majority held 900 ha
minority held 580 ha
majority held 46000 ha
minority held 25000 ha
majority held 31000 ha
minority held 6000000 ha
oilpalm plantations
and property development
in malaysia
oilpalm plantations
in indonesia
beefcattle farming
in australia
location of the group’s properties
and those of its associates as at 30 april 2008


Summary:
 2
record profit for the year us46630000
2006 us26102000
final dividend for the year increased to 500p
2006 – 450p per share – 200p 2006 – 200p
interim already paid
first year of results being reported in us dollars and
under international financial reporting standards
palmoil prices surged strongly during 2007 and
increased further in early 2008 before easing from
record highs
crops of oil palm fresh fruit bunches lower
than in 2006
biologicalasset gain arising from firmer palmoil
prices and development of new projects
reduced loss on australian property following
improved cropping and similar cattle results
higher profits from the associate napco resulting
from firmer cattle valuations and property disposal
significant profits earned by the associate bertam
properties from land disposals
strategy of developing and planting new indonesian
plantation areas continues apace although delays
experienced on the bangka project
australian cereal prices remain robust whilst
beefcattle prices have been volatile albeit
within an historicallyhigh range as drought
has continued in some areas
australian rural property values have continued
to increase
strategy of disposing of malaysian estates at premium
realestate levels continues successfully
highlights
1 existing portfolio and key objectives
2 highlights
3 summary of results and joint chief
executives’ statement
4 market information – palm oil
5 market information – beef cattle
6 chairman’s statement
8 review of operations
11 – indonesian palm oil
18 – australian beef cattle
22 – malaysian property disposals and
remaining plantation operations
26 environmental corporate and social
responsibility
28 board of directors
29 report of the directors
33 corporate governance
34 report of the board to the shareholders
on directors’ remuneration
37 statement of directors’ responsibilities
38 independent auditors’ report on
the consolidated financial statements
39 consolidated income statement
40 consolidated statement of recognised
income and expense
40 reconciliation of movements in
shareholders’ consolidated funds
41 consolidated balance sheet
42 consolidated cashflow statement
43 notes to the consolidated accounts
70 independent auditors’ report on the
parentcompany financial statements
71 parentcompany balance sheet
72 notes to the parentcompany
balance sheet
75 subsidiary and associated undertakings
76 analysis of land areas
77 5year summary
78 notice of meeting
81 professional advisers
and representatives
contents