Beruflich Dokumente
Kultur Dokumente
Operating revenue
Operating expenses
Other income
Earnings Before Interest, Taxation,
Depreciation & Amortisation (EBITDA)
Depreciation, amortisation and
impairment
Fair value change of derivatives
Unrealised foreign exchange
(loss)/gain
Finance costs
Share of post-tax results from
investments accounted for
using the equity method
Loss before taxation
3,325,389
(3,551,186)
56,250
3,791,064
(3,840,827)
112,018
CUMULATIVE QUARTER
Period ended
Period ended
30/09/2014
30/09/2013
RM '000
RM '000
10,193,812
(10,876,037)
378,588
10,774,352
(10,897,072)
443,005
(169,547)
62,255
(303,637)
320,285
(218,420)
(18,051)
(238,446)
4,706
(677,998)
1,489
(653,875)
14,616
(42,172)
(123,760)
(86,085)
(121,160)
10,645
(364,634)
(175,738)
(331,475)
20,763
11,335
345
8,222
(571,605)
(370,508)
(1,313,372)
(814,852)
(4,006)
(2,730)
(10,343)
(12,163)
(575,611)
(373,238)
(1,323,715)
(827,015)
(576,110)
499
(375,439)
2,201
(1,326,542)
2,827
(830,247)
3,232
(575,611)
(373,238)
(1,323,715)
(827,015)
Taxation
(3.45)
(2.25)
(7.94)
(6.67)
Diluted (sen)
(3.45)
(2.25)
(7.94)
(6.67)
Page 1
(575,611)
(373,238)
(149,886)
32,534
26
1,595
CUMULATIVE QUARTER
Period ended
Period ended
30/09/2014
30/09/2013
RM '000
RM '000
(1,323,715)
(194,799)
580
(827,015)
27,992
16,961
(725,471)
(339,109)
(1,517,934)
(782,062)
(725,970)
499
(341,310)
2,201
(1,520,761)
2,827
(785,294)
3,232
(725,471)
(339,109)
(1,517,934)
(782,062)
Page 2
Non-current assets
Aircraft, property, plant and equipment
Investment in associates
Other investments
Intangible assets
Other receivables
Derivative financial instruments
Deferred tax assets
Current assets
Inventories
Trade and other receivables
Tax recoverable
Derivative financial instruments
Cash and bank balances
Current liabilities
Sales in advance of carriage
Deferred revenue
Trade and other payables
Provisions
Borrowings
Derivative financial instruments
Taxation
Net current liabilities
Financed by:
Equity attributable to equity holders of the Company:
Share capital
Perpetual Sukuk
Reserves
Non-controlling interest
Total equity
Non-current liabilities
Borrowings
Derivative financial instruments
Deferred tax liabilities
As at
31/12/2013
RM '000
(Audited)
14,770,156
174,068
63,488
14,615,157
152,305
63,437
157,728
980,980
13,891
1,101
16,161,412
149,079
1,023,137
24,941
1,145
16,029,201
238,217
1,649,016
3,236
4,508
1,507,926
3,402,903
253,765
1,596,152
5,076
100,337
3,870,622
5,825,952
2,013,222
432,313
2,199,000
775,750
1,493,913
87,771
3,225
7,005,194
2,200,304
347,670
2,668,700
803,988
1,254,388
1,970
2,078
7,279,098
(3,602,291)
(1,453,146)
12,559,121
14,576,055
1,671,078
1,498,190
(725,008)
2,444,260
21,035
2,465,295
1,671,078
1,498,190
864,655
4,033,923
18,208
4,052,131
10,088,782
4,941
103
10,093,826
12,559,121
10,517,788
6,013
123
10,523,924
14,576,055
0.15
0.24
Share
capital
RM '000
At 1 January 2014
Perpetual
Sukuk
RM '000
1,671,078
1,498,190
1,735,716
41,775
119,653
17,141
459,755
(1,509,385)
(1,326,542)
580
1,671,078
1,498,190
1,735,716
41,775
17,721
459,755
At 30 September 2014
(194,799)
(75,146)
Total
reserves
RM '000
Total
Equity
RM '000
4,033,923
18,208
4,052,131
(1,326,542)
(1,326,542)
2,827
(1,323,715)
(194,219)
(194,219)
(194,219)
(68,902)
(68,902)
(68,902)
(68,902)
(2,904,829)
(725,008)
864,655
Total
RM '000
Noncontrolling
interests
RM '000
2,444,260
21,035
2,465,295
Share
capital
RM '000
Perpetual
Sukuk
RM '000
Share
premium
RM '000
Capital
redemption
reserves
RM '000
Cash flow
hedge
reserves
RM '000
Foreign
currency
translation
reserve
RM '000
Distributable
NonGeneral Accumulated
reserves
losses
RM '000
RM '000
Total
reserves
RM '000
Total
RM '000
controlling
interests
RM '000
Total
Equity
RM '000
3,342,156
1,498,190
4,995,970
41,775
21,406
459,755
(8,236,108)
(2,717,202)
(830,247)
(830,247)
(830,247)
27,992
16,961
44,953
44,953
44,953
8,003,910
3,007,940
(68,905)
(68,905)
At 1 January 2013
Capital reduction
Distribution to Perpetual Sukuk
holders
Rights Issue
Rights Issue expenses
At 30 September 2013
(3,007,940)
(4,995,970)
1,336,862
1,737,921
1,671,078
1,498,190
49,398
16,961
459,755
(2,205)
1,735,716
41,775
Page 4
(68,905)
(1,131,350)
(68,905)
1,737,921
(2,205)
1,172,255
2,123,144
3,074,783
(2,205)
4,341,523
14,847
3,232
18,079
2,137,991
(827,015)
3,074,783
(2,205)
4,359,602
Period ended
30/09/2013
RM '000
(1,313,372)
(814,852)
328,011
19,079
21,574
13,063
(210,944)
47
189,567
13,947
(9,996)
13,251
(293,286)
901
647,700
15,329
(2,252)
6,372
364,634
32,550
(10,645)
(57,898)
631,168
683
(9,820)
18,712
331,475
32,527
175,738
(85,998)
(20,763)
(1,489)
(4,613)
(11,335)
(14,616)
(2,564)
(173,617)
18,607
(6,073)
23,863
84,642
(503,880)
(356,249)
165,502
(351,083)
9,256
1,035,385
73,169
256,585
(289,218)
(912,707)
29,304
(408,353)
(7,331)
899,596
29,516
(356,772)
(7,998)
(1,299,087)
(1,488,226)
(41,199)
611,158
57,898
4,613
(2,047)
(3,253,555)
(37,874)
(9,282)
(9,273)
846,477
2,355
85,998
11,610
(111,098)
(857,803)
(2,474,642)
Page 5
564,342
Period ended
30/09/2013
RM '000
(271,931)
(356,935)
(68,905)
-
(207,852)
5,094,119
(2,364,742)
3,183,819
3,745,941
1,381,199
2,134,001
2,134,002
5,317,820
1,174,005
333,921
1,507,926
(126,727)
1,381,199
1,213,915
4,229,479
5,443,394
(125,574)
5,317,820
300,000
189,919
3,074,784
1,910,000
832,933
(486,324)
(166,164)
(68,905)
(2,205)
Page 6
ACCOUNTING POLICIES
The quarterly condensed financial report has been prepared in accordance with:
(i)
The requirement of the Malaysian Financial Reporting Standards ("MFRS") Standard 134: Interim Financial
Reporting; and
(ii)
Paragraph 9.22 of the Listing Requirements of the Bursa Malaysia Securities Berhad;
and should be read in conjunction with the audited financial statements for the financial year ended 31 December
2013 and the accompanying explanatory notes attached to the quarterly condensed financial report. These
explanatory notes attached to the quarterly condensed financial report provide an explanation of events and
transactions that are significant to the understanding of the changes in the financial position and performance of the
Group since the financial year ended 31 December 2013.
2.
At the date of authorisation of this quarterly condensed financial report, the MASB had issued several MFRSs and
amendments but not yet effective and have not been adopted by the Group:
Effective for annual periods beginning on or after 1 July 2014
Amendments to MFRS 119
Defined Benefit Plans - Employee Contributions
Annual Improvements to MFRSs 20102012 Cycle
Annual Improvements to MFRSs 20112013 Cycle
Effective for annual periods to be announced by MASB
MFRS 9
MFRS 9
MFRS 9
The above MFRSs and amendments are expected to have no significant impact on the financial statements of the
Group upon their initial application, except as discussed below:
The adoption of the first phase of MFRS 9 will have an effect on the classification and measurement of the Groups
financial assets, but will not have an impact on classification and measurements of the Groups financial liabilities. The
Group will quantify the effect in conjunction with the other phases, when the final standard including all phases is
issued.
Page 7
4.
5.
UNUSUAL ITEMS
AtThe
the
The
date
above
the
new
ofchanges
impact
FRS,
authorisation
FRS amendment
from
and
in disclosures
the
Interpretations
ofadoption
this
to quarterly
FRS
arising
of and
IC
above
from
Interpretation
condensed
Interpretations
the
areadoption
expected
financial
13,of
are
which
FRS
toreport,
expected
have
will
101the
be
(Revised),
noapplied
to
MASB
significant
havehad
retrospectively
FRS
no issued
significant
impact
7 and several
FRS
onwith
impact
8.
Effective
theFRSs
anfinancial
on
estimated
and
the
for
There were no unusual items for the financial period ended 30 September 2014.
6.
7.
SIGNIFICANT EVENTS
(i)
On 8 March 2014, flight MH370 operated on a B777 aircraft which departed Kuala Lumpur bound for Beijing,
carrying 227 passengers and 12 crew on board, disappeared from radar just one hour after take off. Despite a
multination search and rescue effort, the largest in history, there is still no trace of the aircraft to-date. Search
operations continue in the southern Indian Ocean where the aircraft is suspected to have last flown.
(ii) On 17 July 2014, flight MH17 operated on a B777 aircraft which departed Amsterdam bound for Kuala Lumpur,
carrying 283 passengers and 15 crews on board, went down in eastern Ukraine, killing all on board.
(iii) On 8 August 2014, the Board of Directors of the Company ("Board"), announced that it had on same date
received a letter from Khazanah Nasional Berhad ("Khazanah"), proposing the privatisation of the Company by
way of a selective capital reduction and repayment exercise ("Proposed SCR"). Details are further disclosed in
Note 9, Part B of this announcement.
There was no other material significant event for the financial period ended 30 September 2014.
8.
9.
DIVIDEND PAID
There was no dividend paid during the financial period ended 30 September 2014.
Airlines operations segment engages in the business of air transportation and the provision of related services.
(ii) Cargo services segment engages in the business of air cargo operations, charter freighter and all warehousing
activities relating to air cargo operations.
Page 8
10. Operating revenue has slightly decreased by 0.4% mainly due to lower seat factor of 0.4 percentage points to 73% due to MH370 a
(iii) Others segment engages in the provision of computerised reservations services, retailing of goods, catering and
cleaning related services.
Management monitors the operating results of its business units separately for the purpose of making decisions about
resource allocation and performance assessment. Segment performance is evaluated based on operating profit or
loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in
the consolidated financial statements.
The following tables present revenue and profit information regarding the Group's operating segments for the financial
period ended 30 September 2014 and 2013, respectively.
Airlines
Operations
RM'000
Cargo
Services
RM'000
Others
RM'000
Adjustments
and
eliminations
RM'000
Total
RM'000
8,734,176
1,038,137
9,772,313
(1,183,033)
1,400,074
1,400,074
(160,568)
59,562
49,614
109,176
(1,087,751)
(1,087,751)
10,193,812
10,193,812
9,466
20,763
(1,313,372)
61,277
38,425
99,702
(989,573)
(989,573)
10,774,352
10,774,352
9,316,831
951,148
10,267,979
1,396,244
1,396,244
Results
Internationally, worldwide passenger traffic increased during Q3 2014 compared with the corresponding period last
Segment (loss)/profit before tax
(743,976)
(92,020)
9,809
11,335
(814,852)
Segment assets **
At 30 September 2014
Wh
At 31 December 2013
*
**
20,124,837
22,935,715
813,805
1,315,933
1,788,380
2,477,202
(3,336,775)
(5,026,002)
19,390,247
21,702,848
On 6 November 2014, a special resolution on the privatisation of the Company by way of a selective capital
reduction and repayment exercise at the cash repayment sum of RM0.27 per ordinary share of RM0.10 each in
the Company pursuant to Section 60 and 64 of the Companies Act, 1965 ("Proposed SCR") was duly passed by
the Companys non-interested shareholders at the Extraordinary General Meeting (EGM).
(ii) On 27 November 2014, Malaysia Airline System Berhad (Administration) Bill 2014, a Bill to facilitate the
restructuring of MAS, was tabled and approved at the Dewan Rakyat. The bill outlines the special laws for the
administration of the airlines, its wholly and partially owned subsidiaries.
There was no other material subsequent event for the financial period ended 30 September 2014.
Page 9
Contingent liabilities
(a) Related to Penerbangan Malaysia Berhad ("PMB")
MAS continues to be the named borrower of term loans which have been unbundled to PMB, a company
wholly owned by Khazanah Nasional Berhad. As such, the outstanding balance of the borrowings assumed
by PMB is included within the Group's contingent liabilities.
24/11/2014
RM '000
1.
Loan (unsecured)
2.
Tenure
2,514
3.
2,514
2,514
(b) Others
Bank guarantees given to third parties
Performance bonds given to third parties
352,927
1,434
354,361
As at
30/09/2014
31/12/2013
RM '000
RM '000
(Audited)
4,342,442
89,549
4,431,991
5,656,714
84,919
5,741,633
The outstanding capital commitments relate to purchase of aircraft and other projects.
CUMULATIVE QUARTER
Quarter
ended
Quarter
ended
Period
ended
Period
ended
30/09/2014
30/09/2013
30/09/2014
30/09/2013
RM '000
RM '000
RM '000
RM '000
50,326
(5,376)
67,213
(4,888)
140,557
(19,495)
202,689
(14,664)
31,215
(1,518)
81,296
-
133,531
(5,060)
269,545
(1,034)
1,367
1,401
4,224
3,383
1,044
1,472
4,205
4,282
3,018
8,423
19,686
23,963
Page 11
Quarter
ended
Period
ended
Period
ended
30/09/2014
30/09/2013
30/09/2014
30/09/2013
RM '000
RM '000
RM '000
RM '000
773
1,051
2,508
2,668
13,144
-
40,295
-
43,261
-
97,385
(96,149)
27,185
22,140
101,272
55,563
55,563
165,265
170,590
CUMULATIVE QUARTER
Quarter
ended
Page 12
As at
As at
30/09/2014
31/12/2013
RM '000
RM '000
(Audited)
29,797
432,952
1,975
8,086
(101,788)
(5,310,000)
37,783
527,100
19,271
4,652
(61,644)
(5,310,000)
REVIEW OF PERFORMANCE
For the current quarter ended 30 September 2014, despite a 2% capacity increase, the Group's operating revenue
decreased by 12% to RM3,325.4 million as compared to the same quarter last year. The double impact of MH370
and MH17 incidents and the continued intensified competition resulted in lower seat factor by 11.5 percentage
points to 73%. Passenger yield declined by 2% to 21.9 sen. The Group's operating expenditure for the quarter also
decreased by 7.5% primarily due to decrease in both fuel and non-fuel cost.
After accounting for depreciation, amortisation and impairment of RM218.4 million (2013: RM238.4 million),
unrealised foreign exchange loss of RM42.2 million (2013: RM86.1 million loss), finance costs of RM123.8 million
(2013: RM121.2 million) and fair value change of derivative of RM18.1 million loss (2013: RM4.7 million gain), the
Group registered a loss after tax of RM576.1 million for the third quarter ended 30 September 2014 as compared to
a loss of RM375.4 million previously.
For the nine-month ended 30 September 2014, the Group's operating revenue decreased by 5% to RM10,193.8
million as compared to previous financial period. Seat factor and yield declined by 6.3 percentage points and 5%
respectively mainly due to the continued poor market sentiment as a result of the disappearance of flight MH370
and coupled with the loss of MH17 and intense competition both domestically and internationally.
The Group's operating expenses for the financial period was marginally lower by 0.2%. Fuel cost increased of 7%
due to capacity increase and weakening of Ringgit against US Dollar was offset against the lower non-fuel cost of
5%.
After accounting for depreciation, amortisation and impairment of RM678.0 million (2013: RM653.9 million),
unrealised foreign exchange gain of RM10.6 million (2013: RM175.7 million loss), finance costs of RM364.6 million
(2013: RM331.5 million) and fair value change of derivatives of RM1.5 million (2013: RM14.6 million), the Group
registered a loss after tax of RM1,326.5 million in the period ended 30 September 2014 as compared to RM830.2
million previously.
The Group's EBITDA for the 9 months to 30 September 2014 was negative RM303.6 million compared to a positive
RM320.3 million for the same period last year.
The Group's cash balance as at 30 September 2014 was RM1.5 billion.
2.
CUMULATIVE QUARTER
Quarter
ended
Quarter
ended
Period
ended
Period
ended
30/09/2014
30/09/2013
30/09/2014
30/09/2013
RM '000
RM '000
RM '000
RM '000
3,123
9,437
7,565
9,029
215,249
(8,181)
(4,862)
11,352
123,760
(11,361)
224,840
(6,006)
13,606
121,160
(42,513)
13,063
21,574
13,251
(9,996)
647,700
(2,252)
15,329
32,550
364,634
(57,898)
631,168
(9,820)
683
32,527
331,475
(85,998)
Other than the items highlighted above, there were no disposal of unquoted investment and properties during the
quarter and financial period ended 30 September 2014.
Page 13
Quarter
ended
Period
ended
Period
ended
30/09/2014
30/09/2013
30/09/2014
30/09/2013
RM '000
(8,184)
RM '000
4,225
RM '000
4,183
RM '000
5,465
(3,768)
(1,332)
(6,099)
(18,051)
481
4,706
(1,362)
1,489
9,151
14,616
27,662.8
(17,198.6)
14,555.1
4.
CUMULATIVE QUARTER
Quarter
ended
5.
CUMULATIVE QUARTER
Quarter
ended
Quarter
ended
Period
ended
Period
ended
30/09/2014
30/09/2013
30/09/2014
30/09/2013
RM '000
(183,075)
RM '000
32,286
RM '000
(188,245)
RM '000
(8,014)
23,038
10,151
(149,886)
248
32,534
4,178
(10,732)
(194,799)
36,006
27,992
Page 14
7.
8.
TAXATION
Taxation charge for the Group comprised the following: INDIVIDUAL QUARTER
Quarter
Quarter
ended
ended
30/09/2014 30/09/2013
RM '000
RM '000
Current period
- Malaysian taxation
- Foreign taxation
Under/(Over) provision in prior year:
- Malaysian taxation
- Foreign taxation
Deferred taxation
Total
749
2,526
3,275
1,406
1,741
3,147
CUMULATIVE QUARTER
Period
Period
ended
30/09/2014
RM '000
ended
30/09/2013
RM '000
2,827
7,545
10,372
2,555
4,054
6,609
(2,104)
7,682
1,667
(936)
(393)
-
2,602
(2,631)
(24)
4,006
2,730
10,343
(24)
12,163
The Group provided foreign taxation for the Company's overseas operations and Malaysian taxation for its
subsidiaries. The Company was granted an extension of the tax exemption status by the Ministry of Finance on its
chargeable income in respect of all sources of income up to year of assessment 2015.
Page 15
CORPORATE PROPOSALS
On 8 August 2014, the Board of Directors of the Company ("Board"), announced that it had on same date received
a letter from Khazanah Nasional Berhad ("Khazanah"), proposing the privatisation of the Company by way of a
selective capital reduction and repayment exercise at the cash repayment sum of RM0.27 per ordinary share of
RM0.10 each in the Company pursuant to Section 60 and 64 of the Companies Act, 1965 ("Act") ("Proposed SCR").
The Proposed SCR will enable all ordinary shareholders appearing on the Register of Depositors of the Company at
the close of business on a date to be announced later, other than Khazanah ("Entitled Shareholders"), to receive a
total repayment amount of RM1,382.0 million which represents a cash amount of RM0.27 for each ordinary share of
RM0.10 in the Company ("MAS Share") ("SCR Offer Price") held by the Entitled Shareholders.
The Proposed SCR will be effected via the following:
(a) the reduction of the issue and paid-up share capital of the Company from RM1,671.1 million comprising
16,710,781,200 MAS Shares to RM1,159.2 million comprising 11,592,389,200 MAS Shares by way of
cancelling all MAS Shares held by the Entitled Shareholders. As at 7 August 2014, the Entitled Shareholders
hold 5,118,392,000 MAS Shares; and
(b) the reduction of the share premium account of the Company by RM870.1 million from RM1,735.7 million to
RM865.6 million.
Upon successful completion of the Proposed SCR, Khazanah will become the sole ordinary shareholder of the
Company.
The Proposed SCR is subject to and conditional upon the following being obtained:
(a) approval of the Securities Commission Malaysia (SC) for an exemption under Practice Note 44 of the
Malaysian Code on Take-Overs and Mergers, 2010 and its consent to the circular, explanatory statement and
independent advice letter to be issued to the shareholders of the Company;
(b) approval of the shareholders of the Company via a special resolution at an extraordinary general meeting
(EGM) to be convened. The Proposed SCR must be approved by at least 50% in number and 75% in value of
the disinterested shares that are cast either in person or by proxy at the EGM and the value of the votes cast
against the Proposed SCR must not be more than 10% of the votes attaching to all disinterested shares;
(c) the grant of an order from the High Court of Malaya approving the reduction of the issued and paid-up share
capital and share premium of the Company pursuant to Sections 60 and 64 of the Act;
(d) consent of the relevant creditors/lenders of MAS, if required; and
(e) approvals/consents of any other relevant authorities, if required.
The target completion of the delisiting is by the end of the year.
On 29 August 2014, the Board received a letter from Khazanah in relation to a proposed restructuring of MAS
("Proposed Restructuring") and a proposed investment by Khazanah in MAS to facilitate the Proposed
Restructuring ("Proposed Investment").
The Proposed Investment is estimated to total up to RM6.0 billion (inclusive of funding required for the Proposed
SCR). The disbursements of funds to MAS pursuant to the Proposed Investment, will be undertaken between 1
December 2014 and 31 December 2016 across three phases and are conditional on the implementation and
completion of certain key initiatives by MAS. The detailed terms of the Proposed Investments are to be set out in an
agreement to be entered by Khazanah and MAS.
The Proposed Restructuring and the Proposed Investment are conditional on the successful completion of the
Proposed SCR and the delisting of MAS from the Official List of the Main Market of Bursa Malaysia Securities
Berhad.
On 6 November 2014, a special resolution on the Proposed SCR was duly passed by the Companys noninterested shareholders at EGM.
Page 16
(i)
As at
30/09/2014
RM '000
As at
31/12/2013
RM '000
(Audited)
368,590
228,400
66,565
356,998
185,870
711,053
1,493,913
185,117
645,708
1,254,388
Total
(iii) Currency denominations
Ringgit Malaysia
US Dollars
Japanese Yen
178,107
5,882,246
4,206,536
10,088,782
11,582,695
6,409,017
3,930,664
10,517,788
11,772,176
6,022,576
4,812,415
747,704
11,582,695
6,019,833
4,955,210
797,133
11,772,176
Fair Value
Notional as at 30/09/2014
Value
Assets/
as at 30/09/2014
(Liabilities)
Barrels 'Mil
RM 'Mil
4.4
1.7
6.1
(97.4)
4.1
(93.3)
RM 'Mil
910.6
14.7
RM 'Mil
83.2
212.7
793.8
1,089.7
Total
(0.5)
(0.5)
5.3
4.3
(74.3)
There is no change to the related accounting policies, cash requirements of the derivatives, risks associated with
the derivatives and policies to mitigate those risks since the previous financial year.
Page 17
Company and
Subsidiaries
RM'000
Associated
Companies
RM'000
Jointly
Controlled
Entity
RM'000
Consolidation
Adjustments
RM'000
Group
Accumulated
Losses
RM'000
As at 30 September 2014
Realised (losses)/profit
(2,918,422)
57,309
(143,921)
87,978
(2,917,056)
Unrealised profit/(losses)
13,592
(2,904,830)
(1,120)
56,189
(245)
(144,166)
87,978
12,227
(2,904,829)
Realised (losses)/profit
(1,779,859)
35,861
(118,836)
355,395
(1,507,439)
Unrealised losses
(218)
(1,780,077)
(1,435)
34,426
(293)
(119,129)
355,395
(1,946)
(1,509,385)
As at 31 December 2013
The determination of realised and unrealised profits is based on the Guidance of Special Matter No.1,
Determination of Realised and Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa
Malaysia Listing Requirements, issued by the Malaysian Institute of Accountants on 20 December 2010.
The disclosure of realised and unrealised profits above is solely for complying with the disclosure requirements as
stipulated in the directive of Bursa Malaysia and should not be applied for any other purposes.
(i)
(ii)
(iii)
(iv)
(v)
(vi)
Between 18 January and 26 March 2008, the Company had been served with various complaints filed in the United
States District Court for the Northern District of California (San Francisco) and the United States District Court for
the Central District of California (Los Angeles) filed on behalf of various Plaintiffs against the Company and a
number of other airlines. The cases involved allegations of price fixing for transpacific fares and related surcharges.
The complaint does not make any mention of the quantum of damages sought against the Company. The Company
has obtained legal advice in relation to the complaint and has entered into a joint defence agreement with the other
defendants. The court also dismissed portions of the claims relating to flights originating in Asia on the basis of lack
of jurisdiction. These rulings have, according to the Companys solicitors from the Unites States of America,
significantly reduced the potential amount of claims. On 11 June 2013, the Company entered into a settlement
agreement amounting to USD950,000 which is subject to Court approval. On 11 August 2014, the court has
provided preliminary approval for the settlement. US counsel will update the Company on final decision on the
settlement terms by the court.
(b) Statement of Claim from Commerce Commission of New Zealand
On 15 December 2008, the Company was served with a Statement of Claim from the Commerce Commission of
New Zealand ("Commerce Commission") in relation to its air freight investigation under Section 27 of the New
Zealand Commerce Act. The Statement of Claim does not indicate any quantum of fines that might be ultimately
imposed.
Page 18
Page 19
14. DIVIDENDS
The directors do not recommend any dividend for the financial period ended 30 September 2014.
CUMULATIVE QUARTER
Period
Period
ended
ended
30/09/2014
30/09/2013
(576,110)
(375,439)
16,710,781
16,710,781
(3.45)
(2.25)
(1,326,542)
16,710,781
(7.94)
(830,247)
12,440,248
(6.67)
Loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the financial period ended 30 September 2014.
(b) Diluted loss per share
The Company does not have any potential dilutive ordinary shares as at reporting date.
Page 20
(a) Revenue
CUMULATIVE QUARTER
Period
Period
ended
ended
30/09/2014 30/09/2013
RM '000
RM '000
3,381,639
3,903,082
10,572,400
11,217,357
(169,547)
62,255
(303,637)
320,285
(571,605)
(370,508)
(1,313,372)
(814,852)
(575,611)
(373,238)
(1,323,715)
(827,015)
(576,110)
(375,439)
(1,326,542)
(830,247)
(3.45)
(2.25)
(7.94)
(6.67)
(3.45)
(2.25)
(7.94)
(6.67)
AS AT 30/09/2014
AS AT 31/12/2013
(Audited)
0.15
0.24
INDIVIDUAL QUARTER
Quarter
Quarter
ended
ended
30/09/2014
30/09/2013
RM '000
RM '000
CUMULATIVE QUARTER
Period
Period
ended
ended
30/09/2014 30/09/2013
RM '000
RM '000
11,361
42,513
57,898
85,998
(123,760)
(121,160)
(364,634)
(331,475)
Page 21