YTL POWER INTERNATIONAL BERHAD 406684-H YTL POWER INTERNATIONAL BERHAD YTL POWER INTERNATIONAL the journey continues... www.ytlpowerinternational.com www.ytlcommunity.com YTL POWER INTERNATIONAL BERHAD 406684-H 11th Floor Yeoh Tiong Lay Plaza 55 Jalan Bukit Bintang 55100 Kuala Lumpur Malaysia Tel • 603 2117 0088 406684-H 603 2142 6633 Fax • 603 2141 2703 annual report 2010 annual report 2010 YTL POWER INTERNATIONAL BERHAD 406684-H annual report 2010 Contents Corporate Review Financial Statements 2 Financial Highlights 58 Directors’ Report 4 Chairman’s Statement 71 Income Statements 11 Corporate Events 72 Balance Sheets 14 Review of Sustainability Initiatives & Corporate Responsibility 74 Consolidated Statement of Changes in Equity 23 Notice of Annual General Meeting 76 Statement of Changes in Equity 26 Statement Accompanying Notice of Annual General Meeting 77 Cash Flow Statements 27 Corporate Information 79 Notes to the Financial Statements 28 Profile of the Board of Directors 158 Statement by Directors 32 Statement of Directors’ Responsibilities 158 Statutory Declaration 33 Audit Committee Report 159 Independent Auditors’ Report 37 Statement on Corporate Governance 41 Statement on Internal Control 44 Disclosure of Recurrent Related Party Transactions Form of Proxy 45 Analysis of Share/Warrant Holdings 50 Statement of Directors’ Interests 55 Schedule of Share Buy-Back 56 List of Properties 2 YTL Power International Berhad annual report 2010 Financial Highlights 2010 2009 2008 2007 2006 Revenue (RM’000) 13,442,917 6,093,394 4,242,518 4,068,008 3,758,125 Profit Before Taxation (RM’000) 1,684,915 1,386,872 1,385,701 1,296,757 1,112,400 Profit After Taxation (RM’000) 1,208,712 646,593 1,038,846 1,175,649 874,483 Profit for the Year Attributable to 1,208,838 646,605 1,038,846 1,175,649 874,483 Equity Holders of the Company (RM’000) Total Equity Attributable to Equity Holders of the Company (RM’000) 7,210,066 6,101,924 6,400,395 6,033,071 5,728,957 Earnings per Share (Sen) 18.60 11.35 20.00 23.53 17.89 Dividend per Share (Sen) 13.13 15.75 12.50 17.50 10.00 Total Assets (RM’000) 33,918,933 34,689,180 27,826,876 24,002,890 22,244,265 Net Assets per Share (RM) 1.00 1.04 1.21 1.18 1.16 Profit After Taxation Revenue Profit Before Taxation (RM’000) (RM’000) (RM’000) Profit After Taxation Revenue Profit Before Taxation Profit After Taxation Revenue Profit Before Taxation (RM’000) (RM’000) (RM’000) (RM’000) 1,684,915 (RM’000) 13,442,917 (RM’000) 1,208,712 1,175,649 1,038,846 1,386,872 1,385,701 1,684,915 13,442,917 1,296,757 874,483 1,208,712 1,684,915 1,175,649 13,442,917 1,208,712 1,175,649 1,112,400 1,038,846 1,386,872 1,385,701 1,038,846 646,593 1,386,872 1,385,701 1,296,757 874,483 1,296,757 874,483 1,112,400 6,093,394 1,112,400 646,593 646,593 4,242,518 4,068,008 3,758,125 6,093,394 6,093,394 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 4,242,518 4,068,008 3,758,125 4,242,518 4,068,008 3,758,125 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 Profit for the Year Attributable Total Equity Attributable Earnings per Share to Equity Holders of the to Equity Holders of the (Sen) Profit After Taxation Company Company Revenue Profit Before Taxation Profit for the Year Attributable Total Equity Attributable(RM’000) Earnings per Share (RM’000) (RM’000) Profit for the Year Attributable Total Equity Attributable Earnings per Share (RM’000) (RM’000) to Equity Holders of the to Equity Holders of the (Sen) 23.53 to Equity Holders of the to Equity Holders of the (Sen) Company Company Company Company 7,210,066 (RM’000) (RM’000) 20.00 (RM’000) (RM’000) 23.53 18.60 1,684,915 13,442,917 23.53 17.89 1,208,838 1,208,712 6,400,395 1,175,649 1,175,649 6,101,924 6,033,071 5,728,957 7,210,066 20.00 1,038,846 1,038,846 7,210,066 1,386,872 1,385,701 20.00 18.60 1,296,757 17.89 1,208,838 874,483 874,483 6,400,395 18.60 1,175,649 17.89 1,208,838 6,101,924 6,400,395 6,033,071 1,175,649 6,101,924 11.35 6,033,071 5,728,957 1,112,400 1,038,846 5,728,957 1,038,846 646,593 646,605 874,483 874,483 11.35 6,093,394 11.35 646,605 646,605 4,242,518 4,068,008 3,758,125 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 Profit for the Year Attributable Total Equity Attributable Earnings per Share Total Assets to Equity Holders of the to Equity Holders of the (Sen) Dividend per Share (RM’000) Net Assets per Share Company Company (Sen) (RM) (RM’000) (RM’000) Total Assets 23.53 Total Assets Dividend per Share (RM’000) Net Assets per Share Dividend per Share (RM’000) Net Assets per Share (Sen) (RM) 34,689,180 17.50 33,918,933 7,210,066 (Sen) (RM) 20.00 1.21 1.18 1.16 15.75 18.60 17.89 1,208,838 6,400,395 1,175,649 1.04 6,101,924 6,033,071 34,689,180 17.50 1.00 27,826,876 33,918,933 34,689,180 5,728,957 17.50 13.13 33,918,933 1.21 1,038,846 1.18 12.50 1.16 15.75 1.21 1.18 24,002,890 1.16 15.75 874,483 22,244,265 1.04 10.00 1.00 27,826,876 1.04 11.35 13.13 1.00 27,826,876 13.13 12.50 646,605 12.50 24,002,890 24,002,890 22,244,265 10.00 22,244,265 10.00 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 Total Assets Dividend per Share (RM’000) Net Assets per Share (Sen) (RM) 34,689,180 17.50 33,918,933 1.21 1.18 1.16 15.75 1.04 1.00 27,826,876 13.13 12.50 24,002,890 22,244,265 10.00 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 Profit After TaxationProfit After Taxation Revenue Revenue Profit Before ProfitTaxation Before Taxation (RM’000) (RM’000) (RM’000) (RM’000) (RM’000) (RM’000) 1,684,915 13,442,917 Profit After Taxation1,684,915 13,442,917 Profit After Taxation 1,208,712 Revenue Profit Before TaxationProfit Before Taxation 1,208,712 Revenue 1,175,649 (RM’000) (RM’000) 1,175,649 (RM’000) (RM’000) (RM’000) (RM’000) 1,038,846 1,038,846 1,386,872 1,386,872 1,385,701 1,385,701 1,296,757 1,296,757 874,483 874,483 1,112,400 1,112,400 1,684,915 13,442,917 1,684,915 13,442,917 1,208,712 1,208,712 1,175,649 1,175,649 646,593 646,593 1,038,846 1,038,846 1,386,872 1,386,872 1,385,701 1,385,701 YTL Power International Berhad annual report 2010 3 6,093,394 6,093,394 1,296,757 1,296,757 874,483 874,483 1,112,400 1,112,400 4,242,518 4,242,518 4,068,008 4,068,008 3,758,125 3,758,125 646,593 646,593 06 07 08 09 10 06 07 08 06 09 07 1008 09 10 06 07 08 09 10 06 07 08 06 09 07 10 08 09 10 6,093,394 6,093,394 4,242,518 4,242,518 4,068,008 4,068,008 3,758,125 3,758,125 06 07 08 09 10 06 07 08 09 1006 07 08 09 10 06 07 08 09 10 06 07 08 09 1006 07 08 09 10 Profit After Taxation Revenue Profit Before Taxation (RM’000) (RM’000) (RM’000) Profit for the ProfitYear Attributablefor the Year Attributable Total Equity AttributableTotal Equity Attributable Earnings per ShareEarnings per Share to Equity Holdersto Equity of the Holders of the to Equity Holdersto Equity of the Holders of the (Sen) (Sen) Company Company Company Company (RM’000) (RM’000) (RM’000) (RM’000) 1,684,915 13,442,917 1,208,712 23.53 23.53 Profit for the Year AttributableProfit for the Year Attributable Total1,175,649 Equity AttributableTotal Equity Attributable Earnings per Share Earnings per Share 1,038,846 7,210,066 1,386,872 to Equity Holders of theto Equity Holders of the to Equity Holders of theto Equity Holders of the (Sen) (Sen) 7,210,066 1,385,701 20.00 20.00 1,296,757 Company Company 874,483 Company Company 18.60 18.60 17.89 1,208,838 17.89 1,208,838 6,400,395 6,400,395 1,175,649 (RM’000) (RM’000) (RM’000) 1,175,649 (RM’000) 6,101,924 1,112,400 6,101,924 6,033,071 6,033,071 23.53 23.53 5,728,957 5,728,957 646,593 1,038,846 1,038,846 874,483 874,483 7,210,066 7,210,066 20.00 20.00 6,093,394 11.35 11.35 18.60 18.60 17.89 1,208,838 17.89 1,208,838 6,400,395 6,400,395 1,175,649 1,175,649 6,101,924 6,101,924 6,033,071 646,605 6,033,071 646,605 4,242,518 4,068,008 5,728,957 3,758,125 5,728,957 1,038,846 1,038,846 06 07 08 09 10 06 07 08 09 10 874,483 06 07 08 09 10 874,483 11.35 11.35 646,605 646,605 06 07 08 06 0907 1008 09 10 06 07 0806 09 07 10 08 09 10 06 07 0806 0907 10 08 09 10 Profit for the Year Attributable Total Equity Attributable Earnings per Share to Equity Holders of the 06to Equity07 08 Holders09 of06 10the 07 08 09 10 (Sen)06 07 08 09 0610 07 08 09 10 06 07 08 09 0610 07 08 09 10 Company Company (RM’000) (RM’000) 23.53 Total Assets Total Assets Dividend per DividendShare per Share (RM’000) (RM’000) Net Assets perNet Share Assets per Share 7,210,066 (Sen) (Sen) (RM) (RM) 20.00 18.60 17.89 1,208,838 6,400,395 1,175,649 6,101,924 6,033,071 Total Assets 5,728,957 Total Assets 34,689,180 34,689,180 17.50 17.50 1,038,846 33,918,933 Dividend per Share Dividend per Share (RM’000) (RM’000) Net Assets per Share Net Assets per Share 33,918,933 1.21 1.21 1.18 1.18 1.16 874,483 1.16 15.75 (Sen) (Sen) 15.75 (RM) (RM) 11.35 1.04 1.04 1.00 27,826,876 1.00 27,826,876 13.13 13.13 646,605 12.50 12.50 34,689,180 34,689,180 17.50 24,002,890 17.50 24,002,890 33,918,933 33,918,933 22,244,265 1.21 22,244,265 1.21 1.18 1.18 10.00 10.00 1.16 1.16 15.75 15.75 1.04 1.04 1.00 1.00 27,826,876 27,826,876 13.13 13.13 12.50 06 07 08 09 10 06 07 12.50 08 09 10 06 07 08 09 10 24,002,890 24,002,890 22,244,265 22,244,265 10.00 10.00 06 07 0806 0907 10 08 09 10 06 07 0806 09 07 10 08 09 10 06 07 08 06 0907 1008 09 10 Total Assets Dividend per Share (RM’000) Net Assets per Share 06 07 08 09 0610 07 08 09 10 06 07 08 09 0610 07 08 09 10 (Sen) (RM)06 07 08 09 1006 07 08 09 10 34,689,180 17.50 33,918,933 1.21 1.18 1.16 15.75 1.04 1.00 27,826,876 13.13 12.50 24,002,890 22,244,265 10.00 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 4 YTL Power International Berhad annual report 2010 Chairman’s Statement for the financial year ended 30 June 2010 TAN SRI DATo’ SERI (DR) YEOH TIONG LAY Executive Chairman On behalf of the Board of Directors of YTL Power International Berhad (“YTL Power” or the “Company”), I have the pleasure of presenting to you the Annual Report and the audited financial statements of the Company and its subsidiaries (the “Group”) for the financial year ended 30 June 2010.