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Annual Report 2014 | S P SETIA BERHAD GROUP | 97

V. FINANCIAL STATEMENTS

directors’

report

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.

PRINCIPAL ACTIVITIES

The Company is principally an investment holding company. The principal activities of the subsidiary companies are indicated in note 6 to the

financial statements.

There have been no significant changes in the nature of these activities during the financial year.

RESULTS

Group

Company

RM’000

RM’000

Net profit for the financial year

516,719

328,734

Attributable to:

Owners of the Company

405,676

296,668

Holders of Perpetual bond

32,066

32,066

Non-controlling interests

78,977

-

516,719

328,734

DIVIDENDS

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

th

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

th

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.