Notes To The Financial Statements 30 JUNE 2005: 1. Corporate Information

NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2005
1. CORPORATE INFORMATION
The principal activities of the Company are property development and investment holding. The principal activities of the subsidiaries are property development, property investment, sale of building materials, operation of golf, sports and recreation clubs, operation of bowling centre, nursery operation and investment holding. There have been no significant changes in the nature of these principal activities during the financial year under review. The Company is a public limited company, incorporated and domiciled in Malaysia, and is listed on the Main Board of Bursa Malaysia Securities Berhad. The registered office of the Company is located at Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, 80300 Johor Bahru, Johor Darul Ta'zim. The principal place of business is located at Room 501, 5th Floor, Wisma Daiman, 64 Jalan Sulam, Taman Sentosa, 80150 Johor Bahru, Johor Darul Ta'zim. The number of employees in the Group and in the Company at the end of the financial year were 215 (2004 : 215) and 47 (2004 : 41) respectively. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the Directors on 14 October 2005.
2.
SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Preparation

The financial statements of the Group and of the Company have been prepared under the historical cost convention except for the revaluation of leasehold/freehold land and buildings included under property, plant and equipment and investment properties. The financial statements comply with the provisions of the Companies Act, 1965 and applicable MASB's Approved Accounting Standards in Malaysia. During the financial year ended 30 June 2005, the Group and the Company adopted MASB 32 : Property Development Activities for the first time. The adoption of MASB 32 has not given rise to any adjustment to the opening balances of retained profits of the prior and current year. Comparatives, however, have been restated, as disclosed in Note 23 to conform with changes in presentation required by MASB 32 that has been applied retrospectively.
(b) Basis of Consolidation

The consolidated financial statements include the financial statements of the Company and all its subsidiaries. Subsidiaries are those entities in which the Group has a long term equity interest and has power to exercise control over the financial and operating policies so as to obtain benefits from their activities. Accounting policies of the subsidiaries are consistent with those adopted by the Group. Subsidiaries are consolidated using the acquisition method of accounting. Under the acquisition method of accounting, the results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The assets and liabilities of the subsidiaries are measured at their fair values at the date of acquisition. The difference between the cost of an acquisition and the fair value of the Group's share of the net assets
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of the acquired subsidiary at the date of acquisition is included in the consolidated balance sheet as goodwill or negative goodwill arising on consolidation. Intra-group transactions, balances and resulting unrealised gains are eliminated on consolidation and the consolidated financial statements reflect external transactions only. Unrealised losses are eliminated on consolidation unless costs cannot be recovered. The gain or loss on disposal of a subsidiary company is the difference between net disposal proceeds and the Group's share of its net assets together with any unamortised balance of goodwill and exchange differences
(c) Goodwill
Goodwill represents the excess of the cost of acquisition over the Group's interest in the fair value of the identifiable assets and liabilities of a subsidiary at the date of acquisition. Goodwill is stated at cost less accumulated amortisation and impairment losses. The policy for the recognition and measurement of impairment losses is in accordance with Note 2(q). Goodwill arising on the acquisition of subsidiaries is presented separately in the balance sheet. Goodwill is amortised on a straight-line basis over its estimated useful life of five years.
(d) Investment in Subsidiaries

The Company's investment in subsidiaries is stated at cost less provision for diminution in value. Provision is made for diminution in value only when the Directors are of the opinion that there is permanent diminution in its value. Upon the disposal of such investment, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement.
(e) Other Investments

Other investments are stated at cost less provision for diminution in value. Provision is made for diminution in value only when the Directors are of the opinion that there is permanent diminution in their values. Upon the disposal of such investments, the difference between the net disposal proceeds and the carrying amounts is recognised in the income statement.
(f) Property, Plant and Equipment and Depreciation

Property, plant and equipment are stated at cost or valuation less accumulated depreciation and impairment losses. The policies for the recognition and measurement of revaluation and impairment losses are in accordance with Note 2(h) and Note 2(q) respectively. Freehold land is stated at valuation less impairment losses. No amortisation is provided for a piece of long leasehold land of the Company. The non-amortisation has no material effect on the financial statements of the Company. Freehold land and capital work-in-progress are not depreciated. Depreciation of other assets is provided for on a straight-line basis to write off the cost of each asset to its residual value over the estimated useful life, at the following annual rates :
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Buildings Plant and machinery Other assets 2% - 5% 10% - 20% 5% - 20%
Other assets consist of computers, electrical installation and fittings, furniture and fittings, office equipment, office flooring, office partition, motor vehicles and signages, etc. Upon the disposal of an item of property, plant or equipment, the difference between the net disposal proceeds and the net carrying amount is recognised in the income statement and the unutilised portion of the revaluation surplus on that item is taken directly to retained profits.
(g) Investment Properties

Investment properties consist of investment in land and buildings that are not substantially occupied for use by, or in the operations, of the Group. Investment properties are treated as long term investments and are stated at valuation less impairment losses. The policies for the recognition and measurement of revaluation and impairment losses are in accordance with Note 2(h) and Note 2(q) respectively. Upon the disposal of an investment property, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement and the unutilised portion of the revaluation surplus is taken directly to retained profits.
(h) Revaluation of Land and Building

Revaluations are made periodically at a regular interval of five years based on a valuation by an independent valuer on an open market value basis. Any revaluation increase is credited to equity as a revaluation surplus (non-distributable), except to the extent that it reverses a revaluation decrease for the same asset previously recognised as an expense, in which case the increase is recognised in the income statement to the extent of the decrease previously recognised. A revaluation decrease is first offset against unutilised previously recognised revaluation surplus in respect of the same asset and the balance is thereafter recognised as an expense. Upon the disposal of revalued assets, the attributable revaluation surplus remaining in the revaluation reserve is transferred to retained profits.
(i) Land Held for Property Development and Property Development Costs
(i) Land held for property development Land held for property development consists of land where no development activities have been carried out or where development activities are not expected to be completed within the normal operating cycle of three years. Such land is classified within non-current assets and is stated at cost less any accumulated impairment losses. However, as permitted under the transitional provisions of MASB 32 : Property Development Activities, certain land held for property development continue to be stated at their revalued amount less impairment losses. The policy for the recognition and measurement of impairment losses is in accordance with Note 2(q). Land held for property development is reclassified as property development costs at the point when development activities have commenced and where it can be demonstrated that the development activities can be completed within the normal operating cycle of three years.
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(ii) Property development costs Property development costs comprise all costs that are directly attributable to development activities or that can be allocated on a reasonable basis to such activities. When the financial outcome of a development activity can be reliably estimated, property development revenue and expenses are recognised in the income statement by using the stage of completion method. The stage of completion is determined by the proportion that property development costs incurred for work performed to date bear to the estimated total property development costs. Where the financial outcome of a development activity cannot be reliably estimated, property development revenue is recognised only to the extent of property development costs incurred that is probable will be recoverable, and property development costs on properties sold are recognised as an expense in the period in which they are incurred. Any expected loss on a development project, including costs to be incurred over the defects liability period, is recognised as an expense immediately. Property development costs not recognised as an expense are recognised as an asset, which is measured at the lower of cost and net realisable value. The excess of revenue recognised in the income statement over billings to purchasers is classified as accrued billings within trade receivables and the excess of billings to purchasers over revenue recognised in the income statement is classified as progress billings within trade payables.
(j) Inventories
Inventories are stated at lower of cost and net realisable value. Cost is determined using the first-in, first-out basis. The cost of raw materials comprises costs of purchase. Unsold properties are stated at the lower of cost/carrying value or net realisable value. Cost is determined on the specific identification basis and comprises cost associated with the acquisition of land, construction costs and appropriate proportions of development overheads. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and costs to be incurred in marketing, selling and distribution.
(k) Cash and Cash Equivalents

For the purposes of the cash flow statements, cash and cash equivalents include cash in hand, cash at bank and deposits at call.
(l) Provisions for Liabilities

Provisions for liabilities are recognised when the Group has a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount can be made. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditure expected to be required to settle the obligation.
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(m) Income Tax
Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the expected amount of income taxes payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted at the balance sheet date. Deferred tax is provided for, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts in the financial statements. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilised. Deferred tax is not recognised if the temporary difference arises from goodwill or negative goodwill or from the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit. Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised in the income statement, except when it arises from a transaction which is recognised directly in equity, in which case the deferred tax is also charged or credited directly in equity, or when it arises from a business combination that is an acquisition, in which case the deferred tax is included in the resulting goodwill or negative goodwill.
(n) Employee Benefits (i) Short term benefits

Wages, salaries, bonuses and social security contributions are recognised as an expense in the year in which the associated services are rendered by employees of the Group. Short term accumulating compensated absences such as paid annual leave are recognised when services are rendered by employees that increase their entitlement to future compensated absences, and short term non-accumulating compensated absences such as sick leave are recognised when the absences occur.
(ii) Defined contribution plans

As required by law, companies in Malaysia make contributions to the state pension scheme, the Employees Provident Fund (EPF). Such contributions are recognised as an expense in the income statement as incurred.
(iii) Equity compensation benefits

The Employee Share Options Scheme allows the Group's employees to acquire shares of the Company. No compensation cost or obligation is recognised. When the options are exercised, equity is increased by the amount of the proceeds received.
(o) Revenue Recognition

Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the enterprise and the amount of the revenue can be measured reliably.
(i) Sale of development properties

Revenue from sale of development properties is accounted for by the stage of completion method. Provision for foreseeable losses are made in full when the estimated future revenue is lower than the carrying value of a project.
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(ii) Sale of goods
Revenue relating to sale of goods is recognised net of discounts upon the transfer of risks and rewards.
(iii) Rental income

Rental income is recognised on the receivable basis.
(iv) Interest income

Interest is recognised on a time proportion basis that reflects the effective yield on the asset.
(v) Revenue from services

Revenue from landscaping and maintenance services are recognised when the services are rendered. Revenue from operation of sports, golf and recreation clubs and bowling centre are recognised on the receivable basis.
(vi) Membership fees

Membership fees received are recognised as revenue over a period of ten years. The annual amount recognised is equivalent to the portion of fees for which the obligation to refund had expired. The portion of fees for which the obligation to refund has not expired is carried forward in the balance sheet as deferred membership fees.
(vii) Dividend income

Dividend income from subsidiary companies is recognised when the right to receive payment is established. Dividend income from other investee companies are recognised on the receipt basis.
(p) Foreign Currencies (i) Foreign currency transactions

Transactions in foreign currencies are initially recorded in Ringgit Malaysia at rates of exchange ruling at the date of the transaction. At each balance sheet date, foreign currency monetary items are translated into Ringgit Malaysia at exchange rates ruling at that date. Non-monetary items initially denominated in foreign currencies, which are carried at historical cost are translated using the historical rate as at the date of acquisition and non-monetary items which are carried at fair value are translated using the exchange rate that existed when the values were determined. All exchange rate differences are taken to the income statement.
(ii) Foreign entities

Financial statements of foreign subsidiaries are translated at year-end exchange rates with respect to the assets and liabilities, and at exchange rates at the dates of the transactions with respect to the income statement. All resulting translation differences are recognised as foreign exchange reserve in the shareholders' equity. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the Company and translated at the exchange rate ruling at the date of the transaction.
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The principal exchange rates used for each respective unit of foreign currency ruling at the balance sheet date are as follow : 2005 RM Australia Dollar Singapore Dollar United States Dollar 2.8840 2.2435 3.7883 2004 RM 2.6130 2.2052 3.7883
(q) Impairment of Assets

At each balance sheet date, the Group reviews the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists, impairment is measured by comparing the carrying values of the assets with their recoverable amounts. Recoverable amount is the higher of net selling price and value in use, which is measured by reference to discounted future cash flows. An impairment loss is recognised as an expense in the income statement immediately, unless the assets is carried at a revalued amount. Any impairment loss of a revalued asset is treated as a revaluation decrease to the extent of any unutilised previously recognised revaluation surplus for the same asset. Reversal of impairment losses recognised in prior years is recorded when the impairment losses recognised for the asset no longer exist or have decreased.
(r) Financial Instruments

Financial instruments are recognised in the balance sheet when the Group has become a party to the contractual provisions of the instrument. Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. Interest, dividends and gains and losses relating to a financial instrument classified as a liability, are reported as expense or income. Distributions to holders of financial instruments classified as equity are recognised directly in equity. Financial instruments are offset when the Group has a legally enforceable right to offset and intends to settle either on a net basis or to realise the asset and settle the liability simultaneously.
(i) Quoted investment

Quoted investment is stated at cost less provision for diminution in value. Cost is determined on the weighted average basis. Provision is made for diminution in value only when the Directors are of the opinion that there is a permanent diminution in its value. Increases or decreases in the provision for diminution in value are recognised in the income statement. Upon the disposal of quoted investment, the difference between the net disposal proceeds and the carrying amount is recognised in the income statement.
(ii) Receivables
Receivables are carried at anticipated realisable values. Bad debts are written off when identified. An estimate is made for doubtful debts based on a review of all outstanding amounts as at the balance sheet date.
(iii) Payables
Payables are stated at cost which is the fair value of the consideration to be paid in the future for goods and services received.
(iv) Equity Instruments 51

Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in which the obligation to pay is established.

3. REVENUE
Revenue of the Group comprises sale of development properties net of discounts in accordance to their stage of completion, sale of building materials, rental income, interest income, membership fees, income from rendering of landscaping and maintenance services, income from operation of sports, golf and recreation clubs and bowling centre. Revenue of the Company comprises sale of development properties net of discounts in accordance to the stage of completion.
4.
COST OF SALES
Cost of sales of the Group comprises attributable development expenditure, invoiced value of building materials, food and beverages, and cost incurred in relation to other revenue generating activities. Cost of sales of the Company comprises attributable development expenditure. Included in current year is RM2,431,408 (2004 : Nil) being write-back of provision for development expenditure no longer required.
5.
PROFIT BEFORE TAXATION Group 2005 RM 2004 RM 2005 RM Company 2004 RM
This is stated after charging : Auditors' remuneration : - Statutory audit - Current year - Prior year - Other services - Group statutory auditors - Other auditors Bad debts written off Directors' remuneration (Note 7) Depreciation (Note 11) Foreign exchange losses - Realised - Unrealised Impairment losses Loss on disposal of property, plant and equipment Property development costs written off (Note 12(b)) Property, plant and equipment written off Provision for diminution in value of investment Provision for doubtful debts Rental expense Staff costs (Note 6)
124,712 5,400 70,080 5,701 12,030 2,814,351 4,178,711 879,941 253,320 2,800 66,854 2,432,561 19,294 7,144,324
118,968 11,500 71,800 10,719 62,764 2,493,448 4,097,545 554,707 605,051 311,404 124,401 43,368 46,364 15,813 5,982,680
35,000 1,400 5,880 686,164 1,405,491 4,151 2,431,530 580,457 2,530,542
30,000 5,000 5,300 44,441 710,656 1,287,333 124,401 580,457 1,867,434
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Group 2005 RM
And crediting : Amortisation of deferred membership fees Bad debts recovered Dividend income from investments - Quoted in Malaysia - Subsidiaries Doubtful debts recovered Gain on disposal of investments Gain on disposal of property, plant and equipment Interest income Foreign exchange gains - Realised - Unrealised Provision for diminution in value of investment written back Rental income
Company 2004 RM 2005 RM 2004 RM
56,500 40,381 817,379 12,023 3,034,269 571,787 1,666,891 3,453,885 894,786 320,094 15,789,989
68,500 49,655 775,306 122,822 3,889,920 399,096 2,742,351 6,484,564 129,057 14,054,087
381 763,914 10,088,555 1,229,982 568,787 605,130 318,537 852,297
12,866 731,788 8,000,000 3,626,136 292,335 789,224 1,087,597
6.
STAFF COSTS Group 2005 RM 2004 RM

5,799,965 182,715
Company 2005 RM
2,071,347 459,195
2004 RM
1,812,379 55,055
Wages and salaries Other staff related expenses Total staff costs excluding directors' remuneration (Note 5)
6,199,631 944,693
7,144,324
5,982,680
2,530,542
1,867,434
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7. DIRECTORS' REMUNERATION Group 2005 RM
Directors of the Company Executive : Salaries Fees Bonus and other emoluments Benefits-in-kind
968,880 122,000 481,525 90,376 1,662,781
944,400 122,000 410,318 84,600 1,561,318 105,000 53,000 158,000
294,360 95,000 113,804 28,300 531,464 120,000 63,000 183,000
286,770 95,000 170,886 28,600 581,256 105,000 53,000 158,000
Non-executive : Fees Allowances
120,000 63,000 183,000
Directors of Subsidiaries Salaries Bonus and other emoluments Fees Benefits-in-kind 773,141 244,805 41,000 7,200 1,066,146 Total Analysis excluding benefits-in-kind : Total executive directors' remuneration Total non-executive and other directors' remuneration Total directors' remuneration excluding benefits-in-kind (Note 5) 2,911,927 674,790 142,940 41,000 5,300 864,030 2,583,348 714,464 739,256
1,572,405
1,476,718
503,164
552,656
1,241,946
1,016,730
183,000
158,000
2,814,351
2,493,448
686,164
710,656
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The number of Directors of the Company whose total remuneration during the year fell within the following bands is analysed below :
Number of Directors 2005 2004

Executive Directors : RM450,001 - RM500,000 RM500,001 - RM550,000 RM550,001 - RM600,000 RM600,001 - RM650,000 Non-executive Directors : RM50,000 and below RM50,001 - RM100,000 1 1 1 1 1 1 -
2 1
8. TAXATION Group 2005 RM

Income tax : Current year Under/(Over)provided in prior years 4,890,024 4,069,787 3,000,000 1,698,000
(1,548,400) 3,341,624
177,437 4,247,224
(1,534,660) 1,465,340
132,699 1,830,699
Deferred tax (Note 22) : Relating to origination and reversal of temporary differences Under/(Over)provided in prior year
(55,931)
(2,226)
(39,920)
(13,793)
(135,355) (191,286) 3,150,338
388,700 386,474 4,633,698
(143,536) (183,456) 1,281,884
96,263 82,470 1,913,169
Domestic income tax is calculated at the Malaysian statutory tax rate of 28% (2004 : 28%) of the estimated assessable profit for the year. As proposed in the Malaysian Fiscal Budget 2004, which has been gazetted as the Finance Act 2003, the income tax rate on the first RM500,000 (2004 : RM500,000) of chargeable income for qualified small and medium enterprises, which certain subsidiaries are qualified as, have been further reduced to 20%. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
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A reconciliation of income tax expense applicable to profit before taxation at the statutory income tax rate to income tax expense at the effective income tax rate of the Group and of the Company is as follows :
2005 RM Group
Profit before taxation Taxation at Malaysian statutory tax rate of 28% (2004 : 28%) Effect of different tax rate of 20% (2004 : 20%) on first RM500,000 (2004 : RM500,000) for qualified small and medium enterprises Effect of different tax rates in other countries Effect of income not subject to tax Effect of expenses not deductible for tax purposes Deferred tax assets not recognised during the year Utilisation of previously unrecognised tax losses Under/(Over)provision of deferred tax in prior year Under/(Over)provision of income tax expense in prior years Income tax expense for the year 25,419,276 7,117,397
2004 RM
25,616,647 7,172,661
(116,626) 11,495,007 (13,434,364) 1,404,060 (1,444,082) (187,299) (135,355) (1,548,400) 3,150,338
(42,339) (1,431,707) (1,437,727) 1,022,867 (1,216,194) 388,700 177,437 4,633,698
Company
Profit before taxation Taxation at Malaysian statutory tax rate of 28% (2004 : 28%) Effect of income not subject to tax Effect of expenses not deductible for tax purposes Under/(Over)provision of deferred tax in prior year Under/(Over)provision of income tax expense in prior years Income tax expense for the year 8,586,812 2,404,307 (494,220) 1,049,993 (143,536) (1,534,660) 1,281,884 8,723,329 2,442,532 (1,128,013) 369,688 96,263 132,699 1,913,169
9. EARNINGS PER SHARE (a) Basic

Basic earnings per share is calculated by dividing the net profit for the year by the weighted average number of ordinary shares in issue during the financial year, excluding treasury shares held by the Company.
Group 2005
Net profit for the year (RM) Weighted average number of ordinary shares in issue Basic earning per share (sen) 22,268,938 224,610,367 9.91
2004
20,982,949 224,363,549 9.35
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(b) Diluted
For the purpose of calculating diluted earnings per share, the weighted average number of ordinary shares in issue during the financial year have been adjusted for the dilutive effects of all potential ordinary share from outstanding share options granted to employees. The adjusted weighted average number of ordinary shares is the weighted average number of ordinary shares in issue during the financial year plus the weighted average number of ordinary shares which would be issued on the conversion of the outstanding share options into ordinary shares. The share options are dilutive when they are issued for no consideration or deemed dilutive in situation where the exercise price of the options is below its fair value.
Group 2005
Net profit for the year (RM) Weighted average number of ordinary shares in issue Adjustment for assumed exercisable employee share options Adjusted weighted average number of ordinary shares in issue and issuable 22,268,938 224,610,367 12,619,000 237,229,367 9.39
2004
20,982,949 224,363,549 809,000 (662,055) 224,510,494 9.35
Diluted earnings per share (sen)
Amount 10. DIVIDENDS

Paid : Final dividend of 7% (2004 : 5%) less 28% taxation
2005 RM
2004 RM
Net dividend per share 2004 2005 Sen Sen
11,323,519
8,076,060
5.04
3.60
At the forthcoming Annual General Meeting, a final dividend in respect of the financial year ended 30 June 2005, of 9% less 28% taxation on 223,428,000 ordinary shares, amounting to a total dividend payable of RM14,478,134 (6.48 sen net per ordinary share) will be proposed for Shareholders' approval. The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved by the Shareholders, will be accounted for in equity as an appropriation of retained profits in the financial year ending 30 June 2006.
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11. PROPERTY, PLANT AND EQUIPMENT Land and buildings * RM
Group Cost / Valuation At 1 July 2004 Additions Disposals Written off At 30 June 2005 Representing : At cost At valuation 16,193,604 546,851,313 563,044,917 Accumulated Depreciation At 1 July 2004 Charge for the year (Note 5) Disposals Written off At 30 June 2005 Impairment Losses At 1 July 2004 Disposal At 30 June 2005 Net Book Value At 30 June 2005 : At cost At valuation 7,547,219 445,820,690 453,367,909 At 30 June 2004 : At cost At valuation 7,784,421 459,800,581 467,585,002 Details at 1 July 2003 : Cost Valuation Accumulated depreciation Impairment losses Depreciation charge for 2004 (Note 5) 14,470,727 813,583,000 5,539,678 81,686,164 5,343,715 4,338,505 14,081,503 9,748,238 33,895,945 813,583,000 19,626,421 81,686,164 1,161,116 1,161,116 1,119,890 1,119,890 3,916,321 3,916,321 4,699,397 4,699,397 12,624,656 445,820,690 458,445,346 13,603,708 459,800,581 473,404,289 101,245,567 (1,950,000) 99,295,567 101,245,567 (1,950,000) 99,295,567 7,958,863 2,422,578 10,381,441 4,738,317 409,638 (18,200) (1,322,427) 3,807,328 9,603,830 1,346,495 (168,489) (932,409) 9,849,427 22,301,010 4,178,711 (186,689) (2,254,836) 24,038,196 4,968,444 4,968,444 13,765,748 13,765,748 34,927,796 546,851,313 581,779,109 576,789,432 405,485 (14,150,000) 563,044,917 5,858,207 461,943 (26,000) (1,325,706) 4,968,444 14,303,227 641,997 (183,492) (995,984) 13,765,748 596,950,866 1,509,425 (14,359,492) (2,321,690) 581,779,109
Plant and machinery RM
Other assets RM
Total RM
2,419,185
409,435
1,268,925
4,097,545
58
59 Golf course RM Total RM Club house RM Swimming pool RM Bowling centre RM Sports complex and equipment RM
35,583,183 56,387 23,026,616 941,052 14,619,498 10,330 11,827,953 11,827,953 14,629,828 941,052 23,026,616 35,639,570 576,789,432 405,485 (14,150,000) 563,044,917 639,570 35,000,000 426,616 22,600,000 941,052 5,770,828 8,859,000 14,629,828 941,052 23,026,616 35,639,570 1,371,953 10,456,000 11,827,953 16,193,604 546,851,313 563,044,917 917,274 311,843 436,028 146,532 93,975 18,821 112,796 582,560 1,229,117 2,614,668 874,402 3,489,070 1,675,971 329,998 2,005,969 7,958,863 2,422,578 10,381,441 1,840,910 1,090,587 1,090,587 1,840,910 646,800 646,800 101,245,567 (1,950,000) 99,295,567
* Land and buildings
Freehold land and buildings RM
Long leasehold land RM
Group
Cost / Valuation
At 1 July 2004 Additions Disposal
488,580,130 338,768 (14,150,000)
2,211,000 -
At 30 June 2005
474,768,898
2,211,000
Representing :
At cost At valuation
7,043,585 467,725,313
2,211,000
474,768,898
2,211,000
Accumulated Depreciation
At 1 July 2004 Charge for the year
2,220,947 740,982
At 30 June 2005
2,961,929
Impairment Losses
At 1 July 2004 Disposal
97,456,270 (1,950,000)
211,000 -
At 30 June 2005
95,506,270
211,000
Net Book Value

610,454 31,959,089 32,569,543 396,055 20,957,414 21,353,469 828,256 828,256 4,590,197 6,550,561 11,140,758 411,586 8,763,598 9,175,184 7,547,219 445,820,690 453,367,909
At 30 June 2005 : At cost At valuation
710,671 375,590,028
2,000,000
376,300,699
2,000,000
* Land and buildings Golf course RM Total RM Club house RM Swimming pool RM Bowling centre RM Sports complex and equipment RM
Freehold land and buildings RM
Group
Net Book Value

565,909 32,259,090 404,587 21,095,414 4,877,159 7,127,671 480,182 9,025,000 9,505,182 12,004,830 21,500,001 847,077 847,077 32,824,999 7,784,421 459,800,581 467,585,002
609,507 388,293,406
2,000,000
388,902,913
2,000,000
Details at 1 July 2003 :

289,013 35,000,000 606,433 1,182,581 421,199 22,600,000 289,575 931,623 5,714,420 8,859,000 1,742,464 941,052 75,154 1,371,953 10,456,000 1,345,973 433,200 14,470,727 813,583,000 5,539,678 81,686,164
Cost Valuation Accumulated depreciation Impairment losses
5,733,090 734,457,000 1,480,079 78,927,760
2,211,000 211,000
Depreciation charge for 2004 146,453 18,821 310,841
740,868
872,204
329,998
2,419,185
60

Company Cost / Valuation At 1 July 2004 Additions Disposals Written off At 30 June 2005 Representing : At cost At valuation 1,793,322 370,532,313 372,325,635 Accumulated Depreciation At 1 July 2004 Charge for the year (Note 5) Disposals Written off At 30 June 2005 Impairment Losses At 1 July 2004 Disposal At 30 June 2005 Net Book Value At 30 June 2005 : At cost At valuation 84,426,087 (1,950,000) 82,476,087 84,426,087 (1,950,000) 82,476,087 3,476,483 930,668 4,407,151 106,580 10,028 (19,082) 97,526 2,124,634 464,795 (169,927) (88,359) 2,331,143 5,707,697 1,405,491 (169,927) (107,441) 6,835,820 222,715 222,715 3,496,079 3,496,079 5,512,116 370,532,313 376,044,429
Land and buildings * RM

386,370,220 105,415 (14,150,000) 372,325,635
Plant and machinery RM

106,588 135,215 (19,088) 222,715
Other assets RM
3,400,302 358,223 (169,942) (92,504) 3,496,079
Total RM
389,877,110 598,853 (14,319,942) (111,592) 376,044,429
711,832 284,730,565 285,442,397
125,189 125,189 8 8
1,164,936 1,164,936 1,275,668 1,275,668
2,001,957 284,730,565 286,732,522 1,974,249 297,769,077 299,743,326
698,573 297,769,077 298,467,650
Details at 1 July 2003 : Cost Valuation Accumulated depreciation Impairment losses Depreciation charge for 2004 (Note 5) 1,659,527 637,264,000 2,545,815 72,188,200 106,588 106,430 3,346,488 2,609,307 5,112,603 637,264,000 5,261,552 72,188,200
930,668
150
356,515
1,287,333
61
* Land and buildings Golf course RM Total RM Club house RM Bowling centre RM Sports complex and equipment RM
Freehold land RM
Company
Cost / Valuation
20,000,000 20,000,000 15,700,000 9,146,574 11,827,953 15,700,000 9,146,574 11,827,953 386,370,220 105,415 (14,150,000) 372,325,635
At 1 July 2004 Additions Disposal
327,484,693 105,415 (14,150,000)
2,211,000 -
At 30 June 2005
313,440,108
2,211,000
Representing : 20,000,000 20,000,000 15,700,000 9,146,574 11,827,953 15,700,000 287,574 8,859,000 1,371,953 10,456,000 1,793,322 370,532,313 372,325,635
At cost At valuation
133,795 313,306,313
2,211,000
313,440,108
2,211,000
Accumulated Depreciation
2,401,182 1,800,512 600,670 1,675,971 329,998 2,005,969 3,476,483 930,668 4,407,151
At 1 July 2004 Charge for the year
At 30 June 2005
Impairment Losses
211,000 211,000 646,800 646,800 84,426,087 (1,950,000) 82,476,087
At 1 July 2004 Disposal
83,568,287 (1,950,000)
At 30 June 2005
81,618,287
62
63 Golf course RM Total RM Club house RM Bowling centre RM Sports complex and equipment RM
20,000,000 20,000,000 15,700,000 6,745,392 9,175,184 15,700,000 194,831 6,550,561 411,586 8,763,598 711,832 284,730,565 285,442,397 20,000,000 20,000,000 15,700,000 7,346,062 9,505,182 15,700,000 218,391 7,127,671 480,182 9,025,000 698,573 297,769,077 298,467,650 20,000,000 15,700,000 287,574 8,859,000 1,199,842 1,371,953 10,456,000 1,345,973 433,200 1,659,527 637,264,000 2,545,815 72,188,200
* Land and buildings
Freehold land RM
Company
Net Book Value
105,415 231,716,406
2,000,000
231,821,821
2,000,000
243,916,406
2,000,000
243,916,406
2,000,000
Details at 1 July 2003 :
Cost Valuation Accumulated depreciation Impairment losses
580,038,000 71,544,000
2,211,000 211,000
Depreciation charge for 2004

-
600,670
329,998
930,668

(a) Freehold land and buildings of the Group and of the Company stated at valuation were revalued by the Directors on 30 June 2001 based on an independent professional valuation using the open market value basis. At 30 June 2005, had the revalued land and buildings of the Group and of the Company been carried at historical cost less accumulated depreciation, the net book value would have been RM86,518,433 (2004 : RM87,829,856) and RM31,876,650 (2004 : RM32,604,688) respectively. (b) Included in property, plant and equipment of the Group and the Company are cost of fully depreciated assets which are still in use amounting to RM7,474,109 (2004 : RM7,615,652) and RM1,947,788 (2004 : RM672,545) respectively. (c) Net book value of certain motor vehicles that are registered in the name of Directors and held in trust either for the Group or the Company amounted to RM247,082 (2004 : RM465,429) and RM72,105 (2004 : RM213,203) respectively.
12. LAND HELD FOR PROPERTY DEVELOPMENT

(a) Land Held for Property Development
Group At 30 June 2005 : At 1 July 2004 Transfer from property development costs (Note 12(b)) Addition At 30 June 2005 Carrying amount as at 30 June 2005 consisting of : At cost At revalued amount
Freehold Development Land Expenditure RM RM
Total RM
203,029,956 1,819 203,031,775
30,778,813 5,124,244 35,903,057
233,808,769 1,819 5,124,244 238,934,832
44,065,160 158,966,615 203,031,775
35,903,057 35,903,057
79,968,217 158,966,615 238,934,832
At 30 June 2004 : At 1 July 2003 Addition Transfer from property, plant and equipment Transfer to property development costs (Note 12(b)) At 30 June 2004 Carrying amount as at 30 June 2004 consisting of : At cost At revalued amount 42,157,042 161,998,001 (1,125,087) 203,029,956 31,804,682 409,679 (1,435,548) 30,778,813 73,961,724 409,679 160,562,453 (1,125,087) 233,808,769
44,063,341 158,966,615 203,029,956
30,778,813 30,778,813
74,842,154 158,966,615 233,808,769
64

Freehold Development Land Expenditure RM RM
Company At 30 June 2005 : At 1 July 2004 Addition At 30 June 2005 Carrying amount as at 30 June 2005 consisting of : At cost At revalued amount 161,757,995 161,757,995 5,101,164 2,974,761 8,075,925 166,859,159 2,974,761 169,833,920
Total RM
13,266,316 148,491,679 161,757,995
8,075,925 8,075,925
21,342,241 148,491,679 169,833,920
At 30 June 2004 : At 1 July 2003 Addition Transfer from property, plant and equipment Transfer to property development costs (Note 12(b)) At 30 June 2004 Carrying amount as at 30 June 2004 consisting of : At cost At revalued amount 110,114 161,998,001 (350,120) 161,757,995 6,497,067 39,645 (1,435,548) 5,101,164 6,607,181 39,645 160,562,453 (350,120) 166,859,159
13,266,316 148,491,679 161,757,995
5,101,164 5,101,164
18,367,480 148,491,679 166,859,159
65

(b) Property Development Costs Group 2005 RM
At 1 July : Freehold land, at cost Freehold land, at valuation Total freehold land Development costs 19,171,304 7,802,484 26,973,788 96,832,229 123,805,017 Cost incurred during the year : Development costs Costs recognised in income statement : At 1 July Recognised during the year Written off (Note 5) At 30 June
Company 2004 RM 2005 RM

5,471,226 2,030,833 7,502,059 12,534,040 20,036,099
2004 RM
5,306,202 5,306,202 11,436,990 16,743,192
19,121,921 5,771,651 24,893,572 46,686,673 71,580,245
40,528,323
50,461,104
4,452,351
856,426
(31,076,154) (20,034,489) (51,110,643)
(1,192,337) (29,759,416) (124,401) (31,076,154)
(124,401) (1,822,082) (1,946,483)
(124,401) (124,401)
Transfers : Freehold land from/(to) land held for property development (Note 12(a)) From/(To) property, plant and equipment - Freehold land - Development costs To inventories
(1,819)
1,125,087
350,120
(47,507,220) (47,509,039)
1,823,587 (556,172) 2,392,502
2,210,762 2,560,882
Provision for anticipated loss : At 1 July Provision for the year Reversal during the year At 30 June
(2,896,182) 582,956 (2,313,226) 63,401,432
(1,734,529) (1,161,653) (2,896,182) 90,461,515
22,541,967
20,036,099
Carrying amount as at 30 June consisting of : At cost At revalued amount
55,598,948 7,802,484 63,401,432
82,659,031 7,802,484 90,461,515
20,511,134 2,030,833 22,541,967
18,005,266 2,030,833 20,036,099
66

Included in land stated at valuation of the Group is a piece of land which was revalued by a subsidiary, prior to its acquisition by the Group, based on independent professional valuation in financial year 1994 using the open market value basis. The Group acquired the subsidiary company in financial year 1996. The land of the Company stated at valuation was transferred from property, plant and equipment during the prior year. The Directors revalued the land when it was held under property, plant and equipment based on an independent professional valuation as at 30 June 2001 using the open market value basis. The land stated at valuation was not updated since then which is consistent with the Group's policy of not revaluing its land held for property development.
13. INVESTMENT PROPERTIES Group 2005 RM

Freehold land and buildings, at valuation Less : Impairment losses 96,624,386 (656,000) 95,968,386
2004 RM
88,057,858 (656,000) 87,401,858
The investment properties of the Group stated at valuation were revalued by the Directors on 30 June 2001 based on an independent professional valuation using the open market value basis.
14. SUBSIDIARIES Company 2005 RM

Unquoted shares, at cost Amount due from subsidiaries Amount due to subsidiaries 118,769,206 168,495,853 8,084,151
2004 RM
118,769,206 171,402,694 6,228,990
The amounts due from/to subsidiary companies are unsecured, interest-free and have no fixed terms of repayment.
67

Details of the subsidiaries are as follow :
Name of Subsidiaries
Equity Interest Held 2005 2004

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Principal Activity
Country of Incorporation
Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia
Atlantic Dynamics Sdn. Bhd. Chye Seng Development Sdn. Bhd. Lembaran Murni Sdn. Bhd. Mahseng Developments Sdn. Bhd. Daiman Properties Sdn. Bhd. Daiman Trading Sdn. Bhd.
Property development Property development Property development Property development Property investment Sale of building materials Operation of bowling centre Operation of golf and recreation club Operation of sports and recreation club Horticulture & nursery operation Investment holding Investment holding Investment holding
Daiman Bowl Sdn. Bhd.
100%
100%
Malaysia
Daiman Golf Berhad
100%
100%
Malaysia
Daiman Johor Jaya Sports Complex Berhad Daiman Horticulture & Nursery Sdn. Bhd. Daiman Roof Tiles Sdn. Bhd. Rassna Sdn. Bhd. Daiman Investments Ltd.
100%
100%
Malaysia
100%
100%
Malaysia
100% 100% 100%
100% 100% 100%
Malaysia Malaysia Commonwealth of the Bahamas Singapore Australia
Daiman S'pore Pte. Ltd. * Daiman Investments (Australia) Pty. Ltd. **
100% 100%
100% 100%
Investment holding Property investment
* Audited by affiliate of Ernst & Young ** Audited by firm of auditors other than Ernst & Young
68

15. OTHER INVESTMENTS Group 2005 RM
At cost : Quoted shares Quoted warrants Quoted loan stocks Unit trusts Unquoted shares Unquoted loan stocks Fixed deposit with fund managers Less : Provision for diminution in value 26,311,648 563,633 56,350 65,219,507 55,454 55,000 2,432,884 94,694,476 (3,784,080) 90,910,396 At market value : Quoted shares Quoted warrants Quoted loan stocks Unit trusts 20,520,329 455,606 122,500 66,671,397 87,769,832 21,373,849 432,183 107,625 63,493,096 85,406,753 19,603,691 446,375 122,500 29,791,041 49,963,607 20,294,309 424,019 107,625 23,904,179 44,730,132 26,330,755 449,296 56,350 62,042,678 2,526,406 90,016 2,133,886 93,629,387 (4,316,419) 89,312,968 25,251,018 560,633 56,350 29,224,625 36,831 55,000 2,432,884 57,617,341 (3,409,119) 54,208,222 25,085,789 446,296 56,350 22,953,344 90,016 2,133,886 50,765,681 (1,296,126) 49,469,555
16. INVENTORIES Group 2005 RM

At cost : Completed houses Completed industrial land and buildings Raw materials Finished goods Work-in-progress Consumables 55,988,439 25,577,063 21,796 34,960 210,277 81,832,535 10,595,961 31,417,574 76,349 355,584 16,355 177,355 42,639,178 6,810,520 6,810,520 6,810,520 6,810,520
69

17. RECEIVABLES Group 2005 RM
Trade receivables Accrued billings in respect of property development costs 15,408,974 1,197,032 16,606,006 Less : Provision for doubtful debts (416,828) 16,189,178 Other receivables Less : Provision for doubtful debts 3,291,551 3,291,551 19,480,729

752,434 965,408 1,717,842 1,717,842 1,110,557 1,110,557 2,828,399
2004 RM
14,216 14,216 14,216 1,313,010 1,313,010 1,327,226
10,638,689 13,929,816 24,568,505 (438,557) 24,129,948 4,354,032 (27,010) 4,327,022 28,456,970
The Group's normal trade credit terms range from 14 to 90 days. Other credit terms are assessed and approved on a case-by-case basis. The Group has no significant concentration of credit risk that may arise from exposures to a single debtor or to groups of debtors.
18. CASH AND CASH EQUIVALENTS 2005 RM

978,423 3,365,565 4,343,988 21,161,207 3,001,644 16,481,706 948,609 45,937,154
Group 2004 RM
969,613 3,733,914 4,703,527 20,894,705 5,566,104 9,073,133 40,237,469
Company 2005 RM
334,207 303,983 638,190 13,387,730 3,001,644 17,027,564
2004 RM
56,407 665,931 722,338 12,547,959 5,503,796 18,774,093
Restricted bank balances Other cash and bank balances Cash in hand and at banks Deposits with : - Licensed banks - Licensed finance companies - Foreign financial institutions Commercial papers with foreign finance institutions
The restricted bank balances represent monies held pursuant to Section 7A of the Housing Development (Control and Licensing) Act 1966 and sinking fund held by a commercial bank and therefore are restricted from use in other operations. Included in bank balances of the Group and of the Company are RM30,250 (2004 : RM27,750) and RM18,000 (2004 : RM18,000) respectively, which had been earmarked for bank guarantee facilities.
70

Deposits of the Group and of the Company amounting to RM1,714,189 (2004 : RM1,662,358) and RM1,500,000 (2004 : RM1,500,000) respectively, are pledged to banks for bank guarantee facilities. Included in deposits pledged by the Company is RM500,000 (2004 : RM500,000) pledged to a licensed bank for bank guarantee facilities granted to two subsidiary companies. Deposits of the Group amounting to RM629,977 (2004 : RM36,592) have been set aside as sinking fund for the purpose of meeting periodic major repairs and replacement of the low medium cost flats maintained by a subsidiary company, Atlantic Dynamics Sdn Bhd, and facilities of the sports and recreation club operated by a subsidiary company, Daiman Johor Jaya Sports Complex Berhad. The interest rates of deposits at the balance sheet date were ranged as follows :
Group 2005 %
Licensed banks Licensed finance companies Foreign financial institutions 2.65 to 3.70 3.00 1.50 to 5.30
Company 2004 % 2005 %

2.70 to 3.70 3.00 -
2004 %
2.75 to 3.70 3.00 to 3.10 -
2.45 to 4.00 3.00 to 3.10 0.72 to 4.94
The maturity days of deposits as at the end of the financial year were ranged as follows :
Group 2005 Days

Licensed banks Licensed finance companies Foreign financial institutions 29 to 365 30 to 31 25 to 32
Company 2004 Days 2005 Days

29 to 365 30 to 31 -
2004 Days
30 to 365 30 -
9 to 457 30 to 61 14 to 31
19. PAYABLES Group 2005 RM

Trade payables Other payables 7,994,277 7,018,664 15,012,941

1,709,985 2,958,772 4,668,757
2004 RM
409,587 5,101,380 5,510,967
9,383,543 9,635,654 19,019,197
The normal trade credit terms granted to the Group range from 30 to 90 days.
71

20. SHARE CAPITAL Number of Ordinary Shares of RM1 Each 2005
Authorised : At 1 July / 30 June Issued and fully paid : At 1 July Issued during the year At 30 June 500,000,000
Amount 2005 RM
500,000,000
2004
500,000,000
2004 RM
500,000,000
224,504,000 221,000 224,725,000
224,263,000 241,000 224,504,000
224,504,000 221,000 224,725,000
224,263,000 241,000 224,504,000
(a) Treasury Shares This amount relates to the acquisition cost of treasury shares net of the proceeds received on their subsequent sale or issuance. The Shareholders of the Company, by a special resolution passed pursuant to the Shares Buy-Back mandate obtained at the Extraordinary General Meeting held on 3 December 2004, approved the Company to purchase its own shares. The Directors of the Company are committed to enhancing the value of the Company for its Shareholders and believe that the repurchase plan can be applied in the best interests of the Company and its Shareholders. During the financial year, the Company repurchased 1,297,000 of its issued and fully paid ordinary shares from the open market at an average price of RM1.32 per share. The total consideration paid for the repurchase including transaction costs was RM1,705,803. The repurchase transactions were financed by internally generated funds. The shares repurchased are being held as treasury shares in accordance with Section 67A of the Companies Act, 1965. Of the total 224,725,000 (2004 : 224,504,000) issued and fully paid ordinary shares as at 30 June 2005, 1,297,000 (2004 : Nil) are held as treasury shares by the Company. As at 30 June 2005, the number of outstanding ordinary shares in issue and fully paid less treasury shares held is 223,428,000 (2004 : 224,504,000) ordinary shares of RM1 each. (b) Employee Share Option Scheme The new Daiman Development Berhad Share Option Scheme 2005 ("Daiman Share Option Scheme 2005") is governed by the Bye-Laws approved by the Shareholders at an Extraordinary General Meeting held on 3 December 2004. The Daiman Share Option Scheme 2005 was implemented on 16 February 2005 and is to be in force for a period of five years from the date of implementation. The salient features of the Daiman Share Option Scheme 2005 are as follows : (i) The Option Committee appointed by the Board of Directors to administer the Daiman Share Option Scheme 2005, may from time to time grant options to eligible persons of the Group to subscribe for new ordinary shares of RM1 each in the Company. (ii) Employees including Executive Directors of any company in the Group who have been confirmed in their employment and who fall within any one of the categories set out in the Bye-Laws of the Daiman Share Option Scheme 2005 are eligible to participate in the scheme. The eligibility for participation in the Daiman Share Option Scheme 2005 shall be at the discretion of the Option Committee appointed by the Board of Directors.
72

(iii) The total number of shares to be offered under the Daiman Share Option Scheme 2005 shall not exceed 15% of the issued and paid up share capital of the Company at any point of time during the tenure of the Daiman Share Option Scheme 2005 and out of which not more than 50% of the shares shall be allocated, in aggregate, to Directors and senior management. In addition, not more than 10% of the shares available under the Daiman Share Option Scheme 2005 shall be allocated to any individual Director or employee who, either singly or collectively through his/her associates, holds 20% or more in the issued and paid-up capital of the Company. (iv) The option price shall be the weighted average of the market price as quoted in the Daily Official List issued by Bursa Malaysia Securities Berhad for the five market days immediately preceding the date on which the option is granted less, if the Option Committee shall so determine at their discretion from time to time, a discount of not more than 10% or the par value of the shares of the Company of RM1 each. (v) The option may be exercised in respect of all or any part of the ordinary shares, such part being in multiples of one hundred (100) ordinary shares. Such partial exercising of the option shall not preclude the Grantee from exercising the option as to the balance not yet exercised.
(vi) An option granted under Daiman Share Option Scheme 2005 shall be capable of being exercised by the grantee by notice in writing to the Company before the expiry of five years from the date of implementation. (vii) All new ordinary shares issued upon exercise of the options granted under the Daiman Share Option Scheme 2005 will rank pari passu in all respects with the existing ordinary shares of the Company except that the new ordinary shares will not be entitled to any dividends, rights, allotments and/or other distributions which entitlement date precedes the allotment date of the said shares. Entitlement date means date as at the close of business on which shareholders must be registered in order to participate in any dividends, rights, allotments and/or other distributions. (viii) The number of shares under option or the option price or both may be adjusted following any variation in the capital structure of the Company by way of capitalization of profits or reserves, right issues, bonus issues, consolidation or subdivision of shares or capital reduction. The exercisable of options outstanding as at end of the financial year are as follows:
Year 1 (%)
Yearly basis Cumulative basis 20 20
Percentage of options exercisable Year 2 Year 3 Year 4 (%) (%) (%)

20 40 20 60 20 80
Year 5 (%)
20 100
73

The details of options outstanding as at the end of the financial year were as follows :
Grant Date
21-3-2005
Expiry Date
16-2-2010
Exercise Price RM
1.31
1 July 2004 RM
-
Granted RM
13,734,00
Recalled/ Withdraw RM
(1,115,000)
30 June 2005 RM
12,619,000
Number of options vested :
2005 RM
At 1 July At 30 June 9,014,000 12,619,000
2004 RM
9,014,000
Details of options exercised during the financial year and their fair value, at exercise date, of ordinary shares issued are as follows :
Exercise Date Exercise Price RM

1.20 1.16 1.16 1.20 1.16 1.16
30 June 2005 6 July 2004 6 July 2004 6 September 2004 8 November 2004 8 November 204 6 January 2004 Less : Par value of ordinary shares Share premium 30 June 2004 8 July 2003 8 September 2003 5 November 2003 5 November 2003 13 November 2003 8 March 2004 8 March 2004 14 May 2004 14 May 2004 Less : Par value of ordinary shares Share premium
Fair Value Per Share RM

1.37 1.28 1.28 1.34 1.34 1.36
Number of Options Exercised RM

10,000 33,000 21,000 38,000 67,000 52,000 221,000
Considerations Received RM
12,000 38,280 24,360 45,600 77,720 60,320 258,280 (221,000) 37,280
1.16 1.20 1.20 1.16 1.20 1.20 1.16 1.20 1.16
1.44 1.40 1.57 1.57 1.61 1.52 1.52 1.41 1.41
17,000 40,000 4,000 10,000 1,000 72,000 38,000 21,000 38,000 241,000
19,720 48,000 4,800 11,600 1,200 86,400 44,080 25,200 44,080 285,080 (241,000) 44,080
74

21. RESERVES Group 2005 RM
Non-distributable : Share premium Treasury shares Revaluation reserve Foreign exchange reserve 8,933,749 (1,705,803) 426,187,004 14,432,242 447,847,192 Distributable : Retained profits 310,135,917 757,983,109 289,593,218 741,952,235 189,470,496 522,347,596 183,891,807 527,472,166 8,896,469 435,214,399 8,248,149 452,359,017 8,933,749 (1,705,803) 325,649,154 332,877,100 8,896,469 334,683,890 343,580,359
The movements in the reserves are shown in the Statements of Changes in Equity. The nature and purpose of each category of reserve are as follows : (a) Share Premium This represents premium arising from the issuance of shares. (b) Treasury Shares This represents acquisition cost of the Company's own ordinary shares net of the proceeds received on subsequent sale or issuance. (c) Revaluation Reserve This non-distributable reserve includes the cumulative net change, net of deferred tax effects, arising from the revaluation of leasehold/freehold land and buildings and investment properties above their cost. (d) Foreign Exchange Reserve The foreign exchange reserve comprises of all foreign exchange differences arising from the translation of the financial statements of foreign subsidiaries. As at 30 June 2005, the Company has tax exempt profits available for distribution of approximately RM1,909,979 (2004 : RM1,909,979), subject to the agreement of the Inland Revenue Board. The Company has sufficient tax credit under Section 108 of the Income Tax Act 1967 and the balance in the tax exempt income account to frank the payment of dividends out of its entire retained profits as at 30 June 2005.
75

22. DEFERRED TAXATION Group 2005 RM
At 1 July Recognised in the income statement (Note 8) Charged to equity At 30 June Presented after appropriate offsetting as follows : Deferred tax assets Deferred tax liabilities (1,011,116) 65,186,760 64,175,644 (921,371) 65,858,186 64,936,815 (249,770) 56,273,770 56,024,000 (212,260) 56,982,260 56,770,000 64,936,815 (191,286) (569,885) 64,175,644

56,770,000 (183,456) (562,544) 56,024,000
2004 RM
27,422,249 82,470 29,265,281 56,770,000
35,861,537 386,474 28,688,804 64,936,815
The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows :
Deferred tax liabilities of the Group : Revaluation of land and buildings RM

At 1 July 2004 Recognised in the income statement Charged to equity At 30 June 2005 64,416,736 (210,311) (562,544) 63,643,881
Others RM
1,441,450 108,770 (7,341) 1,542,879
Total RM
65,858,186 (101,541) (569,885) 65,186,760
Deferred tax assets of the Group : Accelerated capital allowances and unutilised tax losses RM
At 1 July 2004 Recognised in the income statement At 30 June 2005 (921,371) (89,745) (1,011,116)
Total RM
(921,371) (89,745) (1,011,116)
76

Deferred tax liabilities of the Company : Revaluation of land and buildings RM
At 1 July 2004 Recognised in the income statement Charged to equity At 30 June 2005 56,943,927 (165,775) (562,544) 56,215,608
Unabsorbed capital allowances RM

38,333 19,829 58,162
Total RM
56,982,260 (145,946) (562,544) 56,273,770
Deferred tax assets of the Company : Unutilised capital allowances RM

At 1 July 2004 Recognised in the income statement At 30 June 2005 (212,260) (37,510) (249,770)
Total RM
(212,260) (37,510) (249,770)
Deferred tax assets have not been recognised in respect of the following items :
Group 2005 RM
Unused tax losses Unabsorbed capital allowances 23,604,268 3,959,653 27,563,921
2004 RM
22,066,370 3,959,653 26,026,023
The unused tax losses are available indefinitely for offset against future taxable profits of the subsidiaries in which these items arose. Deferred tax assets have not been recognised in respect of these items as they may not be used to offset taxable profits of other subsidiaries in the Group and they have arisen in subsidiaries that have a recent history of losses.
23. CHANGES IN ACCOUNTING POLICY AND PRIOR YEAR ADJUSTMENT

Property Development Costs During the financial year, the Group and the Company adopted MASB 32 : Property Development Activities, for the first time. The adoption of MASB 32 did not give rise to any adjustment to the opening balances of retained profits of the prior and current year. Comparative amounts as at 30 June 2004, however, have been restated to conform with changes in presentation as follows :
77

As Previously Stated RM Group
Property development costs Receivables 104,391,331 14,527,154 (13,929,816) 13,929,816 90,461,515 28,456,970
Reclassification RM
As Restated RM
24. SIGNIFICANT RELATED PARTY TRANSACTIONS Company 2005 RM

With wholly-owned subsidiary companies Disposal of property, plant and equipment Dividend income Insurance premium paid Landscaping services charges Rental expense Rental income Purchase of property, plant and equipment Purchase of materials (12) (10,088,555) 32,386 183,814 580,457 (496,344) 82,312 (8,000,000) 43,216 127,356 580,457 (564,693) 5,670 2,005
2004 RM
The Directors are of the opinion that all the transactions above have been entered into in the normal course of business and have been established on terms and conditions that are not materially different from those obtainable in transactions with unrelated parties.
25. CONTINGENT LIABILITIES Group 2005 RM

Corporate guarantee given to third parties (secured) 1,986,673

979,000
2004 RM
446,373
1,476,123
26. CAPITAL COMMITMENT Group 2005 RM

Approved and contracted for : Property, plant and equipment -

-
2004 RM
39,159
134,159
78

27. SUBSEQUENT EVENT
On 28 September 2005, a wholly-owned subsidiary of the Company, Daiman Investments (Australia) Pty Ltd ("DIAPL"), entered into Put and Call Options with Corporate Centre Investments Pty Ltd ("CCIPL"), acting as trustee for Corporate Centre Unit Trust, to dispose one piece of freehold land and commercial building called "Corporate Centre One" held under Lot 3 on RP 810224 and six parcels of freehold land held under Lots 1, 2, 4, 5, 6 and 7 on RP 804687, all of which are located in Gold Coast, Australia, for a total cash consideration of Australian Dollar AUD52,860,000 or RM150,402,558 based on an exchange rate of RM2.8453 for every AUD1.00. The Put and Call Options are conditional upon, amongst others, CCIPL giving notice to DIAPL that it is satisfied with its due diligence searches and enquiries and the payment by CCIPL of the security payments to DIAPL within 30 days from the date of signing of the Put and Call Options.
28. FINANCIAL INSTRUMENTS (a) Financial Risk Management Objective and Policies
The Group's financial risk management policy seeks to ensure that adequate financial resources are available for the development of the Group's businesses whilst managing its interest rate, foreign exchange, liquidity and credit risks. The Group operates within clearly defined guidelines that are approved by the Board and the Group's policy is not to engage in speculative transactions.
(b) Interest Rate Risk

The Group's exposure to interest rate risk is minimal since it had no interest bearing debt as at 30 June 2005. The Group's investment in financial assets are mainly short term in nature and are not held for speculative purposes. Most of the investments were placed as deposits or occasionally, as short term commercial papers which yield better returns than cash at bank.
(c)
Foreign Exchange Risk

The Group operates internationally and is exposed to various currencies, mainly Australia Dollar, Singapore Dollar and United States Dollar. Foreign currency denominated assets and liabilities give rise to foreign exchange exposures.
(d) Liquidity Risk

The Group actively manages its operating cash flows and the availability of funding so as to ensure that all repayment and funding needs are met. As part of its overall prudent liquidity management, the Group maintains sufficient levels of cash or cash convertible investments to meet its working capital requirements.
(e) Credit Risk

Credit risks, or the risk of counterparties defaulting, is controlled by the application of credit approvals, limits and monitoring procedures. Credit risks are minimised and monitored via strictly limiting the Group's associations to business partners with high creditworthiness. Trade receivables are monitored on an ongoing basis via Group's management reporting procedures. The Group does not have any significant exposure to any individual customer or counterparty nor does it have any major concentration of credit risk related to any financial instruments.
79

(f) Fair Value
It is not practical to estimate the fair value of amounts due from/to subsidiaries due principally to a lack of fixed repayment terms entered into by the parties involved and without incurring excessive costs. However, the Company does not anticipate the carrying amounts recorded at the balance sheet date to be significantly different from the values that would eventually be received or settled. For cash and cash equivalents, trade and other receivables/payables, the carrying amounts approximate fair values due to the relatively short term maturity of these financial instruments. It is not practicable to estimate the fair value of contingent liabilities reliably due to the uncertainties of timing, costs and eventual outcome. The fair value of quoted investment is determined by reference to stock exchange quoted market bid prices at the close of the business at the balance sheet date.
29. SEGMENT INFORMATION (a) Business Segments :

The Group is organised into four major business segments : (i) Property development - development of residential and commercial properties;
(ii) Property investment - management and operation of buildings; (iii) Trading - sale of building materials; and (iv) Leisure and recreation - operation of sports, golf and recreation clubs, and bowling centre. Other business segments include nursery operation and investment holding, none of which are of a sufficient size to be reported separately. The Directors are of the opinion that all inter-segment transactions have been entered in the normal course of business and have been established on terms and conditions that are not materially different from those obtainable in transactions with unrelated parties.
80
81 Property Investment RM Trading RM Others RM Elimination RM Consolidated RM Leisure and Recreation RM

13,900,947 644,105 1,923,437 5,652,934 (7,236,902) 85,732,079 85,732,079 (7,236,902) 7,576,371 14,545,052 16,953,838 6,450,045 16,028,109 925,729 6,435,911 14,134 7,690,067 55,398,062 (60,796,153) 671,843 (424,281) 25,419,276 (3,150,338) 22,268,938 131,184,399 56,164,630 8,178,089 29,794,353 1,096,191,348 1,096,191,348 3,845,509 1,991,386 188,296 126,715 113,483,239 113,483,239
30 June 2005
Property Development RM
Revenue
External sales Inter-segment sales
47,443,675 -
Total revenue
47,443,675
Results
Profit/(Loss) before taxation Taxation
22,879,738
Net profit for the year
Assets
Segment assets
870,869,877
Consolidated total assets
Liabilities
Segment liabilities
107,331,333
Consolidated total liabilities
Other Information
388,254 800,832 8,742 208,421 118,828 1,269,590 192,778 258,585 1,724,543 4,178,711
Capital expenditures Depreciation
1,015,941 1,641,283
30 June 2004
Property Development RM Trading RM Others RM Elimination RM Consolidated RM
Property Investment RM
Leisure and Recreation RM
Revenue
12,224,488 644,105 12,868,593 24,799,576 7,341,965 2,775,854 (2,367,476) 89,727,971 24,550,111 249,465 7,298,565 43,400 1,345,348 1,430,506 (2,367,476) 89,727,971 -
External sales Inter-segment sales
44,309,459 -
Total revenue
44,309,459
Results
5,509,024 1,812,316 (320,384) 10,024,542 (12,237,049) 25,616,647 (4,633,698) 20,982,949
Profit/(Loss) before taxation Taxation
20,828,198
Net profit for the year
Assets
123,330,455 11,578,865 31,009,073 51,894,542 1,086,311,668 1,086,311,668
Segment assets
868,498,733
Consolidated total assets
Liabilities
3,742,659 377,349 5,660,745 99,748 119,855,433 119,855,433
Segment liabilities
109,974,932
Consolidated total liabilities
Other Information
199,632 814,874 470,880 393,053 173,598 5,000 437,649 1,406,133 817,293 255,495 225,570 2,552,109 4,097,545 111,583,637
Capital expenditures Depreciation Impairment losses
1,266,280 1,477,370 110,290,464
82
83 Segment Assets 2005 RM

952,388,518 89,181,205 54,621,625 1,096,191,348 1,086,311,668 1,724,543 2,552,109 960,573,692 80,725,803 45,012,173 1,509,425 215,118 2,552,109 -
(b)
Geographical Segments
Total Revenue from External Customers 2005 2004 RM RM 2004 RM Capital Expenditure 2005 2004 RM RM
77,958,837 10,475,834 1,293,300 89,727,971
Malaysia Australia Others
71,757,168 12,058,171 1,916,740
Consolidated
85,732,079
PARTICULARS OF PROPERTIES
Location Properties held by Daiman Development Berhad PTD 49041 - 49688 * PTD 55480 - 56456 * PTD 154796 Taman Johor Jaya, Mukim of Plentong District of Johor Bahru, Johor Darul Ta'zim PTD 52709, 52710, 52712 PTD 52756, 52757, 55857, 62700 PTD 115603, 115608, 115703 PTD 115722, 115723 Taman Johor Jaya, Mukim of Plentong District of Johor Bahru, Johor Darul Ta'zim Geran 91358/M4/1/105, 91358/M4/1/106 Geran 91358/M7/1/221, 91358/M7/1/122 Geran 91358/M5/1/155, 91358/M61/188 Taman Johor Jaya, Mukim of Plentong District of Johor Bahru, Johor Darul Ta'zim PTD 115654 Taman Johor Jaya, Mukim of Plentong Districts of Johor Bahru, Johor Darul Ta'zim PTD 115610 - 115718 * PTD 154826 Taman Johor Jaya, Mukim of Plentong Districts of Johor Bahru, Johor Darul Ta'zim PTD 154825, 15609 Taman Johor Jaya, Mukim of Plentong Districts of Johor Bahru, Johor Darul Ta'zim Daiman 18 PTD 154827 PTD 115721 Taman Johor Jaya, Mukim of Plentong District of Johor Bahru, Johor Darul Ta'zim Daiman Johor Jaya Sports Complex PTD 61815 No. 1, Jalan Dedap 3, Taman Johor Jaya 81100 Johor Bahru, Johor Darul Ta'zim Daiman Bowl PTD 61816 No. 2, Jalan Dedap 3, Taman Johor Jaya 81100 Johor Bahru, Johor Darul Ta'zim PTD 29414, 29415 PTD 71404 - 71417 Taman Senai Utama, Mukim of Senai-Kulai Districts of Johor Bahru, Johor Darul Ta'zim PTD 27878 - 29529 * PTD 61526, 61527 PTD 67713 - 67717 PTD 69118 , 69120 Taman Senai Utama, Mukim of Senai-Kulai Districts of Johor Bahru, Johor Darul Ta'zim Lot 325 G37861 Mukim of Segemat, District of Segamat Johor Darul Ta'zim
Description
Age (Year)
Tenure
Size (Acre-Nett)
Net Book Value (RM)
73 lots of residential land for development
Freehold
4.31
211,499
7 lots of commercial land for development 3 sub-stations and 2 sewage ponds
Freehold
27.75
24,848,620
4 units of low cost shops, 1 unit of multipurpose hall and 1 unit of kindergarden
6 1/2
Freehold
0.12
137,632
1 unit of completed bungalow
6 1/2
Freehold
0.21
703,266
79 units of vacant bungalow lots
Freehold
17.23
7,676,756
Land approved for town house and condominium development
Freehold
9.97
3,310,990
Golf course land and clubhouse land
Freehold
103.75
35,700,000
Land with sports complex building and facilities
14
Freehold
9.21
65,175,185
36-lane purposed-built bowling centre with retail shops
Freehold
2.52
23,045,392
16 lots of residential land for development
Freehold
1.47
527,194
36 lots of commercial land for development
Freehold
7.71
9,221,495
Land use not specified in the title
Freehold
1.25
666,000
84
Location
Description
Age (Year) -
Tenure
Size (Acre-Nett) 13.84
Net Book Value (RM) 172,439,268
PTD 23301 - 23721* Mukim of Kota Tinggi District of Kota Tinggi, Johor Darul Ta'zim PTD 31047 - 31063 Mukim of Kota Tinggi District of Kota Tinggi, Johor Darul Ta'zim PTD 56094 - 56119 * Mukim of Tebrau, District of Johor Bahru Johor Darul Ta'zim PTD 56102, 56104, 99401, PTD 56110, 56113, 56115 Mukim of Tebrau, District of Johor Bahru Johor Darul Ta'zim Lot 55 & Lot 56 Mukim of Senai-Kulai District of Johor Bahru, Johor Darul Ta'zim
331 lots of vacant residential and commercial lands for development
Freehold
Land approved for mixed residential, commercial and industrial development 20 units of residential bungalow lots in Starhill Golf Resort
Freehold
2,828.49
126,527,820
Freehold
6.89
6,468,065
6 units of completed bungalow in Starhill Golf Resort
Freehold
2.18
5,969,622
Agricutural land
Leasehold 999 years
0.92
2,000,000
Properties held by Mahseng Developments Sdn. Bhd. PTD 16145, 18756, 18758 Taman Sri Skudai, Mukim of Pulai District of Johor Bahru, Johor Darul Ta'zim PTD 2384 Taman Banang, Mukim of Simpang Kanan District of Batu Pahat, Johor Darul Ta'zim 3 lots of vacant commercial land Freehold 4.00 42,354
Vacant residential lot
Freehold
0.05
2,882
Properties held by Daiman Properties Sdn. Bhd. Lot 11159 No. 64, Jalan Sulam, Taman Sentosa 80150 Johor Bahru, Johor Darul Ta'zim Lot 4164 No. 11, Jalan Jim Quee, Bukit Chagar 80300 Johor Bahru, Johor Darul Ta'zim Lot 805 Mukim of Serkat, District of Pontian Johor Darul Ta'zim Freehold land with 7-storey office building known as Wisma Daiman 20 1/2 Freehold 0.65 30,000,000
Freehold land with 3-storey apartment block known as Daiman Apartment Farm land with facilities for prawn farm operation and farm building
20 1/2
Freehold
1.30
5,587,000
25
Freehold
256.27
6,400,000
Properties held by Chye Seng Developments Sdn. Bhd. P.T. 2308 - 2928 * P.T. 2304, 2305, 2306, 3050, 3099 Taman Paloh, Mukim of Paloh District of Kluang, Johor Darul Ta'zim P.T. 2929 - 2973 P.T. 3098 Taman Paloh, Mukim of Paloh District of Kluang, Johor Darul Ta'zim P.T. 2976 - 3037 * Taman Paloh, Mukim of Paloh District of Kluang, Johor Darul Ta'zim 566 lots of vacant residential land for development Freehold 36.08 4,309,548
46 lots of vacant commercial land for development
Freehold
2.56
658,286
23 units of completed shophouses
16 1/2
Freehold
0.83
1,918,936
85
Location
Description
Age (Year) -
Tenure
Size (Acre-Nett) 0.21
Net Book Value (RM) 206,839
PTD 6902 - 6903 Taman Sri Lalang, Mukim of Kota Tinggi District of Kota Tinggi, Johor Darul Ta'zim PTD 30571 Taman Sri Lalang, Mukim of Kota Tinggi District of Kota Tinggi, Johor Darul Ta'zim
Commercial land for development
Freehold
Commercial land for development
Freehold
3.63
3,940,674
Properties held by Daiman Golf Berhad No. 18, Jalan Pesona, Taman Johor Jaya 81100 Johor Bahru, Johor Darul Ta'zim Development cost for 18-hole golf course and clubhouse building with swimming pool 6 Freehold 103.75 18,223,012
Properties held by Daiman Investments (Australia) Pty. Ltd. Title Reference 18131141 2, Corporate Court, Bundall, Gold Coast Queensland 4217, Australia Title Reference 18144160 2, Corporate Court, Bundall, Gold Coast Queensland 4217, Australia Title Reference 18144163, 18144164, 18131161, 18144165, 18144162 2, Corporate Court, Bundall, Gold Coast Queensland 4217, Australia 17-storey commercial office building known as Corporate Centre One 2-storey recreation and fitness centre 14 1/2 Freehold 1.39 69,964,049 24,259,379 (AUD)
14 1/2
Freehold
0.38
4,326,000 1,500,000 (AUD)
Vacant commercial land with development potential for approximately 678,018 sq. ft. of commercial space
Freehold
4.86
14,801,337 5,059,135 (AUD)
Properties held by Lembaran Murni Sdn. Bhd. PTD 42924 - 43187 * PTD 64998 * PTD 74893, 74897 Taman Perindustrian Murni Senai Mukim of Senai-Kulai District of Johor Bahru, Johor Darul Ta'zim PTD 42962 - 43095 * Taman Perindustrian Murni Senai Mukim of Senai-Kulai District of Johor Bahru, Johor Darul Ta'zim PTD 42955 - 43164 * Taman Perindustrian Murni Senai Mukim of Senai-Kulai District of Johor Bahru, Johor Darul Ta'zim PTD 42928 - 43175 * PTD 64978 - 64994 * PTD 74896 Taman Perindustrian Murni Senai Mukim of Senai-Kulai District of Johor Bahru, Johor Darul Ta'zim PTD 64996, 64997 PTD 43135 - 43185 * Taman Perindustrian Murni Senai Mukim of Senai-Kulai 5 lots of vacant commercial land for development 1 sub-station 1 sewage treatment plant Freehold 20.84 9,038,503
30 units of completed industrial building
6 1/2
Freehold
3.78
9,196,104
114 lots of vacant industrial land for development
Freehold
21.64
10,663,380
27 vacant industrial lots
Freehold
34.72
16,420,940
23 lots of land approved for low-cost and low medium-cost flats development
Freehold
19.62
9,065,614
86
Location
Description
Age (Year)
Tenure
Size (Acre-Nett)
Net Book Value (RM)
Properties held by Atlantic Dynamics Sdn. Bhd. PTD 121063, 121065 PTD 97073, 97074 Taman Gaya, Mukim of Tebrau, District of Johor Bahru, Johor Darul Ta'zim PTD 73630 - 74162 Taman Gaya, Mukim of Tebrau District of Johor Bahru, Johor Darul Ta'zim PTD 73530 - 75196* PTD 97078 - 97095* PTD 121066 - 121079* PTD 121453, 121584, 121384 Taman Gaya, Mukim of Tebrau District of Johor Bahru, Johor Darul Ta'zim PTD 74388 - 74507 Taman Gaya, Mukim of Tebrau District of Johor Bahru, Johor Darul Ta'zim PTD 74839 - 75434* PTD 121073 - 121793 Taman Gaya, Mukim of Tebrau District of Johor Bahru, Johor Darul Ta'zim PTD 75029 - 75103 PTD 121983 - 122197* Taman Gaya, Mukim of Tebrau District of Johor Bahru, Johor Darul Ta'zim PTD 73531 - 75103* Taman Gaya, Mukim of Tebrau District of Johor Bahru, Johor Darul Ta'zim PTD 121064, PTD 75104 - 75193* PTD 75197 - 75332* PTD 75209 - 75369 4 lots of land approved for low-cost and low-mediumcost flats development Freehold 20.25 9,565,585
7 units of completed terraced house
3 to 4
Freehold
0.48
872,662
8 lots of vacant commercial land for development, 20 sub-stations and 1 sewage treatment plant
Freehold
33.69
103,270,742
76 units of double-storey shop and 42 units of 3-storey shop under development 1,122 lots of vacant residential land for development
Freehold
5.46
2,487,894
Freehold
88.23
35,432,495
274 units of vacant residential land under development
Freehold
12.89
13,724,673
82 lots of vacant commercial land under development
Freehold
3.33
2,682,216
9 units of completed low-medium-cost flat and 227 units of completed double-storey terraced house
1/2
Freehold
10.44
46,386,321
Properties held by Daiman Trading Sdn. Bhd. PTD 22380, PTD 22383 No. 20 & 26, Jalan Perkasa 2 Taman Ungku Tun Aminah, 81300 Skudai Johor Bahru, Johor Darul Ta'zim PTD 90039 #C-3-9, Block Kasturi, Amansari Condominium Jalan Persiaran Seri Alam, 81750 Masai Johor Darul Ta'zim Lot No 9888 #06-05, Tingkat 6, Kondominium Mariamah 2 No. 15-A, Jalan Mariamah 7 80100 Johor Bahru, Johor Darul Ta'zim Johor Darul Ta'zim 2 units of double-storey shophouses 8 Freehold 0.06 625,000
1 unit of condominium
Freehold
0.02
185,000
1 unit of condominium
Freehold
0.05
480,000
Notes: 1. The PTD lots ranged specified with an asterisk (*) do not contain all the lots owned by the respective companies within that range but provided as a range reference only. The exact number of lots owned are, however, stated under the "Description Column".
87
2. The freehold land and building included under property, plant and equipment and investment properties, except for land held for property development, were revalued by the Directors on 26 March 2001. The basis used were based on an independent professional valuation using the open market value.
DAIMAN DEVELOPMENT BERHAD AS AT 28 SEPTEMBER 2005

AUTHORISED SHARE CAPITAL : RM500,000,000 ISSUED AND FULLY PAID-UP CAPITAL : RM224,725,000 (out of which 3,804,900 ordinary shares of RM1.00 each is held as Treasury Shares) CLASS OF SHARES : Ordinary shares of RM1-00 each NO OF SHAREHOLDERS : 10,022 VOTING RIGHTS : One vote per ordinary share
A) LIST OF SUBSTANTIAL SHAREHOLDERS

No. 1. 2. 3. 4. 5. 6. 7. 8. Name Of Shareholders Tay Tian Liang Tay Thiam Song Tay Thiam Yew Tay Thiang Phong Chua Lee Kiang (f) Tan Yang Kuan (f) Tay Kia Hong & Sons Sdn. Bhd. Daiman Holdings Sdn. Bhd. Direct No of shares 351,000 548,000 118,798 7,726,000 95,432,904 % 0.16 0.25 0.05 3.50 43.20 Deemed interest in shares No of shares 104,261,904 *1,2,3,4 104,151,904 *1,2,3 104,151,904 *1,2,3 104,151,904 *1,2,3 103,158,904 *1,2 103,158,904 *1,2 95,432,904 *1 % 47.19 47.14 47.14 47.14 46.70 46.70 43.20 -
Note : *1 By virtue of its interest in Daiman Holdings Sdn. Bhd. pursuant to Section 6A of the Companies Act, 1965 *2 By virtue of their interest in Tay Kia Hong & Sons Sdn. Bhd. pursuant to Section 6A of the Companies Act, 1965 *3 By virtue of their interest in Chye Seng Tannery Pte Ltd pursuant to Section 6A of the Companies Act, 1965 *4 By virtue of the shares held by his wife, Mdm Lim Chee Moi
B) LIST OF DIRECTORS SHAREHOLDINGS

Direct No. Name Of Shareholders No of shares % 0.16 0.25 0.68 Unexercised Rights under DSOS *5 700,000 800,000 700,000 170,000 170,000 170,000 Deemed interest in shares No of shares 104,261,904 *1,2,3,4 104,151,904 *1,2,3 104,151,904 *1,2,3 % 47.19 47.14 47.14 -
1. 2. 3. 4. 5. 6.
351,000 Tay Tian Liang 548,000 Tay Thiam Song Tay Thiam Yew Dato Ahmad Johari Bin Tun Abdul Razak 1,502,000 Eddie Chan Yean Hoe Ong Seng Pheow
Note : *1 By virtue of its interest in Daiman Holdings Sdn. Bhd. pursuant to Section 6A of the Companies Act, 1965 *2 By virtue of their interest in Tay Kia Hong & Sons Sdn. Bhd. pursuant to Section 6A of the Companies Act, 1965 *3 By virtue of their interest in Chye Seng Tannery Pte Ltd pursuant to Section 6A of the Companies Act, 1965 *4 By virtue of the shares held by his wife, Mdm Lim Chee Moi *5 DSOS : The Daiman Share Option Scheme 2005
88
DAIMAN DEVELOPMENT BERHAD AS AT 28 SEPTEMBER 2005

C) DISTRIBUTION OF SHAREHOLDINGS
No of Holders 11 3,524 5,459 918 108 2 Holdings Less than 100 101 to 1,000 1,001 to 10,000 10,001 to 100,000 100,001 to less than 5% of issued shares 5% and above of issued shares Total Holdings 244 3,497,550 22,402,594 25,556,910 79,370,398 90,092,404 % 0.00 1.58 10.14 11.57 35.93 40.78
D) TOP 30 LARGEST SHAREHOLDERS No.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30.
Name
Daiman Holdings Sdn Bhd Daiman Holdings Sdn Bhd Lido Developments Private Limited Tay Kia Hong & Sons Sdn Bhd Citicorp Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Tan Eng Boon Daiman Holdings Sdn Bhd Employees Provident Fund Board Seksyen Depositori Pusat RHB Nominees (Asing) Sdn Bhd HSBC Trustee (S) Ltd for Ulendo Properties Ltd OSK Nominees (Asing) Sdn Berhad Kim Eng Securities Pte Ltd for Belafonte Assets Ltd OSK Nominees (Asing) Sdn Berhad Kim Eng Securities Pte Ltd for Sidney Heights Investments Ltd Malaysia Nominees (Tempatan) Sendirian Berhad Pledged Securities Account for Tan Kim Kee @ Tan Kee Alliancegroup Nominees (Tempatan) Sdn Bhd Pheim Asset Management Sdn Bhd for Employees Provident Fund Amsec Nominees (Asing) Sdn Bhd Kim Eng Securities Pte Ltd for Tse Shirley Shui Hang HSBC Nominees (Asing) Sdn Bhd HSBC Trustee (S) Ltd for Speedway Services Limited Malaysia Export Credit Insurance Berhad Permodalan Nasional Berhad Sun Hua Shun Wetex Industries Sdn Bhd Chye Seng Tannery (Private) Limited Teoh Guan Kok & Co. Sdn Bhd Chan Wan Moi Teoh Hooi Bin Poo Choo @ Ong Poo Choi UOBM Nominees (Asing) Sdn Bhd United Overseas Bank Nominees (Pte) Ltd for Boon & Co Pte Ltd Yeo Khee Nam Cimsec Nominees (Tempatan) Sdn Bhd CIMB for Dato' Ahmad Johari Bin Tun Abdul Razak Ang Toon Tiong Tay Thiam Song A.A. Assets Nominees (Tempatan) Sdn Bhd Pledged Securities Account for Tan Kim Kee @ Tan Kee IJM Corporation Berhad
No. Of Shares Held

50,000,000 40,092,404 8,859,000 7,726,000 5,595,000 5,340,500 4,696,000 4,445,000 2,595,000 2,379,000 2,116,000 2,112,500 1,700,000 1,643,100 1,230,000 1,205,000 1,174,000 1,166,000 993,000 977,200 942,000 838,000 774,600 710,000 700,000 696,000 603,800 548,000 519,400 516,000 152,892,504
Percentage (%)
22.6326 18.1479 4.0100 3.4972 2.5326 2.4174 2.1257 2.0120 1.1746 1.0769 0.9578 0.9562 0.7695 0.7438 0.5568 0.5454 0.5314 0.5278 0.4495 0.4423 0.4264 0.3793 0.3506 0.3214 0.3169 0.3150 0.2733 0.2481 0.2351 0.2336 69.2071
89
D A IM A N D EVE L O P M E N T B E R H A D
(Incorporated in Malaysia - Co. No. 11681-T)
Form Of Proxy
I/We __________________________________________ (NRIC No: ___________________________________)
(Please use block letter)
of _______________________________________________________________________________________________
(Full address)
being a member / members of DAIMAN DEVELOPMENT BERHAD (Co. No. 11681-T) do hereby appoint _____________________________________________________________ (NRIC NO:_________________________) of _____________________________________________________________________________________________ or failing him__________________________________________ (NRIC NO:________________________________) of___________________________________________________________ as * my / our proxy to vote for * me / us on
* my / our behalf at the 33rd Annual General Meeting of the Company to be held on Tuesday, the 29 day of November, 2005 at 11.00 a.m. at Dewan Johor, 2nd Floor, Mutiara Hotel Johor Bahru, Jalan Dato Sulaiman, Taman Century, 80250 Johor Bahru, Johor Darul Ta'zim, and at any adjournment thereof. * My / our proxy is to vote as indicated below :
No. 1 2 3 4 5 6 7
RESOLUTION Re-election of Director Mr. Tay Thiam Song Re-election of Director Mr. Eddie Chan Yean Hoe Approval of Directors Fees Declaration of First & Final Dividend Re-appointment of Ernst & Young as the External Auditors Special Business: Authorisation to the Board to issue shares under section 132D of the Companies Act, 1965 Proposed Renewal of Shareholders Mandate for Proposed Share Buy Back by the Company
FOR
AGAINST
(Please indicate with a cross (X) in the spaces provided whether you wish your votes to be cast for or against the resolution. In the absence of such specific directions, your proxy will vote or abstain as he thinks fit.) Number of shares held
Signature of Member / Members Dated this day of 2005
Note: 1. A member entitled to attend and vote at the Meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy may but need not be a member of the Company. 2. A member shall be entitled to appoint more than one (1) proxy to attend and vote at the same Meeting. 3. Where a member appoints more than one (1) proxy, the appointment shall be invalid unless he specifies the proportion of his holdings to be represented by each proxy. 4. Where a member is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991, it may appoint at least one (1) proxy in respect of each securities account it holds with ordinary shares of the Company standing to the credit of the said securities account. 5. Where the Proxy Form is executed by a corporation, it must be either under its Common Seal or under the hand of an officer or attorney duly authorised. 6. The Proxy Form must be deposited with the Company Secretary at the Registered Office, Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, 80300 Johor Bahru, Johor Darul Ta'zim not less than 48 hours before the time set for the Meeting.
90
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Postage
The Company Secretary
Daiman Development Berhad (Co. No. 11681-T)

Suite 1301, 13th Floor City Plaza, Jalan Tebrau 80300 Johor Bahru Johor Darul Ta'zim
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Notes To The Financial Statements 30 JUNE 2005: 1. Corporate Information

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Notes To The Financial Statements 30 JUNE 2005: 1. Corporate Information

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NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2005

SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Preparation

(b) Basis of Consolidation