GLOMAC-Page 59 To ProxyForm

financial statements & reports
60 directors report
65 independent auditors report
67 statements of profit or loss and
other comprehensive income
68 statements of financial position
70 statements of changes in equity
72 statements of cash flows
75 notes to the financial statements
147 supplementary information disclosure
on realised and unrealised profits
148 statement by directors
149 declaration by the officer primarily
responsible for the financial management
of the company responsible for the
financial management of the company
directors report
The directors of GLOMAC BERHAD have pleasure in submitting their report and the audited financial statements of the Group
and of the Company for the financial year ended 30 April 2014.
principal activities
The principal activities of the Company are property development and investment holding.
The principal activities of the subsidiary and associated companies are disclosed in Note 42 to the Financial Statements.
There have been no significant changes in the nature of the principal activities of the Company, and its subsidiary and associated
companies during the financial year.
result of operations
The results of operations of the Group and of the Company for the financial year are as follows:
The Group The Company

RM RM
Profit before tax 157,281,185 43,602,588

Income tax expense (44,392,962) (1,568,951)
Profit for the year 112,888,223 42,033,637
Profit attributable to:

Owners of the Company 108,380,245 42,033,637
Non-controlling interests 4,507,978
112,888,223 42,033,637
In the opinion of the directors, the results of operations of the Group and of the Company during the financial year have
not been substantially affected by any item, transaction or event of a material and unusual nature other than as disclosed in
Note 9 to the Financial Statements.
dividends
The amounts of dividends paid or declared by the Company since the end of the previous financial year were as follows:
RM
In respect of the financial year ended 30 April 2013 as reported in the directors report of that year:
Final dividend of RM0.0350 per share of RM0.50 each, on 726,810,313 ordinary shares less 25% tax,
paid on 4 December 2013 19,078,769
In respect of the financial year ended 30 April 2014:

First interim single tier dividend of RM0.0225 per share of RM0.50 each, on 726,810,313 ordinary shares,
paid on 23 June 2014 16,353,232
060 GLOMAC BERHAD (110532-M)
financial_0071 15.9.14.indd 60 24/09/14 3:15 PM

dividends (contd)
The directors propose a final single tier dividend of RM0.0265 per share of RM0.50 each on 726,810,313 ordinary shares,
totalling approximately RM19,260,473 in respect of the current financial year. This dividend is subject to the approval of the
shareholders at the forthcoming Annual General Meeting of the Company, and has not been included as a liability in the
financial statements. Upon approval by the shareholders, the cash dividend payment will be accounted for in equity as an
appropriation of retained earnings during the financial year ending 30 April 2015.
The proposed dividend for 2014 is payable in respect of all outstanding ordinary shares in issue at a date to be determined by
the directors subsequent to the approval of the shareholders at the forthcoming Annual General Meeting.
reserves and provisions

There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the
financial statements.
issue of shares and debentures

The Company has not issued any new shares or debentures during the financial year.
share options
No options have been granted by the Company to any parties during the financial year to take up unissued shares of the
Company.
No shares have been issued during the financial year by virtue of the exercise of any option to take up unissued shares of the
Company. As at the end of the financial year, there were no unissued shares of the Company under options.
treasury shares
During the financial year, the Company purchased 1,011,000 units of its own shares through purchases on Bursa Malaysia
Securities Berhad. The total amount paid for acquisition of the shares was approximately RM1,090,820 and it has been
deducted from equity. The share transactions were financed by internally generated funds and the average price paid for the
shares was RM1.08 per share. The repurchased shares are held as treasury shares in accordance with Section 67A of the
Companies Act, 1965.
On 1 July 2013, the Company resold 19,213,300 treasury shares at an average price of RM1.18 per share. The difference
of RM6,596,302 between the sale consideration and the carrying amount of the shares has been credited to the Share
Premium Account.
annual report
061
2014
directors report (contd)
other statutory information

Before the statements of profit or loss and other comprehensive income and the statements of financial position of the Group
and of the Company were made out, the Directors took reasonable steps:
(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for
doubtful debts, and had satisfied themselves that no known bad debts need to be written off and that adequate allowance
had been made for doubtful debts; and
(b) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the
ordinary course of business had been written down to an amount which they might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances:
(a) which would necessitate the writing off of bad debts or render the amount of allowance for doubtful debts in the financial
statements of the Group and of the Company inadequate to any substantial extent; or
(b) which would render the values attributed to the current assets in the financial statements of the Group and of the Company
misleading; or
(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of
the Company misleading or inappropriate; or
(d) not otherwise dealt with in this report or financial statements which would render any amount stated in the financial
statements of the Group and of the Company misleading.
At the date of this report, there does not exist:
(a) any charge on the assets of the Group and of the Company which has arisen since the end of the financial year which
secures the liability of any other person; or
(b) any contingent liability of the Group and of the Company which has arisen since the end of the financial year.
No contingent or other liability has become enforceable, or is likely to become enforceable within the period of twelve months
after the end of the financial year which, in the opinion of the directors, will or may substantially affect the ability of the Group
and of the Company to meet their obligations as and when they fall due.
In the opinion of the directors, no item, transaction or event of a material and unusual nature has arisen in the interval between
the end of the financial year and the date of this report which is likely to affect substantially the results of operations of the
Group and of the Company for the financial year in which this report is made.
directors
The following directors served on the Board of the Company since the date of the last report:
Tan Sri Dato Mohamed Mansor bin Fateh Din

Datuk Fong Loong Tuck
Datuk Seri Fateh Iskandar bin Tan Sri Dato Mohamed Mansor
Dato Ikhwan Salim bin Dato Hj Sujak
Datuk Ali bin Tan Sri Abdul Kadir
Chong Kok Keong

directors (contd)
In accordance with Article 84 of the Companys Articles of Association, Datuk Fong Loong Tuck and Datuk Ali bin Tan Sri Abdul
Kadir retire by rotation at the forthcoming Annual General Meeting of the Company and, being eligible, offer themselves for
re-election.
Pursuant to Section 129(2) of the Companies Act, 1965, Tan Sri Dato Mohamed Mansor bin Fateh Din retires and a resolution
will be proposed for his re-appointment as director under the provision of Section 129(6) of the Act to hold office until the
conclusion of the following Annual General Meeting of the Company.
directors interests
The shareholdings in the Company and in related companies of those who were directors at the end of the financial year,
as recorded in the Register of Directors Shareholdings kept by the Company under Section 134 of the Companies Act, 1965,
are as follows:
Number of ordinary shares of RM0.50 each

Balance Balance
as of as of
1.5.2013 Bought Sold 30.4.2014
Shares in the Company
Registered in the name of directors

Tan Sri Dato Mohamed Mansor bin Fateh Din 144,536,198 144,536,198
Datuk Fong Loong Tuck 122,392,096 3,000,000 119,392,096
Datuk Seri Fateh Iskandar bin
Tan Sri Dato Mohamed Mansor 113,778,600 113,778,600
Dato Ikhwan Salim bin Dato Hj Sujak 20,800 20,800
Datuk Ali bin Tan Sri Abdul Kadir 1,700,000 130,000 1,830,000
Chong Kok Keong 913,000 913,000
Number of ordinary shares of RM1.00 each

Balance Balance
as of as of
1.5.2013 Bought Sold 30.4.2014
Shares in a subsidiary company, Glomac Bina Sdn. Bhd.
Registered in the name of director

Tan Sri Dato Mohamed Mansor bin Fateh Din 1,092,000 1,092,000
Shares in a subsidiary company, FDA Sdn. Bhd.
Registered in the name of director

Datuk Seri Fateh Iskandar bin Tan Sri Dato Mohamed Mansor 75,000 75,000
By virtue of all the above directors having interest in shares of the Company, they are deemed to have an interest in the shares
of all the subsidiary companies of the Company to the extent the Company has an interest.
annual report
063
2014
directors report (contd)
directors benefits
Since the end of the previous financial year, none of the directors of the Company has received or become entitled to receive
any benefit (other than those disclosed as directors remuneration in the financial statements) by reason of a contract made by
the Company or a related corporation with the director or with a firm of which the director is a member, or with a company in
which the director has a substantial financial interest other than any benefit which may be deemed to have arisen by virtue of
the transactions as disclosed in Note 39 to the Financial Statements.
During and at the end of the financial year, no arrangement subsisted to which the Company was a party whereby directors
of the Company might acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other
body corporate.
significant events
The significant events during the financial year are disclosed in Note 44 to the Financial Statements.
subsequent events
The subsequent events are disclosed in Note 45 to the Financial Statements.
auditors
The auditors, Messrs. Deloitte (formerly known as Deloitte KassimChan), have indicated their willingness to continue in office.
Signed on behalf of the Board in accordance with a resolution of the Directors,
________________________________________________________________
TAN SRI DATO MOHAMED MANSOR BIN FATEH DIN
________________________________________________________________
DATUK SERI FATEH ISKANDAR BIN TAN SRI DATO MOHAMED MANSOR
Kuala Lumpur
22 August 2014

Independent Auditors Report
to the members of Glomac Berhad (Incorporated in Malaysia)
Report on the financial statements

We have audited the financial statements of GLOMAC BERHAD, which comprise the statements of financial position as of
30 April 2014 of the Group and the Company, and the statements of profit or loss and other comprehensive income, statements
of changes in equity and statements of cash flows for the year then ended, and a summary of significant accounting policies
and other explanatory information, as set out on pages 67 to 146.
Directors Responsibility for the Financial Statements
The directors of the Company are responsible for the preparation of these financial statements so as to give a true and fair
view in accordance with Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia.
The directors are also responsible for such internal control as the directors determine is necessary to enable the preparation
of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit
in accordance with approved standards on auditing in Malaysia. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors
consider internal control relevant to the entitys preparation of financial statements that give a true and fair view in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entitys internal control. An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence that we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the Group and of the Company as of
30 April 2014 and of their financial performance and cash flows for the year then ended in accordance with Financial Reporting
Standards and the requirements of the Companies Act, 1965 in Malaysia.
Report on other legal and regulatory requirements

In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also report on the following:
(a) in our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and by
the subsidiary companies of which we have acted as auditors, have been properly kept in accordance with the provisions
of the Act;
(b) we have considered the accounts and auditors reports of the subsidiary companies of which we have not acted as auditors,
as shown in Note 42 to the Financial Statements, being accounts that have been included in the financial statements of the
Group;
(c) we are satisfied that the accounts of the subsidiary companies that have been consolidated with the financial statements
of the Company are in form and content appropriate and proper for the purposes of the preparation of the financial
statements of the Group, and we have received satisfactory information and explanations as required by us for those
purposes; and
(d) the auditors reports on the accounts of the subsidiary companies did not contain any qualification or any adverse comment
made under Section 174(3) of the Act.
annual report
065
2014
Independent Auditors Report (contd)
to the members of Glomac Berhad (Incorporated in Malaysia)
Other reporting responsibilities

The supplementary information set out on page 147 is disclosed to meet the requirement of Bursa Malaysia Securities Berhad
and is not part of the financial statements. The directors are responsible for the preparation of the supplementary information
in accordance with Guidance on Special Matter No.1 Determination of Realised and Unrealised Profits or Losses in the Context
of Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing Requirements as issued by the Malaysian Institute
of Accountants (MIA Guidance) and the directive of Bursa Malaysia Securities Berhad. In our opinion, the supplementary
information is prepared, in all material respects, in accordance with the MIA Guidance and the directive of Bursa Malaysia
Securities Berhad.
Other matter
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act,
1965 in Malaysia and for no other purpose. We do not assume responsibility towards any other person for the contents of this
report.
________________________________________________________________
DELOITTE
AF 0080
Chartered Accountants
________________________________________________________________
YEE YOON CHONG
Partner 1829/07/15 (J)
Chartered Accountant
Kuala Lumpur
22 August 2014

statements of profit or loss and other comprehensive income
for the year ended 30 april 2014

Note 2014 2013 2014 2013
RM RM RM RM
Revenue 5 676,661,153 680,933,511 43,262,800 65,756,597

Cost of sales 6 (459,046,036) (471,800,810)
Gross profit 217,615,117 209,132,701 43,262,800 65,756,597
Investment revenue 7 7,517,581 8,631,912 13,154,515 9,386,221
Other operating income 6,193,250 3,332,026 1,133,182 1,336,868
Share of profit of associated companies 18 16,818,982 5,202,081
Marketing expenses (23,638,479) (13,149,391)
Administration expenses (32,044,073) (31,334,391) (3,208,902) (2,616,758)
Finance costs 8 (9,818,203) (8,485,735) (7,512,418) (6,725,124)
Other operating expenses (25,362,990) (19,808,484) (3,226,589) (3,464,064)
Profit before tax 9 157,281,185 153,520,719 43,602,588 63,673,740
Income tax expense 10 (44,392,962) (45,263,409) (1,568,951) (6,957,005)
Profit for the year 112,888,223 108,257,310 42,033,637 56,716,735
Other comprehensive (loss)/income

Item that may be reclassified subsequently
to profit or loss
Exchange differences on translation
of foreign operations (1,054,153) 356,434
Total comprehensive income for the year 111,834,070 108,613,744 42,033,637 56,716,735

Owners of the Company 108,380,245 102,276,732 42,033,637 56,716,735
Non-controlling interests 4,507,978 5,980,578
112,888,223 108,257,310 42,033,637 56,716,735
Total comprehensive income attributable to:

Owners of the Company 107,326,092 102,633,166 42,033,637 56,716,735
111,834,070 108,613,744 42,033,637 56,716,735
Earnings per share (sen)

Basic 11 14.97 14.84
The accompanying Notes form an integral part of the Financial Statements
annual report
067
2014
statements of financial position
as of 30 april 2014

Note 2014 2013 2014 2013
RM RM RM RM
ASSETS
Non-current Assets
Property, plant and equipment 13 56,547,971 60,646,715 2,133,284 1,489,554
Prepaid lease payments on leasehold land 14 68,767 72,812
Investment properties 15 19,178,393 19,265,313
Land held for property development 16 563,214,447 512,622,662
Subsidiary companies 17 369,763,079 369,763,079
Associated companies 18 56,298,746 40,337,613
Other investments 19 4,000,000 4,000,000
Goodwill on consolidation 20 395,165 395,165
Deferred tax assets 21 23,603,787 18,056,953 3,513,859 3,093,206
Total Non-current Assets 723,307,276 655,397,233 375,410,222 374,345,839
Current Assets
Inventories 22 89,859,369 94,763,251 1,295,942 1,295,942
Property development costs 23 271,880,650 284,907,616
Accrued billings 25 109,244,765 92,872,424
Trade receivables 26 142,326,214 99,325,413
Other receivables 27 38,348,358 56,856,317 2,862,422 188,582
Amount due from subsidiary companies 28 326,984,215 241,835,342
Amount due from associated companies 28 1,478,809
Tax recoverable 3,848,262 5,503,563 559,532
Deposits, cash and bank balances 29 333,049,918 305,049,144 29,004,507 43,701,618
988,557,536 940,756,537 360,147,086 287,581,016
Non-current assets classified as held for sale 30
Total Current Assets 988,557,536 940,756,537 360,147,086 287,581,016
TOTAL ASSETS 1,711,864,812 1,596,153,770 735,557,308 661,926,855

Note 2014 2013 2014 2013
RM RM RM RM
EQUITY AND LIABILITIES
Capital and Reserves

Issued capital 31 363,910,657 363,910,657 363,910,657 363,910,657
Share premium 31 55,155,771 48,559,469 55,155,771 48,559,469
Foreign currency translation reserve (608,170) 445,983
Treasury shares 31 (1,090,820) (16,006,177) (1,090,820) (16,006,177)
Retained earnings 32 469,748,340 396,800,096 89,097,473 82,495,837
Equity attributable to owners of the Company 887,115,778 793,710,028 507,073,081 478,959,786
Total Equity 936,368,455 838,190,072 507,073,081 478,959,786
Non-current Liabilities
Long term liabilities 33 314,227,383 419,589,766 32,686,246 58,994,311
Deferred tax liabilities 21 231,368 259,125
Total Non-current Liabilities 314,458,751 419,848,891 32,686,246 58,994,311
Current Liabilities
Trade payables 34 122,209,190 149,435,997 3,234 3,234
Other payables and accrued expenses 35 36,663,878 43,635,475 987,154 597,436
Advance billings 25 41,739,372 23,935,483
Amount due to contract customers 24
Amount due to associated company 28 21,436,561
Amount due to subsidiary companies 28 41,959,014 36,634,507
Hire-purchase and lease payables 33 395,688 377,300 308,065 293,901
Borrowings 36 217,138,005 96,783,907 136,000,000 70,500,000
Tax liabilities 5,101,682 8,002,965 187,284
Dividend payable 16,353,230 15,943,680 16,353,230 15,943,680
Total Current Liabilities 461,037,606 338,114,807 195,797,981 123,972,758
Total Liabilities 775,496,357 757,963,698 228,484,227 182,967,069
TOTAL EQUITY AND LIABILITIES 1,711,864,812 1,596,153,770 735,557,308 661,926,855
annual report
069
2014
statements of changes in equity
The Group
Non-distributable Distributable
reserves reserve
Foreign Attributable
currency to owners Non-
Issued Share translation Retained Treasury of the controlling Total
capital premium reserve earnings shares Company interests equity
RM RM RM RM RM RM RM RM
As of 1 May 2012 304,614,311 42,165,380 89,549 325,167,660 (34,921,214) 637,115,686 61,299,717 698,415,403
Other comprehensive income for the year 356,434 356,434 356,434
Total comprehensive income for the year 356,434 102,276,732 102,633,166 5,980,578 108,613,744
Share of non-controlling interests
in results of associated companies 841,207 841,207
Dividend to non-controlling shareholders (23,641,458) (23,641,458)
Dividends to owners of the Company
(Note 12) (30,644,296) (30,644,296) (30,644,296)
Disposal of treasury shares (Note 31) 464,454 33,033,546 33,498,000 33,498,000
Share buyback - (14,118,509) (14,118,509) (14,118,509)
Warrants exercised 59,296,346 5,929,635 65,225,981 65,225,981
As of 30 April 2013 363,910,657 48,559,469 445,983 396,800,096 (16,006,177) 793,710,028 44,480,044 838,190,072
As of 1 May 2013 363,910,657 48,559,469 445,983 396,800,096 (16,006,177) 793,710,028 44,480,044 838,190,072
Other comprehensive loss for the year (1,054,153) (1,054,153) (1,054,153)
Total comprehensive income for the year (1,054,153) 108,380,245 107,326,092 4,507,978 111,834,070
Share of non-controlling interests
in results of associated companies 508,455 508,455
Dividend to non-controlling shareholders (243,800) (243,800)
Dividends to owners of the Company
(Note 12) (35,432,001) (35,432,001) (35,432,001)
Disposal of treasury shares (Note 31) 6,596,302 16,006,177 22,602,479 22,602,479
Share buyback (Note 31) (1,090,820) (1,090,820) (1,090,820)
As of 30 April 2014 363,910,657 55,155,771 (608,170) 469,748,340 (1,090,820) 887,115,778 49,252,677 936,368,455

The Company
Non-
distributable Distributable
reserve reserve
Issued Share Retained Treasury

capital premium earnings shares Total
RM RM RM RM RM
As of 1 May 2012 304,614,311 42,165,380 56,423,398 (34,921,214) 368,281,875

Total comprehensive income for the year 56,716,735 56,716,735
Dividends (Note 12) (30,644,296) (30,644,296)
Disposal of treasury shares 464,454 33,033,546 33,498,000
Share buyback (14,118,509) (14,118,509)
Warrants exercised 59,296,346 5,929,635 65,225,981
As of 30 April 2013 363,910,657 48,559,469 82,495,837 (16,006,177) 478,959,786
As of 1 May 2013 363,910,657 48,559,469 82,495,837 (16,006,177) 478,959,786

Dividends (Note 12) (35,432,001) (35,432,001)
Disposal of treasury shares (Note 31) 6,596,302 16,006,177 22,602,479
Share buyback (Note 31) (1,090,820) (1,090,820)
As of 30 April 2014 363,910,657 55,155,771 89,097,473 (1,090,820) 507,073,081
annual report
071
2014
statements of cash flows

2014 2013 2014 2013
RM RM RM RM
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES

Adjustments for:
Income tax expense recognised in profit or loss 44,392,962 45,263,409 1,568,951 6,957,005
Depreciation of property, plant and equipment 3,733,847 3,337,839 912,132 542,855
Bad debts written off:
Other receivables 9,010
Amount due from an associated company 42,385 42,385
Finance costs 9,818,203 8,485,735 7,512,418 6,725,124
Unrealised foreign exchange loss 1,557,236 194,868
Amortisation of prepaid lease payments on leasehold land 4,045 4,045
Provision for foreseeable property development losses 13,045,513 4,001,782
Loss/(Gain) on change in fair value of investment properties 86,920 (586,705)
Interest income (7,517,581) (8,631,912) (13,154,515) (9,386,221)
Share of profit of associated companies (16,818,982) (5,202,081)
Loss/(Gain) on disposal of:
Property, plant and equipment 397 (121,392)
Investment properties (10,000)
Property, plant and equipment written off 39,342 45,056 3 43,879
Inventories written down 1,841,948
Impairment loss on:
Trade receivables 160,177
Refundable deposits written off 4,546 12,900 4,101 12,900
Impairment loss on amount due from subsidiary
companies no longer required (1,158)
Dividend income (43,262,800) (65,756,597)
Operating Profit/(Loss) Before Working Capital Changes 161,708,367 154,907,381 (2,828,837) (3,908,225)
(Increase)/Decrease in:
Land held for property development (79,288,654) (301,981,821)
Associated companies 21,952,400 (304,010)
Inventories 4,477,527 5,901,984
Property development costs 37,834,019 129,812,532
Accrued billings (16,372,341) (35,503,596)
Receivables (24,835,036) (54,015,489) (2,677,941) 1,525,354
Increase/(Decrease) in:
Payables (36,861,884) 54,760,019 327,015 861,232
Advance billings 17,803,889 (31,900,221)
Cash Generated From/(Used In) Operations 86,418,287 (78,323,221) (5,179,763) (1,521,639)
Income tax refunded 3,086,724 1,055,543
Income tax paid (51,213,535) (52,357,841) (1,798,331) (937,581)
Finance costs paid (22,123,539) (26,005,789) (7,449,715) (8,002,725)
Net Cash From/(Used In) Operating Activities 13,081,213 (153,600,127) (13,372,266) (10,461,945)

2014 2013 2014 2013
RM RM RM RM
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment* (966,329) (1,571,845) (1,555,865) (531,394)
Proceeds from disposal of property, plant and equipment 2,700 325,500
Additions to investment properties (13,486,664)
Proceeds from disposal of investment properties 140,000
Proceeds from disposal of non-current assets held for sale 4,959,784
Purchase of shares in subsidiary companies (1,097,498)
Increase in amount due from subsidiary companies (86,706,109) (101,286,849)
Interest received 6,972,559 7,250,531 13,154,515 9,386,020
Dividend received from subsidiary companies 42,762,800 60,932,034
Dividend received from investment in associated companies 1,299,375
Net cash outflow on acquisition of subsidiary
companies (Note 17) (4)
Net Cash From/(Used In) Investing Activities 7,308,305 (2,382,694) (32,344,659) (32,597,691)
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES

Drawdown/(Repayment) of revolving credits 61,116,956 (22,749,514) 59,000,000 (19,000,000)
Proceeds from issuance of shares warrants exercised 65,225,981 65,225,981
Decrease in bank balances and deposits pledged 437,577 732,613
Disposal of treasury shares 22,602,479 33,498,000 22,602,479 33,498,000
Increase in amount due to subsidiary companies 5,324,507 1,158,262
(Repayment)/Drawdown of term loans and bridging loans (39,042,861) 117,526,535 (19,500,000)
Repayment of hire-purchase and lease payables (662,493) (451,270) (293,901) (279,739)
Share buyback (1,090,820) (14,118,509) (1,090,820) (14,118,509)
Dividend paid (35,022,451) (28,535,156) (35,022,451) (28,535,156)
Dividend paid to non-controlling shareholders (243,800) (23,641,458)
Net Cash From Financing Activities 8,094,587 127,487,222 31,019,814 37,948,839
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2014
statements of cash flows (contd)

Note 2014 2013 2014 2013
RM RM RM RM
NET INCREASE/(DECREASE) IN CASH

AND CASH EQUIVALENTS 28,484,105 (28,495,599) (14,697,111) (5,110,797)
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR 301,357,341 329,860,136 43,701,618 48,812,415
Effect of exchange rate changes on the balance
of cash held in foreign currencies (24,254) (7,196)
CASH AND CASH EQUIVALENTS AT END OF YEAR 29 329,817,192 301,357,341 29,004,507 43,701,618
* During the current financial year, the Group and the Company acquired property, plant and equipment as follows:

2014 2013 2014 2013
RM RM RM RM
Hire-purchase arrangements 620,000
Cash payment 966,329 1,571,845 1,555,865 531,394
Total (Note 13) 1,586,329 1,571,845 1,555,865 531,394

notes to the financial statements
1. general information
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main
Market of Bursa Malaysia Securities Berhad.
The Company is principally involved in property development and investment holding.
The principal activities of the subsidiary and associated companies are disclosed in Note 42.
There have been no significant changes in the nature of the principal activities of the Company, and its subsidiary
companies and associated companies during the financial year.
The financial statements of the Group and of the Company are presented in Ringgit Malaysia (RM).
The registered office and principal place of business of the Company is located at Level 15, Menara Glomac, Glomac
Damansara, Jalan Damansara, 60000 Kuala Lumpur.
The financial statements of the Group and of the Company were authorised for issue by the Board of Directors in
accordance with a resolution of the Directors on 22 August 2014.
2. basis of preparation of the financial statements

The financial statements of the Group and of the Company have been prepared in accordance with Financial Reporting
Standards (FRSs) and the provisions of the Companies Act, 1965 in Malaysia.
Adoption of new and revised Financial Reporting Standards
In the current financial year, the Group and the Company adopted all the new and revised FRSs and Issues Committee
Interpretations (IC Interpretation) and amendments to FRSs and IC Interpretation issued by the Malaysian Accounting
Standards Board (MASB) which became effective for annual periods beginning on or after 1 May 2013 as follows:
FRS 7 Financial Instruments: Disclosures [Amendments relating to Mandatory Effective Date of FRS 9
(IFRS 9 issued by IASB in November 2009), FRS 9 (IFRS 9 issued by IASB on October 2011) and Transition
Disclosures]
FRS 7 Financial Instruments: Disclosures (Amendments relating to Disclosures Offsetting Financial Assets
and Liabilities)
FRS 10 Consolidated Financial Statements
FRS 10 Consolidated Financial Statements (Amendments relating to Transition Guidance)
FRS 11 Joint Arrangements
FRS 11 Joint Arrangements (Amendments relating to Transition Guidance)
FRS 12 Disclosure of Interests in Other Entities
FRS 12 Disclosure of Interests in Other Entities (Amendments relating to Transition Guidance)
FRS 13 Fair Value Measurement
FRS 101 Presentation of Financial Statements (Amendments relating to Presentation of Items of Other
Comprehensive Income)
FRS 116 Property, Plant and Equipment (Classification of servicing equipment)
FRS 119 Employee Benefits (2012)
FRS 127 Separate Financial Statements (2012)
FRS 128 Investment in Associates and Joint Ventures
FRS 134 Interim Financial Reporting
annual report
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2014
notes to the financial statements (contd)
2. basis of preparation of the financial statements (contd)

Adoption of new and revised Financial Reporting Standards (contd)
IC Interpretation 2 Members Shares in Cooperative Entities and Similar Instruments (Tax effect of distribution to
holders of equity instruments)
IC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine
Amendments to FRSs contained in the document entitled Annual Improvements FRSs 2009 2012 cycle
The adoption of these new and revised FRSs and IC Interpretations did not result in significant changes in the accounting
policies of the Group and of the Company and has no significant effect on the financial performance or position of the
Group and of the Company.
Malaysian Financial Reporting Standards Framework (MFRS Framework)
On 19 November 2011, the Malaysian Accounting Standards Board (MASB) issued a new MASB approved accounting
framework, the MFRS Framework, a fully-IFRS compliant framework. Entities other than private entities shall apply the
MFRS Framework for annual periods beginning on or after 1 January 2012, with the exception for Transitioning Entities
(TEs).
TEs, being entities within the scope of MFRS 141 Agriculture and/or IC Interpretation 15 Agreements for the Construction
of Real Estate, including its parents, significant investors and venturers were given a transitional period of two years,
which allowed these entities an option to continue with the FRS Framework. Following the announcement by the MASB
on 7 August 2013, the transitional period for TEs has been extended for an additional year.
Accordingly, the Group and the Company, being TEs, have availed themselves of this transitional arrangement and will
continue to apply FRSs in their next set of financial statements. Accordingly, the Group and the Company including
certain subsidiary companies will be required to prepare its first set of MFRS financial statements when the MFRS
Framework is mandated by MASB.
The Group and the Company are currently assessing the impact of adoption of MFRS 1, including identification of the
differences in existing accounting policies as compared to the new MFRSs and the use of optional exemption as provided
for in MFRS 1. As at the date of authorisation of issue of the financial statements, accounting policy decisions or elections
have not been finalised. Thus, the impact of adopting the new MFRS Framework on the Groups and on the Companys
first set of financial statements prepared in accordance with the MFRS Framework cannot be determined and estimated
reliably until the process is complete.

2. basis of preparation of the financial statements (contd)
Standards and IC Interpretations in issue but not yet effective
At the date of authorisation for issue of these financial statements, the new and revised Standards and IC Interpretations
which were in issue but not yet effective and not early adopted by the Group and the Company are as listed below:
FRS 9 Financial Instruments (IFRS 9 issued by IASB in November 2009)1

FRS 9 Financial Instruments (IFRS 9 issued by IASB in October 2010)1
FRS 9 Financial Instruments (Hedge Accounting and amendments to FRS 9, FRS 7 and
FRS 139)1
IC Int. 21 Levies2
Amendments to FRS 9 Mandatory Effective Date of FRS 9 (IFRS 9 issued by IASB in November 2009 and October
and FRS 7 2010, respectively)] and Transition Disclosures1
Amendments to FRS 10, Investment Entities2
FRS 12 and FRS 127
Amendments to FRS 119 Employee Benefits (Amendments relating to Defined Benefit Plans: Employee
Contributions)3
Amendments to FRS 132 Financial Instruments: Presentation (Amendments relating to Offsetting Financial Assets
and Financial Liabilities)2
Amendments to FRS 136 Impairment of Assets (Amendments relating to Recoverable Amounts Disclosures for
Non-Financial Assets)2
Amendments to FRS 139 Financial Instruments: Recognition and Measurement (Amendments relating to Novation
of Derivatives and Continuation of Hedge Accounting)2
Amendments to FRSs contained in the document entitled Annual Improvements to FRSs 2010 - 2012 cycle
Amendments to FRSs contained in the document entitled Annual Improvements to FRSs 2011 - 2013 Cycle
1
The mandatory effective date of FRS 9 (IFRS 9 issued by IASB in November 2009 and October 2010, respectively) which
was for annual periods beginning on or after 1 January 2015, has been removed with the issuance of FRS 9 Financial
Instruments: Hedge Accounting and amendments to FRS 9, FRS 7 and FRS 139. The effective date of FRS 9 will be
decided when IASBs IFRS 9 project is closer to completion. However, each version of the FRS 9 is available for early
adoption
2
Effective for annual periods beginning on or after 1 January 2014
3
Effective for annual periods beginning on or after 1 July 2014
The directors anticipate that the abovementioned Standards and IC Interpretations will be adopted in the annual financial
statements of the Group and of the Company when they become effective and that the adoption of these Standards and
IC Interpretations will have no material impact on the financial statements of the Group and of the Company in the period
of initial application.
annual report
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2014
3. significant accounting policies

Basis of Accounting
The financial statements of the Group and of the Company have been prepared under the historical cost convention
unless otherwise indicated in the accounting policies stated below. Historical cost is generally based on the fair value of
the consideration given in exchange for assets.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date, regardless of whether that price is directly observable or estimated
using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account
the characteristics of the asset or liability if market participants would take those characteristics into account when
pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these
consolidated financial statements is determined on such a basis, except for share-based payment transactions that are
within the scope of FRS 2, leasing transactions that are within the scope of FRS 117, and measurements that have some
similarities to fair value but are not fair value, such as net realisable value in FRS 102 or value in use in FRS 136.
In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the
degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair
value measurement in its entirety, which are described as follows:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can
access at the measurement date;
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability,
either directly or indirectly; and
Level 3 inputs are unobservable inputs for the asset or liability.
The principal accounting policies are set out below.
(a) Revenue Recognition
Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the
Group and the Company and the amount of the revenue can be measured reliably.
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable
for goods and services provided in the normal course of business.
(i) Sale of development properties
Revenue from sale of residential and commercial properties are accounted for by the stage of completion method
as described in Note (n).
Sale of completed property units is recognised when the risks and rewards associated with ownership transfers
to the property purchasers.
(ii) Construction contracts
Revenue from construction contracts is accounted for by the stage of completion method as described in
Note (o).
(iii) Project management fee
Project management fee is recognised when such service is rendered.

3. significant accounting policies (contd)
Basis of Accounting (contd)
(a) Revenue Recognition (contd)
(iv) Dividend income
Dividend income is recognised when the right to receive payment is established.
(v) Rental income
Rental income is recognised over the tenure of the rental period of properties.
(vi) Interest income
Interest income is recognised when it is probable that the economic benefits will flow to the Group and the
Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by
reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial asset to that assets net
carrying amount on initial recognition.
(b) 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 and of the Company. 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 plan
As required by law, companies in Malaysia make contributions to the Employees Provident Fund (EPF),
a statutory defined contribution plan for all their eligible employees based on certain prescribed rates of the
employees salaries. Such contributions are recognised as an expense in profit or loss as incurred. Once the
contributions have been paid, the Group and the Company have no further payment obligations.
(c) Foreign currency
The individual financial statements of each group entity are presented in the currency of the primary economic
environment in which the entity operates (its functional currency). For the purpose of the financial statements of the
Group, the results and financial position of each entity are expressed in RM, which is the functional currency of the
Company and the presentation currency for the financial statements of the Group.
In preparing the financial statements of the individual entities, transactions in currencies other than the entitys
functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated
at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign
currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary
items that are measured in terms of historical cost in a foreign currency are not retranslated.
annual report
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2014

(c) Foreign currency (contd)
For the purpose of presenting financial statements of the Group, the assets and liabilities of the Groups foreign
operations are expressed in RM using exchange rates prevailing at the end of the reporting period. Income and
expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated
significantly during the period, in which case the exchange rates of the dates of the transactions are used. Exchange
differences arising, if any, are recognised in other comprehensive income and accumulated in equity (attributed to
non-controlling interests as appropriate).
On the disposal of a foreign operation (i.e. a disposal of the Groups entire interest in a foreign operation, or a
disposal involving loss of control over a subsidiary that includes a foreign operation, loss of joint control over a jointly
controlled entity that includes a foreign operation, or loss of significant influence over an associate that includes a
foreign operation), all of the accumulated exchange differences in respect of that operation attributable to the Group
are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling
interests are derecognised, but they are not reclassified to profit or loss.
(d) Income Taxes
Income tax in 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 or substantively enacted by the end of the reporting period.
Deferred tax is provided for, using the liability method, on temporary differences as of the end of the reporting
period between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred
tax liabilities are recognised for all taxable temporary differences while 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
future taxable profits 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 the 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 settled, based on tax rates that have been enacted or substantively enacted by the end of the reporting
period. Deferred tax is recognised in profit or loss 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.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent
that it is no longer probable that sufficient future taxable profits will be available to allow all or part of the asset to
be recovered.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the
Group and the Company intend to settle their current tax assets and liabilities on a net basis.

(e) Subsidiary Companies and Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities (including
structured entities) controlled by the Company and its subsidiary companies. Control is achieved when the
Company:
has power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns.
The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control listed above.
When the Company has less than a majority of the voting rights of an investee, it has power over the investee when
the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
The Company considers all relevant facts and circumstances in assessing whether or not the Companys voting
rights in an investee are sufficient to give it power, including:
the size of the Companys holding of voting rights relative to the size and dispersion of holdings of the other vote
holders;
potential voting rights held by the Company, other vote holders or other parties;
rights arising from other contractual arrangements; and
any additional facts and circumstances that indicate that the Company has, or does not have, the current ability
to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous
shareholders meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the
Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary company acquired or
disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive
income from the date the Company gains control until the date when the Company ceases to control the subsidiary
company.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
Non-controlling interests in subsidiary companies are identified separately from the Groups equity therein.
The interests of non-controlling shareholders may be initially measured either at fair value or at the non-controlling
interests proportionate share of the fair value of the acquirees identifiable net assets. The choice of measurement
basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of
non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests
share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if
this results in the non-controlling interests having a deficit balance.
Changes in the Groups interests in subsidiary companies that do not result in a loss of control are accounted for as
equity transactions. The carrying amounts of the Groups interests and the non-controlling interests are adjusted
to reflect the changes in their relative interests in the subsidiary companies. Any difference between the amount by
which the non-controlling interests are adjusted at the fair value of the consideration paid or received is recognised
directly in equity and attributed to owners of the Company.
annual report
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2014

(e) Subsidiary Companies and Basis of Consolidation (contd)
Where the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between
(i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the
previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling
interests. Amounts previously recognised in other comprehensive income in relation to the subsidiary are accounted
for in the same manner as would be required if the relevant assets or liabilities were disposed of. The fair value of
any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on
initial recognition for subsequent accounting under FRS 139 Financial Instruments: Recognition and Measurement or,
when applicable, the cost on initial recognition of an investment in an associate or a joint venture.
(f) Business Combinations
Acquisitions of subsidiary companies and businesses are accounted for using the acquisition method. The
consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets
given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the
acquiree. Acquisition-related costs are recognised in profit or loss as incurred.
Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent
consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values
are adjusted against the cost of acquisition where they qualify as measurement period adjustments. All other
subsequent changes in the fair value of contingent consideration classified as an asset or liability are accounted
for in accordance with relevant FRSs. Changes in the fair value of contingent consideration classified as equity are
not recognised.
Where a business combination is achieved in stages, the Groups previously held interests in the acquired entity are
remeasured to fair value at the acquisition date and the resulting gain or loss, if any, is recognised in profit or loss.
Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised
in other comprehensive income are reclassified to profit or loss, where such treatment would be appropriate if that
interest were disposed of.
The acquirees identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under
FRS 3 (revised) are recognised at their fair value at the acquisition date, except that:
deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognised
and measured in accordance with FRS 112 Income Taxes and FRS 119 Employee Benefits, respectively;
liabilities or equity instruments related to the replacement by the Group of an acquirees share-based payment
awards are measured in accordance with FRS 2 Share-based Payment; and
assets (or disposal groups) that are classified as held for sale in accordance with FRS 5 Non-current Assets Held
for Sale and Discontinued Operations are measured in accordance with that Standard.
If the initial accounting for a business combination is incomplete by end of the reporting period in which the
combination occurs, the Group reports provisional amounts for the items of which the accounting is incomplete.
Those provisional amounts are adjusted during the measurement period, or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date
that, if known, would have affected the amounts recognised as of that date.
The measurement period is the period from the date of acquisition to the date the Group obtains complete information
about facts and circumstances that existed as of the acquisition date, and is subject to a maximun of one year.

(g) Investments in Subsidiary Companies
Investments in unquoted shares of subsidiary companies, which are eliminated on consolidation, are stated at cost
less any accumulated impairment losses. On disposal of such investments, the difference between net disposal
proceeds and their carrying amounts is included in profit or loss.
(h) Investments in Associated Company
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but is not control or joint control over
those policies.
The results and assets and liabilities of an associate are incorporated in these consolidated financial statements
using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale,
in which case it is accounted for in accordance with FRS 5. Under the equity method, an investment in an associate
is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise
the Groups share of the profit or loss and other comprehensive income of the associate. When the Groups share of
losses of an associate exceeds the Groups interest in that associate (which includes any long-term interests that,
in substance, form part of the Groups net investment in the associate), the Group discontinues recognising its share
of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive
obligations or made payments on behalf of the associate.
An investment in an associate is accounted for using the equity method from the date on which the investee becomes
an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the
Groups share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill,
which is included within the carrying amount of the investment. Any excess of the Groups share of the net fair
value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised
immediately in profit or loss in the period in which the investment is acquired.
The requirements of FRS 139 are applied to determine whether it is necessary to recognise any impairment loss with
respect to the Groups investment in an associate. When necessary, the entire carrying amount of the investment
(including goodwill) is tested for impairment in accordance with FRS 136 Impairment of Assets as a single asset
by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying
amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of
that impairment loss is recognised in accordance with FRS 136 to the extent that the recoverable amount of the
investment subsequently increases.
The Group discontinues the use of the equity method from the date when the investment ceases to be an associate,
or when the investment is classified as held for sale. When the Group retains an interest in the former associate and
the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the
fair value is regarded as its fair value on initial recognition in accordance with FRS 139. The difference between the
carrying amount of the associate at the date the equity method was discontinued, and the fair value of any retained
interest and any proceeds from disposing of a part interest in the associate is included in the determination of the
gain or loss on disposal of the associate. In addition, the Group accounts for all amounts previously recognised in
other comprehensive income in relation to that associate on the same basis as would be required if that associate
had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other
comprehensive income by that associate would be reclassified to profit or loss on the disposal of the related assets
or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment)
when the equity method is discontinued.
The Group continues to use the equity method when an investment in an associate becomes an investment in a joint
venture. There is no remeasurement to fair value upon such changes in ownership interests.
annual report
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2014

(h) Investments in Associated Company (contd)
When the Group reduces its ownership interest in an associate but the Group continues to use the equity method,
the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other
comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to
profit or loss on the disposal of the related assets or liabilities.
When a group entity transacts with an associate of the Group, profits and losses resulting from the transactions
with the associate are recognised in the Groups consolidated financial statements only to the extent of the Groups
interest in the associate that are not related to the Group.
(i) Goodwill
Goodwill arising on the acquisition of subsidiary represents the excess of cost of the acquisition over the Groups
interest in the fair value of the acquirees identifiable assets, liabilities and contingent liabilities, and is initially
recognised as an asset at cost and subsequently measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill is allocated to each of the Groups cash-generating units (CGU)
expected to benefit from the synergies of the combination. CGUs to which goodwill has been allocated are tested for
impairment annually, or more frequently when there is an indication that the unit may be impaired.
If the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated
first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on
a pro-rata basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not
reversed in a subsequent period.
On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the gain or loss
on disposal.
(j) Impairment of Assets Excluding Goodwill
At the end of each reporting period, the Group reviews the carrying amounts of its assets to determine whether there
is any indication that these assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not
possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of
the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the
current market assessments of the time value of money and the risks specific to the asset for which the estimates
of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the
carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is
recognised immediately in profit or loss.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not
exceed the carrying amount that would have been determined had no impairment loss been recognised for the
asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit
or loss.

(k) Property, Plant and Equipment
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. The policy
for the recognition and measurement of impairment losses is in accordance with Note (j).
Construction in progress is not depreciated. Depreciation of other property, plant and equipment is computed on a
straight-line basis to write-off the cost of the property, plant and equipment over their estimated useful lives.
The principal annual rates used are as follows:
Building and improvements 6 years to 30 years

Furniture and fittings 10% 20%
Office equipment 10% 20%
Computers 20% 33 1/3%
Motor vehicles 20%
Plant and machinery 20%
At the end of each reporting period, the residual values, useful lives and depreciation method of the property,
plant and equipment are reviewed, and the effects of any changes are recognised prospectively.
Gain or loss arising on the disposal or retirement of an asset is determined as the difference between the estimated
net disposal proceeds and the carrying amount of the asset, and is recognised in profit or loss.
(l) Investment Property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured initially at
cost, including transaction costs. Subsequent to initial recognition, investment property is measured at fair value.
Gains or losses arising from changes in the fair value of investment property are based on active market prices,
adjusted, if necessary, for any difference in the nature, location or conditions of the specific asset. If this information
is not available, the Group uses alternative valuation methods such as recent prices on less active markets or
discounted cash flow projections. Changes in fair value are included in profit or loss in the period in which they
arise.
On the disposal of the investment property, or when it is permanently withdrawn from use and no economic benefits
are expected from its disposal, it shall be derecognised (eliminated from the statement of financial position).
The difference between the net proceeds and the carrying amount is recognised in profit or loss in the period of the
retirement or disposal.
(m) Non-Current Assets Held for Sale
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered
principally through a sale transaction rather than through continuing use. This condition is regarded as met only
when the sale is highly probable and the non-current asset (or disposal group) is available for immediate sale in its
present condition.
Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale
within one year from the date of classification. Non-current assets (and disposal groups) classified as held for sale
are measured at the lower of their previous carrying amount and fair value less costs to sell. Any differences are
included in profit of loss.
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2014

(n) Land Held for Property Development and Property Development Costs
Land and development expenditure are classified as property development costs under current assets when
significant development work has been undertaken and is expected to be completed within the normal operating
cycle.
Property development revenue are recognised for all units sold using the percentage of completion method,
by reference to the stage of completion of the property development projects at the end of the reporting period
as measured by the proportion that development costs incurred for work performed to-date bear to the estimated
total property development costs on completion.
When the outcome of a property development activity cannot be estimated reliably, property development revenue is
recognised to the extent of property development costs incurred that are probable of recovery.
Any anticipated loss on property development project (including costs to be incurred over the defects liability period),
is recognised as an expense immediately as foreseeable losses.
Accrued billings represent the excess of property development revenue recognised in profit or loss over the billings
to purchasers while advance billings represent the excess of billings to purchasers over property development
revenue recognised in profit or loss.
Land held for property development and costs attributable to the development activities which are held for future
development where no significant development has been undertaken is stated at cost less impairment costs (if any).
Such assets are transferred to property development activities when significant development has been undertaken
and the development is expected to be completed within the normal operating cycle.
(o) Construction Contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by
reference to the stage of completion of the contract activity at the end of the reporting period, measured as the
physical proportion that contract costs incurred for work performed to date bear to the estimated total contract
costs, except where this would not be representative of the stage of completion. Variations in contract work, claims
and incentive payments are included to the extent that they have been agreed with the customer.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the
extent of contract costs incurred that are probable of recovery. Contract costs are recognised as expenses in the
period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an
expense immediately as allowance for foreseeable loss.
When costs incurred on construction contracts plus recognised profits (less recognised losses) exceeds billings
to contract customers, the balance is shown as amount due from contract customers. When billings to contract
customers exceed costs incurred plus recognised profits (less recognised losses), the balance is shown as amount
due to contract customers.
(p) Borrowing Costs
Interest incurred on borrowings related to property development activities or construction of assets are capitalised
as part of the cost of the asset during the period of time required to complete and prepare the asset for its intended
use. Capitalisation of borrowing costs ceases when the assets are ready for their intended use or sale.
All other borrowing costs are recognised as an expense in profit or loss in the period in which they are incurred.

(q) Inventories
Inventories comprise completed property units for sale and are valued at the lower of cost (determined on the
specific identification basis) and net realisable value.
(r) Property, Plant and Equipment Under Hire-Purchase Arrangements
Property, plant and equipment acquired under hire-purchase arrangements are recognised in the financial
statements and the corresponding obligations treated as liabilities. Finance charges are allocated to profit or loss to
give a constant periodic rate of interest on the remaining hire-purchase liabilities.
(s) Leases
(i) Finance Lease
Assets acquired under leases which transfer substantially all of the risks and rewards incident to ownership
of the assets are capitalised under property, plant and equipment. The assets and the corresponding lease
obligations are recorded at their fair values or, if lower, at the present value of the minimum lease payments of
the leased assets at the inception of the respective leases.
In calculating the present value of the minimum lease payments, the discount factor used is the interest rate
implicit in the lease, when it is practicable to determine; otherwise, the Groups incremental borrowing rate
is used.
Lease payments are apportioned between the finance costs and the reduction of the outstanding liability.
Finance costs, which represent the difference between the total leasing commitments and the fair value of
the assets acquired, are recognised as an expense in profit or loss over the term of the relevant lease period
so as to produce a constant periodic rate of charge on the remaining balance of the obligations for each
accounting period.
The depreciation policy for leased assets and assets under hire-purchase is consistent with that for depreciable
property, plant and equipment as described in Note 3(k).
(ii) Operating Lease
Leases of assets where a significant portion of the risks and rewards of ownership are retained by the lessor
are classified as operating leases. Payments made under operating lease are charged to profit or loss over the
lease period.
(t) Prepaid Lease Payments on Leasehold Land
Lease of land with title not expected to pass to the lessee by the end of the lease term is treated as operating lease
as land normally has an indefinite economic life. The up-front payments made on entering into a lease or acquiring
a leasehold land that is accounted for as an operating lease are accounted for as prepaid lease payments that are
amortised over the lease term on a straight line basis except for leasehold land classified as investment property.
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2014

(u) Provisions
Provisions are made when the Group and the Company have a present legal or constructive obligation as a result
of past events, when it is probable that an outflow of resources will be required to settle the obligation and when a
reliable estimate of the amount can be made.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation
at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where
a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the
present value of those cash flows.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third
party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the
amount of the receivable can be measured reliably.
(v) Shares Bought Back
Shares bought back held as treasury shares are accounted for on the cost method and presented as a deduction
from equity. Should such shares be cancelled, their nominal amounts will be eliminated, and the differences between
their cost and nominal amounts will be taken to reserves as appropriate. When such shares are subsequently sold
or reissued, any consideration received, net of any directly attributable incremental external cost and the deferred
tax effects, is recognised in equity.
(w) Cash and Cash Equivalents
The Group and the Company adopt the indirect method in the preparation of statements of cash flows.
For the purposes of the statements of cash flows, cash and cash equivalents include cash on hand and at bank
and short-term highly liquid investments which have an insignificant risk of changes in value, net of outstanding
bank overdrafts.
(x) Contingent Liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the Group or a present
obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the
obligation. A contingent liability also arises in the extremely rare circumstance where there is a liability that cannot
be recognised because it cannot be measured reliably.
(y) Segment reporting
An operating segment is a component of the Group that engages in business activities from which it may earn
revenue and incur expenses, including revenue and expenses that relate to transactions with any of the Groups
other components. An operating segments operating results are reviewed by the chief operating decision maker,
which is the Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess
its performance, and for which discrete financial information is available.

(z) Financial Instruments
Financial assets and financial liabilities are recognised when, and only when, the Group and the Company become a
party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of the financial assets and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial
assets or financial liabilities, as appropriate, on initial recognition. Transaction costs that are directly attributable to
the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately
in profit or loss.
Financial Assets
Financial assets are classified into the following specified categories: financial assets at fair value through profit or
loss (FVTPL), held-to-maturity investments, available-for-sale (AFS) financial assets and loans and receivables.
The classification depends on the nature and purpose of the financial assets and is determined at the time of initial
recognition. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date
basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets
within the time frame established by regulation or convention in the marketplace.
(i) Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating
interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash receipts through the expected life of the financial asset, or (where appropriate) a shorter period, to
the net carrying amount on initial recognition.
Income is recognised on an effective interest basis for debt instruments other than those financial assets
classified as at FVTPL.
(ii) Financial assets at FVTPL
Financial assets are classified as at FVTPL when the financial asset is either held for trading or it is designated
as at FVTPL.
A financial asset is classified as held for trading if:
it has been acquired principally for the purpose of selling it in the near term; or
on initial recognition it is part of a portfolio of identified financial instruments that the Group and the Company
manage together and has a recent actual pattern of short-term profit-taking; or
it is a derivative that is not designated and effective as a hedging instrument.
annual report
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2014

(z) Financial Instruments (contd)
(ii) Financial assets at FVTPL (contd)
A financial asset other than a financial asset held for trading may be designated as at FVTPL upon initial
recognition if:
such designation eliminates or significantly reduces a measurement or recognition inconsistency that would
otherwise arise; or
the financial asset forms part of a group of financial assets or financial liabilities or both, which is managed
and its performance is evaluated on a fair value basis, in accordance with the Groups documented risk
management or investment strategy, and information about the grouping is provided internally on that basis;
or
it forms part of a contract containing one or more embedded derivatives, and FRS 139 Financial Instruments:
Recognition and Measurement permits the entire combined contract (asset or liability) to be designated as at
FVTPL.
Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised
in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned
on the financial asset and is included in the other gains and losses line item in statement of profit or loss and
other comprehensive income.
(iii) Held-to-maturity investments
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and
fixed maturity dates that the Group has the positive intent and ability to hold to maturity. Subsequent to initial
recognition, held-to-maturity investments are measured at amortised cost using the effective interest method
less any impairment.
(iv) AFS financial assets
AFS financial assets are non-derivatives that are either designated as available-for-sale or are not classified as
loans and receivables, held-to-maturity investments or financial assets at FVTPL. All AFS assets are measured
at fair value at the end of the reporting period. Gains and losses arising from changes in fair value are recognised
in other comprehensive income and accumulated in the investments revaluation reserve, with the exception of
impairment losses, interest calculated using the effective interest method, and foreign exchange gains and
losses on monetary assets, which are recognised in profit or loss. Where the investment is disposed of or is
determined to be impaired, the cumulative gain or loss previously accumulated in the investments revaluation
reserve is reclassified to profit or loss.
AFS equity investments that do not have a quoted market price in an active market and whose fair value cannot
be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity
investments are measured at cost less any identified impairment losses at the end of the reporting period.
Dividends on AFS equity instruments are recognised in profit or loss when the Groups right to receive the
dividends is established.
The fair value of AFS monetary assets denominated in a foreign currency is determined in that foreign currency
and translated at the spot rate at the end of the reporting period. The foreign exchange gains and losses that
are recognised in profit or loss are determined based on the amortised cost of the monetary asset. Other foreign
exchange gains and losses are recognised in other comprehensive income.

(v) Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market. Loans and receivables are measured at amortised cost using the effective interest
method, less any impairment. Interest income is recognised by applying the effective interest rate, except for
short-term receivables when the recognition of interest would be immaterial.
(vi) Impairment of financial assets
Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of each
reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a
result of one or more events that occurred after the initial recognition of the financial asset, the estimated future
cash flows of the investment have been affected.
For equity investments classified as AFS, a significant or prolonged decline in the fair value of the security below
its cost is considered to be objective evidence of impairment.
For all other financial assets, including redeemable bonds classified as AFS and finance lease receivables,
objective evidence of impairment could include:
significant financial difficulty of the issuer or counterparty; or
default or delinquency in interest or principal payments; or
it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
the disappearance of an active market for that financial asset because of financial difficulties.
For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired
individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for
a portfolio of receivables could include the Groups past experience of collecting payments, an increase in the
number of delayed payments in the portfolio past the average credit period as well as observable changes in
national or local economic conditions that correlate with default on receivables.
For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference
between the assets carrying amount and the present value of estimated future cash flows, discounted at the
financial assets original effective interest rate.
For financial assets carried at cost, the amount of the impairment loss is measured as the difference between
the assets carrying amount and the present value of the estimated future cash flows discounted at the current
market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent
periods.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets
with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance
account. When a trade receivable is considered uncollectible, it is written off against the allowance account.
Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes
in the carrying amount of the allowance account are recognised in profit or loss.
When an AFS financial asset is considered to be impaired, cumulative gains or losses previously recognised in
other comprehensive income are reclassified to profit or loss in the period.
annual report
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2014

(vi) Impairment of financial assets (contd)
For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment
loss decreases and the decrease can be related objectively to an event occurring after the impairment was
recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the
carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised
cost would have been had the impairment not been recognised.
In respect of AFS equity securities, impairment losses previously recognised in profit or loss are not reversed
through profit or loss. Any increase in fair value subsequent to an impairment loss is recognised in other
comprehensive income and accumulated under the heading of investments revaluation reserve. In respect of
AFS debt securities, impairment losses are subsequently reversed through profit or loss if an increase in the fair
value of the investment can be objectively related to an event occurring after the recognition of the impairment
loss.
(vii) Derecognition of financial assets
The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the
asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of
ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset
and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and
rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and
also recognises a collateralised borrowing for the proceeds received.
On derecognition of a financial asset in its entirety, the difference between the assets carrying amount and the
sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in
other comprehensive income and accumulated in equity is recognised in profit or loss.
Financial liabilities and equity instruments issued by the Group and the Company
(a) Classification as debt or equity
Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangement.
(b) Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting
all of its liabilities. Equity instruments issued by the Group and the Company are recognised at the proceeds
received, net of direct issue costs. Ordinary shares are equity instruments.
Ordinary shares are recorded at the proceeds received, net of direct attributable transactions costs. Ordinary
shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in which they
are declared.

Financial liabilities and equity instruments issued by the Group and the Company (contd)
(c) Financial liabilities
Financial liabilities are classified as either financial liabilities at FVTPL or other financial liabilities.
(i) Financial liabilities at FVTPL
Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is
designated as at FVTPL.
A financial liability is classified as held for trading if:
it has been acquired principally for the purpose of repurchasing it in the near term; or
on initial recognition it is part of a portfolio of identified financial instruments that the Group manages
together and has a recent actual pattern of short-term profit-taking; or
it is a derivative that is not designated and effective as a hedging instrument.
A financial liability other than a financial liability held for trading may be designated as at FVTPL upon initial
recognition if:
such designation eliminates or significantly reduces a measurement or recognition inconsistency that

would otherwise arise; or
the financial liability forms part of a group of financial assets or financial liabilities or both, which is
managed and its performance is evaluated on a fair value basis, in accordance with the Groups documented
risk management or investment strategy, and information about the grouping is provided internally on
that basis; or
it forms part of a contract containing one or more embedded derivatives, and FRS 139 Financial
Instruments: Recognition and Measurement permits the entire combined contract (asset or liability) to be
designated as at FVTPL.
Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement
recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid
on the financial liability and is included in the other gains and losses line item in the statements of profit
or loss and other comprehensive income.
(ii) Other financial liabilities
The Groups and the Companys other financial liabilities, which include trade payables, other payables
and accrued expenses, amount due to subsidiary companies, amount due to associated company, hire-
purchase and lease payables, borrowings and dividend payable, are initially measured at fair value, net of
transaction costs and subsequently measured at amortised cost using the effective interest method, with
interest expense recognised on an effective yield basis.
The effective interest method is a method of calculating the amortised cost of a financial liability and of
allocating interest expense over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments through the expected life of the financial liability, or (where
appropriate) a shorter period, to the net carrying amount on initial recognition.
annual report
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2014

Financial liabilities and equity instruments issued by the Group and the Company (contd)
(c) Financial liabilities (contd)
(iii) Derecognition of financial liabilities
The Group derecognises financial liabilities when, and only when, the Groups obligations are discharged,
cancelled or they expire. The difference between the carrying amount of the financial liability recognised
and the consideration paid or payable is recognised in profit or loss.
(iv) Financial Guarantee Contracts
A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse
the holder for a loss it incurs because a specified debtors fails to make payment when due.
Financial guarantee contracts are recognised initially as a liability at fair value, net of transaction costs.
Subsequent to initial recognition, financial guarantee contracts are recognised as income in profit or
loss over the period of the guarantee. If the debtor fails to make payment relating to financial guarantee
contract when it is due and the Group, as the issuer, is required to reimburse the holder for the associated
loss, the liability is measured at the higher of the best estimate of the expenditure required to settle the
present obligation at the end of the reporting period and the amount initially recognised less cumulative
amortisation.
4. critical accounting judgements and key sources of estimation uncertainty

(a) Critical judgments in applying the Groups accounting policies
In the process of applying the Groups accounting policies, which are described in Note 3 above, management is of
the opinion that there are no instances of application of judgment which are expected to have a significant effect on
the amounts recognised in the financial statements except as discussed below:
(i) Revenue Recognition on Property Development and Construction Contracts
The Group recognises property development and contract revenue in profit or loss by using the percentage-of-
completion method.
The stage of completion is determined by the proportion that property development and contract costs incurred
for work performed to date bear to the estimated total property development and contract costs. Estimated
losses are recognised in full when determined. Property development and contract revenue and expenses
estimates are reviewed and revised periodically as work progresses and as variation orders are approved.
Significant judgment is required in determining the stage of completion, the extent of the property development
and contract costs incurred, the estimated total property development and contract revenue and costs, as well
as the recoverability of the project undertaken. In making the judgment, the Group evaluates based on past
experience and by relying on the work of specialists. If the Group is unable to make reasonably dependable
estimates, the Group would not recognise any profit before a contract is completed, but would recognise a loss
as soon as the loss becomes evident.
Adjustments based on the percentage-of-completion method are reflected in property development and contract
revenue in the reporting period. To the extent that these adjustments result in a reduction or elimination of
previously reported property development and contract revenue and costs, the Group recognises a charge or
credit against current earnings and amounts in prior periods, if any, are not restated.

4. critical accounting judgements and key sources of estimation uncertainty (contd)
(a) Critical judgments in applying the Groups accounting policies (contd)
(i) Revenue Recognition on Property Development and Construction Contracts (contd)
Note 3(a) describes the Groups policy to recognise revenue from sales of properties using the percentage of
completion method. Property development revenue is recognised in respect of all development units that have
been sold.
(ii) Classification between Investment Properties and Property, Plant and Equipment
Some properties comprise a portion that is held to earn rentals or for capital appreciation and another portion
that is held for own use for administrative purposes.
If these portions would be sold separately (or leased out separately under a finance lease), the Group would
account for the portions separately. If the portions could not be sold separately, the property is an investment
property only if an insignificant portion is held for own use for administrative purposes. Judgement is made on
an individual property basis to determine whether ancillary services are so significant that a property does not
qualify as an investment property.
The Group has several properties being sub-let but has decided not to treat these properties as investment
property because it is not the Groups intention to hold these properties in the long-term for capital appreciation
or rental income. Accordingly, these properties are still classified as property, plant and equipment.
(iii) Deferred Tax Assets
Deferred tax assets are recognised for all unused tax losses and unabsorbed capital allowances to the extent
that it is probable that future taxable profits will be available against which these losses and capital allowances
can be utilised. Significant management judgement is required to determine the amount of deferred tax assets
that can be recognised, based upon the likely timing and level of future taxable profits together with future tax
planning strategies. Further details are contained in Note 21.
(iv) Fair Value of Investment Properties
The directors use their judgement in selecting and applying an appropriate valuation technique, by reference to
market evidence of transaction prices for similar properties.
(b) Key sources of estimation uncertainty
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the
end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year.
(i) Estimated Impairment of Goodwill
The Group tests goodwill for impairment annually in accordance with its accounting policy. More regular reviews
are performed if events indicate that this is necessary.
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating unit
to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash
flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present
value. The carrying amount of goodwill at the end of the reporting period was RM395,165 (2013: RM395,165).
annual report
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2014
4. critical accounting judgements and key sources of estimation uncertainty (contd)

(b) Key sources of estimation uncertainty (contd)
(ii) Revenue Recognition on Variation Orders
Some portions of the Groups revenue are billed under fixed price contracts. Variation orders are commonly
billed to customers in the normal course of business and these are recognised to the extent they have been
agreed with the customers and can be reasonably estimated.
(iii) Allowance for Doubtful Debts
The Group makes allowance for doubtful debts based on an assessment of the recoverability of trade receivables.
Allowances are applied to trade receivables where events or changes in circumstances indicate that the balances
may not be collectible. The identification of doubtful debts requires the use of judgement and estimates. Where
the expectation is different from the original estimate, such difference will impact the carrying value of trade
receivables and doubtful debts expenses in the period in which such estimate has been changed.
(iv) Impairment of Non-Current Assets
The Group reviews the carrying amount of its non-current assets, which include property, plant and equipment,
land held for property development, investments in associated companies and other investments, to determine
whether there is an indication that those assets have suffered an impairment loss. As of 30 April 2014, the
impairment loss on other investments is disclosed in Note 19.
5. revenue
2014 2013 2014 2013
RM RM RM RM
Property development 658,478,350 660,393,284

Sale of completed properties 7,657,160 7,971,750
Rental income 9,738,225 9,148,590
Project management fee 787,418 3,419,887
Dividends from subsidiary companies:
Gross dividends 2,000,000 19,298,250
Single tier dividends 41,262,800 46,458,347
676,661,153 680,933,511 43,262,800 65,756,597
6. cost of sales
2014 2013 2014 2013
RM RM RM RM
Property development costs (Note 23) 451,307,871 460,818,275

Cost of completed properties sold (Note 22) 4,477,527 5,901,984
Rental and related costs 3,260,638 5,080,551
459,046,036 471,800,810

7. investment revenue
2014 2013 2014 2013
RM RM RM RM
Interest income from:

Deposits with licensed financial institutions 3,141,029 3,602,310 231,233 275,749
Housing development accounts 2,513,776 1,985,011
Overdue balances of house purchasers 870,644 1,509,934
Other investments 34,590 102,688 34,590 102,688
Stakeholders sum 263,856 27,696
Subsidiary companies 12,888,692 9,007,784
Imputed interest adjustment on trade payables 693,686 1,404,273
7,517,581 8,631,912 13,154,515 9,386,221
The following is an analysis of investment revenue earned on financial assets and financial liabilities by category.

2014 2013 2014 2013
RM RM RM RM
Loans and receivables

(including deposits, cash and bank balances) 6,789,305 7,124,951 13,119,925 9,283,533
Held to maturity investment 34,590 102,688 34,590 102,688
Other financial liabilities 693,686 1,404,273
7,517,581 8,631,912 13,154,515 9,386,221
8. finance costs
2014 2013 2014 2013
RM RM RM RM
Interest expense on:

Term loans 16,337,421 15,747,458 3,417,137 3,670,554
Hire-purchase and lease 98,395 94,228 30,098 44,262
Overdrafts, revolving credit and other borrowings 5,750,426 5,352,148 3,266,899 2,232,390
Amount owing to subsidiary companies (Note 28) 798,284 777,918
Imputed interest on trade payables 103,322 92,541
22,289,564 21,286,375 7,512,418 6,725,124
Less: Finance charges capitalised:
Property development costs (Note 23) (7,956,430) (5,081,988)
Land held for property development (Note 16) (4,514,931) (6,359,755)
Investment properties (Note 15) (1,358,897)
9,818,203 8,485,735 7,512,418 6,725,124
annual report
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2014
9. profit before tax

(a) Profit before tax has been arrived at after charging/(crediting):

2014 2013 2014 2013
RM RM RM RM
Depreciation of property, plant and equipment

(Note 13) 3,733,847 3,337,839 912,132 542,855
Bad debts written off:
Amount due from an associated company 42,385 42,385
Auditors remuneration:
Current 499,886 471,739 70,000 66,000
Under/(Over) provision in prior year 28,037 (1,000)
Other services:
Current 5,000 5,000 5,000 5,000
Property, plant and equipment written off 39,342 45,056 3 43,879
Impairment loss recognised on:
Trade receivables (Note 26) 160,177
Other receivable (Note 27) 28,807
Refundable deposits written off 4,546 12,900 4,101 12,900
Rental of premises 51,358 54,937 751,918 599,188
Amortisation of prepaid lease payments
on leasehold land (Note 14) 4,045 4,045
Provision for foreseeable property development
losses (Note 23) 13,045,513 4,001,782
Loss/(Gain) on disposal of:
Property, plant and equipment 397 (121,392)
Investment properties (10,000)
Loss/(Gain) on change in fair value
of investment properties (Note 15) 86,920 (586,705)
Impairment loss on amount due from subsidiary
companies no longer required (Note 28) (1,158)
Unrealised foreign exchange loss 1,557,236 194,868
Rental income (260,050) (138,600) (44,480) (28,400)
Inventories written down (Note 22) 1,841,948

9. profit before tax (contd)
(b) Staff costs

2014 2013 2014 2013
RM RM RM RM
Wages, salaries and bonuses 21,251,630 21,839,384 478,894 445,261

Pension costs defined contribution plan 2,648,086 2,735,345 58,322 53,605
Social security contributions 143,194 215,206 2,146 2,079
24,042,910 24,789,935 539,362 500,945
Less: Amount charged to:
15,410,238 9,196,006 539,362 500,945
(c) Directors remuneration

2014 2013 2014 2013
RM RM RM RM
Directors of the Company

Executive:
Salaries and other emoluments 6,466,040 6,459,000 280,500 281,000
Pension costs defined contribution plan 751,985 757,500 33,660 33,720
Benefits-in-kind 105,600 105,600 30,600 30,600
7,323,625 7,322,100 344,760 345,320
Non-Executive:
Fees 96,000 96,000 96,000 96,000
Total 7,419,625 7,418,100 440,760 441,320
Analysis excluding benefits-in-kind:

Total executive directors remuneration
excluding benefits-in-kind 7,218,025 7,216,500 314,160 314,720
Total non-executive directors remuneration
excluding benefits-in-kind 96,000 96,000 96,000 96,000
7,314,025 7,312,500 410,160 410,720
Less: Amount charged to:

Investment properties (Note 15) (123,325)
1,918,818 1,644,054 410,160 410,720
annual report
099
2014
9. profit before tax (contd)

(c) Directors remuneration (contd)
The number of Directors of the Company whose total remuneration for the year fall within the following bands is as
follows:
Executive Non-executive
Directors Directors
2014 2013 2014 2013
Range of remuneration:
Below RM50,000 3 3
RM2,000,001 to RM2,100,000 2 2
RM2,100,001 to RM2,200,000 1 1
10. income tax expense

2014 2013 2014 2013
RM RM RM RM
Income tax:
Malaysian income tax 48,914,023 44,715,056 2,024,640 5,661,395
Under/(Over)provision in prior years 1,053,530 1,082,577 (35,036) 1,338,615
49,967,553 45,797,633 1,989,604 7,000,010
Deferred tax (Note 21):
Current (6,444,155) (300,995) (50,463) (45,394)
Over/(Under) provision in prior years 869,564 (233,229) (370,190) 2,389
(5,574,591) (534,224) (420,653) (43,005)
44,392,962 45,263,409 1,568,951 6,957,005

10. income tax expense (contd)
A reconciliation of income tax expense applicable to profit before tax 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:

2014 2013 2014 2013
RM RM RM RM
Profit before tax 157,281,185 153,520,719 43,602,588 63,673,740

Less: Share of profit of associated companies (16,818,982) (5,202,081)
140,462,203 148,318,638 43,602,588 63,673,740
Taxation at Malaysian statutory tax rate of 25%

(2013: 25%) 35,115,551 37,079,660 10,900,647 15,918,435
Tax effects of income not subject to tax (1,647,579) (488,240) (9,794,465) (11,238,713)
Tax effects of expenses not deductible for tax purposes 9,807,551 7,041,717 867,995 936,279
Deferred tax assets not recognised 3,200 810,759
Realisation of deferred tax assets
previously not recognised (808,855) (29,835)
Over/(Under)provision of deferred tax in prior years 869,564 (233,229) (370,190) 2,389
Under/(Over) provision of income tax
expense in prior years 1,053,530 1,082,577 (35,036) 1,338,615
Tax expense for the year 44,392,962 45,263,409 1,568,951 6,957,005
As of 30 April 2014, subject to agreement of the Inland Revenue Board, the Company has tax exempt income account
of RM11,977,452 (2013: RM11,977,452) arising from tax exempt dividends received from subsidiary companies which is
available for tax-exempt dividend distributions up to the same amount.
11. earnings per share

(a) Basic
Basic earnings per ordinary share of the Group is calculated by dividing the profit attributable to owners of the
Company for the financial year by the weighted average number of ordinary shares in issue during the financial year
as follows:
The Group
2014 2013
Profit attributable to owners of the Company (RM) 108,380,245 102,276,732
Number of shares in issue (net of treasury shares) 708,608,013 567,005,522

Effect of treasury shares 15,423,801 28,996,242
Effect of warrants exercised 93,301,931
Weighted average number of ordinary shares in issue 724,031,814 689,303,695
Basic earnings per share (sen) 14.97 14.84
(b) Diluted
There is no dilution in earnings per share as the Company has no potential dilutive ordinary shares.
annual report
101
2014
12. dividends
The Group and The Company
Net Dividends
Amount per Ordinary Share
2014 2013 2014 2013
RM RM Sen Sen
In respect of financial year ended 30 April 2012:

Final dividend of RM0.0275 per share of RM0.50 each
on 712,757,913 ordinary shares less 25% tax,
paid on 4 December 2012 14,700,616 2.1

First interim dividend of RM0.0300 per share of
RM0.50 each on 708,608,013 ordinary shares
less 25% tax, paid on 12 June 2013 15,943,680 2.3
Final dividend of RM0.0350 per share of RM0.50 each
on 726,810,313 ordinary shares less 25% tax,
paid on 4 December 2013 19,078,769 2.6

First interim single tier dividend of RM0.0225 per
share of RM0.50 each on 726,810,313 ordinary shares,
paid on 23 June 2014 16,353,232 2.3
35,432,001 30,644,296 4.9 4.4
The directors propose a final single tier dividend of RM0.0265 per share of RM0.50 each on 726,810,313 ordinary shares,
totalling approximately RM19,260,473 in respect of the current financial year. This dividend is subject to the approval of
the shareholders at the forthcoming Annual General Meeting of the Company, and has not been included as a liability in
the financial statements. Upon approval by the shareholders, the cash dividend payment will be accounted for in equity
as an appropriation of retained earnings during the financial year ending 30 April 2015.
The proposed dividend for 2014 is payable in respect of all outstanding ordinary shares in issue at a date to be determined
by the directors subsequent to the approval of the shareholders at the forthcoming Annual General Meeting.

13. property, plant and equipment
The Group
Building Furniture Plant

and and Office Motor and
improvements fittings equipment Computers vehicles machinery Total
RM RM RM RM RM RM RM
Cost
As of 1 May 2012 6,387,426 2,204,031 1,881,424 2,298,067 7,517,404 2,934,543 23,222,895
Additions 550,391 244,968 198,782 86,775 166,404 324,525 1,571,845
Transfer from investment
properties (Note 15) 58,458,401 58,458,401
Disposals (871,015) (871,015)
Write-offs (811,388) (76,950) (108,911) (239,929) (1,237,178)
As of 30 April 2013/
1 May 2013 64,584,830 2,372,049 1,971,295 2,144,913 6,812,793 3,259,068 81,144,948
Adjustment (1,908,787) (1,908,787)
Reclassification (265,183) 231,174 34,009
Additions 120,059 521,191 96,270 73,067 132,260 643,482 1,586,329
Disposals (11,203) (11,203)
Write-offs (668,145) (238,365) (234,011) (452,034) (1,592,555)
As of 30 April 2014 61,862,774 2,886,049 1,856,360 1,765,946 6,945,053 3,902,550 79,218,732
Accumulated Depreciation
As of 1 May 2012 3,322,311 1,919,250 1,489,683 2,068,601 5,592,539 2,235,036 16,627,420
Charge for the year (Note 9a) 2,138,877 138,124 124,470 98,698 500,642 337,028 3,337,839
Disposals (666,907) (666,907)
Write-offs (774,501) (74,399) (103,334) (239,888) (1,192,122)
As of 30 April 2013 4,686,687 1,982,975 1,510,819 1,927,411 5,426,274 2,572,064 18,106,230
As of 1 May 2013 4,686,687 1,982,975 1,510,819 1,927,411 5,426,274 2,572,064 18,106,230

Charge for the year (Note 9a) 2,401,899 253,550 140,842 104,524 511,732 321,300 3,733,847
Disposals (8,106) (8,106)
Write-offs (660,925) (220,346) (219,974) (451,968) (1,553,213)
As of 30 April 2014 6,427,661 2,016,179 1,423,581 1,579,967 5,938,006 2,893,364 20,278,758
Accumulated
Impairment Loss
As of 1 May 2012/
30 April 2013/1 May 2013/
30 April 2014 2,392,003 2,392,003
Carrying Amount
As of 30 April 2013 57,506,140 389,074 460,476 217,502 1,386,519 687,004 60,646,715
As of 30 April 2014 53,043,110 869,870 432,779 185,979 1,007,047 1,009,186 56,547,971
Adjustment on property, plant and equipment amounting to RM1,908,787 (2013: RMNil) relates to the variation orders for
the construction of the building.
annual report
103
2014
13. property, plant and equipment (contd)

The Company
Building Furniture
and and Office Motor
improvements fittings equipment Computers vehicles Total
RM RM RM RM RM RM
Cost
As of 1 May 2012 820,574 293,324 198,162 525,410 2,316,984 4,154,454
Additions 366,368 84,280 65,948 14,798 531,394
Write-offs (811,388) (76,950) (102,671) (239,929) (1,230,938)
As of 30 April 2013/1 May 2013 375,554 300,654 161,439 300,279 2,316,984 3,454,910
Additions 1,337,747 154,306 42,752 21,060 1,555,865
Write-offs (4,082) (4,082)
As of 30 April 2014 1,713,301 450,878 204,191 321,339 2,316,984 5,006,693
Accumulated Depreciation
As of 1 May 2012 737,796 255,685 171,818 399,615 1,044,646 2,609,560
Charge for the year (Note 9a) 88,190 38,691 14,017 38,432 363,525 542,855
Write-offs (774,501) (74,399) (98,272) (239,887) (1,187,059)
As of 30 April 2013/1 May 2013 51,485 219,977 87,563 198,160 1,408,171 1,965,356
Charge for the year (Note 9a) 422,291 61,898 24,317 40,102 363,524 912,132
Write-offs (4,079) (4,079)
As of 30 April 2014 473,776 277,796 111,880 238,262 1,771,695 2,873,409
Net Carrying Amount

As of 30 April 2013 324,069 80,677 73,876 102,119 908,813 1,489,554
As of 30 April 2014 1,239,525 173,082 92,311 83,077 545,289 2,133,284
At the end of the reporting period, certain property, plant and equipment of the Group and of the Company with net
carrying amount of RM1,557,069 and RM545,289 (2013: RM1,395,661 and RM908,813) respectively were acquired under
hire-purchase and lease arrangements.
Building and improvements of the Group with net carrying amount of RM50,787,556 (2013: RM56,509,788) have been
pledged as security for banking facilities granted as disclosed in Note 33.

14. prepaid lease payments on leasehold land
The Group
Leasehold Land
Unexpired period
less than 30 years
RM
Cost
As of 1 May 2012/30 April 2013/1 May 2013/30 April 2014 121,353
Accumulated Amortisation
As of 1 May 2012 44,496
Amortisation for the year (Note 9a) 4,045
As of 30 April 2013/1 May 2013 48,541
Amortisation for the year (Note 9a) 4,045
As of 30 April 2014 52,586
Net Book Value

As of 30 April 2013 72,812
As of 30 April 2014 68,767
15. investment properties

The investment properties, which pertain to subsidiary companies, are held for investment potential and rental income
in future.
The Group
Freehold
land and
Freehold Leasehold buildings
land and land and under
buildings buildings construction Total
RM RM RM RM
At fair value:
As of 1 May 2012 14,610,700 4,197,908 40,294,651 59,103,259
Addition through subsequent expenditure 14,845,561 14,845,561
Disposal (130,000) (130,000)
Change in fair value of investment properties (Note 9a) 140,060 446,645 586,705
Transfer from property development costs (Note 23) 3,318,189 3,318,189
Transfer to property, plant and equipment (Note 13) (58,458,401) (58,458,401)
As of 30 April 2013 14,750,760 4,514,553 19,265,313
As of 1 May 2013 14,750,760 4,514,553 19,265,313

Change in fair value of investment properties (Note 9a) (86,920) (86,920)
As of 30 April 2014 14,750,760 4,427,633 19,178,393
annual report
105
2014
15. investment properties (contd)

The fair value of the Groups investment properties as of 30 April 2014 has been arrived at on the basis of the Directors
best estimates, by reference to market evidence of transaction prices for similar properties. Based on the above,
the Directors are of the opinion that the carrying amount of the investment properties of the Group approximates their
fair value.
The property rental income earned by the Group from its investment properties, all of which are leased out under
operating leases, amounted to RM869,785 (2013: RM916,052). Direct operating expenses arising on the investment
properties amounted to RM204,251 (2013: RM215,803).
Investment properties amounting to RM15,722,612 (2013: RM15,722,612) are charged as securities for banking facilities
granted to the Group as mentioned in Note 33.
Current year charges to freehold land and buildings under construction include the following:
The Group
2014 2013
RM RM
Directors remuneration (Note 9c) 123,325

Finance costs (Note 8) 1,358,897
16. land held for property development

The Group
2014 2013
RM RM
Cost:
At beginning of year:
Freehold land at cost 53,411,211 95,719,685
Leasehold land at cost 286,374,749 170,993,559
Development expenditure 172,836,702 256,140,204
512,622,662 522,853,448
Additions:
83,803,585 308,341,576
Provision for forseeable loss:

At beginning of year: (11,317,425)
Transfer to property development costs (Note 23) 11,317,425
At end of year

16. land held for property development (contd)
The Group
2014 2013
RM RM
Cost: (contd)
Transfer to property development costs (Note 23):
Freehold land at cost (938,869) (42,308,474)
Leasehold land at cost (9,169,621) (36,016,571)
Development expenditure (23,103,310) (240,247,317)
(33,211,800) (318,572,362)
563,214,447 512,622,662

563,214,447 512,622,662
Current year charges to development expenditure include the following:
The Group
2014 2013
RM RM
Finance costs (Note 8) 4,514,931 6,359,755
Land held for property development of certain subsidiary have been pledged for banking facilities granted as disclosed
in Note 33.
In accordance to a Joint Venture Agreement (JVA) with Permodalan Negeri Selangor Berhad (PNSB), Glomac Rawang
Sdn. Bhd., a wholly owned subsidiary company, is obliged to pay PNSB entitlement on the higher of either RM41,400,000
(2013: RM41,400,000) or a sum equal to 30% of the gross profit before tax (as defined in the JVA) to be generated by
the development of the parcel of land belonging to PNSB progressively. A total entitlement of RM41,400,000 has been
included in the land held for property development. As of 30 April 2014, RM30,900,000 (2013: RM23,900,000) has been
paid and the remaining amount of RM9,871,770 (2013: RM16,060,822) has been recognised as part of land cost payable
in Note 35.
annual report
107
2014
17. subsidiary companies

The Company
2014 2013
RM RM
Unquoted shares, at cost 371,279,816 371,279,816

Less: Accumulated impairment losses (1,516,737) (1,516,737)
369,763,079 369,763,079
Details of the subsidiary companies are set out in Note 42.
Acquisition of subsidiary companies
In previous financial year, the Company acquired the following:
Number
Equity of shares Total cash
Subsidiary companies interest acquired consideration
RM
Anugerah Armada Sdn. Bhd. 100% 2 2

Magnitud Teknologi Sdn. Bhd. 100% 2 2
The abovementioned acquisitions do not have any effect on the financial results of the Group as the said companies have
remained dormant subsequent to their acquisition.
The net fair value of the assets arising from the acquisitions are as follows:
The Group
Fair values
Carrying values on acquisitions
2014 2013 2014 2013
RM RM RM RM
Net assets acquired:

Cash and bank balances 4 4
Goodwill on acquisition
Total purchase consideration 4
The Group
2014 2013
RM RM
Purchase consideration satisfied by cash:

Anugerah Armada Sdn. Bhd. 2
Magnitud Teknologi Sdn. Bhd. 2
Less: Cash and cash equivalents of subsidiary companies acquired (4)
Net cash outflow of the Group

17. subsidiary companies (contd)
Details of non-wholly owned subsidiary companies that have material non-controlling interests to the Group are disclosed
as per below:
Proportion of
ownership
Place of interest and
incorporation voting rights
and held by Profit allocated to Accumulated
Name of subsidiary principal place non-controlling non-controlling non-controlling
companies of business interests interests interests
2014 2013 2014 2013 2014 2013
RM RM RM RM
Glomac Bina Sdn. Bhd. Malaysia 49% 49% 1,565,215 1,086,566 10,849,327 9,284,112
Glomac Al-Batha
Mutiara Sdn. Bhd. Malaysia 49% 49% 2,425,674 1,260,674 3,467,976 1,042,302
Glomac Al-Batha
Sdn. Bhd. Malaysia 49% 49% 509,869 3,904,695 23,401,204 22,891,335
Summarised financial information in respect of each of the Groups subsidiary companies that has material
non-controlling interests is set out below. The summarised financial information below represents amounts before
intragroup eliminations.
2014 2013
RM RM
Glomac Bina Sdn. Bhd.
Current assets 64,644,960 71,386,353

Non-current assets 4,894,029 4,842,316
Current liabilities (43,196,746) (52,007,289)
Non-current liabilities (1,200,760) (1,274,214)
Equity attributable to owners of the Company (14,292,156) (13,663,054)
Non-controlling interests (10,849,327) (9,284,112)
Revenue 138,620,900 96,461,799


Other comprehensive income attributable to:

Owners of the Company
Non-controlling interests
Other comprehensive income for the year

annual report
109
2014

2014 2013
RM RM
Glomac Bina Sdn. Bhd. (contd)
Dividends paid to non-controlling interests

Net cash inflow/(outflow) from operating activities 14,094,402 (5,315,522)
Net cash inflow from investing activities 297,016 211,891
Net cash outflow from financing activities (1,149,292) (1,649,291)
Net cash inflow/(outflow) 13,242,126 (6,752,922)
Glomac Al-Batha Mutiara Sdn. Bhd.
Current assets 61,385,649 60,064,657

Current liabilities (14,108,145) (17,737,509)
Equity attributable to owners of the Company 24,111,527 21,586,845
Revenue 32,434,675 27,023,376





Net cash inflow from operating activities 4,687,319 (2,798,277)
Net cash inflow from investing activities 187,285 89,154
Net cash inflow/(outflow) 4,874,604 (2,709,123)

2014 2013
RM RM
Glomac Al-Batha Sdn. Bhd.
Current assets 7,674,858 12,799,734

Current liabilities (117,300) (6,282,725)
Equity attributable to owners of the Company 24,356,356 23,825,676
Revenue 29,526,508

Owners of the Company 530,680 4,064,071
Non-controlling interests 509,869 3,904,695


Owners of the Company 530,680 4,064,071
Non-controlling interests 509,869 3,904,695

Net cash outflow from operating activities (5,180,146) (23,394,216)
Net cash inflow from investing activities 1,253,531 1,385,622
Net cash outflow (3,926,615) (22,008,594)
18. associated companies

The Group
2014 2013
RM RM

Share of post-acquisition reserves 37,423,511 21,462,378
56,298,746 40,337,613
Summarised financial information in respect of each of the Groups material associated companies is set out below.
The summarised financial information below represents amounts in the associated companies financial statements
prepared in accordance with FRSs.
annual report
111
2014
18. associated companies (contd)

2014 2013
RM RM
PPC Glomac Sdn. Bhd.
Current assets 81,030,137 53,229,576

Current liabilities 41,686,724 28,156,608
Non-current liabilities 25,439,252 39,760,311
Revenue 117,089,058 83,975,074

Dividend received from the associated companies during the year 1,732,500
Reconciliation of the above summarised financial information to the carrying amount of the interest in PPC Glomac
Sdn. Bhd. recognised in the consolidated financial statements:
2014 2013
RM RM
Net assets of the associated company 71,286,845 62,218,513

Proportion of the Groups ownership interest in PPC Glomac Sdn. Bhd. 35% 35%
Carrying amount of the Groups interest in PPC Glomac Sdn. Bhd. 24,950,396 21,776,480
2014 2013
RM RM
VIP Glomac Unit Trust
Current assets 130,822,713 5,127,803

Non-current assets 98,417,947
Current liabilities (61,602,390) (210,300)
Non-current liabilities (63,478,553)
Revenue 4,332,625 10,024,369
Profit for the year 30,036,534 343,745

Total comprehensive income for the year 30,036,534 343,745
Dividend received from the associated companies during the year

18. associated companies (contd)
Reconciliation of the above summarised financial information to the carrying amount of the interest in VIP Glomac Unit
Trust recognised in the consolidated financial statements:
2014 2013
RM RM
Net assets of the associated company 69,220,323 39,856,897

Proportion of the Groups ownership interest in VIP Glomac Unit Trust 45.85% 45.85%
Carrying amount of the Groups interest in VIP Glomac Unit Trust 45,904,152 18,274,387
Details of the associated companies are set out in Note 42.
19. other investments

2014 2013 2014 2013
RM RM RM RM
Available-for-sale
Held to maturity
Unquoted subordinated bonds, at cost 10,300,000 10,300,000 10,300,000 10,300,000
Allowance for diminution in value (10,300,000) (10,300,000) (10,300,000) (10,300,000)

4,000,000 4,000,000
20. goodwill on consolidation

The Group
2014 2013
RM RM
Cost
At beginning and end of year 1,032,918 1,032,918
Accumulated impairment losses

At beginning and end of year (637,753) (637,753)
Carrying amount
At beginning and end of year 395,165 395,165
annual report
113
2014
20. goodwill on consolidation (contd)

Goodwill acquired in a business combination is allocated, at acquisition, to the cash-generating unit (CGU) that is
expected to benefit from that business combination. Before recognition of any impairment losses, the carrying amount
of goodwill had been allocated to the following business segment as independent CGUs:
The Group
2014 2013
RM RM
Property development division 395,165 395,165
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be
impaired.
The recoverable amount of the CGU is determined from value-in-use calculation which uses cash flow projections
derived from the most recent financial budgets approved by management covering a three-year period, and an estimated
discount rate of 5.55% per annum.
At the end of the reporting period, the Group assessed the recoverable amount of goodwill, and determined that no
further impairment of goodwill associated with property investment and management activities is required. Management
is expecting future cash flows will be generated from these CGUs.
21. deferred tax assets/(liabilities)

2014 2013 2014 2013
RM RM RM RM
At beginning of year 17,797,828 17,263,604 3,093,206 3,050,201
Recognised in profit or loss (Note 10):

Property, plant and equipment 76,780 16,937 44,694 40,070
Subsidiary companies 379,184
Amount owing by subsidiary companies (290)
Property development activities 4,549,539 392,494
Unused tax losses and unabsorbed
capital allowances 907,029 284,552
Others 41,243 (159,759) (3,225) 3,225
5,574,591 534,224 420,653 43,005
At end of year 23,372,419 17,797,828 3,513,859 3,093,206
Certain deferred tax assets and deferred tax liabilities have been offset in accordance with the Groups accounting policy.
The following is an analysis of the deferred tax balances (after offset) for statements of financial position purposes:

2014 2013 2014 2013
RM RM RM RM
Deferred tax assets 23,603,787 18,056,953 3,513,859 3,093,206

Deferred tax liabilities (231,368) (259,125)
23,372,419 17,797,828 3,513,859 3,093,206

21. deferred tax assets/(liabilities) (contd)
2014 2013 2014 2013
RM RM RM RM
Deferred tax liabilities (before offsetting)

Temporary differences arising from property,
plant and equipment (156,018) (200,514) (10,606)
Others (87,632) (132,100)
(243,650) (332,614) (10,606)
Offsetting 12,282 73,489 10,606
Deferred tax liabilities (after offsetting) (231,368) (259,125)
Deferred tax assets (before offsetting)

Temporary differences arising from:
Property, plant and equipment 35,692 3,408 34,088
Property development activities 15,526,144 10,976,605
Subsidiary companies 379,184
Other investments 2,575,000 2,575,000 2,575,000 2,575,000
Amount owing by subsidiary companies 525,587 525,587
Unused tax losses and unabsorbed capital allowances 5,479,233 4,572,204
Others 3,225 3,225
23,616,069 18,130,442 3,513,859 3,103,812
Offsetting (12,282) (73,489) (10,606)
Deferred tax assets (after offsetting) 23,603,787 18,056,953 3,513,859 3,093,206
As mentioned in Note 3(e), the tax effects of transactions are recognised using the liability method and all taxable
temporary differences are recognised. Where deductible temporary differences, unused tax losses and unused tax credits
would give rise to net deferred tax asset, the tax effects are generally recognised to the extent that it is probable that
future taxable profits will be available against which deductible temporary differences, unused tax losses and unused tax
credits can be utilised. As of 30 April 2014, the estimated amount of deductible temporary differences, unused tax losses
and unabsorbed capital allowances pertaining to certain subsidiary companies, for which no deferred tax assets have
been recognised in the financial statements due to uncertainty of their realisation, is as follows:
The Group
2014 2013
RM RM
Temporary differences arising from:

Property development activities 3,057,047 6,240,087
Property, plant and equipment 109,836 109,836
Unused tax losses and unabsorbed capital allowances 13,944,723 13,984,304
17,111,606 20,334,227
annual report
115
2014
21. deferred tax assets/(liabilities) (contd)

No deferred tax assets were recognised in the financial statements of these subsidiary companies due to uncertainty of
their recoverability. The comparative information presented above has been restated to conform with the actual income
tax computation submitted to tax authorities. The unabsorbed capital allowances and unused tax losses, which are
subject to agreement by the Inland Revenue Board, are available indefinitely for offset against future taxable profits of
the respective subsidiary companies in the Group.
The Budget 2014 announced on 25 October 2013 reduced the corporate income tax rate from 25% to 24% with effect from
year of assessment 2016. The real property gains tax (RPGT) is also revised to 30% for disposal within the first three
years, 20% within the fourth year, 15% within the fifth year and 5% from sixth year onwards, on gains from the disposal
of real property effective 1 January 2014. Following these, the applicable tax rates to be used for the measurement of any
applicable deferred tax will be the respective expected rates.
22. inventories
2014 2013 2014 2013
RM RM RM RM
At beginning of year 94,763,251 83,124,305 1,295,942 1,295,942

Transfer from property development costs (Note 23) 3,315,664 17,540,930
Inventories sold (Note 6) (4,477,527) (5,901,984)
Inventories written down (Note 9a) (1,841,948)
Contra of inventories with trade payables (1,900,071)
At end of year 89,859,369 94,763,251 1,295,942 1,295,942
Inventories of the Group amounting to RM36,367,366 (2013: RM38,506,623) are pledged to financial institutions as security
for bank borrowings of the Group as mentioned in Note 33.
23. property development costs

The Group
2014 2013
RM RM
Development expenditure 2,061,380,441 2,306,452,813
2,499,492,994 2,727,327,719
Costs incurred during the year:

Freehold land at cost 215,099
Leasehold land at cost 299,812 616,771
421,430,282 336,087,731
Transfer from land held for property development (Note 16):

Freehold land at cost 938,869 42,308,474
33,211,800 318,572,362

23. property development costs (contd)
The Group
2014 2013
RM RM
Transfer to inventories (Note 22):

Freehold land at cost (60,639) (13,197,114)
Development expenditure (3,255,025) (4,343,816)
(3,315,664) (17,540,930)
Transfer to investment properties (Note 15) (3,318,189)
Provision for foreseeable losses:

At beginning of year (34,121,888) (18,802,681)
Provision for foreseeable losses during the year (Note 9a) (13,045,513) (4,001,782)
Transfer from land held for property development (Note 16) (11,317,425)
At end of year (47,167,401) (34,121,888)
Closed out due to completion of projects (548,938,527) (861,635,699)
Costs recognised as an expense in profit or loss:

Previous year (2,180,463,490) (2,581,280,914)
Current year (Note 6) (451,307,871) (460,818,275)
Closed out due to completion of projects 548,938,527 861,635,699
Cumulative costs at end of year (2,082,832,834) (2,180,463,490)
271,880,650 284,907,616
At end of year:
271,880,650 284,907,616
Current year charges to development expenditure include the following:
The Group
2014 2013
RM RM
Finance costs (Note 8) 7,956,430 5,081,988

Directors remuneration (Note 9c) 5,395,207 5,545,121
Staff costs (Note 9b) 8,632,672 15,620,929
annual report
117
2014
23. property development costs (contd)

Land held for property development and property development costs of certain subsidiary companies amounting to
RM254,470,167 (2013: RM163,450,813) are charged for banking facilities granted to the subsidiary companies as
mentioned in Note 33.
In accordance to a Privatisation Agreement (PA) with Perbadanan Kemajuan Negeri Selangor (PKNS), FDA Sdn. Bhd.,
a 70% owned subsidiary company, is obliged to pay PKNS entitlement based on percentage of sales value (as defined in
the PA) to be generated by the development of certain parcels of land progressively. A total entitlement of RM28,950,648
(2013: RM29,137,226) has been included in the property development costs. Pursuant to the PA, the computation of the
said entitlement is based on agreed percentage on the total projected gross sales value of several types of property
development of the land, subject to any subsequent increase in the gross sales value of the development. As of 30 April
2014, an amount of RM28,454,841 (2013: RM28,454,841) has been paid and the remaining amount of RM495,807 (2013:
RM682,385) has been recognised as part of land cost payable in Note 35.
In accordance to a Deed of Assignment (DA) with Edisi Cangkat Sdn Bhd (EDISI), FDA Sdn. Bhd. is obliged to
progressively pay EDISI a consideration amounting to RM1,600,000 or 30% on the gross profit of the development
of certain parcel of land, whichever is higher. In accordance with the DA, a total consideration of RM1,600,000 has
been included in the property development cost. As of 30 April 2014, an amount of RM1,600,000 (2013: RM1,600,000) has
been paid.
In accordance to a Joint Venture Agreement (JVA) with Leader Domain Sdn. Bhd. (LDSB), Glomac Resources Sdn.
Bhd., a wholly owned subsidiary company, is obliged to pay LDSB entitlement based on profit-sharing (as defined in the
JVA) to be generated by the development of certain parcels of land progressively. A total entitlement of RM12,225,258
(2013: RM12,225,258) has been included in the property development costs. As of 30 April 2014, an amount of RM9,770,522
(2013: RM9,770,522) has been paid and the remaining amount of RM2,454,736 (2013: RM2,454,736) has been recognised
as part of land cost payable in Note 35.
In 2009, pursuant to a Supplementary Joint Venture Agreement (SJVA) with LDSB, Glomac Resources Sdn Bhd has
agreed to purchase the car park allotment (as defined in the SJVA). A total consideration of RM4,200,000 has been
included in the property development costs. The consideration was fully settled during the previous financial year.
Prior to the above SJVA, LDSB has entered into a Joint Venture Agreement with the proprietor of the development
land as its attorney to carry out and complete certain development land with a guaranteed return of RM15,500,000
(2013: RM15,500,000) as land value. As of 30 April 2014, an amount of RM15,500,000 (2013: RM12,500,000) has been paid
and the remaining amount of RMNil (2013: RM3,000,000) has been recognised as part of land cost payable in Note 35.
24. amount due to contract customers

The Group
2014 2013
RM RM
Contract costs 68,758,187

Portion of profit attributable to contract works performed todate 2,386,205
71,144,392
Billings to contract customers (71,144,392)

Represented by:
Amount due to contract customers

25. accrued billings/(advance billings)
The Group
2014 2013
RM RM
Revenue recognised in profit or loss todate 2,650,058,245 2,669,424,526

Progress billings todate (2,582,552,852) (2,600,487,585)
67,505,393 68,936,941
Represented by:
Accrued billings 109,244,765 92,872,424
Advance billings (41,739,372) (23,935,483)
26. trade receivables

The Group
2014 2013
RM RM
Trade receivables 143,587,188 100,426,210

Allowance for doubtful debts (1,260,974) (1,100,797)
142,326,214 99,325,413
The Groups normal trade credit term ranges from 14 to 60 days (2013: 14 to 60 days). Other credit terms are assessed
and approved on a case-by-case basis.
Trade receivables that are neither past due nor impaired are creditworthy debtors with good payment records with the
Group.
The Group has no significant concentration of credit risk that may arise from exposures to a single debtor or groups of
debtors.
Ageing of past due but not impaired
The Group
2014 2013
RM RM
Past due 1 month 71,306,146 8,231,373

Past due 1 2 month 14,258,310 15,418,389
Past due 2 3 months 1,906,829 6,705,045
Past due 3 months 32,527,157 35,566,348
Total 119,998,442 65,921,155
annual report
119
2014
26. trade receivables (contd)

Movement in the allowance for doubtful debts
The Group
2014 2013
RM RM
Balance at beginning of year 1,100,797 1,100,797

Impairment losses recognised on receivables (Note 9a) 160,177
Balance at end of year 1,260,974 1,100,797
In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade
receivable from the date credit was initially granted up to the end of the reporting period. The concentration of credit risk
is limited due to the customer base being large and unrelated.
Ageing of past due and impaired
The Group
2014 2013
RM RM
Past due 3 months 1,260,974 1,100,797
27. other receivables

2014 2013 2014 2013
RM RM RM RM
Other receivables 8,405,989 37,470,364 84,275 42,764

Less: Allowance for doubtful debts (66,871) (38,064)
8,339,118 37,432,300 84,275 42,764
Refundable deposits 7,785,671 7,021,512 30,945 24,708

Deposits paid for acquisition of:
Land 3,072,327
Subsidiary company 2,275,090 2,275,090
Prepaid expenses 1,122,969 818,690 472,112 121,110
Stakeholders sum 15,663,561 11,345,530
Accrued interest income 89,622 238,285
38,348,358 56,856,317 2,862,422 188,582
Included in other receivables of the Group is an amount of RM231,981 (2013: RM26,224,068) representing amount
received from house buyers for future repayment of banking facilities of the Group which has been withheld by the
licensed bank.

27. other receivables (contd)
Movement in the allowance for doubtful debts
The Group
2014 2013
RM RM
Balance at beginning of year 38,064 118,353

Impairment loss recognised on other receivables (Note 9a) 28,807
Amount written off during the year as uncollectible (80,289)
Balance at end of year 66,871 38,064
Stakeholders sum represents retention sums held by solicitors upon handing over of vacant possession to individual
purchasers of development properties. These amounts will be paid from 6 to 18 months after the delivery of vacant
possession together with interest earned.
28. amount due from/(to) subsidiary and associated companies

Amount due from subsidiary companies, which arose mainly from trade transactions, assignment of debts, payment
made on behalf and advances granted, bears interest at 5.55% (2013: 6.07%) per annum and is unsecured and repayable
on demand.
The Company
2014 2013
RM RM
Amount due from subsidiary companies 329,086,563 243,937,690

Allowance for doubtful debts (2,102,348) (2,102,348)
326,984,215 241,835,342
Amount due to subsidiary companies, which arose mainly from assignment of debts and advances, is unsecured,
bears interest at 5.55% (2013: 6.07%) per annum and repayable on demand.
Amount due from associated companies in 2013, which arose mainly from expenses paid on behalf, was interest-free,
unsecured and repayable on demand.
Amount due to associated company, which arose mainly from advances is interest-free, unsecured and repayable on
demand.
Movement in allowance for doubtful debts
The Company
2014 2013
RM RM
Balance at beginning of year 2,102,348 2,103,506

Impairment losses reversed (Note 9a) (1,158)
Balance at end of year 2,102,348 2,102,348
annual report
121
2014
28. amount due from/(to) subsidiary and associated companies (contd)

During the financial year, significant transactions, which are determined on a basis as negotiated between the Company
and its subsidiary companies, are as follows:
The Company
2014 2013
RM RM
Interest expense paid to subsidiary companies (Note 8) 798,284 777,918

Dividend received from subsidiary companies 43,262,800 65,756,597
Interest income receivable from subsidiary companies 12,888,692 9,007,784
Head office allocation income 1,088,702 1,180,742
Rental expenses paid to subsidiary companies 751,918 599,188
29. deposits, cash and cash equivalents

2014 2013 2014 2013
RM RM RM RM
Cash on hand and at banks 252,324,843 222,977,376 29,004,507 32,176,714

Deposits with licensed banks 80,725,075 82,071,768 11,524,904
Deposits, cash and bank balances 333,049,918 305,049,144 29,004,507 43,701,618
Less: Non-cash and cash equivalents
Deposits pledged (3,232,726) (3,670,303)
Bank overdrafts (Note 36) (21,500)
Cash and cash equivalents 329,817,192 301,357,341 29,004,507 43,701,618
Included in the Groups cash and bank balances is an amount of RM126,338,979 (2013: RM111,209,355) which is held
under Housing Development Accounts pursuant to Section 7A of the Housing Developers Act 1966. These accounts
consist of monies received from purchasers and are used for the payment of property development expenditure incurred.
The surplus monies, if any, will be released to the Group upon the completion of the property development and after all
property development expenditure have been fully settled.
Deposits of the Group totalling RM3,232,726 (2013: RM3,670,303) have been pledged to secure the bank guarantee
facilities.
The weighted average effective interest rates for deposits at the end of the reporting period are as follows:

2014 2013 2014 2013
% % % %
Licensed banks 2.63 3.9 3.0 3.0

Other licensed financial institutions 2.8

29. deposits, cash and cash equivalents (contd)
The average maturity periods relating to the various deposits held at the end of the reporting period are as follows:

2014 2013 2014 2013
Days Days Days Days
Licensed banks 30 30 30
Other licensed financial institutions 1
30. non-current assets classified as held for sale

The Group
2014 2013
RM RM
At beginning of year 4,959,784

Disposal during the year (4,959,784)
At end of year
On 2 July 2012, Glomac Utama Sdn. Bhd. (Glomac Utama), a subsidiary of the Company entered into a Share Sale and
Purchase Agreement with Worldwide Holdings Berhad for the disposal of Glomac Utamas entire 49% equity interest
comprising 2,450,000 ordinary shares held in Worldwide Glomac Development Sdn. Bhd., for a total consideration of
RM4,959,784. The disposal was completed on 31 July 2012.
31. share capital and share premium

The Group and
The Company
2014 2013
RM RM
Authorised:
Ordinary shares
1,000,000,000 of RM0.50 each as of 1 May 2013; 500,000,000 of RM1.00 each
as of 1 May 2012 500,000,000 500,000,000
At end of year:
1,000,000,000 of RM0.50 each 500,000,000 500,000,000
Issued and fully paid:

Ordinary shares
727,821,313 of RM0.50 each as of 1 May 2013; 609,228,622 of RM0.50 each
as of 1 May 2012 363,910,657 304,614,311
Issued during the year:
Nil in 2014; 118,592,691 of RM0.50 each in 2013 59,296,346
At end of year:
727,821,313 of RM0.50 each as of 30 April 2014 and 30 April 2013 363,910,657 363,910,657
annual report
123
2014
31. share capital and share premium (contd)

Treasury shares
The shareholders of the Company, by an ordinary resolution passed at the 29th Annual General Meeting held on 24
October 2013, renewed their approval for the Companys plan to repurchase to its own shares up to a maximum of 10%
of the total issued and fully paid up share capital listed on the Bursa Malaysia Securities Berhad. 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.
The shares repurchased are held as treasury shares as allowed under section 67A of the Companies Act 1965 and are
carried at cost. The Company has a right to reissue these shares at a later date. As treasury shares, the rights attached
as to voting, dividends and participation in other distribution are suspended.
The details of the shares bought back as of 30 April 2014 are as follows:
No. of shares Highest Lowest Average Total

Month bought back price paid price paid price paid consideration
RM RM RM RM
Purchases up to financial year 2013 19,213,300 16,006,177

August13 337,000 1.15 1.03 1.05 352,780
September13 250,000 1.17 1.08 1.11 278,196
November13 424,000 1.11 1.08 1.08 459,844
1,011,000 1,090,820
Disposal of treasury shares (19,213,300) (16,006,177)
1,011,000 1,090,820
The shares were bought using internally generated funds. During the current financial year, 19,213,300 (2013: 40,000,000)
of treasury shares repurchased were sold for a total cash consideration of RM22,602,479 (2013: RM33,498,000). The
difference of RM6,596,302 (RM464,454) between the sales consideration and the carrying amount of the shares has been
credited to the Share Premium Account.
Share premium
The increase in share premium during the year arose from the disposal of treasury shares.
32. retained earnings

In accordance with the Finance Act 2007, the single tier income tax system became effective from the year of assessment
2008. Under this system, tax on a companys profit is a final tax, and dividends paid are exempted from tax in the hands
of the shareholders. Unlike the previous full imputation system, the recipient of the dividend would no longer be able to
claim any tax credit.
Companies with Section 108 tax credit are given an irrevocable option to disregard the tax credit or to continue to utilise
such tax credits until the tax credits are fully utilised or upon the expiry of the 6 year transitional period on 31 December
2013, whichever is earlier. During the transitional period, the Section 108 tax credit will be reduced by any tax credits
utilised and any tax paid will not be added to this account.
The Company had not previously made the irrevocable option to disregard the Section 108 tax credits. Accordingly, the
Company moved to the single tier income tax system upon the expiry of the transitional period on 31 December 2013. Any
remaining balance of the Section 108 tax credits as of that date shall be disregarded.

33. long-term liabilities
2014 2013 2014 2013
RM RM RM RM
Land cost payable (Note 35) 2,871,769 9,871,768
Secured:
Hire-purchase and lease payables (a) 1,140,698 1,201,579 186,246 494,311
Bridging loans (b) 22,588,629 31,089,063
Term loans (c) 255,126,287 318,927,356
Revolving credits (d)
281,727,383 361,089,766 186,246 494,311
Unsecured:
Term loans (c) 32,500,000 58,500,000 32,500,000 58,500,000
Revolving credits (d)
314,227,383 419,589,766 32,686,246 58,994,311
(a) Hire-purchase and lease payables
The Group
2014 2013
RM RM
Minimum lease payments:

Not later than one year 420,156 420,156
Later than 1 year but not later than 5 years 1,148,490 1,233,838
1,568,646 1,653,994
Future finance charges (32,260) (75,115)
Present value of hire-purchase and lease liabilities 1,536,386 1,578,879
Present value of hire-purchase and lease liabilities:

Not later than 1 year 395,688 377,300
More than 1 year and less than 2 years 278,093 395,688
More than 2 years and less than 5 years 862,605 805,891
1,536,386 1,578,879
Analysed as follows:
Due within 12 months (shown under current liabilities) 395,688 377,300
Due after 12 months 1,140,698 1,201,579
1,536,386 1,578,879
annual report
125
2014
33. long-term liabilities (contd)

(a) Hire-purchase and lease payables (contd)
The Company
2014 2013
RM RM
Minimum payment:
Not later than one year 324,000 324,000
Later than 1 year but not later than 5 years 189,000 513,000
513,000 837,000
Future finance charges (18,689) (48,788)
Present value of hire-purchase and lease liabilities 494,311 788,212
Present value of hire-purchase and lease liabilities:

Not later than 1 year 308,065 293,901
More than 1 year and less than 2 years 186,246 308,066
More than 2 years and less than 5 years 186,245
494,311 788,212
Analysed as follows:
Due within 12 months (shown under current liabilities) 308,065 293,901
Due after 12 months 186,246 494,311
494,311 788,212
The hire-purchase and lease payables of the Group and of the Company bear interest at rates ranging from 2.4% to
7.5% and 2.5% (2013: 2.4% to 7.5% and 2.5%) per annum respectively. Interest rates are fixed at the inception of the
hire-purchase and lease arrangements.
The Groups hire-purchase and lease payables are secured by the financial institutions charge over the assets under
hire-purchases/leases.
(b) Bridging loans

2014 2013 2014 2013
RM RM RM RM
Amount repayable 39,477,234 33,731,456

Due within 1 year (Note 36) (16,888,605) (2,642,393)
Long-term portion 22,588,629 31,089,063
The long-term portion of the loans are repayable more than two years and less than five years.

(c) Term loans

2014 2013 2014 2013
RM RM RM RM
Amount repayable 360,655,605 405,444,244 58,500,000 78,000,000

Due within 1 year (Note 36) (73,029,318) (28,016,888) (26,000,000) (19,500,000)
Long-term portion 287,626,287 377,427,356 32,500,000 58,500,000
The long-term portion of the loans

are repayable as follows:
More than 1 year and less than 2 years 125,430,604 110,856,040 26,000,000 26,000,000
More than 2 years and less than 5 years 134,288,954 242,834,562 6,500,000 32,500,000
More than 5 years 27,906,729 23,736,754
287,626,287 377,427,356 32,500,000 58,500,000
As of 30 April 2014, the Group has credit facilities issued under Shariah Principles amounting to RM178,839,261
(2013: RM145,345,290), which were obtained from licensed financial institutions. The facility of a subsidiary company
was secured by a first party legal charge over 7 acres of their freehold land.
The details of significant term loans facilities of the Group are as follows:
(a) term loans with tenure ranging from 15 months to 48 months totalling RM346,761,660 (2013: RM396,940,456);
and
(b) term loans with tenure of 15 years totalling RM8,208,466 (2013: RM8,503,788).
The abovementioned bridging and term loans are secured by way of the following:
(a) the respective subsidiary companies stamped facility agreements;
(b) fixed charges over certain investment properties of subsidiary companies as disclosed in Note 15;
(c) first party legal charge over 2 parcels of freehold land of subsidiary companies held for property development
as disclosed in Note 16;
(d) first party legal charge over certain parcels of leasehold land of subsidiary companies held for property
development as disclosed in Note 16;
(e) a fixed and floating charge by way of a debenture on subsidiary companies present and future assets;
(f) assignment of sales proceeds arising from sale of development properties of certain subsidiary companies;
(g) assignment of all monies in the Housing Development Accounts of certain subsidiary companies, subject to the
provisions of the Housing Development Account Regulations 1991;
(h) assignment of future rental or lease proceeds on development properties of certain subsidiary companies;
(i) first party legal charge over certain building and improvements of subsidiary companies as disclosed in Note 13;
(j) legal assignment of certain subsidiary companies interest under the Joint Venture Agreement (JVA) with a
third party over a parcel of land held for property development; and
(k) legal assignment of a third partys interest under the Supplemental Joint Venture Agreement with another third
party over a parcel of land held for property development.
annual report
127
2014

(d) Revolving credits

2014 2013 2014 2013
RM RM RM RM
Secured:
Amount repayable 17,220,082 15,103,126
Due within 1 year (Note 36) (17,220,082) (15,103,126)
Long-term portion
Unsecured:
Amount repayable 110,000,000 51,000,000 110,000,000 51,000,000
Due within 1 year (Note 36) (110,000,000) (51,000,000) (110,000,000) (51,000,000)
Long-term portion
34. trade payables

Included in the Groups trade payables are retention sums of RM46,001,895 (2013: RM43,196,656) payable to
subcontractors.
The normal credit terms granted to the Group range from 1 to 60 days (2013: 1 to 60 days).
35. other payables and accrued expenses

2014 2013 2014 2013
RM RM RM RM
Other payables 8,210,930 5,273,689 102,362 105,939

Land cost payable 12,822,313 22,197,943
Accrued expenses 8,898,115 16,109,452 487,814 157,822
Deposits received from purchasers and tenants 9,282,761 9,667,334 75,450 74,850
Accrued interest expense 321,528 258,825 321,528 258,825
39,535,647 53,507,243 987,154 597,436
Less: Non-current portion land cost payable (Note 33) (2,871,769) (9,871,768)
36,663,878 43,635,475 987,154 597,436
Other payables comprise amounts outstanding for ongoing costs and operating expenses payable.
Included in other payables of the Group and the Company is an amount of RM49,874 (2013: RM47,610) due to KJ Leisure
Sdn. Bhd., a company in which certain directors of the Company have interest. The said amount, which mainly arose from
payment on behalf, is interest-free, unsecured and repayable on demand.

36. borrowings
2014 2013 2014 2013
RM RM RM RM
Short-Term Borrowings
Secured:
Bank overdrafts 21,500
Bridging loans (Note 33b) 16,888,605 2,642,393
Term loans (Note 33c) 47,029,318 8,516,888
Revolving credits (Note 33d) 17,220,082 15,103,126
81,138,005 26,283,907
Unsecured:
Term loans (Note 33c) 26,000,000 19,500,000 26,000,000 19,500,000
Revolving credits (Note 33d) 110,000,000 51,000,000 110,000,000 51,000,000
136,000,000 70,500,000 136,000,000 70,500,000
217,138,005 96,783,907 136,000,000 70,500,000
The weighted average effective interest rates per annum at the end of the reporting period for borrowings are as
follows:

2014 2013 2014 2013
% % % %
Bank overdrafts 7.3

Bridging loans 5.6 5.5
Term loans 5.4 5.4 4.7 4.7
Revolving credits 3.4 5.2 4.8 4.8
The bank overdrafts and revolving credits of the Group and of the Company are secured by fixed charges over certain
investment properties of subsidiary companies and debentures over the assets of a subsidiary company.
Certain revolving credits of the Company and its subsidiary companies are secured by first legal charges over certain
property development projects of certain subsidiary companies and fixed charges over certain investment properties of
certain subsidiary companies of the Group.
37. corporate guarantees

The Company has provided corporate guarantees to certain financial institutions pertaining to the banking facilities
utilised by its subsidiary companies as of 30 April 2014.
The total amount of corporate guarantees provided by the Company for the abovementioned facilities amounted to
RM735,288,000 (2013: RM710,288,000). The financial guarantees have not been recognised since the fair value on initial
recognition was not material as the financial guarantees provided by the Company did not contribute towards credit
enhancement of the subsidiary companies borrowings in view of the securities pledged by the subsidiary companies as
disclosed in Note 33.
annual report
129
2014
38. capital commitment

As of the end of reporting period, the Group and the Company have the following capital commitments:

2014 2013 2014 2013
RM RM RM RM
Approved and contracted for:

Purchase of land held for property development 27,650,945
Acquisition of subsidiary company 20,493,810 20,493,810
39. related party transactions

Other than as disclosed elsewhere in the financial statements, the related parties and their relationship with the Company
and its subsidiary companies are as follows:
Name of related parties Relationship
Tan Sri Dato Mohamed Mansor bin Fateh Din Director of the Company
Datuk Fong Loong Tuck Director of the Company
Datuk Seri Fateh Iskandar bin Director of the Company
Tan Sri Dato Mohamed Mansor
Fara Inez binti Tan Sri Dato Mohamed Mansor Daughter to the director of the Company
Fong Loong Foon Brother to the director of the Company
Fong Loong Seng Brother to the director of the Company
Fong Kah Ho Nephew to the director of the Company
Pertama Crane & Engineering Sdn. Bhd. A company in which certain directors of the Company have
direct interest
KJ Leisure Sdn. Bhd. A company in which certain directors of the Company have
direct interest
Berapit Holdings Sdn. Bhd. A company in which a director of the Company has direct
interest and is also director of the company
Rio Capital Sdn. Bhd. A company in which a director of the Company has direct
Efidiai Sdn. Bhd. A company in which a director of the Company has direct
Stagebridge Sdn. Bhd. A company in which a director of the Company has direct

39. related party transactions (contd)
Significant transactions undertaken on agreed terms and prices by the Group with their related parties during the
financial year are as follows:
2014 2013
Amount of Outstanding Amount of Outstanding
Transaction Amount Transaction Amount
RM RM RM RM
The Group
Progress billings of properties sold to close
members of the family of certain directors
of the Company 6,820,749 361,795 551,450 327,367
Progress billings of properties sold to a company
in which certain directors of the Company
have interest 13,310,218 924,885 9,679,635 524,919
Progress billings of properties sold to a company
in which certain directors of the Company have
direct interest and are also directors of the
Company 2,915,334 1,083,946
Compensation of key management personnel

2014 2013 2014 2013
RM RM RM RM
Directors
Directors fees 96,000 96,000 96,000 96,000
Salaries and other emoluments 6,466,040 6,459,000 280,500 281,000
Benefits-in-kind 105,600 105,600 30,600 30,600
Total short-term employment benefits 6,667,640 6,660,600 407,100 407,600
Post employment benefits:
EPF 751,985 757,500 33,660 33,720
7,419,625 7,418,100 440,760 441,320
Other key management personnel

Salaries and other emoluments 5,243,585 5,408,566 1,357,381 1,781,658
Benefits-in-kind 6,500 29,200 6,500 29,200
Total short-term employment benefits 5,250,085 5,437,766 1,363,881 1,810,858
Post employment benefits:
EPF 604,324 613,372 152,320 201,150
5,854,409 6,051,138 1,516,201 2,012,008
Total Compensation 13,274,034 13,469,238 1,956,961 2,453,328
annual report
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2014
40. segmental information

(a) Business Segments
The Group is organised into three major businesses:
(i) Property development the development of residential and commercial properties for sale and sale of land
(ii) Construction the construction of buildings
(iii) Property investment the investment of land and buildings held for investment potential and rental income in
future
Other business segments include investment holding which are not separately reported as the segments operations
are not material to the Group.
The accounting policies of the reportable segments are the same as the Groups accounting policies described in
Note 3. Management has determined the operating segments based on the reports viewed by the Chief Executive
Officer (the chief operating decision-maker) for the purpose of resources allocation and assessment of segment
performance.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items comprise corporate income, expenses, assets and liabilities.
(b) Geographical Segments
The Group operates and derives its income in Malaysia. Accordingly, the financial information by geographical
segment has not been presented.

40. segmental information (contd)
Property Property Other
development Construction investment operations Eliminations Consolidated
2014 RM RM RM RM RM RM
REVENUE
External revenue 666,135,510 9,738,225 787,418 676,661,153
Inter-segment
revenue 138,620,900 2,703,548 19,465,180 (160,789,628)
Total revenue 666,135,510 138,620,900 12,441,773 20,252,598 (160,789,628) 676,661,153
RESULTS
Segment results 157,312,625 4,702,634 13,402,673 (323,016) (4,706,462) 170,388,454
Unallocated
corporate
expenses (14,493,196)
Operating profit 155,895,258
Finance costs (9,818,203)
Interest income 7,517,581
Change in
fair value of
investment
properties (86,920)
Provision for
foreseeable
property
development
losses (13,045,513)
Share of profit
of associated
companies 16,818,982
Income tax expense (44,392,962)
Profit for the year 112,888,223
ASSETS
Segment assets 1,048,543,913 43,926,733 18,471,772 103,226,875 1,214,169,293
Investment in
associated
companies 26,046,597 30,252,149 56,298,746
Unallocated
corporate
assets 441,396,773
Consolidated
total assets 1,711,864,812
annual report
133
2014

LIABILITIES
Segment liabilities 454,477,382 16,729,625 11,343,906 70,847,248 553,398,161
Unallocated
corporate liabilities 222,098,196
Consolidated
total liabilities 775,496,357
OTHER INFORMATION
Capital expenditure 750,334 116,957 668,146 50,892 1,586,329
Non-cash expenses
Depreciation and
amortisation 628,592 62,147 386,719 2,660,434 3,737,892
Provision for
foreseeable
property
development
losses 13,045,513 13,045,513
Property, plant
and equipment
written off 39,342 39,342
Refundable deposits
Allowance for
doubtful debts 188,984 188,984
Loss on change in
fair value of
investment properties 86,920 86,920
Loss on disposal
of property, plant
and equipment 397 397

REVENUE
External revenue 668,365,034 9,148,590 3,419,887 680,933,511
Inter-segment
revenue 96,461,799 2,108,754 18,048,857 (116,619,410)
Total revenue 668,365,034 96,461,799 11,257,344 21,468,744 (116,619,410) 680,933,511
RESULTS
Segment results 178,751,995 3,651,899 (529,754) (321,962) (3,654,624) 177,897,554
Unallocated
corporate
expenses (26,320,016)
Operating profit 151,577,538
Finance costs (8,485,735)
Interest income 8,631,912
Change in
fair value of
investment
properties 586,705
Gain on disposal
of investment
properties 10,000
Provision for
foreseeable
property
development
losses (4,001,782)
Share of profit
of associated
companies 5,202,081
Income tax expense (45,263,409)
Profit for the year 108,257,310
annual report
135
2014

ASSETS
Segment assets 1,022,219,328 30,796,010 35,357,475 92,895,021 1,181,267,834
Investment in
associated
companies 23,790,340 16,547,273 40,337,613
Unallocated
corporate assets 374,548,323
Consolidated
total assets 1,596,153,770
LIABILITIES
Segment liabilities 488,477,870 26,641,661 11,561,704 70,829,472 597,510,707
Unallocated
corporate liabilities 160,452,991
Consolidated
total liabilities 757,963,698
OTHER INFORMATION
Capital expenditure 606,391 10,128 423,643 531,683 1,571,845
Non-cash expenses
Depreciation and
amortisation 2,338,493 44,245 415,210 543,936 3,341,884
Provision for
foreseeable property
development
losses 4,001,782 4,001,782
Property, plant
and equipment
written off 669 509 43,878 45,056
Refundable deposits
Bad debts written off 51,395 51,395
Non-cash income
Gain on disposal
of property, plant
and equipment (121,392) (121,392)
Gain on change
in fair value of
investment properties (116,349) (470,356) (586,705)
Gain on disposal of
investment properties (10,000) (10,000)

41. financial instruments
(i) Capital risk management
The Group and the Company manage its capital to ensure that it will be able to continue as a going concern while
maximising returns to its shareholder through the optimisation of debt and equity balance. The Groups and the
Companys overall strategy remain unchanged from 2013.
The Group and the Company did not engage in any transaction involving financial derivative instruments during the
financial year.
The Groups and the Companys risk management committee review the capital structure of the Group and the
Company on a regular basis. The Group manages its capital structure and makes adjustments to it in the light of
changes in economic conditions and the risk characteristic of the underlying assets. No changes were made in the
objectives, policies or processes during the financial year ended 30 April 2014.
Gearing ratio
The gearing ratio at end of the reporting period is as follows:

2014 2013 2014 2013
RM RM RM RM
Debt 528,889,307 506,879,205 168,994,311 129,788,212

Deposits, cash and bank balances (333,049,918) (305,049,144) (29,004,507) (43,701,618)
Net debt 195,839,389 201,830,061 139,989,804 86,086,594
Equity 936,368,455 838,190,072 507,073,081 478,959,786

Net debt to equity ratio 21% 24% 28% 18%
Debt is defined as long and short-term borrowings, as described in Notes 33 and 36, excluding land cost payable.
Equity includes all capital and reserves of the Group and the Company that are managed as capital.
Significant Accounting Policies
Details of the significant accounting policies and methods adopted (including the criteria for recognition, the bases
of measurement and the bases for recognition of income and expenses), for each class of financial asset, financial
liability and equity instrument are disclosed in Note 3.
annual report
137
2014
41. financial instruments (contd)

(i) Capital risk management (contd)
Categories of Financial Instruments

2014 2013 2014 2013
RM RM RM RM
Financial assets
Loans and receivables
Trade receivables 142,326,214 99,325,413
Other receivables 31,877,972 56,037,627 115,220 67,472
Amount due from subsidiary companies 326,984,215 241,835,342
Amount due from associated companies 1,478,809
Deposit, cash and bank balances 333,049,918 305,049,144 29,004,507 43,701,618
Available-for-sale
Other investments 4,000,000 4,000,000
Financial liabilities
Other financial liabilities
Term loans 360,655,605 405,444,244 58,500,000 78,000,000
Hire-purchase and lease payables 1,536,386 1,578,879 494,311 788,212
Bank overdrafts 21,500
Bridging loans 39,477,234 33,731,456
Dividend payable 16,353,230 15,943,680 16,353,230 15,943,680
Trade payables 122,209,190 149,435,997 3,234 3,234
Other payables 8,210,930 5,273,689 102,362 105,939
Amount due to associated company 21,436,561
Amount due to subsidiary companies 41,959,014 36,634,507
Deposits received from tenants 4,097,372 1,604,253 75,450 74,850
Accrued expenses 9,219,643 16,368,277 809,342 416,647
Revolving credits 127,220,082 66,103,126 110,000,000 51,000,000
(ii) Financial Risk Management Objectives
The operations of the Group are subject to a variety of financial risk, credit risk, interest rate risk, foreign currency
risk and liquidity risk.
The Group has formulated a financial risk management framework whose principal objective is to minimise
the Groups exposure to risks and/or costs associated with the financing, investing and operating activities of
the Group.
Financial risk management is carried out through risk reviews, internal control systems and adherence to Group
financial risk management policies. The Board regularly reviews these risks and approves the treasury policies,
which cover the management of these risks.

(iii) Credit Risk Management
Credit risk refers to the risk that a counter party will default on its contractual obligation resulting in financial loss
to the Group.
The Group is exposed to credit risk mainly from its customer base, including trade receivables. The Group extends
credit to its customers based upon careful evaluation of the customers financial condition and credit history. Trade
receivables are monitored on an ongoing basis by the Groups credit control department.
Exposure to credit risk
At the end of the reporting period, the Groups and the Companys maximum exposure to credit risk is the carrying
amount of financial assets which are mainly trade and other receivables, amount due from associated companies,
deposits with licensed bank and cash and bank balances.
The Companys maximum exposure to credit risk also includes amount due from subsidiary companies.
The carrying amount of financial assets recognised in the financial statements, which is net of impairment losses,
represents the Groups maximum exposure to credit risk, without taking into account collateral or other credit
enhancements held.
(iv) Interest Rate Risk Management
The Group and the Company are exposed to interest rate risk through the impact of rate changes on interest-bearing
deposits, hire-purchase and lease payables and borrowings.
The Groups and the Companys exposure to interest rates on financial liabilities are detailed in the liquidity risk
management section of this note.
Interest rate exposure is measured using sensitivity analysis as disclosed below:
Interest rate sensitivity analysis
The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and
non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared
assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole
year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management
personnel and represents managements assessment of the reasonably possible change in interest rates.
If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Groups
profit for the year ended 30 April 2014 would decrease/increase by RM2,636,765 (2013: RM2,526,502). This is mainly
attributable to the Groups exposure to interest rates on its variable rate borrowings.
The Groups sensitivity to interest rates has increased during the current period mainly due to the increased in
variable rate debt instruments.
annual report
139
2014

(v) Foreign Currency Risk Management
Foreign exchange exposures in transactional currencies other than functional currencies of the operating entities
are kept to an acceptable level.
The carrying amounts of the Groups and of the Companys foreign currency denominated monetary assets and
monetary liabilities at the end of the reporting period are as follows:

2014 2013 2014 2013
RM RM RM RM
Assets
Australian Dollar (AUD) 656,039 2,199,586 19,147,551
Liabilities
Australian Dollar (AUD) 22,790 5,514 4,398,714
Foreign currency sensitivity analysis
The Group is mainly exposed to the Australian Dollar.
The following table details the Groups sensitivity to a 10% increase and decrease in the RM against the relevant
foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management
personnel and represents managements assessment of the reasonably possible change in foreign exchange rates.
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their
translation at the period end for a 10% change in foreign currency rates. The sensitivity analysis includes external
loans as well as loans from/to foreign operations within the Group where the denomination of the loan is in a currency
other than the currency of the lender or the borrower. A positive number below indicates an increase in profit and
other equity where the RM weakens 10% against the relevant currency. For a 10% strengthening of the RM against
the relevant currency, there would be a comparable impact on the profit and other equity, and the balances below
would be negative.

Profit or loss Profit or loss
2014 2013 2014 2013
RM RM RM RM
Impact of AUD 63,325 219,407 439,871 1 ,914,755
This is mainly attributable to the exposure outstanding on AUD receivables and payables in the Group at the end of
the reporting period.
In managements opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because
the year end exposure does not reflect the exposure during the year. During the financial year, no other transaction
denominated in foreign currency was undertaken by the Group.

(vi) Liquidity Risk Management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an
appropriate liquidity risk management framework for the management of the Groups short, medium and long-
term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate
reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash
flows, and by matching the maturity profiles of financial assets and liabilities.
The following tables detail the Groups and the Companys remaining contractual maturity for its non-derivative
financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash
flows of financial liabilities based on the earliest date on which the Group can be required to pay. The tables include
both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is
derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest
date on which the Group may be required to pay.
Liquidity and interest risk table
Weighted
average
effective Less than
The Group interest rate 1 year 1-2 years 2-5 years 5+ years Total
30 April 2014 % RM RM RM RM RM
Non- interest bearing 173,016,482 10,273,141 19,673,679 202,963,302

Hire-purchase
and finance
lease liability 4.17 420,156 420,156 728,334 1,568,646
Variable interest
rate instruments 5.12 239,383,922 162,469,378 145,857,438 34,694,807 582,405,545
Weighted
average
effective Less than
The Company interest rate 1 year 1-2 years 2-5 years 5+ years Total
Non-interest bearing 17,343,618 17,343,619

Hire-purchase
and finance
lease liability 2.5 324,000 189,000 513,000
Variable interest
rate instruments 4.75 187,810,509 27,071,525 6,576,538 221,458,572
Financial guarantee*
annual report
141
2014

(vi) Liquidity Risk Management (contd)
Liquidity and interest risk table (contd)
Weighted
average
effective Less than
The Group interest rate 1 year 1-2 years 2-5 years 5+ years Total
Non- interest bearing 185,076,705 18,535,482 12,349,929 215,962,116

Hire-purchase
and finance
lease liability 4.2 420,156 420,156 813,682 1,653,994
Variable interest
rate instruments 5.0 118,948,285 164,599,038 252,629,990 29,469,129 565,646,442
Weighted
average
effective Less than
The Company interest rate 1 year 1-2 years 2-5 years 5+ years Total
Non-interest bearing 16,544,350 16,544,350

Hire-purchase
and finance
lease liability 2.5 324,000 324,000 189,000 837,000
Variable interest
rate instruments 4.9 106,137,422 22,102,275 48,000,225 176,239,922
Financial guarantee*
* At the end of the reporting period, it was not probable that the counterparties to financial guarantee contracts will
claim under the contracts. Consequently, the amount included above is nil.
Fair Value of Financial Instruments
The carrying amounts of financial assets and financial liabilities of the Group and of the Company approximate their
fair values due to the relatively short-term maturity period for these financial instruments except as follows:

2014 2013 2014 2013
RM RM RM RM
Financial assets
Available-for-sale
Other investments 4,000,000 4,000,000
Financial liabilities
Other financial liabilities
Trade payables 122,209,190 149,435,997
Hire-purchase and lease payables 1,536,386 1,578,879 494,311 788,212
Term loans 360,655,605 405,444,244 58,500,000 78,000,000

(vi) Liquidity Risk Management (contd)
Fair Value of Financial Instruments (contd)
It is not practical to estimate the fair value of unquoted investments of the Group as there is a lack of quoted market
prices and related information.
Trade payables, land cost payable, hire-purchase and lease payables and term loans
The fair value of trade payables, land cost payable, hire-purchase and lease payables, and term loans are determined
using the present value of future cash flows estimated and discounted using the current interest rates for similar
instruments at the end of the reporting period.
42. subsidiary and associated companies

Effective Equity
Interest
Name of company 2014 2013 Principal Activities
% %
Subsidiary companies
Incorporated in Malaysia
Anugerah Armada Sdn. Bhd.# 100 100 Property development and investment
Bangi Integrated Corporation Sdn. Bhd. 100 100 Property investment
Berapit Development Sdn. Bhd.# 100 100 Dormant
BH Interiors Sdn. Bhd. #
100 100 Dormant
Dunia Heights Sdn. Bhd.# 100 100 Property development and investment
Elmina Equestrian Centre 100 100 Property development and investment
(Malaysia) Sdn. Bhd.#
Glomac Alliance Sdn. Bhd. 100 100 Property development and investment
Glomac Consolidated Sdn. Bhd.# 100 100 Property development and investment
Glomac City Sdn. Bhd. #
100 100 Property investment
Glomac Damansara Sdn. Bhd. 100 100 Property development and investment
Glomac Enterprise Sdn. Bhd. 100 100 Property development and investment holding
Glomac Group Management 100 100 Property development, investment holding
Services Sdn. Bhd.# and project management
Glomac Jaya Sdn. Bhd. 100 100 Property development and investment
Glomac Land Sdn. Bhd. #
100 100 Property development and investment
Glomac Leisure Sdn. Bhd.# 100 100 Dormant
Glomac Maju Sdn. Bhd. 100 100 Property development and investment
Glomac Nusantara Sdn. Bhd.# 100 100 Property investment
Glomac Property Services Sdn. Bhd.# 100 100 Property management
Glomac Rawang Sdn. Bhd. 100 100 Property development and investment
annual report
143
2014
42. subsidiary and associated companies (contd)

Effective Equity
Interest
% %
Subsidiary companies (contd)
Incorporated in Malaysia (contd)

Glomac Real Estate Sdn. Bhd. 100 100 Dormant
Glomac Realty Sdn. Bhd.# 100 100 Investment holding
Glomac Regal Sdn. Bhd. 100 100 Property investment
Glomac Resources Sdn. Bhd. 100 100 Property development and investment
Glomac Restaurants Sdn. Bhd.* 100 100 Investment holding
Glomac Segar Sdn. Bhd.# 100 100 Property development and investment
Glomac Sutera Sdn. Bhd. #
Glomac Vantage Sdn. Bhd. 100 100 Property development and investment
Kelana Centre Point Sdn. Bhd.*# 100 100 Property investment and management
Kelana Seafood Centre Sdn. Bhd.* 100 100 Dormant
Magic Season Sdn. Bhd.# 100 100 Dormant
Magnitud Teknologi Sdn. Bhd. #
100 100 Dormant
OUG Square Sdn. Bhd.# 100 100 Dormant
Prisma Legacy Sdn. Bhd.* #
100 100 Dormant
Prima Sixteen Sdn. Bhd.* 100 100 Dormant
Regency Land Sdn. Bhd. 100 100 Property development and investment
Sungai Buloh Country Resort Sdn. Bhd.# 100 100 Dormant
Glomac Thailand Sdn. Bhd. #
100 100 Dormant
Glomac Power Sdn. Bhd.# 85.7 85.7 Investment holding
FDA Sdn. Bhd. 70 70 Property development and investment
Glomac Excel Sdn. Bhd. #
60 60 Dormant
Glomac Utama Sdn. Bhd. 60 60 Investment holding
Prominent Excel Sdn. Bhd. #
60 60 Car park operators and manager
Glomac Al Batha Sdn. Bhd. 51 51 Property development and investment holding
Glomac Al Batha Mutiara Sdn. Bhd.* 51 51 Property development and investment
Glomac Bina Sdn. Bhd. 51 51 Building contractor
Glomac Kristal Sdn. Bhd. #
FDM Development Sdn. Bhd.# 100 100 Property development and investment
Berapit Properties Sdn. Bhd. #
Kelana Property Services Sdn. Bhd.# 100 100 Property management
Berapit Pertiwi Sdn. Bhd.# 100 100 Property investment

42. subsidiary and associated companies (contd)
Effective Equity
Interest
% %
Subsidiary companies (contd)
Incorporated in Malaysia (contd)

Kelana Kualiti Sdn. Bhd.# 100 100 Property development and investment
Glomac Cekap Sdn. Bhd.# 100 100 Dormant
Magical Sterling Sdn. Bhd. #
Crest Dollars Sdn. Bhd.# 100 100 Dormant
Incorporated in Australia
Glomac Australia Pty Ltd.# 100 100 Investment holding
Associated companies
Incorporated in Malaysia
Irama Teguh Sdn. Bhd. 30 30 Investment holding
(held through PPC Glomac Sdn. Bhd.)#
PPC Glomac Sdn. Bhd 30 30 Turnkey contractor
(held through Glomac Power Sdn. Bhd.)#
Incorporated in Australia
VIP Glomac Pty. Ltd. 45.45 45.45 Trustee management
(held through Glomac Australia
Pty Ltd)#
VIP Glomac Unit Trust 45.85 45.85 Real estate investment
(held through Glomac Australia
Pty Ltd)#
* Interest held through subsidiary companies.

#
The financial statements of these companies are examined by auditors other than the auditors of the Company.
43. material litigation

There is no material litigation which will adversely affect the position or business of the Group.
annual report
145
2014
44. significant events

(i) On 14 March 2014, a wholly owned subsidiary Elmina Equestrian Centre (Malaysia) Sdn. Bhd. (EEC) entered into
a Sale and Purchase Agreement with Pertubuhan Peladang Kawasan Kuala Selangor for the acquisition of 62.58
acres of leasehold land at Mukim Ijuk, Daerah Kuala Selangor, Negeri Selangor for a total purchase consideration
of RM23.0 million. EEC has paid the 10% deposit and the Sale and Purchase Agreement is subject to conditions
precedent to be fulfilled by all parties.
(ii) On 21 March 2014, Glomac Berhad entered into a Sale and Purchase of Shares Agreement (SSA) for the acquisition
of the entire issued and paid-up capital of Precious Quest Sdn Bhd for a total purchase consideration of RM22,768,900.
Glomac Berhad has paid the 10% deposit and the SSA is subject to conditions precedent to be fulfilled by all parties.
The proposed acquisition is expected to be completed during the financial year ending 30 April 2015.
(iii) On 3 October 2013, a 45.85% owned associated company, VIP Glomac Unit Trust concluded a Contract of Sale of
Real Estate for disposal of an investment property in Melbourne, Australia for a total consideration of AUD43.8
million resulting in gain on disposal of investment property of AUD11,298,437. This has resulted in a share of profit
in associated company of AUD5,180,333 or equivalent to RM15,368,062
(iv) On 24 March 2014, a wholly-owned subsidiary Anugerah Armada Sdn. Bhd. (AASB) entered into a Sale and Purchase
Agreement for the acquisition of 3,147 square meters of leasehold land at Lot 13720, Pekan Kayu Ara, Daerah
Petaling, Negeri Selangor for a total purchase consideration of RM7,723,272. AASB has paid the 10% deposit and the
Sale and Purchase Agreement is subject to conditions precedent to be fulfilled by all parties.
45. subsequent events

On 26 September 2013, Maybank Investment Bank Berhad (MIBB) had, on behalf of the Board announced that the
Company intended to establish and implement an employees share scheme (ESS) of up to eight percent (8%) of the
issued and paid-up share capital (excluding treasury shares) of the Company at any point in time for the option(s) to
subscribe for and/or award of ordinary shares of RM0.50 each in Glomac Berhad (Glomac) to the eligible employees
and Executive Directors of Glomac and its subsidiary companies, excluding subsidiary companies which are dormant,
who fulfill the criteria for eligibility, which will be stipulated in the by-laws governing the Proposed ESS.
On 30 September 2013, the listing application to Bursa Malaysia Securities Berhad pursuant to the Proposed ESS was
submitted. On 8 October 2013, Bursa Malaysia Securities Berhad resolved to approve the listing of such number of the
Company new shares, representing up to four percent (4%) of the issued and paid-up ordinary share capital of Glomac
(excluding treasury shares), to be issued pursuant to the exercise of ESS Options under the Proposed ESS. The proposed
ESS was approved by the shareholders at the Companys EGM held on 24 October 2013.
On 2 May 2014, the Company granted 5,523,552 units of share options and 6,812,076 units of share grants to eligible
executive directors, eligible employees of the Company and/or its eligible subsidiary companies.

supplementary information
disclosure on realised and unrealised profits
On 25 March 2010, Bursa Malaysia Securities Berhad (Bursa Malaysia) issued a directive to all listed issuers pursuant to
Paragraph 2.06 and 2.23 of the Bursa Securities Main Market Listing Requirements. The directive requires all listed issuers to
disclose the breakdown of the retained earnings or accumulated losses as of the end of the reporting period, into realised and
unrealised profits or losses.
On 20 December 2010, Bursa Malaysia further issued guidance on the disclosure and the prescribed format of disclosure.
The breakdown of the retained earnings of the Group and of the Company as of 30 April 2014 into realised and unrealised
profits or losses, pursuant to the directive, is as follows:

2014 2013 2014 2013
RM000 RM000 RM000 RM000
Total retained earnings of the Group and the Company

Realised 499,918 437,375 86,109 79,929
Unrealised 21,240 15,753 2,988 2,567
Total share of retained profits from associated companies

Realised 37,424 21,462
558,582 474,590 89,097 82,496
Less: Consolidation adjustments (88,834) (77,790)
Total retained earnings as per statements
of financial position 469,748 396,800 89,097 82,496
The determination of realised and unrealised profits or losses is based on Guidance of Special Matter No. 1 Determination of
Realised and Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa Securities Listing Requirements as
issued by the Malaysian Institute of Accountants on 20 December 2010. A charge or credit to the profit or loss of a legal entity
is deemed realised when it is resulting from the consumption of resource of all types and form, regardless of whether it is
consumed in the ordinary course of business or otherwise. A resource may be consumed through sale or use. Where a credit
or a charge to the profit or loss upon initial recognition or subsequent measurement of an asset or a liability is not attributed
to consumption of resource, such credit or charge should not be deemed as realised until the consumption of resource could
be demonstrated.
This supplementary information has been made solely for complying with the disclosure requirements as stipulated in the
directive of Bursa Malaysia Securities Berhad and is not made for any other purposes.
annual report
147
2014
statement by directors
The directors of GLOMAC BERHAD state that, in their opinion, the accompanying financial statements are drawn up in
accordance with Financial Reporting Standards and the provisions of the Companies Act, 1965 in Malaysia so as to give a true
and fair view of the financial position of the Group and of the Company as of 30 April 2014 and of the financial performance and
the cash flows of the Group and of the Company for the year ended on that date.
The supplementary information set out on page 147, which is not part of the financial statements, is prepared in all material
respects, in accordance with Guidance on Special Matter No. 1 Determination of Realised and Unrealised Profits or Losses
in the Context of Disclosure Pursuant to Bursa Malaysia Securities Berhad Listing Requirements as issued by the Malaysian
Institute of Accountants and the directive of Bursa Malaysia Securities Berhad.
Signed in accordance with a resolution of the Directors,
________________________________________________________________
TAN SRI DATO MOHAMED MANSOR BIN FATEH DIN
________________________________________________________________
DATUK SERI FATEH ISKANDAR BIN TAN SRI DATO MOHAMED MANSOR
Kuala Lumpur
22 August 2014

declaration by the officer primarily responsible
for the financial management of the company
I, ONG SHAW CHING the Officer primarily responsible for the financial management of GLOMAC BERHAD, do solemnly and
sincerely declare that the accompanying financial statements are, in my opinion, correct and I make this solemn declaration
conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act, 1960.
________________________________________________________________
ONG SHAW CHING
Subscribed and solemnly declared by the abovenamed

ONG SHAW CHING at KUALA LUMPUR this
22nd day of August, 2014.
Before me,
COMMISSIONER FOR OATHS

MOHAN A.S. MANIAM (No. W 521)
No. 50, Jalan Hang Lekiu,
50100 Kuala Lumpur.
annual report
149
2014
list of properties and development properties
as at 30 April 2014
a. list of properties
Net Book
Description Age of Value as at
of Asset/ Buildings Size 30 April 2014 Date of
Location Existing Use Tenure (Years) (Sq. Ft.) (RM000) Acquisition
Menara Glomac Office Freehold 2 98,619 75,000 1 January 2012

GM 2003, Lot 73 Building/
Tempat Pekan Sg Pencala Tenanted
Mukim Kuala Lumpur
(Glomac Damansara)
C-01 C-06 Office Freehold 7 28,012 13,446 3 August 2006

Jalan SS7/13A Building/
Plaza Kelana Jaya Tenanted
47301 Kelana Jaya
Petaling Jaya
(Plaza Kelana Jaya
Phase II)
Geran 40006 Luxurious Freehold 6 30,314 16,051 26 August 2008

Lot 58 & Geran 33299 Condominium
Lot 122, Section 63
in the Town and
District of Kuala Lumpur
(GRSB Suria Stonor)
Geran 40006 Luxurious Freehold 6 56,200 36,277 22 October 2010

Lot 58 & Geran 33299 Condominium
Lot 122, Section 63
in the Town and
District of Kuala Lumpur
(BPSB Suria Stonor)
b. list of development properties
Net Book
Value as at
Description of Asset/ Size 30 April 2014 Date of
Location Existing Use Tenure (Acre) (RM000) Acquisition
Wilayah Persekutuan
GM 2003, Lot 73 Land approved for Freehold 3.0 166,139 18 December 2006
Tempat Pekan Sg Pencala mixed development/
Mukim Kuala Lumpur Vacant
(Glomac Damansara)

Net Book
Value as at
Selangor
Geran 44783 Lot 3443 & Land approved for Freehold 43.0 39,453 5 March 2004
Geran 47896 of PT 9889 development/Vacant
to PT 9904 Lot 4382
Mukim Ulu Langat
Daerah Ulu Langat
(Suria Residen)
HS(D) 266265, PT 47868 Land approved for Freehold 0.2 6,554 1 July 2008
Mukim of Sungai Buloh commercial development/
Daerah Petaling Development in progress
(Mutiara Damansara)
HS(D) 135936 Lot PT 1 Land approved for 99 years 1.7 33,497 13 November 2009
Pekan Kayu Ara commercial development/ leasehold,
Daerah Petaling Development in progress expiring
Negeri Selangor 05.04.2099
(Glomac Centro)
HS(D) 135937 Lot PT 2 Land approved for 99 years 3.1 14,689 13 November 2009
Pekan Kayu Ara commercial development/ leasehold,
Daerah Petaling Vacant expiring
Negeri Selangor 05.04.2099
HS (D) 1127 Land approved for 99 years 16.9 9,302 18 August 2003
Lot P.T. 837 mixed residential and leasehold,
Mukim of Ijok commercial development/ expiring
District of Kuala Selangor Development in progress 17.04.2089
(Saujana Utama III)
HS (D) 2025 2030 Land approved for 99 years 16.5 3,631 3 July 1995
Lot P.T. 1887 1892 residential development/ leasehold,
Mukim of Ijok Vacant expiring
District of Kuala Selangor 22.06.2094
Hakmilik 17412 & 17413 Land approved for 99 years 4.5 1,371 5 October 2009
Lot 3799 & 3800 residential development/ leasehold,
(Bukit Saujana)
HS (D) 2452 Land approved for 99 years 10.0 2,106 27 July 1995
Lot P.T. 1685 residential development/ leasehold,
HS (D) 5472 & 5473 Land held for mixed 99 years 199.7 69,778 17 Feb 2012
Lot P.T. 9147 & 9148 residential and commercial leasehold,
Mukim of Ijok expiring
(Saujana Utama IV)
annual report
151
2014
list of properties and development properties (contd)
as at 30 april 2014
Net Book
Value as at
HS (D) 4766 & 4767 Land held for mixed 99 years 230.1 98,730 5 November 2012/
Lot 6983 & 6984 residential and commercial leasehold, 1 June 2012
Mukim Dengkil expiring
Daerah Sepang 30.12.2058
(Saujana KLIA)
HS(D) 112510 Land aprroved for mixed 99 years 159.2 144,553 21 January 2011
PT2063 development/vacant leasehold,
Mukim Petaling expiring
(Puchong) 15.06.2088
P121A located at parent Land approved for Freehold 4.1 34,422 30 August 2010
Lot No 43988 commercial building/
Geran 170283 Vacant
Mukim of Dengkil
District of Sepang
(Cyberjaya 2)
Geran 90687 Lot 36468 Land approved for Freehold 3.2 24,862 1 April 2008
Geran 90688 Lot 36470 & commercial building/
Geran 102858 Lot 36469 Vacant
Seksyen 40
Bandar Petaling Jaya
Daerah Petaling
Negeri Selangor
(Plaza Kelana Jaya
Phase IV)
Lot P128A Land approved for Freehold 1.4 5,863 18 January 2008
(Part of Lot 43987) commercial development/
Mukim of Dengkil Vacant
Daerah Sepang
(Cyberjaya)
Johore
Lot 2265 & 888 Land approved for Freehold 84.3 32,365 25 September 1995
Geran No. 18689 & 20146 mixed housing development/
Mukim of Kota Tinggi Development in progress
District of Kota Tinggi
(Sri Saujana)
Malacca
Lot No. 1183 Land approved for 99 years 10.0 14,080 18 October 1995
Town of Kawasan Bandar VI mixed residential and leasehold,
District of Melaka Tengah commercial development/ expiring
Melaka Vacant 17.11.2095
(Taman Kota Laksamana)

analysis of shareholdings
as at 29 August 2014
Authorised Capital : RM500,000,000.00
Issued Capital : 727,821,313
Paid-up Capital : RM363,910,656.50
Type of Shares : Ordinary Shares of RM0.50 each
No. of Shareholders : 6,661
Voting Rights : One vote per ordinary share
a. distribution of shareholdings
No. of Total % of issued

Size of Holdings Holders % of holders Holdings capital
Less than 100 81 1.22 2,308 0.0003

100 1,000 444 6.67 300,042 0.0413
1,001 to 10,000 4,587 68.86 21,024,352 2.8887
10,001 to 100,000 1,315 19.74 39,963,607 5.4908

100,001 to less than 5% of issued shares 230 3.45 316,861,538 43.5356
5% and above of issued shares 4 0.06 349,669,466 48.0433
Total 6,661 100.00 727,821,313 100.00
b. list of thirty (30) largest shareholders
Name of Shareholders No. of Shares %
1 Mohamed Mansor bin Fateh Din 144,536,198 19.86

2 Cimsec Nominees (Tempatan) Sdn Bhd 90,331,088 12.41
CIMB Bank for Fateh Iskandar bin Mohamed Mansor
3 Lembaga Tabung Haji 72,782,100 10.00
CIMB Bank for Fong Loong Tuck
5 Fong Loong Tuck 25,238,416 3.47
CIMB for Fateh Iskandar bin Mohamed Mansor
7 RHB Capital Nominees (Tempatan) Sdn Bhd 20,000,000 2.75
Pledged Securities Account for Fong Loong Tuck
8 Alliancegroup Nominees (Tempatan) Sdn Bhd 17,800,000 2.44
9 Amanahraya Trustees Berhad 16,418,100 2.26
Public Smallcap Fund
10 Citigroup Nominees (Tempatan) Sdn Bhd 10,126,000 1.39
annual report
153
2014
analysis of shareholdings (contd)
as at 29 August 2014
b. list of thirty (30) largest shareholders (contd)
Name of Shareholders No. of %

Shares
11 Malaysia Nominees (Tempatan) Sendirian Berhad 9,551,000 1.31

Great Eastern Life Assurance (Malaysia) Berhad
Employees Provident Fund Board
13 HSBC Nominees (Tempatan) Sdn Bhd 8,779,700 1.21
HSBC (M) Trustee Bhd for MAAKL Al-Fauzan
14 Citigroup Nominees (Asing) Sdn Bhd 7,416,300 1.02
CBNY for Dimensional Emerging Markets Value Fund
HSBC (M) Trustee Bhd for MAAKL Al-Faid
HSBC (M) Trustee Bhd for MAAKL Dividend Fund
Bank Negara Malaysia National Trust Fund
Public Islamic Opportunities Fund
21 RHB Capital Nominees (Tempatan) Sdn Bhd 4,000,000 0.55
Pledged Securities Account for Oon Poh Choo
22 RHB Nominees (Tempatan) Sdn Bhd 3,792,000 0.52
DMG & Partners Securities Pte Ltd for Lee Chee Seng
23 Maybank Nominees (Tempatan) Sdn Bhd 3,453,000 0.47
Pledged Securities Account for Lim Gim Leong
CBNY for Emerging Market Core Equity Portfolio
25 KAF Trustee Berhad 3,220,000 0.44
KAF Fund Management Sdn Bhd For Abu Talib Bin Othman
26 Fara Inez binti Mohamed Mansor 3,200,000 0.44
27 Fara Eliza binti Mohamed Mansor 3,200,000 0.44
28 Carrie Fong Kah Wai 3,000,000 0.41
Public Strategic Smallcap Fund
CBNY for DFA Emerging Markets Small Cap Series
Total 562,100,294 77.22

c. substantial shareholders
Name of Substantial Shareholders No. of Shares Held %

Direct Indirect
1. Tan Sri Dato Mohamed Mansor bin Fateh Din 144,536,198 19.86
2. Datuk Fong Loong Tuck 116,392,096* 16.00
3. Datuk Seri Fateh Iskandar bin Tan Sri Dato Mohamed Mansor 113,778,600* 15.63
4. Lembaga Tabung Haji 75,142,200 10.32
* Include shares held by Nominee Companies.
d. directors shareholdings
Name of Directors No. of Shares Held %
Direct Indirect
1. Tan Sri Dato Mohamed Mansor bin Fateh Din 144,536,198 19.86
2. Datuk Fong Loong Tuck 116,392,096* 16.00
3. Datuk Seri Fateh Iskandar bin Tan Sri Dato Mohamed Mansor 113,778,600* 15.63
4. Dato Ikhwan Salim bin Dato Hj Sujak 20,800 0.003
5. Datuk Ali bin Tan Sri Abdul Kadir 1,830,000* 0.25
6. Chong Kok Keong 913,000 0.13
* Include shares held by Nominee Companies.
annual report
155
2014
notice of 30th annual general meeting
NOTICE IS HEREBY GIVEN THAT the 30th Annual General Meeting of Glomac Berhad (Glomac or Company) will be held
at Dewan Perdana, Bukit Kiara Equestrian & Country Resort, Jalan Bukit Kiara, Off Jalan Damansara, 60000 Kuala Lumpur
on Friday, 17 October 2014 at 9.30 a.m. for the following purposes:
agenda
AS ORDINARY BUSINESS
1. To receive the Audited Financial Statements for the financial year ended 30 April 2014 together with (Please refer
the Reports of the Directors and Auditors thereon. to Note A)
2. To approve a Final Single Tier Dividend of 2.65sen per ordinary share of RM0.50 each for the financial Resolution 1
year ended 30 April 2014.
3. To approve the Directors fees for the financial year ended 30 April 2014. Resolution 2
4. To re-elect the following Directors, who retire in accordance with Article 84 of the Companys Articles
of Association and, being eligible, have offered themselves for re-election:
(i) Datuk Fong Loong Tuck Resolution 3
(ii) Datuk Ali bin Tan Sri Abdul Kadir Resolution 4
5. To re-appoint Messrs Deloitte (formerly known as Deloitte KassimChan) (AF 0080) as the Auditors of Resolution 5
the Company and to authorise the Directors to fix their remuneration.
AS SPECIAL BUSINESS
6. To consider and if thought fit, to pass the following ordinary resolution pursuant to Section 129(6) of
the Companies Act, 1965:
THAT Tan Sri Dato Mohamed Mansor bin Fateh Din who is over the age of seventy (70) years and Resolution 6
retiring in accordance with Section 129(2) of the Companies Act, 1965, be and is hereby re-appointed
as a Director of the Company and to hold office until the conclusion of the next Annual General
Meeting.
To consider and if thought fit, to pass the following ordinary resolutions of the Company:
7. CONTINUING IN OFFICE AS INDEPENDENT NON-EXECUTIVE DIRECTORS OF

THE COMPANY
(i) THAT Dato Ikhwan Salim Bin Dato Hj Sujak (appointed on 9 February 2000), who has served as Resolution 7
an Independent Non-Executive Director for more than nine (9) years, shall continue to act as an
Independent Non-Executive Director of the Company.
(ii) THAT Mr Chong Kok Keong (appointed on 21 September 2000), who has served as an Independent Resolution 8
Non-Executive Director for more than nine (9) years, shall continue to act as an Independent
Non-Executive Director of the Company.
8. AUTHORITY TO ISSUE SHARES PURSUANT TO SECTION 132D OF THE COMPANIES ACT, 1965
THAT, subject always to the Companies Act, 1965, (Act), the provisions of the Memorandum and Resolution 9
Articles of Association of the Company and other relevant regulatory authorities, the Directors of the
Company (Board) be and are hereby empowered, pursuant to Section 132D of the Act, to allot and
issue shares in the Company at any time and upon such terms and conditions and for such purposes as
the Board may in their discretion deem fit and expedient in the interest of the Company, provided that
the aggregate number of shares issued pursuant to this resolution does not exceed 10% of the issued
share capital of the Company for the time being AND THAT the Board be and is also empowered to
obtain the approval for the listing and quotation of the additional shares so issued on Bursa Malaysia
Securities Berhad (Bursa Securities) AND FURTHER THAT such authority shall continue to be in
force until the conclusion of the next Annual General Meeting (AGM) of the Company.

9. PROPOSED RENEWAL OF AUTHORITY FOR SHARE BUY-BACK
THAT, subject to the Act, provisions of the Memorandum and Articles of Association of the Company, Resolution 10
the Main Market Listing Requirements of Bursa Securities (Main Market LR) and other relevant
regulatory authorities, the Company be and is hereby authorised to exercise a buy-back of its ordinary
shares as determined by the Board from time to time through Bursa Securities upon such terms
and conditions as the Board in their discretion deem fit and expedient in the interest of the Company
(Proposed Share Buy-Back) provided that:
(i) the maximum number of ordinary shares which may be purchased or held by the Company
shall be equivalent to 10% of the issued and paid-up share capital of the Company at the point of
purchase;
(ii) the maximum amount of funds to be allocated by the Company for the purpose of purchasing its
shares shall not exceed the retained profits and/or share premium account of the Company at the
time of the purchase(s);
(iii) the authority conferred by this resolution will commence immediately upon passing of this ordinary
resolution and will continue to be in force until:
(a) the conclusion of the next AGM of the Company at which time it will lapse, unless the authority
is renewed by a resolution passed at a general meeting, either unconditionally or subject to
conditions; or
(b) the expiration of the period within which the next AGM after that date is required by law to be
held; or
(c) revoked or varied by ordinary resolution passed by the shareholders in general meeting,
whichever occurs first, but not so as to prejudice the completion of purchase(s) by the Company
before the aforesaid expiry date and, in any event, in accordance with the provisions of the Main
Market LR and any prevailing laws, rules, regulations, orders, guidelines and requirements
issued by any relevant authorities; and
(iv) upon completion of the purchase(s) of the its shares by the Company, the Board be and is hereby
authorised to:
(a) cancel the shares so purchased; or
(b) retain the shares so purchased as treasury shares, either to be distributed as dividends to the
shareholders and/or resold on the market of Bursa Securities;
(c) retain part of the shares so purchased as treasury shares and cancel the remainder; or
(d) deal in any other manner as prescribed by the Act, rules, regulations and orders made
pursuant to the Act and the Main Market LR and any other relevant authority for the time being
in force
AND THAT the Board be and is hereby authorised to take do all such acts, deeds and things as they
may consider expedient or necessary in the best interest of the Company to give full effect to the
Proposed Share Buy-Back with full powers to assent to any condition, modification, variations and/or
amendment as may be imposed by the relevant authorities and to do all such steps, acts and things as
the Board may deem fit and expedient in the best interest of the Company.
annual report
157
2014
notice of 30th annual general meeting (contd)
10. PROPOSED RENEWAL OF SHAREHOLDERS MANDATE FOR RECURRENT RELATED PARTY

TRANSACTIONS
THAT, the mandate granted by the shareholders of the Company on 24 October 2013, authorising the Resolution 11
Company and its subsidiaries and associated companies to enter into the categories of recurrent related
party transactions of a revenue or trading nature (Proposed Shareholders Mandate), the details of
which are set out in Section 3.0 of the Companys Circular to Shareholders dated 24 September 2014
which are necessary for its day-to-day operations, be and is hereby renewed provided that:
(i) the transactions are in the ordinary course of business and are on normal commercial terms
which are not more favourable to the related parties than those generally available to the public
and are not to the detriment of the minority shareholders of the Company; and
(ii) disclosure is made in the Annual Report of the aggregate value of transactions conducted pursuant
to the shareholders mandate based on the type of transactions, names of the related parties and
their relationship.
AND THAT, such approval shall continue to be in force until:
(i) the conclusion of the next AGM of the Company at which time it will lapse, unless the authority is
renewed by a resolution passed at the meeting;
(ii) the expiration of the period within which the next AGM of the Company is required to be held
pursuant to Section 143(1) of the Act (but shall not extend to such extension as may be allowed
pursuant to Section 143(2) of the Act); or
(iii) revoked or varied by resolution passed by shareholders in general meeting,
whichever is the earlier.
AND FURTHER THAT the Board be and is hereby authorised to complete and do all such acts and
things as they may consider expedient or necessary in the best interest of the Company to give full
effect to the transactions described by this Ordinary Resolution.
11. To transact any other business of the Company of which due notice has been received.
NOTICE OF DIVIDEND ENTITLEMENT AND PAYMENT

NOTICE IS ALSO HEREBY GIVEN THAT a Final Single Tier Dividend of 2.65sen per ordinary share of RM0.50 each in respect
of the financial year ended 30 April 2014, if approved at the forthcoming 30th Annual General Meeting, will be paid on
24 November 2014 to depositors whose names appear in the Record of Depositors on 31 October 2014.
A depositor shall qualify for entitlement only in respect of:

(a) shares transferred to the depositors securities account before 4.00 pm on 31 October 2014 in respect of transfers; and
(b) shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of Bursa Malaysia
Securities Berhad.
By Order of the Board
Mr Ong Shaw Ching (MIA 7819)

Ms Siew Suet Wei (MAICSA 7011254)
Company Secretaries
Kuala Lumpur
24 September 2014

Note A:
This Agenda item is meant for discussion only as under the provisions of Section 169(1) of the Companies Act, 1965 and
Companys Articles of Association, the audited financial statements do not require the formal approval of the shareholders. As
such, this matter will not be put forward for voting.
Proxy
1. A member entitled to attend and vote at the Meeting is entitled to appoint a proxy or proxies to attend and vote in his stead.
The proxy need not be a Member of the Company and Section 149(1)(b) of the Companies Act, 1965 shall not apply.
2. A member shall be entitled to appoint more than one proxy (subject always to a maximum of two (2) proxies at each
meeting) to attend and vote at the same meeting.
3. Where a member appoints more than one (1) proxy (subject always to a maximum of two (2) proxies at each meeting) the
appointment shall be invalid unless he specifies the proportions 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 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. The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly appointed or if
such appointor is a corporation, either under its Common Seal or under the hand of an officer or attorney duly appointed
under a power of attorney.
6. The instrument appointing a proxy must be deposited at the Companys Registered Office at Level 15, Menara Glomac,
Glomac Damansara, Jalan Damansara, 60000 Kuala Lumpur not less than forty-eight (48) hours before the time appointed
for holding the Meeting or any adjournment thereof.
Explanatory Notes to Special Business
1. Resolution 6
Tan Sri Dato Mohamed Mansor bin Fateh Din, who has attained the age of 74 years, has offered himself for re-election as
a Director of the Company and to hold office until the conclusion of the next annual general meeting. The re-appointment,
shall take effect if the proposed Resolution 6 is passed by a majority of not less than three-fourths of such members as
being entitled to vote in person or, where proxies are allowed, by proxy at this 30th AGM of which not less than 21 days
notice has been given.
2. Resolutions 7 and 8
Resolutions 7 & 8 are proposed to enable Dato Ikhwan Salim Bin Dato Hj Sujak and Mr Chong Kok Keong to continue
serving as Independent Directors of the Company to fulfill the requirements of Paragraph 3.04 of the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad and in line with Recommendation 3.3 of the Malaysian Code on
Corporate Governance 2012.
The Nomination Committee and the Board have assessed the independence of all its Independent Directors and is satisfied
that the incumbents have complied with the independence criteria stated under the definition of Independent Director as
defined in the Listing Requirements of Bursa Malaysia Securities Berhad and they are able to provide proper checks and
balances thus bringing an element of objectivity to the Board of Directors.
annual report
159
2014
notice of 30th annual general meeting (contd)
3. Resolution 9
The proposed Resolution 9, if passed, will empower the Directors of the Company, to allot and issue shares in the Company
up to and not exceeding in total 10% of the issued and paid-up share capital of the Company for the time being for such
purposes as they consider would be in the best interests of the Company. This authority will expire at the next Annual
General Meeting of the Company, unless revoked or varied at a general meeting.
This mandate is a renewal to the general mandate which was approved by the shareholders at the 29th AGM held on
24 October 2013. As at the date of this notice, no new shares were issued pursuant to the general mandate which was
approved by the shareholders at the 29th AGM.
The renewed mandate will also enable the Board to take advantage of any strategic opportunity which involve the issue/
placing of shares for investments, acquisitions or to raise fund for investments and/or working capital.
4. Resolution 10
The proposed Resolution 10, if passed, will empower the Board to exercise a buy-back of its ordinary shares up to 10% of
the issued and paid-up share capital of the Company by utilizing the funds allocated which shall not exceed the retained
profits and/or share premium account of the Company. This authority will, unless revoked or varied at a general meeting,
expire at the conclusion of the next AGM of the Company. The details of the proposal are set out in Section 2.0 of the
Circular to Shareholders dated 30 September 2014 which is dispatched together with the Companys abridged version of
the 2014 Annual Report.
5. Resolution 11
The proposed Resolution 11, if passed, will enable the Company and/or its subsidiaries to enter into recurrent related
party transactions or a revenue or trading in nature with related parties which are necessary for the Groups day-to-day
operations and are in the ordinary course of business and are on normal commercial terms which are not more favourable
to the related parties than those generally available to the public and are not to the detriment of the minority shareholders
of the Company. The details of the proposal are set out in Section 3.0 of the Circular to Shareholders dated 30 September
2014 which is dispatched together with the Companys abridged version of the 2014 Annual Report.
Members Entitled to Attend
For the purpose of determining a member who shall be entitled to attend this 30th AGM, the Company shall be requesting
Bursa Malaysia Depository Sdn Bhd in accordance with the provisions under Article 42 of the Companys Articles of Association
and Section 34(1) of the Securities Industry (Central Depositories) Act 1991 to issue a General Meeting Record of Depositors
(ROD) as at 10 October 2014. Only a depositor whose name appears on the ROD as at 10 October 2014 shall be entitled to
attend the said Meeting or appoint proxies to attend and vote on his/her behalf.
STATEMENT ACCOMPANYING NOTICE OF 30TH ANNUAL GENERAL MEETING

Pursuant to Paragraph 8.27(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, there is no
person seeking election as Director of the Company at this 30th AGM.

form of proxy
No. of shares CDS Account No.
I/We ____________________________________________________________ of __________________________________________
________________________________________________________________ being a member of GLOMAC BERHAD (the

Company)
hereby appoint (1) ________________________________________________ (NRIC No.: ___________________________________)
of __________________________________________________________________________________________________________
(*) and/or failing him/her, (2) _______________________________________ (NRIC No.: ___________________________________)
of __________________________________________________________________________________________________________
or THE CHAIRMAN OF THE MEETING, as my/our proxy, to vote for me/us on my/our behalf at the 30th Annual General meeting of
the Company to be held at Dewan Perdana, Bukit Kiara Equestrian & Country Resort, Jalan Bukit Kiara, Off Jalan Damansara, 60000
Kuala Lumpur on Friday, 17 October 2014 at 9.30 a.m. or at any adjournment thereof.
The proportion of *my/our proxies are as follows (this paragraph should be completed only when two proxies are appointed):
First Proxy (1) % Second Proxy (2) %
*My/Our Proxy is to vote as indicated below:

FOR AGAINST
Resolution 1 To approve the Final Single Tier Dividend of 2.65 sen per share
Resolution 2 To approve the payment of Directors fees
Resolution 3 To re-appoint Tan Sri Dato Mohamed Mansor bin Fateh Din who retires pursuant to
Section 129(6) of the Companies Act, 1965
Resolution 4 To re-elect Datuk Fong Loong Tuck who retires in accordance with Article 84 of the
Companys Articles of Association
Resolution 5 To re-elect Datuk Ali bin Tan Sri Abdul Kadir who retires in accordance with Article 84 of
the Companys Articles of Association
Resolution 6 To re-appoint Messrs Deloitte (formerly known as Deloitte KassimChan) as Auditors and
to authorise the Board to fix their remuneration
Resolution 7 To retain Dato Ikhwan Salim Bin Dato Hj Sujak as Independent Non-Executive Director
Resolution 8 To retain Mr Chong Kok Keong as Independent Non-Executive Director
Resolution 9 Proposed authority to allot shares pursuant to Section 132D of the Companies Act, 1965
Resolution 10 Proposed renewal of authority for share buy-back
Resolution 11 Proposed renewal of shareholders mandate for recurrent related party transaction
Please indicate with an X in the appropriate box against each resolution on how you wish your votes to be casted. If no instruction is
given, the Proxy will vote or abstain from voting at his/her discretion.
Signed (and sealed) this _________ day of __________________2014 Signature/Seal ______________________________
Notes:
1. A member entitled to attend and vote at the Meeting is entitled to appoint a proxy or proxies to attend and vote in his stead. The
proxy need not be a Member of the Company and Section 149(1)(b) of the Companies Act, 1965 shall not apply.
2. A member shall be entitled to appoint more than one proxy (subject always to a maximum of two (2) proxies at each meeting) to
attend and vote at the same meeting.
3. Where a member appoints more than one (1) proxy (subject always to a maximum of two (2) proxies at each meeting) the appointment
shall be invalid unless he specifies the proportions 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 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. The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly appointed or if such
appointor is a corporation, either under its Common Seal or under the hand of an officer or attorney duly appointed under a power
of attorney.
6. The instrument appointing a proxy must be deposited at the Companys Registered Office at Level 15, Menara Glomac, Glomac
Damansara, Jalan Damansara, 60000 Kuala Lumpur not less than forty-eight (48) hours before the time appointed for holding the
Meeting or any adjournment thereof.
7. Depositors whose name appear in the Record of Depositors as at 10 October 2014 shall be regarded as members of the company
entitled to attend the AGM or appoint proxy(ies) to attend and vote on his/her behalf.
Affix Stamp
The Company Secretary
Glomac Berhad (110532-M)

Level 15, Menara Glomac
Glomac Damansara
Jalan Damansara
60000 Kuala Lumpur

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financial statements & reports

The Group The Company

Profit before tax 157,281,185 43,602,588

Profit attributable to:

In respect of the financial year ended 30 April 2014:

060 GLOMAC BERHAD (110532-M)

financial_0071 15.9.14.indd 60 24/09/14 3:15 PM

reserves and provisions

issue of shares and debentures

other statutory information

At the date of this report, there does not exist:

Tan Sri Dato Mohamed Mansor bin Fateh Din

062 GLOMAC BERHAD (110532-M)

Number of ordinary shares of RM0.50 each

Shares in the Company

Registered in the name of directors

Number of ordinary shares of RM1.00 each

Shares in a subsidiary company, Glomac Bina Sdn. Bhd.

Registered in the name of director

Shares in a subsidiary company, FDA Sdn. Bhd.

Registered in the name of director

Signed on behalf of the Board in accordance with a resolution of the Directors,

064 GLOMAC BERHAD (110532-M)

Report on the financial statements

Directors Responsibility for the Financial Statements

Report on other legal and regulatory requirements

Other reporting responsibilities

066 GLOMAC BERHAD (110532-M)

The Group The Company

Revenue 5 676,661,153 680,933,511 43,262,800 65,756,597

Other comprehensive (loss)/income

Profit attributable to:

Total comprehensive income attributable to:

Earnings per share (sen)

The accompanying Notes form an integral part of the Financial Statements

The Group The Company

068 GLOMAC BERHAD (110532-M)

EQUITY AND LIABILITIES

Capital and Reserves

The accompanying Notes form an integral part of the Financial Statements

070 GLOMAC BERHAD (110532-M)

Issued Share Retained Treasury

As of 1 May 2012 304,614,311 42,165,380 56,423,398 (34,921,214) 368,281,875

As of 1 May 2013 363,910,657 48,559,469 82,495,837 (16,006,177) 478,959,786

The accompanying Notes form an integral part of the Financial Statements

The Group The Company

CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES

072 GLOMAC BERHAD (110532-M)

CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES

The Group The Company

NET INCREASE/(DECREASE) IN CASH

The Group The Company

The accompanying Notes form an integral part of the Financial Statements

074 GLOMAC BERHAD (110532-M)

The Company is principally involved in property development and investment holding.

2. basis of preparation of the financial statements

Adoption of new and revised Financial Reporting Standards

2. basis of preparation of the financial statements (contd)

Malaysian Financial Reporting Standards Framework (MFRS Framework)

076 GLOMAC BERHAD (110532-M)

FRS 9 Financial Instruments (IFRS 9 issued by IASB in November 2009)1

3. significant accounting policies