Annual Report 2004Laporan Tahunan -...
Transcript of Annual Report 2004Laporan Tahunan -...
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Annual Report Laporan Tahunan2004
Performance Review
Chairman’s Statement 146Perutusan Pengerusi 146
Group CEO’s Review of Business Operations 156Tinjauan Operasi Ketua Pegawai Eksekutif
Kumpulan 156
Five Years Financial Highlights 180Ringkasan Kewangan untuk Lima Tahun 180
Key Financial Indicators 186Petunjuk Kewangan Utama 186
Financial Calendar 187Takwim Kewangan 187
Share Price and Volume Traded 188Harga Saham dan Saham Diniagakan 188
Awards and Recognition 189Anugerah dan Pengiktirafan 189
p e n i l a i a n p r e s t a s i
CHAIRMAN’S
Y.Bhg. Datuk Abu Hassan bin KendutChairman / Pengerusi
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
INTRODUCTION
On behalf of the Board of Directors, I am pleased to present the annual report ofPerusahaan Otomobil Nasional Berhad for the year ended 31 March 2004, preparedin accordance with the applicable approved accounting standards in Malaysia andthe provisions of the Companies Act 1965.
CORPORATE REORGANISATION
On 27 May 2003, the Board announced a proposed Corporate Reorganisation,which was subsequently approved by the shareholders and regulatory authorities.On 5 April 2004, all shareholders of Perusahaan Otomobil Nasional Berhadexchanged their ordinary shares of RM1.00 each in the Company for new ordinaryshares of RM1.00 each in PROTON Holdings Berhad. With the exchange of shares,PROTON Holdings Berhad became the shareholder of Perusahaan OtomobilNasional Berhad and the ultimate holding company of the PROTON Group.
On 16 April 2004, the shares of Perusahaan Otomobil Nasional Berhad weredelisted and PROTON Holdings Berhad assumed the listing status on the BursaMalaysia Securities Berhad. PROTON Holdings Berhad was incorporated on 28 July2003 and remained dormant until the exchange of shares on 5 April 2004. The firstannual general meeting of PROTON Holdings Berhad will be held on 29 September2004 to approve the financial statements for the period ended 31 March 2004.
The Corporate Reorganisation has streamlined the business activities into five corebusiness divisions and created a Group structure that would operate and competemore effectively in an increasingly competitive environment.
TATEMENTPERUTUSAN PENGERUSIS
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Chairman’s StatementPerutusan Pengerusi
PENGENALAN
Bagi pihak Lembaga Pengarah, saya amat berbesar hati dapat membentangkanlaporan tahunan Perusahaan Otomobil Nasional Berhad bagi tahun berakhir 31 Mac 2004, yang disediakan berdasarkan piawaian perakaunan yang diiktiraf diMalaysia dan peruntukan Akta Syarikat 1965.
PENYUSUNAN SEMULA KORPORAT
Pada 27 Mei 2003, Lembaga Pengarah telah mengumumkan satu cadanganPenyusunan Semula Korporat, yang mana telah diluluskan oleh pemegang sahamdan pihak berkuasa. Pada 5 April 2004, semua pemegang saham PerusahaanOtomobil Nasional Berhad telah menukarkan saham biasa mereka bernilai RM1.00sesaham dalam Syarikat dengan saham biasa baru bernilai RM1.00 sesaham dalamPROTON Holdings Berhad. Dengan penukaran saham tersebut, PROTON HoldingsBerhad menjadi pemegang saham Perusahaan Otomobil Nasional Berhad dansyarikat induk tertinggi Kumpulan PROTON.
Pada 16 April 2004, saham Perusahaan Otomobil NasionalBerhad telah tidak lagi tersenarai di Bursa Malaysia SecuritiesBerhad dan status penyenaraian tersebut diambil alih olehPROTON Holdings Berhad. PROTON Holdings Berhad yangditubuhkan pada 28 Julai 2003 kekal tidak beroperasi sehinggapenukaran saham pada 5 April 2004. Mesyuarat agungpertama PROTON Holdings Berhad akan diadakan pada 28 September 2004 untuk meluluskan penyata kewangan bagitahun berakhir 31 Mac 2004.
Penyusunan semula Korporat telah menyelaraskan aktiviti-aktiviti perniagaan kepada lima divisyen utama dan telahmembentuk satu struktur Kumpulan yang mampu beroperasidan bersaing dengan lebih berkesan di dalam suasanapersaingan yang semakin hebat.
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Chairman’s StatementPerutusan Pengerusi
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
COMPETITIVE BUSINESS ENVIRONMENT
The operating environment for the year underreview was both difficult and challenging. Thedomestic passenger car market experienced adecline of 11 per cent as buyers adopted a ‘waitand see’ attitude pending the announcement ofreduced tariffs by the government in compliancewith the Asean Free Trade Agreement. Totalsales of passenger cars in 2003 declined from359,934 units to 319,847 units. The climate ofuncertainty also adversely affected Proton’smarket share as customers held back purchasesin anticipation of lower prices. Aggressivemarketing and the launch of new models bycompetitors were also factors that led to thedecline in market share.
For exports, the adverse economic impact anduncertainty arising from the Iraq War affectedsales to the Middle East, our largest overseasmarket. Sales in the United Kingdom andAustralia also slowed as customers awaited thearrival of Proton’s new models to replace theexisting ageing product range.
SUASANA PERDAGANGAN YANGKOMPETITIF
Keadaan operasi untuk tahun yang diulas adalahamat mencabar dan sukar. Pasaran keretatempatan mengalami penurunan sebanyak 11%akibat daripada pembeli yang mengambil sikap‘tunggu dan lihat’ terhadap pengumumankerajaan untuk mengurangkan kadar tarif,bersesuaian dengan Perjanjian PerdaganganBebas Asean. Jumlah jualan kereta tempatanmerosot kepada 319,847 unit pada tahun 2003berbanding 359,934 unit pada tahun sebelumnya.Sikap pelanggan yang menangguh pembeliankerana mengharapkan penurunan hargamenyebabkan iklim yang tidak menentu danmemberi kesan kepada penguasaan pasaranProton. Aktiviti pemasaran yang agresif olehpesaing dan pelancaran model terbaru merekajuga merupakan faktor kepada penurunanpasaran penguasaan.
Bagi pasaran ekspot, keadaan ekonomi yangtidak menentu berpunca dari perang Iraq telahmemberi kesan terhadap jualan di Timur Tengahyang merupakan pasaran terbesar luar negarakita. Di United Kingdom dan Australia pula,jualannya amat lembab akibat dari sikappelanggan menungggu pelancaran model-modelterbaru Proton bagi menggantikan produk yangsedia ada.
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Chairman’s StatementPerutusan Pengerusi
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
FINANCIAL PERFORMANCE
Amidst a weak domestic market and slowdown in exports,Proton recorded a lower Group profit after tax of RM521million, compared to RM1,118 million in the last financialyear. This was achieved on the back of a thirty per centdecline in turnover from RM9.27 billion to RM6.47 billion.Earnings per share was lower at 92.9 sen compared to201.9 sen previously.
At the Company level, revenue declined by 31% to RM5.26billion compared to RM7.67 billion in the previous year.Consequently, profit after tax dropped to RM321.8 millionfrom RM772.3 million. Proton Edar Sdn Bhd, a whollyowned subsidiary and the domestic distributor of Protoncars, recorded a profit before tax of RM127 million on aturnover of RM5.9 billion. Lotus Group InternationalLimited recorded a net profit of £0.2m, a majorturnaround from the losses made over the last three years.
DIVIDENDS
The Directors have recommended the payment of a finaltax-exempt dividend of 10 sen a share. The total dividendspaid/payable for the financial year ended 31 March 2004would amount to 15 sen per share or a total ofRM82,382,300 (2003: 20 sen per share or a total tax-exempt dividend payout of RM109,841,000). The finaldividends will be paid to Proton Holdings Berhad.
PRESTASI KEWANGAN
Di tengah-tengah keadaan pasaran tempatan yang lemahdan ekspot yang merosot, Proton telah mencatatkankeuntungan selepas cukai Kumpulan yang rendah sebanyakRM521 juta, berbanding RM1,118 juta pada tahun kewangansebelumnya. Ini dicapai berikutan dengan penurunansebanyak 30% jualan iaitu dari RM9.27 bilion kepadaRM6.47 bilion. Pendapatan sesaham adalah lebih rendahiaitu 92.9 sen berbanding 201.9 sen pada tahun sebelumnya.
Pada peringkat Syarikat pendapatan menurun sebanyak31% kepada RM5.26 bilion berbanding RM7.67 bilion padatahun sebelumnya. Akibatnya keuntungan selepas cukaimenurun kepada RM321.8 juta dari RM772.3 juta. ProtonEdar Sdn. Bhd., syarikat subsidiari milik penuh Proton yangmerupakan wakil pengedar tempatan kereta Proton, telahmencatatkan keuntungan sebelum cukai sebanyak RM127juta dari jumlah jualan sebanyak RM5.9 bilion. Lotus GroupInternational Limited pula mencatatkan keuntungan bersihberjumlah £0.2 juta, yang merupakan satu pencapaianberbanding kerugian untuk tiga tahun yang lepas.
DIVIDEN
Lembaga Pengarah telah mencadangkan bayaran dividenakhir yang dikecualikan cukai sebanyak 10 sen sesaham.Jumlah dividen dibayar/akan dibayar bagi tahun kewanganberakhir 31 Mac 2004 akan berjumlah 15 sen sesaham atausejumlah RM82,382,300 (2003: 20 sen sesaham atausejumlah dividen dibayar yang dikecualikan sebanyakRM109,841,000). Dividen akhir akan dibayar kepada ProtonHoldings Berhad.
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OPERATIONS REVIEW
PROTON
During the financial year, Proton launched a number ofnew model variants in the domestic market in anticipationof weaker demand and a general slowdown in passengercar sales with the impending implementation of AFTA. TheIswara ST, Wira SE and Perdana CC received encouragingresponse and helped revitalise the products as theyapproach the end of their lifecycle. As a result, Proton’smarket share decline was contained at 45%.
In February 2004, the much-awaited Gen.2 was launched inthe domestic market to overwhelming response. The Gen.2is a sporty four-door hatchback with innovative styling andleading-class ride and handling. Developed from Proton’sown platform, the Gen.2 will spearhead the launch of aseries of new products over the next two years. More than13,000 bookings have been received with a waiting periodof three months or more. Following the success of the carin the domestic market, the launch of the Gen.2 inSingapore, Brunei, UK and Australia has been scheduledfor August 2004.
Proton’s own engine family, the Campro, commencedcommercial production in January 2004 and powers theGen.2. This marked a major milestone for Proton, as itbecame a truly independent automotive manufacturerwith its own cars and engines.
ULASAN OPERASI
PROTON
Pada tahun kewangan ini, Proton telah melancarkanbeberapa model baru dalam pasaran tempatan berdasarkanjangkaan terhadap permintaan yang semakin lemah danjuga penurunan jualan kereta penumpang denganperlaksanaan AFTA. Iswara ST, Wira SE dan Perdana CCtelah mendapat reaksi yang menggalakkan dan membantumemulih semula produk tersebut yang hampir sampai kepenghujung pusingan hayatnya. Akibatnya, penurunanpenguasaan pasaran Proton dapat bertahan pada 45%.
Dalam bulan Februari 2004, produk yang ditunggu-tunggu,Gen.2 telah dilancarkan dalam pasaran tempatan danmendapat sambutan yang memberangsangkan daripelanggan. Gen.2 merupakan sebuah kereta “hatchback”empat pintu yang eksklusif dengan gaya inovatif dan kelaspemanduan dan pengendalian yang tinggi. Dibangunkandari platform Proton sendiri, Gen.2 bakal menerajui siripelancaran produk baru dalam tempoh dua tahun yangakan datang. Lebih dari 13,000 tempahan diterima dengantempoh menunggu 3 bulan atau lebih. Berikutan darikejayaannya di dalam pasaran tempatan, Gen.2 dijadualkanakan dilancarkan di Singapura, Brunei, UK dan Australiapada Ogos 2004.
Campro iaitu famili enjin keluaran Proton sendiri, telahmemulakan pengeluaran komersialnya pada Januari 2004dan dipasang pada Gen.2. Ini menandakan satu perubahanbesar bagi Proton yang berkemampuan dalam menjadipengilang otomotif yang mengeluarkan kereta danenjinnya sendiri.
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Chairman’s StatementPerutusan Pengerusi
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
The new Tanjung Malim factory, with a capacity of 150,000units when fully commissioned, commenced operationsfrom January 2004. The factory employs a higher level ofautomation and adopts flexible manufacturing processescapable of producing cars of the highest quality. All futurenew models will be manufactured at this new state-of-the-art factory.
In recognition of the Company’s continuous drive forquality improvement and the implementation of world-class quality systems, Proton was awarded the 2004 PrimeMinister’s Quality Management Excellence Award. In the2004 UK J.D. Power Customer Satisfaction Survey, Protontied for 10th position in the Overall Top Brand Categoryout of 33 global brands and was placed second in DealerService Satisfaction, just behind Lexus.
In February 2004, Proton Commerce Sdn. Bhd., an autofinance joint venture established with the Commerce AssetGroup, one of the country’s leading financial institutions,commenced operations. The joint venture will provide one-stop financing to Proton customers and is expected tocontribute significantly to Group revenue in the nearfuture.
LOTUS
During the year Lotus Engineering steadily built up itscustomer base following the successful delivery of anumber of engineering projects. A new Engineering officeopened in China at the beginning of 2004 to forge closerlinks to existing and potential customers. This brings thenumber of Lotus Engineering’s offices around the world tofive (UK, Germany, Malaysia, China and USA).
Kilang baru Tanjung Malim dengan kapasitinya 150,000unit mula beroperasi pada Januari 2004. Kilang tersebutmenggunakan tahap automasi yang tinggi danmengadaptasi proses pengilangan yang fleksibel sertamampu mengeluarkan kereta yang berkualiti tinggi.Semua pengeluaran model baru pada masa akan datangakan dikeluarkan di kilang baru yang serta canggih ini.
Dalam mengiktiraf usaha berterusan Syarikat untukmeningkatkan kualiti dan perlaksanaan sistem kualiti bertarafdunia, Proton telah dianugerahkan dengan AnugerahKecemerlangan Pengurusan Kualiti Perdana Menteri bagitahun 2004. Pada tahun 2004, indeks J.D. Powers CustomerSatisfaction Survey di UK telah meletakkan Proton terikatdi tangga ke-10 kategori keseluruhan, daripada 33 jenamaglobal yang lain. Proton juga menduduki tempat keduadalam indeks Dealer Service Satisfaction, hanya dibelakang Lexus.
Pada Februari 2004, Proton Commerce Sdn. Bhd., sebuahsyarikat pembiayaan kenderaan telah ditubuhkan secarausahasama dengan Commerce Asset Group, salah sebuahinstitusi kewangan yang terkemuka di negara ini, telahmenjalankan operasinya. Usahasama ini menyediakankaedah pembiayaan setempat kepada pelanggan Protondan dijangkakan akan memberi sumbangan ketara kepadapulangan Kumpulan di masa yang terdekat.
LOTUS
Pada tahun semasa, Lotus Engineering telah membinarangkaian pelanggannya sendiri berikutan kejayaannyadalam menguruskan beberapa projek kejuruteraan. Sebuahpejabat kejuruteraan yang baru telah dibuka di Chinapada pemulaan 2004 bertujuan untuk merapatkan lagihubungan pelanggan yang sedia ada dan juga pelangganyang berpotensi. Ini membawa kepada peningkatanbilangan pejabat Lotus Engineering di lima negara (UK,Jerman, Malaysia, China dan Amerika Syarikat).
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
In the UK, Lotus Cars concentrated on producing newmodel variants. The Elise, with a new hi-tech 189hp enginemade its debut in the US at the Los Angeles Auto Show.The first review by the media of the new US Lotus Elise isextremely positive and the first cars will be delivered inJune 2004. A non-USA version of this 189hp Elise(designated Elise 111R) was launched into the European,Asia Pacific and Australian markets in January 2004. InMarch 2004, the new Lotus Exige was unveiled at theGeneva Motorshow. The Lotus Elise 111R won the title“Best Sportscar 2004” awarded by BBC Top Gear Magazine.
CORPORATE GOVERNANCE
Our statement on Corporate governance is found on pages44 to 67. There were no sanctions and/or penaltiesimposed on the Company and its subsidiaries, Directors ormanagement, by the relevant regulatory bodies.
RELATED PARTY TRANSACTIONS
Significant related party transactions of the Group duringthe period are disclosed in Note 35 to the financialstatements.
Di UK, Lotus Cars telah menumpukan pengeluarannyakepada pelbagai model baru. Elise, yang mempunyai enjinhi-tech 189hp telah diperkenalkan buat pertama kalinya diAmerika Syarikat di Los Angeles Auto Show. Ulasanpertama yang dibuat oleh media terhadap Lotus EliseAmerika Syarikat yang baru menunjukkan tindakbalas yangpositif dan penghantaran kereta pertama dijadualkan padaJun 2004. Versi bukan Amerika Syarikat untuk 189hp Elise(reka bentuk Elise 111R) telah dilancarkan di pasaranEropah, Asia Pasifik dan Australia pada bulan Januari 2004.Pada Mac 2004, Lotus Exige yang baru telah dipamerkandi Geneva Motorshow. Lotus Elise 111R telah memenangianugerah “Best Sportscar 2004” yang dianugerahkan olehBBC Top Gear Magazine.
URUS TADBIR KORPORAT
Penyata untuk urus tadbir korporat boleh didapati padamuka surat 44 sehingga 67. Tiada tindakan undang-undangdan/atau penalti dikenakan ke atas Syarikat dan syarikatsubsidiari, Para Pengarah atau pengurusan oleh pihak yangberkuasa.
TRANSAKSI PIHAK BERKAITAN
Transaksi ketara pihak berkenaan untuk Kumpulan padatahun semasa dinyatakan dalam Nota 35 dalam penyatakewangan.
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RESEARCH AND DEVELOPMENT
The Group continues to research new technologies withthe ultimate aim to put these innovations into productionthrough partnerships with Tier One Suppliers or OEMcustomers. Two such advancements likely to see productionare engine technology AVT (Active Valve Train) and chassistechnology VVA (Versatile Vehicle Architecture). The Grouphas also invested significantly on the development of newinnovative products to meet the challenges of the marketplace. During the financial year, the Group investedRM542.9 million (2003: RM413 million) in research anddevelopment.
PROSPECT
Proton car sales in the domestic market for the firstquarter of financial year 2004/05 recorded a year on yearincrease of 10%, reflecting renewed interest and improvedbuying sentiment. Orders for the Gen.2 have continued tobe strong and production will be increased to 5,000 unitsfrom October 2004 with the introduction of a second shiftat the Tanjung Malim factory. The Waja 1.6 Enhancement,which was launched in July 2004, has also spurred demandand increased orders. To provide customers with greaterchoice, Proton will introduce a new two-door hatchbackand a small four-door sedan at the end of 2004 and inearly 2005 respectively.
PENYELIDIKAN DAN PEMBANGUNAN
Kumpulan terus meningkatkan penyelidikan dalamteknologi baru dengan objektif utama untuk mengaplikasipenemuan baru dalam pengeluaran melalui gabungandengan pembekal-pembekal “Tier One” atau pelangganOEM. Dua kemajuan yang dilihat boleh diketengahkandalam pengeluaran adalah teknologi enjin AVT (“ActiveValve Train”) dan teknologi chassis VVA (“Versatile VehicleArchitecture”). Kumpulan juga telah melabur secara ketaradalam pembangunan pembaharuan produk baru untukmenghadapi cabaran di dalam pasaran. Pada tahun semasa,Kumpulan telah melaburkan sejumlah RM542.9 juta (2003:RM413 juta) dalam penyelidikan dan pembangunan.
PROSPEK
Jualan kereta Proton dalam pasaran tempatan untuk sukupertama tahun kewangan 2004/05 mencatat peningkatankepada 10% dibandingkan dengan tempoh yang samatahun lepas, kesan daripada minat dan peningkatansentimen pembelian. Permintaan untuk GEN.2 semakinmeningkat dan pengeluaran akan ditingkatkan kepada5,000 unit bermula pada bulan Oktober 2004 denganpermulaan dua shif di kilang Tanjung Malim. Model Waja1.6 “Enhancement” yang dilancarkan pada bulan Julai2004 juga telah meningkatkan permintaan dan tempahan.Untuk menyediakan pilihan yang lebih meluas kepadapelanggan, Proton akan memperkenalkan kereta dua pintu“hatchback” dan kereta bersaiz kecil empat pintu sedanpada penghujung tahun 2004 dan juga pada awal tahun2005.
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Chairman’s StatementPenyata Pengerusi
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
In the export market, the easing of political tension in theMiddle East has helped to improve sales to the regionalthough the volume is not expected to be significant inthe short term. Sales to the other regions are expected toimprove with the introduction of new models.
Baring any unforeseen circumstances, the Directors are ofthe view that the improved domestic sales performanceand introduction of new models will have a positiveimpact on the Group performance in the current financialyear.
ACKNOWLEDGEMENT
On behalf of the Board of Directors, I would like to thankour shareholders, customers, business associates andregulatory authorities for their continuing support andconfidence in Proton. I wish to extend our appreciation tothe management team and all employees of the Group fortheir contribution during the financial year. The success ofthe organisation depends ultimately on their dedicationand commitment towards the shared mission andobjectives.
While we acknowledge that the road ahead will be roughwith the impending liberalisation of the automotive sector,we are confident that we will succeed in our endeavour.We believe that your Company will thrive withcompetition and grow stronger because of it.
Datuk Abu Hassan bin KendutChairman
Dari segi pasaran ekspot pemulihan ketegangan politik diTimur Tengah telah membantu dalam meningkatkan jualanke rantau itu walaupun bilangan yang dijangkakan tidakberapa ketara dalam jangka masa pendek. Jualan kerantau-rantau lain dijangka meningkat dengan pengenalanmodel baru.
Berdasarkan keadaan yang tidak dapat diramal, ParaPengarah berpandangan bahawa dengan meningkatkanjualan pasaran tempatan dan pengenalan model-modelbaru dapat memberi impak yang positif kepada prestasiKumpulan pada tahun kewangan semasa.
PENGHARGAANBagi pihak Lembaga Pengarah, saya ingin merakamkanucapan terima kasih kepada pemegang-pemegang saham,pelanggan-pelanggan, rakan-rakan perniagaan dan pihakberkuasa di atas sokongan yang berterusan danberkayakinan terhadap Proton. Saya juga ingin merakamkansetinggi-tinggi penghargaan kepada pihak pengurusan dansemua pekerja-pekerja Kumpulan di atas sumbanganmereka pada tahun kewangan ini. Kejayaan organisasi inibergantung sepenuhnya di atas dedikasi dan komitmenmereka dalam merealisasikan objektif dan misi bersama.
Walaupun kami menyedari bahawa perjalanan ke hadapanpenuh cabaran dengan liberalisasi sektor otomotif, kamiberkeyakinan bahawa kami akan berjaya di dalam usaha-usahakami. Kami percaya Syarikat anda akan terus ke hadapanmenghadapi saingan dan akan menjadi lebih kukuh.
Datuk Abu Hassan bin KendutPengerusi
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
BUSINESS OBJECTIVES
In conducting our business, PROTON is guidedby the interests of the shareholders, customers,business associates, employees and thecommunity. The Group needs capital from itsshareholders to conduct its business and expandto enhance returns. But capital can only be usedprofitably in the long term if customers aresatisfied with the Group’s performance. This inturn calls for excellent products and services,which are not possible without capable businessassociates and motivated employees.
Customers, shareholders, business associates andemployees are at the same time citizens in aninternational community. The PROTON Groupsupports and encourages environmental,cultural, sports and educational initiatives. Inthis way, added value is not only created for theGroup but for the community and all interestgroups as well.
In order to bring more balance into how wemeasure achievements and progress, Proton hasstarted to implement the balanced scorecardsystem for the Group. The design of thescorecard defines our financial objectives alongthe lines of the strategic goals.
OBJEKTIF PERNIAGAAN
PROTON berpandukan kepada kepentinganpelbagai pihak semasa menjalankan urusanperniagaannya seperti pemegang saham,pelanggan, rakan niaga, pekerja dan jugamasyarakat. Kumpulan memerlukan modaldaripada pemegang-pemegang saham untukberurusniaga dan seterusnya berkembang bagimeningkatkan pulangan. Walau bagaimanapundalam jangka masa panjang, modal hanya bolehdigunakan secara untung jika pelangganberpuashati dengan prestasi Kumpulan. Inimemerlukan produk dan perkhidmatan yangcemerlang dan ianya tidak boleh dicapai tanparakan niaga yang berkeupayaan tinggi danpekerja yang bersemangat tinggi.
Dalam masa yang sama pelanggan, pemegangsaham, rakan niaga dan juga pekerja adalahsebahagian daripada masyarakat antarabangsa.Kumpulan Proton menyokong dan menggalakaninisiatif-inisiatif bersifat persekitaran, kebudayaan,kesukanan dan pembelajaran. Dengan cara ini,nilai tambahan bukan sahaja dicipta untukKumpulan tetapi juga untuk masyarakat dansemua golongan yang berkepentingan.
Proton telah mula melaksanakan sistemimbangan kad skor untuk Kumpulan bagimenentukan bagaimana kami mengukurpencapaian dan kemajuan. Corak kad skormenyatakan objektif kewangan selaras denganmatlamat strategi.
Group CEO’s Review of Business OperationsTinjauan Operasi Ketua Pegawai Eksekutif Kumpulan
Y.M. Tengku Tan Sri Dr. Mahaleel bin Tengku AriffGroup Chief Executive Officer /Ketua Pegawai Eksekutif Kumpulan
ROUP CEO’S REVIEW OF BUSINESS OPERATIONSTINJAUAN OPERASI KETUA PEGAWAI EKSEKUTIF KUMPULANG
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Group CEO’s Review of Business OperationsTinjauan Operasi Ketua Pegawai Eksekutif Kumpulan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
We continue to seek new opportunities to add value tothe business, achieve operational excellence, enhance ourcorporate culture and align our corporate goals with theinterests of our shareholders and other stakeholders. Ourcore values drive our success as a transparent, accountableand ethical organisation.
COMPETITIVE OPERATING ENVIRONMENT
The global automotive landscape has become increasinglychallenging as growth stagnates and overcapacity reign inmany car plants around the world. Stocks of unsoldvehicles of up to 3.5 million within the US alone haveforced manufacturers to rationalise platforms andproduction. New environmental regulations and thedemands of workers unions have resulted in cost increaseswhilst the twin pressures of competition and risingconsumerism have forced car companies to reduce prices.As a result, margins are eroded leading to lower profits forsome and losses for others. The search for new areas ofgrowth is further intensified and the ASEAN region, thetraditional bastion of Japanese car companies, has becomethe focus of the Americans, Europeans and even Koreans.
Kami terus mencari peluang-peluang baru untukmempertingkatkan nilai perniagaan, mencapai operasiyang terbaik, mengembangkan budaya korporat danmenyelaraskan matlamat korporat kita dengan kepentinganpara pemegang saham dan lain-lain pemegangberkepentingan. Nilai teras kami menggerakkan kejayaankami sebagai sebuah organisasi yang telus, bertanggungjawabdan beretika.
SUASANA PERSAINGAN OPERASI
Industri otomotif global telah bertambah mencabardengan tidak meningkatnya pertumbuhan dan lebihanpengeluaran di dalam kebanyakkan kilang-kilang keretaserata dunia. Stok kereta yang tidak terjual meningkatkepada 3.5 juta di Amerika Syarikat sahaja memberitekanan kepada pengeluar-pengeluar untuk menyusunsemula platfom-platfom serta pengeluaran. Peraturan-peraturan baru persekitaran dan permintaan-permintaandaripada kesatuan-kesatuan pekerja telah menyebabkanpeningkatan dalam kos, manakala tekanan-tekanandaripada persaingan dan peningkatan dalam kepentinganpengguna membuatkan syarikat-syarikat kereta terpaksamenurunkan harga. Akibatnya, margin semakin berkurangdan membawa kepada keuntungan yang rendah kepadabeberapa pengeluar dan kerugian kepada yang lain.Pencarian kawasan-kawasan pertumbuhan yang barumakin meningkat dan kawasan ASEAN, secara tradisinyakawasan yang selamat bagi syarikat-syarikat kereta Jepun,telah menjadi fokus kepada syarikat-syarikat Amerika,Eropah dan juga Korea.
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During the financial year, uncertainty over theimplementation of the ASEAN Free Trade Agreementallowed foreign car companies to make inroads in thedomestic market. Sales of passenger cars experienced adecline as many prospective buyers adopted a ‘wait andsee attitude’ in anticipation of the Government’sannouncement on car tariffs. Many buyers were hoping fora drastic fall in car prices and delayed their purchasedecisions. In a weak market, aggressive marketing and thelaunch of new models by foreign car manufacturers werefactors that led to the erosion of the national car’s marketshare.
For exports, the adverse economic impact and uncertaintyarising from the Iraq War affected sales to the MiddleEast, our largest overseas market. Sales in the UnitedKingdom and Australia also slowed as customers awaitedthe arrival of Proton’s new models to replace the existingageing product range.
Dalam tahun kewangan, ketidaktentuan ke atas perlaksanaanKawasan Perjanjian Perdagangan Bebas Asean memberipeluang kepada syarikat-syarikat kereta asing memasukipasaran tempatan. Penjualan kereta-kereta penumpangmengalami kemerosotan oleh kerana kebanyakkan bakal-bakal pembeli yang mengambil sikap “tunggu dan lihat”sebagai langkah berhati-hati terhadap pengumumankerajaan mengenai tarif kereta. Kebanyakkan pembelimengharapkan penurunan harga kereta yang mendadakdan menangguhkan keputusan untuk membeli kereta.Dalam pasaran yang lemah, pemasaran yang agresif danpelancaran model-model baru oleh pengeluar-pengeluarkereta asing adalah faktor utama yang menyebabkankemerosotan dalam penguasaan pasaran kereta tempatan.
Untuk pasaran ekspot, kesan daripada keadaan ekonomiyang sukar dan ketidaktentuan yang timbul daripadapeperangan Iraq memberi kesan ke atas penjualan diTimur Tengah, pasaran terbesar kita di seberang laut.Penjualan di United Kingdom dan Australia juga lembabkerana pelanggan-pelanggan menunggu ketibaan model-model Proton yang baru untuk menggantikan produk-produk lama yang sedia ada.
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Strong customer orientation and innovative, competitivelypriced products are the foundation of our business andessential to our success. We believe that vehicles offeringsuperior ride and handling, quality, safety and value, madeby a trusted company, have universal appeal. Our marketsare always changing, and so are the products we offer. Weanticipate trends, respond to changes through our productofferings and lead by developing new innovative features.Among the initiatives by PROTON is the introduction ofnew Malaysian developed and manufactured cars, whichare ‘engineered to exhilarate’ and embedded with theworld-renowned Lotus ‘ride and handling’. The Protonproduct range includes many innovations to addressenvironmental and safety concerns.
Produk yang berorientasikan pelanggan, berinovasi dandengan harga yang berdaya saing adalah asas kepadaperniagaan kami dan adalah penting untuk kejayaan kami.Kami percaya bahawa kenderaan yang memilikipemanduan dan pengawalan yang lebih baik, berkualiti,selamat dan bernilai dan dibuat oleh syarikat yang diyakinimemilki ciri-ciri yang diingini semua. Pasaran kami seringberubah dan begitu juga produk yang kami tawarkan.Kami mengenalpasti perubahan citarasa, kami bertindakbalasdengan membawa perubahan melalui produk yang kamitawarkan dan kami mengetuainya melalui pembentukanproduk berinovasi. Di antara inisiatif-inisiatif yang diambiloleh Proton ialah pengenalan kereta-kereta baru yangdibangunkan dan dikilangkan di Malaysia yang memiliki‘kecemerlangan kejuruteraan’ yang dilengkapi dengan‘pemanduan dan pacuan’ Lotus yang terkenal di seluruhdunia itu. Produk-produk Proton merangkumi pelbagaipembaharuan dengan berkonsepkan mesra alam danberteraskan keselamatan.
PRODUCTS & SERVICESp r o d u k & p e r k h i d m a t a n
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During the year, Proton introduced the Perdana CC, avariant of the popular two litre large sedan. With arestyled front grille, new lamps and interior, the PerdanaCC is fitted with a 2.0 litre 6 cylinders DOHC engine withadaptive automatic transmission that incorporates fuzzylogic which enhances fuel efficiency and results in reducedexhaust emission levels.
In February 2004, a new addition to the product range,the stylish Gen.2 was launched. Designed and developedby Malaysians, the four-door hatchback is fitted withProton’s very own engine, the 1.6 litre 4 cylinder DOHC 16valve Campro. Outstanding features of the Gen.2 includeagile handling, precise progressive steering response andextreme stability in cornering and changing lanes. Thebody strength on this car exceeds international safetyregulations and market requirements of the EuropeanCommunity (EC), Australian Design Rules and Gulf standards.Safety features include increased body rigidity, driver andpassenger airbags, brake assist, electronic brake forcedistribution and the vehicle tracking security system, Captor.
During the year Lotus Engineering steadily built up itscustomer base following the successful delivery of anumber of engineering projects. A new Engineering officeopened in China at the beginning of 2004 to forge closerlinks to existing and potential customers. This brings thenumber of Lotus Engineering’s offices around the world tofive (UK, Germany, Malaysia, China and USA).
In February 2004, Proton Commerce Sdn. Bhd., an autofinance joint venture established with the Commerce AssetGroup, one of the country’s leading financial institutions,commenced operations. The joint venture will provide one-stop financing to PROTON customers and is expected tocontribute significantly to Group revenue in the near future.
Pada tahun semasa, Proton memperkenalkan Perdana CC,2 liter sedan yang bersaiz besar. Dengan gaya gril depan yangbaru, lampu dan rekaan terkini, Perdana CC dilengkapkandengan 2.0 liter 6 silinder dengan enjin DOHC dan denganinjap masa pelbagai dan penyesuaian transmisi otomatikdengan “fuzzy logik” yang menambah kecekapan penggunaanminyak dan pengurangan tahap keluaran asap ekzos.
Pada Februari 2004, Gen.2 telah dilancarkan denganpenambahan baru dari sudut gaya. Dengan rekaan danpembentukkan yang dibuat oleh Malaysia sendiri, dilengkapidengan empat pintu “hatchback” dan 1.6 liter 4 silinderdengan enjin DOHC valve Campro. Gen.2 mempunyaipacuan yang pantas dan mudah, cepat bertindakbalaspada pertukaran arah dan stabil dalam mengenalpastipertukaran laluan. Kekuatan badan kereta ini memenuhiperaturan keselamatan antarabangsa dan syarat-syaratpasaran Komuniti Eropah (EEC), Peraturan RekaanAustralia dan Piawai Gulf. Ciri-ciri keselamatan termasukbadan kereta yang kukuh, beg udara pemandu danpenumpang, bantuan brek, agihan kuasa brek elektronikdan sistem keselamatan pengesanan kenderaan, ‘Captor’.
Pada tahun semasa, Lotus Engineering telah membinarangkaian pelanggannya sendiri berikutan kejayaannyadalam menguruskan beberapa projek kejuruteraan. Sebuahpejabat kejuruteraan yang baru telah dibuka di Chinapada pemulaan 2004 dengan bertujuan untuk merapatkanlagi hubungan pelanggan yang sedia ada dan jugapelanggan yang berpotensi. Ini membawa peningkatankepada bilangan pejabat Lotus Engineering di lima negara(UK, Jerman, Malaysia, China dan AS).
Pada Februari 2004, Proton Commerce Sdn. Bhd., sebuahsyarikat yang membiayai kenderaan secara kawalanbersama Kumpulan Commerce Asset, sebuah institusikewangan yang terkemuka, telah memulakan operasinya.Kawalan bersama ini menyediakan satu kaedahpembiayaan setempat kepada pelanggan PROTON dandijangkakan akan memberikan keuntungan Kumpulanyang memuaskan di masa hadapan.
PROTON continued to intensify research in advancedtechnology in the areas of powertrain and lightweightmaterials. Research projects currently being undertakeninclude natural gas vehicle, engine cam profiling, electrichybrid vehicle, engine order cancellation, and engineactive valve train. A number of projects are also beingconducted through collaborations with Malaysian and UKuniversities with some funding provided by the Malaysiangovernment. These collaborations include the use ofalternative materials for passenger vehicles and thedevelopment of a new low cost flexible engine.
PROTON terus meningkatkan penyelidikan dalam teknologienjin dan bahan ringan. Pada masa ini projek penyelidikanyang sedang dijalankan termasuk kenderaan bergassemulajadi, enjin ‘cam profiling’, kenderaan kombinasiberletrik, ‘enjin pembatalan pesanan’ dan ‘enjin injapaktif’. Beberapa projek juga sedang dikendalikan melaluikerjasama dengan universiti di Malaysia dan di UK denganperuntukan kewangan yang dibiayai oleh kerajaanMalaysia. Kerjasama ini termasuklah penggunaan berbagaibahan untuk kenderaan penumpang dan pembangunandalam enjin kos rendah yang fleksibel.
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For 2004, total development expenditure increasedsignificantly with work focused on the development ofnew models on a number of platforms including theleading edge Versatile Vehicle Architecture (VVA). The VVAreduces the time it takes to bring a new product tomarket and helps meet changing demand more quickly.Globally, we are moving towards shared technologies sothat vehicles can be differentiated while using commoncomponents. The reduction in development time willcreate greater efficiency and the standardisation will alsolead to greater economies of scale in purchasingcomponents.
Development has also begun on an aluminium-bodiedvehicle built on the VVA platform. Increased fuel efficiencyand power through weight reduction and materialrecyclability are key factors that have conspired togetherto promote the use of aluminium in vehicle bodystructures for high volume production.
Pada tahun 2004, jumlah perbelanjaan pembangunan telahmeningkat dengan membangunkan pelbagai platformtermasuklah platform yang boleh diubahsuai ‘VersatileVehicle Architecture’ (VVA). Platform (VVA) ini mengurangkanmasa yang diambil untuk membawa produk baru kepasaran dan membantu membuat pembaharuan hasildaripada perubahan permintaan dengan lebih cepat. Di seluruh dunia, semua bergerak ke arah perkongsianteknologi supaya kenderaan masih boleh dibezakanwalaupun menggunakan komponen yang sama. Masapembangunan yang lebih cepat akan mencetuskankecekapan yang lebih tinggi dan penggunaan komponenyang sama mengurangkan kos melalui skala pembelianyang besar.
Pembangunan telah bermula terhadap pembinaan badankenderaan beraluminium pada platform VVA. Peningkatankecekapan minyak dan kuasa melalui pengurangan beratdan bahan kitaran semula adalah merupakan kuncipersepakatan bersama untuk memperkenalkan penggunaanaluminium di dalam struktur badan kenderaan untukpengeluaran yang tinggi.
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The production facilities in Malaysia recorded averageutilisation rates of 54% due to the weaker domesticmarket. Total production from the Malaysian plantswas 148,981 units whilst the UK Lotus plant in Norwichrecorded production of 2,763 units.
The state-of-the-art Tanjung Malim Plant commencedoperations in January 2004 and is expected to result insignificant savings because of lean production processesand the ability to shift production to different modelsrelatively quickly. The Flexible manufacturing systeminstalled in the plant will enable the Company torespond more quickly to changing customer demandwith faster changeover of models.
Kilang di Malaysia merekodkan kadar penggunaansetinggi 54% berdasarkan permintaan terhadap produkkita. Jumlah hasil pengeluaran bagi kilang di Malaysiapada tahun 2004 adalah 148,981 unit sementara kilangdi Lotus UK di Norwich merekodkan hasil pengeluaransebanyak 2,763 unit.
Kilang Tanjung Malim yang serba canggih telah mulaberoperasi dalam bulan Januari 2004 dan dijangkakanakan memberikan penjimatan yang ketara hasildaripada proses pengeluaran yang efisien dankeupayaan untuk menukar pengeluaran model-modelyang berlainan secara relatif dan cepat.
MANUFACTURINGp e r k i l a n g a n
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The Plant is capable of producing four models off threeplatforms. To achieve production flexibility, the Bodyfactory, for example, operates with several short flexiblelines capable of accommodating 3 different platformscomprising 9 separate models rather than the singlecontinuous line in the existing Shah Alam plant. On itsquality capability, the plant is designed with a direct passratio in excess of 85% compared with 60% for the ShahAlam plant and a World Best Practice ratio of 90%. Oncost efficiency capability, the new plant is designed for anoperation productivity ratio of 90% (Shah Alam Plant:85%; World Best Practice: 95%).
Proton has announced plans to acquire a plant inIndonesia to produce cars for the ASEAN market. The plantwill have an installed capacity of 30,000 units and willinitially produce the Wira model for the local market andexport to other ASEAN countries. In Vietnam, Proton isundertaking a study to determine the feasibility ofassembling the Arena at the joint venture plant, VinastarMotors, for the local market.
Kilang ini berkemampuan untuk mengeluarkan empatmodel dengan tiga platform serentak. Untuk mencapaipengeluaran yang fleksibel, bahagian pemasangan badansebagai contohnya beroperasi di tiga barisan pengeluaranyang fleksibel dan pendek dan mampu mengeluarkan 9 model daripada 3 platform dibandingkan dengan satubarisan yang panjang di kilang Shah Alam sekarang. Darisegi kualiti, kilang ini direka untuk mendapat nisbah teruslulus sebanyak 85% dibandingkan dengan 60% di ShahAlam dan 90% kilang terbaik dunia. Untuk menjimatkankos, kilang baru ini direka untuk mendapat nisbahproduktiviti sebanyak 90% (Shah Alam 85%; Terbaik diDunia 95%).
Proton telah megumumkan untuk memperolehi sebuahkilang di Indonesia bagi mengeluarkan kereta untukpasaran ASEAN. Kilang tersebut akan mempunyaikeupayaan sebanyak 30,000 unit dan pada dasarnya akanmengeluarkan model Wira untuk pasaran tempatan danuntuk di ekspot ke negara-negara ASEAN. Di Vietnam,Proton sedang membuat satu kajian bagi menentukankebolehlaksanaan pemasangan model Arena di kilangusahasama, Vinastar Motors untuk pasaran tempatan.
To be able to compete in a liberalised market, it is key to get thingsright in terms of customer satisfaction and quality. This involves apositive experience with the dealer during the sale and service of thevehicle, satisfaction with the initial quality of the vehicle andsatisfaction with the dependability of the vehicle after extended use.
Untuk menjadi lebih berdaya saing di pasaran yang liberal, adalahpenting untuk memastikan kepuasan pelanggan dan kualiti dipenuhi.Ini termasuk mewujudkan pengalaman positif dengan pengedarketika menjual dan menyelenggara kenderaan, berpuashati dengankualiti kereta ketika diterima dan berpuashati dengan tahapkemampuan kenderaan selepas penggunaan berlebihan.
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KEY DATA / DATA UTAMA 2004 2003
ISO Accreditation /Pengiktirafan ISO ISO 9000/2000 ISO9000/1994
QCC teams (Proton) /Kumpulan QCC (Proton) 283 249
QCC teams (Proton Edar) /Kumpulan QCC (Proton Edar) 127 0
QCC teams (Lotus) /Kumpulan QCC (Lotus) 14 0
QCC Awards– Regional Gold Awards /
Anugerah Emas Wilayah 1 3– National Awards /
Anugerah Nasional 3 1
No. of suggestions /Jumlah cadangan 5,313 4,481
No. of Kaizen /Jumlah kaizen 3,429 3,409
QUALITY MANAGEMENTp e n g u r u s a n k u a l i t i
Proton adopts the three-stage line inspection for qualityassurance – static evaluation on fitting and appearanceexterior and interior on cars that are just produced fromthe production line, dynamic evaluation on function anddrivability and final inspection before being approved fitfor delivery to customers. From May 2003, all inspectionshave been transferred to the production line to furtherempower the employees. Vendor quality was addressed atsource using Advance Product Quality Planning (APQP) teams.
As a result of these initiatives, there was further reductionin the number of quality problems. Built-up quality wasimproved from 8.8 defects per car in 2002 to 7.2 defects in2003 and 6.9 defects in 2004. This reduction was in largepart due to Quality Control Circle activities, which achievedsignificant waste elimination savings. Other efforts likestandardising our processes through our Quality OperatingSystem and engaging our employees through Kaizenactivities are making a difference in quality. As a result,various internal and external indicators of quality performanceshow that we are making significant progress. However,outgoing quality deteriorated to 12 demerit points from8.5 demerits the year before as the production lineadjusted to the new quality inspection procedures.
In recognition of the Company’s continuous drive forquality improvement and the implementation of world-class quality systems, Proton was awarded the PrimeMinister’s Quality Management Excellence Award 2004.
Proton menggunapakai pemeriksaan tiga peringkat untukjaminan kualiti. Penilaian statik kepada kemasan danketrampilan luar di bahagian luar dan dalam kenderaanyang dikeluarkan oleh bahagian pengeluaran, penilaiansecara dinamik kepada fungsi serta pamanduan kenderaandan pemeriksaan akhir dilakukan sebelum kenderaandiluluskan untuk dihantar kepada pelanggan. Bermula Mei2003, semua pemeriksaan telah ditukar ke bahagianpengeluaran untuk menggalakkan sifat mementingkankualiti kepada pekerja-pekerja. Kualiti pembekaldikenalpasti pada sumbernya menggunakan pasukan PelanKualiti Produk Kehadapan (APQP)
Hasil dari inisiatif-inisiatif ini terdapat pengurangan jumlahmasalah kualiti. Kualiti siap-bina bertambah baik dengantahap defek menurun daripada 8.8 defek satu keretadalam tahun 2002 kepada 7.2 defek dalam tahun 2003 dan6.9 defek dalam tahun 2004. Sebahagian besar pengurangantersebut adalah berpunca daripada aktiviti KumpulanKawalan Mutu, yang berjaya menjimatkan kos. Usaha lainseperti pemiawaian proses melalui Sistem Kualiti Operasidan penglibatan pekerja dengan aktiviti Kaizen memberiperbezaan kepada kualiti. Hasilnya, pelbagai petunjukkualiti dalaman dan luaran telah membuktikan bahawaperlaksanaan kualiti yang sedang kami jalankan adalahbertambah baik. Walau bagaimanapun kualiti keluar merosotkepada 12 mata demerit dari 8.5 mata demerit pada tahunsebelumnya disebabkan pengubahsuaian barisan pengeluaranterhadap tata cara pemeriksaan kualiti yang baru.
Proton telah dianugerahkan dengan Anugerah PengurusanKualiti Terbaik Perdana Menteri 2004 sebagai pengiktirafankepada usaha berterusan Syarikat untuk mempertingkatkankualiti dan melaksanakan sistem kualiti bertaraf dunia.
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We continued to work with our distributors and dealers in anumber of ways, most importantly, on programs designed toenhance the sales and service experience for our customers. Thestrengthening of the domestic sales and service network remainour key focus to improve customer service and maintain ourmarket share.
During the year, Proton Edar increased the number of Salesdealers by 8% from 160 to 173 outlets and Service dealers by 3%from 144 to 149 outlets. Consequently, turnover increased toRM4,182 million from RM4,138 million previously and the ProtonEdar share of the domestic passenger car market increased from23.9% to 25.9%.
In order to improve its customer focus, a Customer ManagementCenter was launched during the year. The service, known as“Proton I.Care”, provides a one-stop center for customers to
Kami terus bekerjasama dengan pengedar dan wakil penjualdengan pelbagai cara dan yang terpentingnya, dalam programyang dirancang untuk mempertingkatkan pengalaman jualan danperkhidmatan kepada pelanggan kami. Pengukuhan rangkaianjualan dan servis akan terus menjadi tumpuan utama kami bagimengekalkan bahagian pasaran kami.
Dalam tahun semasa, Proton Edar telah menambahkan jumlahPengedar Jualan sebanyak 8% dari 160 ke 173 rangkaian danPengedar Perkhidmatan sebanyak 3% dari 144 ke 149 rangkaian.Dengan itu, jualan telah meningkat dari RM4,138 juta keRM4,182 juta sebelumnya dan penguasaan Proton Edar di dalampasaran kereta penumpang meningkat dari 23.9% ke 25.9%.
Bagi memperbaiki fokus pelanggan, sebuah Pusat PengurusanPelanggan telah dilancarkan. Khidmat tersebut dikenali sebagai“Proton I.Care”. Ia menyediakan pusat setempat bagi para
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SALES & DISTRIBUTIONj u a l a n & p e n g e d a r a n
contact and interact with Proton Edar for product andservice enquiry as well as 24 hours emergency breakdownassist.
For exports, the adverse economic impact and uncertaintyarising from the Iraq War affected sales to the MiddleEast, previously our largest overseas market. Total exportsfell 7% with 7,339 cars sold in 2004 compared with 7,929units the year before. A shipment of 5,000 cars due forIraq was deferred pending resolution of the political crisesin that country.
Proton Cars Australia recorded retail sales of 1,388 units,an increase of 55%. This was the second largest increase inpercentage terms of any OEM in Australia. The highersales were attributed to the success of the Jumbuck(Arena) which accounted for 786 units.
Proton Cars UK managed to retail a total of 507 units ofJumbuck (Arena), which represented 80% of the sub one-ton single cab petrol pick-up market. Total sales however,recorded a decline of 14% with the gradual phasing outof the old products.
Proton has continued to achieve excellent results in the2004 UK J.D. Power Customer Satisfaction Survey. Protontied for 10th position in the Overall Top Brand Categoryout of 33 brands and was placed second in Dealer ServiceSatisfaction, just behind Lexus.
Further inroad into the neighbouring Asean markets isexpected in 2005 with the establishment of Proton EdarIndonesia and Proton Singapore.
pelanggan berhubung dan berinteraksi dengan ProtonEdar untuk sebarang pertanyaan mengenai produk danperkhidmatan serta khidmat bantuan kecemasan 24 jam.
Dari segi ekspot, kesan kemerosotan ekonomi dankeadaan yang tidak dapat diramal yang disebabkan olehpeperangan Iraq telah menjejaskan jualan di TimurTengah, yang sebelumnya merupakan pasaran luar negaraterbesar kami. Jualan Proton menurun sebanyak 7% dengan 7,339 unit kereta dijual pada tahun 2004dibandingkan dengan 7,929 unit sebelumnya.Penghantaran 5,000 kereta ke Iraq terpaksa ditunda akibatkrisis politik yang dialami oleh negara tersebut.
Proton Cars Australia mencatatkan jualan sebanyak 1,388unit, iaitu peningkatan sebanyak 55%. Ini merupakanpeningkatan kedua terbesar dalam bentuk peratusandalam mana-mana OEM di Australia. Model Jumbuck (Arena)telah mencatatkan jualan sebanyak 786 unit di mana telahmenyumbangkan kepada peningkatan tersebut.
Proton Cars UK berjaya mencapai jualan sebanyak 507 unitJumbuck (Arena), yang mewakili 80% pasaran ‘pick-up’ sub-satu tan berkabin tunggal berkuasa petrol. Walaubagaimanapun jumlah jualan menurun sebanyak 14%dengan pengurangan secara berperingkat terhadapproduk lama.
Proton terus mencapai hasil yang cemerlang pada tahun2004 mengikut kajiselidik kepuasan pelanggan yang dibuatoleh UK J.D. Power. Proton menduduki tempat yangkesepuluh dalam Kategori Jenama Teratas Keseluruhandari 33 jenama dan tempat yang kedua dalam KepuasanServis Pengedar di belakang Lexus.
Pasaran yang lebih luas akan diperolehi dalam negara jiranyang terdekat iaitu Asean pada tahun 2005 denganpembentukan Proton Edar Indonesia dan Proton Singapore.
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
KEY DATA / DATA UTAMA 2004 2003
Malaysian / Malaysia Bumiputra / Bumiputra 69.04% 60.57%Non-Bumiputra /Bukan Bumiputra 4.03% 12.33%
Foreign / Warga Asing 26.93% 27.10%
KEY FIGURES / ANGKA UTAMA 2004 2003
Share price as at 31 March /Harga saham pada 31 Mac RM9.85 RM8.00
Dividends per share (Interim and proposed final) /Dividen sesaham (Interim dan cadangan akhir) 15 sen 20 sen
Earnings per share / Keuntungan sesaham 92.9 sen 201.9 sen
NTA per share RM10.08 RM9.35
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Timely shareholder communication remains theobjective of our investor relations program, whichinvolves the participation of the Board and seniormanagement. Although the principal forum fordialogue with shareholders remains the Annual GeneralMeeting, the investor relations program establishes adirect channel of communication with shareholders andthe investment community, both local and foreign.Under this program, the Group organises regularbriefings for analysts and fund managers as well asparticipates in investors’ forums to keep them abreastwith the latest development.
In 2003/04, the Group held more than 50 meetingswith equity research analysts, fund managers andinstitutional investors and shareholders. Analystbriefings and plant tours were also conducted at ShahAlam as well as the new factory in Tanjung Malim. Thesenior management participates in all investor relationactivities, meeting fund managers and analysts regularly.
PROTON shares began the financial year at RM8.00 andreached a high of RM10.10 before succumbing toglobal uncertainties arising from the Iraq War. In anoverall weak market, PROTON shares were adverselyaffected by investor restraint. However, the overwhelmingresponse to the Gen.2 launched in February 2004resulted in the share price closing higher at RM9.85 on31 March 2004.
Komunikasi yang berkesan dengan pemegang-pemegangsaham pada masa yang tepat kekal sebagai objektifutama di dalam program perhubungan dengan pelaburkami, yang menyaksikan penglibatan pihak Pengarahdan pengurusan kanan. Walaupun Mesyuarat AgungTahunan masih menjadi forum dialog utama, programperhubungan dengan pelabur adalah saluran komunikasisecara terus dengan pemegang-pemegang saham dankomuniti pelabur di dalam dan luar negara. Menerusiprogram ini, Kumpulan sentiasa menganjurkan sesipenerangan untuk penganalisa-penganalisa danpengurus-pengurus dana di samping mengambilbahagian di dalam forum pelabur untuk memastikanbahawa mereka dimaklumkan tentang sebarangperkembangan terkini.
Dalam tahun 2003/04, Kumpulan telah mengadakanlebih daripada 50 perjumpaan dengan penganalisa-penganalisa penyelidik ekuiti, pengurus-pengurus danainstitusi-institusi pelaburan dan pemegang-pemegangsaham. Taklimat dan lawatan kilang juga telah diadakandi Shah Alam dan juga di kilang baru, Tanjung Malim.Pengurusan-pengurusan kanan juga kerap mengambilbahagian dalam semua aktiviti-aktiviti yang berkaitandengan pelabur-pelabur, perbincangan denganpengurus-pengurus dana dan penganalisa-penganalisa.
Saham PROTON bermula dalam tahun kewangan denganharga RM8.00 dan mencecah paras tertinggi padaRM10.10 sebelum merosot kerana kegawatanantarabangsa akibat dari perang di Iraq. Walaubagaimanapun, respon yang menggalakkan terhadappelancaran Gen.2 pada Februari 2004 telahmengakibatkan harga saham ditutup lebih tinggi padaRM9.85 pada 31 Mac 2004.
SHAREHOLDERSp e m e g a n g - p e m e g a n g s a h a m
During the year, Proton continued to forgepartnerships with suppliers, service providers andtechnical experts to enable the Group to deliverinnovative products and services to our customers. Wecarefully select those alliance opportunities that enableus to deliver better ideas into the marketplace in newand exciting ways. Diversity is apparent as our businessassociates span the globe and include Asian, European,North American and South American companies.
Pada tahun semasa, Proton terus membentukperkongsian dengan pembekal-pembekal, pembekal-pembekal perkhidmatan dan pakar-pakar teknikaluntuk membolehkan Kumpulan menyalurkan produkdan perkhidmatan yang inovatif kepada pelanggankami. Kami berhati-hati memilih peluang perikatanbagi membolehkan kami menyampaikan idea yanglebih baik ke dalam pasaran dengan cara yang barudan lebih menarik. Kepelbagaian adalah nyata di manarakan niaga kami berada di seluruh dunia termasuksyarikat-syarikat dari Asia, Eropah, Amerika Utara danAmerika Selatan.
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BUSINESS ASSOCIATEr a k a n n i a g a
Proton has continued to spearhead the development oflocal capabilities in the manufacture of automotivecomponents. Over 100 Malaysian manufacturers wereappointed as Simultaneous Engineering Partners in thedevelopment of our new range of products. This involvedparticipation in the engineering design and testing of keycomponents and will result in the acquisition of researchand development capabilities. Proton has continued toactively encourage Malaysian vendors to venture abroad tosupply our overseas assembly operations.
In August 2003, Proton formed a joint venture withMiyazu of Japan, one of the world’s largest manufacturersof automotive dies, to develop Malaysian capabilities in diedesign, manufacturing and maintenance. Using acombination of Japanese technology and local resource,the joint venture, Miyazu (Malaysia) Sdn. Bhd., will be ableto reduce the cost of automotive dies for Proton’s newmodels by as much as 20%. In recognition of itstechnology transfer role, the company has also beengranted status as a high technology company entitling itspecial tax incentives.
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Proton terus menerajui pembangunan tenaga-tenagatempatan di dalam perkilangan kompenan otomotif. Lebih100 pengilang Malaysia telah dilantik sebagai RakanKejuruteraan Serentak di dalam pembangunan produkbaru kami. Ini termasuklah penglibatan di dalamkejuruteraan rekaan dan ujian ke atas komponen-komponen utama di mana kebolehan tempatan dalampenyelidikan dan pembangunan akan diperolehi. Protonakan terus menggalakkan pembekal dari Malaysia untukmenerokai ke luar negara bagi membekalkan komponenuntuk operasi pemasangan di sana.
Pada Ogos 2003, Proton telah menandatangani perjanjiankawalan bersama dengan Miyazu dari Jepun, salah sebuahpengilang acuan otomotif terbesar di dunia untukmeningkatkan kemampuan Malaysia dalam rekaan acuan,pengilangan dan penyelengaraan. Dengan menggunakankombinasi teknologi Jepun dan sumber tempatan, Miyazu(Malaysia) Sdn. Bhd. berkemampuan mengurangkan kosotomotif acuan untuk model baru Proton sebanyak 20%.Di dalam pengiktirafan peranannya sebagai pemindahteknologi, syarikat juga telah diberi status syarikat yangberteknologi tinggi dan berhak untuk mendapat insentif-insentif cukai.
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OUR PEOPLE ARE THE SOURCE OF OUR SUCCESS
The overall thrust of our Human Resource strategy is torecruit, reward and retain the best employees. Duringthe year, a number of recruitment road shows wereconducted in Malaysia as well as the UK among leadingengineering and business universities to meet ourgrowing requirement. The response was overwhelmingand more such road shows are being planned for thecoming year. An internship program for graduatetrainees was implemented during the year to meet thegrowing needs of the business.
The Human Resource Management Group hascontinued to be the key forum for the communicationof policies and issues affecting the employees. TheGroup comprising representatives from the SeniorManagement and the Proton Workers Union meet on amonthly basis to discuss strategic human resource issuesaffecting employees. It is a unique program that allowsregular communication and prompt resolution of issuesas well as participation by the Union in thedevelopment of policies affecting the employees.
ORANG KAMI ADALAH SUMBER KEJAYAAN KAMI
Strategi keseluruhan Sumber Manusia kami adalahuntuk merekrut, memberi ganjaran dan mengekalkanpekerja terbaik. Pada tahun semasa, beberapa “roadshow” telah dijalankan di universiti-universiti kejuruteraandan perniagaan yang terkemuka di Malaysia dan di UKuntuk memenuhi peningkatan keperluan kami.Sambutan yang diberikan amat menggalakan dan kamimerancang untuk mengadakan lebih banyak ‘road show’pada masa akan datang. Satu program pengambilanpelatih-pelatih graduan telah diadakan dalam tahunsemasa bagi menampung peningkatan dalam keperluan-keperluan perniagaan.
Kumpulan Pengurusan Sumber Manusia terus menjadiforum utama dalam menyampaikan maklumat dan isuyang membabitkan pekerja. Pihak pengurusan yangdiwakili oleh pengurus kanan bersama dengan wakilkesatuan pekerja berjumpa setiap bulan untukmembincangkan isu-isu strategik sumber manusia yangmembabitkan pekerja. Ia adalah program unik yangmembolehkan komunikasi antara dua belah pihaksentiasa dijalankan, isu diselesaikan serta merta yangmembolehkan penglibatan Kesatuan di dalampembangunan polisi yang melibatkan pekerja.
HUMAN RESOURCESs u m b e r m a n u s i a
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
The following HR initiatives continue to be adopted by theGroup.
PERFORMANCE MANAGEMENT SYSTEM
The system aligns the targets, which is linked to corporategoals, with the competencies required to achieve them. Itprovides clear accountability, with focus on critical businessissues and enables self-tracking of individual performance.It uses the balanced scorecard approach to provide anobjective assessment and to identify high potential futureleaders.
COMPENSATION
The aim of this program is to align remuneration withperformance to attract and retain top talents. This isachieved through a combination of fixed and variablepayment, which is benchmarked against industry standards,that is linked to achievement of agreed targets. Thequantum of variable payment is measured against theCompany’s performance, affordability and compensationobjectives.
LEARNING ORGANISATION
As the competitive environment becomes more complex, itis crucial that our employees acquire the necessaryknowledge to cope with these challenges. Under thisinitiative, all non-executives will undergo training andcertification under an in-house developed programaccredited by the Majlis Latihan Vokasional Kebangsaan.Eligible executives were enrolled in a three-month parttime collaborative program with University Malaya toequip them with knowledge in marketing, finance, lawand business.
Inisiatif-inisiatif berikut terus digunapakai oleh Kumpulan.
SISTEM PRESTASI PENGURUSAN
Sistem ini menyelaraskan sasaran, yang dikaitkan denganobjektif korporat, dengan kecekapan yang diperlukan.Tanggungjawab pekerja adalah jelas, tumpuan kepada isu-isu perniagaan yang kritikal boleh diberikan dan setiapindividu akan menjejak prestasi diri sendiri. Sistem inimenggunakan imbangan kad skor untuk memberi penilaianobjektif dan mengenalpasti bakal pemimpin pada masahadapan.
PAMPASAN
Tujuan program ini ialah untuk menyelaraskan imbuhandengan prestasi bagi menarik dan mengekalkan pekerjayang sangat berbakat. Ini dapat dicapai melalui gabungandi antara pembayaran tetap dan pembayaran berubah-ubah yang dibandingkan dengan aras industri dandikaitkan dengan sasaran yang telah dipersetujui. Jumlahimbuhan adalah berdasarkan prestasi Syarikat, kemampuanSyarikat dan objektif imbuhan itu sendiri.
ORGANISASI PEMBELAJARAN
Dalam persekitaran yang semakin kompleks, adalahpenting untuk pekerja kita memperolehi pengetahuanyang perlu untuk menempuhi cabaran. Di bawah inisiatifini, semua pekerja bukan eksekutif akan melalui latihandan persijilan di bawah pembangunan program dalamanyang diiktiraf oleh Majlis Latihan Vokasional Kebangsaan.Eksekutif yang berkelayakan didaftarkan di dalam program3 bulan separuh masa dengan Universiti Malaya untukmelengkapkan mereka dengan pengetahuan di dalampemasaran, kewangan, perundangan dan perniagaan.
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ENVIRONMENT, HEALTH AND SAFETYp e r s e k i t a r a n , k e s i h a t a n d a n k e s e l a m a t a n
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
PROTON is committed towards protecting theenvironment, health and safety of those who make,distribute or use our products. In 1997, we began an EHSInitiative to raise the profile of health and safety issues inour organisation, develop effective approaches andintegrate them with our operating environment. Weimplemented measures to ensure a conducive, safe andhealthy working environment for our employees byproviding the appropriate resources and monitoring andmaintaining a high standard. Compulsory motorcycledefensive riding training was implemented for non-executive employees and has been successful in reducingroad accidents. The program has continued to reduce “losttime” injuries in our organisation significantly since then.
We stand behind our commitment to continuously improvethe safety of our vehicles for our customers and the public.Safety features such as energy absorbing crumble zones,safety belts, air bags and side impact beams help reducethe likelihood of injury to drivers and passengers in anaccident. In the past several years, PROTON has workedwith our business associates to add sophisticatedtechnologies to basic features including the vehicle’s levelof comfort, ease of use, lighting, maneuverability andbraking systems to help drivers avoid collisions andmaintain control in emergency situations.
In the Gen.2, the emphasis on safety is further accentuatedwith a three-stage safety system – a safer cabin, activesafety and passive safety. It features increased body rigidityand crumple zone, four wheel anti lock brake system withelectronic brake force distribution and airbagssupplemented with an electronic seat belt pre-tensionersystem which locks the belt in place to limit occupanttravel in the event of a crash.
Proton adalah komited dalam melindungi alam sekitar,kesihatan dan keselamatan semua yang terlibat dalampembuatan, pengedaran atau penggunaan produk kami.Pada tahun 1997, kami memulakan inisiatif bagimeningkatkan profil isu kesihatan dan keselamatan dalamsyarikat membentuk langkah-langkah yang berkesan danmenyatukan langkah-langkah tersebut ke dalam persekitarankerja kami. Kami melaksanakan langkah yang perlu untukmemastikan persekitaran kerja yang sesuai, selamat dansihat bagi pekerja-pekerja dengan menyediakan sumber-sumber yang perlu dan mengawas serta mengekalkanpiawaian yang tinggi. Latihan wajib kemahiran menunggangmotosikal juga dilaksanakan untuk pekerja-pekerja bukaneksekutif dan telah berjaya dalam mengurangkan kemalanganjalan raya. Program ini terus berjaya mengurangkan“kehilangan masa” kecederaan dalam organisasi kami.
Kami terus komited bagi meningkatkan ciri-ciri keselamatankenderaan untuk keselamatan pelanggan dan orang awam.Ciri-ciri keselamatan seperti zon penyerapan kuasapecahan, tali pinggang keselamatan, beg udara dan alanglanggaran tepi membantu mengurangkan kemungkinanberlaku kecederaan kepada pemandu dan penumpangketika kemalangan. Selama beberapa tahun yang lepas,PROTON telah bekerjasama dengan rakan niaganya untukmeningkatkan teknologi yang sofistikated di dalam ciri-ciriasas kenderaan, kemudahan pengendalian, pencahayaan,pemanduan dan sistem brek untuk membantu pemandumengelakkan perlanggaran dan mengekalkan kawalandalam situasi cemas.
Untuk Gen.2, penekanan terhadap keselamatan dilanjutkanlagi dengan sistem keselamatan tiga peringkat – kabinyang lebih selamat, keselamatan aktif dan keselamatanpasif. Ia menampilkan peningkatan ketahanan badan,kuasa pecahan, sistem brek anti kekunci empat rodadengan pengagihan tekanan brek elektronik dan beg-begudara dengan tambahan sistem pra-regangan talipinggang keselamatan elektronik yang mana menguncikedudukan tali pinggang untuk menghadkan pergerakanpemakai jika berlaku perlanggaran.
COMMUNITY RELATIONSp e r h u b u n g a n m a s y a r a k a t
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At PROTON, we believe that successful business and socialresponsibility go hand in hand. In 2004, we continued toplay our role as a responsible corporate citizen bysponsoring projects that support sustainability, tourism andinternational relations, offering educational assistancethrough Yayasan PROTON and by participating in culturaland sports activities.
We continue to be a major supporter of the vision toposition Malaysia as a leading cycling and tourist destinationthrough the annual Le Tour de Langkawi cycling race. Oursupport of badminton through sponsorship of its developmentprogram has seen the grooming of many Malaysian world-class players. Proton’s sponsorship of the Norwich CityFootball Club, an English Premier League team, hasenabled hundreds of young Malaysian footballers tobenefit from the football clinics conducted by the Clubunder the Football for the Community Program.
Contributions were made to the less fortunate from thevarious communities during the annual Hari Raya, ChineseNew Year, Deepavali and Christmas celebrations.
PROTON is also committed to support the Government’sefforts to upgrade the academic and technical skills ofMalaysians by providing scholarships through YayasanPROTON.
Di PROTON kami percaya bahawa kejayaan perniagaandan tanggungjawab sosial berkait rapat. Dalam tahun2004, kami meneruskan tanggungjawab sebagai wargakorporat dengan menaja projek-projek yang menyokongpengekalan pulangan, pelancongan dan hubunganantarabangsa, memberi bantuan pendidikan melaluiYayasan PROTON dan penglibatan di dalam aktiviti-aktivitikebudayaan dan kesukanan.
Kami terus menyokong visi untuk menempatkan Malaysiasebagai destinasi sukan berbasikal, pelancongan yangutama melalui acara tahunan Perlumbaan Berbasikal Le Tour de Langkawi. Sokongan kami kepada sukanbadminton melalui penajaan program pembangunannyatelah melahirkan ramai pemain-pemain Malaysia yangbertaraf antarabangsa. Penajaan Proton ke atas KelabBolasepak Norwich City, pasukan dari Liga Perdana Inggeristelah membolehkan ratusan pemain-pemain bolasepakremaja Malaysia mendapat manfaat daripada klinikbolasepak yang dilaksanakan oleh kelab tersebut di bawahprogram Bolasepak untuk Komuniti.
Kami juga telah memberi sumbangan kepada mereka yangkurang bernasib baik di dalam masyarakat semasaperayaan tahunan Hari Raya, Tahun Baru Cina, Deepavalidan Krismas.
PROTON juga adalah komited dalam menyokong usahakerajaan untuk meningkatkan kemahiran akademik danteknikal rakyat Malaysia dengan menyediakan penajaanmelalui Yayasan PROTON.
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FIVE YEARS FINANCIAL HIGHLIGHTSr i n g k a s a n k e w a n g a n u n t u k l i m a t a h u n
BALANCE SHEET AS AT 31 MARCH / KUNCI KIRA-KIRA PADA 31 MAC(RM Million / Juta)
Group / Kumpulan Company / Syarikat2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Current Assets /Aset Semasa
Inventories / Inventori 821.9 835.5 720.2 881.7 660.8 374.1 372.5 232.5 450.3 303.1Receivables /
Penghutang 944.5 852.5 894.0 836.2 871.2 809.9 808.1 847.4 674.7 708.0Short Term
Investments /Pelaburan JangkaPendek 182.0 166.4 185.0 144.2 160.2 182.0 166.4 185.0 144.2 160.2
Deposits, Bank andCash Balances /Deposit, Bankdan Baki Tunai 2,989.2 3,793.3 3,639.9 2,309.3 1,473.5 2,136.2 3,005.6 2,965.1 1,609.5 1,416.0
4,937.6 5,647.7 5,439.1 4,171.4 3,165.7 3,502.2 4,352.6 4,230.0 2,878.7 2,587.3
Current Liabilities /Liabiliti Semasa
Payables / Pemiutang 1,935.3 2,464.4 2,256.5 2,441.4 2,034.9 1,393.8 1,700.7 1,736.6 1,440.1 1,145.8Taxation / Cukai 143.4 206.5 280.3 182.2 146.3 139.3 207.5 250.7 124.0 136.4
2,078.7 2,670.9 2,536.8 2,623.6 2,181.2 1,533.1 1,908.2 1,987.3 1,564.1 1,282.2
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BALANCE SHEET AS AT 31 MARCH (Cont’d.) / KUNCI KIRA-KIRA PADA 31 MAC (Samb.)(RM Million / Juta)
Group / Kumpulan Company / Syarikat2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Net Current Assets /Aset Semasa Bersih 2,858.9 2,976.8 2,902.3 1,547.8 984.5 1,969.1 2,444.4 2,242.7 1,314.6 1,305.1
Property, Plant andEquipment /Hartanah, Lojidan Peralatan 2,940.3 2,256.9 1,737.8 2,111.8 2,124.5 2,613.6 2,019.3 1,594.3 1,666.6 1,754.6
SubsidiaryCompanies /Syarikat Subsidiari — — — — — 483.8 444.7 422.8 763.4 407.1
AssociatedCompanies /Syarikat Bersekutu 170.1 146.9 89.3 65.3 187.9 32.0 32.0 27.8 23.0 37.8
Jointly ControlledEntities / EntitiKawalan Bersama 28.1 2.8 1.7 1.2 0.6 — — — — —
Other Long TermInvestments /Pelaburan JangkaPanjang Lain 6.3 6.3 6.3 6.3 1.3 2.4 2.4 2.4 2.4 0.6
Long TermLiabilities / LiabilitiJangka Panjang (447.4) (222.3) (509.8) (563.2) (368.4) (169.9) (222.2) (272.6) (290.4) (307.5)
Minority Interest /KepentinganMinoriti (64.6) (56.6) (46.8) (36.0) (57.5) — — — — —
Deferred TaxAssets/(Liabilities) /Cukai TertundaAset/(Liabiliti) 46.3 26.3 (10.0) (57.8) (57.6) 34.5 14.8 (15.7) (52.1) (59.4)
5,538.0 5,137.1 4,170.8 3,075.4 2,815.3 4,965.5 4,735.4 4,001.7 3,427.5 3,138.3
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BALANCE SHEET AS AT 31 MARCH (Cont’d.) / KUNCI KIRA-KIRA PADA 31 MAC (Samb.)(RM Million / Juta)
Group / Kumpulan Company / Syarikat2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Shareholders’ Funds /Dana PemegangSaham
Share Capital /Modal Saham 549.2 549.2 543.1 542.7 542.7 549.2 549.2 543.1 542.7 542.7
Other Reserves /Rizab 46.4 62.2 121.6 117.7 124.9 477.2 475.6 432.4 429.4 429.4
Retained Profits /KeuntunganTersimpan 4,942.4 4,525.7 3,506.1 2,415.0 2,147.7 3,939.1 3,710.6 3,026.2 2,455.4 2,166.2
5,538.0 5,137.1 4,170.8 3,075.4 2,815.3 4,965.5 4,735.4 4,001.7 3,427.5 3,138.3
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INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH / PENYATA PENDAPATAN BAGI TAHUN KEWANGAN BERAKHIR 31 MAC(RM Million / Juta)
Group / Kumpulan Company / Syarikat2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Revenue / Hasil 6,470.3 9,268.0 10,307.7 8,301.2 6,496.7 5,259.8 7,674.3 8,571.1 6,902.9 5,399.6
Profit BeforeTaxation /KeuntunganSebelum Cukai 592.0 1,360.0 1,511.8 378.3 141.3 329.6 934.0 889.7 358.8 127.1
Profit AfterTaxation /KeuntunganSelepas Cukai 521.1 1,117.8 1,185.0 278.6 86.0 321.8 772.3 649.4 319.1 98.9
Retained ProfitCarried Forwardbefore Dividend /KeuntunganTersimpan Dibawake Hadapansebelum Dividen 5,035.8 4,613.6 3,584.8 2,444.9 2,196.5 4,032.5 3,798.5 3,104.9 2,485.3 2,215.0
Dividend / Dividen (93.4) (87.9) (78.7) (29.9) (48.8) (93.4) (87.9) (78.7) (29.9) (48.8)
Retained ProfitCarried Forward /KeuntunganTersimpan Dibawake Hadapan 4,942.4 4,525.7 3,506.1 2,415.0 2,147.7 3,939.1 3,710.6 3,026.2 2,455.4 2,166.2
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SHARE INFORMATION / MAKLUMAT SAHAM(RM Million / Juta)
Group / Kumpulan Company / Syarikat2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Per Share / SesahamBasic Earnings /
Perolehan Asas(sen) 92.9 201.9 215.5 54.8 14.2 58.6 140.8 119.7 58.8 18.2
Tax-ExemptDividend Paid /DividenDikecualikanCukai Dibayar(sen) 17.0 16.0 14.5 5.5 9.0 17.0 16.0 14.5 5.5 9.0
Net TangibleAsset / AsetKetara Bersih(RM) 10.08 9.35 7.68 5.67 5.19 9.04 8.62 7.37 6.32 5.78
Share Price /Harga Saham (RM) 9.85 8.00 10.90 5.60 7.80
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KEY FINANCIAL INDICATORSp e t u n j u k k e w a n g a n u t a m a
RM
MIL
LIO
N /
RM
JU
TA
RM
MIL
LIO
N /
RM
JU
TA
Dividend /Dividen
120
100
80
60
40
20
0
0001020304
Retained Profit Carried Forward /
Keuntungan Tersimpan Dibawa ke Hadapan
6,000
5,000
4,000
3,000
2,000
1,000
0
0001020304
Group and Company /Kumpulan dan Syarikat
Group / Kumpulan
Company / Syarikat
240
200
160
120
80
40
0
0001020304
Basic Earnings Per Share /Perolehan Asas Sesaham
Group / Kumpulan
Company / Syarikat
SE
N /
SE
N
Net Tangible Assets /Aset Ketara Bersih
12
10
8
6
4
2
0
0001020304
Group / Kumpulan
Company / Syarikat
RM
/ R
M
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Revenue / Hasil
12,000
10,000
8,000
6,000
4,000
2,000
RM
MIL
LIO
N /
RM
JU
TA
RM
MIL
LIO
N /
RM
JU
TA
RM
MIL
LIO
N /
RM
JU
TA
RM
MIL
LIO
N /
RM
JU
TA
0
0001020304
Profit Before Taxation /Keuntungan Sebelum Cukai
1,800
1,500
1,200
900
600
300
0
0001020304
Profit After Taxation /Keuntungan Selepas Cukai
1,200
1,000
800
600
400
200
0
0001020304
Net Profit Attributable to Shareholders /
Keuntungan Bersih kepadaPemegang Saham
1,200
1,000
800
600
400
200
0
0001020304
Group / Kumpulan
Company / Syarikat
Group / Kumpulan
Company / Syarikat
Group / Kumpulan
Company / Syarikat
Group / Kumpulan
Company / Syarikat
Key Financial IndicatorsPetunjuk Kewangan Utama
187
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
FINANCIAL CALENDARt a k w i m k e w a n g a n
ACTIVITIES / AKTIVITI-AKTIVITI DATE / TARIKH
ANNOUNCEMENT OF RESULTS / PENGUMUMAN KEPUTUSAN– Unaudited First (1st) quarter results for the three months ended 30 June 2003 29 August /– Keputusan suku pertama yang belum diaudit bagi tiga bulan berakhir 30 Jun 2003 Ogos 2003
Date of Notice of 20th Annual General Meeting / Tarikh Notis Mesyuarat Agung Tahunan ke 20 5 September 2003
20th Annual General Meeting / Mesyuarat Agung Tahunan yang ke 20 29 September 2003
Date of entitlement to the tax exempt final dividend of 12% for the financial year 8 October /ending 31 March 2003 / Tarikh untuk hak menerima dividen akhir yang dikecualikan daripada Oktober 2003cukai sebanyak 12% bagi tahun kewangan berakhir 31 Mac 2003
Payment of the tax exempt final dividend of 12% for the financial year ending 31 March 2003 28 October /Pembayaran dividen akhir yang dikecualikan daripada cukai sebanyak 12% bagi tahun Oktober 2003kewangan berakhir 31 Mac 2003
– Unaudited Second (2nd) quarter results for the three months ended 30 September 2003 19 November 2003– Keputusan suku kedua yang belum diaudit bagi tiga bulan berakhir 30 September 2003
Date of entitlement to the tax exempt interim dividend of 5% for the financial year 19 December /ending 31 March 2004 / Tarikh untuk hak menerima dividen interim yang dikecualikan Disember 2003daripada cukai sebanyak 5% bagi tahun kewangan berakhir 31 Mac 2004
Payment of the tax exempt interim dividend of 5% for the financial year 16 January /ending 31 March 2004 / Pembayaran dividen interim dikecualikan daripada cukai sebanyak 5% Januari 2004bagi tahun kewangan berakhir 31 Mac 2004
– Unaudited Third (3rd) quarter results for the three months ended 31 December 2003 27 February /– Keputusan suku ketiga yang belum diaudit bagi tiga bulan berakhir 31 Disember 2003 Februari 2004
– Unaudited Fourth (4th) quarter results for the three months ended 31 March 2004 25 May /– Keputusan suku ke-empat yang belum diaudit bagi tiga bulan berakhir 31 Mac 2004 Mei 2004
188
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
SHARE PRICE AND VOLUME TRADEDh a r g a s a h a m d a n s a h a m d i n i a g a k a n
10,000
8,000
6,000
4,000
2,000
Apr2003
May Jun Jul Aug Apr May Jun Jul AugSep Oct Nov Dec2003
Jan2004
Feb Mar0
Closing / Penutup Volume / Jumlah '000Lowest / TerendahHighest / TertinggiOpening / Pemula
10
8
6
4
2
Volume / Jumlah'000
Price / Harga(RM)
189
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Awards and RecognitionAnugerah dan Pengiktirafan
Malaysia best brand Award.Anugerah jenama terbaikMalaysia.
Industry ExcellenceAward 2003.
AnugerahKecemerlangan
Industri 2003.
ISO 9001:2000 certification – Vehicle Certificate Agency.Pengiktirafan ISO 9001:2000.
SIRIM QAS.SIRIM QAS.
2003 Best LandscapeCompetition (FirstPlace – FactoryCategory).Pertandingan LanskapHalaman Cantik 2003(Pemenang Pertama –Kategori Kilang).
PROTON continued to winaccolades and awards,endorsing the relentlessefforts and continuousprogrammes to transformPROTON into a world classautomobile manufacturerwhile reinforcing itsposition in an increasinglycompetitive automobilemarket environment.
PROTON terus memenangi anugerah,sebagai pengiktirafan usaha-usaha danprogram-program berterusan untukmengubah PROTON sebagai pengeluarotomotif bertaraf dunia sambilmemperkukuhkan kedudukannya didalam pasaran otomotif dunia yangmakin kompetitif.
National Creativity &Innovation Award 2004.Anugerah Kreativiti &Inovasi Kebangsaan 2004.
Industry Excellence Award2003. Quality ManagementCategory III.Anugerah KecemerlanganIndustri 2003. PengurusanKualiti Kategori III.
Directors’ Report 191Laporan Pengarah 281
Income Statements 196Penyata Pendapatan 286
Balance Sheets 197Kunci Kira-kira 287
Consolidated Statement of Changes in Equity 199Penyata Perubahan Ekuiti Disatukan 289
Company Statement of Changes in Equity 201Penyata Perubahan Ekuiti Syarikat 291
Cash Flow Statements 203Penyata Aliran Tunai 293
Notes to the Financial Statements 206Nota-nota kepada Penyata Kewangan 296
Statement by Directors 279Penyata oleh Pengarah 369
Statutory Declaration 279Akuan Berkanun 369
Report of the Auditors 280Laporan Juruaudit 370
Financial StatementsPenyata Kewangan
The Directors have pleasure in submitting their annual report to the members together with the audited financial statementsof the Group and Company for the financial year ended 31 March 2004.
PRINCIPAL ACTIVITIES
The Company is principally involved in manufacturing, assembling and selling motor vehicles and related products.
The principal activities of the subsidiary and associated companies are set out in Notes 23 and 24 to the financial statements.
There was no significant changes in the activities of the Group during the financial year.
FINANCIAL RESULTS
Group CompanyRM’000 RM’000
Profit after taxation 521,076 321,836Minority interests (11,005) –
Net profit attributable to shareholders 510,071 321,836
DIVIDENDS
The amount of dividends paid or declared by the Company since 31 March 2003 were as follows:
In respect of the financial year ended 31 March 2003 as shown in the Directors' report of that year:
RM’000
Final tax exempt dividend of 12.0 sen per ordinary share, paid on 28 October 2003 65,906
In respect of the financial year ended 31 March 2004:
Interim tax exempt dividend of 5.0 sen per ordinary share, paid on 16 January 2004 27,461
DIRECTORS’ REPORT
191
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
DIVIDENDS (Cont’d.)
The Directors now recommend the payment of a final tax exempt dividend of 10.0 sen per ordinary share on 549,213,000ordinary shares amounting to RM54,921,300 for the financial year ended 31 March 2004 to be paid to its parent company,Proton Holdings Berhad.
RESERVES AND PROVISIONS
There were no material transfers to or from reserves and provisions during the financial year except as disclosed in thefinancial statements.
DIRECTORS
The Directors who have held office during the period since the date of the last report are:
Y.Bhg. Datuk Abu Hassan bin Kendut (Resigned on 25 May 2004)Alternate director: Y.Bhg. Datuk Anwar bin Haji @ Aji (Resigned on 25 May 2004)
Y.M. Tengku Tan Sri Dr. Mahaleel bin Tengku Ariff (Resigned on 25 May 2004)Y.Bhg. Datuk Kisai bin Rahmat (Resigned on 25 May 2004)Y.Bhg. Dato’ Haji Abdul Majid bin Haji Hussein (Resigned on 25 May 2004)Mr. Hisayoshi Kumai (Resigned on 25 May 2004)
Alternate director: Mr. Akihiko Mizumoto (Resigned on 25 May 2004)Y.Bhg. Tan Sri A. Razak bin Ramli (Resigned on 25 May 2004)Encik Badrul Feisal bin Abdul Rahim (Resigned on 25 May 2004)Y.Bhg. Dato’ Mohd Ghazali @ Fauzi bin Yacub (Resigned on 25 May 2004)Encik Abdul Jabbar bin Abdul Majid (Resigned on 25 May 2004)Y.Bhg. Lt Gen (R) Dato’ Seri Mohamed Daud bin Abu Bakar (Resigned on 25 May 2004)Y.Bhg. Datuk Dr. Soh Chai Hock (Resigned on 25 May 2004)Y.Bhg. Tan Sri Ahmad Fuzi bin Haji Abdul Razak (Resigned on 25 May 2004)Encik Md Ali bin Md Dewal (Resigned on 25 May 2004)Mr. Masaharu Iwata (Resigned on 19 November 2003)Mr. Fumihiko Minami (Appointed on 19 November 2003/
Resigned on 25 May 2004)Y.Bhg. Datuk Kisai bin Rahmat (Appointed on 25 May 2004)Mr. Tan Seng Lee (Appointed on 25 May 2004)Puan Fadilat binti Ismail (Appointed on 25 May 2004)Ms. Savita Saigal (Appointed on 25 May 2004)
192
Directors’ Report
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
DIRECTORS (Cont’d.)
Pursuant to Article 103 of the Company’s Articles of Association, Y.Bhg. Datuk Kisai bin Rahmat, Mr. Tan Seng Lee, PuanFadilat binti Ismail and Ms. Savita Saigal retire at the forthcoming Annual General Meeting and, being eligible, offerthemselves for re-election.
DIRECTORS' BENEFITS
During and at the end of the financial year, no arrangements subsisted to which the Company is a party, being arrangementswith the object or objects of enabling Directors of the Company to acquire benefits by means of the acquisition of sharesin, or debentures of, the Company or any other body corporate.
Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other thanbenefits disclosed as Directors’ remuneration in Note 6 to the financial statements) by reason of a contract made by theCompany or a related corporation with the Director or with a firm of which the Director is a member, or with a companyin which the Director has a substantial financial interest.
DIRECTORS’ INTEREST IN SHARES AND DEBENTURES
At the end of the financial year, Y.Bhg. Datuk Abu Hassan bin Kendut is deemed to have an indirect interest in shares ofthe Company through 4,000 ordinary shares of RM1 each held by his spouse.
No other Director in office at the end of the financial year held any interest in shares in the Company and its relatedcorporations.
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS
Before the income statements and balance sheets of the Group and Company were made out, the Directors took reasonablesteps:
(a) to ascertain that action had been taken in relation to the writing off of bad debts and the making of allowance fordoubtful debts, and satisfied themselves that all known bad debts had been written off and that adequate allowancehad been made for doubtful debts; and
(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinary course of businesstheir values as shown in the accounting records of the Group and Company had been written down to an amountwhich they might be expected so to realise.
193
Directors’ Report
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
STATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (Cont’d.)
At the date of this report, the Directors are not aware of any circumstances:
(a) which would render the amounts written off for bad debts or the amount of the allowance for doubtful debts in thefinancial statements of the Group and Company inadequate to any substantial extent; or
(b) which would render the values attributed to current assets in the financial statements of the Group and Companymisleading; or
(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group andCompany misleading or inappropriate.
No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelvemonths after the end of the financial year which, in the opinion of the Directors, will or may substantially affect the abilityof the Group and Company to meet their obligations when they fall due.
At the date of this report, there does not exist:
(a) any charge on the assets of the Group or the Company which has arisen since the end of the financial year whichsecures the liability of any other person; or
(b) any contingent liability of the Group or the Company which has arisen since the end of the financial year.
At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or thefinancial statements which would render any amount stated in the financial statements misleading.
In the opinion of the Directors:
(a) the results of the Group’s and Company’s operations during the financial year were not substantially affected by anyitem, transaction or event of a material and unusual nature except as disclosed in Note 41 to the financial statements;and
(b) there has not arisen in the interval between the end of the financial year and the date of this report any item,transaction or event of a material and unusual nature likely to affect substantially the results of the operations of theGroup or the Company for the financial year in which this report is made except as disclosed in Note 40 to the financialstatements.
194
Directors’ Report
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
ULTIMATE HOLDING COMPANY
The holding and ultimate holding company subsequent to 5 April 2004, is Proton Holdings Berhad, a company incorporatedin Malaysia.
AUDITORS
The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office.
Signed on behalf of the Board of Directors in accordance with their resolution dated 16 July 2004.
FADILAT BINTI ISMAIL TAN SENG LEEDirector Director
195
Directors’ Report
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Group Company
Note 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Revenue 4 6,470,347 9,267,996 5,259,781 7,674,265Cost of sales (5,414,073) (7,397,530) (4,825,658) (6,466,738)
Gross profit 1,056,274 1,870,466 434,123 1,207,527Other operating income 233,931 215,672 156,500 172,977Distribution costs (166,503) (256,762) (21,375) (48,635)Administrative expenses (466,545) (387,009) (214,339) (372,281)Other operating expenses (73,422) (91,279) (10,735) (12,990)
Profit from operations 5 583,735 1,351,088 344,174 946,598Finance cost 7 (37,127) (38,378) (14,604) (12,565)Share of results of associated companies 43,292 45,838 – –Share of results of jointly controlled entities 25 2,093 1,430 – –
Profit before taxation 591,993 1,359,978 329,570 934,033
Taxation– Company (7,734) (161,747) (7,734) (161,747)– Subsidiary companies (48,243) (73,159) – –– Share of taxation in associated companies (14,305) (6,795) – –– Share of taxation in jointly controlled entities (635) (520) – –
8 (70,917) (242,221) (7,734) (161,747)
Profit after taxation 521,076 1,117,757 321,836 772,286
Minority interest (11,005) (10,233) – –
Net profit attributable to shareholders 510,071 1,107,524 321,836 772,286
Earnings per share– basic 9 92.9 sen 201.9 sen– diluted 9 N/A N/A
The notes on pages 206 to 278 form part of these financial statements.
INCOME STATEMENTSf o r t h e f i n a n c i a l y e a r e n d e d 3 1 M a r c h 2 0 0 4
196
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Group Company
Note 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
CURRENT ASSETSInventories 11 821,925 835,486 374,149 372,458Trade and other receivables 12 897,741 830,082 252,581 455,479Amounts due from subsidiary companies 13 – – 557,158 352,065Amounts due from associated companies 14 1,023 3,363 145 530Tax recoverable 45,790 19,053 – –Short term investments 15 181,980 166,435 181,980 166,435Deposits, bank and cash balances 16 2,989,220 3,793,257 2,136,190 3,005,638
4,937,679 5,647,676 3,502,203 4,352,605
CURRENT LIABILITIESTrade and other payables 17 1,506,179 1,663,729 971,710 1,189,045Provisions 18 240,230 264,838 209,043 240,832Amounts due to subsidiary companies 19 – – 144,649 78,875Amounts due to associated companies 20 15,817 28,512 15,817 28,463Taxation 143,383 206,453 139,286 207,486Short term borrowings 21 173,134 507,376 52,570 163,441
2,078,743 2,670,908 1,533,075 1,908,142
NET CURRENT ASSETS 2,858,936 2,976,768 1,969,128 2,444,463
BALANCE SHEETSa s a t 3 1 M a r c h 2 0 0 4
197
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Group Company
Note 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
NON CURRENT ASSETSProperty, plant and equipment 22 2,940,315 2,256,884 2,613,601 2,019,238Subsidiary companies 23 – – 425,165 426,755Amounts due from subsidiary companies 13 – – 58,492 17,944Associated companies 24 170,075 146,855 32,026 32,026Jointly controlled entities 25 28,150 2,835 – –Other long term investments 26 6,276 6,276 2,475 2,475Deferred tax assets 28 47,252 27,404 34,514 14,812
3,192,068 2,440,254 3,166,273 2,513,250
NON CURRENT LIABILITIESLong term liabilities 27 447,430 222,268 169,926 222,268Deferred tax liabilities 28 1,023 1,023 – –
448,453 223,291 169,926 222,268
5,602,551 5,193,731 4,965,475 4,735,445
FINANCED BY:Share capital 29 549,213 549,213 549,213 549,213Reserves 30 4,988,774 4,587,908 4,416,262 4,186,232
Shareholders' funds 5,537,987 5,137,121 4,965,475 4,735,445MINORITY INTERESTS 64,564 56,610 – –
5,602,551 5,193,731 4,965,475 4,735,445
The notes on pages 206 to 278 form part of these financial statements.
198
Balance Sheets
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Issued and fully paidordinary shares Non-distributable Distributable
Nominal ForeignNumber value of Share exchange Retained
Note of shares RM1 each premium Goodwill translation earnings Total’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 April 2002(as previously reported) 543,144 543,144 432,409 (337,998) 27,175 3,431,847 4,096,577
Prior year adjustment 41 – – – – – 74,180 74,180
As restated 543,144 543,144 432,409 (337,998) 27,175 3,506,027 4,170,757
Issued under PerusahaanOtomobil Nasional BerhadEmployees’ Share OptionScheme 6,069 6,069 – – – – 6,069
Premium on shares issued – – 43,208 – – – 43,208Currency translation differences – – – – (80,967) – (80,967)Goodwill written-off – – – (21,599) – – (21,599)Net profit attributable
to shareholders – – – – – 1,107,524 1,107,524Dividends for the year ended
31 March 2002 – final – – – – – (43,935) (43,935)31 March 2003 – interim – – – – – (43,936) (43,936)
At 31 March 2003 549,213 549,213 475,617 (359,597) (53,792) 4,525,680 5,137,121
The notes on pages 206 to 278 form part of these financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITYf o r t h e f i n a n c i a l y e a r e n d e d 3 1 M a r c h 2 0 0 4
199
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Issued and fully paidordinary shares Non-distributable Distributable
Nominal ForeignNumber value of Share exchange Retained
Note of shares RM1 each premium Goodwill translation earnings Total’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 April 2003(as previously reported) 549,213 549,213 475,617 (359,597) (53,792) 4,482,969 5,094,410
Prior year adjustment 41 – – – – – 42,711 42,711
As restated 549,213 549,213 475,617 (359,597) (53,792) 4,525,680 5,137,121
Currency translation differences – – – – (15,839) – (15,839)Net profit attributable
to shareholders – – – – – 510,071 510,071Dividends for the year ended
31 March 2003 – final – – – – – (65,905) (65,905)31 March 2004 – interim – – – – – (27,461) (27,461)
At 31 March 2004 549,213 549,213 475,617 (359,597) (69,631) 4,942,385 5,537,987
The notes on pages 206 to 278 form part of these financial statements.
200
Consolidated Statement of Changes in Equity
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Issued and fully paidordinary shares Non-distributable Distributable
Nominal ForeignNumber value of Share Exchange Retained
Note of shares RM1 each premium Translation earnings Total’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 April 2002(as previously reported) 543,144 543,144 432,409 – 2,957,745 3,933,298
Prior year adjustment 41 – – – – 68,455 68,455
As restated 543,144 543,144 432,409 – 3,026,200 4,001,753
Issued under PerusahaanOtomobil Nasional BerhadEmployees’ Share OptionScheme 6,069 6,069 – – – 6,069
Premium on shares issued – – 43,208 – – 43,208Net profit attributable
to shareholders – – – – 772,286 772,286Dividends for the year ended
31 March 2002 – final – – – – (43,935) (43,935)31 March 2003 – interim – – – – (43,936) (43,936)
At 31 March 2003 549,213 549,213 475,617 – 3,710,615 4,735,445
The notes on pages 206 to 278 form part of these financial statements.
COMPANY STATEMENT OF CHANGES IN EQUITYf o r t h e f i n a n c i a l y e a r e n d e d 3 1 M a r c h 2 0 0 4
201
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Issued and fully paidordinary shares Non-distributable Distributable
Nominal ForeignNumber value of Share Exchange Retained
Note of shares RM1 each premium Translation earnings Total’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 April 2003(as previously reported) 549,213 549,213 475,617 – 3,678,758 4,703,588
Prior year adjustment 41 – – – – 31,857 31,857
As restated 549,213 549,213 475,617 – 3,710,615 4,735,445
Currency translation differences – – – 1,560 – 1,560Net profit attributable to
shareholders – – – – 321,836 321,836Dividends for the year ended
31 March 2003 – final – – – – (65,905) (65,905)31 March 2004 – interim – – – – (27,461) (27,461)
At 31 March 2004 549,213 549,213 475,617 1,560 3,939,085 4,965,475
The notes on pages 206 to 278 form part of these financial statements.
202
Company Statement of Changes in Equity
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
CASH FLOW STATEMENTSf o r t h e f i n a n c i a l y e a r e n d e d 3 1 M a r c h 2 0 0 4
203
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Group Company
Note 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM OPERATING ACTIVITIESProfit after taxation 521,076 1,117,757 321,836 772,286
Adjustments for:
Taxation 70,917 242,221 7,734 161,747Property, plant and equipment written off 41,072 86,477 40,487 75,733Impairment of property, plant and equipment – 1,000 – –Allowance/(write back) for inventories written down 7,957 3,663 (11,165) 3,663Inventories written off – 12,977 – 12,977Depreciation of property, plant and equipment 329,383 402,929 302,456 383,334Interest expense 37,127 38,378 14,604 12,565Interest income (107,542) (117,028) (92,800) (99,693)Gain on disposal of property, plant and equipment (46,592) (6,521) (333) (3,976)Share of results of associated companies (43,292) (45,838) – –Share of results of jointly controlled entities (2,093) (1,430) – –Allowance for diminution in value of investment in
subsidiary companies – – – 231,649Write back of diminution in value of investment in
associated companies – – – (4,200)(Write back of)/allowance for diminution in value of
short term investments (17,791) 8,985 (17,791) 8,985(Gain)/loss on disposal of short term investments (12,388) 1,694 (12,388) 1,694(Write back of)/allowance for doubtful debts (1,566) 5,440 (9,049) (23,231)Unrealised foreign exchange loss/(gain) 6,098 (63,687) 1,752 (64,710)Provision for warranties (net of expected reimbursement) 48,860 53,858 21,463 46,925Dividend income (8,218) (2,520) (22,689) (8,857)
Operating profit before working capital changes 823,008 1,738,355 544,117 1,506,891
Group Company
Note 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Changes in working capital:
Inventories 35,635 (107,552) 9,474 (156,601)Receivables– Trade and other receivables (36,431) 277,274 203,985 275,365– Subsidiary companies – – (240,458) (63,776)– Associated companies 2,340 1,479 521 (127)Payables– Trade and other payables (203,142) (211,852) (216,247) (286,861)– Provisions for liabilities and charges (90,294) (144,976) (53,252) (130,086)– Subsidiary companies – – 65,774 47,598– Associated companies (12,695) (4,634) (12,646) (4,336)
Cash generated from operations 518,421 1,548,094 301,268 1,188,067
Taxation paid (163,952) (356,534) (92,500) (234,950)Interest received 113,168 116,340 97,019 93,973Interest paid (42,152) (41,991) (15,692) (13,363)
Net cash flow from operating activities 425,485 1,265,909 290,095 1,033,727
CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property, plant and equipment (1,059,011) (1,017,953) (938,125) (916,617)Additional investment in a subsidiary company – (21,599) (1,785) (253,649)Additional investment in an associated company – (21,998) – –Additional investment in a jointly controlled entity (25,000) – – –Repayment of advances from subsidiary companies – – (1,632) 67,042Purchase of short term investments (122,955) (104,968) (122,955) (104,968)Disposal of short term investments 137,589 112,841 137,589 112,841Proceeds from disposal of property, plant and equipment 56,175 11,742 1,152 36,549Dividends received 18,291 7,360 19,417 8,857Return of capital from a liquidated subsidiary company – – 3,375 –
Net cash flow used in investing activities (994,911) (1,034,575) (902,964) (1,049,945)
204
Cash Flow Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Group Company
Note 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM FINANCING ACTIVITIESDividends paid (93,366) (87,871) (93,366) (87,871)Proceeds from issuance of share capital – 49,277 – 49,277Cash contribution by minority interest 1,715 – – –Proceeds from short term borrowings 846,927 113,112 846,927 113,112Proceeds from new term loan 277,500 – – –Repayment of term loans (357,304) (69,054) (50,329) (17,816)Finance lease and hire purchase instalments paid (146) (656) – –Repayment of short term borrowings (965,541) (127,400) (959,811) –Fixed deposits pledged as securities 38 (308,880) – (308,880) –
Net cash flow (used in)/from financing activities (599,095) (122,592) (565,459) 56,702
NET INCREASE IN CASH AND CASH EQUIVALENTS (1,168,521) 108,742 (1,178,328) 40,484
EXCHANGE RATE EFFECTS 8,684 1,844 – –
CASH AND CASH EQUIVALENTS AT BEGINNING OFTHE FINANCIAL YEAR 3,719,613 3,609,027 3,005,638 2,965,154
CASH AND CASH EQUIVALENTS AT END OFTHE FINANCIAL YEAR 38 2,559,776 3,719,613 1,827,310 3,005,638
The notes on pages 206 to 278 form part of these financial statements.
205
Cash Flow Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
1. CORPORATE INFORMATION
The Company is principally involved in manufacturing, assembling and selling motor vehicles and related products.
The principal activities of the subsidiary and associated companies are set out in Notes 23 and 24 to the financialstatements. There have been no significant changes in the activities of the Group during the financial year.
Subsequent to 31 March 2004, the Company completed a Group Reorganisation exercise. As at 31 March 2004, theCompany was a public limited liability company, incorporated and domiciled in Malaysia and, until 16 March 2004, waslisted on the Main Board of the Bursa Malaysia Berhad (“BMB”). On 5 April 2004, Proton Holdings Berhad became theholding company of the Company. The listing status of the Company on the main board of Bursa Malaysia Berhad wasassumed by Proton Holdings Berhad on 16 April 2004.
The holding and ultimate holding company subsequent to 5 April 2004, is Proton Holdings Berhad, a companyincorporated in Malaysia.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of accountingThe financial statements of the Group and Company have been prepared under the historical cost convention (asmodified by the revaluation of certain freehold land), unless otherwise indicated in the summary of significantaccounting policies.
The financial statements comply with the applicable approved accounting standards in Malaysia and the provisionsof the Companies Act, 1965. The new applicable approved accounting standards adopted in these financialstatements are as follows:
MASB Standard 25 “Income Taxes”MASB Standard 27 “Borrowing Costs”MASB Standard 28 “Discontinuing Operations”MASB Standard 29 “Employee Benefits”
With the exception of MASB Standard 25 and MASB Standard 29, there are no changes in accounting policies thataffect net profit or shareholders’ equity for the financial year as a result of the adoption of the above standardsin these financial statements as the Group was already following the recognition and measurement principles inthose standards. The effects of adopting MASB 25 and MASB 29 are summarised in Note 41 to the financialstatements.
NOTES TO THE FINANCIAL STATEMENTS3 1 M a r c h 2 0 0 4
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(a) Basis of accounting (Cont’d.)The preparation of financial statements in conformity with the applicable approved accounting standards inMalaysia and the provisions of the Companies Act, 1965 require the Directors to make estimates and assumptionsthat affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities atthe date of the financial statements and the reported amounts of revenues and expenses during the financial year.Actual results could differ from those estimates.
(b) Basis of consolidationThe consolidated financial statements include the financial statements of the Company and its subsidiary companiesmade up to the end of the financial year. All subsidiary companies’ financial statements are consolidated based onthe acquisition method of accounting. The consolidated income statement includes the results of subsidiarycompanies acquired or disposed during the financial year from the date of their acquisition or up to the date oftheir disposal, respectively.
(i) Subsidiary companiesSubsidiary companies are those companies in which the Group has power to exercise control over the financialand operating policies so as to obtain benefits from their activities.
Minority interest is measured at the minorities’ share of the post acquisition fair values of the identifiableassets and liabilities of the acquiree. Separate disclosure is made of minority interest.
Investments in subsidiaries are stated at cost. Where an indication of impairment exists, the carrying amountof the investment is assessed and written down immediately to its recoverable amount.
(ii) Associated companiesAssociated companies are companies in which the Group exercises significant influence. Significant influenceis the power to participate in the financial and operating policy decisions of the associated companies but notcontrol over those policies. Investment in associated companies are accounted for in the consolidated financialstatements by the equity method of accounting.
The consolidated income statement includes the Group’s share of results of the associated companies basedon its latest audited financial statements or management financial statements of the companies concerned.
Investments in associates are stated at cost. Where an indication of impairment exists, the carrying amount ofthe investment is assessed and written down immediately to its recoverable amount.
In the consolidated balance sheet, the Group’s interest in the associated companies is stated at cost plus theGroup’s share of post acquisition results and reserves.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(b) Basis of consolidation (Cont’d.)(iii) Jointly controlled entities
Jointly controlled entities are corporations, partnerships or other entities over which there is contractuallyagreed sharing of control by the Group with one or more parties. The Group’s interest in jointly controlledentities are accounted for in the consolidated financial statements by the equity method of accounting.
(c) InvestmentsInvestments in other non-current investments are shown at cost and an allowance for diminution in value is madewhere, in the opinion of the Directors, there is a decline other than temporary in the value of such investments.Where there has been a decline other than temporary in the value of an investment, such a decline is recognisedas an expense in the financial year in which the decline is identified. See accounting policy Note 2 (u) onimpairment of assets.
Short term investments are carried at the lower of cost and market value, determined on an aggregate portfoliobasis by category of investments. Market value is calculated by reference to stock exchange quoted selling pricesat the close of business on the balance sheet date. Increases/decreases in the carrying amount of short terminvestments are credited/charged to the income statement.
On disposal of an investment, the difference between net disposal proceeds and its carrying amount ischarged/credited to the income statement.
(d) GoodwillGoodwill arising on consolidation represents the excess of the purchase price over the fair value of the net assetsof subsidiary companies at the date of acquisition and is written off and set-off against reserves in the year ofacquisition.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(e) Property, plant and equipmentA piece of freehold land held by the Company is stated at Directors’ valuation based on a 1983 independentprofessional valuation of the open market value of the land on existing use basis. The surplus arising onrevaluation was credited directly to capital reserves and subsequently utilised. This valuation has not been updated.
All other land held by the Group and Company are stated at cost. Freehold land and work in progress are notamortised. All long leasehold land are amortised over the period of their lease term.
All other property, plant and equipment except for dies and jigs included under plant and machinery, held by theGroup and Company are stated at cost less accumulated depreciation and impairment losses. Depreciation ischarged on a straight line basis to write off the costs of the assets over the term of their estimated useful lives.Where an indication of impairment exists, the carrying amount of the assets is assessed and written downimmediately to its recoverable amount.
The principal annual rates of depreciation used are as follows:
Long leasehold land Over period of lease term of 98 yearsBuildings 2% – 5%Plant and machinery 10% – 50%Office equipment, furniture, fittings and vehicles 10% – 50%
Dies and jigs, included under plant and machinery are depreciated based on the unit of production basis to writeoff the cost of the assets over the term of their estimated useful lives which range from 5 to 6 years.
Work in progress is not depreciated. Upon completion, the related costs will be transferred to the respectivecategory of assets. Depreciation on work in progress commences when the assets are ready for their intended use.
(f) Land and development expenditureLand and development expenditure consists of land held for development and related development costs commonto projects. Developed land is stated at the lower of cost and net realisable value.
All expenditure incurred on uncompleted projects are capitalised and are included in the balance sheet asdevelopment expenditure.
Upon completion of the projects, land and related development cost are reclassified as apartments for sale.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(g) LeasesFinance leases are leases of property, plant and equipment where the Group assumes substantially all the benefitsand risks of ownership.
Property, plant and equipment acquired under finance leases are included in tangible property, plant andequipment and are depreciated in accordance with Note 2(e) above. Obligations under such agreements aretreated as a liability and finance charges are allocated to the income statement over the lease periods to give aconstant periodic rate of interest on the remaining lease liabilities.
Operating leases are leases of assets under which a significant portion of the risks and benefits of ownership areeffectively retained by the lessor. Payments made under operating leases are charged to the income statement ona straight line basis over the lease period.
(h) InventoriesInventories are stated at the lower of cost and net realisable value. Cost is determined on a first-in, first-out basisexcept for parts and accessories held for resale by certain subsidiaries which is determined on a weighted averagebasis.
In the case of work-in-progress and finished vehicles, an appropriate proportion of production overheads areincluded in the costs.
(i) Trade and other receivablesTrade and other receivables are carried at anticipated net realisable value. Allowances are made for doubtful debtsbased on specific review of outstanding balances at balance sheet date. General allowances are made to coverpossible losses which are not specifically identified. Bad debts are written off to the income statement during thefinancial year in which they are identified.
(j) Research and development expenditureResearch and development expenditure is generally recognised as an expense. Costs incurred on developmentprojects are capitalised to the extent that such expenditure is reasonably certain to generate future economicbenefits. Expenditures capitalised are depreciated over the useful lives of the project. Development costs initiallyrecognised as an expense are not recognised as an asset in a subsequent period.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(k) ProvisionProvisions are recognised when the Group has a present legal or constructive obligation as a result of past events,when it is probable that an outflow of resources will be required to settle the obligation, and when a reliableestimate of the amount can be made. Where the Group expects a provision to be reimbursed, the reimbursementis recognised as a separate asset but only when the reimbursement is virtually certain.
Provision for warranties
Provision is made for the estimated liability on all products under warranty in addition to claims already received.Warranties are provided for a period of between one to three years for vehicles sold. The provision is based onexperienced levels of claims arising during the period of warranty. When the Group expects warranties to bereimbursed from suppliers, the reimbursement is recognised as a separate asset but only when the reimbursementis virtually certain.
(l) Employee benefits(i) Short term employee benefits
Salaries, wages, paid annual leave and sick leave, bonuses and non-monetary benefits are accrued in theperiod in which the associated services are rendered by employees of the Group.
(ii) Post employment benefitsThe Group has various post-employment benefit schemes in accordance with the local conditions and practicesin the countries in which it operates. The Group has both defined contribution and defined benefit plans.
Defined contribution plansThe Group’s contributions to defined contribution plans are charged to the income statement in the periodto which they relate. Once the contributions have been paid, the Group has no further payment obligations.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(l) Employee benefits (Cont’d.)(ii) Post employment benefits (Cont’d.)
Defined benefit plansThe liability in respect of a defined benefit plan is the present value of the defined benefit obligation at thebalance sheet date minus the fair value of plan assets, together with adjustments for actuarial gains/lossesand past service cost. The Group determines the present value of the defined benefit obligation and the fairvalue of any plan assets with sufficient regularity such that the amounts recognised in the financial statementsdo not differ materially from the amounts that would be determined at the balance sheet date.
The defined benefit obligation, calculated using the projected unit credit method, is determined byindependent actuaries on the basis of triennial valuations. Assumptions were made in relation to the annualinvestment returns, annual salary increases and annual increases in pension payments.
Plan assets in excess of the defined benefit obligation are subject to the asset limitation specified in MASB29.
Actuarial gains and losses arise from experience adjustments and changes in actuarial assumptions. Theamount of net actuarial gains and losses recognised in the income statement is determined by the corridormethod in accordance with MASB 29 and is charged or credited to income over the average remaining servicelives of the related employees participating in the defined benefit plan.
Upon initial adoption of MASB 29 effective on 1 April 2003, the increase in defined benefit liability isrecognised as an expense on a straight line basis over 5 years in accordance with the transitional provision ofthe Standard.
(iii) Termination benefitsTermination benefits are payable whenever an employee’s employment is terminated before the normalretirement date or whenever an employee accepts voluntary redundancy in exchange for these benefits. TheGroup recognises termination benefits when it is demonstrably committed to either terminate theemployment of current employees according to a detailed formal plan without possibility of withdrawal or toprovide termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits fallingdue more than 12 months after balance sheet date are discounted to present value.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(m) Income taxesCurrent tax expense is determined according to the tax laws of each jurisdiction in which the Group operates andinclude all taxes based upon the taxable profits, including withholding taxes payable by a foreign subsidiarycompany on distributions of retained earnings to companies in the Group.
Deferred tax is recognised in full, using the liability method, on temporary differences arising between theamounts attributed to assets and liabilities for tax purposes and their carrying amounts in the financial statements.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available againstwhich the deductible temporary differences or unused tax losses can be utilised.
Deferred tax is recognised on temporary differences arising on investments in subsidiaries, associates and jointventures except where the timing of the reversal of the temporary difference can be controlled and it is probablethat the temporary difference will not reverse in the foreseeable future.
Tax rates enacted or substantively enacted by the balance sheet date are used to determine deferred tax.
(n) Foreign currency transactions and translationTransactions in foreign currencies during the financial year are translated into Ringgit Malaysia at exchange ratesruling at the transaction dates. Foreign currency monetary assets and liabilities at the balance sheet date aretranslated into Ringgit Malaysia at the exchange rates ruling at that date. Exchange differences arising from thesettlement of foreign currency transactions and from the translation of foreign currency monetary assets andliabilities are included in the income statement.
Results of foreign subsidiary and associated companies are translated into Ringgit Malaysia at average rates ofexchange for the financial year. Assets and liabilities are translated into Ringgit Malaysia, at the rates of exchangeruling at the balance sheet date. Exchange differences arising from the translation of the results for the year ataverage rates and assets and liabilities at year end rates and the restatement at year end rates of the opening netinvestments in foreign subsidiary and associated companies are taken in a foreign exchange translation account asa component of shareholders’ funds.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(n) Foreign currency transactions and translation (Cont’d.)The principal closing rates used in translation of foreign currency amounts were as follows:
Foreign currency 31.3.2004 31.3.2003RM RM
1 USD 3.80 3.801 GBP 6.94 5.981 AUD 2.87 2.291 EURO 4.63 4.11100 JPY 3.59 3.17
(o) Cash and cash equivalentsCash and cash equivalents comprise cash in hand, bank balances, bank deposits, bank overdrafts and short term,highly liquid investments that are readily convertible to known amounts of cash which are subject to insignificantrisk of changes in value.
(p) Revenue recognitionSales which includes vehicles, spare parts and accessories are recognised upon delivery.
Revenue from sale of completed apartments is recognised when the Sale and Purchase Agreements are signed.
Revenue for rendering of services on long term engineering contracts is recognised on the basis of the stage ofcompletion of such contracts at the financial year end, where the contract outcome can be assessed withreasonable certainty. Full provision is made for all foreseeable losses on contracts entered into or commenced priorto the financial year end. Amounts are included within receivables and prepayments to recognise timing differencesarising between amounts invoiced and amounts recognised in the income statement on individual engineeringcontracts.
Other revenue comprises mainly revenue from rental, royalty and interest income, which are recognised on anaccrual basis.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(q) Financial instruments(i) Financial instruments recognised on the balance sheet
The particular recognition method adopted for financial instruments recognised on the balance sheet isdisclosed in the individual policy statements associated with each item.
(ii) Financial instruments not recognised on the balance sheetThe Group is a party to financial instruments which comprise foreign currency forward contracts and interestrate cap and floor contract. These instruments are not recognised in the financial statements on inception.
Foreign currency forward contractsThe Group enters into foreign currency forward contracts to protect the Group from movements in exchangerates by establishing the rate at which a foreign currency asset or liability will be settled.
Exchange gains and losses arising on contracts entered into as hedges of anticipated future transactions aredeferred until the date of such transaction, at which time they are included in the measurement of suchtransactions.
All other exchange gains and losses relating to hedge instruments are recognised in the income statement inthe same period as the exchange differences on the underlying hedged items. Gains and losses on contractswhich are no longer designated as hedges are included in the income statement.
(iii) Fair value estimation for disclosure purposesThe fair value of publicly traded derivatives and securities is based on quoted market prices at the balancesheet date.
The fair value of interest rate cap and floor contract is determined by the differences between the interestpayable at the contracted rate and the market rate. The fair value of forward foreign exchange contracts isdetermined using forward exchange market rates at the balance sheet date.
In assessing the fair value of non-traded derivatives and financial instruments, the Group uses a variety ofmethods and makes assumptions that are based on market conditions existing at each balance sheet date.Quoted market prices or dealer quotations for the specific or similar instruments are used for long term debt.Unquoted long term investments are valued based on quoted investments with similar features.
The face values, less any estimated credit adjustments, for financial assets and liabilities classified as currentare assumed to approximate their fair values.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(r) BorrowingsClassificationBorrowings are initially recognised based on the proceeds received, net of transaction costs incurred. Subsequently,borrowings are stated at amortised cost using the effective yield method; any difference between proceeds (netof transaction costs) and the redemption value is recognised in the income statement over the period of theborrowings.
Interest, dividends, losses and gains relating to a financial instrument, or a component part, classified as a liabilityis reported within finance cost in the income statement.
Capitalisation of borrowings costBorrowings cost incurred on specific and identifiable borrowings used to finance property development andconstruction contract is capitalised until the properties are ready for their intended use.
(s) Share capitalOrdinary shares are classified as equity. External cost directly attributable to the issue of new shares are expensedoff in the income statement.
Final dividends payable on ordinary shares are recognised as liabilities when formally approved.
(t) Contingent liabilities and contingent assetsThe Group does not recognise a contingent liability but discloses its existence in the financial statements. Acontingent liability is a possible obligation that arises from past events whose existence will be confirmed byuncertain future events beyond the control of the Group or a present obligation that is not recognised because itis not probable that an outflow of resources will be required to settle the obligation. A contingent liability alsoarises in the extremely rare circumstance where there is a liability that cannot be recognised because it cannot bemeasured reliably.
A contingent asset is a possible asset that arises from past events whose existence will be confirmed by uncertainfuture events beyond the control of the Group. The Group does not recognise contingent assets but discloses itsexistence where inflows of economic benefits are probable, but not virtually certain.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont’d.)
(u) Impairment of assetsProperty, plant and equipment and other non-current assets, including intangible assets, are reviewed forimpairment losses whenever events or changes in circumstances indicate that the carrying amount may not berecoverable. Impairment loss is recognised for the amount by which the carrying amount of the asset exceeds itsrecoverable amount. The recoverable amount is the higher of an asset’s net selling price and value in use. For thepurposes of assessing impairment, assets are grouped at the lowest level for which there is separately identifiablecash flows.
The impairment loss is charged to the income statement unless it reverses a previous revaluation in which case itis charged to the revaluation surplus. Any subsequent increase in recoverable amount is recognised in the incomestatement unless it reverses an impairment loss on a revalued asset in which case it is taken to revaluation surplus.
3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s activities exposes it to a variety of financial risks, including foreign currency exchange risk, interest raterisk, market risk, credit risk, liquidity and cash flow risk. The Group focuses on the unpredictability of financial marketsand seeks to minimise potential adverse effects on the financial performance of the Group. Financial risk managementis carried out through risks reviews, internal control systems, a global insurance programme and adherence to Groupfinancial risk management policies. The Board regularly reviews these risks and approves the treasury policies, whichcovers the management of these risks.
The Group uses derivative financial instruments such as foreign exchange contracts and interest rate instruments tohedge certain exposures. It does not trade in financial instruments.
(a) Foreign currency exchange riskThe Group is exposed to currency risk as a result of the foreign currency transactions entered into by the Companyand subsidiaries in currencies other than their functional currency. The Group enters into forward foreign currencyexchange contracts to limit the exposure on foreign currency receivables and payables, and on cash flowsgenerated from anticipated transactions denominated in foreign currencies.
(b) Interest rate riskThe Group’s income and operating cash flows arising from bank deposits are substantially affected by changes inmarket interest rates. Derivative financial instruments are used, where appropriate, to generate the desired interestrate profile.
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3. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Cont’d.)
(c) Market riskThe Group does not face significant exposure from the risk from changes in debt and equity prices.
(d) Credit riskThe Group seeks to invest cash assets safely and profitably. The Group considers the risk of material loss in theevent of non-performance by a financial counterparty to be unlikely in view of their respective financial strength.
The Group seeks to control customers credit risk by ensuring that significant sales of product and services are madeto customers with an appropriate credit history.
(e) Liquidity and cash flow riskPrudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability offunding through an adequate amount of committed credit facilities and the ability to close out market positions.
4. REVENUE
Revenue represents the invoiced value of goods sold and services provided and is net of commission paid to dealersand related taxes. Revenue comprises:
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Sale of vehicles, spare parts and accessories 6,260,640 9,155,614 5,254,156 7,668,748Sale of apartments 3,094 2,975 – –Rendering of services 206,613 104,194 815 482Others – 5,213 4,810 5,035
6,470,347 9,267,996 5,259,781 7,674,265
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5. PROFIT FROM OPERATIONS
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
The following items have been charged/(credited) inarriving at profit from operations:
Gross dividends receivable from:– subsidiary company, unquoted – – (5,280) (1,760)– associated companies, unquoted – – (9,191) (4,577)– others, quoted (6,668) (1,770) (6,668) (1,770)– others, unquoted (1,550) (750) (1,550) (750)Property, plant and equipment:– depreciation 329,383 402,929 302,456 383,334– written off 41,072 86,477 40,487 75,733– impairment – 1,000 – –Research and development expenditure 542,881 412,955 525,883 390,645Provision for warranties (net of expected reimbursement) 48,860 53,858 21,463 46,925(Write back of)/Allowance for doubtful debts (1,566) 5,440 (9,049) (23,231)Allowance for diminution in value of investment in
subsidiary companies – – – 231,649Write back of diminution in value of investment in
associated companies – – – (4,200)(Write back of)/Allowance for diminution in value of
short term investments (17,791) 8,985 (17,791) 8,985(Gain)/loss on disposal of short term investments (12,388) 1,694 (12,388) 1,694Group audit fees to PricewaterhouseCoopers– Malaysia 358 268 200 150– firms of worldwide organisation 1,294 1,198 – –Non-audit service fees to PricewaterhouseCoopers– Malaysia 412 100 – 37– firms of worldwide organisation 936 1,084 332 –
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5. PROFIT FROM OPERATIONS (Cont’d.)
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Operating lease rental 5,676 11,632 – –Hire of plant, machinery and equipment 604 217 – –Rental of premises 21,562 16,124 – –Foreign exchange loss/(gain):– realised 1,569 2,113 2,740 (2,175)– unrealised 6,098 (63,687) 1,752 (64,710)Gain on disposal of property, plant and equipment (46,592) (6,521) (333) (3,976)Rental income on land and buildings (381) (773) (38) (99)Interest income from:– subsidiary companies – – (1,374) (4,512)– others (107,542) (117,028) (91,426) (95,181)Inventories written off – 12,977 – 12,977Allowance for/(write back of) inventories written down 7,957 3,663 (11,165) 3,663
6. STAFF COST
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Wages, salaries and bonus 517,042 496,148 158,181 182,634Termination benefits 1,180 2,475 – –Pension cost– defined contribution plan 23,697 21,567 20,254 19,971– defined benefit plan 24,940 13,102 – –Other employee benefits 46,499 34,831 26,969 17,787
613,358 568,123 205,404 220,392
The number of staff (including executive Directors) as at financial year end amounted to 8,956 (2003: 9,466) in theGroup and 5,379 (2003: 5,976) persons in the Company.
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6. STAFF COST (Cont’d.)
Directors’ remunerationThe aggregate amount of emoluments receivable by Directors of the Company during the year was as follows:
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Non-executive Directors:– fees 547 553 523 540– estimated money value of benefits-in-kind 56 34 56 34Executive Directors:– salaries and bonus 968 1,348 968 1,348– estimated money value of benefits-in-kind 71 66 71 66– defined contribution retirement plan 70 86 70 86– other employee benefits 143 146 143 146
1,855 2,233 1,831 2,220
Details of the defined contribution and defined benefit plans of the Group and Company are set out in Note 31.
7. FINANCE COST
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Interest expense on:Long term loans 25,956 30,245 9,816 11,544Short term borrowings 9,462 6,722 4,788 1,021Finance leases and hire purchase – 715 – –Others 1,709 696 – –
37,127 38,378 14,604 12,565
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8. TAXATION
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Taxation in Malaysia
Current taxation:– Charge for the year 75,295 271,594 27,436 192,234– Under provision in respect of prior years – 182 – –
Taxation on share of profits of associated company 7,870 3,630 – –
Taxation outside Malaysia
Current taxation:– Charge for the year 3 116 – –– (Over)/under provision in respect of prior years (341) (596) – –– Benefit from previously unrecognised tax loss 868 – – –
Taxation on share of profits of associated companies 6,435 3,165 – –Taxation on share of profits of joint venture entities 635 520 – –
Deferred taxation
Origination and reversal of temporary differences (10,087) (36,390) (19,702) (30,487)Previously unrecognised tax benefits (9,761) – – –
70,917 242,221 7,734 161,747
Total taxation for company and subsidiaries 55,977 234,906 7,734 161,747Share of taxation in associated companies 14,305 6,795 – –Share of taxation in joint venture entities 635 520 – –
70,917 242,221 7,734 161,747
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
8. TAXATION (Cont’d.)
Numerical reconciliation between the average effective tax rate and the Malaysian tax rate.
Group Company
2004 2003 2004 2003% % % %
Malaysian tax rate 28 28 28 28Tax effects of:– double deduction and allowance incentive
on qualified expenditure (18) (7) (29) (12)– expenses not deductible for tax purposes 3 1 5 1– income not subject to tax (2) (1) (2) –– current year’s tax loss not recognised 3 – – –– others (2) (3) – –
Average effective tax rate 12 18 2 17
Disclosure Items:
Current year tax losses utilised during the year 1,736 21,456 – –Tax savings arising from such tax losses 512 6,434 – –
Previously unrecognised tax losses utilised during the year 2,897 – – –Tax savings arising from such tax losses 868 – – –
Unutilised tax losses carried forward 640,767 615,027 – –Unutilised reinvestment allowance 898,400 – 898,400 –
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9. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net profit attributable to shareholders by the weighted averagenumber of ordinary shares in issue during the financial year.
Group
2004 2003RM’000 RM’000
Net profit attributable to shareholders (RM’000) 510,071 1,107,524
Weighted average number of ordinary shares in issue (‘000) 549,213 548,547
Basic earnings per share (sen) 92.9 201.9
The Employee Share Option Scheme which is the only option that may have a potential dilution effect expired on 11 March 2003. Therefore, there is no dilutive impact on earnings per share.
10. DIVIDENDS
Dividends declared or proposed in respect of the financial year ended 31 March 2004 are as follows:
Company
2004 2003RM’000 RM’000
Final dividend proposed for the financial year 2004:Tax exempt dividend of 10.0 sen (2003: 12.0 sen) per share 54,921 65,906
Interim dividend paid for the financial year 2004:Tax exempt dividend of 5.0 sen (2003: 8.0 sen) per share 27,461 43,936
82,382 109,842
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11. INVENTORIES
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
At costRaw materials:
Completely knocked-down packs of vehicles 135,764 100,166 135,764 100,166Others 84,015 65,505 52,408 41,392
Parts, accessories and general stores 108,804 86,756 22,528 15,681Work-in-progress 102,658 57,007 98,898 51,346Finished vehicles 283,646 316,720 37,986 96,572Goods-in-transit 20,129 34,629 12,851 34,629
735,016 660,783 360,435 339,786Apartments for sale 9,984 10,828 – –
745,000 671,611 360,435 339,786
At net realisable valueRaw materials:
Completely knocked-down packs of vehicles 726 – 726 –Others – 233 – –
Parts, accessories and general stores 6,310 5,304 – –Finished vehicles 56,069 142,546 12,988 32,672
63,105 148,083 13,714 32,672Apartments for sale 13,820 15,792 – –
76,925 163,875 13,714 32,672
821,925 835,486 374,149 372,458
225
Notes to the Financial Statements
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12. TRADE AND OTHER RECEIVABLES
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Trade receivables 626,273 546,986 15,028 201,148Allowance for doubtful debts (9,857) (7,259) (646) (448)
616,416 539,727 14,382 200,700Amount due from a related party 43 7,173 43 62Reimbursement of warranty claims (Note 18) 143,677 165,819 141,774 165,819Other receivables 114,219 112,157 86,228 88,092Prepayments 12,030 9,955 2,946 1,873Deposits 12,588 5,520 7,956 7,165Allowance for doubtful debts (1,232) (10,269) (748) (8,232)
897,741 830,082 252,581 455,479
The currency exposure profile of trade and other receivables are as follows:
Currency exposure at 31.3.2004
Ringgit Pound USMalaysia Sterling Dollar Others Total
RM’000 RM’000 RM’000 RM’000 RM’000GroupFunctional currencyRinggit Malaysia 707,155 7,499 16,701 9,859 741,214Pound Sterling – 82,841 25,502 38,298 146,641Others – – 111 9,775 9,886
707,155 90,340 42,314 57,932 897,741
CompanyFunctional currencyRinggit Malaysia 225,083 7,499 16,155 3,844 252,581
226
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12. TRADE AND OTHER RECEIVABLES (Cont’d.)
Currency exposure at 31.3.2003
Ringgit Pound USMalaysia Sterling Dollar Others Total
RM’000 RM’000 RM’000 RM’000 RM’000GroupFunctional currencyRinggit Malaysia 640,148 – 15,842 7,710 663,700Pound Sterling – 127,199 10,292 21,261 158,752Others – – 259 7,371 7,630
640,148 127,199 26,393 36,342 830,082
CompanyFunctional currencyRinggit Malaysia 431,927 – 15,842 7,710 455,479
Credit terms of trade receivable for Group and Company range from payment in advance to 180 days. However, themajority of the Company’s trade receivables have a credit term between 14 days to 60 days (2003: 14 days to 60 days).
Following the formalisation of a Memorandum of Agreement (MOA) between Proton Edar Sdn. Bhd., a subsidiarycompany and a selected Super Dealer, the Company’s sales are now concentrated within the Proton Group ofcompanies. The directors believe that no additional credit risk beyond the amount provided for collection losses isinherent to the Company’s trade receivables.
Group sales are concentrated in Malaysia and highly dependant on sales of Proton Edar Sdn. Bhd., the distributionCompany of the Group in Malaysia. Group sales are also concentrated on one major third party customer in Malaysiamaking up 34% (2003: 38%) of total Group revenue. Historical experience and the financial strength of this customerindicates that no additional credit risk beyond amount provided for collection losses as inherent to the Group tradereceivables.
227
Notes to the Financial Statements
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13. AMOUNTS DUE FROM SUBSIDIARY COMPANIES
Company Less than More than Less than More than1 year 1 year Total 1 year 1 year Total
2004 2004 2004 2003 2003 2003RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Amount due from subsidiarycompanies 558,832 604,136 1,162,968 826,830 – 826,830
Advances to subsidiary companies 2 59,754 59,756 32,587 30,790 63,377Allowance for doubtful debts (1,676) (605,398) (607,074) (507,352) (12,846) (520,198)
557,158 58,492 615,650 352,065 17,944 370,009
The amounts due from subsidiary companies have the following credit terms and currency profile:
Company Amount AmountAdvances due from Total Advances due from Total
2004 2004 2004 2003 2003 2003RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Credit terms less than 1 year14 days – 529,783 529,783 – 268,171 268,17130 days – 3,962 3,962 – 4,425 4,42560 days – 3,028 3,028 – – –120 days – 9,863 9,863 – 38,800 38,800Repayable on demand 2 10,520 10,522 32,587 8,082 40,669
2 557,156 557,158 32,587 319,478 352,065
There is no fixed repayment terms for amount due more than 1 year.
228
Notes to the Financial Statements
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13. AMOUNTS DUE FROM SUBSIDIARY COMPANIES (Cont’d.)
Currency exposure at 31.3.2004
Ringgit PoundMalaysia Sterling Others Total
RM’000 RM’000 RM’000 RM’000
CompanyFunctional currencyAdvances 45,278 – – 45,278Amount due from 544,263 23,067 3,042 570,372
589,541 23,067 3,042 615,650
Currency exposure at 31.3.2003
Ringgit PoundMalaysia Sterling Others Total
RM’000 RM’000 RM’000 RM’000
CompanyFunctional currencyAdvances 50,531 – – 50,531Amount due from 279,524 39,205 749 319,478
330,055 39,205 749 370,009
Interest charged on the advances range from 0% to 8% per annum (2003: 0% to 8%). Effective from 1 November 2003,no interest were charged on the advances in accordance with Moneylenders (Amendment) Act 2003.
Concentration of credit risk in respect of the amounts due from subsidiary companies are subject to the performanceof the subsidiary companies itself. The Company’s past experience indicates that the receivable amounts falls within therecorded allowances. Therefore, the Directors believe that no additional credit risk beyond the amounts provided forcollection losses is inherent to the Company.
229
Notes to the Financial Statements
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14. AMOUNTS DUE FROM ASSOCIATED COMPANIES
The amounts due from associated companies arose from normal trade transactions. The amounts due from associatedcompanies have credit terms ranging from 30 to 60 days (2003: 30 to 60 days).
Currency exposure at 31.3.2004
Ringgit PoundMalaysia Sterling Total
RM’000 RM’000 RM’000
GroupFunctional currencyRinggit Malaysia 145 – 145Pound Sterling – 878 878
145 878 1,023
CompanyFunctional currencyRinggit Malaysia 145 – 145
Currency exposure at 31.3.2003
Ringgit PoundMalaysia Sterling Total
RM’000 RM’000 RM’000
GroupFunctional currencyRinggit Malaysia 1,467 – 1,467Pound Sterling – 1,896 1,896
1,467 1,896 3,363
CompanyFunctional currencyRinggit Malaysia 530 – 530
230
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15. SHORT TERM INVESTMENTS
Group and Company
2004 2003RM’000 RM’000
Quoted investments in Malaysia:
Cost:Shares 97,116 104,457Commercial papers and corporate debt 168 168
97,284 104,625Unquoted investments in Malaysia:
Cost:Commercial papers and corporate debt 84,696 79,601
181,980 184,226Allowance for diminution in value – (17,791)
181,980 166,435
Market value of investments:Shares 107,880 86,664Commercial papers and corporate debt 88,195 82,546
196,075 169,210
The market value, at the balance sheet date, of quoted investments approximate their fair value. The fair value ofunquoted investment is based on its carrying value at the financial year end.
231
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16. DEPOSITS, BANK AND CASH BALANCES
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Short term funds deposited with:Licensed banks 2,653,713 2,988,731 1,919,624 2,342,558Discount houses 36,990 73,109 36,990 73,109Other financial institutions 162,651 588,503 162,651 536,503
2,853,354 3,650,343 2,119,265 2,952,170Bank and cash balances 135,866 142,914 16,925 53,468
2,989,220 3,793,257 2,136,190 3,005,638
The deposits have the following maturity profiles:Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
0 – 1 month 1,049,644 834,425 372,322 245,4332 – 3 months 161,255 172,838 114,488 166,8084 – 6 months 89,264 166,567 89,264 138,5776 – 12 months 1,553,191 2,475,490 1,543,191 2,401,352More than 12 months – 1,023 – –
2,853,354 3,650,343 2,119,265 2,952,170
Bank balances are deposits held at call with banks.
232
Notes to the Financial Statements
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16. DEPOSITS, BANK AND CASH BALANCES (Cont’d.)
The currency exposure profile of deposits, bank and cash balances are as follows:
Currency exposure at 31.3.2004
Ringgit Pound USMalaysia Sterling Dollar Others Total
RM’000 RM’000 RM’000 RM’000 RM’000
GroupFunctional currencyRinggit Malaysia 2,676,072 59,770 53,238 98,578 2,887,658Pound Sterling – 67,815 10,535 9,000 87,350Others – – – 14,212 14,212
2,676,072 127,585 63,773 121,790 2,989,220
CompanyFunctional currencyRinggit Malaysia 1,930,825 59,770 52,984 92,611 2,136,190
Currency exposure at 31.3.2003
Ringgit Pound USMalaysia Sterling Dollar Others Total
RM’000 RM’000 RM’000 RM’000 RM’000
GroupFunctional currencyRinggit Malaysia 3,672,357 36,564 123 27,184 3,736,228Pound Sterling – 37,086 4,415 4,639 46,140Others – – 387 10,502 10,889
3,672,357 73,650 4,925 42,325 3,793,257
CompanyFunctional currencyRinggit Malaysia 2,941,890 36,564 – 27,184 3,005,638
The weighted average effective interest rates of deposits at the balance sheet date were 3.00% (2003: 3.11%) and3.13% (2003: 3.14%) for the Group and the Company respectively.
233
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
17. TRADE AND OTHER PAYABLES
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Trade payables 402,200 241,346 238,620 117,063Other payables 278,408 173,771 68,842 3,322Accruals 816,092 1,219,097 654,779 1,039,726Amounts due to related parties 9,469 29,389 9,469 28,934Leasing and hire purchase creditors– current portion (Note 27) 10 126 – –
1,506,179 1,663,729 971,710 1,189,045
The currency exposure profile of the trade and other payables are as follows:
Currency exposure at 31.3.2004
Ringgit Pound JapaneseMalaysia Sterling Yen Others Total
RM’000 RM’000 RM’000 RM’000 RM’000
GroupFunctional currencyRinggit Malaysia 1,108,963 334 66,062 86,601 1,261,960Pound Sterling – 219,459 28 18,946 238,433Others – – – 5,786 5,786
1,108,963 219,793 66,090 111,333 1,506,179
CompanyFunctional currencyRinggit Malaysia 837,068 334 52,281 82,027 971,710
234
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
17. TRADE AND OTHER PAYABLES (Cont’d.)
Currency exposure at 31.3.2003
Ringgit Pound JapaneseMalaysia Sterling Yen Others Total
RM’000 RM’000 RM’000 RM’000 RM’000
GroupFunctional currencyRinggit Malaysia 1,360,404 20,602 44,573 31,531 1,457,110Pound Sterling – 185,591 179 17,690 203,460Others – – – 3,159 3,159
1,360,404 206,193 44,752 52,380 1,663,729
CompanyFunctional currencyRinggit Malaysia 1,092,794 20,602 44,573 31,076 1,189,045
Terms of trade payables granted to the Group and Company vary from no credit to 180 credit days (2003: 0-60 creditdays) and no credit to 60 credit days (2003: 0-60 credit days) respectively.
235
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
18. PROVISIONS
Group CompanyWarranties Warranties
RM’000 RM’000
At 1 April 2003 264,838 240,832Exchange differences 5,490 –
Charged to income statement 48,860 21,463Expected reimbursement of warranties 14,699 12,796
Additional provision for the year 63,559 34,259Utilised during the financial year (93,657) (66,048)
At 31 March 2004 240,230 209,043
As at 31 March 2004, the Group and the Company expect to receive reimbursement from suppliers in respect ofwarranties amounting to RM143,677,000 (2003: RM165,819,000) and RM141,774,000 (2003: RM165,819,000) respectivelyas disclosed in Note 12.
19. AMOUNTS DUE TO SUBSIDIARY COMPANIES
Amounts due to subsidiary companies are unsecured, interest free and have no fixed repayment terms.
The currency exposure profile of the amounts due to subsidiary companies are as follows:
Currency exposure at 31.3.2004
Ringgit Pound Australian SingaporeMalaysia Sterling Dollar Dollar Total
RM’000 RM’000 RM’000 RM’000 RM’000
CompanyFunctional currencyRinggit Malaysia 18,502 119,036 7,077 34 144,649
236
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
19. AMOUNTS DUE TO SUBSIDIARY COMPANIES (Cont’d.)
Currency exposure at 31.3.2003
Ringgit Pound Australian SingaporeMalaysia Sterling Dollar Dollar Total
RM’000 RM’000 RM’000 RM’000 RM’000
CompanyFunctional currencyRinggit Malaysia 10,946 58,612 9,317 0 78,875
20. AMOUNTS DUE TO ASSOCIATED COMPANIES
Amounts due to associated companies arises from normal trade transactions and is denominated in Ringgit Malaysia.
21. SHORT TERM BORROWINGS
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Unsecured:
Long term loans– current portion (Note 27) 52,342 50,329 52,342 50,329Short term loans – 113,112 – 113,112Bankers acceptances 228 – 228 –Bank overdrafts 120,564 73,644 – –
173,134 237,085 52,570 163,441Secured:
Long term loans– current portion (Note 27) – 265,718 – –Short term loans – 4,573 – –
173,134 507,376 52,570 163,441
237
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
21. SHORT TERM BORROWINGS (Cont’d.)
The interest rate charged for bank overdrafts during the year ranged from 5.40% to 5.75% (2003: 4.25% to 6.31%).The interest rates charged on the unsecured short term loan during the last financial year was fixed at 1.8%. The loanwas drawn down in USD and was fully repaid in the current financial year.
The bankers acceptance was drawn in Ringgit Malaysia and payable within 60 days. No interest was charged to theamount drawn.
The secured short term loans are secured by guarantees of the Company. Subordination agreements have been enteredinto by a subsidiary company, the Company and the subsidiary company’s bankers whereby the repayment of amountdue to the Company have been subordinated to the repayment of the short term loans. The loan was drawn down inAustralian Dollar and was fully repaid in the current year.
Interest on the secured short term loans in the last financial year was fixed at 4.81%.
The currency exposure profile of the short term borrowings are as follows:
Currency exposure at 31.3.2004
Ringgit PoundMalaysia Sterling Euro Others Total
RM’000 RM’000 RM’000 RM’000 RM’000GroupFunctional currencyRinggit Malaysia 52,570 – – – 52,570Pound Sterling – 98,170 15,415 6,979 120,564
52,570 98,170 15,415 6,979 173,134
CompanyFunctional currencyRinggit Malaysia 52,570 – – – 52,570
238
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
21. SHORT TERM BORROWINGS (Cont’d.)
Currency exposure at 31.3.2003
Ringgit PoundMalaysia Sterling Euro Others Total
RM’000 RM’000 RM’000 RM’000 RM’000
GroupFunctional currencyRinggit Malaysia 50,329 – – 113,112 163,441Pound Sterling – 331,463 – – 331,463Others – – – 12,472 12,472
50,329 331,463 – 125,584 507,376
CompanyFunctional currencyRinggit Malaysia 50,329 – – 113,112 163,441
22. PROPERTY, PLANT AND EQUIPMENT
Officeequipment,
Landfurniture,
Long term Plant and fittings and Work-in-Group Freehold leasehold Buildings machinery vehicles progress Total2004 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Cost/valuationAt 1 April 2003 250,165 24,934 786,308 2,464,263 704,274 820,830 5,050,774Currency translation
differences 1,993 2,232 31,622 33,581 29,367 23 98,818Additions 1 – 3,733 8,611 96,118 950,548 1,059,011Disposals – (15,151) (27,087) (1,130) (74,807) – (118,175)Written off – – – (7,102) (2,382) (40,481) (49,965)Reclassifications – – 419,356 895,502 111,211 (1,426,069) –
At 31 March 2004 252,159 12,015 1,213,932 3,393,725 863,781 304,851 6,040,463
239
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
22. PROPERTY, PLANT AND EQUIPMENT (Cont’d.)
Officeequipment,
Landfurniture,
Long term Plant and fittings and Work-in-Group Freehold leasehold Buildings machinery vehicles progress Total2004 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Accumulated depreciationAt 1 April 2003 – 604 229,113 1,776,179 481,819 – 2,487,715Currency translation
differences – – 6,722 21,480 20,466 – 48,668Charge for the year – 118 89,877 173,568 65,820 – 329,383Disposals – – (5,237) (1,096) (69,056) – (75,389)Written off – – – (6,299) (2,583) – (8,882)
At 31 March 2004 – 722 320,475 1,963,832 496,466 – 2,781,495
Accumulated impairmentlosses
At 1 April 2003 12,455 13,945 153,327 73,441 53,007 – 306,175Currency translation
differences 1,993 2,231 24,536 11,752 8,406 – 48,918Disposals – (15,151) (21,278) – – – (36,429)Written off – – – (7) (4) – (11)
At 31 March 2004 14,448 1,025 156,585 85,186 61,409 – 318,653
Net book valueat 31 March 2004 237,711 10,268 736,872 1,344,707 305,906 304,851 2,940,315
240
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
22. PROPERTY, PLANT AND EQUIPMENT (Cont’d.)
Officeequipment,
Landfurniture,
Long term Plant and fittings and Work-in-Group Freehold leasehold Buildings machinery vehicles progress Total2003 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Cost/valuationAt 1 April 2002 197,707 23,624 730,810 2,321,076 667,403 183,697 4,124,317Currency translation
differences 600 1,310 18,925 19,407 21,258 – 61,500Additions 45,790 – 6,393 20,997 63,626 881,147 1,017,953Transfer – – (3,726) – – – (3,726)Disposals – – (23) (2,308) (56,909) – (59,240)Written off – – – – (3,603) (86,427) (90,030)Reclassifications 6,068 – 33,929 105,091 12,499 (157,587) –
At 31 March 2003 250,165 24,934 786,308 2,464,263 704,274 820,830 5,050,774
Accumulated depreciationAt 1 April 2002 – 486 136,863 1,506,628 458,292 – 2,102,269Currency translation
differences – – 3,945 12,521 15,551 – 32,017Transfer – – (379) – – – (379)Charge for the year – 118 88,684 259,143 54,984 – 402,929Disposals – – – (2,113) (43,567) – (45,680)Written off – – – – (3,441) – (3,441)
At 31 March 2003 – 604 229,113 1,776,179 481,819 – 2,487,715
241
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
22. PROPERTY, PLANT AND EQUIPMENT (Cont’d.)
Officeequipment,
Landfurniture,
Long term Plant and fittings and Work-in-Group Freehold leasehold Buildings machinery vehicles progress Total2003 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Accumulated impairmentlosses
At 1 April 2002 5,787 12,635 144,432 66,455 54,905 – 284,214Currency translation
differences 600 1,310 14,980 6,893 5,719 – 29,502Impairment losses – – – – 1,000 – 1,000Disposals – – (17) (25) (8,387) – (8,429)Written off – – – – (112) – (112)Reclassifications 6,068 – (6,068) 118 (118) – –
At 31 March 2003 12,455 13,945 153,327 73,441 53,007 – 306,175
Net book valueat 31 March 2003 237,710 10,385 403,868 614,643 169,448 820,830 2,256,884
242
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
22. PROPERTY, PLANT AND EQUIPMENT (Cont’d.)
Officeequipment,
Landfurniture,
Long term Plant and fittings and Work-in-Company Freehold leasehold Buildings machinery vehicles progress Total2004 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Cost/valuationAt 1 April 2003 147,444 – 529,670 2,171,007 410,681 820,686 4,079,488Additions – – 3,053 2,836 22,553 909,683 938,125Disposals – – – – (1,968) – (1,968)Written off – – – – (738) (40,481) (41,219)Reclassifications – – 378,885 895,509 137,837 (1,412,231) –
At 31 March 2004 147,444 – 911,608 3,069,352 568,365 277,657 4,974,426
Accumulated depreciationAt 1 April 2003 – – 179,070 1,578,983 302,197 – 2,060,250Charge for the year – – 89,074 166,136 47,246 – 302,456Disposals – – – – (1,149) – (1,149)Written off – – – – (732) – (732)
At 31 March 2004 – – 268,144 1,745,119 347,562 – 2,360,825
Net book valueAt 31 March 2004 147,444 – 643,464 1,324,233 220,803 277,657 2,613,601
243
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22. PROPERTY, PLANT AND EQUIPMENT (Cont’d.)
Officeequipment,
Landfurniture,
Long term Plant and fittings and Work-in-Company Freehold leasehold Buildings machinery vehicles progress Total2003 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Cost/valuationAt 1 April 2002 178,674 – 488,014 2,055,148 381,670 173,000 3,276,506Additions – – 1,659 14,135 19,819 881,004 916,617Disposals (31,230) – – – (4,878) – (36,108)Written off – – – – (1,796) (75,731) (77,527)Reclassifications – – 39,997 101,724 15,866 (157,587) –
At 31 March 2003 147,444 – 529,670 2,171,007 410,681 820,686 4,079,488
Accumulated depreciationAt 1 April 2002 – – 92,998 1,323,998 265,249 – 1,682,245Charge for the year – – 86,072 254,985 42,277 – 383,334Disposals – – – – (3,535) – (3,535)Written off – – – – (1,794) – (1,794)
At 31 March 2003 – – 179,070 1,578,983 302,197 – 2,060,250
Net book valueAt 31 March 2003 147,444 – 350,600 592,024 108,484 820,686 2,019,238
244
Notes to the Financial Statements
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22. PROPERTY, PLANT AND EQUIPMENT (Cont’d.)
The Directors revalued a piece of the Company's freehold land on 5 September 1983 based on an independentprofessional valuation. The surplus of RM36,881,980 arising on the revaluation was credited to the capital reserves andsubsequently utilised.
Had the freehold land been carried at historical cost, the net book value of freehold land that would have beenincluded in the financial statements at the end of the financial year is as follows:
Group and Company
2004 2003RM’000 RM’000
Freehold land 22,448 22,448
The long term leasehold land comprise 2 parcels of land held by certain subsidiary companies which have unexpiredleases of 138 and 93 years respectively as at 31 March 2004 (2003: 139 and 94 years respectively).
The title deed to the land of the Group and Company amounting to net book value of RM41,316,000 (2003:RM41,429,000) and RM20,600,000 (2003: RM20,600,000) respectively has not been transferred pending subdivision of themaster title.
Net book value of property, plant and equipment for the Group includes an amount of approximately RM20,000 (2003:RM1,477,000) purchased under finance leases.
In the last financial year, the Company has accelerated the depreciation of plant and machinery in the current factorylocated in Shah Alam. As a result, an additional depreciation of RM105,340,000 (2003: RM105,340,000) was charged tothe income statement during the year. The estimated useful life of the assets has been reduced to 2 years ended 31 March 2004.
245
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
23. SUBSIDIARY COMPANIES
Company
2004 2003RM’000 RM’000
Unquoted shares at cost:At 1 April 995,725 742,076Increase in investment in subsidiary companies 1,785 253,649Decrease in investment in subsidiary companies (3,375) –
At 31 March 994,135 995,725Allowance for diminution in value (568,970) (568,970)
425,165 426,755
The additional investment in the current financial year relates to the investment in Miyazu (Malaysia) Sdn. Bhd. Thedecrease in investment relates to the liquidation of Proton MC Metal Sdn. Bhd. during the financial year. There is nosignificant impact of the liquidation to the Group financial statements.
The details of the subsidiary companies are as follows:
Country of Group’s effectiveName Principal activities incorporation interest
2004 2003
Proton Corporation Sdn. Bhd. Dormant Malaysia 100% 100%
Proton Properties Sdn. Bhd. Property development Malaysia 100% 100%
Proton Cars (UK) Ltd.* Distributor of Proton England 100% 100%vehicles in United Kingdom
246
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
23. SUBSIDIARY COMPANIES (Cont’d.)
Country of Group’s effectiveName Principal activities incorporation interest
2004 2003
Proton MC Metal Sdn. Bhd.ø Trading in steel and related products Malaysia 0% 75%
Proton Cars (Europe) Ltd.* Dormant England 56% 56%
Proton Parts Centre Sdn. Bhd. Warehousing, trading of motor Malaysia 55% 55%vehicle components, spare parts and accessories
Proton Engineering Research Engine and technologies research Malaysia 100% 100%Technology Sdn. Bhd. and development of automotive
related technologies
Lotus Group International Ltd.* Investment holding England 100% 100%
Proton Cars Australia Pty. Ltd.* Importation and distribution of Australia 100% 100%motor vehicles and related spare parts
Proton Cars Benelux NV. SA* Dormant Belgium 100% 100%
Lotus Cars Asia Pacific Sdn. Bhd. Dormant Malaysia 100% 100%
Auto Compound and Distribution Dormant Malaysia 100% 100%Centre Sdn. Bhd.
Proton Automobiles (China) Ltd.+ Investment holding (Dormant) British Virgin 100% 100%Islands
247
Notes to the Financial Statements
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23. SUBSIDIARY COMPANIES (Cont’d.)
Country of Group’s effectiveName Principal activities incorporation interest
2004 2003
Miyazu (Malaysia) Sdn. Bhd.# Development, marketing and sale Malaysia 51% 0%of products and services relating to the design of dies and jigs, maintenance services of dies, die manufacturing and engineering consultancy services for automotive body-in-white integration with procurement and supply of toolings
Proton Tanjung Malim Sdn. Bhd.# Dormant Malaysia 100% 0%
Proton Edar Sdn. Bhd. Sale of motor vehicles, related Malaysia 100% 100%spare parts and accessories
Subsidiary of Proton Edar Sdn. Bhd.Proton Singapore Pte. Ltd.*# Sale of motor vehicles, related Singapore 100% 0%
spare parts and accessories
Proton Edar Resources Sdn. Bhd. Repair and maintenance Malaysia 100% 100%of motor vehicles(previously dormant)
Proton Edar Ventures Sdn. Bhd. Dormant Malaysia 100% 100%
Subsidiary of Proton Engineering Research Technology Sdn. Bhd.Marco Acquisition Corporation* Investment holding company United States 100% 100%
of America
248
Notes to the Financial Statements
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23. SUBSIDIARY COMPANIES (Cont’d.)
Country of Group’s effectiveName Principal activities incorporation interest
2004 2003
Subsidiary of Proton Cars (UK) Ltd.Smith & Sons Motors Ltd.* Dormant England 100% 100%
Subsidiary of Proton Cars (UK) Ltd.Proton Direct Ltd.+ Motor dealership England 100% 100%
Proton Cars (Imports) Ltd.* Dormant England 100% 100%
Proton Cars Direct Limited* Dormant England 100% 100%
Subsidiary of Lotus Group International Ltd.Group Lotus plc* Holds intellectual property England 100% 100%
Subsidiaries of Group Lotus plcLotus Cars Ltd.* Car manufacture and England 100% 100%
engineering consultancy
Lotus Body Engineering Ltd.* Dormant England 100% 100%
Lotus Motorsports Ltd.* Dormant England 100% 100%
Lotus Holdings Inc.* Holding company for United States 100% 100%operations in North America of America
Subsidiary of Lotus Cars Ltd.Lotus Engineering Ltd.* Carries out specific England 100% 100%
engineering contracts
Lotus Engineering (Malaysia) Engineering consultancy Malaysia 100% 100%Sdn. Bhd.
249
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23. SUBSIDIARY COMPANIES (Cont’d.)
Country of Group’s effectiveName Principal activities incorporation interest
2004 2003
Subsidiary of Lotus Holdings Inc.Lotus Engineering Inc.* Engineering consultancy United States 100% 100%
in North America of America
Lotus Cars USA Inc.* Car sales and servicing United States 100% 100%of America
* Audited by overseas firms associated with PricewaterhouseCoopers, Malaysia+ Not audited by PricewaterhouseCoopers# Acquired during the financial yearø Liquidated during the financial year
24. ASSOCIATED COMPANIES
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Unquoted shares at cost:At 1 April 64,087 42,087 37,825 37,825Increase in investment – 22,000 – –
At 31 March 64,087 64,087 37,825 37,825
Allowance for diminution in value (5,799) (5,799) (5,799) (5,799)
58,288 58,288 32,026 32,026Share of post acquisition reserves 111,787 88,567 – –
170,075 146,855 32,026 32,026
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24. ASSOCIATED COMPANIES (Cont’d.)
Group
2004 2003RM’000 RM’000
Interest in associated companies are represented by:Group’s share of net tangible assets 164,964 141,327Group’s share of intangible assets 5,111 5,528
170,075 146,855
The details of the associated companies are as follows:Country of Group’s effective
Name Principal activities incorporation interest2004 2003
PHN Industry Sdn. Bhd. Manufacture and sales of stamped Malaysia 35% 35%parts and sub-assembly of automotive metal components
Aluminium Alloy Castings Sdn. Bhd. Development, manufacture and sale Malaysia 25% 25%of aluminium alloy casting products
Marutech Elastomer Industries Manufacture and production of Malaysia 25% 25%Sdn. Bhd. moulded products, extruded and
rubber hoses for motor vehicles, motorcycle and other related products
Vina Star Motors Corporation Import, assembly and distribution Socialist 25% 25%of vehicles in Vietnam Republic of
Vietnam
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24. ASSOCIATED COMPANIES (Cont’d.)
Country of Group’s effectiveName Principal activities incorporation interest
2004 2003
Exedy (Malaysia) Sdn. Bhd. Manufacture and assembly of Malaysia 45% 45%manual clutch and automatictransmission parts
Proton City Development Property developer and Malaysia 40% 40%Corporation Sdn. Bhd. project management
Associated company of Proton Cars (UK) Ltd.Proton Finance Ltd. Provide dealer and England 49.99% 49.99%
customer finance
Associated company of Proton Edar Sdn. Bhd.Netstar Advance Systems Sdn. Bhd. Engaged in the manufacturing, Malaysia 40% 40%
assembly and sale of vehicletracking devices
Associated company of Proton Automobile China Ltd.Goldstar Proton Automobiles Production of automobile tools China 49% 49%Co. Ltd. and manufacture key
automobile spare parts
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25. JOINTLY CONTROLLED ENTITIES
Group
2004 2003RM’000 RM’000
Unquoted shares at cost:At 1 April 2,835 1,734Increase in investment 25,000 –
27,835 1,734Retained earnings for the financial year 315 1,101
At 31 March 28,150 2,835
The following amounts represent the Group’s share of the assets, liabilities, revenue and expenses of the jointlycontrolled entities:
Group
2004 2003RM’000 RM’000
Current assets 102,194 67,376Current liabilities (74,044) (64,541)
Share of net assets 28,150 2,835
Revenue 6,092 5,960
Profit from ordinary activities before taxation 2,093 1,430Taxation (Note 8) (635) (520)
Profit after taxation 1,458 910
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25. JOINTLY CONTROLLED ENTITIES (Cont’d.)
The details of the jointly controlled entities are as follows:
Country of Group’s effectiveName Principal activities incorporation interest
2004 2003
Advanced Engine Research Engine research and development Malaysia 50% 50%Sdn. Bhd. of fuels, lubricant and advanced
engine materials
Jointly controlled entity of Group Lotus plcLotus Finance Ltd. Joint venture company for England 49.9% 49.9%
financing vehicle purchases
Jointly controlled entity of Proton Edar Sdn. Bhd.Proton Commerce Sdn. Bhd.# Motor vehicles finances Malaysia 50% 0%
# Acquired during the financial year.
26. OTHER LONG TERM INVESTMENTS
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Unquoted investments in Malaysia:At cost 9,226 9,226 5,425 5,425Allowance for diminution in value (2,950) (2,950) (2,950) (2,950)
At 31 March 6,276 6,276 2,475 2,475
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27. LONG TERM LIABILITIES
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Unsecured:Long term loans 222,268 272,597 222,268 272,597Portion repayable within twelve months (Note 21) (52,342) (50,329) (52,342) (50,329)
169,926 222,268 169,926 222,268
Secured:Long term loans 277,500 265,718 – –Portion repayable within twelve months (Note 21) – (265,718) – –
277,500 – – –
Finance lease and hire purchase creditors– secured 14 126 – –Portion repayable within twelve months (Note 17) (10) (126) – –
4 – – –
447,430 222,268 169,926 222,268
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27. LONG TERM LIABILITIES (Cont’d.)
Group and Company
2004 2003RM’000 RM’000
(a) Long term loans – unsecuredThe long term loans are repayable as follows:
Within one year 52,342 50,329Between one and two years 54,435 52,342Between two and five years 115,491 169,926
222,268 272,597
On 29 July 2002, the unsecured long term loan from HICOM Holdings Berhad was novated to the Government ofMalaysia through a novation agreement. The term loans are repayable by 5 annual instalments over a 5 yearperiod. The loan balance comprises of RM41.5 million (2003: RM50.8 million) and another loan of RM180.7 million(2003: RM221.7 million). The final payment of the first tranche of the loan is due on 22 June 2007 and the secondtranche is due on 30 September 2007. Both tranches of the loan bears a fixed interest rate of 4% per annum andis repayable in Ringgit Malaysia.
(b) Long term loans – securedThe secured long term loans obtained by certain subsidiary companies are:
(i) The secured long term loan as at 31 March 2004 comprise a loan of £40 million obtained by a subsidiarycompany. Interest is payable at a fixed rate of 4.94% and the loan is repayable in full in October 2006. Theloan is secured against the Company’s cash deposit in a bank in Malaysia (Note 38).
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27. LONG TERM LIABILITIES (Cont’d.)
(b) Long term loans – secured (Cont’d.)(ii) A term loan drawn against a facility to fund a specific long-term engineering contract.
The loan is repayable in twenty-eight monthly instalments, comprising twenty-seven payments of £609,750commencing in April 2001 and a final payment of £786,750 in July 2003. The loan was drawn in poundssterling and incurred an interest rate of between 4.50% and 4.75% per annum in the last financial year.
The loan is secured by a deed of assignment on the contract receivables against which the funding wasadvanced.
The loan was fully repaid in the financial year.
(iii) Guaranteed floating rate notes listed on the London Stock Exchange.
The listed debt represents £40 million guaranteed floating rate notes in denominations of £100,000 each,issued in October 2000 and repayable in October 2003. The debt is guaranteed by the Company (Note 36).Interest is payable semi annually in arrears due in April and October. Interest charged in the last financial yearwas fixed at 6.3% per annum. The loan was fully repaid in the financial year.
(iv) A note payable of USD5 million granted by a financial institution in the United States of America which isdue in monthly instalments of USD101,741 from March 2000 through to February 2005. The balance of theloan was reclassified as current in the last financial year due to certain covenants including minimum tangiblenet worth and debt service coverage ratio that was not met by the subsidiary company. The loan was fullyrepaid in the financial year.
These secured term loans bear interest rates of between 3.65% to 4.14% per annum in the last financial year.
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27. LONG TERM LIABILITIES (Cont’d.)
(c) Leasing and hire purchase creditorsThe leasing and hire purchase arrangements obtained by subsidiary companies are secured against the assets ofthe respective subsidiary companies.
Analysis of finance lease and hire purchase commitments:Group
2004 2003RM’000 RM’000
Payable within one year 10 126Payable between one and five years 4 –
14 126Less: Finance charges – –
14 126
28. DEFERRED TAXATION
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets againstcurrent tax liabilities and when the deferred taxes relate of the same tax authority. The following amounts, determinedafter appropriate offsetting, are shown in the balance sheet:
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Subject to income tax:
Deferred tax assets 47,252 27,404 34,514 14,812Deferred tax liabilities (1,023) (1,023) – –
46,229 26,381 34,514 14,812
258
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28. DEFERRED TAXATION (Cont’d.)
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Movement of deferred taxAt start of year 26,381 (10,009) 14,812 (15,675)(Charged)/credited to income statement– property, plant and equipment 27,571 40,636 32,160 41,871– inventories (11,840) 13,750 – –– tax losses – 647 – –– allowances and provisions 3,626 (804) (12,949) 6,455– receivables 491 (17,839) 491 (17,839)
46,229 26,381 34,514 14,812
Deferred tax assets (before offsetting)– property, plant and equipment 48,802 66,613 48,802 66,613– inventories 12,153 23,993 – –– tax losses 647 647 – –– allowances and provisions 50,842 47,216 45,668 58,617– receivables 491 – 491 –
112,935 138,469 94,961 125,230Offsetting (65,683) (111,065) (60,447) (110,418)
Deferred tax assets (after offsetting) 47,252 27,404 34,514 14,812
Deferred tax liability (before offsetting)– property, plant and equipment (48,587) (93,969) (42,328) (92,299)– receivables (18,119) (18,119) (18,119) (18,119)
(66,706) (112,088) (60,447) (110,418)Offsetting 65,683 111,065 60,447 110,418
Deferred tax liabilities (after offsetting) (1,023) (1,023) – –
259
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28. DEFERRED TAXATION (Cont’d.)
The amount of deductible temporary differences and unused tax losses (both of which have no expiry date) for whichno deferred tax asset is recognised in the balance sheet are as follows:
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Deductible temporary differences of which nodeferred tax assets is recognised
Unrecognised tax losses 205,112 174,590 – –Unabsorbed capital allowances 27,299 32,061 – –Unrecognised reinvestment allowances 251,552 – 251,552 –Other temporary differences 9,366 9,431 – –
Deductible temporary differences of which nodeferred tax liabilities is recognised
Surplus from land revaluation 12,488 10,765 – –
As at 31 March 2003, there is no temporary differences associated with unremitted earnings of subsidiaries for therecognition of deferred tax liabilities (2003: Nil).
29. SHARE CAPITAL
Company
2004 2003RM’000 RM’000
Authorised share capital:1,000,000,000 ordinary shares of RM1 each 1,000,000 1,000,000
260
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30. RESERVES
The Company has sufficient Section 108(6) tax credits to frank approximately RM2,881.7 million (2003: RM2,753.9million) of its retained profits as at 31 March 2004 if paid out as dividends.
In addition, the Company has tax exempt income as at 31 March 2004 amounting to approximately RM1,137.3 million(2003: RM1,216.9 million) available for distribution as tax exempt dividends to shareholders. This tax exempt income issubject to the agreement by the Inland Revenue Board.
31. EMPLOYEE RETIREMENT BENEFITS
(a) Defined contribution planGroup companies incorporated in Malaysia contribute to the Employees Provident Fund, the national definedcontribution plan. Once the contributions are paid, the Group has no further payment obligations.
(b) Defined benefit planLotus Group Scheme – defined benefit schemeLotus Group International Ltd. and its subsidiaries (‘Lotus Group’), operate a defined benefit pension scheme, theLotus Pension Plan. The assets are held in separate trustee administered funds. In addition, it provides lifeassurance cover for all employees.
Contributions to the scheme are charged to the income statement so as to spread the cost of pensions overemployees’ working lives with the Lotus Group. The contributions are determined by a qualified actuary on thebasis of triennial valuations. The latest actuarial valuation of the plan was carried out on 31 December 2002, usingthe Projected Unit method, updated to 31 March 2004.
261
Notes to the Financial Statements
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31. EMPLOYEE RETIREMENT BENEFITS (Cont’d.)
(b) Defined benefit plan (Cont’d.)Lotus Group Scheme – defined benefit scheme (Cont’d.)The movements during the financial year in the amount recognised in the consolidated balance sheet is as follows:
Group
2004 2003RM’000 RM’000
At 1 April 1,507 1,598Charged to income statements 24,940 13,102Currency translation differences 2,001 329Contributions and benefits paid (17,691) (13,522)
At 31 March 10,757 1,507
The amounts recognised in the consolidated balance sheet is analysed as follows:Group
2004 2003RM’000 RM’000
Present value of funded obligation 270,729 189,606Fair value of plan assets (198,170) (122,774)
Shortfall of funded plan 72,559 66,832Unrecognised actuarial losses (47,877) (50,320)Unrecognised transitional liability (13,925) (15,005)
Liability in balance sheet 10,757 1,507
262
Notes to the Financial Statements
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
31. EMPLOYEE RETIREMENT BENEFITS (Cont’d.)
(b) Defined benefit plan (Cont’d.)Lotus Group Scheme – defined benefit scheme (Cont’d.)The expense recognised in the consolidated income statement is analysed as follows:
Group
2004 2003RM’000 RM’000
Current service cost 17,497 12,304Interest cost 11,937 9,286Expected return on plan assets (9,481) (9,386)Actuarial losses recognised 1,618 –Past service cost 117 898Amortisation of transitional liability 3,252 –
Total, included in staff costs within administrative expenses (Note 6) 24,940 13,102
Actual return on plan assets 30,076 (45,353)
The principal actuarial assumptions used in respect of the Group’s defined benefit plan were as follows:
Group
2004 2003% %
Discount rates 5.50 5.50Expected return on plan assets– Equities 7.50 7.50– Bond 5.00 5.00– Others 4.00 4.00Expected rate of salary increase 4.25 4.00Expected rate of pension payment increase 2.75 2.50Inflation 2.75 2.50
263
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32. SEGMENTAL INFORMATION
The Group is principally engaged in the automobile industry namely manufacturing, assembling, trading and provisionof engineering and other services in respect of motor vehicles and related products. Accordingly, no segmentalinformation is considered necessary for analysis by industry segments.
Intersegment sales comprise of sales of cars, parts and engineering services to companies in different geographicallocations.
Analysis of the Group’s revenue, results and other information by geographical locations of the assets are as follows:
Malaysia Other countries Elimination Total
2004 2003 2004 2003 2004 2003 2004 2003RM million RM million RM million RM million RM million RM million RM million RM million
RevenueExternal sales 5,664.1 8,491.0 806.2 777.0 – – 6,470.3 9,268.0Inter-segment sales 154.7 97.1 372.2 297.5 (526.9) (394.6) – –
Total Revenue 5,818.8 8,588.1 1,178.4 1,074.5 (526.9) (394.6) 6,470.3 9,268.0
ResultSegment operating
profit/(loss) 367.8 1,074.4 30.1 5.3 39.9 162.6 437.8 1,242.3Unallocated expenses – (10.7)Unallocated income 38.5 2.5Interest expense (37.1) (38.4)Interest income 107.5 117.0Share of net profit of
associated companiesand jointly controlledentities 4.2 26.2 26.2 13.8 – – 30.4 40.0
Taxation (56.0) (234.9)
Net profit after taxation 521.1 1,117.8
264
Notes to the Financial Statements
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32. SEGMENTAL INFORMATION (Cont’d.)
Malaysia Other countries Elimination Total
2004 2003 2004 2003 2004 2003 2004 2003RM million RM million RM million RM million RM million RM million RM million RM million
Other InformationSegment asset 7,087.7 7,189.8 608.3 536.8 – – 7,696.0 7,726.6Unallocated assets 433.7 349.8
Total assets 8,129.7 8,076.4
Segment liabilities 1,361.8 1,609.4 400.4 347.6 – – 1,762.2 1,957.0Unallocated liabilities 765.0 925.5
Total liabilities 2,527.2 2,882.5
Capital expenditure 1,024.4 1,005.5 34.6 12.5 – – 1,059.0 1,018.0Depreciation and
amortisation 319.1 398.4 10.3 4.5 – – 329.4 402.9Assets written off 40.5 86.5 0.6 – – – 41.1 86.5Impairment – 1.0 – – – – – 1.0Other non-cash items 41.7 41.4 7.9 13.0 (40.9) 15.0 8.7 69.4
Unallocated income includes dividend from other investments, gain on disposal of short term investments and writebackof provision for diminution in value of short term investments. Unallocated costs represent losses on short terminvestments, both realised and unrealised. Segment assets consist primarily of property, plant and equipment,inventories, receivables and operating cash, and exclude investments in associates, joint venture, long term investments,short term investments and deferred tax assets. Segment liabilities comprise operating liabilities and exclude items suchas taxation and borrowings.
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32. SEGMENTAL INFORMATION (Cont’d.)
Capital expenditure mainly comprises additions to property, plant and equipment (Note 22).
Prior year’s segment data that has been presented for comparative purposes has been restated to meet therequirements of MASB 25 and MASB 29 (Note 41).
Secondary reporting formatThe primary reporting format is based on geographical locations of the assets. The industry segmentation is consideredunnecessary as the Group is principally engaged in automobile industry as explained above. Therefore, only sales toexternal customer based on customer location is presented.
Malaysia Other countries Elimination Total
2004 2003 2004 2003 2004 2003 2004 2003RM million RM million RM million RM million RM million RM million RM million RM million
RevenueExternal sales 5,598.1 8,364.3 872.2 903.7 – – 6,470.3 9,268.0Inter segment sales 154.7 97.1 372.2 297.5 (526.9) (394.6) – –
Total revenue 5,752.8 8,461.4 1,244.4 1,201.2 (526.9) (394.6) 6,470.3 9,268.0
33. CAPITAL AND OTHER COMMITMENTS
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Capital commitmentsCapital expenditure for property, plant and equipment
approved by the Board not provided for in thefinancial statements:Contracted for 664,435 974,022 593,908 857,752Not contracted for 4,901,319 3,593,917 4,728,815 3,478,905
5,565,754 4,567,939 5,322,723 4,336,657
266
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33. CAPITAL AND OTHER COMMITMENTS (Cont’d.)
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Additional investment in a jointly controlled entity approvedby the Board not provided for in the financial statements:Contracted for 100,000 – – –
34. OPERATING LEASES
At 31 March 2004, the Group was committed to making the following payments in respect of operating leases expiring:
Land and Plant and Land and Plant andbuildings machinery Total buildings machinery Total
2004 2004 2004 2003 2003 2003RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Within one year 722 4,436 5,158 549 5,119 5,668Between one and five years 190 2,618 2,808 686 3,987 4,673After five years – 26 26 323 – 323
912 7,080 7,992 1,558 9,106 10,664
267
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
35. SIGNIFICANT RELATED PARTIES DISCLOSURES
In the normal course of business, the Company undertakes a variety of transactions at mutually agreed terms with itssubsidiary and associated companies, other companies deemed related parties by virtue of being members of theKHAZANAH group of companies and other related parties. The related parties with whom the Group and Companytransact with, include the following companies:
Related parties RelationshipMitsubishi Motors Corporation, Japan (“MMC”) Corporate shareholderMitsubishi Corporation, Japan Shareholder of MMCPetroliam Nasional Berhad (“PETRONAS”) Corporate shareholderPEPS-JV (M) Sdn. Bhd. Equity investmentsTechnomeiji Rubber Industries Sdn. Bhd. Equity investments
In addition to related parties disclosures mentioned elsewhere in the financial statements, set out below are othersignificant related party transactions. The related party transactions described below were carried out on terms andconditions obtainable in transactions with unrelated parties unless otherwise stated. Transactions with the utilitiesproviders, Tenaga Nasional Berhad and Telekom Malaysia Berhad, the associated companies of KHAZANAH are notdisclosed.
(a) Sales of goods and servicesGroup Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Sales of goods to:– Vina Star Motors Corporation 20 38 – –– PHN Industry Sdn. Bhd. – 5,331 – –– PEPS-JV (M) Sdn. Bhd. – 14,400 – –– Mitsubishi Motors Corporation 92 125 92 125
268
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35. SIGNIFICANT RELATED PARTIES DISCLOSURES (Cont’d.)
(b) Purchases of goods and servicesGroup Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Purchases of goods from:– Mitsubishi Motors Corporation, Japan 25,039 31,347 5,333 8,977– Mitsubishi Corporation, Japan 963,246 1,215,585 963,246 1,191,892– Associated companies 125,448 173,532 124,483 170,690– Technomeiji Rubber Industries Sdn. Bhd. 13,991 20,763 13,991 20,744– PEPS-JV (M) Sdn. Bhd. 55,319 58,804 55,319 58,804
Purchases of services from:– Mitsubishi Motors Corporation, Japan 16,411 66,806 16,411 66,806– Mitsubishi Corporation, Japan – 1,828 – 1,828
36. CONTINGENT LIABILITIES (UNSECURED)
Company
2004 2003RM’000 RM’000
Guarantees given to bankers for facilities granted to subsidiary andassociated companies 520,115 686,631
Unhedged guarantees denominated in foreign currencies are as follows:
USD1,750,000 (2003: USD1,750,000) 6,650 6,650AUD10,200,000 (2003: AUD10,200,000) 29,228 23,322GBP69,800,000 (2003: GBP69,800,000) 484,237 417,439Floating rate notes GBP40,000,000 – 239,220
520,115 686,631
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37. SIGNIFICANT EVENTS
On 6 May 2003, a wholly owned subsidiary company, Proton Tanjung Malim Sdn. Bhd. was incorporated. The Companybecame operational on 1 April 2004.
On 3 July 2003, Proton Edar Sdn. Bhd., a wholly owned subsidiary of the Company incorporated a company inSingapore, Proton Singapore Pte Ltd.
On 5 August 2003, the Company subscribed for 51% of shares in Miyazu Malaysia Sdn. Bhd. The company commencedits operations in August 2003.
On 22 October 2003, Proton Edar Sdn. Bhd. entered into a joint venture agreement with Bumiputra-Commerce Finance.The joint venture entity, Proton Commerce Sdn. Bhd. commenced its operations in March 2004. The results of ProtonCommerce Sdn. Bhd. are insignificant and are not consolidated in the current financial year.
38. CASH AND CASH EQUIVALENTS
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Licensed banks 2,653,713 2,988,731 1,919,624 2,342,558Discount houses 36,990 73,109 36,990 73,109Other licensed financial institutions 162,651 588,503 162,651 536,503
2,853,354 3,650,343 2,119,265 2,952,170Bank and cash balances 135,866 142,914 16,925 53,468Bank overdrafts (120,564) (73,644) – –Fixed deposit pledged as securities (Note 27) (308,880) – (308,880) –
2,559,776 3,719,613 1,827,310 3,005,638
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38. CASH AND CASH EQUIVALENTS (Cont’d.)
Included in cash and cash equivalents of the Group as at 31 March 2004 are monies held under the HousingDevelopment Accounts pursuant to Section 7A of the Housing Developers (Control and Licensing) Act 1966 (Act 118)amounting to approximately RM649,000 (2003: RM2,685,000).
39. FINANCIAL INSTRUMENTS
(a) Forward foreign exchange contractsForward foreign exchange contracts are entered into by the Group in currencies other than the functional currencyto manage exposure to fluctuations in foreign currency exchange rates on specific transactions.
As at 31 March 2004, the outstanding notional principal amount of the Group and Company foreign exchangecontracts are as follows:
Group Company
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
MaturityLess than 6 months 453,966 458,421 427,218 433,200Between 6 months to 1 year 6,154 27,719 – –More than 1 year – 6,980 – –
460,120 493,120 427,218 433,200
271
Notes to the Financial Statements
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39. FINANCIAL INSTRUMENTS (Cont’d.)
(a) Forward foreign exchange contracts (Cont’d.)The foreign currency amounts to be received and the contractual exchange rates of the Group and Company’soutstanding contracts are as follows:
2004 Currency Currency Averageto be to be RM’000 contracted
Hedged item received paid equivalent rate
GroupFuture purchase of raw materials
over the following 6 months JPY USD 427,218 1 USD = JPY108.16
Forecasted receivables– the following 6 months GBP USD 6,564 1 USD = GBP 0.6640– 6 to 12 months GBP USD 1,636 1 USD = GBP 0.6688– the following 6 months GBP CHF 4,392 1 CHF = GBP 0.4351– 6 to 12 months GBP CHF 300 1 CHF = GBP 0.4418– the following 6 months GBP EURO 968 1 EURO = GBP 0.6872
Forecasted payables– the following 6 months JPY GBP 14,824 1 GBP = JPY 190.00– 6 to 12 months JPY GBP 4,218 1 GBP = JPY 190.83
460,120
CompanyFuture purchase of raw materials
over the following 6 months JPY USD 427,218 1 USD = JPY108.16
272
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
39. FINANCIAL INSTRUMENTS (Cont’d.)
(a) Forward foreign exchange contracts (Cont’d.)2003 Currency Currency Average
to be to be RM’000 contractedHedged item received paid equivalent rate
GroupFuture purchase of raw materials
over the following 6 months JPY USD 433,200 1 USD = JPY119.74
Forecasted receivables– the following 6 months GBP USD 16,282 1 USD = GBP 0.6717– 6 to 12 months GBP USD 27,719 1 USD = GBP 0.6627– more than 12 months GBP USD 6,980 1 USD = GBP 0.6659– the following 6 months GBP CHF 3,362 1 CHF = GBP 0.4460– the following 6 months GBP EURO 172 1 EURO = GBP 0.6831
Forecasted payables– the following 6 months EURO GBP 5,405 1 GBP = EURO 1.5429
493,120
CompanyFuture purchase of raw materials
over the following 6 months JPY USD 433,200 1 USD = JPY119.74
The fair value of outstanding foreign exchange contracts of the Group and Company at the balance sheet datewas a net favourable position of RM22,451,000 and RM21,081,000 respectively (2003: RM5,758,000 andRM6,241,000).
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39. FINANCIAL INSTRUMENTS (Cont’d.)
(b) Interest rate cap and floor contractA subsidiary has entered into a cap and floor contract to manage its interest rate exposure. The notional principleamount of the contract at the end of last financial year is RM239,220,000, the floor rate is 5.1% per annum andthe cap rate is 6.95% per annum. The agreement expired on 20 October 2003.
The fair value of the contract at the balance sheet date of the last financial year was an unfavourable position ofRM1,498,000.
(c) Credit riskThe Group and Company has no significant credit risks other than as set out below.
CompanyThe majority of its deposits are placed with major financial institutions which are creditworthy in Malaysia. Themajority of the trade receivables arises from transactions with its own subsidiaries. A substantial amount of thesereceivables have been received since the financial year end.
GroupThe majority of its deposits are placed with major financial institutions which are creditworthy in Malaysia.
(d) Fair valuesThe carrying amounts of financial assets and liabilities of the Group and Company at the balance sheet dateapproximated their fair values except as set out below:
2004 Group Company
Carrying CarryingNote amount Fair value amount Fair value
RM’000 RM’000 RM’000 RM’000
Recognised on the balance sheetShort term investments 15 181,980 196,075 181,980 196,075Long term investments 26 6,276 * 2,475 *Long term loans– unsecured 27 (222,268) (220,965) (222,268) (220,965)– secured 27 (277,500) (273,920) – –Subsidiary companies (more than 1 year) 13 – – 58,492 **
Not recognised on the balance sheetForeign exchange hedge instruments – 22,451 – 21,081
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39. FINANCIAL INSTRUMENTS (Cont’d.)
(d) Fair values (Cont’d.)2003 Group Company
Carrying CarryingNote amount Fair value amount Fair value
RM’000 RM’000 RM’000 RM’000
Recognised on the balance sheetShort term investments 15 166,435 169,210 166,435 169,210Long term investments 26 6,276 * 2,475 *Long term loans– unsecured 27 (272,597) (270,694) (272,597) (270,694)Amounts due from subsidiary companies
(more than 1 year) 13 – – 17,944 **
Not recognised on the balance sheetForeign exchange hedge instruments – 5,758 – 6,241
Interest rate cap and floor contract – (1,498) – –
* It was not practicable within the constraints of timeliness and cost to estimate the fair values of the unquotedshares reliably. The Group and Company share of the net tangible worth of the investments at the balancesheet date is RM8,528,000. (2003: RM7,729,000)
** It was not practicable to estimate the fair value of advances to subsidiary companies as the advances has nofixed repayment terms.
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40. SUBSEQUENT EVENTS
(a) Subsequent to the Corporate reorganisation announced by the Company on 27 May 2003, the following has beencompleted as at the date of signing of this report.
(i) All the existing shareholders of Perusahaan Otomobil Nasional Berhad have exchanged all their ordinaryshares of RM1.00 each in Perusahaan Otomobil Nasional Berhad for new ordinary shares of RM1.00 each inProton Holdings Berhad on 5 April 2004.
(ii) The listing status of Perusahaan Otomobil Nasional Berhad in the official list of Bursa Malaysia SecuritiesBerhad was transferred to Proton Holdings Berhad on 16 April 2004. Perusahaan Otomobil Nasional Berhadwas subsequently delisted.
(b) On 5 July 2004, the Company executed a joint venture agreement with Tracoma Holdings Berhad in connectionwith the establishment and incorporation of a joint venture company in Indonesia having the name PT ProtonTracoma Motors (“JVC”). The incorporation of JVC is subject to relevant approval from the government authoritiesin Indonesia. The JVC is established to undertake contract assembly of motor vehicles in Indonesia.
41. PRIOR YEAR ADJUSTMENT
During the year, the Group changed its accounting policy with respect to the adoption of MASB 25 “Income Taxes” andMASB 29 “Employee Benefits”.
Under MASB 25, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets arerecognised for all deductible temporary differences when it is probable that the Group has sufficient taxable profit tobe utilised. The changes in accounting policies have been applied retrospectively and comparatives have been restated.
The adoption of MASB 29 resulted in prior year adjustments in respect of amounts payable for short term employeesbenefits in the form of accumulated compensated absences. This obligation was not provided for prior to the adoptionof MASB 29. The changes in accounting policies have been applied retrospectively and comparatives have been restatedfor the financial year ended 31 March 2003.
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41. PRIOR YEAR ADJUSTMENT (Cont’d.)
The effects of changes in accounting policies are as follows:
Balance Sheet and Statement of Changes in Equity
Group Deferred TradeDeferred tax and other Retained Minority
tax assets liabilities payables profits interestRM’000 RM'000 RM’000 RM’000 RM’000
At 1 April 2002, as previously reported – 84,565 1,797,079 3,431,847 46,472Effects of adopting MASB 25 – (74,556) – 74,180 376
As restated – 10,009 1,797,079 3,506,027 46,848
At 1 April 2003, as previously reported – 18,894 1,661,766 4,482,969 56,009Effects of adopting MASB 29 – – 1,963 (1,918) (45)Effects of adopting MASB 25 27,404 (17,871) – 44,629 646
As restated 27,404 1,023 1,663,729 4,525,680 56,610
Company Deferred TradeDeferred tax and other Retained
tax assets liabilities Payables profitsRM’000 RM’000 RM’000 RM’000
At 1 April 2002, as previously reported – 84,130 1,476,704 2,957,745Effects of adopting MASB 25 – (68,455) – 68,455
As restated – 15,675 1,476,704 3,026,200
At 1 April 2003, as previously reported – 17,871 1,188,219 3,678,758Effects of adopting MASB 29 – – 826 (826)Effects of adopting MASB 25 14,812 (17,871) – 32,683
As restated 14,812 – 1,189,045 3,710,615
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41. PRIOR YEAR ADJUSTMENT (Cont’d.)
Income StatementYear ended 31 March 2003
Group CompanyRM’000 RM’000
Profit after tax as previously reported 1,149,001 808,884Effects of adopting MASB 29 (1,963) (826)Effects of adopting MASB 25 (29,281) (35,772)
As restated 1,117,757 772,286
42. APPROVAL OF FINANCIAL STATEMENTS
The financial statements have been approved for issue in accordance with a resolution of the Board of Directors on 16 July 2004.
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STATUTORY DECLARATIONp u r s u a n t t o S e c t i o n 1 6 9 ( 1 6 ) o f t h e C o m p a n i e s A c t , 1 9 6 5
I, Tan Seng Lee, the Director primarily responsible for the financial management of Perusahaan Otomobil Nasional Sdn.Bhd., do solemnly and sincerely declare that the financial statements set out on pages 196 to 278 are, in my opinion,correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisionsof the Statutory Declarations Act, 1960.
TAN SENG LEE
Subscribed and solemnly declared by the abovenamed Tan Seng Lee at Shah Alam in Malaysia on 16 July 2004, before me.
COMMISSIONER FOR OATHS
We, Fadilat binti Ismail and Tan Seng Lee, two of the Directors of Perusahaan Otomobil Nasional Sdn. Bhd., state that,in the opinion of the Directors, the financial statements set out on pages 196 to 278 are drawn up so as to give a trueand fair view of the state of affairs of the Group and the Company as at 31 March 2004 and of the results of the Groupand the Company and cash flows of the Group and the Company for the financial year ended on that date in accordancewith the applicable approved accounting standards in Malaysia and the provisions of the Companies Act, 1965.
Signed on behalf of the Board of Directors in accordance with their resolution dated 16 July 2004.
FADILAT BINTI ISMAIL TAN SENG LEEDirector Director
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STATEMENT BY DIRECTORSp u r s u a n t t o S e c t i o n 1 6 9 ( 1 5 ) o f t h e C o m p a n i e s A c t , 1 9 6 5
We have audited the financial statements set out on pages 196 to 278. These financial statements are the responsibility ofthe 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 auditing standards in Malaysia. Those standards require that we planand perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significant estimates made by Directors, aswell as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis forour opinion.
In our opinion:
(a) the financial statements have been prepared in accordance with the provisions of the Companies Act, 1965 andapplicable approved accounting standards in Malaysia so as to give a true and fair view of:
(i) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements; and
(ii) the state of affairs of the Group and of the Company as at 31 March 2004 and of the results and cash flows ofthe Group and Company for the financial year ended on that date;
and
(b) the accounting and other records and the registers required by the Act to be kept by the Company and by thesubsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions of the Act.
The names of the subsidiary companies of which we have not acted as auditors are indicated in Note 23 to the financialstatements. We have considered the financial statements of these subsidiaries and the auditors’ reports thereon.
We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s financialstatements are in form and content appropriate and proper for the purposes of the preparation of the consolidated financialstatements and we have received satisfactory information and explanations required by us for those purposes.
The auditors’ reports on the financial statements of the subsidiaries were not subject to any qualification and did not includeany comment made under subsection (3) of section 174 of the Act.
PRICEWATERHOUSECOOPERS DATO’ AHMAD JOHAN BIN MOHAMMAD RASLAN(No. AF: 1146) (No. 1867/09/04(J))Chartered Accountants Partner of the firm
Kuala Lumpur16 July 2004
REPORT OF THE AUDITORSt o t h e M e m b e r s o f P e r u s a h a a n O t o m o b i l N a s i o n a l S d n . B h d .
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Para Pengarah dengan sukacitanya membentangkan laporan tahunan mereka berserta penyata kewangan Kumpulan danSyarikat yang telah diaudit bagi tahun kewangan berakhir 31 Mac 2004.
KEGIATAN UTAMA
Penglibatan utama Syarikat adalah dalam bidang perkilangan, pemasangan dan penjualan kenderaan serta produkberkaitan.
Kegiatan utama syarikat subsidiari dan bersekutu adalah seperti dinyatakan dalam Nota 23 dan 24 penyata kewangan.
Tiada perubahan ketara dalam kegiatan Kumpulan di sepanjang tahun kewangan.
KEPUTUSAN KEWANGAN
Kumpulan SyarikatRM’000 RM’000
Keuntungan selepas cukai 521,076 321,836Kepentingan minoriti (11,005) –
Keuntungan bersih bagi pemegang saham 510,071 321,836
DIVIDEN
Jumlah dividen yang telah dibayar atau diisytiharkan oleh Syarikat semenjak 31 Mac 2003 adalah seperti berikut:
Untuk tahun kewangan berakhir 31 Mac 2003 seperti yang dinyatakan dalam laporan para Pengarah tahun itu:
RM’000
Dividen terakhir dikecualikan cukai sebanyak 12.0 sen sesaham biasa, dibayar pada 28 Oktober 2003 65,906
Untuk tahun kewangan berakhir 31 Mac 2004:
Dividen interim dikecualikan cukai sebanyak 5.0 sen sesaham biasa, dibayar pada 16 Januari 2004 27,461
LAPORAN PENGARAH
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DIVIDEN (Samb.)
Para Pengarah mencadangkan pembayaran dividen terakhir dikecualikan cukai sebanyak 10.0 sen sesaham biasa ke atas549,213,000 saham biasa berjumlah RM54,921,300 bagi tahun kewangan berakhir 31 Mac 2004, untuk dibayar kepadasyarikat induknya, Proton Holdings Berhad.
RIZAB DAN PERUNTUKAN
Tiada pindahan ketara kepada atau dari rizab dan peruntukan di sepanjang tahun kewangan ini selain daripada yangdinyatakan dalam penyata kewangan.
PARA PENGARAH
Para Pengarah yang telah memegang jawatan semenjak dari tarikh laporan terakhir adalah:
Y.Bhg. Datuk Abu Hassan bin Kendut (meletak jawatan pada 25 Mei 2004)Pengarah Gantian: Y.Bhg. Datuk Anwar bin Haji @ Aji (meletak jawatan pada 25 Mei 2004)
Y.M. Tengku Tan Sri Dr. Mahaleel bin Tengku Ariff (meletak jawatan pada 25 Mei 2004)Y.Bhg. Datuk Kisai bin Rahmat (meletak jawatan pada 25 Mei 2004)Y.Bhg. Dato’ Haji Abdul Majid bin Haji Hussein (meletak jawatan pada 25 Mei 2004)Encik Hisayoshi Kumai (meletak jawatan pada 25 Mei 2004)
Pengarah Gantian: Encik Akihiko Mizumoto (meletak jawatan pada 25 Mei 2004)Y.Bhg. Tan Sri A. Razak bin Ramli (meletak jawatan pada 25 Mei 2004)Encik Badrul Feisal bin Abdul Rahim (meletak jawatan pada 25 Mei 2004)Y.Bhg. Dato’ Mohd Ghazali @ Fauzi bin Yacub (meletak jawatan pada 25 Mei 2004)Encik Abdul Jabbar bin Abdul Majid (meletak jawatan pada 25 Mei 2004)Y.Bhg. Lt Gen (R) Dato’ Seri Mohamed Daud bin Abu Bakar (meletak jawatan pada 25 Mei 2004)Y.Bhg. Datuk Dr. Soh Chai Hock (meletak jawatan pada 25 Mei 2004)Y.Bhg. Tan Sri Ahmad Fuzi bin Haji Abdul Razak (meletak jawatan pada 25 Mei 2004)Encik Md Ali bin Md Dewal (meletak jawatan pada 25 Mei 2004)Encik Masaharu Iwata (meletak jawatan pada 19 November 2003)Encik Fumihiko Minami (dilantik pada 19 November 2003/
meletak jawatan pada 25 Mei 2004)Y.Bhg. Datuk Kisai bin Rahmat (dilantik pada 25 Mei 2004)Encik Tan Seng Lee (dilantik pada 25 Mei 2004)Puan Fadilat binti Ismail (dilantik pada 25 Mei 2004)Cik Savita Saigal (dilantik pada 25 Mei 2004)
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PARA PENGARAH (Samb.)
Menurut Artikel 103 Tataurusan Syarikat, Y.Bhg. Datuk Kisai bin Rahmat, Encik Tan Seng Lee, Puan Fadilat binti Ismail danCik Savita Saigal akan bersara pada Mesyuarat Agung Tahunan akan datang, dan kerana layak, menawarkan diri merekauntuk dipilih semula.
GANJARAN PENGARAH
Sepanjang dan pada akhir tahun kewangan, Syarikat tidak membuat sebarang perjanjian yang membolehkan para PengarahSyarikat mendapat ganjaran melalui perolehan saham atau debentur Syarikat atau badan korporat lain.
Sejak akhir tahun kewangan yang lepas, tiada seorang pun Pengarah telah menerima atau berhak menerima ganjaran (selainganjaran yang termasuk dalam imbuhan Pengarah dalam nota 6 penyata kewangan) hasil daripada perjanjian yang dibuatoleh Syarikat atau perbadanan berkaitan dengan Pengarah atau dengan firma yang Pengarah adalah seorang ahli ataudengan syarikat yang Pengarah mempunyai kepentingan kewangan ketara.
KEPENTINGAN PENGARAH DALAM SAHAM DAN DEBENTUR
Pada akhir tahun kewangan, Y.Bhg. Datuk Abu Hassan bin Kendut dianggap mempunyai kepentingan tidak langsung dalamsaham Syarikat melalui 4,000 saham biasa bernilai RM1 setiap satu yang dipegang oleh isteri beliau.
Tiada pengarah yang memegang kepentingan saham sama ada dalam Syarikat atau syarikat yang berkaitan.
MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN
Sebelum penyata pendapatan dan kunci kira-kira Kumpulan dan Syarikat disediakan, Para Pengarah mengambil langkah-langkah yang wajar:
(a) untuk menentukan tindakan telah diambil berkait dengan pelupusan hutang lapuk dan membuat peruntukan untukhutang ragu, dan berpuas hati semua hutang lapuk yang diketahui telah dihapus kira dan peruntukan yang mencukupitelah dibuat untuk hutang ragu; dan
(b) untuk memastikan bahawa mana-mana aset semasa, selain hutang, yang tidak mungkin akan mendapatkan nilai dalamurusan perniagaan biasa seperti yang dinyatakan dalam rekod perakaunan Kumpulan dan Syarikat telah diturunkannilai kepada suatu jumlah yang dijangka mungkin diperoleh.
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MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN (Samb.)
Pada tarikh laporan ini, Para Pengarah tidak menyedari tentang sebarang keadaan:
(a) yang boleh menyebabkan jumlah dihapuskan untuk hutang lapuk atau jumlah peruntukan untuk hutang ragu, dalampenyata kewangan Kumpulan dan Syarikat tidak mencukupi dengan jumlah besar; atau
(b) yang boleh menyebabkan nilai kepada aset semasa dalam penyata kewangan Kumpulan dan Syarikat mengelirukan;atau
(c) yang telah timbul yang menyebabkan pematuhan kepada kaedah penilaian aset atau liabiliti Kumpulan dan Syarikatmengelirukan atau tidak munasabah.
Tiada liabiliti luar jangka atau liabiliti lain telah dikuatkuasakan atau akan dikuatkuasakan dalam jangka masa dua belasbulan selepas berakhir tahun kewangan yang pada pendapat Pengarah, akan atau boleh menjejaskan keupayaan Kumpulandan Syarikat untuk memenuhi tanggungjawabnya apabila tiba masanya.
Pada tarikh laporan ini, tidak ada:
(a) sebarang tuntutan ke atas aset Kumpulan dan Syarikat yang timbul sejak akhir tahun kewangan yang mencagarkanliabiliti mana-mana orang lain; atau
(b) sebarang liabiliti luar jangka bagi Kumpulan dan Syarikat yang timbul sejak akhir tahun kewangan.
Pada tarikh laporan ini, para Pengarah tidak menyedari tentang sebarang keadaan yang tidak dinyatakan dalam laporanatau penyata kewangan ini yang boleh menyebabkan jumlah yang dinyatakan dalam penyata kewangan ini mengelirukan.
Pada pendapat para Pengarah:
(a) keputusan operasi Kumpulan dan Syarikat sepanjang tahun kewangan tidak banyak terjejas oleh apa-apa perkara,urusniaga atau peristiwa yang penting dan luarbiasa kecuali seperti yang didedahkan dalam Nota 41 penyatakewangan; dan
(b) dalam tempoh antara akhir tahun kewangan dan tarikh laporan ini, tidak timbul apa-apa perkara, urusniaga, atauperistiwa yang penting dan luarbiasa yang mungkin akan banyak menjejaskan keputusan operasi Kumpulan danSyarikat untuk tahun kewangan yang laporan ini disediakan melainkan yang dinyatakan dalam Nota 40 penyatakewangan.
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SYARIKAT INDUK UTAMA
Selepas 5 April 2004 Proton Holdings Berhad, sebuah syarikat yang ditubuhkan di Malaysia, dianggap sebagai syarikat indukdan syarikat induk utama.
JURUAUDIT
Juruaudit, PricewaterhouseCoopers, telah menyatakan kesanggupan untuk meneruskan perkhidmatan mereka.
Ditandatangani bagi pihak Lembaga Pengarah selaras dengan resolusi pengarah bertarikh 16 Julai 2004.
FADILAT BINTI ISMAIL TAN SENG LEEPengarah Pengarah
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Kumpulan Syarikat
Nota 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Hasil 4 6,470,347 9,267,996 5,259,781 7,674,265Kos jualan (5,414,073) (7,397,530) (4,825,658) (6,466,738)
Keuntungan kasar 1,056,274 1,870,466 434,123 1,207,527Lain-lain pendapatan operasi 233,931 215,672 156,500 172,977Kos pengagihan (166,503) (256,762) (21,375) (48,635)Perbelanjaan pentadbiran (466,545) (387,009) (214,339) (372,281)Lain-lain perbelanjaan operasi (73,422) (91,279) (10,735) (12,990)
Keuntungan daripada operasi 5 583,735 1,351,088 344,174 946,598Kos kewangan 7 (37,127) (38,378) (14,604) (12,565)Bahagian keuntungan syarikat bersekutu 43,292 45,838 – –Bahagian keuntungan entiti kawalan bersama 25 2,093 1,430 – –
Keuntungan sebelum cukai 591,993 1,359,978 329,570 934,033
Cukai– Syarikat (7,734) (161,747) (7,734) (161,747)– Syarikat subsidiari (48,243) (73,159) – –– Bahagian cukai dalam syarikat bersekutu (14,305) (6,795) – –– Bahagian cukai dalam entiti kawalan bersama (635) (520) – –
8 (70,917) (242,221) (7,734) (161,747)
Keuntungan selepas cukai 521,076 1,117,757 321,836 772,286
Kepentingan minoriti (11,005) (10,233) – –
Keuntungan bersih bagi pemegang saham 510,071 1,107,524 321,836 772,286
Perolehan sesaham– asas 9 92.9 sen 201.9 sen– dicairkan 9 N/A N/A
Nota di muka surat 296 hingga 368 merupakan sebahagian daripada penyata kewangan ini.
PENYATA PENDAPATANb a g i t a h u n k e w a n g a n b e r a k h i r 3 1 M a c 2 0 0 4
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Kumpulan Syarikat
Nota 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
ASET SEMASAInventori 11 821,925 835,486 374,149 372,458Penghutang perdagangan dan penghutang lain 12 897,741 830,082 252,581 455,479Jumlah tertunggak dari syarikat subsidiari 13 – – 557,158 352,065Jumlah tertunggak dari syarikat bersekutu 14 1,023 3,363 145 530Cukai terlebih bayar 45,790 19,053 – –Pelaburan jangka pendek 15 181,980 166,435 181,980 166,435Deposit, bank dan baki tunai 16 2,989,220 3,793,257 2,136,190 3,005,638
4,937,679 5,647,676 3,502,203 4,352,605
LIABILITI SEMASAPemiutang perdagangan dan pemiutang lain 17 1,506,179 1,663,729 971,710 1,189,045Peruntukan 18 240,230 264,838 209,043 240,832Jumlah tertunggak kepada syarikat subsidiari 19 – – 144,649 78,875Jumlah tertunggak kepada syarikat bersekutu 20 15,817 28,512 15,817 28,463Cukai 143,383 206,453 139,286 207,486Pinjaman jangka pendek 21 173,134 507,376 52,570 163,441
2,078,743 2,670,908 1,533,075 1,908,142
ASET SEMASA BERSIH 2,858,936 2,976,768 1,969,128 2,444,463
KUNCI KIRA-KIRAp a d a 3 1 M a c 2 0 0 4
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Kumpulan Syarikat
Nota 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
BUKAN ASET SEMASAHartanah, loji dan peralatan 22 2,940,315 2,256,884 2,613,601 2,019,238Syarikat subsidiari 23 – – 425,165 426,755Jumlah tertunggak daripada syarikat subsidiari 13 – – 58,492 17,944Syarikat bersekutu 24 170,075 146,855 32,026 32,026Entiti kawalan bersama 25 28,150 2,835 – –Lain-lain pelaburan jangka panjang 26 6,276 6,276 2,475 2,475Aset cukai tertunda 28 47,252 27,404 34,514 14,812
3,192,068 2,440,254 3,166,273 2,513,250
BUKAN LIABILITI SEMASALiabiliti jangka panjang 27 447,430 222,268 169,926 222,268Liabiliti cukai tertunda 28 1,023 1,023 – –
448,453 223,291 169,926 222,268
5,602,551 5,193,731 4,965,475 4,735,445
DIBIAYAI OLEH:Modal saham 29 549,213 549,213 549,213 549,213Rizab 30 4,988,774 4,587,908 4,416,262 4,186,232
Dana pemegang saham 5,537,987 5,137,121 4,965,475 4,735,445KEPENTINGAN MINORITI 64,564 56,610 – –
5,602,551 5,193,731 4,965,475 4,735,445
Nota di muka surat 296 hingga 368 merupakan sebahagian daripada penyata kewangan ini.
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Saham biasa diterbitkan Bolehdan dibayar penuh Tidak boleh diagihkan diagihkan
Nilai nominal PertukaranBilangan RM1 Premium mata wang Keuntungan
Nota saham sesaham saham Muhibah asing tersimpan Jumlah’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Pada 1 April 2002(seperti yang dilaporkandahulu) 543,144 543,144 432,409 (337,998) 27,175 3,431,847 4,096,577
Penyelarasan tahun dahulu 41 – – – – – 74,180 74,180
Dinyatakan semula 543,144 543,144 432,409 (337,998) 27,175 3,506,027 4,170,757
Diterbitkan di bawah SkimOpsyen Saham PekerjaPerusahaan OtomobilNasional Berhad 6,069 6,069 – – – – 6,069
Premium ke atas terbitan saham – – 43,208 – – – 43,208Perbezaan pertukaran
mata wang – – – – (80,967) – (80,967)Muhibah dihapuskira – – – (21,599) – – (21,599)Keuntungan bersih kepada
pemegang saham – – – – – 1,107,524 1,107,524Dividen bagi tahun berakhir:
31 Mac 2002 – akhir – – – – – (43,935) (43,935)31 Mac 2003 – interim – – – – – (43,936) (43,936)
Pada 31 Mac 2003 549,213 549,213 475,617 (359,597) (53,792) 4,525,680 5,137,121
Nota di muka surat 296 hingga 368 merupakan sebahagian daripada penyata kewangan ini.
PENYATA PERUBAHAN EKUITI DISATUKANb a g i t a h u n k e w a n g a n b e r a k h i r 3 1 M a c 2 0 0 4
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Saham biasa diterbitkan Bolehdan dibayar penuh Tidak boleh diagihkan diagihkan
Nilai nominal PertukaranBilangan RM1 Premium mata wang Keuntungan
Nota saham sesaham saham Muhibah asing tersimpan Jumlah’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Pada 1 April 2003(seperti yang dilaporkandahulu) 549,213 549,213 475,617 (359,597) (53,792) 4,482,969 5,094,410
Penyelarasan tahun dahulu 41 – – – – – 42,711 42,711
Dinyatakan semula 549,213 549,213 475,617 (359,597) (53,792) 4,525,680 5,137,121
Perbezaan pertukaranmata wang – – – – (15,839) – (15,839)
Keuntungan bersih kepadapemegang saham – – – – – 510,071 510,071
Dividen bagi tahun akhir31 Mac 2003 – akhir – – – – – (65,905) (65,905)31 Mac 2004 – interim – – – – – (27,461) (27,461)
Pada 31 Mac 2004 549,213 549,213 475,617 (359,597) (69,631) 4,942,385 5,537,987
Nota di muka surat 296 hingga 368 merupakan sebahagian daripada penyata kewangan ini.
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Penyata Perubahan Ekuiti Disatukan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Saham biasa diterbitkan Bolehdan dibayar penuh Tidak boleh diagihkan diagihkan
Nilai nominal PertukaranBilangan RM1 Premium mata wang Keuntungan
Nota saham sesaham saham asing tersimpan Jumlah’000 RM’000 RM’000 RM’000 RM’000 RM’000
Pada 1 April 2002(seperti yang dilaporkan dahulu) 543,144 543,144 432,409 – 2,957,745 3,933,298
Penyelarasan tahun dahulu 41 – – – – 68,455 68,455
Dinyatakan semula 543,144 543,144 432,409 – 3,026,200 4,001,753
Diterbitkan di bawah SkimOpsyen Saham PekerjaPerusahaan Otomobil NasionalBerhad 6,069 6,069 – – – 6,069
Premium ke atas terbitan saham – – 43,208 – – 43,208Keuntungan bersih kepada
pemegang saham – – – – 772,286 772,286Dividen bagi tahun akhir
31 Mac 2002 – akhir – – – – (43,935) (43,935)31 Mac 2003 – interim – – – – (43,936) (43,936)
Pada 31 Mac 2003 549,213 549,213 475,617 – 3,710,615 4,735,445
Nota di muka surat 296 hingga 368 merupakan sebahagian daripada penyata kewangan ini.
PENYATA PERUBAHAN EKUITI SYARIKATb a g i t a h u n k e w a n g a n b e r a k h i r 3 1 M a c 2 0 0 4
291
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Saham biasa diterbitkan Bolehdan dibayar penuh Tidak boleh diagihkan diagihkan
Nilai nominal PertukaranBilangan RM1 Premium mata wang Keuntungan
Nota saham sesaham saham asing tersimpan Jumlah’000 RM’000 RM’000 RM’000 RM’000 RM’000
Pada 1 April 2003(seperti yang dilaporkan dahulu) 549,213 549,213 475,617 – 3,678,758 4,703,588
Penyelarasan tahun dahulu 41 – – – – 31,857 31,857
Dinyatakan semula 549,213 549,213 475,617 – 3,710,615 4,735,445
Perbezaan pertukaran mata wang – – – 1,560 – 1,560Keuntungan bersih kepada
pemegang saham – – – – 321,836 321,836Dividen bagi tahun akhir
31 Mac 2003 – akhir – – – – (65,905) (65,905)31 Mac 2004 – interim – – – – (27,461) (27,461)
Pada 31 Mac 2004 549,213 549,213 475,617 1,560 3,939,085 4,965,475
Nota di muka surat 296 hingga 368 merupakan sebahagian daripada penyata kewangan ini.
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Penyata Perubahan Ekuiti Syarikat
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
PENYATA ALIRAN TUNAIb a g i t a h u n k e w a n g a n b e r a k h i r 3 1 M a c 2 0 0 4
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Kumpulan Syarikat
Nota 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
ALIRAN TUNAI DARIPADA AKTIVITI OPERASIKeuntungan selepas cukai 521,076 1,117,757 321,836 772,286
Pelarasan untuk:
Cukai 70,917 242,221 7,734 161,747Hapuskira hartanah, loji dan peralatan 41,072 86,477 40,487 75,733Jejas nilai hartanah, loji dan peralatan – 1,000 – –Peruntukan untuk turun nilai inventori 7,957 3,663 (11,165) 3,663Inventori dihapus kira – 12,977 – 12,977Susut nilai hartanah, loji dan peralatan 329,383 402,929 302,456 383,334Perbelanjaan faedah 37,127 38,378 14,604 12,565Pendapatan faedah (107,542) (117,028) (92,800) (99,693)(Keuntungan) bagi pelupusan hartanah, loji dan peralatan (46,592) (6,521) (333) (3,976)Bahagian keuntungan syarikat bersekutu (43,292) (45,838) – –Bahagian keuntungan entiti kawalan bersama (2,093) (1,430) – –Peruntukan untuk penurunan nilai pelaburan dalam
syarikat subsidiari – – – 231,649Masuk kira semula penurunan nilai pelaburan dalam
syarikat bersekutu – – – (4,200)(Masuk kira semula)/peruntukan untuk penurunan nilai
dalam pelaburan jangka pendek (17,791) 8,985 (17,791) 8,985(Keuntungan)/kerugian ke atas pelupusan pelaburan
jangka pendek (12,388) 1,694 (12,388) 1,694(Masuk kira semula)/peruntukan untuk hutang ragu (1,566) 5,440 (9,049) (23,231)Kerugian/(keuntungan) pertukaran mata wang asing
belum terealisasi 6,098 (63,687) 1,752 (64,710)Peruntukan untuk waranti (bersih daripada bayaran
dijangka balik) 48,860 53,858 21,463 46,925Pendapatan dividen (8,218) (2,520) (22,689) (8,857)
Keuntungan operasi sebelum perubahan dalam modal kerja: 823,008 1,738,355 544,117 1,506,891
Kumpulan Syarikat
Nota 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Perubahan dalam modal kerja:
Inventori 35,635 (107,552) 9,474 (156,601)Penghutang– Perdagangan dan lain-lain (36,431) 277,274 203,985 275,365– Syarikat subsidiari – – (240,458) (63,776)– Syarikat bersekutu 2,340 1,479 521 (127)Pemiutang– Perdagangan dan lain-lain (203,142) (211,852) (216,247) (286,861)– Peruntukan untuk belanja dan liabiliti (90,294) (144,976) (53,252) (130,086)– Syarikat subsidiari – – 65,774 47,598– Syarikat bersekutu (12,695) (4,634) (12,646) (4,336)
Aliran tunai hasil daripada operasi 518,421 1,548,094 301,268 1,188,067
Cukai dibayar (163,952) (356,534) (92,500) (234,950)Faedah diterima 113,168 116,340 97,019 93,973Faedah dibayar (42,152) (41,991) (15,692) (13,363)
Aliran tunai bersih dihasilkan daripada aktiviti operasi 425,485 1,265,909 290,095 1,033,727
ALIRAN TUNAI DARIPADA AKTIVITI PELABURANPembelian hartanah, loji dan peralatan (1,059,011) (1,017,953) (938,125) (916,617)Tambahan pelaburan dalam syarikat subsidiari – (21,599) (1,785) (253,649)Tambahan pelaburan dalam syarikat bersekutu – (21,998) – –Tambahan pelaburan dalam entiti kawalan bersama (25,000) – – –Bayaran balik pendahuluan dari syarikat subsidiari – – (1,632) 67,042Pembelian pelaburan jangka pendek (122,955) (104,968) (122,955) (104,968)Pelupusan pelaburan jangka pendek 137,589 112,841 137,589 112,841Perolehan dari penjualan hartanah, loji dan peralatan 56,175 11,742 1,152 36,549Dividen diterima 18,291 7,360 19,417 8,857Pulangan modal saham dalam pemansuhan syarikat subsidiari – – 3,375 –
Aliran tunai bersih digunakan dalam aktiviti pelaburan (994,911) (1,034,575) (902,964) (1,049,945)
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Penyata Aliran Tunai
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
Kumpulan Syarikat
Nota 2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
ALIRAN TUNAI DARIPADA AKTIVITI KEWANGANBayaran dividen (93,366) (87,871) (93,366) (87,871)Perolehan dari terbitan modal saham – 49,277 – 49,277Tunai hasil dari kepentingan minoriti 1,715 – – –Perolehan dari pinjaman jangka pendek 846,927 113,112 846,927 113,112Perolehan dari pinjaman bertempoh 277,500 – – –Bayaran balik pinjaman bertempoh (357,304) (69,054) (50,329) (17,816)Bayaran ansuran pajakan kewangan dan sewabeli (146) (656) – –Bayaran balik pinjaman jangka pendek (965,541) (127,400) (959,811) –Deposit tetap dicagarkan 38 (308,880) – (308,880) –
Aliran tunai bersih (digunakan dalam)/dihasilkandaripada aktiviti kewangan (599,095) (122,592) (565,459) 56,702
TAMBAHAN BERSIH DALAM TUNAI DAN KESETARAAN TUNAI (1,168,521) 108,742 (1,178,328) 40,484
KESAN KADAR PERTUKARAN WANG ASING 8,684 1,844 – –
TUNAI DAN KESETARAAN TUNAI PADA PERMULAANTAHUN KEWANGAN 3,719,613 3,609,027 3,005,638 2,965,154
TUNAI DAN KESETARAAN TUNAI PADA AKHIR TAHUNKEWANGAN 38 2,559,776 3,719,613 1,827,310 3,005,638
Nota di muka surat 296 hingga 368 merupakan sebahagian daripada penyata kewangan ini.
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Penyata Aliran Tunai
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
1. MAKLUMAT KORPORAT
Penglibatan utama Syarikat ialah dalam bidang perkilangan, pemasangan dan penjualan kenderaan dan produkberkaitan.
Kegiatan utama syarikat subsidiari dan bersekutu adalah seperti yang dinyatakan dalam Nota 23 dan 24 penyatakewangan. Tiada perubahan ketara dalam kegiatan Kumpulan di sepanjang tahun kewangan.
Selepas 31 Mac 2004, Syarikat telah selesai dalam proses Penyusunan Semula Kumpulan. Sebelumnya, Syarikat adalahsyarikat liabiliti awam terhad, diperbadan dan bermastautin di Malaysia dan disenaraikan di Papan Utama BursaMalaysia Berhad (“BMB”). Pada 5 April 2004, Proton Holdings Berhad telah menjadi syarikat induk kepada Syarikat.Penyenaraian di Papan Utama Bursa Malaysia Berhad telah diambil oleh Syarikat induk pada 16 April 2004.
Syarikat induk dan Syarikat induk utama selepas 5 April 2004 adalah Proton Holdings Berhad, sebuah syarikat yangditubuhkan di Malaysia.
2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING
(a) Asas perakaunanPenyata kewangan telah disediakan mengikut kelaziman kos sejarah (yang diubahsuai oleh penilaian semula tanahpegangan bebas tertentu) kecuali seperti yang dinyatakan di dalam ringkasan dasar perakaunan penting.
Penyata kewangan ini adalah selaras dengan piawaian perakaunan yang diluluskan di Malaysia dan peruntukanAkta Syarikat, 1965. Piawaian perakaunan yang baru diluluskan di dalam penyata kewangan ini adalah sepertiberikut:
Piawaian MASB 25 “Cukai Pendapatan”Piawaian MASB 27 “Kos Pinjaman”Piawaian MASB 28 “Pemberhentian Operasi”Piawaian MASB 29 “Manfaat Pekerja”
Selain daripada Piawaian MASB 25 dan MASB 29, tiada perubahan pada polisi perakaunan yang melibatkanperubahan pada keuntungan bersih atau modal pemegang saham dalam tahun kewangan hasil daripadapenggunaan piawaian tersebut dalam penyata kewangan ini kerana Kumpulan telah mematuhi dasar pengiktirafandan ukuran piawaian itu. Kesan dari pematuhan Piawaian MASB 25 dan MASB 29 telah dirumuskan dalam Nota 41 penyata kewangan.
NOTA-NOTA KEPADA PENYATA KEWANGAN3 1 M a c 2 0 0 4
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2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(a) Asas perakaunan (Samb.)Penyediaan penyata kewangan yang mematuhi piawaian perakaunan yang diluluskan di Malaysia dan peruntukanAkta Syarikat 1965, memerlukan Pengarah untuk membuat andaian dan anggaran ke atas nilai aset dan liabilitiyang dilaporkan dan pendedahan aset dan liabiliti luarjangka pada tarikh penyata kewangan dan nilai pendapatandan perbelanjaan yang dilaporkan sepanjang tahun kewangan. Keputusan sebenar mungkin berbeza daripadaanggaran tersebut.
(b) Asas penyatuanPenyata kewangan yang disatukan mengandungi penyata kewangan Syarikat dan semua subsidiarinya pada akhirtahun kewangan. Kesemua penyata kewangan syarikat subsidiari disatukan dengan menggunakan kaedahperakaunan pemerolehan. Penyata pendapatan yang disatukan mengandungi hasil syarikat subsidiari yangdiperolehi atau dilupuskan sepanjang tahun kewangan dari tarikh pemerolehan atau sehingga tarikh pelupusanmasing-masing.
(i) Syarikat subsidiariSyarikat subsidiari adalah syarikat yang mana Kumpulan mempunyai kuasa untuk mengawal dasar kewangandan polisi operasi untuk mendapatkan manfaat dari aktiviti mereka.
Kepentingan minoriti dikira berdasarkan pada manfaat bahagian minoriti dalam nilai wajar aset dan liabilitiselepas pengambilan sesebuah syarikat. Pendedahan berasingan dibuat untuk kepentingan minoriti.
Pelaburan dalam syarikat subsidiari dinyatakan pada kos. Apabila terdapat petanda rosot nilai, jumlah pelaburanyang dibawa akan dikaji semula dan dirosotkan nilainya kepada jumlah yang boleh diperolehi semula.
(ii) Syarikat bersekutuSyarikat bersekutu adalah syarikat yang mana Kumpulan melaksanakan pengaruh penting. Pengaruh pentingadalah kuasa untuk menyertai dalam keputusan dasar-dasar kewangan dan operasi syarikat bersekutu tetapibukan untuk mengawal dasar-dasar itu. Pelaburan dalam syarikat bersekutu diambilkira di dalam penyatakewangan berdasarkan kaedah perakaunan ekuiti.
Penyata kewangan yang disatukan mengandungi bahagian keuntungan atau kerugian syarikat bersekutu yangdikira berdasarkan penyata kewangan terakhir diaudit atau penyata kewangan pengurusan syarikat tersebut.
Pelaburan dalam syarikat bersekutu dinyatakan pada kos. Apabila terdapat petanda rosot nilai, jumlah pelaburanyang dibawa akan dikaji semula dan dirosotkan nilainya kepada jumlah yang boleh diperolehi semula.
Dalam kunci kira-kira disatukan, kepentingan Kumpulan dalam syarikat bersekutu dinyatakan pada koscampur bahagian keuntungan atau kerugian selepas pemerolehan dan rizab.
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Nota-nota kepada Penyata Kewangan
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(b) Asas penyatuan (Samb.)(iii) Entiti kawalan bersama
Entiti kawalan bersama adalah syarikat, perkongsian atau entiti lain yang mana terdapat kontrak pengawalanbersama antara Kumpulan dengan satu atau lebih pihak lain. Dalam penyata kewangan yang disatukan,kepentingan Kumpulan dalam entiti kawalan bersama diambil kira berdasarkan kaedah perakaunan ekuiti.
(c) PelaburanPelaburan dalam pelaburan bukan semasa lain dinyatakan pada kos, dan peruntukan untuk pengurangan nilaidibuat apabila para Pengarah berpendapat terdapat penurunan selain penurunan sementara dalam nilai pelaburan.Apabila terdapat penurunan selain penurunan sementara dalam nilai pelaburan, maka penurunan itu dikirasebagai perbelanjaan dalam tahun kewangan tersebut. Sila lihat polisi perakaunan Nota 2(u) berkaitan denganrosot nilai aset.
Pelaburan jangka pendek dinyatakan pada yang mana lebih rendah di antara kos dan nilai pasaran, yangditentukan berasaskan portfolio agregat mengikut kategori pelaburan. Nilai pasaran dikira dengan merujuk hargajualan yang tersiar di bursa saham pada masa perniagaan ditutup pada tarikh kunci kira-kira. Naik/turunnya jumlahyang dibawa bagi pelaburan jangka pendek direkodkan sebagai pendapatan/perbelanjaan kepada penyatapendapatan.
Bagi pelaburan yang dijual, perbezaan antara hasil jualan bersih dan jumlah yang dibawa direkodkan sebagaipendapatan/perbelanjaan kepada penyata pendapatan.
(d) MuhibahMuhibah hasil daripada penyatuan adalah lebihan harga belian ke atas nilai wajar bagi aset bersih syarikatsubsidiari pada tarikh pemerolehan. Muhibah dihapuskira dan ditolak daripada rizab dalam tahun pemerolehan.
2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(e) Hartanah, loji dan peralatanSebidang tanah pegangan bebas yang dipegang oleh Syarikat dinyatakan oleh para Pengarah berdasarkanpenilaian profesional bebas pada tahun 1983 mengikut nilai pasaran terbuka berasaskan kegunaan sedia ada.Lebihan akibat daripada penilaian semula dikreditkan terus ke rizab modal dan seterusnya digunakan. Penilaianini belum dikemaskinikan.
Kesemua tanah lain yang dipegang oleh Kumpulan dan Syarikat dinyatakan pada kos. Tanah pegangan bebas dankerja yang sedang dijalankan tidak disusutnilaikan. Semua tanah pegangan pajak jangka panjang dilunaskansepanjang tempoh pajakan.
Semua hartanah, loji dan peralatan lain selain dari acuan dan aci yang dikategorikan di bawah loji dan jentera,yang dipegang oleh Kumpulan dan Syarikat dinyatakan pada kos tolak susut nilai terkumpul dan jejas nilai. Susutnilai dikira menggunakan kaedah garis lurus untuk menghapuskira kos aset di sepanjang tempoh anggaran hayatpenggunaanya. Apabila terdapat petanda jejas nilai, nilai aset yang dibawa akan dikaji dan dijejaskan nilainyakepada jumlah yang boleh diperolehi semula dengan segera.
Kadar tahunan utama susut nilai yang digunakan adalah seperti berikut:
Tanah pegangan pajak jangka panjang Sepanjang tempoh pajakan 98 tahunBangunan 2% – 5%Loji dan jentera 10% – 50%Peralatan pejabat, perabut, lekapan dan kenderaan 10% – 50%
Acuan dan aci yang dikategorikan dalam loji dan jentera disusut nilai berdasarkan asas unit pengeluaran untukmelupuskan kos aset di sepanjang tempoh anggaran hayat penggunaan iaitu dari 5 ke 6 tahun.
Kerja yang sedang dilaksanakan tidak disusut nilai. Apabila siap, kos berkaitan akan dipindahkan kepada kategoriaset masing-masing. Susut nilai atas kerja yang dijalankan dikira bila aset telah sedia untuk digunakan.
(f) Tanah dan perbelanjaan pembangunanTanah dan perbelanjaan pembangunan terdiri daripada tanah yang dipegang untuk pembangunan dan kospembangunan berkaitan yang biasa untuk projek. Tanah yang dibangunkan dinyatakan pada kos atau nilai bersihyang boleh diperolehi, yang mana lebih rendah.
Semua perbelanjaan untuk projek belum siap, dipermodalkan dan direkodkan ke dalam kunci kira-kira sebagaiperbelanjaan pembangunan.
Apabila projek siap, kos tanah dan pembangunan berkaitan diklasifikasikan sebagai pangsapuri untuk dijual.
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Nota-nota kepada Penyata Kewangan
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2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(g) PajakanPajakan kewangan ialah pajakan hartanah, loji dan peralatan di mana Kumpulan menerima sebahagian besarsegala manfaat dan risiko pemilikan.
Hartanah, loji dan peralatan yang diambil alih di bawah pajakan kewangan termasuk dalam hartanah, loji danperalatan dan disusut nilai selaras dengan Nota 2(e) di atas. Obligasi di bawah perjanjian pajakan dianggapsebagai liabiliti dan perbelanjaan faedah diperuntukkan dalam penyata pendapatan di sepanjang tempoh pajakanuntuk memberi kadar faedah berkala tetap ke atas liabiliti pajakan selebihnya.
Pajakan operasi adalah pajakan aset di mana sebahagian besar risiko dan manfaat pemilikan dipegang olehpemajak. Bayaran yang dibuat di bawah operasi direkodkan sebagai belanja dalam penyata pendapatanberdasarkan asas garis lurus pada sepanjang tempoh pajakan.
(h) InventoriInventori dinyatakan menurut yang mana lebih rendah antara kos dan nilai jualan bersih. Kos ditentukanberasaskan masuk-dulu keluar-dulu kecuali alat ganti dan aksesori yang dipegang oleh sesetengah subsidiari yangditentukan mengikut purata wajaran.
Untuk kerja yang sedang dijalankan dan kenderaan siap, kadar kos pengilangan yang sesuai dikira sebagai kos.
(i) Penghutang perdagangan dan penghutang lainPenghutang perdagangan dan penghutang lain dinyatakan pada nilai yang dijangka boleh diperolehi. Peruntukandibuat untuk hutang ragu berdasarkan tinjauan tertentu ke atas baki tertunggak pada tarikh kunci kira-kira.Peruntukan am dibuat untuk menampung kerugian yang mungkin berlaku dan tidak dapat dikenal pasti dengannyata. Hutang lapuk dihapuskira pada tahun kewangan ia dikenal pasti.
(j) Perbelanjaan penyelidikan dan pembangunanPerbelanjaan penyelidikan dan pembangunan secara amnya dikira sebagai belanja. Kos untuk projek pembangunandipermodalkan apabila perbelanjaan tersebut boleh menghasilkan manfaat ekonomi pada masa hadapan.Perbelanjaan yang dipermodalkan akan disusut nilai berdasarkan anggaran jangkahayat projek tersebut. Kospembangunan yang pada mulanya diambilkira sebagai belanja tidak akan dikira sebagai aset dalam tempohberikutnya.
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2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(k) PeruntukanKumpulan membuat peruntukan apabila terdapat tanggungan dari segi undang-undang ataupun tanggungan hasildaripada peristiwa lampau di mana ada kemungkinan besar bahawa sumber Kumpulan akan digunakan untukmelunaskan tanggungan tersebut dan jumlahnya boleh dianggarkan dengan baik. Apabila Kumpulan pasti bahawaperuntukan tersebut akan dibayar balik, peruntukan untuk pembayaran semula akan di kenal pasti sebagai aset.
Peruntukan waranti
Peruntukan dibuat untuk anggaran liabiliti atas semua produk dalam waranti di samping tuntutan yang telahditerima. Waranti dikira bagi kenderaan yang dijual dalam tempoh satu sehingga tiga tahun. Peruntukan dibuatberasaskan pengalaman lepas tentang tahap tuntutan yang diterima dalam tempoh waranti. Apabila Kumpulanpasti bahawa peruntukan waranti tersebut akan dibayar balik, pembayaran semula akan dikenal pasti sebagai aset.
(l) Manfaat pekerja(i) Manfaat pekerja jangka pendek
Gaji, upah, cuti tahunan bergaji dan cuti sakit, bonus dan faedah-faedah lain bukan tunai diakru dalamtempoh berdasarkan perkhidmatan yang diberi oleh pekerja Kumpulan dalam tempoh tersebut.
(ii) Manfaat selepas pekerjaanKumpulan memiliki pelbagai skim manfaat selepas pekerjaan tertakluk kepada keadaan tempatan dan amalandi negara Kumpulan beroperasi. Kumpulan mempunyai kedua-dua pelan caruman tertakrif dan pelan manfaattertakrif.
Pelan caruman tertakrifCaruman Kumpulan di dalam Pelan caruman tertakrif dikira dalam penyata kewangan dalam tempoh yangberkaitan. Selepas caruman dibuat, Kumpulan tidak lagi mempunyai apa-apa tanggungan ke atas pelan tersebut.
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Nota-nota kepada Penyata Kewangan
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2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(l) Manfaat pekerja (Samb.)(ii) Manfaat selepas pekerjaan (Samb.)
Pelan manfaat tertakrifLiabiliti Kumpulan dalam pelan manfaat tertakrif dikira berdasarkan tanggungan Kumpulan pada tarikh kuncikira-kira tolak nilai wajar aset pelan tersebut, termasuk keuntungan/kerugian aktuari dan kos perkhidmatanterdahulu. Kumpulan sentiasa menentukan nilai semasa tanggungan manfaat tertakrif dan nilai wajar asetpelan tidak berbeza secara ketara dengan jumlah yang ditentukan pada tarikh kunci kira-kira.
Tanggungan dalam pelan manfaat tertakrif adalah dikira dengan menggunakan kaedah unit yang disarankanoleh pihak aktuari bebas berasaskan penilaian bagi setiap tiga tahun. Andaian dibuat mengenai pulanganpelaburan tahunan, peningkatan gaji tahunan dan peningkatan persaraan tahunan.
Pelan aset yang melebihi tanggungan Kumpulan adalah terhad seperti yang dinyatakan dalam MASB 29.
Keuntungan dan kerugian aktuari terhasil dari perubahan peristiwa lepas dan juga perubahan dalam andaianaktuari. Jumlah keuntungan dan kerugian bersih dalam penyata kewangan ditentukan dengan kaedah‘koridor’ berdasarkan MASB 29 dan dikira dalam penyata pendapatan berdasarkan purata baki hayat bekerjakakitangan yang terlibat dalam pelan tersebut.
Semasa permulaan aplikasi Piawaian MASB 29 pada 1 April 2003, peningkatan dalam liabiliti pelan manfaattertakrif adalah dikira sebagai perbelanjaan berdasarkan kepada kaedah garis lurus selama 5 tahun sepertiyang dibenarkan oleh Piawaian.
(iii) Manfaat pemberhentian kerjaManfaat akan dibayar apabila pekerja ditamatkan tempoh pekerjaannya sebelum tarikh persaraan atauapabila pekerja bersetuju ditamatkan kerja secara sukarela dengan tujuan mendapatkan bayaran manfaat.Kumpulan mengenalpasti manfaat pemberhentian kerja apabila Kumpulan telah menunjukkan komitmenuntuk memberhentikan pekerja melalui rancangan rasmi yang terperinci tanpa sebarang kemungkinanpenarikan semula atau hasil daripada tawaran yang dibuat untuk menggalakkan pemberhentian secarasukarela. Manfaat yang melebihi 12 bulan dari tarikh kunci kira-kira adalah dikurangkan kepada nilai semasa.
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(m) Cukai PendapatanPerbelanjaan cukai semasa ditentukan berasaskan kepada undang-undang cukai di mana Kumpulan beroperasi dantermasuk semua keuntungan boleh dicukai, termasuk pembayaran cukai pegangan oleh syarikat subsidiari asing keatas pengagihan keuntungan tersimpan kepada syarikat-syarikat dalam Kumpulan.
Cukai tertunda dikira sepenuhnya berasaskan kaedah liabiliti atas perbezaan sementara terhasil di antara nilai asetdan liabiliti untuk tujuan cukai dan nilainya yang dibawa dalam penyata kewangan.
Aset cukai tertunda diambilkira apabila terdapat kemungkinan besar bahawa keuntungan bercukai bolehdigunakan untuk mengimbangi perbezaan sementara atau kerugian cukai yang belum digunakan.
Cukai tertunda diambilkira untuk perbezaan sementara dari pelaburan dalam syarikat subsidiari, syarikat bersekutudan Syarikat kawalan bersama melainkan bila ada bukti yang munasabah bahawa perbezaan sementara itu bolehdikawal dan tidak akan berbalik pada masa depan yang dijangkakan.
Enakmen kadar cukai pada tarikh kunci kira-kira digunakan dalam penentuan cukai tertunda.
(n) Urusniaga dan pertukaran mata wang asingUrusniaga dalam mata wang asing pada tahun kewangan ditukarkan ke Ringgit Malaysia mengikut kadarpertukaran semasa pada tarikh urusniaga. Aset dan liabiliti kewangan dalam mata wang asing pada tarikh kuncikira kira ditukarkan ke Ringgit Malaysia mengikut kadar pertukaran semasa pada tarikh itu. Perbezaan kadarpertukaran hasil daripada penyelesaian urusniaga mata wang asing dan daripada tukaran aset dan liabilitikewangan mata wang asing dimasukkan dalam penyata pendapatan.
Hasil daripada syarikat subsidiari dan syarikat bersekutu asing ditukarkan ke Ringgit Malaysia pada kadarpertukaran purata bagi tahun kewangan. Aset dan liabiliti ditukarkan ke Ringgit Malaysia mengikut kadarpertukaran semasa pada tarikh kunci kira-kira. Perbezaan pertukaran daripada hasil tukaran bagi tahun itu padakadar purata dan aset dan liabiliti pada kadar akhir tahun dan penyataan semula pada kadar akhir tahunpembukaan pelaburan bersih dalam syarikat subsidiari dan syarikat bersekutu asing dibawa ke akaun terjemahantukaran asing sebagai komponen dana pemegang saham.
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(n) Urusniaga dan pertukaran mata wang asing (Samb.)Kadar pertukaran penutup utama yang digunakan dalam pertukaran jumlah mata wang asing adalah sepertiberikut:
Mata wang asing 31.03.2004 31.03.2003RM RM
1 USD 3.80 3.801 GBP 6.94 5.981 AUD 2.87 2.291 EURO 4.63 4.11100 JPY 3.59 3.17
(o) Tunai dan kesetaraan tunaiTunai dan kesetaraan tunai terdiri dari tunai di tangan, baki bank, deposit bank, overdraft bank dan pelaburanjangka pendek mudah cair yang boleh ditukarkan dengan mudah kepada wang tunai dalam jumlah yang diketahuidan tertakluk kepada risiko perubahan nilai yang tidak ketara.
(p) Pengiktirafan hasilPenjualan barangan termasuk kenderaan, alat ganti dan aksesori diiktiraf apabila produk diserahkan.
Hasil daripada jualan pangsapuri yang telah siap diiktiraf apabila Perjanjian Jual Beli ditandatangani.
Hasil daripada penyediaan khidmat untuk kontrak kejuruteraan jangka panjang diiktiraf berdasarkan peringkatsiap kontrak tersebut pada akhir tahun kewangan dengan hasil kontrak boleh dinilaikan mengikut ketentuan yangmunasabah. Peruntukan penuh dibuat bagi semua kerugian yang dijangkakan pada masa kontrak dibuat ataubermula sebelum akhir tahun kewangan. Jumlah dimasukkan dalam lingkungan belum terima dan bayaranterdahulu untuk memastikan perbezaan masa yang timbul antara jumlah yang diinbois dan jumlah yang dikiradalam penyata pendapatan pada kontrak kejuruteraan individu.
Hasil lain sebahagian besarnya terdiri daripada hasil sewa dan pendapatan royalti. Hasil sewa dan pendapatanroyalti dikira berdasarkan akruan.
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Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(q) Instrumen kewangan(i) Instrumen kewangan diiktiraf dalam kunci kira-kira
Cara pengiktirafan yang digunakan bagi instrumen kewangan yang diiktiraf dalam kunci kira-kira adalahdinyatakan di dalam polisi berasingan untuk setiap instrumen.
(ii) Instrumen kewangan tidak diiktiraf pada kunci kira-kiraKumpulan adalah pihak kepada instrumen kewangan yang merangkumi kontrak kehadapan mata wang asingdan kontrak nilai faedah tertinggi dan terendah. Instrumen-instrumen ini tidak diiktiraf di dalam penyatakewangan.
Kontrak hadapan mata wang asingKumpulan membuat kontrak hadapan mata wang asing bagi melindungi Kumpulan daripada perubahan padatukaran nilai mata wang dengan menetapkan satu nilai di mana aset atau liabiliti mata wang asing akandiuruskan.
Keuntungan dan kerugian tukaran dari penglibatan kontrak hadapan mata wang asing sebagai perlindungandalam jangkaan urusniaga masa hadapan adalah ditunda kepada tarikh urusniaga tersebut, di mana ianyadikira di dalam ukuran urusniaga itu.
Kesemua keuntungan dan kerugian tukaran lain berkaitan dengan instrumen perlindungan adalah diiktirafdalam penyata pendapatan pada tempoh yang sama dengan perbezaan tukaran pada perkara yang dilindung.Apabila kontrak tersebut tidak lagi dijadikan sebagai instrumen perlindungan, keuntungan dan kerugiantersebut dikira dalam penyata pendapatan.
(iii) Anggaran nilai wajar bagi tujuan pendedahanNilai wajar lindung nilai dan sekuriti yang didagangkan secara terbuka adalah berdasarkan pada hargapasaran pada tarikh kunci kira-kira.
Nilai wajar kontrak kadar faedah tertinggi dan terendah dikira berdasarkan perbezaan antara faedahberbayar pada nilai pasaran dan pada nilai kontrak. Nilai wajar kontrak hadapan mata wang asing ditentukanberdasarkan nilai pasaran tukaran hadapan pada tarikh kunci kira-kira.
Dalam menilai nilai wajar instrumen lindung nilai bukan dagangan dan instrumen kewangan, Kumpulanmenggunakan pelbagai cara dan andaian dibuat berdasarkan keadaan pasaran pada setiap tarikh kunci kira-kira. Harga pasaran tersiar atau sebut harga peniaga untuk instrumen yang tertentu atau sama adalahdigunakan bagi pinjaman jangka panjang. Pelaburan tak tersiarharga jangka panjang adalah dinilaiberdasarkan pelaburan tersiarharga yang memiliki ciri-ciri yang sama.
Nilai muka, ditolak anggaran penyesuaian kredit, bagi aset dan liabiliti kewangan semasa adalah dianggarkansama dengan nilai instrumen tersebut.
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(r) PinjamanPengkelasanPinjaman pada mulanya diiktiraf berdasarkan pada tunai diterima tolak, kos urusniaga. Pada tempoh berikutnya,pinjaman dinyatakan pada kos yang dilunaskan menggunakan cara kadar hasil efektif; sebarang perbezaan antaratunai diterima (bersih kos urusniaga) dan nilai boleh dikembalikan diiktiraf dalam penyata pendapatan sepanjangtempoh pinjaman.
Faedah, dividen, kerugian dan keuntungan adalah berkaitan dengan instumen kewangan, dikelaskan sebagailiabiliti di bawah kos kewangan dalam penyata kewangan.
Permodalan Kos pinjamanKos pinjaman terhasil apabila pinjaman tertentu yang digunakan untuk pembangunan harta dan perkiraankontrak/dipermodalkan sehingga harta tersebut sedia untuk digunakan.
(s) Modal sahamSaham biasa adalah dikategorikan sebagai ekuiti. Kos luaran yang disebabkan dengan penerbitan saham baruadalah dikira sebagai perbelanjaan di dalam penyata pendapatan.
Dividen akhir yang perlu dibayar untuk pemegang saham biasa adalah diiktiraf sebagai liabiliti apabila diluluskansecara formal.
(t) Liabiliti Kontigen dan Aset KontigenKumpulan tidak mentakrifkan liabiliti kontigen tetapi mendedahkan kewujudannya dalam penyata kewangan.Kontigen liabiliti adalah kemungkinan obligasi yang meningkat dari peristiwa yang lepas, yang kesahihannyaditentukan oleh peristiwa masa hadapan yang tidak dapat diramal dan tidak dapat dikawal oleh kumpulan atauobligasi semasa yang tidak ditakrifkan kerana tiada kemungkinan munasabah pengaliran keluar sumber diperlukanuntuk menyelesaikan obligasi tersebut. Liabiliti kontigen juga adalah hasil dari peristiwa yang luar biasa di manaliabilitinya tidak dapat dikenalpasti secara terperinci.
Aset kontigen berkemungkinan terhasil dari peristiwa yang lepas, merujuk kepada peristiwa di luar kawalankumpulan. Kumpulan tidak mentakrifkan kontigen aset, tetapi mendedahkan kewujudannya apabila terdapatkemungkinan yang munasabah pengaliran masuk manfaat ekonomi, tetapi tidak secara mutlak.
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Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
2. RINGKASAN DASAR-DASAR PERAKAUNAN PENTING (Samb.)
(u) Penjejasan nilai asetHartanah, loji dan peralatan dan lain-lain bukan aset semasa termasuk aset tak ketara adalah disemak untukditentukan nilainya apabila terdapat perubahan keadaan dan nilai yang dibawa tidak dapat diperolehi semula.Jejas nilai diiktiraf apabila jumlah yang dibawa melebihi jumlah diperolehi semula. Nilai yang boleh diperolehisemula dikira berdasarkan yang tertinggi di antara harga jualan bersih aset dan nilai penggunaannya. Untuktujuan penilaian jejas nilai, aset-aset dikelaskan berdasarkan paras terendah aset tersebut di mana setiap alirantunai dapat dikenalpasti.
Jejas nilai aset adalah dikira kepada penyata kewangan melainkan terdapat pembalikkan pada penilaian semulasebelumnya, yang mana ianya dikira dalam rizab penilaian semula. Mana-mana peningkatan dalam jumlah yangakan diterima adalah diiktiraf dalam penyata kewangan melainkan dalam kes aset yang pernah dinilai semula yangmana ianya akan dibawa ke rizab penilaian semula.
3. OBJEKTIF DAN POLISI PENGURUSAN RISIKO KEWANGAN
Operasi Kumpulan terdedah ia kepada pelbagai risiko kewangan termasuk risiko tukaran mata wang asing, risiko kadarfaedah, risiko pasaran, risiko kredit, risiko kecairan dan risiko aliran tunai. Kumpulan memberi tumpuan kepada pasarankewangan yang tidak boleh diramal dan memastikan untuk mengurangkan kesan negatif kepada kewangan Kumpulan.Pengurusan risiko kewangan dilaksanakan melalui penyemakan risiko, sistem kawalan dalaman, program insurans globaldan pematuhan kepada pengurusan risiko kewangan Kumpulan. Ahli Lembaga Pengarah sering menyemak risiko-risikoini dan meluluskan polisi perbendaharaan, yang meliputi pengurusan risiko ini.
Kumpulan menggunakan alat instrumen kewangan seperti kontrak tukaran wang asing dan kontrak kadar faedahtertinggi dan terendah untuk mengelakkan risiko-risiko tertentu. Kumpulan tidak berdagang dengan instrumenkewangan.
(a) Risiko tukaran mata wang asingKumpulan terdedah kepada risiko mata wang kesan dari urusniaga mata wang asing yang dimasuki oleh Syarikatdan subsidiari dalam mata wang selain dari mata wang fungsi mereka. Kumpulan membuat kontrak tukaranhadapan mata wang asing bagi menghadkan pendedahan ke atas penghutang dan pemiutang dalam mata wangasing, dan ke atas aliran tunai yang dihasilkan dari urusniaga dalam mata wang asing.
(b) Risiko kadar faedahPendapatan dan aliran tunai Kumpulan dari deposit bank adalah berkait rapat dengan perubahan dalam kadarfaedah pasaran. Instrumen lindung nilai kewangan digunakan, di mana bersesuaian bagi mendapatkan profil kadarfaedah yang dikehendaki.
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3. OBJEKTIF DAN POLISI PENGURUSAN RISIKO KEWANGAN (Samb.)
(c) Risiko pasaranKumpulan tidak berdepan dengan risiko besar hasil dari perubahan pada harga pinjaman dan ekuiti.
(d) Risiko kreditKumpulan berusaha untuk melabur aset tunai dengan berhati-hati dan menguntungkan. Kumpulan jugamenganggap bahawa risiko kerugian besar disebabkan oleh kegagalan oleh pihak kewangan tidak mungkinberlaku berdasarkan kekuatan kewangan mereka.
Kumpulan mengawal risiko kredit pelanggan dengan memastikan sebahagian besar jualan bagi produk danperkhidmatan diberikan kepada pelanggan yang mempunyai risiko kredit yang berpatutan.
(e) Risiko kecairan dan aliran tunaiPengurusan kecairan tunai secara berhati-hati bermakna mengawal tunai dan sekuriti yang boleh dipasarkan secaramemadai, menyediakan kemudahan kredit yang cukup untuk pembayaran dan keupayaan untuk menutupkedudukan pasaran.
4. HASIL
Hasil merupakan nilai inbois barang yang dijual dan khidmat yang diberikan dan bersih daripada komisen yang dibayarkepada wakil jualan dan cukai yang berkaitan. Hasil terdiri daripada:
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Jualan kenderaan, alat ganti dan aksesori 6,260,640 9,155,614 5,254,156 7,668,748Jualan pangsapuri 3,094 2,975 – –Penyediaan khidmat 206,613 104,194 815 482Lain-lain – 5,213 4,810 5,035
6,470,347 9,267,996 5,259,781 7,674,265
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
5. KEUNTUNGAN DARIPADA OPERASI
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Perkara berikut telah direkodkan sebagai belanja/(kredit)dalam pengiraan keuntungan daripada operasi:
Dividen kasar daripada:– syarikat subsidiari, tak tersiarharga – – (5,280) (1,760)– syarikat bersekutu, tak tersiarharga – – (9,191) (4,577)– lain-lain, tersiarharga (6,668) (1,770) (6,668) (1,770)– lain-lain, tak tersiarharga (1,550) (750) (1,550) (750)Hartanah, loji dan peralatan:– susut nilai 329,383 402,929 302,456 383,334– hapus nilai 41,072 86,477 40,487 75,733– jejas nilai – 1,000 – –Perbelanjaan penyelidikan dan pembangunan 542,881 412,955 525,883 390,645Peruntukan untuk waranti (bersih daripada pembayaran balik) 48,860 53,858 21,463 46,925(Masuk kira semula)/peruntukan untuk hutang ragu (1,566) 5,440 (9,049) (23,231)Peruntukan untuk penurunan nilai pelaburan dalam syarikat
subsidiari – – – 231,649Masuk kira semula penurunan nilai pelaburan dalam syarikat
bersekutu – – – (4,200)(Masuk kira semula)/peruntukan untuk penurunan nilai
pelaburan jangka pendek (17,791) 8,985 (17,791) 8,985(Keuntungan)/kerugian pelupusan pelaburan jangka pendek (12,388) 1,694 (12,388) 1,694Yuran audit kumpulan kepada PricewaterhouseCoopers– Malaysia 358 268 200 150– Organisasi Global 1,294 1,198 – –Yuran bukan audit Kumpulan kepada PricewaterhouseCoopers– Malaysia 412 100 – 37– Organisasi Global 936 1,084 332 –
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
5. KEUNTUNGAN DARIPADA OPERASI (Samb.)
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Sewa pajak operasi 5,676 11,632 – –Sewa loji, jentera dan peralatan 604 217 – –Sewa premis 21,562 16,124 – –Kerugian/(keuntungan) tukaran asing:– terealisasi 1,569 2,113 2,740 (2,175)– tak terealisasi 6,098 (63,687) 1,752 (64,710)(Keuntungan) ke atas jualan tanah, loji dan peralatan (46,592) (6,521) (333) (3,976)Pendapatan sewa bagi tanah dan bangunan (381) (773) (38) (99)Pendapatan faedah daripada:– syarikat subsidiari – – (1,374) (4,512)– lain-lain (107,542) (117,028) (91,426) (95,181)Hapuskira nilai inventori – 12,977 – 12,977Peruntukan untuk penurunan nilai inventori 7,957 3,663 (11,165) 3,663
6. KOS KAKITANGAN
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Upah, gaji dan bonus 517,042 496,148 158,181 182,634Manfaat pemberhentian kerja 1,180 2,475 – –Kos persaraan– Pelan sumbangan tertakrif 23,697 21,567 20,254 19,971– Pelan manfaat tertakrif 24,940 13,102 – –Lain-lain manfaat pekerja 46,499 34,831 26,969 17,787
613,358 568,123 205,404 220,392
Bilangan kakitangan (termasuk Pengarah eksekutif) dalam Kumpulan pada akhir tahun kewangan berjumlah 8,956(2003: 9,466) dan 5,379 (2003: 5,976) kakitangan dalam Syarikat.
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Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
6. KOS KAKITANGAN (Samb.)
Ganjaran Para PengarahJumlah ganjaran yang diterima oleh Para Pengarah Syarikat adalah seperti berikut:
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Para Pengarah Bukan Eksekutif:– yuran 547 553 523 540– anggaran nilai wang untuk manfaat barangan 56 34 56 34Para Pengarah Eksekutif:– gaji dan bonus 968 1,348 968 1,348– anggaran nilai wang untuk manfaat barangan 71 66 71 66– pelan manfaat persaraan 70 86 70 86– lain-lain manfaat kakitangan 143 146 143 146
1,855 2,233 1,831 2,220
Butir-butir perihal caruman dan pelan manfaat untuk Kumpulan dan Syarikat terkandung dalam Nota 31.
7. KOS KEWANGAN
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Belanja faedah ke atas:Pinjaman jangka panjang 25,956 30,245 9,816 11,544Pinjaman jangka pendek 9,462 6,722 4,788 1,021Pajakan kewangan dan sewa beli – 715 – –Lain-lain 1,709 696 – –
37,127 38,378 14,604 12,565
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
8. CUKAI
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Di Malaysia:
Cukai semasa:– untuk tahun semasa 75,295 271,594 27,436 192,234– peruntukan terkurang untuk tahun sebelumnya – 182 – –
Cukai ke atas bahagian keuntungan syarikat bersekutu 7,870 3,630 – –
Di luar Malaysia:
Cukai semasa:– untuk tahun semasa 3 116 – –– peruntukan terlebih untuk tahun sebelumnya (341) (596) – –– faedah dari kerugian cukai yang terdahulu 868 – – –
Cukai ke atas bahagian keuntungan syarikat bersekutu 6,435 3,165 – –Cukai ke atas bahagian keuntungan entiti kawalan bersama 635 520 – –
Cukai tertunda
Pemulaan dan pembalikan perbezaan sementara (10,087) (36,390) (19,702) (30,487)Manfaat cukai terdahulu yang tidak ditakrifkan (9,761) – – –
70,917 242,221 7,734 161,747
Jumlah cukai untuk Syarikat dan syarikat subsidiari 55,977 234,906 7,734 161,747Bahagian cukai dalam syarikat bersekutu 14,305 6,795 – –Bahagian cukai dalam entiti kawalan bersama 635 520 – –
70,917 242,221 7,734 161,747
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8. CUKAI (Samb.)
Penyesuaian angka di antara kadar cukai purata efektif dan kadar cukai Malaysia.
Kumpulan Syarikat
2004 2003 2004 2003% % % %
Kadar cukai Malaysia 28 28 28 28Kesan cukai untuk:– penolakkan berganda dan insentif cukai ke atas
perbelanjaan yang layak (18) (7) (29) (12)– perbelanjaan yang tidak dikecualikan cukai 3 1 5 1– pendapatan tidak dikenakan cukai (2) (1) (2) –– kerugian cukai tahun semasa yang tidak diiktiraf 3 – – –– lain-lain (2) (3) – –
Purata kadar efektif cukai 12 18 2 17
Perkara-perkara yang perlu didedahkan:
Kerugian cukai semasa yang digunakan dalam tahunkewangan tersebut 1,736 21,456 – –
Pengurangan cukai hasil dari kerugian cukai 512 6,434 – –
Kerugian cukai tahun terdahulu yang tidak digunakan 2,897 – – –Pengurangan cukai hasil dari kerugian cukai tersebut 868 – – –
Kerugian cukai tak diguna dibawa ke hadapan 640,767 615,027 – –Peruntukkan pelaburan semula yang tak diguna 898,400 – 898,400 –
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9. PEROLEHAN SESAHAM
Perolehan asas sesaham dikira dengan membahagikan keuntungan bersih kepada pemegang saham dengan jumlahpurata wajaran saham biasa yang diterbitkan bagi tahun kewangan.
Kumpulan
2004 2003RM’000 RM’000
Keuntungan bersih kepada pemegang saham (RM’000) 510,071 1,107,524
Jumlah purata wajaran saham biasa yang diterbitkan (‘000) 549,213 548,547
Perolehan asas sesaham (sen) 92.9 201.9
Skim Opsyen Saham Pekerja, satu-satunya opsyen yang mempunyai potensi pencairan perolehan telah luput pada 11 Mac 2003. Dengan itu tiada kesan pencairan ke atas perolehan sesaham.
10. DIVIDEN
Dividen yang diisytihar atau dicadangkan bagi tahun kewangan berakhir 31 Mac 2004 adalah seperti yang berikut:
Syarikat
2004 2003RM’000 RM’000
Dividen akhir dicadangkan untuk tahun kewangan 2004:Dividen dikecualikan cukai sebanyak 10.0 sen (2003: 12.0 sen) sesaham 54,921 65,906
Dividen interim dibayar untuk tahun kewangan 2004:Dividen dikecualikan cukai sebanyak 5.0 sen (2003: 8.0 sen) sesaham 27,461 43,936
82,382 109,842
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11. INVENTORI
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Pada kosBahan mentah:
Pek kenderaan tercurai sepenuhnya 135,764 100,166 135,764 100,166Lain-lain 84,015 65,505 52,408 41,392
Alat ganti, aksesori dan stor am 108,804 86,756 22,528 15,681Kerja yang sedang dijalankan 102,658 57,007 98,898 51,346Kenderaan siap 283,646 316,720 37,986 96,572Barang dalam perjalanan 20,129 34,629 12,851 34,629
735,016 660,783 360,435 339,786Pangsapuri untuk dijual 9,984 10,828 – –
745,000 671,611 360,435 339,786
Pada nilai terealis bersihBahan mentah:
Pek kenderaan tercurai sepenuhnya 726 – 726 –Lain-lain – 233 – –
Alat ganti, aksesori dan stor am 6,310 5,304 – –Kenderaan siap 56,069 142,546 12,988 32,672
63,105 148,083 13,714 32,672Pangsapuri untuk dijual 13,820 15,792 – –
76,925 163,875 13,714 32,672
821,925 835,486 374,149 372,458
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12. PENGHUTANG PERDAGANGAN DAN PENGHUTANG LAIN
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Penghutang perdagangan 626,273 546,986 15,028 201,148Peruntukan untuk hutang ragu (9,857) (7,259) (646) (448)
616,416 539,727 14,382 200,700Jumlah tertunggak dari pihak berkaitan 43 7,173 43 62Bayaran balik tuntutan waranti (Nota 18) 143,677 165,819 141,774 165,819Penghutang lain 114,219 112,157 86,228 88,092Bayaran terdahulu 12,030 9,955 2,946 1,873Deposit 12,588 5,520 7,956 7,165Peruntukan untuk hutang ragu (1,232) (10,269) (748) (8,232)
897,741 830,082 252,581 455,479
Profil pendedahan mata wang bagi penghutang perdagangan dan penghutang lain adalah seperti berikut:
Dedahan mata wang pada 31.3.2004
Ringgit Pound DolarMalaysia Sterling Amerika Lain-lain Jumlah
RM’000 RM’000 RM’000 RM’000 RM’000KumpulanMata wang digunakanRinggit Malaysia 707,155 7,499 16,701 9,859 741,214Pound Sterling – 82,841 25,502 38,298 146,641Lain-lain – – 111 9,775 9,886
707,155 90,340 42,314 57,932 897,741
SyarikatMata wang digunakanRinggit Malaysia 225,083 7,499 16,155 3,844 252,581
316
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12. PENGHUTANG PERDAGANGAN DAN PENGHUTANG LAIN (Samb.)
Dedahan mata wang pada 31.3.2003
Ringgit Pound DolarMalaysia Sterling Amerika Lain-lain Jumlah
RM’000 RM’000 RM’000 RM’000 RM’000KumpulanMata wang digunakanRinggit Malaysia 640,148 – 15,842 7,710 663,700Pound Sterling – 127,199 10,292 21,261 158,752Lain-lain – – 259 7,371 7,630
640,148 127,199 26,393 36,342 830,082
SyarikatMata wang digunakanRinggit Malaysia 431,927 – 15,842 7,710 455,479
Terma kredit bagi penghutang perdagangan untuk Kumpulan dan Syarikat adalah di antara pembayaran pendahuluanhingga 180 hari. Bagaimanapun, kebanyakan penghutang perdagangan Syarikat mempunyai terma kredit di antara 14 hari ke 60 hari (2003: 14 hari ke 60 hari).
Berikutan termeterainya Perjanjian Persefahaman di antara Proton Edar Sdn. Bhd., sebuah syarikat subsidiari dengansatu wakil jualan terpilih, jualan Syarikat sekarang tertumpu kepada syarikat-syarikat di dalam Kumpulan Proton sahaja.Para pengarah percaya bahawa tiada penambahan risiko kredit selain daripada yang diperuntukan kepada penghutangperdagangan syarikat.
Jualan Kumpulan tertumpu di Malaysia dan sangat bergantung kepada jualan syarikat pengedaran di Malaysia, ProtonEdar Sdn. Bhd. Jualan Kumpulan juga tertumpu kepada satu pelanggan besar di Malaysia yang menyumbangkan 34%(2003: 38%) dari jumlah jualan Kumpulan. Pengalaman lampau dan kekuatan kewangan pelanggan tersebut memberikeyakinan bahawa tiada penambahan risiko kredit terkandung kepada penghutang perdagangan Kumpulan.
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13. JUMLAH TERTUNGGAK DARIPADA SYARIKAT SUBSIDIARISyarikat Kurang dari Lebih dari Kurang dari Lebih dari
setahun setahun Jumlah setahun setahun Jumlah2004 2004 2004 2003 2003 2003
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Jumlah tertunggak daripadasyarikat subsidiari 558,832 604,136 1,162,968 826,830 – 826,830
Pendahuluan kepada syarikatsubsidiari 2 59,754 59,756 32,587 30,790 63,377
Peruntukan untuk hutang ragu (1,676) (605,398) (607,074) (507,352) (12,846) (520,198)
557,158 58,492 615,650 352,065 17,944 370,009
Jumlah tertunggak daripada syarikat subsidiari mempunyai terma kredit dan profil mata wang seperti berikut:Syarikat Jumlah Jumlah
Pendahuluan tertunggak Jumlah Pendahuluan tertunggak Jumlah2004 2004 2004 2003 2003 2003
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Syarat kredit kurang dari setahun14 hari – 529,783 529,783 – 268,171 268,17130 hari – 3,962 3,962 – 4,425 4,42560 hari – 3,028 3,028 – – –120 hari – 9,863 9,863 – 38,800 38,800Berbayar apabila diminta 2 10,520 10,522 32,587 8,082 40,669
2 557,156 557,158 32,587 319,478 352,065
Tiada sebarang terma kredit dikenakan untuk jumlah tertunggak melebihi 1 tahun.
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13. JUMLAH TERTUNGGAK DARIPADA SYARIKAT SUBSIDIARI (Samb.)
Dedahan mata wang pada 31.3.2004
Ringgit PoundMalaysia Sterling Lain-lain Jumlah
RM’000 RM’000 RM’000 RM’000
SyarikatMata wang digunakanPendahuluan 45,278 – – 45,278Jumlah tertunggak 544,263 23,067 3,042 570,372
589,541 23,067 3,042 615,650
Dedahan mata wang pada 31.3.2003
Ringgit PoundMalaysia Sterling Lain-lain Jumlah
RM’000 RM’000 RM’000 RM’000
SyarikatMata wang digunakanPendahuluan 50,531 – – 50,531Jumlah tertunggak 279,524 39,205 749 319,478
330,055 39,205 749 370,009
Faedah yang dikenakan ke atas pendahuluan adalah di antara 0% hingga 8% setahun (2003: 0% ke 8%). Bermula 1 November 2003, tiada faedah dikenakan ke atas pendahuluan seperti yang termaktub dalam Akta Pinjaman Wang(Pindahan) 2003.
Risiko kredit dari segi jumlah tertunggak daripada subsidiari tertumpu kepada prestasi subsidiari itu sendiri. Sejarahmenunjukkan jumlah hutang adalah dalam lingkungan peruntukan yang telah ditetapkan. Oleh sebab itu paraPengarah percaya bahawa tiada penambahan risiko kredit melebihi jumlah peruntukan kutipan kerugian terkandungpada syarikat.
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14. JUMLAH TERTUNGGAK DARIPADA SYARIKAT BERSEKUTU
Jumlah tertunggak daripada syarikat bersukutu adalah hasil daripada urusniaga dagangan biasa. Terma kreditnyaadalah dari lingkungan 30 ke 60 hari (2003: 30 hari ke 60 hari).
Dedahan mata wang pada 31.3.2004
Ringgit PoundMalaysia Sterling Jumlah
RM’000 RM’000 RM’000
KumpulanMata wang digunakanRinggit Malaysia 145 – 145Pound Sterling – 878 878
145 878 1,023
SyarikatMata wang digunakanRinggit Malaysia 145 – 145
Dedahan mata wang pada 31.3.2003
Ringgit PoundMalaysia Sterling Jumlah
RM’000 RM’000 RM’000
KumpulanMata wang digunakanRinggit Malaysia 1,467 – 1,467Pound Sterling – 1,896 1,896
1,467 1,896 3,363
SyarikatMata wang digunakanRinggit Malaysia 530 – 530
320
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15. PELABURAN JANGKA PENDEK
Kumpulan dan Syarikat
2004 2003RM’000 RM’000
Pelaburan tersiarharga di Malaysia:
Kos:Saham 97,116 104,457Kertas perdagangan dan hutang korporat 168 168
97,284 104,625Pelaburan tak tersiarharga di Malaysia:
Kos:Kertas perdagangan dan hutang korporat 84,696 79,601
181,980 184,226Peruntukan untuk penurunan nilai – (17,791)
181,980 166,435
Nilai pasaran pelaburan tersiarharga:Saham 107,880 86,664Kertas perdagangan dan hutang korporat 88,195 82,546
196,075 169,210
Nilai pasaran pelaburan pada tarikh kunci kira-kira dianggarkan sama dengan nilai wajarnya. Nilai wajar pelaburanyang tak tersiarharga adalah berdasarkan nilai yang dibawa pada akhir tahun kewangan.
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16. DEPOSIT, BAKI TUNAI DAN BANK
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Dana jangka pendek yang didepositkan dengan:Bank berlesen 2,653,713 2,988,731 1,919,624 2,342,558Gedung diskaun 36,990 73,109 36,990 73,109Institusi kewangan lain 162,651 588,503 162,651 536,503
2,853,354 3,650,343 2,119,265 2,952,170Baki bank dan tunai 135,866 142,914 16,925 53,468
2,989,220 3,793,257 2,136,190 3,005,638
Profil matang deposit adalah seperti berikut:Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
0 – 1 bulan 1,049,644 834,425 372,322 245,4332 – 3 bulan 161,255 172,838 114,488 166,8084 – 6 bulan 89,264 166,567 89,264 138,5776 – 12 bulan 1,553,191 2,475,490 1,543,191 2,401,352Lebih dari 12 bulan – 1,023 – –
2,853,354 3,650,343 2,119,265 2,952,170
Baki bank ialah deposit yang disimpan di dalam bank dan boleh digunakan serta merta.
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16. DEPOSIT, BAKI TUNAI DAN BANK (Samb.)
Profil pendedahan mata wang bagi deposit, baki bank dan tunai adalah seperti berikut:
Dedahan mata wang pada 31.3.2004
Ringgit Pound DolarMalaysia Sterling Amerika Lain-lain Jumlah
RM’000 RM’000 RM’000 RM’000 RM’000
KumpulanMata wang digunakanRinggit Malaysia 2,676,072 59,770 53,238 98,578 2,887,658Pound Sterling – 67,815 10,535 9,000 87,350Lain-lain – – – 14,212 14,212
2,676,072 127,585 63,773 121,790 2,989,220
SyarikatMata wang digunakanRinggit Malaysia 1,930,825 59,770 52,984 92,611 2,136,190
Dedahan mata wang pada 31.3.2003
Ringgit Pound DolarMalaysia Sterling Amerika Lain-lain Jumlah
RM’000 RM’000 RM’000 RM’000 RM’000
KumpulanMata wang digunakanRinggit Malaysia 3,672,357 36,564 123 27,184 3,736,228Pound Sterling – 37,086 4,415 4,639 46,140Lain-lain – – 387 10,502 10,889
3,672,357 73,650 4,925 42,325 3,793,257
SyarikatMata wang digunakanRinggit Malaysia 2,941,890 36,564 – 27,184 3,005,638
Purata wajaran efektif bagi kadar faedah deposit dalam tahun kewangan untuk Kumpulan dan Syarikat masing-masingialah 3.00% (2003: 3.11%) dan 3.13% (2003: 3.14%)
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17. PEMIUTANG PERDAGANGAN DAN PEMIUTANG LAIN
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Pemiutang perdagangan 402,200 241,346 238,620 117,063Pemiutang lain 278,408 173,771 68,842 3,322Akruan 816,092 1,219,097 654,779 1,039,726Jumlah tertunggak kepada pihak berkaitan 9,469 29,389 9,469 28,934Pemiutang pajakan dan sewa beli– bahagian semasa (Nota 27) 10 126 – –
1,506,179 1,663,729 971,710 1,189,045
Profil pendedahan mata wang bagi pemiutang perdagangan dan pemiutang lain adalah seperti berikut:
Dedahan mata wang pada 31.3.2004
Ringgit Pound YenMalaysia Sterling Jepun Lain-lain Jumlah
RM’000 RM’000 RM’000 RM’000 RM’000
KumpulanMata wang digunakanRinggit Malaysia 1,108,963 334 66,062 86,601 1,261,960Pound Sterling – 219,459 28 18,946 238,433Lain-lain – – – 5,786 5,786
1,108,963 219,793 66,090 111,333 1,506,179
SyarikatMata wang digunakanRinggit Malaysia 837,068 334 52,281 82,027 971,710
324
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17. PEMIUTANG PERDAGANGAN DAN PEMIUTANG LAIN (Samb.)
Dedahan mata wang pada 31.3.2003
Ringgit Pound YenMalaysia Sterling Jepun Lain-lain Jumlah
RM’000 RM’000 RM’000 RM’000 RM’000
KumpulanMata wang digunakanRinggit Malaysia 1,360,404 20,602 44,573 31,531 1,457,110Pound Sterling – 185,591 179 17,690 203,460Lain-lain – – – 3,159 3,159
1,360,404 206,193 44,752 52,380 1,663,729
SyarikatMata wang digunakanRinggit Malaysia 1,092,794 20,602 44,573 31,076 1,189,045
Terma kredit bagi pemiutang perdagangan yang diberikan kepada Kumpulan dan Syarikat masing-masing adalah daritiada kredit ke 180 hari (2003: 0-60 hari) dan dari tiada kredit hingga 60 hari (2003: 0-60 hari).
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18. PERUNTUKAN
Kumpulan SyarikatWaranti WarantiRM’000 RM’000
Pada 1 April 2003 264,838 240,832Perbezaan pertukaran mata wang 5,490 –
Dikira dalam penyata pendapatan 48,860 21,463Anggaran tuntutan semula 14,699 12,796
Peruntukan tambahan 63,559 34,259Digunakan semasa tahun kewangan (93,657) (66,048)
Pada 31 Mac 2004 240,230 209,043
Pada 31 Mac 2004, Kumpulan dan Syarikat masing-masing menjangkakan untuk menerima tuntutan waranti daripadapembekal seperti yang ditunjukkan dalam Nota 12 berjumlah RM143,677,000 (2003: RM165,819,000) dan RM141,774,000(2003: RM165,819,000).
19. JUMLAH TERTUNGGAK KEPADA SYARIKAT SUBSIDIARI
Jumlah tertunggak kepada syarikat subsidiari adalah tanpa cagaran, tanpa faedah dan tanpa tarikh pembayaran semulayang ditetapkan.
Profil pendedahan mata wang bagi jumlah tertunggak daripada syarikat subsidiari adalah seperti berikut:
Dedahan mata wang pada 31.3.2004
Ringgit Pound Dolar DolarMalaysia Sterling Australia Singapura Jumlah
RM’000 RM’000 RM’000 RM’000 RM’000
SyarikatMata wang digunakanRinggit Malaysia 18,502 119,036 7,077 34 144,649
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19. JUMLAH TERTUNGGAK KEPADA SYARIKAT SUBSIDIARI (Samb.)
Dedahan mata wang pada 31.3.2003
Ringgit Pound Dolar DolarMalaysia Sterling Australia Singapura Jumlah
RM’000 RM’000 RM’000 RM’000 RM’000
SyarikatMata wang digunakanRinggit Malaysia 10,946 58,612 9,317 – 78,875
20. JUMLAH TERTUNGGAK KEPADA SYARIKAT BERSEKUTU
Jumlah tertunggak kepada syarikat bersekutu adalah hasil daripada urusniaga perdagangan biasa dan dalam RinggitMalaysia.
21. PINJAMAN JANGKA PENDEK
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Tanpa cagaran:
Pinjaman jangka panjang– bahagian semasa (Nota 27) 52,342 50,329 52,342 50,329Pinjaman jangka pendek – 113,112 – 113,112Penerimaan jurubank 228 – 228 –Overdraf bank 120,564 73,644 – –
173,134 237,085 52,570 163,441Bercagar:
Pinjaman jangka panjang– bahagian semasa (Nota 27) – 265,718 – –Pinjaman jangka pendek – 4,573 – –
173,134 507,376 52,570 163,441
327
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21. PINJAMAN JANGKA PENDEK (Samb.)
Kadar faedah yang dikenakan ke atas overdraf bank dalam tahun kewangan adalah daripada 5.40% hingga 5.75%(2003: 4.25% to 6.31%) setahun. Kadar faedah yang dikenakan ke atas pinjaman jangka pendek tanpa cagaran padatahun lepas ditetapkan pada 1.8%. Pinjaman tersebut dibuat dalam USD dan dibayar sepenuhnya dalam tahun semasa.
Penerimaan jurubank dikeluarkan dalam Malaysia Ringgit dan berbayar dalam masa 60 hari. Tiada faedah yangdikenakan ke atas jumlah yang dikeluarkan.
Pinjaman jangka pendek bercagar adalah dicagar dengan jaminan Syarikat. Perjanjian subordinat telah ditandatanganioleh syarikat subsidiari, Syarikat dan jurubank syarikat subsidiari dengan pembayaran balik jumlah tertunggak kepadaSyarikat disubordinatkan ke pembayaran balik pinjaman jangka pendek. Pinjaman dikeluarkan dalam Dolar Australiadan dibayar sepenuhnya dalam tahun semasa.
Faedah ke atas pinjaman bertempoh untuk tahun kewangan sebelumnya adalah daripada 4.81%.
Profil pendedahan mata wang bagi pinjaman jangka pendek adalah seperti berikut:
Dedahan mata wang pada 31.3.2004
Ringgit PoundMalaysia Sterling Euro Lain-lain Jumlah
RM’000 RM’000 RM’000 RM’000 RM’000KumpulanMata wang digunakanRinggit Malaysia 52,570 – – – 52,570Pound Sterling – 98,170 15,415 6,979 120,564
52,570 98,170 15,415 6,979 173,134
SyarikatMata wang digunakanRinggit Malaysia 52,570 – – – 52,570
328
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21. PINJAMAN JANGKA PENDEK (Samb.)
Dedahan mata wang pada 31.3.2003
Ringgit PoundMalaysia Sterling Euro Lain-lain Jumlah
RM’000 RM’000 RM’000 RM’000 RM’000
KumpulanMata wang digunakanRinggit Malaysia 50,329 – – 113,112 163,441Pound Sterling – 331,463 – – 331,463Lain-lain – – – 12,472 12,472
50,329 331,463 – 125,584 507,376
SyarikatMata wang digunakanRinggit Malaysia 50,329 – – 113,112 163,441
22. HARTANAH, LOJI DAN PERALATAN
PeralatanTanah
pejabat,Pajakan perabot, Kerja yang
Pegangan Jangka Loji dan lekapan dan sedangKumpulan bebas Panjang Bangunan jentera kenderaan dijalankan Jumlah2004 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Kos/PenilaianPada 1 April 2003 250,165 24,934 786,308 2,464,263 704,274 820,830 5,050,774Pertukaran mata wang 1,993 2,232 31,622 33,581 29,367 23 98,818Tambahan 1 – 3,733 8,611 96,118 950,548 1,059,011Pelupusan – (15,151) (27,087) (1,130) (74,807) – (118,175)Hapus nilai – – – (7,102) (2,382) (40,481) (49,965)Pengkelasan – – 419,356 895,502 111,211 (1,426,069) –
Pada 31 Mac 2004 252,159 12,015 1,213,932 3,393,725 863,781 304,851 6,040,463
329
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
22. HARTANAH, LOJI DAN PERALATAN (Samb.)
PeralatanTanah
pejabat,Pajakan perabot, Kerja yang
Pegangan Jangka Loji dan lekapan dan sedangKumpulan bebas Panjang Bangunan jentera kenderaan dijalankan Jumlah2004 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Susut nilai terkumpulPada 1 April 2003 – 604 229,113 1,776,179 481,819 – 2,487,715Pertukaran mata wang – – 6,722 21,480 20,466 – 48,668Susut nilai tahunan – 118 89,877 173,568 65,820 – 329,383Pelupusan – – (5,237) (1,096) (69,056) – (75,389)Hapus nilai – – – (6,299) (2,583) – (8,882)
Pada 31 Mac 2004 – 722 320,475 1,963,832 496,466 – 2,781,495
Penjejasan nilaiterkumpul
Pada 1 April 2003 12,455 13,945 153,327 73,441 53,007 – 306,175Pertukaran mata wang 1,993 2,231 24,536 11,752 8,406 – 48,918Pelupusan – (15,151) (21,278) – – – (36,429)Hapus nilai – – – (7) (4) – (11)
Pada 31 Mac 2004 14,448 1,025 156,585 85,186 61,409 – 318,653
Nilai buku bersihPada 31 Mac 2004 237,711 10,268 736,872 1,344,707 305,906 304,851 2,940,315
330
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
22. HARTANAH, LOJI DAN PERALATAN (Samb.)
PeralatanTanah
pejabat,Pajakan perabot, Kerja yang
Pegangan Jangka Loji dan lekapan dan sedangKumpulan bebas Panjang Bangunan jentera kenderaan dijalankan Jumlah2003 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Kos/PenilaianPada 1 April 2002 197,707 23,624 730,810 2,321,076 667,403 183,697 4,124,317Pertukaran mata wang 600 1,310 18,925 19,407 21,258 – 61,500Tambahan 45,790 – 6,393 20,997 63,626 881,147 1,017,953Pindahan – – (3,726) – – – (3,726)Pelupusan – – (23) (2,308) (56,909) – (59,240)Hapus nilai – – – – (3,603) (86,427) (90,030)Pengkelasan 6,068 – 33,929 105,091 12,499 (157,587) –
Pada 31 Mac 2003 250,165 24,934 786,308 2,464,263 704,274 820,830 5,050,774
Susut nilai terkumpulPada 1 April 2002 – 486 136,863 1,506,628 458,292 – 2,102,269Pertukaran mata wang – – 3,945 12,521 15,551 – 32,017Pindahan – – (379) – – – (379)Susut nilai tahunan – 118 88,684 259,143 54,984 – 402,929Pelupusan – – – (2,113) (43,567) – (45,680)Hapus nilai – – – – (3,441) – (3,441)
Pada 31 Mac 2003 – 604 229,113 1,776,179 481,819 – 2,487,715
331
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
22. HARTANAH, LOJI DAN PERALATAN (Samb.)
PeralatanTanah
pejabat,Pajakan perabot, Kerja yang
Pegangan Jangka Loji dan lekapan dan sedangKumpulan bebas Panjang Bangunan jentera kenderaan dijalankan Jumlah2003 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Jejas nilai terkumpulPada 1 April 2002 5,787 12,635 144,432 66,455 54,905 – 284,214Pertukaran mata wang 600 1,310 14,980 6,893 5,719 – 29,502Kerugian jejas nilai – – – – 1,000 – 1,000Perlupusan – – (17) (25) (8,387) – (8,429)Hapus nilai – – – – (112) – (112)Pengkelasan 6,068 – (6,068) 118 (118) – –
Pada 31 Mac 2003 12,455 13,945 153,327 73,441 53,007 – 306,175
Nilai buku bersihPada 31 Mac 2003 237,710 10,385 403,868 614,643 169,448 820,830 2,256,884
332
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
22. HARTANAH, LOJI DAN PERALATAN (Samb.)
PeralatanTanah
pejabat,Pajakan perabot, Kerja yang
Pegangan Jangka Loji dan lekapan dan sedangSyarikat bebas Panjang Bangunan jentera kenderaan dijalankan Jumlah2004 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Kos/PenilaianPada 1 April 2003 147,444 – 529,670 2,171,007 410,681 820,686 4,079,488Tambahan – – 3,053 2,836 22,553 909,683 938,125Pelupusan – – – – (1,968) – (1,968)Hapus nilai – – – – (738) (40,481) (41,219)Pengkelasan – – 378,885 895,509 137,837 (1,412,231) –
Pada 31 Mac 2004 147,444 – 911,608 3,069,352 568,365 277,657 4,974,426
Susut nilai terkumpulPada 1 April 2003 – – 179,070 1,578,983 302,197 – 2,060,250Susut nilai tahunan – – 89,074 166,136 47,246 – 302,456Pelupusan – – – – (1,149) – (1,149)Hapus nilai – – – – (732) – (732)
Pada 31 Mac 2004 – – 268,144 1,745,119 347,562 – 2,360,825
Nilai buku bersihPada 31 Mac 2004 147,444 – 643,464 1,324,233 220,803 277,657 2,613,601
333
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
22. HARTANAH, LOJI DAN PERALATAN (Samb.)
PeralatanTanah
pejabat,Pajakan perabot, Kerja yang
Pegangan Jangka Loji dan lekapan dan sedangSyarikat bebas Panjang Bangunan jentera kenderaan dijalankan Jumlah2003 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Kos/PenilaianPada 1 April 2002 178,674 – 488,014 2,055,148 381,670 173,000 3,276,506Tambahan – – 1,659 14,135 19,819 881,004 916,617Pelupusan (31,230) – – – (4,878) – (36,108)Hapus nilai – – – – (1,796) (75,731) (77,527)Pengkelasan – – 39,997 101,724 15,866 (157,587) –
Pada 31 Mac 2003 147,444 – 529,670 2,171,007 410,681 820,686 4,079,488
Susut nilai terkumpulPada 1 April 2002 – – 92,998 1,323,998 265,249 – 1,682,245Susut nilai tahunan – – 86,072 254,985 42,277 – 383,334Pelupusan – – – – (3,535) – (3,535)Hapus nilai – – – – (1,794) – (1,794)
Pada 31 Mac 2003 – – 179,070 1,578,983 302,197 – 2,060,250
Nilai buku bersihPada 31 Mac 2003 147,444 – 350,600 592,024 108,484 820,686 2,019,238
334
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
22. HARTANAH, LOJI DAN PERALATAN (Samb.)
Para pengarah telah menilai semula sebidang tanah pegangan bebas Syarikat pada 5 September 1983 berdasarkankepada penilaian profesional bebas. Lebihan sebanyak RM36,881,980 hasil daripada penilaian semula telah dikreditkanke rizab modal dan seterusnya digunakan.
Jika tanah pegangan kekal dikira pada kos asal, nilai buku bersih yang akan dimasukkan ke dalam penyata kewanganpada akhir tahun kewangan adalah seperti berikut:
Kumpulan dan Syarikat
2004 2003RM’000 RM’000
Tanah pegangan bebas 22,448 22,448
Tanah pajakan jangka panjang terdiri daripada 2 bidang tanah yang dipegang oleh syarikat subsidiari dan mempunyaitempoh belum tamat masing-masing selama 138 dan 93 tahun pada 31 Mac 2004 (2003: 139 dan 94 tahun).
Surat ikatan hak milik tanah Kumpulan dan Syarikat dengan nilai buku bersih berjumlah RM41,316,000 (2003:RM41,429,000) dan RM20,600,000 (2003: RM20,600,000) belum dipindahkan kerana menunggu pecah bahagi suratikatan induk masing-masing untuk Kumpulan dan Syarikat.
Termasuk dalam nilai buku bersih hartanah, loji dan peralatan bagi Kumpulan ialah jumlah yang dianggarkan sebanyakRM20,000 (2003: RM1,477,000) dibeli di bawah pajakan kewangan.
Pada tahun kewangan lepas, Syarikat telah mempercepatkan susut nilai aset tertentu bagi kilang yang bertempat diShah Alam. Susut nilai tambahan sebanyak RM105,340,000 (2003: RM105,340,000) telah dikira dalam pendapatan tahunini. Anggaran jangka hayat kegunaan aset tersebut telah diturunkan kepada 2 tahun berakhir pada 31 Mac 2004.
335
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
23. SYARIKAT SUBSIDIARI
Syarikat
2004 2003RM’000 RM’000
Kos saham tidak tersiarharga:Pada 1 April 995,725 742,076Peningkatan pelaburan dalam syarikat bersekutu 1,785 253,649Penurunan pelaburan dalam syarikat bersekutu (3,375) –
Pada 31 Mac 994,135 995,725Peruntukan untuk penurunan nilai (568,970) (568,970)
425,165 426,755
Tambahan pelaburan dalam tahun ini berkaitan dengan pelaburan dalam Miyazu (Malaysia) Sdn. Bhd.. Penurunandalam pelaburan adalah berkait dengan pembubaran Proton MC Metal Sdn. Bhd. dalam tahun kewangan. Pembubarantersebut tidak memberi kesan besar kepada penyata kewangan Kumpulan.
Butiran mengenai syarikat subsidiari adalah seperti berikut:
Negara KepentinganNama Kegiatan utama diperbadankan efektif Kumpulan
2004 2003
Proton Corporation Sdn. Bhd. Tidak beroperasi Malaysia 100% 100%
Proton Properties Sdn. Bhd. Pembangunan hartanah Malaysia 100% 100%
Proton Cars (UK) Ltd.* Pengedar kereta Proton di England 100% 100%United Kingdom
336
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
23. SYARIKAT SUBSIDIARI (Samb.)
Negara KepentinganNama Kegiatan utama diperbadankan efektif kumpulan
2004 2003
Proton MC Metal Sdn. Bhd.ø Perdagangan keluli dan produk Malaysia 0% 75%berkaitan
Proton Cars (Europe) Ltd.* Tidak beroperasi England 56% 56%
Proton Parts Centre Sdn. Bhd. Pergudangan, perdagangan Malaysia 55% 55%komponen kenderaan motor, alat ganti dan aksesori
Proton Engineering Research Penyelidikan dan pembangunan Malaysia 100% 100%Technology Sdn. Bhd. enjin dan teknologi dalam
teknologi berkaitan dengan otomotif
Lotus Group International Ltd.* Pegangan pelaburan England 100% 100%
Proton Cars Australia Pty. Ltd.* Mengimpot dan mengedar Australia 100% 100%kenderaan dan alat ganti berkaitan
Proton Cars Benelux NV. SA* Tidak beroperasi Belgium 100% 100%
Lotus Cars Asia Pacific Sdn. Bhd. Tidak beroperasi Malaysia 100% 100%
Auto Compound and Distribution Tidak beroperasi Malaysia 100% 100%Centre Sdn. Bhd.
Proton Automobiles (China) Ltd.+ Pegangan pelaburan British Virgin 100% 100%(Tidak beroperasi) Islands
337
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
23. SYARIKAT SUBSIDIARI (Samb.)
Negara KepentinganNama Kegiatan utama diperbadankan efektif kumpulan
2004 2003
Miyazu (Malaysia) Sdn. Bhd.# Pembangunan, pemasaran, jualan Malaysia 51% 0%produk dan perkhidmatan yang berkaitan dengan mesin acuan dan aci, khimat penyelenggaraan acuan,pakar runding kejuruteraan kerangka kenderaan bermotor dan juga membekalkan kelengkapan
Proton Tanjung Malim Sdn. Bhd.# Tidak beroperasi Malaysia 100% 0%
Proton Edar Sdn. Bhd. Jualan kenderaan bermotor, Malaysia 100% 100%alat ganti dan aksesori yang berkaitan
Syarikat subsidiari kepada Proton Edar Sdn. Bhd.Proton Singapore Pte. Ltd.*# Jualan kenderaan bermotor, Singapura 100% 0%
alat ganti dan aksesori
Proton Edar Resources Sdn. Bhd. Membaiki dan menyelenggara Malaysia 100% 100%kenderaan bermotor (sebelum ini tidak beroperasi)
Proton Edar Ventures Sdn. Bhd. Tidak beroperasi Malaysia 100% 100%
Syarikat subsidiari kepada Proton Engineering Research Technology Sdn. Bhd.Marco Acquisition Corporation* Syarikat pemegang pelaburan Amerika 100% 100%
Syarikat
338
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
23. SYARIKAT SUBSIDIARI (Samb.)
Negara KepentinganNama Kegiatan utama diperbadankan efektif kumpulan
2004 2003
Syarikat subsidiari kepada Proton Cars (UK) Ltd.Smith & Sons Motors Ltd.* Tidak beroperasi England 100% 100%
Proton Direct Ltd.+ Pengedar kenderaan bermotor England 100% 100%
Proton Cars (Imports) Ltd.* Tidak beroperasi England 100% 100%
Proton Cars Direct Limited* Tidak beroperasi England 100% 100%
Syarikat subsidiari kepada Lotus Group International Ltd.Group Lotus plc* Memegang harta intelektual England 100% 100%
Syarikat subsidiari kepada Group Lotus plcLotus Cars Ltd.* Pengilang kereta dan firma pakar England 100% 100%
perunding kejuruteraan
Lotus Body Engineering Ltd.* Tidak beroperasi England 100% 100%
Lotus Motorsports Ltd.* Tidak beroperasi England 100% 100%
Lotus Holdings Inc.* Syarikat pemegang untuk operasi Amerika 100% 100%di Amerika Utara Syarikat
Syarikat subsidiari kepada Lotus Cars Ltd.Lotus Engineering Ltd.* Menjalankan kontrak kejuruteraan England 100% 100%
tertentu
Lotus Engineering (Malaysia) Pakar perunding kejuruteraan Malaysia 100% 100%Sdn. Bhd.
339
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
23. SYARIKAT SUBSIDIARI (Samb.)
Negara KepentinganNama Kegiatan utama diperbadankan efektif kumpulan
2004 2003
Syarikat subsidiari kepada Lotus Holdings Inc.Lotus Engineering Inc.* Perunding kejuruteraan di Amerika 100% 100%
Amerika Utara Syarikat
Lotus Cars USA Inc.* Jualan dan servis kereta Amerika 100% 100%Syarikat
* Diaudit oleh firma luar negara yang bersekutu dengan PricewaterhouseCoopers, Malaysia.+ Tidak diaudit oleh PricewaterhouseCoopers.# Dibeli pada tahun kewangan semasa.ø Dibubarkan pada tahun kewangan semasa.
24. SYARIKAT BERSEKUTU
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Saham tak tersiarharga, pada kos:Pada 1 April 64,087 42,087 37,825 37,825Penambahan pelaburan – 22,000 – –
Pada 31 Mac 64,087 64,087 37,825 37,825
Peruntukan untuk penurunan nilai (5,799) (5,799) (5,799) (5,799)
58,288 58,288 32,026 32,026Bahagian rizab selepas pemerolehan 111,787 88,567 – –
170,075 146,855 32,026 32,026
340
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
24. SYARIKAT BERSEKUTU (Samb.)
Kumpulan
2004 2003RM’000 RM’000
Kepentingan dalam syarikat bersekutu diwakili oleh:Bahagian aset ketara bersih Kumpulan 164,964 141,327Bahagian aset tidak ketara Kumpulan 5,111 5,528
170,075 146,855
Butiran mengenai syarikat bersekutu adalah seperti berikut:Negara Kepentingan
Nama Kegiatan utama diperbadankan efektif Kumpulan2004 2003
PHN Industry Sdn. Bhd. Pengilangan dan penjualan barangan Malaysia 35% 35%acuan berasaskan logam dan pemasangan komponen logam otomotif
Aluminium Alloy Castings Sdn. Bhd. Pembangunan, pengilangan dan Malaysia 25% 25%penjualan produk tuangan aloi aluminium
Marutech Elastomer Industries Pengilangan dan pengeluaran produk Malaysia 25% 25%Sdn. Bhd. acuan, hos getah tersemperit dan
hos getah untuk kenderaan bermotor, motosikal dan produk berkaitan
Vina Star Motors Corporation Impot, pemasangan dan pengedaran Republik 25% 25%kenderaan di Vietnam Sosialis
Vietnam
341
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
24. SYARIKAT BERSEKUTU (Samb.)
Negara KepentinganNama Kegiatan utama diperbadankan efektif kumpulan
2004 2003
Exedy (Malaysia) Sdn. Bhd. Pembuatan dan pemasangan akam Malaysia 45% 45%manual dan alat ganti transmisi otomatik
Proton City Development Pemaju hartanah dan pengurusan Malaysia 40% 40%Corporation Sdn. Bhd. projek
Syarikat bersekutu kepada Proton Cars (UK) Ltd.Proton Finance Ltd. Menyediakan wakil jualan dan England 49.99% 49.99%
pembiayaan pelanggan
Syarikat bersekutu kepada Proton Edar Sdn. Bhd.Netstar Advance Systems Sdn. Bhd. Terlibat dalam pembuatan, Malaysia 40% 40%
pemasangan dan penjualan alat jejak kenderaan
Syarikat bersekutu kepada Proton Automobile China Ltd.Goldstar Proton Automobiles Pengeluaran peralatan kenderaan China 49% 49%Co. Ltd. dan pengilangan alat ganti utama
kenderaan
342
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
25. ENTITI KAWALAN BERSAMA
Kumpulan
2004 2003RM’000 RM’000
Saham tak tersiarharga, pada kos:Pada 1 April 2,835 1,734Kenaikan dalam pelaburan 25,000 –
27,835 1,734Perolehan terkumpul bagi tahun kewangan 315 1,101
Pada 31 Mac 28,150 2,835
Jumlah berikut merupakan bahagian aset, liabiliti, hasil dan perbelanjaan Kumpulan bagi entiti kawalan bersama:
Kumpulan
2004 2003RM’000 RM’000
Aset semasa 102,194 67,376Liabiliti semasa (74,044) (64,541)
Bahagian ke atas aset bersih 28,150 2,835
Hasil 6,092 5,960
Keuntungan daripada kegiatan biasa sebelum cukai 2,093 1,430Cukai (Nota 8) (635) (520)
Keuntungan selepas cukai 1,458 910
343
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
25. ENTITI KAWALAN BERSAMA (Samb.)
Butiran mengenai entiti kawalan bersama adalah seperti berikut:
Negara KepentinganNama Kegiatan utama diperbadankan efektif kumpulan
2004 2003
Advanced Engine Research Penyelidikan enjin dan pembangunan Malaysia 50% 50%Sdn. Bhd. bahan api, pelincir dan bahan
enjin termaju
Entiti kawalan bersama Group Lotus plcLotus Finance Ltd. Syarikat usahasama untuk England 49.9% 49.9%
pembiayaan pembelian kenderaan
Entiti kawalan bersama Proton Edar Sdn. Bhd.#Proton Commerce Sdn. Bhd.# Pembiayaan pembelian kenderaan Malaysia 50% 0%
bermotor
# Dibeli pada tahun kewangan semasa.
26. PELABURAN JANGKA PANJANG LAIN
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Pelaburan tak tersiarharga di Malaysia:Kos 9,226 9,226 5,425 5,425Peruntukan untuk penurunan nilai (2,950) (2,950) (2,950) (2,950)
Pada 31 Mac 6,276 6,276 2,475 2,475
344
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
27. LIABILITI JANGKA PANJANG
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Tidak bercagar:Pinjaman jangka panjang 222,268 272,597 222,268 272,597Bahagian yang perlu dibayar semula dalam masa
dua belas bulan (Nota 21) (52,342) (50,329) (52,342) (50,329)
169,926 222,268 169,926 222,268
Bercagar:Pinjaman jangka panjang 277,500 265,718 – –Bahagian yang perlu dibayar semula dalam masa
dua belas bulan (Nota 21) – (265,718) – –
277,500 – – –
Pemiutang pajakan kewangan dan sewa beli– bercagar 14 126 – –Bahagian yang perlu dibayar semula dalam masa
dua belas bulan (Nota 17) (10) (126) – –
4 – – –
447,430 222,268 169,926 222,268
345
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
27. LIABILITI JANGKA PANJANG (Samb.)
Kumpulan dan Syarikat
2004 2003RM’000 RM’000
(a) Pinjaman jangka panjang – tidak bercagarPinjaman jangka panjang yang perlu dibayar balik adalah seperti yang berikut:
Dalam masa setahun 52,342 50,329Di antara satu dan dua tahun 54,435 52,342Di antara dua dan lima tahun 115,491 169,926
222,268 272,597
Pada 29 Julai 2002, pinjaman jangka panjang tidak bercagar daripada HICOM Holdings Berhad telah dipindahkankepada kerajaan Malaysia melalui satu perjanjian novasi pinjaman dengan kerajaan Malaysia. Pinjaman tersebutperlu dibayar balik dengan 5 kali bayaran tahunan dalam tempoh 5 tahun. Pinjaman meliputi jumlah sebanyakRM41.5 juta (2003: RM50.8 juta) dan RM180.7 juta (2003: RM221.7 juta). Pembayaran terakhir untuk pinjamanpertama berakhir pada 22 Jun 2007 dan pinjaman kedua berakhir pada 30 September 2007. Kedua-dua bahagianpinjaman dikenakan faedah tetap pada kadar 4% setahun dan perlu dibayar balik dalam Ringgit Malaysia.
(b) Pinjaman jangka panjang – bercagarPinjaman jangka panjang bercagar diperolehi oleh syarikat subsidiari:
(i) Pinjaman jangka panjang bercagar pada 31 Mac 2004 merangkumi pinjaman bank berjumlah £40 juta yangdibuat oleh sebuah syarikat subsidiari. Faedah yang dikenakan adalah pada kadar tetap 4.94% dan perludibayar penuh pada Oktober 2006. Deposit tunai Syarikat di sebuah bank di Malaysia dicagarkan ke ataspinjaman tersebut (Nota 38).
346
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
27. LIABILITI JANGKA PANJANG (Samb.)
(b) Pinjaman jangka panjang – bercagar (Samb.)(ii) Pinjaman bertempoh dibuat untuk membiayai kontrak kejuruteraan jangka panjang yang tertentu.
Pinjaman hendaklah dibayar balik dalam dua puluh lapan ansuran bulanan yang terdiri daripada dua puluhtujuh bayaran ansuran sebanyak £609,750 bermula April 2001 dan bayaran terakhir sebanyak £786,750 padabulan Julai 2003. Pinjaman telah dikeluarkan dalam pound sterling dan dikenakan faedah di antara 4.50%hingga 4.75% setahun pada tahun kewangan lepas.
Pinjaman dicagarkan oleh surat ikatan penyerahan hak bagi jumlah yang akan diterima yang dengannyapembiayaan didahulukan.
Pinjaman tersebut telah dibayar penuh pada tahun kewangan semasa.
(iii) Nota kadar terapung yang dijamin dan disenaraikan di Bursa Saham London.
Hutang tersenarai ini terdiri daripada £40 juta nota kadar terapung dijamin yang bernilai £100,000 setiap satuditerbitkan dalam bulan Oktober 2000 dan perlu dibayar balik dalam bulan Oktober 2003. Hutang tersebutdijamin oleh Syarikat (Nota 36). Faedah yang dibayar pada tahun sebelumnya adalah pada kadar tetap iaitu6.3% setahun. Pinjaman tersebut telah dibayar penuh pada tahun kewangan semasa.
(iv) Nota hutang sebanyak USD5 juta yang diberikan oleh institusi kewangan di Amerika Syarikat perlu dibayarsecara ansuran sebanyak USD101,741 sebulan daripada Mac 2000 sehingga Februari 2005. Baki pinjamandikelaskan sebagai liabiliti semasa dalam tahun kewangan lepas berikutan perjanjian rasmi tertentu termasuknilai bersih nyata minima dan nisbah servis hutang liputan tidak dipenuhi oleh syarikat subsidiari. Pinjamantersebut telah dibayar penuh dalam tahun kewangan semasa.
Pinjaman bertempoh ini dikenakan faedah pada kadar antara 3.65% hingga 4.14% setahun pada tahunkewangan yang lepas.
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27. LIABILITI JANGKA PANJANG (Samb.)
(c) Pemiutang pajakan dan sewa beliPerjanjian pajakan dan sewa beli yang diperoleh syarikat subsidiari dicagarkan atas aset syarikat subsidiari masing-masing.
Analisis tentang komitmen pajakan kewangan dan sewa beli:Kumpulan
2004 2003RM’000 RM’000
Perlu dibayar dalam masa setahun 10 126Perlu dibayar di antara satu hingga lima tahun 4 –
14 126Ditolak: Bayaran kewangan – –
14 126
28. CUKAI TERTUNDA
Aset dan liabiliti untuk cukai tertunda diimbangi apabila undang-undang membenarkan pengimbangan cukai asetsemasa ke atas cukai liabiliti semasa dan apabila cukai tertunda berkait dengan penguatkuasa cukai yang sama. Selepaspengimbangan, jumlah berikut diiktiraf dalam kunci kira-kira:
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Cukai pendapatan:
Aset cukai tertunda 47,252 27,404 34,514 14,812Liabiliti cukai tertunda (1,023) (1,023) – –
46,229 26,381 34,514 14,812
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28. CUKAI TERTUNDA (Samb.)
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Perubahan cukai tertundaPermulaan tahun 26,381 (10,009) 14,812 (15,675)Cukai yang dikira ke atas penyata kewangan– harta, loji dan peralatan 27,571 40,636 32,160 41,871– inventori (11,840) 13,750 – –– kerugian cukai – 647 – –– peruntukan 3,626 (804) (12,949) 6,455– penghutang tertunggak 491 (17,839) 491 (17,839)
46,229 26,381 34,514 14,812
Aset cukai tertunda (sebelum diimbangi)– harta, loji dan peralatan 48,802 66,613 48,802 66,613– inventori 12,153 23,993 – –– kerugian cukai 647 647 – –– peruntukkan 50,842 47,216 45,668 58,617– penghutang tertunggak 491 – 491 –
112,935 138,469 94,961 125,230Imbangan (65,683) (111,065) (60,447) (110,418)
Aset cukai tertunda (selepas diimbangi) 47,252 27,404 34,514 14,812
Liabiliti cukai tertunda (sebelum diimbangi)– harta, loji dan peralatan (48,587) (93,969) (42,328) (92,299)– penghutang tertunggak (18,119) (18,119) (18,119) (18,119)
(66,706) (112,088) (60,447) (110,418)Imbangan 65,683 111,065 60,447 110,418
Liabiliti cukai tertunda (selepas diimbangi) (1,023) (1,023) – –
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28. CUKAI TERTUNDA (Samb.)
Jumlah perbezaan sementara dan kerugian cukai yang tak digunakan (kedua-duanya tidak mempunyai tarikh luput)yang mana aset cukai tertunda tidak diiktiraf dalam Kunci Kira-kira adalah seperti berikut:
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Perbezaan sementara yang mana aset cukai tertundatidak diiktiraf:
Kerugian cukai yang tak diiktiraf 205,112 174,590 – –Peruntukan modal yang tidak diserap 27,299 32,061 – –Peruntukan pelaburan semula yang tidak diiktiraf 251,552 – 251,552 –Lain-lain perbezaan sementara 9,366 9,431 – –
Perbezaan sementara yang mana liabiliti cukai tertundatidak diiktiraf:
Lebihan dari penilaian tanah 12,488 10,765 – –
Pada 31 Mac 2003, tiada perbezaan sementara berkaitan dengan keuntungan dari syarikat subsidiari yang tidakdihantar pulang untuk pengiktirafan liabiliti cukai tertunda (2003: tiada).
29. MODAL SAHAM
Syarikat
2004 2003RM’000 RM’000
Modal saham dibenarkan:1,000,000,000 saham biasa bernilai RM1 sesaham 1,000,000 1,000,000
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30. RIZAB
Syarikat mempunyai kredit cukai Seksyen 108(6) yang mencukupi untuk mengagihkan tanpa perbelanjaan kira-kiraRM2,881.7 juta (2003: RM2,753.9 juta) daripada keuntungan terkumpul pada 31 Mac 2004 sebagai dividen.
Di samping itu, Syarikat mempunyai pendapatan bebas cukai pada 31 Mac 2004 yang berjumlah sehingga kira-kiraRM1,137.3 juta (2003: RM1,216.9 juta) yang boleh diagihkan sebagai dividen bebas cukai kepada pemegang saham.Pendapatan bebas cukai ini tertakluk kepada persetujuan daripada Lembaga Hasil Dalam Negeri.
31. MANFAAT PERSARAAN PEKERJA
(a) Pelan caruman tertakrifSyarikat-syarikat yang ditubuhkan di Malaysia mencarum dengan Kumpulan Wang Simpanan Pekerja. Selepascaruman dibuat, Kumpulan tidak lagi mempunyai apa-apa tanggungan.
(b) Pelan manfaat tertakrifSkim Kumpulan Lotus – skim manfaat tertakrifLotus Group International Ltd. dan syarikat subsidiarinya (“Lotus Group”), mengendalikan skim manfaat persaraanyang ditakrifkan, iaitu Pelan Persaraan Lotus. Aset skim ini dipegang oleh pengurusan dana pemegang amanahyang berasingan. Di samping itu, skim ini juga menyediakan perlindungan insuran nyawa untuk semua pekerja.
Caruman kepada skim dikira dalam penyata pendapatan secara mengagihkan kos persaraan ke atas jangka hayatperkhidmatan dengan Lotus Group. Caruman tersebut ditetapkan oleh aktuari yang layak berdasarkan penilaianbagi setiap tiga tahun. Penilaian yang terakhir diadakan pada 31 Disember 2002 dengan menggunakan kaedahunit yang diunjurkan telah dikemaskinikan pada 31 Mac 2004.
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31. MANFAAT PERSARAAN PEKERJA (Samb.)
(b) Pelan manfaat tertakrif (Samb.)Skim Kumpulan Lotus – skim manfaat tertakrif (Samb.)Perubahan pada tahun semasa dalam kunci kira-kira disatukan adalah seperti berikut:
Kumpulan
2004 2003RM’000 RM’000
Pada 1 April 1,507 1,598Dimasukkan dalam pendapatan 24,940 13,102Perbezaan pertukaran mata wang asing 2,001 329Caruman dan faedah dibayar (17,691) (13,522)
Pada 31 Mac 10,757 1,507
Jumlah yang dikira dalam kunci kira-kira disatukan adalah seperti berikut:Kumpulan
2004 2003RM’000 RM’000
Nilai semasa untuk dana tanggungan 270,729 189,606Nilai wajar untuk pelan aset (198,170) (122,774)
Kekurangan dalam dana pelan 72,559 66,832Kerugian aktuari yang tidak diiktiraf (47,877) (50,320)Liabiliti dari pertukaran piawaian yang tidak diiktiraf (13,925) (15,005)
Liabiliti dalam kunci kira-kira 10,757 1,507
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31. MANFAAT PERSARAAN PEKERJA (Samb.)
(b) Pelan manfaat tertakrif (Samb.)Skim Kumpulan Lotus – skim manfaat tertakrif (Samb.)Perbelanjan yang dikira dalam penyata pendapatan disatukan adalah sepeti berikut:
Kumpulan
2004 2003RM’000 RM’000
Kos perkhidmatan semasa 17,497 12,304Kos faedah 11,937 9,286Anggaran pulangan ke atas pelan aset (9,481) (9,386)Kerugian aktuari 1,618 –Kos perkhidmatan sebelumnya 117 898Susut nilai liabiliti penggunaan piawaian baru 3,252 –
Jumlah termasuk kos kakitangan dalam perbelanjaan pengurusan (Nota 6) 24,940 13,102
Pulangan sebenar aset pelan 30,076 (45,353)
Berikut adalah prinsip aktuari yang digunakan mengikut pengiraan pelan manfaat Kumpulan:
Kumpulan
2004 2003% %
Kadar diskaun 5.50 5.50Anggaran pulangan ke atas aset pelan– Ekuiti 7.50 7.50– Bon 5.00 5.00– Lain-lain 4.00 4.00Anggaran peningkatan gaji 4.25 4.00Anggaran kadar peningkatan pembayaran persaraan 2.75 2.50Inflasi 2.75 2.50
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32. MAKLUMAT SEGMEN
Kumpulan terlibat dalam industri kereta iaitu pembuatan, pemasangan, urusniaga dan penyediaan kejuruteraan dankhidmat lain yang berkenaan dengan kenderaan dan produk yang berkaitan dengannya. Oleh sebab itu, tiadamaklumat segmen industri yang dianggap perlu untuk dianalisa.
Jualan antara segmen termasuklah jualan kereta, alat ganti dan khidmat kejuruteraan kepada syarikat di kedudukangeografi yang lain.
Analisis perolehan dan hasil Kumpulan dan lain-lain maklumat yang digunakan mengikut kedudukan geografi asetadalah seperti berikut:
Malaysia Lain-lain Negara Hapus kira Jumlah
2004 2003 2004 2003 2004 2003 2004 2003RM juta RM juta RM juta RM juta RM juta RM juta RM juta RM juta
PerolehanJualan luar 5,664.1 8,491.0 806.2 777.0 – – 6,470.3 9,268.0Jualan antara segmen 154.7 97.1 372.2 297.5 (526.9) (394.6) – –
Jumlah perolehan 5,818.8 8,588.1 1,178.4 1,074.5 (526.9) (394.6) 6,470.3 9,268.0
KeputusanKeuntungan/(kerugian)
operasi segmen 367.8 1,074.4 30.1 5.3 39.9 162.6 437.8 1,242.3Perbelanjaan tidak
diagihkan – (10.7)Pendapatan tidak
diagihkan 38.5 2.5Perbelanjaan faedah (37.1) (38.4)Pendapatan faedah 107.5 117.0Bahagian keuntungan
bersih dalam syarikatbersekutu dan entitikawalan bersama 4.2 26.2 26.2 13.8 – – 30.4 40.0
Cukai (56.0) (234.9)
Keuntungan bersihselepas cukai 521.1 1,117.8
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32. MAKLUMAT SEGMEN (Samb.)
Malaysia Lain-lain Negara Imbangan Jumlah
2004 2003 2004 2003 2004 2003 2004 2003RM juta RM juta RM juta RM juta RM juta RM juta RM juta RM juta
Lain-lain maklumatAset segmen 7,087.7 7,189.8 608.3 536.8 – – 7,696.0 7,726.6Aset tidak diagihkan 433.7 349.8
Jumlah Aset 8,129.7 8,076.4
Liabiliti segmen 1,361.8 1,609.4 400.4 347.6 – – 1,762.2 1,957.0Liabiliti tidak diagihkan 765.0 925.5
Jumlah liabiliti 2,527.2 2,882.5
Perbelanjaan modal 1,024.4 1,005.5 34.6 12.5 – – 1,059.0 1,018.0Susut nilai dan
pelunasan 319.1 398.4 10.3 4.5 – – 329.4 402.9Aset dihapuskira 40.5 86.5 0.6 – – – 41.1 86.5Jejas nilai – 1.0 – – – – – 1.0Lain-lain item bukan
tunai 41.7 41.4 7.9 13.0 (40.9) 15.0 8.7 69.4
Pendapatan tidak diagihkan terdiri daripada pendapatan dividen daripada lain-lain pelaburan keuntungan daripadapenjualan pelaburan jangka pendek dan masuk kira semula peruntukan. Kos tidak diagihkan terdiri daripada kerugianpelaburan jangka pendek, sama ada terealisasi dan tidak. Aset segmen terdiri daripada hartanah, loji dan peralatan,inventori, penghutang, tunai dan termasuk pelaburan dalam syarikat bersekutu, syarikat usahasama, pelaburan jangkapanjang, pelaburan jangka pendek dan aset cukai tertunggak. Liabiliti segmen terdiri daripada liabiliti operasi dan tidaktermasuk cukai dan pinjaman.
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32. MAKLUMAT SEGMEN (Samb.)
Perbelanjaan modal terdiri daripada tambahan kepada hartanah, loji dan peralatan (Nota 22).
Untuk perbandingan, maklumat segmen pada tahun lepas telah dilanjutkan untuk mematuhi syarat-syarat PiawaianMASB 25 dan MASB 29 (Nota 41).
Format keduaFormat utama laporan segmen adalah mengikut kedudukan geografi aset. Laporan segmen mengikut industri adalahtidak perlu kerana Kumpulan terlibat dalam satu sektor seperti yang diterangkan di atas. Dengan itu, hanya jualankepada pelanggan luar mengikut kedudukan geografi pelanggan sahaja yang dibentangkan.
Malaysia Lain-lain Negara Imbangan Jumlah
2004 2003 2004 2003 2004 2003 2004 2003RM juta RM juta RM juta RM juta RM juta RM juta RM juta RM juta
PerolehanJualan Luar 5,598.1 8,364.3 872.2 903.7 – – 6,470.3 9,268.0Jualan antara segmen 154.7 97.1 372.2 297.5 (526.9) (394.6) – –
Jumlah perolehan 5,752.8 8,461.4 1,244.4 1,201.2 (526.9) (394.6) 6,470.3 9,268.0
33. KOMITMEN MODAL DAN LAIN-LAIN
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Komitmen ModalPerbelanjaan modal untuk hartanah, loji dan peralatan
yang diluluskan oleh Lembaga Pengarah tetapi tidakdiperuntukan dalam penyata kewangan:Dikontrakkan: 664,435 974,022 593,908 857,752Tidak dikontrakkan: 4,901,319 3,593,917 4,728,815 3,478,905
5,565,754 4,567,939 5,322,723 4,336,657
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33. KOMITMEN MODAL DAN LAIN-LAIN (Samb.)
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Tambahan pelaburan dalam entiti kawalan bersamayang diluluskan oleh Lembaga Pengarah tetapi tidak dinyatakandalam penyata kewangan
Dikontrakkan 100,000 – – –
34. PAJAKAN OPERASI
Pada 31 Mac 2004, Kumpulan terikat untuk membuat bayaran berikut berhubung dengan pajakan operasi yang akantamat tempoh:
Tanah dan Loji dan Tanah dan Loji danbangunan jentera Jumlah bangunan jentera Jumlah
2004 2004 2004 2003 2003 2003Kumpulan RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Dalam satu tahun 722 4,436 5,158 549 5,119 5,668Di antara satu dan lima tahun 190 2,618 2,808 686 3,987 4,673Selepas lima tahun – 26 26 323 – 323
912 7,080 7,992 1,558 9,106 10,664
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35. PENDEDAHAN PENTING PIHAK BERKAITAN
Dalam urusan perniagaan yang biasa, Syarikat telah menjalankan pelbagai urusniaga berdasarkan syarat yangdipersetujui bersama dengan syarikat subsidiari dan bersekutu, syarikat lain yang dianggap sebagai pihak berkaitankerana menjadi ahli kepada kumpulan syarikat KHAZANAH dan pihak yang berkaitan yang lain. Pihak berkaitan yangberurusniaga dengan Kumpulan dan Syarikat termasuk syarikat yang berikut:
Pihak berkaitan HubunganMitsubishi Motors Corporation, Jepun (“MMC”) Pemegang saham SyarikatMitsubishi Corporation, Jepun Pemegang saham MMCPetroliam Nasional Berhad (“PETRONAS”) Pemegang saham SyarikatPEPS-JV (M) Sdn. Bhd. Pelaburan ekuitiTechnomeiji Rubber Industries Sdn. Bhd. Pelaburan ekuiti
Tertera di bawah ialah urusniaga dan baki pihak berkaitan yang penting. Ini adalah tambahan kepada pendedahanpihak berkaitan yang disebut di bahagian lain dalam penyata kewangan. Urusniaga pihak berkaitan yang dihuraikandi bawah dijalankan mengikut terma dan syarat yang sama dengan urusniaga pihak tidak berkaitan melainkandinyatakan sebaliknya. Urusniaga dengan pembekal utiliti, Tenaga Nasional Berhad dan Telekom Malaysia Berhad,syarikat bersekutu KHAZANAH tidak didedahkan.
(a) Jualan barangan dan perkhidmatanKumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Jualan barangan kepada:– Vina Star Motors Corporation 20 38 – –– PHN Industry Sdn. Bhd. – 5,331 – –– PEPS-JV (M) Sdn. Bhd. – 14,400 – –– Mitsubishi Motors Corporation 92 125 92 125
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35. PENDEDAHAN PENTING PIHAK BERKAITAN (Samb.)
(b) Belian barangan dan perkhidmatanKumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Belian barangan daripada:– Mitsubishi Motors Corporation, Jepun 25,039 31,347 5,333 8,977– Mitsubishi Corporation, Jepun 963,246 1,215,585 963,246 1,191,892– Syarikat-syarikat bersekutu 125,448 173,532 124,483 170,690– Technomeiji Rubber Industries Sdn. Bhd. 13,991 20,763 13,991 20,744– PEPS-JV (M) Sdn. Bhd. 55,319 58,804 55,319 58,804
Belian perkhidmatan daripada:– Mitsubishi Motors Corporation, Jepun 16,411 66,806 16,411 66,806– Mitsubishi Corporation, Jepun – 1,828 – 1,828
36. LIABILITI LUAR JANGKA (TIDAK BERCAGAR)
Syarikat
2004 2003RM’000 RM’000
Jaminan yang diberikan kepada jurubank untuk kemudahan yang diberikankepada syarikat subsidiari dan bersekutu 520,115 686,631
Jaminan tidak terlindung nilai yang disebut dalam mata wang asing adalah sepertiyang berikut:
USD1,750,000 (2003: USD1,750,000) 6,650 6,650AUD10,200,000 (2003: AUD10,200,000) 29,228 23,322GBP69,800,000 (2003: GBP69,800,000) 484,237 417,439Nota Kadar Terapung GBP40,000,000 – 239,220
520,115 686,631
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37. PERISTIWA PENTING
Pada 6 Mei 2003, syarikat subsidiari milik penuh Proton Tanjung Malim Sdn. Bhd. telah ditubuhkan. Syarikat inimemulakan operasinya pada 1 April 2004.
Pada 3 Julai 2003, Proton Edar Sdn. Bhd., syarikat subsidiari yang dimiliki sepenuhnya oleh Syarikat, telah menubuhkanProton Singapore Pte. Ltd. di Singapura.
Pada 5 Ogos 2003, Syarikat telah melanggan 51% saham untuk Miyazu Malaysia Sdn. Bhd. Syarikat ini memulakanoperasinya dalam bulan Ogos 2003.
Pada 22 Oktober 2003, Proton Edar Sdn. Bhd. telah menandatangani perjanjian kawalan bersama dengan BumiputraCommerce Finance. Proton Commerce Sdn. Bhd. telah memulakan operasinya pada Mac 2004. Keputusan entiti kawalanbersama tidak dinyatakan dalam tahun kewangan semasa kerana ianya adalah kecil.
38. TUNAI DAN KESETARAAN TUNAI
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
Bank berlesen 2,653,713 2,988,731 1,919,624 2,342,558Gedung diskaun 36,990 73,109 36,990 73,109Institusi kewangan berlesen yang lain 162,651 588,503 162,651 536,503
2,853,354 3,650,343 2,119,265 2,952,170Baki bank dan tunai 135,866 142,914 16,925 53,468Overdraf bank (120,564) (73,644) – –Deposit tetap dicagarkan sebagai sekuriti (Nota 27) (308,880) – (308,880) –
2,559,776 3,719,613 1,827,310 3,005,638
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38. TUNAI DAN KESETARAAN TUNAI (Samb.)
Sebahagian daripada tunai dan kesetaraan tunai Kumpulan sehingga 31 Mac 2004 adalah wang yang disimpan dalamAkaun Pembangunan Perumahan di bawah Seksyen 7A Pembangun Perumahan (bahagian kawalan dan lesen) Akta1966 (Akta 118) yang dianggarkan berjumlah kira-kira RM649,000 (2003: RM2,685,000).
39. INSTRUMEN KEWANGAN
(a) Kontrak Tukaran Mata Wang HadapanKontrak tukaran mata wang hadapan yang dimeterai oleh Kumpulan dalam mata wang asing selain daripada matawang utama mereka adalah untuk menguruskan dedahan turun naik kadar tukaran mata wang asing terhadapurusniaga khusus mereka.
Pada 31 Mac 2004, jumlah mata wang asing yang akan diterima dan baki kontrak kadar tukaran mata wangkepada Kumpulan dan Syarikat adalah seperti berikut:
Kumpulan Syarikat
2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000
MatangKurang dari 6 bulan 453,966 458,421 427,218 433,2006 bulan hingga setahun 6,154 27,719 – –Lebih dari setahun – 6,980 – –
460,120 493,120 427,218 433,200
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39. INSTRUMEN KEWANGAN (Samb.)
(a) Kontrak Tukaran Mata Wang Hadapan (Samb.)Jumlah tukaran mata wang asing yang akan diterima dan kadar tukaran mata wang asing yang dijanjikan untukKumpulan dan Syarikat adalah seperti berikut:
2004 Mata wang Mata wang Kadarasing akan asing patut Kesetaraan purata
Lindung Nilai diterima dibayar RM’000 kontrak
KumpulanBelian hadapan bahan mentah untuk
6 bulan pertama JPY USD 427,218 1 USD = JPY108.16
Anggaran penerimaan– 6 bulan pertama GBP USD 6,564 1 USD = GBP 0.6640– 6 hingga 12 bulan GBP USD 1,636 1 USD = GBP 0.6688– 6 bulan pertama GBP CHF 4,392 1 CHF = GBP 0.4351– 6 hingga 12 bulan GBP CHF 300 1 CHF = GBP 0.4418– 6 bulan pertama GBP EURO 968 1 EURO = GBP 0.6872
Anggaran pembayaran– 6 bulan pertama JPY GBP 14,824 1 GBP = JPY 190.00– 6 hingga 12 bulan JPY GBP 4,218 1 GBP = JPY 190.83
460,120
SyarikatBelian hadapan bahan mentah untuk
6 bulan pertama JPY USD 427,218 1 USD = JPY108.16
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39. INSTRUMEN KEWANGAN (Samb.)
(a) Kontrak Tukaran Mata Wang Hadapan (Samb.)2003 Mata wang Mata wang Kadar
asing akan asing patut Kesetaraan purataLindung Nilai diterima dibayar RM’000 kontrak
KumpulanBelian hadapan bahan mentah untuk
6 bulan pertama JPY USD 433,200 1 USD = JPY119.74
Anggaran penerimaan– 6 bulan pertama GBP USD 16,282 1 USD = GBP 0.6717– 6 hingga 12 bulan GBP USD 27,719 1 USD = GBP 0.6627– lebih dari 12 bulan GBP USD 6,980 1 USD = GBP 0.6659– 6 bulan pertama GBP CHF 3,362 1 CHF = GBP 0.4460– 6 bulan pertama GBP EURO 172 1 EURO = GBP 0.6831
Anggaran pembayaran– 6 bulan pertama EURO GBP 5,405 1 GBP = EURO 1.5429
493,120
SyarikatBelian hadapan bahan mentah untuk
6 bulan pertama JPY USD 433,200 1 USD = JPY119.74
Nilai wajar baki kontrak tukaran mata wang asing Kumpulan dan Syarikat pada tarikh kunci kira-kira menunjukkankeuntungan bersih masing-masing sebanyak RM22,451,000 dan RM21,081,000. (2003: RM5,758,000 danRM6,241,000).
363
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
39. INSTRUMEN KEWANGAN (Samb.)
(b) Kontrak Kadar Faedah Tertinggi dan TerendahSebuah syarikat subsidiari telah memeterai kontrak faedah tertinggi dan terendah untuk menguruskan dedahankadar faedahnya. Jumlah prinsipal kontrak pada tahun kewangan yang lepas adalah RM239,220,000, kadar faedahtahunan terendah adalah sebanyak 5.1% dan kadar faedah tahunan tertinggi adalah sebanyak 6.95%. Perjanjianini tamat pada 20 Oktober 2003.
Nilai wajar kontrak pada tarikh kunci kira-kira tahun lepas berada pada keadaan tidak menguntungkan sebanyakRM1,498,000.
(c) Risiko KreditKumpulan dan Syarikat tidak terdedah kepada risiko kredit yang benar selain daripada yang dinyatakan berikut:
SyarikatKebanyakan deposit disimpan dalam institusi kewangan yang kukuh di Malaysia. Kebanyakan penghutangperdagangan terhasil daripada urusniaga dengan syarikat subsidiari dalam Kumpulan. Kebanyakan dari hutang initelah dibayar selepas akhir tahun kewangan.
KumpulanKebanyakan deposit disimpan dalam institusi kewangan yang kukuh di Malaysia.
(d) Nilai WajarNilai wajar untuk aset dan liabiliti kewangan Kumpulan dan Syarikat pada tarikh kunci kira-kira dianggarkan samadengan jumlah dibawa ke hadapan kecuali:
2004 Kumpulan Syarikat
Jumlah Nilai Jumlah NilaiNota dibawa wajar dibawa wajar
RM’000 RM’000 RM’000 RM’000
Dinyatakan dalam kunci kira-kiraPelaburan jangka pendek 15 181,980 196,075 181,980 196,075Pelaburan jangka panjang 26 6,276 * 2,475 *Pinjaman jangka panjang– tidak bercagar 27 (222,268) (220,965) (222,268) (220,965)– bercagar 27 (277,500) (273,920) – –Pendahuluan kepada syarikat subsidiari
(lebih dari setahun) 13 – – 58,492 **
Tidak dinyatakan dalam kunci kira-kiraInstrumen lindung nilai tukaran mata wang asing – 22,451 – 21,081
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Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
39. INSTRUMEN KEWANGAN (Samb.)
(d) Nilai Wajar (Samb.)2003 Kumpulan Syarikat
Jumlah Nilai Jumlah NilaiNota dibawa wajar dibawa wajar
RM’000 RM’000 RM’000 RM’000
Dinyatakan dalam kunci kira-kiraPelaburan jangka pendek 15 166,435 169,210 166,435 169,210Pelaburan jangka panjang 26 6,276 * 2,475 *Pinjaman jangka panjang– tidak bercagar 27 (272,597) (270,694) (272,597) (270,694)Pendahuluan kepada syarikat subsidiari
(lebih dari setahun) 13 – – 17,944 **
Tidak dinyatakan dalam kunci kira-kiraInstrumen lindung nilai tukaran mata wang asing – 5,758 – 6,241
Kontrak kadar faedah tertinggi dan terendah – (1,498) – –
* Adalah tidak praktikal dengan sekatan masa dan kos untuk menganggarkan nilai wajar saham tak tersiarhargadengan munasabah. Pada tarih kunci kira-kira, bahagian Kumpulan dan Syarikat dalam aset bersihpelaburannya berjumlah RM8,528,000. (2003: RM7,729,000)
** Adalah tidak praktikal untuk menganggarkan nilai wajar pendahuluan kepada syarikat subsidiari keranapendahuluan tidak mempunyai syarat pembayaran balik yang tetap.
365
Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
40. PERISTIWA SUSULAN
(a) Pada 27 Mei 2003, Syarikat mengumumkan cadangan Penyusunan Semula Korporat. Susulannya adalah sepertiberikut:
(i) Kesemua pemegang saham Perusahaan Otomobil Nasional Berhad menukarkan saham biasanya sebanyakRM1.00 sesaham dalam Perusahaan Otomobil Nasional Berhad dengan saham biasa bernilai RM1.00 sesahamdalam Proton Holdings Berhad pada 5 April 2004.
(ii) Perusahaan Otomobil Nasional Berhad telah memindahkan status penyenaraiannya di Bursa Malaysia SekuritiBerhad kepada Proton Holdings pada 16 April 2004 dan seterusnya Perusahaan Otomobil Nasional Berhadtelah dikeluarkan dari penyenaraian.
(b) Pada 5 Julai 2004, Syarikat telah menandatangani perjanjian kawalan bersama dengan Tracoma Holdings Berhadberkaitan dengan penubuhan PT Proton Tracoma Motors (“PKB”) di Indonesia. Penubuhan ini adalah tertaklukkepada kelulusan dari pihak berkuasa di Indonesia. PKB ditubuhkan untuk menjalankan kontrak pemasangankenderaan bermotor di Indonesia.
41. PENYELARASAN TAHUN LEPAS
Dalam tahun ini, Kumpulan telah mengubah polisi perakaunannya menurut piawaian MASB 25 “Cukai Pendapatan” danMASB 29 “Manfaat Persaraan Pekerja”.
Menurut MASB 25, liabiliti cukai tertunda adalah dikenalpasti untuk semua percukaian perbezaan sementara dan asetcukai tertunda adalah dikenalpasti untuk semua perbezaan sementara, dengan syarat terdapat pendapatan bercukaiyang telah dinyatakan semula memadai untuk digunakan. Pertukaran dalam polisi perakaunan ini dinyatakan secararetrospektif dan perbandingan telah dinyatakan semula.
Penggunaan MASB 29 memberi kesan kepada jumlah yang perlu dibayar untuk manfaat pekerja jangka pendek dalambentuk pampasan terkumpul. Tanggungan ini tidak diambilkira sebelumnya. Pertukaran polisi perakaunan dinyatakansecara retrospektif dan perbandingan telah dinyatakan semula.
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Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
41. PENYELARASAN TAHUN LEPAS (Samb.)
Kesan pertukaran dalam polisi perakaunan adalah seperti berikut:
Kunci Kira-Kira dan Penyata Perubahan Ekuiti
Kumpulan PemiutangAset Liabiliti dagangan
cukai cukai dan lain-lain Keuntungan Kepentingantertunda tertunda pemiutang tersimpan minoriti
RM’000 RM'000 RM’000 RM’000 RM’000
Pada 1 April 2002, seperti yang dinyatakansebelumnya – 84,565 1,797,079 3,431,847 46,472
Kesan penggunaan MASB 25 – (74,556) – 74,180 376
Seperti yang dinyatakan semula – 10,009 1,797,079 3,506,027 46,848
Pada 1 April 2003, seperti yang dinyatakansebelumnya – 18,894 1,661,766 4,482,969 56,009
Kesan penggunaan MASB 29 – – 1,963 (1,918) (45)Kesan penggunaan MASB 25 27,404 (17,871) – 44,629 646
Seperti yang dinyatakan semula 27,404 1,023 1,663,729 4,525,680 56,610
Syarikat PemiutangAset Liabiliti dagangan
cukai cukai dan lain-lain Keuntungantertunda tertunda pemiutang tersimpan
RM’000 RM’000 RM’000 RM’000
Pada 1 April 2002, seperti yang dinyatakan sebelumnya – 84,130 1,476,704 2,957,745Kesan penggunaan MASB 25 – (68,455) – 68,455
Seperti yang dinyatakan semula – 15,675 1,476,704 3,026,200
Pada 1 April 2003, seperti yang dinyatakan sebelumnya – 17,871 1,188,219 3,678,758Kesan penggunaan MASB 29 – – 826 (826)Kesan penggunaan MASB 25 14,812 (17,871) – 32,683
Seperti yang dinyatakan semula 14,812 – 1,189,045 3,710,615
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Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
41. PENYELARASAN TAHUN LEPAS (Samb.)
Penyata PendapatanTahun berakhir 31 Mac 2003
Kumpulan SyarikatRM’000 RM’000
Keuntungan selepas cukai seperti yang dinyatakan sebelumnya 1,149,001 808,884Kesan penggunaan MASB 29 (1,963) (826)Kesan penggunaan MASB 25 (29,281) (35,772)
Seperti yang dinyatakan semula 1,117,757 772,286
42. KELULUSAN PENYATA KEWANGAN
Penyata kewangan telah diluluskan untuk pembentangan mengikut Resolusi Lembaga Pengarah pada 16 Julai 2004.
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Nota-nota kepada Penyata Kewangan
PERUSAHAAN OTOMOBIL NASIONAL BERHAD
AKUAN BERKANUNm e n u r u t S e k s y e n 1 6 9 ( 1 6 ) A k t a S y a r i k a t , 1 9 6 5
Saya, Tan Seng Lee, pegawai utama yang bertanggungjawab ke atas pengurusan kewangan Perusahaan OtomobilNasional Sdn. Bhd., dengan sesungguhnya dan seikhlasnya mengaku bahawa penyata kewangan yang dibentangkan padamuka surat 286 hingga 368 sepanjang pengetahuan dan kepercayaan saya, adalah betul dan saya membuat pengakuanini dengan sesungguhnya mempercayai bahawa ianya benar dan menurut peruntukan Akta Akuan Berkanun, 1960.
TAN SENG LEE
Ditandatangani dan diakui dengan sesungguhnya oleh penama di atas Tan Seng Lee di Shah Alam, Malaysia pada 16 Julai 2004, di hadapan saya.
PESURUHJAYA SUMPAH
Kami, Fadilat binti Ismail dan Tan Seng Lee, dua daripada Pengarah Perusahaan Otomobil Nasional Sdn. Bhd.,berpendapat bahawa penyata kewangan yang dibentangkan pada muka surat 286 hingga 368 adalah disediakan untukmemberi gambaran yang benar dan saksama mengenai kedudukan Kumpulan dan Syarikat pada 31 Mac 2004 dan hasilserta aliran tunai Kumpulan dan Syarikat bagi tahun kewangan yang berakhir pada tarikh tersebut mengikut piawaianperakaunan berkenaan yang telah diluluskan di Malaysia dan peruntukan Akta Syarikat, 1965.
Mengikut resolusi Lembaga Pengarah yang bertarikh 16 Julai 2004.
FADILAT BINTI ISMAIL TAN SENG LEEPengarah Pengarah
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD
PENYATA OLEH PENGARAHm e n u r u t S e k s y e n 1 6 9 ( 1 5 ) A k t a S y a r i k a t , 1 9 6 5
Kami telah mengaudit penyata kewangan yang dibentangkan di muka surat 286 hingga 368. Penyata kewangan tersebutadalah tanggungjawab para Pengarah Syarikat. Tanggungjawab kami adalah untuk menyatakan pendapat ke atas penyatakewangan tersebut berdasarkan audit kami.
Kami telah menjalankan audit kami dengan piawaian-piawaian audit yang diluluskan di Malaysia. Piawaian-piawaian itumemerlukan kami merancang dan melaksanakan audit untuk memperolehi keyakinan yang munasabah mengenai sama adapenyata kewangan ini bebas dari salah nyata yang penting. Audit ini juga meliputi pemeriksaan, berasaskan ujian, buktiyang menyokong jumlah dan penyataan di dalam penyata kewangan. Sesuatu audit juga meliputi penaksiran prinsip-prinsipperakaunan dan anggaran-anggaran penting yang dibuat oleh para Pengarah, serta penilaian ke atas pembentanganpenyata kewangan secara keseluruhan. Kami percaya audit kami menyediakan asas yang munasabah untuk kamimemberikan pendapat.
Pada pendapat kami:
(a) Penyata kewangan ini telah disediakan selaras dengan peruntukan-peruntukan Akta Syarikat, 1965 dan piawaian-piawaian perakaunan berkenaan yang diluluskan di Malaysia untuk memberikan gambaran yang benar dan saksamaterhadap:
(i) perkara-perkara yang dikehendaki oleh Seksyen 169 Akta Syarikat, 1965 telah diambil kira dalam penyatakewangan; dan
(ii) kedudukan Kumpulan dan Syarikat pada 31 Mac 2004 dan keputusan dan aliran tunai Kumpulan dan Syarikat bagitahun kewangan berakhir pada tarikh tersebut;
dan
(b) rekod perakaunan dan rekod-rekod lain serta daftar-daftar yang dikehendaki oleh Akta tersebut untuk disimpan olehSyarikat dan syarikat-syarikat subsidiari yang diaudit oleh kami telah disimpan dengan sempurna menurut peruntukan-peruntukan Akta tersebut.
Nama syarikat-syarikat subsidiari yang tidak diaudit oleh kami dinyatakan dalam Nota 23 kepada penyata kewangan. Kamitelah mempertimbangkan penyata kewangan syarikat-syarikat subsidiari tersebut dan laporan juruaudit yang berkaitan.
Kami berpuashati bahawa penyata kewangan syarikat-syarikat subsidiari yang telah disatukan dengan penyata kewangan Syarikatadalah dalam bentuk dan kandungan yang bersesuaian dan teratur untuk tujuan penyediaan penyata kewangan yang disatukan,dan kami telah menerima maklumat yang memuaskan serta keterangan-keterangan yang diperlukan untuk tujuan tersebut.
Laporan juruaudit ke atas penyata kewangan syarikat-syarikat subsidiari yang telah disatukan tidak dikenakan sebarangpengecualian mengikut subseksyen (3) Seksyen 174 di bawah Akta tersebut.
PRICEWATERHOUSECOOPERS DATO’ AHMAD JOHAN BIN MOHAMMAD RASLAN(No. AF: 1146) (No. 1867/09/04(J))Akauntan Bertauliah Rakan Kongsi
Kuala Lumpur16 Julai 2004
LAPORAN JURUAUDITk e p a d a A h l i - a h l i P e r u s a h a a n O t o m o b i l N a s i o n a l B e r h a d
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PERUSAHAAN OTOMOBIL NASIONAL BERHAD