WTK Holdings Berhad - Bursa Malaysia

03
ANNUAL REPORT

WTK’s Commitment
to Sustainable Forestry
Forest Management
&
Being a leading company in the Malaysian timber industry, the WTK
Group is committed to adopt and implement sound forest management
practices to ensure forestry is economically, environmentally and socially
sustainable.
With strict adherence to the prescriptions of forest management plan in
every concession area, the Group abides by the rules and regulations
pertaining to cutting cycles, yield, annual allowable coupes, cutting rules,
logging blocks, inoperable forest, obligatory species, merchantable tree
sizes, enumeration and log measurement.
As a standard practice to ensure sound and sustainable forest
management, the Group adheres to proper engineering specifications
for the planning and construction of roads for its forest operations, strict
compliance of a monthly production limit and in areas where required,
carries out Environmental Impact Assessment (EIA) studies to ensure
its timber operations are conducted with minimal environmental impacts.
WTK Group is proud to be the pioneer in using helicopter-harvesting in
Sarawak since 1993. Helicopter-harvesting is recognized as the most
environmental-friendly method of timber harvesting where freshly-cut
logs are lifted vertically from the forest to a landing zone, thereby
eliminating the need for skid trails that would further damage the forest
floor.
The Group is committed to continually find new ways to improve its
forest management practices and to carry out its role to ensure the
sustainability of the production of forest resources.

CONTENTS
2 Corporate Information
3 Directors’ Profile
8 Corporate Structure
9 Directors’ Statement on Corporate Governance
14 Material Contracts
15 Audit Committee Report
19 Directors’ Statement on Internal Control
22 Chairman’s Statement
26 Financial Highlights
27 Financial Statements
98 List of Properties
102 Statistic on Shareholdings
105 Notice of Annual General Meeting
108 Statement Accompanying Notice of Annual General Meeting

2
Corporate Information
Board of Directors
Datuk Wong Kie Yik
Chairman
Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim
Deputy Chairman
Datuk Wong Kie Nai
Executive Director/
Chief Executive Officer
Mr Wong Kie Chie
Mr Loh Siew Choon
Ms Tham Sau Kien
Chief Financial Officer
Ms Janice Ting
Secretaries
Ms Tan Mee Lian
(MAICSA 0869665)
Ms Ho Pui Yee
(MAICSA 7027808)
Registered Office
W T K HOLDINGS BERHAD (10141-M)
Box #377, 9th Floor, Wisma Central
Jalan Ampang
50450 Kuala Lumpur, Malaysia
Tel : 03-2164 8110
Fax : 03-2164 8112
Auditors
Ernst & Young
Chartered Accountants
Level 23A, Menara Milenium
Jalan Damanlela, Pusat Bandar Damansara
50490 Kuala Lumpur, Malaysia
Tel : 03-2087 7000
Fax : 03-2095 5332
Share Registrar
Signet Share Registration Services Sdn Bhd
35, Jalan Hussein
30250 Ipoh, Perak Darul Ridzuan, Malaysia
Tel : 05-241 5633
Fax : 05-241 5578
Principal Bankers
HSBC Bank Malaysia Berhad
RHB Bank Berhad
Citibank Berhad
Stock Exchange Listing
Bursa Malaysia Securities Berhad

Directors’ Profile
Yg Bhg Datuk Wong Kie Yik
Yg Bhg Datuk Wong Kie Yik, Malaysian, aged 62, was appointed a Non-Executive
Director of the Company on 3 February 1998. He is the Chairman of the Board
of Directors of W T K Holdings Berhad ("WTK").
Yg Bhg Datuk Wong Kie Yik, an Accountant by training in United Kingdom, is
currently a Fellow member of the Chartered Association of Certified
Accountants (FCCA) and also a member of the Malaysian Institute of
Accountants (C.A. (M)). Yg Bhg Datuk Wong Kie Yik is actively involved in the
development of the Malaysian Timber Industry, serving as the Vice Chairman
of the Sarawak Timber Association. He had served as a Senator of Malaysia
between 1986 and 1992. He was conferred the distinction of Panglima Gemilang
Bintang Kenyalang (PGBK) on 11 September 1999 by Tuan Yang Terutama Yang
DiPertua Negeri Sarawak.
His shareholdings in the securities of WTK are as follows:-
Direct % Indirect %
W T K Holdings Berhad 2,208,154 1.35 30,887,491 18.85
By virtue of his interest (direct or otherwise) in the shares of WTK, Yg Bhg
Datuk Wong Kie Yik, is deemed to be interested in the shares of all the
subsidiaries of the Company to the extent the Company has an interest.
He is a brother of Yg Bhg Datuk Wong Kie Nai, an Executive Director/Chief
Executive Officer and Mr Wong Kie Chie, a Non-Executive Director, both of
whom are also substantial shareholders of the Company.
He does not have any conflict of interest with WTK save and except for the
transaction(s) disclosed in Note 34 to the financial statements.
He has had no conviction for any offences within the past ten(10) years.
Yg Bhg Datuk Wong Kie Yik attended all the six(6) Board of Directors meetings
held during the financial year.
A N N U A L R E P O R T 2 0 0 3 3

4
Directors’ Profile (Cont’d)
Yg Bhg Lt Gen (Rtd) Datuk Seri
Abdul Manap bin Ibrahim
Yg Bhg Datuk Wong Kie Nai
Yg Bhg Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim, Malaysian, aged 65,
was appointed an Independent Non-Executive Director of the Company on 22
May 1996. Yg Bhg Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim is the
Deputy Chairman of the Board of Directors and the Chairman of the Audit
Committee of the Company. He is the Senior Independent Director to whom
concerns may be conveyed.
He is a graduate of the Royal Military College, Malaysia, the US Army Command
and General Staff College, the Naval Post Graduate School in Monterey,
California, USA and the US Army War College. He retired in 1994 as a Deputy
Chief of Army from the Malaysian Armed Forces after serving 34 years in the
military. He presently also sits on the Board of Amsteel Corporation Berhad as
a Non-Independent Non-Executive Director.
Yg Bhg Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim does not have any
interest in the securities of WTK or its subsidiaries. He does not have any
family relationship with any Director and/or substantial shareholder of the
Company and there is no business arrangement with the Company in which
he has a personal interest.
He has had no conviction for any offences within the past ten(10) years.
Yg Bhg Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim has attended all the
six(6) Board of Directors meetings held during the financial year. As a member
of the Audit Committee, he has also attended all the five(5) Audit Committee
meetings held during the financial year.
Yg Bhg Datuk Wong Kie Nai, Malaysian, aged 58, was appointed an Executive
Director/Chief Executive Officer of the Company on 3 February 1998. He is
also a member of the Audit Committee of the Company.
Yg Bhg Datuk Wong Kie Nai, an Accountant by training, is currently a member
of CPA, Australia and a member of the Malaysian Institute of Accountants
(C.A. (M)). Yg Bhg Datuk Wong Kie Nai plays a significant role in the expansion
of WTK and is responsible for WTK's timber operation in Sarawak, including
overseas market development. He also oversees the non-timber operation in
West Malaysia. He had served as a Senator of Malaysia between 1977 to
1983 and was conferred the distinction of Panglima Gemilang Bintang
Kenyalang (PGBK) on 16 September 1991 by Tuan Yang Terutama Yang DiPertua
Negeri Sarawak.
W T K HOLDINGS BERHAD (10141-M)

Directors’ Profile (Cont’d)
Wong Kie Chie
His shareholdings in the securities of WTK are as follows:-
Direct % Indirect %
W T K Holdings Berhad 5,634,055 3.44 37,287,789 22.76
By virtue of his interest (direct or otherwise) in the shares of WTK, Yg Bhg
Datuk Wong Kie Nai, is deemed to be interested in the shares of all the
subsidiaries of the Company to the extent the Company has an interest.
He is a brother of Yg Bhg Datuk Wong Kie Yik, the Chairman of the Board of
Directors and Mr Wong Kie Chie, a Non-Executive Director, both of whom are
also substantial shareholders of the Company.
He does not have any conflict of interest with WTK save and except for the
transaction(s) disclosed in Note 34 to the financial statements.
He has had no conviction for any offences within the past ten(10) years.
Yg Bhg Datuk Wong Kie Nai has attended all the six(6) Board of Directors
meetings held during the financial year. As a member of the Audit Committee,
he has also attended all the five(5) Audit Committee meetings held during the
financial year.
Mr Wong Kie Chie, Malaysian, aged 55, was appointed a Non-Executive Director
of the Company on 3 February 1998.
Mr Wong Kie Chie holds a Bachelor Degree in Chemistry from the University
of New South Wales, Australia.
His shareholdings in the securities of WTK are as follows:-
Direct % Indirect %
W T K Holdings Berhad 5,247,010 3.20 37,287,789 22.76
By virtue of his interest (direct or otherwise) in the shares of WTK, Mr Wong
Kie Chie, is deemed to be interested in the shares of all the subsidiaries of the
Company to the extent the Company has an interest.
He is a brother of Yg Bhg Datuk Wong Kie Yik, the Chairman of the Board of
Directors and Yg Bhg Datuk Wong Kie Nai, an Executive Director/Chief
Executive Officer, both of whom are substantial shareholders of the Company.
A N N U A L R E P O R T 2 0 0 3 5

6
Directors’ Profile (Cont’d)
Loh Siew Choon
He does not have any conflict of interest with WTK save and except for the
transaction(s) disclosed in Note 34 to the financial statements.
He has had no conviction for any offences within the past ten(10) years.
Mr Wong Kie Chie attended three(3) out of six(6) Board of Directors meetings
held during the financial year. He extended his apologies for the meetings of
which he did not attend.
Mr Loh Siew Choon, Malaysian, aged 45, was appointed an Independent Non-
Executive Director of the Company and a member of the Audit Committee on
13 August 2001. He first joined the Board as an alternate director on 26 April
2000.
Mr Loh Siew Choon holds a Bachelor of Science (Honour) Degree in Economics
and Accounting from City University, London and had eight(8) years of
investment banking and commercial banking experience in Singapore and
Malaysia and another six(6) years in regional direct investment prior to joining
AIGIC (Malaysia) Sdn Bhd in 1996 as a Director of Direct Investment.
He is a nominee director for AIG Goldflow Ltd, a major shareholder of WTK. He
currently holds the post of Director of Direct Investment, AIGIC (Malaysia) Sdn
Bhd and is responsible for AIG Group's direct investment activities in Malaysia.
He also holds directorship in Eng Teknologi Holdings Berhad as an Independent
Non-Executive Director.
Mr Loh Siew Choon does not have any interest in the securities of WTK and its
subsidiaries. He does not have any family relationship with any Director and/or
substantial shareholder of the Company and there is no business arrangement
with the Company in which he has a personal interest.
He has had no conviction for any offences within the past ten(10) years.
Mr Loh Siew Choon has attended all the six(6) Board of Directors meetings
held during the financial year. As a member of the Audit Committee, he has
also attended all the five(5) Audit Committee meetings held during the financial
year.
W T K HOLDINGS BERHAD (10141-M)

Directors’ Profile (Cont’d)
Tham Sau Kien
Ms Tham Sau Kien, Malaysian, aged 42, was appointed a Non-Executive Director
of the Company on 28 February 2001.
Ms Tham Sau Kien holds a Bachelor of Science (Honours) Degree in
Management and Political Science from Universiti Sains Malaysia and a Masters
Degree in Business Administration from Indiana University, USA. She is an
Executive Director of Comet Alliance Sdn Bhd, a professional advisory firm.
Prior to her present appointment, she last held the position of Principal in a
global private equity fund management and venture capital company where
she gained six(6) years experience in debt-restructurings, mergers and
acquisitions, and IPOs of investee companies.
Ms Tham Sau Kien does not have any interest in the securities of WTK and its
subsidiaries. She does not have any family relationship with any Director and/
or substantial shareholder of the Company and there is no business
arrangement with the Company in which she has a personal interest.
She has had no conviction for any offences within the past ten(10) years.
Ms Tham Sau Kien has attended all the six(6) Board of Directors meetings
held during the financial year.
A N N U A L R E P O R T 2 0 0 3 7

8
Corporate Structure
Timber
Division
Foil
Division
WTK Holdings Berhad
Tapes
Division
Property
Division
Rubber
Product
Division
General
Aluminium
Works (M)
Sdn Bhd
Loytape Industries
Sdn Bhd
Central Mercantile
Corporation (S) Ltd
Dusun Nyiur
Sdn Bhd
Samanda
Equities
Sdn Bhd
Central
Elastic
Corporation
Sdn Bhd
Mundet Sales and
Technology (M)
Sdn Bhd
Zapstat
Sdn Bhd
W T K HOLDINGS BERHAD (10141-M)
Samanda Trading
Sdn Bhd
Central Mercantile
Corporation (M)
Sdn Bhd
Samanda
Marketing
& Sales
Sdn Bhd
Samanda
Marketing
Corporation
Sdn Bhd
Cairnfield Sdn Bhd
Kuching Plywood Bhd
Gopoint Sdn Bhd
Sarawak Moulding
Industries Berhad
Woodbanks Industries
(M) Sdn Bhd
First Count Sdn Bhd
Limpah Mewah Sdn Bhd
Ninjas Development
Sdn Bhd
Sanitama Sdn Bhd
Song Logging Company
Sendirian Berhad
Sut Sawmill (3064)
Sdn Bhd
Piramid Intan Sdn Bhd
WTK Heli-Logging
Sdn Bhd
WTK-YINK
Heli Harvesting
Sdn Bhd
Winning Properties
Sdn Bhd
Immense Fleet
Sdn Bhd

Directors’ Statement on
Corporate Governance
The Board of Directors ("Board") of W T K Holdings Berhad ("WTK" or "Company") is pleased to report that for
the financial year under review, WTK has continued to apply good governance practices in managing and
directing the business affairs of the Group, by adopting the substance and spirit of the principles advocated
by the Malaysian Code on Corporate Governance ("Code") wherever possible.
In this Statement, the Board has considered the manner in which the principles of the Code have been
applied, the extent of compliance with the Best Practices and the alternatives for departure from such best
practices.
The Role of the Board
The Board recognises their primary role in the strategic development and control of the Group.
The pivotal role of the Board of Directors is to provide an objective judgement to the strategic
planning process and, apart from the Executive Director/Chief Executive Officer ("CEO"), is not
involved in the day-to-day management of the business.
The Board is firmly supported by the Management Committee who has the responsibilities in
planning and formulating business strategies, finance, operating policies and in monitoring the
achievement of the business strategies of the Group. The Management Committee reports thereon
to the Board on these matters.
The Management Committee is also entrusted with the responsibility and authority to examine
particular issues and report back to the Board with their recommendations. The Board will then
independently assess the merits of the Management Committee's proposals and satisfy itself
that the Management Committee had considered the appropriate elements of a strategic plan and
monitor the Management Committee's success in implementing its strategy. The final decision
on all significant matters proposed by the Management Committee lies with the Board as a whole.
Board Balance
The number of Directors on the Board remains at six (6) and comprised a good balance of one (1)
Executive and five (5) Non-Executive Directors with no individual dominating in the Board's decision
making process. The Board has two (2) Independent Non-Executive Directors, representing one
third (1/3) of the total composition of its members.
The Board has a good mix of members with expertise and experience in economics, investments,
accounting and finance, technical and corporate management disciplines thereby ensuring a broader
perspective and depth in the Board's decision making process. The Independent Directors play a
vital role in providing independent views on various issues and ensures a balanced and fair
deliberation process to safeguard the interests of the minority shareholders.
A N N U A L R E P O R T 2 0 0 3 9

10
Directors’ Statement on Corporate Governance (Cont’d)
There is a clear segregation of responsibility between the Chairman and the CEO to ensure a
proper balance of power and authority. The Board approves and develops position descriptions of
the CEO and that of the Senior Management which identify the limits of their responsibilities.
There is a direct link between the CEO and the Senior Management team and an appropriate
management structure is in place to ensure adequate succession support for continuity of business
operations in the absence of key executives.
Board Meetings
The Board meets on a quarterly basis with additional meetings convened as and when necessary
with due notice given for all scheduled meetings. During the financial year ended 31 December
2003, the Board met a total of 6 times. Details of Directors' attendance are set out as follows:-
Members Meetings Percentage of
attended attendance (%)
Datuk Wong Kie Yik 6/6 100
Datuk Wong Kie Nai 6/6 100
Wong Kie Chie 3/6 50
Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim 6/6 100
Mr Loh Siew Choon 6/6 100
Ms Tham Sau Kien 6/6 100
Supply of Information
The Directors have full access to all information pertaining to the Group's business and affairs,
whether as a full Board or in their individual capacity, to enable them to discharge their duties. All
Directors receive the agenda together with a full set of Board papers containing information relevant
to the business of the meeting on a timely basis.
All Directors have full access to the advice and services of the Company Secretaries who ensure
that Board procedures are adhered to at all times during meetings and advise the Board on matters
including corporate governance issues and Directors' responsibilities in complying with relevant
legislation and regulations. The Directors may obtain independent advices, where necessary, in
furtherance of their duties in accordance with prescribed procedures, at the Group's expense.
Appointments to the Board
The Board as a whole performs the evaluation and appointment of potential candidates to the
Board. All Directors are involved in the process of assessing existing Directors and identifying,
recruiting, nominating, appointing and orientating new Directors.
W T K HOLDINGS BERHAD (10141-M)

Directors’ Statement on Corporate Governance (Cont’d)
The Board has again reviewed the principles underlying the roles and duties of a Nomination
Committee as prescribed by the Code and after due deliberation, has concluded that the formation
of a Nomination Committee is not required. The rationale behind this decision is based on the fact
that the number of members shall remain small and are sufficiently effective for exacting all decision
making processes and addressing issues affecting the Group. However, the Company shall review
its requirement from time to time and may consider its formation when the need arises.
Directors' Training
The Company is committed to continuously provide pertinent educational programs to the Board
of Directors through both internal and external means. All Directors also receives updates, from
time to time, on relevant new laws and regulations to enhance their business acumen and skills to
meet changing commercial risks and challenges.
The Directors have been continuing attending the Continuing Education Program ("CEP") and will
continue to undergo other relevant training programs to further enhance their skills and knowledge,
including statutory and regulatory requirements.
Re-election of Directors
All Directors who are appointed by the Board are subject to retirement and re-election by the
shareholders at the first opportunity after their appointment, in accordance with the Company's
Articles of Association.
The Articles of the Company further provides that at least one third (1/3) of the remaining Directors
are subject to retirement by rotation at the Annual General Meeting ("AGM") of the Company at
least once every 3 years.
Directors' Remuneration
Concurrent with the deliberation on the formation of a Nomination Committee, the Board had also
considered and decided that a Remuneration Committee is not required as the Company has only
one Executive Director who draws salary. However, the Company shall review its requirement
from time to time and may consider its formation when the need arises.
The remuneration of the Executive Director is determined by the remaining Non-Executive Directors
of the Company. The Executive Director plays no part in determining his remuneration. The Executive
Director does not receive any director's fee for his term in office.
In respect of the Non-Executive Directors, the yearly proposal of directors' fees and increments, if
any, are approved by the shareholders of the Company at the AGM. The Company reimburses
reasonable expenses incurred by the Directors in the course of their duties as Directors.
A N N U A L R E P O R T 2 0 0 3 11

12
Directors’ Statement on Corporate Governance (Cont’d)
Details of Directors' remuneration are provided in Note 6 of the financial statements on pages 57
to 58 of the Annual Report.
Investor Relations
The Group recognises the need for clear and effective communications with the investing
community. To this end, the Company conducts dialogues and briefings with financial analysts,
fund managers and institutional investors to ensure that the investing public receives a balance
and complete view of the Group's performance, new developments and current issues faced by
the business under the regional and global economic climate. These dialogues ensure mutual
understanding of objectives amongst various sectors.
The Annual Report and quarterly reports served to communicate the Group's activities and financial
performance to its shareholders and the public.
Annual General Meeting
The AGM is the principal forum for dialogue with shareholders. The Board provides opportunities
for shareholders to raise questions pertaining to issues in the Annual Report, Audited Financial
Statements, corporate developments in the Group, the resolutions being proposed and on business
of the Group in general at every AGM and Extraordinary General Meeting of the Company. The
Chairman, Executive Director/CEO and senior officers respond to shareholders' questions during
the meeting. Appropriate advisers are also at hand to respond to shareholders' questions at general
meetings.
Financial Reporting
In presenting the annual audited financial statements and quarterly announcements, the Directors
aim to present a balanced and understandable assessment of the Group's position and prospects
to its shareholders and other stakeholders.
The Audit Committee assists the Board in this matter by reviewing and recommending information
for disclosure.
Statement of Directors' Responsibility in preparing the Financial Statements
The Directors are required by the Companies Act, 1965 to prepare financial statements for each
financial year in accordance with the applicable Approved Accounting Standards and give a true
W T K HOLDINGS BERHAD (10141-M)

Directors’ Statement on Corporate Governance (Cont’d)
and fair view of the state of affairs of the Group and Company at the end of the financial year and
of the results and cash flows of the Group and Company for the financial year.
In preparing the financial statements, the Directors have:-
• selected suitable accounting policies and applied them consistently;
made judgements and estimates that are reasonable and prudent;
ensured that all applicable Approved Accounting Standards have been followed; and
prepared financial statements on a going concern basis as the Directors have a reasonable
expectation, having made enquiries, that the Group and Company have adequate resources
to continue in operational existence for the foreseeable future.
The Directors have responsibility for ensuring that the Company keeps accounting records, which
discloses with reasonable accuracy the financial position of the Group and Company and which
enable them to ensure that the financial statements comply with the Companies Act, 1965.
The Directors have overall responsibilities for taking the necessary steps to safeguard the assets
of the Group to prevent and detect fraud and other irregularities.
Internal Control
Details on the Directors’ Statement on Internal Control can be found on pages 19 to 21 of the
Annual Report.
Relationship with the Auditors
The relationship with the External Auditors are formally maintained through the Audit Committee
as set out in its terms of reference on pages 15 to 17 of the Annual Report.
A N N U A L R E P O R T 2 0 0 3 13

14
Material Contracts
There were no material contracts entered into since the end of the previous
financial year end involving directors and substantial shareholders except for
the Contracts for Log Supply for purchases of raw material which was renewed
on 1 January 2002 between W T K Holdings Berhad's subsidiaries namely
Cairnfield Sdn Bhd, Gopoint Sdn Bhd, Sarawak Moulding Industries Berhad,
Woodbanks Industries (M) Sdn Bhd and Kuching Plywood Bhd with the
following related companies:-
i) Harbour - View Realty Sdn Bhd;
ii) W T K Realty Sdn Bhd;
iii) Protection Gloves Sdn Bhd;
iv) Simbol Strategik Sdn Bhd;
v) Jati Bahagia Sdn Bhd;
vi) Southwind Plantation Sdn Bhd;
vii) Systematic Logging Sdn Bhd; and
viii) Sentiaya Sdn Bhd.
These contracts were renewed for another three (3) years based on the same
terms and conditions.
W T K HOLDINGS BERHAD (10141-M)

Audit Committee Report
COMPOSITION AND DESIGNATION OF THE AUDIT COMMITTEE
Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim - Chairman
(Independent Non-Executive Director)
Datuk Wong Kie Nai
(Executive Director/CEO)
Loh Siew Choon
(Independent Non-Executive Director)
TERMS OF REFERENCE OF THE AUDIT COMMITTEE
Constitution
The Audit Committee was formed pursuant to a resolution passed on 20 September 1993 by the
Board of Directors.
Objectives
It is the objective of the Audit Committee to assure the shareholders of the Company that the
Group has complied with applicable Approved Accounting Standards and the Listing Requirements
of the Bursa Malaysia Securities Berhad. The Audit Committee will endeavour to adopt certain
practices aimed at maintaining appropriate standards of responsibility, integrity and accountability
to all shareholders of the Company. With this, the Audit Committee will review, evaluate and satisfy
itself that the Management Committee, assisted by the internal audit team, has exercised its role
and carried out its function effectively to:-
(1) maintain a sound system of internal control to safeguard shareholders' investment and company
assets;
(2) assist the Board as a whole in setting appropriate policies and procedures to review the adequacy
and integrity of the Group's system of internal control and management information systems
including system for compliance with applicable laws, rules, directives and guidelines; and
(3) identify principal risks and ensure the implementation of appropriate internal control systems
to manage these risks affected.
Membership
The Audit Committee shall be appointed by the Board of Directors from among their numbers and
shall be composed of not fewer than 3 members of whom a majority shall be independent nonexecutive
directors. A quorum shall be 2 members of which the majority present must be
independent non-executive directors.
A N N U A L R E P O R T 2 0 0 3 15

16
Audit Committee Report (Cont’d)
At least 1 member of the Audit Committee:
must be a member of the Malaysian Institute of Accountants; or
if he is not a member of the Malaysian Institute of Accountants, he must have at least 3 years'
working experience and :-
- he must have passed the examinations specified in Part I of the 1st Schedule of the
Accountants Act 1967; or
- he must be a member of one of the associations of accountants specified in Part II of the
1st Schedule of the Accountants Act 1967; or
fulfils such other requirements as prescribed by the Exchange.
The members of the Audit Committee shall elect a chairman from among their numbers who shall
be an independent non-executive director. The chairman elected shall be subject to endorsement
by the Board.
If a member of the Audit Committee resigns, dies or for any other reason ceases to be a member
resulting in the number of members reducing to below 3, the Board of Directors shall, within 3
months of that event, appoint such number of new members as may be required to make up the
minimum number of 3 members. No alternate director shall be appointed as a member of the
Audit Committee.
Functions
The duties of the Audit Committee shall be:-
1. To review the quarterly results and year-end financial statements of the Company and the
Group, and to recommend the same to the Board for approval whilst ensuring that they are
prepared in a timely and accurate manner complying with all applicable accounting and
regulatory requirements and are promptly published;
2. To recommend the appointment or re-appointment of the external auditors, the audit fee and
any questions of resignation or dismissal;
3. To review with the external auditors:
- the nature and scope of their audit plan
- the evaluation of the soundness of system of internal control
- the audit report on the financial statements
- the management letter of their recommendations and findings
- the assistance which they can render to our internal audit function and the co-ordination
between the external and internal audit;
4. To review the adequacy of the scope, functions and resources of the internal audit function,
and that it has the necessary authority to carry out its work;
W T K HOLDINGS BERHAD (10141-M)

Audit Committee Report (Cont’d)
5. To review the internal audit programme and the results of the internal audit process or
investigation undertaken and whether or not appropriate action is taken on the recommendation
of the internal audit function;
6. To approve any appointment, appraisal or assessment of the performance of members of the
internal audit function and inform itself of the resignation or termination of senior members of
the internal audit function;
7. To consider any significant findings, reservations, difficulties encountered or material
weaknesses reported by the external and internal auditors;
8. To review with the external and internal auditors whether the employees of the Group have
given them appropriate assistance to discharge their duties;
9. To review any related party transactions and conflict of interest situation that may arise within
the Company or the Group;
10. Any other functions as may be agreed by the Audit Committee and the Board of Directors or
as directed by the Board of Directors.
Powers
In carrying out their duties and responsibilities, the Audit Committee will, in principle, have full,
free and unrestricted access to all the Group's records, properties and personnel.
Meetings
The Audit Committee will meet at least four (4) times a year although additional meetings may be
called at any time, at the discretion of the Chairman. The Group's Chief Financial Officer and other
Board members or Senior Management officers may attend these meetings upon the invitation of
the Audit Committee.
The internal and/or external auditors have the right to appear and be heard at any meeting of the
Audit Committee and shall appear before the Audit Committee when required by the Company.
Upon the request of the auditors, the Chairman of the Audit Committee shall also convene a
meeting of the Audit Committee to consider any matters the auditors believe should bring to the
attention of the Board of Directors or the shareholders.
SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE DURING THE FINANCIAL
YEAR ENDED 31 DECEMBER 2003
The Audit Committee of the Company comprises three (3) members. Two (2) being independent
non-executive directors. The Chairman of the Audit Committee, Yg Bhg Lt Gen (Rtd) Datuk Seri
Abdul Manap bin Ibrahim is the Senior Independent Non-Executive Director. Any concerns of the
Group may be conveyed to him.
A N N U A L R E P O R T 2 0 0 3 17

18
Audit Committee Report (Cont’d)
The Audit Committee met five (5) times during the financial year ended 31 December 2003. Details
of attendance of the Audit Committee are set out as follows:-
Members No. of meetings attended
Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim 5
Datuk Wong Kie Nai 5
Mr Loh Siew Choon 5
The Group's Chief Financial Officer and other members of the Senior Management were also
invited to attend these meetings. During the year under review, the Audit Committee carried out
its duties in accordance with its Terms of Reference as follows:-
Reviewed the Group's quarterly unaudited financial results and announcement before
recommending them for the Board's approval;
Reviewed the Group's year-end audited accounts and audit report on the financial statements
as presented by the External Auditors and recommended the same to the Board for approval;
Reviewed and updated its Terms of Reference;
Reviewed the scope and results of works carried out by the Internal Audit Function;
Discussed and reviewed recurrent related party transactions;
Discussed with the External Auditors before the audit commenced, the nature and scope of
the audit plan.
SUMMARY OF ACTIVITIES OF THE INTERNAL AUDIT FUNCTION DURING THE FINANCIAL
YEAR ENDED 31 DECEMBER 2003
The Group’s Internal Audit Department ("IAD") whose primary function is to assist the Audit
Committee in discharging its duties and responsibilities with regard to the monitoring of internal
control system, risk management and corporate governance processes. The IAD provides
independent assessments and objective assurance on the adequacy and effectiveness of the risk
management and internal control framework in all key business activities within the Group.
For the financial year ended 31 December 2003, the IAD has performed regular audit assignments
namely financial, operational as well as compliance audits on subsidiary companies covering all
major operating areas. These were carried out in accordance with the annual audit plan or special
ad-hoc audit at the request of the Management Committee.
At every meeting of the Audit Committee during the financial year, Internal Audit Reports of the
Group's subsidiary companies were tabled and deliberated. In its undertaking of each audit, the
Internal Auditors reviewed the internal control system and performed relevant compliance and
substantive audit procedures of the auditee company.
During the year under review, the IAD has also assisted the Audit Committee in conducting reviews
on the risk management processes implemented by the Management Committee for identifying,
evaluating and monitoring significant risk exposures through the application of "risk audit checklist"
methodology on a regular basis.
The review will provide the Executive Management and the Audit Committee with an efficient and
effective level of audit coverage.
W T K HOLDINGS BERHAD (10141-M)

Directors’ Statement on Internal Control
The Board recognises that effective risk management practices are necessary to safeguard shareholders'
investments as well as the Group's assets. As such, they are responsible for maintaining a sound system of
internal control and for reviewing its effectiveness. However, such a system is designed to manage rather
than to eliminate the risks that may impede the achievement of business objectives. The system can
therefore, only provide reasonable assurance and not absolute assurance against material misstatement or
loss.
The Group has in place an on-going process that lays the foundation for effective control framework for
identifying, evaluating, and managing the principal risks of the Group in a proactive manner for the year
under review up to the date of this report. The Board, with the support of the Management Committee as
well as Audit Committee regularly reviews this process.
During the financial year, the Board has reviewed the Group's system of internal control against the
requirements outlined in the Statement on Internal Control: Guidance for Directors of Public Listed Companies
issued by the Kuala Lumpur Stock Exchange's Task Force on Internal Control.
The Group's system of internal control comprise the following key elements:-
Risk Assessment
Throughout the year under review, the Internal Audit Function undertook an on-going review of
the principal and operational risks factors affecting the key business units of the Group. Those
risks factors were identified, evaluated and control measures were implemented to safeguard
those risks from affecting the business objectives of the Group. All risks owners were assigned to
be responsible for ensuring that the controls are adequate and effective in mitigating the risks
factors.
The Board is in the process of mandating the establishment of Risk Management Committee
whom shall report to the Management Committee and subsequently the Audit Committee and
the Board. The Risk Management Committee shall be established at all major subsidiaries of the
Group.
The composition of the Management Committee shall be the Chairman of the Board of Directors,
Chief Executive Officer and is assisted by the Chief Financial Officer and senior management
officers.
The Risk Management Committee for the respective business units shall consist of the Head of
Internal Audit, the Subsidiaries' General Managers and Finance Managers. The respective business
units will be responsible for monitoring and updating their risk profiles as well as evaluating emerging
new risk factors.
A N N U A L R E P O R T 2 0 0 3 19

20
Directors’ Statement on Internal Control (Cont’d)
Control Environment & Activities
The Group has in place an on-going monthly financial reporting system that provides the
Management Committee with information and acts as a resourceful tool for close monitoring of
actual results against budgets. The Management Committee reviews the monthly management
reports, which includes information on financial performance as well as key financial and operational
performance indicators to highlight the achievement of the Group's business objectives. Members
of the Management Committee pay regular visits to all operating units and establish follow-up
actions on major variances reported.
The Group also has in place a Quality Management System under the auspices of the MS ISO
9001 : 2000. This system establishes broad policies and procedures for the efficient running of the
business of the West Malaysian manufacturing-based operating units. These policies and procedures
define proper authorisation level and segregation of duties providing a framework for good internal
control practices.
The Management Committee meets regularly to deliberate on business and operational issues
that include reviewing, formulating and approving all key business objectives and policies. The
reviews are either scheduled or ad-hoc and are held at the respective business units to identify,
discuss and resolve business and operational issues. All significant issues identified during these
meetings that warrant Board attention are reported to the Board accordingly.
Assurance Function
The Group has its own Internal Audit Function. Its main function is to provide independent and
reasonable assurance to the Board and the Audit Committee on the adequacy, integrity and
effectiveness of the Group's system of internal control. Internal control reviews are conducted
regularly and systematically across the Group. Such review comprised of financial, operational as
well as compliance engagement on the Group's operations with proper risk responses for
improvement to be implemented by operating management. These reviews are conducted in
accordance with formally developed audit plans, which takes into account the risk factors identified
during the risk assessment process. The results of these reviews are reported quarterly to the
Audit Committee.
The Management Committee is also responsible to the Board for ensuring proper internal control
procedures are in place at each business unit thus providing added assurance to the Board.
W T K HOLDINGS BERHAD (10141-M)

Directors’ Statement on Internal Control (Cont’d)
Board Review
The Audit Committee reviews reports from the Internal Audit Function pertaining to internal audit
reviews as well as risk assessment reviews, and reports thereon to the Board. Such measures
provide positive endeavor for the Board to take continuous measures to put in place appropriate
action plans to further strengthen the internal control environment of the Group.
The Board is pleased to report that there were no significant weaknesses noted in the Group's
system of internal control during the financial year up to the date of the approval of the annual
report and financial statements.
A N N U A L R E P O R T 2 0 0 3 21

22
Chairman’s Statement
Dear Shareholders,
On behalf of the Board of
Directors, I am pleased to
present the Annual Report
and Audited Financial
Statements of the Group
for the financial year ended
31 December, 2003.
FINANCIAL PERFORMANCE
Riding upon the gradual improvement in global timber prices particularly
towards the second half of 2003, the Group achieved a higher turnover
and profitability for the year. The Group’s turnover rose 12.4% to RM557
million and profit after tax improved 4.3% to reach RM44 million as
compared with FY2002. Consequently, the Group’s earnings per share
(EPS) improved 5.8% to approximately 30 sen.
REVIEW OF OPERATIONS
Timber
Generally for 2003, the tropical timber industry saw a gradual recovery in timber
prices and demand towards the second half of the year. It became apparent
then that the Indonesian Government intensified its level of enforcement to
curb illegal logging and over-production to meet sustainable forestry targets.
This effort gave rise to a supply crunch as Indonesia is a major producer of
tropical timber, contributing about 20% of the world’s supply. On the demand
side, the improving economic outlook in Japan and strong growth in China
and India also led to a rise in demand for timber, reinforcing the positive impact
on timber prices.
For the Group, the year started on a grim note owing to a flat outlook in the
Japanese housing starts, a traditional indicator of the industry’s direction for
the year and also its price leader. However, the continued strong demand for
timber products from alternative markets like China and India and in the second
half, an improved Japanese economy saw a pickup in housing starts and rising
business sentiment and confidence led to timber prices firming up gradually.
Additionally, on the demand side, Japan also reinforced a new standard on its
existing JAS, raising the bar on allowable formaldehyde emission level in
plywood in July 2003. This negatively affected producers that were not yet
JAS-complied and benefited those whom have complied earlier. The revised
JAS requirement effectively narrowed the supply of plywood for the medium
term and as was expected, plywood prices firmed up.
W T K HOLDINGS BERHAD (10141-M)

Chairman’s Statement (Cont’d)
In addition to the steady demand from China, India, South Korea and other
Asian countries, a revival in demand from Japan became visible from the third
quarter of the year onwards. Japan’s upward revision of its wood demand
forecast for 2004 augurs well for the industry and buyers spooked by the
inconsistency of timber supply from Indonesia resorted to Malaysian producers.
The above has benefited our Group owing to our focus on the production of
floor-based plywood, a high value-added product. Floor-based plywood
commands a higher premium due to more stringent production and quality
control processes and the provision of a product warranty. These products are
ultimately endorsed with the buyer’s brandname, hence the emphasis placed
on its quality. WTK is now the largest producer of floor-based plywood to
Japan from Malaysia. Plywood shipments to Japan account for about 80% of
the Group’s plywood sales. An additional line to the Group’s main plywood
mill in Bintulu is expected to be fully commissioned by the 3rd quarter of 2004
and this would expand our production capacity by approximately 25%.
The Group’s round logs markets remain predominantly India, Japan and China.
Sales to India account for 35%, Japan 30% and China 20% of the Group’s
round logs turnover, reflecting the overall trend of log shipments from Sarawak
where India have surpassed both Japan and China in round logs consumption.
The balance 15% of round logs sales goes to various Asian countries. India
was an alternative market the Group first nurtured in 1998-1999 when Japan
slowed down in its wood consumption. From a sales level of about 5% then
and a preference for only one type of timber specie, Selangan Batu, the Group
is proud that its diversification effort has expanded to about 35% contribution
from India presently. Also, India has started buying a range of timber species
that includes Meranti, a specie most abundantly found in Sarawak’s forests.
For a year where the buildup of activity was seen mainly in the last quarter, the
Group’s average logs and plywood prices for the year is a reasonable
improvement of about 4% and 6% respectively as compared with FY2002.
The production volume of logs and plywood consequently rose 25% and 5%
respectively. The year also ended on a positive note for the industry where
players could reasonably expect a strong price recovery in both logs and
plywood in 2004.
A N N U A L R E P O R T 2 0 0 3 23

24
Chairman’s Statement (Cont’d)
Non-Timber
The non-timber manufacturing and trading division, which encompasses the
manufacture and sale of adhesive tapes and aluminium foil products, turned
in improved performance for FY2003. The division registered an almost 25%
jump in pre-tax profits on the back of RM147 million in sales as compared with
the preceding year. The noteworthy improvement was led mainly by a
substantial increase in sales to Singapore, Thailand, Australia and Philippines.
The contributing factors to the improvement were attributable to a better
product mix, improved production efficiency and aggressive marketing plan to
open new export markets and to expand the existing range of tape and foil
products. The Group is proud to be listed in the Malaysia Book of Records as
the largest adhesive tape manufacturer. The Group has also in place a Quality
Management System under the auspices of the ISO series.
CORPORATE DEVELOPMENTS
On 17 April 2003, Immense Fleet Sdn. Bhd. (“IFSB”), a wholly-owned
subsidiary, was granted a Licence for Planted Forests (“Licence”) No
LPF/0032 by the State Government of Sarawak to establish, develop and
maintain a planted forest in accordance with a tree planting plan approved by
the Director of Forests, on a total area of 67,157 hectares of Tree Planting area
in Oya-Kanowit-Katibas, in Sibu, Sarawak. The Licence is valid for 60 (sixty)
years commencing from 28 February 2003, and ending 27 February 2063.
PROSPECTS
The Group expects 2004 to be a relatively good year for the timber industry.
The state of the Japanese’s economic recovery remains an important indicator
for the industry, although major alternative markets such as India and China
have gained substantial ground. The Japanese continues to be the price leader
for the industry due to its stringent demand on quality. In the upstream
segment, the Group’s key focus would be India, Japan, China and other Asian
countries, in that order. The Group expect that log prices are likely to trend up
W T K HOLDINGS BERHAD (10141-M)

Chairman’s Statement (Cont’d)
in 2004 arising from increased demand from these key markets. A lower supply
of logs is anticipated from Indonesia stemming from its government’s effort to
weed out illegal logging and over-production to meet sustainable forestry limits
and hence, would give a boost to prices as well. Given these, the Group expects
to increase its log production volume for the year. For its plywood division, the
Group anticipates a strong recovery in prices, led by higher value-added plywood
products.
For the non-timber manufacturing and trading division, the outlook for the year
remains challenging and competitive due to fluctuating prices of certain major
raw materials. Nevertheless, the Group expects to continue to rationalize its
operations to improve its performance.
DIVIDEND
The Board of Directors has proposed a final dividend of 8% (Year 2002: 7%)
less 28% income tax. The total net dividend payable, if approved at the
forthcoming Annual General Meeting, would amount to RM9,329,272 (Year
2002: RM8,134,637).
APPRECIATION
On behalf of my fellow board members, I wish to extend our appreciation to all
employees for their continued diligence and dedication in their work, leading
to a commendable financial performance for the year. I would also take this
opportunity to thank all our shareholders, regulators, customers and suppliers
for their continual support and confidence in the Group.
DATUK WONG KIE YIK
Chairman
31 May 2004
A N N U A L R E P O R T 2 0 0 3 25

26
Financial Highlights
turnover
(RM’000)
600,000
500,000
400,000
300,000
200,000
100,000
0
550,384
total assets
(RM’000)
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
547,425
451,906
495,892
1999 2000 2001 2002 2003
747,846
784,058
864,855
929,729
1999 2000 2001 2002 2003
557,141
942,976
120,000
100,000
80,000
60,000
40,000
20,000
W T K HOLDINGS BERHAD (10141-M)
profit before tax
(RM’000)
0
112,360
93,870
42,430
53,632
1999 2000 2001 2002 2003
total shareholders’ funds
(RM’000)
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
551,464
619,813
638,256
673,810
1999 2000 2001 2002 2003
705,170 53,494

FINANCIAL
STATEMENTS
28 Directors’ Report
36 Statement by Directors
36 Statutory Declaration
37 Report of the Auditors
38 Income Statements
39 Balance Sheets
41 Consolidated Statement of Changes in Equity
42 Company Statement of Changes in Equity
43 Cash Flow Statements
45 Notes to the Financial Statements

28
Directors’ Report
The directors have pleasure in presenting their report together with the audited financial statements of the
Group and of the Company for the financial year ended 31 December 2003.
PRINCIPAL ACTIVITIES
The principal activities of the Company are investment holding and provision of management services.
The principal activities of the subsidiary and associated companies are described in Note 14 and 15 respectively,
to the financial statements.
There have been no significant changes in the nature of the principal activities during the financial year.
RESULTS
W T K HOLDINGS BERHAD (10141-M)
GROUP COMPANY
RM’000 RM’000
Profit after taxation 44,462 11,079
Minority interest (601) -
Net profit for the year 43,861 11,079
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 were not 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 2002 were as follows:
RM’000 RM’000
In respect of the financial year ended 31 December 2002 as reported in the
directors' report of that year:
Final dividend of 7% less 28% taxation, paid on 18 August 2003 8,135
At the forthcoming Annual General Meeting, a final dividend in respect of the financial year ended 31 December
2003 of 8% less 28% taxation on 163,866,527 ordinary shares less shares bought back and held as treasury
shares, amounting to a total dividend payable of RM9,329,272 (5.76 sen net per share) 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 2004.

Directors’ Report (Cont’d)
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:
Datuk Wong Kie Yik
Lt Gen (Rtd) Datuk Seri Abdul Manap bin Ibrahim
Datuk Wong Kie Nai
Wong Kie Chie
Loh Siew Choon
Tham Sau Kien
John Sian-Zu Lin (resigned on 19 March 2004)
(alternate to Loh Siew Choon)
In accordance with Article 96 of the Company's Articles of Association, Datuk Wong Kie Nai and Mr Loh Siew
Choon retire by rotation from the Board at the forthcoming Annual General Meeting and, being eligible, offer
themselves for re-election.
DIRECTORS' BENEFITS
Neither at the end of the financial year, nor at any time during that 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 as may arise from the share
options to be granted pursuant to the Employees' Share Option Scheme.
Since the end of the previous financial year, no director has received or become entitled to receive a benefit
(other than benefits included in the aggregate amount of emoluments received or due and receivable by the
directors as shown in Note 6 to 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 he is a member, or with a company in which he has a substantial financial interest, except as disclosed
in Note 34 to the financial statements.
A N N U A L R E P O R T 2 0 0 3 29

30
Directors’ Report (Cont’d)
DIRECTORS' INTERESTS
According to the register of directors' shareholdings, the interests of directors in office at the end of the financial
year in shares in the Company and its related corporations during the financial year were as follows:
Number of ordinary shares of RM1.00 each in the Company
As at As at
1.1.2003 Bought Sold 31.12.2003
Direct Interest
Datuk Wong Kie Yik 2,208,154 - - 2,208,154
Datuk Wong Kie Nai 5,634,055 - - 5,634,055
Wong Kie Chie 5,247,010 - - 5,247,010
Indirect Interest
Datuk Wong Kie Yik * 30,887,491 - - 30,887,491
Datuk Wong Kie Nai ** 37,287,789 - - 37,287,789
Wong Kie Chie ** 37,287,789 - - 37,287,789
* Indirect interest through his substantial shareholding in W T K Realty Sdn. Bhd. and Ocarina Development
Sdn. Bhd..
** Indirect interest through their substantial shareholdings in W T K Realty Sdn. Bhd., Harbour-View Realty
Sdn. Bhd. and Ocarina Development Sdn. Bhd..
By virtue of their interest in the shares of the Company, Datuk Wong Kie Yik, Datuk Wong Kie Nai and Wong Kie
Chie are also deemed to be interested in the shares of all the subsidiaries of the Company to the extent the
Company has an interest.
The interests of directors in options granted to subscribe for ordinary shares in the Company pursuant to the
Employees' Share Option Scheme were as follows:
Options to subscribe for ordinary shares of RM1.00 each
As at As at
1.1.2003 Granted Exercised 31.12.2003
Datuk Wong Kie Yik 490,000 - - 490,000
Datuk Wong Kie Nai 500,000 - - 500,000
Wong Kie Chie 500,000 - - 500,000
1,490,000 - - 1,490,000
Other than as disclosed above, none of the other directors in office at the end of the financial year had any
interest in shares in the Company or its related corporations during the financial year.
W T K HOLDINGS BERHAD (10141-M)

Directors’ Report (Cont’d)
EMPLOYEES' SHARE OPTION SCHEME
The main features of the Company's Employees' Share Option Scheme ("ESOS") are as follows:
(a) The maximum amount of ordinary shares of RM1.00 each in the Company which may be subscribed on the
exercise of the ESOS shall not exceed in aggregate 10% of the total issued and paid-up share capital of the
Company at any point of time during the existence of the ESOS.
(b) Eligible employees and executive directors of the Group with at least one year of service shall be eligible to
participate in the ESOS.
(c) The maximum allowable allotment that may be offered to eligible employees and full time executive directors
under the ESOS ranges from 4,000 to 500,000 ordinary shares.
(d) The option price shall be average of the mean market quotation of the shares as quoted and shown in the
Daily Official List issued by Bursa Malaysia for the 5 market days immediately preceding the date of the
offer or the par value of the shares of the Company, whichever is higher, provided always that the exercise
price of such options is allowed to be set at a discount of not more than 10% from the set price at the date
the option is granted.
(e) An option shall be capable of being exercised during the option period starting from the date at which a
written offer from the ESOS committee to any eligible employee or such later date as determined by the
ESOS committee. The Scheme will expire at the end of five years from the commencement of the Scheme
on 24 July 2000.
Pursuant to the ESOS, which commenced on 24 July 2000, options to subscribe for 13,887,000 ordinary shares
of RM1.00 each in the Company have been granted as of 31 December 2003.
The movement in the Company's unissued shares under the ESOS during the financial year is as follows:
Number of ordinary shares of RM1.00 each
As at As at
1.1.2003 Granted Exercised 31.12.2003
13,887,000 - - 13,887,000
A N N U A L R E P O R T 2 0 0 3 31

32
Directors’ Report (Cont’d)
SHARE BUY BACK
At the Annual General Meeting held on 26 June 2003, the Company obtained a renewal of mandate to purchase
its own shares on the Bursa Malaysia Securities Berhad.
During the financial year, the Company purchased a total of 998,000 of its issued ordinary shares of RM1.00
each from the open market for a total cost of RM4,574,654. The repurchases were financed by the Company's
internal funds.
The monthly breakdown of shares bought back for the financial year ended 31 December 2003 were as follows:
No. of Purchase Price Per Share Average Price Total
Ordinary Lowest Highest Per Share Cost
Month Shares RM RM RM RM
Balance b/f 1,945,000 3.86 5.10 4.37 8,504,242
January 215,000 4.76 4.82 4.80 1,036,120
February - - - - -
March 280,000 4.66 4.70 4.68 1,314,911
April 25,000 4.68 4.68 4.68 117,515
May - - - - -
June - - - - -
July - - - - -
August - - - - -
September - - - - -
October 223,000 4.38 4.64 4.51 1,009,443
November - - - - -
December 255,000 4.16 4.38 4.28 1,096,665
TOTAL 2,943,000 3.86 5.10 4.44 13,078,896
All the 2,943,000 (2002: 1,945,000) ordinary shares repurchased by the Company were being held as treasury
shares. There has been no resale of treasury shares or cancellation of shares bought back during the financial year.
Subsequent to 31 December 2003 and up to 25 April 2004, the Company repurchased a further 339,000 shares
at an average price of RM4.21 amounting to total cost of RM1,432,666 and a resale of 1,382,000 treasury
shares at an average price of RM5.92 amounting to total net proceeds of RM8,111,238.
The directors of the Company are committed to enhancing the value of the Company to its shareholders and
believe that the repurchase plan can be applied in the best interests of the Company and its shareholders.
W T K HOLDINGS BERHAD (10141-M)

Directors’ Report (Cont’d)
SIGNIFICANT EVENT DURING THE YEAR
(a) On 28 February 2003, Winning Properties Sdn. Bhd. ("WPSB"), a wholly-owned subsidiary of the Company,
transferred its entire ownership of 100% equity interest in Piramid Intan Sdn. Bhd. ("PISB") and W T K Heli-
Logging Sdn. Bhd. ("WHL") to the Company at a total consideration of RM5,000,000. Following the
reorganisation, the Company subscribed for an additional of 2,400,000 ordinary shares of RM1.00 each in
PISB at par. The Company's ultimate equity ownership of both PISB and WHL remains unchanged but both
PISB and WHL have became direct subsidiaries of the Company. None of the directors or substantial
shareholders of the Company has an interest, direct or indirect, in the reorganisation and subscription.
(b) On 17 April 2003, Immense Fleet Sdn. Bhd., wholly-owned subsidiary of the Company, was granted a Licence
for Planted Forest ("Licence") by the State Government of Sarawak to establish, develop and maintain a
planted forest in accordance with a tree planting plan approved by the Director of Forests, Sarawak on a
total area of 67,157 hectares in Oya-Kanowit-Katibas, Sibu, Sarawak. The Licence is valid for 60 years
commencing from 28 February 2003, and ending on 27 February 2063.
(c) Pursuant to a settlement reached between a subsidiary, Samanda Marketing & Sales Sdn. Bhd., and Avery
Dennison Materials Sdn. Bhd. (formerly known as JAC Malaysia Sdn. Bhd.), the Kuala Lumpur High Court in
Companies (Winding-up) has on 3 September 2003, unconditionally discharged and stayed the winding-up
order made on 7 May 2003 altogether, via the full and final settlement of RM200,000 made during the year.
SUBSEQUENT EVENT
Central Industrial Corporation Berhad ("CICB"), a minority shareholder of Central Mercantile Corporation (M)
Sdn. Bhd. ("CMCM"), a subsidiary of the Company, has on 8 February 2001 presented a petition to wind up
CMCM on the grounds that the Directors of CMCM have not acted in the interest of CMCM. CICB also applied
to the Court to appoint provisional liquidators over CMCM.
The Directors of the Company, in close consultation with the lawyers of the Company, are of the opinion that
CMCM has a fair chance of resisting CICB's petition and CICB's application to appoint provisional liquidators.
Accordingly, the Company and Loytape Industries Sdn. Bhd., the immediate holding company of CMCM have
directed the lawyers to file an appeal, which is now fixed for hearing on 15 June 2004.
A N N U A L R E P O R T 2 0 0 3 33

34
Directors’ Report (Cont’d)
OTHER STATUTORY INFORMATION
(a) Before the income statements and balance sheets 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 provision for doubtful debts and satisfied themselves that all known bad debts had been written off
and that adequate provision 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 not otherwise dealt with in this
report or financial statements of the Group and of the Company which would render:
(i) the amount written off for bad debts or the amount of the provision for doubtful debts inadequate to any
substantial extent; and
(ii) the values attributed to the 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 or 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 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 or 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 of the Group or of the Company which has arisen since the end of the financial
year other than disclosed in Note 35 to the financial statements.
W T K HOLDINGS BERHAD (10141-M)

Directors’ Report (Cont’d)
(f) In the opinion of the directors:
(i) no contingent 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 or of the Company to meet their 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
operations of the Group or of the Company for the financial year in which this report is made.
AUDITORS
The auditors, Ernst & Young, have expressed their willingness to continue in office.
Signed on behalf of the Board in accordance with a resolution of the directors.
DATUK WONG KIE YIK
DATUK WONG KIE NAI
Kuala Lumpur, Malaysia
29 April 2004
A N N U A L R E P O R T 2 0 0 3 35

36
Statement by Directors pursuant to section 169(15) of the Companies Act, 1965
We, Datuk Wong Kie Yik and Datuk Wong Kie Nai being two of the directors of W T K Holdings Berhad, do hereby
state that, in the opinion of the directors, the accompanying financial statements set out on pages 38 to 97 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 2003 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.
DATUK WONG KIE YIK
DATUK WONG KIE NAI
Kuala Lumpur, Malaysia
29 April 2004
Statutory Declaration pursuant to section 169(16) of the Companies Act, 1965
I, Datuk Wong Kie Nai, being the director primarily responsible for the financial management of W T K Holdings
Berhad, do solemnly and sincerely declare that the accompanying financial statements set out on pages 38 to
97 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 Datuk Wong Kie Nai
at Kuala Lumpur in the Federal Territory
on 29 April 2004 DATUK WONG KIE NAI
Before me,
AHMAD LAYA
Commissioner for Oath
Kuala Lumpur, Malaysia
W T K HOLDINGS BERHAD (10141-M)

Report of the Auditors to the Members of W T K Holdings Berhad
We have audited the accompanying financial statements set out on pages 38 to 97. 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 2003 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
subsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions
of the Act.
We have considered the financial statements and the auditors' reports thereon of the subsidiaries of which we
have not acted as auditors, as indicated in Note 14 to the financial statements, being financial statements that
have been included in the consolidated financial statements.
We are satisfied that the financial statements of the subsidiaries 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’ reports on the financial statements of the subsidiaries were not subject to any qualification material
to the consolidated financial statements and did not include any comment required to be made under Section
174(3) of the Act.
Ernst & Young
AF: 0039
Chartered Accountants
Yong Voon Kar
No. 1769/04/06
Partner
Kuala Lumpur, Malaysia
29 April 2004
A N N U A L R E P O R T 2 0 0 3 37

38
Income Statements for the year ended 31 December 2003
Group Company
2003 2002 2003 2002
Note RM'000 RM'000 RM'000 RM'000
Revenue 3 557,141 495,892 12,710 12,212
Cost of sales 4 (454,169) (399,116) - -
Gross profit 102,972 96,776 12,710 12,212
Other operating income 7,928 9,440 29 29
Selling and distribution expenses (22,012) (23,722) - -
Administrative expenses (24,207) (17,748) (1,639) (1,485)
Other operating expenses (127) (131) - -
Profit from operations 5 64,554 64,615 11,100 10,756
Other non-operating (expenses)/income 7 (5,826) (6,123) 274 444
Finance costs 8 (6,419) (6,267) - -
Share of results of associates 828 1,240 - -
Share of results of a jointly controlled entity 356 167 - -
Profit before taxation 53,493 53,632 11,374 11,200
Taxation 9 (9,031) (11,001) (295) (934)
Profit after taxation 44,462 42,631 11,079 10,266
Minority interests (601) (605) - -
Net profit for the year 43,861 42,026 11,079 10,266
Earnings per share (sen)
Basic 10 27.3 25.8
Diluted 10 27.3 25.8
Net dividends per share (sen) 11 5.0 3.6 5.0 3.6
The accompanying notes form an integral part of the financial statements.
W T K HOLDINGS BERHAD (10141-M)

Balance Sheets as at 31 December 2003
NON-CURRENT ASSETS
Group Company
2003 2002 2003 2002
Note RM'000 RM'000 RM'000 RM'000
Property, plant and equipment 12 308,461 312,240 1,534 1,588
Investment properties 13 19,953 19,953 - -
Investments in subsidiaries 14 - - 158,803 151,403
Investments in associate 15 8,016 7, 74 7 1,729 1,729
Investments in jointly controlled entity 16 2,945 2,241 - -
Other investments 17 10,716 17,417 2,796 3,625
Goodwill on consolidation 18 15,406 15,912 - -
Logs purchase rights 19 21,988 25,614 - -
Deferred tax assets 31 12,921 11,362 - -
CURRENT ASSETS
400,406 412,486 164,862 158,345
Development properties 20 - 2,635 - -
Inventories 21 109,976 127,492 - -
Receivables 22 251,453 222,903 64,274 67,063
Tax recoverable 8,183 7,227 1,023 1,016
Short term deposits with licensed financial
institutions 23 30,824 30,415 12,719 18,863
Cash and bank balances 23 142,134 126,571 648 62
CURRENT LIABILITIES
542,570 517,243 78,664 87,004
Payables 24 48,439 53,901 65,357 65,549
Short term borrowings 25 137,100 147,966 - -
Tax payable 3,091 4,437 - -
188,630 206,304 65,357 65,549
NET CURRENT ASSETS 353,940 310,939 13,307 21,455
754,346 723,425 178,169 179,800
A N N U A L R E P O R T 2 0 0 3 39

40
Balance Sheets (Cont’d) as at 31 December 2003
FINANCED BY:
Group Company
2003 2002 2003 2002
Note RM'000 RM'000 RM'000 RM'000
Share capital 27 163,867 163,867 163,867 163,867
Share premium 20 20 20 20
Treasury shares 27 (13,079) (8,504) (13,079) (8,504)
Other reserves 28 (492) (701) 400 400
Retained profits 29 554,854 519,128 26,961 24,017
Shareholders' equity 705,170 673,810 178,169 179,800
Minority interests 19,864 19,585 - -
W T K HOLDINGS BERHAD (10141-M)
725,034 693,395 178,169 179,800
Long term liabilities 30 1,844 3,870 - -
Deferred tax liabilities 31 25,067 23,920 - -
Retirement benefit obligations 32 2,401 2,240 - -
Non-current liabilities 29,312 30,030 - -
754,346 723,425 178,169 179,800
The accompanying notes form an integral part of the financial statements.

Consolidated Statement of Changes in Equity
for the year ended 31 December 2003
Non-Distributable Distributable
Share Share Treasury Other Retained
Note Capital Premium Shares Reserves Profits Total
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
At 1 January 2002
As previously stated 163,867 20 (5,330) (3,008) 482,707 638,256
Prior year adjustments 33 - - - - 231 231
At 1 January 2002
(restated) 163,867 20 (5,330) (3,008) 482,938 638,487
Net profit for the year - - - - 42,026 42,026
Foreign exchange
differences, representing
net gains not recognised
in the income statement - - - 2,307 - 2,307
Acquisition of treasury
shares - - (3,174) - - (3,174)
Dividends 11 - - - - (5,836) (5,836)
At 31 December 2002 163,867 20 (8,504) (701) 519,128 673,810
At 1 January 2003
As previously stated 163,867 20 (8,504) (701) 518,106 672,788
Prior year adjustments 33 - - - - 1,022 1,022
At 1 January 2003
(restated) 163,867 20 (8,504) (701) 519,128 673,810
Net profit for the year - - - - 43,861 43,861
Foreign exchange
differences, representing
net gains not recognised
in the income statement - - - 209 - 209
Acquisition of treasury
shares - - (4,575) - - (4,575)
Dividends 11 - - - - (8,135) (8,135)
At 31 December 2003 163,867 20 (13,079) (492) 554,854 705,170
A N N U A L R E P O R T 2 0 0 3 41

42
Company Statement of Changes in Equity (Cont’d)
for the year ended 31 December 2003
Non-Distributable Distributable
Share Share Treasury Other Retained
Note Capital Premium Shares Reserves Profits Total
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
At 1 January 2002 163,867 20 (5,330) 400 19,587 178,544
Net profit for the year - - - - 10,266 10,266
Acquisition of treasury
shares - - (3,174) - - (3,174)
Dividends 11 - - - - (5,836) (5,836)
At 31 December 2002 163,867 20 (8,504) 400 24,017 179,800
Net profit for the year - - - - 11,079 11,079
Acquisition of treasury
shares - - (4,575) - - (4,575)
Dividends 11 - - - - (8,135) (8,135)
At 31 December 2003 163,867 20 (13,079) 400 26,961 178,169
The accompanying notes form an integral part of the financial statements.
W T K HOLDINGS BERHAD (10141-M)

Cash Flow Statements for the year ended 31 December 2003
CASH FLOWS FROM OPERATING ACTIVITIES
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Profit before taxation 53,493 53,632 11,374 11,200
Adjustments for:
Share of results in associate (828) (1,240) - -
Share of results in jointly controlled entity (356) (167) - -
Impairment losses on other investments 5,900 3,360 - -
Pension costs-defined benefit plan 200 231 - -
Interest expense 6,419 6,267 - -
Interest income (1,128) (907) (428) (475)
Gross dividends (184) (99) (10,782) (10,418)
(Gain)/loss on disposal of other investments (274) 2,763 (274) (444)
(Gain)/loss on disposal of property, plant and equipment (481) (46) - 1
Provision for doubtful debts 97 190 - -
Inventories written off 303 43 - -
Provision for inventories obsolescences 27 - - -
Depreciation 30,793 30,571 86 96
Amortisation of goodwill 506 473 - -
Amortisation of logs purchase rights 3,626 2,376 - -
Property, plant and equipment written off 5 102 - -
Operating profit/(loss) before working capital changes 98,118 97,549 (24) (40)
Changes in working capital:
Development properties 2,635 8,728 - -
Inventories 17,186 (3,367) - -
Receivables (28,647) (22,495) 2,789 (18,126)
Payables (5,462) 3,467 (192) 9,480
Cash generated from/(used in) operations 83,830 83,882 2,573 (8,686)
Taxes paid (11,773) (11,641) (156) (273)
Interest paid (6,419) (6,267) - -
Payment of pension costs-defined benefit plan (87) (193) - -
Net cash generated from/(used in) operating activities 65,551 65,781 2,417 (8,959)
A N N U A L R E P O R T 2 0 0 3 43

44
Cash Flow Statements (Cont’d) for the year ended 31 December 2003
CASH FLOWS FROM INVESTING ACTIVITIES
W T K HOLDINGS BERHAD (10141-M)
Group Company
2003 2002 2003 2002
Note RM'000 RM'000 RM'000 RM'000
Purchase of additional shares in subsidiary - - (7,400) (90)
Proceeds from disposal of property, plant and equipment 574 2,489 - -
Purchase of property, plant and equipment (26,023) (30,185) (32) (10)
Purchase of other investments (156) (2,758) (156) (2,758)
Acquisition of subsidiaries net of cash acquired A - (2) - (2)
Investment in jointly controlled entity (152) (2,074) - -
Interest received 1,128 907 428 475
Proceeds from disposal of other investments 1,259 2,781 1,259 10,782
Net dividend received from an associate 561 476 - -
Net dividend received from subsidiaries - - 10,636 9,718
Net cash (used in)/generated from investing activities (22,809) (28,366) 4,735 18,115
CASH FLOWS FROM FINANCING ACTIVITIES
(Repayment)/drawdown of trade financing facilities (1,512) 16,340 - -
Repayment of term loans (3,874) (4,252) - -
Dividends paid to the Company's shareholders (8,135) (5,836) (8,135) (5,836)
Dividends paid to minority shareholders (322) (323) - -
Repayment of hire purchase (584) (817) - -
Acquisition of treasury shares (4,575) (3,174) (4,575) (3,174)
Net cash (used in)/generated from financing activities (19,002) 1,938 (12,710) (9,010)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 23,740 39,353 (5,558) 146
EFFECTS OF EXCHANGE RATE CHANGES 201 2,098 - -
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 146,040 104,589 18,925 18,779
CASH AND CASH EQUIVALENTS AT END OF YEAR 23 169,981 146,040 13,367 18,925
Note A
Analysis of effects of acquisition of a subsidiary company:
Group
2003 2002
Note RM'000 RM'000
Goodwill - 2
Purchase consideration representing net cash outflow on acquisition of a subsidiary - 2
The accompanying notes form an integral part of the financial statements.

Notes to the Financial Statements 31 December 2003
1. CORPORATE INFORMATION
The principal activities of the Company are investment holding and provision of management services. The
principal activities of the subsidiary and associated companies are described in Note 14 and 15 respectively,
to the financial statements. There have been no significant changes in the nature of the principal activities
during the financial year.
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
Box #377, 9th Floor, Wisma Central, Jalan Ampang, 50450 Kuala Lumpur.
The numbers of employees in the Group and in the Company at the end of the financial year were 3,851
(2002: 3,653) and 17 (2002: 13) respectively.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution
of the directors on 29 April 2004.
2. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Preparation
The financial statements of the Group and of the Company have been prepared under the historical cost
convention except for the revaluation of certain land and buildings included under property, plant and
equipment.
The financial statements comply with the provisions of the Companies Act 1965 and applicable Approved
Accounting Standards in Malaysia.
During the financial year ended 31 December 2003, the Group and the Company adopted the following
MASB Standards for the first time:
MASB 25 Income Taxes
MASB 27 Borrowing Costs
MASB 29 Employee Benefits
The effects of adopting MASB 25 is summarised in the Statements of Changes in Equity and further
information is disclosed in Note 33 to the financial statements. The adoption of MASB 27 and MASB 29
have not given rise to any adjustments to the opening balances of retained profits of the prior and
current year or to changes in comparatives.
A N N U A L R E P O R T 2 0 0 3 45

46
Notes to the Financial Statements (Cont’d) 31 December 2003
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(b) Basis of Consolidation
(i) Subsidiaries
The consolidated financial statements include the financial statements of the Company and all its
subsidiaries. Subsidiaries are those companies in which the Group has a long term equity interest
and where it has power to exercise control over the financial and operating policies so as to obtain
benefits therefrom.
Subsidiaries are consolidated using the acquisition method of accounting except for certain
subsidiaries which are consolidated using the merger method of accounting. Under the acquisition
method of accounting, the results of subsidiary companies acquired or disposed of during the year
are included in the consolidated income statement from the effective date of acquisition or up to
the effective date of disposal, as appropriate. The assets and liabilities of a subsidiary are measured
at their fair values at the date of acquisition and these values are reflected in the consolidated
balance sheet. The difference between the cost of an acquisition and the fair value of the Group’s
share of the net assets of the acquired subsidiary at the date of acquisition is included in the
consolidated balance sheet as goodwill or negative goodwill arising on consolidation.
Acquisition of subsidiaries which meet the criteria for merger are accounted for using merger
accounting pinciples. When the merger method is used, the cost of investment in the Company's
book is recorded at the nominal value of shares issued and the difference between the carrying
value of the investment and the nominal value of shares acquired is treated as merger reserve or
merger deficit. The results of the companies being merged are included as if the merger had been
effected throughout the current and previous financial years.
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 costs cannot be recovered.
The gain or loss on disposal of a subsidiary company is the difference between net disposal proceeds
and the Group’s share of its net assets together with any unamortised balance of goodwill and
exchange differences which were not previously recognised in the consolidated income statement.
Minority interest is measured at the minorities’ share of the post acquisition fair values of the
identifiable assets and liabilities of the acquiree.
(ii) Associates
Associates are those companies in which the Group has a long term equity interest and where it
exercises significant influence over the financial and operating policies.
Investment in associates are accounted for in the consolidated financial statements by the equity
method of accounting based on the audited or management financial statements of the associates.
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
ii) Associates (Cont’d)
Under the equity method of accounting, the Group's share of profits less losses of associates
during the year is included in the consolidated income statement. The Group’s interest in associates
is carried in the consolidated balance sheet at cost plus the Group’s share of post-acquisition retained
profits or accumulated losses and other reserves as well as goodwill on acquisition.
Unrealised gains on transactions between the Group and the associates are eliminated to the extent
of the Group’s interest in the associates. Unrealised losses are eliminated unless cost cannot be
recovered.
(iii) Jointly Controlled Entity
A jointly controlled entity is a joint venture that involves the establishment of a corporation, partnership
or other entity in which the Group has joint control over its economic activity established under a
contractual arrangement.
Investment in jointly controlled entity is accounted for in the consolidated financial statements by
the equity method of accounting based on the audited or management financial statements of the
jointly controlled entity. Under the equity method of accounting, the Group’s share of profits less
losses of jointly controlled entity during the year is included in the consolidated income statement.
The Group’s interest in jointly controlled entity is carried in the consolidated balance sheet at cost
plus the Group’s share of post-acquisition retained profits or accumulated losses and other reserves
as well as goodwill on acquisition.
Unrealised gains on transactions between the Group and its jointly controlled entity are eliminated
to the extent of the Group’s interest in the jointly controlled entity. Unrealised losses are eliminated
unless the transaction provides evidence of impairment of the assets transferred.
(c) Goodwill
Goodwill represents the excess of the cost of acquisition over the Group’s interest in the fair value of
the identifiable assets and liabilities of a subsidiary, associate or jointly controlled entity at the date of
acquisition.
Goodwill 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 2(o). Goodwill arising on
the acquisition of subsidiaries are presented separately in the balance sheet while goodwill arising on
the acquisition of associates and jointly controlled entity are included within the carrying amount of
investment in associates and investment in jointly controlled entity respectively.
Goodwill arising from consolidation is amortised over a period of 40 years commencing 1 October 1986
or from the date of acquisition, if acquired thereafter.
A N N U A L R E P O R T 2 0 0 3 47

48
Notes to the Financial Statements (Cont’d) 31 December 2003
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(d) Investments in Subsidiaries, Associates and Jointly Controlled Entity
The Company’s investments in subsidiaries, associates and jointly controlled entity are stated at cost
less impairment losses. The policy for the recognition and measurement of impairment losses is in
accordance with Note 2(o).
On disposal of such investments, the difference between net disposal proceeds and their carrying
amounts is recognised in the income statement.
(e) Property, Plant and Equipment and Depreciation
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
The policy for the recognition and measurement of impairment losses is in accordance with Note 2(o).
Certain land and buildings are stated at valuation less impairment losses. These assets have not been
revalued since they were first revalued in 1980 and 1996. The directors have not adopted a policy of
regular revaluations of such assets. As permitted under the transitional provisions of IAS 16 (Revised):
Property, Plant and Equipment, these assets continue to be stated at their 1980 and 1996 valuation less
accumulated depreciation. Upon disposal of revalued assets, the attributable revaluation surplus remaining
in the revaluation reserve is transferred to retained profits.
Freehold land and construction in progress are not depreciated. Leasehold land is depreciated over the
period of the respective leases which range from 11 years to 99 years. Depreciation of other property,
plant and equipment is provided for on a straight line basis to write off the cost of each asset to its
residual value over the estimated useful life at the following annual rates:
Office lots 2%
Freehold land and buildings 2%
Factory buildings and improvements 3% - 10%
Furniture, fittings, equipment, renovations and installations 5% - 20%
Plant, machinery, moulds and loose tools 5% - 66 2/3%
Motor vehicles 20%
Roads and bridges 5%
Upon the disposal of an item of property, plant or equipment, the difference between the net disposal
proceeds and the net carrying amount is recognised in the income statement and the unutilised portion
of the revaluation surplus on that item is taken directly to retained profits.
(f) Investment Properties
Investment properties consist of investments in land and buildings that are not substantially occupied
for use by, or in the operations of the Group.
Investment properties are treated as long term investments and are stated at cost.
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(f) Investment Properties (Cont’d)
Upon the disposal of an investment property, the difference between the net disposal proceeds and the
carrying amount is recognised in the income statement.
(g) Development Properties
Land and development expenditure are classified as development properties when significant
development work has been undertaken and is expected to be completed within the normal operating
cycle. Development properties are stated at cost plus attributable profits less foreseeable losses and
progress billings. Cost includes cost of land, all direct building costs, and other related development
expenditure, including interest expenses incurred during the period of active development.
Land held for development consists of land held for future development where no significant development
has been undertaken, and is stated at cost. Cost includes cost of land and attributable development
expenditure. Such assets are classified as development properties when significant development work has
been undertaken and the development is expected to be completed within the normal operating cycle.
(h) Inventories
Inventories are stated at the lower of cost (determined on the weighted average basis) and net realisable
value. Cost of finished goods and work-in-progress includes direct materials, direct labour, other direct
costs and appropriate production overheads. Net realisable value represents the estimated selling price
less all estimated costs to completion and costs to be incurred in marketing, selling and distribution.
Properties held for resale are stated at the lower of cost and net realisable value. Cost is determined on the
specific identification basis and includes costs of land, construction and appropriate development overheads.
(i) Cash and Cash Equivalents
For the purposes of the cash flow statements, cash and cash equivalents include cash on hand and at
bank, deposits at call and short term highly liquid investments which have an insignificant risk of changes
in value, net of outstanding bank overdrafts.
(j) Leases
A lease is recognised as a finance lease if it transfers substantially to the Group all the risks and rewards
incident to ownership. All other leases are classified as operating leases.
(i) Finance lease
Assets acquired by way of hire purchase or finance leases are stated at an amount equal to the
lower of their fair values and the present value of the minimum lease payments at the inception of
the leases, less accumulated depreciation and impairment losses. The corresponding liability is
included in the balance sheet as borrowings. In calculating the present value of the minimum lease
payments, the discount factor used is the interest rate implicit in the lease, when it is practicable to
determine; otherwise, the Company’s incremental borrowing rate is used.
A N N U A L R E P O R T 2 0 0 3 49

50
Notes to the Financial Statements (Cont’d) 31 December 2003
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(i) Finance lease (Cont’d)
Lease payments are apportioned between the finance costs and the reduction of the outstanding
liability. Finance costs, which represent the difference between the total leasing commitments and
the fair value of the assets acquired, are recognised as an expense in the income statement over
the term of the relevant lease so as to produce a constant periodic rate of charge on the remaining
balance of the obligations for each accounting period.
The depreciation policy for leased assets is consistent with that for depreciable property, plant and
equipment as described in Note 2(e).
(ii) Operating lease
Operating lease payments are recognised as an expense in the income statement on a straight-line
basis over the term of the relevant lease.
(k) Income Tax
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 the 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.
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 is 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.
Prior to the adoption of MASB 25 Income Taxes on 1 January 2003, deferred tax was provided for using
the liability method in respect of significant timing differences and deferred tax assets were not
recognised unless there was reasonable expectation of their realisation. This change in accounting policy
has been accounted for retrospectively and the effects of this change is disclosed in Note 33.
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(l) Employee Benefits
(i) Short term benefits
Wages, salaries, bonuses and social security contributions are recognised as an expense in the
year in which the associated services are rendered by employees of the Company. Short term
accumulating compensated absences such as paid annual leave are recognised when services
are rendered by employees that increase their entitlement to future compensated absences, and
short term non-accumulating compensated absences such as sick leave are recognised when the
absences occur.
(ii) Defined contribution plans
As required by law, companies in Malaysia make contributions to the state pension scheme, the
Employees Provident Fund ("EPF"). The Group also contributes to EPF at 3% above the statutory
rate for eligible employees after three or more years of service. Some of the Group foreign subsidiaries
make contributions to their respective countries' statutory pension schemes. Such contributions
are recognised as an expense in the income statement as incurred.
(iii) Defined benefit plan
A subsidiary company operates an unfunded, defined benefit Retirement Benefit Scheme for its nonexecutive
employees, under the unionised collective agreement. Benefits are payable based on the
last drawn salary of the executive and the number of years of service with the subsidiary company.
Provision is made in the balance sheet of the subsidiary company for the cost of retirement benefits
under this Scheme which is determined based on 3/4 months of the last drawn salaries in respect
of employees who have served more than 10 years based on their length of service.
(m) Foreign Currencies
(i) Foreign currency transactions
Transactions in foreign currencies are initially converted into Ringgit Malaysia at rates of exchange
ruling at the date of the transaction. At each balance sheet date, foreign currency monetary items
are translated into Ringgit Malaysia at exchange rates ruling at that date. Non-monetary items initially
denominated in foreign currencies, which are carried at historical cost are translated using the
historical rate as of the date of acquisition and non-monetary items which are carried at fair value
are translated using the exchange rate that existed when the values were determined.
All exchange rate differences are taken to the income statement.
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52
Notes to the Financial Statements (Cont’d) 31 December 2003
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(m) Foreign Currencies (Cont’d)
(ii) Foreign entities
Financial statements of foreign consolidated subsidiaries are translated at year end exchange rates
with respect to the assets and liabilities, and at exchange rates at the dates of the transactions with
respect to the income statement. All resulting translation differences are included in the foreign
exchange reserve in shareholders’ equity.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets
and liabilities of the Company and translated at the exchange rate ruling at the date of the transaction.
The principal exchange rates for every unit of foreign currency ruling at balance sheet date used are
as follows:
2003 2002
RM RM
Singapore Dollar 2.23 2.18
United States Dollar 3.80 3.80
Australian Dollar 2.85 2.11
(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 the revenue can be measured reliably.
(i) Sale of goods
Revenue relating to sale of goods is recognised net of sales taxes and discounts upon the transfer
of risks and rewards.
(ii) Development properties
Revenue from sale of development properties is accounted for by the stage of completion method
in respect of all building units that have been sold. The stage of completion is determined by reference
to the costs incurred to date to the total estimated costs where the outcome of the projects can be
reliably estimated.
(iii) Revenue from services
Revenue from services rendered is recognised net of service taxes and discounts as and when the
services are performed.
(iv) Interest income, rental income and management income
Interest income, rental income and management income are recognised on a time proportion basis
that reflects the effective yield on the asset.
(v) Dividend income
Dividend income is recognised when the right to receive payment is established.
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(o) Impairment of Assets
At each balance sheet date, the Group reviews the carrying amounts of its assets to determine whether
there is any indication of impairment. If any such indication exists, impairment is measured by comparing
the carrying values of the assets with their recoverable amounts. Recoverable amount is the higher of
net selling price and value in use, which is measured by reference to discounted future cash flows.
An impairment loss is charged to the income statement immediately, unless the asset is carried at a
revalued amount. Any impairment loss of a revalued asset is treated as a revaluation decrease to the
extent of any unutilised previously recognised revaluation surplus for the same asset. Reversal of
impairment losses recognised in prior years is recorded when the impairment losses recognised for the
asset no longer exist or have decreased.
(p) Provision for Liabilities
Provisions for liabilities are recognised when the Group has a present obligation as a result of a past
event and it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation, and a reliable estimate of the amount can be made. Provisions are reviewed at
each balance sheet date and adjusted to reflect the current best estimate. Where the effect of the time
value of money is material, the amount of a provision is the present value of the expenditure expected
to be required to settle the obligation.
(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
contractual arrangement. 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) Other Non-Current Investments (Quoted and Unquoted Investments)
Non-current investments other than investments in subsidiaries, associates, jointly controlled entity
and investment properties are stated at cost less impairment losses. The policy for the recognition
and measurement of impairment losses is in accordance with Note 2(o).
On disposal of an investment, the difference between net disposal proceeds and its carrying amount
is recognised in the income statement.
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54
Notes to the Financial Statements (Cont’d) 31 December 2003
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(q) Financial Instruments (Cont’d)
(ii) Receivables
Receivables are carried at anticipated realisable values. Bad debts are written off when identified.
An estimate is made for doubtful debts based on a review of all outstanding amounts as at the
balance sheet date.
(iii) Payables
Payables are stated at cost which is the fair value of the consideration to be paid in the future for
goods and services received.
(iv) Interest-Bearing Borrowings
Interest-bearing bank loans and overdrafts are recorded at the amount of proceeds received, net of
transaction costs.
Borrowing costs directly attributable to 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 cost applicable to the Group's 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 qualifying asset, the amount of borrowing
costs 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 as an expense in
the period in which they are incurred.
(v) Equity Instruments
Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in
the period in which they are declared.
The transaction costs of an equity transaction are accounted for as a deduction from equity, net of
tax. Equity transaction costs comprise only those incremental external costs directly attributable to
the equity transaction which would otherwise have been avoided.
When issued shares of the Company are repurchased, the consideration paid, including any
attributable transaction costs is presented as a change in equity. Repurchased shares that have not
been cancelled are classified as treasury shares and presented as a deduction from equity. No gain
or loss is recognised in the income statement on the sale, re-issuance or cancellation of treasury
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(q) Financial Instruments (Cont’d)
3. REVENUE
(v) Equity Instrument (Cont’d)
shares. When treasury shares are reissued by resale, the difference between the sales consideration
and the carrying amount of the treasury shares is shown as a movement in equity.
(vi) Logs Purchase Rights
This represents initial cost incurred in obtaining the exclusive rights to purchase the merchantable
timber logs from a company, having the right to fell extract and harvest merchantable timber logs
from the concession area granted under forest timber license No.T/3024.
Logs purchase rights are stated at cost less accumulated amortisation and impairment losses.
Amortisation is charged to the income statement in proportion to timber resources in the concession
area estimated by the directors to be 727,776 cubic meters based on an independent professional
survey report. The policy for the recognition and measurement of impairment losses is in accordance
with Note 2(o).
Revenue of the Group and of the Company consists of the following:
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Sales of goods 555,446 485,833 - -
Rendering of services 393 380 - -
Sales of properties 120 8,605 - -
Rental income 570 500 - -
Dividend income 184 99 10,782 10,418
Interest income 428 475 428 475
Management fee income - - 1,500 1,319
4. COST OF SALES
557,141 495,892 12,710 12,212
Cost of sales represents cost of inventories sold, costs of services provided and cost of development
properties sold.
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56
Notes to the Financial Statements (Cont’d) 31 December 2003
5. PROFIT FROM OPERATIONS
Profit from operations is stated after charging:
W T K HOLDINGS BERHAD (10141-M)
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Amortisation of goodwill 506 473 - -
Amortisation of logs purchase rights 3,626 2,376 - -
Auditors' remuneration:
- current 421 427 50 50
- under/(over) provision in prior year 3 (3) - -
Depreciation (Note 12) 30,793 30,571 86 96
Directors' remuneration (Note 6) 1,967 2,450 437 338
Provision for doubtful debts 97 190 - -
Bad debts written off 457 795 - -
Rental of premises 422 393 - -
Rental of equipment 470 348 - -
Property, plant and equipment written off 5 102 - -
Loss on disposal of property, plant and equipment - - - 1
Provision for pension costs-defined benefit plan 200 231 - -
Inventories written off 316 43 - -
Provision for inventories obsolescence 27 - - -
Loss on foreign exchange-realised 3 3 - -
Staff costs (excluding Directors' Remuneration):
- wages, salaries and bonus 40,554 37,365 614 613
- social security costs 390 358 4 4
- pension costs-defined contribution plan 3,514 3,279 84 71
- pension costs-defined benefit plan 200 231 - -
- other staff related expenses 976 781 - -

Notes to the Financial Statements (Cont’d) 31 December 2003
5. PROFIT FROM OPERATIONS (CONT’D)
Profit from operations is stated after crediting:
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Gross dividends from:
- subsidiaries - - 10,221 9,943
- associate - - 377 377
- third parties 184 227 184 98
Management fees from:
- subsidiaries - - 1,500 1,319
- jointly controlled entity 213 120 - -
Interest income 1,128 907 428 475
Rental income from:
- subsidiaries - - 29 29
- third parties 806 696 - -
Gain on disposal of property, plant and equipment 481 46 - -
Gain on foreign exchange
- realised 601 521 - -
- unrealised 27 - - -
Car park income 773 834 - -
Provision for doubtful debts written back 252 - - -
Provision for stock obsolescence no longer required 13 - - -
6. DIRECTORS' REMUNERATION
Directors of the Company
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Executive:
- salaries and allowances 409 394 216 202
- bonus 72 66 72 66
- benefits-in-kind 5 - 5 -
486 460 293 268
Non-Executive:
- salaries and allowances 120 140 - 20
- fees 203 102 120 50
- benefits-in-kind 24 - 24 -
347 242 144 70
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58
Notes to the Financial Statements (Cont’d) 31 December 2003
6. DIRECTORS' REMUNERATION (CONT’D)
Other Directors
W T K HOLDINGS BERHAD (10141-M)
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Non-Executive:
- salaries and allowances 1,120 1,748 - -
- benefits-in-kind 14 - - -
1,134 1,748 - -
1,967 2,450 437 338
Analysis excluding benefits-in-kind:
Total executive directors' emuneration excluding
benefits-in-kind 481 460 288 268
Total non-executive directors' remuneration 1,443 1,990 120 70
Total directors' remuneration excluding benefit-in-kind 1,924 2,450 408 338
The number of directors of the Company whose total remuneration during the year fell within the following
bands is analysed below:
Number of Directors
2003 2002
Non- Non-
Executive Executive Executive Executive
Directors Directors Directors Directors
Below RM50,000 - 4 - 4
RM50,001 - RM100,000 - - - -
RM100,001 - RM150,000 - - - -
RM150,001 - RM200,000 - 1 - 1
RM200,001 - RM250,000 - - - -
RM250,001 - RM300,000 - - - -
RM300,001 - RM350,000 - - - -
RM350,001 - RM400,000 - - - -
RM400,001 - RM450,000 - - - -
RM450,001 - RM500,000 1 - 1 -

Notes to the Financial Statements (Cont’d) 31 December 2003
7. OTHER NON-OPERATING (EXPENSES)/INCOME
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Impairment losses on other investments (5,900) (3,360) - -
Gain/(loss) on disposal of other investments 274 (2,763) 274 444
Compensation to supplier for settlement of legal suit (200) - - -
8. FINANCE COSTS
(5,826) (6,123) 274 444
Group
2003 2002
RM'000 RM'000
Interest expense on:
- term loans 222 481
- bank overdrafts 3,046 2,735
- hire purchase 94 147
- trade financing facilities 3,057 2,904
9. TAXATION
6,419 6,267
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Tax expense for the year:
- Malaysian income tax 10,751 10,431 276 934
- Foreign tax 683 790 - -
11,434 11,221 276 934
Deferred tax (Note 31):
- Relating to the origination and reversal of temporary
differences (831) (888) - -
- Under/(over)provision in prior year 419 (130) - -
(412) (1,018) - -
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60
Notes to the Financial Statements (Cont’d) 31 December 2003
9. TAXATION (CONT’D)
W T K HOLDINGS BERHAD (10141-M)
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Under/(over)provided in prior years:
- Malaysian income tax (1,977) 605 19 -
- Foreign tax - (167) - -
(1,977) 438 19 -
Share of taxation in associate 182 340 - -
Share of taxation in jointly controlled entity (196) 20 - -
9,031 11,001 295 934
Domestic income is calculated at the Malaysian statutory tax rate of 28% (2002: 28%) of the estimated
assessable profit for the year.
With effect from 1 January 2003, the corporate tax rates for companies with paid up capital of RM2.5
million and below at the beginning of the basis period for the year of assessment are as follows:
Chargeable income Rate
First RM100,000 20%
Amount exceeded RM100,000 28%
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdiction.
A reconciliation of income tax expense applicable to profit before taxation at the statutory income tax rate
to income tax expense at the effective income tax rate of the Group and the Company is as follows:
Group 2003 2002
RM RM
Profit before taxation 53,493 53,632
Taxation at Malaysian statutory rate of 28% (2002:28%) 14,978 15,017
Effect of different tax rates in other countries (179) (217)
Tax incentive obtained from differential tax rate of 20% (63) -
Income not subject to tax (164) (668)
Expenses not deductible for tax purposes 5,675 5,981
Utilisation of previously unrecognised tax losses and unabsorbed capital allowances (1,305) (350)

Notes to the Financial Statements (Cont’d) 31 December 2003
9. TAXATION (CONT’D)
Group 2003 2002
RM RM
Utilisation of previously unrecognised unutilised reinvestment allowances - (1,019)
Utilisation of current year's reinvestment allowances (440) (205)
Double deduction of expenses (1,459) (1,654)
Capitalisation of assets not allowable for tax purposes (177) (50)
Deferred tax assets recognised in current year:
- subsidiary (329) (764)
- jointly controlled entity (117) -
Deferred tax assets not recognised 584 374
Income from pioneer status not subject to tax (6,308) (5,863)
Under/(over) provision of deferred tax in prior years
- subsidiaries 419 (130)
- jointly controlled entity (180) -
(Over)/underprovision of income tax in prior years (1,977) 438
Others 73 111
Tax expense for the year 9,031 11,001
Company
Profit before taxation 11,374 11,200
Taxation at Malaysian statutory rate of 28% (2002:28%) 3,185 3,136
Income not subject to tax (2,949) (2,202)
Expenses not deductible for tax purposes 47 -
Utilisation of previously unrecognised unabsorbed capital allowances (14) -
Deferred tax assets not recognised 7 -
Underprovision of income tax in prior years 19 -
Tax expense for the year 295 934
Tax losses are analysed as follows:
Tax savings recognised during the year arising from:
Group
2003 2002
RM'000 RM'000
Utilisation of tax losses brought forward from previous years 198 -
Unutilised tax losses carried forward 10,820 3,619
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62
Notes to the Financial Statements (Cont’d) 31 December 2003
10. EARNINGS PER SHARE
(a) Basic
Basic earnings per share is calculated by dividing the net profit for the year by the weighted average
number of ordinary shares in issue during the financial year, excluding treasury shares held by the
Company.
Group
2003 2002
Net profit for the year (RM'000) 43,861 42,026
Weighted average number of ordinary shares in issue ('000) 160,924 162,661
Basic earnings per share (sen) 27.3 25.8
(b) Diluted
For the purpose of calculating diluted earnings per share, the net profit for the year and the weighted
average number of ordinary shares in issue during the financial year have been adjusted for the effects of
dilutive potential ordinary shares from conversion of the share options. The adjusted weighted average
number of ordinary shares is the weighted average number of ordinary shares in issue during the financial
year plus the weighted average number of ordinary shares which would be issued on the conversion of
the outstanding share options into ordinary shares. The share options are deemed to have been converted
into ordinary shares on the first day of the financial year, or on the date granted if later, and the number of
shares repurchased and held as treasury shares have been excluded from the number of shares in issue.
W T K HOLDINGS BERHAD (10141-M)
Group
2003 2002
Net profit for the year (RM'000) 43,861 42,026
Weighted average number of ordinary shares in issue ('000) 160,924 162,661
Adjustment for share options ('000) - * - *
Adjusted weighted average number of ordinary shares in issue and
issuable ('000) 160,924 162,661
Diluted earnings per share (sen) 27.3 25.8
* The number of share options is not taken into account in the computation of diluted earnings per
share because its effects on the basic earnings per share is anti-dilutive.

Notes to the Financial Statements (Cont’d) 31 December 2003
11. DIVIDENDS
Amount Net Dividends per Share
2003 2002 2003 2002
RM'000 RM'000 sen sen
Final dividend of 5% less 28% taxation, paid on
14 August 2002 - 5,836 - 3.6
Final dividend of 7% less 28% taxation, paid on
18 August 2003 8,135 - 5.0 -
8,135 5,836 5.0 3.6
At the forthcoming Annual General Meeting, a final dividend in respect of the financial year ended 31
December 2003 of 8% less 28% taxation on 163,866,527 ordinary shares less shares bought back and held
as treasury shares, amounting to a total dividend payable of RM9,329,272 (5.76 sen net per share) 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 2004.
12. PROPERTY, PLANT AND EQUIPMENT
GROUP
Written off/ Exchange Reclassi-
1.1.2003 Additions Disposals reserve fication 31.12.2003
Cost / Valuation RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Freehold land
- at cost 2,395 - - - - 2,395
- at valuation, 1980 685 - - - - 685
- at valuation, 1996 8,401 - - - - 8,401
Long term leasehold land
and buildings
- at cost 510 - - - - 510
- at valuation, 1996 332 - - - - 332
Short term leasehold land
and buildings
- at cost 8,404 317 (10) - - 8,711
- at valuation, 1996 14,868 - - - - 14,868
Office lots (long term) 4,132 - - - - 4,132
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64
Notes to the Financial Statements (Cont’d) 31 December 2003
12. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
GROUP
Written off/ Exchange Reclassi-
1.1.2003 Additions Disposals reserve fication 31.12.2003
Cost / Valuation RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Freehold land and buildings 6,974 314 - 94 - 7,382
Factory buildings
and improvements
- at cost 88,854 3,517 - - (124) 92,247
- at valuation, 1980 35,465 - - - - 35,465
Furniture, fittings, equipment,
renovations and installations 12,425 1,010 (377) 9 (19) 13,048
Plant, machinery, moulds and
loose tools 262,563 7,580 (3,474) 8 2,057 268,734
Motor vehicles 11,310 631 (50) 27 - 11,918
Road and bridges 113,932 9,470 - - - 123,402
Construction in progress 6,615 4,231 - - (1,914) 8,932
577,865 27,070 (3,911) 138 - 601,162
GROUP
Depreciation
Charge for Written off/ Exchange Reclassi-
Accumulated Depreciation 1.1.2003 the year Disposals reserve fication 31.12.2003
and Impairment Losses RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Long term leasehold land
and buildings
- at cost 83 7 - - - 90
Short term leasehold land
and buildings
- at cost 4,070 445 (8) - - 4,507
- at valuation, 1996 2,628 383 - - - 3,011
Office lots (long term) 1,116 84 - - - 1,200
Freehold land and buildings 3,196 364 - 64 - 3,624
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
12. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
GROUP
Depreciation
Charge for Written off/ Exchange Reclassi-
Accumulated Depreciation 1.1.2003 the year Disposals reserve fication 31.12.2003
and Impairment Losses RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Factory buildings
and improvements
- at cost 19,057 2,874 - - (160) 21,771
- at valuation, 1980 8,418 1,113 - - 160 9,691
Furniture, fittings, equipment,
renovations and installations 8,403 1,195 (373) 8 - 9,233
Plant, machinery, moulds and
loose tools 158,751 16,489 (3,389) 7 - 171,858
Motor vehicles 8,450 954 (43) 17 - 9,378
Road and bridges 51,453 6,885 - - - 58,338
265,625 30,793 (3,813) 96 - 292,701
GROUP
At 31 At 31 Depreciation
December December charge
2003 2002 for 2002
Net Book Value RM'000 RM'000 RM'000
Freehold land
- at cost 2,395 2,395 -
- at valuation, 1980 685 685 -
- at valuation, 1996 8,401 8,401 -
Long term leasehold land and buildings
- at cost 420 427 4
- at valuation, 1996 332 332 -
Short term leasehold land and buildings
- at cost 4,204 4,334 421
- at valuation, 1996 11,857 12,240 383
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66
Notes to the Financial Statements (Cont’d) 31 December 2003
12. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
GROUP
At 31 At 31 Depreciation
December December charge
2003 2002 for 2002
Net Book Value RM'000 RM'000 RM'000
Office lots (long term) 2,932 3,016 82
Freehold land and buildings 3,758 3,778 295
Factory buildings and improvements
- at cost 70,476 69,797 2,823
- at valuation, 1980 25,774 27,047 935
Furniture, fittings, equipment, renovations and installations 3,815 4,022 1,453
Plant, machinery, moulds and loose tools 96,876 103,812 16,788
Motor vehicles 2,540 2,860 958
Road and bridges 65,064 62,479 6,429
Construction in progress 8,932 6,615 -
COMPANY
Cost
W T K HOLDINGS BERHAD (10141-M)
308,461 312,240 30,571
Furniture,
Fittings,
Equipment
Office and Office Motor
Lots Installations Renovation Vehicles Total
RM'000 RM'000 RM'000 RM'000 RM'000
At 1 January 2003 2,058 348 232 721 3,359
Additions - 29 3 - 32
At 31 December 2003 2,058 377 235 721 3,391

Notes to the Financial Statements (Cont’d) 31 December 2003
12. PROPERTY, PLANT AND EQUIPMENT (CONT’D)
Company
Accumulated Depreciation and
Impairment Losses
Furniture,
Fittings,
Equipment
Office and Office Motor
Lots Installations Renovation Vehicles Total
RM'000 RM'000 RM'000 RM'000 RM'000
At 1 January 2003 651 249 150 721 1,771
Depreciation charge for the year (Note 5) 41 21 24 - 86
At 31 December 2003 692 270 174 721 1,857
Net Book Value
At 31 December 2003 1,366 107 61 - 1,534
At 31 December 2002 1,407 99 82 - 1,588
Depreciation charge for 2002 (Note 5) 41 19 24 12 96
Certain freehold land, factory buildings, improvements and renovation of certain subsidiary companies were
revalued in 1980 and 1996 based on independent professional valuation using the 'Market Data Approach',
'Cost Approach' and 'Open Market Value' basis. These assets have continued to be stated on the basis of
their 1980 and 1996 valuations.
The net book value of assets stated at valuation had they been stated at cost would have been RM23,503,000
(2002: RM25,297,000) in respect of the Group.
Property, plant and equipment with carrying value of RM215,276,000 (2002: RM217,042,000) have been
pledged to licensed banks for credit facilities as stated in Note 25 and Note 35 to the financial statements.
Included in the net book value of property, plant & equipment are assets purchased under hire purchase
arrangements amounting to RM2,170,000 (2002: RM1,296,000) for the Group.
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68
Notes to the Financial Statements (Cont’d) 31 December 2003
13. INVESTMENT PROPERTIES
W T K HOLDINGS BERHAD (10141-M)
Group
2003 2002
RM'000 RM'000
At cost:
At 1 January/31 December 19,953 19,953
Investment properties of the Group pledged to financial institutions for bank borrowings as referred to in
Note 25 amounted to RM2,194,926 (2002: RM2,194,926).
14. INVESTMENTS IN SUBSIDIARIES
Company
2003 2002
RM'000 RM'000
Unquoted shares, at cost 164,485 157,085
Less : Accumulated impairment losses (5,682) (5,682)
Details of the subsidiaries are as follows:
Equity Interest
Held (%)
Name of Subsidiaries 2003 2002 Principal Activities
Incorporated in Malaysia
(except as identified):
158,803 151,403
Cairnfield Sdn. Bhd. 100.00 100.00 Manufacture and sale of veneer, plywood,
sawn timber and timber logs
Central Mercantile Corporation (S) Ltd.* 100.00 100.00 Trading in tapes, foil and papers
(Incorporated in Singapore)
Dusun Nyiur Sdn. Bhd. 100.00 100.00 Property investment
First Count Sdn. Bhd. 100.00 100.00 Extraction and sale of timber logs
Gopoint Sdn. Bhd. 100.00 100.00 Manufacture and sale of sawn timber
Kuching Plywood Bhd. 100.00 100.00 Manufacture and sale of plywood and
sawn timber

Notes to the Financial Statements (Cont’d) 31 December 2003
14. INVESTMENTS IN SUBSIDIARIES (CONT’D)
Equity Interest
Held (%)
Name of Subsidiaries 2003 2002 Principal Activities
Incorporated in Malaysia
(except as identified):
Limpah Mewah Sdn. Bhd. 100.00 100.00 Extraction and sale of timber logs
Loytape Industries Sdn. Bhd. 100.00 100.00 Manufacture and sale of adhesive and
gummed tapes and investment holding
Ninjas Development Sdn. Bhd. 100.00 100.00 Extraction and sale of timber logs
Piramid Intan Sdn. Bhd. 100.00 100.00 Purchase and sale of timber logs
Samanda Equities Sdn. Bhd. 100.00 100.00 Investment holding and property rental
Samanda Trading Sdn. Bhd. 100.00 100.00 Trading of adhesive and gummed tapes
and packaging related products
Sanitama Sdn. Bhd. 100.00 100.00 Extraction and sale of timber logs
Sarawak Moulding Industries Berhad 100.00 100.00 Manufacture, purchase and sale of sawn
timber
Song Logging Company Sendirian Berhad 100.00 100.00 Sawmilling, extraction and sale of timber
logs
Sut Sawmill (3064) Sdn. Bhd. 100.00 100.00 Extraction and sale of timber logs
Woodbanks Industries (M) Sdn. Bhd. 100.00 100.00 Manufacture and sale of sawn timber
Winning Properties Sdn. Bhd. 100.00 100.00 Investment holding
W T K Heli-Logging Sdn. Bhd. 100.00 100.00 Logging contractor and operation of
barge
Samanda Marketing & Sales Sdn. Bhd. 87.55 87.55 Renting of property, plant and equipment
A N N U A L R E P O R T 2 0 0 3 69

70
Notes to the Financial Statements (Cont’d) 31 December 2003
14. INVESTMENTS IN SUBSIDIARIES (CONT’D)
Equity Interest
Held (%)
Name of Subsidiaries 2003 2002 Principal Activities
Incorporated in Malaysia
(except as identified):
General Aluminium Works (M) Sdn. Bhd. 87.15 87.15 Conversion of aluminium foils, flexible
packaging, metallized and electrostatic
discharge products
Central Mercantile Corporation (M) Sdn. Bhd. 85.00 85.00 Investment holding
Samanda Marketing Corporation Sdn. Bhd. 85.00 85.00 Property rental
Zapstat Sdn. Bhd. 61.00 61.00 Trading in electrostatic discharge
products
Foil Converter & Printing Sdn. Bhd. 87.15 87.15 Ceased operations
General Gomma (M) Sdn. Bhd. 69.64 69.64 Ceased operations
QPA Sdn. Bhd. 55.56 55.56 Ceased operations
Flexitronics Packaging Corporation Berhad 100.00 100.00 Dormant
Immense Fleet Sdn. Bhd. 100.00 100.00 Dormant
Loytape Manufacturing Sdn. Bhd. 100.00 100.00 Dormant
Splendid Trend Sdn. Bhd. 100.00 100.00 Dormant
WTK-YINK Heli Harvesting Sdn. Bhd. 100.00 100.00 Dormant
* Not audited by Ernst & Young
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
15. INVESTMENTS IN ASSOCIATES
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Unquoted shares, at cost 1,729 1,729 1,729 1,729
Share of post acquisition reserves 6,287 6,018 - -
Represented by:
Share of net assets 7,684 7,554
Prior year adjustment - (139)
Goodwill on acquisition 332 332
8,016 7, 74 7 1,729 1,729
8,016 7,747
Shares of post acquisition profits and reserves retained are as follows:
Group
2003 2002
RM'000 RM'000
Share of operating profits 828 1,379
Prior year adjustment - (139)
Taxation (182) (340)
646 900
Dividends paid (377) (377)
269 523
Retained profits at beginning of the year 6,018 5,495
Details of the associate is as follows:
Equity Interest
Held (%)
Name of Associate 2003 2002 Principal Activities
Incorporated in Malaysia
6,287 6,018
Central Elastic Corporation Sdn. Bhd. 29.88 29.88 Manufacture and sale of rubber and
elastic products
A N N U A L R E P O R T 2 0 0 3 71

72
Notes to the Financial Statements (Cont’d) 31 December 2003
16. INVESTMENTS IN JOINTLY CONTROLLED ENTITY
W T K HOLDINGS BERHAD (10141-M)
Group
2003 2002
RM'000 RM'000
Unquoted shares, at cost 2,226 2,074
Share of post acquisition reserves 719 167
2,945 2,241
Represented by:
Share of net tangible assets 2,855 2,151
Goodwill on acquisition 90 90
Details of the jointly controlled entity is as follows:
Equity Interest
Held (%)
Name of Jointly Controlled Entity 2003 2002 Principal Activities
Incorporated in Malaysia
2,945 2,241
Mundet Sales and Technology 50.00 50.00 Perforation of cigarette tipping papers
(M) Sdn. Bhd.
The Group's aggregate share of the assets, liabilities, income and expenses of the jointly controlled entity
is as follows:
2003 2002
RM'000 RM'000
Current assets 1,469 1,407
Non-current assets 2,554 1,826
Current liabilities (809) (1,062)
Non-current liabilities (359) (20)
Net assets 2,855 2,151
Revenue 3,907 1,870
Expenses (3,355) (1,701)

Notes to the Financial Statements (Cont’d) 31 December 2003
17. OTHER INVESTMENTS
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Unquoted shares, at cost 20,164 18,063 - -
Less : Accumulated impairment losses (12,416) (4,440) - -
7,748 13,623 - -
Quoted shares, at cost 3,702 4,515 2,796 3,625
Less : Accumulated impairment losses (734) (721) - -
2,968 3,794 2,796 3,625
10,716 17,417 2,796 3,625
Market value of quoted shares 2,993 3,066 2,654 2,928
The directors regard the impairment losses of quoted investments of the Group amounting to approximately
RM734,000 (RM721,000) in the current financial year is temporary in nature as the investee's net tangible
assets exceeds the current carrying value of the investment.
18. GOODWILL ON CONSOLIDATION
Group
2003 2002
RM'000 RM'000
At 1 January 15,912 16,383
Arising from acquisition of subsidiary - 2
Less : Amortisation charge for the financial year (506) (473)
At 31 December 15,406 15,912
19. LOGS PURCHASE RIGHTS
Group
2003 2002
RM'000 RM'000
At 1 January 25,614 27,990
Less : Accumulated amortisation (3,626) (2,376)
At 31 December 21,988 25,614
A N N U A L R E P O R T 2 0 0 3 73

74
Notes to the Financial Statements (Cont’d) 31 December 2003
20. DEVELOPMENT PROPERTIES
W T K HOLDINGS BERHAD (10141-M)
Group
2003 2002
RM'000 RM'000
At cost:
Leasehold land - 414
Freehold land - 1,038
- 1,452
Development expenditure - 1,183
21. INVENTORIES
- 2,635
Group
2003 2002
RM'000 RM'000
At cost:
Finished goods 63,177 66,417
Work-in-progress 5,985 7,878
Raw materials 22,407 29,442
Consumable inventories 13,966 12,769
Materials in transit 1,473 1,343
Completed properties 2,635 70
109,643 117,919
At net realisable value:
Finished goods 333 9,573
22. RECEIVABLES
109,976 127,492
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Trade receivables 192,423 166,329 - -
Less: Provision for doubtful debts (4,197) (4,012) - -
188,226 162,317 - -

Notes to the Financial Statements (Cont’d) 31 December 2003
22. RECEIVABLES (CONT’D)
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Other receivables:
Sundry receivables 65,113 42,469 7,254 6,439
Deposits and prepayments 2,653 23,757 1,359 181
Less: Provision for doubtful debts (4,754) (6,305) (454) (454)
63,012 59,921 8,159 6,166
Due from subsidiaries - - 56,134 60,916
Less: Provision for doubtful debts - - (19) (19)
- - 56,115 60,897
Due from jointly controlled entity 215 665 - -
251,453 222,903 64,274 67,063
The Group's normal trade credit terms ranges from 30 to 90 days. Other credit terms are assessed and
approved on a case-by-case basis.
The Group has no significant concentration of credit risk that may arise from exposures to a single debtor or
to groups of debtors.
The amount due from subsidiaries and jointly controlled entity are unsecured, interest-free and have no
fixed terms of repayment.
23. CASH AND CASH EQUIVALENTS
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Cash on hand and at bank 142,134 126,571 648 62
Short term deposits with licensed financial institutions 30,824 30,415 12,719 18,863
Cash and bank balances 172,958 156,986 13,367 18,925
Less: Bank overdrafts (Note 25) (2,977) (10,946) - -
Cash and cash equivalents 169,981 146,040 13,367 18,925
A N N U A L R E P O R T 2 0 0 3 75

76
Notes to the Financial Statements (Cont’d) 31 December 2003
23. CASH AND CASH EQUIVALENTS (CONT’D)
The range of interest rates during the financial year for deposits were as follows:
W T K HOLDINGS BERHAD (10141-M)
Group Company
2003 2002 2003 2002
% % % %
Licensed financial institutions 2.65 - 3.20 2.70 - 3.20 2.65 - 3.20 2.70 - 3.20
The range of maturity days of deposits as at the end of the financial year were as follows:
Group Company
2003 2002 2003 2002
Days Days Days Days
Licensed financial institutions 2 - 31 28 - 31 2 - 31 28 - 31
24. PAYABLES
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Trade payables 32,228 35,434 - -
Other payables:
Accruals 5,127 12,884 140 121
Sundry payables 10,790 5,332 2,102 2,079
15,917 18,216 2,242 2,200
Due to directors 294 251 - -
Due to subsidiaries - - 63,115 63,349
48,439 53,901 65,357 65,549
The amount due to subsidiaries and directors are unsecured, interest-free and have no fixed terms of
repayment.

Notes to the Financial Statements (Cont’d) 31 December 2003
25. BORROWINGS
Short Term Borrowings
Group
2003 2002
RM'000 RM'000
Secured:
Bank overdrafts 817 111
Term loans 1,630 3,561
Trade financing facilities 54,315 38,073
Hire purchase (Note 26) 814 424
57,576 42,169
Unsecured:
Bank overdrafts 2,160 10,835
Term loans 640 484
Trade financing facilities 76,724 94,478
Long Term Borrowings
79,524 105,797
137,100 147,966
Secured:
Term loans (Note 30) 359 2,027
Hire purchase (Note 26, 30) 479 406
838 2,433
Unsecured:
Term loans (Note 30) 630 1,061
Total Borrowings
1,468 3,494
138,568 151,460
Bank overdrafts (Note 23) 2,977 10,946
Term loans 3,259 7,133
Trade financing facilities 131,039 132,551
Hire purchase 1,293 830
138,568 151,460
A N N U A L R E P O R T 2 0 0 3 77

78
Notes to the Financial Statements (Cont’d) 31 December 2003
25. BORROWINGS (CONT’D)
W T K HOLDINGS BERHAD (10141-M)
Group
2003 2002
RM'000 RM'000
Total Borrowings (Cont’d)
Maturity of borrowings (excluding hire purchase)
Within one year 136,286 147,542
More than 1 year and less than 5 years 989 3,088
137,275 150,630
The range of interest rates during the financial year for borrowings, excluding hire purchase payables, were
as follows:
Group
2003 2002
% %
Bank overdrafts 6.9 - 7.9 4.9 - 7.4
Term loans 4.2 - 5.8 7.2 - 7.7
Trade financing facilities 2.9 - 4.4 3.1 - 4.6
The secured bank overdrafts and trade financing facilities of the Group are secured by certain assets of the
Group as disclosed in Note 12. The term loans are secured by the following:
(a) Registered charge over the property, plant and equipment of certain subsidiaries as disclosed in Note 12;
(b) Registered charge over the investment properties of a subsidiary as disclosed in Note 13;
(c) Debenture by way of a fixed and floating charge on the assets of certain subsidiaries; and
(d) Corporate guarantee by the Company.
26. HIRE PURCHASE
Group
2003 2002
RM'000 RM'000
Minimum lease payments:
Not later than 1 year 928 522
Later than 1 year and not later than 5 years 536 499
1,464 1,021
Less: Future finance charges (171) (191)
Present value of finance lease liabilities 1,293 830

Notes to the Financial Statements (Cont’d) 31 December 2003
26. HIRE PURCHASE (CONT’D)
Group
2003 2002
RM'000 RM'000
Present value of finance lease liabilities:
Not later than 1 year 814 424
Later than 1 year and not later than 5 years 479 406
1,293 830
Analysed as:
Due within 12 months (Note 25) 812 424
Due after 12 months (Note 25) 481 406
1,293 830
The hire purchase bore interest at the balance sheet date of between 3.8% to 6.9% (2002: 3.8% to 6.9%)
per annum.
27. SHARE CAPITAL
Number of Ordinary
Share of RM1.00 each Amount
2003 2002 2003 2002
'000 '000 RM'000 RM'000
Authorised:
At 1 January/31 December 1,000,000 1,000,000 1,000,000 1,000,000
Issued and fully paid:
At 1 January/31 December 163,867 163,867 163,867 163,867
Employee Share Options Scheme ("ESOS")
The Company's Employee Share Options Scheme ("ESOS") is governed by the by-laws approved by the
shareholders at an Extraordinary General Meeting held on 28 April 2000.
The main features of the ESOS are as follows:
(a) The maximum amount of ordinary shares of RM1 each in the Company which may be subscribed on the
exercise of the ESOS shall not exceed in aggregate 10% of the total issued and paid-up share capital of
the Company at any point of time during the existence of the ESOS.
A N N U A L R E P O R T 2 0 0 3 79

80
Notes to the Financial Statements (Cont’d) 31 December 2003
27. SHARE CAPITAL (CONT’D)
Employee Share Options Scheme ("ESOS") (Cont’d)
(b) Eligible employees and executive directors of the Group with at least one year of service shall be eligible
to participate in the ESOS.
(c) The maximum allowable allotment that may be offered to eligible employees and full time executive
directors under the ESOS ranges from 4,000 to 500,000 ordinary shares.
(d) The option price shall be average of the mean market quotation of the shares as quoted and shown in
the Daily Official List issued by Bursa Malaysia Securities Berhad for the 5 market days immediately
preceding the date of the offer or the par value of the shares of the Company, whichever is higher,
provided always that the exercise price of such options is allowed to be set at a discount of not more
than 10% from the set price at the date the option is granted.
(e) An option shall be capable of being exercised during the option period starting from the date at which a
written offer from the ESOS committee to any eligible employee or such later date as determined by the
ESOS committee. The Scheme will expire at the end of five years from the commencement of the
Scheme on 24 July 2000.
Pursuant to the ESOS, which commenced on 24 July 2000, options to subscribe for 13,887,000 ordinary
shares of RM1 each in the Company have been granted as of 31 December 2003.
The movement in the Company's unissued shares under the ESOS during the financial year is as follows:
Treasury Shares
Number of Ordinary Shares of RM1.00 Each
At At
1.1.2003 Granted Exercised 31.12.2003
13,887,000 - - 13,887,000
At the Annual General Meeting held on 26 June 2003, the Company obtained a renewal of mandate to
purchase its own shares on the Bursa Malaysia Securities Berhad.
During the financial year, the Company purchased a total of 998,000 of its issued ordinary shares of RM1
each from the open market for a total cost of RM4,574,654. The repurchases were financed by the Company's
internal funds.
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
27. SHARE CAPITAL (CONT’D)
Treasury Shares (Cont’d)
The monthly breakdown of shares bought back for the financial year ended 31 December 2003 were as
follows:
No. of Purchase Price Per Share Average Price Total
Ordinary Lowest Highest Per Share cost
Month Shares RM RM RM RM
Balance b/f 1,945,000 3.86 5.10 4.37 8,504,242
January 215,000 4.76 4.82 4.80 1,036,120
February - - - - -
March 280,000 4.66 4.70 4.68 1,314,911
April 25,000 4.68 4.68 4.68 117,514
May - - - - -
June - - - - -
July - - - - -
August - - - - -
September - - - - -
October 223,000 4.38 4.64 4.51 1,009,443
November - - - - -
December 255,000 4.16 4.38 4.28 1,096,666
TOTAL 2,943,000 3.86 5.10 4.44 13,078,896
All the 2,943,000 (2002: 1,945,000) ordinary shares repurchased by the Company were being held as treasury
shares. There has been no resale of treasury shares or cancellation of shares bought back during the financial year.
Subsequent to 31 December 2003 and up to 25 April 2004, the Company repurchased a further 339,000 shares
at an average price of RM4.21 amounting to total cost of RM1,432,666 and a resale of 1,382,000 treasury shares
at an average price of RM5.92 amounting to total net proceeds of RM8,111,238.
The directors of the Company are committed to enhancing the value of the Company to its shareholders and
believe that the repurchase plan can be applied in the best interests of the Company and its shareholders.
A N N U A L R E P O R T 2 0 0 3 81

82
Notes to the Financial Statements (Cont’d) 31 December 2003
28. OTHER RESERVES (Non-Distributable)
W T K HOLDINGS BERHAD (10141-M)
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Foreign exchange (492) (701) - -
Capital reserve - - 400 400
(492) (701) 400 400
The movement in each category of reserve were as follows:
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Foreign Exchange Reserves
At 1 January (701) (3,008) - -
Arising in the year 209 2,307 - -
At 31 December (492) (701) - -
Capital reserve
At 1 January/31 December - - 400 400
29. RETAINED PROFITS
As at balance sheet date, the Company has tax exempt account balance available for distribution of tax
exempt dividends approximately RM37,958,000 (2002: RM37,550,000) and tax credit under Section 108 of
the Income Tax Act, 1967 to frank the payment of dividends amounting to RM1,595,000 (2002: RM8,871,000)
out of its retained profits. Any dividends paid in excess of the above amounts will attract taxation at the
prevailing statutory tax rate.

Notes to the Financial Statements (Cont’d) 31 December 2003
30. LONG TERM LIABILITIES
Long term borrowings
Group
2003 2002
RM'000 RM'000
Secured:
Term loans (Note 25) 359 2,027
Hire purchase (Note 25) 479 406
838 2,433
Unsecured:
Term loans (Note 25) 630 1,061
Amount owing to an associated investor of a subsidiary company 376 376
31. DEFERRED TAXATION
1,844 3,870
Group
2003 2002
RM'000 RM'000
At 1 January 12,558 13,576
Recognised in the income statement (Note 9) (412) (1,018)
At 31 December 12,146 12,558
Presented after appropriate offsetting as follows:
Deferred tax assets (12,921) (11,362)
Deferred tax liabilities 25,067 23,920
12,146 12,558
A N N U A L R E P O R T 2 0 0 3 83

84
Notes to the Financial Statements (Cont’d) 31 December 2003
31. DEFERRED TAXATION (CONT’D)
The components and movements of deferred tax liabilities and assets during the financial year prior to
offsetting are as follows:
Deferred tax liabilities of the Group:
W T K HOLDINGS BERHAD (10141-M)
Recognised
in the
At income At
1.1.2003 statement 31.12.2003
RM'000 RM'000 RM'000
Accelerated capital allowances 18,133 1,671 19,804
Deferred tax on business combinations 12,740 (69) 12,671
Deferred tax assets of the Group:
30,873 1,602 32,475
Retirement benefit obligations (589) (44) (633)
Unutilised capital allowances and reinvestment allowances (3,166) (417) (3,583)
Provision for doubtful debts (754) - (754)
Unabsorbed capital allowances under pioneer business (13,780) (1,554) (15,334)
Others (26) 1 (25)
Deferred tax assets have not been recognised in respect of the following items:
(18,315) (2,014) (20,329)
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Unabsorbed capital allowances 9,207 11,123 91 115
Unabsorbed tax losses 10,820 3,619 - -
Unabsorbed reinvestment allowances 3,119 3,119 - -
The unused tax losses and unabsorbed capital allowances are available indefinitely for offset against future
taxable profits of the subsidiaries in which those items arose. Deferred tax assets have not been recognised
in respect of these items as they may not used to offset taxable profits of other subsidiaries in the Group
and they have arisen in subsidiaries that have a recent history of losses.

Notes to the Financial Statements (Cont’d) 31 December 2003
32. RETIREMENT BENEFIT OBLIGATIONS
Certain subsidiaries of the Group operates an unfunded defined benefit plan for its eligible employees in
accordance with the terms and conditions of employment between the Company and its employees.
The amounts recognised in the balance sheet are determined as follows:
Group
2003 2002
RM'000 RM'000
Present value of unfunded defined benefit obligations 2,401 2,240
Analysed as:
Current:
Within 1 year - 45
Non-current:
Later than 1 year but not later than 2 years - 46
Later than 2 years but not later than 5 years 27 -
Later than 5 years 2,374 2,149
The amounts recognised in the income statement are as follows:
2,401 2,195
2,401 2,240
Group
2003 2002
RM'000 RM'000
Current service cost 56 97
Interest cost 144 134
Total, included in staff cost 200 231
Movements in the net liability in the current year were as follows:
At 1 January 2,240 2,206
Effects of foreign exchange 48 41
Current year's provision 200 231
2,488 2,478
Paid during the year (87) (193)
At 31 December 2,401 2,285
Amount payable within the next 12 months - (45)
2,401 2,240
A N N U A L R E P O R T 2 0 0 3 85

86
Notes to the Financial Statements (Cont’d) 31 December 2003
32. RETIREMENT BENEFIT OBLIGATIONS (CONT’D)
Principal actuarial assumptions used:
W T K HOLDINGS BERHAD (10141-M)
Group
2003 2002
% %
Discount rate 7.00 7.00
Expected rate of salary increases 3.75 3.75
33. CHANGES IN ACCOUNTING POLICIES AND PRIOR YEAR ADJUSTMENTS
(a) Changes in Accounting Policies
During the financial year, the Group and the Company applied three new MASB Standards, which became
effective from 1 January 2003, and accordingly modified certain accounting policies. The changes in
accounting policies which resulted in prior year adjustments is MASB 25: Income Taxes.
Under MASB 25, deferred tax liabilities are recognised for all taxable temporary differences. Previously,
deferred tax liabilities were provided for on account of timing differences only to the extent that a tax
liability was expected to materialise in the foreseeable future. In addition, the Group and the Company
have commenced recognition of deferred tax assets for all deductible temporary differences, when it is
probable that sufficient taxable profit will be available against which the deductible temporary differences
can be utilised. Previously, deferred tax assets were not recognised unless there was reasonable
expectation of their realisation.
(b) Prior Year Adjustments
The changes in accounting policies have been applied retrospectively and comparatives have been
restated. The effects of changes in accounting policies are as follows:
Group
2003 2002
RM'000 RM'000
Effects on retained profits:
At 1 January, as previously stated 518,106 482,707
Effects of adopting MASB 25 1,022 231
At 1 January, as restated 519,128 482,938
Comparative amounts as at 31 December 2002 have been restated as follows:
Previously
Stated Adjustments Restated
Group RM'000 RM'000 RM'000
Investments in associate 7,886 (139) 7,747
Deferred tax liabilities (13,720) (10,200) (23,920)
Deferred tax assets - 11,362 11,362

Notes to the Financial Statements (Cont’d) 31 December 2003
34. SIGNIFICANT RELATED PARTY TRANSACTIONS
Group
Amount Amount
outstanding outstanding
as at as at
Note 2003 31.12.03 2002 31.12.02
RM'000 RM'000 RM'000 RM'000
Log sales:
Linshanhao Plywood (Sarawak) Sdn. Bhd. a 13,449 10,781 9,356 5,235
Sawn timber sales:
Stanmore Construction Sdn. Bhd. b 108 178 69 69
W T K Realty Builder Sdn. Bhd. c - - 89 158
Arctic Star Sdn. Bhd. d - - - 60
W T K Realty Sdn. Bhd. e - - 36 150
W T K Trading Sdn. Bhd. f 596 - - -
704 178 194 437
Purchase of logs:
Harbour-View Realty Sdn. Bhd. g 12,160 1,630 13,051 1,797
Jati Bahagia Sdn. Bhd. h 7,760 4,054 12,271 3,462
Sentiaya Sdn. Bhd. i 379 3,019 1,146 726
Protection Gloves Sdn. Bhd. j 5,600 3,400 5,863 1,141
Hung Ling Sawmill Sdn. Bhd. k 3,764 1,923 5,042 -
Faedah Mulia Sdn. Bhd. l 42,418 5,048 37,509 6,229
Sabal Sawmill Sdn. Bhd. m 2,688 757 2,276 278
W T K Realty Sdn. Bhd. e 229 - - -
Harvard Rank Sdn. Bhd. n 2,851 625 1,596 1,129
Lee Ling Enterprise Sdn. Bhd. o 678 - 374 1,227
Trumac Industries Sdn. Bhd. p 2,646 539 1,141 (45)
Oxford Empire Sdn. Bhd. q 507 2,277 384 34
Victrovest Sdn. Bhd. r 475 1,837 745 1,622
Related party relationship:
82,155 25,109 81,398 17,600
(a) Linshanhao Plywood (Sarawak) Sdn. Bhd.
The Directors and major shareholders of the Company, namely, Datuk Wong Kie Yik, Datuk Wong Kie
Nai, Wong Kie Chie and their family members are directors of Linshanhao Plywood (Sarawak) Sdn. Bhd.,
Ocarina Development Sdn. Bhd., a company deemed connected to Datuk Wong Kie Yik, Datuk Wong Kie
Nai and Wong Kie Chie by virtue of their substantial shareholdings in Ocarina Development Sdn. Bhd., is
the sole shareholder of Linshanhao Plywood (Sarawak) Sdn. Bhd.
A N N U A L R E P O R T 2 0 0 3 87

88
Notes to the Financial Statements (Cont’d) 31 December 2003
34. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONT’D)
(b) Stanmore Construction Sdn. Bhd.
Datuk Wong Kie Yik is a major shareholder of Stanmore Construction Sdn. Bhd..
(c) W T K Realty Builder Sdn. Bhd.
The Directors and major shareholders of the Company, namely Datuk Wong Kie Yik, Datuk Wong Kie Nai,
Wong Kie Chie and their family members are directors and/or major shareholders of W T K Realty Builder
Sdn. Bhd.
(d) Arctic Star Sdn. Bhd.
Datuk Wong Kie Nai and his family members are directors and/or major shareholders of Arctic Star
Sdn. Bhd..
(e) W T K Realty Sdn. Bhd.
The Directors and major shareholders of the Company, namely Datuk Wong Kie Yik, Datuk Wong Kie Nai,
Wong Kie Chie and their family members are directors and/or major shareholders of W T K Realty Sdn. Bhd..
(f) W T K Trading Sdn. Bhd.
The Directors and major shareholders of the Company namely, Datuk Wong Kie Yik, Datuk Wong Kie Nai,
Wong Kie Chie and their family members are directors and/or major shareholders of W T K Trading Sdn. Bhd..
(g) Harbour-View Realty Sdn. Bhd.
The Directors and major shareholders of the Company, namely Datuk Wong Kie Yik, Datuk Wong Kie Nai,
Wong Kie Chie and their family members are directors and/or major shareholders of Harbour-View Realty
Sdn. Bhd.
(h) Jati Bahagia Sdn. Bhd.
The major shareholders of Jati Bahagia Sdn. Bhd. are family members of the Directors and major
shareholders of the Company, namely Datuk Wong Kie Nai and Datuk Wong Kie Yik.
(i) Sentiaya Sdn. Bhd.
The Directors and major shareholders of the Company, namely Datuk Wong Kie Yik, Datuk Wong Kie Nai
and Wong Kie Chie are major shareholders of Sentiaya Sdn. Bhd. whilst their family members are also
directors and/or major shareholders of this company.
(j) Protection Gloves Sdn. Bhd.
The Directors and major shareholders of the Company, namely Datuk Wong Kie Yik, Datuk Wong Kie Nai
and Wong Kie Chie are directors and major shareholders of Protection Gloves Sdn. Bhd. whilst their
family members are also the directors of this company.
(k) Hung Ling Sawmill Sdn. Bhd.
The Directors and major shareholders of the Company, namely Datuk Wong Kie Yik, Datuk Wong Kie Nai,
Wong Kie Chie and their family members are directors and/or major shareholders of Hung Ling Sawmill
Sdn. Bhd.. K.N. Wong (M) Sdn. Bhd., a company deemed connected to Datuk Wong Kie Nai by virtue of
his substantial shareholdings in K.N. Wong (M) Sdn. Bhd., is also a major shareholder of Hung Ling
Sawmill Sdn. Bhd.
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
34. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONT’D)
(l) Faedah Mulia Sdn. Bhd.
The Directors and major shareholders of the Company, namely Datuk Wong Kie Yik and Datuk Wong Kie
Nai are directors and major shareholders of Faedah Mulia Sdn. Bhd. whilst their family members and
Wong Kie Chie are the directors of this company.
(m) Sabal Sawmill Sdn. Bhd.
The Directors and major shareholders of the Company, namely Datuk Wong Kie Yik, Datuk Wong Kie Nai,
Wong Kie Chie and their family members are directors of Sabal Sawmill Sdn. Bhd.. Siew Doh Development
Co. Sdn. Bhd. and Double E. Holdings Sdn. Bhd., companies deemed connected to Datuk Wong Kie Yik,
Datuk Wong Kie Nai and Wong Kie Chie, by virtue of their substantial shareholdings in both these
companies, are substantial shareholders of Sabal Sawmill Sdn. Bhd..
(n) Harvard Rank Sdn. Bhd.
The Directors and major shareholders of the Company, Datuk Wong Kie Yik, Datuk Wong Kie Nai, Wong
Kie Chie and their family members are directors and/or major shareholders of Harvard Rank Sdn. Bhd..
(o) Lee Ling Enterprise Sdn. Bhd.
The Directors and major shareholders of the Company, namely Datuk Wong Kie Yik, Datuk Wong Kie Nai
and family members are directors of Lee Ling Enterprise Sdn. Bhd.. WTK Timber Processing Industries
Sdn. Bhd., a company deemed connected to Datuk Wong Kie Yik and Datuk Wong Kie Nai by virtue of
their substantial shareholdings in WTK Timber Processing Industries Sdn. Bhd., is a major shareholder
of Lee Ling Enterprise Sdn. Bhd..
(p) Trumac Industries Sdn. Bhd.
The Directors and major shareholders of the Company namely, Datuk Wong Kie Yik, Datuk Wong Kie Nai
and their family members are directors and/or major shareholders of Trumac Industries Sdn. Bhd..
(q) Oxford Empire Sdn. Bhd.
The directors and major shareholders of Oxford Empire Sdn. Bhd. are family members of Datuk Wong
Kie Yik.
(r) Victrovest Sdn. Bhd.
The directors and major shareholders of Victrovest Sdn. Bhd. are family members of Datuk Wong Kie Yik.
Related parties referred to here are companies in which the Company's directors have substantial financial
interest. Sales of timber related products to these companies are determined based on competitive pricing
of similar products in the open market.
Part of the purchases of raw materials are based upon terms and conditions which are mutually agreed with
the related companies as stated in the Contracts for Log Supply renewed between the parties on 1 January
2002. The Contract for Log Supply was renewed for a further period of three (3) years on the same terms
and conditions in the previous contract.
A N N U A L R E P O R T 2 0 0 3 89

90
Notes to the Financial Statements (Cont’d) 31 December 2003
34. SIGNIFICANT RELATED PARTY TRANSACTIONS (CONT’D)
W T K HOLDINGS BERHAD (10141-M)
Company
2003 2002
RM'000 RM'000
Gross dividends from:
- Subsidiaries
Loytape Industries Sdn. Bhd. 1,125 1,500
General Aluminium Works (M) Sdn. Bhd. 2,179 2,179
Central Mercantile Corporation (S) Ltd. 3,250 3,847
Song Logging Company Sendirian Berhad 1,000 500
Limpah Mewah Sdn. Bhd. 500 500
Cairnfield Sdn. Bhd. 1,000 1,000
Samanda Equities Sdn. Bhd. - 417
Dusun Nyiur Sdn. Bhd. 417 -
Sut Sawmill Sdn. Bhd. 250 -
Ninjas Development Sdn. Bhd. 250 -
Sanitama Sdn. Bhd. 250 -
- Associate
Central Elastic Corporation Sdn. Bhd. 377 377
Management fees income from subsidiaries:
Loytape Industries Sdn. Bhd. 200 144
General Aluminium Works (M) Sdn. Bhd. 844 756
Samanda Equities Sdn. Bhd. 198 198
Dusun Nyiur Sdn. Bhd. 22 22
Samanda Trading Sdn. Bhd. 200 199
Samanda Marketing Corporation Sdn. Bhd. 36 -
Rental income from subsidiary:
General Aluminium Works (M) Sdn. Bhd. 29 29
The directors are of the opinion that all the transactions above have been entered into in the normal course
of business and have been established on terms and conditions that are not materially different from those
obtainable in transactions with unrelated parties.
35. CONTINGENT LIABILITIES
Company
2003 2002
RM'000 RM'000
Secured:
Guarantees to banks and financial institutions on behalf of subsidiaries 33,023 39,169

Notes to the Financial Statements (Cont’d) 31 December 2003
35. CONTINGENT LIABILITIES (CONT’D)
The guarantees to banks and financial institutions by the Company are secured by fixed and floating charges
over the assets and undertakings of the subsidiaries.
Group Company
2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000
Unsecured:
Guarantees to banks and financial institutions on
behalf of subsidiaries - - 99,031 106,858
Export bills discounted by bank but outstanding
at year end 35 162 - -
Bank guarantee to third party on behalf of
other companies 1,325 500 - -
Purchases in dispute (Note 37c) - 330 - -
36. CAPITAL COMMITMENTS
1,360 992 99,031 106,858
Group
2003 2002
RM'000 RM'000
Approved and contracted for:
Property, plant and equipment - 148
Non cancellable outstanding rental commitments
Not later than 1 year 221 127
Later than 1 year and not later than 5 years 139 -
Contracted but not provided for 63 -
A N N U A L R E P O R T 2 0 0 3 91

92
Notes to the Financial Statements (Cont’d) 31 December 2003
37. OTHER SIGNIFICANT EVENTS
(a) On 28 February 2003, Winning Properties Sdn. Bhd. ("WPSB"), a wholly-owned subsidiary of the Company,
transferred its entire ownership of 100% equity interest in Piramid Intan Sdn. Bhd. ("PISB") and W T K
Heli-Logging Sdn. Bhd. ("WHL") to the Company at a total consideration of RM5,000,000. Following the
reorganisation, the Company subscribed for an additional of 2,400,000 ordinary shares of RM1.00 each
in PISB at par. The Company's ultimate equity ownership of both PISB and WHL remains unchanged but
both PISB and WHL have became direct subsidiaries of the Company. None of the directors or substantial
shareholders of the Company has an interest, direct or indirect, in the reorganisation and subscription.
(b) On 17 April 2003, Immense Fleet Sdn. Bhd., wholly-owned subsidiary of the Company, was granted a
Licence for Planted Forest ("Licence") by the State Government of Sarawak to establish, develop and
maintain a planted forest in accordance with a tree planting plan approved by the Director of Forests,
Sarawak on a total area of 67,157 hectares in Oya-Kanowit-Katibas, Sibu, Sarawak. The Licence is valid
for 60 years commencing from 28 February 2003, and ending on 27 February 2063.
(c) Pursuant to a settlement reached between a subsidiary, Samanda Marketing & Sales Sdn. Bhd., and
Avery Dennison Materials Sdn. Bhd. (formerly known as JAC Malaysia Sdn. Bhd.), the Kuala Lumpur
High Court in Companies (Winding-up) has on 3 September 2003, unconditionally discharged and stayed
the winding-up order made on 7 May 2003 altogether, via the full and final settlement of RM200,000
made during the year.
38. SUBSEQUENT EVENT
Central Industrial Corporation Berhad ("CICB"), a minority shareholder of Central Mercantile Corporation (M)
Sdn. Bhd. ("CMCM"), a subsidiary of the Company, has on 8 February 2001 presented a petition to wind up
CMCM on the grounds that the Directors of CMCM have not acted in the interest of CMCM. CICB also
applied to the Court to appoint provisional liquidators over CMCM.
The Directors of the Company, in close consultation with the lawyers of the Company, are of the opinion
that CMCM has a fair chance of resisting CICB's petition and CICB's application to appoint provisional
liquidators. Accordingly, the Company and Loytape Industries Sdn. Bhd., the immediate holding company of
CMCM, have directed the lawyers to file an appeal, which is now fixed for hearing on 15 June 2004.
39. FINANCIAL INSTRUMENTS
(a) Financial Risk, Management Objectives and Policies
The Group’s financial risk management policy seeks to ensure that adequate financial resources are
available for the development of the Group’s businesses whilst managing its interest rate, foreign
exchange, liquidity and credit risks. The Group operates within clearly defined guidelines that are approved
by the Board and the Group’s policy is not to engage in speculative transactions.
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
39. FINANCIAL INSTRUMENTS (CONT’D)
(b) Interest Rate Risk
The Group’s primary interest rate risk relates to interest-bearing debt, as the Group had no substantial
long term interest-bearing assets as at 31 December 2003. The investments in financial assets are
mainly short term in nature and they are not held for speculative purposes but have been mostly placed
in fixed deposits.
The Group manages its interest rate exposure by maintaining a prudent mix of fixed and floating rate
borrowings. The Group actively reviews its debt portfolio, taking into account the investment holding
period and nature of its assets. This strategy allows it to capitalise on cheaper funding in a low interest
rate environment and achieve a certain level of protection against rate hikes.
The information on maturity dates and effective interest rates of financial assets and liabilities are
disclosed in their respective notes.
(c) Foreign Exchange Risk
The Group operates internationally and is exposed to various currencies, mainly Singapore Dollar, United
States Dollar and Australian Dollar. Foreign currency denominated assets and liabilities together with
expected cash flows from highly probable purchases and sales give rise to foreign exchange exposures.
Foreign exchange exposures in transactional currencies other than functional currencies of the operating
entities are kept to an acceptable level.
The net unhedged financial assets and financial liabilities of the Group companies that are not
denominated in their functional currencies are as follows:
At 31 December 2003:
Trade Trade Other Bank
receivables payables payables borrowings Total
RM RM RM RM RM
United States Dollar 5,442,117 245,452 8,803 3,496,651 9,193,023
Hong Kong Dollar 294,678 - - - 294,678
Australian Dollar 513,331 - - - 513,331
Pound Sterling 374,713 - 7,020 - 381,733
Singapore Dollar 8,934 - 43,300 - 52,234
Euro - - 14,727 - 14,727
Swedish Francs - 29,173 36,919 - 66,092
6,633,773 274,625 110,769 3,496,651 10,515,818
A N N U A L R E P O R T 2 0 0 3 93

94
Notes to the Financial Statements (Cont’d) 31 December 2003
39. FINANCIAL INSTRUMENTS (CONT’D)
(c) Foreign Exchange Risk (Cont’d)
At 31 December 2002:
W T K HOLDINGS BERHAD (10141-M)
Trade Trade Other
receivables payables payables Total
RM RM RM RM
United States Dollar 5,465,975 131,306 - 5,597,281
Hong Kong Dollar 286,654 - - 286,654
Australian Dollar 146,104 - - 146,104
Singapore Dollar 177,058 - 66,412 243,470
Swedish Francs - 25,659 11,974 37,633
6,075,791 156,965 78,386 6,311,142
(d) Liquidity Risk
The Group actively manages its debt maturity profile, operating cash flows and the availability of funding
so as to ensure that all refinancing, repayment and funding needs are met. As part of its overall prudent
liquidity management, the Group maintains sufficient levels of cash or cash convertible investments to
meet its working capital requirements. In addition, the Group strives to maintain available banking facilities
of a reasonable level to its overall debt position. As far as possible, the Group raises committed funding
from both capital markets and financial institutions and prudently balances its portfolio with some short
term funding so as to achieve overall cost effectiveness.
(e) Credit Risk
Credit risks, or the risk of counterparties defaulting, is controlled by the application of credit approvals,
limits and monitoring procedures. Credit risks are minimised and monitored via strictly limiting the
Group’s associations to business partners with high creditworthiness. Trade receivables are monitored
on an ongoing basis via Group management reporting procedures.
The Group does not have any significant exposure to any individual customer or counterparty nor does
it have any major concentration of credit risk related to any financial instruments.
(f) Fair Values
Financial assets and financial liabilities which are not carried at fair value on the balance sheets of the
Group and of the Company as at the end of the financial year are unquoted investments, amounts due
to/from related corporations, associates, jointly controlled entities and a minority shareholder.
It is not practical to estimate the fair value of the Group’s non-current unquoted shares because of the
lack of quoted market prices and the inability to estimate fair value without incurring excessive costs.
However, the Group believes that the carrying amount represents the recoverable values.

Notes to the Financial Statements (Cont’d) 31 December 2003
39. FINANCIAL INSTRUMENTS (CONT’D)
(f) Fair Values (Cont’d)
It is also not practical to estimate the fair values of amounts due to/from related corporations, associates,
jointly controlled entities and a minority shareholder due principally to a lack of fixed repayment term
entered by the parties involved and without incurring excessive costs. However, the Group does not
anticipate the carrying amounts recorded at the balance sheet date to be significantly different from the
values that would eventually be received or settled.
The nominal/notional amount and net fair value of financial instruments not recognised in the balance
sheets of the Group and of the Company as at the end of the financial year are contingent liabilities. It
is not practicable to estimate the fair value of contingent liabilities reliably due to the uncertainties of
timing, costs and eventual outcome.
The carrying amount of Cash and Cash Equivalents, Trade and Other Receivables/Payables and Short
Term Borrowings approximate fair values due to the relatively short term maturity of these financial
instruments.
The fair value of non-current quoted shares as disclosed in Note 17 to the financial statements is as
determined by reference to stock exchange quoted market bid prices at the close of the business on the
balance sheet date. Certain quoted shares are carried at an amount in excess of their fair values as the
directors are of the opinion that the diminution in value of these shares are temporary in nature as the
net tangible asset which represent the net worth of these investee companies are higher than the
quoted market prices of these investments at balance sheet date.
The carrying value of borrowings, which are mainly variable rate borrowings, is considered to be
reasonable estimate of the fair values as the borrowings will be repriced immediately in the event of
only changes the market interest rates.
A N N U A L R E P O R T 2 0 0 3 95

96
Notes to the Financial Statements (Cont’d) 31 December 2003
40. SEGMENT INFORMATION
(a) Business Segments:
The Group is organised into three major business segments:
(i) Timber - the extraction and sale of timber, manufacture and sale of plywood, veneer and sawn
timber;
(ii) Trading - the trading of tapes, foil, papers and electrostatic discharge products; and
(iii) Manufacturing - conversion of aluminium foils, flexible packaging, metallized and electrostatic
discharge products, manufacture and sale of adhesive and gummed tapes.
Other business segments include investment holding, property investment, property rental and plant
and equipment rental, none of which are of a sufficient size to be reported separately.
No geographical analysis has been prepared as the Group's business interest is predominantly located
in Malaysia.
The directors are of the opinion that all inter-segment transactions have been entered into in the normal
course of business and have been established on terms and conditions that are not materially different
from those obtainable in transactions with unrelated parties.
W T K HOLDINGS BERHAD (10141-M)

Notes to the Financial Statements (Cont’d) 31 December 2003
40. SEGMENT INFORMATION (CONT’D)
REVENUE AND EXPENSES
Investment holding
Timber Trading Manufacturing and others Eliminations Consolidated
2003 2002 2003 2002 2003 2002 2003 2002 2003 2002 2003 2002
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Revenue
External sales 408,563 346,382 47,124 47,343 99,759 92,109 1,695 10,058 - - 557,141 495,892
Inter-segment sales 61,653 43,624 113 1,145 22,040 27,974 12,274 11,825 (96,080) (84,568) - -
Total revenue 470,216 390,006 47,237 48,488 121,799 120,083 13,969 21,883 (96,080) (84,568) 557,141 495,892
Results
Profit from operations 47,366 50,399 4,253 5,181 8,910 9,071 4,025 (36) 64,554 64,615
Other non-operating
expenses - - - - (200) (3,207) (5,626) (2,916) (5,826) (6,123)
Finance cost (4,532) (4,369) (20) (57) (1,816) (1,770) (51) (71) (6,419) (6,267)
Share of profit of
associated company - - - - - - 828 1,240 828 1,240
Share of profit of jointly
controlled entity - - - - 356 167 - - 356 167
Profit/(loss) before
taxation 42,834 46,030 4,233 5,124 7,450 4,261 (1,024) (1,644) 53,493 53,632
Taxation (9,031) (11,001)
Profit after taxation 44,462 42,631
Minority interests (601) (605)
Profit for the year 43,861 42,026
ASSETS AND LIABILITIES
Segment assets 715,518 686,477 30,455 33,762 102,303 114,923 62,635 65,990 910,911 901,152
Investment in equity
method of associates - - - - - - 8,016 7,886 8,016 7,886
Investment in equity
method of jointly
controlled entities - - - - 2,945 2,241 - - 2,945 2,241
Unallocated corporate
assets 19,695 17,083 - 11 359 219 1,050 1,276 21,104 18,589
Consolidated total assets 942,976 929,868
Segment liabilities 36,162 46,243 3,206 3,948 13,347 14,914 1,101 1,981 53,816 67,086
Unallocated corporate
liabilities 113,182 102,958 3,854 5,601 46,499 49,369 591 1,119 164,126 159,047
Consolidated total
liabilities 217,942 226,133
OTHER INFORMATION
Capital expenditure 24,119 25,825 6 280 2,911 4,053 34 27 27,070 30,185
Depreciation 24,662 24,318 338 343 5,617 5,719 176 191 30,793 30,571
Amortisation 3,769 2,451 - - - - 363 398 4,132 2,849
A N N U A L R E P O R T 2 0 0 3 97

98
List of Properties
List of Properties Held by W T K Holdings Berhad and Subsidiaries as at 31 December 2003
DATE OF NET BOOK
LAST VALUE
ADDRESS/ VALUATION/ AGE OF OR COST
LOCATION AREA TENURE DESCRIPTION ACQUISITION BUILDING (RM'000)
Lot 692 * 3.14 Leasehold Land with 8 November 1985 19 years 1,702
Mukim 1 acres (expires in 2045) factory
Prai Industrial Estate
Province Wellesley.
Lot 682 2 acres Leasehold Land with 31 July 1980 32 years }
Mukim 1 (expires in 2069) factory }
Prai Industrial Estate }
Province Wellesley. }
} 1,380
Lot 2806 1 acre Leasehold Land with 31 July 1980 32 years }
Mukim 1 (expires in 2072) factory }
Prai Industrial Estate }
Province Wellesley. }
Lot 3318 15.72 Freehold Land with 9 July 1980 31 years 7,294
76 km milestone acres factory
Ipoh/Penang
Main Trunk Road
34008 Taiping
Perak Darul Ridzuan.
Lot 11644 * 2 acres Leasehold Agriculture 31 March 1981 22 years 157
Durian Sebatang (expires in 2010) land with
District of Hilir Perak building
Perak Darul Ridzuan.
66 plots of land 318,792 Freehold Vacant Land 24 June 1994 - 2,088
in Town of Lumut sq. ft.
District of Manjung
Perak Darul Ridzuan.
51 parcels of land of 108,652 Leasehold Vacant land 22 August 1991 - 391
Taman Kuningsari * sq. ft. (expires in 2083)
District of Larut & Matang
Perak Darul Ridzuan.
WTK HOLDINGS BERHAD (10141-M)

List of Properties (Cont’d)
DATE OF NET BOOK
LAST VALUE
ADDRESS/ VALUATION/ AGE OF OR COST
LOCATION AREA TENURE DESCRIPTION ACQUISITION BUILDING (RM'000)
Various office lots 71,360 Freehold Office space 30 May 1994 to 27 years 16,403
in Wisma Central *** sq. ft. 23 February 2001
Lot 150, Section 58
Jalan Ampang
50450 Kuala Lumpur.
Level 2 & 3 108,597 Freehold Car parks 23 November 1993 23 years 8,121
Wisma Central sq. ft.
Lot 150, Section 58
Jalan Ampang
50450 Kuala Lumpur.
F4-19(H) * 927 Freehold Resort 30 November 1995 8 years 191
Amber Court sq. ft. Apartment
Villa D' Genting Resort
Genting Highlands.
68 plots of land 2.96 Freehold Vacant land 26 August 2000 - 74
Mukim of Ampangan acres
Daerah Seremban
Seremban Darul Khusus.
MLO 10341 * 12,754 Freehold Vacant land 25 September 1990 - 173
Jalan Temenggong 1 sq. ft.
Kangkar Tebrau
81100 Johor Bahru
Johore Darul Takzim.
Block 2, No. 86 * 11,354 Freehold Land with 30 September 1983 20 years 1,746
Tagore Lane sq. ft. office &
Industrial Estate. warehouse
No: 20 * 2,347 Freehold Warehouse 24 November 1980 23 years 212
Shaw Road sq. ft.
Ching Shine Building
Singapore.
A N N U A L R E P O R T 2 0 0 3 99

100
List of Properties (Cont’d)
DATE OF NET BOOK
LAST VALUE
ADDRESS/ VALUATION/ AGE OF OR COST
LOCATION AREA TENURE DESCRIPTION ACQUISITION BUILDING (RM'000)
Lot 5415 & Lot 5428 2.4361 Leasehold Plywood factory, 31 December 17 years 15,462
KTLD hectares (expires in 2040) office, labour 1995
Kuching. quarters and
warehouse
Engkilo Land District 6.2753 Leasehold Sawmill factory, 2 September 13 years 17,685
Sibu hectares labour quarters 1996
Lots 1895 & 1897 (Expires in 2917) and warehouse
Lots 690, 14 & 22 (Expires in 2915) Office
Lot 11 (Expires in 2019)
Lots 280 & 282 (Expires in 2027)
Telok Engkalat 10.7965 Leasehold Sawmill factory, 2 September 10 years 15,633
Sibu hectares office, labour 1996
Lots 4905 (Expires in 2024) quarters and
Lots 25846 & 25847 (Expires in 2034) warehouse
Lot 31771 (Expires in 2024)
Lot 30974 (Expires in 2039)
Lot 30428 (Expires in 2038)
Lot 31754 (Expires in 2039)
Lot 370 Freehold
Ensurai & Empawah 8.5 Leasehold Sawmill factory 2 September 13 years 17,751
Sibu hectares Warehouse 1996 13 years
Lots 15807 (Expires in 2033) Labour quarters 8 years
Lots 41831 (Expires in 2910) Office 8 1/2 years
Lots 1095 & 1096 (Expires in 2019)
Lot 29992 (Expires in 2911)
Kemena Land District 7.9906 Freehold Warehouse and 1 January 9 years 38,261
Bintulu hectares labour quarters 1996
Lot 664, 31 & 145 Office 9 years
Plywood factory 13 years
Lot 3 8.0087 Leasehold Sawmill 2 September 30 years 2,114
Suad Land District hectares (Expires in 2008) & log pond 1996
Kapit. New factory 2 year 2,781
extension
WTK HOLDINGS BERHAD (10141-M)

List of Properties (Cont’d)
DATE OF NET BOOK
LAST VALUE
ADDRESS/ VALUATION/ AGE OF OR COST
LOCATION AREA TENURE DESCRIPTION ACQUISITION BUILDING (RM'000)
Lot 127 & 128 7.3935 Leasehold Log pond 2 September - 251
Katibas Land District hectares (Expires in 2021) 1996
Kapit.
Lot 3 1.8939 Leasehold Log pond 2 September - 33
Oyan Land District hectares (Expires in 2000) ** 1996
Kapit.
Lot 1328, Block 48 4,610 Leasehold 2-storey 2 September 23 years 115
Sarikei Land District sq. ft. (Expires in 2019) semi-detached 1996
Sarikei. industrial
shophouses
Lot 837 3,400 Leasehold 2-storey corner 2 September 18 years 128
Kemena Land District sq. ft. (Expires in 2044) terrace house 1996
Bintulu.
Menuan Land District 16,617 Leasehold Log pond and - - 1,800
Kapit hectarecs labour quarters
Lot 44 * (Expires in 2019) 8 September 2000 -
Lot 145 * (Expires in 2020) 8 August 2000 -
Lot 146 * (Expires in 2022) 8 September 2000 -
* The date stated refers to the date of acquisition
** Application for extension of the lease is pending approval by the relevant authority
*** Certain lots were not revalued during the period stated and was acquired on a piecemeal basis covering the period
from 4 June 1991 to 31 December 1993
A N N U A L R E P O R T 2 0 0 3 101

102
Statistic on Shareholdings
STATEMENT OF SHAREHOLDINGS AS AT 7 MAY 2004
Authorised Capital : RM1,000,000,000.00
Issued and fully paid-up capital : RM163,866,527.00
Class of Shares : Ordinary shares of RM1.00 each
Voting Rights : One vote per RM1.00 share
BREAKDOWN OF SHAREHOLDINGS
Percentage No. of RM1.00 Percentage of
Range of Holdings No. of Holders of Holders Shares Issued Capital
Less than 100 74 5.26 2,469 0.00
100 to 1,000 195 13.85 144,579 0.09
1,001 to 10,000 778 55.26 2,596,020 1.59
10,001 to 100,000 238 16.90 8,521,840 5.20
100,001 to less than
5% of issued shares 118 8.38 75,302,448 45.95
5% and above of issued shares 5 0.35 77,299,171 47.17
Total 1,408 100.00 163,866,527 100.00
DIRECTORS’ SHAREHOLDINGS
Total Interest in Number of RM1.00 Shares
Direct Indirect
Name No. of shares % No. of shares %
Datuk Wong Kie Yik 2,208,154 1.35 (1) 30,887,491 18.85
Datuk Wong Kie Nai 5,634,055 3.44 (2) 37,287,789 22.76
Wong Kie Chie 5,247,010 3.20 (2) 37,287,789 22.76
Lt Gen (Rtd) Datuk Seri Abdul - - - -
Manap bin Ibrahim
Loh Siew Choon - - - -
Tham Sau Kien - - - -
Notes :
(1) Deemed interested through W T K Realty Sdn Bhd and Ocarina Development Sdn Bhd by virtue of Section
6A(4)(c) of the Companies Act, 1965.
(2) Deemed interested through W T K Realty Sdn Bhd, Harbour-View Realty Sdn Bhd and Ocarina Development
Sdn Bhd by virtue of Section 6A(4)(c) of the Companies Act, 1965.
In accordance with Section 6A(4)(c) of the Companies Act, 1965, a person, or the associates of that person or
that person and his associates are entitled to exercise or control the exercise of not less than fifteen per centum
(15%) of the votes attached to the voting shares in the body corporate.
WTK HOLDINGS BERHAD (10141-M)

Statistic on Shareholdings (Cont’d)
SUBSTANTIAL SHAREHOLDERS
According to the register required to be kept under Section 69L of the Companies Act, 1965, the following are
the substantial shareholders (beneficial owners only) of the Company:
Total Interest in Number of RM1.00 Shares
Direct Indirect
Name No. of shares % No. of shares %
Kosa Bahagia Sdn Bhd 9,975,000 6.09 - -
W T K Realty Sdn Bhd 16,124,491 9.84 (1) 14,763,000 9.01
Wong Kie Chie 5,247,010 3.20 (2) 37,287,789 22.76
Datuk Wong Kie Nai 5,634,055 3.44 (2) 37,287,789 22.76
Datuk Wong Kie Yik 2,208,154 1.35 (3) 30,887,491 18.85
Datuk Wong Tuong Kwang 3,004,781 1.83 (4) 6,400,297 3.91
AIG Goldflow Ltd 12,952,050 7.90 - -
Employees Provident Fund Board 17,457,600 10.65 - -
Notes :
(1) Deemed interested through Kosa Bahagia Sdn Bhd and Ocarina Development Sdn Bhd by virtue of Section
6A(4)(c) of the Companies Act, 1965.
(2) Deemed interested through W T K Realty Sdn Bhd, Harbour-View Realty Sdn Bhd and Ocarina Development
Sdn Bhd by virtue of Section 6A(4)(c) of the Companies Act, 1965.
(3) Deemed interested through W T K Realty Sdn Bhd and Ocarina Development Sdn Bhd by virtue of Section
6A(4)(c) of the Companies Act, 1965.
(4) Deemed interested through Harbour-View Realty Sdn Bhd by virtue of Section 6A(4)(c) of the Companies
Act, 1965.
In accordance with Section 6A(4)(c) of the Companies Act, 1965, a person, or the associates of that person or
that person and his associates are entitled to exercise or control the exercise of not less than fifteen per centum
(15%) of the votes attached to the voting shares in the body corporate.
THIRTY LARGEST REGISTERED HOLDERS
Name of Holders Holdings Percentage
1. W T K Realty Sdn Bhd 24,354,910 14.86
2. Employees Provident Fund Board 16,040,100 9.79
3. W T K Realty Sdn Bhd 13,977,111 8.53
4. Cartaban Nominees (Asing) Sdn Bhd 12,952,050 7.90
State Street Australia Fund 4J69 for AIG Goldflow Ltd
5. AMMB Nominees (Tempatan) Sdn Bhd 9,975,000 6.09
AMInternational (L) Ltd for Kosa Bahagia Sdn Bhd
6. Lembaga Tabung Haji 6,225,000 3.80
7. AMMB Nominees (Tempatan) Sdn Bhd 5,977,620 3.65
AMInternational (L) Ltd for W T K Realty Sdn Bhd
A N N U A L R E P O R T 2 0 0 3 103

104
Statistic on Shareholdings (Cont’d)
THIRTY LARGEST REGISTERED HOLDERS (CONT’D)
Name of Holders Holdings Percentage
8. HSBC Nominees (Asing) Sdn Bhd 2,529,500 1.54
Fidelity Institutional (Sea Fund)
9. AMMB Nominees (Tempatan) Sdn Bhd 2,460,771 1.50
AMInternational (L) Ltd for Harbour-View Realty Sdn Bhd
10. AMMB Nominees (Tempatan) Sdn Bhd 2,166,168 1.32
AMInternational (L) Ltd for Wong Kie Nai
11. HSBC Nominees (Asing) Sdn Bhd 2,155,000 1.32
BNY Brussels for The Great Eastern Life Assurance Co Ltd
12. Citicorp Nominees (Asing) Sdn Bhd 2,037,000 1.24
CBHK for Kuwait Investment Authority (Fund 202)
13. AMMB Nominees (Tempatan) Sdn Bhd 2,017,357 1.23
AMInternational (L) Ltd for Wong Kie Chie
14. Citicorp Nominees (Asing) Sdn Bhd 1,968,000 1.20
Goldman Sachs International
15. W T K Holdings Berhad 1,900,000 1.16
Share Buy Back Account
16. AMMB Nominees (Tempatan) Sdn Bhd 1,840,878 1.12
AMInternational (L) Ltd for Ocarina Development Sdn Bhd
17. OSK Nominees (Tempatan) Sdn Berhad 1,763,100 1.08
Pledged Securities Account for Hii Deck Yiik
18. RHB Capital Nominees (Tempatan) Sdn Bhd 1,600,000 0.98
Pledged Securities Account for W T K Realty Sdn Bhd
19. HSBC Nominees (Asing) Sdn Bhd 1,534,000 0.94
BBH (LUX) SCA for Fidelity Funds Malaysia
20.Citicorp Nominees (Tempatan) Sdn Bhd 1,491,000 0.91
Prudential Assurance Malaysia Berhad (PAR Fund)
21. Malaysia Nominees (Tempatan) Sendirian Berhad 1,177,500 0.72
Amanah SSCM Asset Management Berhad for
Amanah Smallcap Fund Berhad
22.AMMB Nominees (Tempatan) Sdn Bhd 1,155,271 0.71
AMInternational (L) Ltd for Datuk Wong Tuong Kwang
23.Mohammad Tufail Bin Mahmud 1,135,762 0.69
24.HSBC Nominees (Asing) Sdn Bhd 1,102,400 0.67
Barings (Guernsey) for The Baring Global Emerging Markets Fund
25.Mayban Nominees (Tempatan) Sdn Bhd 1,036,000 0.63
Mayban Trustees Berhad for Balanced Returns Fund
26.Mayban Nominees (Tempatan) Sdn Bhd 900,000 0.55
Mayban Investment Management Sdn Bhd for
Kumpulan Wang Simpanan Pekerja
27. RHB Capital Nominees (Tempatan) Sdn Bhd 900,000 0.55
Pledged Securities Account for Lau Puong Mii
28.Majaharta Sdn Bhd 893,958 0.54
29.AMMB Nominees (Tempatan) Sdn Bhd 845,140 0.52
AMInternational (L) Ltd for Wong Kie Yik
30.Cartaban Nominees (Asing) Sdn Bhd 837,000 0.51
Government of Singapore Investment Corporation Pte Ltd for
Government of Singapore (C)
Total 124,947,596 76.25
WTK HOLDINGS BERHAD (10141-M)

Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the Thirty-Second Annual General Meeting of the Company will be held at 9th
Floor, Wisma Central, Jalan Ampang, 50450 Kuala Lumpur, Malaysia on Tuesday, 29 June 2004 at 10.30 a.m. for the
transaction of the following business:-
1. To receive and consider the Audited Financial Statements for the year ended 31 December
2003 together with the Reports of the Directors and Auditors thereon.
2. To approve the declaration of first and final dividend of 8% less tax.
3. To approve an increase in payment of Directors' fees from RM90,000 per annum to RM120,000
per annum.
4. To re-elect the following Directors who retire by rotation in accordance with Article 96 of the
Company's Articles of Association:-
(a) Datuk Wong Kie Nai
(b) Mr Loh Siew Choon
5. To re-appoint Messrs Ernst & Young as Auditors of the Company and to authorise the Directors
to fix their remuneration.
6. As Special Business to consider and, if thought fit, to pass the following Ordinary Resolutions:-
AUTHORITY TO ISSUE SHARES PURSUANT TO SECTION 132D OF THE COMPANIES
ACT, 1965
THAT pursuant to Section 132D of the Companies Act, 1965, authority be and is hereby given
to the Directors to issue shares in the capital of the Company from time to time at such price
upon such terms and conditions for such purposes and to such person or persons whomsoever
as the Directors may in their absolute discretion deem fit provided that the aggregate number
of shares to be issued pursuant to this Resolution does not exceed ten per centum (10%) of
the total issued share capital of the Company for the time being, subject to the Companies
Act, 1965, the Articles of Association of the Company and the approval from the Bursa Malaysia
Securities Berhad and other relevant authorities where such approval is necessary AND THAT
such authority shall continue in force until the conclusion of the next Annual General Meeting
of the Company.
PROPOSED RENEWAL OF SHARE BUY-BACK MANDATE
THAT subject to the Companies Act, 1965, the Company's Memorandum and Articles of
Association and all applicable laws, regulations and guidelines, and the approval of the relevant
authorities, a renewal of mandate be and is hereby granted to the Company to purchase and
hold such amount of ordinary shares of RM1.00 each ("Shares") in the Company as may be
determined by the Directors of the Company from time to time through the Bursa Malaysia
Securities Berhad (“Bursa Malaysia”) upon such terms and conditions as the Directors may
Resolution 1
Resolution 2
Resolution 3
Resolution 4
Resolution 5
Resolution 6
Resolution 7
Resolution 8
A N N U A L R E P O R T 2 0 0 3 105

106
Notice of Annual General Meeting (Cont’d)
deem fit in the interest of the Company provided that the aggregate number of Shares purchased
and held as treasury shares does not exceed ten per centum (10%) of the total issued and
paid-up share capital of the Company at any given point in time and that the amount to be
utilised for the Proposed Purchases, which will be financed via internally-generated funds of
the Group and/or external borrowings, will not exceed the retained reserve and/or share premium
of the Company. The audited retained reserve and audited share premium of the Company as
at 31 December 2003 were RM26,961,000 and RM20,000 respectively.
AND THAT the Shares of the Company to be purchased will not be cancelled and are proposed
to be retained as treasury shares or distributed as dividends or re-sold on the Bursa Malaysia
AND THAT the Directors of the Company be and are hereby empowered generally to do all
acts and things to give effect to the Proposed Purchases AND FURTHER THAT such authority
shall commence immediately upon the passing of this ordinary resolution until:-
(i) the conclusion of the next Annual General Meeting of the Company at which time the
authority shall lapse unless by resolution passed at the meeting, the authority is renewed,
either conditionally or subject to condition; or
(ii) the expiration of the period within which the next Annual General Meeting after that date
is required to be held pursuant to Section 143(1) of the Companies Act, 1965; or
(iii) revoked or varied by resolution passed by the shareholders of the Company at a general
meeting,
whichever is the earlier and, in any event, in accordance with the provisions of the Bursa
Malaysia Listing Requirements or any other relevant authorities.
PROPOSED RENEWAL OF GENERAL MANDATE FOR RECURRENT RELATED PARTY
TRANSACTIONS OF A REVENUE OR TRADING NATURE
THAT a renewal of mandate be and is hereby granted to allow the Group to enter into recurrent
related party transactions of a revenue or trading nature as set out in the Circular to Shareholders
dated 7 June 2004 with specific classes of Related Parties which are necessary and in the
ordinary course of business and on terms not more favourable to the Related Parties than
those generally available to the public and are not to the detriment of the minority shareholders
AND THAT such mandate shall continue to be in force from the passing of this mandate until:-
(i) the conclusion of the next Annual General Meeting at which time the mandate shall lapse
unless by a resolution passed at the meeting, the authority is renewed; or
(ii) the expiration of the period within which the next Annual General Meeting after that date
is required to be held pursuant to Section 143(1) of the Companies Act, 1965; or
(iii) revoked or varied by resolution passed by the shareholders of the Company at a general
meeting,
whichever is the earlier.
WTK HOLDINGS BERHAD (10141-M)
Resolution 9

Notice of Annual General Meeting (Cont’d)
7. To transact any other business of which due notice shall have been given.
BY ORDER OF THE BOARD
Tan Mee Lian
Ho Pui Yee
Secretaries
Kuala Lumpur
7 June 2004
Notes:
1. A member entitled to attend and vote at the Meeting is entitled to appoint a proxy to attend and vote in
his stead. A proxy need not be a member of the Company and does not need to comply with Section
149(1)(b) of the Companies Act, 1965.
2. The instrument appointing a proxy shall be in writing under the hand of the appointer or of his attorney duly
authorised in writing or if such appointer is a corporation under its common seal or the hand of its attorney.
3. The instrument appointing a proxy must be deposited at the Company's Registered Office at Box #377,
9th Floor, Wisma Central, Jalan Ampang, 50450 Kuala Lumpur, Malaysia not less than 48 hours before the
time appointed for holding the Meeting or at any adjournment thereat.
4. Pursuant to Article 92 of the Articles of Association of the Company, fees payable to Directors shall not be
increased except pursuant to a resolution passed at a general meeting, where notice of the proposed
increase has been given in the notice convening the meeting. The Proposed Ordinary Resolution No. 3, if
passed, will entitle each Non-Executive Director to an annual fee of RM24,000.
Explanatory Notes on Special Business
5. The Proposed Ordinary Resolution No. 7, if passed, will give the Directors of the Company the power to
issue shares in the Company up to an amount not exceeding in total 10% of the issued share capital of the
Company for such purposes as the Directors consider would be in the interest of the Company. This
authority, unless revoked or varied at a general meeting, will expire at the next Annual General Meeting of
the Company.
6. The Proposed Ordinary Resolution No. 8, if passed, will give the Directors of the Company the continuing
authority to purchase the Company's own shares up to an amount not exceeding in total 10% of its issued
share capital at any point in time upon such terms and conditions as the Directors may deem fit in the
interest of the Company. This authority, unless revoked or varied by the Company at a general meeting,
will expire at the next Annual General Meeting of the Company.
7. The Proposed Ordinary Resolution No. 9, if passed, will provide the Company and its Group a continuing
mandate to enter into recurrent related party transactions of a revenue or trading nature in compliance
with Paragraph 10.09, Part E of the Bursa Malaysia Securities Berhad Listing Requirements. The mandate,
unless revoked or varied by the Company in a general meeting, will expire at the next Annual General
Meeting of the Company.
8. Details of the Proposed Ordinary Resolutions No. 8 and 9 are contained in the Circular to Shareholders
dated 7 June 2004 accompanying this Annual Report 2003.
A N N U A L R E P O R T 2 0 0 3 107

108
Statement Accompanying Notice of
Annual General Meeting
1. The Directors standing for re-election are:-
(a) Datuk Wong Kie Nai
(b) Mr Loh Siew Choon
Details of the Directors standing for re-election at the forthcoming Thirty-Second Annual General Meeting are set
out in the Directors' Profile on pages 4, 5 and 6 of the Annual Report.
2. Details of attendance of Directors at Board Meetings
There were six(6) Board Meetings held during the financial year ended 31 December 2003. Details of attendance
of the Directors are set out in the Directors’ Statement on Corporate Governance on page 10 of the Annual Report.
3. Details of the Thirty-Second Annual General Meeting of W T K Holdings Berhad
The Thirty-Second Annual General Meeting of the Company will be held at 9th Floor, Wisma Central, Jalan Ampang
50450 Kuala Lumpur, Malaysia on Tuesday, 29 June 2004 at 10.30 a.m.
WTK HOLDINGS BERHAD (10141-M)

Form of Proxy
W T K HOLDINGS BERHAD
(10141-M) (Incorporated in Malaysia)
I/We
of
being a member(s) of W T K HOLDINGS BERHAD hereby appoint
of
or failing him/her, the Chairman of the Meeting as my/our proxy, to vote for me/us and on my/our behalf at the
Annual General Meeting of the Company to be held at 9th Floor, Wisma Central, Jalan Ampang, 50450 Kuala Lumpur,
Malaysia on Tuesday, 29 June 2004 at 10.30 a.m. and at any adjournment thereat.
My/Our proxy is to vote as indicated below:-
No. Resolutions For Against
1. Adoption of Audited Financial Statements and Reports for the year ended
31 December 2003
2. Approval of first and final dividend
3. Approval for increase in Directors’ fees
4. Re-election of Director – Article 96
Datuk Wong Kie Nai
5. Re-election of Director – Article 96
Mr Loh Siew Choon
6. Re-appointment of Messrs Ernst & Young as Auditors and authorising
Directors to fix their remuneration
7. Authority to issue shares pursuant to Section 132D of the Companies Act, 1965
8. Proposed Renewal of Share Buy-Back Mandate
9. Proposed Renewal of General Mandate for Recurrent Related Party
Transactions of a Revenue or Trading Nature
Please indicate with an “X” in the appropriate spaces how you wish your votes to be casted. If you do not indicate
how you wish your proxy to vote on any resolutions, the proxy will vote as he thinks fit or, at his discretion abstain
from voting.
Number of Shares Held
Signed this day of ,2004
Notes:
Signature/Common Seal of Appointer
1. A member entitled to attend and vote at the Meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a
member of the Company and does not need to comply with Section 149(1)(b) of the Companies Act, 1965.
2. The instrument appointing a proxy shall be in writing under the hand of the appointer or of his attorney duly authorised in writing or if such
appointer is a corporation under its common seal or the hand of its attorney.
3. The instrument appointing a proxy must be deposited at the Company's Registered Office at Box #377, 9th Floor, Wisma Central, Jalan Ampang,
50450 Kuala Lumpur, Malaysia not less than 48 hours before the time appointed for holding the Meeting or at any adjournment thereat.
A N N U A L R E P O R T 2 0 0 3 109

Please fold here
Please fold here
The Company Secretaries
W T K Holdings Berhad (10141-M)
Box #377, 9th Floor, Wisma Central
Jalan Ampang
50450 Kuala Lumpur
Malaysia
Stamp/Setem

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