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Annual Report (POST MSIA) 2011-2012

This document provides information on the board committees, auditors, company secretary, bankers, subsidiaries, associates and board of directors of Pos Malaysia Berhad. It lists the members and chairpersons of the Audit Committee, Information and Communications Technology Committee, Tender Board Committee, Board Nomination and Remuneration Committee. It also provides the registered office, stock exchange listing, subsidiaries and associates of Pos Malaysia Berhad as well as brief biographies of the members of the Board of Directors.

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0% found this document useful (0 votes)

157 views156 pages

Annual Report (POST MSIA) 2011-2012

Uploaded by

Rehairah Munirah

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Available Formats

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CORPORATE INFORMATION

Board Committees
Audit Committee
Datuk Low Seng Kuan Chairman/Senior Independent Non-Executive Director Dato Wee Hoe Soon @ Gooi Hoe Soon Independent Non-Executive Director Dato Lukman bin Ibrahim Non-Independent Non-Executive Director Dato Ibrahim Mahaludin bin Puteh Independent Non-Executive Director Datuk Low Seng Kuan Senior Independent Non-Executive Director Dato Krishnan a/l Chinapan Independent Non-Executive Director Eshah binti Meor Suleiman Non-Independent Non-Executive Director

Information and Communications Technology Committee

Dato Lukman bin Ibrahim Chairman/Non-Independent Non-Executive Director Dato Ibrahim Mahaludin bin Puteh Independent Non-Executive Director Datuk Low Seng Kuan Senior Independent Non-Executive Director

Share Registrar
Tricor Investor Services Sdn Bhd (Company No: 118401-V) Level 17, The Gardens Nor th Tower Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur Tel : 603-22643883 Fax : 603-22821886

Tender Board Committee

Eshah binti Meor Suleiman Chairperson/Non-Independent NonExecutive Director Dato Ibrahim Mahaludin bin Puteh Independent Non-Executive Director Dato Lukman bin Ibrahim Non-Independent Non-Executive Director Dato Krishnan a/l Chinapan Independent Non-Executive Director

Auditors
KPMG (AF 0758) Char tered Accountants

Company Secretary
Dato Sabrina Albakri binti Abu Bakar (LS 8508)

Bankers
HSBC Amanah Malaysia Berhad Malayan Banking Berhad CIMB Bank Berhad

Board Nomination and Remuneration Committee

Dato Sri Haji Mohd Khamil bin Jamil Non-Independent Non-Executive Chairman Dato Ibrahim Mahaludin bin Puteh Independent Non-Executive Director

Pos Malaysia Berhad

annual report 2012

BOARD OF DIRECTORS
Dato Ibrahim Mahaludin bin Puteh
Independent Non-Executive Director Dato Ibrahim Mahaludin bin Puteh, 60, a Malaysian, was appointed to the Board on 22 August 2007 as Non-Independent Non-Executive Director. On 25 February 2009, he was re-designated as Independent Non-Executive Director. Dato Ibrahim is a member of the Board Nomination and Remuneration Committee, the Audit Committee, the Tender Board Committee and the Information and Communications Technology Committee. Dato Ibrahim holds a Bachelor of Arts (Honours) degree from the University of Malaya and a Master of Business Administration degree from the Manchester Business School, University of Manchester, United Kingdom. Dato Ibrahim is currently the Chairman of Indah Water Konsor tium Sdn Bhd, a position which he held since 1 September 2009. He is also the Chairman of Computer Forms (Malaysia) Berhad since 1 December 2008, and former Chairman of Syarikat Par ticulars of other directorships in public companies: Computer Forms (Malaysia) Berhad (Chairman) Dato Ibrahim attended eleven (11) out of twelve (12) Board meetings held during the financial period under review. Dato Ibrahim does not have any family relationship with any director and/or substantial shareholder of the Company or any conflict of interest with the Company. He has not been convicted of any offence within the past 10 years. Prasarana Negara Berhad. Prior to that, Dato Ibrahim had served in various divisions at the Ministry of Finance since 1974 including as Senior Adviser to the Executive Director for South East Asia at the World Bank Group in Washington D.C. His last post prior to his retirement in 2008 was Deputy Secretary General (Policy) in the Ministry of Finance.

Pos Malaysia Berhad

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BOARD OF DIRECTORS

Datuk Low Seng Kuan

Senior Independent Non-Executive Director Datuk Low Seng Kuan, 65, a Malaysian, was appointed Director of the Company on 1 July 1992, when the Company was corporatised from Jabatan Perkhidmatan Pos. Following the reorganisation exercise of the Pos Malaysia Group in 2007, Datuk Low was re-designated as Independent NonExecutive Director and was simultaneously appointed Senior Independent Director with effect from 21 August 2007. Datuk Low is the Chairman of the Audit Committee, a member of the Board Nomination and Remuneration Committee as well as the Information and Communications Technology Committee. Datuk Low is a Char tered Accountant by profession and is a member of the Malaysian Institute of Accountants. He graduated from the Footscray Institute of Technology (Victoria University) in Business Studies (Accountancy) and the Royal Melbourne Institute of Technology (RMIT) in Industrial Accountancy. Datuk Low has more than 30 years of experience in the manufacturing industry. He was the Managing Director of Malaysian Sheet Glass Sdn Bhd until 31 March 2010. He Datuk Low attended eleven (11) out of twelve (12) Board meetings held during the financial period under review. Par ticulars of other directorships in public companies: Sunway Berhad Be in Health Berhad Datuk Low does not have any family relationship with any director and/or substantial shareholder of the Company or any conflict of interest with the Company. He has not been convicted of any offence within the past 10 years. also serves on the Board of a number of private and government-linked corporations. He is currently the Vice-President of the Federation of Malaysian Manufacturers (FMM) and is formerly its President. He is also the current President of Transparency International Malaysia. Earlier, Datuk Low had served as a Board member of the Malaysian Industrial Development Authority (MIDA) and the Malaysian Institute of Economic Research (MIER).

Pos Malaysia Berhad

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BOARD OF DIRECTORS
Dato Krishnan a/l Chinapan
Independent Non-Executive Director Dato Krishnan a/l Chinapan, 65, a Malaysian, was appointed Director of the Company on 1 July 1992 when the Company was corporatised from Jabatan Perkhidmatan Pos. Following the reorganisation exercise of the Pos Malaysia Group in 2007, Dato Krishnan was re-designated as Independent Non-Executive Director of the Company with effect from 21 August 2007. Dato Krishnan is a member of the Board Nomination and Remuneration Committee and the Tender Board Committee. Dato Krishnan is currently a Director of National Land Finance Co-Operative Society Limited, Nalfin Realities Sdn Bhd and Status Point Sdn Bhd. Dato Krishnan was a Senator in the Parliament from 1986 to 1992. Dato Krishnan does not have any family relationship with any director and/or substantial shareholder of the Company or any conflict of interest with the Company. He has not been convicted of any offence within the past 10 years. Dato Krishnan attended all twelve (12) Board meetings held during the financial period under review. Dato Krishnan does not hold any directorship in any public company.

Pos Malaysia Berhad

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BOARD OF DIRECTORS
Dato Wee Hoe Soon @ Gooi Hoe Soon
Independent Non-Executive Director Dato Wee Hoe Soon @ Gooi Hoe Soon, 51, a Malaysian, was appointed to the Board on 13 August 2007 as Independent Non-Executive Director. He is a member of the Audit Committee. Dato Gooi does not have any family relationship with any Dato Gooi is a member of the Malaysian Institute of Certified Public Accountants and the Malaysian Institute of Accountants. He has more than 30 years of experience in the fields of accounting and corporate finance and was Finance Director of several private and public listed companies. Dato Gooi had been instrumental in the successful implementation of several corporate exercises, which included mergers and acquisitions as well as corporate debt restructuring exercises undertaken by public listed companies. In 1999, Dato Gooi was appointed to the Board of Avenue Capital Resources Berhad as a Non-Executive Director and was subsequently appointed Group Managing Director Dato Gooi attended eleven (11) out of twelve (12) Board meetings held during the financial period under review. Par ticulars of other directorships in public companies: EON Capital Berhad (Chairman) MIMB Investment Bank Berhad (Chairman) Weida (M) Bhd (Chairman) Hup Seng Industries Berhad American International Assurance Bhd director and/or substantial shareholder of the Company or any conflict of interest with the Company. He has not been convicted of any offence within the past ten (10) years. in 2001 and Deputy Chairman in 2004; holding this last post until 2006. He was also the CEO/Executive Director (Dealing) of Avenue Securities Sdn Bhd.

Pos Malaysia Berhad

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BOARD OF DIRECTORS
Dato Lukman bin Ibrahim
Non-Independent Non-Executive Director Dato Lukman bin Ibrahim, 46, a Malaysian, was appointed to the Board on 4 July 2011 as NonIndependent Non-Executive Director. Dato Lukman is the Chairman of the Information and Communications Technology Committee and a member of the Audit Committee and the Tender Board Committee. Dato Lukman obtained his Bachelor of Business Administration degree (Magna Cum Laude) in 1989 and Master of Business Administration degree in 1990 from the Temple University, Philadelphia, U.S.A. He is a Fellow of the Association of Char tered Cer tified Accountants (ACCA), a member of the Malaysian Institute of Cer tified Public Accountants (CPA) and the Malaysian Institute of Accountants (MIA). Dato Lukman attended six (6) out of seven (7) Board Dato Lukman star ted his career in 1989 with Sun Refining and Marketing, Philadelphia, U.S.A. before joining Automotive Corporation (Malaysia) Sdn. Bhd. in 1990. He then joined Proton Berhad in 1991 and established his career with Proton where he spent 17 years of his working life. Immediately prior to him joining DRB-HICOM Berhad, Dato Lukman was the Managing Director of PHN Industry Sdn. Bhd. on a secondment arrangement from Proton. Dato Lukman joined DRB-HICOM in 2008 as Group Chief of Finance Par ticulars of other directorships in public companies: Bank Muamalat Malaysia Berhad meetings held subsequent to his appointment during the financial period under review. Dato Lukman does not have any family relationship with any director and/or substantial shareholder of the Company or any conflict of interest with the Company. He has not been convicted of any offence within the past ten (10) years. and the position was later re-designated to Group Chief Financial Officer. In June 2011, he was promoted as Group Chief Operating Officer of DRB-HICOM Berhad. On 1 May 2012, Dato Lukman was appointed Deputy Chief Executive Officer of Proton Holdings Berhad, a position which he is currently holding. Dato Lukman also holds directorships in several subsidiaries and associate companies of DRB-HICOM Berhad.

Pos Malaysia Berhad

annual report 2012

annual report 2012

LEADERSHIP TEAM

1 Dato Sabrina Albakri binti Abu Bakar

1 2 3 4 5 6 7 8 9 10 11 12

Group Head, Legal, Secretarial & Regulatory Counsel

5 Dato Rohaiza binti Hashim 6 Mohd Rizal bin Hamzah 7 Mohd Yusri bin Dolah
Chief Marketing Officer

2 Radin Asrul Adza bin Radin Soenarno

Chief Information Officer

Group Head, Corporate Communications & Customer Care Group Head, Strategic Procurement

9 Aziz bin Manas

Chief Internal Auditor

10 Raja Nor Izah binti Raja Jaafar

Group Head, Sales

3 Dato Khalid bin Abdol Rahman

Group Chief Executive Officer

Group Head, Transformation Management Office

11 Nik Ahmad Fauzan bin Nik Mohamed

Group Head, Corporate Services

4 Mohd Shukrie bin Mohd Salleh

Group Chief Operating Officer

8 Mimi Megawati binti Abdul Wahid

12 Bahaman bin Kamaruzzaman

Chief Operating Officer, PosMel

Pos Malaysia Berhad

annual report 2012

LEADERSHIP TEAM

13 Hj Nor Azizan bin Tarja @ Tarjo

Chief Operating Officer, PosLaju

17 Fikri bin Ahmad

Group Head, Human Resource

21 Zaidi bin Hussain 22 23 Hasnul bin Haniff

Group Head, Programme Management Office

13 14 15

20 21

22 23

Chum Choy Han

Group Head, International Business & Regulatory Management Chief Executive Officer, Digicert

15 Mohd Lutfi bin Mat Lazim 16 Ahmad Faisal bin Murad

Group Chief Financial Officer

18 19 Chiang Cheng Guan 20 Balqais binti Yusoff

Dato Mearia binti Hamzah

Chief Operating Officer, PosNiaga

Dato Shahri bin Jikun

Group Head, Facilities Management

Group Head, Transport Management

Chief Executive Officer, Datapos

Group Head, Corporate Planning

24 Mohd Amin bin Nallah Yahya

Group Head, Risk Management

Pos Malaysia Berhad

annual report 2012

UNVEILING STRENGTHS

Pos Malaysia Berhad

annual report 2012

Pos Malaysia Berhad

annual report 2012

Pos Malaysia Berhad

annual report 2012

CORPORATE RESPONSIBILITY STATEMENT

POS MALAYSIAS CORPORATE RESPONSIBILITY INITIATIVES FOR YEAR 2011/ 2012
Corporate Responsibility (CR) is widely embraced by organisations who seek to demonstrate their roles and functions beyond the provision of products and services and this includes Pos Malaysia. As an organisation that operates its business directly within the various communities all over Malaysia from all walks of life, we perceive CR as an extension of our normal day to day business and we focus our CR effor ts on positively enhancing the quality of life and culture of our stakeholders, contributing towards the development of the society and conducting our business responsibly. In the long term, CR has proven to provide many advantages to organisations who believe, engage and dedicate themselves to become ethical and socially responsible corporate citizens. This includes enhancement of corporate image and reputation, provide competitive edge and sustainability of the business as well as increased trust, loyalty and suppor t from the workforce. CR programmes and activities in Pos Malaysia are developed to create and deliver sustainable value in relations to the 4 focus areas as described below :

Workplace

annual report 2012

1MALAYSIA INITIATIVES
In suppor t of the governments 1Malaysia efforts, Pos Malaysia has participated in several 1Malaysia activities as part of our initiative to build better relationship with our stakeholders and highlight the values that Pos Malaysia brings to the community : 1Malaysia Letter Writing Competition 2011 was jointly organised by Pos Malaysia Berhad and MCMC in collaboration with KPKK and the Ministry of Education Malaysia.

3) 1Malaysia Letter Writing Competition 2011

1) 1Malaysia 1Dunia Stamp Exhibition

1Malaysia Letter Writing Competition 2011 was open to all primary This exhibition was organised for the first time by the Ministry of Information, Communication and Culture (KPKK), Depar tment of Museums Malaysia, Pos Malaysia, The Malaysian Communications and Multimedia Commission (MCMC) and the Philatelic Society of Malaysia. 1Malaysia 1Dunia Stamp Exhibition was organised to increase awareness and interest amongst the public on the hobby of stamp collecting and was held from 15 December 2010 to 15 March 2011. The launching ceremony was officiated by the Deputy Minister (II) of KPKK, YB Senator Datuk Maglin Dennis DCruz on January 18, 2011 at the National Museum, Kuala Lumpur. Prize Giving Ceremony for the winners was held on October 10, 2011 in conjunction with the World Postal Day and presented by the Deputy Minister (II) of KPKK, YB Senator Datuk Maglin Dennis DCruz. and secondary school students from Year 1 to 6 (category A) and Form 1 to 5 (category B) throughout Malaysia star ting from May 1, 2011 to June 30, 2011. The competition received an overwhelming response with a total of more than 50,000 entries received.

4) Launching Ceremony of Komuniti 1Malaysia and Mobile Post Office

This event was jointly organised by KPKK, Information Depar tment of

2) Penyerlahan Gagasan 1Malaysia Program

D. Accountability and Audit

Financial Repor ting

General Meetings

Malaysia Securities Berhad.

CORPORATE GOVERNANCE STATEMENT

Internal Control
The Board has an overall responsibility for maintaining a sound system of internal control to provide reasonable assurance of the effectiveness of the Groups business operations and risk management. The Groups Statement on Internal Control is detailed out in this Annual Repor t. The International Business and Regulatory Management Depar tment of the Company serves as a contact point for the Company to engage with the Malaysian Communications and Multimedia Commission, which is the regulator of postal services in Malaysia and other relevant authorities and/or government bodies to establish and develop the postal regulatory framework for Malaysia. Depar tment conducts regular audit checks on the Strategic Business Units and other suppor t depar tments on a periodical basis and tables its audit repor ts to the Audit Committee for deliberation.

Compliance
Pos Malaysia is licensed under the Postal Services Act 1991 to carry out postal services in Malaysia. Apart from being subject to the provisions of the Postal Services Act 1991 and all related rules and regulations on the postal services, the Company is also subject to the terms and conditions of the postal services license issued to it as well as all relevant Universal Postal Union Conventions and Regulations. The Company Secretary assists the Board in ensuring compliance by the Company and the Board of Directors with the Companies Act, the MMLR of Bursa Securities and other securities laws, rules and regulations. The Board is apprised of the latest amendments to these laws, rules and regulations from time to time and their application to the Company and/ or the Board. As and when necessary, the Company also seeks clarification through professional opinions on the extent of application of the said laws, rules and regulations especially when they concern the duties and responsibilities of the directors. The Companys Internal Audit Department assists the Board and Management in ensuring compliance by the Company with other relevant laws, rules and regulations applicable to the operations of the Company and the Companys internal policies and procedures. The Internal Audit
pg

Relationship with Auditors

The Company, through the Audit Committee, has an appropriate and transparent relationship with the external auditors. In the course of audit of the Groups operations, the external auditors highlight to the Audit Committee and the Board matters that require the Boards attention. The external auditors also repor t to the Audit Committee on their findings per taining to their annual audit. Fur ther, the external auditors met the Audit Committee members without the presence of Management or other employees pursuant to Paragraph 15.17 of the MMLR of Bursa Securities. Thereafter, the Audit Committee shares and discusses with Management all concerns raised by the external auditors (if any). Thereafter, the necessary action plans are formulated and implemented by Management. Pursuant to the requirement under Paragraph 15.25 of the MMLR of Bursa Securities, the Board is pleased to repor t that the Company has

Pos Malaysia Berhad

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CORPORATE GOVERNANCE STATEMENT

applied the principles set out in Par t 1 of the Code and that the Board continues to adopt and comply with the best practices in corporate governance set out in Par t 2 of the Code.

Initiatives
During the financial period under review, in light of the many challenges which the Company needed to embrace and address, the Board has approved a five(5)-year Strategic Plan to define the path and direction of Pos Malaysia in the next five(5) years. The five(5)-year Strategic Plan was the follow-up to the earlier Transformation Masterplan which main emphasis was to keep the house in order through improving the Companys core businesses and processes.

(This Statement is made in accordance with a resolution of the Board of Directors dated 18 June 2012).

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Pos Malaysia Berhad

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STATEMENT ON INTERNAL CONTROL

Introduction
The Malaysian Code on Corporate Governance (Revised 2007) requires listed companies to maintain a sound system of internal controls to safeguard shareholders investments and the Groups assets. The Bursa Malaysia Securities Berhads (Bursa Securities) Listing Requirements requires directors of public listed companies to include a statement on the state of their internal controls. The Bursa Securities Statement on Internal Control: Guidance for Directors of Public Listed Companies (Guidance) provides guidance for compliance with these requirements. Set out below is the Boards Statement on Internal Control, which has been prepared in accordance with the Guidance. The policy of the Board is: To manage risks proactively; To manage risks pragmatically, to acceptable levels given the par ticular circumstance of each situation; To manage risk routinely and in an integrated and transparent way in accordance with good governance practices; and To require that an effective and formalised Enterprise Risk Management (ERM) Policy and Procedure Manual framework is established and maintained by the Group. The Board has a stewardship responsibility to understand these risks, communicating the requirements of this policy and to guide the organisation in dealing with these risks.

Responsibility
The Board is responsible for ensuring that a sound system of internal control to safeguard shareholders interest and Companys assets is maintained. The Board affirms its overall responsibility for the Groups system of internal control which includes the establishment of an appropriate control environment and framework as well as reviewing its adequacy and integrity. As there are limitations that are inherent in any system of internal control, this system is designed to manage rather than eliminate risks that may hinder the achievement of the Groups business objectives. Accordingly, it can only provide reasonable but not absolute assurance against material misstatement or loss. The system of internal control includes strategic, financial, operational, compliance controls and risk management procedures.

Reporting Structure
The Risk Management Committee (RMC) of the Group is chaired by the Group Chief Executive Officer (GCEO) and during the period under review, the members are as follows: Chairman: Dato Khalid bin Abdol Rahman Group Chief Executive Officer Members: Mohd Shukrie bin Mohd Salleh Group Chief Operating Officer

Risk Management Framework

Policy
The Board subscribes to the fact that an effective risk management practice is a critical component of a sound system of internal control. In view of this, there is a formal process to identify, evaluate and manage significant risks faced by the Group that may impede the achievement of the Groups objectives during the period under review.

Nik Ahmad Fauzan bin Nik Mohamed Group Head, Corporate Services Ahmad Faisal bin Murad Group Chief Financial Officer

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STATEMENT ON INTERNAL CONTROL

Bahaman bin Kamaruzzaman Chief Operating Officer, PosMel The Risk Management Depar tment (RMD) acts as a suppor t for the RMC in monitoring, analysing and reporting of the risks identified enterprise-wide and as the facilitator in the risk assessment process. RMD evaluates the risk policy and procedures, and initiates improvements by maintaining awareness of trends and developments in risk management that may have significant impact to the organisation. Risk owners and co-owners have been identified to ensure that the risk registers and risk profiles are updated accordingly. The risk registers and risk profiles of each Strategic Business Unit (SBU), depar tment and the main subsidiary company are updated quarterly and the consolidated repor ts are tabled to the RMC and the Audit Committee. The Group Internal Audit (IA) is involved in validating the results of the ERM processes. The IA function examines the risk management systems for its effectiveness. The Board and the Management review and enhance the ERM framework to ensure that ERM practices are aligned with the latest ERM development and best practices. Other Key Elements of Internal Control The other key elements of the Groups internal control systems are described below: The roles and responsibilities of the Board of Directors, Risk Management Committee, Business and Support Units and State offices in respect of Risk Management are defined in the Risk Management Policy.

Hj. Azizan bin Tarja Chief Operating Officer, PosLaju

Dato Mearia binti Hamzah Chief Operating Officer, PosNiaga

Radin Asrul bin Adza Chief Information Officer

The RMCs principal roles and responsibilities, which are stipulated in the ERM, are as follows: Formulate policy, business rules, processes and structures to meet the risk management implementation needs;

Implement the processes and source for suitable personnel for the depar tment; Monitor policy implementation and the continuous development of the risk management in the organization;

Approve risk parameters and controls; Initiate and conduct business within agreed risk constraints and business rules; Ensure that periodical risk reports are submitted accurately and in a timely manner to the Audit Committee and the Board: and

The lines of responsibility and frequency of repor ting of risks are also defined in the Risk Management Policy.

Pursuant to Paragraph 15.26(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors is required to include a statement in the Companys Annual Report explaining its responsibility for preparing the annual audited financial statements. In preparing the financial statements of the Company and the Group for the financial period ended 31 March 2012, the Directors are satisfied that the Company and the Group have used appropriate accounting policies, consistently applied and supported by reasonable and prudent judgments and estimates. The Directors are also satisfied that all applicable approved accounting standards for entities other than private entities issued by the Malaysian Accounting Standards Board and the provisions of the Companies Act, 1965 have been complied. The Directors are responsible for ensuring that the Company and companies within the Group keep accounting records which disclose with reasonable accuracy the financial position of the Company and of the Group. In addition, the Directors are responsible to take such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. (This Statement is made in accordance with a resolution of the Board of Directors dated 18 June 2012).

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ADDITIONAL COMPLIANCE INFORMATION

1. Utilisation of Proceeds
During the financial period ended 31 March 2012, there were no proceeds raised by the Company from any corporate proposals.

6. Variation in Results
There is no variance in the Companys audited financial results for the financial period ended 31 March 2012 from the unaudited results as previously announced. The Company has not released or announced any estimated profit, financial forecast and projection in the financial period ended 31 March 2012.

2. Share buy-back
During the financial period ended 31 March 2012, the Company has not exercised any share buy-back permitted by Section 67A of the Companies Act, 1965.

7. Profit Guarantee
During the financial period ended 31 March 2012, the Company did not give any profit guarantee.

3. Options, Warrants or Convertible Securities

During the financial period ended 31 March 2012, the Company did not issue or exercise any ESOS, warrants or convertible securities.

8. Material Contracts
There were no material contracts entered into by the Company or its subsidiaries involving the directors and substantial shareholders, either still subsisting at the end of the financial period ended 31 March 2012 or entered into since the end of the previous financial year.

4. American Depository Receipt (ADR) / Global Depository Receipt (GDR)

During the financial period ended 31 March 2012, the Company did not sponsor any ADR and GDR.

9. Non-Audit Fees
The amount of non-audit fees paid and payable to external auditors by the Group for the financial period ended 31 March 2012 is RM67,000.

5. Sanctions and/ or Penalties

During the financial period ended 31 March 2012, there were no sanctions and/or penalties imposed on the Company and its subsidiaries, directors or management by the relevant regulatory bodies.

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AUDIT COMMITTEE REPORT

The Board of Directors of Pos Malaysia is pleased to present the repor t on the Audit Committee of the Board for the financial period ended 31 March 2012. e) Puan Sri Datuk Nazariah binti Mohd Khalid Independent Non-Executive Director (Member) (Resigned w.e.f. 9 November 2011) f) Dato Lukman bin Ibrahim Non-Independent Non-Executive Director (Member) (Appointed w.e.f.15 September 2011) g) Dato Ibrahim Mahaludin bin Puteh Independent Non-Executive Director (Appointed w.e.f. 15 February 2012)

Members and Meetings

The Audit Committee of Pos Malaysia had convened twelve (12) meetings during the financial period under review. The details of the Pos Malaysias Audit Committee members and the attendance are as follows:

Members
a) Datuk Low Seng Kuan Senior Independent Non-Executive Director (Chairman)

Attendance of Meetings
b) Dato Wee Hoe Soon @ Gooi Hoe Soon Independent Non-Executive Director (Member) c) YM Tunku Dato Mahmood Fawzy bin Tunku Muhiyiddin Non-Independent Non-Executive Director (Member) (Resigned w.e.f. 1 July 2011) d) Abdul Hamid bin Sh Mohamed Independent Non-Executive Director (Member) (Resigned w.e.f. 13 December 2011) Members Datuk Low Seng Kuan Dato Wee Hoe Soon @ Gooi Hoe Soon YM Tunku Dato Mahmood Fawzy bin Tunku Muhiyiddin Abdul Hamid bin Sh Mohamed Puan Sri Datuk Nazariah binti Mohd Khalid Dato Lukman bin Ibrahim Dato Ibrahim Mahaludin bin Puteh Total 12/12 10/12 4/5 11/11 10/10 3/3 1/1

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AUDIT COMMITTEE REPORT

Terms of Reference
The Terms of Reference of the Audit Committee are in line with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (MMLR of Bursa Securities) and the Malaysian Code on Corporate Governance (Revised 2007)(the Code). The Terms of Reference of the Audit Committee are as follows: In the event of any vacancy in the Audit Committee resulting in he non-compliance of the t MMLR of Bursa Securities per taining to composition of the Audit Committee, the Board of Directors shall within three (3) months of that event fill the vacancy;

The Audit Committee members shall collectively:- a) b) Have knowledge of the industries in which the Group operates; and Have the ability to understand key business and financial risks as well as related controls and control processes; All members of the Audit Committee shall also be financially literate i.e. have the ability to read and understand fundamental financial statements, including a Companys balance sheet, income statement, statement of cash flow and key performance indicators.

Composition of Committee
The Audit Committee shall be appointed by the Board of Directors upon recommendation of the Board Nomination and Remuneration Committee which meets the following requirements: The Audit Committee shall consist of not less than three (3) members; All the members of the Audit Committee must be non-executive directors, with a majority of them being independent directors as defined under the MMLR of Bursa Securities;

Audit Committee Meetings

The Audit Committee Meetings shall be held not less than four (4) times a year. In addition to the members of the Audit Committee, the meeting shall be attended by the Group Managing Director/Chief Executive Officer, Chief Financial Officer and Chief Internal Auditor. Other members of the Board, senior management and external auditors representatives may attend the meetings upon invitation of the Audit Committee. The auditors, both internal and external, may request a meeting if they deem necessary. The quorum for a meeting of the Audit Committee shall comprise a majority of Independent Directors from among its members. In the absence of the Chairman, the members present shall elect a chairman for the meeting from among the members present. Minutes of each meeting shall be kept and distributed to each member of the Audit Committee and of the Board. The Audit Committee shall repor t on each meeting to the Board. The Secretary to the Audit Committee shall be the Company Secretary or any other person as the Committee may decide.

At least one (1) member of the Audit Committee must meet the criteria set by the MMLR of Bursa Securities as follows: Must be a member of the Malaysian Institute of Accountants; or If he/she is not a member of the Malaysian Institute of Accountants, he must have at least three (3) years working experience; and He/she must have passed the examinations specified in Par t I of the 1st Schedule of the Accountants Act 1967; or he/she must be a member of one (1) of the associations of accountants specified in Part II of the 1st Schedule of the Accountants Act 1967; or Fulfils such other requirements as prescribed or approved by Bursa Malaysia Securities Berhad (Bursa Securities);. The members of the Audit Committee shall elect a Chairman from among themselves who shall be an Independent Director ; No alternate director should be appointed as a member of the Audit Committee;
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AUDIT COMMITTEE REPORT

Rights and Authority
The duties of the Audit Committee shall be in accordance with the same procedures adopted by the Board: Have authority to investigate any activity within its Terms of Reference; Have the resources which are required to perform its duties; Have full and unrestricted access to any employee and information per taining to the Group. All documents of the Group shall be made accessible to the Audit Committee and all employees are directed to co-operate with the request made by the Audit Committee; Have direct communication channels with the external auditors and person(s) carrying out the internal audit function or activity for the Group; and Be able to engage independent professional advisers or other advisers and to secure attendance of other third parties with relevant experience and exper tise if it considers necessary. Notwithstanding anything to the contrary, the Audit Committee does not have executive powers and shall report to the Board of Directors on matters considered and its recommendation thereon, relating to the Group and the Company.

Responsibilities and Duties

The responsibilities and duties of the Audit Committee are as follows: a) Risk Management To review the adequacy and effectiveness of Enterprise Risk Management (ERM), repor ting structures, risk profiles and governance processes.

b) Internal Audit To approve the appointment, replacement and dismissal of the Chief Internal Auditor and his/her deputy; To review the adequacy of the scope, functions, competency and resources of Internal Audit Department (IAD) and that it has the necessary authority to carry out its work; To review and approve the Annual Risk Based Audit Plan, Key Performance Indicators and subsequently appraise the performance of the IAD; To monitor the effectiveness in the implementation of the Whistle Blowing Policy and procedure and other related governance processes; To review the internal audit repor ts on significant/ major audit findings and Managements responses to ensure that appropriate and adequate remedial actions are taken by the Management; and To review the systems of internal controls with the auditors.

Review of the Audit Committee

The performance of the Audit Committee and each of the members shall be reviewed by the Board of Directors at least once every three (3) years to determine whether the Committee and its members have carried out their duties in accordance with the Terms of Reference as set out in the Corporate Governance Statement in this Annual Repor t.

c) External Audit To review the external auditors audit plan, scope of their audits and their Management letters and ensure appropriate and adequate remedial actions are taken by Management on significant lapses in controls and procedures that are identified; To assess the performance of the external auditors and make recommendations to the Board of Directors on their appointment and removal; To recommend the nomination of external auditors, their audit fees and resignation or dismissal of external auditors and thereafter repor t the same to the Board;
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AUDIT COMMITTEE REPORT

To review the quarterly and annual financial statements of the Group and the Company focusing on the matters set out below, and thereafter submit the same to the Board: Any changes in or implementation of major accounting policies and practices; Major judgmental areas, significant and unusual events; Significant adjustments arising from the audit; Going concern assumption; and Compliance with Accounting Standards and regulatory requirements. During the period under review, the Audit Committee carried out the following activities:-

Summary of Activities

Financial Reporting
Reviewed quar terly and annual financial repor ts of the Group and the Company prior to submission to the Board of Directors for approval. The review was to ensure that the financial repor ting and disclosure are in compliance with: Provisions of the Companies Act 1965; MMLR of Bursa Securities; Applicable approved accounting standards in Malaysia; and Other legal and regulatory requirements; In the review of the annual audited financial statements, the Audit Committee discussed with Management and the external auditors, the accounting principles and standards that were applied and their judgment of the items that may affect the financial statements.

To discuss problems and reservations arising from the interim and final audits and any matter the external auditors may wish to discuss.

d) Other Matters To review related par ty transactions entered into by the Group and the Company and to ensure that such transactions are undertaken on the Groups normal commercial terms and that the internal control procedures with regards to such transactions are sufficient. Any other functions as may be agreed to by the Committee and the Board. Where the Audit Committee is of the view that a matter repor ted to the Board of Directors has not been satisfactorily resolved resulting in a breach of the MMLR of Bursa Securities, the Committee has the responsibility to properly repor t such matter to Bursa Securities.

Internal Audit
a. Reviewed the risk-based annual audit plan to ensure adequacy of the scope and coverage of major risk areas of the Group; b. Reviewed the Key Performance Indicators of the IAD and appraised the depar tments performance and competency level; c. Reviewed the effectiveness of the audit process, resource requirements for the year ; d. Reviewed the internal audit repor ts which were tabled during the period, the audit recommendations made and managements responses to these recommendations and where appropriate, the committee would direct Management to rectify and improve internal controls and Standard Operating Procedures based on the internal auditors recommendations and suggestions for improvement;

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AUDIT COMMITTEE REPORT

e. Monitored the corrective actions on the outstanding audit issues to ensure that all the key risks and control lapses had been addressed; and f. Monitored internal audit activities and the staffing requirements, skills and the core competency of the Internal Auditors. The audit scope includes performing audit reviews at Strategic Business Units (SBUs), States Management Offices, Suppor t Services Depar tments and subsidiaries. The audits cover the reviews on:1. the adequacy of internal controls; 2. the effectiveness and efficiency of operations; 3. the accuracy of financial and operational information; 4. the compliance with internal policy & procedure, regulatory and statutory requirements; 5. the adequacy and effectiveness of IT systems in suppor ting operations; 6. the effectiveness of risk management processes and the implementation of controls by management to mitigate companys major risks; 7. the effectiveness of on-going key project implementation and deliverables; and 8 the compliance with the Code and the MMLR of Bursa Securities.

External Auditors
a. Reviewed the external auditors on: their audit plan, audit strategy and scope of work for the period; and the results of the annual audit, their audit reports and management letter together with managements response to the findings of the external auditors.

b. Evaluated the performance and the effectiveness of the external auditors and made recommendations to the Board of Directors on their appointment and remuneration.

Related Party Transactions

The IAD shows a high level of professional exper tise, with qualified and experienced auditors Review related par ty transactions entered into by the Group and the Company and the disclosure of such transactions as per the regulatory requirements. who consistently show their competency through the high quality and usefulness of the audit product over time. The IAD also conducted ad-hoc assignments and investigation audits requested by the Audit Committee and Management. Fur ther, the IAD conducts regular follow-up(s) on the closing of audit issues with input from the Management. In ensuring effective communication of audit issues to all operational areas and prompt closing of audit issues, meetings were held with the Management on a regular basis. Management is responsible for ensuring that corrective actions on repor ted weaknesses and suggested improvements as recommended are taken within the required time frame.

Internal Audit Function

The Audit Committee is assisted by the IAD to effectively discharge its duties and responsibilities. The IAD reports directly to the Audit Committee. In the financial period ended 2012, there were twelve (12) Audit Committee meetings held to deliberate on major audit findings. In general, the IAD provides an independent assurance on the adequacy and effectiveness of internal controls, corporate risk management and overall governance processes. Annually, the IAD prepares a risk based audit plan and presents to the Audit Committee for approval. In view of scarce resources, the risk based audit plan gives priority and focuses on the Companys top risks identified by the Management.
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Group 1.1. 2011 to Note Revenue Cost of materials and consumables Staff costs Rental , communication and utilities Transportations Maintenance and supplies Depreciation of property, plant and equipment Other operating expenses Impairment loss on property, plant and equipment Results from operating activities Finance income Other income Fair value through profit or loss: held for trading Reversal of impairment loss on other receivables Impairment loss on investment in a subsidiary Impairment loss on financial assets designated as available-for-sale Change in fair value of investment properties Finance cost Profit before tax Tax expense Profit for the period/year attributable to owners of the Company 5 7 13 15 11 10 10 4 31.3.2012 RM000 1,481,660 (24,952) (780,713) (81,916) (167,308) (70,751) (86,845) (91,415) 177,760 19,153 17,897 283 (10,322) (2,531) (2,038) 200,202 (61,361) 138,841 Year ended 31.12.2010 RM000 1,014,975 (16,026) (559,395) (55,545) (119,099) (49,421) (57,126) (52,695) (22,273) 83,395 13,234 13,437 1,489 15,537 (25,098) (2,928) 99,066 (31,958) 67,108 Company 1.1.2011 to 31.3.2012 RM000 1,435,227 (7,356) (764,158) (84,673) (166,388) (70,457) (83,956) (87,339) 170,900 16,153 17,709 337 (17,164) (10,322) (2,037) 175,576 (59,690) 115,886 Year ended 31.12.2010 RM000 982,026 (6,158) (546,461) (53,019) (118,385) (45,403) (54,606) (49,600) (22,273) 86,121 12,382 13,561 1,489 (25,098) (2,926) 85,529 (30,810) 54,719

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STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2012

Group 1.1.2011 to Note Other comprehensive income, net of tax Revaluation of property, plant and equipment upon transfer of properties to investment properties Total comprehensive income for the period/year attributable to owners of the Company Basic earnings per ordinary share (sen) 8 1,144 139,985 25.9 67,108 12.5 31.3.2012 RM000 Year ended 31.12.2010 RM000

Company 1.1.2011 to 31.3.2012 RM000 Year ended 31.12.2010 RM000

115,886

54,719

The notes on pages 128 to 196 are an integral part of these financial statements.

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STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2012

Group 31.3.2012 Note Assets Property, plant and equipment Investment properties Goodwill Investments in subsidiaries Investments in associates Other investments Deferred tax assets Total non-current assets 10 11 12 13 14 15 22 622,309 27,958 4,630 120,744 775,641 551,960 15,071 4,630 96,468 417 668,546 543,932 45,180 121,193 710,305 459,819 62,344 96,079 618,242 RM000 31.12.2010 RM000 Company 31.3.2012 RM000 31.12.2010 RM000

Other investments Inventories Trade and other receivables Prepayment and other assets Current tax assets Cash and cash equivalents Assets classified as held for sale Total current assets Total assets

15 16 17

3,268 10,132 153,157 9,857 190

104,306 8,761 187,595 8,975 1,503 395,533 706,673 1,375,219

2,323 6,855 257,994 4,243 436,648 1,755 709,818 1,420,123

103,164 5,457 242,882 8,214 354,443 714,160 1,332,402

18 19

544,076 1,755 722,435 1,498,076

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STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2012

Group 31.3.2012 Note Equity Share capital Share premium Reserves Total equity Liabilities Deferred tax liabilities Hire purchase liabilities Total non-current liabilities 22 23 17,804 15 17,819 12,282 30,762 43,044 17,399 17,399 11,372 30,738 42,110 20 20 21 268,513 385 629,195 898,093 268,513 385 559,695 828,593 268,513 385 528,185 797,083 268,513 385 482,784 751,682 RM000 31.12.2010 RM000 Company 31.3.2012 RM000 31.12.2010 RM000

Hire purchase liabilities Current tax liabilities Trade and other payables Total current liabilities Total liabilities Total equity and liabilities

5 17,538

13,236 18,497 471,849 503,582 546,626 1,375,219

17,946 587,695 605,641 623,040 1,420,123

13,222 19,011 506,377 538,610 580,720 1,332,402

564,621 582,164 599,983 1,498,076

The notes on pages 128 to 196 are an integral part of these financial statements.

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STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2012

Attributable to owners of the Company Non distributable Share capital* Note Group At 1 January 2010 Profit and total comprehensive income for the year Dividends to owners of the Company At 31 December 2010/ 1 January 2011 Profit for the period Revaluation of property, plant and equipment upon transfer of properties to investment properties Total comprehensive income for the period Dividends to owners of the Company At 31 March 2012 9 9 268,513 268,513 385 385 1,144 542,933 67,108 (50,346) 559,695 138,841 811,831 67,108 (50,346) 828,593 138,841 1,144 RM000 Share premium RM000 Revaluation reserve RM000 Distributable Retained earnings RM000 Total RM000

268,513 Note 20

385 Note 20

1,144 1,144 Note 20

138,841 (70,485) 628,051 Note 21

139,985 (70,485) 898,093

The notes on pages 128 to 196 are an integral par t of these financial statements.

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STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2012 (CONTINUED)
Attributable to owners of the Company Non distributable Share capital* Note Company At 1 January 2010 Profit and total comprehensive income for the year Dividends to owners of the Company At 31 December 2010/ 1 January 2011 Profit and total comprehensive income for the period Dividends to owners of the Company At 31 March 2012 9 9 268,513 268,513 268,513 Note 20 385 385 385 Note 20 478,411 54,719 (50,346) 482,784 115,886 (70,485) 528,185 Note 21 747,309 54,719 (50,346) 751,682 115,886 (70,485) 797,083 RM000 Share premium RM000 Distributable Retained earnings RM000 Total RM000

Share capital includes the Special Rights Redeemable Preference Share of RM1.00. Refer to Note 20(a) the financial statements for details of the terms and rights attached to Special Rights Redeemable Preference Share.

The notes on pages 128 to 196 are an integral part of these financial statements.

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STATEMENTS OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2012

Group Note Cash flows from operating activities Profit before tax Adjusments for: Change in fair value of investment properties Depreciation of property, plant and equipment Dividend income Fair value through profit or loss: held for trading Finance income Finance costs Gain on disposal of property, plant and equipment Impairment loss on: - Financial asset designated as available-for-sale - Property, plant and equipment - Investment in a subsidiary Loss/(Gain) on disposal of other investments Operating profit before changes in working capital Change in inventories Change in trade and other receivables, prepayments and other assets Change in trade and other payables Cash generated from operations Income tax paid Income tax refund Net cash generated from operating activities 10 13 10,322 16 281,088 (1,371) 33,556 89,100 402,373 (55,068) 347,305 25,098 22,273 (93) 184,447 (69) (19,063) 55,254 220,569 (27,399) 5,281 198,451 10,322 17,164 16 271,204 (1,398) (11,141) 77,646 336,311 (54,728) 281,583 25,098 22,273 (93) 169,240 (721) (14,019) 84,896 239,396 (25,221) 5,281 219,456 11 10 2,531 87,262 (74) (283) (19,153) 2,038 (1,773) 57,126 (132) (1,489) (13,234) 2,928 (7,096) 84,373 (41) (337) (16,153) 2,037 (1,753) 54,606 (132) (1,489) (12,382) 2,926 (7,096) 200,202 99,066 175,576 85,529 1.1.2011 to 31.3.2012 Year ended 31.12.2010 RM000 RM000 Company 1.1.2011 to 31.3.2012 RM000 Year ended 31.12.2010 RM000

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STATEMENTS OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2012 (CONTINUED)
Group Note Cash flows from investing activities Proceeds from disposal of other investments Proceeds from disposal of property, plant and equipment Purchase of property, plant and equipment Acquisition of other investments Interest received Dividend received Increase in investment in a subsidiary Net cash used in investing activities Cash flows from financing activities Repayment of hire purchase Interest paid Dividend paid to owners of the Company Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 January Cash and cash equivalents at 31 March/31 December (i) (i) (43,978) (2,038) (70,485) (116,501) 144,871 265,066 409,937 (8,821) (2,928) (50,346) (62,095) 85,589 179,477 265,066 (43,960) (2,037) (70,485) (116,482) 78,533 223,976 302,509 (8,809) (2,926) (50,346) (62,081) 83,506 140,470 223,976 (ii) 102,353 1,856 (173,723) (35,890) 19,397 74 (85,933) 3,694 8,492 (76,332) (200) 13,447 132 (50,767) 100,853 1,836 (170,324) (35,890) 16,916 41 (86,568) 3,694 8,492 (78,087) 12,960 132 (21,060) (73,869) 1.1.2011 to 31.3.2012 RM000 Year ended 31.12.2010 RM000 Company 1.1.2011 to 31.3.2012 RM000 Year ended 31.12.2010 RM000

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STATEMENTS OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH 2012 (CONTINUED)
(i) Cash and cash equivalents Cash and cash equivalents included in the statements of cash flows comprise the following statements of financial position amounts: Group Note Cash and bank balances Liquid investments Deposits placed with licensed banks 18 18 18 31.3.2012 RM000 97,903 280,838 165,335 544,076 31.12.2010 RM000 119,781 118,700 157,052 395,533 Company 31.3.2012 RM000 77,748 198,900 160,000 436,648 31.12.2010 RM000 84,136 118,700 151,607 354,443

Less: Cash held for the purpose of distribution of fuel rebate for the government Collections on behalf of agency creditors 18 (134,139) 409,937 (4,338) (126,129) 265,066 (134,139) 302,509 (4,338) (126,129) 223,976

(ii) Purchase of property, plant and equipment During the period, the Group and Company acquired proper ty, plant and equipment with an aggregate cost of RM173,723,000 (31.12.2010: RM96,926,000) and RM170,324,000 (31.12.2010: RM98,681,000) of which Nil (31.12.2010: RM20,594,000) and Nil (31.12.2010: RM20,594,000) respectively, were acquired by means of hire purchases.

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NOTES TO THE FINANCIAL STATEMENTS

(a) Basis of consolidation (i) Subsidiaries Subsidiaries are entities, including unincorporated entities, controlled by the Group. Control exists when the Group has the ability to exercise its power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account. Investments in subsidiaries are measured in the Companys statement of financial position at cost less any impairment losses. The cost of investments includes transaction costs. The accounting policies of subsidiaries are changed when necessary to align them with the policies adopted by the Group. (ii) Accounting for business combinations Business combinations are accounted for using the acquisition method from the acquisition date, which is the date on which control is transferred to the Group. The Group has changed its accounting policy with respect to accounting for business combinations. From 1 January 2011, the Group has applied FRS 3, Business Combinations (revised) in accounting for business combinations. The change in accounting policy has been applied prospectively in accordance with the transitional provisions provided by the standard and does not have impact on earnings per share. Acquisitions on or after 1 January 2011 For acquisitions on or after 1 January 2011, the Group measures goodwill at the acquisition date as: For acquisitions between 1 January 2006 and 1 January 2011, goodwill represents the excess of the cost of the acquisition over the Groups interest in the recognised amount (generally fair value) of the identifiable assets, liabilities and contingent liabilities of the acquiree. When the excess was negative, a bargain purchase gain was recognised immediately in profit or loss. Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. Acquisitions between 1 January 2006 and 1 January 2011 Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. the fair value of the consideration transferred; plus the recognised amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed.

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NOTES TO THE FINANCIAL STATEMENTS

Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurred in connection with business combinations were capitalised as par t of the cost of the acquisition. Acquisitions prior to 1 January 2006 For acquisitions prior to 1 January 2006, goodwill represents the excess of the cost of the acquisition over the Groups interest in the fair values of the net identifiable assets and liabilities. (iii) Loss of control The Group applied FRS 127, Consolidated and Separate Financial Statements (revised) since the beginning of the reporting period in accordance with the transitional provisions provided by the standard and does not have impact on earnings per share. Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as an available-for-sale financial asset depending on the level of influence retained. Unrealised gains arising from transactions with equity accounted investees are In the previous financial years, if the Group retained any interest in the previous subsidiary, such interest was measured at the carrying amount at the date that control was lost and this carrying amount would be regarded as cost on initial measurement of the investment. (iv) Associates Associates are entities, including unincorporated entities, in which the Group has significant influence, but not control, over the financial and operating policies. Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange rates at the dates of the transactions. eliminated against the investment to the extent of the Groups interest in the investees. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) Foreign currency (v) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Investments in associates are measured in the Companys statement of financial position at cost less any impairment losses. The cost of the investment includes transaction costs. When the Groups share of losses exceeds its interest in an associate, the carrying amount of that interest including any long-term investments is reduced to zero, and the recognition of fur ther losses is discontinued except to the extent that the Group has an obligation or has made payments on behalf of the investees. Investments in associates are accounted for in the consolidated financial statements using the equity method less any impairment losses. The cost of the investment includes transaction costs. The consolidated financial statements include the Groups share of the profit or loss and other comprehensive income of the equity-accounted associates, after adjustments if any, to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases.

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131

NOTES TO THE FINANCIAL STATEMENTS

Monetary assets and liabilities denominated in foreign currencies at the repor ting period are retranslated to the functional currency at the exchange rate at that date. (a) Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the end of the reporting date except for those that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognised in profit or loss, except for differences arising on the retranslation of available-for-sale equity instruments which are recognised in other comprehensive income. (b) (c) Financial instruments (i) Initial recognition and measurement A financial asset or a financial liability is recognised in the statement of financial position when, and only when, the Group or the Company becomes a par ty to the contractual provisions of the instrument. A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument. * (ii) Financial instrument categorises and subsequent measurement The Group and the Company categorises financial instruments as follows: (d) (c) Financial assets categorised as held to maturity investments are subsequently measured at amortised cost using the effective interest method. Loans and receivables Loans and receivables category comprises debts instruments that are not quoted in an active market. Financial assets categorised as loans and receivables are subsequently measured at amortised cost using the effective interest method. Available-forsale financial assets Available-for-sale category comprises investments in equity and debt securities instruments that are not held for trading. Held-to-maturity investments Held-to-maturity investments category comprises debt instruments that are quoted in an active market and the Group or the Company has the positive intention and ability to hold them to maturity. Financial assets at fair value through profit or loss Fair value through profit or loss category comprises financial assets that are held for trading, including derivatives (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument) or financial assets that are specifically designated into this category upon initial recognition. Other financial assets classified as fair value through profit or loss is subsequently measured at their fair values with the gain or loss recognised in profit or loss. Financial assets

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NOTES TO THE FINANCIAL STATEMENTS

Investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured are measured at cost. Other financial assets categorised as available-for-sale are subsequently measured at their fair values with the gain or loss recognised in other comprehensive income, except for impairment losses, foreign exchange gains and losses arising from monetary items and gains and losses of hedged items attributable to hedge risks of fair value hedges which are recognised in profit or loss. On derecognition, the cumulative gain or loss recognised in other comprehensive income is reclassified from equity into profit or loss. Interest calculated for a debt instrument using the effective interest method is recognised in profit or loss. All financial assets, except for those measured at fair value through profit or loss, are subject to review for impairment (see note 2(k)(i)). Financial liabilities All financial liabilities are subsequently measured at amor tised cost other than those categorised as fair value through profit and loss. Fair value through profit and loss category comprises of financial liabilities that are held for trading, derivatives (except for a derivative that is a financial guarantee contract or a designated and effective hedging instrument) or financial liabilities that are specifically designated to this category upon initial recognition. Other financial liabilities categorised as fair value though profit or loss are subsequently measured at their fair values with the gain or loss recognised in profit or loss. (i) (iii) Regular way purchase or sale of financial assets A regular way purchase or sale is a purchase or sale of a financial asset under a contract whose terms require delivery of the asset within the time frame established generally by regulation or convention in the marketplace concerned.
Pos Malaysia Berhad
annual report 2012

A regular way purchase or sale of financial assets is recognised and derecognised, as applicable, using trade date accounting. Trade date accounting refers to: (a) (b) the recognition of an asset to be received and the liability to pay for it on the trade date, and derecognition of an asset that is sold, recognition of any gain or loss on disposal and the recognition of a receivable from the buyer for payment on the trade date. (iv) Derecognition A financial asset or par t of it is derecognised when, and only when the contractual rights to the cash flows from the financial asset expire or the financial asset is transferred to another par ty without retaining control or substantially all risks and rewards of the asset. On derecognition of a financial asset, the difference between the carrying amount and the sum of the consideration received (including any new asset obtained less any new liability assumed) and any cumulative gain or loss that had been recognised in equity is recognised in the profit and loss. A financial liability or par t of it is derecognised when, and only when, the obligation specified in the contract is discharged or cancelled or expires. On derecognition of a financial liability, the difference between the carrying amount of the financial liability extinguished or transferred to another par ty and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in the profit and loss. (d) Property, plant and equipment Recognition and measurement Items of proper ty, plant and equipment are stated at cost less any accumulated depreciation and any accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset

133

NOTES TO THE FINANCIAL STATEMENTS

and any other costs directly attributable to bringing the asset to working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which they are located. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. Depreciation is recognised in profit or loss on a straight-line basis over the estimated The cost of property, plant and equipment recognised as a result of a business combination is based on fair value at acquisition date. The fair value of proper ty is the estimated amount for which a property could be exchanged between knowledgeable willing par ties in an arms length transaction after proper marketing wherein the par ties had each acted knowledgeably, prudently and without compulsion. The fair value of other items of plant and equipment is based on the quoted market prices for similar items when available and replacement cost when appropriate. When significant parts of an item of proper ty, plant and equipment have different useful lives, they are accounted for as separate items (major components) of proper ty, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of proper ty, plant and equipment and is recognised net within other income or other operating expenses respectively in profit or loss. (ii) Subsequent costs The cost of replacing part of an item of proper ty, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group or the Company, and its cost can be measured reliably. The carrying amount of the replaced par t is derecognised to profit or loss. The costs of the day-to-day servicing of proper ty, plant and equipment are recognised in profit or loss as incurred. Depreciation methods, useful lives and residual values are reviewed, and adjusted as appropriate at the end of the repor ting period. (e) Leased assets (i) Finance lease Leases in terms of which the Group and the Company assumes substantially all the risks and rewards of ownership are classified as finance leases. On initial recognition of the leased asset is measured at an amount equal to the lower of its fair value and the
pg

(iii) Depreciation Depreciation is calculated over the depreciable amount, which is the cost of an asset, or other amount substituted for cost, less its residual value.

useful lives of each par t of an item of proper ty, plant and equipment. Leased assets are depreciated over the shor ter of the lease term and their useful lives unless it is reasonably cer tain that the Group will obtain ownership by the end of the lease term. Freehold land is not depreciated. Proper ty, plant and equipment under construction are not depreciated until the assets are ready for their intended use. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Buildings Building improvements and renovations Plant and machinery Motor vehicles 30 - 99 years 50 years 2 - 10 years 10 - 20 years 5 years

Furniture and fittings, office and computer equipment 3 - 10 years

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4. REVENUE
Group 1.1.2011 to 31.3.2012 RM000 Mail Courier Retail Others 921,527 308,687 202,597 48,849 1,481,660 Year ended 31.12.2010 RM000 605,338 226,643 148,124 34,870 1,014,975 Company 1.1.2011 to 31.3.2012 RM000 918,490 305,897 202,597 8,243 1,435,227 Year ended 31.12.2010 RM000 603,407 224,007 148,124 6,488 982,026

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NOTES TO THE FINANCIAL STATEMENTS

5. PROFIT BEFORE TAX
Group Note Profit before tax is arrived at after charging: Auditors remuneration - Audit fees to KPMG Malaysia - Non-audit fees : KPMG Malaysia : Local affiliates of KPMG Malaysia Change in fair value of investment properties Depreciation for property, plant and equipment Finance costs Inventories written off Impairment loss: - Property, plant and equipment - Trade receivables - Financial assets designated as available-for-sale - Other receivables - Investment in a subsidiary Loss on disposal of other investments Operating licence fee Rental - Office and computer equipment - Land and buildings - Machinery - Motor vehicles Staff costs (excluding key management personnel) - Salaries, bonuses and allowances - Contributions to state plans
pg

Company 1.1.2011 to 31.3.2012 RM000 Year ended 31.12.2010 RM000

1.1.2011 to 31.3.2012 RM000

Year ended 31.12.2010 RM000

333 67 535 11 10 2,531 87,262 2,038 2 10 26 15 12 13,594 10,322 758 16 6,343 12,114 20,128 225 1,066 672,617 94,396

333 90 164 57,126 2,928 465 22,273 347 25,098 4,919 5,586 15,978 170 264 483,007 69,410

230 67 472 84,373 2,037 2 11,976 10,322 758 17,164 16 6,343 10,786 25,644 183 1,013 658,450 92,689

230 90 86 54,606 2,926 22,273 25,098 4,919 4,607 15,759 170 218 472,145 68,052
Pos Malaysia Berhad
annual report 2012

142

NOTES TO THE FINANCIAL STATEMENTS

5. PROFIT BEFORE TAX (continued)
Group Note and after crediting: 1.1.2011 to 31.3.2012 RM000 Year ended 31.12.2010 RM000 Company 1.1.2011 to 31.3.2012 RM000 Year ended 31.12.2010 RM000

Amortisation of government grants Dividend income (gross) Fair value through profit or loss: held for trading Gain on disposal of property, plant and equipment Gain on disposal of other investments Interest income : - Unquoted debentures in Malaysia - Others Reversal of impairment loss on financial assets: - Trade receivables - Other receivables Realised foreign exchange gain Rental income: - Investment properties - Operating lease other than those relating to investment properties Unrealised foreign exchange gain 26

4,520 74 283 1,773 8,020 11,133 44 1,924 1,064 2,852 22

731 132 1,489 7,096 93 7,713 5,521 4,077 15,537 819 790 1,799 120

4,520 41 337 1,753 7,500 8,653 2,019 2,852 22

731 132 1,489 7,096 93 6,807 5,575 4,077 824 1,799 120

annual report 2012

145

NOTES TO THE FINANCIAL STATEMENTS

8. EARNINGS PER SHARE
Basic earnings per share The earnings per ordinary share for the financial period has been calculated based on the profit attributable to ordinary shareholders of RM138,841,000 (31.12. 2010: RM67,108,000) and a weighted average number of ordinary shares in issue during the financial period of 537,026,085 (31.12.2010: 537,026,085).

9. DIVIDENDS
Dividends recognised in the current year by the Company are: Sen per share (net of tax) 31.3.2012 First and final dividend in respect of financial year ended 31 December 2010 Special dividend in respect of financial year ended 31 December 2010 7.5 5.6 40,277 30,208 70,485 31.12.2010 Final dividend in respect of financial year ended 31 December 2009 9.4 50,346 Total amount RM000

The Company did not declare and pay any interim dividends in respect of the financial period ended 31 March 2012. However, subsequent to the repor ting period the following dividend was proposed by the Directors. This dividend will be recognised in subsequent financial period upon approval by the owners of the Company. Sen per share (net of tax) First and final dividend 13.1 Total amount RM000 70,485

146

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

10. PROPERTY, PLANT AND EQUIPMENT

Group Leasehold Government land and leasehold land buildings and buildings Freehold land RM000 Cost At 1 January 2010 Additions Disposals Transfers At 31 December 2010/ 1 January 2011 Additions Disposals Transfers Transfer to investment properties: - Offset of accumulated depreciation - Revaluation of property transferred -Transfer of carrying amount Transfer to assets classified as held for sale At 31 March 2012 185,467 (1,751) 183,716 (2,308) (7,258) (1,801) 172,349 210,799 210,799 210,799 2,276 2,276 2,276 35,114 35,114 (2,380) 1,144 (8,160) 25,718 88,444 1,908 3,403 93,755 13,344 147,579 254,678 18,804 608 2,290 21,702 32 47,331 69,065 134,993 10 (9,188) 28,447 154,262 479 (7,653) 11,241 158,329 RM000 RM000 Building Improvements and Buildings renovations RM000 RM000 Plant and Machinery RM000 Motor Vechicles RM000

Furniture and fittings, office and computer equipment RM000

Capital work-inprogress RM000

Total RM000

144,961 3,894 (111) 18,875 167,619 4,103 (728) 22,307 193,301

68,555 90,506 (53,015) 106,046 155,765 (228,458) 33,353

889,413 96,926 (11,050) 975,289 173,723 (8,381) (4,688) 1,144 (15,418) (1,801) 1,119,868

Pos Malaysia Berhad

annual report 2012

147

NOTES TO THE FINANCIAL STATEMENTS

10. PROPERTY, PLANT AND EQUIPMENT (continued)

Group Leasehold Government land and leasehold land buildings and buildings Freehold land RM000 Depreciation and impairment loss At 1 January 2010 Depreciation for the year Impairment loss for the year Disposals At 31 December 2010/ 1 January 2011: Accumulated depreciation Accumulated impairment loss 35,020 35,020 Depreciation for the period Disposals Offset of accumulated depreciation on property transferred to investment properties Transfer to assets classified as held for sale 3,399 (2,308) (46) 110,004 110,004 11,422 8,622 8,622 629 (2,380) 38,283 38,283 18,757 14,631 14,631 3,162 96,624 96,624 25,713 (7,588) 33,471 2,018 (469) 100,660 9,344 7,929 693 30,708 7,575 13,898 733 85,638 20,077 (9,091) RM000 RM000 Building Improvements and Buildings renovations RM000 RM000 Plant and Machinery RM000 Motor Vechicles RM000

Furniture and fittings, office and computer equipment RM000

Capital work-inprogress RM000

Total RM000

81,280 16,686 (94)

22,273 -

353,584 57,126 22,273 (9,654)

97,872 97,872 24,180 (710) -

22,273 22,273 -

401,056 22,273 423,329 87,262 (8,298) (4,688) (46)

148

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

10. PROPERTY, PLANT AND EQUIPMENT (continued)

Group Leasehold Government land and leasehold land buildings and buildings Freehold land RM000 Depreciation and impairment loss (continued) At 31 March 2012: Accumulated depreciation Accumulated impairment loss 36,065 36,065 Carrying amounts At 1 January 2010 At 31 December 2010/ 1 January 2011 At 31 March 2012 151,996 148,696 136,284 110,139 100,795 89,373 2,276 2,276 2,276 27,185 26,492 18,847 57,736 55,472 197,638 4,906 7,071 51,272 49,355 57,638 43,580 121,426 121,426 6,871 6,871 57,040 57,040 17,793 17,793 114,749 114,749 RM000 RM000 Building Improvements and Buildings renovations RM000 RM000 Plant and Machinery RM000 Motor Vechicles RM000

Furniture and fittings, office and computer equipment RM000

Capital work-inprogress RM000

Total RM000

121,342 121,342

22,273 22,273

475,286 22,273 497,559

63,681 69,747 71,959

68,555 83,773 11,080

535,829 551,960 622,309

Pos Malaysia Berhad

annual report 2012

149

NOTES TO THE FINANCIAL STATEMENTS

10. PROPERTY, PLANT AND EQUIPMENT (continued)
Company Leasehold Government land and leasehold land buildings and buildings Freehold land RM000 Cost At 1 January 2010 Additions Disposals Transfers At 31 December 2010/ 1 January 2011 Additions Disposals Transfers Transfer to assets classified as held for sale At 31 March 2012 101,385 (1,751) 99,634 (1,801) 97,833 210,799 210,799 210,799 2,276 2,276 2,276 25,718 25,718 25,718 82,256 1,876 3,403 87,535 13,142 147,580 248,257 6,276 6,276 47,158 53,434 134,213 10 (9,188) 28,447 153,482 192 (7,562) 11,242 157,354 125,921 2,380 (105) 18,875 147,071 4,452 (728) 25,989 176,784 68,627 94,415 (50,725) 112,317 152,538 (231,969) 32,886 757,471 98,681 (11,044) 845,108 170,324 (8,290) (1,801) 1,005,341 RM000 RM000 Building Improvements and Buildings renovations RM000 RM000 Plant and Machinery RM000 Motor Vechicles RM000 Furniture and fittings, office and computer equipment RM000

Capital work-inprogress RM000

Total RM000

150

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

10. PROPERTY, PLANT AND EQUIPMENT (continued)
Company Leasehold Government land and leasehold land buildings and buildings Freehold land RM000 Depreciation and impairment loss At 1 January 2010 Depreciation for the year Impairment loss for the year Disposals At 31 December 2010/ 1 January 2011 : - Accumulated depreciation - Accumulated impairment loss 30,286 30,286 Depreciation for the period Disposals Transfer to assets classified as held for sale At 31 March 2012: - Accumulated depreciation - Accumulated impairment loss 32,510 121,426 121,426 6,873 6,873 53,907 53,907 6,888 6,888 114,116 114,116 103,416 103,416 22,273 22,273 439,136 22,273 461,409 2,270 (46) 110,004 110,004 11,422 6,244 6,244 629 35,623 35,623 18,284 4,111 4,111 2,777 95,938 95,938 25,675 (7,497) 80,810 80,810 23,316 (710) 22,273 22,273 363,016 22,273 385,289 84,373 (8,207) (46) 29,110 1,645 (469) 100,660 9,344 5,740 504 28,387 7,236 3,568 543 84,990 20,034 (9,086) 65,603 15,300 (93) 22,273 318,058 54,606 22,273 (9,648) RM000 RM000 Building Improvements and Buildings renovations RM000 RM000 Plant and Machinery RM000 Motor Vechicles RM000 Furniture and fittings, office and computer equipment RM000

Capital work-inprogress RM000

Total RM000

32,510

Pos Malaysia Berhad

annual report 2012

151

NOTES TO THE FINANCIAL STATEMENTS

10. PROPERTY, PLANT AND EQUIPMENT (continued)

Company Leasehold Government land and leasehold land buildings and buildings Freehold land RM000 Carrying amounts At 1 January 2010 At 31 December 2010/ 1 January 2011 At 31 March 2012 72,275 69,348 65,323 110,139 100,795 89,373 2,276 2,276 2,276 19,978 19,474 18,845 53,869 51,912 194,350 2,708 2,165 46,546 49,223 57,544 43,238 RM000 RM000 Building Improvements and Buildings renovations RM000 RM000 Plant and Machinery RM000 Motor Vechicles RM000

Furniture and fittings, office and computer equipment RM000

Capital work-inprogress RM000

Total RM000

60,318 66,261 73,368

68,627 90,044 10,613

439,413 459,819 543,932

152

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

10. PROPERTY, PLANT AND EQUIPMENT (continued)
Depreciation for the period has been allocated as follows: Group 2012 RM000 Depreciation of property, plant and equipment Other income* 86,845 417 87,262 2010 RM000 57,126 57,126 Company 2012 RM000 83,956 417 84,373 2010 RM000 54,606 54,606 10.3 Government leasehold land and buildings The cost of government leasehold land and buildings for the Group and the Company of RM210,799,000 (31.12.2010 : RM210,799,000) are for a lease period of sixty (60) periods commencing from 1 January 1992, the vesting date as stated in Note 3 to the financial statements. The cost capitalised is in respect of the lease for the first thir ty (30) years period as stipulated in the agreement signed between the Company and the Government. The cost in respect of the remaining thir ty (30) years lease period has not been agreed. However, this cost will be agreed upon finalisation of the agreement with the authorities, no later than 31 December 2020, and thereafter will be recognised accordingly. The Company is also in the process of finalising lease agreements with the authorities for additional Government leasehold land and buildings currently used by the Company, which are at present carried at nil values in the statement of financial position. These Government 10.1 Hire purchase arrangements The carrying amount of motor vehicles purchased under hire purchase arrangements for the Group and the Company amounted to RM20,000 (31.12.2010: RM29,601,000) and nil (31.12.2010: RM29,561,000) respectively. In the previous financial year, an upgrade of a postal counter system was discontinued and the 10.2 Leasehold land and buildings The title deeds for certain landed properties with net carrying value amounting to RM1,600,000 (31.12.2010: RM2,333,000) have yet to be issued in the name of the Company as at 31 March 2012 by the relevant authorities. Group and the Company wrote down the carrying amount of these assets by RM22,273,000 based on nil recoverable amounts. 10.4 Impairment loss leasehold land and buildings will be recognised in the statement of financial position upon the valuations being finalised by the authorities.

Depreciation has been netted off against other income as the assets were purchased in relation to government grant received by the Group and Company.

Pos Malaysia Berhad

annual report 2012

153

NOTES TO THE FINANCIAL STATEMENTS

11. INVESTMENT PROPERTIES
Group Group 31.3.2012 RM000 At 1 January Transfer from property, plant and equipment Change in fair value recognised in profit or loss At 31 March/31 December Included in the above are: At fair value : - Freehold land and buildings - Leasehold land and buildings with unexpired lease period of more than 50 years 11,816 16,142 27,958 3,311 11,760 15,071 15,071 15,418 (2,531) 27,958 31.12.2010 RM000 15,071 15,071

Investment properties comprise a number of commercial proper ties that are leased to third par ties. Few proper ties have been transferred from proper ty, plant and equipment (see Note 10) to investment properties, since the buildings were no longer used by the Group and leased to third par ties. The fair values of all investment properties are determined based on market values. The following are recognised in profit or loss in respect of investment proper ties: Group 31.3.2012 RM000 Rental income Direct operating expenses: - income generating investment properties 1,064 286 31.12.2010 RM000 790 518

154

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

12. GOODWILL
Group RM000 Cost At 1 January 2010/31 December 2010/ 1 January 2011/31 March 2012 Amortisation and impairment losses At 1 January 2010/31 December 2010/ 1 January 2011/31 March 2012 Carrying amount At 1 January 2010/31 December 2010/ 1 January 2011/31 March 2012

4,630

The goodwill relates to the Groups licensed digital certificate authority business unit. Impairment testing for goodwill The recoverable amounts of the business unit is higher than its carrying amount and was based its value in use. Value in use was determined by discounting the future cash flows generated from the continuing operation of the business as a licensed digital certificate provider and was based on the following key assumptions: (i) (ii) (iii) (iv) (v) (vi) Cash flows were projected based on actual operating results and financial budget approved by management covering a 5-year business plan. The anticipated growth rate of 15%. The projected gross margin which reflects the average historical gross margin, adjusted for projected market and economic conditions and internal resource efficiency. The unit will continue its operations indefinitely. A discount rate used of 13.30% which approximates the Groups average cost of funds, was applied. The size of operations will remain with at least or not lower than the current results.

Pos Malaysia Berhad

annual report 2012

155

NOTES TO THE FINANCIAL STATEMENTS

Sensitivity to changes in assumptions Management recognises that the changes in demand patterns and the possibility of new entrants could have a significant impact on growth rate assumptions. However, unless, there is a sudden change in the demand patterns, the Group should be able to sustain its growth rate.

13. INVESTMENTS IN SUBSIDIARIES

Company 31.3.2012 RM000 Unquoted shares, at cost Less : Accumulated impairment losses 65,050 (19,870) 45,180 31.12.2010 RM000 65,050 (2,706) 62,344

156

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

13. INVESTMENTS IN SUBSIDIARIES (continued)
Details of the subsidiaries are as follows: Name of subsidiary Datapos (M) Sdn. Bhd. Digicert Sdn. Bhd. Effivation Sdn. Bhd. Pos Takaful Agency Sdn. Bhd. Poslaju (M) Sdn. Bhd. Pos Malaysia & Services Holdings Berhad PSH Capital Partners Sdn. Bhd. PSH Venture Capital Sdn. Bhd. PSH Properties Sdn. Bhd. PSH Allied Berhad PMB Properties Sdn. Bhd. Held by PSH Capital Partners Sdn. Bhd. Prestige Future Sdn. Bhd. Held by PSH Properties Sdn. Bhd. Real Riviera Sdn. Bhd. Held by PSH Venture Capital Sdn. Bhd. PSH Express Sdn. Bhd. Held by Pos Malaysia & Services Holdings Berhad PSH Investment Holding (BVI) Ltd. * British Virgin Islands Dormant 100 100 Malaysia Air courier services & fulfilment business 100 100 Malaysia Property investment 100 100 Malaysia Dormant 100 100 Country of incorporation Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia Malaysia Principal activities Printing and insertion of documents for mailing Licensed digital certification authority Property investment Dormant Dormant Investment holding Investment holding Investment holding Property investment Dormant Property investment 100 100 100 100 100 100 100 100 100 100 100 Effective ownership interest 31.3.2012 (%) 31.12.2010 (%) 100 100 100 100 100 100 100 100 100 100 100

Pos Malaysia Berhad

annual report 2012

157

NOTES TO THE FINANCIAL STATEMENTS

13. INVESTMENTS IN SUBSIDIARIES (continued)
* The investment in PSH Investment Holding (BVI) Ltd. has been consolidated based on the management financial statements for the financial period ended 31 March 2012 as a statutory audit is not required in the British Virgin Islands. Impairment loss The carrying amounts of the investment in subsidiaries were assessed for impairment during the period. The recoverable amounts of the investment in subsidiaries are determined based on the value in use of the subsidiaries. Based on the assessment of the value in use, the recoverable amounts are lower than the carrying amounts of the investments in the subsidiaries, and accordingly, an allowance for impairment loss of RM17,164,000 was recognised in current period.

14. INVESTMENTS IN ASSOCIATES

Group 31.3.2012 RM000 Unquoted shares, at cost Less: Accumulated impairment losses 7,650 (7,650) 31.12.2010 RM000 7,650 (7,650) Company 31.3.2012 RM000 7,650 (7,650) 31.12.2010 RM000 7,650 (7,650) -

The Group discontinued equity accounting of loss in associates as the loss exceeded the carrying amount of the investments. As at 31 March 2012, the share of losses in those associates for the financial period and share of losses cumulatively not accounted for was RM2,000 (31.12.2010: loss of RM508,000) and RM38,461,000 (31.12.2010: RM38,458,000) respectively. The Group has no obligation in respect of these losses.

158

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

14. INVESTMENTS IN ASSOCIATES (continued)
Summary financial information for associates, not adjusted for the percentage ownership held by the Group: Effective ownership interest % Malaysia Malaysia
#

Country of incorporation Group 31.3.2012 Elpos Print Sdn. Bhd. # CEN Sdn. Bhd.
#

Revenue (100%) RM000 15,805 2,383 18,188

Profit /(Loss) (100%) RM000 1,465 (152) (1,047) 266

Total assets (100%) RM000 6,772 12,503 709 19,984

Total liabilities (100%) RM000 9,470 66,383 5,441 81,294

40.0 42.5 50.0

Pospay Exchange Sdn. Bhd.

Malaysia

31.12.2010 Elpos Print Sdn. Bhd. # CEN Sdn. Bhd.

Malaysia Malaysia Malaysia

40.0 42.5 50.0

12,501 5,799 7 18,307

341 (305) (1,030) (994)

8,161 12,169 717 21,047

12,567 65,848 3,309 81,724

Pospay Exchange Sdn. Bhd. #

Based on management accounts as at 31 March 2012/31 December 2010.

Pos Malaysia Berhad

annual report 2012

159

NOTES TO THE FINANCIAL STATEMENTS

15. OTHER INVESTMENTS
Shares Group 31.3.2012 Non-current Available-for-sale financial assets Less: Impairment loss Held to maturity investments Current Financial assets at fair value through profit or loss: held for trading Debentures

Total RM000

Unquoted in Malaysia RM000

Quoted in Malaysia RM000

Unquoted in Malaysia RM000

249,562 (249,562) 120,744 3,268 124,012

249,562 (249,562) -

3,268 3,268 3,268 3,268 3,268

120,744 120,744 120,744 120,744 -

Representing items: At amortised cost At fair value

120,744 3,268 124,012 3,268

Market value of quoted investments 31.12.2010 Non-current Available-for-sale financial assets Less: Impairment loss Held-to-maturity investments

249,562 (239,240) 10,322 86,146 96,468

249,562 (239,240) 10,322 10,322 4,356 4,356 14,678

86,146 86,146 99,950 99,950 186,096

Current Financial assets at fair value through profit or loss: held-for-trading Held-to-maturity investments

4,356 99,950 104,306 200,774

160

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

15. OTHER INVESTMENTS (continued)
Shares Group 31.12.2010 Representing items: At amortised cost At fair value Market value of quoted investments Company 31.03.2012 Non-current Available-for-sale financial assets Less: Impairment loss Held-to-maturity investments Current Financial assets at fair value through profit or loss: held-for-trading Representing items At amortised cost At fair value Debentures

Total RM000

Unquoted in Malaysia RM000

Quoted in Malaysia RM000

Unquoted in Malaysia RM000

186,096 14,678 200,774 14,678

14,678 14,678 14,678

186,096 186,096 -

357,343 (357,343) 121,193 2,323 123,516 121,193 2,323 123,516 2,323

357,343 (357,343) -

2,323 2,323 2,323 2,323 2,323

121,193 121,193 121,193 121,193 -

Market value of quoted investments

Pos Malaysia Berhad

annual report 2012

161

NOTES TO THE FINANCIAL STATEMENTS

15. OTHER INVESTMENTS (continued)
Shares Company 31.12. 2010 Non-current Available-for-sale financial assets Less: Impairment loss Held-to-maturity investments Debentures

Total RM000

Unquoted in Malaysia RM000

Quoted in Malaysia RM000

Unquoted in Malaysia RM000

357,343 (347,021) 10,322 85,757 96,079

357,343 (347,021) 10,322 10,322

85,757 85,757

Current Financial assets at fair value through profit or loss: held-for-trading Held-to-maturity investments

2,856 100,308 103,164 199,243

2,856 2,856 13,178

100,308 100,308 186,065

Representing items: At amortised cost At fair value

186,065 13,178 199,243 13,178

13,178 13,178 13,178

186,065 186,065 -

Market value of quoted investments

Available-for-sale financial assets During the financial period, the Group recognised impairment loss of RM10,322,000 (31.12.2010: RM25,098,000) for its unquoted equity instruments classified as available-for-sale financial assets as there was significant and prolonged decline in the fair value of the investments. These quoted shares were delisted from Bursa Malaysia Securities Berhad on 24 May 2011.

162

Pos Malaysia Berhad

annual report 2012

169

NOTES TO THE FINANCIAL STATEMENTS

22. DEFERRED TAX ASSETS AND LIABILITIES (continued)
Unrecognised deferred tax assets Deferred tax assets have not been recognised for the following items: Group 31.3.2012 RM000 Unutilised tax losses Unabsorbed capital allowances 49,557 1,897 51,454 31.12.2010 RM000 50,072 1,870 51,942

The deductible temporary differences do not expire under the current tax legislation. Deferred tax assets were not recognised in respect of these items because it was not probable that future taxable profit will be available against which the Group can utilise the benefits there from.

23. HIRE PURCHASE LIABILITIES

Hire purchase liabilities are payable as follows: Gross 31.3.2012 RM000 Group Less than one year Between one and five years 5 15 20
Company Less than one year Between one and five years 15,026 32,539 47,565 1,804 1,801 3,605 13,222 30,738 43,960

Interest 31.3.2012 RM000 * * *

Principal 31.3.2012 RM000 5 15 20

Gross 31.12.2010 RM000 15,042 32,563 47,605

Interest 31.12.2010 RM000 1,806 1,801 3,607

Principal 31.12.2010 RM000 13,236 30,762 43,998

* Interest amounts to less than RM1,000.

170

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

24. TRADE AND OTHER PAYABLES
Group Note Trade Trade payables Non-trade Amount due to subsidiaries Amount due to associates Other payables and accruals: Unpresented postal and money orders Agency payables Money order payables Service payables Other accruals Deposits received
d

Company 31.12.2010 RM000 38,876 31.3.2012 RM000 40,050 31.12.2010 RM000 35,954

31.3.2012 RM000 42,690

b b

239 86,249

1,069 85,492 130,467 12,328 27,084 161,994 14,539 432,973 471,849

37,050 239 86,249 134,138 21,021 28,076 228,412 12,460 547,645 587,695

52,329 1,069 85,492 130,467 12,328 24,208 151,455 13,075 470,423 506,377

134,138 21,021 31,392 233,968 14,924 521,931 564,621

Trade payables Credit terms of international mail payables of the Group and of the Company range from six (6) months to eighteen (18) months (31.12.2010: 6 months to 18 months) in accordance with the Universal Postal Union guidelines. Included in trade payables of the Group and of the Company is RM9,000 due to related companies of a significant investor that has an influence over the Group.

Amount due to subsidiaries and associates The amount due to subsidiaries and associates are unsecured, interest free and repayable on demand.

Pos Malaysia Berhad

annual report 2012

171

NOTES TO THE FINANCIAL STATEMENTS

24. TRADE AND OTHER PAYABLES (continued)
c. Agency payables Included in agency payables is cash held for the purpose of distribution of fuel rebate for the government amounting to Nil (31.12.2010: RM4,338,000). d. Other accruals Included in other accruals of the Group and the Company are deferred government grant received and deferred income in relation to prepaid mail amounting to RM4,776,000 (31.12.2010: RM1,296,000) and RM25,819,000 (31.12.2010: RM21,463,000) respectively. The Group and Company have been awarded a RM8,000,000 (31.12.2010: RM2,000,000) government grant which was received during the period. The grant received was both related to income and assets and was conditional upon the execution of post transformation plan on the expenditures spent and the acquisition of certain motor vehicles. The grant related to income is recognised as other income in profit or loss to match with the expenditures spent, on a systematic basis. The grant related to assets is amor tised over the useful life of the assets. During the period, the grant amounting to RM4,520,000 (31.12.2010: RM731,000) has been recognised as other income. Performance is measured based on segment results. Segment results is used to measure There are varying levels of integration between the Mail repor table segment and the Courier repor table segments. This integration includes shared distribution services. Retail - Includes over-the-counter services for payment of bills and cer tain financial products and services. Other operations include the hybrid mail which provides data and document processing services, logistics solutions by sea, air and land to both national and international destinations, business of internet security products, solutions and services and rental income from investment proper ties held by the Group. None of these segments meets any of the quantitative thresholds for determining repor table segments in 31 December 2010 and 31 March 2012. operating decision maker) and the Board of Directors review internal management repor ts at least on a quar terly basis. The following summary describes the operations in each of the Groups repor table segments: Mail - Includes the provision of basic mail services for corporate and individual customers and customised solutions such as Mailroom Management and Direct Mail. Courier - Includes courier solutions by sea, air and land to both national and international destinations.

25. OPERATING SEGMENTS

The Group has three reportable segments, as described below, which are the Groups strategic business units. The strategic business units offer different products and services and are managed separately because they require different business processes and customer needs. For each of the strategic business units, the Groups Chief Executive Officer (the chief

performance as management believes that such information is the most relevant in evaluating the results of cer tain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on a negotiated basis.

172

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

Segment assets The total of segment asset is measured based on all assets (including goodwill) of a segment, as included in the internal management repor ts that are reviewed by the Groups Chief Executive Officer. Segment total asset is used to measure the return of assets of each segment. Segment liabilities The total segment liabilities is measured based on all liabilities of a segment, as included in the internal management repor ts that are reviewed by the Groups Chief Executive Officer. Segment total liabilities are used to measure the gearing of each segment. Geographical segments The Group operates in Malaysia. Accordingly, information by geographical segment is not presented. Segment capital expenditure Segment capital expenditure is the total cost incurred during the financial year to acquire proper ty, plant and equipment. Major customers The Group has a diversified range of customers varying from retail customers and wholesale customers. There is no significant concentration of revenue from any customers.

Pos Malaysia Berhad

annual report 2012

173

NOTES TO THE FINANCIAL STATEMENTS

25. OPERATING SEGMENTS (Continued)
Period Ended 31 March 2012 Revenue Total external revenue Intersegment revenue Total revenue for reportable segments Reportable segment results Other unallocated results Profit before taxation Reportable segments assets Other unallocated assets Total assets Reportable segment liabilities Other unallocated liabilities Total liabilities Other information Capital expenditure - Property, plant and equipment Depreciation of property, plant and equipment Finance income Finance expense Impairment loss on financial assets designated as available-for-sale Change in fair value of investment properties Fair value through profit or loss: held for trading Tax expense 130,493 (46,210) (1,381) 14,366 (16,023) (465) 24,998 (20,253) (190) 3,866 (4,359) (2) 173,723 (86,845) 19,153 (2,038) (10,322) (2,531) 283 (61,361)
Pos Malaysia Berhad
annual report 2012

Mail RM000 921,527 3,346 924,873 183,408 347,046 34,306 -

Courier RM000 308,687 1,425 310,112 34,062 122,209 1,011 -

Retail RM000 202,597 64,279 266,876 (46,126) 155,170 133,783 -

Other operations RM000 48,849 48,849 6,416 118,618 7,743 -

Elimination RM000 (69,050) (69,050) -

Group RM000 1,481,660 1,481,660 177,760 22,442 200,202 743,043 755,033 1,498,076 176,843 423,140 599,983

174

NOTES TO THE FINANCIAL STATEMENTS

25. OPERATING SEGMENTS (Continued)
Year Ended 31 December 2010 Revenue Total external revenue Intersegment revenue Total revenue for reportable segments Reportable segment results Other unallocated results Profit before taxation Reportable segments assets Other unallocated assets Total assets Reportable segment liabilities Other unallocated liabilities Total liabilities Other information Capital expenditure - Property, plant and equipment Depreciation of property, plant and equipment Finance income Finance expense Reversal of impairment loss on financial assets Impairment loss on financial assets designated as available-for-sale Impairment loss on property, plant and equipment Fair value through profit or loss: held for trading Tax expense 74,781 (28,469) (1,950) 9,342 (13,152) (811) 9,184 (13,033) (163) 3,619 (2,472) (4) 96,926 (57,126) 13,234 (2,928) 15,537 (25,098) (22,273) 1,489 (31,958) 605,338 2,023 607,361 112,731 287,111 58,718 226,643 1,000 227,643 19,279 122,525 9,516 148,124 49,307 197,431 (24,303) 144,469 135,537 34,870 34,870 (2,039) 146,973 9,567 (52,330) (52,330) 1,014,975 1,014,975 105,668 (6,602) 99,066 701,078 674,141 1,375,219 213,338 333,288 546,626 Mail RM000 Courier RM000 Retail RM000 Other operations RM000 Elimination RM000 Group RM000

Pos Malaysia Berhad

annual report 2012

175

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS
26.1 Categories of financial instruments The table below provides an analysis of financial instruments categorised as follows: (a) Loans and receivables (L&R); (b) Fair value through profit or loss (FVTPL): Held for trading (HFT) (c) Available-for-sale financial assets (AFS); (d) Held-to-maturity investments (HTM); and (e) Other financial liabilities measured at amortised cost (OL). Carrying amount RM000 31.3.2012 Financial assets Group Other investments Trade and other receivables Cash and cash equivalents Company Other investments Trade and other receivables Cash and cash equivalents Financial liabilities Group Hire purchase liabilities Trade and other payables Company Trade and other payables (587,695) (587,695) (20) (564,621) (564,641) (20) (564,621) (564,641) 123,516 257,994 436,648 818,158 257,994 436,648 694,642 2,323 2,323 121,193 121,193 124,012 153,157 544,076 821,245 153,157 544,076 697,233 3,268 3,268 120,744 120,744 L&R /(OL) RM000 FVTPL-HFT RM000 AFS RM000 HTM RM000

176

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS (Continued)
26.1 Categories of financial instruments (continued)

Carrying amount RM000 31.12.2010 Financial assets Group Other investments Trade and other receivables Cash and cash equivalents Company Other investments Trade and other receivables Cash and cash equivalents Financial liabilities Group Hire purchase liabilities Trade and other payables Company Hire purchase liabilities Trade and other payables (43,960) (506,377) (550,337) (43,998) (471,849) (515,847) 199,243 242,882 354,443 796,568 200,774 187,595 395,533 783,902

L&R /(OL) RM000

FVTPL-HFT RM000

AFS RM000

HTM RM000

187,595 395,533 583,128 242,882 354,443 597,325

4,356 4,356 2,856 2,856

10,322 10,322 10,322 10,322

186,096 186,096 186,065 186,065

(43,998) (471,849) (515,847) (43,960) (506,377) (550,337)

Pos Malaysia Berhad

annual report 2012

177

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS (Continued)
26.2 Net gains and losses arising from financial instruments Group 1.1.2011 to 31.3.2012 RM000 Net gains/(losses) on : Fair value through profit or loss : - Held for trading - Available-for-sale financial assets - Held-to-maturity investments - Loans and receivables - Financial liabilities measured at amortised cost 341 (10,322) 8,020 (3,153) (2,038) (7,152) 1,714 (25,098) 7,713 24,908 (2,928) 6,309 362 (10,322) 7,500 (4,059) (2,037) (8,556) 1,714 (25,098) 6,807 9,772 (2,926) (9,731) Year ended 31.12.2010 RM000 Company 1.1.2011 to 31.3.2012 RM000 Year ended 31.12.2010 RM000

26.3 Financial risk management The Groups overall financial risk management objective is to ensure the continuous growth in profitability and enhance shareholders value in a competitive and changing environment. At the same time, the Group is focused in performing its Universal Service Obligation as a provider of postal service throughout the country and to international destinations in an efficient and effective manner. The Group has exposure to the following risks from its use of financial instruments: Credit risk Liquidity risk Market risk

178

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

26.4 Credit risk Credit risk is the risk of a financial loss to the Group if a customer or counterpar ty to a financial instrument fails to meet its contractual obligations. The Groups exposure to credit risk arises principally from its receivables from customers and investment securities. The Company also has exposure to credit risk from loans and advances to subsidiaries. Receivables Risk management objectives, policies and processes for managing the risk Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. The Group seeks to control credit risk by setting counterpar ty limits and ensuring that services are made to customers with an appropriate credit history. Any receivables having significant more than 120 days, which are deemed to have higher credit risk, are monitored individually. Exposure to credit risk, credit quality and collateral As at the end of the reporting period, the maximum exposure to credit risk arising from receivables is represented by the carrying amounts in the statements of financial position. Management has taken reasonable steps to ensure that receivables that are neither past due nor impaired are measured at their realisable values. A significant por tion of these receivables are regular customers that have been transacting with the Group. The Group uses ageing analysis to monitor the credit quality of the receivables. Any receivables having significant balances past due more than 120 days, which are deemed to have higher credit risk, are monitored individually. Concentration of credit risk with respect to receivables is limited due to the Groups large number of customers.

Pos Malaysia Berhad

annual report 2012

179

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS (continued)
26.4 Credit risk (continued) Receivables (continued) Impairment losses The ageing of trade receivables as at the end of the repor ting period was:

Gross Group 31.3.2012 Not past due Past due 1-30 days Past due 31-120 days Past due more than 120 days 31.12.2010 Not past due Past due 1-30 days Past due 31-120 days Past due more than 120 days 63,967 15,553 7,454 39,282 126,256 49,962 13,431 13,589 38,827 115,809 RM000

Impairment RM000

Net RM000

(557) (1,266) (20,590) (22,413) (8,863) (8,863)

49,962 12,874 12,323 18,237 93,396 63,967 15,553 7,454 30,419 117,393

180

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS (continued)
26.4 Credit risk (continued) Receivables (continued) Impairment losses (continued)

Gross Company 31.3.2012 Not past due Past due 1-30 days Past due 31-120 days Past due more than 120 days 31.12.2010 Not past due Past due 1-30 days Past due 31-120 days Past due more than 120 days 41,033 13,211 5,351 31,942 91,537 44,806 6,724 9,081 23,945 84,556 RM000

Impairment RM000

Net RM000

(557) (1,266) (18,100) (19,923) (7,947) (7,947)

44,806 6,167 7,815 5,845 64,633 41,033 13,211 5,351 23,995 83,590

Allowance for impairment losses of trade receivables has been made for the remaining past due receivables as the Group monitors the repayments of these customers regularly and are confident of ability of the customers to repay the balances owing.

Pos Malaysia Berhad

annual report 2012

181

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS (continued)
26.4 Credit risk (continued) Receivables (continued) The movements in the allowance for impairment losses of trade receivables during the financial period were: Group 31.3.2012 RM000 At 1 January Impairment loss recognised Impairment loss reversed At 31 March/31 December 8,863 13,594 (44) 22,413 31.12.2010 RM000 12,593 347 (4,077) 8,863 Company 31.3.2012 RM000 7,947 11,976 19,923 31.12.2010 RM000 12,024 (4,077) 7,947

The allowance account in respect of receivables is used to record impairment losses. Unless the Group is satisfied that recovery of the amount is possible, the amount considered irrecoverable is written off against the receivable directly. Investments and other financial assets Risk management objectives, policies and processes for managing the risk Investments are allowed only in liquid securities and only with counterpar ties that have a credit rating equal to or better than the Group. Exposure to credit risk, credit quality and collateral As at the end of the reporting period, the Group has only invested principally in domestic securities. The maximum exposure to credit risk is represented by the carrying amounts in the statements of financial position. In view of the sound credit rating of counterpar ties, management does not expect any counterpar ty to fail to meet its obligations. The investments and other financial assets are unsecured.

182

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS (continued)
26.4 Credit risk (continued) Investments and other financial assets (continued) Impairment losses An impairment loss of RM10,322,000 (31.12.2010: Nil) in respect of a quoted equity instrument classified as available-for-sale financial assets was recognised as there was significant and prolonged decline in fair value of the investment. These quoted shares were delisted from Bursa Malaysia Securities Berhad on 24 May 2011. The movements in the allowance for impairment loss during the financial year were: Group 31.3.2012 RM000 At 1 January Impairment loss recognised At 31 March/31 December Inter company balances Risk management objectives, policies and processes for managing the risk The Company provides unsecured advances to subsidiaries. The Company monitors the results of the subsidiaries regularly. Exposure to credit risk, credit quality and collateral As at the end of the reporting period, the maximum exposure to credit risk is represented by their carrying amounts in the statement of financial position. Loans and advances are only provided to subsidiaries which are wholly owned by the Company. The amounts due from subsidiaries are repayable on demand.
Pos Malaysia Berhad
annual report 2012

Company 31.12.2010 RM000 214,142 25,098 239,240 31.3.2012 RM000 347,021 10,322 357,343 31.12.2010 RM000 321,923 25,098 347,021

239,240 10,322 249,562

183

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS (continued)
26.4 Credit risk (continued) Inter company balances (continued) Impairment losses As at the end of the reporting period, the inter company balance that is assessed to be irrecoverable had been impaired amounting to RM45,776,000 (31.12.2010: RM45,776,000). The Company does not specifically monitor the ageing of current advances to the subsidiaries. 26.5 Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups exposure to liquidity risk arises principally from its various payables. The Group maintains a level of cash and cash equivalents and bank facilities deemed adequate by the management to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they fall due. Maturity analysis The table below summarises the maturity profile of the Groups and the Companys financial liabilities as at the end of the repor ting period based on undiscounted contractual payments: Carrying amount RM000 31.3.2012 Group Hire purchase liabilities Trade and other payables 20 564,621 564,641 Company Trade and other payables 587,695 587,695 587,695 2.3% 20 564,621 564,641 5 564,621 564,626 15 15 Contractual interest rate Contractual cash flows RM000 Under 1 year RM000 1-5 years RM000

184

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS (continued)
26.5 Liquidity risk (continue) Maturity analysis (continued) Carrying amount RM000 Contractual interest rate Contractual cash flows RM000 Under 1 year RM000 1-5 years RM000

31.12.2010 Group Hire purchase liabilities Trade and other payables Company Hire purchase liabilities Trade and other payables 43,960 506,377 550,337 2.3% - 3.6% 47,565 506,377 553,942 15,026 506,377 521,403 32,539 32,539 43,998 471,849 515,847 2.3% - 3.6% 47,605 471,849 519,454 15,042 471,849 486,891 32,563 32,563

Pos Malaysia Berhad

annual report 2012

185

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS (continued)
26.6 Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and other prices will affect the Groups financial position or cash flows. 26.6.1 Currency risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than the respective functional currencies of Group entities, as a result of providing foreign mail exchange service and remittance service. The currency giving rise to this risk is primarily US Dollar (USD). Risk management objectives, policies and processes for managing the risk The Group does not use any forward contracts to hedge against its exposure to foreign currency. The Group ensures that the net exposure is kept to an acceptable level by monitoring the fluctuation of the foreign currency. Exposure to foreign currency risk The Groups exposure to foreign currency (a currency which is other than the currency of the Group entities) risk, based on carrying amounts as at the end of the repor ting period was: Group 31.3.2012 Trade and other receivables Trade and other payables Exposure in the statement of financial position 31.12.2010 Trade and other receivables Trade and other payables Exposure in the statement of financial position 9,924 (16,296) (6,372) Denominated in USD RM000 9,926 (7,985) 1,941

186

Pos Malaysia Berhad

The following summarises the methods used in determining the fair value of financial instruments reflected in the above table. Investments in equity and debt securities The fair values of financial assets that are quoted in an active market are determined by reference to their quoted closing bid price at the end of the repor ting period. Non-derivative financial liabilities Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the end of the reporting period. For hire purchase liabilities, the market rate of interest is determined by reference to similar hire purchase arrangements.

190

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

26. FINANCIAL INSTRUMENTS (continued)
26.7 Fair value of financial instruments (continued) Interest rates used to determine fair value The interest rates used to discount estimated cash flows, when applicable, are as follows: 31.3.2012 Unquoted held-to-maturity investments Hire purchase liabilities 3.4% - 3.9% 2.3% 31.12.2010 3.5% - 3.9% 2.3% - 3.6%

26.8 Fair value hierarchy Comparative figures have not been presented for 31 December 2010 by vir tue of the exemption provided in paragraph 44G of FRS 7. The table below analysis financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: Level 1: Level 2: Level 3: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Pos Malaysia Berhad

annual report 2012

191

NOTES TO THE FINANCIAL STATEMENTS

Level 1 RM000 31.3.2012 Group Financial assets Investment in unquoted held-to-maturity Investment in quoted shares 3,268 3,268 120,744 120,744 120,744 3,268 124,012 Level 2 RM000 Level 3 RM000 Total RM000

27. CAPITAL MANAGEMENT

The Groups objectives when managing capital is to maintain a strong capital base and safeguard the Groups ability to continue as a going concern, so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Directors monitor and determine to maintain an optimal debt-to-equity ratio that complies with regulatory requirements.

Group 31.3.2012 RM000 Total borrowings (Note 23) Less: Cash and cash equivalents (Note 18) Net cash Total equity 20 (544,076) (544,056) 898,093 31.12.2010 RM000 43,998 (395,533) (351,535) 828,593

There were no changes in the Groups approach to capital management during the financial period. Under the requirement of Bursa Malaysia Practice Note No. 17/2005, the Company is required to maintain a consolidated shareholders equity equal to or not less than the 25 percent of the issued and paid-up capital (excluding treasury shares) and such shareholders equity is not less than RM40 million. The Company has complied with this requirement.

192

Pos Malaysia Berhad

annual report 2012

NOTES TO THE FINANCIAL STATEMENTS

28. CAPITAL COMMITMENTS
Group 31.3.2012 RM000 31.12.2010 RM000 Company 31.3.2012 RM000 31.12.2010 RM000

Property, plant and equipment Authorised but not contracted for Contracted but not provided for

15,252 42,309

281,339 55,879

8,685 42,309

273,378 55,807

29. SIGNIFICANT RELATED PARTY TRANSACTIONS

For the purposes of these financial statements, par ties are considered to be related to the Group or the Company if the Group or the Company has the ability, directly or indirectly, to control the par ty or exercise significant influence over the par ty in making financial and operating decisions, or vice versa, or where the Group or the Company and the par ty are subject to common control or common significant influence. Related parties may be individuals or other entities. Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. The key management personnel include all the Directors of the Group, and cer tain members of senior management of the Group. Transactions with government departments and agencies or with entities providing public utilities are entered at arms length by vir tue of their normal dealings as a public utility or a government depar tment and agency.

Pos Malaysia Berhad

annual report 2012

193

NOTES TO THE FINANCIAL STATEMENTS

29. SIGNIFICANT RELATED PARTY TRANSACTIONS (continued)
The significant related party relationships of the Group and the Company, other than key management personnel compensation (see Note 6), are as follows: Group 1.1.2011 to 31.3.2012 RM000 A. Related companies of a significant investor that has an influence over the Group Sales of services Commissions on services Rental income Purchase of services Rental expense B. Subsidiaries Sales of services Purchase of services Rental expense C. Associates Purchase of goods 6,263 784 314 (1,008) (14) 1,955 784 314 (1,008) (14) Year ended 31.12.2010 RM000 Company 1.1.2011 to 31.3.2012 RM000 Year ended 31.12.2010 RM000

(10,692)

61,196 (9,426) (6,173)

35,272 (2,327) (858)

(10,278)

(10,692)

(10,278)

annual report 2012

THIS SECTION IS INTENTIONALLY LEFT BLANK

Pos Malaysia Berhad

annual report 2012

197

STATEMENT BY DIRECTORS PURSUANT TO SECTION 169(15) OF THE COMPANIES ACT, 1965

In the opinion of the Directors, the financial statements set out on pages 119 to 196 are drawn up in accordance with Financial Repor ting Standards and 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 31 March 2012 and of their financial performance and cash flows for the period then ended. In the opinion of Directors, the information set out in Note 31 on page 195 to the financial statements had been complied in accordance with the Guidance on Special Matter No. 1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosures Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued by the Malaysian Institute of Accountants, and presented based on the format prescribed by Bursa Malaysia Securities Berhad.

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

Dato Sri Haji Mohd Khamil bin Jamil

Datuk Low Seng Kuan Kuala Lumpur, Date: 18 June 2012

198

Pos Malaysia Berhad

annual report 2012

STATUTORY DECLARATION PURSUANT TO SECTION 169(16) OF THE COMPANIES ACT, 1965

I, Ahmad Faisal bin Murad, the officer primarily responsible for the financial management of Pos Malaysia Berhad, do solemnly and sincerely declare that the financial statements set out on pages 119 to 196 are, to the best of my knowledge and belief, correct and I make this solemn declaration conscientiously believing the same to be true, and by vir tue of the provisions of the Statutory Declarations Act, 1960. Subscribed and solemnly declared by the above named in Kuala Lumpur on 18 June 2012.

. Ahmad Faisal bin Murad

Before me:

Pos Malaysia Berhad

annual report 2012

199

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF POS MALAYSIA BERHAD

Report on the Financial Statements We have audited the financial statements of Pos Malaysia Berhad, which comprise the statements of financial position as at 31 March 2012 of the Group and of the Company, and the statements of comprehensive income, changes in equity and cash flows of the Group and of the Company for the period then ended, and a summary of significant accounting policies and other explanatory information, as set out on pages 119 to 196. Opinion Directors Responsibility for the Financial Statements In our opinion, the financial statements have been properly drawn up in accordance with Financial The Directors of the Company are responsible for the preparation of financial statements that give a true and fair view in accordance with Financial Repor ting Standards and the Companies Act, 1965 in Malaysia, and for such internal control as the Directors determine are 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 about 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 our judgement, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we 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 a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiaries 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 of a subsidiary of which we have not acted as auditors, which is indicated in Note 13 to the financial statements. c) We are satisfied that the accounts of the subsidiaries that have been consolidated with the Companys financial statements 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 required by us for those purposes. d) The audit repor ts on the accounts of the subsidiaries did not contain any qualification or any adverse comment made under Section 174(3) of the Act. Report on Other Legal and Regulatory Requirements In accordance with the requirements of the Companies Act, 1965 in Malaysia, we also repor t the following: Repor ting Standards and 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 31 March 2012 and of their financial performance and cash flows for the period then ended. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 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.

200

Pos Malaysia Berhad

annual report 2012

INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF POS MALAYSIA BERHAD

Other Reporting Responsibilities Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The information set out in Note 31 on page 195 to the financial statements has been compiled by the Company as required by the Bursa Malaysia Securities Berhad Listing Requirements. We have extended our audit procedures to repor t on the process of compilation of such information. In our opinion, the information has been properly compiled, in all material respects, in accordance with the Guidance of Special Matter No.1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosures Pursuant to Bursa Malaysia Securities Berhad Listing Requirements, issued by the Malaysian Institute of Accountants and presented based on the format prescribed by Bursa Malaysia Securities Berhad. Other Matters This repor t 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 to any other person for the content of this report.

KPMG Firm Number : AF 0758 Char tered Accountants

Chong Dee Shiang Approval Number : 2782/09/12(J) Chartered Accountant

Petaling Jaya, Date: 18 June 2012

Pos Malaysia Berhad

annual report 2012

201

TOP 10 PROPERTIES
No 1. Type Alienated Land Location Shah Alam Subject Property HS(D) 98478, PT No 1 Sek 21, Bandar Shah Alam, District of Petaling Jaya, State of Selangor Pajakan Negeri 33472, Lot 46 Sek 70, Bandar Kuala Lumpur, District of Kuala Lumpur, State of Wilayah Persekutuan, Kuala Lumpur PT27 (Landside), KL International Airport, Mukim of Sepang, District of Sepang, State of Selangor HS(D) 56783, PT 27615, Mukim of Kapar, District of Klang, State of Selangor. Pajakan Negeri 155068 for Lot 2436N, Town of Ipoh, Daerah Kinta, State of Perak Pajakan Negeri 155069 for Lot 2437N, Town of Ipoh, Daerah Kinta, State of Perak Pajakan Negeri 4738 for Lot 31448, Town of Ipoh, Daerah Kinta, State of Perak Pajakan Negeri 153337 for Lot 35120, Town of Ipoh, Daerah Kinta, State of Perak Pajakan Negeri 153721 for Lot 2351N, Town of Ipoh, Daerah Kinta, State of Perak GRN 55283 for lot 31449 Town of Ipoh, Daerah Kinta, State of Perak Pajakan Negeri 155073 for Lot 2740N,Town of Ipoh, Daerah Kinta, State of Perak Registered / Beneficial Owner PMB Properties Sdn Bhd Exisiting Use / Description MPC Section 21 Shah Alam/Double Storey Office Building, 2 units of 1 12 Storey Factory Buidling General Post Office / Eight Storey Building

Alienated Land

Pejabat Pos Besar Kuala Lumpur

Pesuruhjaya Tanah Persekutuan

Building

KLIA

Malaysia Airports (Properties) Sdn Bhd Pos Malaysia Berhad Effivation Sdn Bhd

Pos Malaysia International Hub

4. 5.

Registered Land Alienated Land

Bukit Raja Ipoh

Delivery Branch / Warehouse with attached three storey office Vacant Land

Alienated Land

Ipoh

Effivation Sdn Bhd

Vacant Land

Alienated Land Alienated Land

Ipoh Ipoh

Effivation Sdn Bhd Effivation Sdn Bhd

Vacant Land Vacant Land

Alienated Land

Ipoh

Effivation Sdn Bhd

Vacant Land

Alienated Land

Ipoh

Effivation Sdn Bhd

Vacant Land

Alienated Land

Ipoh

Effivation Sdn Bhd

Vacant Land

202

Pos Malaysia Berhad

annual report 2012

TOP 10 PROPERTIES
Tenure / Age of Building Leasehold 99 years (expiring 19/7/2094) Land Area ( sq mt ) 90,072 Gross Floor Area ( sq mt ) 46,451 Cost of Purchase / Lease Amount (RM) 69,000,000 Net Book Value (RM) as of 31 March 2012 70,077,040

Leasehold 99 years (expiring 27/01/2079)

8,496

44,519

60,000,000

25,369,897

Concession

36,950

18,729

34,277,932

20,460,811

Freehold Leasehold 999 Years (expiring on 30/12/2893)

8,809 1,310

5,617 Not applicable

10,300,000 3,262,660

13,129,300 12,540,000

Leasehold 999 Years (expiring on 30/12/2893)

1,424

Not applicable

2,804,939

Leasehold 999 Years (expiring on 30/12/2893) Leasehold 999 Years (expiring on 24/03/2895)

2,722 2,228

Not applicable Not applicable

4,741,831

Leasehold 999 Years (expiring on 30/12/2883)

1,500

Not applicable

3,550,000

Freehold

3,010

Not applicable

2,980,593

Leasehold 999 Years (expiring on 30/12/2893)

1,507

Not applicable

3,739,742

Pos Malaysia Berhad

annual report 2012

203

TOP 10 PROPERTIES (CONTINUED)

No 6. Type Registered Land Location Larkin Subject Property HS(D) 109201, PT TLO 682, Bandar Johor Bahru, District of Johor Bahru, State of Johor Registered / Beneficial Owner Pos Malaysia Berhad Existing Use / Description Mail Centre, Johor Bahru/ a Single Storey detached Warehouse with a double storey office annex and a Single storey detached office block and detached warehouse Office and Commercial units

Building

Jalan Damansara

Unit Nos. F108, F110, F111, F112, F113, F208, F210, F211, F212 & F213, Phileo Damansara, Jalan Damansara, Petaling Jaya, State of Selangor Refer notes* HS(D) 52880, PT 41029, Bandar Baru Bangi, District of Ulu Langat, State of Selangor HS(D) 52881, PT 41030, Bandar Baru Bangi, District of Ulu Langat, State of Selangor Town Lease 017542746 Lot 017542746 Location of Kota Kinabalu, Town District of Kota Kinabalu, State of Sabah

PSH Properties Sdn .Bhd Real Riviera Sdn Bhd Pos Malaysia Berhad

8. 9.

Building Registered Land

Persiaran Greenhill Bangi

Office Building / Seven Storey Building Delivery Branch / Warehouse with attached office

Registered Land

Bangi

Pos Malaysia Berhad

Delivery Branch / Warehouse with attached office

10.

Alienated Land

Kota Kinabalu

Pesuruhjaya Tanah Persekutuan

Post Office / Eleven Storey Building

Notes:*HS(D) Ka 21276 PT 18020, Town of Ipoh, State of Perak, Leasehold 99 years (expiring 20/12/2078) *HS(D) Ka 7533/79 PT 18021, Town of Ipoh, State of Perak, Leasehold 99 years (expiring 20/12/2078) *HS(D) Ka 7534/79 PT 18022, Town of Ipoh, State of Perak, Leasehold 99 years (expiring 20/12/2078) *PN 101760 Lot 8619 N, Town of Ipoh, State of Perak, Leasehold 999 years (expiring 21/09/2894) *PN 101761 Lot 8620 N, Town of Ipoh, State of Perak, Leasehold 999 years (expiring 21/09/2894) *PN 101762 Lot 8621 N, Town of Ipoh, State of Perak, Leasehold 999 years (expiring 21/09/2894)

204

Pos Malaysia Berhad

annual report 2012

TOP 10 PROPERTIES (CONTINUED)

Tenure / Age of Building Leasehold 60 years (expiring 15/12/2021) Land Area ( sq mt ) 20,234 Gross Floor Area ( sq mt ) 6,601 Cost of Purchase / Lease Amount (RM) 10,300,000 Net Book Value (RM) as of 31 March 2012 12,830,526

Freehold / Approximately 15 years

1,441

7,694,005

8,160,000

Refer notes* Leasehold 99 years (expiring 19/08/2098)

635 6,267

3,176 2,044

9,566,461 2,800,000

7,258,123 5,662,571

Leasehold 99 years (expiring 19/08/2098)

4,206

2,044

2,400,000

Leasehold 99 years (expiring 31/12/2074)

6,718

13,479

12,146,000

5,135,712

Pos Malaysia Berhad

annual report 2012

205

ANALYSIS OF SHAREHOLDINGS AS AT 12 JUNE 2012

Authorised Capital : RM1,000,000,001.00 divided into 2,000,000,000 ordinary shares of RM0.50 each and 1 Special Rights Redeemable Preference Share of RM1.00

Issued and full paid-up capital : RM268,513,043.50 comprising 537,026,085 ordinary shares of RM0.50 each and one (1) Special Rights Redeemable Preference Share of RM1.00 Voting Rights : One vote for every ordinary share (The Special Rights Redeemable Preference Share does not carry any voting right except in circumstances set out in the Companys Ar ticles of Association) Number of Shareholders Substantial Shareholders Shareholders 1. DRB-HICOM Berhad 2. Employees Provident Fund Board 3. Aberdeen Asset Management PLC and its subsidiaries 4. Tan Sri Dato Seri Syed Mokhtar Shah bin Syed Nor 5. Etika Strategi Sdn Bhd 6. Mitsubishi UFJ Financial Group, Inc Notes: * (a) (b) (c) Includes holdings of mandates delegated from other subsidiaries of Aberdeen Asset Management PLC. Deemed interested pursuant to Section 6A of the Companies Act, 1965 by virtue of his interest in DRB-HICOM Berhad. Deemed interested pursuant to Section 6A of the Companies Act, 1965 by virtue of its interest in DRB-HICOM Berhad. Deemed interested in the shares by virtue of Mitsubishi UFJ Financial Group, Incs wholly-owned subsidiary, Mitsubishi UFJ Trust & Banking Corp holding more than 15% in Aberdeen Asset Management PLC and Mitsubishi UFJ Financial Group, Inc holding more than 15% interest in shares of Morgan Stanley Group. Direct No. of shares 172,997,399 60,709,600 38,005,000* % 32.21 11.30 7.08 Indirect No. of shares 172,997,399(a) 172,997,399(b) 38,005,024
(c)

: 24,616

% 32.21 32.21 7.08

206

Pos Malaysia Berhad

annual report 2012

ANALYSIS OF SHAREHOLDINGS AS AT 12 JUNE 2012

Distribution of Shareholdings Holdings Less than 100 100 to 1,000 1,001 to 10,000 10,001 to 100,000 100,001 to 26,851,303 26,851,304 and above Total No. of Shares 235,146 5,322,355 36,312,309 44,971,404 230,828,172 219,356,699 537,026,085 % of Issued Share Capital 0.04 0.99 6.76 8.37 42.99 40.85 100.00 No. of Shareholders/ Depositors 5,337 8,130 9,304 1,623 220 2 24,616 % of Shareholders/ Depositors 21.68 33.03 37.80 6.59 0.89 0.01 100.00

30 Largest Registered Shareholders

No. 1 2 3 4 5 6 7 8 9 10 Name Maybank Nominees (Tempatan) Sdn Bhd Pledged Securities Account for DRB-HICOM Berhad (414011604790) Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board Lembaga Tabung Haji HSBC Nominees (Asing) Sdn Bhd BNP Paribas Secs Svs Lux for Aberdeen Global AmanahRaya Trustees Berhad Skim Amanah Saham Bumiputera Citigroup Nominees (Tempatan) Sdn Bhd ING Insurance Berhad (INV-IL PAR) AmanahRaya Trustees Berhad Public Islamic Select Treasures Fund AMSEC Nominees (Tempatan) Sdn Bhd AmTrustee Berhad for CIMB Islamic Dali Equity Growth Fund (UT-CIMB-DALI) HSBC Nominees (Asing) Sdn Bhd Coutts & Co Ltd Sg for Glenmorgan Company Inc HSBC Nominees (Asing) Sdn Bhd BNP Paribas Secs Svs Paris for Aberdeen Asian Smaller Companies Investment Trust Plc No. of Shares 172,997,399 46,359,300 23,905,800 15,303,200 15,000,000 9,777,300 8,159,900 6,764,400 6,500,000 5,500,000 Percentage (%) 32.21 8.63 4.45 2.85 2.79 1.82 1.52 1.26 1.21 1.02 pg

Pos Malaysia Berhad

annual report 2012

207

ANALYSIS OF SHAREHOLDINGS AS AT 12 JUNE 2012

30 Largest Registered Shareholders (continued) No. 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Name Valuecap Sdn Bhd Citigroup Nominees (Tempatan) Sdn Bhd Kumpulan Wang Persaraan (Diperbadankan) (Aberdeen) AmanahRaya Trustees Berhad Public Islamic Optimal Growth Fund Pertubuhan Keselamatan Sosial HSBC Nominees (Asing) Sdn Bhd Exempt An For BNP Paribas Securities Services (Jersey GBP) AmanahRaya Trustees Berhad Public Islamic Dividend Fund Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (CIMB PRIN) Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (Aberdeen) CIMB Group Nominees (Tempatan) Sdn Bhd CIMB Bank Berhad (EDP 2) HSBC Nominees (Asing) Sdn Bhd Exempt An for Credit Suisse Securities (USA) LLC (PB Client) Citigroup Nominees (Asing) Sdn Bhd CBNY for Dimensional Emerging Markets Value Fund Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (Alliance INV) AmanahRaya Trustees Berhad Public Islamic Opportunities Fund AmanahRaya Trustees Berhad Public Islamic Equity Fund No. of Shares 5,209,800 5,200,000 4,708,200 4,257,700 4,000,000 3,801,500 3,790,500 3,584,200 3,564,700 3,500,000 3,144,917 2,689,000 2,669,500 2,585,000 Percentage (%) 0.97 0.97 0.88 0.79 0.74 0.71 0.71 0.67 0.66 0.65 0.59 0.50 0.50 0.48

208

Pos Malaysia Berhad

annual report 2012

ANALYSIS OF SHAREHOLDINGS AS AT 12 JUNE 2012

30 Largest Registered Shareholders (continued) No. 25 26 27 28 29 30 Name HSBC Nominees (Tempatan) Sdn Bhd HSBC (M) Trustee Bhd for Pertubuhan Keselamatan Sosial (CIMB-P 6939-404) Citigroup Nominees (Tempatan) Sdn Bhd Kumpulan Wang Persaraan (Diperbadankan)(RHB INV) Citigroup Nominees (Tempatan) Sdn Bhd Kumpulan Wang Persaraan (Diperbadankan)(CIMB Equities) HSBC Nominees (Asing) Sdn Bhd Exempt An For HSBC Private Bank (Suisse) S.A. (Hong Kong AC CL) HSBC Nominees (Asing) Sdn Bhd BNY Brussels for Wisdomtree Emerging Markets Smallcap Dividend Fund HSBC Nominees (Asing) Sdn Bhd Exempt An For JPMorgan Chase Bank, National Association (Bermuda) Total No. of Shares 2,339,500 2,213,000 1,982,000 1,865,000 1,829,500 1,771,800 374,973,116 Percentage (%) 0.44 0.41 0.37 0.35 0.34 0.33 69.82

Directors Shareholdings as per the Register of Directors Shareholdings as at 12 June 2012 Name of Directors Dato Sri Haji Mohd Khamil bin Jamil Dato Ibrahim Mahaludin bin Puteh Datuk Low Seng Kuan Dato Krishnan a/l Chinapan Dato Wee Hoe Soon @ Gooi Hoe Soon Dato Lukman bin Ibrahim Eshah binti Meor Suleiman Notes: + Negligible Direct Interest 57 % + Indirect Interest % -

Pos Malaysia Berhad

annual report 2012

209

NOTICE OF 20TH ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT the 20th Annual General Meeting (AGM) of Pos Malaysia Berhad (Pos Malaysia or the Company) will be held at Grand Mahkota Ballroom, Level BR, Istana Hotel, 73 Jalan Raja Chulan, 50200 Kuala Lumpur on Thursday, 9 August 2012 at 9.00 a.m. for the following purposes:
As Ordinary Business:
1. To receive the Audited Financial Statements for the financial period ended 31 March 2012 and the Repor ts of the Directors and Auditors thereon. Please refer to Note A. 2. To declare a first and final dividend of 17.5 sen per ordinary share less 25% tax in respect of the financial period ended 31 March 2012. (Ordinary Resolution 1) (ii) 3. To re-elect the following Directors who retire by rotation pursuant to Ar ticle 115 of the Companys Articles of Association, and who being eligible, offered themselves for reelection : (a) Datuk Low Seng Kuan (b) Eshah binti Meor Suleiman 4. (Ordinary Resolution 2) (Ordinary Resolution 3) (b)

As Special Business:
To consider and, if thought fit, to pass the following resolutions: 6. To approve the following Directors Fees:(a) That the payment of the Directors Fees of RM538,474.00 for the financial period ended 31 March 2012 be hereby approved. (Ordinary Resolution 7) That the following increase in the Directors Fees with effect from 1 April 2012 be hereby approved:(i) Fees payable to each of the Non-Executive Directors (save for the NonExecutive Chairman) be increased from RM30,000.00 per annum to RM80,000.00 per annum; and Additional fees payable to the Chairman and each member of each of the Board Committees (save for the Audit Committee) amounting to RM8,000.00 per annum and RM6,000.00 per annum respectively. (Ordinary Resolution 8) 7. Proposed Shareholders Mandate for Recurrent Related Par ty Transactions (Proposed Shareholders Mandate) THAT subject to the Companies Act, 1965 (the Act), the Memorandum and Ar ticles of Association of the Company and the Main Market Listing Requirements (the Listing Requirements) of Bursa Malaysia Securities Berhad (Bursa Securities), approval be and is hereby given to the Company and its subsidiaries (Pos Malaysia Group) to enter into any of the category of recurrent transactions of a revenue or trading nature as set out in Par t A, Section 2.2.3 of the Companys Circular to Shareholders dated 18 July 2012 with the related par ties mentioned therein which are necessary for the Pos Malaysia Groups day-today operations subject to the following:(a) the transactions are in the ordinary course of business and are on terms not more favourable to the related par ties than those generally available to the public; and

To re-elect the following Directors who retire pursuant to Ar ticle 110 of the Companys Ar ticles of Association, and who being eligible, offered themselves for re-election: (a) Dato Sri Haji Mohd Khamil bin Jamil (b) Dato Lukman bin Ibrahim (Ordinary Resolution 4) (Ordinary Resolution 5)

To re-appoint Messrs KPMG as Auditors of the Company for the ensuing year and to authorise the Directors to fix their remuneration. (Ordinary Resolution 6)

210

Pos Malaysia Berhad

annual report 2012

NOTICE OF 20TH ANNUAL GENERAL MEETING

(b) the shareholders mandate is subject to annual renewal and disclosure is made in the annual report of the Company of the aggregate value of transactions conducted pursuant to the shareholders mandate during the financial year. FURTHER NOTICE IS HEREBY GIVEN THAT for the purpose of determining a member AND THAT the Proposed Shareholders Mandate, if approved by shareholders at the for thcoming AGM, will be subject to annual renewal. In this respect, any authority conferred by the Proposed Shareholders Mandate shall only continue to be in force until: (a) the conclusion of the next AGM of the Company, at which time it will lapse, unless by a resolution passed at the meeting, the authority is renewed; or (b) 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 (c) revoked or varied by resolution passed by the shareholders in general meeting; whichever is earlier ; AND THAT the Directors and/or any of them be and are hereby authorised to complete and do all such acts and things (including executing such documents as may be required) to give effect to the transactions contemplated and/or authorised by this resolution. (Ordinary Resolution 9) 8. Proposed Amendments to the Articles of Association of the Company THAT the amendments to the Articles of Association of the Company as set out in Appendix A of Par t B of the Circular to Shareholders dated 18 July 2012 be and is hereby approved and adopted AND THAT the Board of Directors be and is hereby authorised to give effect to the said amendments. (Special Resolution 1) (a) shares deposited into the Depositors securities account before 12.30 p.m. on 15 August 2012 in respect of securities exempted from mandatory deposit; (b) shares transferred into the Depositors securities account before 4.00 p.m. on 17 August 2012 in respect of ordinary transfers; and (c) shares bought on Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of Bursa Malaysia Securities Berhad. NOTICE IS ALSO HEREBY GIVEN THAT the first and final dividend of 17.5 sen per ordinary share less 25% tax in respect of the financial period ended 31 March 2012, if approved by the shareholders at the 20th AGM, will be paid on 10 September 2012 to shareholders whose names appear in the Register of Members or Record of Depositors at the close of business on 17 August 2012. A Depositor shall qualify for entitlement to the dividend only in respect of: who shall be entitled to attend this 20th AGM, the Company shall be requesting Bursa Malaysia Depository Sdn Bhd, in accordance with Ar ticle 89(3) of the Companys Ar ticles of Association and Section 34(1) of the Securities Industry (Central Depositories) Act 1991, to issue a General Meeting Record of Depositors as at 1 August 2012. Only Depositor whose name appears on the Record of Depositors as at 1 August 2012 shall be entitled to attend the said meeting or appoint proxies to attend and/or vote on his/her behalf. 9. To transact any other business of which due notice has been given in accordance with the Act and the Companys Ar ticles of Association.

Notice of Book Closure and Notice of Dividend Entitlement and Payment :

Pos Malaysia Berhad

annual report 2012

211

NOTICE OF 20TH ANNUAL GENERAL MEETING

By Order of the Board, Dato Sabrina Albakri binti Abu Bakar (LS8508) Company Secretary Kuala Lumpur, 18 July 2012 Note A: This agenda item is meant for discussion only as the provision of Section 169(1) of the Act does not require a formal approval of the shareholders and hence is not put forward for voting. 5. Additional Notes on Special Business Notes: 1. A member entitled to attend and vote is entitled to appoint a proxy to attend and vote in his/her stead. A member may appoint a maximum of two (2) proxies to attend the meeting provided that such member holds not less than the minimum board lot as specified under the Rules and the Listing Requirements. (ii) The proposed Ordinary Resolution 8 is in respect of the proposed increase in Directors 2. Where a member appoints two (2) proxies to attend the meeting, the member shall specify the propor tion of his/her shareholding to be represented by each proxy. A proxy may but need not be a member of the Company and the provisions of Section 149(1)(b) of the Act shall not apply to the Company. Pursuant to the Listing Requirements, a member of the Company which is an exempt authorised nominee, as defined under the Securities Industry (Central Depositories) Act, 1991, who holds ordinary shares in the Company for multiple beneficial owners in one securities amount (omnibus account) is allowed to appoint multiple proxies in respect of each omnibus account it holds. Fees with effect from new financial year commencing 1 April 2012. The proposal is to increase Directors fees for each of the Non-Executive Director (save for the NonExecutive Chairman) from RM30,000.00 per annum to RM80,000.00 per annum. Additional Directors fees are also proposed for the Chairman and each member of each Board Committees (save for the Audit Committee) amounting to RM8,000.00 per annum and RM6,000.00 per annum. For information, at the previous AGM of the Company held on 5 May 2011, shareholders approval had been procured for payment of additional Directors fees for the Chairman of the Audit Committee amounting to RM20,000.00 per annum. (i) The proposed Ordinary Resolution 7 is in accordance with the Companys Ar ticles of Association and if passed, will authorise the payment of Directors Fees to Directors of the Company for their services during the financial period ended 31 March 2012. 4. The instrument appointing a proxy or representative shall be deposited at the Companys Share Registrars office at Tricor Investor Services Sdn Bhd, Level 17, The Gardens Nor th Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur not less than for ty-eight (48) hours before the time set for holding the meeting or any adjournment thereof. 3. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly appointed under a power of attorney or if such appointor is a corporation, either under the corporations seal or under the hand of an officer or attorney duly appointed under a power of attorney.

212

Pos Malaysia Berhad

annual report 2012

NOTICE OF 20TH ANNUAL GENERAL MEETING

(iii) The proposed Ordinary Resolution 9 will enable the Pos Malaysia Group to enter into any of the recurrent related party transactions of a revenue or trading nature which are necessary for the Pos Malaysia Groups day to day operations, subject to the transactions being in the ordinary course of business and 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 are as set out in Par t A of the Circular to Shareholders dated 18 July 2012. (iv) The proposed Special Resolution 1 is in relation to the proposed amendments to cer tain provisions of the Companys Articles of Association. The details of the proposed amendments are as set out in Part B of the Circular to Shareholders dated 18 July 2012.

Pos Malaysia Berhad

annual report 2012

213

THIS SECTION IS INTENTIONALLY LEFT BLANK

214

Pos Malaysia Berhad

annual report 2012

POS MALAYSIA BERHAD (229990-M)

Total Number of Shares Held

PROXY FORM 20TH ANNUAL GENERAL MEETING

CDS Account No. of Authorised Nominee *

I/We Address:

FULL NAME OF SHAREHOLDER AS PER NRIC/PASSPORT NO. IN BLOCK LETTERS

NRIC/Passport/Company No.:

being a member of Pos Malaysia Berhad (229990-M), hereby appoint the following: (1) Proxy A : Address: or failing him/her Address: (2) Proxy B (If Applicable): Address: or failing him/her Address: OR, the CHAIRMAN OF THE MEETING (if no proxy named above); as my/our proxy to vote for me/us and on my/our behalf, at the 20th Annual General Meeting of the Company, to be held at Grand Mahkota Ballroom, Level BR, Istana Hotel, 73 Jalan Raja Chulan, 50200 Kuala Lumpur on Thursday, 9 August 2012 at 9.00 a.m. and at any adjournment thereof. My/our proxy is to vote as indicated below. The propor tion of my/our holding to be represented by my/our proxies are as follows:
Proxy A No. 1 2 3 4 5 6 7 8 9 Ordinary Resolution Declaration of Dividend Re-election of Datuk Low Seng Kuan as Director Re-election of Eshah binti Meor Suleiman as Director Re-election of Dato Sri Haji Mohd Khamil bin Jamil as Director Re-election of Dato Lukman bin Ibrahim as Director Re-appointment of Messrs KPMG as the Companys Auditors for the ensuing year Approval of Directors Fees Approval of Increase in Directors Fees Proposed Shareholders Mandate for Recurrent Related Par ty Transactions Special Resolution 1 Proposed Amendments to the Ar ticles of Association of the Company % Proxy B % Total 100 % For Against
FULL NAME AS PER NRIC/PASSPORT NO. IN BLOCK LETTERS FULL NAME OF PROXY B AS PER NRIC/PASSPORT NO. IN BLOCK LETTERS FULL NAME AS PER NRIC/PASSPORT NO. IN BLOCK LETTERS FULL NAME OF PROXY A AS PER NRIC/PASSPORT NO. IN BLOCK LETTERS

NRIC/Passport No.:

Please indicate with an (X) in the appropriate spaces as to how you wish your votes to be cast on the Ordinary Resolutions and Special Resolution specified in the Notice of the 20th Annual General Meeting. If you do not do so, the Proxy may vote or abstain from voting at his/ her discretion. * Applicable to shares held through an Authorised Nominee Account

Pos Malaysia Berhad

annual report 2012

Signed this

day of

2012 Signature(s)/Common Seal of Shareholder(s)

215

Notes: 1. A member entitled to attend and vote is entitled to appoint a proxy to attend and vote in his/her stead. A member may appoint a maximum of two (2) proxies to attend the meeting provided that such member holds not less than the minimum board lot as specified under the Rules and the Listing Requirements. 2. Where a member appoints two (2) proxies to attend the meeting, the member shall specify the propor tion of his/her shareholding to be represented by each proxy. A proxy may but need not be a member of the Company and the provisions of Section 149(1)(b) of the Act shall not apply to the Company. Pursuant to the Listing Requirements, a member of the Company which is an exempt authorised nominee, as defined under the Securities Industry (Central Depositories) Act, 1991, who holds ordinary shares in the Company for multiple beneficial owners in one securities amount (omnibus account) is allowed to appoint multiple proxies in respect of each omnibus account it holds. 3. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly appointed under a power of attorney or if such appointor is a corporation, either under the corporations seal or under the hand of an officer or attorney duly appointed under a power of attorney. 4. The instrument appointing a proxy or representative shall be deposited at the Companys Share Registrars office at Tricor Investor Services Sdn Bhd, Level 17, The Gardens Nor th Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur not less than for ty-eight (48) hours before the time set for holding the meeting or any adjournment thereof.

Complete this form where applicable, place in envelope and post to:

The Share Registrar TRICOR INVESTOR SERVICES SDN BHD (118401-V) Level 17, The Gardens North Tower Mid Valley City, Lingkaran Syed Putra 59200 Kuala Lumpur

216

Pos Malaysia Berhad

annual report 2012

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