Annual Report 2014 | S P SETIA BERHAD GROUP | 97
V. FINANCIAL STATEMENTS
For The Year Ended
31 October 2014
The directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the financial
year ended 31 October 2014.
The Company is principally an investment holding company. The principal activities of the subsidiary companies are indicated in note 6 to the
There have been no significant changes in the nature of these activities during the financial year.
Net profit for the financial year
Owners of the Company
Holders of Perpetual bond
At the Extraordinary General Meeting of the Company held on 20 March 2014, the shareholders of the Company resolved to approve the
Company’s Dividend Reinvestment Plan (“DRP”).
The DRP provides an option to the shareholders to reinvest either all or a portion of the declared dividends in new shares in lieu of receiving
cash. Shareholders who elect not to participate in the option to reinvest, will receive the entire dividend wholly in cash.
During the financial year, the Company paid the following dividends:
(a) A single-tier final dividend of 7 sen per ordinary share of RM0.75 each amounting to RM172,109,858 in respect of the financial year
ended 31 October 2013 which was approved by the shareholders at the 39
Annual General Meeting of the Company held on 20 March
2014. A total of 58,715,748 new ordinary shares of RM0.75 each were issued at an issue price of RM2.59 per share under the DRP and
the remaining portion of RM20,036,070 was paid in cash; and
(b) A single-tier interim dividend of 4 sen per ordinary share of RM0.75 each amounting to RM100,907,016 in respect of the financial year
ended 31 October 2014. A total of 7,528,522 new ordinary shares of RM0.75 each were issued at an issue price of RM3.15 per share
under the DRP and the remaining portion of RM77,192,172 was paid in cash.
The directors now recommend a single tier final dividend of 5.7 sen per ordinary share of RM0.75 each amounting to RM144,684,887 in
respect of the financial year ended 31 October 2014. The financial statements for the current financial year do not reflect this proposed
dividend, which if approved by the shareholders at the 40
Annual General Meeting of the Company, will be accounted for in equity as an
appropriation of retained earnings for the financial year ending 31 October 2015.
RESERVES AND PROVISIONS
There were no material transfers to or from reserves or provisions during the financial year except as disclosed in the statements of changes
in equity set out on pages 108 to 110 to the financial statements.