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UNITED PLANTATIONS BERHAD

(COMPANY NO.240-A)

ANNUAL REPORT LAPORAN TAHUNAN 2000

UNITED PLANTATIONS BERHAD

UP

CORPORATE STRUCTURE STRUKTUR BERKUMPUL

100%

BERNAM AGENCIES SDN BHD

Company No. 7585-K

100%

BUTTERWORTH BULKING INSTALLATION SDN BHD

Company No. 13619-P

Authorised Cap. RM5,000,000 Issued Cap. RM3,500,000

Authorised Cap. RM5,000,000 Issued Cap. RM3,250,000

100%

BERNAM ADVISORY SERVICES SDN BHD

Company No. 10285-H

Authorised Cap. RM1,000,000 Issued Cap. RM750,000

100%

KAPAL BERNAM SDN BHD

Company No. 50563-X

Authorised Cap. RM1,000,000 Issued Cap. RM50,000

100%

UNITATA BERHAD

Company No. 10769-H

100%

BERTA SERVICES SDN BHD

Company No. 11041-U

UNITED PLANTATIONS BERHAD

Company No. 240-A

Authorised Cap. RM100,000,000 Issued Cap. RM38,000,000

Authorised Cap. RM5,000,000 Issued Cap. RM500,000

100%

SCANLOOK SDN BHD

(Dormant) Company No. 13432-T

Authorised Capital: RM500,000,000 Issued Capital: RM151,509,660

30%

Authorised Cap. RM4,000,000 Issued Cap. RM3,000,000

UNITED PLANTATIONS (AUST) PTY LTD

Authorised Cap. A$10,000,000 Issued Cap. A$6,000,000

30%

BERNAM BAKERY SDN BHD

Company No. 76482-T

Authorised Cap. RM600,000 Issued Cap. RM335,000

10%

NEGOCIACION INDUSTRIAL SANTA LUCIA, S.A. de C.V., Mexico

Issued Cap. US$10,392,157

31%

MARITEX AS NORWAY

Issued Cap. NOK30,000,000

UNITED PLANTATIONS BERHAD

Kandungan

Maklumat Berkumpul Mengenai Syarikat Notis Mesyuarat Agung Tahunan Laporan Para Pengarah Kenyataan Pengerusi Penyata Pendapatan Kunci Kira-kira Penyata Perubahan Dalam Ekuiti Disatukan Penyata Perubahan Dalam Ekuiti ­ Syarikat Penyata Aliran Tunai Nota-nota Kepada Penyata Kewangan Penyata Bagi Pihak Pengarah-pengarah Akuan Berkanun Laporan Juruaudit Perangkaan Perbandingan Keterangan Pemegang-pemegang Saham Graf Harta-harta Ladang Kumpulan Ladang-ladang Kumpulan

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4­5 7 8 ­ 11 12 ­ 17 22 23 24 25 26 ­ 27 28 ­ 41 42 42 43 44 ­ 45 46 ­ 47 48 49 52

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UNITED PLANTATIONS BERHAD

MAKLUMAT BERKUMPUL MENGENAI SYARIKAT DAN SUBSIDIARI

Negara Diperbadankan

Lembaga Pengarah

Setiausaha

Pejabat yang Didaftarkan dan Pendaftar Saham Utama

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Malaysia Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail,

P.S.M., S.P.M.J., S.P.M.P., S.S.I.J., J.M.N., P.I.S., P.J.K.

(Pengerusi) Y.B. Tan Sri Dato' Haji Ahmad Azizuddin bin Haji Zainal Abidin, P.S.M., D.P.M.P., K.M.N., J.P. Y.B. Tan Sri Dato' Hashim bin Aman,

P.M.N., P.S.M., D.P.M.K., D.S.N.S., D.P.M.J., S.S.S.A.

Y.B. Tan Sri Dato' Seri B. Bek-Nielsen,

P.S.M., S.P.M.P., D.P.M.P., J.S.M., A.M.P., R.D.

(Eksekutif)

Encik G. Peter Selvarajah Encik Ho Dua Tiam (Eksekutif) Encik Carl Bek-Nielsen (Eksekutif) Encik Ahmad Riza Basir Encik Martin Bek-Nielsen Encik R. Nadarajan Jendarata Estate, 36009 Teluk Intan, Perak Darul Ridzuan, Malaysia Telefon:605-6411411 Teleks: 44061 UNITED Faks: 605-6411876 E-Mel: [email protected] H.C. Andersens Boulevard 49, DK-1553, Copenhagen V, Denmark H.C. Andersens Boulevard 49, DK-1553, Copenhagen V, Denmark Telefon:33-933330 Teleks: 15995 PLANT DK Faks: 33-933331 E-Mel: [email protected] Unitata Berhad Bernam Agencies Sdn. Bhd. Butterworth Bulking Installation Sdn. Bhd. Scanlook Sdn. Bhd. Bernam Advisory Services Sdn. Bhd. Berta Services Sdn. Bhd. Kapal Bernam Sdn. Bhd. Ernst & Young, Akauntan Awam MALAYSIA HSBC Bank Malaysia Berhad Maybank Berhad Standard Chartered Bank Malaysia Berhad UNITED KINGDOM HSBC Bank Public Limited Company DENMARK Danske Bank Af 1871

Pendaftar Saham Cawangan Pejabat Copenhagen

Subsidiari

Juruaudit Bank

Penyenaraian Bursa Saham

MALAYSIA Bursa Saham Kuala Lumpur DENMARK Bursa Saham Copenhagen

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UNITED PLANTATIONS BERHAD

LEMBAGA EKSEKUTIF

Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail

P.S.M., S.P.M.J., S.P.M.P., S.S.I.J., J.M.N., P.I.S., P.J.K. Pengerusi & Inspektor Besar (Estet-Estet)

Y.B. Tan Sri Dato' Seri B. Bek-Nielsen

P.S.M., S.P.M.P., D.P.M.P., J.S.M., A.M.P., R.D. Pengarah Eksekutif Kanan

Carl Bek-Nielsen

Pengarah Eksekutif (Urusan Korporat)

KAKITANGAN EKSEKUTIF KANAN KEWANGAN

R. Nadarajan Chong Cho Tan

Pengurus, Pentadbiran Pejabat Setiausaha Syarikat & Pengurus Kumpulan (Kewangan)

A. Ganapathy

Pengawal Kewangan

Norman Santa Maria

Pengurus Kumpulan (Ulu Bernam)

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ESTET

Ho Dua Tiam

Pengarah Eksekutif (Tanaman)

Loh Hang Pai, A.M.P.

Pengurus Kumpulan (Jendarata)

Haji Mustafa bin Mohamad

Pengurus, Ladang Changkat Mentri

Cheriachangel Mathews

Pengurus, Ladang Jendarata

Perumal a/l Karian

Pengurus, Ladang Ulu Basir

A. Arikiah

Pengurus (Perhubungan Perusahaan)

Edward Rajkumar Daniels

Pengurus, Ladang Sungei Chawang

C.V. Rajah Padman, A.M.P.

Pengurus Kanan, Ladang Sungei Bernam

Mohd. Aslum Khan bin Gulam Khan

Pengurus, Ladang Sungei Erong

Kamaruddin bin Umar

Pengurus, Ladang Kuala Bernam

Ramli bin Yeop Abdul Aziz

Pengurus, Ladang Seri Pelangi

PENYELIDIKAN

Dr. Gurmit Singh

Pengarah Penyelidikan

Dr Xaviar a/l Arulandoo

Pengurus Kanan Penyelidikan

Ho Yuk Wah

Pengurus Penyelidikan (Kultur Tisu)

Mukesh Sharma a/l M. Sharma

Pengurus Penyelidikan (Semaian Tanaman)

KEJURUTERAAN

S. Manoharan, A.M.P.

Jurutera Kumpulan (Ulu Bernam)

Toh Tai San

Jurutera Kumpulan (Jendarata)

Rajendran a/l K. Ramachandran

Jurutera Residen Kanan, Kilang Kelapa Sawit Ulu Basir

N. Thorairaj

Jurutera Residen Kanan, Kilang Kelapa Sawit Jendarata

P. Seker a/l Palanisamy

Jurutera Residen Kanan, Kilang Kelapa Sawit Ulu Bernam

Telochan Singh a/l Daulat Singh

Jurutera Residen Kanan, Kilang Kelapa Sawit Seri Pelangi

SYARIKAT-SYARIKAT SUBSIDIARI

Haji Mohd. Nordin Abas

Setiausaha Syarikat, Unitata Berhad

Kerk Choon Keng

Pengawal Kewangan, Unitata Berhad

Lee Kim Poh

Pengurus, Bernam Agencies Sdn. Bhd., Penang

Soo Yook Kee

Pengurus, Butterworth Bulking Installation Sdn. Bhd.

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Locations of estates, factories and holdings in Peninsular Malaysia

KEY

Agencies Factories Oil Palm Estate Coconut Estate

UNITED PLANTATIONS BERHAD

PERLIS

KEDAH

PENANG

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KOTA BHARU

SOUTH CHINA SEA

KUALA TERENGGANU

KELANTAN TERENGGANU

IPOH Scanlook Sdn Bhd Bernam Agencies Sdn Bhd LUMUT Butterworth Bulking Installation Sdn Bhd Kuala Bernam Estate Sungei Bernam Estate Jendarata Estate Bernam Bakery Sdn Bhd Bernam Advisory Services Sdn Bhd Unitata Bhd Seri Pelangi Estate Ulu Bernam Estate Changkat Mentri Estate Sungei Erong Estate Sungei Chawang Estate Ulu Basir Estate Berta Services Sdn Bhd JOHORE BAHRU TELUK INTAN

PERAK

PAHANG

KUANTAN

SELANGOR

KUALA LUMPUR

NEGERI SEMBILAN

MALACCA JOHORE

SINGAPORE

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UNITED PLANTATIONS BERHAD

Notis Mesyuarat Agung Tahunan

DENGAN INI DIBERITAHU bahawa Mesyuarat Agung Tahunan Biasa Syarikat ke 80 akan diadakan di Pejabat Berdaftar Syarikat di Ladang Jendarata, 36009 Teluk Intan, Perak Darul Ridzuan, Malaysia pada 23 Jun 2001 pada jam 10.30 pagi dengan tujuan menimbangkan perkara-perkara berikut:1. Menerima dan menimbangkan akaun-akaun bagi tahun berakhir 31 Disember 2000 bersama dengan Laporan Para Pengarah dan Juruaudit. 2. Mengesahkan pembayaran Dividen Interim sebanyak 10% dikecualikan cukai berjumlah RM15,150,966 pada 6 Februari 2001. b) selaras dengan Seksyen 129(6) Akta Syarikat 1965, Y.B. Tan Sri Dato' Seri B. Bek-Nielsen dilantik semula sebagai Pengarah syarikat dan memegang jawatan sehingga Mesyuarat Agung Tahunan akan datang.

Menimbangkan cadangan para pengarah dan meluluskan pembayaran Dividen Akhir sebanyak 10% dikecualikan cukai berjumlah RM15,150,966. Dividen ini jika diluluskan, akan dibayar pada 23 Julai 2001. 3. Meluluskan yuran Pengarah bagi tahun 2000. 4. Encik Ho Dua Tiam bersara menurut giliran selaras dengan Fasal 93 Tataurusan Syarikat dan menawarkan diri untuk dipilih semula.

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6. Encik Ahmad Riza Basir bersara menurut giliran selaras dengan Fasal 84 Tataurusan Syarikat dan menawarkan diri untuk dipilih semula. 7. Encik Martin Bek-Nielsen bersara menurut giliran selaras dengan Fasal 84 Tataurusan Syarikat dan menawarkan diri untuk dipilih semula. 8. Melantik semula Ernst & Young sebagai juruaudit syarikat ini bagi tahun 2001 dan memberi kuasa kepada Lembaga Pengarah untuk menetapkan bayaran yuran mereka. 9. Menguruskan hal-hal lain seperti yang sesuai diuruskan di dalam Mesyuarat Agung Tahunan Biasa. Dengan Perintah Lembaga, R. Nadarajan Setiausaha

5. Menimbang, menilai keperluannya dan seterusnya meluluskan resolusi berikut selaras dengan Seksyen 129(6) Akta Syarikat 1965; a) selaras dengan Seksyen 129(6) Akta Syarikat 1965, Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail dilantik semula sebagai Pengarah syarikat dan memegang jawatan sehingga Mesyuarat Agung Tahunan akan datang; dan

NOTA-NOTA: 1. 2. 3.

Ladang Jendarata 36009 Teluk Intan Perak Darul Ridzuan Malaysia 18 Mei 2001

Seseorang ahli syarikat yang berhak menghadiri mesyuarat dan mengundi adalah berhak melantik seorang proksi untuk menghadiri mesyuarat dan mengundi bagi pihaknya. Seorang proksi tidak semestinya seorang ahli Syarikat. Suratcara melantik proksi mestilah diserahkan di Pejabat Berdaftar Syarikat di Ladang Jendarata, 36009 Teluk Intan, Perak, Malaysia tidak lewat dari 48 jam sebelum mesyuarat tersebut diadakan. Borang proksi yang disempurnakan oleh sesebuah perbadanan, mestilah dimeterikan atau dibawah pengawasan seseorang pegawai atau peguamcara yang diberi kuasa bagi tujuan itu.

NOTA KETERANGAN: Y.B.Tan Sri Dato' Haji Ahmad Azizuddin bin Haji Zainal Abidin dan Y.B.Tan Sri Dato' Hashim bin Aman yang telah dilantik semula sebagai Pengarah tahun lalu tidak lagi berminat untuk memohon perlantikan semula sebagai Pengarah untuk tahun berikutnya. NOTIS PENUTUPAN BUKU-BUKU Pejabat pendaftar cawangan Copenhagen akan ditutup dari 27 Jun 2001 hingga 29 Jun 2001 termasuk kedua-dua hari tersebut. Pemindahan yang lengkap di cawangan pendaftar (berdasarkan skrip) ditetapkan waktu penerimaan oleh pendaftar syarikat di Copenhagen hingga ke jam 3 petang pada 26 Jun 2001 akan didaftarkan sebelum hak keatas dividen terakhir yang dicadangkan itu diputuskan. Seorang penyimpan yang berdaftar dengan Malaysian Central Depository Sdn. Bhd. akan layak mendapat haknya, sekiranya:(a) (b) (c) Saham yang dipindahkan ke Akaun Penyimpan Saham pada atau sebelum 12.30 petang, 22 Jun 2001 bagi saham yang terkecuali dari simpanan mandatori. Saham yang dipindahkan ke Akaun Penyimpan Saham pada atau sebelum 12.30 petang, 26 Jun 2001 bagi pemindahan biasa. Saham yang dibeli di Bursa Saham Kuala Lumpur untuk tujuan kelayakan sebagaimana terkandung dalam Peraturan Bursa Saham Kuala Lumpur.

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UNITED PLANTATIONS BERHAD

Laporan Para Pengarah

BAGI TAHUN BERAKHIR 31 DISEMBER 2000 Para pengarah dengan sukacitanya membentangkan laporan tahunan ke-80 mereka serta penyata kewangan syarikat dan kumpulan yang telah diaudit bagi tahun berakhir 31 Disember 2000.

MODAL SAHAM Syarikat:

Modal saham dibenarkan bagi syarikat ialah 500,000,000 saham biasa RM1 setiap satu. Modal saham diterbitkan dan berbayar penuh berjumlah RM151,509,660 pada 31 Disember 2000. Syarikat-syarikat Subsidiari:

Struktur modal syarikat-syarikat subsidiari seperti berikut:Modal Modal dibenarkan berbayar RM RM Unitata Berhad 100,000,000 Bernam Agencies Sdn. Bhd. 5,000,000 Butterworth Bulking Installation Sdn. Bhd. 5,000,000 Scanlook Sendirian Berhad 4,000,000 Bernam Advisory Services Sdn. Bhd. 1,000,000 Berta Services Sdn. Bhd. 5,000,000 Kapal Bernam Sdn. Bhd. 1,000,000 38,000,000 3,500,000 3,250,000 3,000,000 750,000 500,000 50,000

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(b) Perkapalan dan penghantaran minyak sayuran dan molases dan perkhidmatan pengurusan. (c) Penyimpanan dan penyelenggaraan minyak sayuran dan molases. (d) Perkhidmatan-perkhidmatan perundingan kejuruteraan dan pembinaan kilang-kilang kelapa sawit dan loji pengolahan buangan secara "turn-key" dan penjualan peralatan kejuruteraan minyak kelapa sawit dan mesin-mesin. Syarikat-syarikat sekutu mengendalikan kegiatankegiatan seperti berikut:(a) Pembangunan tanah untuk operasi penanaman. (b) Pengeluaran minyak Omega-3, pepton, enzim, garam DNA, hati ikan kod bertin, pati protin dan lainlain produk marin yang dihasilkan melalui hasil sampingan ikan dan hidupan marin yang lain. (c) Membuat dan menjual roti, biskut dan pastri. Tiada perubahan penting berlaku di dalam sifat dasar aktiviti-aktiviti tersebut sepanjang tahun ini.

RINGKASAN HASIL KUMPULAN SYARIKAT RM'000 RM'000 Keuntungan selepas cukai 40,086 15,151 15,151 30,302 ­­­­­­­­­ Keuntungan tersimpan bagi tahun 9,784 ­­­­­­­­­ 33,162 15,151 15,151 30,302 ­­­­­­­­­ 2,860 ­­­­­­­­­

KEGIATAN UTAMA Syarikat bergiat dalam penanaman dan pemerosesan kelapa sawit dan kelapa di ladang-ladang di Semenanjung Malaysia. Syarikat juga mempunyai Pusat Penyelidikan yang aktif dalam menyediakan bahan pertanian yang baik khususnya untuk kegunaan ladang-ladang syarikat dan juga untuk industri pertanian Malaysia secara amnya. Syarikat-syarikat subsidiari lain pula mengendalikan kegiatan-kegiatan seperti berikut:(a) Memproses minyak kelapa sawit, mengilang minyak masak, bahan-bahan sabun, pengganti mentega koko dan jualbeli minyak kelapa sawit mentah.

Dividen interim dibayar pada 6 Februari 2001 Cadangan dividen akhir

Tidak ada pindahan-pindahan penting yang lain dibuat kepada atau daripada rizab bagi tahun ini. Para pengarah berpendapat, hasil dari kendalian syarikat dan kumpulan bagi tahun kewangan ini tidak tergugat secara berkesan oleh sebarang perkara, urusniaga atau hal yang penting dan luarbiasa.

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UNITED PLANTATIONS BERHAD

Laporan Para Pengarah (sambungan)

BAGI TAHUN BERAKHIR 31 DISEMBER 2000 HARTA-HARTA LADANG KUMPULAN Keluasan ladang-ladang kumpulan pada akhir tahun adalah seperti berikut:Jendarata Kuala Bernam Sungei Bernam Ulu Bernam Changkat Mentri Ulu Basir Sungei Erong Sungei Chawang Seri Pelangi 6,380 832 2,299 3,349 2,534 3,802 3,666 3,293 1,418 ­­­­­­­ 27,573 ­­­­­­­ hektar hektar hektar hektar hektar hektar hektar hektar hektar hektar Para pengarah mencadangkan pembayaran dividen akhir sebanyak 10% dikecualikan cukai yang berjumlah RM15,150,966 bagi tahun berakhir 31 Disember 2000, bergantung kepada kelulusan yang diperolehi dari para ahli di Mesyuarat Agung Tahunan yang akan datang, dibayar pada 23 Julai 2001.

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PARA PENGARAH Nama-nama para pengarah syarikat yang menyandang jawatan semenjak tarikh laporan yang terdahulu dan pada tarikh laporan ini adalah seperti berikut:Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail Y.B. Tan Sri Dato' Haji Ahmad Azizuddin bin Haji Zainal Abidin Y.B. Tan Sri Dato' Hashim bin Aman Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen Encik Peter Selvarajah A/L Gnanapragasam Encik Ho Dua Tiam Encik Carl Bek-Nielsen Encik Ahmad Riza Basir (Dilantik pada 17.6.2000) Encik Martin Bek-Nielsen (Dilantik pada 29.8.2000) Tidak terdapat sebarang perjanjian di mana syarikat mengambil bahagian pada akhir tahun kewangan atau sepanjang tahun kewangan itu, yang membolehkan para pengarah mendapat faedah secara pengambilan saham atau debentur syarikat ini atau sebarang pertubuhan korporat lain. Menurut daftar yang disimpan mengikut Seksyen 134, Akta Syarikat Malaysia, 1965, para pengarah yang menyandang jawatan pada akhir tahun kewangan ini mempunyai kepentingan saham dalam syarikat dan syarikat subsidiari kepunyaan syarikat induk seperti berikut:KEPENTINGAN LANGSUNG Syarikat: Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail Y.B. Tan Sri Dato' Haji Ahmad Azizuddin bin Haji Zainal Abidin Y.B. Tan Sri Dato' Hashim bin Aman Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen En. Peter Selvarajah A/L Gnanapragasam En. Ho Dua Tiam En. Carl Bek-Nielsen En. Martin Bek-Nielsen * Pada tarikh perlantikan Pada 1.1.00 ­­­­­­ 605,200 Belian Jualan Sepanjang tahun ­­­­­­­­­­­­­­­­­­ 1,780,000 ­ Pada 31.12.00 ­­­­­­­­ 2,385,200

Dalam laporan ini juga terdapat satu penyata yang mengandungi satu analisa keluasan tanah mengikut tiaptiap tanaman. Rancangan-rancangan penanaman dan penanaman semula yang telah diselesaikan dalam tahun 2000 adalah seperti berikut:2 hektar kawasan lain ditanam dengan kelapa hybrid 1,846 hektar kawasan kelapa sawit ditanam dengan kelapa sawit ­­­­­­­ 1,848 hektar ­­­­­­­

DIVIDEN Dividen yang telah dibayar oleh syarikat semenjak akhir tahun kewangan terdahulu adalah:(a) Dividen interim sebanyak 10% dikecualikan cukai, berjumlah RM15,150,966 bagi tahun terdahulu telah dibayar pada 31 Januari 2000. (b) Dividen akhir sebanyak 15% dikecualikan cukai, berjumlah RM22,726,449 bagi tahun terdahulu telah dibayar pada 20 Julai 2000. (c) Dividen interim sebanyak 10% dikecualikan cukai berjumlah RM15,150,966 bagi tahun semasa telah dibayar pada 6 Februari 2001.

40,440 30,000 281,204 35,120 294,000 * 65,000 * 80,000

8,000 ­ ­ 25,000 6,000 ­ ­

­ ­ ­ ­ ­ ­ ­

48,440 30,000 281,204 60,120 300,000 65,000 80,000

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UNITED PLANTATIONS BERHAD

Laporan Para Pengarah (sambungan)

BAGI TAHUN BERAKHIR 31 DISEMBER 2000

KEPENTINGAN TIDAK LANGSUNG Oleh saham yang dipegang oleh syarikat di mana pengarah Pada mempunyai kepentingan 1.1.00 ­­­­­­ Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen 47,588,067 En. Carl Bek-Nielsen En. Martin Bek-Nielsen Belian Jualan Sepanjang tahun ­­­­­­­­­­­­­­­­­­ Pada 31.12.00 ­­­­­­­­

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­

­

47,588,067

KEPENTINGAN LANGSUNG Syarikat Subsidiari Bernam Advisory Services Sdn. Bhd. Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen Peter Selvarajah A/L Gnanapragasam

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Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen, Encik Carl Bek-Nielsen dan Encik Martin Bek-Nielsen, melalui saham yang dimiliki dalam Aarhus Oliefabrik A/S dan Aarhus (Malaysia) Sdn. Bhd., dianggap mempunyai kepentingan tidak langsung dalam syarikat-syarikat sudsidiari sebanyak kepentingan yang dimiliki oleh syarikat.

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Fungsi jawatankuasa adalah untuk menyemak dasardasar perakaunan, kawalan dalaman dan akaun suku tahun dan tahunan syarikat dan subsidiari-subsidiari bagi pihak lembaga pengarah. Dalam melaksanakan tugasnya, jawatankuasa telah meneliti tugas liputan audit luar. Laporan juruaudit luar berkenaan lawatan ke estet-estet dan penyemakan kawalan dalaman keatas syarikat dan subsidiarisubsidiari telah diteliti. Jawatankuasa juga telah menyemak penyata kewangan syarikat dan penyata kewangan gabungan bagi kumpulan dan laporan juruaudit bagi pihak lembaga pengarah.

PERISTIWA PENTING SELEPAS TARIKH AKHIR TAHUN Peristiwa penting selepas tarikh akhir tahun dinyatakan dalam Nota 24 kepada akaun.

Semenjak akhir tahun kewangan yang terdahulu, tiada pengarah telah menerima atau berhak menerima sebarang faedah (selain daripada faedah yang termasuk didalam jumlah ganjaran yang diterima atau berhak diterima oleh para pengarah seperti yang ditunjukkan dalam akaun-akaun kumpulan atau gaji tetap sebagai pekerja sepenuh masa syarikat) dibawah perjanjian antara syarikat atau syarikat yang berkaitan, dengan mana-mana pengarah atau dengan sebuah firma dimana pengarah tersebut adalah seorang ahli atau dengan syarikat dalam mana pengarah itu ada kepentingan kewangan yang besar kecuali apa-apa yang telah dibentangkan dalam Nota 21 penyata kewangan ini.

MAKLUMAT BERKANUN (a) Sebelum akaun untung rugi dan kunci kira-kira syarikat dan kumpulan disediakan, para pengarah telah mengambil tindakan yang wajar:(i) bagi menentukan bahawa langkah yang sesuai telah diambil berhubung dengan penghapusan hutang lapuk dan peruntukan untuk hutang ragu dan telah berpuashati bahawa semua hutang lapuk yang diketahui telah dihapuskan dan peruntukan yang cukup telah dibuat untuk hutang ragu; dan (ii) bagi memastikan bahawa sebarang harta semasa yang tidak mungkin menghasilkan nilainya seperti terdapat dalam buku-buku akaun dalam urusan perniagaan biasa, telah pun dinyatakan nilainya ke suatu amaun yang dijangka dapat dihasilkan. (b) Pada tarikh laporan ini, para pengarah tidak mengetahui akan adanya perkara yang boleh menyebabkan:(i) jumlah hutang lapuk yang dihapuskan atau jumlah peruntukan untuk hutang ragu dalam syarikat dan kumpulan tidak mencukupi; dan

JAWATANKUASA AUDIT Jawatankuasa audit lembaga pengarah telah ditubuhkan pada tahun 1993. Dua daripada ahli-ahli jawatankuasanya merupakan pengarah-pengarah bukan eksekutif iaitu :Y.B. Tan Sri Dato' Hashim bin Aman (Pengerusi ­ Pengarah Bebas Bukan Eksekutif) Y.B. Tan Sri Dato' Haji Ahmad Azizuddin bin Haji Zainal Abidin (Pengarah Bebas Bukan Eksekutif) En. Ho Dua Tiam (Pengarah Eksekutif) En. R. Nadarajan (Setiausaha) Semenjak dari tarikh laporan yang lalu, jawatankuasa ini telah mengadakan 4 mesyuarat. 10

UNITED PLANTATIONS BERHAD

Laporan Para Pengarah (sambungan)

BAGI TAHUN BERAKHIR 31 DISEMBER 2000 (ii) nilai harta semasa yang ditunjukkan dalam akaun syarikat dan kumpulan menjadi mengelirukan. JURUAUDIT Juruaudit, Ernst & Young, telah menyatakan kesanggupan mereka untuk meneruskan perkhidmatan sebagai juruaudit. Bagi Pihak Lembaga,

(c) Pada tarikh laporan ini, para pengarah tidak mengetahui akan adanya sebarang perkara yang boleh mengakibatkan kaedah penilaian harta atau tanggungan yang digunakan pada masa ini oleh syarikat dan kumpulan menjadi mengelirukan atau tidak sesuai.

(d) Pada tarikh laporan ini, para pengarah tidak mengetahui akan adanya sebarang perkara yang tidak disebutkan dalam laporan ini atau tidak dinyatakan di dalam penyata kewangan syarikat dan kumpulan yang akan mengakibatkan sebarang jumlah yang dinyatakan dalam penyata kewangan dan penyata kewangan gabungan menjadi mengelirukan. (e) Pada tarikh laporan ini tidak terdapat:(i) sebarang cagaran atas harta syarikat atau kumpulan yang wujud semenjak akhir tahun kewangan yang memberi cagaran terhadap tanggungan orang atau syarikat lain; atau (ii) sebarang tanggungan luarjangka syarikat atau kumpulan yang wujud semenjak akhir tahun kewangan ini. (f) Para pengarah berpendapat:-

UP

Y.B. TAN SRI DATO' SERI HAJI BASIR BIN ISMAIL

Y.B. TAN SRI DATO' SERI BORGE BEK-NIELSEN

) ) ) ) ) PARA ) PENGARAH ) ) ) )

(i) Tiada tanggungan luarjangka atau tanggungan lain yang mungkin atau berkemungkinan akan berkuatkuasa dalam jangkamasa dua belas bulan yang menyusul selepas akhir tahun kewangan ini yang boleh atau mungkin menjejaskan kemampuan syarikat atau kumpulan menyelesaikan tanggungantanggungan apabila tiba masanya; dan (ii) Tiada perkara, urusniaga atau hal penting dan luarbiasa yang telah wujud dalam tempoh masa di antara akhir tahun kewangan ini dan tarikh laporan ini yang mungkin menggugat secara berkesan hasil kendalian syarikat atau kumpulan bagi tahun kewangan di mana laporan ini dibuat.

Ladang Jendarata 36009 Teluk Intan Perak Darul Ridzuan Malaysia 24 Februari 2001

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UNITED PLANTATIONS BERHAD

Penyata Pengerusi

Bagi pihak Lembaga Pengarah Syarikat saya dengan sukacitanya membentangkan Penyata Tahunan dan Kewangan berakhir 31 Disember 2000. Keuntungan Syarikat bagi tahun 2000 adalah RM49,392,000 berbanding dengan RM117,139,000 dalam tahun 1999 dan keuntungan bersih selepas cukai pula ialah RM40,086,000 berbanding dengan RM115,095,000 (terkecuali dari cukai) pada tahun 1999. PENGELUARAN DALAM TAN METRIK 2000 109,060 33,293 7,858 1999 110,066 32,150 5,841 % Perubahan - 1.0 + 3.6 + 34.5

Minyak Sawit Isirong Kelapa Sawit Kopra

POLISI TANAM SEMULA

Lembaga Pengarah Syarikat dengan sokongan kakitangan bahagian Penyelidikan, Perladangan dan Kejuruteraan akan berusaha mengekalkan hasil pengeluaran purata yang baik iaitu diantara 28 ­ 32 tan metrik BTB/hektar berbanding dengan hasil-hasil pengeluaran purata negara sebanyak lebih kurang 21 ­ 22 tan metrik BTB/hektar. Kos pengeluaran purata minyak sawit mentah dan isirong kelapa sawit Syarikat adalah diantara yang terendah di Malaysia. Kenyataan berikut menunjukkan kos perbelanjaan tanaman semula kelapa sawit dan kelapa untuk tahun 2000. Tahun 2000 Kelapa Sawit Pokok Kelapa Jumlah Keluasan 9,427 ekar 2,604 ekar 12,031 ekar Kos Tanam Semula RM 12,045,000 RM 3,402,000 RM 15,447,000

UP

Anggaran kos menanam semula kelapa sawit dan kelapa untuk tahun 2001 adalah seperti berikut: Tahun 2001 Kelapa Sawit Pokok Kelapa Jumlah Keluasan 8,628 ekar 2,666 ekar 11,294 ekar Kos Tanam Semula RM 12,896,000 RM 3,988,000 RM 16,884,000

Dengan adanya rancangan tanaman semula yang diusahakan oleh Syarikat akan memastikan kadar purata umur pokok-pokok kelapa sawit dan kelapa adalah termuda dalam industri perladangan di Malaysia, dengan demikian menjamin polisi dividen yang rasional.

PENYELIDIKAN DAN PEMBANGUNAN Didalam Laporan Tahunan 1998, muka surat 15 dan seterusnya menunjukkan kejayaan Bahagian Penyelidikan mengeluarkan hasil kelapa yang tertinggi di dunia. Kenyataan seterusnya menggambarkan bagaimana dalam jangkamasa 16 tahun kelapa jenis MAWA menghasilkan 30,785 biji dan MATAG mengeluarkan 30,654 biji buah kelapa. Pengeluaran hasil tersebut adalah bersamaan dengan 6.46 tan metrik dan 7.66 tan metrik kopra sehektar.

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UNITED PLANTATIONS BERHAD

Penyata Pengerusi (sambungan)

KEMAJUAN BAHAN TANAMAN POKOK KELAPA PERBANDINGAN HASIL DIANTARA MAWA DAN MATAG 131 POKOK/HEKTAR DITANAM DI UP BHD PADA TAHUN 1982 MAWA MATAG Tahun Ke 7 ­ 16: Jumlah buah sepokok/tahun Buah kelapa sehektar Kopra/Hektar (tan metrik) Hasil Pengeluaran ­ Tahun Ke-16 Jumlah buah kelapa sepokok/tahun Buah kelapa sehektar Kopra/Hektar (tan metrik)

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188 24,628 5.17

192 25,152 6.29

235 30,785 6.46

234 30,654 7.66

Selepas lawatan Menteri Pertanian, Yang Berhormat Datuk Mohd Effendi Norwawi ke United Plantations Bhd pada 24hb Jun 2000, satu perjanjian untuk membekal keseluruhan 720,000 benih kelapa MATAG untuk jangka masa 5 tahun telah ditandatangani. Benih-benih tersebut adalah untuk rancangan tanaman semula pekebun-pekebun kecil dibawah Rancangan Malaysia Ke 8. Pembakaran terbuka semasa menanam semula adalah ditegah oleh Kerajaan. Bahagian Penyelidikan Syarikat telah berusaha mencari jalan yang terbaik untuk memusnahkan tunggul batang dan daun tanpa bakar. Bahagian Penyelidikan telah juga mengusahakan cara baru dimana pokok-pokok kelapa dapat mengeluarkan hasil selepas 28 bulan dan tidak seperti biasa iaitu selepas 36 bulan. Syarikat juga telah berjaya mengekal nisbah Carbon Nitrogen dengan mengguna semula sisa biomass sebagai bahan organik. Satu kenyataan oleh Pengarah Penyelidikan, Dr. Gurmit Singh, dikepilkan untuk faedah wargakerja Syarikat dan mereka yang berminat.

PENGURUSAN ALAM SEKITAR ­ PENGOLAHAN LOJI EFLUEN KILANG KELAPA SAWIT Apabila Kerajaan memperkenalkan "The Clean Air and Water Act" dibawah bidang kuasa Akta Kualiti Alam Sekitar 1974, industri kelapa sawit telah diberi masa untuk mematuhi Akta tersebut. United Plantations Bhd telah membuka langkah untuk mencari penyelesaian masalah yang serius ini. Dengan kerjasama Bahagian Kejuruteraan dan Penyelidikan, Syarikat berjaya mengatasi masalah tersebut dengan memproses efluen cair yang mengandungi bahan-bahan "biochemical oxygen demand (BOD)" tinggi ditukar menjadi baja dengan menggunakan "exhaust gas" dari serombong dandang kelapa sawit. Hasilnya didapati memuaskan.

SITUASI PEKERJA Kejayaan pembangunan industri berat dan ringan di Malaysia menimbulkan masalah yang serius di sektor perladangan. Kekurangan pekerja ladang berlaku oleh kerana kebanyakan pekera-pekerja ladang yang muda telah mencari pekerjaan di sektor industri lain di seluruh negara.

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UNITED PLANTATIONS BERHAD

Penyata Pengerusi (sambungan)

Dengan perkembangan industri dalam 3 dekad terakhir di abad ke 20 adalah dianggarkan lebih dari 1.5 juta pekerja asing bekerja di Malaysia dengan jumlah penduduk sebanyak lebih kurang 22 juta. Ini merupakan 75 ­ 80% pekerja ladang adalah pekerja asing. Laporan selanjutnya menerangkan betapa seriusnya keadaan ini yang akan menjejaskan kecekapan tenaga kerja dan mutu pengeluaran pertanian.

JUMLAH KEKOSONGAN JAWATAN/KEKURANGAN MENGIKUT KATEGORI PEKERJAAN (31 JANUARI 2001) Kategori Pekerjaan Penuai kelapa sawit Pemetik buah Pengopek buah Pekerja ladang Pekerja am Pekerja mahir Jumlah Tenagakerja semasa Tempatan Asing Jumlah 194 830 1024 12 52 64 20 9 29 595 135 730 1014 304 1318 130 2 132 1965 1332 3297 Kekosongan 432 54 64 175 99 2 826 Jumlah Pekerja Diperlukan 1456 118 93 905 1417 134 4123

UP

KEBAJIKAN PEKERJA Dua puluh tahun yang lalu Syarikat telah menubuhkan Tabung Kebajikan dan Persaraan untuk menggalakkan pekerja bekerja dengan Syarikat sehingga mencapai umur persaraan iaitu 55 tahun. Skala pembayaran (dimana suami dan isteri dibayar berasingan) adalah seperti dibawah ini:Jangkamasa Perkhidmatan Dalam Syarikat 25 tahun dan lebih 20-25 tahun 15-20 tahun 10-15 tahun RM 6,000 5,000 4,000 3,000

Selain dari Tabung tersebut, satu skim biasiswa telah ditubuhkan untuk anak-anak pekerja yang sesuai melanjutkan pelajaran mereka. Biasiswa tersebut bernilai RM1,800 ­ RM2,000 setahun. Oleh kerana terdapat hanya sekolah-sekolah rendah di ladang-ladang, Syarikat telah membayar subsidi pengangkutan bersamaan dengan 90% tambang bas untuk anak-anak pekerja yang bersekolah menengah di bandar-bandar yang berdekatan. Jumlah subsidi sepanjang 3 tahun berjumlah RM1,650,979.

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UNITED PLANTATIONS BERHAD

Penyata Pengerusi (sambungan)

Beberapa set komputer juga telah disediakan oleh pihak Syarikat di sekolah-sekolah di ladang. Sokongan seperti ini telah memberi hasil yang amat baik. Didalam peperiksaan UPSR sekolah-sekolah Division I, II dan III Ladang Jendarata telah meraih tempat pertama, kedua dan ketiga diantara sekolah-sekolah Tamil di Daerah Hilir Perak. Sekolah Division I Tamil telah memenangi hadiah pencapaian terbaik peringkat negeri Perak untuk peperiksaan tersebut.

MARITEX AS, NORWAY

Penangguhan selama setahun pemasangan unit penyejat dan penuras menyebabkan kekurangan anggaran pengeluaran yang penting untuk pasaran antarabangsa. Diatas faktor ini MARITEX AS mengalami kerugian sebanyak RM7.95 juta untuk tahun 2000, dimana United Plantations Bhd mempunyai kepentingan sebanyak 31% saham. Namun demikian laporan terakhir menunjukkan bahawa pencapaian untuk tahun 2001 amat membanggakan.

UNITED PLANTATIONS AUSTRALIA

Pengurus Besar Syarikat melaporkan operasi usahasama ladang di "Gordon Downs" Australia (dimiliki oleh International Plantation and Finance Ltd ­ 70% dan UP Bhd ­ 30%) mendapat keuntungan berjumlah AUD2.1 juta pada tahun 2000. Laporan yang menggalakkan ini adalah disebabkan UP Australia adalah ladang yang mula-mula mengeluarkan gandum organik dengan harga jualan yang mencecah lebih dari 100% daripada harga gandum biasa yang ditanam di Australia.

UP

PROSPEK DAN JANGKAUAN MASA HADAPAN Penurunan harga minyak sawit dari RM1,180/tan metrik (Januari 2000) keparas RM680/tan metrik (Februari 2001) disebabkan berlebihan minyak makan. Harga isirong kelapa sawit juga menurun dari RM1,000/tan metrik kepada RM300/tan metrik. Tahun 2000 menimbulkan kesulitan dengan isu-isu berikut: I. Kecenderungan negara China mengimpot kacang soya yang banyak untuk dijadikan makanan haiwan telah bertambah dua kali ganda dari 46.37 juta tan metrik dalam tahun 1993/94 kepada 79.76 juta tan metrik dalam tahun 1998/99. Pertambahan bekalan daging untuk penduduk China tidak akan berlaku tanpa kandungan 40% protein dalam soyabean. Sebaliknya pengimpotan minyak sawit ke negara China dan negara-negara lain telah berkurangan. Ini menyebabkan stok simpanan minyak sawit Malaysia meningkat kepada 1,527,914 tan metrik pada bulan November 2000 menyebabkan tekanan kepada keupayaan penyimpanan minyak sawit. II. Krisis "Mad Cow Disease" iaitu BSE (Bovine Spongiform Encephalopathy) yang melanda negara Eropah memaksa penternak-penternak di Eropah tidak menggunakan bahan daripada tulang ternakan sebagai makanan haiwan. Penternak-penternak di Eropah terpaksa mengimpot kacang soya yang banyak untuk mendapatkan protein yang diperlukan. Akibat dari transaksi ini terdapat minyak kacang soya yang berlebihan di negara Eropah.

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UNITED PLANTATIONS BERHAD

Penyata Pengerusi (sambungan)

III. Pada 21 November 2000 negara India telah memperkenalkan duti impot yang baru untuk RBD Palm Olein: DUTI MINYAK SAYUR INDIA YANG DI IMPOT Minyak Sawit CD-SBO

Berkuatkuasa 12 Jun ­ 21 November 2000 Cukai asas +10% Surcaj +4% Cukai Tambahan Khas Jumlah Cukai Efektif

UP

35.00% 3.50% 5.54% 44.04%

25.00% 2.50% Tiada 27.50%

Minyak Sawit

CD-SBO

Berkuatkuasa 22 November 2000 ­ 28 Februari 2001 Cukai asas +10% Surcaj Cukai Tambahan Khas Jumlah Cukai Efektif 65.00% 6.60% Tiada 71.60% 35.00% Tiada Tiada 35.00%

Minyak Sawit Berkuatkuasa 1 Mac 2001 ­ hingga diberitahu Cukai asas +10% Surcaj +4% Cukai Tambahan Khas (4% daripada 185%) Jumlah Cukai Efektif 92.40% 85.00% Tiada 7.40%

CD-SBO

45.00% Tiada Tiada

45.00%

Kadar Muatan (Rotterdam) Se Tan Biasa ­ sebelum krisis bahan bakar Tinggi (Februari 2001) Semasa April/Mei 2001 USD 33-35 USD 73 USD 51-58

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UNITED PLANTATIONS BERHAD

Penyata Pengerusi (sambungan)

Oleh sebab kesulitan-kesulitan yang dialami Syarikat cuma dapat keuntungan selepas cukai berjumlah RM40 juta dan mengekalkan dividen yang rasional untuk tahun 2000. Sepanjang tahun 2000 para pengeluar telah mengalami kesulitan yang serius disebabkan pengeluaran berlebihan kacang soya di USA dan negara-negara America Selatan, Brazil, Argentina dan Uruguay. Ini telah menyebabkan kemelesetan harga minyak sawit iaitu USD40 ­ USD50 tan metrik dibawah harga minyak kacang soya. Akibat harga minyak sawit yang rendah ekspot stok minyak sawit dalam bulan Mac (34%) naik kepada 1,059,393 tan metrik dari 788,336 tan metrik bulan Februari 2001. Mengikut laporan terkini USDA, luas kawasan yang akan di tanam dengan kacang soya pada tahun 2001 dianggarkan berjumlah 76.659 juta ekar berbanding dengan 74.5 juta ekar pada tahun 2000. Tanaman tersebut merupakan yang terbesar di US. Memandangkan negara-negara Selatan America menuju kepada matlamat yang sama, pengeluar minyak sawit di Malaysia harus mengambil perhatian atas pengeluaran kacang soya yang tinggi. Tambah pula luas kawasan yang akan ditanam dengan `canola' di US ialah 1.892 juta ekar naik sebanyak 21% berbanding dengan 1.567 juta ekar dalam tahun 2000.

UP

MINYAK MAKAN BERLEBIHAN Pertambahan pengeluaran minyak makan khasnya sawit dan kacang soya memberi kesan yang negatif terhadap harga jualan minyak sawit. Jumlah stok simpanan minyak sawit sehingga November 2000 mencapai 1.528 juta tan metrik. Pengeluaran minyak sawit yang tinggi menyebabkan kesemua tangki-tangki tempat simpanan yang sedia ada dipenuhisi. Kesan ini menimbulkan satu tekanan diatas harga minyak sawit dimana ada kalanya minyak sawit dijual dengan harga diskaun diantara USD50 ­ 60 tan metrik dibawah harga minyak kacang soya. Kerajaan dan ahli-ahli industri minyak sawit di Malaysia telah mula menjalankan ujikaji loji-loji alat jentera yang mampu mengeluarkan diesel sawit dari minyak sawit. Kajian yang sama telah diusahakan di Germany dimana minyak biji sesawi (rapeseed) dijadikan minyak pembakaran. Cadangan membakar 500,000 tan metrik minyak sawit mentah akan dilakukan di loji-loji janakuasa di Malaysia.

PENGHARGAAN Saya bagi pihak Lembaga Pengarah United Plantations Berhad ingin menyampaikan ucapan terima kasih kepada pengarah-pengarah, pengurusan dan kakitangan Syarikat, rakan-rakan dalam perniagaan, para pemegang saham, Kementerian-Kementerian, Jabatan-Jabatan Kerajaan serta Badan-Badan Berkanun yang telah memberi sokongan dan kerjasama sepanjang tempoh yang ditinjau. Saya juga ingin mengucapkan terima kasih kepada Ahli-Ahli Lembaga Pengarah yang telah memberi nasihat dan pandangan yang berguna serta sokongan mereka yang tidak berbelah bagi sepanjang tahun ini.

Tan Sri Dato' Seri Haji Basir Ismail Pengerusi 2hb April 2001

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UNITED PLANTATIONS BERHAD

KITAR SEMULA KELAPA SAWIT `BIOMASS' DI ATAS TANAH DAN SUMBANGAN KEPADA EKONOMI PERTANIAN (SEMASA PEREDARAN SATU JENERASI KELAPA SAWIT)

Dari pelepah semasa cantasan normal Bahan kering sehektar

Persamaan karbon sehektar

Dari batang dan pelepah semasa tanam semula Bahan kering sehektar Persamaan karbon sehektar = = = 100 tan 100x40/100 40 tan

UP

= = = =

10 tan x 22 tahun 220 tan 220x40/100 88 tan

Dari bunga jantan yang rosak Bahan kering sehektar Persamaan karbon sehektar = = = 27 tan 27x40/100 10.8 tan

Dari tandan kosong kelapa sawit yang menyungkup Bahan kering sehektar Persamaan karbon sehektar = = = 30 tan 30x40/100 12 tan

GABUNGAN KITAR SEMULA `BIOMASS' DIATAS TANAH SEMASA PEREDARAN SATU JENERASI KELAPA SAWIT Bahan kering sehektar (Bahan organik) Persamaan karbon sehektar

18

=

220+100+27+30 377 tan 150.8 tan

=

Bahagian Kewangan

KANDUNGAN

Penyata Pendapatan Kunci Kira-kira

Penyata Perubahan Dalam Ekuiti Disatukan Penyata Perubahan Dalam Ekuiti ­ Syarikat Penyata Aliran Tunai Nota-nota Kepada Penyata Kewangan

UP

22 23 24 25

26 ­ 27 28 ­ 41

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UNITED PLANTATIONS BERHAD

Penyata Pendapatan

BAGI TAHUN BERAKHIR 31 DISEMBER 2000

Nota PEROLEHAN PERNIAGAAN LAIN-LAIN PENDAPATAN OPERASI 4

PERUBAHAN STOK BAHAN MENTAH DAN BELIAN YANG DIGUNAKAN SUSUTNILAI ASET TETAP PERBELANJAAN PEKERJA PERUNTUKAN ROSOTNILAI PELABURAN LAIN-LAIN PERBELANJAAN OPERASI

UP

2000 RM'000

KUMPULAN

SYARIKAT

1999 RM'000 436,683 3,479 ­­­­­­­­­ 440,162

2000 RM'000 121,270 1,186 ­­­­­­­­­ 122,456

1999 RM'000 214,351 3,466 ­­­­­­­­­ 217,817

279,711

1,395 ­­­­­­­­­ 281,106

11,436

(24,340) (179,156) (23,104) (68,074) ­ (33,471) (328,145) ­­­­­­­­­ 112,017 (2,474)

19,344 (7,749) (20,705) (46,570) (425) (29,378) (85,483) ­­­­­­­­­ 36,973 (8)

3 (9,322) (20,201) (57,130) ­ (27,798) (114,448) ­­­­­­­­­ 103,369 (21)

(137,100) (20,046) (56,065) ­ (33,366)

(235,141) ­­­­­­­­­ KEUNTUNGAN OPERASI PERBELANJAAN KEWANGAN BAHAGIAN KERUGIAN SYARIKAT SEKUTU PENDAPATAN PELABURAN DAN FAEDAH 5 6 45,965 (1,001)

(1,195)

(216)

­

­

7

5,623 ­­­­­­­­­ 49,392

7,812 ­­­­­­­­­ 117,139 (2,044) ­­­­­­­­­ 115,095 ­­­­­­­­­ ­­­­­­­­­ 75.97 ­­­­­­­­­ ­­­­­­­­­

5,405 ­­­­­­­­­ 42,370 (9,208) ­­­­­­­­­ 33,162 ­­­­­­­­­ ­­­­­­­­­

7,606 ­­­­­­­­­ 110,954 (2,027) ­­­­­­­­­ 108,927 ­­­­­­­­­ ­­­­­­­­­

KEUNTUNGAN SEBELUM CUKAI CUKAI 8

(9,306) ­­­­­­­­­ 40,086 ­­­­­­­­­ ­­­­­­­­­ 26.46 ­­­­­­­­­ ­­­­­­­­­

KEUNTUNGAN BERSIH SEMASA PENDAPATAN SETIAP SAHAM (SEN) 9

Nota-nota yang disertakan merupakan sebahagian dari penyata kewangan ini. 22

UNITED PLANTATIONS BERHAD

Kunci Kira-kira

PADA 31 DISEMBER 2000

Nota HARTA, LOJI DAN PERALATAN SYARIKAT-SYARIKAT SUBSIDIARI SYARIKAT-SYARIKAT SEKUTU PELABURAN HARTA SEMASA Stok Penghutang perniagaan Lain-lain penghutang, deposit dan pembayaran terdahulu Perolehan balik percukaian Wang tunai dan baki di dalam bank Simpanan tetap di bank berlesen

10 11 12 13 14

UP

2000 RM'000

KUMPULAN

SYARIKAT

1999 RM'000

2000 RM'000

1999 RM'000

367,176 ­ 15,791 13,644 55,884 35,854

360,423 ­ 14,320 13,644 50,435 45,100 2,728 ­ 1,814 203,570 ­­­­­­­­­ 303,647

322,148 92,596 11,621 19,038 32,285 4,711 1,542 1,091 1,978 111,849 ­­­­­­­­­ 153,456

319,081 52,128 7,208 19,038 14,026 11,832 1,884 ­ 1,375 199,206 ­­­­­­­­­ 228,323

1,984 1,021 2,190 134,773 ­­­­­­­­­ 231,706

TOLAK: TANGGUNGAN SEMASA Pemiutang perniagaan Lain-lain pemiutang dan akruan Cukai Dividen ­ Dividen interim ­ Dividen akhir Pinjaman bank

4,717 19,861 ­ 15,151 15,151 7,475 ­­­­­­­­­ 62,355 169,351 ­­­­­­­­­ 565,962 ­­­­­­­­­ ­­­­­­­­­

11,497 18,050 18,826 15,151 22,727 47,889 ­­­­­­­­­ 134,140 169,507 ­­­­­­­­­ 557,894 ­­­­­­­­­ ­­­­­­­­­

250 19,114 ­ 15,151 15,151 ­ ­­­­­­­­­ 49,666 103,790 ­­­­­­­­­ 549,193 ­­­­­­­­­ ­­­­­­­­­

147 22,529 18,804 15,151 22,727 87 ­­­­­­­­­ 79,445 148,878 ­­­­­­­­­ 546,333 ­­­­­­­­­ ­­­­­­­­­

15

HARTA SEMASA BERSIH

DIWAKILI OLEH: MODAL SAHAM RIZAB 151,510 151,510 151,510 151,510 388,071 380,035 372,883 370,023 ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ 539,581 531,545 524,393 521,533 CUKAI TERTUNDA 18 24,800 24,818 24,800 24,800 GANJARAN PERSARAAN 1,581 1,531 ­ ­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ 565,962 557,894 549,193 546,333 ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ Nota-nota yang disertakan merupakan sebahagian dari penyata kewangan ini. 23 16 17

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Penyata Perubahan Dalam Ekuiti Disatukan

BAGI TAHUN BERAKHIR 31 DISEMBER 2000 KUMPULAN

Modal saham

Keuntungan tertahan

Nota BAKI PADA 31 DISEMBER 1998 BAHAGIAN RIZAB PENILAIAN SEMULA SYARIKAT SEKUTU PERTUKARAN RIZAB PERMULAAN KEUNTUNGAN TAHUN SEMASA DIVIDEN BAKI PADA 31 DISEMBER 1999 BAHAGIAN RIZAB PENILAIAN SEMULA SYARIKAT SEKUTU PERTUKARAN RIZAB PERMULAAN KEUNTUNGAN TAHUN SEMASA DIVIDEN BAKI PADA 31 DISEMBER 2000

RM'000

RM'000

151,510

251,069

­

­ ­ ­

UP

Rizab atas penyatuan

Premium Rizab penilaian saham semula

Rizab modal

Rizab pertukaran

RM'000

RM'000

RM'000

RM'000

RM'000

JUMLAH RM'000

53

22,242

5,709

21,894

928

453,405

­

­

­

* 292

­

­

292

­

­ ­ ­

­ ­ ­

­ ­ ­

­ ­ ­

* 631 ­ ­

631 115,095 (37,878)

19

115,095 (37,878)

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

151,510

328,286

53

22,242

6,001

21,894

1,559

531,545

­

­

­

­

*7

­

­

7

­

­

­

­

­

­ * (1,755)

(1,755)

19

­ ­

40,086 (30,302)

­ ­

­ ­

­ ­

­ ­

­ ­

40,086 (30,302)

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

151,510

338,070

53

22,242

6,008

21,894

(196)

539,581

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

* Keuntungan / (kerugian) bersih tidak disertakan di dalam penyata pendapatan.

Nota-nota yang disertakan merupakan sebahagian dari penyata kewangan ini.

24

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Penyata Perubahan Dalam Ekuiti

BAGI TAHUN BERAKHIR 31 DISEMBER 2000 SYARIKAT

BAKI PADA 31 DISEMBER 1998 KEUNTUNGAN TAHUN SEMASA DIVIDEN

BAKI PADA 31 DISEMBER 1999 KEUNTUNGAN TAHUN SEMASA DIVIDEN BAKI PADA 31 DISEMBER 2000

UP

Nota 19 19

JUMLAH RM'000 RM'000 RM'000 RM'000 RM'000

Modal saham

Keuntungan Terkumpul

Rizab penilaian semula

Premium saham

151,510 257,011 ­ 108,927

19,721 ­

22,242 450,484 ­ 108,927

­ (37,878) ­ ­ (37,878) ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

151,510 328,060 ­ 33,162

19,721 ­

22,242 521,533 ­ 33,162

­ (30,302) ­ ­ (30,302) ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ 151,510 330,920 19,721 22,242 524,393 ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

Nota-nota yang disertakan merupakan sebahagian dari penyata kewangan ini. 25

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Penyata Aliran Tunai

BAGI TAHUN BERAKHIR 31 DISEMBER 2000

Nota ALIRAN TUNAI DARIPADA AKTIVITI OPERASI Penerimaan daripada pelanggan Bayaran kepada pembekal Bayaran perbelanjaan operasi Bayaran cukai Lain-lain terimaan ALIRAN TUNAI BERSIH DARIPADA AKTIVITI OPERASI ALIRAN TUNAI DARIPADA AKTIVITI PELABURAN Perolehan daripada jualan harta tetap Pendapatan faedah Penerimaan dividen Pembelian saham tetap Pembelian saham dalam syarikat bersekutu ALIRAN TUNAI BERSIH DARIPADA AKTIVITI PELABURAN

UP

2000 RM'000

KUMPULAN

SYARIKAT

1999 RM'000

2000 RM'000

1999 RM'000

295,335 (138,271) (93,051) (29,142) 1,409 ­­­­­­­­­ 36,280 ­­­­­­­­­

415,853 (260,829) (31,454) (20,172) 4,012 ­­­­­­­­­ 107,410 ­­­­­­­­­

128,391 (6,563) (79,447) (29,074) 1,189 ­­­­­­­­­ 14,496 ­­­­­­­­­

212,596 (10,488) (85,188) (19,956) 74 ­­­­­­­­­ 97,038 ­­­­­­­­­

(a)

227 5,010 584 (26,889) (4,340) ­­­­­­­­­ (25,408) ­­­­­­­­­

68 7,177 457 (26,404) ­ ­­­­­­­­­ (18,702) ­­­­­­­­­

90 4,792 584 (23,862) (4,340) ­­­­­­­­­ (22,736) ­­­­­­­­­

52 6,971 457 (21,012) ­ ­­­­­­­­­ (13,532) ­­­­­­­­­

Nota-nota yang disertakan merupakan sebahagian dari penyata kewangan ini.

26

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Penyata Aliran Tunai (sambungan)

BAGI TAHUN BERAKHIR 31 DISEMBER 2000

Nota ALIRAN TUNAI DARIPADA AKTIVITI PEMBIAYAAN Perubahan bersih pinjaman bank Bayaran faedah Bayaran dividen Pendahuluan kepada syarikat subsidiari ALIRAN TUNAI BERSIH DARIPADA AKTIVITI PEMBIAYAAN

UP

2000 RM'000

KUMPULAN

SYARIKAT

1999 RM'000

2000 RM'000

1999 RM'000

(40,300) (1,001) (37,878)

(3,500) (2,474) (38,181) ­ ­­­­­­­­­ (44,155) ­­­­­­­­­

­ (8) (37,878) (40,541) ­­­­­­­­­ (78,427) ­­­­­­­­­

85 (21) (38,181) ­ ­­­­­­­­­ (38,117) ­­­­­­­­­

­ ­­­­­­­­­ (79,179) ­­­­­­­­­

PERUBAHAN BERSIH ALIRAN TUNAI TUNAI DAN KESAMAAN TUNAI PADA AWAL TAHUN TUNAI DAN KESAMAAN TUNAI PADA AKHIR TAHUN

(68,307)

44,553

(86,667)

45,389

204,495 ­­­­­­­­­ (b) 136,188 ­­­­­­­­­ ­­­­­­­­­

159,942 ­­­­­­­­­ 204,495 ­­­­­­­­­ ­­­­­­­­­

200,494 ­­­­­­­­­ 113,827 ­­­­­­­­­ ­­­­­­­­­

155,105 ­­­­­­­­­ 200,494 ­­­­­­­­­ ­­­­­­­­­

(a) Pembelian aset tetap sepanjang tahun telah dibayar sepenuhnya secara tunai. (b) Analisa tunai dan kesamaan tunai:-

Wang tunai dan baki di bank Simpanan tetap di bank berlesen Bank overdraf

2,190 134,773 (775) ­­­­­­­­­ 136,188 ­­­­­­­­­ ­­­­­­­­­

1,814 203,570 (889) ­­­­­­­­­ 204,495 ­­­­­­­­­ ­­­­­­­­­

1,978 111,849 ­ ­­­­­­­­­ 113,827 ­­­­­­­­­ ­­­­­­­­­

1,375 199,206 (87) ­­­­­­­­­ 200,494 ­­­­­­­­­ ­­­­­­­­­

Nota-nota yang disertakan merupakan sebahagian dari penyata kewangan ini. 27

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Nota-nota Kepada Penyata Kewangan

1. UMUM ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Alamat untuk pejabat pendaftar adalah Ladang Jendarata, 36009 Teluk Intan, Perak Darul Ridzuan. Alamat untuk tempat perniagaan utama adalah Ladang Jendarata, 36009 Teluk Intan, Perak Darul Ridzuan. Syarikat bergiat dalam penanaman dan pemerosesan kelapa sawit dan kelapa di ladang-ladang di Semenanjung Malaysia. Syarikat juga mempunyai Pusat Penyelidikan yang aktif dalam menyediakan bahan pertanian yang baik khususnya untuk kegunaan ladang-ladang syarikat dan juga untuk industri pertanian Malaysia secara amnya. Kegiatan anak-anak syarikat adalah seperti yang dinyatakan di dalam Nota 3 penyata kewangan. Penyata kewangan di laporkan dalam Ringgit Malaysia.

Jumlah pekerja bagi tahun berakhir 31 Disember 2000 untuk kumpulan adalah 5,050 (1999: 5,207) dan untuk syarikat adalah 3,739 (1999: 3,878).

2. DASAR-DASAR PERAKAUNAN PENTING ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

(a) Asas Perakaunan Penyata kewangan syarikat dan kumpulan telah disediakan berasaskan kepada konvensyen kos sejarah, diubahsuaikan untuk mengambilkira penilaian semula harta-harta tertentu dan menurut piawaian perakaunan yang diluluskan, yang dikeluarkan oleh Lembaga Piawaian Perakaunan Malaysia. Dalam penyata kewangan bagi tahun berakhir 31 Disember 1998, syarikat dan kumpulan telah menggunakan peruntukan perubahan tertentu di dalam Piawaian Perakaunan Antarabangsa 16 (Pindaan), Harta, Loji dan Peralatan, di mana syarikat yang tidak mengamalkan polisi penilaian semula adalah dibenar mengekalkan jumlah penilaian semula mengikut penilaian yang terdahulu (bergantung kepada polisi susutnilai yang berterusan dan keperluan bagi menurun nilai harta kepada jumlah yang boleh diperolehi). Dengan ini, harta-harta yang telah dinilaikan semula kini dinyatakan pada nilai anggapan seperti yang dibenarkan dalam pindaan Piawaian Perakaunan Antarabangsa 16 pada tahun kewangan ini. (b) Asas Penyatuan Penyata kewangan disatukan adalah terdiri dari penyata kewangan syarikat dan kesemua anak-anak syarikat bagi tahun berakhir pada 31 Disember 2000. Bagi syarikat subsidiari yang telah diambilalih atau dijual dalam tahun kewangan, sebarang keputusan dan hasil mereka diambilkira dari tarikh perolehan atau dikeluarkan dari tarikh jualan. Perbezaan diantara kos pengambilalihan dan nilai saksama harta ketara bersih syarikat-syarikat subsidiari pada tarikh pengambilalihan dipindahkan ke akaun rizab. (c) Syarikat-Syarikat Subsidiari Syarikat subsidiari ialah sebuah syarikat pelabur di mana syarikat memegang secara langsung atau tidak langsung ke atas lebih 50% kepentingan ekuiti dan/atau mempunyai kuasa untuk mentadbir kewangan dan polisi-polisi operasi syarikat tersebut untuk memperolehi manafaat dari aktivitinya. (d) Syarikat-Syarikat Sekutu Syarikat sekutu ialah syarikat yang bukan syarikat subsidiari dimana kumpulan mempunyai kepentingan ekuiti jangka panjang tidak kurang daripada 20% dan kumpulan mempunyai pengaruh dalam membuat keputusan dasar kewangan dan perniagaan. Bahagian keputusan perniagaan selepas pengambilalihan syarikat-syarikat sekutu telah dimasukkan dalam penyata kewangan disatukan dan ini berdasarkan kepada penyata kewangan terbaru yang telah diaudit. Bahagian rizab syarikat-syarikat sekutu kepunyaan kumpulan yang wujud selepas dimiliki diambilkira didalam kos pelaburan syarikat-syarikat tersebut.

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Nota-nota Kepada Penyata Kewangan (sambungan)

2. DASAR-DASAR PERAKAUNAN PENTING (sambungan) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

(e) Harta, Loji, Peralatan dan Susutnilai

Hartanah, loji dan peralatan dinyatakan pada kos tolak susutnilai. Perbelanjaan penanaman dan pembangunan didefinasikan sebagai jumlah kos yang dibelanjakan dari pembersihan tanah sehingga ke peringkat kematangan. Pelunasan perbelanjaan penanaman dan pembangunan bermula pada peringkat matang tanaman tersebut. Tanah hakmilik bebas tidak dilunaskan. Pelunasan hanya dikenakan kepada nilai buku bersih tanah hakmilik pajak dan diambilkira keatas baki tempoh pajakan. Susutnilai harta, loji dan peralatan yang lain dikira berdasarkan kaedah purata tahunan selama tempoh penggunaan berdasarkan kepada kos asal atau penilaian semula. Kadar susutnilai tahunan yang digunakan adalah seperti berikut:Bangunan Gedung pemasangan Loji dan jentera Kilang, mesin-mesin, peralatan, dsb. Kenderaan bermotor, perabot dan peralatan pejabat Traktor dan alat-alat pertanian Perbelanjaan penanaman dan pembangunan (f) Stok Pada tahun ini, syarikat telah menukar dasar perakaunan bagi penilaian stok hasil tanaman iaitu daripada terendah di antara kos pengeluaran dan harga jualan bersih kepada seperti berikut: (i) Stok hasil tanaman terkontrak dinyatakan pada harga yang telah dipersetujui mengikut kontrak. % 5 5 selama 14 tahun atau lebih kurang 7.14% 10 10 - 20 25 selama 22 tahun atau lebih kurang 4.55%

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(ii) Stok hasil tanaman yang belum dikontrakkan dinyatakan pada harga pasaran pada tarikh kunci kira-kira. Pengarah-pengarah berpendapat bahawa perubahan dalam dasar perakaunan ini memberikan gambaran yang lebih reflektif kepada nilai stok hasil tanaman dan keputusan syarikat. Perubahan dalam dasar perakaunan ini tidak memberi kesan yang penting kepada keputusan syarikat bagi tahun sebelumnya. Oleh itu syarikat tidak membuat pindaan bagi tahun sebelumnya. Kesan perubahan ini kepada prestasi semasa telah dinyatakan dalam Nota 14 penyata kewangan ini. Stok ladang telah dinilai mengikut asas purata wajaran. Barangan siap dinilai mengikut terendah diantara kos pengeluaran dan anggaran harga jualan bersih. Kos tersebut termasuk kos bahan-bahan, buruh dan kos overhead pengeluaran yang berkaitan. Anggaran harga jualan bersih diperolehi setelah diambilkira barang-barang lapuk dan barang-barang yang lama tersimpan. (g) Pelaburan Pelaburan yang dipegang untuk jangka panjang dinyatakan pada kos. Peruntukan dibuat untuk penurunan nilai yang dianggap kekal. (h) Penghutang perdagangan Penghutang perdagangan dinilai berdasarkan amaun invois asal selepas mengambilkira peruntukan hutang ragu. Anggaran peruntukan hutang ragu dibuat apabila kutipan untuk keseluruhan amaun adalah tidak mungkin. (i) Cukai Tertunda Peruntukan bagi cukai tertunda disediakan berasaskan kaedah tanggungan ke atas kesemua perbezaan suaimasa kecuali yang mana didapati tidak berkemungkinan akan berlaku sebaliknya di masa akan datang. Keuntungan dari cukai tertunda tidak diiktiraf melainkan terdapat jangkaan yang wajar bahawa ianya akan dapat diterima dalam tempoh terdekat.

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Nota-nota Kepada Penyata Kewangan (sambungan)

2. DASAR-DASAR PERAKAUNAN PENTING (sambungan) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

(j) Matawang Asing (i) Urusniaga dalam matawang asing.

Urusniaga dalam matawang asing telah direkod dalam Ringgit Malaysia pada kadar yang terdapat pada masa urusniaga dijalankan. Pada 31 hb Disember, harta dan tanggungan telah ditukarkan pada kadar yang terdapat pada tarikh tersebut ataupun sekiranya masih dilindungi oleh perjanjian jualbeli ianya akan ditukar pada kadar yang telah ditetapkan. Perbezaan pertukaran matawang telah diambil kira di dalam Penyata Pendapatan. (ii) Penterjemahan penyata kewangan dalam matawang asing. Item-item penyata pendapatan syarikat-syarikat sekutu asing adalah diterjemah kepada Ringgit Malaysia pada kadar tukaran purata anggaran bagi tahun dan bahagian keputusan perniagaan dan rizab selepas dimiliki diterjemahkan pada kadar tukaran yang berkuatkuasa pada tarikh kunci kira-kira. Perbezaan pertukaran yang timbul berikutan daripada penterjemahan penyata kewangan dimasukkan terus ke rizab pertukaran. Kadar tukaran penutup yang digunakan pada 31 Disember 2000 bagi tujuan pertukaran matawang asing adalah seperti berikut: USD 1 GBP 1 DKK 1 AUD 1 (k) Pengiktirafan perolehan Perolehan dari jualan stok tanaman dan barangan siap diiktiraf apabila ganjaran keempunyaan dan risiko utama telah diserahkan kepada pembeli. Pendapatan faedah diiktiraf berdasarkan asas akruan. Pendapatan dividen daripada pelaburan adalah diiktiraf apabila pembayaran telah diumumkan. Pendapatan daripada perkhidmatan adalah diiktiraf apabila perkhidmatan telah dijalankan dan diinvois kepada pelanggan. (l) Ganjaran Persaraan Syarikat dan subsidiari-subsidiarinya mencarum kepada pertubuhan wang simpanan yang telah diluluskan. Kecuali untuk dua subsidiari, tiada peruntukan dibuat kepada ganjaran persaraan tambahan lain disebabkan oleh tanggungan tersebut tidak material. Kebiasaannya, ganjaran persaraan hanya akan dibayar kepada pekerja-pekerja apabila mereka telah bersara dan pembayaran ini akan dikenakan kepada keuntungan pada tahun pembayaran itu dibuat. (m) Permodalan Kos Pinjaman Faedah yang dikenakan ke atas pinjaman bagi pembersihan hutan dan penanaman sehingga tarikh matang telah dipermodalkan dan dimasukkan ke dalam harta tetap. Faedah yang dikenakan keatas pinjaman untuk membiayai pembinaan harta tetap dari cadangan sehingga tarikh siap pembinaan telah dipermodalkan dan dimasukkan ke dalam harta tetap. (n) Tunai dan Kesamaan Tunai Tunai dan kesamaan tunai terdiri daripada wang tunai dan baki dengan bank, simpanan tetap dan pelaburan jangka pendek dalam bentuk yang sangat cair, sedia untuk ditukar ke sesuatu tunai tertentu dengan risiko perubahan nilai yang tidak begitu ketara dan bank overdraf, jika ada, adalah ditolakkan. = = = = RM 3.7979 RM 5.6627 RM 0.4701 RM 2.0740

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Nota-nota Kepada Penyata Kewangan (sambungan)

2. DASAR-DASAR PERAKAUNAN PENTING (sambungan) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

(o) Perbelanjaan Penyelidikan dan Pembangunan

Kesemua perbelanjaan umum bagi penyelidikan dan pembangunan akan dibelanjakan ke penyata pendapatan.

3. STRUKTUR KUMPULAN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Negara diperbadankan Peratusan ekuiti yang dipegang oleh Kumpulan 2000 1999 % % 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Aktiviti (lihat dibawah)

Syarikat

Unitata Berhad Bernam Agencies Sdn. Bhd. Butterworth Bulking Installation Sdn. Bhd. Bernam Advisory Services Sdn. Bhd. Berta Services Sdn. Bhd. Kapal Bernam Sdn. Bhd. Scanlook Sendirian Berhad

UP

Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia

(a) (b) (c) (d) Tidak aktif (e) Tidak aktif

Kegiatan-kegiatan utama syarikat-syarikat subsidiari adalah seperti berikut:(a) Pemprosesan minyak kelapa sawit, pengilangan minyak masak, lemak, bahan-bahan sabun, pengganti mentega koko dan jualbeli minyak kelapa sawit mentah. (b) Perkapalan dan penghantaran minyak sayuran dan molases dan perkhidmatan pengurusan. (c) Penyimpanan dan penyelenggaraan minyak sayuran dan molases. (d) Perkhidmatan-perkhidmatan perundingan kejuruteraan dan pembinaan kilang-kilang kelapa sawit dan loji pengolahan buangan secara "turn-key", dan penjualan peralatan kejuruteraan minyak kelapa sawit dan mesinmesin. (e) Perkhidmatan perkapalan. Syarikat ini telah menamatkan operasi dalam tahun ini. Syarikat-syarikat sekutu adalah seperti berikut:Peratusan ekuiti yang dipegang oleh Kumpulan 2000 1999 % % 30 30 30 30 31 ­

Syarikat

Negara diperbadankan

Aktiviti (lihat dibawah)

United Plantations (Aust.) Pty. Ltd. Bernam Bakery Sdn. Bhd. Maritex AS

Australia Malaysia Norway

(a) (b) (c)

Kegiatan-kegiatan utama syarikat-syarikat sekutu adalah seperti berikut:(a) Pembangunan tanah untuk operasi penanaman. (b) Membuat dan menjual roti, biskut dan pastri. (c) Pengeluaran minyak Omega-3, pepton, enzim, garam DNA, hati ikan kod bertin, pati protin dan lain-lain produk marin yang dihasilkan melalui hasil sampingan ikan dan hidupan marin yang lain.

31

UNITED PLANTATIONS BERHAD

Nota-nota Kepada Penyata Kewangan (sambungan)

4. PEROLEHAN PERNIAGAAN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 SYARIKAT 2000 1999 RM'000 RM'000

Perolehan perniagaan adalah terdiri daripada perkara-perkara berikut dan untuk kumpulan tidak termasuk urusniaga diantara kumpulan

Perolehan bersih dari jualan tanaman Perolehan bersih dari jualan barang siap Kejuruteraan dan lain-lain bayaran serta komisen

5. KEUNTUNGAN OPERASI ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 Selepas ditolak:Bayaran Pengarah-pengarah ­ Yuran ­ Emolumen Bayaran Juruaudit ­ Tahun semasa ­ Kurangan peruntukan untuk tahun lepas Peruntukan stok usang Sewa tanah dan bangunan Sewa peralatan Hutang ragu Ganjaran persaraan Kerugian atas tukaran wang asing dan dikreditkan: Pendapatan dari jualan harta, loji dan peralatan Pendapatan dari sewa Keuntungan atas tukaran wang asing ­ 48 ­ 55 67 8 ­ 48 ­ 39 67 8 SYARIKAT 2000 1999 RM'000 RM'000

UP

114,894 164,054 763 279,711

192,963 242,325 1,395

121,270 ­ ­

214,351 ­ ­

­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­

436,683

­­­­­­­­­

121,270

­­­­­­­­­

214,351

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

324 1,089 185 2 179 113 173 ­ 201 149

292 2,796 180 ­ ­ 111 226 24 180 ­

252 1,043 132 ­ 179 ­ ­ ­ ­ 149

173 2,796 132 ­ ­ ­ ­ 2 ­ ­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

6. PERBELANJAAN KEWANGAN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 Perbelanjaan kewangan: ­ ­ Atas overdraf bank Atas lain-lain pinjaman bank 195 806 1,001 228 2,246 2,474 8 ­ 8 21 ­ 21 SYARIKAT 2000 1999 RM'000 RM'000

­­­­­­­­­ ­­­­­­­­­ 32

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

UNITED PLANTATIONS BERHAD

Nota-nota Kepada Penyata Kewangan (sambungan)

7. PENDAPATAN PELABURAN DAN FAEDAH ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 613 5,010 5,623 635 7,177 7,812 SYARIKAT 2000 1999 RM'000 RM'000 613 4,792 5,405 635 6,971 7,606

Dividen (jumlah kasar) yang telah diterima dari saham syarikat tersiarharga Pendapatan faedah

8. CUKAI ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 SYARIKAT 2000 1999 RM'000 RM'000

UP

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

Cukai berdasarkan keuntungan tahunan: Cukai semasa: ­ Kumpulan Cukai tertunda ­ Kumpulan Kelebihan peruntukan pada tahun sebelum 9,916 (18) (592) 195 2,000 (151) 9,800 ­ (592) 178 2,000 (151)

­­­­­­­­­

9,306

­­­­­­­­­

2,044

­­­­­­­­­

9,208

­­­­­­­­­

2,027

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

Cukai yang dikenakan kepada syarikat dan kumpulan adalah lebih rendah berbanding dengan kadar cukai berkanun kerana kumpulan dan syarikat telah menggunakan beberapa insentif pecukaian bagi mengurangkan pendapatan bercukai sepanjang tahun. KUMPULAN 2000 1999 RM'000 RM'000 Kesan cukai tertunda keatas perbezaan masa jangka panjang dan kerugian dari cukai dan elaun modal yang tidak diserapkan di dalam penyata kewangan: Perbezaan masa Kerugian percukaian Elaun modal yang tidak diserapkan 29,937 (4,249) (182) 27,000 (6,864) (6) 29,500 ­ ­ 26,000 ­ ­ SYARIKAT 2000 1999 RM'000 RM'000

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

9. PENDAPATAN SETIAP SAHAM ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Pendapatan setiap saham dikira berdasarkan kepada keuntungan selepas cukai dan kepentingan minoriti berjumlah RM 40,086,000 (1999 : RM115,095,000) dan atas bilangan saham yang dikeluarkan berjumlah 151,509,660 (1999 : 151,509,660).

33

UNITED PLANTATIONS BERHAD

Nota-nota Kepada Penyata Kewangan (sambungan)

10. HARTA, LOJI DAN PERALATAN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Kilang, mesin, peralatan dsb Kerja dalam perlaksanaan

KUMPULAN

Tanah hak milik bebas

Tanah pajak

RM'000 KOS Pada 1 Januari Belian Jualan Pada 31 Disember SUSUTNILAI TERKUMPUL Pada 1 Januari Susutnilai tahunan Jualan Pada 31 Disember NILAI BUKU BERSIH 31 Disember 2000 31 Disember 1999

RM'000

92,320 ­ (90) 92,230

34,783 ­ ­ 34,783

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

230,613 98,308 187,447 20,037 663,418 637,582

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

­ ­ ­ ­ 7,016 663 ­ 7,679 75,982 8,376 ­ 84,358 56,372 3,608 ­ 59,980 137,789 7,399 (963) 144,225 ­ ­ ­ ­ 277,159 256,123 20,046 23,104 (963) (2,068) 296,242 277,159

UP

RM'000 215,166 15,447 ­ 146,255 139,184

Penanaman &

pembangunan Bangunan

RM'000

RM'000

RM'000

2000 1999 JUMLAH JUMLAH RM'000 RM'000

95,569 2,739 ­

180,298 8,112 (963)

19,446 591 ­

637,582 613,259 26,889 26,404 (1,053) (2,081)

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

92,230 92,320 27,104 27,767 38,328 39,197 43,222 42,509 20,037 19,446 367,176 ­ ­ 360,423

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

Analisa kos Kos anggapan (atau penilaian) pada 1966 1973 1975 1979 Pada kos 2000 1999

­ ­ 71,188 339 20,703 92,230 92,320

­ 100 8,598 ­ 26,085 34,783 34,783

­ ­ ­ ­ 230,613 230,613 215,166

­ ­ 12,089 ­ 86,219 98,308 95,569

1,032 ­ ­ ­ 186,415 187,447 180,298

­ ­ ­ ­ 20,037 20,037 19,446

1,032 100 91,875 339 570,072 663,418 ­

1,032 100 91,875 339 544,236 ­ 637,582

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

SYARIKAT Kos Pada 1 Januari Belian Jualan Pada 31 Disember

91,784 ­ (90) 91,694

31,532 ­ ­ 31,532

225,010 15,447 ­ 240,457

82,909 2,328 ­ 85,237

115,585 6,087 (931) 120,741

­ ­ ­ ­

546,820 527,604 23,862 21,012 (1,021) (1,796) 569,661 546,820

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

34

UNITED PLANTATIONS BERHAD

Nota-nota Kepada Penyata Kewangan (sambungan)

10. HARTA, LOJI DAN PERALATAN (sambungan) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Kilang, mesin, peralatan dsb Kerja dalam perlaksanaan

SYARIKAT

Tanah hak milik bebas

Tanah pajak

RM'000 Susutnilai Terkumpul Pada 1 Januari Susutnilai tahunan Jualan Pada 31 Disember Nilai Buku Bersih 31 Disember 2000 31 Disember 1999 Analisa kos Kos anggapan (atau penilaian) pada 1966 1975 Pada kos 2000 1999

RM'000

­ ­ ­ ­

6,521 663 ­ 7,184

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

89,884 53,882 96,563 ­ 247,513 227,739

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

91,694 91,784 24,348 150,573 145,722 31,355 32,372 24,178 24,192 ­ ­ 322,148 ­ ­ 319,081

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

25,011

UP

RM'000 79,288 10,596 ­ ­ ­ 240,457 240,457 225,010

Penanaman &

pembangunan Bangunan

RM'000

RM'000

RM'000

2000 1999 JUMLAH JUMLAH RM'000 RM'000

50,537 3,345 ­

91,393 6,101 (931)

­ ­ ­

227,739 209,321 20,705 20,201 (931) (1,783)

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

­ 71,188 20,506 91,694 91,784

­ 8,598 22,934 31,532 31,532

­ 12,089 73,148 85,237 82,909

1,032 ­ 119,709 120,741 115,585

­ ­ ­ ­ ­

1,032 91,875 476,754 569,661 ­

1,032 91,875 453,913 ­ 546,820

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

Tanah hakmilik pajak meliputi yang berikut:KUMPULAN 2000 1999 RM'000 RM'000 Pada nilai buku bersih Tanah hakmilik pajak jangka panjang Tanah hakmilik pajak jangka pendek SYARIKAT 2000 1999 RM'000 RM'000

5,408 21,696

5,471 22,296

5,408 18,940

5,471 19,540

­­­­­­­­­

27,104

­­­­­­­­­

27,767

­­­­­­­­­

24,348

­­­­­­­­­

25,011

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

Sebahagian daripada harta-harta kumpulan dan syarikat telah dinilai semula oleh pengarah-pengarah sebelum tahun 1996 berdasarkan nilai pasaran terbuka dari firma profesional penilaian harta yang bebas. Seperti yang dibenarkan dalam peruntukan perubahan pindaan Piawaian Perakaunan Antarabangsa 16, harta-harta tersebut terus dinyatakan berasaskan penilaian tahun-tahun sebelum kini dianggap sebagai kos anggapan. Pada tahun 1996, tanah dan bangunan bagi syarikat telah dinilai semula oleh pengarah-pengarah, bagaimanapun, pengarah-pengarah telah menetapkan untuk tidak menyatukan penilaian tersebut dalam penyata kewangan.

35

UNITED PLANTATIONS BERHAD

Nota-nota Kepada Penyata Kewangan (sambungan)

10. HARTA, LOJI DAN PERALATAN (sambungan) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Nilai tanah dan bangunan syarikat (melainkan kilang, mesin-mesin, peralatan, gedung pemasangan dan rangkaian keretapi) yang berasaskan kepada laporan penilai profesional berkecuali pada nilai pasaran terbuka bertarikh 30 September 1996 adalah RM711,481,000 berbanding dengan nilai buku bersihnya sebanyak RM297,970,000 pada 31 Disember 2000.

11. SYARIKAT-SYARIKAT SUBSIDIARI ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

SYARIKAT 2000 1999 RM'000 RM'000 25,817 23,250 25,817 23,250

Saham tidak tersiarharga ­ pada kos ­ pada penilaian pengarah-pengarah

Peruntukan rosotnilai pelaburan

UP

­­­­­­­­­

49,067 (10,025)

­­­­­­­­­

49,067 (9,600)

­­­­­­­­­

Jumlah terhutang dari syarikat-syarikat subsidiari Jumlah terhutang kepada syarikat-syarikat subsidiari 39,042 53,564 (10)

­­­­­­­­­

39,467 12,661 ­

­­­­­­­­­

92,596

­­­­­­­­­

52,128

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

12. SYARIKAT-SYARIKAT SEKUTU ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 Saham tidak tersiarharga, pada kos ­ Bahagian keuntungan dan rizab selepas pengambilalihan (lihat Nota (a) dibawah) (lihat Nota (b) dibawah) Pinjaman kepada syarikat syarikat bersekutu 8,476 4,136 SYARIKAT 2000 1999 RM'000 RM'000 8,476 4,136

4,170

7,112

­

­

­­­­­­­­­

12,646 3,145 ­

­­­­­­­­­

11,248 3,072

­­­­­­­­­

8,476 3,145

­­­­­­­­­

4,136 3,072

­­­­­­­­­

15,791

­­­­­­­­­

14,320

­­­­­­­­­

11,621

­­­­­­­­­

7,208

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 Nota (a) Bahagian kerugian dan rizab selepas pengambilalihan diperolehi seperti berikut:Kerugian bagi tahun Bahagian ­ (kerugian)/keuntungan terkumpul pada 1 Januari ­ rizab-rizab lain

(1,195) (146) 5,511

(216) 70 7,258

­­­­­­­­­

4,170

­­­­­­­­­

7,112

­­­­­­­­­ ­­­­­­­­­ 36

­­­­­­­­­ ­­­­­­­­­

UNITED PLANTATIONS BERHAD

Nota-nota Kepada Penyata Kewangan (sambungan)

12. SYARIKAT-SYARIKAT SEKUTU (sambungan) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000

Nota (b) Kepentingan kumpulan dalam syarikat-syarikat sekutu:Bahagian harta ketara Premium ke atas pengambilalihan

13. PELABURAN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 5,758 7,886 5,758 7,886 SYARIKAT 2000 1999 RM'000 RM'000 11,152 7,886 11,152 7,886

UP

10,040 2,606

11,248 ­

­­­­­­­­­

12,646

­­­­­­­­­

11,248

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

Saham tidak tersiarharga Saham tersiarharga di Malaysia

­­­­­­­­­

13,644

­­­­­­­­­

13,644

­­­­­­­­­

19,038

­­­­­­­­­

19,038

­­­­­­­­­ ­­­­­­­­­

Nilai pasaran saham-saham tersiarharga 6,557

­­­­­­­­­ ­­­­­­­­­

5,753

­­­­­­­­­ ­­­­­­­­­

6,557

­­­­­­­­­ ­­­­­­­­­

5,753

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

Tiada peruntukan bagi rosotnilai pelaburan dibuat bagi saham tersiarharga di mana pengarah-pengarah berpendapat bahawa rosotnilai adalah bersifat sementara.

14. STOK ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 Pada harga jualan bersih Stok hasil tanaman Pada kos Stor estet (Nota a) Bahan mentah Kerja dalam proses Barangan siap Bahan-bahan kegunaan 19,346 12,939 3,739 1,391 14,439 4,030 2 14,024 12,963 1,073 22,347 26 SYARIKAT 2000 1999 RM'000 RM'000 19,346 12,939 ­ ­ ­ ­ 2 14,024 ­ ­ ­ ­

­­­­­­­­­

55,884

­­­­­­­­­

50,435

­­­­­­­­­

32,285

­­­­­­­­­

14,026

­­­­­­­­­ ­­­­­­­­­

Nota (a) Stor estet Peruntukan stok usang 13,274 (335)

­­­­­­­­­ ­­­­­­­­­

16,033 (2,009)

­­­­­­­­­ ­­­­­­­­­

13,274 (335)

­­­­­­­­­ ­­­­­­­­­

16,033 (2,009)

­­­­­­­­­

12,939

­­­­­­­­­

14,024

­­­­­­­­­

12,939

­­­­­­­­­

14,024

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

37

UNITED PLANTATIONS BERHAD

Nota-nota Kepada Penyata Kewangan (sambungan)

14. STOK (sambungan) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Seperti yang dinyatakan dalam Nota 2 (f) penyata kewangan, syarikat telah membuat perubahan terhadap polisi perakaunannya bagi stok hasil tanaman daripada terendah di antara kos pengeluaran dan harga jualan bersih kepada harga jualan bersih. Perubahan dasar perakaunan ini telah meningkatkan keuntungan tidak diperolehi berjumlah kira-kira RM3,160,000 yang terkandung di dalam keuntungan sebelum cukai bagi tahun ini.

15. PINJAMAN BANK ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 ­ 6,700 775 7,475 3,000 44,000 889 SYARIKAT 2000 1999 RM'000 RM'000 ­ ­ ­ ­ ­ 87

Kredit pusingan - tidak bercagar Penerimaan jurubank - tidak bercagar Bank overdraf - tidak bercagar

UP

­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­

47,889

­­­­­­­­­

­

­­­­­­­­­

87

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

Kadar faedah yang dikenakan ke atas pinjaman bank adalah dari 3.50% hingga 7.50% (1999 : 3.50% hingga 8.10%) setahun.

16. MODAL SAHAM ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN / SYARIKAT 2000 1999 RM'000 RM'000 Dibenarkan: 500,000,000 saham biasa RM1 setiap satu: Diterbitkan dan berbayar penuh: 151,509,660 saham biasa RM1 setiap satu: 500,000 500,000

­­­­­­­­­ ­­­­­­­­­

151,510

­­­­­­­­­ ­­­­­­­­­

151,510

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

17. RIZAB ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 338,070 328,286 SYARIKAT 2000 1999 RM'000 RM'000 330,920 328,060

Yang boleh diagihkan Keuntungan terkumpul Yang tidak boleh diagihkan Rizab atas penyatuan Premium saham Rizab penilaian Rizab modal Rizab pertukaran

­­­­­­­­­

53 22,242 6,008 21,894 (196) 50,001

­­­­­­­­­

53 22,242 6,001 21,894 1,559 51,749

­­­­­­­­­

­ 22,242 19,721 ­ ­ 41,963

­­­­­­­­­

­ 22,242 19,721 ­ ­ 41,963

­­­­­­­­­

Jumlah 388,071

­­­­­­­­­

380,035

­­­­­­­­­

372,883

­­­­­­­­­

370,023

­­­­­­­­­ ­­­­­­­­­ 38

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

UNITED PLANTATIONS BERHAD

Nota-nota Kepada Penyata Kewangan (sambungan)

17. RIZAB (sambungan) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Menurut Tatacara 9 Akta Cukai Pendapatan Malaysian 1967, syarikat layak untuk menerima pembayaran balik Kredit Malaysia Barat berjumlah RM1,509,000 (1999 : RM1,509,000) pada 1 Januari 1988. Pembayaran balik ini adalah dikira berdasarkan kepada penerimaan tunai. Baki kredit cukai di seksyen 108 dan keuntungan yang dikecualikan cukai pada 31 Disember 2000 hanya cukup untuk mengeluarkan dividen berjumlah RM170,884,000 dan RM50,667,000 (1999 : RM145,584,000 dan RM79,717,000) daripada rizab yang boleh dibahagikan tanpa dikenakan tanggungan cukai tambahan. Pembahagian berlebihan akan dikenakan cukai pada kadar semasa 28% ke atas dividen kasar yang dibayar.

18. CUKAI TERTUNDA ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 24,818 (18) 22,818 2,000 SYARIKAT 2000 1999 RM'000 RM'000 24,800 ­ 22,800 2,000

Baki pada 1 Januari Pindahan (ke)/dari penyata pendapatan (Nota 8)

UP

Baki pada 31 Disember

­­­­­­­­­ 24,800 ­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ 24,818 ­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ 24,800 ­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ 24,800 ­­­­­­­­­ ­­­­­­­­­

19 DIVIDEN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 Dividen interim ­ 10% dikecualikan cukai (1999: 10% dikecualikan cukai) Cadangan dividen akhir ­ 10% dikecualikan cukai (1999 : 25% dikecualikan cukai) SYARIKAT 2000 1999 RM'000 RM'000

15,151 15,151

15,151 22,727

15,151 15,151

15,151 22,727

­­­­­­­­­

30,302

­­­­­­­­­

37,878

­­­­­­­­­

30,302

­­­­­­­­­

37,878

­­­­­­­­­ ­­­­­­­­­

Dividen sesaham (sen) ­ 20 sen dikecualikan cukai (1999: 25 sen dikecualikan cukai) 20

­­­­­­­­­ ­­­­­­­­­

25

­­­­­­­­­ ­­­­­­­­­

20

­­­­­­­­­ ­­­­­­­­­

25

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

20. PERKARA PENTING MENGENAI URUSNIAGA DI ANTARA KUMPULAN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

SYARIKAT 2000 1999 RM'000 RM'000 Perolehan dari jualan bahan mentah kepada syarikat subsidiari Belian bahan mentah dari syarikat subsidiari Yuran perkhidmatan dan lain-lain yang dicaj oleh syarikat subsidiari 6,376 ­ 448 16,919 3,486 565

­­­­­­­­­ ­­­­­­­­­

Semua urusniaga dengan syarikat-syarikat subsidiari adalah bersifatkan `arm's length'.

­­­­­­­­­ ­­­­­­­­­

39

UNITED PLANTATIONS BERHAD

Nota-nota Kepada Penyata Kewangan (sambungan)

21. URUSNIAGA DENGAN PIHAK BERKAITAN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Sepanjang tahun ini, kumpulan telah terlibat dalam urusniaga yang bersifatkan "arm's length" dengan Aarhus Oliefabrik A/S (AO), sebuah syarikat yang diperbadankan di Denmark dan United International Enterprises (Malaysia) Berhad (UIEM), sebuah syarikat yang diperbadankan di Malaysia. Kedua-dua syarikat tersebut ada kaitan dengan pengarah-pengarah syarikat, iaitu Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen, Encik Carl Bek-Nielsen dan Encik Martin Bek-Nielsen. Syarikat-syarikat berkenaan dianggapkan berkaitan dengan pengarah-pengarah tersebut berdasarkan kepentingan mutual mereka dalam saham syarikat AO, UIEM dan syarikat. Di samping itu, kumpulan juga telah menceburi urusniaga "arm's length" dengan Jerneh Insurance Berhad (JIB), yang dianggap mempunyai hubungan dengan syarikat melalui pengarahan Encik Ahmad Riza Basir di dalam JIB dan syarikat. Ringkasan berikut menunjukkan urusniaga dengan pihak-pihak berkaitan yang tidak didedahkan dalam penyata kewangan. Urusniaga yang melibatkan kumpulan: Sifat urusniaga KUMPULAN 2000 1999 RM'000 RM'000 195,527 7,054 1,465 100 218 SYARIKAT 2000 1999 RM'000 RM'000 ­ ­ ­ 100 200 ­ ­ 1 100 218

Jualan pengganti mentega koko kepada AO Belian minyak kelapa sawit mentah dari UIEM Jualan minyak kelapa sawit mentah kepada UIEM Yuran pengurusan diterima dari UIEM Premium insuran dibayar kepada JIB

UP

145,528 773 ­ 100 200

­­­­­­­­­ ­­­­­­­­­

Jumlah yang dihutang oleh AO pada 31 Disember hasil dari jualan pengganti mentega koko

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

20,833

28,751

­

­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

22. MAKLUMAT SEGMEN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Aktiviti-aktiviti utama kumpulan ialah penanaman dan pemerosesan kelapa sawit dan kelapa di ladang-ladang di Semenanjung Malaysia. Aktiviti-aktiviti syarikat-syarikat subsidiari pula (kecuali Unitata Berhad) kesemuanya selaras dan berlanjutan dengan aktiviti kumpulan dan adalah tidak mempengaruhi perolehan, keuntungan dan harta-harta yang digunakan. Aktiviti utama Unitata Berhad ialah penapisan minyak kelapa sawit dan aktiviti-aktiviti sampingannya. Analisa operasi kumpulan adalah seperti berikut:KUMPULAN 2000 1999 RM'000 RM'000 121,270 164,055 1,540 (7,154) 214,351 242,325 1,395 (21,388)

Berdasarkan industri-industri: Perolehan perniagaan ­ Perladangan ­ Penapisan minyak kelapa sawit ­ Perkara-perkara tidak bersegmen ­ Pelupusan (1)

­­­­­­­­­

279,711

­­­­­­­­­

436,683

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

40

UNITED PLANTATIONS BERHAD

Nota-nota Kepada Penyata Kewangan (sambungan)

22. MAKLUMAT SEGMEN (sambungan) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 46,665 3,737 (1,010) 110,758 6,500 (119)

Keuntungan sebelum cukai ­ Perladangan ­ Penapisan minyak kelapa sawit ­ Perkara-perkara tidak bersegmen

Harta-harta digunakan (kasar): ­ Perladangan ­ Penapisan minyak kelapa sawit ­ Perkara-perkara tidak bersegmen

UP

­­­­­­­­­

49,392

­­­­­­­­­

117,139

­­­­­­­­­ ­­­­­­­­­

473,054 120,680 34,583

­­­­­­­­­ ­­­­­­­­­

568,155 118,107 5,772

­­­­­­­­­

628,317

­­­­­­­­­

692,034

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

Analisa berdasarkan segmen geografi tidak dinyatakan disebabkan aktiviti luar negeri kumpulan melalui syarikatsyarikat sekutu tidak begitu berkesan pada masa ini. Jualan antara segmen dari segi harga pasaran telah dilupuskan seperti yang dinyatakan pada penyelarasan (1).

23. MODAL TERIKAT ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KUMPULAN 2000 1999 RM'000 RM'000 Perbelanjaan modal yang telah diluluskan oleh pengarah-pengarah tetapi belum dikontrakkan 33,487 45,351 SYARIKAT 2000 1999 RM'000 RM'000 33,487 43,356

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

24. PERISTIWA PENTING SELEPAS TARIKH AKHIR TAHUN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Pada 1 Februari 2001, syarikat telah menandatangani perjanjian dengan Maritex AS untuk membeli 6,800 saham biasa di dalam syarikat sekutu berkenaan pada harga nominal secara tunai yang berjumlah kira-kira RM 3 juta. Tiada perubahan terhadap pemilikan saham di dalam Maritex AS berikutan kepada pertambahan saham ini. Kelulusan dari pihak-pihak berkuasa yang berkaitan mengenai pertambahan pembelian saham di dalam Maritex AS telah diperolehi pada 20 Disember 2000.

25. PERBANDINGAN ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Sebahagian perbandingan telah diubahsuaikan untuk menepati persembahan semasa seperti yang terkandung di dalam Piawaian No.1 - Pembentangan Penyata Kewangan yang dikeluarkan oleh Lembaga Piawaian Perakaunan Malaysia. Beberapa angka bandingan telah diklasifikasikan semula supaya mengikut persembahan tahun semasa, di mana perlu.

41

UNITED PLANTATIONS BERHAD

Penyata Oleh Pihak Pengarah-pengarah Menurut Seksyen 169 (15) Akta Syarikat, 1965

UP

Kami, Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail dan Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen, dua dari pengarahpengarah United Plantations Berhad, menyatakan bahawa pada pendapat pengarah-pengarah, penyata kewangan yang dibentangkan di muka surat 22 hingga 41 telah disediakan menurut piawaian perakaunan di Malaysia yang diluluskan supaya menunjukkan gambaran yang benar dan saksama mengenai:(i) kedudukan syarikat dan kumpulan pada 31 Disember 2000 dan hasil perniagaan syarikat dan kumpulan bagi tahun berakhir pada tarikh itu; dan (ii) aliran tunai syarikat dan kumpulan bagi tahun berakhir 31 Disember 2000. Bagi pihak Lembaga Pengarah, Y.B. Tan Sri Dato' Seri Haji Basir ) bin Ismail ) ) ) PENGARAH) PENGARAH Y.B. Tan Sri Dato' Seri Borge ) Bek-Nielsen ) )

Teluk Intan, Perak Darul Ridzuan, 24 Februari 2001

Akuan Berkanun Menurut Seksyen 169(16) Akta Syarikat, 1965

Saya, R. Nadarajan, pegawai yang terutama bertanggungjawab ke atas pengurusan kewangan United Plantations Berhad, dengan ikhlas berikrar bahawa penyata kewangan yang dibentangkan di muka 22 hingga 41 adalah, pada sebaik-baik pengetahuan dan kepercayaan saya betul dan saya membuat ikrar ini dengan penuh kepercayaan bahawa ianya benar, dan menurut peruntukan-peruntukan Akta Akaun Berkanun, 1960. Ditandatangani dan diikrarkan oleh R. Nadarajan di Teluk Intan di dalam negeri Perak Darul Ridzuan pada 24 Februari 2001. R. Nadarajan Dihadapan saya, S. Poobalasingam P.P.N. Pesuruhjaya Sumpah Teluk Intan, Perak Darul Ridzuan

42

UNITED PLANTATIONS BERHAD

Laporan Juruaudit Kepada Pemegangpemegang saham United Plantations Berhad

UP

Penyata kewangan yang dibentangkan di mukasurat 22 hingga 41 telah di audit oleh kami. Penyata kewangan ini adalah di bawah tanggungjawab para pengarah syarikat. Tanggungjawab kami adalah menyatakan pendapat mengenai penyata kewangan ini berdasarkan audit yang kami jalankan. Kami telah menjalankan audit kami mengikut piawaian audit yang diluluskan di Malaysia. Piawaian tersebut memerlukan kami merancang dan melaksanakan audit untuk memperolehi keyakinan yang munasabah sama ada penyata kewangan tersebut bebas dari kenyataankenyataan penting yang salah nyata. Sesuatu audit merangkumi pemeriksaan, berasaskan ujian, bukti yang menyokong jumlah-jumlah dan pernyataan di dalam penyata kewangan. Sesuatu audit juga merangkumi penaksiran terhadap penggunaan prinsip-prinsip perakaunan yang digunakan dan anggaran-anggaran penting yang dibuat oleh para pengarah dan juga penilaian berhubung dengan pembentangan akaun keseluruhannya. Kami yakin bahawa audit kami menyediakan asas wajar untuk kami memberikan pendapat. Pada pendapat kami:(a) Penyata kewangan telah disediakan dengan wajar menurut peruntukan-peruntukan Akta Syarikat 1965 dan piawaian perakaunan yang diluluskan di Malaysia supaya memberi pandangan yang benar dan saksama mengenai: (i) kedudukan syarikat dan kumpulan pada 31 Disember 2000 dan hasil kendalian perniagaan serta aliran tunai syarikat dan kumpulan bagi tahun berakhir pada tarikh itu; dan (ii) perkara-perkara yang dikehendaki oleh Seksyen 169, Akta Syarikat, 1965, untuk dinyatakan didalam penyata kewangan disatukan; (b) rekod-rekod perakaunan dan rekod-rekod lain dan daftar-daftar yang dikehendaki oleh Akta tersebut untuk dikendalikan oleh syarikat dan subsidiari-subsidiarinya telah dikendalikan dengan wajar menurut peruntukan Akta tersebut. Kami berpuashati bahawa penyata kewangan subsidiari yang telah disatukan dengan syarikat adalah dalam bentuk dan kandungan sesuai dan wajar bagi tujuan menyediakan penyatuan dan kami telah menerima maklumat dan penjelasan yang memuaskan yang dikehendaki oleh kami bagi tujuan tersebut. Laporan-laporan juruaudit bagi penyata kewangan subsidiari-subsidiari adalah bebas dari sebarang teguran dan tidak termasuk sebarang ulasan yang perlu dibuat di bawah Seksyen 174(3), Akta Syarikat, 1965. ERNST & YOUNG AF : 0039 Akauntan Awam FOO SAN KAN 550/3/02(J/PH) Rakan Kongsi Kuala Lumpur, Malaysia 24 Februari 2001 43

UNITED PLANTATIONS BERHAD

Perangkaan Perbandingan ­ 10 Tahun

2000 RM `000' 1999 RM `000' 1998 RM `000' 1997 RM `000'

Tahun Berakhir 31hb Disember

ANALISA KUNCI KIRA-KIRA Modal yang dikeluarkan Rizab Kepentingan Minoriti Dana yang digunakan Harta Tetap Pelaburan Harta Semasa

Jumlah Harta Tolak:Tanggungan semasa dan Tanggungan jangkamasa panjang Harta yang diujudkan LAIN DATA Keuntungan sebelum cukai Cukai Perkara-perkara luarbiasa Keuntungan Bersih Kepentingan Minoriti Keuntungan bersih kepada pemegang-pemegang saham United Plantations Berhad Dividen bagi tahun (bersih) Kadar Dividen (saham biasa) Pendapatan sesaham (dalam sen) HARGA SAHAM DI BURSA SAHAM KUALA LUMPUR Paling tinggi Paling rendah PENGELUARAN BUAH Minyak kelapa Sawit Isirong Kelapa Sawit Minyak Isirong Kelapa Sawit Bahan Buangan Isirong Kopra KOS PENGELUARAN* Minyak Kelapa Sawit Isirong Kelapa Sawit Pengeluaran Isirong Kelapa Sawit Kopra PURATA HARGA JUALAN Minyak Kelapa Sawit Isirong Kelapa Sawit Pengeluaran Isirong Kelapa Sawit Kopra

UP

151,510 388,071 539,581 367,176 29,435 231,706 628,317 88,736 539,581

151,510 380,035 531,545 360,423 27,964 303,647 692,034 160,489 531,545

151,510 301,895 453,405 357,136 27,138 259,225 643,499 190,094 453,405

151,510 246,881 398,391 352,424 26,108 162,723 541,255 142,864 398,391

49,392 9,306 40,086 -

117,139 2,044 115,095 -

132,443 40,427 92,016 -

87,138 23,670 63,468 -

40,086 30,302 20% T.E. 26.46

115,095 37,878 25% T.E. 75.97

92,016 38,181 35% 60.73

63,468 32,726 30% 41.89

4.26 3.12

4.72 3.40

4.80 2.80

6.30 3.68

-

Tan Tan Tan Tan Tan

109,060 33,293 7,858 RM 525.71 121.85 459.25

110,066 32,150 5,841 RM 502.03 125.31 496.79

98,413 29,115 6,108 RM 565.21 163.45 498.25

106,602 33,060 5,400 RM 456.63 109.74 536.89

-

Se Tan Se Tan Se Tan Se Tan

-

Se Tan Se Tan Se Tan Se Tan

948.23 680.89 1,097.17

1,481.24 1,052.22 1,627.48

1,869.02 1,072.09 1,322.63

1,291.69 747.47 1,161.24

Nota: *Angka kos pengeluaran tidak termasuk susutnilai

44

UNITED PLANTATIONS BERHAD

1996 RM `000'

1995 RM `000'

1994 RM `000'

1993 RM `000'

151,510 216,138 367,648 339,774 25,312 130,536 495,622 127,974 367,648

151,510 189,258 340,768 326,852 24,585 116,985 468,422 127,654 340,768

151,510 163,079 314,589 322,352 14,177 108,700 445,229 130,640 314,589

151,510 156,936 679 309,125

319,602 13,404 73,980 406,986

97,861 309,125

UP

1992 RM `000'

1991 RM `000'

151,510 149,449 644 301,603 307,837 12,832 59,035 379,704 78,101

150,192 134,086 651 284,929 302,141 13,612 95,996 411,749 126,820 284,929

301,603

71,729 21,877 49,852 -

79,898 27,317 52,581 -

38,956 12,985 707 26,678 (7)

36,810 11,061 25,749 (35)

35,400 11,144 1,883 26,139 7

27,128 6,401 472 21,199 (31)

49,852 26,514 25% 32.90

52,581 26,514 25% 34.70

26,671 21,211 20% 17.14

25,714 20,605 20% 16.97

26,146 15,000 15% 16.04

21,168 6,785 4.5%T.E. 13.78

6.45 4.94

6.25 4.64

12.10 4.94

7.45 2.58

4.36 2.79

4.36 3.04

103,909 30,895 5,844 RM 465.35 115.26 542.33

101,902 31,107 5,501 RM 460.07 119.29 605.45

99,728 28,779 1,584 2,203 4,618 RM 448.54 121.01 1,337.76 577.78

106,560 29,570 8,240 11,577 4,919 RM 400.20 109.32 1,089.03 491.31

103,484 25,096 8,066 11,264 4,621 RM 399.45 122.91 1,575.51 462.30

92,738 22,877 8,954 12,211 3,848 RM 400.94 129.09 1,210.46 532.21

1,212.02 824.55 1,191.60

1,391.64 752.34 916.16

968.91 623.11 1,337.76 873.29

895.12 447.78 1,089.03 672.67

887.49 640.32 1,575.51 767.03

828.22 501.32 1,210.46 764.78

45

UNITED PLANTATIONS BERHAD

Keterangan Pemegang-pemegang Saham

PADA 10HB APRIL 2001 Modal Saham Dibenarkan Modal Saham Diterbitkan & Dibayar Penuh Jenis Saham Hak Mengundi Bilangan Pemegang Saham : : : : : RM500,000,000 RM151,509,660 Saham Biasa bernilai RM1.00 setiap satu Satu Undi setiap Saham Biasa 9,102

KATEGORI PEMEGANG-PEMEGANG SAHAM SEPERTI PADA 10HB APRIL 2001 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ Bilangan yang dipegang Kurang dari 500 500 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 - 1,000,000 Lebih dari 1,000,000 Jumlah Bil. Pemegang 374 7,184 743 699 91 11 ­­­­­­­­­­­­ 9,102 ­­­­­­­­­­­­ % Pemegang Bil. Saham % Modal Dikeluarkan 71,554 13,974,167 6,011,810 20,067,719 25,460,115 85,924,295 ­­­­­­­­­­­­ 151,509,660 ­­­­­­­­­­­­ 0.05 9.22 3.97 13.25 16.80 56.71 ­­­­­­­­­­­­ 100.00 ­­­­­­­­­­­­

UP

4.11 78.93 8.16 7.68 1.00 0.12 ­­­­­­­­­­­­ 100.00 ­­­­­­­­­­­­

PEMEGANG-PEMEGANG SAHAM UTAMA SEPERTI PADA 10HB APRIL 2001 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ Bil. Saham % Modal Dikeluarkan 1. Aarhus (Malaysia) Sdn Bhd 2. Employees Provident Fund Board 3. HSBC Nominees (Asing) Sdn Bhd (Sebagai Pemegang Amanah untuk Pemegang Saham Utama) Dipegang untuk: i) ii) KIO London for the Government of Kuwait Lain-lain pemegang saham yang bukan pemegang saham utama secara individu. Saham 5,969,982 2,555,149 % 3.94 1.68 4,707,821 3.11 47,588,067 15,604,998 8,525,131 31.41 10.30 5.62

4. Jendarata Bernam Provident Fund Dari sejumlah 4,707,821 saham, i) 4,045,821 saham didaftarkan dibawah: KAF Nominees (Tempatan) Sdn Bhd Bernam Nominees (Tempatan) Sdn Bhd for Jendarata Bernam Provident Fund 662,000 saham didaftarkan dibawah: M & A Nominee (Tempatan) Sdn Bhd Jendarata Bernam Provident Fund

ii)

­­­­­­­­­­­­ 76,426,017 ­­­­­­­­­­­­

­­­­­­­­­­­­ 50.44 ­­­­­­­­­­­­

46

UNITED PLANTATIONS BERHAD

Keterangan Pemegang-pemegang Saham (sambungan)

PADA 10 APRIL 2001 20 PEMEGANG-PEMEGANG SAHAM TERBESAR SEPERTI PADA 10HB APRIL 2001 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ Bil. Saham % Modal Dikeluarkan 31.41 10.30 3.94 2.67

1. Aarhus (Malaysia) Sdn Bhd 2. Employees Provident Fund Board

3. HSBC Nominees (Asing) Sdn Bhd KIO London for the Government of Kuwait

4. KAF Nominees (Tempatan) Sdn Bhd Bernam Nominees (Tempatan) Sdn Bhd for Jendarata Bernam Provident Fund 5. La Roche & Co. (Bankers) 6. Moss Beach Limited 7. Hansen & Meyer Holding Aps

UP

47,588,067 15,604,998 5,969,982 4,045,821

3,000,000 2,425,000 2,040,256 1,476,108 1,339,000 1,302,000 1,133,063 1,000,000 937,000 925,000 816,000

1.98 1.60 1.35 0.97 0.88 0.86 0.75 0.66 0.62 0.61 0.54

8. HSBC Nominees (Asing) Sdn Bhd RTCC London for Tata Overseas Development (UK) Ltd 9. Upscan Aps 10. Insas Plaza Sdn Bhd 11. Den Koebenhavnske Bank-Kunder 12. Lembaga Tabung Haji 13. Amanah Raya Nominees (Tempatan) Sdn Bhd Amanah Saham Wawasan 2020 14. Upscan Aps 15. KAF Nominees (Tempatan) Sdn Bhd Bernam Nominees (Tempatan) Sdn Bhd for United Plantations Bhd, Education and Welfare Fund 16. Mayban Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Tan Sri Dato' Haji Sahamann @ Basir bin Ismail 17. Mayban Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Tan Sri Dato' Haji Sahamann @ Basir bin Ismail 18. M & A Nominee (Tempatan) Sdn Bhd Jendarata Bernam Provident Fund 19. Lembaga Tabung Haji 20. Hr. Direktor E. Thrane

700,000

0.46

700,000

0.46

662,000 658,000 647,374 ­­­­­­­­­­­­ 92,969,669 ­­­­­­­­­­­­

0.44 0.43 0.43 ­­­­­­­­­­­­ 61.36 ­­­­­­­­­­­­

47

UNITED PLANTATIONS BERHAD

GROUP'S TOTAL ASSETS JUMLAH HARTA KUMPULAN

MILLION (RM) JUTA (RM)

Fixed Assets / Harta Tetap Current Assets & Investments / Harta Semasa & Pelaburan

800 700 600 500 400 300 200 100 0 1996 1997 1998 1999 2000

UP

SHAREHOLDERS' FUNDS ­ GROUP DANA PEMEGANG-PEMEGANG SAHAM ­ KUMPULAN

MILLION (RM) JUTA (RM)

Issued Capital / Modal yang dikeluarkan Reserves / Rizab

600 550 500 450 400 350 300 250 200 150 100 50 0 1996 1997 1998 1999 2000

DIVIDEND AFTER TAX ­ COMPANY DIVIDEN SELEPAS CUKAI ­ SYARIKAT

MILLION (RM) JUTA (RM)

EARNINGS PER SHARE PENDAPATAN SETIAP SAHAM

(SEN)

40 35 30 25 20 15 10 5 0 1996

48

80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 5 0 1997 1998 1999 2000 1996 1997 1998 1999 2000

UNITED PLANTATIONS BERHAD

Harta-harta Ladang Kumpulan

Lokasi Ladang Jendarata 36009 Teluk Intan Perak Darul Ridzuan Tempoh Pegangan Pajakan Tamat pada: 18-08-2099** 29-09-2018 05-09-2033 Tahun ke Tahun Hakmilik Bebas Hakmilik Bebas Keluasan dlm Hektar

606.18 659.78 987.45 33.62 4,093.03 832.03

Ladang Kuala Bernam Batu 18, Jalan Bagan Datoh 36300 Sungai Sumun Perak Darul Ridzuan Ladang Sungei Bernam Sungai Ayer Tawar 45200 Sabak Bernam Selangor Darul Ehsan Ladang Ulu Bernam 36500 Ulu Bernam Perak Darul Ridzuan Ladang Changkat Mentri 36500 Ulu Bernam Perak Darul Ridzuan

Pajakan Tamat pada: Tahun ke Tahun 28-03-2056 Hakmilik Bebas Pajakan Tamat pada: Tahun ke Tahun Hakmilik Bebas Pajakan Tamat pada: 10-10-2042 01-10-2081 20-01-2087 Hakmilik Bebas Pajakan Tamat pada: Tahun ke Tahun 10-10-2042 20-01-2087 Hakmilik Bebas Pajakan Tamat pada: 08-04-2033 Hakmilik Bebas Hakmilik Bebas

16.59 1.33 2,281.21

UP

Usia Nilai Harta pegangan Ketara Bersih RM `000 Pejabat Berdaftar ­ 1,369 m. persegi 36 285 Pusat Penyelidikan ­ 809 m. persegi 35 417 Ladang Kelapa sawit 79,316 Kelapa & Koko 10,032 66 819 Kilang Kelapa Sawit meter 31 Kilang Pemecah persegi Isirong Sawit Huraian

}

Ladang Kelapa Kilang Koko

26

10,743 6

Ladang Kelapa Kilang Koko Rumah Salai Kelapa

32,933

}

4,854 m. persegi

26

106

Ladang & Kilang Kelapa Sawit ­ 8,193 m. persegi

68

41,295 2,037

247.59 3,100.64 Ladang Kelapa Sawit 1,526.44 162.94 708.83 135.50 Ladang & Kilang Kelapa Sawit ­ 6,352 m. persegi 104.00 11.40 1,759.17 1,927.45 Ladang Kelapa Sawit 809.39 2,856.57 3,293.00 Ladang Kelapa Sawit 14,917 41,964 11 34,372 2,111 20,131

Ladang Ulu Basir 36500 Ulu Bernam Perak Darul Ridzuan

Ladang Sungei Erong 36500 Ulu Bernam Perak Darul Ridzuan Ladang Sungei Chawang 36500 Ulu Bernam Perak Darul Ridzuan Ladang Seri Pelangi Batu 11 3/4 Jalan Bidor 36000 Teluk Intan Perak Darul Ridzuan Unitata Berhad 36009 Teluk Intan Perak Darul Ridzuan Bakery 36009 Teluk Intan Perak Darul Ridzuan Butterworth Bulking Installation 4536 Deep Water Wharf 12100 Butterworth

Pajakan Tamat pada: 03-09-2033 05-02-2036 Hakmilik Bebas Hakmilik Bebas

Ladang & Kilang Kelapa Sawit ­ 2,248 m. persegi 1,011.74 403.36 2.82 18.46 Kompleks Kilang Penapis Minyak Sawit, Kilang Sabun, Kilang Cebes Bakery

23

13,066 540

} Bangunan

26

8,521

Hakmilik Bebas

0.45

16

44

Pajakan Tamat pada: 31-08-2019

Kemudahan-kemudahan Perkapalan, Penyimpanan & Bulking 0.84 28

** Menanti kelulusan dari Kerajaan Negeri Perak

294

Nota: * Ladang Termasuk Tanah, Kos Penanaman dan Bangunan

49

UNITED PLANTATIONS BERHAD

Ladang-ladang Kumpulan 2000

Kuala Jendarata Bernam Hektar Hektar Sungei Bernam Hektar Ulu Bernam Hektar

KELAPA SAWIT: Matang Ditanam Tahun 1996 Ditanam Tahun 1997 Ditanam Tahun 1998 Ditanam Tahun 1999 Ditanam Tahun 2000 JUMLAH KECIL

4,242 ­ ­ 2,659 1,519 3,723 3,206 3,239 902 19,490 ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ 483 ­ ­ 233 380 ­ ­ ­ 256 1,352 ­ ­ ­ ­ ­ ­ ­ 6 ­ 6 259 ­ ­ 161 145 11 ­ ­ ­ 576 920 ­ ­ 96 376 ­ 278 2 174 1,846 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ 5,904 ­ ­ 3,149 2,420 3,734 3,484 3,247 1,332 23,270 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KELAPA: Matang Ditanam Tahun 1996 Ditanam Tahun 1997 Ditanam Tahun 1998 Ditanam Tahun 1999 Ditanam Tahun 2000 JUMLAH KECIL

UP

Changkat Mentri Hektar

Ulu Basir Hektar

Sungei Sungei Erong Chawang Hektar Hektar

Seri Pelangi Hektar

JUMLAH

69 568 1,444 ­ ­ ­ ­ ­ ­ 2,081 17 59 295 ­ ­ ­ ­ ­ ­ 371 ­ 128 238 ­ ­ ­ ­ ­ ­ 366 ­ 47 190 ­ ­ ­ ­ ­ ­ 237 ­ ­ 80 ­ ­ ­ ­ ­ ­ 80 ­ 2 ­ ­ ­ ­ ­ ­ ­ 2 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ 86 804 2,247 ­ ­ ­ ­ ­ ­ 3,137 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

KOKO: Kawasan Kecil Monokoko 46 ­ ­ ­ ­ ­ ­ ­ ­ 46

KAWASAN-KAWASAN LAIN: Lain-lain tanaman Kawasan yang ditebang untuk bangunan, jalan-jalan, parit-parit, landasan terbang, tapak semaian, kawasan mendapatkan todi, keretapi dan lain-lain. JUMLAH 16 ­ ­ ­ ­ ­ ­ ­ ­ 16

328

28

52

200

114

68

182

46

86

1,104

6,380 832 2,299 3,349 2,534 3,802 3,666 3,293 1,418 27,573 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

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Contents

Corporate Information Notice of Annual General Meeting Report of the Directors Chairman's Statement Income Statements Balance Sheets Consolidated Statement of Changes in Equity Statement of Changes in Equity ­ Company Cash Flow Statements Explanatory Notes to the Financial Statements Statement by Directors Statutory Declaration Report of the Auditors Comparative Statistics Shareholders Information All Properties of the Group Group's Plantation Properties

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54 ­ 55 56 57 ­ 60 61 ­ 66 68 69 70 71 72 ­ 73 74 ­ 87 88 88 89 90 ­ 91 92 ­ 93 94 95

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CORPORATE INFORMATION IN RESPECT OF THE COMPANY AND ITS SUBSIDIARIES

Country of Incorporation

Board of Directors

Secretary

Registered Office and Principal Share Register

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Malaysia Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail,

P.S.M., S.P.M.J., S.P.M.P., S.S.I.J., J.M.N., P.I.S., P.J.K.

(Chairman) Y.B.Tan Sri Dato' Haji Ahmad Azizuddin bin Haji Zainal Abidin, P.S.M., D.P.M.P., K.M.N., J.P. Y.B. Tan Sri Dato' Hashim bin Aman,

P.M.N., P.S.M., D.P.M.K., D.S.N.S., D.P.M.J., S.S.S.A.

Y.B. Tan Sri Dato' Seri B. Bek-Nielsen,

P.S.M., S.P.M.P., D.P.M.P., J.S.M., A.M.P., R.D. (Executive) Mr. G. Peter Selvarajah Mr. Ho Dua Tiam @ Ho Guat Tiam (Executive) Mr. Carl Bek-Nielsen (Executive) Encik Ahmad Riza Basir Mr. Martin Bek-Nielsen

Mr. R. Nadarajan Jendarata Estate, 36009 Teluk Intan, Perak Darul Ridzuan, Malaysia Phone: 605-6411411 Telex: 44061 UNITED Fax: 605-6411876 E-mail: [email protected] H.C. Andersens Boulevard 49, DK-1553, Copenhagen V, Denmark H.C. Andersens Boulevard 49, DK-1553, Copenhagen V, Denmark Phone: 33-933330 Telex: 15995 PLANT DK Fax: 33-933331 E-mail: [email protected] Unitata Berhad Bernam Agencies Sdn. Bhd. Butterworth Bulking Installation Sdn. Bhd. Scanlook Sendirian Berhad Bernam Advisory Services Sdn. Bhd. Berta Services Sdn. Bhd. Kapal Bernam Sdn. Bhd. Ernst & Young MALAYSIA HSBC Bank Malaysia Berhad Maybank Berhad Standard Chartered Bank Malaysia Berhad UNITED KINGDOM HSBC Bank Public Limited Company DENMARK Danske Bank Af 1871

Branch Register Copenhagen Office

Subsidiaries

Auditors Bankers

Stock Exchange Listing

MALAYSIA Kuala Lumpur Stock Exchange DENMARK Copenhagen Stock Exchange

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EXECUTIVE BOARD

Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail

P.S.M., S.P.M.J., S.P.M.P., S.S.I.J., J.M.N., P.I.S., P.J.K. Chairman & Inspector General (Estates)

Y.B. Tan Sri Dato' Seri B. Bek-Nielsen

P.S.M., S.P.M.P., D.P.M.P., J.S.M., A.M.P., R.D. Senior Executive Director

Carl Bek-Nielsen

Executive Director (Corporate Affairs)

SENIOR EXECUTIVE STAFF FINANCE

R. Nadarajan Chong Cho Tan

Manager, Office Administration Company Secretary & Group Manager (Finance)

A. Ganapathy

Financial Controller

Norman Santa Maria

Group Manager (Ulu Bernam)

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Ho Dua Tiam

Executive Director (Planting)

ESTATES

Loh Hang Pai, A.M.P.

Group Manager (Jendarata)

Haji Mustafa bin Mohamad

Manager, Changkat Mentri Estate

Cheriachangel Mathews

Manager, Jendarata Estate

Perumal a/l Karian

Manager, Ulu Basir Estate

A. Arikiah

Manager (Industrial Relations)

Edward Rajkumar Daniels

Manager, Sungei Chawang Estate

C.V. Rajah Padman, A.M.P.

Senior Manager, Sungei Bernam Estate

Mohd. Aslum Khan bin Gulam Khan

Manager, Sungei Erong Estate

Kamaruddin bin Umar

Manager, Kuala Bernam Estate

Ramli bin Yeop Abdul Aziz

Manager, Seri Pelangi Estate

RESEARCH

Dr. Gurmit Singh

Director of Research

Dr Xaviar a/l Arulandoo

Senior Research Manager

Ho Yuk Wah

Research Manager (Tissue Culture)

Mukesh Sharma a/l M. Sharma

Research Manager (Plant Breeding)

ENGINEERING

S. Manoharan, A.M.P.

Group Engineer (Ulu Bernam)

Toh Tai San

Group Engineer (Jendarata)

Rajendran s/o K. Ramachandran

Senior Resident Engineer, Ulu Basir Palm Oil Mill

N. Thorairaj

Senior Resident Engineer, Jendarata Palm Oil Mill

P. Seker a/l Palanisamy

Senior Resident Engineer, Ulu Bernam Palm Oil Mill

Telochan Singh s/o Daulat Singh

Senior Resident Engineer, Seri Pelangi Palm Oil Mill

SUBSIDIARIES

Haji Mohd. Nordin Abas

Company Secretary, Unitata Berhad

Kerk Choon Keng

Financial Controller, Unitata Berhad

Lee Kim Poh

Manager, Bernam Agencies Sdn. Bhd., Penang

Soo Yook Kee

Manager, Butterworth Bulking Installation Sdn. Bhd.

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Notice Of Annual General Meeting

NOTICE IS HEREBY GIVEN that the 80th Ordinary Annual General Meeting of the Company will be held at the Company's Registered Office at Jendarata Estate, 36009 Teluk Intan, Perak Darul Ridzuan, Malaysia on 23 June 2001 at 10.30 a.m. for the purpose of considering the following business:1. To receive and consider the financial statements for the year ended 31 December 2000 together with the Reports of the Directors and the Auditors thereon. 2. To confirm payment of the interim dividend of 10% tax exempt amounting to RM15,150,966 on 6 February 2001. (b) that pursuant to Section 129(6) of the Companies act 1965, Y.B. Tan Sri Dato' Seri B. Bek-Nielsen be re-appointed Director of the Company to hold office until the conclusion of the next Annual General Meeting.

To consider the recommendation of the Directors and authorise the payment of a final dividend of 10% tax exempt amounting to RM15,150,966. The dividend, if approved, will be paid on 23 July 2001. 3. To approve Directors' fees for 2000. 4. Mr. Ho Dua Tiam, retires by rotation in accordance with Article 93 of the Company's Articles of Association and being eligible, offers himself for reelection. 5. To consider and, if thought fit, pass the following as a resolution, pursuant to Section 129(6) of the Companies Act 1965:

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6. En. Ahmad Riza Basir retires in accordance with Article 84 of the Company's Articles of Association and being eligible, offers himself for re-election. 7. Mr. Martin Bek-Nielsen retires in accordance with Article 84 of the Company's Articles of Association and being eligible, offers himself for re-election. 8. To re-appoint Messrs. Ernst & Young as auditors of the Company for the year 2001 and to authorise the Directors to fix their remuneration. 9. To transact such other business as may be properly transacted at an Ordinary Annual General Meeting. By Order of the Board R. Nadarajan Secretary

(a) that pursuant to Section 129(6) of the Companies Act 1965, Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail be re-appointed Director of the Company to hold office until the conclusion of the next Annual General Meeting; and

NOTES 1. 2. 3.

Jendarata Estate 36009 Teluk Intan Perak Darul Ridzuan Malaysia 18 May 2001

A member of the Company entitled to attend and vote at the meeting is entitled to appoint a proxy or proxies to vote in his stead. A proxy need not be a member of the Company. The instrument appointing a proxy must be deposited at the Registered Office of the Company at Jendarata Estate, 36009 Teluk Intan, Perak Darul Ridzuan, Malaysia not less than 48 hours before the time set for the meeting. Where this Form of Proxy is executed by a corporation, it must be either under seal or under the hand of any officer or attorney duly authorised.

EXPLANATORY NOTE Y.B. Tan Sri Dato' Haji Ahmad Azizuddin bin Haji Zainal Abidin and Y.B. Tan Sri Dato' Hashim bin Aman who were re-appointed as Directors last year do not wish to seek re-appointment as Directors for the ensuing year. NOTICE OF CLOSURE OF BOOKS The Share Transfer Books and Register of Members on the Copenhagen Branch Register will be closed from 27 June 2001 to 29 June 2001, both days inclusive. Duly completed Branch Register transfers (scrip-based) received by the Company's Registrar in Copenhagen up to 3.00 p.m. on 26 June 2001 will be registered before entitlement is determined. A depositor registered with the Malaysian Central Depository Sdn Bhd shall qualify for entitlement only in respect of:(a) (b) (c) Shares deposited into the depositor's securities account before 12.30 p.m. on 22 June 2001 in respect of shares which are exempted from mandatory deposit. Shares transferred into the depositor's securities account before 12.30 p.m. on 26 June 2001 in respect of ordinary transfers. Shares bought on the Kuala Lumpur Stock Exchange on a cum entitlement basis according to the rules of the Kuala Lumpur Stock Exchange.

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Report Of The Directors

FOR THE YEAR ENDED 31 DECEMBER 2000 The Directors have pleasure in submitting for your consideration their 80th annual report together with the audited financial statements of the company and of the group for the year ended 31 December 2000.

SHARE CAPITAL The Company:

The authorised capital of the company is 500,000,000 ordinary shares of RM1 each of which RM151,509,660 is issued and fully paid at 31 December 2000. Subsidiary Companies:

The details of the capital structure of subsidiary companies are as follows:Authorised Capital RM Unitata Berhad 100,000,000 Bernam Agencies Sdn. Bhd. 5,000,000 Butterworth Bulking Installation Sdn. Bhd. 5,000,000 Scanlook Sendirian Berhad 4,000,000 Bernam Advisory Services Sdn. Bhd. 1,000,000 Berta Services Sdn. Bhd. 5,000,000 Kapal Bernam Sdn. Bhd. 1,000,000 Paid-Up Capital RM 38,000,000 3,500,000 3,250,000 3,000,000 750,000 500,000 50,000

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(b) Shipping and forwarding of vegetable oil and molasses and provision of management services. (c) Handling and storage of vegetable oil and molasses. (d) Engineering consultancy services, the construction of turn-key palm oil factories and effluent treatment plants and the sale of palm oil engineering equipment and machinery. The associated companies are engaged in the following activities:(a) Development of property as dry land farming operation. (b) Production of Omega-3 oils, peptones, enzymes, DNA salts, canned cod liver, protein concentrate and other marine products, developed from bi-products of fish and other marine raw materials. (c) Manufacture and sale of bread, biscuits and pastries. There have been no significant changes in the nature of these activities during the year.

FINANCIAL RESULTS GROUP RM'000 Profit after taxation Interim dividend paid on 6 February 2001 Proposed final dividend 40,086 15,151 15,151 COMPANY RM'000 33,162 15,151 15,151 30,302 ­­­­­­­­­ 2,860 ­­­­­­­­­

PRINCIPAL ACTIVITIES The company carries on the business of oil palm and coconut cultivation and processing on its plantations in Peninsular Malaysia. The company also has an active Research Centre providing improved planting material for the company's estates as well as for the Malaysian agricultural sector in general. The subsidiary companies are primarily engaged in the following activities:(a) Processing of palm oil, manufacturing edible oils, fats, soap products, cocoa butter substitute and trading in crude palm oil.

30,302 ­­­­­­­­­ Retained profit for the year 9,784 ­­­­­­­­­

There were no material transfers to or from reserves or provisions during the year. In the opinion of the Directors, the results of the operations of the company and of the group during the financial year have not been substantially affected by any item, transaction or event of a material and unusual nature.

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Report Of The Directors (continued)

FOR THE YEAR ENDED 31 DECEMBER 2000 GROUP'S PLANTATION PROPERTIES DIRECTORS The names of the Directors of the company in office since the date of the last report and at the date of this report are:Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail Y.B. Tan Sri Dato' Haji Ahmad Azizuddin bin Haji Zainal Abidin Y.B. Tan Sri Dato' Hashim bin Aman Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen Mr. Peter Selvarajah s/o Gnanapragasam Mr. Ho Dua Tiam Mr. Carl Bek-Nielsen Encik Ahmad Riza Basir (Appointed on 17.6.2000) Mr. Martin Bek-Nielsen (Appointed on 29.8.2000) Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the company is a party, whereby Directors might acquire benefits by means of the acquisition of shares in, or debentures of, the company or any other body corporate. The following Directors who held office at the end of the financial year had according to the register required to be kept under Section 134 of the Companies Act, 1965, an interest in shares of the company and its subsidiaries, as stated below:DIRECT INTERESTS The company: As at 1.1.00 ­­­­­­ 605,200 Purchased Sold During the year ­­­­­­­­­­­­­­­­­­ 1,780,000 ­ As at 31.12.00 ­­­­­­­­ 2,385,200

The group's plantation properties at the end of the year were as follows: Jendarata Kuala Bernam Sungei Bernam Ulu Bernam Changkat Mentri Ulu Basir Sungei Erong Sungei Chawang Seri Pelangi 6,380 832 2,299 3,349 2,534 3,802 3,666 3,293 1,418 ­­­­­­­ 27,573 ­­­­­­­ hectares hectares hectares hectares hectares hectares hectares hectares hectares hectares

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A statement, which is included elsewhere in this report, contains an analysis of the area of the individual crops. The planting and replanting programmes completed during 2000 were:2 hectares other areas planted with hybrid coconut 1,846 hectares oil palm replanted with oil palm ­­­­­­­ 1,848 hectares ­­­­­­­

DIVIDENDS Dividends paid by the company since the end of the previous financial year are as follows:(a) An interim dividend of 10% tax exempt amounting to RM15,150,966 in respect of the previous year was paid on 31 January 2000. (b) A final dividend of 15% tax exempt amounting to RM22,726,449 in respect of the previous year was paid on 20 July 2000. (c) An interim dividend of 10% tax exempt amounting to RM15,150,966 in respect of the year was paid on 6 February 2001. The Directors propose a final dividend of 10% tax exempt amounting to RM15,150,966 for the year ended 31 December 2000, which subject to the approval of the members at the forthcoming Annual General Meeting of the Company, will be paid on 23 July 2001.

Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail Y.B. Tan Sri Dato' Haji Ahmad Azizuddin bin Haji Zainal Abidin Y.B. Tan Sri Dato' Hashim bin Aman Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen Mr. Peter Selvarajah s/o Gnanapragasam Mr. Ho Dua Tiam Mr. Carl Bek-Nielsen Mr. Martin Bek-Nielsen * At date of appointment

40,440 30,000 281,204 35,120 294,000 * 65,000 * 80,000

8,000 ­ ­ 25,000 6,000 ­ ­

­ ­ ­ ­ ­ ­ ­

48,440 30,000 281,204 60,120 300,000 65,000 80,000

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UNITED PLANTATIONS BERHAD

Report Of The Directors (continued)

FOR THE YEAR ENDED 31 DECEMBER 2000

INDIRECT INTERESTS By virtue of shares held by company in which the Directors are interested Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen Mr. Carl Bek-Nielsen Mr. Martin Bek-Nielsen As at 1.1.00 ­­­­­­ Purchased Sold During the year ­­­­­­­­­­­­­­­­­­ As at 31.12.00 ­­­­­­­­

}

47,588,067

­

­

47,588,067

DIRECT INTERESTS Subsidiary company Bernam Advisory Services Sdn. Bhd. Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen Mr. Peter Selvarajah s/o Gnanapragasam

1 1

­ ­

­ ­

By virtue of their interest in the shares of Aarhus Oliefabrik A/S and in the shares of Aarhus (Malaysia) Sdn. Bhd., Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen, Mr. Carl BekNielsen and Mr. Martin Bek-Nielsen are also deemed to have interest in the shares of all the subsidiary companies of the company to the extent the company has an interest in them.

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1 1

The functions of the audit committee are to review accounting policies, internal controls and quarterly and annual financial statements of the company and its subsidiary companies on behalf of the board of Directors. In performing its function, the committee reviewed the overall scope of external audit. It reviewed the report of the external auditors on the results of estate visits and internal control review of the company and its subsidiary companies. The committee also reviewed the financial statements of the company and the consolidated financial statements of the group as well as the auditors' report thereon.

SIGNIFICANT EVENT AFTER THE BALANCE SHEET DATE Significant event after the balance sheet date is disclosed in Note 24 to the financial statements.

Since the end of the previous financial year, no Director has received or become entitled to receive any benefits (other than a benefit included in the aggregate amount of emoluments received or due and receivable by the Directors shown in the financial statements or the fixed salary of a full-time employee of the company) by reason of a contract made by the company or a related corporation with any 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 except as disclosed in Note 21 to the financial statements.

OTHER STATUTORY INFORMATION (a) Before the income statements and balance sheets of the company and of the group were made out, the Directors took reasonable steps: (i) to ascertain that proper action has been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts; and (ii) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the ordinary course of business have been written down to an amount which they might be expected so to realise. (b) At the date of this report, the Directors are not aware of circumstances which would render: (i) the amount written off for bad debts or the amount of the provision for doubtful debts in the company and the group inadequate to any substantial extent; and (ii) the value attributed to current assets in the financial statements of the company and of the group misleading.

AUDIT COMMITTEE The audit committee of the board of Directors was formed in 1993. The members of the committee, two of whom are non-executive Directors are: Y.B. Tan Sri Dato' Hashim bin Aman (Chairman ­ Independent Non-executive Director) Y.B. Tan Sri Dato' Haji Ahmad Azizuddin bin Haji Zainal Abidin (Independent Non-executive Director) Mr. Ho Dua Tiam (Executive Director) Mr. R. Nadarajan (Secretary) The audit committee held four meetings since the date of the last report.

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Report Of The Directors (continued)

FOR THE YEAR ENDED 31 DECEMBER 2000 (c) At the date of this report, the Directors are not aware of any circumstances which have arisen which render adherence to the existing method of valuation of assets or liabilities of the company and of the group misleading or inappropriate. (d) At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or financial statements of the company and of the group which would render any amount stated in the financial statements and consolidated financial statements misleading. (e) As at the date of this report there does not exist:AUDITORS The auditors, Ernst & Young, have expressed their willingness to continue in office.

(i) any charge on the assets of the company or of the group which has arisen since the end of the financial year which secures the liabilities of any other person; or (ii) any contingent liability in respect of the company or of the group which has arisen since the end of the financial year. (f) In the opinion of the Directors:(i) no contingent liability or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the end of the financial year which will or may affect the ability of the company or of the group to meet its obligations when they fall due; and (ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the date of this report which is likely to affect substantially the results of the operations of the company or of the group for the financial year in which this report is made.

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On behalf of the Board,

Y.B. TAN SRI DATO' SERI HAJI BASIR BIN ISMAIL

Y.B. TAN SRI DATO' SERI BORGE BEK-NIELSEN

) ) ) ) ) DIRECTORS ) ) ) ) )

Jendarata Estate 36009 Teluk Intan Perak Darul Ridzuan Malaysia 24th February 2001

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UNITED PLANTATIONS BERHAD

Chairman's Statement

On behalf of the Board of Directors it gives me great pleasure to present the results of our Group's operations as reflected in the Annual Financial Statements for the year ended 31st December 2000. The Group's profit before tax for the year was RM49,392,000 compared with RM117,139,000 in 1999. The net profit after tax for the year was RM40,086,000 compared with RM115,095,000 tax exempt the previous year. PRODUCTION IN METRIC TONNES 2000 109,060 33,293 7,858 1999 110,066 32,150 5,841 % change - 1.0 + 3.6 + 34.5

Palm Oil Palm Kernel Copra

REPLANTING POLICY

Your Board of Directors, with the support of the research, field and engineering staff members will strive to maintain a good average yield of between 28 and 32 M.T. of Fresh Fruit Bunches per hectare compared with the national average yield of approximately 21-22 M.T. of FFB/hectare. With the above average yield it is gratifying to place on record that the average costs of production of Crude Palm Oil and Palm Kernels at United Plantations Bhd. are among the lowest in Malaysia. The following replanting expenditures were incurred for the year 2000 in respect of Oil Palms and Coconut as shown below : Year 2000 Oil Palms Coconut Total Acreage 9,427 acres 2,604 acres 12,031 acres Cost of Replanting RM 12,045,000 RM 3,402,000 RM 15,447,000

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The estimated replanting expenditures for the current year 2001 in respect of replanting Oil Palms and Coconut are as follows: Year 2001 Oil Palms Coconut Total Acreage 8,628 acres 2,666 acres 11,294 acres Cost of Replanting RM 12,896,000 RM 3,988,000 RM 16,884,000

The replanting programmes undertaken by the company will ensure that the average age of palms would probably be one of the youngest within the plantation industry in Malaysia, thereby ensuring a rational dividend policy.

RESEARCH AND DEVELOPMENT Pages 15 onwards of the 1998 Annual Report showed the success of our Research Department in producing some of the highest yielding coconuts in the world. The following table gives a detailed illustration of how the MAWA and MATAG perform at the 16th year with a yield of 30,785 and 30,654 nuts respectively, equivalent to 6.46 M.T. and 7.66 M.T. of copra per hectare.

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Chairman's Statement (continued)

PROGRESS IN COCONUT PLANTING MATERIALS YIELD COMPARISON BETWEEN MAWA AND MATAG WITH 1982 PLANTING AT UP BHD AT 131 PALMS/HA MAWA MATAG Mean Over 7th-16th Year No. of Nuts Per Palm Per Year Nuts/Hectare Copra/Ha (MT) Yield-16th Year No. of Nuts Per Palm Per Year Nuts/Hectare Copra/Ha (MT)

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188 24,628 5.17

192 25,152 6.29

235 30,785 6.46

234 30,654 7.66

Yang Berhormat Datuk Mohd Effendi Norwawi, the Hon. Minister of Agriculture, after his visit to United Plantations Bhd, Teluk Intan on Saturday, 24th June 2000, had entered into an agreement for the supply of our total production of 720,000 germinated MATAG seed nuts over the next five years for the smallholder replanting programme under the 8th Malaysia Plan. The Government's prohibition of open burning of palms and residue during replanting had prompted the company's Research Department to make a substantial progress towards achieving the best result at a lower cost. The company's Research Department had also developed new techniques to bring our new palms into bearing after 28 months, rather than the usual 36 months. It is thus gratifying to observe how the Carbon Nitrogen ratio had been maintained in United Plantations Berhad through aggressive recycling of the biomass residue back to the fields. A statement by the Director of Research, Dr Gurmit Singh is attached for the benefit of the members of the company as well as those interested in the residual value of the fruits of the Oil Palms.

ENVIRONMENTAL MANAGEMENT - THE PALM OIL MILL EFFLUENT TREATMENT When the government introduced the Clean Air and Water Acts within the scope of the Environmental Quality Act, 1974 many years ago, the Palm Oil Industry was given some years to comply with the Act. United Plantations took the lead to find a solution to this serious problem, which was overcome after close collaboration between the Engineering and Research Departments, to such an extent that the effluent water which had a biochemical oxygen demand (BOD) of 25,000 ppm has now been converted to fertilizers, by using the exhaust gas from the chimneys of our Palm Oil Mill boilers to evaporate the water and concentrate the impurities. This in turn has proven to be an excellent media for producing fertilizers with satisfying results.

LABOUR SITUATION The successful development of the heavy and light manufacturing industry had caused a serious problem for the Malaysian plantations industry. A serious shortage of plantation workers was created because the young plantation workers left the estates to find work with the industrial sector throughout the country.

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UNITED PLANTATIONS BERHAD

Chairman's Statement (continued)

As a result of industrial expansion in the last 3 decades of the 20th century it has been estimated that not less than 1.5 million foreign workers are working in Malaysia, against a population of about 22 million. Thus at some of our estates, the percentage of foreign workers is not less than 75-80% of the workforce. The attached report provides an indication of the serious situation, affecting the efficiency of our workforce as well as the quality of our products.

NUMBER OF VACANCIES/SHORTAGES AS PER JOB CATEGORIES (31ST JANUARY 2001) Job Categories Oil Palm harvesters Coconut Pickers Coconut Huskers Field Workers General Workers Skilled Workers Total Existing Workforce local foreign Total 194 830 1024 12 52 64 20 9 29 595 135 730 1014 304 1318 130 2 132 1965 1332 3297 Vacancies 432 54 64 175 99 2 826 Total Workers Required 1456 118 93 905 1417 134 4123

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SOCIAL WELFARE UP Bhd established a special Benevolent and Retirement Fund 20 years ago to encourage members of the company's workforce to remain with the company until the retirement age of 55 years. The scales of payment (husband and spouse paid separately) are as indicated below. Years of Service in the Company 25 years and more 20-25 years 15-20 years 10-15 years RM 6,000 5,000 4,000 3,000

In addition to UP retirement benefits, the Company had also a scholarship scheme for the workers' children, who have the ability to go for further education. Such special scholarships are normally valued at RM 1,800-RM 2,000/ year. As there are only primary schools at the estates, the Company had paid a transport subsidy equivalent to 90% of the bus fare for the workers' children to attend secondary schools at the nearest towns. The reason for such a subsidy is to help the children of our employees to have a good opportunity to complete tertiary education. The cost of the total subsidy for the last three years came to RM1,650,979.

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UNITED PLANTATIONS BERHAD

Chairman's Statement (continued)

In addition, the Company also provided computers for the estate schools. Such support had given good results. In the final UPSR examinations, the schools at Division I, II and III Jendarata Estate won the first, second and third prizes respectively among the Tamil schools in the Lower Perak District. The Division I Tamil School also won the best performance prize in the State of Perak for the same examination.

MARITEX AS, NORWAY

The deferment of the timely installation of the new evaporation and filter unit by a year caused a serious reduction in the estimated production of valuable products for the international market. This had caused MARITEX AS to lose RM 7.95 million for the year 2000, of which UP has a 31% share. The latest report fortunately gives an indication that the results for the year 2001 could be gratifying.

UNITED PLANTATIONS, AUSTRALIA

It is gratifying to report that the General Manager of the joint farming operations at "Gordon Downs" in Australia (held by International Plantations and Finance Ltd. and UP Bhd. on a 70:30 basis) made a profit of AUD 2.1 million for the year 2000 for the Company. This encouraging result is because United Plantations Australia was the first farm to produce organic wheat, the sales price of which has reached a level of more than 100% premium above ordinary Australian wheat.

UP

PROSPECTS AND OUTLOOK The increasing surplus of edible oils has seen the price of Palm Oil dropping from RM 1,180/M.T. in January 2000 to RM 680/M.T. by February 2001. The price of Palm Kernels had also dropped from RM1,000 to RM 300/M.T. It had been a most difficult year, which had been further aggravated by the following issues - namely: I. There has been a tendency for China to import huge volumes of soyabeans for crushing as animal feed to double the meat production from 46.37 million M.T. during 1993/94 to 79.76 million M.T. during 1998/99. Such increase in the supply of meat for the Chinese population would not have been possible without the 40% protein in the Soyabean meal. Conversely the import of Palm Oil into China and other countries have gradually been reduced, thereby causing the build up of the stock of Malaysian Palm Oil to 1,527,914 M.T. by the end of November 2000. This in turn has caused pressure on the palm oil storage capacity in Malaysia. II. The `Mad Cow Disease" i.e. the BSE (Bovine Spongiform Encephalopathy) crisis which hit Europe has compelled the farmers not to use bone meal as feed for the animals. Such prohibition has compelled the European farmers to import substantial quantities of soyabeans to provide the extra protein required. The consequence of such transaction is that substantial quantities of soyabean oil have become available, in addition to the normal production in the European Countries.

64

UNITED PLANTATIONS BERHAD

Chairman's Statement (continued)

III. On the 21st November 2000 India introduced the following new import duty on RBD Palm Olein: INDIAN DUTY FOR VEGETABLE OIL IMPORTS Palm Oil CD-SBO

W.E.F. 12th June 2000 ­ 21st Nov. 2000 Basic Duty +10% Surcharge +4% Special Additional Duty Total Effective Duty

UP

35.00% 3.50% 5.54% 44.04%

25.00% 2.50% 0NIL 27.50%

Palm Oil

CD-SBO

W.E.F. 22nd Nov. 2000 ­ 28th Feb. 2001 Basic Duty +10% Surcharge Special Additional Duty Total Effective Duty 65.00% 6.60% 0NIL 71.60% 35.00% 0NIL 0NIL 35.00%

Palm Oil W.E.F. 1st March 2001 ­ till further notice Basic Duty +10% Surcharge +4% Special Additional Duty (4% of 185%) Total Effective Duty 92.40% 85.00% 0NIL 7.40%

CD-SBO

45.00% 0NIL 0NIL

45.00%

Rotterdam Freight Rates Per Tonne Normal - before fuel price crisis High (February 2001) Current April/May 2001 USD 33-35 USD 73 USD 51-58

65

UNITED PLANTATIONS BERHAD

Chairman's Statement (continued)

In spite of the difficulties stated above, the Group made an after tax profit of RM40 million for the year 2000, thereby maintaining a rational dividend for year 2000. During the year 2000, the Palm Oil producers were exposed to serious difficulties due to the very substantial production of soyabean in the USA, the South American Countries, Brazil, Argentina and Uruguay. Such substantial production increases depressed the sale of Palm Oil at about USD40-USD50/M.T. discount below soyabean oil price. The consequences of such low prices for our Palm Oil caused the Palm Oil exports to increase during March by 34% to 1,059,393 M.T. from 788,336 M.T. during February 2001. According to the latest USDA report the soyabean area to be planted during year 2001 is estimated to be 76.659 million acres which compared to 74.5 million acres during year 2000. Such planting programme is the largest acreage in the US history of planting soyabean. Since the South American Countries also are aiming for a bigger area to be planted, the Malaysian producers must prepare for a record high production of soyabeans. In addition, areas to be planted with canola in the US at 1.892 million acres is up by 21% compared to the 1.567 million acres during year 2000.

SURPLUS OF EDIBLE OILS

UP

The increasing production of edible oils, in particular so Palm and Soyabean Oils, have had a negative effect on the sale prices of our Palm Oil. In fact, the total stock of Palm Oil by end of November 2000 reached 1.528 million M.T. Such high volume of Palm Oil in Malaysia caused all the available storage space to be totally occupied. This resulted in a strong pressure on the price level of Palm Oil, which at times were sold at a discount price of between USD 5060/M.T. below the price of Soyabean Oil. The government and members of the Palm Oil industry have initiated experiments which might culminate in creating plants for producing palm diesel from Palm Oil, similar to what is being practised in Germany, where rapeseed oil is converted to rapeseed fuel oil. Proposals have also been made to burn 500,000 M.T. of Crude Palm Oil at the Malaysian power plants.

ACKNOWLEDGEMENT On behalf of the Board of Directors of United Plantations Berhad, I thank the directors, management and staff of the Group, business associates, shareholders, Ministries and Government departments, statutory bodies for their support and cooperation throughout the financial period under review. I also thank members of the Board for their wise counsel and guidance and their unfailing support through the year.

Tan Sri Dato' Seri Haji Basir Ismail Chairman Date: 2nd April 2001

66

UNITED PLANTATIONS BERHAD

OIL PALM BIOMASS RECYCLED ON LAND AND ITS CONTRIBUTION TO THE CARBON ECONOMY OF THE SOIL (DURING THE COURSE OF ONE GENERATION OF PALMS)

From fronds during regular pruning rounds Dry matter per hectare = = = = 10 tonnes x 22 years 220 tonnes 220x40/100 88 tonnes

Carbon equivalent per hectare

From trunks and fronds at replanting Dry matter per hectare Carbon equivalent per hectare

UP

= = =

100 tonnes 100x40/100 40 tonnes

From male flowers that decay and fall to the ground Dry matter per hectare Carbon equilavent per hectare = = = 27 tonnes 27x40/100 10.8 tonnes

From empty fruit bunch mulching (EFB) Dry matter per hectare Carbon equivalent per hectare = = = 30 tonnes 30x40/100 12 tonnes

COMBINED BIOMASS RECYCLED ON LAND DURING THE COURSE OF ONE GENERATION OF OIL PALM Dry matter per hectare (organic matter) Carbon equivalent per hectare = 220+100+27+30 377 tonnes 150.8 tonnes

67

=

UNITED PLANTATIONS BERHAD

Income Statements

FOR THE YEAR ENDED 31 DECEMBER 2000

Note REVENUE OTHER OPERATING INCOME 4

CHANGES IN STOCKS RAW MATERIALS AND CONSUMABLES USED DEPRECIATION OF PROPERTY, PLANT AND EQUIPMENT STAFF COSTS PROVISION FOR DIMINUTION IN VALUE OF INVESTMENT OTHER OPERATING EXPENSES

UP

2000 RM'000

GROUP

COMPANY

1999 RM'000 436,683 3,479 ­­­­­­­­­ 440,162

2000 RM'000 121,270 1,186 ­­­­­­­­­ 122,456

1999 RM'000 214,351 3,466 ­­­­­­­­­ 217,817

279,711

1,395 ­­­­­­­­­ 281,106

11,436

(24,340) (179,156) (23,104) (68,074) ­ (33,471) (328,145) ­­­­­­­­­ 112,017 (2,474)

19,344 (7,749) (20,705) (46,570) (425) (29,378) (85,483) ­­­­­­­­­ 36,973 (8)

3 (9,322) (20,201) (57,130) ­ (27,798) (114,448) ­­­­­­­­­ 103,369 (21)

(137,100) (20,046) (56,065) ­ (33,366)

(235,141) ­­­­­­­­­ PROFIT FROM OPERATIONS FINANCE COSTS SHARE OF ASSOCIATED COMPANIES' RESULTS INVESTMENT AND INTEREST INCOME 5 6 45,965 (1,001)

(1,195)

(216)

­

­

7

5,623 ­­­­­­­­­ 49,392

7,812 ­­­­­­­­­ 117,139 (2,044) ­­­­­­­­­ 115,095 ­­­­­­­­­ ­­­­­­­­­ 75.97 ­­­­­­­­­ ­­­­­­­­­

5,405 ­­­­­­­­­ 42,370 (9,208) ­­­­­­­­­ 33,162 ­­­­­­­­­ ­­­­­­­­­

7,606 ­­­­­­­­­ 110,954 (2,027) ­­­­­­­­­ 108,927 ­­­­­­­­­ ­­­­­­­­­

PROFIT BEFORE TAXATION TAXATION 8

(9,306) ­­­­­­­­­ 40,086 ­­­­­­­­­ ­­­­­­­­­ 26.46 ­­­­­­­­­ ­­­­­­­­­

NET PROFIT FOR THE YEAR EARNINGS PER SHARE (SEN) 9

The annexed notes form an integral part of the financial statements. 68

UNITED PLANTATIONS BERHAD

Balance Sheets

AS AT 31 DECEMBER 2000

Note PROPERTY, PLANT AND EQUIPMENT SUBSIDIARY COMPANIES ASSOCIATED COMPANIES INVESTMENTS CURRENT ASSETS Stocks Trade debtors Other debtors, deposits and prepayments Tax recoverable Cash and bank balances Deposits with licensed banks

10 11 12 13 14

UP

2000 RM'000

GROUP

COMPANY

1999 RM'000

2000 RM'000

1999 RM'000

367,176 ­ 15,791 13,644 55,884 35,854

360,423 ­ 14,320 13,644 50,435 45,100 2,728 ­ 1,814 203,570 ­­­­­­­­­ 303,647

322,148 92,596 11,621 19,038 32,285 4,711 1,542 1,091 1,978 111,849 ­­­­­­­­­ 153,456

319,081 52,128 7,208 19,038 14,026 11,832 1,884 ­ 1,375 199,206 ­­­­­­­­­ 228,323

1,984 1,021 2,190 134,773 ­­­­­­­­­ 231,706

CURRENT LIABILITIES Trade creditors Other creditors and accruals Taxation Dividends ­ Interim dividend payable ­ Proposed final dividend Bank borrowings

4,717 19,861 ­ 15,151 15,151 7,475 ­­­­­­­­­ 62,355 169,351 ­­­­­­­­­ 565,962 ­­­­­­­­­ ­­­­­­­­­

11,497 18,050 18,826 15,151 22,727 47,889 ­­­­­­­­­ 134,140 169,507 ­­­­­­­­­ 557,894 ­­­­­­­­­ ­­­­­­­­­

250 19,114 ­ 15,151 15,151 ­ ­­­­­­­­­ 49,666 103,790 ­­­­­­­­­ 549,193 ­­­­­­­­­ ­­­­­­­­­

147 22,529 18,804 15,151 22,727 87 ­­­­­­­­­ 79,445 148,878 ­­­­­­­­­ 546,333 ­­­­­­­­­ ­­­­­­­­­

15

NET CURRENT ASSETS

REPRESENTED BY: SHARE CAPITAL RESERVES 151,510 151,510 151,510 388,071 380,035 372,883 ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ 539,581 531,545 524,393 DEFERRED TAXATION 18 24,800 24,818 24,800 RETIREMENT BENEFITS 1,581 1,531 ­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ 565,962 557,894 549,193 ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ ­­­­­­­­­ The annexed notes form an integral part of the financial statements. 16 17 151,510 370,023 ­­­­­­­­­ 521,533 24,800 ­ ­­­­­­­­­ 546,333 ­­­­­­­­­ ­­­­­­­­­

69

UNITED PLANTATIONS BERHAD

Consolidated Statement Of Changes In Equity

FOR THE YEAR ENDED 31 DECEMBER 2000 GROUP

Share capital

Retained profit

Note BALANCE AS AT 31 DECEMBER 1998 SHARE OF REVALUATION RESERVE OF AN ASSOCIATED COMPANY CURRENCY TRANSLATION DIFFERENCES NET PROFIT FOR THE YEAR DIVIDENDS BALANCE AS AT 31 DECEMBER 1999 SHARE OF REVALUATION RESERVE OF AN ASSOCIATED COMPANY CURRENCY TRANSLATION DIFFERENCES NET PROFIT FOR THE YEAR DIVIDENDS BALANCE AS AT 31 DECEMBER 2000

RM'000

RM'000

151,510

251,069

­

UP

RM'000 53 ­ ­ ­ ­ ­ ­

Reserve on consolidation

Share premium

Revaluation reserve

Capital reserve

Translation reserve

RM'000

RM'000

RM'000

RM'000

TOTAL RM'000

22,242

5,709

21,894

928

453,405

­

* 292

­

­

292

­ ­ ­

­ ­ ­

­ ­ ­

­ ­ ­

* 631 ­ ­

631 115,095 (37,878)

19

115,095 (37,878)

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

151,510

328,286

53

22,242

6,001

21,894

1,559

531,545

­

­

­

­

*7

­

­

7

­

­

­

­

­

­ * (1,755)

(1,755)

19

­ ­

40,086 (30,302)

­ ­

­ ­

­ ­

­ ­

­ ­

40,086 (30,302)

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

151,510

338,070

53

22,242

6,008

21,894

(196)

539,581

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

* Gains / (losses) not recognised in the income statements

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

70

UNITED PLANTATIONS BERHAD

Statement Of Changes In Equity

FOR THE YEAR ENDED 31 DECEMBER 2000 COMPANY

BALANCE AS AT 31 DECEMBER 1998 NET PROFIT FOR THE YEAR DIVIDENDS

BALANCE AS AT 31 DECEMBER 1999 NET PROFIT FOR THE YEAR DIVIDENDS BALANCE AS AT 31 DECEMBER 2000

UP

Note 19 19

TOTAL RM'000 RM'000 RM'000 RM'000 RM'000

Share capital

Retained profit

Revaluation reserve

Share premium

151,510 257,011 ­ 108,927

19,721 ­

22,242 450,484 ­ 108,927

­ (37,878) ­ ­ (37,878) ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

151,510 328,060 ­ 33,162

19,721 ­

22,242 521,533 ­ 33,162

­ (30,302) ­ ­ (30,302) ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ 151,510 330,920 19,721 22,242 524,393 ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

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

71

UNITED PLANTATIONS BERHAD

Cash Flow Statements

FOR THE YEAR ENDED 31 DECEMBER 2000

Note CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payment to suppliers Payment of operating expenses Payment of taxes Other receipts NET CASH GENERATED FROM OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant and equipment Interest income Dividend income Purchase of property, plant and equipment Acquisition of interest in associated company NET CASH USED IN INVESTING ACTIVITIES

UP

2000 RM'000

GROUP

COMPANY

1999 RM'000

2000 RM'000

1999 RM'000

295,335 (138,271) (93,051) (29,142) 1,409 ­­­­­­­­­ 36,280 ­­­­­­­­­

415,853 (260,829) (31,454) (20,172) 4,012 ­­­­­­­­­ 107,410 ­­­­­­­­­

128,391 (6,563) (79,447) (29,074) 1,189 ­­­­­­­­­ 14,496 ­­­­­­­­­

212,596 (10,488) (85,188) (19,956) 74 ­­­­­­­­­ 97,038 ­­­­­­­­­

227 5,010 584 (a) (26,889) (4,340) ­­­­­­­­­ (25,408) ­­­­­­­­­

68 7,177 457 (26,404) ­ ­­­­­­­­­ (18,702) ­­­­­­­­­

90 4,792 584 (23,862) (4,340) ­­­­­­­­­ (22,736) ­­­­­­­­­

52 6,971 457 (21,012) ­ ­­­­­­­­­ (13,532) ­­­­­­­­­

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

72

UNITED PLANTATIONS BERHAD

Cash Flow Statements (continued)

FOR THE YEAR ENDED 31 DECEMBER 2000

Note CASH FLOWS FROM FINANCING ACTIVITIES (Repayment)/drawdown in bank borrowings Interest paid Dividends paid Advances to subsidiary company NET CASH USED IN FINANCING ACTIVITIES

UP

2000 RM'000

GROUP

COMPANY

1999 RM'000

2000 RM'000

1999 RM'000

(40,300) (1,001) (37,878) ­ ­­­­­­­­­ (79,179) ­­­­­­­­­

(3,500) (2,474) (38,181) ­ ­­­­­­­­­ (44,155) ­­­­­­­­­

­ (8) (37,878) (40,541) ­­­­­­­­­ (78,427) ­­­­­­­­­

85 (21) (38,181) ­ ­­­­­­­­­ (38,117) ­­­­­­­­­

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS OPENING CASH AND CASH EQUIVALENTS CLOSING CASH AND CASH EQUIVALENTS

(68,307)

44,553

(86,667)

45,389

204,495 ­­­­­­­­­ (b) 136,188 ­­­­­­­­­ ­­­­­­­­­

159,942 ­­­­­­­­­ 204,495 ­­­­­­­­­ ­­­­­­­­­

200,494 ­­­­­­­­­ 113,827 ­­­­­­­­­ ­­­­­­­­­

155,105 ­­­­­­­­­ 200,494 ­­­­­­­­­ ­­­­­­­­­

(a) Purchase of property, plant and equipment during the year was fully paid for in cash. (b) Analysis of cash and cash equivalents :-

Cash and bank balances Deposits with licensed banks Bank overdrafts

2,190 134,773 (775) ­­­­­­­­­ 136,188 ­­­­­­­­­ ­­­­­­­­­

1,814 203,570 (889) ­­­­­­­­­ 204,495 ­­­­­­­­­ ­­­­­­­­­

1,978 111,849 ­ ­­­­­­­­­ 113,827 ­­­­­­­­­ ­­­­­­­­­

1,375 199,206 (87) ­­­­­­­­­ 200,494 ­­­­­­­­­ ­­­­­­­­­

The annexed notes form an integral part of the financial statements. 73

UNITED PLANTATIONS BERHAD

Explanatory Notes ON AND FORMING PART OF THE FINANCIAL STATEMENTS

1. GENERAL ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

The registered office is located at Jendarata Estate, 36009 Teluk Intan, Perak Darul Ridzuan. The principal place of business is located at Jendarata Estate, 36009 Teluk Intan, Perak Darul Ridzuan. The company carries on the business of oil palm and coconut cultivation and processing on its plantations in Peninsular Malaysia. The company also has an active Research Centre providing improved planting material for the company's estates as well as for the Malaysian agricultural sector in general. The principal activities of the subsidiary companies are as disclosed in Note 3 of the financial statements. The financial statements are expressed in Ringgit Malaysia.

The number of employees at 31 December 2000 for the group is 5,050 (1999 : 5,207) and for the company is 3,739 (1999 : 3,878).

2. SIGNIFICANT ACCOUNTING POLICIES ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

(a) Basis of Accounting The financial statements of the company and of the group are prepared under the historical cost convention, modified to include the revaluation of certain assets and comply with approved accounting standards issued by Malaysian Accounting Standards Board ("MASB"). In the financial statements for the year ended 31 December 1998, the company and the group applied certain transitional provisions in International Accounting Standard 16 (Revised), Property, Plant and Equipment, by virtue of which a reporting enterprise which does not adopt a policy of revaluation is allowed to retain revalued amounts on the basis of their previous revaluations (subject to continuity in depreciation policy and the requirement to write an asset down to its recoverable amount). Accordingly, the revalued assets are now stated at deemed cost as permitted by the revised International Accounting Standard 16 in the current financial year. (b) Basis of Consolidation The consolidated financial statements incorporate the financial statements of the company and all its subsidiaries for the year ended 31 December 2000. Where subsidiary companies are acquired or sold during the year, their results and revenue are included from the date of acquisition or excluded from the date of sale. The difference between the consideration paid for subsidiaries and the fair value of the net tangible assets acquired is transferred to reserves. (c) Subsidiary Companies A subsidiary company is defined as an investee company where the company holds, directly or indirectly, more than 50% equity interest and/or has the power to govern the financial and operating policies of the company so as to obtain benefits from its activities. (d) Associated Companies An associated company is defined as a company not being a subsidiary in which the group has a long term interest of not less than 20% of the equity and in whose financial and operating policy decisions the group exercises significant influence. The group's share of post acquisition results of associated companies, based on the latest available audited financial statements or management accounts, is taken up in the consolidated income statement. The group's share of post acquisition reserves of associated companies is added to the value of the investment in these companies.

UP

74

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

(e) Property, Plant and Equipment and Depreciation

Property, plant and equipment are stated at cost/deemed cost, less depreciation. Planting and development expenditure is defined as the total cost incurred from land clearing to the point of maturity. Amortisation of planting and development expenditure commences at maturity of the crop. Freehold land is not amortised. The net book value of leasehold land is amortised over the remaining life of the lease. Other property, plant and equipment are depreciated by equal annual instalments over their estimated economic lives based upon the original cost or deemed cost. The principal annual rates used for this purpose are:Buildings Bulking installations Railways and rolling stock Plant and machinery Motor vehicles, furniture and office equipment Tractors and implements Planting and development expenditure (f) Stocks During the year, the company changed its accounting policy on valuation of its produce stocks from the lower of cost and net realisable value to as follows:(i) (ii) Contracted produce stocks are stated at contracted price; and Uncommitted produce stocks are stated at market value at the balance sheet date. % 5 5 over 14 years or approximately 7.14% 10 10 - 20 25 over 22 years or approximately 4.55%

UP

The Directors are of the opinion that the change in accounting policy is more reflective of the value of produce stocks and the results of the company. The change in the accounting policy does not have material impact on previous year's results and thus it has not been adjusted retrospectively. The effect on current year's results arising from the change in accounting policy is provided in Note 14 to the financial statements. Estate stores are valued at cost on a weighted average basis. Finished goods are valued at the lower of cost and estimated net realisable value. Cost includes the actual cost of materials, labour and appropriate production overheads. In arriving at the estimated net realisable value due allowance is made for all obsolete and slow-moving items. (g) Investments Investments held on long term basis are stated at cost. Provision is made for any diminution in value which is considered to be permanent. (h) Trade Debtors Trade debtors are recognised and carried at original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. (i) Deferred Taxation Deferred taxation is provided for using the liability method on all timing differences except those which are not expected to reverse in the foreseeable future. Deferred taxation benefits are not recognised unless there is a reasonable expectation of realisation in the near future.

75

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

2. SIGNIFICANT ACCOUNTING POLICIES (continued) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

(j) Foreign Currencies (i) Transactions in foreign currencies

Transactions originating in foreign currencies are recorded in Ringgit Malaysia at the exchange rates ruling at the time of the transactions. Assets and liabilities at 31 December are reported in Ringgit Malaysia at the exchange rates ruling at that date or, where covered by a forward exchange purchase contract, at the contracted rate. All exchange differences are dealt with in the income statement. (ii) Translation of foreign currency financial statements

Income statement items of foreign associated companies are translated in Ringgit Malaysia at average exchange rates for the year and the share of post acquisition profits and reserves are translated at the exchange rates ruling at the balance sheet date. The translation differences arising therefrom are taken to reserves. The closing exchange rates used as at 31 December 2000 for the purpose of translation are as follows: USD 1 GBP 1 DKK 1 AUD 1 (k) Revenue Recognition Revenue from sale of produce stocks and finished goods is recognised when the significant risk and rewards of ownership of the produced stocks and finished goods have passed to the buyer. Interest income is recognised on an accrual basis. Dividend income from investments is recognised as and when declared. Revenue from services is recognised when services are rendered and invoiced. (l) Retirement Benefits The company and its subsidiaries contribute to approved provident funds. With the exception of two subsidiaries, no provision is made for other retirement benefits obligations as the liability is considered to be not material. In the normal course of business, these benefits will only be payable as and when employees retire and such payments are charged against profits in the year in which they are made. (m) Capitalisation of Borrowing Costs Interest incurred on borrowings identifiable with jungle clearing and planting up to the time of maturity is capitalised and included in property, plant and equipment. Interest cost is capitalised as part of the cost of property, plant and equipment during the period the construction of the assets are being planned and carried out. (n) Cash and Cash Equivalents Cash and cash equivalents represent cash and bank balances, fixed deposits and other short term highly liquid investments that are readily convertible into cash with insignificant risk of changes in value, against which bank overdraft balances, if any, are deducted. (o) Research and Development Costs All general research and development costs are expensed as incurred. = = = = RM 3.7979 RM 5.6627 RM 0.4701 RM 2.0740

UP

76

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

3. GROUP STRUCTURE ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

The subsidiary companies are as follows:-

Company

Unitata Berhad Bernam Agencies Sdn. Bhd. Butterworth Bulking Installation Sdn. Bhd. Bernam Advisory Services Sdn. Bhd. Berta Services Sdn. Bhd. Kapal Bernam Sdn. Bhd. Scanlook Sendirian Berhad

The subsidiary companies are primarily engaged in the following activities:(a) Processing of palm oil, manufacturing edible oils, fats, soap products, cocoa butter substitute and trading in crude palm oil. (b) Shipping and forwarding of vegetable oil and molasses and provision of management services. (c) Handling and storage of vegetable oil and molasses. (d) Engineering consultancy services, the construction of turn-key palm oil factories and effluent treatment plants and the sale of palm oil engineering equipment and machinery. (e) Provision of shipping services. The company ceased operations during the year. The associated companies are as follows:Country of incorporation Percentage of equity held by the group 2000 1999 % % 30 30 30 30 31 ­ Activity (see below)

UP

Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia

Country of incorporation

Percentage of equity held by the group 2000 1999 % % 100 100 100 100 100 100 100 100 100 100 100 100 100 100

Activity (see below)

(a) (b) (c) (d) Dormant (e) Dormant

Company

United Plantations (Aust.) Pty. Ltd. Bernam Bakery Sdn. Bhd. Maritex AS

Australia Malaysia Norway

(a) (b) (c)

The associated companies are primarily engaged in the following activities:(a) The development of property as dry land farming operation. (b) Manufacture and sale of bread, biscuit and pastries. (c) Production of Omega-3 Oils, peptones, enzymes, DNA salts, canned cod liver, protein concentrate and other marine products, developed from bi-products of fish and other marine raw materials.

77

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

4. REVENUE ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 COMPANY 2000 1999 RM'000 RM'000

Revenue consists of the following and excludes in respect of the group, intra-group transactions:Net sales proceeds of produce stocks Net sales proceeds of finished goods Engineering and other fees and commission

5. PROFIT FROM OPERATIONS ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 Profit from operations is arrived at, after charging: Directors' remuneration ­ Fees ­ Emoluments Auditors' remuneration ­ Current year ­ Under provison in prior year Provision for obsolete stocks Rent of land and buildings Rental of equipment Doubtful debts Retirement benefits Foreign exchange loss and crediting: Gain on disposal of property, plant and equipment Rental income Foreign exchange gain ­ 48 ­ 55 67 8 ­ 48 ­ 39 67 8 COMPANY 2000 1999 RM'000 RM'000

UP

114,894 164,054 763

192,963 242,325 1,395

121,270 ­ ­

214,351 ­ ­

­­­­­­­­­

279,711

­­­­­­­­­

436,683

­­­­­­­­­

121,270

­­­­­­­­­

214,351

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

324 1,089 185 2 179 113 173 ­ 201 149

292 2,796 180 ­ ­ 111 226 24 180 ­

252 1,043 132 ­ 179 ­ ­ ­ ­ 149

173 2,796 132 ­ ­ ­ ­ 2 ­ ­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

6. FINANCE COSTS ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 Finance costs consist of interest expenses on: ­ ­ bank overdraft other bank borrowings 195 806 1,001 228 2,246 2,474 8 ­ 8 21 ­ 21 COMPANY 2000 1999 RM'000 RM'000

­­­­­­­­­ ­­­­­­­­­ 78

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

7. INVESTMENT AND INTEREST INCOME ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 COMPANY 2000 1999 RM'000 RM'000

Gross dividends received from shares in quoted corporations Interest income

8. TAXATION ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 COMPANY 2000 1999 RM'000 RM'000

UP

613 5,010 5,623

635 7,177 7,812

613 4,792 5,405

635 6,971 7,606

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

Taxation based on results for the year: Current taxation: ­ Group companies Deferred taxation ­ Group companies Overprovision in prior years

9,916 (18) (592)

195 2,000 (151)

9,800 ­ (592)

178 2,000 (151)

­­­­­­­­­

9,306

­­­­­­­­­

2,044

­­­­­­­­­

9,208

­­­­­­­­­

2,027

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

The taxation charges of the group and of the company are lower than the statutory tax rate as the group and the company utilised certain tax incentives to reduce chargeable income during the year. GROUP 2000 1999 RM'000 RM'000 Deferred taxation effect of long term timing differences, tax losses and unabsorbed capital allowances not dealt with in the financial statements Timing differences Tax losses available Unabsorbed capital allowances 29,937 (4,249) (182) 27,000 (6,864) (6) 29,500 ­ ­ 26,000 ­ ­ COMPANY 2000 1999 RM'000 RM'000

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

9. EARNINGS PER SHARE ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

The calculation of earnings per share is based on group profit after taxation and minority interest of RM40,086,000 (1999 : RM115,095,000) and on the number of ordinary shares of 151,509,660 (1999 : 151,509,660) in issue during the year.

79

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

10. PROPERTY, PLANT AND EQUIPMENT ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP

Freehold Land Planting & Capital Plant & Buildings Machineries Work in Progress Leasehold Development Land Expenditure

RM'000 Cost/Deemed Cost At 1 January Additions Disposals At 31 December Accumulated Depreciation At 1 January Charges for the year

RM'000

92,320 ­ (90) 92,230

34,783 ­ ­ 34,783

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

230,613 98,308 187,447 20,037 663,418 637,582

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

­ ­ ­ ­ 7,016 663 ­ 7,679 75,982 8,376 ­ 84,358 56,372 3,608 ­ 59,980 137,789 7,399 (963) 144,225 ­ ­ ­ ­ 277,159 256,123 20,046 23,104 (963) (2,068) 296,242 277,159

Disposal

At 31 December Net Book Value 31 December 2000 31 December 1999

UP

RM'000 215,166 15,447 ­ 146,255 139,184

RM'000

RM'000

RM'000

2000 TOTAL RM'000

1999 TOTAL RM'000

95,569 2,739 ­

180,298 8,112 (963)

19,446 591 ­

637,582 613,259 26,889 26,404 (1,053) (2,081)

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

92,230 92,320 27,104 27,767 38,328 39,197 43,222 42,509 20,037 19,446 367,176 ­ ­ 360,423

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

Analysis of cost or deemed cost :At deemed cost (or valuation) in 1966 1973 1975 1979 At cost 2000 1999

­ ­ 71,188 339 20,703 92,230 92,320

­ 100 8,598 ­ 26,085 34,783 34,783

­ ­ ­ ­ 230,613 230,613 215,166

­ ­ 12,089 ­ 86,219 98,308 95,569

1,032 ­ ­ ­ 186,415 187,447 180,298

­ ­ ­ ­ 20,037 20,037 19,446

1,032 100 91,875 339 570,072 663,418 ­

1,032 100 91,875 339 544,236 ­ 637,582

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

COMPANY Cost/Deemed Cost At 1 January Additions Disposals At 31 December

91,784 ­ (90) 91,694

31,532 ­ ­ 31,532

225,010 15,447 ­ 240,457

82,909 2,328 ­ 85,237

115,585 6,087 (931) 120,741

­ ­ ­ ­

546,820 527,604 23,862 21,012 (1,021) (1,796) 569,661 546,820

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

80

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

10. PROPERTY, PLANT AND EQUIPMENT (continued) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

COMPANY

Freehold Land Planting & Capital Plant & Buildings Machineries Work in Progress Leasehold Development Land Expenditure

RM'000 Accumulated Depreciation At 1 January Charges for the year Disposals At 31 December Net Book Value 31 December 2000 31 December 1999 Analysis of cost or deemed cost At deemed cost (or valuation) in 1966 1975 At cost 2000 1999

RM'000

­ ­ ­ ­

6,521 663 ­ 7,184

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

89,884 53,882 96,563 ­ 247,513 227,739

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

91,694 91,784 24,348 150,573 145,722 31,355 32,372 24,178 24,192 ­ ­ 322,148 ­ ­ 319,081

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

25,011

UP

RM'000 79,288 10,596 ­ ­ ­ 240,457 240,457 225,010

RM'000

RM'000

RM'000

2000 TOTAL RM'000

1999 TOTAL RM'000

50,537 3,345 ­

91,393 6,101 (931)

­ ­ ­

227,739 209,321 20,705 20,201 (931) (1,783)

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

­ 71,188 20,506 91,694 91,784

­ 8,598 22,934 31,532 31,532

­ 12,089 73,148 85,237 82,909

1,032 ­ 119,709 120,741 115,585

­ ­ ­ ­ ­

1,032 91,875 476,754 569,661 ­

1,032 91,875 453,913 ­ 546,820

­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­ ­­­­­­­

Leasehold land comprises the following:GROUP 2000 1999 RM'000 RM'000 At net book value Long leasehold land Short leasehold land COMPANY 2000 1999 RM'000 RM'000

5,408 21,696

5,471 22,296

5,408 18,940

5,471 19,540

­­­­­­­­­

27,104

­­­­­­­­­

27,767

­­­­­­­­­

24,348

­­­­­­­­­

25,011

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

Certain properties of the group and of the company were revalued by the Directors based on open market valuations by an independent professional firm of valuers in periods prior to 1996. As allowed by the transitional provisions of revised International Accounting Standard 16, these assets have continued to be stated on the basis of their prior years valuations which are now regarded as deemed cost. No disclosure has been made on the net book value of assets at valuation had they been stated at cost as it is impractical to obtain such information.

81

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

10. PROPERTY, PLANT AND EQUIPMENT (continued) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

In 1996, the Directors had undertaken a valuation of all the land and buildings of the company. However, on grounds of prudence, the Directors have decided not to incorporate the revalued amounts in the financial statements. The value of the group's land and buildings (excluding plant and machinery, bulking installation and the railway network) which is based on an independent professional valuers report submitted on 30 September 1996 on an open market value basis amounted to RM711,481,000 which compares with the net book value of RM297,970,000 as at 31 December 2000.

11. SUBSIDIARY COMPANIES ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

COMPANY 2000 1999 RM'000 RM'000 25,817 25,817 23,250 23,250

Shares not quoted ­ at cost ­ at Directors' valuation

UP

­­­­­­­­­

49,067 (10,025)

­­­­­­­­­

49,067 (9,600)

Provision for diminution in value of investment

­­­­­­­­­

Amounts due from subsidiaries Amounts due to subsidiaries 39,042 53,564 (10)

­­­­­­­­­

39,467 12,661 ­

­­­­­­­­­

92,596

­­­­­­­­­

52,128

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

12. ASSOCIATED COMPANIES ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 8,476 4,136 4,170 7,112 COMPANY 2000 1999 RM'000 RM'000 8,476 4,136 ­ ­

Unquoted shares, at cost ­ Share of post acquisition profits and reserves (see Note (a) below) (see Note (b) below) Amounts due from associated companies

­­­­­­­­­

­ 12,646 3,145

­­­­­­­­­

11,248 3,072

­­­­­­­­­

8,476 3,145

­­­­­­­­­

4,136 3,072

­­­­­­­­­

15,791

­­­­­­­­­

14,320

­­­­­­­­­

11,621

­­­­­­­­­

7,208

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 Note (a) Share of post acquisition profits and reserves is arrived at as follows:Loss for the year Share of ­ accumulated profits at 1 January ­ other reserves

(1,195) (146) 5,511

(216) 70 7,258

­­­­­­­­­

4,170

­­­­­­­­­

7,112

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

82

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

12. ASSOCIATED COMPANIES (continued) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000

Note (b) The group's interests in associated companies are analysed as below:Share of net tangible assets Net premium on acquisition

13. INVESTMENTS ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 5,758 5,758 7,886 7,886 COMPANY 2000 1999 RM'000 RM'000 11,152 11,152 7,886 7,886

UP

10,040 2,606

11,248 ­

­­­­­­­­­

12,646

­­­­­­­­­

11,248

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

Unquoted shares at cost Quoted shares in Malaysia at cost

­­­­­­­­­

13,644

­­­­­­­­­

13,644

­­­­­­­­­

19,038

­­­­­­­­­

19,038

­­­­­­­­­ ­­­­­­­­­

Market value of quoted shares 6,557

­­­­­­­­­ ­­­­­­­­­

5,753

­­­­­­­­­ ­­­­­­­­­

6,557

­­­­­­­­­ ­­­­­­­­­

5,753

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

No provision for diminution in value of investment has been made in respect of the quoted shares as the Directors are of the opinion that the shortfall in value is of a temporary nature.

14. STOCKS ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 At net realisable value Produce stocks At costs Estate stores (Note a) Raw materials Work in progress Finished goods Consumables COMPANY 2000 1999 RM'000 RM'000

19,346 12,939 3,739 1,391 14,439 4,030

2 14,024 12,963 1,073 22,347 26

19,346 12,939 ­ ­ ­ ­

2 14,024 ­ ­ ­ ­

­­­­­­­­­

55,884

­­­­­­­­­

50,435

­­­­­­­­­

32,285

­­­­­­­­­

14,026

­­­­­­­­­ ­­­­­­­­­

Note (a) Estate stores Provision for obsolete stocks 13,274 (335)

­­­­­­­­­ ­­­­­­­­­

16,033 (2,009)

­­­­­­­­­ ­­­­­­­­­

13,274 (335)

­­­­­­­­­ ­­­­­­­­­

16,033 (2,009)

­­­­­­­­­

12,939

­­­­­­­­­

14,024

­­­­­­­­­

12,939

­­­­­­­­­

14,024

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

83

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

14. STOCKS (continued) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

As mentioned in Note 2(f) to the financial statements, the company changed its accounting policy on valuation of produce stocks from the lower of cost and net realisable value to net realisable value. The change in accounting policy has given rise to an unrealised profit of approximately RM3,160,000 being included in the profit before taxation for the year.

15. BANK BORROWINGS ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 ­ 3,000 6,700 44,000 775 889 COMPANY 2000 1999 RM'000 RM'000 ­ ­ ­ ­ ­ 87

Revolving credit - unsecured Bankers' acceptances - unsecured Bank overdrafts - unsecured

UP

­­­­­­­­­

7,475

­­­­­­­­­

47,889

­­­­­­­­­

­

­­­­­­­­­

87

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

The interest rates applicable to the bank borrowings for the year ranged from 3.50% to 7.50% (1999 : 3.50% to 8.10%) per annum.

16. SHARE CAPITAL ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP / COMPANY 2000 1999 RM'000 RM'000 Authorised: 500,000,000 ordinary shares of RM1 each Issued and fully paid: 151,509,660 ordinary shares of RM1 each 500,000 500,000

­­­­­­­­­ ­­­­­­­­­

151,510

­­­­­­­­­ ­­­­­­­­­

151,510

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

17. RESERVES ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 338,070 328,286 COMPANY 2000 1999 RM'000 RM'000 330,920 328,060

Distributable Retained profit Non-distributable Reserve on consolidation Share premium

­­­­­­­­­

53 22,242

­­­­­­­­­

53 22,242

­­­­­­­­­

­ 22,242

­­­­­­­­­

­ 22,242

Revaluation reserve Capital reserve Translation reserve

6,008 21,894 (196)

50,001

6,001 21,894 1,559

51,749

19,721 ­ ­

41,963

19,721 ­ ­

41,963

­­­­­­­­­

Total 388,071

­­­­­­­­­

380,035

­­­­­­­­­

372,883

­­­­­­­­­

370,023

­­­­­­­­­ ­­­­­­­­­ 84

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

17. RESERVES (continued) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

Under Schedule 9 of the Malaysian Income Tax Act, 1967, the company was entitled to receive a refund of the West Malaysian Credit amounting to RM1,509,000 (1999 : RM1,509,000) on 1 January 1988. This refund will be accounted for on a receipt basis. The balances in the Section 108 credit and exempt profits accounts as at 31 December 2000 are only sufficient to frank approximately RM170,884,000 and RM50,667,000 (1999: RM145,584,000 and RM79,717,000) respectively out of the distributable reserves of the company as dividends without incurring additional tax liability. Any additional distribution of dividends in excess of the above mentioned amounts will attract tax charge at the prevailing tax rate of 28% on the gross amount of dividends distributed.

18. DEFERRED TAXATION ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 24,818 22,818 (18) 2,000 COMPANY 2000 1999 RM'000 RM'000 24,800 22,800 ­ 2,000

Balance as at 1 January Transfer (to)/from income statement (Note 8) Balance as at 31 December

UP

­­­­­­­­­

24,800

­­­­­­­­­

24,818

­­­­­­­­­

24,800

­­­­­­­­­

24,800

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

19 DIVIDENDS ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 Interim dividend ­ 10% tax exempt (1999: 10% tax exempt) Proposed final dividend ­ 10% tax exempt (1999 : 15% tax exempt) COMPANY 2000 1999 RM'000 RM'000

15,151

15,151

15,151

15,151

15,151

22,727

15,151

22,727

­­­­­­­­­

30,302

­­­­­­­­­

37,878

­­­­­­­­­

30,302

­­­­­­­­­

37,878

­­­­­­­­­ ­­­­­­­­­

Dividend per share (sen) ­ 20 sen tax exempt (1999: 25 sen tax exempt) 20

­­­­­­­­­ ­­­­­­­­­

25

­­­­­­­­­ ­­­­­­­­­

20

­­­­­­­­­ ­­­­­­­­­

25

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

20. SIGNIFICANT INTER-COMPANY TRANSACTIONS ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

COMPANY 2000 1999 RM'000 RM'000 6,376 16,919 ­ 3,486 448 565

Sale of raw materials to subsidiary company Purchases of raw materials from subsidiary company Service fee and other fee charged by subsidiary companies

­­­­­­­­­ ­­­­­­­­­

All transactions with the subsidiary companies are at arm's length.

­­­­­­­­­ ­­­­­­­­­

85

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

21. RELATED PARTY TRANSACTIONS ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

During the year, the group entered into transactions at arm's length with Aarhus Oliefabrik A/S (AO), a company incorporated in Denmark and United International Enterprises (Malaysia) Berhad (UIEM), a company incorporated in Malaysia. Both companies are related to certain Directors of the company, namely Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen, Mr. Carl Bek-Nielsen and Mr. Martin Bek-Nielsen by virtue of their mutual interests in AO, UIEM and the company. In addition, the group also entered into transactions at arm's length with Jerneh Insurance Berhad (JIB), which is deemed related to the company by virtue of common directorship held by Encik Ahmad Riza Basir in both JIB and the company. The following summary shows the related party transactions not otherwise disclosed in the financial statements. Transactions entered into by the group: Nature of transactions

Sale of cocoa butter substitute to AO Purchase of crude palm oil from UIEM Sale of crude palm oil to UIEM Management fee charged to UIEM Insurance premium paid to JIB

UP

Amount billed GROUP 2000 1999 RM'000 RM'000 195,527 7,054 1,465 100 218

Amount billed COMPANY 2000 1999 RM'000 RM'000 ­ ­ ­ 100 200 ­ ­ 1 100 218

145,528 773 ­ 100 200

­­­­­­­­­ ­­­­­­­­­

Outstanding balances as at 31 December owing from AO in respect of sale of cocoa butter substitute

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

20,833

28,751

­

­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

22. SEGMENTAL INFORMATION ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

The group's principal activities are the cultivation and processing of oil palm and coconut on plantations in Peninsular Malaysia. The activities of the subsidiary companies (except Unitata Berhad) are all incidental to the main activity and in terms of revenue, profit contribution and assets employed they are insignificant. The principal activity of Unitata Berhad is palm oil refining and its ancillary activities.

The analysis of group operations are as follows:By industries: Revenue ­ Plantations ­ Palm oil refining ­ Non-segment items ­ Elimination (1) GROUP 2000 1999 RM'000 RM'000 121,270 164,055 1,540 (7,154) 214,351 242,325 1,395 (21,388)

­­­­­­­­­

279,711

­­­­­­­­­

436,683

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

86

UNITED PLANTATIONS BERHAD

Explanatory Notes (continued)

22. SEGMENTAL INFORMATION (continued) ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 46,665 3,737 (1,010) 110,758 6,500 (119)

Profit before taxation ­ Plantations ­ Palm oil refining ­ Non-segment items

Assets employed - gross ­ Plantations ­ Palm oil refining ­ Non-segment items

UP

­­­­­­­­­

49,392

­­­­­­­­­

117,139

­­­­­­­­­ ­­­­­­­­­

473,054 120,680 34,583

­­­­­­­­­ ­­­­­­­­­

568,155 118,107 5,772

­­­­­­­­­

628,317

­­­­­­­­­

692,034

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

An analysis by geographical segment has not been presented as the group's foreign activities through associated companies are currently insignificant. Inter-segment sales at fair market values have been eliminated as shown in adjustment (1).

23. CAPITAL COMMITMENTS ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

GROUP 2000 1999 RM'000 RM'000 Capital expenditure approved by the Directors but not contracted 33,487 45,351 COMPANY 2000 1999 RM'000 RM'000 33,487 43,356

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

­­­­­­­­­ ­­­­­­­­­

24. SIGNIFICANT EVENT AFTER THE BALANCE SHEET DATE ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

On 1 February 2001, the company entered into an agreement with Maritex AS to subscribe for an additional 6,800 new ordinary shares at par for cash totalling approximately RM3 million, in an associated company, Maritex AS. There is no change to the shareholding in Maritex AS with the additional shares subscribed. Approval from the relevant authorities pertaining to the additional subscription of shares in Maritex AS was obtained on 20 December 2000.

25. COMPARATIVE FIGURES ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

The presentation of the financial statements for the current year has been changed to adopt the format as prescribed in MASB 1 - Presentation of Financial Statements. Comparative figures have been reclassified to conform with this presentation, where necessary.

87

UNITED PLANTATIONS BERHAD

Statement By Directors Pursuant To Section 169(15) Of The Companies Act, 1965

UP

We, Y.B. Tan Sri Dato' Seri Haji Basir bin Ismail and Y.B. Tan Sri Dato' Seri Borge Bek-Nielsen, being two of the Directors of United Plantations Berhad, state that in the opinion of the Directors, the financial statements set out on pages 68 to 87 are drawn up in accordance with approved accounting standards in Malaysia so as to give a true and fair view of:(i) the state of affairs of the company and of the group at 31 December 2000 and of the results of the business of the company and of the group for the year ended on that date; and (ii) the cash flows of the group and of the company for the year ended 31 December 2000. On behalf of the Board, Y.B. Tan Sri Dato' Seri Haji Basir ) bin Ismail ) ) ) DIRECTORS Y.B. Tan Sri Dato' Seri Borge ) Bek-Nielsen ) )

Teluk Intan, Perak Darul Ridzuan, 24th February 2001

Statutory Declaration Pursuant To Section 169(16) Of The Companies Act, 1965

I, R. Nadarajan, the officer primarily responsible for the financial management of United Plantations Berhad, do solemnly and sincerely declare that the financial statements set out on pages 68 to 87 are in my opinion correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act,1960. Subscribed and solemnly declared by the abovenamed R. Nadarajan at Teluk Intan in the State of Perak Darul Ridzuan on 24th February 2001.

R. Nadarajan Before me, S. Poobalasingam P.P.N. Commissioner for Oaths Teluk Intan, Perak Darul Ridzuan 88

UNITED PLANTATIONS BERHAD

Report Of The Auditors To The Members Of United Plantations Berhad

UP

We have audited the financial statements set out on pages 68 to 87. These financial statements are the responsibility of the company's Directors. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved standards on auditing in Malaysia. These standards require that we plan and perform the audit to obtain reasonable assurance that 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion: (a) the financial statements are properly drawn up in accordance with the provisions of the Companies Act, 1965 and approved accounting standards in Malaysia so as to give a true and fair view of:(i) the state of affairs of the group and of the company as at 31 December 2000 and of the results and cash flows of the group and of the company for the year then ended; and (ii) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements and consolidated financial statements; (b) the accounting and other records and the registers required by the Act to be kept by the company and by the subsidiary companies for which we have acted as auditors have been properly kept in accordance with the provisions of the Act. We are satisfied that the financial statements of the subsidiary companies that have been consolidated with the company's financial statements are in form and content appropriate and proper for the purpose 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 subsidiary companies were not subject to any qualification and did not include any comment required to be made under Section 174(3) of the Companies Act, 1965. ERNST & YOUNG AF : 0039 Public Accountants FOO SAN KAN 550/3/02(J/PH) Partner Kuala Lumpur, Malaysia 24th February 2001 89

UNITED PLANTATIONS BERHAD

Comparative Statistics ­ 10 Years

2000 RM `000's 1999 RM `000's 1998 RM `000's 1997 RM `000's

Year ended 31st December

BALANCE SHEET ANALYSIS Issued Capital Reserves Minority Interest Funds Employed Fixed Assets Investments Current Assets

Total Assets Less: Current & Long Term Liabilities Assets Employed OTHER DATA Profit Before Tax Tax Extraordinary items Net Profit Minority Interest Net Profit attributable to United Plantations Berhad Shareholders Dividend for the year (Net) Dividend Rate (Ordinary Shares) Earnings Per Share (in sen)

UP

151,510 388,071 539,581 367,176 29,435 231,706 628,317 88,736 539,581

151,510 380,035 531,545 360,423 27,964 303,647 692,034 160,489 531,545

151,510 301,895 453,405 357,136 27,138 259,225 643,499 190,094 453,405

151,510 246,881 398,391 352,424 26,108 162,723 541,255 142,864 398,391

49,392 9,306 40,086 40,086 30,302 20% T.E. 26.46

117,139 2,044 115,095 115,095 37,878 25% T.E. 75.97

132,443 40,427 92,016 92,016 38,181 35% 60.73

87,138 23,670 63,468 63,468 32,726 30% 41.89

SHARE PRICES ON THE KUALA LUMPUR STOCK EXCHANGE Highest Lowest PRODUCTION Palm Oil Palm Kernel Palm Kernel Oil Palm Kernel Expellers Copra

4.26 3.12

4.72 3.40

4.80 2.80

6.30 3.68

-

Tonnes Tonnes Tonnes Tonnes Tonnes

109,060 33,293 7,858 RM 525.71 121.85 459.25

110,066 32,150 5,841 RM 502.03 125.31 496.79

98,413 29,115 6,108 RM 565.21 163.45 498.25

106,602 33,060 5,400 RM 456.63 109.74 536.89

COST OF PRODUCTION* Palm Oil Palm Kernel Palm Kernel Produce Copra -

Per Tonne Per Tonne Per Tonne Per Tonne

AVERAGE SALES PRICE Palm Oil - Per Tonne Palm Kernel - Per Tonne Palm Kernel Produce - Per Tonne Copra - Per Tonne

948.23 680.89 1,097.17

1,481.24 1,052.22 1,627.48

1,869.02 1,072.09 1,322.63

1,291.69 747.47 1,161.24

Note: *Cost of production figures do not include depreciation.

90

UNITED PLANTATIONS BERHAD

1996 RM `000's

1995 RM `000's

1994 RM `000's

1993 RM `000's

151,510 216,138 367,648 339,774 25,312 130,536 495,622 127,974 367,648

151,510 189,258 340,768 326,852 24,585 116,985 468,422 127,654 340,768

151,510 163,079 314,589 322,352 14,177 108,700 445,229 130,640 314,589

151,510 156,936 679 309,125

319,602 13,404 73,980 406,986 97,861 309,125

71,729 21,877 49,852 49,852 26,514 25% 32.90

79,898 27,317 52,581 52,581 26,514 25% 34.70

38,956 12,985 707 26,678 (7) 26,671 21,211 20% 17.14

36,810 11,061 25,749 (35) 25,714 20,605 20% 16.97

UP

1992 RM `000's

1991 RM `000's

151,510 149,449 644 301,603 307,837 12,832 59,035 379,704 78,101 301,603

150,192 134,086 651 284,929 302,141 13,612 95,996 411,749 126,820 284,929

35,400 11,144 1,883 26,139 7 26,146 15,000 15% 16.04

27,128 6,401 472 21,199 (31) 21,168 6,785 4.5%T.E. 13.78

6.45 4.94

6.25 4.64

12.10 4.94

7.45 2.58

4.36 2.79

4.36 3.04

103,909 30,895 5,844 RM 465.35 115.26 542.33

101,902 31,107 5,501 RM 460.07 119.29 605.45

99,728 28,779 1,584 2,203 4,618 RM 448.54 121.01 1,337.76 577.78

106,560 29,570 8,240 11,577 4,919 RM 400.20 109.32 1,089.03 491.31

103,484 25,096 8,066 11,264 4,621 RM 399.45 122.91 1,575.51 462.30

92,738 22,877 8,954 12,211 3,848 RM 400.94 129.09 1,210.46 532.21

1,212.02 824.55 1,191.60

1,391.64 752.34 916.16

968.91 623.11 1,337.76 873.29

895.12 447.78 1,089.03 672.67

887.49 640.32 1,575.51 767.03

828.22 501.32 1,210.46 764.78

91

UNITED PLANTATIONS BERHAD

Shareholders Information

AS AT 10TH APRIL 2001 Authorised Share Capital Issued & Fully Paid-up Capital Class of Shares Voting Rights No. of Shareholders : : : : :

CATEGORIES OF SHAREHOLDERS AS AT 10TH APRIL 2001 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ Size of Holding Less than 500 500 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 - 1,000,000 Above 1,000,000 Total No. of Holders 374 7,184 743 699 91 11 ­­­­­­­­­­­­ 9,102 ­­­­­­­­­­­­ % of Holders No. of Shares 71,554 13,974,167 6,011,810 20,067,719 25,460,115 85,924,295 ­­­­­­­­­­­­ 151,509,660 ­­­­­­­­­­­­ % of Issued Capital 0.05 9.22 3.97 13.25 16.80 56.71 ­­­­­­­­­­­­ 100.00 ­­­­­­­­­­­­

UP

RM500,000,000 RM151,509,660 Ordinary Shares of RM1.00 each One Vote per ordinary share 9,102

4.11 78.93 8.16 7.68 1.00 0.12 ­­­­­­­­­­­­ 100.00 ­­­­­­­­­­­­

SUBSTANTIAL SHAREHOLDERS AS AT 10TH APRIL 2001 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ No. of Shares % of Issued Capital 1. Aarhus (Malaysia) Sdn Bhd 2. Employees Provident Fund Board 3. HSBC Nominees (Asing) Sdn Bhd (As Bare Trustee) Held for : i) ii) KIO London for the Government of Kuwait Other Shareholders who are not substantial shareholders individually. Shares 5,969,982 2,555,149 % 3.94 1.68 4,707,821 3.11 47,588,067 15,604,998 8,525,131 31.41 10.30 5.62

4. Jendarata Bernam Provident Fund Of the total 4,707,821 shares, i) 4,045,821 shares are registered in the name of : KAF Nominees (Tempatan) Sdn Bhd Bernam Nominees (Tempatan) Sdn Bhd for Jendarata Bernam Provident Fund 662,000 shares are registered in the name of : M & A Nominee (Tempatan) Sdn Bhd Jendarata Bernam Provident Fund

ii)

­­­­­­­­­­­­ 76,426,017 ­­­­­­­­­­­­

­­­­­­­­­­­­ 50.44 ­­­­­­­­­­­­

92

UNITED PLANTATIONS BERHAD

Shareholders Information (continued)

AS AT 10TH APRIL 2001

20 LARGEST SHAREHOLDERS AS AT 10TH APRIL 2001 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ No. of Shares 47,588,067 15,604,998 5,969,982 4,045,821 % of Issued Capital 31.41 10.30 3.94 2.67

1. Aarhus (Malaysia) Sdn Bhd 2. Employees Provident Fund Board

3. HSBC Nominees (Asing) Sdn Bhd KIO London for the Government of Kuwait

4. KAF Nominees (Tempatan) Sdn Bhd Bernam Nominees (Tempatan) Sdn Bhd for Jendarata Bernam Provident Fund 5. La Roche & Co. (Bankers) 6. Moss Beach Limited 7. Hansen & Meyer Holding Aps

UP

3,000,000 2,425,000 2,040,256 1,476,108 1,339,000 1,302,000 1,133,063 1,000,000 937,000 925,000 816,000

1.98 1.60 1.35 0.97 0.88 0.86 0.75 0.66 0.62 0.61 0.54

8. HSBC Nominees (Asing) Sdn Bhd RTCC London for Tata Overseas Development (UK) Ltd 9. Upscan Aps 10. Insas Plaza Sdn Bhd 11. Den Koebenhavnske Bank-Kunder 12. Lembaga Tabung Haji 13. Amanah Raya Nominees (Tempatan) Sdn Bhd Amanah Saham Wawasan 2020 14. Upscan Aps 15. KAF Nominees (Tempatan) Sdn Bhd Bernam Nominees (Tempatan) Sdn Bhd for United Plantations Bhd Education and Welfare Fund 16. Mayban Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Tan Sri Dato' Haji Sahamann @ Basir bin Ismail 17. Mayban Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Tan Sri Dato' Haji Sahamann @ Basir bin Ismail 18. M & A Nominee (Tempatan) Sdn Bhd Jendarata Bernam Provident Fund 19. Lembaga Tabung Haji 20. Hr. Direktor E. Thrane

700,000

0.46

700,000

0.46

662,000 658,000 647,374 ­­­­­­­­­­­­ 92,969,669 ­­­­­­­­­­­­

0.44 0.43 0.43 ­­­­­­­­­­­­ 61.36 ­­­­­­­­­­­­

93

UNITED PLANTATIONS BERHAD

All Properties Of The Group

Properties Jendarata Estate 36009 Teluk Intan Perak Darul Ridzuan Tenure

Area In Hectares

Leasehold Expiring on: 18-08-2099** 606.18 29-09-2018 659.78 05-09-2033 987.45 Yr to Yr 33.62 Freehold 4,093.03 Freehold 832.03

Kuala Bernam Estate Batu 18, Jalan Bagan Datoh 36300 Sungai Sumun Perak Darul Ridzuan Sungei Bernam Estate Sungai Ayer Tawar 45200 Sabak Bernam Selangor Darul Ehsan Ulu Bernam Estate 36500 Ulu Bernam Perak Darul Ridzuan Changkat Mentri Estate 36500 Ulu Bernam Perak Darul Ridzuan

Leasehold Expiring on: Yr to Yr 28-03-2056 Freehold Leasehold Expiring on: Yr to Yr Freehold Leasehold Expiring on: 10-10-2042 01-10-2081 20-01-2087 Freehold Leasehold Expiring on: Yr to Yr 10-10-2042 20-01-2087 Freehold Leasehold Expiring on: 08-04-2033 Freehold Freehold

16.59 1.33 2,281.21

UP

Description

Age In Years 36 35 66 31

Registered Office ­ 1,369 sq. m. Research Station ­ 809 sq. m. Oil Palm, Cocoa & Coconut Estate Palm Oil Mill 10,032 Kernel Crushing Plant sq. m.

}

Net Tangible Asset Value RM `000 285 417 79,316 819

Coconut Estate Cocoa Factory

26

10,743 6

Coconut Estate Cocoa Factory Copra Kiln

32,933

}

4,854 sq. m.

26

106

Oil Palm Estate & Palm Oil Mill ­ 8,193 sq. m.

68

41,295 2,037

247.59 3,100.64 Oil Palm Estate 1,526.44 162.94 708.83 135.50 Oil Palm Estate Palm Oil Mill ­ 6,352 sq. m. 104.00 11.40 1,759.17 1,927.45 Oil Palm Estate 809.39 2,856.57 3,293.00 Oil Palm Estate 14,917 41,964 11 34,372 2,111 20,131

Ulu Basir Estate 36500 Ulu Bernam Perak Darul Ridzuan

Sungei Erong Estate 36500 Ulu Bernam Perak Darul Ridzuan Sungei Chawang Estate 36500 Ulu Bernam Perak Darul Ridzuan Seri Pelangi Estate Batu 11 3/4 Jalan Bidor 36000 Teluk Intan Perak Darul Ridzuan Unitata Berhad 36009 Teluk Intan Perak Darul Ridzuan Bakery 36009 Teluk Intan Perak Darul Ridzuan Butterworth Bulking Installation 4536 Deep Water Wharf 12100 Butterworth

Leasehold Expiring on: 03-09-2033 05-02-2036 Freehold Freehold

Oil Palm Estate Palm Oil Mill ­ 2,248 sq. m. 1,011.74 403.36 2.82 18.46 Palm Oil Refinery Complex, Soap Plant, Cebes Plant Bakery

23

13,066 540

}

26 Buildings 16

8,521

Freehold

0.45

44

Leasehold Expiring on: 31-08-2019

Bulking & Storage & Rigging Facilities 0.84 28 294

Notes: * Estate Includes Land, Planting Cost and Buildings

** Awaiting written approval from the Perak State Authority

94

UNITED PLANTATIONS BERHAD

Group's Plantation Properties 2000

Kuala Jendarata Bernam Hect. Hect. Sungei Bernam Hect. Ulu Bernam Hect. Changkat Mentri Hect. Ulu Basir Hect. Sungei Sungei Erong Chawang Hect. Hect. Seri Pelangi Hect.

OIL PALM: Mature Immature ­ Planted 1996 Immature ­ Planted 1997 Immature ­ Planted 1998 Immature ­ Planted 1999 Immature ­ Planted 2000 SUB-TOTAL

4,242 ­ ­ 2,659 1,519 3,723 3,206 3,239 902 19,490 ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ 483 ­ ­ 233 380 ­ ­ ­ 256 1,352 ­ ­ ­ ­ ­ ­ ­ 6 ­ 6 259 ­ ­ 161 145 11 ­ ­ ­ 576 920 ­ ­ 96 376 ­ 278 2 174 1,846 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ 5,904 ­ ­ 3,149 2,420 3,734 3,484 3,247 1,332 23,270 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

COCONUT: Mature Immature ­ Planted 1996 Immature ­ Planted 1997 Immature ­ Planted 1998 Immature ­ Planted 1999 Immature ­ Planted 2000 SUB-TOTAL

UP

TOTAL

69 568 1,444 ­ ­ ­ ­ ­ ­ 2,081 17 59 295 ­ ­ ­ ­ ­ ­ 371 ­ 128 238 ­ ­ ­ ­ ­ ­ 366 ­ 47 190 ­ ­ ­ ­ ­ ­ 237 ­ ­ 80 ­ ­ ­ ­ ­ ­ 80 ­ 2 ­ ­ ­ ­ ­ ­ ­ 2 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ 86 804 2,247 ­ ­ ­ ­ ­ ­ 3,137 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

COCOA: Monococoa Plot 46 ­ ­ ­ ­ ­ ­ ­ ­ 46

OTHER AREAS: Other Crops Areas felled for buildings, roads, drains, air-strip, nurseries, toddy tapping areas, railway, etc TOTAL 16 ­ ­ ­ ­ ­ ­ ­ ­ 16

328

28

52

200

114

68

182

46

86

1,104

6,380 832 2,299 3,349 2,534 3,802 3,666 3,293 1,418 27,573 ­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­

95

Information

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