Corporate Statement - malaysiastock.biz filekomersial yang lain. Posisi Al-‘Aqar KPJ REIT lebih...

AL-’AQAR KPJ REITAnnual Report Laporan Tahunan 2007 13

Corporate Statement

Perutusan KorporatPerutusan KorporatPerutusan KorporatPerutusan KorporatPerutusan Korporat

Corporate StatementPerutusan Korporat

THE AL-‘AQAR KPJ REIT – WORLD’S FIRST ISLAMIC REIT

The first Islamic REIT to be listed under the newly introduced Malaysian Securities Commission (SC) Islamic REIT Guidelines dated 21 November 2005, Al-‘Aqar KPJ REIT made its debut on the Main Board of Bursa Malaysia on 10 August 2006 offering a fund size of RM 340 million. It started with a portfolio wholly made up of six purpose-built single-tenant hospital buildings initially owned by KPJ Healthcare Berhad (KPJ), Malaysia’s leading private hospital chain with more than 25 years of experience in the private healthcare industry. The REIT’s properties are therefore assured a long term, 100% tenancy which translates into commercial security and stable rental income flow to the Fund for the benefit of the unit holders, a marked difference from the risk commonly experienced by REITS holding conventional commercial properties. Al-‘Aqar KPJ REIT’s position is further strengthened through the long term lease agreement of 15 years with KPJ plus an option to renew a further 15 years at an increasing rental rate.

The six hospital properties first acquired by Al-‘Aqar KPJ REIT comprised of three located in the Klang valley, namely the Ampang Puteri Specialist Hospital, Damansara Specialist Hospital and Selangor Medical Centre. The other three include two properties located in Johor Bahru namely the Johor Specialist Hospital and the Puteri Specialist Hospital and the Ipoh Specialist Hospital located in the city of Ipoh. On aggregate, these properties command a gross floor area of 169,608.21 square meters on land area of 97,548 square meters when acquired.

2007 OPERATIONS HIGHLIGHTS

There is undoubtedly a significant strategic advantage in being a ‘niche’ REIT, especially when linked with a formidable company like KPJ Healthcare Berhad. The pre-emptive right to purchase option granted to the Al-‘Aqar REIT by KPJ on 30 June 2006, had provided Al-‘Aqar KPJ REIT with a ’ready list’ of 15 available hospital buildings that has the potential of being injected as and when appropriate and suitable to expand the REIT’s portfolio.

On behalf of the Board of Directors of Damansara REIT Managers Sdn Bhd, the managers of Al-‘Aqar KPJ Real Estate Investment Trust (REIT), it gives me great pleasure to present Al-‘Aqar KPJ REIT’s inaugural full year Annual Report for the financial year ending 31 December 2007.

AL-AQAR KPJ REIT – REIT ISLAM YANG PERTAMA DI DUNIA

Sebagai REIT Islam yang pertama tersenarai di bawah Garispanduan REIT Islam Suruhanjaya Sekuriti Malaysia bertarikh 21 November 2005, Al-‘Aqar KPJ REIT telah disenaraikan di Papan Utama Bursa Malaysia pada 10 Ogos 2006 dengan saiz dana yang ditawarkan sebanyak RM340 juta. Portfolio hartanahnya bermula dengan enam bangunan hospital yang dibina khas yang pada awalnya dimiliki oleh KPJ Healthcare Berhad (KPJ), peneraju rangkaian hospital swasta di Malaysia yang unggul dan memiliki pengalaman lebih 25 tahun dalam industri prisihatin swasta. Kesemua ruangan hartanah REIT ini disewakan sepenuhnya untuk tempoh jangka panjang bagi memberikan jaminan komersil dan kestabilan aliran tunai dana yang seterusnya dapat memberi manfaat kepada pemegang-pemegang unit. Dengan kelebihan ini, risiko yang ditanggung oleh Al-‘Aqar KPJ REIT adalah lebih rendah berbanding dengan REIT hartanah komersial yang lain. Posisi Al-‘Aqar KPJ REIT lebih kukuh dengan perjanjian tempoh penyewaan jangka panjang iaitu selama 15 tahun, beserta opsyen 15 tahun lagi dengan kadar sewa yang baru.

Daripada enam buah hospital yang telah diambilalih oleh Al-‘Aqar KPJ REIT, tiga daripadanya terletak di Lembah Klang iaitu Hospital Pakar Ampang Puteri, Hospital Pakar Damansara, dan Pusat Perubatan Selangor. Manakala tiga hospital lagi, termasuk Hospital Pakar Ipoh dan dua buah hospital yang terletak di Johor Bahru iaitu Hospital Pakar Johor dan Hospital Pakar Puteri. Secara keseluruhannya ketika diambilalih, kesemua hartanah ini mempunyai keluasan lantai seluas 169,608.21 meter persegi di atas tanah seluas 97, 548 meter persegi.

TINJAUAN OPERASI 2007

Al-‘Aqar KPJ REIT mempunyai kelebihan yang unik dan strategik terutamanya apabila mempunyai hubungan bisnes dengan syarikat terunggul seperti KPJ Healthcare Berhad. Opsyen “hak keutamaan untuk membeli” yang diberikan kepada Al-‘Aqar KPJ REIT pada 30 Jun 2006, di mana sebanyak 15 buah bangunan hospital yang sediaada, berpotensi untuk disuntik ke dalam Al-‘Aqar KPJ REIT pada masa yang sesuai bagi mengembangkan lagi portfolio hartanahnya.

Bagi pihak Lembaga Pengarah Damansara REIT Managers Sdn Berhad, selaku Pengurus kepada Al-‘Aqar KPJ REIT, saya dengan sukacitanya membentangkan Laporan Tahunan Al-‘Aqar KPJ REIT bagi tahun kewangan berakhir pada 31 Disember 2007.

AL-’AQAR KPJ REITAnnual Report Laporan Tahunan 200714

KPJ’s commitment and sustained confidence as the principal property owners, were underlined when KPJ consented to the acquisition of 5 additional hospitals by Al-‘Aqar KPJ REIT to expand its portfolio, as announced on 18 May 2007. This acquisition had involved KPJ’s Sentosa Medical Centre Building in Kuala Lumpur, KPJ Kajang Specialist Hospital Building in Selangor, Kedah Medical Center Building in Kedah, Perdana Specialist Hospital Building in Kelantan and Kuantan Specialist Hospital Building in Pahang.

On aggregate, these additional properties command a gross floor area of 68,773 square meters on land area of 31,322 square meters at acquisition. The proposed properties would further strengthen Al-’Aqar KPJ REIT’s rental income stream and being strategically located in prime areas, promise further capital growth potential in tandem with the Malaysia’s forecasted positive economic growth.

Al-‘Aqar KPJ REIT proposes to acquire the properties for a total purchase consideration agreed at RM 170 million. Payment is to be made partly in cash funded via an innovative new Islamic financing programme termed “Sukuk Ijarah”, with the balance through the issuance of new Al-‘Aqar KPJ REIT units.

These acquisitions would be a definite significant boost in investment value for our shareholders, resulting in the units in circulation to be further enlarged to 428,721,000 units, backed by 11 private hospital buildings at a market value of more than RM 660 million commanding an overall gross floor area of 238,382.21 square meters. The expanded portfolio, all fully occupied by virtue of being purpose-built hospital buildings, is expected to immediately increase the value of the net asset per unit by 3%. It is also expected to support a marked improvement in earnings and distribution per unit performance in the years ahead, whilst maintaining gearing at a manageable level. The acquisition is expected to be completed in the first quarter of 2008.

A MOST INNOVATIVE ISLAMIC FINANCING MECHANISM – WORLD’S FIRST ‘SUKUK IJARAH’

In relation to the proposed acquisitions, Al-‘Aqar KPJ REIT via its wholly-owned subsidiary Al-‘Aqar Capital Sdn Berhad had on 7 September 2007 obtained the approval from the Securities Commission to raise up to RM 300 million in nominal value of Ijarah Commercial Papers (ICP) and/or Islamic Medium Term Notes (IMTN) under the ‘Sukuk Ijarah Programme’, an innovative Syariah-Inspired financial instrument, as per our announcement on 11 September 2007.

‘Sukuk’ is akin to what is conventionally termed as a ‘Bond’, but ‘sukuk’ is developed and issued based on adherence to Islamic Financing Principles and is therefore fully syariah-compliant, contrary to conventional bonds where the source of income is derived from interest bearing securities. Thus, owning of sukuk investment certificates actually represents ownership claims in a pool of assets by its holder.

The Sukuk structure is also somewhat similar to the conventional concept of securitization in which the ownership of the underlying assets is transferred to a large number of investors through certificates representing proportionate value of the relevant assets. The source of repayment and coupon payment for the Sukuk is shared from the rental proceeds collected by the REIT.

Komitmen dan keyakinan yang berterusan dari KPJ sebagai pemilik hartanah dapat dibuktikan dengan pengambilalihan lima lagi bangunan hospital oleh Al-Aqar KPJ REIT, bagi tujuan pengembangan portfolionya sebagaimana yang telah diumumkan pada 18 Mei 2007. Bangunan hospital yang telah diambilalih adalah Pusat Perubatan KPJ Sentosa di Kuala Lumpur, Hospital Pakar KPJ Kajang di Selangor, Pusat Perubatan Kedah di Kedah, Hospital Pakar Perdana di Kelantan dan Hospital Pakar Kuantan di Pahang.

Secara agregatnya, jumlah keluasan kasar lantai kesemua bangunan tersebut adalah 68,773 meter persegi dengan jumlah keluasan tanah 31,322 meter persegi. Pengambilalihan ini dijangka akan dapat mengukuhkan lagi pendapatan Al-‘Aqar KPJ REIT dan dengan kedudukannya yang strategik iaitu di lokasi utama, ianya berpotensi untuk memberikan pertumbuhan nilai modal, seiring dengan unjuran pertumbuhan ekonomi negara yag positif.

Al-‘Aqar KPJ REIT akan mengambilalih bangunan-bangunan tersebut dengan harga RM 170 juta. Sebahagian pembayarannya akan dibuat secara tunai melalui pembiayaan kewangan secara Islam yang inovatif yang dinamakan “Sukuk Ijarah” sementara bakinya adalah melalui penerbitan unit-unit baru Al-’Aqar KPJ REIT.

Pengambilalihan ini juga mampu meningkatkan nilai pelaburan pemegang-pemegang saham, di mana jumlah keseluruhan unit pusingan dana akan ditingkatkan kepada 428,721,000 unit bersandarkan kepada 11 bangunan hospital swasta yang mempunyai nilai pasaran melebihi RM660 juta dengan keluasan lantai kasar 238,381.21 meter persegi. Dengan peningkatan di dalam portfolio hartanahnya yang terdiri daripada bangunan hospital yang dibina khas dan disewa sepenuhnya, nilai aset bersih seunit dana dijangkakan dapat ditingkatkan sebanyak 3%. Ianya juga dijangka akan dapat memberikan peningkatan yang ketara kepada prestasi pendapatan dan pengagihan pendapatan seunit di tahun-tahun akan datang di samping mengekalkan tahap gearan yang munasabah. Pengambilalihan tersebut dijangka akan selesai sepenuhnya pada suku pertama tahun 2008.

MEKANISMA PEMBIAYAAN ISLAM YANG PALING INOVATIF – SUKUK IJARAH YANG PERTAMA DI DUNIA.

Sehubungan dengan cadangan pengambilalihan tersebut, Al-‘Aqar KPJ REIT melalui syarikat milik penuhnya, Al-‘Aqar Capital Sdn Berhad, pada 7 September 2007 telah mendapat kelulusan dari Suruhanjaya Sekuriti untuk menerbitkan “Ijarah Commercial Papers” (ICP) dan/atau Islamic Medium Term Notes (IMTN) dengan nilai nominal sebanyak RM300 juta, di bawah program ‘Sukuk Ijarah’, sebuah instrumen kewangan berlandaskan syariah yang inovatif sebagaimana yang diumumkan pada 11 September 2007.

‘Sukuk’ secara konvensional diterjemahkan sebagai bon tetapi ‘sukuk’ diterbitkan berlandaskan kepada prinsip pembiayaan Islam dan menepati kehendak syariah berbanding dengan bon konvensional di mana sumber pendapatan adalah diperolehi daripada sekuriti dengan kadar faedah. Oleh itu, dengan pemilikan ‘sijil pelaburan sukuk’, pemegang sijil secara tidak langsung juga mempunyai pemilikan di dalam aset-aset yang terlibat.

Struktur ‘sukuk’ juga mempunyai persamaan dengan konsep pensekuritian konvensional di mana pemilikan terhadap aset yang terlibat akan dipindahkan kepada sejumlah pelabur melalui sijil berdasarkan kepada nisbah nilai aset tersebut. Sumber pembayaran

Corporate Statement

Perutusan Korporat

Corporate Statement (cont’d)

Perutusan Korporat (samb)


Alhamdulillah, our proposed Sukuk Ijarah papers received most favourable ratings of AAA, AA2 and AAA(bg) from our Malaysian accredited rating agency namely Rating Agency Malaysia Berhad (RAM) which directly translates to lower profit portion payment of 4.69% per annum for the instruments issued - a significant 1% difference from the existing ‘Bai Bithamin Ajil’ facility used to finance our first acquisitions. In our effort to maintain the lowest possible cost, part of the fund raised through the ‘sukuk Ijarah’ would also be utilised to retire some of the existing loan as well as to finance further acquisitions in the future. The expected savings would translate into better returns for the unit holders forecasted to be 8.01% for the year 2008, a 0.74 % increase from the earlier forecast. HIGHLIGHTS OF FINANCIAL PERFORMANCE

Upon the listing of the Al-‘Aqar REIT on 10 August 2006, the closing price had held strong at RM 0.99 per unit, recording a 3.7 percent upside for the retail unit holders. Throughout its trading days up to end of 2007, the Al-‘Aqar KPJ REIT unit had touched a high of RM 1.05 per unit on 6 July 2007, though subsequently toeing very closely its par value.

Alhamdulillah, for the financial year ending 31 December 2007, our inaugural full year performance, Al-‘Aqar KPJ REIT had recorded a commendable income of RM 35.7 million with an equally impressive profit of RM 33.8 million. As a result of such an achievement, unit holders were amply rewarded with two interim dividend payments of 3.64% and 3.22%, as announced on 3 July 2007 and 30 November 2007 respectively, further topped-up with an additional final dividend of 0.46%. This therefore translates into an Income Distribution of 97.75 percent from its Distributable Business Income (DBI) for the financial year ending 31 December 2007, equivalent to a payout of 7.32 sen per unit and a dividend yield of 7.55% as at 31 December 2007, which is testimony to the Manager’s absolute commitment in fulfilling the expectations of Al-‘Aqar KPJ REIT’s most valued unit holders.

Going forward, based on the increased income from the existing portfolio and the newly expanded portfolio which shall be contributing as early as from the first quarter of 2008, our unit holders can surely anticipate better results and returns.

AL-‘AQAR KPJ REIT GROUNDBREAKING HISTORY

On 19 January 2007, barely five months in operation, Al-‘Aqar KPJ REIT made news when the Islamic Finance News had proclaimed and awarded the Al-‘Aqar KPJ REIT as the Deal of the Year in the Islamic-REIT category, topped up with an Honorable Mention in the Country Deal Section.

Latest in its list of accolades, on 5 February 2008, Al-‘Aqar KPJ REIT was awarded one of the most prestigious award from Euromoney Magazine, the Industry’s leading capital -markets focused publication for professionals around the globe involved in the world of banking. Al-‘Aqar KPJ REIT was selected by the panel of juries from Euromoney Magazine based on its industry performance excellence. Al-‘Aqar KPJ REIT won the Islamic Finance Award for the Most Innovative Deal Category. The award zoomed onto its ‘Sukuk Ijarah Programme’ involving the issuance of up to RM 300 million ‘sukuk’ mainly to finance Al-‘Aqar KPJ REIT’s

semula dan bayaran kupon untuk Sukuk adalah daripada hasil kutipan sewa oleh REIT.

Alhamdullillah, Sukuk Ijarah yang kami cadangkan tersebut telah mendapat penarafan AAA, AA2 dan AAA(bg) dari syarikat akreditasi Malaysia iaitu Rating Agensi Malaysia (RAM) iaitu dengan kadar bayaran keuntungan yang agak rendah iaitu sebanyak 4.69% setahun, lebih rendah sebanyak 1% daripada kadar pinjaman sediaada yang berkonsepkan ‘Bai Bithamin Ajil’ untuk pembiayaan pengambilalihan hartanah yang terdahulu. Dalam usaha untuk mengekalkan kos di paras rendah, sebahagian dari kewangan yang diperolehi dari Sukuk Ijarah akan digunakan untuk membayar sebahagian daripada pinjaman yang sediaada dan juga digunakan untuk pengambilalihan di masa akan datang. Penjimatan tersebut akan memberikan pulangan yang lebih baik kepada pemegang-pemegang unit dengan jangkaan sebanyak 8.01% pada tahun 2008, peningkatan sebanyak 0.74% daripada jangkaan sebelum ini.

TINJAUAN PRESTASI KEWANGAN

Sejak disenaraikan pada 10 Ogos 2006, Al-‘Aqar KPJ REIT telah ditutup kukuh pada hari tersebut iaitu pada RM0.99 seunit, dengan kenaikan sebanyak 3.7% kepada pemegang-pemegang unit individu. Sehingga penghujung 2007, Al-‘Aqar KPJ REIT telah mencecah harga tertinggi iaitu RM1.05 pada 6 Julai 2007, namun telah ditutup pada nilai tara pada hari tersebut.

Alhamdulillah, untuk tahun kewangan berakhir 31 Disember 2007, Al-‘Aqar KPJ REIT telah mencatatkan pendapatan sebanyak RM35.7 juta dengan keuntungan yang memberangsangkan sebanyak RM33.8 juta. Ini membolehkan Al-‘Aqar KPJ REIT membayar pengagihan pendapatan interim sebanyak dua kali iaitu 3.64% dan 3.22% sebagaimana yang diumumkan pada 3 Julai 2007 dan 30 November 2007 dan pengagihan pendapatan akhir sebanyak 0.46% bagi tahun 2007. Secara keseluruhannya, pengagihan pendapatan tersebut adalah sebanyak 97.75% dari pendapatan boleh agih untuk tahun kewangan berakhir 31 Disember 2007, bersamaan dengan 7.32 sen per unit. Dengan kadar pulangan dividen sebanyak 7.55% tersebut telah membuktikan komitmen Pengurus untuk memenuhi harapan para pemegang unit Al-‘Aqar KPJ REIT.

Berdasarkan peningkatan di dalam pendapatan dari portfolio hartanah sedia ada dan pertambahan portfolio baru yang akan mula menyumbang pada Suku Tahun Pertama 2008, para pemegang unit pastinya boleh menjangkakan pulangan yang lebih baik.

AL-‘AQAR KPJ REIT MENCATAT SEJARAH

Pada 19 Januari 2007, setelah lima bulan beroperasi, Al-‘Aqar KPJ REIT mencatat sejarah apabila Islamic Finance News mengisytihar dan menganugerahkan Al-‘Aqar KPJ REIT sebagai “Deal of the Year” bagi kategori REIT Islam disamping “Honorable Mention” bagi “Country Deal Section”.

Terkini di dalam senarai pengiktirafannya, pada 5 Februari 2008, Al-‘Aqar KPJ REIT telah dianugerahkan salah satu anugerah berprestij dari Majalah Euromoney, penerbitan khusus bagi industri pasaran modal yang utama dikhaskan kepada profesional di seluruh dunia yang terlibat dalam industri perbankan. Al-‘Aqar KPJ REIT dipilih oleh panel juri Majalah Euromoney berdasarkan kecemerlangannya di dalam industri ini. Al-‘Aqar KPJ REIT telah memenangi “Anugerah Kewangan Islam”, dalam kategori paling inovatif. Anugerah itu diterima hasil daripada terbitan program ijarah sukuknya yang melibatkan terbitan sehingga RM300 juta khususnya

Corporate Statement

Perutusan Korporat




latest assets acquisitions. Winners of the various awards had been meticulously selected based on various aspects, including the size of the fund, originality, complexity and capability to cross borders. Datin Paduka Siti Sa’diah Sheikh Bakir, Director of Al-‘Aqar KPJ REIT and Managing Director of KPJ Healthcare Bhd received the award on behalf of the Board, at a ceremony held at the Royal Lancaster Hotel in London on 5 February 2008.

This latest Award had only added to Al-‘Aqar KPJ REIT’s many outstanding corporate milestones, including it being the first Asian Healthcare REIT, first listed Islamic REIT globally and the first to launch and be listed under the Malaysian Securities Commission’s Guidelines for Islamic REITs. Even though more than a year had lapsed since the Al-‘Aqar KPJ REIT was first launched, it still manages to command attention especially in the Islamic finance community as it unfolds its uniqueness before the world and continues to make the Johor Corporation Group and Malaysia proud.

POSITIVE OUTLOOK FOR AL-‘AQAR KPJ REIT

Global economic growth is expected to moderate slightly in 2007 due to uncertainties in the financial markets arising from the US sub-primes mortgage crisis which became more severe towards the latter part of the year. Escalating oil price hitting new highs and persistent geopolitical concerns, as well as fears of worsening inflation further added to the uncertainty.

Fortunately, the Malaysian economy expanded strongly by 6.7% in the third quarter of 2007, despite the less favorable external environment, putting the economy back on track to achieve its forecast growth of 6.0% in 2007. Resilient domestic demand and higher investment spending managed to overcome the moderation in export growth and the Malaysian economy is expected to remain resilient in 2008, supported by domestic driven factors particularly from the government as well as the private sector.

Market analysts of various broker houses are synonymous in expressing their confidence that there exist clear potential in the Malaysian REIT (M-REIT) Industry supported by various initiatives that our Regulators are working on to enhance the attractiveness of the M-REITs. Recent improvements include the decision in allowing REITs Management Company to have up to 70 percent foreign equity as well as fresh measures to further liberalise the REITs, allowing for greater flexibility and improving procedures relating to the licensing process.

Since the listing of the first REIT in August 2005, Malaysian REITs have grown steadily. An increasing number of REITs of different asset classes are being listed on Bursa Malaysia each year. The REIT industry is defensive by nature and the stocks under trusts generally rise slowly in value over time. If managed well, they provide steady returns for non-aggressive investors who chose to take a medium to long-term view to investment.

An Islamic REIT (I-REIT) such as the Al-‘Aqar KPJ REIT is an investment vehicle that invests primarily in income-producing Syariah-compliant real estates, and uses the income from the properties and/or companies to provide returns to its unit holders. A portion of the REIT can also be invested in other Syariah-compliant asset classes such as cash or Syariah acceptable deposits.

bertujuan untuk membiayai pemilikan aset terkini Al-‘Aqar KPJ REIT. Pemenang-pemenang bagi pelbagai anugerah, dipilih secara terperinci berdasarkan pelbagai aspek, termasuklah dari segi saiz dana, keaslian, kekompleksan dan keupayaan melepasi sempadan. Datin Paduka Siti Sa’diah Sheikh Bakir, Pengarah Al-‘Aqar KPJ REIT dan Pengarah Urusan bagi KPJ Healthcare Berhad menerima anugerah tersebut bagi pihak Lembaga Pengarah dalam satu majlis yang diadakan di Hotel Royal Lancaster, London pada 6 Februari 2008.

Anugerah tersebut merupakan tambahan kepada pencapaian korporat terbaik Al-‘Aqar KPJ REIT, termasuklah sebagai REIT Prisihatin Pertama di Asia, REIT Islam Pertama di dunia dan juga yang pertama disenaraikan di bawah Garispanduan REIT Islam, Suruhanjaya Sekuriti, Malaysia. Walaupun telah setahun berlalu dari tempoh pelancaran, Al-‘Aqar KPJ REIT masih mampu menarik perhatian komuniti kewangan Islam, mempelopori melalui keunikannya dan memberi kebanggaan kepada Kumpulan Johor Corporation dan juga Malaysia.

PROSPEK POSITIF UNTUK AL-‘AQAR KPJ REIT

Pertumbuhan ekonomi dunia dijangka tumbuh agak sederhana di dalam tahun 2007 berikutan daripada ketidaktentuan keadaan pasaran kewangan ekoran daripada krisis pinjaman perumahan subprima Amerika Syarikat yang menjadi lebih ketara pada akhir tempoh tersebut. Kenaikan harga minyak mentah yang mencecah paras tertinggi barunya dan faktor ketidakstabilan persekitaran geopolitik yang berterusan di samping kebimbangan terhadap situasi inflasi yang bertambah buruk, telah menyumbang kepada ketidaktentuan halatuju.

Walaupun persekitaran luaran tidak memberangsangkan, prospek pertumbuhan ekonomi Malaysia yang baik bagi suku tahun ketiga 2007 iaitu paras 6.7% telah meletakkan Malaysia di landasan pencapaian pertumbuhan pada kadar 6.0% bagi tahun 2007. Permintaan domestik yang baik dan peningkatan perbelanjaan pelaburan berupaya mengatasi kesederhanaan di dalam pertumbuhan eksport dan ekonomi Malaysia, Ini dijangka akan terus kukuh pada tahun 2008 disokong dengan faktor-faktor domestik tersebut terutamanya dari pihak kerajaan dan juga swasta.

Penganalisa pasaran dari pelbagai firma broker saham berpendapat dan yakin bahawa industri REIT Malaysia (M-REIT) berpotensi cerah, disokong oleh beberapa inisiatif dari pihak penguatkuasa undang-undang yang berusaha meningkatkan daya tarikan ke atas M-REIT. Pembaikan terkini termasuklah membenarkan pegangan ekuiti asing sehingga 70 peratus di dalam Syarikat Pengurusan REIT serta langkah-langkah selanjutnya di dalam meliberalisasikan REIT, agar lebih feksibel dan memperbaiki prosedur berkaitan proses perlesenan.

Semenjak penyenaraian REIT pertama pada Ogos 2005, REIT di Malaysia telah berkembang stabil. Penambahan bilangan REIT dengan kelas aset yang berbeza telah disenaraikan di Bursa Malaysia pada setiap tahun. Industri REIT bersifat defensif pada amnya dan saham di bawah tabung amanah lazimnya meningkat secara perlahan mengikut peredaran masa. Sekiranya diuruskan dengan baik, ia akan menawarkan pulangan yang stabil kepada pelabur yang kurang agresif dan memilih pelaburan untuk tempoh jangkamasa sederhana dan panjang.

Corporate Statement

Perutusan Korporat




Indeed Malaysia can now rightfully claim to have one of the most innovative and comprehensive Islamic capital markets in the world. Many ‘world-firsts’ Islamic products have been issued out of Malaysia such as the world’s first sovereign global sukuk, world’s first listed REITs and world’s first rated Islamic residential mortgage-backed securities. Malaysia has a diversified range of products and services with significant size and scale. The growing awareness of and demand for investing in accordance to Islamic principles on a global scale has created a flourishing Islamic Capital Market, more so today due to increasing wealth in the hands of Muslims worldwide who are actively involved in business and corporate activities. Therefore, there is undoubtedly much potential to sustain the market demand for Islamic REIT such as the Al-‘Aqar KPJ REIT.

The newly acquired assets from KPJ notwithstanding, more hospital buildings and healthcare related companies within the dynamic and fast-expanding KPJ Healthcare Group assures the prospective asset bank growth for Al-‘Aqar KPJ REIT. The list keeps on growing as this report is written, with KPJ continuing with its own acquisition trail and reaching out beyond Malaysia’s domestic shores and especially already making a mark in the Islamic Nations in the Middle Eastern Region.

The strength and corporate reputation of KPJ in its industry, is in itself very reassuring as there is perfect alignment of interests between KPJ and the fund, and that in itself is already half way to “winning the battle” in business growth prospects. Thus, going forward, followed by Al-‘Aqar KPJ REIT’s latest addition to its portfolio, it would only be positive growth ahead for the fund for the ultimate benefit of our unit holders.

ACKNOWLEDGEMENTS

On behalf of the Managers, I would like to take this opportunity to thank the unit holders of Al-‘Aqar KPJ REIT for their confidence in us and to assure you of our full commitment and dedication in ensuring a rewarding and gratifying experience investing in Al-‘Aqar KPJ REIT.

I would also like to extend our heartfelt and sincere gratitude to the governing authorities especially the Securities Commission and all our business partners for their continued support, guidance and relentless effort and commitment thus far.

Last but not least, our greatest appreciation goes to KPJ Healthcare Berhad, for her trust, unrivaled commitment and continuous support and cooperation. We welcome the prospect of being by KPJ’s side, sharing a common business destiny and striving for many more dynamic and prosperous years ahead together.

TAN SRI DATO’ MUHAMMAD ALI HJ HASHIMChairmanDamansara REIT Managers Sdn Berhad19 February 2008

REIT bercirikan Islam (I-REIT) seperti Al-‘Aqar KPJ REIT sebagai pemacu pelaburan, melabur terutamanya dalam hartanah yang memberi pulangan berprinsipkan Syariah dan menggunakan hasil dari pendapatan dari hartanah dan/atau syarikat bagi memberi pulangan kepada para pemegang unit. Sebahagian daripada dana REIT juga dibenarkan melabur di dalam kelas aset berlandaskan Syariah seperti tunai atau deposit yang dibenarkan.

Malaysia kini mampu diperakui sebagai memiliki pasaran modal Islam yang amat inovatif dan komprehensif di dunia. Kebanyakan produk Islam ‘pertama di dunia’ diterbitkan di luar Malaysia seperti Sukuk Pertama dunia, REIT Pertama dunia dan sekuriti Gadaijanji Perumahan Islam Pertama di dunia. Malaysia mempunyai pelbagai produk dan perkhidmatan dengan saiz dan skala berbeza. Peningkatan perhatian dan permintaan bagi pelaburan berlandaskan prinsip Islam pada skala global telah mencipta kemakmuran Pasaran Modal Islam, lebih-lebih lagi dengan peningkatan kekayaan golongan Muslim di seluruh dunia yang aktif melibatkan diri di dalam bisnes dan sektor korporat. Oleh yang demikian, adalah tidak dinafikan bahawa permintaan pasaran terhadap REIT Islam seperti Al-‘Aqar KPJ REIT berpotensi untuk terus kukuh.

Berdasarkan perolehan aset terkini dari KPJ, pemilikan lebih banyak bangunan hospital dan aktiviti berkaitan dengan prisihatin di dalam Kumpulan KPJ Healthcare yang dinamik dan berkembang pesat, menjamin pertumbuhan aset bagi Al-‘Aqar KPJ REIT. Senarainya terus berkembang dan sehingga laporan ini ditulis, KPJ meneruskan proses pengambilalihannya di dalam negeri dan mempelopori negara-negara Islam terutamanya di Timur Tengah.

Kekuatan dan reputasi korporat KPJ dalam industrinya adalah amat menyakinkan, lebih-lebih lagi dengan rangkaian bisnes di antara Al-‘Aqar KPJ REIT dan KPJ sendiri telah mencapai sasaran dan objektifnya di dalam meraih prospek pembangunan perniagaan. Dengan penambahan hartanah di dalam portfolionya, Al-‘Aqar KPJ REIT telah mengorak langkah bagi perkembangan pertumbuhan dananya untuk kepentingan para pemegang unitnya.

PENGHARGAAN

Bagi pihak Pengurus, saya ingin mengambil kesempatan ini merakamkan ucapan terima kasih kepada para pemegang unit Al-‘Aqar KPJ REIT di atas keyakinan mereka terhadap kami dan kami memberi jaminan untuk memenuhi komitmen dengan penuh dedikasi bagi memastikan pulangan yang menguntungkan apabila melabur di dalam Al-‘Aqar KPJ REIT.

Saya juga ingin menyampaikan penghargaan yang tidak terhingga kepada pihak berkuasa pentadbiran terutama Suruhanjaya Sekuriti dan semua rakan perniagaan atas sokongan yang berterusan, panduan dan kesungguhan tidak terhingga serta komitmen sehingga kini.

Tidak dilupakan juga, penghargaan yang amat besar kepada KPJ Healthcare Berhad, di atas kepercayaan, komitmen yang tidak berbelah bagi serta sokongan dan kerjasama yang berterusan. Kami menghargai prospek yang seiring dengan KPJ, berkongsi destinasi perniagaan yang sama dan berusaha mencapai tahun-tahun yang lebih dinamik dan cemerlang di masa hadapan.

TAN SRI DATO’ MUHAMMAD ALI HJ HASHIMPengerusiDamansara REIT Managers Sdn Berhad19 Februari 2008

Corporate Statement

Perutusan Korporat




For the financial year ended 31 December 2007

Damansara REIT Managers Sdn Berhad (“DRMSB”), the Manager of Al-‘Aqar KPJ Real Estate Investment Trust (Al-‘Aqar KPJ REIT) have pleasure in submitting their report to the Unitholders of Al-‘Aqar KPJ REIT together with the audited financial statements of Al-‘Aqar KPJ REIT for the financial year ended 31 December 2007.

THE TRUST AND THE MANAGER

Al-‘Aqar KPJ REIT is a Malaysian-based real estate and investment trust, established on 28 June 2006 pursuant to the execution of a Trust Deed dated 27 June 2006 between the Manager (“DRMSB”), and the Trustee (“Amanah Raya Berhad”). It was listed on the Main Board of Bursa Malaysia on 10 August 2006. Al-‘Aqar KPJ REIT was initially formed to own and invest in Syariah acceptable properties which comprise of Ampang Puteri Specialist Hospital Building, Damansara Specialist Hospital Building, Johor Specialist Hospital Building, Ipoh Specialist Hospital Building, Puteri Specialist Hospital Building and Selangor Medical Centre Building (collectively the “Properties”).

The Manager, incorporated in Malaysia, is a wholly-owned subsidiary of Damansara Asset Sdn Bhd, a subsidiary of Johor Corporation. The principal activity of the Manager is management of real estate investment trusts. There has been no significant change in the nature of the activity during the period.

FUND OBJECTIVE

Our key objective of Al-‘Aqar KPJ REIT is to provide Unitholders with stable distributions per unit with the potential for sustainable long-term growth of such distributions and Net Asset Value (NAV) per unit.

The objective is sought to be achieve by optimizing the performance and enhancing the overall quality for a large and geographically diversified portfolio of Syariah-compliant real estate assets through various permissible investment and business strategies

For the period ended 31 December 2007, the Al-‘Aqar REIT has declared an income distribution of 7.32 sen per unit which is in line with the objective of providing the unitholders with a steady stream of income.

CATEGORY OF FUND

Real estate and real estate-related assets.

Bagi Tempoh Berakhir 31 Disember 2007

Damansara REIT Managers Sendirian Berhad (“DRMSB”), Pengurus kepada Amanah Pelaburan Hartanah Islam Al-’Aqar KPJ (Al-’Aqar KPJ REIT) dengan sukacitanya membentangkan Laporan Pengurus kepada Pemegang unit Al-‘Aqar KPJ REIT berserta dengan penyata kewangan Al-’Aqar KPJ REIT bagi tempoh berakhir 31 Disember 2007.

DANA AMANAH, PENGURUS DAN AKTIVITI UTAMA

Al-’Aqar KPJ REIT adalah sebuah dana amanah pelaburan hartanah yang berpengkalan di Malaysia telah ditubuhkan pada 28 Jun 2006 dengan termeterainya Surat Ikatan bertarikh 27 Jun 2006 diantara Pengurus (DRMSB) dan Pemegang Amanah (Amanah Raya Berhad). Ia telah disenaraikan di Papan Utama Bursa Malaysia pada 10 Ogos 2006. Al-‘Aqar KPJ REIT pada asalnya ditubuhkan untuk memiliki dan melabur dalam hartanah yang boleh diterima Syariah yang terdiri daripada Bangunan Hospital Ampang Puteri, Bangunan Hospital Pakar Damansara, Bangunan Hospital Pakar Johor, Bangunan Hospital Pakar Ipoh, Bangunan Hospital Pakar Puteri dan Bangunan Pusat Perubatan Selangor (dikenali sebagai “hartanah”).

Pengurus, sebuah syarikat yang diperbadankan di Malaysia, adalah syarikat milik penuh Damansara Asset Sdn Bhd, syarikat anak milik Johor Corporation. Aktiviti utama Pengurus adalah pengurusan amanah pelaburan hartanah. Tiada sebarang perubahan ketara di dalam aktiviti utama di sepanjang tempoh ini. Aktiviti utama Al-’Aqar KPJ REIT adalah melabur dalam hartanah yang berlandaskan syariah dengan objektif utamanya untuk menyediakan pengagihan pendapatan yang stabil dan berpotensi untuk mengekalkan pertumbuhan jangka masa panjang dan peningkatan modal.

OBJEKTIF DANA

Objektif utama Al-’Aqar KPJ REIT adalah untuk menyediakan pemegang-pemegang unit dengan pengagihan pendapatan per unit yang stabil dengan potensi pertumbuhan jangka panjang boleh kekal bagi pengagihan pendapatan dan Nilai Aset Bersih (NAB) per unit tersebut.

Objektif adalah dihasratkan untuk dicapai dengan mengoptimumkan prestasi dan meningkatkan keseluruhan kualiti portfolio pelbagai aset hartanah yang mematuhi Syariah secara geografi melalui beberapa strategi bisnes dan pelaburan yang dibenarkan.

Bagi tempoh berakhir 31 Disember 2007, Al-‘Aqar KPJ REIT telah mengisytiharkan pengagihan pendapatan sebanyak 7.32 sen per unit di mana ini adalah sejajar dengan objektifnya untuk menyediakan pendapatan yang stabil kepada para pemegang unit.

KATEGORI DANA

Hartanah dan aset-aset berkaitan hartanah.

Manager’s Report

Laporan Pengurus

Manager’s ReportLaporan Pengurus


TYPE OF FUND

Income and growth.

TERM OF THE FUND

The Fund has no fixed termination date. However, the Trust Deed does provide for a number of circumstances under which the Fund may be terminated.

INVESTMENT POLICIESi) Portfolio composition

Al-‘Aqar KPJ REIT’s investments maybe allocated in the following manner, as prescribed by the Guidelines on Real Estate Investment Trust (“Guidelines on REITs”) and the Guidelines for Islamic Real Estate Investment Trust (“Guidelines on Islamic REITs”):-

a) at least 75% of Al-‘Aqar KPJ REIT’s total assets shall be invested in Syariah compliance real estate, single-purpose companies which are Syariah-compliant, Syariah compliant real estate-related assets or liquid assets;

b) at least 50% of Al-‘Aqar KPJ REIT’s total assets must be invested in Syariah compliant real estate or single-purpose companies which are Syariah compliant; and

c) the remaining 25% of Al-‘Aqar KPJ REIT’s total assets may be invested in other Syariah compliant assets (i.e. Syariah compliant real estate-related assets, Syariah compliant non-real estate-related assets or Islamic asset-backed securities).

ii) Diversification

Al-‘Aqar KPJ REIT will seek to diversify its Syariah-compliant real estate portfolio by property and location type. Al-‘Aqar KPJ REIT will primarily be focused on investing in real estates which are primarily used for healthcare purposes and will continue to look for opportunities that will provide attractive returns.

iii) Leverage

Al-‘Aqar KPJ REIT will be able to leverage on its financing to make the permitted investments. Leveraging on its financing will enable the returns to unitholders to increase.

JENIS DANA

Pendapatan dan Pertumbuhan.

TEMPOH DANA

Tiada ditetapkan tarikh penamatan dana. Walaubagaimanapun, Surat Ikatan Amanah ada memperuntukkan keadaan-keadaan dimana dana boleh ditamatkan.

POLISI-POLISI PELABURANi) Komposisi portfolio

Pelaburan Al-’Aqar KPJ REIT mungkin diperuntukkan dengan komposisi berikut, seperti yang dinyatakan di dalam Garis Panduan bagi Amanah Pelaburan Hartanah (Garis Panduan REIT) dan Garis Panduan bagi Amanah Pelaburan Hartanah Islam (Garis Panduan REIT Islam):-

a) Sekurang-kurangnya 75% daripada jumlah aset Al-’Aqar KPJ REIT perlu dilaburkan di dalam hartanah yang mematuhi Syariah, syarikat yang ditubuhkan untuk tujuan tertentu yang mematuhi Syariah, aset-aset yang berkaitan dengan hartanah atau aset cair yang mematuhi Syariah;

b) Sekurang-kurangnya 50% daripada jumlah aset Al-’Aqar KPJ REIT mesti dilaburkan di dalam hartanah yang mematuhi Syariah atau syarikat yang ditubuhkan untuk tujuan tertentu yang mematuhi Syariah; dan

c) Baki 25% daripada jumlah aset Al-’Aqar KPJ REIT mungkin dilaburkan di dalam aset lain yang mematuhi Syariah (contoh: aset-aset berkaitan hartanah yang mematuhi Syariah, aset-aset tidak berkaitan hartanah yang mematuhi Syariah atau sekuriti sokongan aset Islam)

ii) Kepelbagaian

Al-’Aqar KPJ REIT akan mempelbagaikan portfolio hartanah yang mematuhi Syariah bedasarkan ciri-ciri harta dan jenis lokasi. Al-’Aqar KPJ REIT akan memberikan fokus utamanya pada pelaburan di dalam hartanah yang mana perubatan merupakan kegunaan utamanya dan akan berterusan mencari peluang-peluang yang akan memberikan pulangan yang menarik.

iii) Keumpilan

Al-‘Aqar KPJ REIT boleh mengumpil pembiayaannya untuk membuat pelaburan yang dibenarkan. Pengumpilan ke atas pembiayaan dapat meningkatkan pulangan kepada pemegang unit.

Manager’s Report

Laporan Pengurus

Manager’s Report (cont’d)

Laporan Pengurus (samb)


Market Report

Laporan PasaranMarket ReportLaporan Pasaran

ECONOMIC OVERVIEW

Global economic growth is expected to moderate slightly in 2007 due to uncertainties in the financial markets arising from the US sub primes mortgage crisis which became more severe towards the later part of the year. Further fallout from the crisis has yet to be felt in 2007. Central banks in major economies had injected billions of dollars to defuse the credit crunch and on fears that the deteriorating conditions in the global credit markets could stall expansion of the global economy.

The US Federal Reserve had also reacted aggressively, cutting its short term rate by a total of 100bp throughout the year of 2007. Escalating oil price, hitting new highs and accelerating fears of inflation, had also put the Federal Reserve in difficult situation in deciding its monetary matters. The run up in oil price was triggered by stronger demand growth, supply constraints and persistent geopolitical concerns.

Impressively, the Malaysian economy expanded strongly by 6.7% in the third quarter of 2007, despite the less favorable external environment. With growth averaging at 6.0% in the first nine months of 2007, the economy is on the track to achieve its forecast growth of 6.0% in 2007. Resilient domestic demand and higher investment spending managed to overcome the moderation in export growth.

The Malaysian economy is expected to remain resilient in 2008, supporting by domestic driven factors particularly from the government as well as the private sector.

TINJAUAN EKONOMI

Pertumbuhan ekonomi dunia dijangka bergerak agak sederhana pada tahun 2007 berikutan daripada ketidaktentuan keadaan pasaran kewangan ekoran krisis pinjaman perumahan subprima Amerika Syarikat yang semakin ketara semenjak akhir-akhir ini. Kesan daripada krisis tersebut masih belum dapat dirasai sepenuhnya di dalam tahun 2007. Suntikan berbilion dolar oleh bank pusat utama dunia bagi meredakan kegoyahan kredit dan juga kebimbangan terhadap situasi pasaran kredit menjadi bertambah buruk, dijangka akan menyekat perkembangan ekonomi dunia secara global.

Rizab Persekutuan Amerika Syarikat juga bertindak agresif dengan menurunkan kadar faedah sebanyak 100 mata asas di sepanjang tahun 2007. Kenaikan harga minyak mentah yang mencecah ke paras tertinggi baru dan kebimbangan terhadap peningkatan kadar inflasi, telah merumitkan lagi Rizab Persekutuan di dalam menangani krisis dasar monetarinya. Lonjakan dalam kenaikan harga minyak mentah adalah dipacu oleh permintaan yang semakin tinggi, penawaran yang agak terhad dan faktor-faktor geopolitik yang berterusan.

Pertumbuhan ekonomi Malaysia pada suku ketiga tahun 2007 adalah terus kukuh pada kadar 6.7% di sebalik faktor luaran yang kurang memberangsangkan. Dengan purata pertumbuhan sebanyak 6.0% pada sembilan bulan pertama tahun 2007, ekonomi Malaysia dijangka akan dapat mencapai pertumbuhan sebanyak 6.0% sebagaimana yang diramalkan. Permintaan domestik yang kukuh dan perbelanjaan pelaburan yang tinggi dijangkakan mampu mengatasi kelembapan di dalam pertumbuhan eksport.

Ekonomi Malaysia dijangka akan terus kukuh pada tahun 2008, didorong oleh faktor domestik terutamanya dari sektor kerajaan dan juga dari sektor swasta.

MARKET PROSPECT

The injection of additional five hospitals into Al-Aqar KPJ REIT further expands the trust funds. Rising demand in private healthcare services would continue to enhance the future prospects of the Group. Demand and supply mismatch, rising population income and affordability, increasing healthcare expenditure and acceleration in health awareness would be among the compelling industry drivers. Positive wealth effect from the strong run up in the stock market also bodes well for the industry. In addition, further revision in tax treatment relating to REITS would benefit the industry and supporting future expansion of the REITS market.

Further encouraging factors would include the decision in allowing REITs Management Company to have up to 70 percent foreign holding in the management company as well as the REITs with condition of a minimum 30% of Bumiputera holding and leniency in licensing process on matters falls within the applicants and other government agencies.

The industry would also be expecting stronger contribution from the health tourism as the segment’s revenue is expected to hit RM2 billion in 2010, according to Standard and Poor’s (S&P). Healthcare Tourism is a rapidly growing phenomenon in today’s world. The growing numbers of foreigners seeking healthcare services in Malaysia provides vast opportunities to Malaysia healthcare sector. Malaysia is ranked among top four centers of health tourism in Asia together with Thailand, India and Singapore. According to the Association of Private Hospitals Malaysia, there are 296,687 patients in 2006 as compared to 75,210 patients in 2001, confirming wide potentials from the particular segment. High local medical standards and competitively priced services as Malaysia’s healthcare cost is among the cheapest in the region would ensure the group’s position in the healthcare sector.

PROSPEK PASARAN

Suntikan lima buah hospital lagi ke dalam Al-Aqar KPJ REIT telah membantu perkembangan dana tersebut. Peningkatan terhadap permintaan perkhidmatan perubatan swasta akan terus meningkatkan prospek kumpulan di masa hadapan. Kadar permintaan yang melebihi keupayaan tawaran, peningkatan di dalam pendapatan dan kemampuan penduduk, kenaikan perbelanjaan perubatan dan peningkatan kesedaran


terhadap kesihatan menjadi pemacu-pemacu utama industri. Kesan peningkatan kekayaan berikutan daripada peningkatan pasaran saham yang memberangsangkan turut memberi sumbangan kepada industri ini. Tambahan pula, kajian semula ke atas sistem percukaian yang lebih positif turut memberi manfaat kepada industri dan seterusnya mendorong kepada perkembangan pasaran REIT di masa hadapan.

Faktor penggalak yang seterusnya merupakan keputusan membenarkan syarikat pengurusan REITs memiliki sehingga 70 peratus pegangan pelaburan asing di mana pegangan Bumiputera adalah tidak kurang daripada 30 peratus serta memudahkan urusan pemerosesan perlesenan di antara pemohon dan agensi-agensi kerajaan.

Berdasarkan laporan Standard & Poor’s (S&P), industri ini juga bakal menerima imbuhan yang tinggi daripada sektor pelancongan kesihatan kerana keuntungan dari sektor tersebut dijangka mencapai RM2 bilion pada tahun 2010. Pelancongan kesihatan kini merupakan fenomena utama dunia yang pesat berkembang. Peningkatan bilangan pelancong asing yang mendapatkan perkhidmatan kesihatan di negara ini, membuka peluang yang luas kepada sektor perubatan tempatan. Malaysia berada di dalam kedudukan ke empat sebagai pusat pelancongan kesihatan utama di Asia selepas Thailand, India dan Singapura. Berdasarkan Persatuan Hospital-hospital Swasta Malaysia, bagi tahun 2006, bilangan pelancong asing mendapatkan perkhidmatan kesihatan tempatan adalah seramai 296,687 orang berbanding 75,210 pada tahun 2001, membuktikan segmen tersebut mempunyai potensi yang luas. Keupayaan sektor perubatan tempatan dan kos perubatan yang kompetitif dimana Malaysia merupakan di antara terendah di rantau ini, akan terus mengukuhkan sektor prisihatin negara.

AL-AQAR UNIT PRICE PERFORMANCE / PRESTASI HARGA SEUNIT AL-AQAR KPJ REIT

UNIT INFORMATION / MAKLUMAT UNIT

DISTRIBUTION / PENGAGIHAN PENDAPATAN

The Board of Director and the Trustee, Amanah Raya Berhad, have approved a total income of 7.32 sen per unit for the financial year ended 31 December 2007. An interim income distribution of 3.64 sen per unit for the period from 1 January 2007 to 30 June 2007, was paid on 24 August 2007. The Manager had also declared another interim income distribution of 3.22 sen per unit and a final income distribution of 0.46 sen per unit. The total income distribution for the financial year ended 30 November 2007 and final dividend of 0.46% amounted to RM24,890,000.00.

Lembaga Pengarah dan Pemegang Amanah, Amanah Raya Berhad, telah meluluskan pengagihan pendapatan sebanyak 7.32 sen seunit untuk tahun kewangan berakhir 31 Disember 2007. Pengagihan pendapatan interim sebanyak 3.64 sen seunit untuk tempoh berakhir 1 Januari 2007 sehingga 30 Jun 2007, telah dibayar pada 28 Ogos 2007. Pengurus juga telah mengistiharkan pengagihan pendapatan interim tambahan sebanyak 3.22 sen seunit dan pengagihan pendapatan akhir sebanyak 0.46 sen seunit. Ini menjadikan jumlah pengagihan pendapatan untuk tahun kewangan berakhir 30 November 2007 dan dividen akhir iaitu 0.46% sebanyak RM24,890,000.00.

Market Report

Laporan PasaranMarket ReportLaporan Pasaran

2008DecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruary2007x100

5000

10000

15000

20000

0.92

0.93

0.94

0.95

0.96

0.97

0.98

0.99

1.00

1.01

1.02

1.03

1.04

1.05

5000

10000

15000

20000

0.92

0.93

0.94

0.95

0.96

0.97

0.98

0.99

1.00

1.01

1.02

1.03

1.04

1.05

x100

AL-'AQAR KPJ REIT

As at 31 Dec/ As at 31 Dec/ Variance Pada 31 Dis Pada 31 Dis (%) 2007 2006

Market Price per unit (RM) / Harga Pasaran per unit 0.97 1.00 (3.00)

Highest traded price per unit for the period (RM) / 1.05 1.01 3.96Harga urusniaga paling tinggi pada tempoh tersebut (RM)

Lowest traded price per unit for the period (RM) 0.925 0.965 (4.15)Harga urusniaga paling rendah pada tempoh tersebut (RM)


The Group/ The Fund/ Kumpulan Al-‘Aqar KPJ REIT 2007 2007 2006 (12 month) (12 bulan) (6 bulan) RM RM RM

Net income/ Pendapatan Bersih 25,338,057 25,343,157 23,579,764Income Distribution/ Pengagihan Pendapatan 24,890,000 24,890,000 9,248,000Earnings Per Unit/ Pengagihan Seunit 7.45 sen 7.45 sen 6.94 senDistribution Per Unit/ Pengagihan Seunit 7.32 sen 7.32 sen 2.72 senAnnualised Management Expense Ratio (%)/ Nisbah Perbelanjaan Pengurusan Tahunan (%) - 0.27 0.09

As at 31 December 2007/ Pada 31 Disember 2007 RM

Total Assets/ Jumlah Aset 481,000,000 Total Borrowing/ Jumlah Pinjaman 133,420,052Total Unitholders’ Fund/ Jumlah Dana Pemegang Unit 348,715,038Market Capitalisation/ Permodalan Pasaran 340,000,000Total Borrowings to Total Assets/ Jumlah Pinjaman untuk Jumlah Aset 27.86%Net Asset Value Per Unit/ Nilai Bersih Aset Seunit 1.03

Unit Price (RM) – IPO – Retail Portion/ Harga Seunit – IPO – Bahagian Runcit 0.95 senMarket Price Per Unit as at 31 December 2007/ Harga Pasaran Seunit pada 31 Disember 2007 0.97 senNo. Of Units in Circulation/ Jumlah Unit Teredar 340,000,000No. Of Unitholders/ Jumlah Pemegang Unit 2,491

Financial Highlight

Maklumat Utama Kewangan

Financial HighlightMaklumat Utama Kewangan


Overview / Tinjauan

The initial investments of Al-’Aqar KPJ REIT comprise following properties, where the tenants are operating as private specialisthospitals. The activities involve healthcare sector which are permissible according to Syariah and approved by SyariahCommittee Members.

Pelaburan awal Al-’Aqar KPJ REIT meliputi hartanah-hartanah berikut, di mana penyewa menggunakan premis sebagai hospitalpakar swasta. Aktiviti-aktiviti yang dijalankan melibatkan sektor perkhidmatan kesihatan yang dibenarkan mengikut undang-undangSyariah dan diluluskan oleh Ahli Jawatankuasa Syariah.

Property under Al-’Aqar KPJ REIT / Hartanah Milik Al-’Aqar KPJ REIT

Ampang Puteri Specialist Hospital Building/Bangunan Hospital Pakar Ampang Puteri

No. 1, Jalan Mamanda 9, Taman Dato’ Ahmad Razali,68000 Ampang, Selangor.

Selangor Medical Centre Building/Bangunan Pusat Perubatan Selangor

Lot 1, Jalan 20/1 (also known as Jalan Singa 20/1) Section 20, 40300 Shah Alam, Selangor.

Puteri Specialist Hospital Building/Bangunan Hospital Pakar Puteri

No. 33, Jalan Tun Abdul Razak (Susur 5), 80000 Johor Bahru, Johor.

Damansara Specialist Hospital Building/Bangunan Hospital Pakar Damansara

No 119, Jalan SS 20/10 Damansara Utama, 47400 Petaling Jaya, Selangor.

Ipoh Specialist Hospital Building/ Bangunan Hospital Pakar Ipoh

No. 26, Jalan Raja DiHilir, 30350 Ipoh, Perak.

Johor Specialist Hospital Building/Bangunan Hospital Pakar Johor

No. 39-B, Jalan Abdul Samad, 80100 Johor Bahru.

Al-’Aqar KPJ REIT Portfolio At a Glance

Hartanah Al-’Aqar KPJ REIT Seimbas Lalu

Al-’Aqar KPJ REIT Portfolio At a GlanceHartanah Al-’Aqar KPJ REIT Seimbas Lalu


Address / Alamat No. PT 37 and PT 600, Jalan Bayam, Section 14, 15200 Kota Bharu, Kelantan.

Description / PeneranganA five (5) story private specialist hospital with a sub-basement erected on the land held under title no. HSD 917, Lot No. PT 616, Section 14, Town of Kota Bharu, district of Kota Bharu, Kelantan.

Bangunan hospital swasta lima (5) tingkat dengan tingkat bawah tanah dibina khas atas tanah di bawah hak milik no. HSD 917, Lot No. PT616, Seksyen 14, Bandar Kota Bahru, Daerah Kota Bahru, Kelantan.

Year of Completion / Tarikh Siap2002

Registered Proprietor / Pemilik BerdaftarPusat Pakar Darul Naim Sdn Bhd (PPDNSB)

Occupancy / Penghunian100% by Pusat Pakar Darul Naim Sdn Bhd, the owner and operator of Perdana Specialist Hospital.

100% oleh Pusat Pakar Darul Naim Sdn Bhd, pemilik and operator Hospital Pakar Perdana.

Land Area / Keluasan Tanah8,282 square meter / 8,282 meter persegi

Gross Floor Area Whole Building / Keluasan Lantai Kasar Keseluruhan Bangunan13,628 square meter / 13,628 meter persegi

New Acquistion for 2007

Pemilikan Baru untuk 2007

New Acquistion for 2007Pemilikan Baru untuk 2007

Perdana Specialist Hospital BuildingBangunan Hospital Pakar Perdana





Kuantan Specialist Hospital BuildingBangunan Hospital Pakar Kuantan

Address / AlamatNo. 51 Jalan Alor Akar, Taman Kuantan, 25250 Kuantan, Pahang.

Description / PeneranganA purpose-built private specialist hospital (comprising three (3) story Block A and five (5) storey annexe Block B and an open car park erected on a piece of freehold land under title nos. GM 3441, GM 3442, GM 3466, GM 2827, GM 2823, GM 3443, GM 1575, GM 6875, Lot nos. 5885,5886,5888, 5889,58901,5891,10747 and 10748 respectively, Mukim of Kuala Kuantan, district of Kuantan in Pahang.

Hospital pakar swasta yang dibina khas (terdiri daripada tiga (3) tingkat Blok A dan tambahan lima (5) tingkat Blok B dan tempat letak kereta terbuka dibina di atas tanah yang dipegang dibawah hak milik no. GM 3441, GM 3442, GM 3466, GM 2827, GM 2823, GM 3443, GM 1575, GM 6875, No. Lot 5885,5886,5888, 5889,58901,5891,10747 dan 10748, Mukim Kuala Kuantan, Daerah Kuantan di Pahang.

Year of Completion / Tarikh SiapBlock A in the year 1983 and Block B in the year 2001.

Blok A pada tahun 1983 dan Blok B pada tahun 2001.

Registered Proprietor / Pemilik BerdaftarKuantan Specialist Hospital Sdn Bhd (KSHSB)

Occupancy / Penghunian100% by Kuantan Specialist Hospital Sdn Bhd , the owner and operator of Kuantan Specialist Hospital.

100% oleh Kuantan Specialist Hospital Sdn Bhd, pemilik dan operator Hospital Pakar Kuantan.







Address / AlamatNo. 36 Jalan Chemur Damai Complex, 50400 Kuala Lumpur.

Description / PeneranganA seven (7) storey built private specialist hospital with a lower ground floor erected on the land under title no. GRN 43923, Lot No. 671, Town of Kuala Lumpur, District of Kuala Lumpur, Federal Territory of Kuala Lumpur.

Hospital pakar swasta tujuh (7) tingkat dibina khas dengan tingkat bawah dibina di atas tanah yang dipegang di bawah hak milik no. GRN 43923, Lot No. 671, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur.

Year of Completion / Tarikh Siap1993

Registered Proprietor / Pemilik Berdaftar Sentosa Medical Centres Sdn Bhd (SMCSB)

Occupancy / Penghunian100% by Sentosa Medical Centres Sdn Bhd, the owner and operator of Sentosa Medical Centre.

100% oleh Sentosa Medical Centres Sdn Bhd, pemilik dan operator Pusat Perubatan Sentosa.


Gross Floor Area Whole Building / Keluasan Lantai Kasar Keseluruhan Banguna9,931 square meter / 9,931 meter persegi

Sentosa Medical Centre BuildingBangunan Pusat Perubatan Sentosa





Address / AlamatJalan Cheras, 43000 Kajang, Selangor Darul Ehsan.

Description / PeneranganA seven (7) story purpose built specialist hospital with a lower ground floor erected on a piece of freehold land held under title no. HSM 22394, Lot No. 53903, Mukim of Kajang, District of Hulu Langat, Selangor.

Hospital pakar swasta tujuh (7) tingkat dibina khas dengan tingkat bawah dibina di atas tanah yang dipegang di bawah hak milik no HSM 22394, Lot No. 53903, Mukim Kajang, Daerah Hulu Langat, Selangor.

Year of Completion / Tahun Siap2006

Registered Proprietor / Pemilik Berdaftar Hospital Sentosa Sdn Bhd (HSSB)

Occupancy / Penghunian100% by Hospital Sentosa Sdn Bhd, the owner and operator of KPJ Kajang Specialist Hospital.

100% oleh Hospital Sentosa Sdn Bhd, pemilik dan operator Hospital Pakar KPJ Kajang.



KPJ Kajang Specialist Hospital BuildingBangunan Hospital Pakar KPJ Kajang





Address / AlamatPumpong, 05250 Alor Setar, Kedah Darul Aman.

Description / PeneranganA ten (10) storey private specialist hospital (inclusive of two (2) shell floors) with three (3) storey annexe block erected on a piece of freehold land under title no. HSM 10923, Lot No. PT 1280, Bandar Alor Setar and title nos. HSM 1/1997, GM 1436 and GM 1437, Lot Nos. PT 1350, 336 and 337 respectively, Mukim of Alor Merah, all in the District of Kota Setar in the State of Kedah

Hospital pakar swasta sepuluh (10) tingkat (termasuk dua (2) rangka lantai) bersama blok tiga (3) tingkat dibina di atas tanah pegangan bebas di bawah hak milik no. HSM 1/1997, GM 1436 and GM 1437, Lot No. PT 1350, 336 dan 337, Mukim Alor Merah, Daerah Kota Setar, Kedah Darul Aman.

Year of Completion / Tarikh Siap3 storey Annexe Block in the year 1987 and 10 storey Block in the year 2004

Blok 3 tingkat pada tahun 1987 dan Blok 10 tingkat pada tahun 2004

Registered Proprietor / Pemilik berdaftarKedah Medical Centre Land is owned by Kedah Medical Centre Sdn Bhd (KMCSB) whereas Perbadanan Kemajuan Negeri Kedah (PKNK) has been compulsorily acquired by the State Government of Kedah for PKNK, a major shareholder of KMCSB, pursuant to Section 22 of the Land Acquisition Act 1960 and vide Gazette Notification No. 36/16.01.2003 and is in the process of being alienated and transferred to PKNK.

Tanah Pusat Perubatan Kedah hakmilik Kedah Medical Centre Sdn Bhd (KMCSB) dimana Perbadanan Kemajuan Negeri Kedah (PKNK) wajib dimiliki oleh Kerajaan Negeri Kedah untuk PKNK, pemegang saham terbesar KMCSB, tertakluk kepada Seksyen 22 Akta Pemilikan Tanah 1960 dan notis gazet no. 36/16.01.2003 dan dalam proses pemindahan hakmilik kepada PKNK.

Occupancy / Penghunian100% by Kedah Medical Centre Sdn Bhd, the owner and operator of Kedah Medical Centre.

100% oleh kedah Medical Centre Sdn Bhd, pemilik dan operator Kedah Medical Centre.


Gross Floor Area Whole Building / Keluasan Lantai Kasar keseluruhan Bangunan20,748 square meter / 20,748 meter persegi

Kedah Medical Centre BuildingBangunan Pusat Perubatan Kedah


INTRODUCTION

Al-’Aqar KPJ REIT is a Malaysian-based unit trust established on 28 June 2006, with the investment objective of owning and investing in Syariah-compliant real estate and Syariah compliant real estate-related assets used, or predominantly used, for commercial purposes, whether directly or indirectly through the ownership of single purpose companies, which are Syariah-compliant, who wholly own real estate. Al-’Aqar KPJ REIT is initially formed to own and invest in these Syariah acceptable properties which comprise Ampang Puteri Specialist Hospital Building, Damansara Specialist Hospital Building, Johor Specialist Hospital Building, Ipoh Specialist Hospital Building, Puteri Specialist Hospital Building and Selangor Medical Centre Building.

INTRODUCTION TO ISLAMIC REIT

An Islam REIT is an investment vehicle that invests primarily in income-producing Syariah-compliant real estate and/or single purpose companies which are Syariah-compliant whose principal assets comprise Syariah-compliant real estates, and uses the income from the properties and/or companies to provide returns to its unitholders. A portion of the REIT funds can also be invested in other Syariah-compliant asset classes, such as cash or Syariah acceptable deposits. In purchasing a unit in an Islamic REIT, you share the benefits and risks of owning the Syariah-compliant real estate assets held by the Islamic REIT. Islamic REIT is an attractive asset class for investors seeking strong dividend yields as REIT tends to distribute most of its income to unit holders in dividends. The Islamic REIT also provides a new investment opportunity for those who wish to invest in real estate through Syariah-compliant capital market instruments.

OBJECTIVE OF AN ISLAMIC REIT

The key objective of a REIT is to provide unitholders with stable distributions per unit with the potential for sustainable long-term growth of such distributions.The objective is sought to be achieved by optimising the performance and enhancing the overall quality of a large and geographically diversified portfolio of Syariah-compliant real estate assets through various permissible investment and business strategies.

PENGENALAN

Al-’Aqar KPJ REIT adalah sebuah dana amanah saham berpangkalan di Malaysia ditubuhkan pada 28 Jun 2006 dengan objektif pelaburan untuk memiliki dan melabur dalam hartanah yang mematuhi Syariah, dan aset-aset berkaitan hartanah yang mematuhi Syariah atau sebahagian besarnya digunakan, untuk tujuan komersial, sama ada secara langsung atau tidak langsung menerusi pemilikan syarikat-syarikat satu tujuan yang memiliki sepenuhnya hartanah yang mematuhi Syariah. Al-’Aqar KPJ REIT pada asalnya ditubuhkan untuk memiliki dan melabur dalam harta-harta yang boleh diterima Syariah yang terdiri daripada Bangunan Hospital Pakar Ampang Puteri, Bangunan Hospital Pakar Damansara, Bangunan Hospital Pakar Johor, Bangunan Hospital Pakar Ipoh, Bangunan Hospital Pakar Puteri dan Bangunan Pusat Perubatan Selangor.

PENGENALAN KEPADA REIT ISLAM

REIT Islam adalah instrumen pelaburan yang melabur terutamanya dalam hartanah yang mematuhi Syariah menghasilkan pendapatan dan/atau syarikat satu tujuan yang mana aset utama yang mematuhi Syariah terdiri daripada hartanah yang mematuhi Syariah, dan menggunakan pendapatan dari harta dan/atau syarikat untuk memberi pulangan kepada pemegang-pemegang unit. Sebahagian daripada dana REIT boleh juga dilaburkan dalam aset kelas lain yang mematuhi Syariah seperti tunai atau deposit yang boleh diterima Syariah.

Dalam pembelian unit dalam REIT Islam, pemegang unit berkongsi manfaat dan risiko memiliki aset hartanah yang mematuhi Islam yang dipegang oleh REIT Islam. REIT Islam adalah kelas aset menarik untuk pelabur-pelabur mencari hasil dividen yang kukuh memandangkan REIT Islam cenderung untuk mengagih kebanyakan daripada pendapatannya kepada pemegang-pemegang unit dalam bentuk dividen. REIT Islam juga menyediakan peluang pelaburan baru bagi mereka yang berhasrat untuk melabur dalam hartanah melalui instrumen pasaran modal mematuhi Syariah.

OBJEKTIF REIT ISLAM

Objektif utama REIT adalah untuk menyediakan pemegang-pemegang unit dengan pengagihan setiap unit stabil dengan potensi pertumbuhan jangka panjang boleh kekal pengagihan tersebut.

Objektif adalah dihasratkan untuk dicapai dengan mengoptimumkan prestasi dan meningkat keseluruhan kualiti portfolio pelbagai aset harta tanah yang mematuhi Syariah dan secara geografi melalui beberapa strategi pelaburan dan perniagaan yang dibenarkan.

The structure of Al-’Aqar KPJ REIT

Struktur Al-’Aqar KPJ REIT

The structure of Al-’Aqar KPJ REITStruktur Al-’Aqar KPJ REIT


��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

The structure of Al-’Aqar KPJ REIT

Struktur Al-’Aqar KPJ REIT

The structure of Al-’Aqar KPJ REITStruktur Al-’Aqar KPJ REIT


PURCHASE CONSIDERATION / PERTIMBANGAN BELIANAt RM 461.25 million, a 4.1 percent discount to total asset value of Rm481 million / Pada RM461.25 juta, 4.1 peratus diskaun daripada nilai jumlah asset yang berjumlah RM 481 juta

DISTRIBUTABLE INCOME / PENDAPATAN YANG DIAGIHKANUp to 99 percent / Sehingga 99 peratus

TENANTED AREA / KAWASAN DISEWA100 percent / 100 peratus

FORECAST DISTRIBUTION PER UNIT / RAMALAN PENGAGIHAN SETIAP UNIT7.52 percent per annum (FYE 31 December 2008) / 7.52 peratus setiap tahun (bagi tahun kewangan berakhir 2008)

DISTRIBUTION PER UNIT / PENGAGIHAN SETIAP UNITMinimum 6.5 percent per annum / Minimum, 6.5 peratus setiap tahun

PROFORMA NAV (UPON LISTING) / PROFORMA NAV (SEMASA PENYENARAIAN)RM0.98 per unit / RM0.98 setiap unit

RENTAL REVIEW / KAJIAN SEMULA SEWAANEvery 3-year / Setiap 3 tahun

LEASE TERM / TERMA PAJAKAN15-year renewable for another 15 years / 15 tahun, boleh dibaharui selama 15 tahun lagi

GEARING RATIO / NISBAH GEARAN27.86 percent / 27.86 peratus

FINANCING / PEMBIAYAANRM134 million financing facilities based on Syariah principle of Bai’ Bithaman Ajil /Kemudahan pembiayaan sebanyak RM134 juta berasaskan prinsip Syariah Bai’ Bithaman Ajil

* Gross rental revenue is at 7.52 percent versus market rental of 7.0 - 7.5 percent of industry, Valuation Reports prepared by CH William Talhar & Wong Sdn Bhd

* Tinjauan sewaan kasar pada 7.52 peratus berbanding dengan nilai pasaran industri pada 7.0 - 7.5 peratus. Laporan Penilaian disediakan oleh CH William Talhar & Wong Sdn Bhd

Financial Year 31 Dec / Year 2007 / Year 2008 / Year 2009 / Year 2010 /Tahun Kewangan 31 Disember Tahun 2007 Tahun 2008 Tahun 2009 Tahun 2010

Distribution/Unit (sen) /Pengagihan/Unit (sen) 7.32 8.01 8.19 8.32

Distribution Yield (based on RM1.00/unit) (%)Pengagihan Kadar Hasil (pada harga RM1.00/unit) (%) 7.32 8.01 8.19 8.32

Salient features of Al-’Aqar KPJ REIT & lease terms

Ciri-ciri utama Al-’Aqar KPJ REIT & terma pajakan

Salient features of Al-’Aqar KPJ REIT & lease termsCiri-ciri utama Al-’Aqar KPJ REIT & terma pajakan

Projected and Forecast Distribution Yield/ Ramalan dan Jangkaan Pengagihan Kadar Hasil


1. Al-‘Aqar KPJ REIT awarded “Deal of the Year Awards 2006”, Islamic REITs Category by Islamic Finance News, 12 March 2007 at Shangri-la Hotel, Dubai.

2. Al-‘Aqar KPJ REIT awarded “Deal of the Year Awards 2006”, Islamic REITs Category by Islamic Finance News, 28 March 2007 at Sheraton Imperial Hotel, Kuala Lumpur.

3. Extraordinary General Meeting, 5 November 2007, The Puteri Pacific Hotel, Johor Bahru.

4. Signing Ceremony of the Issuance of up to RM 300.0 Million Nominal Value of Sukuk Ijarah Programme by Al-‘Aqar Capital

Sdn Bhd wholly-owned subsidiary and funding vehicle of Al-‘Aqar KPJ REIT, 16 November 2007, Bangunan AmBank Group, Kuala Lumpur.

5. Al-‘Aqar Sukuk Ijarah Programme RM 300 Million awarded “Best Islamic REIT Deal in South East Asia” by Alpha Southeast Asia Magazine, December 2007 / January 2008 issue.

6. Damansara REIT Managers Sdn Bhd, Manager for Al-‘Aqar Capital Sdn Bhd has won the award for “Most Innovative Deal” in the Euromoney Islamic Finance Awards 2008, 5 February 2008 at Royal Lancaster Hotel, London.

Highlight of the Year

Acara Kemuncak Sepanjang Tahun

Highlight of the YearAcara Kemuncak Sepanjang Tahun

Tan Sri Dato’ Muhammad Ali Hashim received the awards of “I-REIT Deal of the Year” from Mr. Andrew Morgan of Islamic Finance News.

From L-R: Mr Kok from AmInvestment Bank, Datin Paduka Siti Sa’diah Sh Bakir, Al-‘Aqar KPJ REIT and Mr. Zain Azra’I from Abdul Raman Saad & Associates

with Mr. Andrew Morgan.

Tan Sri Dato’ Muhammad Ali Hashim with Datin Paduka Siti Sa’diah Sy Bakir at Extraordinary General Meeting held in Johor Bahru.

Signing Ceremony of the Issuance of up to RM 300.0 Million Sukuk Ijarah Programme by Al-‘Aqar Capital Sdn Bhd witnessed by Tan Sri Azman Hashim.

Exchanged of documents between AmInvestment Bank and Al-‘Aqar Capital Sdn Bhd.

Datin Paduka Siti Sa’diah accompanied by Mr. Yusaini Sidek received the awards from Mr. Simon Brandy, Director of Euromoney Magazine in London.


Al-’Aqar KPJ REIT in the news

Berita Al-’Aqar KPJ REIT

Al-’Aqar KPJ REIT in the newsBerita Al-’Aqar KPJ REIT

No Article Date Media

1 Jcorp Perkukuh Cabang Kesihatan Di Asia Barat 26 March 2007 Berita Harian

2 KPJ Healthcare Sasar Pendapatan RM1 Bilion Tahun Ini 9 May 2007 Utusan Malaysia

3 KPJ Healthcare Yakin Jana Perolehan RM1b 9 May 2007 Berita Harian

4 KPJ Healthcare Tadbir Hospital Di Arab Saudi 9 March 2007 Berita Harian

5 REIT KPJ Terima Anugerah IFN 16 March 2007 Harian Metro

6 KPJ REIT Wins Ifn Awards 13 March 2007 Bernama Banking & Finance Special Page

7 REIT KPJ Raih Anugerah IFN 13 March 2007 Utusan Online

8 First Islamic Healthcare Reits Wins International Islamic Award 15 March 2007 Al-Huda Islamic Banking And Finance News

9 KPJ REIT Wins International Islamic Award 15 March 2007 The Star

10 KPJ Sedia Urus Hospital Lain Di Asia Barat 20 March 2007 Berita Harian

11 KPJ Healthcare Rancang Tambah REIT 27 March 2007 Utusan Malaysia

12 KPJ Healthcare Plans To Expand REIT 28 March 2007 Pharmacy News Article

13 KPJ To Sell 5 Hospitals To REIT For RM170m 19 May 2007 Business Times

14 Healthy Growth Plan - KPJ Earmarks M&AS, REIT As Strategic 21 May 2007 The Star, Star Biz & Corporate Investments This Year

15 KPJ Healthcare Looks Abroad, At REITS In Expansion Drive 28 May 2007 The Malaysian Reserve, Corporate Malaysia

16 Al-’Aqar KPJ REIT Declares Interim Dividend For The Year Ending 3 July 2007 Businessweek December 31, 2007, Payable On August 24, 2007

17 Al-’Aqar KPJ REIT Announces Earnings 27 August 2007 Businessweek Results For The Second Quarter And Six Months Ended June 30,2007; Proposed Dividend

18 AL-’AQAR KPJ REIT Acquires KPJ Healthcare 5 November 2007 Bernama Hospital For RM170 Million

19 KPJ Healthcare Lupus Pegangan 5 Hospital Pakar 5 November 2007 Utusan Malaysia, Ekonomi

20 More Hospital For REITS 6 November 2007 The Star, Starbiz

21 Al-’Aqar KPJ REIT Beli Lima Lagi Hospital 6 November 2007 Berita Harian

22 Aminvestment Lead Arranger For Al-’Aqar KPJ REIT’s 15 November 2007 Al-huda: Islamic Banking And Finance News Sukuk Ijarah Programme

23 Aminvestment Lead Arranger For Al-’Aqar KPJ REIT’s 16 November 2007 The Edge Sukuk Ijarah Programme

24 RAM Rates Al-’Aqar Capital Myr300m Sukuk Aaa-p1 19 November 2007 Dow Jones Newswires

25 Aminvestment Lead Arranger For Al-’Aqar KPJ REIT’s 20 November 2007 The Edge Daily Sukuk Ijarah Programme

26 Al-’Aqar Sukuk Program 23 November 2007 Islamic Finance News, News Brief

27 Al-’Aqar KPJ REIT Declares Second Interim 30 November 2007 Businessweek Dividend Payable On January 25, 2008

28 Al-’Aqar Capital’s RM300 Mil Sukuk Ijarah Gets Final Ratings 26 December 2007 Bernama Banking & Finance Special Page

29 Al-’Aqar’s RM300m Sukuk Ijarah Gets Final Ratings From RAM 27 December 2007 NST

30 Islamic REIT Makes A Healthy Sum Business Spectator

31 RAM Ratings Assign Find Ratings 27 December 2007 Islamic Finance Professional to Al-’Aqar Capital’s RM300m Sukuk Ijarah Programme

32 Sukuk Ijarah Al-’Aqar Capital Dapat Penarafan 27 December 2007 Utusan Malaysia

33 Al-’Aqar Sukuk Gets Final RAM Ratings 4 January 2008 Islamic Finance News, Ratings News

34 Al-’Aqar KPJ REIT Menang Anugerah 6 February 2008 Utusan Malaysia, Korporat

35 Al-’Aqar KPJ REIT, Islamic Finance Award 2008 - 6 February 2008 Bernama Most Innovative Deal Category By Euromoney Magazine

36 Islamic Healthcare REIT Wins Euromoney Awards 6 February 2008 Busines Times


Al-’Aqar KPJ REIT in the news

Berita Al-’Aqar KPJ REITBerita Al-’Aqar KPJ REITBerita Al-’Aqar KPJ REIT

Al-’Aqar KPJ REIT in the newsBerita Al-’Aqar KPJ REIT

Financial Statements Penyata Kewangan

Statement By The Manager To Unitholders

Statutory Declaration

Trustee’s Report to Unitholders

Auditors’ Report to Unitholders

Syariah Committe Report to Unitholders

Income Statements

Statement of Assets and Liabilities

Statements of Changes in Net Asset Value

Cash Flow Statements

Notes to the Financial Statements

3637383940414243

Laporan Pengurus kepada Pemegang-pemegang Unit

Akuan Berkanun

Laporan Pemegang Amanah kepada Pemegang-pemegang Unit

Laporan Juruaudit kepada Pemegang-pemegang Unit

Laporan Ahli Jawatankuasa Syariah kepada Pemegang Unit

Penyata Pendapatan

Penyata Aset dan Liabiliti

Penyata Perubahan Dalam Nilai Aset Bersih

Penyata Aliran Tunai

Nota-nota kepada Penyata Kewangan

58585960

61

62636465

4445

6667


We, TAN SRI DATO’ MUHAMMAD ALI BIN HASHIM and DATIN PADUKA SITI SA’DIAH SHEIKH BAKIR, being two of the Directors of DAMANSARA REIT MANAGERS SDN BERHAD (“the Manager”), state that, in the opinion of the Manager, the financial statements of AL-‘AQAR KPJ REIT (the “Fund”) and its subsidiary company (the “Group”) as set out on pages 6 to 28 are drawn up in accordance with the provisions of the Trust Deed dated June 27, 2006 and the applicable Malaysian Accounting Standards Board approved accounting standards in Malaysia modified by the Securities Commission’s Guidelines on Real Estate Investment Trust so as to give a true and fair view of the financial position of the Group and of the Fund as of December 31, 2007 and of the results, changes in net asset value and cash flows of the Group and of the Fund for the year then ended.

Signed on behalf of the Board in accordance with a resolution of the Directors of the Manager,

TAN SRI DATO’ MUHAMMAD ALI HASHIMDirector

Kuala LumpurFebruary 19, 2008

Statement By ManagerTo The Unit Holders Of Al-’Aqar KPJ REIT

_________________________________________ ____________________________________________ DATIN PADUKA SITI SA’DIAH SHEIKH BAKIRDirector

_________________________________________ ____________________________________________ DATIN PADUKA SITI SA’DIAH SHEIKH BAKIR


Declaration By The Officer Primarily ResponsibleFor The Financial Management Of Al-‘Aqar KPJ REIT

I, YUSAINI BIN SIDEK, the Chief Executive Officer of DAMANSARA REIT MANAGERS SDN BERHAD (“the Manager”) primarily responsible for the financial management of AL-‘AQAR KPJ REIT (the “Fund”) and its subsidiary company (the “Group”), do solemnly and sincerely declare that the financial statements as set out on pages 6 to 28 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.

____________________________________ YUSAINI BIN SIDEK

Subscribed and solemnly declared by the abovenamed YUSAINI BIN SIDEK at KUALA LUMPUR this 19th day of February, 2008.

Before me,

____________________________________COMMISSIONER FOR OATHS____________________________________


Trustee’s Report To The Unitholders Of Al-‘Aqar KPJ REIT

We, AMANAH RAYA BERHAD, being the Trustee for AL-‘AQAR KPJ REIT (“the Fund”), are of the opinion that DAMANSARA REIT MANAGERS SDN BERHAD, acting in the capacity of Manager of the Fund, have fulfilled their duties in the following manner for the year ended December 31, 2007:

(a) the Fund is being managed in accordance with the limitations imposed on the investment powers of the Manager and the Trustee under the Deed and the Securities Commission’s Guidelines on Real Estate Investment Trust and the Guidelines on Islamic Real Estate Investment Trusts, the Capital Markets and Services Act 2007 and other applicable laws during the financial year ended December 31, 2007; and

(b) the distribution to the unitholders of AL-‘AQAR KPJ REIT is in line with the objectives of the Fund.

For and on behalf of the TrusteeAMANAH RAYA BERHAD

DATO’ AHMAD RODZI PAWANTEHGroup Managing Director



Report Of Auditors To Unitholders Of Al-‘Aqar KPJ REIT

We have audited the financial statements of AL-‘AQAR KPJ REIT (the “Fund”) and its subsidiary company (the “Group”) as set out in pages 6 to 28. These financial statements are the responsibility of the Directors of DAMANSARA REIT MANAGERS SDN BERHAD (“the Manager”). Our responsibility is to form an independent opinion based on our audit on these financial statements and to report to you, as a body, in accordance with the applicable Securities Commission’s Guidelines on Real Estate Investment Trust and for no other purpose. We do not assume responsibility towards any other person for the contents of this report.

We conducted our audit in accordance with approved standards on auditing in Malaysia. These 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 of the Manager, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements of the Group and of the Fund are properly drawn up in accordance with the provisions of the Trust Deed dated June 27, 2006 and the applicable Malaysian Accounting Standards Board approved accounting standards in Malaysia modified by the Securities Commission’s Guidelines on Real Estate Investment Trust so as to give a true and fair view of the financial position of the Group and of the Fund as of December 31, 2007 and of the results, changes in net asset value and cash flows of the Group and of the Fund for the year then ended.

We are satisfied that the financial statements of the subsidiary company that have been consolidated with the financial statements of the Fund 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 as required by us for these purposes.

The auditors’ report on the financial statements of the subsidiary company was not subject to any qualification.

DELOITTE KASSIMCHANAF 0080Chartered Accountants



We, the Syariah Committee Member for AL-‘AQAR KPJ REIT are responsible to ensure that the procedure and the workflow process which carried out by the Manager of AL-‘AQAR KPJ REIT that is DAMANSARA REIT MANAGERS SENDIRIAN BERHAD are in compliant with the principles of Syariah which has been defined in the Trust Deed.

In our opinion, DAMANSARA REIT MANAGERS SENDIRIAN BERHAD has complied in managing and administering AL-‘AQAR KPJ REIT for the financial year ended 31 December 2007 with:

1. The Syariah Principles2. Security Commission Guideline Terms3. Practice Note issued by the Security Commission

AL-‘AQAR KPJ REIT also has accepted the criteria that has been imposed by the Board of Syariah Adviser, Security Commission in choosing the Syariah compliance securities.

For the Member of Syariah Committee

SS DATO’ HAJI NOOH BIN GADOTChairman – Syariah CommitteeAL-’AQAR KPJ REIT

February 19, 2008

Syariah Committee Report To The Unitholders Of Al-‘Aqar KPJ REIT


Income StatementFor The Financial Year Ended December 31, 2007

(With comparative figures for the financial period June 27, 2006 (date of establishment) to December 31, 2006)

The Group The Fund 2007 2007 2006 Note (12 months) (12 months) (6 months) RM RM RM

Gross revenue 4 35,701,524 35,701,524 13,257,910Property expenses 5 (2,063,606) (2,063,606) (758,791)

Net rental income 33,637,918 33,637,918 12,499,119Investment revenue 6 193,082 193,082 888,677Gain on fair value adjustment of investment properties - - 14,276,615

Total income 33,831,000 33,831,000 27,664,411

Expenditure: Profit sharing expenses on financing 7,413,509 7,413,509 3,706,752 Manager’s fees 527,814 527,814 199,737 Amortisation of direct issue costs on long-term borrowings 161,846 161,846 67,436 Trustee’s fees 105,563 105,563 39,947 Valuation fee 100,000 100,000 - Printing expenses 85,603 85,603 - Annual financing fee 30,000 30,000 30,000 Registrar fee 22,133 22,133 21,740 Auditors’ fee 21,500 20,000 10,000 Administration expenses 14,175 10,575 35 Tax agent’s fee 9,000 9,000 9,000 Syariah adviser 1,800 1,800 -

Total expenses (8,492,943) (8,487,843) (4,084,647)

Income before tax 25,338,057 25,343,157 23,579,764

Tax expense 7 - - -

Net income for the year 25,338,057 25,343,157 23,579,764

Net income for the year is made up as follows: Realised 25,338,057 25,343,157 9,303,149 Unrealised - - 14,276,615

25,338,057 25,343,157 23,579,764

Earnings per unit (sen): 8 Gross 7.45 7.45 6.94 Net 7.45 7.45 6.94

Net income distribution 9 Proposed final income distribution 24,890,000 24,890,000 9,248,000

Income distribution per unit (sen): 9 Gross 7.32 7.32 2.72 Net 7.32 7.32 2.72

The accompanying notes form an integral part of the financial statements.


Statement Of Assets And LiabilitiesAs Of December 31, 2007

The Group The Fund Note 2007 2007 2006 RM RM RM

ASSETSNon-Current AssetsInvestment properties 10 481,000,000 481,000,000 481,000,000Investment in subsidiary company 11 - 2 -

481,000,000 481,000,002 481,000,000

Current AssetsPrepaid expenses 484,796 484,796 -Amount owing from subsidiary company 11 - 3,250 -Fixed deposits with licensed banks 11,025,892 11,025,892 14,637,765Cash and bank balances 2,414,348 2,412,848 389,011

13,925,036 13,926,786 15,026,776

TOTAL ASSETS 494,925,036 494,926,788 496,026,776

LIABILITIESCurrent LiabilitiesOther payables and accrued expenses 12 281,046 277,698 5,237,231Provision for income distribution 13 12,514,000 12,514,000 9,248,000

12,795,046 12,791,698 14,485,231

Non-Current LiabilityLong-term borrowings 14 133,420,052 133,420,052 133,258,206

TOTAL LIABILITIES 146,215,098 146,211,750 147,743,437

NET ASSETS VALUE 348,709,938 348,715,038 348,283,339

UNITHOLDERS’ FUNDSUnitholders’ capital 15 333,930,117 333,930,117 333,951,575Undistributed income 14,779,821 14,784,921 14,331,764

TOTAL UNITHOLDERS’ FUNDS 348,709,938 348,715,038 348,283,339

NUMBER OF UNITS IN CIRCULATION 15 340,000,000 340,000,000 340,000,000

NET ASSETS VALUE PER UNIT (EX-DISTRIBUTION) 1.03 1.03 1.02



Statement Of Changes In Net Assets ValueFor The Financial Year Ended December 31, 2007

The Group Unitholders’ Undistributed Note Capital Income Total RM RM RM

Balance as of January 1, 2007 333,951,575 14,331,764 348,283,339Operations for the year: Net income for the year - 25,338,057 25,338,057

Unitholders’ transactions: Underprovision of listing expenses in prior year (21,458) - (21,458) Distribution to Unitholders 9 - (24,890,000) (24,890,000)

Decrease in net assets resulting from Unitholders’ transactions (21,458) (24,890,000) (24,911,458)

Balance as of December 31, 2007 333,930,117 14,779,821 348,709,938

The Fund Unitholders’ Undistributed Note Capital Income Total RM RM RM

Balance as of June 27, 2006 (Date of establishment) 1,000 - 1,000Operations for the year: Net income for the year - 23,579,764 23,579,764

Unitholders’ transactions: Issuance of Units 15 339,249,000 - 339,249,000 Listing expenses (5,298,425) - (5,298,425) Distribution to Unitholders 9 - (9,248,000) (9,248,000)

Increase/(Decrease) in net assets resulting from Unitholders’ transactions 333,950,575 (9,248,000) 324,702,575


Balance as of January 1, 2007 333,951,575 14,331,764 348,283,339Operations for the year:Net income for the year - 25,343,157 25,343,157

Unitholders’ transactions:Underprovision of listing expenses in prior year (21,458) - (21,458)Distribution to Unitholders 9 - (24,890,000) (24,890,000)

Decrease in net assets resulting from Unitholders’ transactions (21,458) (24,890,000) (24,911,458)




Cash Flow StatementFor The Financial Year Ended December 31, 2007

(With Comparative Figures For The Financial Period June 27, 2006 (Date Of Establishment) To December 31, 2006)

The Group The Fund 2007 2007 2006 Note (12 months) (12 months) (6 months) RM RM RM

CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIESNet income for the year 25,338,057 25,343,157 23,579,764Adjustments for: Profit sharing expenses on financing 7,413,509 7,413,509 3,706,752 Amortisation of direct issue costs on long-term borrowings 161,846 161,846 67,436 Investment revenue (193,082) (193,082) (888,677) Gain on fair value adjustment of investment properties - - (14,276,615)

Operating Profit Before Working Capital Changes 32,720,330 32,725,430 12,188,660

Increase in: Amount owing by subsidiary company - (3,250) - Prepaid expenses (484,796) (484,796) -

Increase/(Decrease) in other payables and accrued expenses (4,956,185) (4,959,533) 5,237,231

Net Cash From Operating Activities 27,279,349 27,277,851 17,425,891

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIESProfit sharing income received on Investment 193,082 193,082 888,677Purchase of investment in subsidiary company - (2) -Purchase of investment properties - - (466,723,385)

Net Cash From/(Used In) Investing Activities 193,082 193,080 (465,834,708)

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIESProfit sharing expenses paid on financing (7,413,509) (7,413,509) (3,706,752)Listing expenses paid (21,458) (21,458) (5,298,425)Dividends paid (21,624,000) (21,624,000) -Proceeds from issue of Units - - 339,250,000Proceeds from long-term borrowings (net of direct issue costs of RM809,230) - - 133,190,770

Net Cash From/(Used In) Financing Activities (29,058,967) (29,058,967) 463,435,593

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (1,586,536) (1,588,036) 15,026,776

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR/PERIOD 15,026,776 15,026,776 -

CASH AND CASH EQUIVALENTS AT END OF YEAR/PERIOD 16 13,440,240 13,438,740 15,026,776



1. GENERAL INFORMATION

Al-’Aqar KPJ REIT (the “Fund”) is a Malaysian domiciled Islamic real estate investment trust constituted pursuant to a Trust Deed dated June 27, 2006 (the “Deed”) between Damansara REIT Managers Sdn Berhad (the “Manager”) and Amanah Raya Berhad (the “Trustee”). The Deed is regulated by the Securities Commission Act, 1993, the Securities Commission’s Guidelines on Real Estate Investment Trusts and the Listing Requirements of Bursa Malaysia Securities Berhad, the Rules of the Depository and taxation laws and rulings of Malaysia. The Fund will continue its operations until such time as determined by the Trustee and the Manager as provided under the provisions of the Deed.

The Fund was listed on the Main Board of Bursa Malaysia Securities Berhad on August 10, 2006 and commenced its business operations on August 17, 2006.

The principal activity of Al-’Aqar KPJ REIT is to invest in syariah compliant properties with the primary objective of providing Unitholders with stable distribution and potential for sustainable long term growth of such distribution and capital appreciation.

The Fund has entered into several service agreements in relation to the management of the Fund and its property operations. The fees structure of these services is as follows:

(a) Maintenance and Management Fee

The Maintenance Manager, Healthcare Technical Services Sdn Bhd, is entitled to an annual maintenance and management fee of up to 0.08% gross value of the investment properties in respect of the management of the investment properties owned by the Fund in accordance with the Deed. The fee is calculated on a monthly accrual basis.

(b) Manager’s Fee

Pursuant to the Deed, the Manager is entitled to receive a fee of up to 0.15% per annum of the Net Assets Value of the Fund, calculated based on the monthly accrual basis and payable monthly in arrears. The Manager’s fees for the financial year ended December 31, 2007 of RM527,814 (2006 : RM199,737) is determined based on 0.15% (2006 : 0.06%) of the monthly net assets value.

(c) Trustee’s Fee

Pursuant to the Deed, the Trustee is entitled to receive a fee of up to 0.03% per annum of the Net Assets Value of the Fund, calculated based on the monthly accrual basis and payable monthly in arrears. The Trustee’s fees for the financial year ended December 31, 2007 of RM105,563 (2006 : RM39,947) is determined based on 0.03% (2006 : 0.01%) of the monthly net assets value.

The registered office of the Manager is located 13th Floor, Menara Johor Corporation, KOTARAYA 80000 Johor Bahru.

The financial statements of the Group and of the Fund were authorised by the Board of Directors of the Manager for issuance on February 19, 2008.

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

The financial statements of Al-’Aqar KPJ REIT have been prepared in accordance with the provisions of the Deed and the applicable Malaysian Accounting Standards Board (“MASB”) approved accounting standards in Malaysia modified by the Securities Commission’s Guidelines on Islamic Real Estate Investment Trust.

Notes To The Financial Statements


In the current financial year, the Group and the Fund adopted all of the new and revised Financial Reporting Standards (“FRS”) and Interpretations issued by the MASB that are relevant to its operations and are effective for annual period beginning on or after January 1, 2007.

The adoption of these new and revised FRSs and Interpretations does not result in significant changes in the accounting policies of the Group and of the Fund and has no significant financial effect on the financial statements of the Group and of the Fund in the current and previous financial years.

At the date of authorisation for issue of the financial statements of the Group and of the Fund, there are certain new and revised FRSs, Amendments to FRS and Interpretations which have been issued but not effective for the Group and for the Fund until future periods.

The Manager anticipates that the adoption of these FRSs, Amendments to FRS and Interpretations relevant to the Group’s and the Fund’s operations will have no material financial impact on the financial statements of the Group and of the Fund in the period of initial application.

3. SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements of the Group and of the Fund have been prepared under the historical cost convention modified to include the fair value adjustments for investment properties.

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.

Revenue from rental of investment properties are recognised on an accrual basis.

Investment revenue from profit sharing income from Islamic fixed deposits placement are recognised on an accrual basis. Income Tax

Income tax 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 their 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 future taxable profits 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 year 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 statements, except when it arises from a transaction which is recognised directly in equity, in which case the deferred tax

Notes To The Financial Statements (cont’d)


is also recognised 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.

Investment Properties

Investment properties, which are property held to earn rental and/or for capital appreciation, is stated at its fair value at the balance sheet date. Gains or losses arising from changes in the fair value of investment properties are included in income statements for the year/period in which they arise.

Investment properties are derecognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognised in the income statements in the year/period of retirement or disposal.

Investment properties are stated at fair value, which reflects market condition at the balance sheet date. Fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arm’s length transaction.

Provisions

Provisions are made when the Group or the Fund have a present legal or constructive obligation as a result of past events, when it is probable that an outflow of resources will be required to settle the obligation, and when a reliable estimate of the amount can be made.

Provisions are measured at the Manager’s best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material.

At each balance sheet date, the provisions are reviewed by the Manager and adjusted to reflect the current best estimate. The provisions are reversed if it is no longer probable that the Group or the Fund will be required to settle the obligation.

Financing Facilities

Financing facilities are initially measured at fair value, and are subsequently measured at amortised cost, using the effective profit rate method. Any difference between the proceed (net of transaction costs) and the settlement or redemption of financing facility is recognised over the term of the financing facility.

Profit sharing expenses on financing directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial year 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. Investment income on the temporary investment of specific financing facility pending their expenditure on qualifying assets is deducted from the profit sharing expenses on financing eligible for capitalisation.

Cash and Cash Equivalents

Cash and cash equivalents comprise cash and bank balances and other are short-term, highly liquid investments with maturities of three months or less from the date of acquisition and are readily convertible to cash with insignificant risk of changes in value.



4. REVENUE

The Group The Fund 2007 2007 2006 (12 months) (12 months) (6 months) RM RM RM

Rental income from: Damansara Specialist Hospital 7,979,004 7,979,004 2,962,942 Johor Specialist Hospital 5,589,000 5,589,000 2,075,136 Ipoh Specialist Hospital 5,121,000 5,121,000 1,902,058 Puteri Specialist Hospital 2,895,480 2,895,480 1,075,232 Ampang Puteri Specialist Hospital 9,560,040 9,560,040 3,550,329 Selangor Medical Centre 4,557,000 4,557,000 1,692,213

35,701,524 35,701,524 13,257,910

5. PROPERTY EXPENSES


Assessment 1,069,989 1,069,989 398,339 Takaful coverage 404,993 404,993 136,785 Maintenance fee 403,041 403,041 153,868 Quit rent 185,583 185,583 69,799

2,063,606 2,063,606 758,791

6. INVESTMENT REVENUE

The Group The Fund 2007 2007 2006 (12 months) (6 months) RM RM RM

Profit sharing income from: Fixed deposits with Islamic banks 174,424 174,424 888,677 Takaful 18,657 18,657 -

193,081 193,081 888,677



7. TAX EXPENSE


Estimated tax payable - - -

A numerical reconciliation of income tax expense at the applicable statutory income tax rate to income tax expense at the effective

income tax rate is as follows:

The Group The Fund 2007 2007 2006 (12 months) (6 months) RM RM RM

Income before tax 25,338,057 25,343,157 23,579,764

Tax at statutory tax rate of 27% (2006: 28%) 6,841,275 6,842,652 6,602,334 Tax effects of: Non deductible expenses 88,706 88,706 47,074 Income exempted from tax (6,929,981) (6,931,358) (6,649,408) - - -

The Manager expects to distribute at least 90% of all taxable income within two months from the end of each financial year and hence, the Fund shall not be subject to any income tax in accordance with Section 61A(1) of the Malaysian Income Tax Act 1967.

8. EARNINGS PER UNIT

The gross and net earnings per unit were calculated based on the income before tax and net income for the year of the Group of RM25,338,057 and of the Fund of RM25,343,157 (2006 : RM23,579,764) and the number of units in circulation as of December 31, 2007 of 340,000,000 (2006 : 340,000,000) units.



9. DISTRIBUTIONS

For the financial year ended December 31, 2007, the Manager, with the approval of the Trustee, has declared an interim income distribution of 6.86 sen per unit (2006 : Nil) totalling RM23,324,000 and a final income distribution of 0.46 sen per unit (2006 : 2.72) totaling RM1,566,000.

The total distribution for the financial year ended December 31, 2007 totalling RM24,890,000 (2006 : RM9,248,000) represents approximately 98% (2006 : 99%) of the realised net income for the year.

Distribution to Unitholders is derived from the following sources:


Net rental income 33,382,943 33,377,843 12,499,119 Investment revenue - - 833,530

33,382,943 33,377,843 13,332,649 Less: Expenses (8,492,943) (8,487,843) (4,084,649)

24,890,000 24,890,000 9,248,000

Gross distribution per unit (sen) 7.32 7.32 2.72

Net distribution per unit (sen) 7.32 7.32 2.72




Description of Property Tenure of Term of Remaining Location Date of 2006 Fair Value 2007 Land Lease Term of Lease Valuation* Fair Value Adjustment Fair Value RM RM RM

Ampang Puteri Specialist Leasehold 99 82 Ampang January 28, 128,800,000 - 128,800,000 Hospital Building 2008

Damansara Specialist Freehold N/A N/A Damansara January 28, 107,500,000 - 107,500,000Hospital Building 2008

Johor Specialist Leasehold 99 72 Johor Bahru January 28, 75,300,000 - 75,300,000Hospital Building 2008

Ipoh Specialist Leasehold 999 887 Ipoh January 28, 69,000,000 - 69,000,000Hospital Building 2008

Puteri Specialist Leasehold 99 46 Johor Bahru January 28, 39,000,000 - 39,000,000Hospital Building 2008

Selangor Medical Leasehold 99 89 Shah Alam January 28, 61,400,000 - 61,400,000Centre Building 2008

Total 481,000,000 - 481,000,000

10. INVESTMENT PROPERTIES

The Group and The Fund

The investment properties are charged to the financial institution for credit facilities granted to Al-’Aqar KPJ REIT as mentioned in Note 15.

* The properties were valued at the respective dates by C H Williams Talhar & Wong Sdn Bhd, an independent firm of professional valuers using the profit methods of valuation.



11. INVESTMENT IN SUBSIDIARY COMPANY

The Fund 2007 2006 RM RM

Unquoted shares, at cost 2 -

The details of subsidiary company are as follows:

Effective Equity Interest Direct Subsidiary Country of Incorporation 2007 2006 Company % % Principal Activity Al-’Aqar Capital Sdn Malaysia 100 100 Currently dormant Bhd (Formerly (Single purpose company known as Juara for the purpose of raising Akses (M) Sdn Bhd) * Islamic financing for Al-’Aqar KPJ REIT)

* The financial statements of the subsidiary company are not examined by auditors of the Fund.

Amount owing by subsidiary company, which arose mainly from payments on behalf, is interest-free, and has no fixed repayment terms.

As mentioned in Note 21 (ii), the Fund, via the Trustee, acquired Al-’Aqar Capital Sdn Bhd (formerly known as Juara Akses (M) Sdn Bhd) on July 15, 2007.

The effects of the acquisition on the financial results and financial position of the Group are not material.

12. OTHER PAYABLES AND ACCRUED EXPENSES

The Group The Fund 2007 2007 2006 RM RM RM

Amount owing to substantial corporate Unitholder - - 5,114,620 Amount owing to the Trustee 8,765 8,765 8,583 Amount owing to the Manager 43,823 43,823 42,917 Other payables 35,518 33,670 32,671 Accrued expenses 192,940 191,440 38,440

281,046 277,698 5,237,231

In 2006, amount owing to a substantial corporate Unitholder of the Fund represents amount owing to KPJ Healthcare Berhad for

renovation expenses paid on behalf of the Fund. The said amount, which was interest-free and had no fixed term of repayment, was fully settled during the current financial year.



13. PROVISION FOR INCOME DISTRIBUTION


Balance at beginning of year/period 9,248,000 9,248,000 - Provision made during the year/period 24,890,000 24,890,000 9,248,000 Payment made during the year (21,624,000) (21,624,000) -

Balance at end of year/period 12,514,000 12,514,000 9,248,000

14. LONG TERM BORROWINGS


Bai’ Bithamin Ajil financing facility 134,000,000 134,000,000 134,000,000 Less: Direct issue costs 809,230 809,230 809,230 Accumulated amortisation (229,282) (229,282) (67,436)

(579,948) (579,948) (741,794)

Net 133,420,052 133,420,052 133,258,206

On June 28, 2006, the Fund obtained a syndicated Bai’ Bithamin Ajil financing facility arrangement from AmInvestment Bank Berhad

(formerly known as AmMerchant Bank Berhad), Public Bank Berhad and AmIslamic Bank Berhad. The said facility, which is secured against the investment properties as mentioned in Note 10, comprises the following tranches and profit rate:

Tranche Amount Profit Rate RM (%)

1 105,000,000 5.50 2 29,000,000 5.65

Total 134,000,000

The facility is repayable in 59 equal monthly instalments of RM617,792 (profit sharing expense only) and final instalment of RM134,617,792 (principal and last month profit sharing expense) commencing July 2006.

The direct issue costs arising from the facility were offset against the proceeds from the facility and are accreted over the year of the facilities of 60 months.



15. UNITHOLDERS’ CAPITAL

The Group The Fund 2007 2007 2006 RM No. of units RM

Balance at beginning of year/period 1,000 1,000 1,000 Issue of new units 339,999,000 339,999,000 339,249,000 Listing expenses - - (5,298,425)

Balance at end of year/period 340,000,000 340,000,000 333,951,575

Details of Units held by related parties as of December 31, 2007 are as follows: 2007 2006 No. of units Market Value No. of units Market Value

The Manager’s director and shareholder: Datin Paduka Siti Sa’diah Sheikh Bakir Direct 18,862 18,862 10,000 10,000

Indirect 1,350 1,350 - - Kamaruzzaman bin Abu Kassim 10,000 10,000 - - Tan Sri Dato’ Muhammad Ali Hj Hashim Direct 5,677 5,677 - - Indirect 840 840 - - Dr Mohd Hafetz bin Ahmad 560 560 - -

Related parties: Puteri Specialist Hospital Sdn Bhd 25,923,300 25,923,300 39,740,000 39,740,000 Damansara Specialist Hospital Sdn Bhd 23,975,000 23,975,000 33,000,000 33,000,000 Johor Specialist Hospital Sdn Bhd 18,000,000 18,000,000 23,000,000 23,000,000 Medical Center (Johore) Sdn Bhd 18,000,000 18,000,000 21,000,000 21,000,000 Medical Associates Sdn Bhd 28,000,000 28,000,000 13,200,000 13,200,000 Selangor Medical Centre Sdn Bhd 35,000,000 35,000,000 8,000,000 8,000,000 Johor Corporation 7,258,178 7,258,178 4,019,000 4,019,000

16. CASH AND CASH EQUIVALENTS Cash and cash equivalents included in the cash flow statement comprise the following:


Fixed deposits with licensed banks 11,025,892 11,025,892 14,637,765 Cash and bank balances 2,414,348 2,412,848 389,011

13,440,240 13,438,740 15,026,776



17. MANAGEMENT EXPENSE RATIO (“MER”)

The Fund 2007 2006 (12 months) (6 months) % %

MER 0.27 0.09

The calculation of MER is based on the total fees of the Fund incurred for the year/period, including the Manager’s fees, Trustee’s

fees, audit fees, tax agent’s fee and administrative expenses, to the average net assets value during the year/period calculated on a weekly basis. Since the average net asset value is calculated on a weekly basis, comparison of the MER of the Fund with other real estate investment trust which use a different basis of calculation may not be an accurate comparison.

18. PORTFOLIO TURNOVER RATIO (“PTR”)

The Fund 2007 2006 (12 months) (6 months) PTR (times) - 0.69

The calculation of PTR is based on the average of total acquisition and total disposals on investments in the Fund for the year/period, to the average net asset value during the year/period calculated on a weekly basis.

19. SIGNIFICANT RELATED PARTY TRANSACTIONS

The Fund derives all its rental income as disclosed in Note 4 from related parties.

Significant related party transaction other than those disclosed in Note 4 is as follows:


Maintenance fee paid/payable to Maintenance Manager 403,041 403,041 153,868


20. FINANCIAL INSTRUMENTS

Financial Risk Management Objectives and Policies

The operations of the Group are subject to a variety of financial risks, including credit risk and liquidity risk. The Group has taken measures to minimise its exposure to risks and/or costs associated with its financing, investing and operating activities and operates within clearly defined guidelines as set out in the Securities Commission’s Guideline on Real Estate Investment Trusts.

(i) Credit risk

The financial instruments which potentially subject the Group to credit risk are trade receivables. However, as of the balance sheet date, the Group does not have any significant exposure to credit risk as all of its tenants have fully settled all their outstanding balances.

The Group places its deposits with licensed bank with credit worthy financial institutions.

(ii) Liquidity risk

The Group practices prudent liquidity risk management to minimise the mismatch of financial assets and liabilities and to maintain sufficient funds for contingent funding requirement of working capital.

Financial Assets

The Group’s principal financial assets are cash and bank balances and fixed deposits with licensed banks.

The Fund’s principal financial assets also include amount owing by subsidiary company.

The accounting policies applicable to major financial assets are as disclosed in Note 3.

Financial Liabilities

Debts or equity instruments are classified as liability or equity in accordance with the substance of the contractual arrangement entered into.

Significant financial liabilities of the Group include other payables and long-term borrowings, which are stated at their nominal values.

Fair Values

The carrying amounts of financial assets and financial liabilities reported in the balance sheet approximate their fair values because of the immediate or short maturity period for these instruments except for the following:

The Group and the Fund The Fund 2007 2006 Carrying Fair Carrying Fair Note Amount Value Amount Value RM RM RM RM

Financial Liability Long-term borrowings 14 133,420,052 132,191,062 133,258,206 132,785,000

The fair value of long-term borrowings is estimated using discounted cash flow analysis based on current equivalent borrowing rate

of 6.25% (2006 : 6.25%) per annum for similar type of borrowings.




21. SIGNIFICANT EVENTS

During the current financial year, the Fund undertook the following exercise:

(i) On May 18, 2007, the Fund announced the acquisition by Amanah Raya Berhad, acting as Trustee for and on behalf of the Fund, from the subsidiary and associated companies of KPJ Healthcare Berhad of 5 properties, namely, Perdana Specialist Hospital Building, Kuantan Specialist Hospital Building, Sentosa Medical Centre Building, KPJ Kajang Specialist Hospital Building and Kedah Medical Centre Building.

The acquisition was approved by the unitholders at an Extraordinary General Meeting held on November 5, 2007. This acquisition is expected to be completed during the first quarter of 2008.

(ii) On July 15, 2007, Amanah Raya Berhad, acting as Trustee for and on behalf of the Fund, acquired a total of 2 ordinary shares of RM1 each, representing the entire issued and paid-up share capital of Al-’Aqar Capital Sdn Bhd (formerly known as Juara Akses (M) Sdn Bhd) from Kumpulan Perubatan (Johor) Sdn Bhd for a total cash consideration of RM2.

Al-’Aqar Capital Sdn Bhd was acquired for the purpose of raising Islamic financing for the Fund and it is in the process of issuing RM300 million nominal value Islamic commercial papers or medium term notes under the Syariah principle of Ijarah (“Sukuk Ijarah Programme”).

(iii) On September 7, 2007, the Securities Commission of the Malaysia approved the Sukuk Ijarah Programme to be issued by Al-’Aqar Capital Sdn Bhd.

The proceeds from the Sukuk Ijarah Programme will be utilised to part finance the proposed acquisition as mentioned in Note 22 (i), to refinance existing long-term borrowings and for working capital purposes.

22. COMPARATIVE FIGURES

As the consolidated financial statements are drawn up for the first time, no comparative figures are presented.

The previous financial statements of the Fund were drawn up for the financial period June 27, 2006 (date of establishment) to December 31, 2006 or a period of 6 months.


Laporan PengurusKepada pemegang-pemegang Unit Al-’Aqar KPJ REIT

Kami, TAN SRI DATO’ MUHAMMAD ALI HASHIM dan DATIN PADUKA SITI SA’DIAH BINTI SHEIKH BAKIR, sebagai dua daripada Pengarah DAMANSARA REIT MANAGERS SENDIRIAN BERHAD (“Pengurus”), dengan ini menyatakan bahawa, pada pendapat Para Pengurus, penyata kewangan AL-’AQAR KPJ REIT (”Al-’Aqar KPJ REIT”) dan anak-anak syarikat (”Kumpulan”) yang dibentangkan pada halaman 6 hingga 28 telah disediakan bertepatan dengan peruntukan Perjanjian Ikatan bertarikh Jun 27, 2006 dan piawaian perakaunan yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia yang diubahsuai oleh Garis Panduan Suruhanjaya Sekuriti untuk Amanah Pelaburan Hartanah Islam bagi memberi gambaran yang benar dan saksama berkenaan hal ehwal kewangan Kumpulan dan Al-’Aqar KPJ REIT pada 31 Disember 2007 serta hasil dan perubahan dalam nilai aset bersih dan aliran tunai Kumpulan dan Al-’Aqar KPJ REIT untuk tempoh kewangan berakhir.

Tandatangan bagi pihak Lembaga Pengarah bertepatan dengan resolusi Pengarah bagi pihak Pengurus

_________________________________________TAN SRI DATO’ MUHAMMAD ALI HASHIMPengarah

Kuala LumpurFebruari 19, 2008

___________________________________________ DATIN PADUKA SITI SA’DIAH SHEIKH BAKIRPengarah


Akuan Berkanun

YUSAINI BIN SIDEK

Dihadapan saya, Yusaini Bin Sidek, Ketua Pegawai Eksekutif DAMANSARA REIT MANAGERS SENDIRIAN BERHAD (”Pengurus”) yang memegang tanggungjawab utama di atas keadaan kewangan AL-‘AQAR KPJ REIT (”Al-’Aqar KPJ REIT”) dan juga anak-anak syarikat (”Kumpulan”), dengan sesungguhnya dan sebenarnya mengakui bahawa penyata kewangan yang dibentangkan pada halaman 6 hingga 28 sepanjang pengetahuan saya adalah benar dan saya membuat pengakuan ini berdasarkan kepercayaan dan keyakinan saya bahawa perkara-perkara yang dinyatakan adalah benar dan bertepatan dengan peruntukan yang ditetapkan dalam Akta Akuan Berkanun 1960.

Sebenarnya dan sesungguhnya diakui oleh YUSAINI BIN SIDEK di KUALA LUMPUR pada Februari 19, 2008.

Sebelum saya:

__________________________SURUHANJAYA SUMPAH


Pemegang Amanahkepada pemegang-pemegang unit Al-’Aqar KPJ REIT

Kami, AMANAH RAYA BERHAD, sebagai Pemegang Amanah bagi AL-’AQAR KPJ REIT (“Al-’Aqar KPJ REIT”), berpendapat bahawa DAMANSARA REIT MANAGERS SENDIRIAN BERHAD (“Pengurus”), yang bertindak sebagai Pengurus Al-’Aqar KPJ REIT, telah menyempurnakan tanggungjawab mereka untuk tempoh kewangan berakhir pada 31 Disember 2007, seperti yang berikut:

(a) pemegang Amanah telah diuruskan bertepatan dengan had yang ditetapkan pada kuasa pelaburan Pengurus dan Pemegang Amanah di bawah Perjanjian Ikatan dan Garis Panduan untuk Pelaburan Hartanah Islam, Akta Pasaran Modal dan Perkhidmatan 2007 dan undang-undang lain yang berkaitan pada tempoh kewangan berakhir 31 Disember 2007.

(b) pengagihan kepada pemegang-pemegang unit Al-’AQAR KPJ REIT adalah selaras the objektif Al-’Aqar KPJ REIT.

Untuk dan bagi pihak Pemegang AmanahAMANAH RAYA BERHAD

DATO’ AHMAD RODZI PAWANTEHPengarah Urusan Kumpulan



Laporan Juruauditkepada pemegang-pemegang unit Al-’Aqar KPJ REIT

Kami telah mengaudit penyata aset dan liabiliti yang disertakan yang bertarikh pada 31 Disember 2007 dan juga penyata pendapatan yang berkaitan, penyata perubahan untuk nilai bersih aset dan aliran tunai untuk tempoh kewangan berakhir pada 31 Disember 2007. Penyata-penyata kewangan ini adalah tanggungjawab Pemegang Amanah dan Pengurus Al-’Aqar KPJ REIT. Tanggungjawab kami adalah untuk memberi pendapat yang bebas dan berkecuali berdasarkan audit kami terhadap penyata-penyata kewangan ini dan melaporkan kepada pemegang saham, sebagai satu badan, dan tanpa sebarang tujuan lain. Kami tidak bertanggungjawab terhadap mana-mana individu di atas isi kandungan laporan ini.

Kami telah menjalankan audit selaras dengan piawaian pengauditan yang diluluskan di Malaysia. Piawaian-piawaian ini memerlukan kami merancang dan melakukan tugasan audit untuk mendapatkan kepastian yang sewajarnya bahawa penyata-penyata kewangan ini bebas daripada kesilapan yang ketara. Sesuatu audit itu merangkumi pemeriksaan, berdasarkan ujian, bukti yang berkaitan dengan jumlah dan pendedahan yang dinyatakan di dalam penyata-penyata kewangan. Sesuatu audit itu juga merangkumi penilaian prinsip perakaunan yang digunakan dan anggaran penting yang dibuat oleh Pemegang Amanah dan Pengurus, dan juga menilai kesuluruhan pembentangan penyata-penyata kewangan. Kami percaya yang audit kami memberi asas yang wajar untuk kami memberikan pendapat.

Pada pendapat kami, penyata-penyata kewangan tersebut telah disediakan selaras dengan peruntukan Perjanjian Ikatan dan Piawaian Perakaunan yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia untuk entiti selain daripada entiti swasta di Malaysia yang diubahsuai oleh Garis Panduan Suruhanjaya Sekuriti untuk Amanah Pelaburan Hartanah Islam untuk memberi gambaran yang benar dan saksama mengenai aset dan liabiliti Al-’Aqar KPJ REIT pada tarikh 31 Disember 2007 dan pendapatan dan perbelanjaan, perubahan dalam nilai bersih aset dan aliran tunai untuk tempoh kewangan yang berakhir pada tarikh tersebut.

DELOITTE KASSIMCHANAF 0080Akauntan Bertauliah



Laporan Ahli Jawatankuasa Syariahkepada pemegang-pemegang unit Al-’Aqar KPJ REIT

untuk tahun kewangan yang berakhir pada 31 Disember 2007

Kami, Ahli Jawatankuasa Syariah untuk AL-’AQAR KPJ REIT, bertanggungjawab memastikan prosedur dan proses aliran kerja yang dipraktikkan oleh Pengurus AL-’AQAR KPJ REIT iaitu DAMANSARA REIT MANAGERS SENDIRIAN BERHAD adalah memenuhi prinsip-prinsip Syariah yang dinyatakan di dalam Surat Ikatan.

Kami, berpendapat bahawa, DAMANSARA REIT MANAGERS SENDIRIAN BERHAD di dalam mengurus dan mentadbir AL-’AQAR KPJ REIT untuk tahun kewangan berakhir 31 Disember 2007, telah mengikut:

1. Prinsip-prinsip Syariah

2. Terma-terma berkaitan dengan Garis Panduan yang dikeluarkan oleh Suruhanjaya Sekuriti

3. Nota Praktis yang dikeluarkan oleh Suruhanjaya Sekuriti

AL-’AQAR KPJ REIT juga telah mengaplikasi kriteria-kriteria yang digunakan oleh Majlis Penasihat Syariah Suruhanjaya Sekuriti di dalam memenuhi sekuriti berkaitan dengan Syariah.

Bagi Pihak Jawatankuasa Syariah

SS DATO’ HAJI NOOH BIN GADOTPengerusi - Jawatankuasa SyariahAl-’Aqar KPJ REIT

Februari 19, 2008


Penyata PendapatanBagi tahun kewangan berakhir pada 31 Disember 2007

(Dengan nilai perbandingan untuk tahun kewangan berakhir pada 27 Jun 2006 (tarikh penubuhan) hingga 31 Disember 2006)

Kumpulan Al-’Aqar KPJ REIT 2007 2007 2006 (12 bulan) (12 bulan) (6 bulan) Nota RM RM RM

Pendapatan Kasar 4 35,701,524 35,701,524 13,257,910Perbelanjaan Hartanah 5 (2,063,606) (2,063,606) (758,791)

Pendapatan sewa bersih 33,637,918 33,637,918 12,499,119Pendapatan Pelaburan 6 193,082 193,082 888,677 Lebihan dari pelarasan hartanah pelaburan - - 14,276,615

Jumlah Pendapatan 33,831,000 33,936,834 27,664,411

Perbelanjaan: Perbelanjaan keuntungan bersama bagi Pembiayaan 7,413,509 7,413,509 3,706,752 Yuran pengurus 527,814 527,814 199,737 Hapuskira belanja untuk pinjaman jangka panjang 161,846 161,846 67,436 Yuran pemegang amanah 105,563 105,563 39,947 Yuran Penilaian 100,000 100,000 - Perbelanjaan Percetakan 85,603 85,603 - Yuran pembiayaan tahunan 30,000 30,000 30,000 Yuran Pendaftar 22,133 22,133 21,740 Yuran Juruaudit 21,500 20,000 10,000 Perbelanjaan pentadbiran 14,175 10,575 35 Yuran Ajen Cukai 9,000 9,000 9,000 Penasihat Syariah 1,800 1,800 - Jumlah Perbelanjaan (8,492,943) (8,487,843) (4,084,647)

Pendapatan Sebelum Cukai 25,338,057 25,343,157 23,579,764

Perbelanjaan Cukai 7 - - -

Pendapatan Bersih Untuk Tahun 25,338,057 25,343,157 23,579,764

Pendapatan Bersih Bagi Tahun Adalah Dari Sumber Seperti Berikut: Nyata 25,338,057 25,343,157 9,303,149 Tidak Nyata - - 14,276,615

25,338,057 25,343,157 23,579,764

Pendapatan Setiap Unit (sen): 8 Kasar 7.45 7.45 6.94 Bersih 7.45 7.45 6.94

Pengagihan Pendapatan Bersih 9 Pengagihan pendapatan akhir dicadangkan 24,890,000 24,890,000 9,248,000

Pengagihan Pendapatan Per Unit (sen): 9 Kasar 7.32 7.32 2.72 Bersih 7.32 7.32 2.72

Nota-nota lampiran adalah sebahagian daripada penyata ini.


Penyata Aset dan LiabilitiBagi tahun kewangan berakhir pada 31 Disember 2007

Kumpulan Al-’Aqar KPJ REIT 2007 2007 2006 Nota RM RM RM

ASETAset Bukan SemasaPelaburan hartanah 10 481,000,000 481,000,000 481,000,000Pelaburan dalam Anak Syarikat 11 - 2 -

481,000,000 481,000,002 481,000,000

Aset SemasaPrabayaran 484,796 484,796 -Jumlah Hutang dari Anak Syarikat 11 - 3,250 -Deposit tetap dengan bank berlesen 11,025,892 11,025,892 14,637,765Tunai dan baki bank 2,414,348 2,412,848 389,011

13,925,036 13,926,786 15,026,776

JUMLAH ASET 494,925,036 494,926,788 496,026,776

LIABILITILiabiliti SemasaPembayaran lain dan pembelanjaan terakru 12 281,046 277,698 5,237,231Peruntukan untuk pengagihan pendapatan 13 12,514,000 12,514,000 9,248,000

12,795,046 12,791,698 14,485,231

Liabiliti Bukan SemasaPinjaman jangka panjang 14 133,420,052 133,420,052 133,258,206

JUMLAH LIABILITI 146,215,098 146,211,750 147,743,437

NILAI ASET BERSIH 348,709,938 348,715,038 348,283,339

DANA PEMEGANG UNITModal pemegang unit 15 333,930,117 333,930,117 339,951,575Pendapatan yang tidak diagihkan 14,779,821 14,784,921 14,331,764

JUMLAH DANA PEMEGANG UNIT 348,709,938 348,715,038 348,283,339

JUMLAH UNIT YANG DIAGIHKAN 15 340,000,000 340,000,000 340,000,000

NILAI ASET BERSIH SETIAP UNIT (SELEPAS PENGAGIHAN) 1.03 1.03 1.02



Penyata Perubahan Dalam Nilai Aset BersihBagi tahun kewangan berakhir pada 31 Disember 2007

Modal Pendapatan Pemegang Yang Belum Saham Diagihkan Jumlah Nota RM RM RM

Baki Pada 1 Januari 2007 333,951,575 14,331,764 348,283,339Operasi Bagi Tahun: Pendapatan bersih bagi tahun - 25,338,057 23,338,057

Transaksi Pemegang Unit: Perbelanjaan penyenaraian bagi tahun sebelumnya 21,458 - 21,458 Pengagihan kepada pemegang unit 9 - 24,890,000 24,890,000

Penurunan dalam nilai aset bersih dari transaksi pemegang unit (21,458) (24,890,000) (24,911,458)

Baki Pada 31 Disember 2007 333,930,117 14,779,821 348,709,938

Modal Pendapatan Pemegang Yang Belum Saham Diagihkan Jumlah Nota RM RM RM

Baki Pada 27 Jun 2007 (Tarikh Penubuhan) 1,000 - 1,000Operasi Bagi Tahun: Pendapatan bersih bagi tahun - 23,579,764 23,579,764

Transaksi Pemegang Unit: Unit saham yang diisu 15 339,249,000 - 339,249,000 Perbelanjaan penyenaraian (5,298,425) - (5,298,425) Pengagihan kepada pemegang unit 9 - (9,248,000) (9,248,000)

Peningkatan/ (Penurunan) dalam nilai aset bersih dari transaksi pemegang unit 333,950,575 (9,248,000) 324,702,575


Baki Pada 1 Januari 2007 333,951,575 14,331,764 348,283,339Operasi Bagi Tahun: Pendapatan bersih bagi tahun - 25,343,157 25,343,157

Transaksi Pemegang Unit: Perbelanjaan penyenaraian bagi tahun sebelumnya (21,458) - (21,458) Pengagihan kepada pemegang unit 9 - (24,890,000) (24,890,000)

Penurunan dalam nilai aset bersih dari transaksi pemegang unit (21,458) (24,890,000) (24,911,458)



Kumpulan

Al-’Aqar KPJ REIT


Penyata Aliran TunaiBagi tahun kewangan berakhir pada 31 Disember 2007

(Dengan nilai perbandingan untuk tahun kewangan berakhir pada 27 Jun 2006 (tarikh penubuhan) hingga 31 Disember 2006)

Kumpulan Al-’Aqar KPJ REIT 2007 2007 2006 (12 bulan) (12 bulan) (6 bulan) Nota RM RM RM

Aliran Tunai Daripada/(Digunakan Dalam) Aktiviti OperasiKeuntungan bersih untuk tahun 25,338,057 25,343,157 23,579,764Pelarasan untuk: Perbelanjaan keuntungan bersama untuk pembiayaan 7,413,509 7,413,509 3,706,752 Hapuskira untuk pinjaman jangka panjang 161,846 161,846 67,436 Pendapatan pelaburan (193,082) (193,082) (888,677) Lebihan dari pelarasan nilai saksama keatas pelaburan hartanah - - (14,276,615)

Keuntungan operasi sebelum perubahan modal kerja 32,720,330 32,725,430 12,188,660

Peningkatan dalam: Jumlah hutang dari anak syarikat - (3,250) - Prabayaran (484,796) (484,796) -

Peningkatan / (Penurunan) dalam pembayaran Lain dan perbelanjaan terakru (4,956,185) (4,959,533) 5,237,231

Tunai bersih daripada aktiviti operasi 27,279,349 27,277,851 17,425,891

Aliran Tunai Daripada/(Digunakan Dalam) Aktiviti PelaburanPendapatan keuntungan bersama yang diterima untuk pelaburan 193,082 193,082 888,677Pembelian pelaburan dalam anak syarikat - 2 -Pembelian pelaburan hartanah - - (466,723,385)

Tunai bersih dari/ (digunakan) bagi aktiviti pelaburan 193,082 193,080 (465,834,708)

Aliran Tunai Dari/(Digunakan Dalam) Aktiviti KewanganPerbelanjaan keuntungan bersama bagi pembiayaan (7,413,509) (7,413,509) (3,706,752)Perbelanjaan penyenaraian (21,458) (21,458) (5,298,425)Perbelanjaan dividen (21,624,00) (21,624,000) -Terbitan daripada unit diisu - - 339,250,000Terimaan daripada pinjaman jangka panjang (kos bersih terbitan langsung berjumlah RM809,230) - - 133,190,770

Tunai bersih dari/ (digunakan dalam) aktiviti kewangan (29,058,967) (29,058,967) 463,435,593

Peningkatan/ (Penurunan) Bersih Dalam Tunai dan Tunai Setara (1,586,536) (1,588,036) 15,026,776

Tunai dan Tunai Setara Pada Awal Tahun 15,026,776 15,026,776 -

Tunai dan Tunai Setara Pada Akhir Tahun 16 13,440,240 13,438,740 15,026,776



Nota-nota berkenaan penyata kewangan

1. MAKLUMAT AM

Al-’Aqar KPJ REIT adalah amanah pelaburan hartanah yang diperbadankan di Malaysia yang dibentuk menurut Perjanjian Ikatan yang bertarikh 27 Jun 2006 (“Surat Ikatan”) di antara Damansara REIT Managers Sdn Berhad (“Pengurus”) dan Amanah Raya Berhad (“Pemegang Amanah”). Surat Ikatan Amanah tersebut digubal berdasarkan Akta Suruhanjaya Sekuriti 1993, Garis Panduan Suruhanjaya Sekuriti untuk Amanah Pelaburan Hartanah Islam, Keperluan Penyenaraian Bursa Malaysia Securities Berhad, Peraturan Depositori dan undang-undang percukaian dan penggarisan. Al-’Aqar KPJ REIT akan meneruskan operasinya sehingga satu masa yang ditetapkan oleh Pemegang Amanah dan Pengurus seperti yang ditentukan di dalam peruntukan Surat Ikatan.

Al-’Aqar KPJ REIT disenaraikan di Papan Utama Bursa Malaysia Securities Berhad pada 10 Ogos 2006 dan memulakan operasi perniagaan pada 17 Ogos 2006 setelah pembelian pelaburan hartanah selesai.

Aktiviti utama Al-’Aqar KPJ REIT adalah melabur dalam hartanah yang berlandaskan syariah dan objektif utamanya adalah menyediakan pengagihan yang stabil kepada pemegang saham dengan potensi untuk pertumbuhan jangka panjang yang boleh dipertahankan untuk pengagihan tersebut dan pertumbuhan modal.

Al-’Aqar KPJ REIT telah menandatangani beberapa perjanjian perkhidmatan berkaitan dengan pengurusan Al-’Aqar KPJ REIT dan operasi hartanahnya. Struktur yuran untuk perkhidmatan-perkhidmatan adalah seperti berikut:

(a) Yuran Penyelenggaraan dan Pengurusan

Pengurus Penyelenggara, Healthcare Technical Services Sdn Bhd berhak menerima yuran penyelenggaraan dan pengurusan berjumlah sehingga 0.08% daripada nilai kasar hartanah pelaburan berkaitan dengan pengurusan hartanah pelaburan yang dimiliki oleh Al-’Aqar KPJ REIT bertepatan dengan Ikatan Amanah. Yuran tersebut dikira mengikut jumlah terakru bulanan.

(b) Yuran Pengurus

Mengikut Ikatan Amanah, Pengurus berhak menerima yuran berjumlah sehingga 0.15% daripada Nilai Aset Bersih Al-’Aqar KPJ REIT setiap tahun, dikira berdasarkan jumlah terakru bulanan dan pembayaran bulanan tertunggak. Yuran Pengurus untuk tempoh kewangan berakhir 31 Disember 2007 adalah berjumlah RM527,814 (2006 : RM 199,737) bersamaan 0.15% (2006 : 0.06%) daripada nilai aset bersih bulanan.

(c) Yuran Pemegang Amanah

Menurut Ikatan Amanah, Pemegang Amanah berhak menerima yuran berjumlah sehingga 0.03% daripada Nilai Aset Bersih Al-’Aqar KPJ REIT setiap tahun, dikira berdasarkan jumlah terakru bulanan dan pembayaran bulanan tertunggak. Yuran Pemegang Amanah untuk tempoh kewangan berakhir 31 Disember 2007 berjumlah RM105,563 (2006 : RM39,947) bersamaan 0.03% (2006 : 0.01%) daripada nilai aset bersih bulanan.

Alamat berdaftar bagi Pengurus terletak di Tingkat 13, Menara Johor Corporation, KOTARAYA, 80000 Johor Bahru.

Penyata-penyata kewangan bagi Kumpulan dan Al-’Aqar KPJ REIT Al-’Aqar KPJ REIT telah diluluskan oleh Ahli Lembaga Pengarah untuk diterbitkan pada 19 Februari 2008.

2. ASAS PERSEDIAAN BAGI PENYATA-PENYATA KEWANGAN

Penyata kewangan bagi Al-’Aqar KPJ REIT telah disediakan mengikut peruntukan Surat Ikatan dan mengikut piawaian perakaunan yang diluluskan oleh Lembaga Piawaian Perakaunan Malaysia untuk entiti selain daripada entiti swasta di Malaysia yang diubahsuai oleh Garis panduan Suruhanjaya Sekuriti untuk Amanah Pelaburan Hartanah Islam.

Pada tahun kewangan semasa, Kumpulan dan Al-’Aqar KPJ REIT telah mengaplikasi semua Piawaian Laporan Kewangan dan Intrepretasi yang baru dan telah disemak yang diterbitkan oleh Lembaga Piawaian Perakaunan Malaysia yang berkaitan dengan operasi dan berkesan pada awal tahun atau selepas 1 Janauri 2007.

Aplikasi Piawaian Laporan Kewangan dan Intrepretasi yang baru dan telah disemak tidak menunjukkan sebarang perubahan ketara dalam polisi perakaunan bagi Kumpulan dan Al-’Aqar KPJ REIT dan juga tidak menunjukkan kesan kewangan pada penyata kewangan Kumpulan dan Al-’Aqar KPJ REIT pada tahun semasa dan tahun kewangan sebelumnya.

Pada tarikh pengesahan bagi mengisu penyata kewangan Kumpulan dan Al-’Aqar KPJ REIT, terdapat Piawaian Laporan Kewangan yang baru dan disemak, Semakan Piawaian Laporan Kewangan dan Intrepretasi yang telah diisu tetapi tidak memberi sebarang kesan kepada Penyata Kewangan Kumpulan dan Al-’Aqar KPJ REIT pada tempoh yang diaplikasikan.


Nota-nota berkenaan penyata kewangan (samb)

Pengurus mengesahkan bahawa aplikasi Piawaian Laporan Kewangan, Perubahan kepada Piawaian Laporan Kewangan dan Intrepretasi yang berkaitan dengan operasi Kumpulan dan Al-’Aqar KPJ REIT tidak memberi kesan kewangan yang nyata pada penyata kewangan Kumpulan dan Al-’Aqar KPJ REIT pada tempoh yang diaplikasikan.

3. DASAR-DASAR PERAKAUNAN UTAMA

Dasar Perakaunan

Penyata-penyata Kewangan Kumpulan dan Al-’Aqar KPJ REIT telah disediakan berdasarkan konvensyen kos sejarah dengan mengambilkira pelarasan nilai saksama keatas hartanah pelaburan.

Pengiktirafan Pendapatan

Pendapatan diiktiraf apabila ada kemungkinan manfaat ekonomi yang berkaitan dengan urusniaga akan mengalir kepada syarikat dan jumlah pendapatan boleh diukur dengan pasti.

Pendapatan daripada sewa hartanah pelaburan diiktiraf mengikut dasar terakru.

Pendapatan pelaburan daripada pendapatan Perkongsian keuntungan daripada simpanan tetapi Islam diiktiraf mengikut dasar terakru.

Cukai Pendapatan

Cukai pendapatan untuk keuntungan atau kerugian untuk tahun yang dicatatkan merangkumi cukai semasa dan cukai tertunda. Cukai semasa adalah jumlah cukai pendapatan dibayar yang dijangkakan yang berkaitan dengan keuntungan boleh cukai bagi tahun yang dicatatkan dan diukur menggunakan kadar cukai yang telah digunakan pada tarikh lembaran imbangan.

Cukai tertunda diperuntukkan dengan menggunakan kaedah liabiliti ke atas perbezaan sementara pada tarikh lembaran imbangan di antara asas cukai dan nilai bawaan di dalam penyata kewangan. Secara prinsipnya, liabiliti cukai tertunda diiktiraf bagi kesemua perbezaan sementara boleh cukai dan aset cukai tertunda diiktiraf untuk semua perbezaan sementara boleh ditolak, kerugian cukai belum digunakan dan kredit cukai belum digunakan sehingga keuntungan boleh cukai dijangkakan boleh menyerap perbezaan sementara boleh ditolak, kerugian cukai belum digunakan dan kredit cukai belum digunakan, boleh digunakan. Cukai tertunda tidak akan diiktiraf jika perbezaan sementara berpunca daripada muhibah atau muhibah negatif atau daripada pengiktirafan awal aset atau liabiliti dalam urusniaga yang bukan merupakan kombinasi perniagaan dan pada masa urusniaga itu, tidak mempengaruhi keuntungan perakaunan atau pun keuntungan boleh cukai.

Cukai tertunda diukur menggunakan kadar cukai yang dijangka digunakan dalam tempoh aset itu direalisasikan atau liabiliti telah diselesaikan, berdasarkan pada kadar cukai yang telah dibuat atau telah dibuat dengan substantif pada tarikh lembaran imbangan. Cukai tertunda diiktiraf di dalam penyata pendapatan, kecuali jika cukai itu wujud daripada urusniaga yang diiktiraf secara langsung dalam ekuiti, atau jika cukai itu wujud daripada kombinasi perniagaan yang merupakan pengambilalihan, di mana cukai tertunda diambilkira dalam muhibah atau muhibah negatif akibat daripada pengambilalihan tersebut.

Pelaburan Hartanah

Pelaburan hartanah, iaitu hartanah yang dimiliki untuk mendapat sewa dan/atau untuk naik nilai modal, dicatatkan pada nilai saksamanya pada tarikh lembaran imbangan. Keuntungan atau kerugian yang dihasilkan daripada perubahan dalam nilai saksama hartanah pelaburan dimasukkan ke dalam penyata kewangan untuk tempoh ianya dihasilkan.

Pelaburan hartanah ditamat-iktirafkan apabila ianya sudah dihapuskan atau apabila pelaburan hartanah tersebut tidak digunakan lagi dan tiada sebarang manfaat ekonomi akan diperolehi daripada penghapusannya. Sebarang keuntungan atau kerugian yang dihasilkan oleh penghapusan pelaburan hartanah itu diiktiraf di dalam penyata kewangan untuk tempoh penghapusan atau pemberhentian penggunaan hartanah tersebut.

Pelaburan hartanah dicatatkan pada harga saksama, yang menggambarkan keadaan pasaran pada tarikh lembaran imbangan. Harga saksama itu mewakili jumlah di mana aset tersebut boleh dijualbeli di antara pembeli yang sanggup dan berpengetahuan dengan penjual yang sanggup dan berpengetahuan dalam urusniaga selengan.



Peruntukan

Peruntukan dibuat apabila Kumpulan dan Al-’Aqar KPJ REIT mempunyai kewajipan yang sah atau konstruktif hasil daripada peristiwa yang lepas, apabila terdapat kemungkinan yang aliran keluar sumber diperlukan untuk menyelesaikan kewajipan tersebut dan apabila anggaran jumlahnya boleh dibuat dengan pasti.

Peruntukan diukur oleh Pengurus pada kadar terbaik perbelanjaan diperlukan untuk menyelesaikan kewajipan tersebut pada tarikh imbangan duga dan diberi kadar diskaun bagi mewakili nilai sekira kesannya material.

Pada tarikh imbangan duga, peruntukan akan disemak oleh Pengurus dan pelarasan akan dibuat untuk menunjukkan anggaran semasa terbaik. Peruntukkan juga diterbalikan sekiranya ia tiada kebangkalian untuk Kumpulan atau Al-‘Aqar KPJ REIT diperlukan untuk menyelesaikan kewajipan.

Kemudahan-kemudahan Kewangan

Kemudahan-kemudahan kewangan pada awalnya diukur pada nilai saksama, dan kemudian diukur pada kos terlunas, menggunakan kaedah kadar bunga berkesan. Sebarang perbezaan di antara kutipan (kos urusniaga bersih) dan penyelesaian atau penebusan kemudahan kewangan akan diiktiraf pada terma kemudahan kewangan itu.

Perbelanjaan pengongsian keuntungan untuk kewangan yang disebabkan secara langsung oleh pengambilalihan, pembinaan atau pengeluaran aset yang layak, iaitu aset yang memerlukan masa yang lama untuk disediakan sebelum ianya boleh digunakan atau dijual, dipermodalkan sebagai sebahagian daripada kos aset tersebut, sehingga tiba pada masa di mana aset itu sudah boleh digunakan atau dijual. Pendapatan pelaburan untuk pelaburan sementara bagi kemudahan kewangan tertentu sementara menunggu perbelanjaan untuk aset yang layak, akan ditolak daripada perbelanjaan pengongsian keuntungan bagi kelayakan kewangan untuk permodalan.

Tunai dan Tunai Setara

Al-’Aqar KPJ REIT menggunakan kaedah secara tak langsung di dalam penyediaan penyata aliran tunainya.

Tunai dan tunai setara bersamaan terdiri daripada tunai dan baki bank adalah pelaburan jangka pendek dan mudah tunai yang mempunyai kadar matang tiga bulan atau kurang, bermula daripada tarikh pengambilalihan dan boleh ditukar kepada tunai tanpa mempunyai risiko yang besar dalam perubahan nilai.

4. PENDAPATAN

Kumpulan Al-’Aqar KPJ REIT 2007 2007 2006 (12 bulan) (12 bulan) (6 bulan) RM RM RM

Pendapatan Sewa Daripada: Hospital Pakar Damansara 7,979,004 7,979,004 2,962,942 Hospital Pakar Johor 5,589,000 5,589,000 2,075,136 Hospital Pakar Ipoh 5,121,000 5,121,000 1,902,058 Hospital Pakar Puteri 2,895,480 2,895,480 1,075,232 Hospital Pakar Ampang Puteri 9,560,040 9,560,040 3,550,329 Pusat Perubatan Selangor 4,557,000 4,557,000 1,692,213

35,701,524 35,701,524 13,257,910



5. PERBELANJAAN HARTANAH


Penaksiran 1,069,989 1,069,989 398,339 Perlindungan Takaful 404,993 404,993 136,785 Yuran penyelenggaraan 403,041 403,041 153,868 Cukai tanah 185,583 185,583 69,799

2,063,606 2,063,606 758,791

6. PENDAPATAN PELABURAN


Pendapatan perkongsian keuntungan dari: Simpanan tetap dengan bank-bank Islam 174,424 174,424 888,677 Takaful 18,657 18,657 -

193,081 193,081 888,677

7. PERBELANJAAN CUKAI Kumpulan Al-’Aqar KPJ REIT 2007 2007 2006 (12 bulan) (12 bulan) (6 bulan) RM RM RM

Anggaran cukai yang dibayar - - -

Penyesuaian berangka untuk perbelanjaan cukai pendapatan pada kadar cukai pendapatan berkanun yang berkaitan dengan

perbelanjaan cukai pendapatan pada kadar cukai pendapatan berkesan adalah seperti berikut:


Pendapatan sebelum cukai 25,338,057 25,343,157 23,579,764

Cukai pada kadar berkanun 27% (2006 : 28%) 6,841,275 6,842,652 6,602,334 Kesan cukai pada: Perbelanjaan yang tidak tercukai 88,706 88,706 47,074 Pendapatan pelepasan cukai (6,929,981) (6,931,358) (6,649,408)

- - -

Pengurus merancang untuk mengagih paling kurang 90% daripada semua pendapatan tercukai dalam tempoh dua bulan pada akhir tempoh kewangan, oleh yang demikian Al-’Aqar KPJ REIT tidak perlu membayar sebarang cukai pendapatan bertepatan dengan Seksyen 61A(1) Akta Cukai Pendapatan Malaysia 1967.



8. PENDAPATAN SEUNIT

Pendapatan sesaham bersih dan kasar telah dikira berdasarkan pendapatan sebelum cukai dan pendapatan bersih Al-’Aqar KPJ REIT untuk tempoh yang dicatatkan bagi Kumpulan yang berjumlah RM 25,338,057 dan Al-‘Aqar KPJ REIT adalah RM 25,343,157 (2006 : RM23,579,764) dan bilangan unit yang diedarkan pada tarikh 31 Disember 2007 adalah 340,000,000 (2006 : 340,000,000) unit.

9. PENGAGIHAN

Bagi tahun kewangan berakhir pada 31 Disember 2007, Pengurus, dengan kebenaran Pemegang Amanah, telah mengistiharkan pengagihan pendapatan interim pada 6.86 sen seunit (2006 : Nil) dengan jumlaj RM 23,324,000 dan pengagihan pendapatan akhir pada 0.46 sen seunit (2006 : 2.72) dengan jumlah RM 1,566,000

Jumlah keseluruhan pengagihan bagi tahun kewangan berakhir 31 Disember 2007 berjumlah RM 24,890,000 (2006 : RM 9,248,000) mewakili lebih kurang 98% (2006 : 99%) dari pendapatan bersih nyata bagi tahun.

Pengagihan kepada pemegang unit diperolehi adalah dari sumber-sumber berikut:


Pendapatan sewa bersih 33,382,943 33,377,843 12,499,119 Keuntungan pelaburan - - 833,530 33,382,943 33,377,843 13,332,649 Tolak: Perbelanjaan (8,492,943) (8,487,843) (4,084,649)

24,890,000 24,890,000 9,248,000

Pengagihan kasar setiap unit (sen) 7.32 7.32 2.72 Pengagihan bersih setiap unit (sen) 7.32 7.32 2.72


10. PELABURAN HARTANAH

Hartanah pelaburan digadai kepada institusi kewangan untuk kemudahan kredit yang diberikan kepada Al-’Aqar KPJ REIT seperti yang dinyatakan dalam Nota 14.

* Hartanah-hartanah telah dinilai, pada tarikh-tarikh yang dicatatkan, oleh C H Williams Talhar & Wong Sdn Bhd, sebuah firma

penilai harta bebas dan jurunilai profesional dengan menggunakan kaedah penilaian berdasarkan keuntungan.

Keterangan Hartanah Pegangan Terma Terma Pajakan Lokasi Tarikh 2006 Pelarasan 2007 Tanah Pajakan Yang Tinggal Penilaian* Nilai Saksama Nilai Saksama Nilai Saksama RM ‘000 RM ‘000 RM ‘000

Bangunan Hospital Pajakan 99 82 Ampang 28 Januari 128,800,000 - 128,800,000 Pakar Ampang Puteri 2008

Bangunan Hospital Pegangan N/A N/A Damansara 28 Januari 107,500,000 - 107,500,000Pakar Damansara Kekal 2008

Bangunan Hospital Pajakan 99 72 Johor Bahru 28 Januari 75,300,000 - 75,300,000Pakar Johor 2008

Bangunan Hospital Pajakan 999 887 Ipoh 28 Januari 69,000,000 - 69,000,000Pakar Ipoh 2008

Bangunan Hospital Pajakan 99 46 Johor Bahru 28 Januari 39,000,000 - 39,000,000Pakar Puteri 2008

Bangunan Pusat Pajakan 99 89 Shah Alam 28 Januari 61,400,000 - 61,400,000Perubatan Selangor 2008

Jumlah 481,000,000 - 481,000,000



(Syarikat satu tujuan bagi menerbitkan kewangan Islam bagi Al-’Aqar KPJ REIT)

11. PELABURAN DALAM ANAK SYARIKAT

Al-’Aqar KPJ REIT 2007 2006 RM RM

Saham tidak disebutharga, pada kos 2 -

Butir-butir berkenaan anak syarikat seperti berikut:

Anak Syarikat Negara Faedah Ekuiti Aktiviti Langsung ditubuhkan Berkesan Prinsipal 2007 2006 % %

Al-’Aqar Capital Sdn Bhd (Dahulunya Malaysia 100 100 Kini tidak aktif Dikenali sebagai Juara Akses (M) Sdn Bhd)*

* Penyata Kewangan bagi anak syarikat tidak diperiksa oleh juruaudit Al-’Aqar KPJ REIT.

Jumlah hutang oleh anak syarikat yang timbul akibat pembayaran terdahulu adalah tanpa faedah dan kadar pembayarannya tidak ditetapkan.

Seperti yang dinyatakan dalam Nota 21 (ii), Al-’Aqar KPJ REIT melalui Pemegang Amanah, memperolehi Al-’Aqar Capital Sdn Bhd (dahulunya dikenali sebagai Juara Akses (M) Sdn Bhd) pada 15 Julai 2007.

Kesan kepada perolehan yang dinyatakan dalam keputusan kewangan dan jawatan kewangan Kumpulan adalah tidak material.

12. PERBELANJAAN LAIN DAN PERBELANJAAN TERAKRU


Jumlah hutang kepada pemegang unit korporat utama - - 5,114,620 Jumlah hutang kepada pemegang amanah 8,765 8,765 8,583 Jumlah hutang kepada Pengurus 43,823 43,823 42,917 Perbelanjaan lain 35,518 33,670 32,671 Perbelanjaan terakru 192,940 191,440 38,440 281,046 277,698 5,237,231

Pada tahun 2006, jumlah hutang kepada pemegang unit korporat utama Al-’Aqar KPJ REIT adalah jumlah hutang kepada KPJ Healthcare Berhad, untuk perbelanjaan kerja-kerja baik pulih yang dibayar bagi pihak Al-’Aqar KPJ REIT. Jumlah tersebut adalah tanpa faedah dan kadar pembayarannya tidak ditetapkan.




13. PERUNTUKAN UNTUK PENGAGIHAN PENDAPATAN


Baki pada awal tahun 9,248,000 9,248,000 - Peruntukan yang dibuat bagi tahun 24,890,000 24,890,000 9,248,000 Bayaran dibuat bagi tahun (21,624,000) (21,624,000) -

Baki pada akhir tahun 12,514,000 12,514,000 9,248,000

14. PINJAMAN JANGKA PANJANG


Kemudahan kewangan Bai’ Bithamin Ajil 134,000,000 134,000,000 134,000,000

Tolak: Kos terbitan langsung 809,230 809,230 809,230 Belanja hapuskira terkumpul (229,282) (229,282) (67,436)

(579,948) (579,948) (741,794) Jumlah bersih 133,420,052 133,420,052 133,258,206

Pada 28 Jun 2006, Al-’Aqar KPJ REIT memperolehi kemudahan kewangan bersindiket Bai’ Bithamin Ajil daripada AmMerchant Bank Berhad, Public Bank Berhad dan AmIslamic Bank Berhad. Kemudahan kewangan tersebut dicagarkan di atas hartanah pelaburan seperti yang dinyatakan dalam Nota 10, merangkumi tranche dan kadar keuntungan seperti berikut:

Tranche Jumlah Kadar Keuntungan RM (%) 1 105,000,000 5.50 2 29,000,000 5.65

Jumlah 134,000,000

Kemudahan kewangan tersebut dibayar dalam 59 kali pembayaran yang sama nilainya, iaitu RM617,792 (hanya perbelanjaan pengongsian keuntungan) dan pembayaran terakhir berjumlah RM134,617,792 (jumlah pokok dan perbelanjaan pengongsian keuntungan untuk bulan sebelumnya) yang bermula daripada bulan Julai 2006.

Kos terbitan langsung yang wujud daripada penggunaan kemudahan ini telah diimbangkan dengan kutipan daripada kemudahan dan dikreditkan untuk jangkamasa kemudahan itu, iaitu 60 bulan.



15. MODAL PEMEGANG UNIT

Kumpulan Al-’Aqar KPJ REIT 2007 2007 2006 (12 bulan) (12 bulan) (6 bulan) RM Jumlah Unit RM

Baki pada awal tahun 1,000 1,000 1,000 Unit baru diisu 339,999,000 339,999,000 339,249,000 Perbelanjaan penyenaraian - - (5,298,425)

Baki pada akhir tahun 340,000,000 340,000,000 333,951,575

Butir-butir pihak berkaitan yang memegang unit dalam Al-’Aqar KPJ REIT sehingga 31 Disember 2007 adalah seperti berikut:

2007 2006 Jumlah Unit Nilai Pasaran Jumlah Unit Nilai Pasaran

Pengarah dan pemegang unit pengurus: Datin Paduka Siti Sa’diah Sheikh Bakir Langsung 18,862 18,862 10,000 10,000 Tidak langsung 1,350 1,350 - - Kamaruzzaman Abu Kassim 10,000 10,000 - - Tan Sri Dato’ Muhammad Ali Hashim Langsung 5,677 5,677 - - Tidak langsung 840 840 - - Dr. Mohd Hafets Ahmad 560 560 - -

Pihak yang berkaitan: Puteri Specialist Hospital Sdn Bhd 25,923,300 25,923,300 39,740,000 39,740,000 Damansara Specialist Hospital Sdn Bhd 23,975,00 23,975,000 33,000,000 33,000,000 Johor Specialist Hospital Sdn Bhd 18,000,000 18,000,000 23,000,000 23,000,000 Medical Center (Johore) Sdn Bhd 18,000,000 18,000,000 21,000,000 21,000,000 Medical Associates Sdn Bhd 28,000,000 28,000,000 13,200,000 13,200,000 Selangor Medical Centre Sdn Bhd 35,000,000 35,000,000 8,000,000 8,000,000 Johor Corporation 7,258,178 7,258,178 4,019,000 4,019,000

16. TUNAI DAN TUNAI SETARA

Tunai dan tunai setara di dalam penyata aliran tunai mewakili:

Kumpulan Al-’Aqar KPJ REIT 2007 2007 2006 (12 bulan) (12 bulan) (6 bulan) RM Jumlah Unit RM

Simpanan tetap dengan bank berlesen 11,025,892 11,025,892 14,637,765 Baki tunai dan baki bank 2,414,348 2,412,848 389,011

13,440,240 13,438,740 15,026,776



17. NISBAH PERBELANJAAN PENGURUSAN (“MER”)

Al-’Aqar KPJ REIT 2007 2006 (12 bulan) (6 bulan) % % MER 0.27 0.09

Pengiraan MER berdasarkan jumlah yuran Al-‘Aqar KPJ REIT bagi tahun, termsuk Yuran Pengurus, Yuran Pemegang Amanah,

Yuran Juruaudit, Yuran Agen Cukai dan perbelanjaan pentadbiran, bahagi dengan nilai aset bersih bagi tahun pada kadar mingguan. Oleh kerana purata nilai aset bersih dikira pada kadar mingguan, perbandingan MER antara Al-‘Aqar KPJ REIT dengan Amanah Pelaburan Hartanah lain yang menggunakan pengiraan yang lain adalah perbandingan yang tidak tepat.

18. NISBAH PUSINGAN PORTFOLIO (“PTR”)

Al-’Aqar KPJ REIT 2007 2006 (12 bulan) (6 bulan)

PTR (berapa kali) - 0.69 Pengiraan PTR adalah berdasarkan purata jumlah perolehan dan jumlah penghapusan atas pelaburan Al-’Aqar KPJ REIT bagi

tahun, purata nilai aset bersih bagi tempoh dikira pada kadar mingguan.

19. URUSNIAGA PIHAK BERKAITAN YANG UTAMA

Al-’Aqar KPJ REIT memperolehi semua pendapatan sewa dari pihak berkenaan seperti yang dinyatakan dalam Nota 4.

Transaksi utama pihak-pihak berkaitan seperti dinyatakan dalam Nota 4 kecuali:


Yuran penyelenggaraan yang dibayar/akan dibayar pada pengurus penyelenggaraan 403,041 403,041 153,868



20. INSTRUMEN KEWANGAN

Objektif dan Polisi Pengurusan Risiko Kewangan

Operasi Kumpulan terdedah pada berbagai jenis risiko kewangan, termasuklah risiko kredit, risiko kadar keuntungan, risiko kecairan dan risiko aliran tunai. Kumpulan telah mengambil langkah untuk meminimumkan pendedahannya terhadap risiko-risiko ini dan/atau kos yang berkaitan dengan aktiviti kewangan, pelaburan dan operasinya dan beroperasi dalam linkungan seperti dinyatakan dalam Garis Panduan Amanah Pelaburan Hartanah yang ditetapkan oleh Suruhanjaya Sekuriti.

(i) Risiko Kredit

Instrumen kewangan yang berpotensi mendedahkan Kumpulan kepada risiko kredit adalah penerimaan perdagangan. Walaubagaimanapun, pada tarikh lembaran imbangan, Kumpulan tidak mempunyai sebarang pendedahan yang ketara terhadap risiko kredit kerana kesemua penyewanya telah membayar semua jumlah berbaki.

Kumpulan menyimpan depositnya dengan bank berlesen di dalam institusi kewangan yang mempunyai latar belakang kredit yang baik.

(ii) Risiko Kecairan

Kumpulan mengamalkan pengurusan risiko kecairan yang cermat untuk meminimumkan ketakpadanan aset kewangan dan liabiliti dan untuk mengekalkan dana yang mencukupi untuk keperluan dana kontingen untuk modal bekerja.

Aset Kewangan

Aset kewangan prinsipal Kumpulan adalah tunai dan baki bank dan deposit tetap dengan bank berlesen.

Aset kewangan prinsipal Al-’Aqar KPJ REIT juga termasuk jumlah hutang oleh anak syarikat.

Polisi perakaunan diaplikasi kepada aset kewangan utama seperti dinyatakan dalam Nota 3.

Liabiliti Kewangan

Hutang atau instrumen ekuiti diklasifikasikan sebagai liabiliti bertepatan dengan intipati yang dinyatakan kontrak.

Liabiliti kewangan utama Kumpulan termasuk pinjaman jangka panjang dan lain-lain belum bayar seperti dinyatakan pada nilai nominal.

Nilai Saksama

Nilai bawaan aset kewangan dan liabiliti kewangan yang dilaporkan di dalam lembaran imbangan menganggarkan nilai saksamanya kerana tempoh kematangan segera atau pendek untuk instrumen-instrumen ini kecuali yang berikut:

Kumpulan dan Al-’Aqar KPJ REIT Al-’Aqar KPJ REIT 2007 2006 Nota Nilai Nilai Nilai Nilai Bawaan Saksama Bawaan Saksama RM RM RM RM

Liabiliti Kewangan Pinjaman jangka panjang 14 133,420,052 132,191,062 133,258,206 132,785,000

Nilai saksama untuk pinjaman jangka panjang dianggarkan dengan menggunakan analisis aliran tunai terdiskaun berdasarkan kadar pinjaman semasa iaitu 6.25% (2006 : 6.25%) setahun untuk jenis pinjaman yang sama.


21. ACARA UTAMA

Pada tahun kewangan semasa, Al-’Aqar KPJ REIT menjalankan perlaksanaan berikut:

i. Pada 18 Mei 2007, Al-’Aqar KPJ REIT mengumumkan perolehan oleh Amanah Raya Berhad, bertindak sebagai Pemegang Amanah bagi pihak Al-’Aqar KPJ REIT, dari anak syarikat dan syarikat bersekutu KPJ Healthcare Berhad untuk 5 hartanah seperti bangunan Hospital Pakar Perdana, bangunan Hospital Pakar Kuantan, bangunan Pusat Perubatan Sentosa, bangunan Hospital Pakar KPJ Kajang dan bangunan Pusat Perubatan Kedah.

Perolehan telah diluluskan oleh pemegang-pemegang unit pada Mesyuarat Am Luarbiasa pada 5 November 2007. Perolehan hartanah ini dijangka siap pada suku pertama 2008.

ii. Pada 15 Julai 2007, Amanah Raya Berhad, bertindak sebagai Pemegang Amanah dan bagi pihak Al-’Aqar KPJ REIT, memperoleh 2 saham biasa pada harga RM1 sesaham, mewakili keseluruhan saham dan modal saham berbayar bagi Al-’Aqar Capital Sdn Bhd (dahulunya dikenali sebagai Juara Akses (M) Sdn Bhd) dari Kumpulan Perubatan (Johor) Sdn Bhd dengan jumlah tunai dipertimbangkan iaitu RM2.

Al-’Aqar Capital Sdn Bhd diperoleh bagi tujuan memperolehi kewangan Islam bagi Al-’Aqar KPJ REIT dan dalam proses menerbitkan kertas komersial Islam atau nota terma sederhana berlandaskan prinsip Syariah iaitu Ijarah dengan nilai nominal RM 300 juta (Program Sukuk Ijarah).

iii. Pada 7 September 2007, Suruhanjaya Sekuriti Malaysia meluluskan Program Sukuk Ijarah diisu oleh Al-’Aqar Capital Sdn Bhd.

Lebihan dari Program Sukuk Ijarah akan digunakan untuk membiayai perolehan hartanah seperti dinyatakan dalam Nota 21 (i), membiayai pinjaman jangka panjang yang sedia ada dan kegunaan modal kerja.

22. NILAI PERBANDINGAN

Oleh kerana penyata kewangan diperkukuhkan dan dinyatakan buat kali pertama, maka tiada nilai perbandingan ditunjukkan.

Pada penyata kewangan yang lepas, Al-’Aqar KPJ REIT ditunjukkan dalam penyata kewangan bermula 27 Jun 2006 (tarikh pernubuhan) hingga 31 Disember 2006 atau bagi tempoh 6 bulan.



Unitholdings Statistics as at 31 December 2007Analisis Pemegang-pemegang Unit pada 31 Disember 2007

Issued / Diterbitkan : 340,000,000 Units of RM1/= eachFully Paid-Up Capital / Modal berbayar sepenuhnya : RM340,000,000

Break down of Unitholdings / Pecahan Pemegang-pemegang Unit Size of Unitholdings No. of Unitholders % No. of Units % Less than 100 779 31.27 49,127 0.01 100 - 1000 1,029 41.31 433,136 0.13 1,001 - 10,000 433 17.38 1,626,969 0.48 10,001 - 100,000 135 5.42 5,146,595 1.51 100,001 to less than 5% of Issued Capital 108 4.34 147,314,874 43.33 5% and above of Issued Capital 7 0.28 185,429,299 54.54 TOTAL 2,491 100.00 340,000,000 100.00

Top Thirty Securities Account Holders / 30 Pemegang-pemegang Akaun Teratas (Without aggregating the securities from different securities accounts belonging to the same depositor)

Name No. of Units %

1 Lembaga Tabung Haji 36,530,999 10.742 HSBC Noms (T) Sdn Bhd - Pledged Securities Account for Selangor Medical Centres Sdn Bhd 35,000,000 10.293 Medical Associates Sdn Bhd 28,000,000 8.244 Puteri Specialist Hospital Sdn Bhd 25,923,300 7.625 Damansara Specialist Hospital Sdn Bhd 23,975,000 7.056 Medical Centre (Johore) Sdn Bhd 18,000,000 5.297 Johor Specialist Hospital Sdn Bhd 18,000,000 5.298 HSBC Noms (A) Sdn Bhd A/C Exempt An for BNP Paribas Securities Services (Dublin USD) 14,235,000 4.199 Employees Provident Fund Board 12,165,565 3.5810 Malaysian Assurance Alliance Berhad 10,125,500 2.9811 Koperasi Permodalan Felda Berhad 10,000,000 2.9412 Johor Corporation 7,073,872 2.0813 Citigroup Noms (A) Sdn Bhd A/C Exempt An for American International Assurance Company Limited 6,793,000 2.0014 Amanah Raya Nominees (Tempatan) Sdn Bhd - A/C Public Islamic Dividend Fund 5,315,240 1.5615 MCIS Zurich Insurance Berhad 5,060,350 1.4916 Citigroup Noms (A) Sdn Bhd - A/C Goldman Sachs International 5,000,000 1.4717 Uni Asia General Insurance Berhad 3,795,000 1.1218 Malaysia Noms (T) Sdn Bhd - A/C Great Eastern Life Assurance (M) Berhad (LGF) 3,200,000 0.9419 Mayban Noms (T) Sdn Bhd - A/C Mayban Life Assurance Berhad (Non-Par Fund) 3,050,000 0.9020 Mayban Noms (T) Sdn Bhd - A/C Mayban Life Assurance Berhad (Par Fund) 3,050,000 0.9021 Bank Kerjasama Rakyat Malaysia Berhad - A/C as Beneficial Owner 3,000,000 0.8822 AMMB Noms (T) Sdn Bhd - A/C AMTrustee Berhad for Sykt Takaful Malaysia Bhd (TKTK) 2,498,300 0.7323 Malaysia Noms (T) Sdn Bhd - A/C Great Eastern Life Assurance (M) Berhad (DR) 2,440,000 0.7224 Malaysia Noms (T) Sdn Bhd - A/C Great Eastern Life Assurance (M) Berhad (PAR 1) 2,257,000 0.6625 Amanah Raya Noms (T) Sdn Bhd - A/C Amanah Saham Didik 1,747,190 0.5126 Cartaban Noms (T) Sdn Bhd - A/C Exempt An for MIDF Amanah Asset Noms (T) Sdn Bhd 1,604,700 0.4727 HSBC Noms (T) Sdn Bhd - A/C HSBC (M) Trustee Bhd for MAAKL Al-Fauzan (5170) 1,598,000 0.4728 Amanah Raya Noms (T) Sdn Bhd - A/C Public Islamic Enhanced Bond Fund 1,433,000 0.4229 Cartaban Noms (T) Sdn Bhd - A/C Exempt An for Allianz Life Insurance Malaysia Berhad (P) 1,400,000 0.4130 Malaysian Assurance Alliance Berhad - A/C as Beneficial Owner (Dana Mas Maju) 1,400,000 0.41

Substantial Unitholders / Pemegang-pemegang Unit Utama

Name No. of Units %

1 Lembaga Tabung Haji 36,530,999 10.74 2 HSBC Noms (T) Sdn Bhd - Pledged Securities Account for Selangor Medical Centres Sdn Bhd 35,000,000 10.29 3 Medical Associates Sdn Bhd 28,000,000 8.24 4 Puteri Specialist Hospital Sdn Bhd 25,923,300 7.62 5 Damansara Specialist Hospital Sdn Bhd 23,975,000 7.05 6 Medical Centre (Johore) Sdn Bhd 18,000,000 5.29 7 Johor Specialist Hospital Sdn Bhd 18,000,000 5.29

Analysis of Unitholders / Analisis Pemegang-pemegang Unit

No. of Unitholders % No. of Units % Malaysian - Bumiputra 771 30.95 225,471,821 66.31 - Others 1,625 65.24 83,831,256 24.66 Foreigners 95 3.81 30,696,923 9.03

TOTAL 2,491 100.00 340,000,000 100.00

Corporate Statement - malaysiastock.biz filekomersial yang lain. Posisi Al-‘Aqar KPJ REIT lebih...

Documents

Transcript of Corporate Statement - malaysiastock.biz filekomersial yang lain. Posisi Al-‘Aqar KPJ REIT lebih...