16
Laporan Tahunan Annual Report 2003 (Incorporated in Malaysia) (129358-X) DUNHAM- BUSH (MALAYSIA) BHD DUNHAM- BUSH (MALAYSIA) BHD DUNHAM- BUSH (MALAYSIA) BHD DUNHAM- BUSH (MALAYSIA) BHD
Laporan Tahunan
Annual Report2003
(Incorporated in Malaysia)(129358-X)DUNHAM- BUSH (MALAYSIA) BHDDUNHAM- BUSH (MALAYSIA) BHDDUNHAM- BUSH (MALAYSIA) BHDDUNHAM- BUSH (MALAYSIA) BHD
Ta b l e o f C o n t e n t s
2
3
6
1 0
1 2
1 4
1 5
1 7
2 9
3 3
3 7
3 9
1 0 0
1 0 5
C o r p o r a t e I n f o r m a t i o n
P r o f i l e o f D i r e c t o r s
C o r p o r a t e P r o f i l e
L i s t o f R e g i o n a l O f f i c e s a n d F a c t o r i e s
G r o u p S t r u c t u r e
G r o u p F i n a n c i a l S u m m a r y
C h a i r m a n í s S t a t e m e n t
P e n y a t a P e n g e r u s i
A u d i t C o m m i t t e e R e p o r t
S t a t e m e n t o n C o r p o r a t e G o v e r n a n c e
S t a t e m e n t o n I n t e r n a l C o n t r o l
F i n a n c i a l S t a t e m e n t s
L i s t o f L a n d e d P r o p e r t i e s
1 0 2 R e c u r r e n t R e l a t e d P a r t y T r a n s a c t i o n s
1 0 1 M a t e r i a l C o n t r a c t s
S t a t i s t i c s o n S h a r e h o l d i n g s
1 0 7
1 0 8
S t a t e m e n t o f D i r e c t o r s í S h a r e h o l d i n g s
N o t i c e o f A n n u a l G e n e r a l M e e t i n g
F o r m o f P r o x y
A t D u n h a m B u s h ( M a l a y s i a ) B h d . w e
a r e o p t i m i s t i c i n g o i n g t h r o u g h t h i s
h a r s h t u r b u l e n c e . W e l e a r n t o b r i n g
t h e b e s t o u t o f o u r s e l v e s a n d n o
m a t t e r w h a t t h e o b s t a c l e s a r e , o u r
p e r s e v e r a n c e a n d g r e a t d e t e r m i n a t i o n
w i l l d r i v e u s t o w a r d s a c h i e v i n g o u r
g o a l .
C o v e r R a t i o n a l e
o f R e v e n u e N a t u r e
1
We cannot be all things to all people, but the things we choose to do,
we will become the best in terms of:
Dependability, especially:
High product reliability
Exceptional product quality
On-time delivery
Responsive, reliable, capable after sales service
Product design
Cost to manufacture
Our Company will be recognised as top calibre. We will project this
image in:
Product performance in the market and keeping commitments to
customers
Product appearance
Comprehensive, easy-to-use, high-quality literature
Plant and office housekeeping and maintenance
People quality and appearance
Our business conduct, which will reflect the highest standards of
professionalism and integrity
It is the responsibility of each of our employees to conduct our business
affairs consistent with the above philosophy.
Our people are the Companyís most valued resources. They will
be the most talented in the industry. We will offer them an
opportunity to achieve the best rewards in the industry, based on
their individual performance and the Companyís overall results.
We will have fewer, better, more highly motivated people than our
competitors.
All employees of Dunham-Bush are a team whose most important
goal is to satisfy customers profitably. Our success is ultimately
based on the success of the overall Company and not on any
individual operation. Therefore, all problems are everyoneís
problems, and we all help, however possible, to solve them. We
do not waste time and effort on internal politics but devote all of
our energies to satisfying customers and beating competitors. If
we do this well, personal development, financial and job security
rewards will follow.
D U N H A M - B U S H ' s
M a n a g e m e n tP h i l o s o p h y
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2
I n f o r m a t i o n
C o r p o r a t e
BOARD OF DIRECTORS
Tan Sri Datoí Mohamed Yusoff Bin Mohamed
(Chairman)
(Independent Non-Executive)
Tan Sri Datoí Danny Tan Chee Sing
(Deputy Chairman)
(Non-Independent Non-Executive)
Yeo Sek Chiong
(Managing Director)
Kamal Bin Mohamad Noor
(Executive Director)
Freddie Pang Hock Cheng
(Non-Independent Non-Executive)
Tay Thiam Siew
(Non-Independent Non-Executive)
Chua Tee Hock
(Non-Independent Non-Executive)
Datoí Ibrahim Bin Ali
(Independent Non-Executive)
Datoí Dr Haji Abdul Murad Bin Ahmad
(Independent Non-Executive)
AUDIT COMMITTEE
Tan Sri Datoí Mohamed Yusoff Bin Mohamed
(Chairman / Independent Non-Executive)
Datoí Ibrahim Bin Ali
(Independent Non-Executive)
Datoí Dr Haji Abdul Murad Bin Ahmad
(Independent Non-Executive)
Tay Thiam Siew
(Non-Independent Non-Executive)
SECRETARIES
Su Swee Hong
(MAICSA No: 0776729)
Gan Swee Peng
(MAICSA No: 7001222)
DOMICILE AND COUNTRY OF INCORPORATION
Malaysia
REGISTERED OFFICE
11th Floor, Menara Berjaya
KL Plaza, 179 Jalan Bukit Bintang
55100 Kuala Lumpur
Tel : 603 - 2935 8888
Fax : 603 - 2935 8043
SHARE REGISTRARS
Berjaya Registration Services Sdn Bhd
Lot C1-C3, Block C
2nd Floor, KL Plaza
179 Jalan Bukit Bintang
55100 Kuala Lumpur
Tel : 603 - 2145 0533
Fax : 603 - 2145 9702
PRINCIPAL BANKERS
Alliance Bank Malaysia Berhad
Bumiputra-Commerce Bank Berhad
EON Bank Berhad
HSBC Bank Malaysia Berhad
Malayan Banking Berhad
OCBC Bank (Malaysia) Berhad
RHB Bank Berhad
Standard Chartered Bank Malaysia Berhad
United Overseas Bank (Malaysia) Bhd
AUDITORS
Ernst & Young
Chartered Accountants
STOCK EXCHANGE LISTING
Second Board of Kuala Lumpur Stock Exchange
STOCK SHORT NAME
DUNBUSH (9164)
WEBSITE
www.dunham-bush.com
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D i r e c t o r sP r o f i l e o f
YEO SEK CHIONG
(Managing Director)
51 years of age, Permanent Resident in Malaysia
TAN SRI DATO' MOHAMED YUSOFF BIN MOHAMED
(Independent Non-Executive)
(Chairman)
He was appointed to the Board on 25 May 1993. He has served as a
Barrister-at-Law from Lincoln's Inn, London, United Kingdom since 1991.
Prior to 1975, he served as a Senior Federal Counsel in the Attorney-
General Department for 12 years. Between 1974 and 1988, he was the
High Court Judge in Kota Kinabalu, Kuching, Johor Bahru and Kuala
Lumpur. Between 1988 and 1992, he served as a Supreme Court Judge
and retired in September 1992. Currently, he also sits on the Boards of
Hwa Tai Industries Berhad and New Technology & Innovation Berhad.
76 years of age, Malaysian
He was appointed to the Board on 1 July 1988. He graduated from University Technology Malaysia
with a Diploma in Mechanical Engineering and joined Guthrie Engineering Sdn Bhd from 1979 to
1982 as a Dealer Sales Executive. From 1982 to 1983, he was with Mulpha Engineering Sdn Bhd
as the Acting Sales Manager in the Air-Condition Division. From 1983 to 1988, he joined Pathfinder
Sdn Bhd as the Managing Director. Overall, he has more than 20 years of working experience in
the air-conditioning and refrigeration industry with particular emphasis in the sales division.
KAMAL BIN MOHAMAD NOOR
(Executive Director)
46 years of age, Malaysian
TAN SRI DATO' DANNY TAN CHEE SING
(Non-Independent Non-Executive)
(Deputy Chairman)
48 years of age, Malaysian
A founder member of the Company, he was appointed to the Board on 12 January 1988. He graduated
from National University of Singapore with a Bachelor of Engineering (Mechanical). Prior to his
appointment to the Board, he was the Marketing and Engineering Manager in OYL-Condair Industries
Sdn Bhd and was responsible for the local and export sales of the company. He joined OYL-Condair
Industries Sdn Bhd in 1977 as a Production Engineer/Quality Controller and served for a period of 10
years during which he was promoted to the position of Production Manager in 1980, Marketing and
Production Manager in 1982 and became the Marketing and Engineering Manager in 1984. He also
holds directorships in the subsidiary companies of Dunham-Bush (Malaysia) Bhd.
He was appointed to the Board on 3 May 1999. He is a businessman and entrepreneur
with extensive experience in property development, restaurant/resort management,
insurance, trading, gaming and stockbroking through his interests in various public and
private companies.
Currently, he is the Deputy Chairman of Berjaya Group Berhad and Berjaya Land
Berhad, the Chairman and Group Chief Executive Officer of Dijaya Corporation Berhad,
the Chief Executive Officer of Tropicana Golf & Country Resort Berhad and the
Executive Vice-Chairman of TT Resources Bhd. He also holds directorships in Berjaya
Capital Berhad, Cosway Corporation Berhad, MTD Capital Berhad, Bukit Kiara Resort
Berhad, Tioman Island Resort Berhad, Berjaya General Insurance Berhad, KDE
Recreation Berhad and Berjaya Golf Resort Berhad as well as several other private
limited companies in the Berjaya Group of Companies.
He is the brother of Tan Sri Dato' Seri Vincent Tan Chee Yioun, a major shareholder of
the Company.
3
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P r o f i l e O f D i r e c t o r s ( c o n t d . )
FREDDIE PANG HOCK CHENG
(Non-Independent Non-Executive)
He was appointed to the Board on 10 March 1993. He has worked with Messrs Ernst
& Young for 7 years until 1982 during which he qualified for entry as a member of the
Malaysian Institute of Certified Public Accountants. In 1982, he joined the Corporate
Advisory Department of Malaysian International Merchant Bankers Berhad where he
was actively involved in a wide variety of corporate exercises in an advisory capacity
until his departure in 1990 to join Berjaya Group Berhad. He is currently an
Executive Director of Berjaya Group Berhad and Berjaya Sports Toto Berhad. He
also holds directorships in Unza Holdings Berhad, Intan Utilities Berhad, Hyundai-
Berjaya Corporation Berhad (formerly known as Transwater Corporation Berhad),
Berjaya Vacation Club Berhad, MOL.com Berhad and several other limited
companies in the Berjaya Group of Companies. He is also an Alternate Director in
Nexnews Berhad.
48 years of age, Malaysian
He was appointed to the Board on 8 May 1998. He graduated from the University of
Malaya with a Bachelor of Mechanical Engineering (Honours) and a post graduate
Diploma in Business Administration in 1971 and 1978 respectively. He is a member
of the Institution of Engineers Malaysia and Institute of Mechanical Engineers,
United Kingdom. He has more than 20 years of general management experience in a
variety of industries ranging from steel, consumer durables to textiles, prior to joining
Berjaya Soutex Sdn Bhd in 1986. He is currently the Executive Director of Berjaya
Soutex Sdn Bhd. He also sits on the Board of a number of subsidiary companies of
Berjaya Group Berhad.
CHUA TEE HOCK
(Non-Independent Non-Executive)
57 years of age, Malaysian
TAY THIAM SIEW
(Non-Independent Non-Executive)
He was appointed to the Board on 10 March 1993. He is a member of Malaysian
Institute of Certified Public Accountants and Malaysian Institute of Accountants. He
joined the Berjaya Group of Companies in November 1991 and his previous
appointments include Senior General Manager (Corporate Services) of Cosway
Corporation Berhad and Executive Director of New Pantai Expressway Sdn Bhd.
Prior to joining the Berjaya Group of Companies, he worked as an auditor in Messrs
Ernst & Young for six years before leaving the firm in 1978 to join Jardine Matheson
Holdings (M) Sdn Bhd as an Accountant. Subsequent to this, he held senior positions
in several public listed companies including MWE Holdings Berhad, Guinness Anchor
Berhad and Jacks International Limited. Currently, he is also an Executive Director of
MOL.com Berhad.
52 years of age, Malaysian
4
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DATO' IBRAHIM BIN ALI
(Independent Non-Executive)
He was appointed to the Board on 28 August 2000. He graduated from MARA University of
Technology with a Bachelor Degree in Mass Communications. Since 1993, he has been a
committee member of various bureaus in UMNO Malaysia such as the International Bureau,
Consumer Bureau and UMNO Training Centre. He is also the UMNO Chief for Pasir Mas Division
in Kelantan, Barisan Nasional's Chairman for Pasir Mas Division and the Liaison Committee
Member of UMNO Kelantan State since 1993 until now.
His active participation in the ruling party also included being a member of the UMNO Supreme
Council for two terms from 1993 to 2000. His appointment is being appointed by the UMNO
President, Dato' Seri Dr Mahathir Mohamad.
He also served as a Deputy Minister in the Prime Minister's Department from January -
November 1999, and as a Member of Parliament (House of Representative) representing the
constituency of Pasir Mas, Kelantan from 1986 to 1995. He also serves as a member of the
House of Senate, Malaysia since September 1995 until November 1999, Parliamentary Secretary
for Ministry of Rural Development from February - April 1995, Chairman of MARA Holdings Sdn
Bhd from 1992 to 1995 and the Chairman for Malaysian Board of Fisheries - LKPM from 1986 to
1987. He also held various other positions in the government and private sectors.
Besides his involvement in the political arena, he is also involved in voluntary organisations both
local and international. He has been the Assistant Secretary General for the Asian Forum Of
Parliamentarians On Population And Development (AFPPD) from 1993 to 1999, Chairman for
East Asia Parliamentarian On Population And Development Environment (EAPPDE) from 1994 to
1995, and Chairman for the Malaysian Parliamentarian Forum On Population And Development
(CMPPD) from 1993 to 1995. Locally, he was the Chairman of Yayasan Pasir Mas, Kelantan
since 1993, Executive Committee Member of the Malaysia Education Association from 1980 to
1981, Committee Member of Malaysian Bumiputra Contractor Association from 1981 to 1982,
and Founder and the Former President of the Institute of Marketing, Malaysia from 1984 to 1986.
52 years of age, Malaysian
He was appointed to the Board on 24 June 2002. He graduated from Kensington
University, Los Angeles, USA in 1985 with a Degree in Business Administration and a
Master's Degree in Business Administration from Pacific Western University, Los
Angeles, USA in 1992. Subsequently, in the same year, he completed his Doctorate in
Philosophy in Business Administration from Pacific Western University, Los Angeles,
USA.
He is currently a member of the Advisory Panel of the Bachelor's Degree (Hons) for
Furniture Technology of MARA University of Technology; the Education Saving Scheme
Working Committee for National Higher Education Fund Corporation; Negeri Sembilan
Appeal Board pursuant to the Urban and Rural Act 1976 (Act 172) and a member of
the Consultation Panel of Tegastia Entrepreneur Centre (TEC), Negeri Sembilan.
In the trade arena, he is currently the Chairman of the Malay Chamber of Commerce of
Negeri Sembilan Branch, Negeri Sembilan Malay, Chinese and Indian Chamber of
Commerce; a member of Bumiputra Participation in Trade & Industry of Negeri
Sembilan; a member of Executive Council of the Malay Chamber of Commerce,
Malaysia and a Committee Member of the National Economic Action Council, Negeri
Sembilan.
Besides his active involvement in the business associations, he also held various
positions in several charitable and voluntary organisations.
Currently, he also holds directorships in several private limited companies and he is a
Director of the State Economic Development Corporation, Negeri Sembilan.
DATO' DR HAJI ABDUL MURAD BIN AHMAD
(Independent Non-Executive)
48 years of age, Malaysian
Save as disclosed, none
of the Directors have:
1. any family relationship
with any Director and/or
major shareholder of the
Company;
2. any conflict of interest
with the Company; and
3. any convictions for
offences within the past
10 years other than traffic
offences.
5
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P r o f i l e
C o r p o r a t e
Dunham-Bush (Malaysia)
Bhd, ('DBM') is a
multinational company with
manufacturing facilities in
Malaysia, USA, UK, and
China.
DBM's headquarters is located on a 6-acre plot of
industrial land in Bandar Baru Bangi, Selangor,
Malaysia. The complex of factory and office
buildings in Bangi has a total built-up area of
about 27,500 square meters. DBM also has a
factory and office complex on a 12-acre site in
Kajang with a total built-up area of about 23,200
square meters. A new factory building was added
in the last financial year with a total built up area
of 4,574 square meters. The factory in Kajang has
the most modern facility for the manufacture and
testing of packaged chi l lers up to 1,100
refrigeration tons in South East Asia. The total
number of employees in the Malaysian operations
is about 800.
The Group's operations in Malaysia involve
principally the manufacture, distribution and sale
of a complete range of air-condit ioning &
refrigeration equipment and associated products.
They include water-cooled and air-cooled chillers;
heat pumps; water-cooled and air-cooled
packaged and split air-conditioners; air-handling
units; fancoil units; low temperature condensing
and fancoil units for refrigeration purposes; close-
controlled air-condit ioning equipment; gri l les;
diffusers; acoustic silencers; variable air-volume
boxes; cooling towers; exhaust and ventilation
fans. These are marketed and sold under brand
names such as 'Dunham-Bush', 'Topaire', 'DB-
Aire', 'Anemostat' and 'Polacel'. The Group also
manufactures air-conditioners under an original
equipment manufacturer (OEM) arrangement for
Singer (Malaysia) Sdn Bhd, marketed under the
'Singer' brand name.
With the acquisition of USA-based Dunham-Bush's
heat ing, vent i lat ing, a i r -condi t ioning and
refrigeration (HVAC and R) business on 6 January
1995, DBM now owns a host of intellectual
property r ights, t rademarks and patents
recognised worldwide. Dunham-Bush, with almost
D u n h a m - B u s h ' s c o r p o r a t e h e a d q u a r t e r s
a n d f a c t o r y a t B a n g i , S e l a n g o r D a r u l E h s a n ,
M a l a y s i a
D u n h a m - B u s h ' s f a c t o r y a t K i d a m a i I n d u s t r i a l E s t a t e , K a j a n g ,
S e l a n g o r D a r u l E h s a n , M a l a y s i a
2 .
6
2
1
1 .
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100 years of history, is the pioneer in the usage of rotary screw compressor technology in large air-conditioning and refrigeration equipment. Today, DBM is one of the largest manufacturers of rotary-screw compressor-type water chillers in the world.
In the USA, an off ice is maintained in Harrisonburg, Virginia for the sale of parts and the service of existing products in the field. It is also sell ing chil lers and related air-condit ioning products from Malaysia. The number of employees as at 30 April 2003 was 15. The factory in West Hartford, Connecticut manufactures open drive horizontal screw compressors (100-2,200 hp), hermetic vertical screw compressors (65-200 hp),
and semi-hermetic direct drive reciprocating compressors (3-60 hp). The manufacturing cum office building of 11,500 square meters and a 2,000 square meters R&D building sit on a 12-acre plot of land. The total staff strength is 72.
The Group acquired a 51% controlling stake in Rossmont plc., a company listed on the London Stock Exchange in April 1996 and subsequently assumed its present name of Dunham-Bush (Europe) plc., on 21 February 1997. Dunham-Bush (Europe) plc. now owns 100% of Dunham-Bush Limited which manufactures a wide range of heating products including fancoil units, fan convectors, hydraulic unit ventilators, Walvector radiators, warm air door curtains, low surface temperature convectors, cabinet unit heaters, fin vector perimeter heating, and radiant heating panels. Dunham-Bush Limited operates in a 9,990 square meters manufacturing cum office complex in a 4.32-acre site in Havant, UK with a total of 115 employees.
7
3 . A i r - C o o l e d R o t a r y S c r e w C h i l l e r s
Wa t e r - C o o l e d Ve r t i c a l R o t a r y S c r e w TA N D E M C h i l l e r s4 .
3
4
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In China,
DBM owns 55% of
Dunham-Bush Yantai Co. Ltd., a
joint-venture factory set up with Yantai
Moon (Group) Co. Ltd. Dunham-Bush Yantai
Co. Ltd. officially commenced production of
WCFX rotary screw chillers, heat pumps,
air-handling units and other associated air-
conditioning products in December 1996.
The office and factory complex has a covered area
of about 18,700 square meters on a land area of
6.3-acre and has 491 employees. The Group has
also set up sales and service offices in 25 cities in
China with the Headquarters based in Shanghai. A
55%-owned manufacturing factory, Hartford
Compressors Yantai Co. Ltd., was set up in the
Shangton Province on 6 December 2001 to
produce rotary screw compressors. The Hartford
Compressors Yantai Co. Ltd's factory building has
12,160 square meters of floor space including the
office building. Total area of land and building is
17,380 square meters and currently employing a
total of 11 staff.
The Company also operates regional sales and
service offices in Singapore, Shanghai, Dubai,
Holland, Hong Kong, Mexico, South Africa and
Thailand. In Dubai, a sales office was set up in
March 1996, to handle the Middle Eastern market.
Consequently, the Group increased its export
sales to Middle Eastern countries such as Iran,
Kuwait, UAE, Saudi Arabia, Oman, Qatar, and
Yemen through some very strong distributors.
A Dunham-Bush sales company, Dunham-Bush de
Mexico SA de CV, was set up in Mexico on 2
January 1998. It now sells applied products from
1 . C a s s e t t e Ty p e , S p l i t S y s t e m s A i r C o n d i t i o n e r
2 .
8
6
C o r p o r a t e P r o f i l e ( c o n t d . )
1
2
Wa t e r - C o o l e d H o r i z o n t a l R o t a r y S c r e w C h i l l e r s
9
the Malaysian factory. This sales company is
registered with Pemex, the National gas and oil
group, and Bufete Industrial, one of the largest
engineering and contracting f irms in Latin
America. In addition, Dunham-Bush de Mexico SA
de CV is also registered with all government
institutions in Mexico.
Also, in January 1998, a sales company, Dunham-
Bush International (Europe) BV, was set up in
Amersfoort, The Netherlands, to cover sales and
services in cont inental Europe through
distributors. Distributors in Norway, Sweden,
Denmark, The Netherlands, Portugal, Switzerland,
Austria, Slovenia, Hungary, Czech Republic,
Poland and the Commonwealth of Independent
States (including Russia) have contributed to
successful start. The Group has also set up a
sales office in South Africa.
In August 2000, DBM's wholly-owned subsidiary in
Singapore acquired 48.99% equity interest in
Dunham-Bush International (Thailand) Ltd., a
company incorporated in Thailand, to provide the
base to launch Dunham-Bush's products into
Thailand, Laos, Vietnam and Myanmar.
3 . W a t e r - C o o l e d R e c i p r o c a t i n g C h i l l e r s
4 . I c e T h e r m a l S t o r a g e M o d u l e s I n t e r g r a t e d
W i t h P a c k a g e d C h i l l e r s
In November 2001, Dunham-Bush (Cayman)
Limited entered into a joint-venture agreement
with IPROKOM Ltd. of the Federation of Russia
for the setting up of a new company, DB Eurasia
Limited, to manufacture air-handling units and
fancoils units. This company, DB Eurasia Limited
was incorporated on 20 May 2002.
As a major global player in air-conditioning and
refrigeration, the Group's R&D units in West
Hartford, Connecticut, Harrisonburg, Virginia,
USA, and in Bangi and Kajang, Malaysia, are
constantly coming out with new cutting-edge
technologies to ensure that DBM stays
competit ive. Today, the Group has two large
manufacturing facilities in Malaysia, one in the
USA, one in the UK, and two in China; its own
Regional Sales Offices in Singapore, Hong Kong,
Shanghai, Dubai, Holland, Mexico, South Africa
and Thailand; and a whole network of sales
agents and distributors in almost every country in
the world. The total employee strength including
the USA, UK and China facilities, together with its
sales offices worldwide, are approximately 1,600
people.
3
4
LA
PO
RA
N T
AH
UN
AN
20
03
AN
NU
AL
RE
PO
RT
Inco
rpo
rate
d i
n M
alay
sia
(12
93
58
-X)
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
A n d F a c t o r i e sL i s t o f R e g i o n a l O f f i c e s
China
Dunham-Bush International Limited
(Shanghai Representative Office)
Room 1009A, 10th Floor, Xin Da Building
No. 320, Xian Xia Road
Shanghai 200336, PRC
Tel : 86 - 21 - 6209 5248/9
Fax : 86 - 21 - 6209 5264
Email : [email protected]
Middle-East
Dunham-Bush Middle-East
(Dubai Representative Office)
P.O. Box 30922
Aweer, Dubai, UAE
Tel : 971 - 4 - 333 1533
Fax : 971 - 4 - 333 1491
Email : [email protected]
Europe
Dunham-Bush International (Europe) BV
Algolweg 9-7
3821 BG Amersfoort
The Netherlands
Tel : 31 - 33 - 453 5010
Fax : 31 - 33 - 455 4237
Email : [email protected]
USA
Dunham-Bush Inc
6255, South Valley Pike
Mount Crawford VA 22801
P.O. Box 20000
Harrisonburg VA 22801 USA
Tel : 1 - 540 - 434 0711
Fax : 1 - 540 - 434 2448
Email : [email protected]
South America
Dunham-Bush de Mexico SA de CV
Praga No. 33, Col. Juarez
Deleg. Cuauhtemoc
DF 06600 Mexico
Tel : 52 - 55 - 5208 1037/5511 4423
Fax : 52 - 55 - 5511 3315
Email : [email protected]
1 0
Regional Offices
Head Office:
Dunham-Bush (Malaysia) Bhd
Lot 8, Jalan P/7, Seksyen 13
43650 Bandar Baru Bangi
Selangor Darul Ehsan
Malaysia
Tel : 603 - 8925 9688
Fax : 603 - 8925 9681/2
Website : www.dunham-bush.com
Email : [email protected]
Regional Offices:
Malaysia
Dunham-Bush Sales & Services Sdn Bhd
Lot 12, Jalan P/7, Seksyen 13
43650 Bandar Baru Bangi
Selangor Darul Ehsan
Malaysia
Tel : 603 - 8925 9688
Fax : 603 - 8925 9681/2
Email : [email protected]
Topaire Sales & Services Sdn Bhd
Lot 10, Jalan P/7, Seksyen 13
43650 Bandar Baru Bangi
Selangor Darul Ehsan
Malaysia
Tel : 603 - 8925 2022
Fax : 603 - 8925 5605
Email : [email protected]
Asia Pacific
Dunham-Bush International Pte Ltd
146B, Paya Lebar Road
#05-01, Ace Building
Singapore 409017
Tel : 65 - 6842 2012
Fax : 65 - 6842 2013
Email : [email protected]
Dunham-Bush Sales & Services (S) Pte Ltd
146B, Paya Lebar Road
#05-01, Ace Building
Singapore 409017
Tel : 65 - 6842 2009
Fax : 65 - 6842 2010
Email : [email protected]
LA
PO
RA
N T
AH
UN
AN
20
03
AN
NU
AL
RE
PO
RT
Inco
rpo
rate
d i
n M
alay
sia
(12
93
58
-X)
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
Dunham-Bush Topaire Sdn Bhd
(Formerly Known as Topaire Sdn Bhd)
Lot 14, Jalan P/7, Seksyen 13
43650 Bandar Baru Bangi
Selangor Darul Ehsan
Malaysia
Tel : 603 - 8925 9688
Fax : 603 - 8925 9681/2
Email : [email protected]
USA
Hartford Compressors Inc
179, South Street, West Hartford
CT 06110 USA
Tel : 1 - 860 - 249 8671
Fax : 1 - 860 - 548 1705
Email : [email protected]
United Kingdom
Dunham-Bush Limited
European Headquarters
8, Downley Road
Havant, Hampshire
England P09 2JD
Tel : 44 - 2392 - 477 700
Fax : 44 - 2392 - 488 705
Email : [email protected]
China
Dunham-Bush Yantai Co Ltd
APEC Industrial Park
Yantai, Shandong
PRC 264002
Tel : 86 - 535 - 658 8999
Fax : 86 - 535 - 658 1999
Email : [email protected]
Hartford Compressors Yantai Co Ltd
No.8, Yanfu Road
APEC Industrial Park
Yantai, Shandong
PRC 264002
Tel : 86 - 535 - 658 8999
Fax : 86 - 535 - 658 1999
Email : [email protected]
South Africa
Dunham-Bush International (Africa) (Pty)
Ltd
Block D, Castle Walk Corporate Park
C/O Nossob & Swakop Street
Erasmuskloof, South Africa
Tel : 27 - 12 - 347 5359
Fax 27 : 27 - 12 - 347 5358
Email : [email protected]
Hong Kong & Macau
Dunham-Bush International Limited
Room 2407, 24/F, Cheung Tat Centre
18, Cheung Lee St.,
Chai Wan, Hong Kong
Tel : 852 - 2331 9638
Fax : 852 - 2331 9021
Email : [email protected]
Thailand
Dunham-Bush International (Thailand) Ltd
42 Tower, 10th Floor,
65, Sukhumvvit Soi 42
Sukhumvvit Road, Phrakanong
Klongtoey, Bangkok 10110, Thailand
Tel : 662 - 712 3156/7
Fax : 662 - 712 315858
Email : [email protected]
Factories
Malaysia
Dunham-Bush Industries Sdn Bhd
Lot 8, Jalan P/7, Seksyen 13
43650 Bandar Baru Bangi
Selangor Darul Ehsan
Malaysia
Tel : 603 - 8925 9688
Fax : 603 - 8925 9681/2
Email : [email protected]
Dunham-Bush Industries Sdn Bhd
Lot 5755-6, Kidamai Industrial Park
Bukit Angkat, 43000 Kajang
Selangor Darul Ehsan
Malaysia
Tel : 603 - 8733 9898
Fax : 603 - 8736 5763
Email : [email protected]
11
LA
PO
RA
N T
AH
UN
AN
20
03
AN
NU
AL
RE
PO
RT
Inco
rpo
rate
d i
n M
alay
sia
(12
93
58
-X)
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
LA
PO
RA
N T
AH
UN
AN
20
03
AN
NU
AL
RE
PO
RT
Inco
rpo
rate
d i
n M
alay
sia
(12
93
58
-X)
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
A s A t 3 0 A u g u s t 2 0 0 3
Dunham-Bush
Industries Sdn Bhd,
Malaysia100%
Dunham-Bush
Sales & Services
Sdn Bhd, Malaysia100%
Topgroup Polacel
Sdn Bhd, Malaysia100%
Dunham-Bush
Parts & Services Sdn Bhd,
Malaysia
100%
Anemostat Topgroup
Sdn Bhd, Malaysia86%
Dunham-Bush
Yantai Co Ltd, China55%
Hartford Compressors
Yantai Co Ltd, China55%
Dunham-Bush
Holdings (HK) Limited,
HK100%
Dunham-Bush
International
Limited, HK100%
Top-Aire
Air-Conditioning
(China) Limited, HK100%
Dunham-Bush
Services Company
Limited, HK90%
Top-Aire
Air-Conditioning
(HK) Limited, HK30%
Dunham-Bush
Topaire Sdn Bhd,***
Malaysia
85%
Topgroup Data-Aire
Sdn Bhd, Malaysia85%
Topaire Sales &
Services Sdn Bhd,
Malaysia60%
Topgroup M&E
Service Sdn Bhd,
Malaysia60%
Topgroup Parts &
Services (Kuantan)
Sdn Bhd, Malaysia70%
1 2
S t r u c t u r e G r o u p
Hartford's Compressors factory,
Hartford, Connecficut, USA
Dunham-Bush's Compressors factory,
Yantai, the People's Republic of China
Dunham-Bush
International Pte Ltd,
Singapore100%
Dunham-Bush
Sales & Services (S)
Pte Ltd, Singapore100%
Dunham-Bush
International (Europe)
BV, The Netherlands100%
Dunham-Bush
International (Africa)
(Pty) Ltd, South Africa100%
Dunham-Bush
International Brasil
SC LTDA, Brazil100%
*Dunham-Bush
Industries de Mexico
SA de CV, Mexico100%
**Dunham-Bush
Industrias
SA de CV, Mexico100%
Dunham-Bush
International (Cayman)
Limited, Cayman Islands100%
Dunham-Bush
Inc, USA100%
#Dunham-Bush
de Mexico
SA de CV, Mexico100%
Hartford Compressors
Inc, USA100%
Dunham-Bush
North America
Inc, USA100%
Dunham-Bush
(Europe) plc, UK51%
Dunham-Bush
Limited, UK100%
Dunham-Bush AP,
UK100%
Dunham-Bush
Engineering Ltd, UK100%
Dunham-Bush
International (Thailand)
Ltd, Thailand49%
# Dunham-Bush de Mexico SA de CV is 50% owned by Dunham-Bush International (Cayman) Limited and 50% by Dunham-Bush Inc
* Dunham-Bush Industries de Mexico SA de CV is 99.86% owned by Dunham-Bush (Malaysia) Bhd and the remaining 0.14% is held
by Dunham-Bush International (Cayman) Limited
** of which one (1) share of one (1) peso is held by Dunham-Bush de Mexico SA de CV
*** Formerly known as Topaire Sdn Bhd
1 3
Dunham-Bush's factory, Havant, EnglandDunham-Bush's factory, Yantai,
the People's Republic of China
LA
PO
RA
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AH
UN
AN
20
03
AN
NU
AL
RE
PO
RT
Inco
rpo
rate
d i
n M
alay
sia
(12
93
58
-X)
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
LA
PO
RA
N T
AH
UN
AN
20
03
AN
NU
AL
RE
PO
RT
Inco
rpo
rate
d i
n M
alay
sia
(12
93
58
-X)
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
DU
NH
AM
-B
US
H (M
AL
AY
SIA
) B
HD
Exchange Rate: US$1.00 = RM3.80
Notes:
- Where additional shares are issued, the earnings per share are calculated on a weighted average number of shares.
- Dividend for FY 1997/98 and FY 1998/99 included a tax exempt dividend of 7% & 2.5% respectively.
- Dividend for FY 1999/2000 are tax exempt.
Description
Revenue
(Loss)/Profit before taxation
(Loss)/Profit after taxation
(Loss)/Profit attributable
to shareholders
Share capital
Share premium
Reserves
Shareholdersí equity
ICULS
Minority interests
Reserve on consolidation
Capital funds
Deferred liabilities
Current liabilities
Property, plant and equipment
Intangible assets
Investment
Current assets
Total assets
Net tangible assets per
share (cents/sen)
Net assets per share
(cents/sen)
(Loss)/Earnings per share
(cents/sen)
Dividend rate (%)
Dividend amount (RMí000)
1 4
S u m m a r yG r o u p F i n a n c i a l
RM'000
416,235
20,608
15,105
16,798
43,998
88,527
36,078
168,603
-
12,768
181,371
35,136
172,598
389,105
132,263
21,896
36
234,910
389,105
333.4
383.2
40
22
6,776
362,914
(32,046)
(37,536)
(40,887)
90,364
114,518
(109,646)
95,236
-
29,547
125,658
31,498
188,832
345,988
94,398
414
-
251,176
345,988
105.2
105.7
(45)
-
-
409,266
(62,520)
(65,482)
(69,525)
88,331
94,552
(70,012)
112,871
21,999
28,226
163,971
25,144
195,498
384,613
93,999
11,781
-
278,833
384,613
115.4
128.8
(79)
-
-
95,504
(8,433)
(9,878)
(10,760)
23,780
30,136
(28,854)
25,062
-
7,776
875 875
489,523
(12,793)
(15,177)
(17,798)
88,331
94,552
(156)
182,727
21,999
20,091
224,817
9,177
251,379
485,373
27,777
-
310,403
485,373
175.4
206.9
(33)
-
-
281.2
346.7
(44)
3
1,325
324.8
404.8
(72)
5
1,892
406.5
486.2
(18)
10
4,030
-
440,873
(13,109)
(16,485)
(19,450)
44,148
88,723
20,208
153,079
21,999
15,595
190,673
48,198
225,467
464,338
154,817
28,954
122
280,445
464,338
-
450,899
(25,878)
(29,092)
(31,867)
43,998
88,527
45,578
178,103
21,999
15,692
215,794
19,660
236,583
472,037
167,529
35,182
68
269,258
472,037
-
459,216
(6,360)
(11,170)
(7,996)
43,998
88,527
(81,405)
213,930
21,999
10,254
246,183
51,629
188,028
485,840
181,730
35,097
70
268,943
485,840
- -230
33,068
8,289
49,693
91,050
24,842
109
-
66,099
91,050
27.7
27.8
(12)
-
-
1996/97
RM'000
1997/98
RM'000
1998/99
RM'000
1999/2000
RM'000
2000/2001
RM'000
2001/2002
RM'000
2002/2003
RM'000
2002/2003
147,193
