AR Plusbhd 2004

FINANCIAL
Directors' Report 70
Statement by Directors 75
Statutory Declaration 75
Report of the Auditors 76
Balance Sheets 77
Income Statements 79
Statements of Changes in Equity 80
Cash Flow Statements 81
Notes to the Financial Statements 83
70
Directors’ Report
The Directors present their annual report together with the audited financial statements of the Group and of the Company for the year
ended 31 December 2004.
Principal Activities
The principal activities of the Company are investment holding and provision of expressway operation services.
Its sole and wholly-owned subsidiary company, Projek Lebuhraya Utara-Selatan Berhad ("PLUS") is involved in the operation and
maintenance of a tolled expressway network comprising the North-South Interurban Toll Expressway, the New Klang Valley Expressway,
and a section of Federal Highway Route 2 between Subang and Klang in Peninsular Malaysia.
Financial Results
Group Company
RM’000 RM’000
Profit before taxation 773,701 393,492
Taxation (5,215) (5,215)
Profit after taxation attributable to shareholders of the Group and of the Company 768,486 388,277
There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the Statements
of Changes in Equity.
In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year have not been
substantially affected by any item, transaction or event of a material and unusual nature.
Dividends
The amount of dividends paid by the Company since 31 December 2003 were as follows:
2004
RM’000
Final tax exempt dividend for the year ended 31 December 2003 of 3.5 sen per ordinary share
declared on 28 May 2004 and paid on 15 July 2004 175,000
Interim tax exempt dividend for the year ended 31 December 2004 of 3.5 sen per ordinary share
declared on 24 August 2004 and paid on 5 October 2004 175,000
350,000
Directors’ Report 71
Dividends cont’d
At the forthcoming Annual General Meeting, a final tax exempt dividend in respect of the financial year ended 31 December 2004 of 4.0 sen
per ordinary share of RM0.25 each, amounting to a total dividend payable of RM200 million will be proposed for shareholders' approval. The
financial statements for the current financial year do not reflect this proposed dividend. Such dividend if approved by the shareholders, will
be accounted for in shareholders' equity as an appropriation of retained profits in the financial year ending 31 December 2005.
Directors
The names of the Directors of the Company in office since the date of the last report and at the date of this report are:
Tan Sri Dato' Mohd Sheriff bin Mohd Kassim

Dato' Ahmad Pardas bin Senin (Appointed on 1 July 2004)
Dato' Abdul Wahid bin Omar (Resigned on 30 June 2004)
Dato' Idrose bin Mohamed
Geh Cheng Hooi
YM Professor DiRaja Ungku Abdul Aziz bin Ungku Abdul Hamid
Hassan bin Ja'afar
Dato' Mohamed Azman bin Yahya
Tan Sri Razali bin Ismail
Datuk K. Ravindran s/o C. Kutty Krishnan
Neither at the end of the financial year, nor at any time during the year, did there subsist any arrangement to which the Company was a party,
whereby the Directors might acquire benefits by means of acquisition of shares in, or debentures of the Company or any other body corporate,
other than pursuant to or in furtherance of the Employee Equity Scheme ("EES") of its related company, UEM World Berhad in conjunction with
the UEM group wide restructuring scheme to the following director:
Number of Ordinary Shares of RM1.00 each in UEM World Berhad

Fixed Entitlement Eligible under performance scheme
Dato' Ahmad Pardas bin Senin 4,900,000 1,680,000*
Note:
* Under the EES, in addition to a fixed entitlement portion, the relevant Directors are eligible for additional shares in UEM World Berhad over
the EES period (as defined in the Prospectus of UEM World Berhad dated 23 October 2003) under a performance-based scheme.
Since the end of the previous financial year, no Director has received or become entitled to receive any benefits (other than a benefit included
in the aggregate amount of emoluments received or due and receivable by the Directors as disclosed in the financial statements or the fixed
salary of a full-time employee of the Company) by reason of a contract made by the Company or a related corporation with any Director or
with a firm of which the Director is a member or with a company in which the Director has a substantial financial interest, required to be
disclosed by Section 169(8) of the Companies Act 1965.
72 Directors’ Report
Directors cont’d
According to the register of Directors' shareholdings to be kept under section 134 of the Companies Act, 1965, the interest of Directors in
office at the end of the financial year in shares in the Company and its related corporation during the financial year were as follows:
Number of Ordinary Shares of RM0.25 each

The Company As at During the year As at
Direct Interest 1/1/2004 Bought Sold 31/12/2004
Tan Sri Dato' Mohd Sheriff bin Mohd Kassim 50,000 – – 50,000
Dato' Ahmad Pardas bin Senin (Appointed on 1 July 2004) 20,000 – – 20,000
Dato' Idrose bin Mohamed 40,000 – – 40,000
Geh Cheng Hooi 40,000 – – 40,000
YM Professor DiRaja Ungku Abdul Aziz
bin Ungku Abdul Hamid 40,000 – – 40,000
Hassan bin Ja'afar 40,000 – – 40,000
Dato' Mohamed Azman bin Yahya 40,000 – – 40,000
Tan Sri Razali bin Ismail 40,000 – – 40,000
Datuk K. Ravindran s/o C. Kutty Krishnan 40,000 – – 40,000
Number of Ordinary Shares of RM1.00 each

UEM World Berhad As at During the year As at
Direct Interest 1/1/2004 Bought Accepted Sold 31/12/2004
Tan Sri Dato' Mohd Sheriff bin Mohd Kassim 2,000,000 – – – 2,000,000
Dato' Ahmad Pardas bin Senin (Appointed on 1 July 2004) 2,100,000 – 5,062,000 ∂ – 7,162,000
Dato' Idrose bin Mohamed 2,100,000 – 162,000 ∂ – 2,262,000
∂ In respect of EES allocation under fixed entitlement and/or performance scheme.
In accordance with Article 76 of the Company's Articles of Association, Tan Sri Razali bin Ismail and Datuk K. Ravindran s/o C. Kutty Krishnan
retire at the forthcoming Annual General Meeting and being eligible, offer themselves for re-election.
In accordance with Article 83 of the Company's Articles of Association, Dato' Ahmad Pardas bin Senin retires at the forthcoming Annual
General Meeting and being eligible, offers himself for re-election.
Directors’ Report 73
Directors cont’d
In accordance with Section 129(2) of the Companies Act 1965, YM Professor DiRaja Ungku Abdul Aziz bin Ungku Abdul Hamid and Geh Cheng
Hooi, having already attained the age of 70, shall vacate the office of Director of the Company. However, pursuant to Section 129(6), they may
be re-appointed by resolutions passed by a majority of not less than three-fourth of such number of shareholders of the Company entitled to
vote at a general meeting of the Company. The appointment to hold office shall be until the next Annual General Meeting of the Company. The
resolutions to re-appoint them as Directors of the Company will be proposed at the forthcoming Annual General Meeting.
Holding Company
The Directors regard United Engineers (Malaysia) Berhad, a company incorporated in Malaysia which owns 46.2% of the Company's equity as
at 31 December 2004, as the immediate holding company.
Other Statutory Information

(a) Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps:
(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for doubtful debts
and satisfied themselves that there were no known bad debts and that adequate allowance had been made for doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the ordinary course
of business had been written down to an amount which they might be expected so to realise.
(b) At the date of this report, the Directors are not aware of any circumstances which would render:
(i) it necessary to write off any debts or the amount of allowance for doubtful debts in the Group and of the Company inadequate to
any substantial extent; and
(ii) the values attributed to current assets in the financial statements of the Group and of the Company misleading.
(c) At the date of this report, the Directors are not aware of any circumstances which have arisen which would render adherence to the
existing method of valuation of assets and liabilities of the Group and of the Company misleading or inappropriate.
(d) At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or the financial
statements of the Group and of the Company which would render any amount stated in the financial statements misleading.
(e) As at the date of this report, there does not exist:

(i) any charge on the assets of the Group and of the Company which has arisen since the end of the financial year which secures the
liabilities of any other person; or
(ii) any contingent liability in respect of the Group and of the Company which has arisen since the end of the financial year..
74 Directors’ Report
Other Statutory Information cont’d

(f) In the opinion of the Directors:
(i) no contingent liability or other liability has become enforceable or is likely to become enforceable within the period of twelve months
after the end of the financial year which will or may affect the ability of the Group and of the Company to meet its obligations when
they fall due; and
(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the
date of this report which is likely to affect substantially the results of the Group and of the Company for the financial year in which this
report is made.
Significant Events
(i) On 18 February 2004, the Minister of Works announced that the Government of Malaysia ("Government") had approved the
abolition of the Senai toll plaza with effect from 1 March 2004. The Senai toll plaza is a part of the Senai-Johor Bahru Highway
stretching approximately 25 kilometres operated and maintained by PLUS. As a result of the abolition, a compensation amount of
RM331,680,000 is to be made to PLUS by the Government ("Senai Compensation").
(ii) On 14 September 2004, the Government had requested PLUS to undertake the construction of through-traffic between the Ipoh Selatan
toll plaza and the Jelapang toll plaza and the construction of the third lane in respect of certain stretches (collectively referred to as
"Additional Works").
(iii) On 14 September 2004, PLUS received official notification from the Government followed by a letter of undertaking by PLUS dated 6
October 2004 whereby PLUS had agreed, at the request of the Government, to take over the management, operation and maintenance of,
and the collection of toll from vehicles using the Seremban-Port Dickson Highway ("SPDH") as part compensation for the abolition of the
Senai toll plaza. The effective date for the take over of SPDH was 7 October 2004. However, the rights and authorities to be granted by the
Government to PLUS is a temporary arrangement pending the execution of the necessary agreements with regard to settlement of the
Senai Compensation.
PLUS is currently finalising with the Government on the detailed terms of the settlement of Senai Compensation together with the
funding of the Additional Works.
Auditors
The auditors, Ernst & Young, have expressed their willingness to accept reappointment.
Signed on behalf of the Board in accordance with a resolution of the Directors,
TAN SRI DATO' MOHD SHERIFF BIN MOHD KASSIM DATO' IDROSE BIN MOHAMED
Kuala Lumpur, Malaysia

24 February 2005
75
Statement by Directors Pursuant to Section 169(15) of The Companies Act 1965
We, TAN SRI DATO' MOHD SHERIFF BIN MOHD KASSIM and DATO' IDROSE BIN MOHAMED, being two of the Directors of PLUS EXPRESSWAYS
BERHAD, do hereby state that in the opinion of the Directors, the financial statements set out on pages 77 to 128 are drawn up in accordance
with applicable Approved Accounting Standards in Malaysia and the provisions of the Companies Act 1965 so as to give a true and fair view
of the financial position of the Group and of the Company as at 31 December 2004 and of the results and the cash flows of the Group and of
the Company for the year then ended.
Signed on behalf of the Board in accordance with a resolution of the Directors,
TAN SRI DATO' MOHD SHERIFF BIN MOHD KASSIM DATO' IDROSE BIN MOHAMED

24 February 2005
Statutory Declaration Pursuant to Section 169(16) of The Companies Act 1965
I, MOHD LUTFI BIN MAT LAZIM, the Officer primarily responsible for the financial management of PLUS EXPRESSWAYS BERHAD, do solemnly
and sincerely declare that the financial statements set out on pages 77 to 128 are in my opinion correct, and I make this solemn declaration
conscientiously believing the same to be true, and by virtue of the provisions of the Statutory Declarations Act 1960.
Subscribed and solemnly declared by the abovenamed

MOHD LUTFI BIN MAT LAZIM at Kuala Lumpur in the
Federal Territory on 24 February 2005
MOHD LUTFI BIN MAT LAZIM
Before me,
SOH AH KAU
Commissioner for Oaths
(No. W315)
76
Report of the auditors to the members of PLUS Expressways Berhad
We have audited the accompanying financial statements set out on pages 77 to 128. These financial statements are the responsibility of the
Company’s Directors. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with applicable Approved Standards on Auditing in Malaysia. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by the Directors, as well as evaluating the overall presentation of the financial
statements. We believe that our audit provides a reasonable basis for our opinion.
In our opinion:
(a) the financial statements have been properly drawn up in accordance with the provisions of the Companies Act 1965 and applicable
Approved Accounting Standards in Malaysia so as to give a true and fair view of:
(i) the financial position of the Group and of the Company as at 31 December 2004 and of the results and the cash flows of the Group
and of the Company for the year then ended; and
(ii) the matters required by Section 169 of the Companies Act 1965 to be dealt with in the financial statements; and
(b) the accounting and other records and the registers required by the Act to be kept by the Company and by its subsidiary have been
properly kept in accordance with the provisions of the Act.
We are satisfied that the financial statements of the subsidiary company that have been consolidated with the financial statements of the
Company are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and
we have received satisfactory information and explanations required by us for those purposes.
The auditors' report on the financial statements of the subsidiary was not subject to any qualification and did not include any comment
required to be made under Section 174(3) of the Act.
Ernst & Young ABDUL RAUF BIN RASHID

AF:0039 No. 2305/05/06(J)
Chartered Accountants Partner

24 February 2005
77
Balance Sheets as at 31 December 2004
Group Group Company Company

2004 2003 2004 2003
Note RM’000 RM’000 RM’000 RM’000
Non Current Assets
Concession assets 5 8,699,922 8,675,600 – –
Property, plant and equipment 6 50,349 31,187 10,727 10,018
Investment in subsidiary company 7 – – 1,250,000 1,250,000
Deferred tax assets 8 70,322 70,322 – –
Current Assets
Toll compensation recoverable from
the Government of Malaysia 9 566,284 422,992 – –
Inventories 911 – 911 –
Sundry receivables, deposits and prepayments 10 21,089 26,035 1,444 1,331
Amounts owing from related companies 11 2,623 658 1,112 28
Amount owing from subsidiary company 11 – – 199,702 163,477
Short term investments 12 11,221 1,062 – –
Short term deposits with licensed banks 13 1,354,293 1,244,406 32,904 22,889
Cash and bank balances 13 5,749 6,031 230 232
1,962,170 1,701,184 236,303 187,957
Current Liabilities
Trade payables 14,851 21,635 – –
Sundry payables and accruals 14 82,674 60,349 14,177 4,121
Amount owing to immediate holding company 11 15,345 10,707 21 70
Amounts owing to related companies 11 42,202 53,206 119 –
Bai Bithaman Ajil Islamic Debt Securities ("BAIDS") 20 300,000 200,000 – –
Taxation 1,469 1,413 1,469 1,413
456,541 347,310 15,786 5,604
Net Current Assets 1,505,629 1,353,874 220,517 182,353
10,326,222 10,130,983 1,481,244 1,442,371

78 Balance Sheets

2004 2003 2004 2003
Note RM’000 RM’000 RM’000 RM’000
Financed By:
Share capital 15 1,250,000 1,250,000 1,250,000 1,250,000
Capital reserve 16 461,138 461,138 – –
Merger reserve 17 298,834 298,834 – –
Retained profits 18 1,487,719 1,069,233 229,914 191,637
3,497,691 3,079,205 1,479,914 1,441,637
Borrowings 19 962,000 962,000 – –

Bai Bithaman Ajil Islamic Debt Securities ("BAIDS") 20 4,500,000 4,800,000 – –
Bai Bithaman Ajil Serial Bonds ("BBA Serial Bonds") 21 1,300,558 1,223,640 – –
Long Term Liabilities

Amount owing to immediate holding company 11 6,885 6,885 – –
Retirement benefits 4(h)(ii) 15,926 14,394 – –
Deferred liabilities 22 41,832 44,125 – –
Deferred tax liabilities 8 1,330 734 1,330 734
10,326,222 10,130,983 1,481,244 1,442,371
The accompanying notes form an integral part of the financial statements.

79
Income Statements for the year ended 31 December 2004

2004 2003 2004 2003
Note RM’000 RM’000 RM’000 RM’000
Revenue 25 1,650,120 1,580,870 465,623 398,639
Direct cost of operations (533,019) (477,854) (64,042) (18,310)
Gross profit 1,117,101 1,103,016 401,581 380,329

Other operating income 26 40,256 33,603 205 1
General and administration expenses (49,163) (58,581) (10,273) (4,367)
Profit from operations 27 1,108,194 1,078,038 391,513 375,963

Net finance (expense)/income 28 (334,493) (342,477) 1,979 786
Profit before taxation 773,701 735,561 393,492 376,749

Taxation 30 (5,215) (3,500) (5,215) (2,272)
Net profit for the year after taxation

attributable to shareholders 768,486 732,061 388,277 374,477
Basic earnings per share (sen) 31 15.37 14.64 7.77 7.49
Interim tax exempt dividend per ordinary share

in respect of the year (sen) 32 3.50 3.50
Final tax exempt dividend per ordinary share

in respect of the year (sen) 32 4.00* 3.50
* Proposed for shareholders' approval at the forthcoming Annual General Meeting

80
Statements of Changes in Equity for the year ended 31 December 2004
Share Capital Merger Retained

Note Capital Reserve Reserve Profits Total
RM’000 RM’000 RM’000 RM’000 RM’000
Group
At 1 January 2003 1,250,000 461,138 298,834 512,172 2,522,144
Profit for the year – – – 732,061 732,061
Dividends 32 – – – (175,000) (175,000)
At 31 December 2003 1,250,000 461,138 298,834 1,069,233 3,079,205

Dividends 32 – – – (350,000) (350,000)
At 31 December 2004 1,250,000 461,138 298,834 1,487,719 3,497,691
Company
At 1 January 2003 1,250,000 – – (7,840) 1,242,160
Dividends 32 – – – (175,000) (175,000)
At 31 December 2003 1,250,000 – – 191,637 1,441,637

Dividends 32 – – – (350,000) (350,000)
At 31 December 2004 1,250,000 – – 229,914 1,479,914

81
Cash Flow Statements for the year ended 31 December 2004

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Cash Flows from Operating Activities
Toll collection 1,499,010 1,442,789 – –
Expressway operation services fees 7,246 1,751 90,428 28,619
Receipts from expressway ancillary facilities 10,069 11,512 – –
Other income 19,703 24,584 135 1
Future maintenance expenditure received – 6,000 – –
Payments to contractors for routine maintenance (141,685) (128,893) – –
Other operating expenses (209,890) (197,339) (84,783) (16,153)
Taxes paid (4,563) (2,215) (4,563) (125)
Taxes refunded 801 – – –
Net cash generated from operating activities 1,180,691 1,158,189 1,217 12,342
Cash Flows from Investing Activities

Profit element and interest income received 37,523 32,401 1,962 778
Proceeds from sales of property, plant and equipment 2,188 494 – –
Dividends received – – 360,000 185,000
Purchase of property, plant and equipment (14,476) (20,448) (3,166) –
Purchase of short term investment (10,136) – – –
Concession Assets (236,010) (269,431) – –
Net cash (used in)/generated from investing activities (220,911) (256,984) 358,796 185,778
82 Cash Flow Statements

2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Cash Flows from Financing Activities
Repayment of BAIDS (200,000) (100,000) – –
Dividends paid (350,000) (175,000) (350,000) (175,000)
Profit elements on BAIDS paid (300,175) (305,825) – –
Net cash used in financing activities (850,175) (580,825) (350,000) (175,000)
Net increase in cash and cash equivalents 109,605 320,380 10,013 23,120
Cash and cash equivalents at the beginning of the year 1,250,437 930,057 23,121 1
Cash and cash equivalents at the end of the year (Note 13) 1,360,042 1,250,437 33,134 23,121
Note:
Previously, the Cash Flow Statements for the Group and the Company were prepared under the Indirect Method. For the current financial year,
as allowed under MASB 5, Cash Flow Statements, the Group has adopted the Direct Method in preparing the Cash Flow Statements. Therefore,
the comparative figures have been represented to conform with the current method.

83
Notes to the Financial Statements 31 December 2004
1 Corporate Information
The principal activities of the Company are investment holding and provision of expressway operation services. There have been no
significant changes in the nature of the principal activities during the financial year.
Its sole and wholly-owned subsidiary company, Projek Lebuhraya Utara-Selatan Berhad ("PLUS") is involved in the operation and
maintenance of a tolled expressway network comprising the North-South Interurban Toll Expressway, the New Klang Valley Expressway,
and a section of Federal Highway Route 2 between Subang and Klang in Peninsular Malaysia.
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Board of the Bursa
Malaysia Securities Berhad. The registered office of the Company is located at 2nd Floor, Bangunan MCOBA, 42, Jalan Syed Putra, 50460
Kuala Lumpur. The principal place of business is located at Level 12-17, Menara 1, Faber Towers, Jalan Desa Bahagia, Taman Desa, Off Jalan
Klang Lama, 58100 Kuala Lumpur.
The Directors regard United Engineers (Malaysia) Berhad ("UEM"), which is incorporated in Malaysia and owns 46.2% of the Company's
equity as at 31 December 2004, as the immediate holding company. The intermediate holding company is Syarikat Danasaham Sdn Bhd
("Danasaham") and the ultimate holding company is Khazanah Nasional Berhad ("Khazanah"), both of which are incorporated in Malaysia.
Khazanah is wholly-owned by the Minister of Finance Inc., a body corporate which was incorporated under the Minister of Finance
(Incorporation) Act 1967.
On 14 January 2005, Danasaham transferred its entire holding in UEM to Khazanah and ceased to become the intermediate
holding company.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the Directors on
24 February 2005.
2 Award of Concession to PLUS

The Government of Malaysia ("the Government") and United Engineers (Malaysia) Berhad ("UEM") entered into a Concession Agreement
dated 18 March 1988 in connection with the North-South Interurban Toll Expressway, the New Klang Valley Expressway and the Federal
Highway Route 2 projects.
Subsequently, UEM and PLUS entered into a Novation Agreement with the Government dated 20 July 1988 whereby, with the approval of
the Government, UEM assigned its rights and transferred its liabilities and obligations under the Concession Agreement to PLUS.
On 8 July 1999, PLUS entered into a Supplemental Concession Agreement ("SCA") with the Government whereby the toll rate structure
was revised and toll revenue sharing arrangements were established between the parties. As a result of the revision in the toll rate
structure the Concession Period was extended for another 12 years to 31 May 2030.
84 Notes to the Financial Statements
2 Award of Concession to PLUS cont’d

On 11 May 2002, PLUS entered into a Second Supplemental Concession Agreement ("SSCA") with the Government whereby toll rate
structure was further revised for the remaining period of the Concession Agreement and toll compensation and set-off arrangements were
established between the parties. The new toll rate structures are as follows:
(i) increase of Class 1 toll rate by 10% from 11.24 sen/km to 12.36 sen/km, which will be in force from 1 January 2002 until
31 December 2004;
(ii) scheduled increases of Class 1 toll rate by 10% every 3 years thereafter.
The second 10% increase in toll rate was scheduled and came into effect from 1 January 2005 from 12.36sen/km to 13.60sen/km. The new
rates will be applied until 31 December 2007.
Toll rates for other classes of vehicles are determined based on pre-set factors by reference to rates applicable to Class 1 vehicles.
Details of the compensation and set-off arrangement and other relevant matters in relation to PLUS agreeing to the lower toll rate
structures are set out in Note 3, 'Revised Toll Rates, Tax Exempt Status and Toll Compensation Arrangement'.
3 Revised Toll Rates, Tax Exempt Status and Toll Compensation Arrangement
(a) Revised Toll Rate Structures
In consideration of PLUS agreeing to the revised toll rate structures applicable from 1 January 2002 (details of which are set out in Note
2 above) the Government agreed to the following:
(i) to waive PLUS' obligation to pay the interest accrued to 1 January 2002 amounting to RM1,729.22 million on its Government
Support Loan;
(ii) to waive PLUS' obligation to pay interest on the remaining principal amount of RM750 million on the Government Support Loan,
after (i) above; and
(iii) to address the manner in which the Government would discharge its liability in respect of the amount of compensation due that
would arise in each of the remaining Concession Years; such compensation would arise as the new toll rates which took effect
from 1 January 2002 are lower than the toll rates contemplated in the SCA previously entered into; and the arrangements have
been formalised through the SSCA, and in the manner described in (c) below, 'Toll Compensation Arrangements'.
PLUS entered into a Third Supplemental Support Loan Agreement with the Government on 23 May 2002 in connection with the
exemption from the payment of interest on the Government Support Loan, as described in (i) and (ii) above.
3 Revised Toll Rates, Tax Exempt Status and Toll Compensation Arrangement cont’d
(b) Tax Exempt Status
Under the Toll Compensation Arrangements, the Government agreed to grant PLUS tax exempt status for a period of five consecutive
years from 2002 to 2006. The exemption applies to PLUS’ ‘Adjusted Income’ from all sources.
Pursuant to the above, the Minister of Finance has, on 25 June 2003, made an order which may be cited as Income Tax (Exemption)
(No. 34) Order 2003 ("Order"), exempting PLUS from payment of income tax in respect of its adjusted income from all sources from the
year of assessment 2002 until the year of assessment 2006.
(c) Toll Compensation Arrangements

Under the toll compensation arrangements pursuant to the SSCA, compensation recoverable from the Government for the effects of
imposing toll rates lower than those previously agreed shall be adjusted for the following:
(i) deduction for the notional tax on dividends that PLUS will declare and pay (if any) from the tax exempt profits earned during
the five year tax-exempt period from 2002 to 2006 referred to in (b) above;
(ii) deduction for interest that would have been payable to the Government on the Government Support Loan, had the
Government not waived PLUS from its obligation to pay such interest;
(iii) set-off of PLUS' income tax liabilities against such compensation due to PLUS after the deductions referred to in (i) and (ii)
above; and
(iv) set-off of any Toll Sharing Amount due to the Government against the resultant from (iii) above.
Under the SSCA, in any Concession Year after the tax-exempt period, if there is any tax amount owing by PLUS to the Government
after taking into consideration the adjustments referred to in (i), (ii) and (iii) above, PLUS shall pay such tax amount owed by it to the
Government in cash.
The SSCA provides that the payment of such tax amount shall not include any toll sharing to be paid to the Government (if applicable),
which shall continue to be carried forward for utilisation against future toll compensation amounts. Upon expiry of the Concession
Period, any amounts of tax payable and toll sharing amounts which have not been utilised under the compensation arrangements
referred to above are to be paid by PLUS to the Government. However, if there are any amounts due from the Government upon expiry
of the Concession Period, such amounts are to be unconditionally waived by PLUS.
In the event that the Government imposes a toll rate which is lower than the toll rates stated in the SSCA for any Concession Year, the
SSCA provides that the amount of further compensation arising will be paid in full. Notwithstanding such compensation, the other toll
compensation arrangements pursuant to the SSCA will remain in effect.
4 Significant Accounting Policies

(a) Basis of Accounting and Preparation of the Financial Statements
The financial statements of the Group and of the Company have been prepared under the historical cost convention and comply with
applicable Approved Accounting Standards issued by the Malaysian Accounting Standards Board ("MASB") and the provisions of the
Companies Act 1965.
During the financial year, the Group and the Company adopted for the first time MASB 31 on Accounting for Government Grant and
Disclosure of Government Assistance.
The adoption of MASB 31 has not given rise to any adjustments to the opening balances of retained profits of the prior and current
year or to changes in comparatives.
(b) Basis of Consolidation

The consolidated financial statements include the financial statements of the Company and PLUS for the year ended 31 December
2004. The consolidated financial statements have been prepared using the merger method of accounting as the combination between
the Company and PLUS in the year 2002 meets the relevant criteria set out in the MASB 21 "Business Combination", thus depicting
the combination of these entities as if they had been in combination for the entire period.
A subsidiary is a company in which the Group has equity interest and where it has power to exercise control over the financial and
operating policies so as to obtain benefits therefrom.
Intragroup transactions, balances and resulting unrealised gains are eliminated on consolidation and the consolidated financial
statements reflect external transactions only. Unrealised losses are eliminated on consolidation unless cannot be recovered.
(c) Borrowing Costs

Borrowing costs attributable to the acquisition, construction or production of an asset during periods when activities necessary to
prepare the asset for its intended use are in progress, are capitalised as a component of the cost of the asset. Such capitalisation
ceases when substantially all activities necessary to prepare the asset for its intended use are complete.
Where the carrying amount, inclusive of capitalised borrowing costs, if applicable, of an asset exceeds its recoverable amount, such
excess is written down or adjusted for as a provision for impairment, through an appropriate charge to the income statement.
4 Significant Accounting Policies cont’d

(d) Property, Plant and Equipment, and Depreciation
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Depreciation is provided for on a straight line basis over the estimated useful lives of the property, plant and equipment. The annual
rates of depreciation are as follows:
%
Aircrafts 12
Motor Vehicles 20
Furniture and Fittings 20
Office Equipment 20
Computers 20
Telecommunication System 20
Operation Tools and Equipment 20
Buildings 2
(e) Concession Assets

Items classified as Concession Assets comprise Expressway Development Expenditure ("EDE"), Heavy Repairs and Other
Concession Assets.
(i) Expressway Development Expenditure
Expressway Development Expenditure ("EDE") comprises development and upgrading expenditure (including interest charges
relating to financing of the development) incurred in connection with the Concession.
EDE is stated at cost less accumulated amortisation and impairment losses. The policy for the recognition and measurement of
impairment losses is in accordance with Note 4(f).
EDE is amortised over the Concession Period. The amortisation formula applied in the preparation of the financial statements to
arrive at the annual amortisation charge for each financial period is as follows:
Toll revenue for the year X [Net Book Value of EDE + Additions for the year]
[Actual toll revenue for the year +
Projected total toll revenue
for the subsequent years to year 2030]

(e) Concession Assets cont’d
(i) Expressway Development Expenditure cont’d
The projected total toll revenue used for the purposes of the amortisation calculations is based on the base case traffic volume
projections prepared by independent traffic consultants multiplied by the toll rate structures described in Note 3.
In the previous financial year ended 31 December 2003, PLUS re-assessed the computations applied in arriving at estimates of
accumulated amortisation of EDE, and the following were undertaken:
(I) PLUS re-assessed the useful lives of items classified within EDE, and identified items that were estimated to have useful lives
that would expire before the end of the Concession Period. Whereas these items had previously been amortised within the
total of items classified as EDE, PLUS has re-computed their accumulated amortisation based on the re-estimated useful lives.
(II) The accumulated amortisation of EDE had, to 31 December 2002, been computed as described above. In conjunction with the
re-assessment of accumulated amortisation of EDE, PLUS applied to the remaining amount of EDE (i.e. after re-classification of
assets referred to in (I) above) the proportion of toll revenues based on cumulative toll revenues from the commencement of
the Concession in 1988 to 31 December 2002, as a percentage of total projected toll revenue for the entire Concession Period,
i.e. from 31 May 1988 to 31 May 2030.
(III) PLUS also re-assessed accumulated amortisation amounts that had been accounted for previously for accelerated
amortisation of certain stretches of the Expressways, and, in light of the charges recognised in the income statement for
damages from the Bukit Lanjan rockfall, wrote back the accumulated accelerated amortisation to 31 December 2003.
(IV) Further to the re-assessments described in (I) and (II) above, PLUS also obtained from independent Traffic Consultants a revised
set of traffic volume projections in October 2003, and the base-case projections arising have been used for application in the
accumulated amortisation computations for these financial statements to 31 December 2003.
The effects of the above, which have been incorporated in the financial statements for the year ended 31 December 2003 is
disclosed in Note 27.
(ii) Heavy Repairs

Heavy repairs relate to costs incurred to repair bridges, slopes and embankments, rectification of settlements and pavement
rehabilitation of medium and high traffic sections along the Expressways. The costs of heavy repairs are amortised on a straight
line basis over 7 years commencing from the date incurred, this being the anticipated economic life of such works.

(e) Concession Assets cont’d
(iii) Other Concession Assets
Other Concession Assets comprise toll equipment, video surveillance equipment, telecommunication network, centralised lighting,
and toll operation computer hardware and software, and are stated at cost less accumulated amortisation and impairment losses.
The policy for the recognition and measurement of impairment losses is in accordance with Note 4(f). The annual amortisation in
respect of these assets is computed on a straight line basis over their estimated useful lives at the following rates:
%
Software and computers 12.5
Others 10
(f) Impairments
The carrying amounts of the Group's and of the Company's assets and inventories are reviewed at each balance sheet date to
determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated
and an impairment loss is recognised whenever the recoverable amount is less than the carrying amount of the asset. The impairment
loss is recognised in the Income Statement immediately.
All reversals of impairment losses are recognised as income immediately in the Income Statement. An impairment loss is only reversed
to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment had been recognised.
(g) Taxation
Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the expected amount of income taxes
payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted at the balance sheet
date.
Deferred tax is provided for, using the liability method, on temporary differences at the balance sheet date between the tax bases of
assets and liabilities and their carrying amounts in the financial statements. In principle, deferred tax liabilities are recognised for all
taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and
unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible temporary
differences, unused tax losses and unused tax credits can be utilised. Deferred tax is not recognised if the temporary difference arises
from goodwill or negative goodwill or from the initial recognition of an asset or liability in a transaction which is not a business
combination and at the time of the transaction, affects neither accounting profit nor taxable profit.

(g) Taxation cont’d
Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled,
based on tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised in the
income statement, except when it arises from a transaction which is recognised directly in equity, in which case the deferred tax is
also charged or credited directly in equity, or when it arises from a business combination that is an acquisition, in which case the
deferred tax is included in the resulting goodwill or negative goodwill.
(h) (i) Provisions

Provisions are recognised when it is probable that an outflow of resources embodying economic benefits will be required to settle
present obligation (legal or constructive) as a result of a past event and a reliable estimate can be made of the amount of the
obligation.
(ii) Provision for Retirement Benefits

Provision for employee retirement benefits made in the financial statements is in accordance with predetermined obligations
of PLUS for personnel whose employment contracts had been transferred in 1988 from their previous employer, Malaysian
Highway Authority, pursuant to the Concession Agreement.
The scheme is unfunded and the provision represents full liabilities based on the length of service of the personnel concerned, at
contracted rates.
The Group also contributes to the statutory Employees Provident Fund in accordance with applicable statutory rates.
(i) Deferred Liabilities

Fees received from third parties as advance payments of future maintenance expenditure, in consideration for right-of-way access
granted by PLUS, are classified as deferred liabilities. Liabilities are amortised over the period of the individual contracts.
(j) Foreign Currencies

Transactions denominated in foreign currencies during the year are recorded in Ringgit Malaysia at exchange rates ruling at the time
of the transactions or at contracted rates. Foreign currency denominated monetary assets and liabilities are reported in Ringgit
Malaysia at exchange rates which approximate those ruling at the balance sheet date, or at contracted rates where applicable.
Gains or losses on exchange are dealt with in the income statement.
(k) Short Term Investments

Short term investments in equity shares are stated at the lower of cost and market value whereas the investment in Murabahah
Commercial Papers/Medium Term Notes are stated at cost less amortised premium due to the relatively short term maturity of these
financial instruments.

(l) Inventories
Inventories are valued at the lower of cost and net realisable value. Cost is determined on the weighted average basis and comprises
all expenditure incurred in bringing the inventories to their present location and condition. In arriving at net realisable value, due
allowance is made for all obsolete and slow moving items.
(m) Cash Flow Statement

The cash flow statement, which is prepared using the direct method, classifies changes in cash and cash equivalents according to
operating, investing and financing activities. The Group does not consider any of its assets other than deposits with licensed financial
institutions and cash and bank balances to meet the definition of cash and cash equivalents. The use of the cash and cash equivalent
balances in the subsidiary company, however, is subject to the restrictions set out in Note 20 and Note 24.
(n) Revenue Recognition

Revenue is recognised when it is probable that the economic benefits associated with the transaction will flow to the enterprise and
the amount of revenue can be measured reliably.
(i) Toll Revenue
Toll revenue is accounted for as and when toll is chargeable for the usage of the Expressways.
(ii) Investment Income

Investment income is recognised when the right to receive is established and no significant uncertainty exists as regard to
its recovery.
(iii) Revenue from services

Revenue from services rendered is recognised net of service taxes if applicable, and discounts as and when the services
are performed.
(iv) Toll Compensation

Pursuant to the Concession Agreement, the Government of Malaysia reserves the right to restructure or to restrict the imposition
of unit toll rate increases by PLUS, and in such event, the Government shall compensate PLUS for any reduction in toll revenue,
subject to negotiation and other considerations that the Government may deem fit. Toll compensation for any Concession Year is
recognised in the financial statements as revenue when recovery is probable and the amount that is recoverable can be measured
reliably. The amount of toll compensation accrued and recognised in the income statement for the year has been estimated after
taking into consideration the effects of the arrangements described in Note 3 (c).

(o) Bai Bithaman Ajil Islamic Debt Securities ("BAIDS")
The BAIDS are bonds issued in accordance with the Islamic finance concept of Bai Bithaman Ajil. In accordance with such concept,
PLUS sold certain assets to a trustee, and repurchased them at the same price together with an agreed profit margin. PLUS' payment
of the purchase price is deferred in accordance with the maturities of the BAIDS, whilst the profit element is paid half-yearly.
BAIDS are initially recognised at cost, being the fair value of the consideration received. After initial recognition, the profit element
attributable to the BAIDS in each period is recognised as an expense at a constant rate to the maturity of each series respectively.
Further details of the BAIDS in issue are disclosed in Note 20.
(p) Bai Bithaman Ajil Serial Bonds ("BBA Serial Bonds")

The BBA Serial Bonds are bonds issued in accordance with the Islamic finance concept of Bai Bithaman Ajil. In accordance with such
concept, PLUS sold certain assets to the subscribers, and repurchased them at the same price plus an agreed profit margin. PLUS'
payments are deferred in accordance with the maturities of the BBA Serial Bonds.
BBA Serial Bonds were initially stated at cost, being the fair value of the consideration received. The profit element on the BBA Serial
Bonds is recognised as an expense and accreted to the principal amount at a constant rate to the maturity of each series respectively.
Further details of BBA Serial Bonds are disclosed in Note 21.

(q) Financial Instruments
Financial instruments are recognised in the balance sheet when the Group has become a party to the contractual provisions of
the instrument.
Financial instruments are classified as liabilities or equity in accordance with the substance of the respective contractual
arrangements. Interest, dividends, gains and losses relating to a financial instrument classified as a liability, are reported as expense or
income. Distributions to holders of financial instruments classified as equity are charged directly to equity. Financial instruments are
offset when the Group has a legally enforceable right to offset and intends to settle either on a net basis or to realise the asset and
settle the liability simultaneously.
(i) Trade Payables
Trade payables are stated at cost which is the fair value of the consideration to be paid in the future for goods and
services received.
(ii) Interest-Bearing Borrowings

Interest-bearing borrowings are recorded at the amount of proceeds received, net of transaction costs.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of
those assets, until such time as the assets are substantially ready for their intended use or sale. The amount of borrowing costs
eligible for capitalisation is determined by applying a capitalisation rate which is the weighted average of the borrowing costs
applicable to the Group borrowings that are outstanding during the year, other than borrowings made specifically for the
purpose of obtaining another qualifying asset. For borrowings made specifically for the purpose of obtaining a qualifying asset,
the amount of borrowing cost eligible for capitalisation is the actual borrowing costs incurred on that borrowing during the
period less any investment income on the temporary investment of that borrowing.
All other borrowing costs are recognised as an expense in the income statement in the period in which they are incurred.
(iii) Equity Instruments

Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in which they
are declared.
5 Concession Assets
Group Group
2004 2003
RM’000 RM’000
Expressway Development Expenditure ("EDE") 8,191,361 8,257,972
Heavy Repairs 419,407 332,889
Other Concession Assets 89,154 84,739
8,699,922 8,675,600
Details of Concession Assets as at 31 December 2004 and 31 December 2003 are as follows:
Expressway Other
Development Heavy Concession 2004
Expenditure Repairs Assets Total
RM’000 RM’000 RM’000 RM’000
Cost
At 1 January 2004 8,931,024 700,699 386,601 10,018,324
Additions 43,929 183,508 21,653 249,090
Written off (Note a) (11,253) (13,150) (1,232) (25,635)
At 31 December 2004 8,963,700 871,057 407,022 10,241,779
Accumulated Amortisation
At 1 January 2004 673,052 367,810 301,862 1,342,724
Additions 100,156 93,646 16,101 209,903
Written off (Note a) (869) (9,806) (95) (10,770)
At 31 December 2004 772,339 451,650 317,868 1,541,857
Net Book Value at 31 December 2004 8,191,361 419,407 89,154 8,699,922
Note a:
The net book value of the concession assets in relation to the Senai-Johor Bahru Highway stretching approximately 25km inclusive of the
Senai Toll Plaza was written off during the year as a result of the abolition of the toll plaza.
5 Concession Assets cont’d

Details of Concession Assets as at 31 December 2004 and 31 December 2003 are as follows cont’d:
Expressway Other
Development Heavy Concession 2003
Expenditure Repairs Assets Total
RM’000 RM’000 RM’000 RM’000
Cost
At 1 January 2003 9,250,599 568,791 – 9,819,390
Additions 81,806 131,908 – 213,714
Written off (Note b) (14,780) – – (14,780)
Reclassifications (386,601) – 386,601 –
At 31 December 2003 8,931,024 700,699 386,601 10,018,324
Accumulated Amortisation
At 1 January 2003 872,633 292,710 – 1,165,343
Additions 84,726 75,100 18,657 178,483
Written off (Note b) (1,102) – – (1,102)
Reclassifications (283,205) – 283,205 –
At 31 December 2003 673,052 367,810 301,862 1,342,724
Net Book Value at 31 December 2003 8,257,972 332,889 84,739 8,675,600
Note b:
The write off was in relation to the Bukit Lanjan rock fall.
6 Property, Plant and Equipment
Furniture, Fittings,
Telecommunication Motor
Group and Office Equipment Aircrafts Vehicles Computers
RM'000 RM'000 RM'000 RM'000
Cost
At 1 January 2004 24,086 13,177 24,044 26,337
Additions 476 26,601 2,212 3,355
Disposals – (8,541) (4,323) –
Written off (46) – – (780)
Reclassification 246 – – –
At 31 December 2004 24,762 31,237 21,933 28,912
Accumulated Depreciation
At 1 January 2004 21,888 2,536 15,052 20,731
Charge for the year 731 3,090 2,322 1,964
Disposals – (2,907) (4,323) –
Written off (46) – – (779)
At 31 December 2004 22,573 2,719 13,051 21,916
Net Book Value at 31 December 2004 2,189 28,518 8,882 6,996

Operation Capital
Tools and Work in
Equipment Buildings Progress Total
RM'000 RM'000 RM'000 RM'000
6,531 3,843 246 98,264

405 – – 33,049
_ _ _ (12,864)
– – – (826)
– – (246) –
6,936 3,843 – 117,623
6,402 468 – 67,077

69 76 – 8,252
– – – (7,230)
– – – (825)
6,471 544 – 67,274
465 3,299 – 50,349

6 Property, Plant and Equipment cont’d
Furniture, Fittings,
Telecommunication Motor
Group and Office Equipment Aircrafts Vehicles Computers
RM'000 RM'000 RM'000 RM'000
Cost
At 1 January 2003 23,999 8,541 21,289 23,328
Additions 899 4,636 3,836 3,296
Disposals – – (929) –
Written off (812) – (152) (287)
At 31 December 2003 24,086 13,177 24,044 26,337
At 1 January 2003 20,928 1,181 13,863 19,261
Charge for the year 1,758 1,355 2,246 1,757
Disposals – – (905) –
Written off (798) – (152) (287)
At 31 December 2003 21,888 2,536 15,052 20,731
Net Book Value at 31 December 2003 2,198 10,641 8,992 5,606

Operation Capital
Tools and Work in
Equipment Buildings Progress Total
RM'000 RM'000 RM'000 RM'000
6,465 3,843 – 87,465

66 – 246 12,979
– – – (929)
– – – (1,251)
6,531 3,843 246 98,264
6,144 391 – 61,768

258 77 – 7,451
– – – (905)
– – – (1,237)
6,402 468 – 67,077
129 3,375 246 31,187

Furniture, Fittings, Operation Capital

Telecommunication Motor Tools and Work in
Company and Office Equipment Vehicles Computers Equipment Progress Total
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Cost
At 1 January 2004 608 5,989 3,384 87 246 10,314
Additions 222 1,129 1,373 397 – 3,121
Reclassification 246 – – – (246) –
At 31 December 2004 1,076 7,118 4,757 484 – 13,435
At 1 January 2004 20 163 110 3 – 296
Charge for the year 132 1,295 948 37 – 2,412
At 31 December 2004 152 1,458 1,058 40 – 2,708
Net Book Value at

31 December 2004 924 5,660 3,699 444 – 10,727
Furniture, Fittings, Operation Capital

Telecommunication Motor Tools and Work in
Company and Office Equipment Vehicles Computers Equipment Progress Total
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Cost
At 1 January 2003 – – – – – –
Additions 608 5,989 3,384 87 246 10,314
At 31 December 2003 608 5,989 3,384 87 246 10,314
At 1 January 2003 – – – – – –
Charge for the year 20 163 110 3 – 296
At 31 December 2003 20 163 110 3 – 296
Net Book Value at

31 December 2003 588 5,826 3,274 84 246 10,018
7 Investment in Subsidiary Company
Company Company
2004 2003
RM'000 RM'000
Investment in subsidiary company, at cost 1,250,000 1,250,000
The subsidiary company, which is incorporated in Malaysia, is as follows:
Name Principal Activity Effective Equity Interest

2004 2003
Projek Lebuhraya Construction, operation and maintenance of the tolled 100% 100%
Utara-Selatan Berhad North-South Interurban Toll Expressway, New Klang Valley
Expressway and a section of the Federal Highway Route 2.
The investment is stated at cost in the Company's financial statements. Cost reflects the nominal value of shares issued by the Company
for the acquisition.
8 Deferred Tax Assets/Deferred Tax Liabilities

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
At 1 January 69,588 70,322 (734) –
Recognised in the Income Statement (596) (734) (596) (734)
At 31 December 68,992 69,588 (1,330) (734)
Presented after appropriate offsetting as follows:

Deferred tax assets 70,322 70,322 – –
Deferred tax liabilities (1,330) (734) (1,330) (734)
68,992 69,588 (1,330) (734)

8 Deferred Tax Assets/Deferred Tax Liabilities cont’d

The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows:
Deferred Tax Assets of the Group:

Unabsorbed Timing Other
Unabsorbed capital difference timing
tax losses allowance on EDE difference Total
RM'000 RM'000 RM'000 RM'000 RM'000
At 1 January 2004/2003 178,389 1,007,065 (1,032,694) (82,438) 70,322
Recognised in the Income Statement – – – – –
At 31 December 2004/2003 178,389 1,007,065 (1,032,694) (82,438) 70,322
Deferred Tax Liabilities of the Group/Company:

Timing difference Other
on Property, timing
Plant and Equipment difference Total
RM'000 RM'000 RM'000
At 1 January 2004 734 – 734
Recognised in the Income Statement 915 (319) 596
At 31 December 2004 1,649 (319) 1,330
At 1 January 2003 – – –
Recognised in the Income Statement 734 – 734
At 31 December 2003 734 – 734

9 Toll Compensation Recoverable from the Government of Malaysia
Group Group
2004 2003
RM'000 RM'000
Toll compensation revenue 579,477 432,535
Less: Accrual for toll sharing (13,193) (9,543)
566,284 422,992
The amount of toll compensation recoverable and the set-off of the toll sharing amount are based on the toll compensation
arrangements as described in Note 3(c).
10 Sundry Receivables, Deposits and Prepayments

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Sundry receivables 14,570 12,521 513 194
Less: Allowance for doubtful debts (285) (1,923) – –
14,285 10,598 513 194

Deposits and prepayments 6,804 15,437 931 1,137
21,089 26,035 1,444 1,331

11 Holding, Subsidiary and Related Companies

The Directors regard UEM, which is incorporated in Malaysia and owns 46.2% of the Company's equity as at 31 December 2004, as the
immediate holding company. The intermediate holding company is Danasaham and the ultimate holding company is Khazanah, both of
which are incorporated in Malaysia. Khazanah is wholly-owned by the Minister of Finance Inc., a body corporate which was incorporated
under the Minister of Finance (Incorporation) Act 1967.
On 14 January 2005, Danasaham transferred its entire holding in UEM to Khazanah and ceased to become the intermediate
holding company.
(i) Amount owing to immediate holding company

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Amount owing to the immediate holding company 22,230 17,592 21 70
Less: Repayable after twelve months (6,885) (6,885) – –
Repayable within twelve months 15,345 10,707 21 70
The amount owing to the immediate holding company is trade in nature except for RM20,656 (2003: RM70,000) which is non-trade
in nature.
The amount owing to UEM is non-interest bearing. The long-term portion of the amount owing to UEM of RM6,884,880 is payable
only after PLUS has repaid all amounts borrowed from financial institutions and the Government of Malaysia.
(ii) Subsidiary Company

The amount owing from subsidiary is non-trade in nature, non-interest bearing and has no fixed term of repayment.
(iii) Related companies

Related companies in these financial statements refer to members of Khazanah Nasional Berhad group of companies.
The amounts owing from/(to) related companies are trade in nature, non-interest bearing and have no fixed terms of repayment.
12 Short Term Investments

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Quoted shares, at cost 1,164 1,164 – –
Less: Accumulated impairment loss (1) (102) – –
1,163 1,062 – –
Murabahah Commercial Papers/Medium Term Notes 10,058 – – –
Total short term investments 11,221 1,062 – –
Market value of quoted shares 1,163 1,062 – –
13 Short Term Deposits with Licensed Banks, Cash and Bank Balances

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Islamic short term deposits 1,143,432 1,041,839 – –
Conventional short term deposits 210,861 202,567 32,904 22,889
Short term deposits with licensed banks 1,354,293 1,244,406 32,904 22,889
Cash and bank balances 5,749 6,031 230 232
1,360,042 1,250,437 33,134 23,121
The use of the balances in the subsidiary company, which include the minimum amounts of RM841,430,000 (2003: RM633,302,475) held
under the Finance Service Reserve Account and Maintenance Reserve Account pursuant to the BAIDS agreement, is subject to certain
covenants and restrictions as set out in Note 20 and Note 24.
14 Sundry Payables and Accruals

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Sundry payables 16,038 7,378 5,554 27
Profit element payable on BAIDS 26,042 26,590 – –
Accruals 39,414 25,346 8,619 4,094
Others 1,180 1,035 4 –
82,674 60,349 14,177 4,121
15 Share Capital
Group and Company

2004 2003
RM'000 RM'000
Authorised:
10,000,000,000 ordinary shares of RM0.25 each at beginning/end of the year 2,500,000 2,500,000
Issued and fully paid up:

5,000,000,000 ordinary shares of RM0.25 each at beginning/end of the year 1,250,000 1,250,000
16 Capital Reserve
Group Group
2004 2003
Non-distributable: RM'000 RM'000
Capital redemption reserve 10,000 10,000
Share premium 451,138 451,138
461,138 461,138
The Capital Redemption Reserve arose upon the redemption by PLUS of Redeemable Convertible Cumulative Preference Shares in 1999.
Share premium of the Group represents the premium arising from the rights issue and from the conversion of the Redeemable Convertible
Bonds ("RCB") as a result of the Debt Restructuring in 2002.
17 Merger Reserve
The difference between the nominal value of share of the Company issued as consideration and the nominal value of the shares acquired
has been classified as a merger reserve/(deficit).
18 Retained Profits

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Balance at beginning of year 1,069,233 512,172 191,637 (7,840)
Profit for the year 768,486 732,061 388,277 374,477
1,837,719 1,244,233 579,914 366,637

Dividends (350,000) (175,000) (350,000) (175,000)
Balance at end of year 1,487,719 1,069,233 229,914 191,637
As at 31 December 2004, the subsidiary company has tax exempt profits available for distribution of approximately RM4,039,000,000 (2003:
RM3,978,000,000), subject to the agreement of the Inland Revenue Board.
As at 31 December 2004, the Company has tax credit under Section 108 of the Income Tax Act 1967 amounting to RM4,687,580 (2003:
RM125,250) to frank the payment of dividends out of its retained profits.
19 Borrowings
Repayable Repayable
within after
Principal 12 months 12 months
Group RM'000 RM'000 RM'000
31 December 2004/2003
Government Support Loan (interest free) 750,000 – 750,000
Additional Support Loan (interest free) 212,000 – 212,000
962,000 – 962,000
The maturity profile of borrowings is analysed in Note 23, 'Maturity Profile of Bonds and Borrowings'.
19.1 Government Support Loan

The applicable repayment terms on PLUS' balance of the Government Support Loan as at 31 December 2004 and 31 December 2003
will be repayable from 2014 to 2023 in 10 annual instalments and it is interest free.
The relevant details of the security arrangements are stated in Note 24, 'Security Arrangements of Borrowings and Bonds'.
19.2 Additional Support Loan

On 25 August 1999, PLUS entered into an Additional Support Loan Agreement with the Government for an interest-free loan not
exceeding RM212 million in consideration for PLUS agreeing to lower its toll rates for certain years from those specified in the
Supplemental Concession Agreement dated 8 July 1999. PLUS had provided an undertaking to the Government that it would provide
such security interest in favour of the Government in December 2006 (or any other date as may be agreed by PLUS and the
Government) to secure the loan.
However, on 23 May 2002, PLUS entered into a Supplemental Additional Support Loan Agreement for, inter alia, the creation of
security for the loan, with such security ranking on a subordinated basis to certain other borrowings of PLUS following completion
of PLUS' Debt Restructuring.
The loan has been fully drawndown and is repayable as one bullet repayment on 2 January 2024.
20 Bai Bithaman Ajil Islamic Debt Securities ("BAIDS")

Group Group
2004 2003
RM'000 RM'000
Repayable within 12 months 300,000 200,000
Repayable after 12 months 4,500,000 4,800,000
4,800,000 5,000,000
The BAIDS are constituted by a Trust Deed dated 23 May 2002 made by PLUS and the Trustee for the holders of the BAIDS.
PLUS issued RM5,100 million of BAIDS on 31 May 2002. The BAIDS are negotiable non-interest bearing secured Primary Bonds together
with non-detachable Secondary Bonds. The Primary Bonds were issued in 15 series, with maturities commencing from 2003 to 2017.
Each series of the BAIDS is divided into a specific number of Primary Bonds in face value of RM1 million each to which shall be attached
an appropriate number of Secondary Bonds, the face value of which represents the semi-annual profit of the bonds. The Secondary Bonds
are redeemable every six months commencing six months after the issue date. The face value of the Secondary Bonds are computed
based on the profit rates specified for each series of the Primary Bonds, i.e. from 3.40% to 7.50% per annum.
The terms of the BAIDS contain various covenants, including the following:
(i) PLUS must maintain a Finance Service Coverage Ratio of at least 2.75 times on each calculation date, being 31 December and 30 June
in each year, or such other date in respect of any calculation required to be made prior to any payment of dividend or distribution, or
any advances;
(ii) PLUS must maintain a Finance Service Reserve Account ("FSRA") at any time during the tenure of the BAIDS which has a minimum
balance equivalent to the next 12 months' finance service due under the BAIDS. The amount therein may be withdrawn to meet any
payment under the BAIDS, provided always that PLUS shall transfer monies into such account within 30 days from such withdrawal to
maintain the minimum balance described above; and
(iii) PLUS must maintain a Maintenance Reserve Account ("MRA") at any time during the tenure of the BAIDS which has a minimum
balance equivalent to the projected capital expenditure of the Expressways to the next twelve months. However, a minimum balance
may be withdrawn to meet any payment of the projected capital expenditure for Expressways, subject always to the condition that
PLUS shall transfer monies into the MRA within 30 days of such withdrawal to maintain the minimum balance described above.
The terms of the Trust Deed prescribes that in the event of default, the outstanding amount of the Primary Bonds and the profit element
next due will become immediately due and payable.
21 Bai Bithaman Ajil Serial Bonds ("BBA Serial Bonds")
Group Group
2004 2003
RM'000 RM'000
BBA Serial Bonds 1,148,930 1,148,930
Accreted Profit Element 151,628 74,710
1,300,558 1,223,640
The BBA Serial Bonds are constituted by a Trust Deed dated 11 December 2002 made by PLUS and the Trustee for the holders of the BBA
Serial Bonds.
PLUS issued RM2,260 million nominal value of BBA Serial Bonds on 20 December 2002. The BBA Serial Bonds are negotiable non-interest
bearing secured Bonds in bearer form evidencing a promise by PLUS to pay stated sums on specified dates. The Bonds are issued in 12
series with tenures from 8.5 years to 14 years from the date of issue.
PLUS sold all its rights, benefits and title under the Concession Agreement at the Purchase Price of RM1,149 million and subsequently
repurchased them for RM2,260 million being the aggregate of the Purchase Price and a Profit Margin. The profit margin ranges from 5.75%
to 6.95% per annum and is compounded semi annually.
The terms of the Trust Deed prescribes that in the event of default, the nominal amount outstanding of the BBA Serial Bonds, that is the
Asset Sale Price, will become immediately due and payable.
22 Deferred Liabilities
Deferred liabilities comprise fees received in advance for future maintenance expenditure to be incurred, in consideration for right-of-way
access granted by PLUS, analysed as follows:
Group Group
2004 2003
RM'000 RM'000
Amounts received in advance 59,146 59,146
Amounts expended (17,314) (15,021)
41,832 44,125
23 Maturity Profile of Bonds and Borrowings

Amounts outstanding and repayable as at 31 December 2004 and 31 December 2003 of the Group are tabulated as follows:
Between Between
Within 1 1 and 2 2 and 5 After 5
Year Years Years Years Total
Note RM'000 RM'000 RM'000 RM'000 RM'000
31 December 2004
Borrowings 19 – – – 962,000 962,000
BAIDS 20 300,000 400,000 1,650,000 2,450,000 4,800,000
BBA Serial Bonds 21 – – – 1,300,558 1,300,558
300,000 400,000 1,650,000 4,712,558 7,062,558

31 December 2003
Borrowings 19 – – – 962,000 962,000
BAIDS 20 200,000 300,000 1,500,000 3,000,000 5,000,000
BBA Serial Bonds 21 – – – 1,223,640 1,223,640
200,000 300,000 1,500,000 5,185,640 7,185,640

24 Security Arrangements of Borrowings and Bonds

The security arrangements as at 31 December 2004 in connection with PLUS' borrowings and bonds are as follows:
(i) Security Arrangements for Designated Debts
Designated Debts refer to the Overdraft Facility and Maintenance Bond Facility, BAIDS, the Government Support Loan and the
Additional Support Loan.
(a) An assignment and charge (ranking first in point of security) over the Toll Amounts, Credit Balances and Additional Project
Accounts (save and except in respect of the Additional Toll Revenue Account, it would exclude the ELITE Amount) and PLUS
Amount (except for the Charged Amount);
(b) An assignment (ranking first in point of security) of the rights over the Concession, Construction Guarantees (other than the
Performance Bonds), Construction Contracts and Insurances;
(c) A debenture over the fixed and floating assets of PLUS (other than Security interest already covered under (a) and (b) above,
Support Loan Account, the Performance Bonds, the Performance Bonds Proceeds Account, the Charged Amount and the BBA
Security Account);
(d) An assignment (ranking first in point of security) over PLUS' rights, title and interest in the Additional Project Agreements; and
(e) An assignment (ranking second in point of security after the Government) over the Performance Bonds and Performance Bonds
Proceeds Account.
(hereinafter referred to as "the Designated Debt Security")
The Security Trustee shall hold the benefit of the Designated Debt Security for the benefits of the Designated Debts ranking amongst
themselves in the following manner:
(a) ranking first, the BAIDS, Overdraft Facility and Maintenance Bond Facility and the Government Support Loan shall rank pari passu
amongst themselves; and
(b) ranking second, the Additional Support Loan.
save and except for:

(a) The security in respect of the Performance Bonds and the Performance Bonds Proceeds Account, which shall be held by the
Security Trustee only for the benefit of the Designated Debt other than the Government Support Loan, which shall rank as follows:
• ranking first, the BAIDS, the Overdraft Facility and Maintenance Bond Facility which has been designated as Designated Debt
shall rank pari passu amongst themselves; and
• ranking second, the Additional Support Loan.
(b) The security in respect of the FSRA (which forms part of the Additional Project Account mentioned in (a) above) shall rank as
between the Designated Debt as follows:
• ranking first, the BAIDS;
• ranking second, the Overdraft Facility and Maintenance Bond Facility and the Government Support Loan shall rank pari passu
amongst themselves; and
• ranking third, the Additional Support Loan.
24 Security Arrangements of Borrowings and Bonds cont’d

(i) Security Arrangements for Designated Debts cont’d
(c) The security in respect of the Assignment of the Concession shall be held by the Security Trustee only for the benefit of the
Designated Debt other than the Government Support Loan and the Additional Support Loan, which shall rank pari passu amongst
themselves.
The BBA Security Account and the Charged Amounts are excluded from the Designated Debt Security and are charged to the
holders of the BBA Serial Bonds.
The Support Loan Account is totally excluded from the Security and is charged to the Government under the Support Loan
Agreement.
(ii) Security Arrangements for BBA Serial Bonds

(a) Assignment over the Charged Amounts; and
(b) Charge over the BBA Security Account.
The BBA Security Account to receive the Charge Amounts shall be managed by the BBA Serial Bonds Trustee.
The Charged Amounts are the sum not exceeding RM400 million of the positive Cash Flow Proceeds per calendar year in respect of
the period commencing 1 January 2011 to 31 December 2015 and RM260 million in respect of the period from 1 January 2016 to 31
December 2016.
Determination of the Charged Amounts shall be in the following manner;
Six months prior to and ending on the date falling 65 days before maturity date of the BBA Serial Bonds (the "Relevant Period"), PLUS
shall determine the excess cash flow of PLUS (other than proceeds from the issuance of new shares by PLUS and excluding the FSRA
and MRA, which are charged to the holders of the BAIDS) at the end of each Relevant Period after providing or payment, as the case
may be, for the following:
(i) for PLUS’ budgeted operating and capital expenditure requirements for the following Relevant Period;
(ii) for such of the Existing Debt as remains outstanding;
(iii) to the FSRA and MRA during the said Relevant Period;
(iv) in respect of the redemption of BAIDS during the said Relevant Period; and
(v) for any Toll Revenue sharing payable in cash to the Government pursuant to the Concession Agreement in respect of toll revenue
collected for the Relevant Period ending on such date.
25 Revenue
The revenue of the Group and of the Company consists of the following:
2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Toll revenue 1,499,387 1,443,003 – –
Gross toll compensation revenue 320,498 307,290 – –

Less: Notional tax on tax exempt dividends (145,833) (143,889) – –
Notional interest on Government Support Loan (27,723) (25,839) – –
Net toll compensation revenue 146,942 137,562 – –
Expressway operation services fees 7,441 1,771 90,623 28,639

Tax exempt dividends from the subsidiary company – – 375,000 370,000
1,653,770 1,582,336 465,623 398,639

Accrual for Government's share of toll revenue (3,650) (1,466) – –
1,650,120 1,580,870 465,623 398,639
On 8 July 1999, PLUS entered into a SCA with the Government whereby the toll rate structure was revised and toll revenue sharing
arrangements were established between the parties. As a result of the revision in the toll rate structure the Concession Period was
extended for another 12 years to 31 May 2030. Based on the terms of the SCA, and the toll revenue earned during the year, the
Government is entitled in respect of the Concession Years 2002 to 2008, to 20% of the amount by which the actual toll revenue of PLUS
exceeds the threshold toll revenue as specified in the SCA.
As referred to in Note 3(a), further revised toll rate structures have been imposed through the Second Supplemental Concession
Agreement. The toll compensation revenue is arrived at based on the agreed terms in the SSCA entered into with the Government as
described in Note 3(c).
26 Other Operating Income

Other operating income comprises the following:
2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Income from rental of facilities 9,218 10,348 – –
Income from rental of fibre optic telecommunications
system and way leave rights 13,189 12,502 – –
Others 17,849 10,753 205 1
40,256 33,603 205 1

27 Profit From Operations

2004 2003 2004 2003
Profit from operations is arrived at after charging/(crediting): RM'000 RM'000 RM'000 RM'000
Auditors' remuneration
- statutory audit fee 205 215 29 30
- other services fee 209 205 61 94
Depreciation of Property, Plant and Equipment 8,252 7,451 2,412 296
Property, Plant and Equipment written off 1 14 – –
Gain on disposal of property, plant and equipment (6,054) (469) – –
Net amortisation charge for Concession Assets (Note i) 209,903 178,483 – –
Costs relating to Bukit Lanjan rockfall (Note ii) – 21,081 – –
Repair and clearance cost in relation to the Gua Tempurung mudslide 1,358 – – –
Net book value of concession assets written off relating to abolition of
Senai Toll Plaza 14,865 – – –
Directors' remuneration
- fees 306 340 234 250
- other emoluments 805 652 685 198
- benefit in kind 62 39 62 3
- directors' remuneration payable to immediate holding company 26 2 17 –
- directors' remuneration paid/payable to a third party 50 50 50 50
Write back of doubtful debts – (392) – –
Bad debts written off – 3,891 – –
Provision for retirement benefits 1,644 3,346 – –
Rental of equipment 954 1,067 834 145
Rental of premises 2,503 2,067 2,283 747
(Write back of impairment)/Impairment loss of quoted shares (101) 102 – –
Note i:
Amortisation of Concession Assets (excluding Heavy Repairs) 116,257 120,863 – –
Amortisation of Heavy Repairs 93,646 75,100 – –
Write back of accelerated amortisation in prior years (Note 4(e)(i)) – (51,275) – –
Additional amortisation arising from the re-computation of
accumulated amortisation (Note 4(e)(i)) – 4,345 – –
Additional amortisation arising from the revised traffic projections in
October 2003 (Note 4(e)(i)) – 29,450 – –
Net amortisation charge for Concession Assets 209,903 178,483 – –

Note ii:
Write off of net book value of Bukit Lanjan slope (Note 4(e)(i)) – 13,678 – –
Repair and clearance cost – 7,403 – –
Costs relating to Bukit Lanjan rockfall – 21,081 – –

28 Net Finance Expense/(Income)

Net finance expense/(income) for the year arose as follows:

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Profit element from short term deposits (34,764) (31,834) – –
Interest income from short term deposits (7,287) (3,433) (1,979) (786)
Profit element on BAIDS and BBA Serial Bonds 376,544 377,744 – –
334,493 342,477 (1,979) (786)
29 Employee Costs

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Employee emoluments 112,857 104,554 44,428 15,565
Employee training/welfare 2,082 2,842 899 217
114,939 107,396 45,327 15,782
Number of employees at end of the year: Number Number Number Number

Executive 332 336 286 288
Non-Executive 2,823 2,765 616 590
3,155 3,101 902 878

30 Taxation
2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Income tax:
Malaysian income tax 4,794 1,538 4,794 1,538
(Over)/Under provision in prior years (175) 1,228 (175) –
Subtotal 4,619 2,766 4,619 1,538
Deferred tax:
Relating to origination and reversal of temporary differences 525 734 525 734
Under provision in prior years 71 – 71 –
Subtotal 596 734 596 734
Total 5,215 3,500 5,215 2,272
No provision for taxation arises for the subsidiary company, PLUS, as income is not assessed to tax due to the tax exempt status granted,
as described in Note 3(b).
The reconciliation of the tax effects of accounting and taxable income are as follows:

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Profit before taxation 773,701 735,561 393,492 376,749
Tax at applicable statutory tax rate of 28% 216,636 205,957 110,178 105,490
Tax effect of expenses that are not deductible in determining
taxable profit 37,931 131,848 141 382
Tax effect of income not subject to tax – – (105,000) (103,600)
(Over)/under provision of income tax expense in prior years (175) 1,228 (175) –
Under provision of deferred tax in prior years 71 – 71 –
Tax effect of tax exemptions (249,248) (335,533) – –
Taxation 5,215 3,500 5,215 2,272

31 Basic Earnings Per Share

Basic earnings per share has been calculated by dividing the net profit for the year after taxation attributable to shareholders by the
weighted average number of ordinary shares in issue during the financial year.
These amounts are tabulated as follows:

2004 2003 2004 2003
Net profit for the year after taxation attributable to
shareholders (RM'000) 768,486 732,061 388,277 374,477
Weighted average number of ordinary shares ('000) 5,000,000 5,000,000 5,000,000 5,000,000
Basic earnings per share (sen) 15.37 14.64 7.77 7.49
32 Dividends
Tax exempt dividend
Amount Amount per ordinary share
2004 2003 2004 2003
RM'000 RM'000 sen sen
Interim tax exempt dividend for the year ended 31 December 2003
of 3.5 sen per ordinary share declared on 26 August 2003 and
paid on 8 October 2003 – 175,000 – 3.50
Final tax exempt dividend for the year ended

31 December 2003 of 3.5 sen per ordinary share
declared on 28 May 2004 and paid on 15 July 2004 – 175,000 – 3.50
Interim tax exempt dividend for the year ended

31 December 2004 of 3.5 sen per ordinary share
declared on 24 August 2004 and paid on 5 October 2004 175,000 – 3.50 –
Final tax exempt dividend for the year ended

31 December 2004 of 4.0 sen per ordinary share 200,000 – 4.00 –
375,000 350,000 7.50 7.00
At the forthcoming Annual General Meeting, a final tax exempt dividend in respect of the financial year ended 31 December 2004 of 4.0
sen per ordinary share of RM0.25 each, amounting to a total dividend payable of RM200 million will be proposed for shareholders'
approval. The financial statements for the current financial year do not reflect this proposed dividend. Such dividend if approved by the
shareholders, will be accounted for in shareholders' equity as an appropriation of retained profits in the financial year ending 31
December 2005.
33 Significant Related Party Transactions

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Property, plant and equipment transferred from PLUS – – – 8,886
Dividend income received/receivable from PLUS – – 375,000 370,000
Management fees received for expressway operation services

rendered by the Company to:
- PLUS – – 83,182 26,868
- subsidiaries of UEM, namely:
- Linkedua (Malaysia) Berhad ("LINKEDUA") 2,333 1,018 2,333 1,018
- Expressway Lingkaran Tengah Sdn Bhd ("ELITE") 3,152 753 3,152 753
- Penang Bridge Sdn Bhd ("PBSB") a subsidiary of UEM World
Berhad ("UEM World") through UEM Builders Berhad 1,956 – 1,956 –
Expressways development expenditure works performed for PLUS by

subsidiaries of UEM World, a subsidiary of UEM, namely:
- UEM Construction Sdn Bhd 8,494 6,079 – –
- Projek Penyelenggaraan Lebuhraya Berhad ("PROPEL") 3,494 1,788 – –
- Pengurusan Lebuhraya Bhd ("PLB") – 299 – –
Expressways development expenditure works performed for

PLUS by subsidiaries of UEM, namely:
- Teras Control Systems Sdn Bhd 1,707 4,196 – –
- Teras Teknologi Sdn Bhd ("TERAS") 6,360 5,878 – –
- Infrared Advanced Technologies Sdn Bhd ("IRAT") 1,237 – – –
Expressway maintenance expenditure paid/payable to:

- subsidiaries of UEM World, namely:
- PROPEL 129,477 181,368 – –
- PLB 525 – – –
- Rangkaian Segar Sdn Bhd ("RSSB"), an associated company of UEM – 27 – –
33 Significant Related Party Transactions cont’d

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Expressway maintenance expenditure paid/payable to:
- UEM 78,395 43,911 – –
- subsidiaries of UEM, namely:
- Teras Control Systems Sdn Bhd 714 1,951 – –
- TERAS 3,033 3,343 – –
Project management fees paid/payable to PLB, a subsidiary of UEM World 5,247 4,316 – –
Network maintenance management and technical services

performed for PLUS by PLB, a subsidiary of UEM World 16,720 17,406 – –
Provision of information technology services by TERAS, a subsidiary of UEM 3,454 3,276 3,141 789
Corporate and administrative support services paid/payable to:

- UEM 442 36 38 13
- UEM Group Management Sdn Bhd, a subsidiary of UEM 1,046 961 2 45
Annual arranger fees paid to UEM in respect of RM50 million

syndicated bank guarantee facility 2,287 2,282 – –
Amounts payable in respect of Directors' remuneration:

- Khazanah Nasional Berhad – 6 – 4
- UEM 26 2 17 –
Directors' remuneration received from LINKEDUA, a subsidiary of UEM 19 5 19 5
Amounts payable for service for operations:

- United Services & Automotive Industries Sdn Bhd, a subsidiary of UEM 186 228 186 –
- TT dotCom Sdn Bhd ("TT dotCom"), an associated company of UEM
through TIME Engineering Berhad ("TIME Engineering") 121 400 – 128
Purchase of electronic toll collection system from:

- IRAT, a subsidiary of UEM 12,202 687 – –
- RSSB, an associated company of UEM 1,749 3,938 103 –
33 Significant Related Party Transactions cont’d

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Rental and maintenance of office space paid/payable to Faber Union Sdn Bhd,
an associated company of UEM 1,881 2,647 1,732 733
Toll collection received/receivable from ELITE, a subsidiary of UEM 4,207 7,366 – –
Toll collection paid/payable to ELITE, a subsidiary of UEM 3,346 3,491 – –
Commission for Touch 'N' Go paid/payable to RSSB, an associated

company of UEM 9,210 12,688 – –
Lease rental income received/receivable in respect of fibre optic

telecommunications network and wayleave rights from TT dotCom,
an associated company of UEM through TIME Engineering 13,189 12,502 – –
Income from rental of facilities received/receivable from:

- associated companies of UEM through TIME Engineering,namely:
- TT dotCom 370 308 – –
- TIME Reach Sdn Bhd 245 166 – –
- UEM World 9 – – –
- Bandar Nusajaya Development Sdn Bhd, a subsidiary of UEM World 26 – – –
Professional and secretarial fees paid/payable to Abu Talib Shahrom & Zahari,
of which a director of UEM, Abu Talib bin Abdul Rahman (resigned on
30 June 2003), is a partner – 509 – –
Professional fees paid/payable to Symphony Share Registrars Sdn Bhd (formerly

known as Signet Share Registration Services Sdn Bhd), of which a director of
the Company, Dato' Mohamed Azman Yahya, has interest 171 107 171 107
Management and administrative expenses received/receivable from:

- ELITE, a subsidiary of UEM – 86 – –
- PROPEL, a subsidiary of UEM World – 46 – –
34 Capital Commitments

2004 2003 2004 2003
RM'000 RM'000 RM'000 RM'000
Amounts authorised and contracted for 263,851 208,156 495 –
35 Financial Instruments, Financial Risk Management Objectives And Policies

The Group's principal financial instruments consist of BAIDS, BBA Serial Bonds, Government Support Loan, Additional Support Loan, bank
overdraft, short term investments and short term deposits. The BAIDS and the Government Support Loan are refinanced portions of the
original project financing facilities. The BBA Serial Bonds are the refinanced portion of the Link Bonds in 2002. The Link Bonds were issued
in previous years in connection with group financing requirements. Short term deposits and Murabahah Commercial Papers/Medium Term
Notes are investments of available cash flows from operations.
The Group has various other financial instruments such as trade and sundry payables that arise directly from operations, related company
receivables and payables, amount owing from/(to) subsidiary, amount owing to immediate holding company and sundry receivables.
The following disclosures exclude sundry receivables, related company receivables and payables, amount owing from/(to) subsidiary
company, amount owing to immediate holding company and sundry payables.
The Group reviews and agrees policies for managing each of the risks summarised below:
(a) Interest Rate Risk
The Group obtains its external financing through BAIDS, BBA Serial Bonds, the Government Support Loan and the Additional Support
Loan. Whilst the Government Support Loan and the Additional Support Loan are interest-free, the Group’s profit element and profit
margin for BAIDS and BBA Serial Bonds respectively are based on agreed fixed rates.
Information relating to the Group’s interest rates and profit element on borrowings and bonds are disclosed in Notes 19, 20, 21
and 28.
Surplus funds where available are mainly placed with approved licensed banks. The Group is exposed to changes in interest rates that
affect profit elements and interest income from fixed deposits.
35 Financial Instruments, Financial Risk Management Objectives and Policies cont’d

(a) Interest Rate Risk cont’d
The interest profile of the financial liabilities of the Group is as follows:
Group Group
2004 2003
RM'000 RM'000
Fixed rate financial liabilities 6,100,558 6,223,640
Interest free financial liabilities 962,000 962,000
7,062,558 7,185,640
The weighted average rate on fixed rate financial liabilities applicable is as follows:
Group Group
2004 2003
Weighted average interest rate/profit element (%) 5.31 5.28
Weighted average period for which rate is fixed (years) 12.4 13.4
The interest profile of the financial assets of the Group is as follows:

Group Group
2004 2003
RM'000 RM'000
Fixed rate financial assets (Note i) 1,364,351 1,244,406
Financial assets on which no interest is earned (Note ii) 5,749 6,031
1,370,100 1,250,437
Note i
Fixed rate financial assets mainly comprise short term deposits placed with licensed banks and Murabahah Commercial
Paper/Medium Term Notes. The short term deposits placed with the licensed banks attracted interest/profit element during the year
at rates ranging from 2.35% to 4.46% (2003: 2.45% to 3.43%) per annum. The maturity dates for short term deposits during the period
range between 1 day to 12 months (2003:1 day to 7 months).
Note ii
Financial assets on which no interest is earned comprise cash and bank balances.

(b) Market Risk
The Group holds investment in quoted shares and Murabahah Commercial Paper/Medium Term Notes. The value of the securities is
subject to fluctuations as a result of changes in market prices whether those changes are caused by factors specific to the individual
security or its issuer or factors affecting all securities traded in the market.
(c) Foreign Currency Risk

There is no foreign currency financing obtained by the Group for the year ended 31 December 2004 and there is no anticipation of
foreign currency risk exposure for future transactions.
(d) Credit Risk

The carrying amount of sundry receivables, subsidiary and related company receivables represent the Group’s maximum exposure to
credit risk.
The amount recoverable from the Government of Malaysia is not exposed to any credit risk to PLUS other than if there are any
amounts due from the Government upon expiry of the Concession Period in 2030, which will be required to be unconditionally waived
by PLUS, as disclosed in Note 3(c). The credit risk-free character of the amount recoverable from the Government is in view of the toll
compensation arrangements referred to in Note 3(c).
e) Liquidity Risk
The Group's objectives on liquidity are to maintain a balance between meeting debt service obligations and covenants, Expressway
capital and operating expenditure and meeting shareholder distribution expectations.
(f) Maturity of Financial Liabilities

The maturity profile of the financial liabilities is disclosed in Note 23.
Undrawn committed facilities available as at 31 December 2004 in respect of the financial liabilities comprise a bank overdraft facility
of RM50 million (2003: RM50 million).

(g) Fair Values
Set out below is a comparison by category of book values and fair values of all Group's financial assets and financial liabilities.
Group Group Group Group

2004 2004 2003 2003
Carrying Fair Carrying Fair
Amount Value Amount Value
Note RM'000 RM'000 RM'000 RM'000
Short term investment in quoted shares 12 1,163 1,163 1,062 1,062
Murabahah Commercial Papers/Medium Term Notes 12 10,058 10,058 – –
Cash and short term deposits 13 1,360,042 1,360,042 1,250,437 1,250,437
Borrowings 19 (962,000) (962,000) (962,000) (962,000)
BAIDS 20 (4,826,042)* (5,171,983) (5,026,590)* (5,218,295)
BBA Serial Bonds 21 (1,300,558) (1,330,557) (1,223,640) (1,005,946)
* inclusive of approximately RM26.0 million (2003: RM26.6 million) in sundry payables.
The following methods and assumptions are used to estimate the fair values of the following classes of financial instruments:
(i) Cash and Cash Equivalents, Murabahah Commercial Papers/Medium Term Notes, Trade and Other Receivables/Payables
The carrying amounts approximate the fair value due to the relatively short term maturity of these financial instruments.
(ii) Marketable Securities

The fair value of quoted shares is determined by reference to stock exchange quoted market bid price at the close of the business
on the balance sheet date.
(iii) Borrowings
• in respect of Borrowings comprising Government Support Loans, at the book value as market terms are not applicable.
• in respect of BAIDS, is estimated by discounting the expected future cash flows using the indicative market rates available for
each of the series.
• in respect of BBA Serial Bonds, is estimated by discounting the expected future cash flows using the indicative market rates
available for each of the series.
36 Significant Events
(i) On 18 February 2004, the Minister of Works announced that the Government of Malaysia ("Government") had approved the
abolition of the Senai toll plaza with effect from 1 March 2004. The Senai toll plaza is a part of the Senai-Johor Bahru Highway
stretching approximately 25 kilometres operated and maintained by PLUS. As a result of the abolition, a compensation amount of
RM331,680,000 is to be made to PLUS by the Government ("Senai Compensation").
(ii) On 14 September 2004, the Government had requested PLUS to undertake the construction of through-traffic between the Ipoh
Selatan toll plaza and the Jelapang toll plaza and the construction of the third lane in respect of certain stretches (collectively referred
to as "Additional Works").
(iii) On 14 September 2004, PLUS received official notification from the Government followed by a letter of undertaking by PLUS dated 6
October 2004 whereby PLUS had agreed, at the request of the Government, to take over the management, operation and maintenance
of, and the collection of toll from vehicles using the Seremban-Port Dickson Highway ("SPDH") as part compensation for the abolition
of the Senai toll plaza. The effective date for the take over of SPDH was 7 October 2004. However, the rights and authorities to be
granted by the Government to PLUS is a temporary arrangement pending the execution of the necessary agreements with regard to
settlement of the Senai Compensation.
PLUS is currently finalising with the Government on the detailed terms of the settlement of Senai Compensation together with the
funding of the Additional Works.
37 Segmental Reporting
Segmental reporting is not applicable to the Group on the basis that the revenue of the Group is mainly from expressway toll collections
and toll compensation recoverable from the Government, net of Government toll sharing, as disclosed in Note 25, and the Group
operates principally in Peninsular Malaysia.
38 Comparatives
Previously, the Cash Flow Statements for the Group and the Company were prepared under the Indirect Method. For the current
financial year, as allowed under MASB 5, Cash Flow Statements, the Group has adopted the Direct Method in preparing the Cash Flow
Statements. Therefore, the comparative figures have been represented to conform with the current method.
129
Recurrent Related Party Transactions
On 28 May 2004, the PLUS Expressways Berhad Group sought approval for a shareholders’ mandate for the PLUS Expressways Berhad Group
to renew and enter into new Recurrent Transactions (as defined in the Circular to Shareholders dated 6 May 2004) in their ordinary course of
business with related parties ("Shareholders Mandate") as defined in Chapter 10 of the Bursa Malaysia Securities Berhad Listing Requirement.
The breakdown of the aggregate value received/receivable or paid/payable for the said Recurrent Transactions made from the date the
Shareholders Mandate came into effect up to 31 December 2004 are as follows:
RM
1 Payment made by PLUS to Teras Teknologi Sdn Bhd and its subsidiaries for upgrading works
and supply of electrical and toll equipment spares. NIL
2 Payment made by PLUS to Projek Penyelenggaraan Lebuhraya Berhad for provision of upgrading works. RM3,595,812.26
3 Payment made by PLUS to UEM Construction Sdn Bhd for provision of upgrading works. RM28,464,349.92
4 Payment made by PLUS to Infrared Advanced Technologies Sdn Bhd for supply of onboard SmartTag
units and relevant accessories by IRAT to PLUS. RM5,340,000.00
5 Payment made by PLUS to Rangkaian Segar Sdn Bhd for provision of encoding services. RM387,500.00
6 Payment made by PLUS to United Services & Automotive Industries Sdn Bhd for car maintenance service. RM56,978.58
7 Payment made by TT dotCom Sdn Bhd, Telekom Malaysia Berhad and Tenaga Nasional Berhad to
PLUS for grant of access by PLUS. NIL
8 Payment made by PLUS Expressways Berhad to United Services & Automotive Industries Sdn Bhd for car
maintenance service. RM124,029.94
9 Payment made by Expressway Lingkaran Tengah Sdn Bhd to PLUS Expressways Berhad for provision of
services and others transactions in relation to or arising from the Operation Service Agreement ("OSA"). RM1,555,100.16
10 Payment made by Linkedua (Malaysia) Berhad to PLUS Expressways Berhad for provision of services and
others transactions in relation to or arising from the OSA. RM2,101,482.24
11 Payment made by Penang Bridge Sdn Bhd to PLUS Expressways Berhad for provision of services and others
transactions in relation to or arising from the OSA. RM1,303,720.00
12 Payment made by PLUS Expressways Berhad to Infrared Advanced Technologies Sdn Bhd for supply of
onboard SmartTag units and relevant accessories by IRAT. NIL
13 Payment made by PLUS Expressways Berhad to Rangkaian Segar Sdn Bhd for provision of encoding services. RM26,000.00
130
Relationship with Related Parties
The relationship of the related parties as at 31 December 2004 is as follows:
Names of Related Party Relationship
1 Teras Teknologi Sdn Bhd ("Teras Teknologi") and its subsidiaries Teras Teknologi is a wholly owned subsidiary of
United Engineers (Malaysia) Berhad ("UEM").
2 Projek Penyelenggaraan Lebuhraya Berhad ("PROPEL") UEM has indirect interest in PROPEL held through
UEM Builders Berhad and UEM World Berhad.
3 UEM Construction Sdn Bhd ("UEM Construction") UEM has indirect interest in UEM Construction held
through UEM Builders Berhad and UEM World Berhad.
4 Infrared Advanced Technologies Sdn Bhd ("IRAT") IRAT is a subsidiary of UEM.
5 Rangkaian Segar Sdn Bhd ("RSSB") UEM is a major shareholder of RSSB.
6 TT dotCom Sdn Bhd ("TT dotCom") UEM has indirect interest in TT dotCom held through
TIME Engineering Berhad and TIME DotCom Berhad.
7 Telekom Malaysia Berhad ("Telekom") and its subsidiaries Khazanah is a major Shareholder of Telekom.
8 Tenaga Nasional Berhad ("TNB") and its subsidiaries Khazanah is a major Shareholder of TNB.
9 Expressway Lingkaran Tengah Sdn Bhd ("ELITE") ELITE is a wholly owned subsidiary of UEM.
10 Linkedua (Malaysia) Berhad ("LINKEDUA") LINKEDUA is a wholly owned subsidiary of UEM.
11 Penang Bridge Sdn Bhd ("PBSB") UEM has indirect interest in PBSB held through
UEM Builders Berhad and UEM World Berhad.
131
List of Properties
A summary of the landed properties of the PLUS Expressways Group, valued at approximately RM3.3 million, based on the net book value as
at 31 December 2004 is set out below:
Net Book
Value
Particulars/ Land Area as at 31
Address/ Age of Existing and Acquisition Acquisition December
Description Building Use Tenure Date Value 2004
Geran No. 16214 12 years Residential 195 sqm 28/11/1996 RM195,000 RM172,624
Lot 42936, Mukim Batu Freehold ∆ Revaluation
Daerah Kuala Lumpur done on
State of WP 18/12/2002
14 Jalan 3/38B
Taman SPPK
Segambut KL
Double storey link house
Geran No. 16170 12 years Residential 130 sqm 12/6/1996 RM198,000 RM172,665
Lot 42889, Mukim Batu Freehold ∆ Revaluation
Daerah Kuala Lumpur done on
State of WP 18/12/2002
68 Jalan 3/38B
Taman SPPK
Segambut KL
Double storey intermediate
terrace house
PM 603 PT31821 10 years Residential 130 sqm 26/12/1995 RM198,000 RM169,548

(formerly HSM 14621 PT 21106) Leasehold
Mukim Kapar of 99 years
Daerah Klang ending
State of Selangor 8/5/2093
No. 87 Jalan Mahkota 2
Bandar Baru Klang
Selangor
terrace house
132 List of Properties
Net Book
Value
HSD 113452 PT No. 11539 9 years Residential 1076 sqf 7/12/1995 RM159,495 RM147,266
(formerly HSD 44643 Leasehold ∆ Revaluation
PT 11539) of 99 years done on
Mukim Damansara ending 6/1/2003
1303 Blok D
No. 2 Jalan SS7/26
47301 PJ
Apartment unit
HSD 113452 PT No. 11539 9 years Residential 1345 sqf 7/12/1995 RM193,905 RM178,675
(formerly HSD 44643 Leasehold ∆ Revaluation
PT 11539) of 99 years done on
Mukim Damansara ending 25/3/2003
1508 Blok D
No. 2 Jalan SS7/26
47301 PJ
Apartment unit
*HSM 6455 PT No. 1451 12 years Residential 121 sqm 1/8/1996 RM225,000 RM199,102
Mukim Damansara Leasehold
Daerah Petaling of 99 years
Negeri Selangor ending
No. 46 Jalan SS7/30 27/9/2091
Taman Kelana Indah
Kelana Jaya
Selangor
terrace house
List of Properties 133
Net Book
Value
# HSM 6468 PT No. 1464 12 years Residential 121 sqm 15/4/1997 RM230,000 RM203,538
Mukim Damansara Leasehold
Daerah Petaling of 99 years
Negeri Selangor ending
No. 72 Jalan SS7/30 27/9/2091
Taman Kelana Indah
Kelana Jaya,
Selangor
Double storey terrace house
PM 621 PT 31839 10 years Residential 130 sqm 26/12/1995 RM198,000 RM169,548

(formerly HSM 14639 PT No. 21124) Leasehold
Mukim Kapar, Daerah Klang of 99 years
State of Selangor ending
No. 51 Jalan Mahkota 2 8/5/2093
Bandar Baru Klang
Selangor
terrace house
*HSM 14638 PT No. 21123 10 years Residential 130 sqm 26/12/1995 RM198,000 RM169,548
PM 620 Leasehold
Lot No. 31838 of 99 years
Mukim Kapar, Daerah Klang ending
Bandar Baru Klang
Selangor
terrace house
Net Book
Value
PM 604 PT 31822 10 years Residential 130 sqm 26/12/1995 RM198,000 RM169,548

(formerly HSM 14622 PT 21107) Leasehold
Mukim Kapar of 99 years
Daerah Klang ending
Bandar Baru Klang
Selangor
terrace house
*PN 7686 6 years Residential 120.75 sqm 16/12/1996 RM181,350 RM159,731

Lot 247 Sek 13 Leasehold
Bandar Shah Alam of 99 years
District of Petaling ending
No. 15 Jalan Kayak 13/25
TTDI, Shah Alam
Selangor
PN 7687 6 years Residential 120.75 sqm 16/2/1996 RM181,350 RM159,731

TTDI, Shah Alam
Selangor
Net Book
Value

TTDI, Shah Alam
40100 Selangor

TTDI, Shah Alam
40100 Selangor
*HSM 20932 PT No. 15370 11 years Residential 1,430 sqf 5/1/1996 RM212,040 RM187,629
Lot 44173 Leasehold
Mukim and District ending
of Petaling 31/3/2092
State of Selangor
No. 39 Jalan SR6/4
Taman Kuda Emas
Serdang Raya
Section 6, Selangor
Net Book
Value
Lot 44172 Leasehold
State of Selangor
No. 41 Jalan SR6/4
Taman Kuda Emas
Serdang Raya
Section 6, Selangor
Lot 44171 Leasehold
State of Selangor
No. 43 Jalan SR6/4
Taman Kuda Emas
Serdang Raya
Section 6
Selangor
# HSD 116090 PTD No. 32590 19 years Residential 155.33 sqm 1/11/1996 RM142,800 RM123,814
Mukim Pulai Freehold
District of JB (Bumiputra
State of Johor restricted)
No. 33 Jalan Rawa 21
Taman Perling JB
Single storey terrace house
Net Book
Value
# HSD 116091 PTD No. 32591 19 years Residential 155.33 sqm 1/11/1996 RM142,800 RM123,814
Mukim Pulai Freehold
No. 35 Jalan Rawa 21
Taman Perling JB
# HSD 126310 PTD No. 29026 7 years Residential 1,540 sqf 29/8/1996 RM108,800 RM95,665
Mukim Senai-Kulai Freehold
No. 1443 Jalan 1/10
Taman Senai Utama
* Registered under Abu Talib bin Abdul Rahman (Projek Lebuhraya Utara-Selatan Berhad ’s former Company Secretary) and held on
trust for Projek Lebuhraya Utara-Selatan Berhad.
# Registered under Ikmal Hijaz Hashim (Projek Lebuhraya Utara-Selatan Berhad’s past Managing Director) and held on trust for Projek
Lebuhraya Utara-Selatan Berhad.
∆ Revaluation was done on the property by the Stamp Duty office/valuation office for the purpose of determining the stamp duty for
the transfer document.
The aforesaid properties provide accommodation to staff of Projek Lebuhraya Utara-Selatan Berhad who work at the toll plazas along the
expressways. Projek Lebuhraya Utara-Selatan Berhad is currently in the process of transferring the registered ownership of those properties
registered under the name of its former Company Secretary or its past Managing Director to Projek Lebuhraya Utara-Selatan Berhad.
138
Analysis of Shareholdings as at 21 March 2005
Authorised Capital : RM2,500,000,000.00

Issued and Paid-up : RM1,250,000,000.00
Class of Shares : Ordinary Shares of 25 sen each
No.of shareholders : 36,901
Voting Rights : One Vote per Ordinary Share
Size of Holdings No.of % of No.of % of Issued

Shareholders Shareholders Shares Held Capital
Less than 100 501 1.36 17,017 0.00
100 to 1,000 19,352 52.44 18,692,455 0.37
1,001 to 10,000 14,943 40.49 54,625,208 1.09
10,001 to 100,000 1,600 4.34 44,221,608 0.88
100,001 to less than 5% of issued shares 502 1.36 1,207,508,107 24.15
5% and above of issued shares 3 0.01 3,674,935,605 73.50
Total 36,901 100.00 5,000,000,000 100.00
Substantial Shareholders as per the Register of Substantial Shareholders, excluding bare trustees:
Size of Holdings Direct % Indirect %

United Engineers (Malaysia) Berhad 2,307,762,029 46.16 – –
Khazanah Nasional Berhad 1,044,259,574 20.89 2,307,762,029a 46.16
Employees Provident Fund 496,606,602 9.93 – –
Note:
a
Deemed interested by virtue of being the holding company of United Engineers (Malaysia) Berhad
Analysis of Shareholdings 139
Directors Direct and Indirect Interest in the Company and Its Related Corporations as per the Register of Directors
Name of Director No.of % of

shares issued
held capital
In the Company
Ordinary shares of RM0.25 each
Tan Sri Dato' Mohd Sheriff Mohd Kassim 30,000 *
Dato' Ahmad Pardas Senin 20,000 *
Dato' Idrose Mohamed 40,000 *
Professor DiRaja Ungku Abdul Aziz Ungku Abdul Hamid 40,000 *
Hassan Ja'afar 40,000 *
Dato' Mohamed Azman Yahya 40,000 *
Geh Cheng Hooi 40,000 *
Tan Sri Razali Ismail 40,000 *
Datuk K.Ravindran s/o C.Kutty Krishnan 40,000 *
* less than 0.01%
In its Related Corporations

Save for the following, none of the Directors of the Company has any interest, direct or indirect, in shares in its related corporations:
Name of Director No.of % of

shares issued
held capital
UEM World Berhad
Ordinary shares of RM1.00 each

Tan Sri Dato' Mohd Sheriff Mohd Kassim 2,000,000 0.14
Dato' Ahmad Pardas Senin 7,162,000 0.52
Dato' Idrose Mohamed 2,262,000 0.16
140 Analysis of Shareholdings
30 largest shareholders as per the register of depositor
Name of Shareholder No. of Shares Held % of Issued Capital

1 United Engineers (Malaysia) Berhad 2,306,622,029 46.13
2 Khazanah Nasional Berhad 898,759,574 17.98
3 Employees Provident Fund Board 469,554,002 9.39
4 Kumpulan Wang Amanah Pencen 212,715,750 4.25
5 Cimsec Nominees (Tempatan) Sdn Bhd
Security Trustee (KCW Issue 2) 145,500,000 2.91
6 Pertubuhan Keselamatan Sosial 69,538,797 1.39
7 Lembaga Tabung Haji 62,646,741 1.25
8 HSBC Nominees (Asing) Sdn Bhd
Mscoil for The Children’s Investment Master Fund Ltd 46,800,100 0.94
9 Valuecap Sdn Bhd 21,108,700 0.42
10 Malaysia Nominees (Tempatan) Sendirian Berhad
Great Eastern Life Assurance (Malaysia) Berhad (Par 1) 19,284,750 0.39
11 Citicorp Nominees (Asing) Sdn Bhd
CB Lux for Vontobel Fund (Far East Equity) 18,442,100 0.37
12 Amanah Raya Nominees (Tempatan) Sdn Bhd
Skim Amanah Saham Bumiputera 17,342,200 0.35
Delaware Pooled Trust, Inc for The Emerging Markets Portfolio 15,848,000 0.32
Delaware Group & International Funds (Emerg Mkt) 15,261,300 0.31
BBH (Lux) SCA for Fidelity Fund Malaysia 11,081,300 0.22
16 Citicorp Nominees (Tempatan) Sdn Bhd
ING Insurance Berhad (Inv IL Par) 10,920,950 0.22
17 Malaysia National Insurance Berhad 10,731,250 0.21
BNY Brussels for Baillie Gifford Emerging Markets Growth
Fund (RBS As Trustee) 9,707,200 0.19
Analysis of Shareholdings 141
Name of Shareholder No. of Shares Held % of Issued Capital

19 Cartaban Nominees (Asing) Sdn Bhd
Investors Bank And Trust Company For Ishares, Inc. 9,178,400 0.18
Prudential Assurance Malaysia Berhad (Prulink Equity Fund) 8,977,900 0.18
21 Low Poh Weng 8,630,000 0.17
22 Cartaban Nominees (Asing) Sdn Bhd
Government of Singapore Investment Corporation Pte Ltd for
Government of Singapore (C) 8,375,900 0.17
Dexia BI Lux for HSBC Global Investment Funds Asia Freestyle 8,152,400 0.16
24 Malaysian Assurance Alliance Berhad 8,000,000 0.16
Mscoil for Boyer Allan Pacific Partners LP 7,800,000 0.16
26 Mayban Nominees (Tempatan) Sdn Bhd
Mayban Trustees Berhad for Public Ittikal Fund (N14011970240) 7,191,300 0.14
27 RHB Nominees (Tempatan) Sdn Bhd
RHB Asset Management Sdn Bhd for
Kumpulan Wang Simpanan Pekerja 7,177,000 0.14
28 HSBC Nominees (Tempatan) Sdn Bhd
Nomura Asset Mgmt Sg for Employees Provident Fund 7,091,500 0.14
29 Universal Trustee (Malaysia) Berhad
SBB Equity Income Fund 6,816,100 0.14
Prudential Assurance Malaysia Berhad (Par Fund) 6,780,800 0.14
Total 4,456,036,043 89.12

142
Share Performance Charts 31 December 2004
Share price and volume performance
Million Shares RM
9 2.9
8 2.8
7 2.7
6 2.6
5 2.5
4 2.4
3 2.3
2 2.2
1 2.1
0 2.0
2 Jan
30 Jan
27 Feb
31 Mac
30 Apr
31 May
30 June
30 July
30 Aug
30 Sept
29 Oct
30 Nov
31 Dec
Volume
Closing
Share Performance Charts 143
Share price performance vs the KLCI
20
15
10
0
2 Jan
30 Jan
27 Feb
31 Mac
30 Apr
31 May
30 June
30 July
30 Aug
30 Sept
29 Oct
30 Nov
31 Dec
-5
-10
-15
PLUS Expressways Berhad

KLCI
Proxy Form
I/We
(PLEASE USE BLOCK LETTERS) No. of Ordinary Shares Held
of (full address)
being a member/members of PLUS EXPRESSWAYS BERHAD, hereby appoint CDS Account No.
of
or failing him, the Chairman of the Meeting as my/our proxy to vote for me/us and on my/our behalf at the Third Annual General Meeting
of the Company to be held at Dewan Tun Dr. Ismail, Level 2, Putra World Trade Centre, 41, Jalan Tun Ismail 50480, Kuala Lumpur on
Wednesday, 18 May 2005 at 9.30 am.
My/Our proxy is vote as indicated below:

(Please indicate with an "x" or "√" in the boxes provided how you wish your vote to be cast. If you do not do so, the proxy will vote or abstain from voting at his discretion.)
Resolution For Against

1 To receive the Audited Financial Statements for the year ended 31 December 2004 together
with the Reports of the Directors and Auditors thereon.
2 To declare a final tax exempt dividend of 4.0 sen per ordinary share for the financial year ended
31 December 2004 as recommended by the Directors.
To re-elect the following Directors retiring in accordance with Article 76 of the Company's Articles
of Association:
3 (i) Tan Sri Razali Ismail
4 (ii) Datuk K.Ravindran s/o C.Kutty Krishnan
5 To re-elect Dato' Ahmad Pardas Senin retiring in accordance with Article 83 of the
Company's Articles of Association.
To re-appoint the following Directors in accordance with Section 129(6) of the Companies Act, 1965:
6 YM Professor DiRaja Ungku Abdul Aziz Ungku Abdul Hamid
7 Geh Cheng Hooi
8 To approve the Directors' remuneration
9 To re-appoint Messrs Ernst & Young as Auditors and to authorise the Directors to fix their remuneration.
10 To empower Directors pursuant to Section 132D of the Companies Act 1965 to allot and issue shares.
11 To approve the Proposed Renewal of Shareholders' Mandate for Recurrent Related Party
Transactions of a Revenue or Trading Nature.
12 To approve the Proposed New Mandate for Additional Recurrent Related Party Transactions of a
Revenue or Trading Nature.
13 To approve the Proposed Amendment to the Articles of Association of the Company.
Dated this _______________ day of ______________ 2005. Signature/Seal ________________________________________

NOTES
1 Every member is entitled to appoint a proxy or in the case of a corporation, to appoint a representative to attend and
vote in his place. A proxy may but need not be a member of the Company and the provision of Section 149(1)(b) of
the Companies Act, 1965 need not be complied with.
2 To be valid, this original form of proxy duly completed must be deposited at the Share Registrar's office, Symphony
Share Registrars Sdn Bhd (formerly known as Malaysian Share Registration Services Sdn Bhd), Level 26, Menara Multi-
Purpose, Capital Square, No. 8, Jalan Munshi Abdullah, 50100 Kuala Lumpur not less than 48 hours before the time of
holding the Meeting.
3 The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly authorised
in writing or if such appointor is a corporation, under its common seal or under the hand of its attorney.
4 A member shall not be entitled to appoint more than ten (10) proxies to attend and vote at the same
meeting. Where a member appoints more than one (1) proxy, the appointment shall be invalid unless
he specifies the proportion of his shareholding to be represented by each proxy. Each proxy appointed
shall represent a minimum of 1,000 shares.
5 If this form of proxy is returned without any indication as to how the proxy shall vote, the proxy will vote or abstain
as he deems fit.
6 If no name is inserted in the space provided for the name of your proxy, the Chairman of the Meeting will act as
your proxy.
Complete this form where applicable, place in envelope and post to:
Share Registrar's office, Symphony Share Registrars Sdn Bhd (formerly known as Malaysian Share Registration
Services Sdn Bhd), Level 26, Menara Multi-Purpose, Capital Square, No. 8, Jalan Munshi Abdullah, 50100 Kuala Lumpur

AR Plusbhd 2004

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FINANCIAL

Tan Sri Dato' Mohd Sheriff bin Mohd Kassim

Number of Ordinary Shares of RM1.00 each in UEM World Berhad

Number of Ordinary Shares of RM0.25 each

Number of Ordinary Shares of RM1.00 each

∂ In respect of EES allocation under fixed entitlement and/or performance scheme.

Other Statutory Information

(e) As at the date of this report, there does not exist:

Other Statutory Information cont’d

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

Kuala Lumpur, Malaysia

Statement by Directors Pursuant to Section 169(15) of The Companies Act 1965

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

Kuala Lumpur, Malaysia

Statutory Declaration Pursuant to Section 169(16) of The Companies Act 1965

Subscribed and solemnly declared by the abovenamed

MOHD LUTFI BIN MAT LAZIM

Report of the auditors to the members of PLUS Expressways Berhad

Ernst & Young ABDUL RAUF BIN RASHID

Kuala Lumpur, Malaysia

Balance Sheets as at 31 December 2004

Group Group Company Company

1,962,170 1,701,184 236,303 187,957

456,541 347,310 15,786 5,604

Net Current Assets 1,505,629 1,353,874 220,517 182,353

10,326,222 10,130,983 1,481,244 1,442,371

Group Group Company Company

3,497,691 3,079,205 1,479,914 1,441,637

Borrowings 19 962,000 962,000 – –

Long Term Liabilities

10,326,222 10,130,983 1,481,244 1,442,371

The accompanying notes form an integral part of the financial statements.

Income Statements for the year ended 31 December 2004

Group Group Company Company

Gross profit 1,117,101 1,103,016 401,581 380,329

Profit from operations 27 1,108,194 1,078,038 391,513 375,963

Profit before taxation 773,701 735,561 393,492 376,749

Net profit for the year after taxation

Basic earnings per share (sen) 31 15.37 14.64 7.77 7.49

Interim tax exempt dividend per ordinary share

Final tax exempt dividend per ordinary share

* Proposed for shareholders' approval at the forthcoming Annual General Meeting

The accompanying notes form an integral part of the financial statements.

Statements of Changes in Equity for the year ended 31 December 2004

Share Capital Merger Retained

At 31 December 2003 1,250,000 461,138 298,834 1,069,233 3,079,205

At 31 December 2004 1,250,000 461,138 298,834 1,487,719 3,497,691

At 31 December 2003 1,250,000 – – 191,637 1,441,637

At 31 December 2004 1,250,000 – – 229,914 1,479,914

The accompanying notes form an integral part of the financial statements.

Cash Flow Statements for the year ended 31 December 2004

Group Group Company Company

Cash Flows from Investing Activities

Group Group Company Company

Net cash used in financing activities (850,175) (580,825) (350,000) (175,000)

The accompanying notes form an integral part of the financial statements.

Notes to the Financial Statements 31 December 2004

2 Award of Concession to PLUS

2 Award of Concession to PLUS cont’d

(c) Toll Compensation Arrangements

4 Significant Accounting Policies

(b) Basis of Consolidation