai terkumpul
Pada 1 April 2003 604 229,113 1,776,179 481,819 2,487,715
Pertukaran mata wang 6,722 21,480 20,466 48,668
Susut nilai tahunan 118 89,877 173,568 65,820 329,383
Pelupusan (5,237) (1,096) (69,056) (75,389)
Hapus nilai (6,299) (2,583) (8,882)
Pada 31 Mac 2004 722 320,475 1,963,832 496,466 2,781,495
Penjejasan nilai
terkumpul
Pada 1 April 2003 12,455 13,945 153,327 73,441 53,007 306,175
Pertukaran mata wang 1,993 2,231 24,536 11,752 8,406 48,918
Pelupusan (15,151) (21,278) (36,429)
Hapus nilai (7) (4) (11)
Pada 31 Mac 2004 14,448 1,025 156,585 85,186 61,409 318,653
Nilai buku bersih
Pada 31 Mac 2004 237,711 10,268 736,872 1,344,707 305,906 304,851 2,940,315
330
Peralatan
Tanah
pejabat,
2003 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Kos/Penilaian
Pada 1 April 2002 197,707 23,624 730,810 2,321,076 667,403 183,697 4,124,317
Pertukaran mata wang 600 1,310 18,925 19,407 21,258 61,500
Tambahan 45,790 6,393 20,997 63,626 881,147 1,017,953
Pindahan (3,726) (3,726)
Pelupusan (23) (2,308) (56,909) (59,240)
Hapus nilai (3,603) (86,427) (90,030)
Pengkelasan 6,068 33,929 105,091 12,499 (157,587)
Pada 31 Mac 2003 250,165 24,934 786,308 2,464,263 704,274 820,830 5,050,774
Pada 1 April 2002 486 136,863 1,506,628 458,292 2,102,269
Pertukaran mata wang 3,945 12,521 15,551 32,017
Pindahan (379) (379)
Susut nilai tahunan 118 88,684 259,143 54,984 402,929
Pelupusan (2,113) (43,567) (45,680)
Hapus nilai (3,441) (3,441)
Pada 31 Mac 2003 604 229,113 1,776,179 481,819 2,487,715
331
Peralatan
Tanah
pejabat,
2003 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Jejas nilai terkumpul
Pada 1 April 2002 5,787 12,635 144,432 66,455 54,905 284,214
Pertukaran mata wang 600 1,310 14,980 6,893 5,719 29,502
Kerugian jejas nilai 1,000 1,000
Perlupusan (17) (25) (8,387) (8,429)
Hapus nilai (112) (112)
Pengkelasan 6,068 (6,068) 118 (118)
Pada 31 Mac 2003 12,455 13,945 153,327 73,441 53,007 306,175
Nilai buku bersih
Pada 31 Mac 2003 237,710 10,385 403,868 614,643 169,448 820,830 2,256,884
332
Peralatan
Tanah
pejabat,
Syarikat bebas Panjang Bangunan jentera kenderaan dijalankan Jumlah
2004 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Kos/Penilaian
Pada 1 April 2003 147,444 529,670 2,171,007 410,681 820,686 4,079,488
Tambahan 3,053 2,836 22,553 909,683 938,125
Pelupusan (1,968) (1,968)
Hapus nilai (738) (40,481) (41,219)
Pengkelasan 378,885 895,509 137,837 (1,412,231)
Pada 31 Mac 2004 147,444 911,608 3,069,352 568,365 277,657 4,974,426
Pada 1 April 2003 179,070 1,578,983 302,197 2,060,250
Susut nilai tahunan 89,074 166,136 47,246 302,456
Pelupusan (1,149) (1,149)
Hapus nilai (732) (732)
Pada 31 Mac 2004 268,144 1,745,119 347,562 2,360,825
Nilai buku bersih
Pada 31 Mac 2004 147,444 643,464 1,324,233 220,803 277,657 2,613,601
333
Peralatan
Tanah
pejabat,
Syarikat bebas Panjang Bangunan jentera kenderaan dijalankan Jumlah
2003 RM000 RM000 RM000 RM000 RM000 RM000 RM000
Kos/Penilaian
Pada 1 April 2002 178,674 488,014 2,055,148 381,670 173,000 3,276,506
Tambahan 1,659 14,135 19,819 881,004 916,617
Pelupusan (31,230) (4,878) (36,108)
Hapus nilai (1,796) (75,731) (77,527)
Pengkelasan 39,997 101,724 15,866 (157,587)
Pada 31 Mac 2003 147,444 529,670 2,171,007 410,681 820,686 4,079,488
Pada 1 April 2002 92,998 1,323,998 265,249 1,682,245
Susut nilai tahunan 86,072 254,985 42,277 383,334
Pelupusan (3,535) (3,535)
Hapus nilai (1,794) (1,794)
Pada 31 Mac 2003 179,070 1,578,983 302,197 2,060,250
Nilai buku bersih
Pada 31 Mac 2003 147,444 350,600 592,024 108,484 820,686 2,019,238
334
Para pengarah telah menilai semula sebidang tanah pegangan bebas Syarikat pada 5 September 1983 berdasarkan
kepada penilaian profesional bebas. Lebihan sebanyak RM36,881,980 hasil daripada penilaian semula telah dikreditkan
ke rizab modal dan seterusnya digunakan.
Jika tanah pegangan kekal dikira pada kos asal, nilai buku bersih yang akan dimasukkan ke dalam penyata kewangan
pada akhir tahun kewangan adalah seperti berikut:
2004 2003
RM000 RM000
Tanah pegangan bebas 22,448 22,448
Tanah pajakan jangka panjang terdiri daripada 2 bidang tanah yang dipegang oleh syarikat subsidiari dan mempunyai
tempoh belum tamat masing-masing selama 138 dan 93 tahun pada 31 Mac 2004 (2003: 139 dan 94 tahun).
Surat ikatan hak milik tanah Kumpulan dan Syarikat dengan nilai buku bersih berjumlah RM41,316,000 (2003:
RM41,429,000) dan RM20,600,000 (2003: RM20,600,000) belum dipindahkan kerana menunggu pecah bahagi surat
ikatan induk masing-masing untuk Kumpulan dan Syarikat.
Termasuk dalam nilai buku bersih hartanah, loji dan peralatan bagi Kumpulan ialah jumlah yang dianggarkan sebanyak
RM20,000 (2003: RM1,477,000) dibeli di bawah pajakan kewangan.
Pada tahun kewangan lepas, Syarikat telah mempercepatkan susut nilai aset tertentu bagi kilang yang bertempat di
Shah Alam. Susut nilai tambahan sebanyak RM105,340,000 (2003: RM105,340,000) telah dikira dalam pendapatan tahun
ini. Anggaran jangka hayat kegunaan aset tersebut telah diturunkan kepada 2 tahun berakhir pada 31 Mac 2004.
335
23. SYARIKAT SUBSIDIARI
Syarikat
2004 2003
RM000 RM000
Kos saham tidak tersiarharga:
Pada 1 April 995,725 742,076
Peningkatan pelaburan dalam syarikat bersekutu 1,785 253,649
Penurunan pelaburan dalam syarikat bersekutu (3,375)
Pada 31 Mac 994,135 995,725
Peruntukan untuk penurunan nilai (568,970) (568,970)
425,165 426,755
Tambahan pelaburan dalam tahun ini berkaitan dengan pelaburan dalam Miyazu (Malaysia) Sdn. Bhd.. Penurunan
dalam pelaburan adalah berkait dengan pembubaran Proton MC Metal Sdn. Bhd. dalam tahun kewangan. Pembubaran
tersebut tidak memberi kesan besar kepada penyata kewangan Kumpulan.
Butiran mengenai syarikat subsidiari adalah seperti berikut:
Negara Kepentingan
Nama Kegiatan utama diperbadankan efektif Kumpulan
2004 2003
Proton Corporation Sdn. Bhd. Tidak beroperasi Malaysia 100% 100%
Proton Properties Sdn. Bhd. Pembangunan hartanah Malaysia 100% 100%
Proton Cars (UK) Ltd.* Pengedar kereta Proton di England 100% 100%
United Kingdom
336
23. SYARIKAT SUBSIDIARI (Samb.)
Negara Kepentingan
Nama Kegiatan utama diperbadankan efektif kumpulan
2004 2003
Proton MC Metal Sdn. Bhd. Perdagangan keluli dan produk Malaysia 0% 75%
berkaitan
Proton Cars (Europe) Ltd.* Tidak beroperasi England 56% 56%
Proton Parts Centre Sdn. Bhd. Pergudangan, perdagangan Malaysia 55% 55%
komponen kenderaan motor,
alat ganti dan aksesori
Proton Engineering Research Penyelidikan dan pembangunan Malaysia 100% 100%
Technology Sdn. Bhd. enjin dan teknologi dalam
teknologi berkaitan dengan otomotif
Lotus Group International Ltd.* Pegangan pelaburan England 100% 100%
Proton Cars Australia Pty. Ltd.* Mengimpot dan mengedar Australia 100% 100%
kenderaan dan alat ganti berkaitan
Proton Cars Benelux NV. SA* Tidak beroperasi Belgium 100% 100%
Lotus Cars Asia Pacific Sdn. Bhd. Tidak beroperasi Malaysia 100% 100%
Auto Compound and Distribution Tidak beroperasi Malaysia 100% 100%
Centre Sdn. Bhd.
Proton Automobiles (China) Ltd.+ Pegangan pelaburan British Virgin 100% 100%
(Tidak beroperasi) Islands
337
Negara Kepentingan
2004 2003
Miyazu (Malaysia) Sdn. Bhd.# Pembangunan, pemasaran, jualan Malaysia 51% 0%
produk dan perkhidmatan yang
berkaitan dengan mesin acuan dan
aci, khimat penyelenggaraan acuan,
pakar runding kejuruteraan kerangka
kenderaan bermotor dan juga
membekalkan kelengkapan
Proton Tanjung Malim Sdn. Bhd.# Tidak beroperasi Malaysia 100% 0%
Proton Edar Sdn. Bhd. Jualan kenderaan bermotor, Malaysia 100% 100%
alat ganti dan aksesori yang
berkaitan
Syarikat subsidiari kepada Proton Edar Sdn. Bhd.
Proton Singapore Pte. Ltd.*# Jualan kenderaan bermotor, Singapura 100% 0%
alat ganti dan aksesori
Proton Edar Resources Sdn. Bhd. Membaiki dan menyelenggara Malaysia 100% 100%
kenderaan bermotor (sebelum
ini tidak beroperasi)
Proton Edar Ventures Sdn. Bhd. Tidak beroperasi Malaysia 100% 100%
Syarikat subsidiari kepada Proton Engineering Research Technology Sdn. Bhd.
Marco Acquisition Corporation* Syarikat pemegang pelaburan Amerika 100% 100%
Syarikat
338
Negara Kepentingan
2004 2003
Syarikat subsidiari kepada Proton Cars (UK) Ltd.
Smith & Sons Motors Ltd.* Tidak beroperasi England 100% 100%
Proton Direct Ltd.+ Pengedar kenderaan bermotor England 100% 100%
Proton Cars (Imports) Ltd.* Tidak beroperasi England 100% 100%
Proton Cars Direct Limited* Tidak beroperasi England 100% 100%
Syarikat subsidiari kepada Lotus Group International Ltd.
Group Lotus plc* Memegang harta intelektual England 100% 100%
Syarikat subsidiari kepada Group Lotus plc
Lotus Cars Ltd.* Pengilang kereta dan firma pakar England 100% 100%
perunding kejuruteraan
Lotus Body Engineering Ltd.* Tidak beroperasi England 100% 100%
Lotus Motorsports Ltd.* Tidak beroperasi England 100% 100%
Lotus Holdings Inc.* Syarikat pemegang untuk operasi Amerika 100% 100%
di Amerika Utara Syarikat
Syarikat subsidiari kepada Lotus Cars Ltd.
Lotus Engineering Ltd.* Menjalankan kontrak kejuruteraan England 100% 100%
tertentu
Lotus Engineering (Malaysia) Pakar perunding kejuruteraan Malaysia 100% 100%
Sdn. Bhd.
339
Negara Kepentingan
2004 2003
Syarikat subsidiari kepada Lotus Holdings Inc.
Lotus Engineering Inc.* Perunding kejuruteraan di Amerika 100% 100%
Amerika Utara Syarikat
Lotus Cars USA Inc.* Jualan dan servis kereta Amerika 100% 100%
Syarikat
* Diaudit oleh firma luar negara yang bersekutu dengan PricewaterhouseCoopers, Malaysia.
+ Tidak diaudit oleh PricewaterhouseCoopers.
# Dibeli pada tahun kewangan semasa.
Dibubarkan pada tahun kewangan semasa.
24. SYARIKAT BERSEKUTU
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Saham tak tersiarharga, pada kos:
Pada 1 April 64,087 42,087 37,825 37,825
Penambahan pelaburan 22,000
Pada 31 Mac 64,087 64,087 37,825 37,825
Peruntukan untuk penurunan nilai (5,799) (5,799) (5,799) (5,799)
58,288 58,288 32,026 32,026
Bahagian rizab selepas pemerolehan 111,787 88,567
170,075 146,855 32,026 32,026
340
24. SYARIKAT BERSEKUTU (Samb.)
Kumpulan
2004 2003
RM000 RM000
Kepentingan dalam syarikat bersekutu diwakili oleh:
Bahagian aset ketara bersih Kumpulan 164,964 141,327
Bahagian aset tidak ketara Kumpulan 5,111 5,528
170,075 146,855
Butiran mengenai syarikat bersekutu adalah seperti berikut:
Negara Kepentingan
Nama Kegiatan utama diperbadankan efektif Kumpulan
2004 2003
PHN Industry Sdn. Bhd. Pengilangan dan penjualan barangan Malaysia 35% 35%
acuan berasaskan logam dan
pemasangan komponen logam
otomotif
Aluminium Alloy Castings Sdn. Bhd. Pembangunan, pengilangan dan Malaysia 25% 25%
penjualan produk tuangan aloi
aluminium
Marutech Elastomer Industries Pengilangan dan pengeluaran produk Malaysia 25% 25%
Sdn. Bhd. acuan, hos getah tersemperit dan
hos getah untuk kenderaan bermotor,
motosikal dan produk berkaitan
Vina Star Motors Corporation Impot, pemasangan dan pengedaran Republik 25% 25%
kenderaan di Vietnam Sosialis
Vietnam
341
24. SYARIKAT BERSEKUTU (Samb.)
Negara Kepentingan
2004 2003
Exedy (Malaysia) Sdn. Bhd. Pembuatan dan pemasangan akam Malaysia 45% 45%
manual dan alat ganti transmisi
otomatik
Proton City Development Pemaju hartanah dan pengurusan Malaysia 40% 40%
Corporation Sdn. Bhd. projek
Syarikat bersekutu kepada Proton Cars (UK) Ltd.
Proton Finance Ltd. Menyediakan wakil jualan dan England 49.99% 49.99%
pembiayaan pelanggan
Syarikat bersekutu kepada Proton Edar Sdn. Bhd.
Netstar Advance Systems Sdn. Bhd. Terlibat dalam pembuatan, Malaysia 40% 40%
pemasangan dan penjualan
alat jejak kenderaan
Syarikat bersekutu kepada Proton Automobile China Ltd.
Goldstar Proton Automobiles Pengeluaran peralatan kenderaan China 49% 49%
Co. Ltd. dan pengilangan alat ganti utama
kenderaan
342
25. ENTITI KAWALAN BERSAMA
Kumpulan
2004 2003
RM000 RM000
Saham tak tersiarharga, pada kos:
Pada 1 April 2,835 1,734
Kenaikan dalam pelaburan 25,000
27,835 1,734
Perolehan terkumpul bagi tahun kewangan 315 1,101
Pada 31 Mac 28,150 2,835
Jumlah berikut merupakan bahagian aset, liabiliti, hasil dan perbelanjaan Kumpulan bagi entiti kawalan bersama:
Kumpulan
2004 2003
RM000 RM000
Aset semasa 102,194 67,376
Liabiliti semasa (74,044) (64,541)
Bahagian ke atas aset bersih 28,150 2,835
Hasil 6,092 5,960
Keuntungan daripada kegiatan biasa sebelum cukai 2,093 1,430
Cukai (Nota 8) (635) (520)
Keuntungan selepas cukai 1,458 910
343
25. ENTITI KAWALAN BERSAMA (Samb.)
Butiran mengenai entiti kawalan bersama adalah seperti berikut:
Negara Kepentingan
2004 2003
Advanced Engine Research Penyelidikan enjin dan pembangunan Malaysia 50% 50%
Sdn. Bhd. bahan api, pelincir dan bahan
enjin termaju
Entiti kawalan bersama Group Lotus plc
Lotus Finance Ltd. Syarikat usahasama untuk England 49.9% 49.9%
pembiayaan pembelian kenderaan
Entiti kawalan bersama Proton Edar Sdn. Bhd.#
Proton Commerce Sdn. Bhd.# Pembiayaan pembelian kenderaan Malaysia 50% 0%
bermotor
# Dibeli pada tahun kewangan semasa.
26. PELABURAN JANGKA PANJANG LAIN
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Pelaburan tak tersiarharga di Malaysia:
Kos 9,226 9,226 5,425 5,425
Peruntukan untuk penurunan nilai (2,950) (2,950) (2,950) (2,950)
Pada 31 Mac 6,276 6,276 2,475 2,475
344
27. LIABILITI JANGKA PANJANG
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Tidak bercagar:
Pinjaman jangka panjang 222,268 272,597 222,268 272,597
Bahagian yang perlu dibayar semula dalam masa
dua belas bulan (Nota 21) (52,342) (50,329) (52,342) (50,329)
169,926 222,268 169,926 222,268
Bercagar:
Pinjaman jangka panjang 277,500 265,718
dua belas bulan (Nota 21) (265,718)
277,500
Pemiutang pajakan kewangan dan sewa beli
bercagar 14 126
dua belas bulan (Nota 17) (10) (126)
4
447,430 222,268 169,926 222,268
345
27. LIABILITI JANGKA PANJANG (Samb.)
2004 2003
RM000 RM000
(a) Pinjaman jangka panjang tidak bercagar
Pinjaman jangka panjang yang perlu dibayar balik adalah seperti yang berikut:
Dalam masa setahun 52,342 50,329
Di antara satu dan dua tahun 54,435 52,342
Di antara dua dan lima tahun 115,491 169,926
222,268 272,597
Pada 29 Julai 2002, pinjaman jangka panjang tidak bercagar daripada HICOM Holdings Berhad telah dipindahkan
kepada kerajaan Malaysia melalui satu perjanjian novasi pinjaman dengan kerajaan Malaysia. Pinjaman tersebut
perlu dibayar balik dengan 5 kali bayaran tahunan dalam tempoh 5 tahun. Pinjaman meliputi jumlah sebanyak
RM41.5 juta (2003: RM50.8 juta) dan RM180.7 juta (2003: RM221.7 juta). Pembayaran terakhir untuk pinjaman
pertama berakhir pada 22 Jun 2007 dan pinjaman kedua berakhir pada 30 September 2007. Kedua-dua bahagian
pinjaman dikenakan faedah tetap pada kadar 4% setahun dan perlu dibayar balik dalam Ringgit Malaysia.
(b) Pinjaman jangka panjang bercagar
Pinjaman jangka panjang bercagar diperolehi oleh syarikat subsidiari:
(i) Pinjaman jangka panjang bercagar pada 31 Mac 2004 merangkumi pinjaman bank berjumlah 40 juta yang
dibuat oleh sebuah syarikat subsidiari. Faedah yang dikenakan adalah pada kadar tetap 4.94% dan perlu
dibayar penuh pada Oktober 2006. Deposit tunai Syarikat di sebuah bank di Malaysia dicagarkan ke atas
pinjaman tersebut (Nota 38).
346
(b) Pinjaman jangka panjang bercagar (Samb.)
(ii) Pinjaman bertempoh dibuat untuk membiayai kontrak kejuruteraan jangka panjang yang tertentu.
Pinjaman hendaklah dibayar balik dalam dua puluh lapan ansuran bulanan yang terdiri daripada dua puluh
tujuh bayaran ansuran sebanyak 609,750 bermula April 2001 dan bayaran terakhir sebanyak 786,750 pada
bulan Julai 2003. Pinjaman telah dikeluarkan dalam pound sterling dan dikenakan faedah di antara 4.50%
hingga 4.75% setahun pada tahun kewangan lepas.
Pinjaman dicagarkan oleh surat ikatan penyerahan hak bagi jumlah yang akan diterima yang dengannya
pembiayaan didahulukan.
Pinjaman tersebut telah dibayar penuh pada tahun kewangan semasa.
(iii) Nota kadar terapung yang dijamin dan disenaraikan di Bursa Saham London.
Hutang tersenarai ini terdiri daripada 40 juta nota kadar terapung dijamin yang bernilai 100,000 setiap satu
diterbitkan dalam bulan Oktober 2000 dan perlu dibayar balik dalam bulan Oktober 2003. Hutang tersebut
dijamin oleh Syarikat (Nota 36). Faedah yang dibayar pada tahun sebelumnya adalah pada kadar tetap iaitu
6.3% setahun. Pinjaman tersebut telah dibayar penuh pada tahun kewangan semasa.
(iv) Nota hutang sebanyak USD5 juta yang diberikan oleh institusi kewangan di Amerika Syarikat perlu dibayar
secara ansuran sebanyak USD101,741 sebulan daripada Mac 2000 sehingga Februari 2005. Baki pinjaman
dikelaskan sebagai liabiliti semasa dalam tahun kewangan lepas berikutan perjanjian rasmi tertentu termasuk
nilai bersih nyata minima dan nisbah servis hutang liputan tidak dipenuhi oleh syarikat subsidiari. Pinjaman
tersebut telah dibayar penuh dalam tahun kewangan semasa.
Pinjaman bertempoh ini dikenakan faedah pada kadar antara 3.65% hingga 4.14% setahun pada tahun
kewangan yang lepas.
347
(c) Pemiutang pajakan dan sewa beli
Perjanjian pajakan dan sewa beli yang diperoleh syarikat subsidiari dicagarkan atas aset syarikat subsidiari masing-
masing.
Analisis tentang komitmen pajakan kewangan dan sewa beli:
Kumpulan
2004 2003
RM000 RM000
Perlu dibayar dalam masa setahun 10 126
Perlu dibayar di antara satu hingga lima tahun 4
14 126
Ditolak: Bayaran kewangan
14 126
28. CUKAI TERTUNDA
Aset dan liabiliti untuk cukai tertunda diimbangi apabila undang-undang membenarkan pengimbangan cukai aset
semasa ke atas cukai liabiliti semasa dan apabila cukai tertunda berkait dengan penguatkuasa cukai yang sama. Selepas
pengimbangan, jumlah berikut diiktiraf dalam kunci kira-kira:
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Cukai pendapatan:
Aset cukai tertunda 47,252 27,404 34,514 14,812
Liabiliti cukai tertunda (1,023) (1,023)
46,229 26,381 34,514 14,812
348
28. CUKAI TERTUNDA (Samb.)
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Perubahan cukai tertunda
Permulaan tahun 26,381 (10,009) 14,812 (15,675)
Cukai yang dikira ke atas penyata kewangan
harta, loji dan peralatan 27,571 40,636 32,160 41,871
inventori (11,840) 13,750
kerugian cukai 647
peruntukan 3,626 (804) (12,949) 6,455
penghutang tertunggak 491 (17,839) 491 (17,839)
46,229 26,381 34,514 14,812
Aset cukai tertunda (sebelum diimbangi)
harta, loji dan peralatan 48,802 66,613 48,802 66,613
inventori 12,153 23,993
kerugian cukai 647 647
peruntukkan 50,842 47,216 45,668 58,617
penghutang tertunggak 491 491
112,935 138,469 94,961 125,230
Imbangan (65,683) (111,065) (60,447) (110,418)
Aset cukai tertunda (selepas diimbangi) 47,252 27,404 34,514 14,812
Liabiliti cukai tertunda (sebelum diimbangi)
harta, loji dan peralatan (48,587) (93,969) (42,328) (92,299)
penghutang tertunggak (18,119) (18,119) (18,119) (18,119)
(66,706) (112,088) (60,447) (110,418)
Imbangan 65,683 111,065 60,447 110,418
Liabiliti cukai tertunda (selepas diimbangi) (1,023) (1,023)
349
28. CUKAI TERTUNDA (Samb.)
Jumlah perbezaan sementara dan kerugian cukai yang tak digunakan (kedua-duanya tidak mempunyai tarikh luput)
yang mana aset cukai tertunda tidak diiktiraf dalam Kunci Kira-kira adalah seperti berikut:
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Perbezaan sementara yang mana aset cukai tertunda
tidak diiktiraf:
Kerugian cukai yang tak diiktiraf 205,112 174,590
Peruntukan modal yang tidak diserap 27,299 32,061
Peruntukan pelaburan semula yang tidak diiktiraf 251,552 251,552
Lain-lain perbezaan sementara 9,366 9,431
Perbezaan sementara yang mana liabiliti cukai tertunda
tidak diiktiraf:
Lebihan dari penilaian tanah 12,488 10,765
Pada 31 Mac 2003, tiada perbezaan sementara berkaitan dengan keuntungan dari syarikat subsidiari yang tidak
dihantar pulang untuk pengiktirafan liabiliti cukai tertunda (2003: tiada).
29. MODAL SAHAM
Syarikat
2004 2003
RM000 RM000
Modal saham dibenarkan:
1,000,000,000 saham biasa bernilai RM1 sesaham 1,000,000 1,000,000
350
30. RIZAB
Syarikat mempunyai kredit cukai Seksyen 108(6) yang mencukupi untuk mengagihkan tanpa perbelanjaan kira-kira
RM2,881.7 juta (2003: RM2,753.9 juta) daripada keuntungan terkumpul pada 31 Mac 2004 sebagai dividen.
Di samping itu, Syarikat mempunyai pendapatan bebas cukai pada 31 Mac 2004 yang berjumlah sehingga kira-kira
RM1,137.3 juta (2003: RM1,216.9 juta) yang boleh diagihkan sebagai dividen bebas cukai kepada pemegang saham.
Pendapatan bebas cukai ini tertakluk kepada persetujuan daripada Lembaga Hasil Dalam Negeri.
31. MANFAAT PERSARAAN PEKERJA
(a) Pelan caruman tertakrif
Syarikat-syarikat yang ditubuhkan di Malaysia mencarum dengan Kumpulan Wang Simpanan Pekerja. Selepas
caruman dibuat, Kumpulan tidak lagi mempunyai apa-apa tanggungan.
(b) Pelan manfaat tertakrif
Skim Kumpulan Lotus skim manfaat tertakrif
Lotus Group International Ltd. dan syarikat subsidiarinya (Lotus Group), mengendalikan skim manfaat persaraan
yang ditakrifkan, iaitu Pelan Persaraan Lotus. Aset skim ini dipegang oleh pengurusan dana pemegang amanah
yang berasingan. Di samping itu, skim ini juga menyediakan perlindungan insuran nyawa untuk semua pekerja.
Caruman kepada skim dikira dalam penyata pendapatan secara mengagihkan kos persaraan ke atas jangka hayat
perkhidmatan dengan Lotus Group. Caruman tersebut ditetapkan oleh aktuari yang layak berdasarkan penilaian
bagi setiap tiga tahun. Penilaian yang terakhir diadakan pada 31 Disember 2002 dengan menggunakan kaedah
unit yang diunjurkan telah dikemaskinikan pada 31 Mac 2004.
351
31. MANFAAT PERSARAAN PEKERJA (Samb.)
(b) Pelan manfaat tertakrif (Samb.)
Skim Kumpulan Lotus skim manfaat tertakrif (Samb.)
Perubahan pada tahun semasa dalam kunci kira-kira disatukan adalah seperti berikut:
Kumpulan
2004 2003
RM000 RM000
Pada 1 April 1,507 1,598
Dimasukkan dalam pendapatan 24,940 13,102
Perbezaan pertukaran mata wang asing 2,001 329
Caruman dan faedah dibayar (17,691) (13,522)
Pada 31 Mac 10,757 1,507
Jumlah yang dikira dalam kunci kira-kira disatukan adalah seperti berikut:
Kumpulan
2004 2003
RM000 RM000
Nilai semasa untuk dana tanggungan 270,729 189,606
Nilai wajar untuk pelan aset (198,170) (122,774)
Kekurangan dalam dana pelan 72,559 66,832
Kerugian aktuari yang tidak diiktiraf (47,877) (50,320)
Liabiliti dari pertukaran piawaian yang tidak diiktiraf (13,925) (15,005)
Liabiliti dalam kunci kira-kira 10,757 1,507
352
31. MANFAAT PERSARAAN PEKERJA (Samb.)
(b) Pelan manfaat tertakrif (Samb.)
Skim Kumpulan Lotus skim manfaat tertakrif (Samb.)
Perbelanjan yang dikira dalam penyata pendapatan disatukan adalah sepeti berikut:
Kumpulan
2004 2003
RM000 RM000
Kos perkhidmatan semasa 17,497 12,304
Kos faedah 11,937 9,286
Anggaran pulangan ke atas pelan aset (9,481) (9,386)
Kerugian aktuari 1,618
Kos perkhidmatan sebelumnya 117 898
Susut nilai liabiliti penggunaan piawaian baru 3,252
Jumlah termasuk kos kakitangan dalam perbelanjaan pengurusan (Nota 6) 24,940 13,102
Pulangan sebenar aset pelan 30,076 (45,353)
Berikut adalah prinsip aktuari yang digunakan mengikut pengiraan pelan manfaat Kumpulan:
Kumpulan
2004 2003
% %
Kadar diskaun 5.50 5.50
Anggaran pulangan ke atas aset pelan
Ekuiti 7.50 7.50
Bon 5.00 5.00
Lain-lain 4.00 4.00
Anggaran peningkatan gaji 4.25 4.00
Anggaran kadar peningkatan pembayaran persaraan 2.75 2.50
Inflasi 2.75 2.50
353
32. MAKLUMAT SEGMEN
Kumpulan terlibat dalam industri kereta iaitu pembuatan, pemasangan, urusniaga dan penyediaan kejuruteraan dan
khidmat lain yang berkenaan dengan kenderaan dan produk yang berkaitan dengannya. Oleh sebab itu, tiada
maklumat segmen industri yang dianggap perlu untuk dianalisa.
Jualan antara segmen termasuklah jualan kereta, alat ganti dan khidmat kejuruteraan kepada syarikat di kedudukan
geografi yang lain.
Analisis perolehan dan hasil Kumpulan dan lain-lain maklumat yang digunakan mengikut kedudukan geografi aset
adalah seperti berikut:
Malaysia Lain-lain Negara Hapus kira Jumlah
2004 2003 2004 2003 2004 2003 2004 2003
RM juta RM juta RM juta RM juta RM juta RM juta RM juta RM juta
Perolehan
Jualan luar 5,664.1 8,491.0 806.2 777.0 6,470.3 9,268.0
Jualan antara segmen 154.7 97.1 372.2 297.5 (526.9) (394.6)
Jumlah perolehan 5,818.8 8,588.1 1,178.4 1,074.5 (526.9) (394.6) 6,470.3 9,268.0
Keputusan
Keuntungan/(kerugian)
operasi segmen 367.8 1,074.4 30.1 5.3 39.9 162.6 437.8 1,242.3
Perbelanjaan tidak
diagihkan (10.7)
Pendapatan tidak
diagihkan 38.5 2.5
Perbelanjaan faedah (37.1) (38.4)
Pendapatan faedah 107.5 117.0
Bahagian keuntungan
bersih dalam syarikat
bersekutu dan entiti
kawalan bersama 4.2 26.2 26.2 13.8 30.4 40.0
Cukai (56.0) (234.9)
Keuntungan bersih
selepas cukai 521.1 1,117.8
354
32. MAKLUMAT SEGMEN (Samb.)
Malaysia Lain-lain Negara Imbangan Jumlah
2004 2003 2004 2003 2004 2003 2004 2003
Lain-lain maklumat
Aset segmen 7,087.7 7,189.8 608.3 536.8 7,696.0 7,726.6
Aset tidak diagihkan 433.7 349.8
Jumlah Aset 8,129.7 8,076.4
Liabiliti segmen 1,361.8 1,609.4 400.4 347.6 1,762.2 1,957.0
Liabiliti tidak diagihkan 765.0 925.5
Jumlah liabiliti 2,527.2 2,882.5
Perbelanjaan modal 1,024.4 1,005.5 34.6 12.5 1,059.0 1,018.0
Susut nilai dan
pelunasan 319.1 398.4 10.3 4.5 329.4 402.9
Aset dihapuskira 40.5 86.5 0.6 41.1 86.5
Jejas nilai 1.0 1.0
Lain-lain item bukan
tunai 41.7 41.4 7.9 13.0 (40.9) 15.0 8.7 69.4
Pendapatan tidak diagihkan terdiri daripada pendapatan dividen daripada lain-lain pelaburan keuntungan daripada
penjualan pelaburan jangka pendek dan masuk kira semula peruntukan. Kos tidak diagihkan terdiri daripada kerugian
pelaburan jangka pendek, sama ada terealisasi dan tidak. Aset segmen terdiri daripada hartanah, loji dan peralatan,
inventori, penghutang, tunai dan termasuk pelaburan dalam syarikat bersekutu, syarikat usahasama, pelaburan jangka
panjang, pelaburan jangka pendek dan aset cukai tertunggak. Liabiliti segmen terdiri daripada liabiliti operasi dan tidak
termasuk cukai dan pinjaman.
355
32. MAKLUMAT SEGMEN (Samb.)
Perbelanjaan modal terdiri daripada tambahan kepada hartanah, loji dan peralatan (Nota 22).
Untuk perbandingan, maklumat segmen pada tahun lepas telah dilanjutkan untuk mematuhi syarat-syarat Piawaian
MASB 25 dan MASB 29 (Nota 41).
Format kedua
Format utama laporan segmen adalah mengikut kedudukan geografi aset. Laporan segmen mengikut industri adalah
tidak perlu kerana Kumpulan terlibat dalam satu sektor seperti yang diterangkan di atas. Dengan itu, hanya jualan
kepada pelanggan luar mengikut kedudukan geografi pelanggan sahaja yang dibentangkan.
Malaysia Lain-lain Negara Imbangan Jumlah
2004 2003 2004 2003 2004 2003 2004 2003
Perolehan
Jualan Luar 5,598.1 8,364.3 872.2 903.7 6,470.3 9,268.0
Jualan antara segmen 154.7 97.1 372.2 297.5 (526.9) (394.6)
Jumlah perolehan 5,752.8 8,461.4 1,244.4 1,201.2 (526.9) (394.6) 6,470.3 9,268.0
33. KOMITMEN MODAL DAN LAIN-LAIN
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Komitmen Modal
Perbelanjaan modal untuk hartanah, loji dan peralatan
yang diluluskan oleh Lembaga Pengarah tetapi tidak
diperuntukan dalam penyata kewangan:
Dikontrakkan: 664,435 974,022 593,908 857,752
Tidak dikontrakkan: 4,901,319 3,593,917 4,728,815 3,478,905
5,565,754 4,567,939 5,322,723 4,336,657
356
33. KOMITMEN MODAL DAN LAIN-LAIN (Samb.)
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Tambahan pelaburan dalam entiti kawalan bersama
yang diluluskan oleh Lembaga Pengarah tetapi tidak dinyatakan
dalam penyata kewangan
Dikontrakkan 100,000
34. PAJAKAN OPERASI
Pada 31 Mac 2004, Kumpulan terikat untuk membuat bayaran berikut berhubung dengan pajakan operasi yang akan
tamat tempoh:
Tanah dan Loji dan Tanah dan Loji dan
bangunan jentera Jumlah bangunan jentera Jumlah
2004 2004 2004 2003 2003 2003
Kumpulan RM000 RM000 RM000 RM000 RM000 RM000
Dalam satu tahun 722 4,436 5,158 549 5,119 5,668
Di antara satu dan lima tahun 190 2,618 2,808 686 3,987 4,673
Selepas lima tahun 26 26 323 323
912 7,080 7,992 1,558 9,106 10,664
357
35. PENDEDAHAN PENTING PIHAK BERKAITAN
Dalam urusan perniagaan yang biasa, Syarikat telah menjalankan pelbagai urusniaga berdasarkan syarat yang
dipersetujui bersama dengan syarikat subsidiari dan bersekutu, syarikat lain yang dianggap sebagai pihak berkaitan
kerana menjadi ahli kepada kumpulan syarikat KHAZANAH dan pihak yang berkaitan yang lain. Pihak berkaitan yang
berurusniaga dengan Kumpulan dan Syarikat termasuk syarikat yang berikut:
Pihak berkaitan Hubungan
Mitsubishi Motors Corporation, Jepun (MMC) Pemegang saham Syarikat
Mitsubishi Corporation, Jepun Pemegang saham MMC
Petroliam Nasional Berhad (PETRONAS) Pemegang saham Syarikat
PEPS-JV (M) Sdn. Bhd. Pelaburan ekuiti
Technomeiji Rubber Industries Sdn. Bhd. Pelaburan ekuiti
Tertera di bawah ialah urusniaga dan baki pihak berkaitan yang penting. Ini adalah tambahan kepada pendedahan
pihak berkaitan yang disebut di bahagian lain dalam penyata kewangan. Urusniaga pihak berkaitan yang dihuraikan
di bawah dijalankan mengikut terma dan syarat yang sama dengan urusniaga pihak tidak berkaitan melainkan
dinyatakan sebaliknya. Urusniaga dengan pembekal utiliti, Tenaga Nasional Berhad dan Telekom Malaysia Berhad,
syarikat bersekutu KHAZANAH tidak didedahkan.
(a) Jualan barangan dan perkhidmatan
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Jualan barangan kepada:
Vina Star Motors Corporation 20 38
PHN Industry Sdn. Bhd. 5,331
PEPS-JV (M) Sdn. Bhd. 14,400
Mitsubishi Motors Corporation 92 125 92 125
358
35. PENDEDAHAN PENTING PIHAK BERKAITAN (Samb.)
(b) Belian barangan dan perkhidmatan
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Belian barangan daripada:
Mitsubishi Motors Corporation, Jepun 25,039 31,347 5,333 8,977
Mitsubishi Corporation, Jepun 963,246 1,215,585 963,246 1,191,892
Syarikat-syarikat bersekutu 125,448 173,532 124,483 170,690
Technomeiji Rubber Industries Sdn. Bhd. 13,991 20,763 13,991 20,744
PEPS-JV (M) Sdn. Bhd. 55,319 58,804 55,319 58,804
Belian perkhidmatan daripada:
Mitsubishi Motors Corporation, Jepun 16,411 66,806 16,411 66,806
Mitsubishi Corporation, Jepun 1,828 1,828
36. LIABILITI LUAR JANGKA (TIDAK BERCAGAR)
Syarikat
2004 2003
RM000 RM000
Jaminan yang diberikan kepada jurubank untuk kemudahan yang diberikan
kepada syarikat subsidiari dan bersekutu 520,115 686,631
Jaminan tidak terlindung nilai yang disebut dalam mata wang asing adalah seperti
yang berikut:
USD1,750,000 (2003: USD1,750,000) 6,650 6,650
AUD10,200,000 (2003: AUD10,200,000) 29,228 23,322
GBP69,800,000 (2003: GBP69,800,000) 484,237 417,439
Nota Kadar Terapung GBP40,000,000 239,220
520,115 686,631
359
37. PERISTIWA PENTING
Pada 6 Mei 2003, syarikat subsidiari milik penuh Proton Tanjung Malim Sdn. Bhd. telah ditubuhkan. Syarikat ini
memulakan operasinya pada 1 April 2004.
Pada 3 Julai 2003, Proton Edar Sdn. Bhd., syarikat subsidiari yang dimiliki sepenuhnya oleh Syarikat, telah menubuhkan
Proton Singapore Pte. Ltd. di Singapura.
Pada 5 Ogos 2003, Syarikat telah melanggan 51% saham untuk Miyazu Malaysia Sdn. Bhd. Syarikat ini memulakan
operasinya dalam bulan Ogos 2003.
Pada 22 Oktober 2003, Proton Edar Sdn. Bhd. telah menandatangani perjanjian kawalan bersama dengan Bumiputra
Commerce Finance. Proton Commerce Sdn. Bhd. telah memulakan operasinya pada Mac 2004. Keputusan entiti kawalan
bersama tidak dinyatakan dalam tahun kewangan semasa kerana ianya adalah kecil.
38. TUNAI DAN KESETARAAN TUNAI
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Bank berlesen 2,653,713 2,988,731 1,919,624 2,342,558
Gedung diskaun 36,990 73,109 36,990 73,109
Institusi kewangan berlesen yang lain 162,651 588,503 162,651 536,503
2,853,354 3,650,343 2,119,265 2,952,170
Baki bank dan tunai 135,866 142,914 16,925 53,468
Overdraf bank (120,564) (73,644)
Deposit tetap dicagarkan sebagai sekuriti (Nota 27) (308,880) (308,880)
2,559,776 3,719,613 1,827,310 3,005,638
360
38. TUNAI DAN KESETARAAN TUNAI (Samb.)
Sebahagian daripada tunai dan kesetaraan tunai Kumpulan sehingga 31 Mac 2004 adalah wang yang disimpan dalam
Akaun Pembangunan Perumahan di bawah Seksyen 7A Pembangun Perumahan (bahagian kawalan dan lesen) Akta
1966 (Akta 118) yang dianggarkan berjumlah kira-kira RM649,000 (2003: RM2,685,000).
39. INSTRUMEN KEWANGAN
(a) Kontrak Tukaran Mata Wang Hadapan
Kontrak tukaran mata wang hadapan yang dimeterai oleh Kumpulan dalam mata wang asing selain daripada mata
wang utama mereka adalah untuk menguruskan dedahan turun naik kadar tukaran mata wang asing terhadap
urusniaga khusus mereka.
Pada 31 Mac 2004, jumlah mata wang asing yang akan diterima dan baki kontrak kadar tukaran mata wang
kepada Kumpulan dan Syarikat adalah seperti berikut:
Kumpulan Syarikat
2004 2003 2004 2003
RM000 RM000 RM000 RM000
Matang
Kurang dari 6 bulan 453,966 458,421 427,218 433,200
6 bulan hingga setahun 6,154 27,719
Lebih dari setahun 6,980
460,120 493,120 427,218 433,200
361
39. INSTRUMEN KEWANGAN (Samb.)
(a) Kontrak Tukaran Mata Wang Hadapan (Samb.)
Jumlah tukaran mata wang asing yang akan diterima dan kadar tukaran mata wang asing yang dijanjikan untuk
Kumpulan dan Syarikat adalah seperti berikut:
2004 Mata wang Mata wang Kadar
asing akan asing patut Kesetaraan purata
Lindung Nilai diterima dibayar RM000 kontrak
Kumpulan
Belian hadapan bahan mentah untuk
6 bulan pertama JPY USD 427,218 1 USD = JPY108.16
Anggaran penerimaan
6 bulan pertama GBP USD 6,564 1 USD = GBP 0.6640
6 hingga 12 bulan GBP USD 1,636 1 USD = GBP 0.6688
6 bulan pertama GBP CHF 4,392 1 CHF = GBP 0.4351
6 hingga 12 bulan GBP CHF 300 1 CHF = GBP 0.4418
6 bulan pertama GBP EURO 968 1 EURO = GBP 0.6872
Anggaran pembayaran
6 bulan pertama JPY GBP 14,824 1 GBP = JPY 190.00
6 hingga 12 bulan JPY GBP 4,218 1 GBP = JPY 190.83
460,120
Syarikat
362
(a) Kontrak Tukaran Mata Wang Hadapan (Samb.)
2003 Mata wang Mata wang Kadar
asing akan asing patut Kesetaraan purata
Lindung Nilai diterima dibayar RM000 kontrak
Kumpulan
Anggaran penerimaan
6 bulan pertama GBP USD 16,282 1 USD = GBP 0.6717
6 hingga 12 bulan GBP USD 27,719 1 USD = GBP 0.6627
lebih dari 12 bulan GBP USD 6,980 1 USD = GBP 0.6659
6 bulan pertama GBP CHF 3,362 1 CHF = GBP 0.4460
6 bulan pertama GBP EURO 172 1 EURO = GBP 0.6831
Anggaran pembayaran
6 bulan pertama EURO GBP 5,405 1 GBP = EURO 1.5429
493,120
Syarikat
Nilai wajar baki kontrak tukaran mata wang asing Kumpulan dan Syarikat pada tarikh kunci kira-kira menunjukkan
keuntungan bersih masing-masing sebanyak RM22,451,000 dan RM21,081,000. (2003: RM5,758,000 dan
RM6,241,000).
363
(b) Kontrak Kadar Faedah Tertinggi dan Terendah
Sebuah syarikat subsidiari telah memeterai kontrak faedah tertinggi dan terendah untuk menguruskan dedahan
kadar faedahnya. Jumlah prinsipal kontrak pada tahun kewangan yang lepas adalah RM239,220,000, kadar faedah
tahunan terendah adalah sebanyak 5.1% dan kadar faedah tahunan tertinggi adalah sebanyak 6.95%. Perjanjian
ini tamat pada 20 Oktober 2003.
Nilai wajar kontrak pada tarikh kunci kira-kira tahun lepas berada pada keadaan tidak menguntungkan sebanyak
RM1,498,000.
(c) Risiko Kredit
Kumpulan dan Syarikat tidak terdedah kepada risiko kredit yang benar selain daripada yang dinyatakan berikut:
Syarikat
Kebanyakan deposit disimpan dalam institusi kewangan yang kukuh di Malaysia. Kebanyakan penghutang
perdagangan terhasil daripada urusniaga dengan syarikat subsidiari dalam Kumpulan. Kebanyakan dari hutang ini
telah dibayar selepas akhir tahun kewangan.
Kumpulan
Kebanyakan deposit disimpan dalam institusi kewangan yang kukuh di Malaysia.
(d) Nilai Wajar
Nilai wajar untuk aset dan liabiliti kewangan Kumpulan dan Syarikat pada tarikh kunci kira-kira dianggarkan sama
dengan jumlah dibawa ke hadapan kecuali:
2004 Kumpulan Syarikat
Jumlah Nilai Jumlah Nilai
Nota dibawa wajar dibawa wajar
RM000 RM000 RM000 RM000
Dinyatakan dalam kunci kira-kira
Pelaburan jangka panjang 26 6,276 * 2,475 *
tidak bercagar 27 (222,268) (220,965) (222,268) (220,965)
bercagar 27 (277,500) (273,920)
Pendahuluan kepada syarikat subsidiari
(lebih dari setahun) 13 58,492 **
Tidak dinyatakan dalam kunci kira-kira
Instrumen lindung nilai tukaran mata wang asing 22,451 21,081
364
(d) Nilai Wajar (Samb.)
2003 Kumpulan Syarikat
Jumlah Nilai Jumlah Nilai
Nota dibawa wajar dibawa wajar
RM000 RM000 RM000 RM000
Dinyatakan dalam kunci kira-kira
Pelaburan jangka panjang 26 6,276 * 2,475 *
tidak bercagar 27 (272,597) (270,694) (272,597) (270,694)
Pendahuluan kepada syarikat subsidiari
(lebih dari setahun) 13 17,944 **
Tidak dinyatakan dalam kunci kira-kira
Instrumen lindung nilai tukaran mata wang asing 5,758 6,241
Kontrak kadar faedah tertinggi dan terendah (1,498)
* Adalah tidak praktikal dengan sekatan masa dan kos untuk menganggarkan nilai wajar saham tak tersiarharga
dengan munasabah. Pada tarih kunci kira-kira, bahagian Kumpulan dan Syarikat dalam aset bersih
pelaburannya berjumlah RM8,528,000. (2003: RM7,729,000)
** Adalah tidak praktikal untuk menganggarkan nilai wajar pendahuluan kepada syarikat subsidiari kerana
pendahuluan tidak mempunyai syarat pembayaran balik yang tetap.
365
40. PERISTIWA SUSULAN
(a) Pada 27 Mei 2003, Syarikat mengumumkan cadangan Penyusunan Semula Korporat. Susulannya adalah seperti
berikut:
(i) Kesemua pemegang saham Perusahaan Otomobil Nasional Berhad menukarkan saham biasanya sebanyak
RM1.00 sesaham dalam Perusahaan Otomobil Nasional Berhad dengan saham biasa bernilai RM1.00 sesaham
dalam Proton Holdings Berhad pada 5 April 2004.
(ii) Perusahaan Otomobil Nasional Berhad telah memindahkan status penyenaraiannya di Bursa Malaysia Sekuriti
Berhad kepada Proton Holdings pada 16 April 2004 dan seterusnya Perusahaan Otomobil Nasional Berhad
telah dikeluarkan dari penyenaraian.
(b) Pada 5 Julai 2004, Syarikat telah menandatangani perjanjian kawalan bersama dengan Tracoma Holdings Berhad
berkaitan dengan penubuhan PT Proton Tracoma Motors (PKB) di Indonesia. Penubuhan ini adalah tertakluk
kepada kelulusan dari pihak berkuasa di Indonesia. PKB ditubuhkan untuk menjalankan kontrak pemasangan
kenderaan bermotor di Indonesia.
41. PENYELARASAN TAHUN LEPAS
Dalam tahun ini, Kumpulan telah mengubah polisi perakaunannya menurut piawaian MASB 25 Cukai Pendapatan dan
MASB 29 Manfaat Persaraan Pekerja.
Menurut MASB 25, liabiliti cukai tertunda adalah dikenalpasti untuk semua percukaian perbezaan sementara dan aset
cukai tertunda adalah dikenalpasti untuk semua perbezaan sementara, dengan syarat terdapat pendapatan bercukai
yang telah dinyatakan semula memadai untuk digunakan. Pertukaran dalam polisi perakaunan ini dinyatakan secara
retrospektif dan perbandingan telah dinyatakan semula.
Penggunaan MASB 29 memberi kesan kepada jumlah yang perlu dibayar untuk manfaat pekerja jangka pendek dalam
bentuk pampasan terkumpul. Tanggungan ini tidak diambilkira sebelumnya. Pertukaran polisi perakaunan dinyatakan
secara retrospektif dan perbandingan telah dinyatakan semula.
366
41. PENYELARASAN TAHUN LEPAS (Samb.)
Kesan pertukaran dalam polisi perakaunan adalah seperti berikut:
Kunci Kira-Kira dan Penyata Perubahan Ekuiti
Kumpulan Pemiutang
Aset Liabiliti dagangan
cukai cukai dan lain-lain Keuntungan Kepentingan
tertunda tertunda pemiutang tersimpan minoriti
RM000 RM'000 RM000 RM000 RM000
Pada 1 April 2002, seperti yang dinyatakan
sebelumnya 84,565 1,797,079 3,431,847 46,472
Kesan penggunaan MASB 25 (74,556) 74,180 376
Seperti yang dinyatakan semula 10,009 1,797,079 3,506,027 46,848
Pada 1 April 2003, seperti yang dinyatakan
sebelumnya 18,894 1,661,766 4,482,969 56,009
Kesan penggunaan MASB 29 1,963 (1,918) (45)
Kesan penggunaan MASB 25 27,404 (17,871) 44,629 646
Seperti yang dinyatakan semula 27,404 1,023 1,663,729 4,525,680 56,610
Syarikat Pemiutang
Aset Liabiliti dagangan
cukai cukai dan lain-lain Keuntungan
tertunda tertunda pemiutang tersimpan
RM000 RM000 RM000 RM000
Pada 1 April 2002, seperti yang dinyatakan sebelumnya 84,130 1,476,704 2,957,745
Kesan penggunaan MASB 25 (68,455) 68,455
Seperti yang dinyatakan semula 15,675 1,476,704 3,026,200
Pada 1 April 2003, seperti yang dinyatakan sebelumnya 17,871 1,188,219 3,678,758
Kesan penggunaan MASB 29 826 (826)
Kesan penggunaan MASB 25 14,812 (17,871) 32,683
Seperti yang dinyatakan semula 14,812 1,189,045 3,710,615
367
41. PENYELARASAN TAHUN LEPAS (Samb.)
Penyata Pendapatan
Tahun berakhir 31 Mac 2003
Kumpulan Syarikat
RM000 RM000
Keuntungan selepas cukai seperti yang dinyatakan sebelumnya 1,149,001 808,884
Kesan penggunaan MASB 29 (1,963) (826)
Kesan penggunaan MASB 25 (29,281) (35,772)
Seperti yang dinyatakan semula 1,117,757 772,286
42. KELULUSAN PENYATA KEWANGAN
Penyata kewangan telah diluluskan untuk pembentangan mengikut Resolusi Lembaga Pengarah pada 16 Julai 2004.
368
AKUAN BERKANUN
me n u r u t S e k s y e n 169( 16) A k t a S y a r i k a t , 1965
Saya, Tan Seng Lee, pegawai utama yang bertanggungjawab ke atas pengurusan kewangan Perusahaan Otomobil
Nasional Sdn. Bhd., dengan sesungguhnya dan seikhlasnya mengaku bahawa penyata kewangan yang dibentangkan pada
muka surat 286 hingga 368 sepanjang pengetahuan dan kepercayaan saya, adalah betul dan saya membuat pengakuan
ini dengan sesungguhnya mempercayai bahawa ianya benar dan menurut peruntukan Akta Akuan Berkanun, 1960.
TAN SENG LEE
Ditandatangani dan diakui dengan sesungguhnya oleh penama di atas Tan Seng Lee di Shah Alam, Malaysia pada
16 Julai 2004, di hadapan saya.
PESURUHJAYA SUMPAH
Kami, Fadilat binti Ismail dan Tan Seng Lee, dua daripada Pengarah Perusahaan Otomobil Nasional Sdn. Bhd.,
berpendapat bahawa penyata kewangan yang dibentangkan pada muka surat 286 hingga 368 adalah disediakan untuk
memberi gambaran yang benar dan saksama mengenai kedudukan Kumpulan dan Syarikat pada 31 Mac 2004 dan hasil
serta aliran tunai Kumpulan dan Syarikat bagi tahun kewangan yang berakhir pada tarikh tersebut mengikut piawaian
perakaunan berkenaan yang telah diluluskan di Malaysia dan peruntukan Akta Syarikat, 1965.
Mengikut resolusi Lembaga Pengarah yang bertarikh 16 Julai 2004.
Pengarah Pengarah
369
PENYATA OLEH PENGARAH
me n u r u t S e k s y e n 169( 15) A k t a S y a r i k a t , 1965
Kami telah mengaudit penyata kewangan yang dibentangkan di muka surat 286 hingga 368. Penyata kewangan tersebut
adalah tanggungjawab para Pengarah Syarikat. Tanggungjawab kami adalah untuk menyatakan pendapat ke atas penyata
kewangan tersebut berdasarkan audit kami.
Kami telah menjalankan audit kami dengan piawaian-piawaian audit yang diluluskan di Malaysia. Piawaian-piawaian itu
memerlukan kami merancang dan melaksanakan audit untuk memperolehi keyakinan yang munasabah mengenai sama ada
penyata kewangan ini bebas dari salah nyata yang penting. Audit ini juga meliputi pemeriksaan, berasaskan ujian, bukti
yang menyokong jumlah dan penyataan di dalam penyata kewangan. Sesuatu audit juga meliputi penaksiran prinsip-prinsip
perakaunan dan anggaran-anggaran penting yang dibuat oleh para Pengarah, serta penilaian ke atas pembentangan
penyata kewangan secara keseluruhan. Kami percaya audit kami menyediakan asas yang munasabah untuk kami
memberikan pendapat.
Pada pendapat kami:
(a) Penyata kewangan ini telah disediakan selaras dengan peruntukan-peruntukan Akta Syarikat, 1965 dan piawaian-
piawaian perakaunan berkenaan yang diluluskan di Malaysia untuk memberikan gambaran yang benar dan saksama
terhadap:
(i) perkara-perkara yang dikehendaki oleh Seksyen 169 Akta Syarikat, 1965 telah diambil kira dalam penyata
kewangan; dan
(ii) kedudukan Kumpulan dan Syarikat pada 31 Mac 2004 dan keputusan dan aliran tunai Kumpulan dan Syarikat bagi
tahun kewangan berakhir pada tarikh tersebut;
dan
(b) rekod perakaunan dan rekod-rekod lain serta daftar-daftar yang dikehendaki oleh Akta tersebut untuk disimpan oleh
Syarikat dan syarikat-syarikat subsidiari yang diaudit oleh kami telah disimpan dengan sempurna menurut peruntukan-
peruntukan Akta tersebut.
Nama syarikat-syarikat subsidiari yang tidak diaudit oleh kami dinyatakan dalam Nota 23 kepada penyata kewangan. Kami
telah mempertimbangkan penyata kewangan syarikat-syarikat subsidiari tersebut dan laporan juruaudit yang berkaitan.
Kami berpuashati bahawa penyata kewangan syarikat-syarikat subsidiari yang telah disatukan dengan penyata kewangan Syarikat
adalah dalam bentuk dan kandungan yang bersesuaian dan teratur untuk tujuan penyediaan penyata kewangan yang disatukan,
dan kami telah menerima maklumat yang memuaskan serta keterangan-keterangan yang diperlukan untuk tujuan tersebut.
Laporan juruaudit ke atas penyata kewangan syarikat-syarikat subsidiari yang telah disatukan tidak dikenakan sebarang
pengecualian mengikut subseksyen (3) Seksyen 174 di bawah Akta tersebut.
PRICEWATERHOUSECOOPERS DATO AHMAD JOHAN BIN MOHAMMAD RASLAN
(No. AF: 1146) (No. 1867/09/04(J))
Akauntan Bertauliah Rakan Kongsi
Kuala Lumpur
16 Julai 2004
LAPORAN JURUAUDIT
k e p a d a A h l i - a h l i P e r u s a h a a n O t o mo b i l Na s i o n a l Be r h a d
370

Annual Report PROTON

Enviado por

Dados do documento

Direitos autorais

Formatos disponíveis

Compartilhar este documento

Compartilhar ou incorporar documento

Opções de compartilhamento

Você considera este documento útil?

Este conteúdo é inapropriado?

Direitos autorais:

Formatos disponíveis

Annual Report PROTON

Enviado por

Direitos autorais:

Formatos disponíveis

PERUSAHAAN OTOMOBIL NASIONAL BERHAD

Annual Report Laporan Tahunan

Você também pode gostar