L ap o ran Tah u n an

2 00 3
An n u al Rep o rt

D U N H A M - BU S H ( M A L AYS I A ) B H D (129358-X)
(Incorporated in Malaysia)
 Ta b l e o f C o n t e n t s
2 Corporate Information
3 Profile of Directors
6 Corporate Profile
10 List of Regional Offices and Factories

12 Group Structure
14 Group Financial Summary
15 Chairmanís Statement
17 Penyata Pengerusi
29 Audit Committee Report
33 Statement on Corporate Governance
37 Statement on Internal Control
39 Financial Statements

Cover Rationale 100 List of Landed Properties

101 Material Contracts
At Dunham Bush (Malaysia) Bhd. we
102 Recurrent Related Party Transactions
are optimistic in going through this
of Revenue Nature
harsh turbulence. We learn to bring
105 Statistics on Shareholdings
the best out of ourselves and no
107 Statement of Directorsí Shareholdings
matter what the obstacles are, our
108 Notice of Annual General Meeting
perseverance and great determination
Form of Proxy
will drive us towards achieving our
goal.
DUNHAM-BUSH's
Our people are the Companyís most valued resources. They will
be the most talented in the industry. We will offer them an
opportunity to achieve the best rewards in the industry, based on
their individual performance and the Companyís overall results.
We will have fewer, better, more highly motivated people than our

(129358-X)
competitors.

D U N H A M - B U S H ( M A L AYS I A ) B H D
All employees of Dunham-Bush are a team whose most important
goal is to satisfy customers profitably. Our success is ultimately
based on the success of the overall Company and not on any
individual operation. Therefore, all problems are everyoneís
problems, and we all help, however possible, to solve them. We
do not waste time and effort on internal politics but devote all of

Incorporated in Malaysia
our energies to satisfying customers and beating competitors. If
we do this well, personal development, financial and job security
rewards will follow.

1
Management

L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T
Philosophy
We cannot be all things to all people, but the things we choose to do,
we will become the best in terms of:
Dependability, especially:
High product reliability
Exceptional product quality
On-time delivery
Responsive, reliable, capable after sales service
Product design
Cost to manufacture

Our Company will be recognised as top calibre. We will project this

image in:
Product performance in the market and keeping commitments to
customers
Product appearance
Comprehensive, easy-to-use, high-quality literature
Plant and office housekeeping and maintenance
People quality and appearance
Our business conduct, which will reflect the highest standards of
professionalism and integrity

It is the responsibility of each of our employees to conduct our business

affairs consistent with the above philosophy.
 Corporate
Information
BOARD OF DIRECTORS DOMICILE AND COUNTRY OF INCORPORATION
Tan Sri Datoí Mohamed Yusoff Bin Mohamed Malaysia
(Chairman)
(Independent Non-Executive) REGISTERED OFFICE
(129358-X)

11th Floor, Menara Berjaya

Tan Sri Datoí Danny Tan Chee Sing KL Plaza, 179 Jalan Bukit Bintang
(Deputy Chairman) 55100 Kuala Lumpur
D U N H A M - B U S H ( M A L AYS I A ) B H D

(Non-Independent Non-Executive) Tel : 603 - 2935 8888

Fax : 603 - 2935 8043
Yeo Sek Chiong
(Managing Director) SHARE REGISTRARS
Berjaya Registration Services Sdn Bhd
Kamal Bin Mohamad Noor Lot C1-C3, Block C
Incorporated in Malaysia

(Executive Director) 2nd Floor, KL Plaza

179 Jalan Bukit Bintang
Freddie Pang Hock Cheng 55100 Kuala Lumpur
(Non-Independent Non-Executive) Tel : 603 - 2145 0533
Fax : 603 - 2145 9702
Tay Thiam Siew
2 (Non-Independent Non-Executive) PRINCIPAL BANKERS
Alliance Bank Malaysia Berhad
L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T

Chua Tee Hock Bumiputra-Commerce Bank Berhad

(Non-Independent Non-Executive)
Datoí Ibrahim Bin Ali
(Independent Non-Executive)
Datoí Dr Haji Abdul Murad Bin Ahmad
(Independent Non-Executive)
EON Bank Berhad
HSBC Bank Malaysia Berhad
Malayan Banking Berhad
OCBC Bank (Malaysia) Berhad
RHB Bank Berhad
Standard Chartered Bank Malaysia Berhad
United Overseas Bank (Malaysia) Bhd

AUDIT COMMITTEE AUDITORS

Tan Sri Datoí Mohamed Yusoff Bin Mohamed Ernst & Young
(Chairman / Independent Non-Executive) Chartered Accountants

Datoí Ibrahim Bin Ali STOCK EXCHANGE LISTING

(Independent Non-Executive) Second Board of Kuala Lumpur Stock Exchange

Datoí Dr Haji Abdul Murad Bin Ahmad STOCK SHORT NAME

(Independent Non-Executive) DUNBUSH (9164)

Tay Thiam Siew WEBSITE

(Non-Independent Non-Executive) www.dunham-bush.com

SECRETARIES
Su Swee Hong
(MAICSA No: 0776729)

Gan Swee Peng

(MAICSA No: 7001222)
 Profile of
Directors
TAN SRI DATO' MOHAMED YUSOFF BIN MOHAMED
(Chairman)
(Independent Non-Executive)
76 years of age, Malaysian
He was appointed to the Board on 25 May 1993. He has served as a

(129358-X)
Barrister-at-Law from Lincoln's Inn, London, United Kingdom since 1991.
Prior to 1975, he served as a Senior Federal Counsel in the Attorney-
General Department for 12 years. Between 1974 and 1988, he was the

D U N H A M - B U S H ( M A L AYS I A ) B H D
High Court Judge in Kota Kinabalu, Kuching, Johor Bahru and Kuala
Lumpur. Between 1988 and 1992, he served as a Supreme Court Judge
and retired in September 1992. Currently, he also sits on the Boards of
Hwa Tai Industries Berhad and New Technology & Innovation Berhad.

TAN SRI DATO' DANNY TAN CHEE SING

Incorporated in Malaysia
(Deputy Chairman)
(Non-Independent Non-Executive)
48 years of age, Malaysian
He was appointed to the Board on 3 May 1999. He is a businessman and entrepreneur
with extensive experience in property development, restaurant/resort management,
insurance, trading, gaming and stockbroking through his interests in various public and
private companies. 3

L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T
Currently, he is the Deputy Chairman of Berjaya Group Berhad and Berjaya Land
Berhad, the Chairman and Group Chief Executive Officer of Dijaya Corporation Berhad,
the Chief Executive Officer of Tropicana Golf & Country Resort Berhad and the
Executive Vice-Chairman of TT Resources Bhd. He also holds directorships in Berjaya
Capital Berhad, Cosway Corporation Berhad, MTD Capital Berhad, Bukit Kiara Resort
Berhad, Tioman Island Resort Berhad, Berjaya General Insurance Berhad, KDE
Recreation Berhad and Berjaya Golf Resort Berhad as well as several other private
limited companies in the Berjaya Group of Companies.

He is the brother of Tan Sri Dato' Seri Vincent Tan Chee Yioun, a major shareholder of
the Company.
YEO SEK CHIONG
(Managing Director)
51 years of age, Permanent Resident in Malaysia
A founder member of the Company, he was appointed to the Board on 12 January 1988. He graduated
from National University of Singapore with a Bachelor of Engineering (Mechanical). Prior to his
appointment to the Board, he was the Marketing and Engineering Manager in OYL-Condair Industries
Sdn Bhd and was responsible for the local and export sales of the company. He joined OYL-Condair
Industries Sdn Bhd in 1977 as a Production Engineer/Quality Controller and served for a period of 10
years during which he was promoted to the position of Production Manager in 1980, Marketing and
Production Manager in 1982 and became the Marketing and Engineering Manager in 1984. He also
holds directorships in the subsidiary companies of Dunham-Bush (Malaysia) Bhd.

KAMAL BIN MOHAMAD NOOR

(Executive Director)
46 years of age, Malaysian
He was appointed to the Board on 1 July 1988. He graduated from University Technology Malaysia
with a Diploma in Mechanical Engineering and joined Guthrie Engineering Sdn Bhd from 1979 to
1982 as a Dealer Sales Executive. From 1982 to 1983, he was with Mulpha Engineering Sdn Bhd
as the Acting Sales Manager in the Air-Condition Division. From 1983 to 1988, he joined Pathfinder
Sdn Bhd as the Managing Director. Overall, he has more than 20 years of working experience in
the air-conditioning and refrigeration industry with particular emphasis in the sales division.
 Profile Of Directors (contd.)

FREDDIE PANG HOCK CHENG

(Non-Independent Non-Executive)
48 years of age, Malaysian
He was appointed to the Board on 10 March 1993. He has worked with Messrs Ernst
& Young for 7 years until 1982 during which he qualified for entry as a member of the
(129358-X)

Malaysian Institute of Certified Public Accountants. In 1982, he joined the Corporate

Advisory Department of Malaysian International Merchant Bankers Berhad where he
D U N H A M - B U S H ( M A L AYS I A ) B H D

was actively involved in a wide variety of corporate exercises in an advisory capacity

until his departure in 1990 to join Berjaya Group Berhad. He is currently an
Executive Director of Berjaya Group Berhad and Berjaya Sports Toto Berhad. He
also holds directorships in Unza Holdings Berhad, Intan Utilities Berhad, Hyundai-
Berjaya Corporation Berhad (formerly known as Transwater Corporation Berhad),
Berjaya Vacation Club Berhad, MOL.com Berhad and several other limited
companies in the Berjaya Group of Companies. He is also an Alternate Director in
Incorporated in Malaysia

Nexnews Berhad.

TAY THIAM SIEW

(Non-Independent Non-Executive)
52 years of age, Malaysian

4 He was appointed to the Board on 10 March 1993. He is a member of Malaysian

Institute of Certified Public Accountants and Malaysian Institute of Accountants. He
L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T

joined the Berjaya Group of Companies in November 1991 and his previous
appointments include Senior General Manager (Corporate Services) of Cosway
Corporation Berhad and Executive Director of New Pantai Expressway Sdn Bhd.
Prior to joining the Berjaya Group of Companies, he worked as an auditor in Messrs
Ernst & Young for six years before leaving the firm in 1978 to join Jardine Matheson
Holdings (M) Sdn Bhd as an Accountant. Subsequent to this, he held senior positions
in several public listed companies including MWE Holdings Berhad, Guinness Anchor
Berhad and Jacks International Limited. Currently, he is also an Executive Director of
MOL.com Berhad.

CHUA TEE HOCK

(Non-Independent Non-Executive)
57 years of age, Malaysian
He was appointed to the Board on 8 May 1998. He graduated from the University of
Malaya with a Bachelor of Mechanical Engineering (Honours) and a post graduate
Diploma in Business Administration in 1971 and 1978 respectively. He is a member
of the Institution of Engineers Malaysia and Institute of Mechanical Engineers,
United Kingdom. He has more than 20 years of general management experience in a
variety of industries ranging from steel, consumer durables to textiles, prior to joining
Berjaya Soutex Sdn Bhd in 1986. He is currently the Executive Director of Berjaya
Soutex Sdn Bhd. He also sits on the Board of a number of subsidiary companies of
Berjaya Group Berhad.
 DATO' IBRAHIM BIN ALI
(Independent Non-Executive)
52 years of age, Malaysian
He was appointed to the Board on 28 August 2000. He graduated from MARA University of
Technology with a Bachelor Degree in Mass Communications. Since 1993, he has been a
committee member of various bureaus in UMNO Malaysia such as the International Bureau,
Consumer Bureau and UMNO Training Centre. He is also the UMNO Chief for Pasir Mas Division
in Kelantan, Barisan Nasional's Chairman for Pasir Mas Division and the Liaison Committee
Member of UMNO Kelantan State since 1993 until now.

His active participation in the ruling party also included being a member of the UMNO Supreme
Council for two terms from 1993 to 2000. His appointment is being appointed by the UMNO
President, Dato' Seri Dr Mahathir Mohamad.

(129358-X)
(129358-X)
He also served as a Deputy Minister in the Prime Minister's Department from January -

D U N H A M - B U S H ( M A L AYS I A ) B H D
November 1999, and as a Member of Parliament (House of Representative) representing the
constituency of Pasir Mas, Kelantan from 1986 to 1995. He also serves as a member of the
House of Senate, Malaysia since September 1995 until November 1999, Parliamentary Secretary
for Ministry of Rural Development from February - April 1995, Chairman of MARA Holdings Sdn
Bhd from 1992 to 1995 and the Chairman for Malaysian Board of Fisheries - LKPM from 1986 to
1987. He also held various other positions in the government and private sectors.

Incorporated in Malaysia
Besides his involvement in the political arena, he is also involved in voluntary organisations both
local and international. He has been the Assistant Secretary General for the Asian Forum Of
Parliamentarians On Population And Development (AFPPD) from 1993 to 1999, Chairman for
East Asia Parliamentarian On Population And Development Environment (EAPPDE) from 1994 to
1995, and Chairman for the Malaysian Parliamentarian Forum On Population And Development
(CMPPD) from 1993 to 1995. Locally, he was the Chairman of Yayasan Pasir Mas, Kelantan
since 1993, Executive Committee Member of the Malaysia Education Association from 1980 to 5
1981, Committee Member of Malaysian Bumiputra Contractor Association from 1981 to 1982,

L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T
and Founder and the Former President of the Institute of Marketing, Malaysia from 1984 to 1986.

DATO' DR HAJI ABDUL MURAD BIN AHMAD

(Independent Non-Executive)
48 years of age, Malaysian
He was appointed to the Board on 24 June 2002. He graduated from Kensington
University, Los Angeles, USA in 1985 with a Degree in Business Administration and a
Master's Degree in Business Administration from Pacific Western University, Los
Angeles, USA in 1992. Subsequently, in the same year, he completed his Doctorate in
Philosophy in Business Administration from Pacific Western University, Los Angeles,
USA.

Save as disclosed, none
of the Directors have:
1. any family relationship
with any Director and/or
major shareholder of the
Company;
2. any conflict of interest
with the Company; and
3. any convictions for
offences within the past
10 years other than traffic
offences.
He is currently a member of the Advisory Panel of the Bachelor's Degree (Hons) for
Furniture Technology of MARA University of Technology; the Education Saving Scheme
Working Committee for National Higher Education Fund Corporation; Negeri Sembilan
Appeal Board pursuant to the Urban and Rural Act 1976 (Act 172) and a member of
the Consultation Panel of Tegastia Entrepreneur Centre (TEC), Negeri Sembilan.
In the trade arena, he is currently the Chairman of the Malay Chamber of Commerce of
Negeri Sembilan Branch, Negeri Sembilan Malay, Chinese and Indian Chamber of
Commerce; a member of Bumiputra Participation in Trade & Industry of Negeri
Sembilan; a member of Executive Council of the Malay Chamber of Commerce,
Malaysia and a Committee Member of the National Economic Action Council, Negeri
Sembilan.
Besides his active involvement in the business associations, he also held various
positions in several charitable and voluntary organisations.
Currently, he also holds directorships in several private limited companies and he is a
Director of the State Economic Development Corporation, Negeri Sembilan.
 Corporate
Profile
1. Dunham-Bush's corporate headquarters
and factory at Bangi, Selangor Darul Ehsan,
Malaysia

2. Dunham-Bush's factory at Kidamai Industrial Estate, Kajang,

Selangor Darul Ehsan, Malaysia

Dunham-Bush (Malaysia)
(129358-X)

Bhd, ('DBM') is a
D U N H A M - B U S H ( M A L AYS I A ) B H D

multinational company with

manufacturing facilities in
Malaysia, USA, UK, and
Incorporated in Malaysia

China.
1

2
The Group's operations in Malaysia involve
6 principally the manufacture, distribution and sale
of a complete range of air-conditioning &
L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T

refrigeration equipment and associated products.

They include water-cooled and air-cooled chillers;
heat pumps; water-cooled and air-cooled
packaged and split air-conditioners; air-handling
units; fancoil units; low temperature condensing
and fancoil units for refrigeration purposes; close-
controlled air-conditioning equipment; grilles;
diffusers; acoustic silencers; variable air-volume
DBM's headquarters is located on a 6-acre plot of boxes; cooling towers; exhaust and ventilation
industrial land in Bandar Baru Bangi, Selangor, fans. These are marketed and sold under brand
Malaysia. The complex of factory and office names such as 'Dunham-Bush', 'Topaire', 'DB-
buildings in Bangi has a total built-up area of Aire', 'Anemostat' and 'Polacel'. The Group also
about 27,500 square meters. DBM also has a manufactures air-conditioners under an original
factory and office complex on a 12-acre site in equipment manufacturer (OEM) arrangement for
Kajang with a total built-up area of about 23,200 Singer (Malaysia) Sdn Bhd, marketed under the
square meters. A new factory building was added 'Singer' brand name.
in the last financial year with a total built up area
of 4,574 square meters. The factory in Kajang has With the acquisition of USA-based Dunham-Bush's
the most modern facility for the manufacture and heating, ventilating, air-conditioning and
testing of packaged chillers up to 1,100 refrigeration (HVAC and R) business on 6 January
refrigeration tons in South East Asia. The total 1995, DBM now owns a host of intellectual
number of employees in the Malaysian operations property rights, trademarks and patents
is about 800. recognised worldwide. Dunham-Bush, with almost
100 years of history, is the pioneer in the usage of and semi-hermetic direct drive reciprocating
rotary screw compressor technology in large air- compressors (3-60 hp). The manufacturing cum
conditioning and refrigeration equipment. Today, office building of 11,500 square meters and a
DBM is one of the largest manufacturers of rotary- 2,000 square meters R&D building sit on a 12-
screw compressor-type water chillers in the world. acre plot of land. The total staff strength is 72.

(129358-X)
In the USA, an office is maintained in The Group acquired a 51% controlling stake in

D U N H A M - B U S H ( M A L AYS I A ) B H D
Harrisonburg, Virginia for the sale of parts and the Rossmont plc., a company listed on the London
service of existing products in the field. It is also Stock Exchange in April 1996 and subsequently
selling chillers and related air-conditioning assumed its present name of Dunham-Bush
products from Malaysia. The number of employees (Europe) plc., on 21 February 1997. Dunham-Bush
as at 30 April 2003 was 15. The factory in West (Europe) plc. now owns 100% of Dunham-Bush

Incorporated in Malaysia
Hartford, Connecticut manufactures open drive Limited which manufactures a wide range of
horizontal screw compressors (100-2,200 hp), heating products including fancoil units, fan
hermetic vertical screw compressors (65-200 hp), convectors, hydraulic unit ventilators, Walvector
radiators, warm air door curtains, low surface
temperature convectors, cabinet unit heaters, fin
vector perimeter heating, and radiant heating
panels. Dunham-Bush Limited operates in a 9,990 7
square meters manufacturing cum office complex

L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T
in a 4.32-acre site in Havant, UK with a total of
115 employees.

3. Air-Cooled Rotary Screw Chillers

4 . W a t e r - C o o l e d Ve r t i c a l R o t a r y S c r e w TA N D E M
Chillers

4
 Corporate Profile (contd.)

1 . C a s s e t t e Ty p e , S p l i t S y s t e m s A i r C o n d i t i o n e r

2 . Wa t e r - C o o l e d H o r i z o n t a l R o t a r y S c r e w C h i l l e r s
(129358-X)

1
D U N H A M - B U S H ( M A L AYS I A ) B H D
Incorporated in Malaysia

In China,
8 DBM owns 55% of
Dunham-Bush Yantai Co. Ltd., a 6
L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T

2
joint-venture factory set up with Yantai
Moon (Group) Co. Ltd. Dunham-Bush Yantai
Co. Ltd. officially commenced production of
WCFX rotary screw chillers, heat pumps,
air-handling units and other associated air-
conditioning products in December 1996.
The office and factory complex has a covered area The Company also operates regional sales and
of about 18,700 square meters on a land area of service offices in Singapore, Shanghai, Dubai,
6.3-acre and has 491 employees. The Group has Holland, Hong Kong, Mexico, South Africa and
also set up sales and service offices in 25 cities in Thailand. In Dubai, a sales office was set up in
China with the Headquarters based in Shanghai. A March 1996, to handle the Middle Eastern market.
55%-owned manufacturing factory, Hartford Consequently, the Group increased its export
Compressors Yantai Co. Ltd., was set up in the sales to Middle Eastern countries such as Iran,
Shangton Province on 6 December 2001 to Kuwait, UAE, Saudi Arabia, Oman, Qatar, and
produce rotary screw compressors. The Hartford Yemen through some very strong distributors.
Compressors Yantai Co. Ltd's factory building has
12,160 square meters of floor space including the A Dunham-Bush sales company, Dunham-Bush de
office building. Total area of land and building is Mexico SA de CV, was set up in Mexico on 2
17,380 square meters and currently employing a January 1998. It now sells applied products from
total of 11 staff.
the Malaysian factory. This sales company is
registered with Pemex, the National gas and oil
group, and Bufete Industrial, one of the largest
engineering and contracting firms in Latin
America. In addition, Dunham-Bush de Mexico SA
de CV is also registered with all government
institutions in Mexico.
Also, in January 1998, a sales company, Dunham-
Bush International (Europe) BV, was set up in
Amersfoort, The Netherlands, to cover sales and
services in continental Europe through
distributors. Distributors in Norway, Sweden,
3.Water-Cooled Reciprocating Chillers
4.Ice Thermal Storage Modules Intergrated
With Packaged Chillers
Denmark, The Netherlands, Portugal, Switzerland,
Austria, Slovenia, Hungary, Czech Republic,
Poland and the Commonwealth of Independent
States (including Russia) have contributed to
successful start. The Group has also set up a
sales office in South Africa.
In August 2000, DBM's wholly-owned subsidiary in
Singapore acquired 48.99% equity interest in
Dunham-Bush International (Thailand) Ltd., a
company incorporated in Thailand, to provide the
base to launch Dunham-Bush's products into
Thailand, Laos, Vietnam and Myanmar.
In November 2001, Dunham-Bush (Cayman)
Limited entered into a joint-venture agreement
with IPROKOM Ltd. of the Federation of Russia
for the setting up of a new company, DB Eurasia
(129358-X)
Limited, to manufacture air-handling units and
fancoils units. This company, DB Eurasia Limited
was incorporated on 20 May 2002.
D U N H A M - B U S H ( M A L AYS I A ) B H D
As a major global player in air-conditioning and
refrigeration, the Group's R&D units in West
Hartford, Connecticut, Harrisonburg, Virginia,
USA, and in Bangi and Kajang, Malaysia, are
Incorporated in Malaysia
constantly coming out with new cutting-edge
L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T
4
technologies to ensure that DBM stays
competitive. Today, the Group has two large
manufacturing facilities in Malaysia, one in the
USA, one in the UK, and two in China; its own
Regional Sales Offices in Singapore, Hong Kong,
Shanghai, Dubai, Holland, Mexico, South Africa
and Thailand; and a whole network of sales
agents and distributors in almost every country in
the world. The total employee strength including
the USA, UK and China facilities, together with its
sales offices worldwide, are approximately 1,600
people.
 List of Regional Offices
And Factories
Regional Offices

Head Office: China

Dunham-Bush (Malaysia) Bhd Dunham-Bush International Limited
Lot 8, Jalan P/7, Seksyen 13 (Shanghai Representative Office)
43650 Bandar Baru Bangi Room 1009A, 10th Floor, Xin Da Building
(129358-X)

Selangor Darul Ehsan No. 320, Xian Xia Road

Malaysia Shanghai 200336, PRC
D U N H A M - B U S H ( M A L AYS I A ) B H D

Tel : 603 - 8925 9688 Tel : 86 - 21 - 6209 5248/9

Fax : 603 - 8925 9681/2 Fax : 86 - 21 - 6209 5264
Website : www.dunham-bush.com Email : dunhambh@public1.sta.net.cn
Email : dbm@dunham-bush.com.my
Middle-East
Regional Offices: Dunham-Bush Middle-East
Incorporated in Malaysia

Malaysia (Dubai Representative Office)

Dunham-Bush Sales & Services Sdn Bhd P.O. Box 30922
Lot 12, Jalan P/7, Seksyen 13 Aweer, Dubai, UAE
43650 Bandar Baru Bangi Tel : 971 - 4 - 333 1533
Selangor Darul Ehsan Fax : 971 - 4 - 333 1491
Malaysia Email : dbme@emirates.net.ae
10 Tel : 603 - 8925 9688
Fax : 603 - 8925 9681/2 Europe
L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T

Email : localsales@dunham-bush.com.my Dunham-Bush International (Europe) BV

Algolweg 9-7
Topaire Sales & Services Sdn Bhd 3821 BG Amersfoort
Lot 10, Jalan P/7, Seksyen 13 The Netherlands
43650 Bandar Baru Bangi Tel : 31 - 33 - 453 5010
Selangor Darul Ehsan Fax : 31 - 33 - 455 4237
Malaysia Email : info@dunham-bush-europe.com
Tel : 603 - 8925 2022
Fax : 603 - 8925 5605 USA
Email : topaire@tm.net.my Dunham-Bush Inc
6255, South Valley Pike
Asia Pacific Mount Crawford VA 22801
Dunham-Bush International Pte Ltd P.O. Box 20000
146B, Paya Lebar Road Harrisonburg VA 22801 USA
#05-01, Ace Building Tel : 1 - 540 - 434 0711
Singapore 409017 Fax : 1 - 540 - 434 2448
Tel : 65 - 6842 2012 Email : billrial3@aol.com
Fax : 65 - 6842 2013
Email : dbintl@mbox3.singnet.com.sg South America
Dunham-Bush de Mexico SA de CV
Dunham-Bush Sales & Services (S) Pte Ltd Praga No. 33, Col. Juarez
146B, Paya Lebar Road Deleg. Cuauhtemoc
#05-01, Ace Building DF 06600 Mexico
Singapore 409017 Tel : 52 - 55 - 5208 1037/5511 4423
Tel : 65 - 6842 2009 Fax : 52 - 55 - 5511 3315
Fax : 65 - 6842 2010 Email : wponce@dunham-bush.com.mx
Email : dunhambh@pacific.net.sg
South Africa Dunham-Bush Topaire Sdn Bhd
Dunham-Bush International (Africa) (Pty) (Formerly Known as Topaire Sdn Bhd)
Ltd Lot 14, Jalan P/7, Seksyen 13
Block D, Castle Walk Corporate Park 43650 Bandar Baru Bangi

(129358-X)
C/O Nossob & Swakop Street Selangor Darul Ehsan
Erasmuskloof, South Africa Malaysia

D U N H A M - B U S H ( M A L AYS I A ) B H D
Tel : 27 - 12 - 347 5359 Tel : 603 - 8925 9688
Fax 27 : 27 - 12 - 347 5358 Fax : 603 - 8925 9681/2
Email : dbintl@mweb.co.za Email : topaire@dunham-bush.com.my

Hong Kong & Macau USA

Dunham-Bush International Limited Hartford Compressors Inc

Incorporated in Malaysia
Room 2407, 24/F, Cheung Tat Centre 179, South Street, West Hartford
18, Cheung Lee St., CT 06110 USA
Chai Wan, Hong Kong Tel : 1 - 860 - 249 8671
Tel : 852 - 2331 9638 Fax : 1 - 860 - 548 1705
Fax : 852 - 2331 9021 Email : bkuan@hartfordcompressors.com
Email : dbintlhk@ctimail.com
United Kingdom 11
Thailand Dunham-Bush Limited

L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T
Dunham-Bush International (Thailand) Ltd European Headquarters
42 Tower, 10th Floor, 8, Downley Road
65, Sukhumvvit Soi 42 Havant, Hampshire
Sukhumvvit Road, Phrakanong England P09 2JD
Klongtoey, Bangkok 10110, Thailand Tel : 44 - 2392 - 477 700
Tel : 662 - 712 3156/7 Fax : 44 - 2392 - 488 705
Fax : 662 - 712 315858 Email : info@dunham-bush.co.uk
Email : dbintlth@inet.co.thth
China
Factories Dunham-Bush Yantai Co Ltd
APEC Industrial Park
Malaysia Yantai, Shandong
Dunham-Bush Industries Sdn Bhd PRC 264002
Lot 8, Jalan P/7, Seksyen 13 Tel : 86 - 535 - 658 8999
43650 Bandar Baru Bangi Fax : 86 - 535 - 658 1999
Selangor Darul Ehsan Email : dbyt@public.ytptt.sd.cn
Malaysia
Tel : 603 - 8925 9688 Hartford Compressors Yantai Co Ltd
Fax : 603 - 8925 9681/2 No.8, Yanfu Road
Email : dbm@dunham-bush.com.my APEC Industrial Park
Yantai, Shandong
Dunham-Bush Industries Sdn Bhd PRC 264002
Lot 5755-6, Kidamai Industrial Park Tel : 86 - 535 - 658 8999
Bukit Angkat, 43000 Kajang Fax : 86 - 535 - 658 1999
Selangor Darul Ehsan Email : dbyt@public.ytptt.sd.cn
Malaysia
Tel : 603 - 8733 9898
Fax : 603 - 8736 5763
Email : kidamai@dunham-bush.com.my
 Group
Structure As At 30 August 2003
(129358-X)

Dunham-Bush Dunham-Bush Dunham-Bush

100% Industries Sdn Bhd, 55% Yantai Co Ltd, China 100% Holdings (HK) Limited,
Malaysia HK
D U N H A M - B U S H ( M A L AYS I A ) B H D

Dunham-Bush Dunham-Bush
Hartford Compressors
100% Sales & Services 55% Yantai Co Ltd, China
100% International
Sdn Bhd, Malaysia Limited, HK
Incorporated in Malaysia

Top-Aire
Topgroup Polacel
100% Sdn Bhd, Malaysia
100% Air-Conditioning
(China) Limited, HK

Dunham-Bush Dunham-Bush
100% Parts & Services Sdn Bhd, 90% Services Company
12 Malaysia Limited, HK
L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T

Top-Aire
Anemostat Topgroup
86% Sdn Bhd, Malaysia
30% Air-Conditioning
(HK) Limited, HK

Dunham-Bush
85% Topaire Sdn Bhd,***
Malaysia

Topgroup Data-Aire
85% Sdn Bhd, Malaysia

Topaire Sales &

60% Services Sdn Bhd,
Malaysia

Topgroup M&E
60% Service Sdn Bhd,
Malaysia

Hartford's Compressors factory, Dunham-Bush's Compressors factory,

Hartford, Connecficut, USA Yantai, the People's Republic of China

Topgroup Parts &

70% Services (Kuantan)
Sdn Bhd, Malaysia
 (129358-X)
Dunham-Bush *Dunham-Bush Dunham-Bush
100% International Pte Ltd, 100% Industries de Mexico 100% International (Cayman)
Singapore SA de CV, Mexico Limited, Cayman Islands

D U N H A M - B U S H ( M A L AYS I A ) B H D
Dunham-Bush **Dunham-Bush
100% Sales & Services (S) 100% Industrias 100% Dunham-Bush
Inc, USA
Pte Ltd, Singapore SA de CV, Mexico

Incorporated in Malaysia
Dunham-Bush #Dunham-Bush
100% International (Europe) 100% de Mexico
BV, The Netherlands SA de CV, Mexico

Dunham-Bush
100% International (Africa) 100% Hartford Compressors
(Pty) Ltd, South Africa Inc, USA 13

L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T
Dunham-Bush Dunham-Bush
100% International Brasil 100% North America
SC LTDA, Brazil Inc, USA

Dunham-Bush Dunham-Bush
49% International (Thailand) 51% (Europe) plc, UK
Ltd, Thailand

100% Dunham-Bush
Limited, UK

Dunham-Bush AP,
100% UK

100% Dunham-Bush
Engineering Ltd, UK

Dunham-Bush's factory, Yantai, Dunham-Bush's factory, Havant, England

the People's Republic of China

# Dunham-Bush de Mexico SA de CV is 50% owned by Dunham-Bush International (Cayman) Limited and 50% by Dunham-Bush Inc
* Dunham-Bush Industries de Mexico SA de CV is 99.86% owned by Dunham-Bush (Malaysia) Bhd and the remaining 0.14% is held
by Dunham-Bush International (Cayman) Limited
** of which one (1) share of one (1) peso is held by Dunham-Bush de Mexico SA de CV
*** Formerly known as Topaire Sdn Bhd
 Group Financial
Summary
Description 2002/2003 2002/2003 2001/2002 2000/2001 1999/2000 1998/99 1997/98 1996/97
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

Revenue 95,504 362,914 409,266 489,523 440,873 450,899 459,216 416,235

(Loss)/Profit before taxation (8,433) (32,046) (62,520) (12,793) (13,109) (25,878) (6,360) 20,608
(Loss)/Profit after taxation (9,878) (37,536) (65,482) (15,177) (16,485) (29,092) (11,170) 15,105
(129358-X)

(Loss)/Profit attributable
to shareholders (10,760) (40,887) (69,525) (17,798) (19,450) (31,867) (7,996) 16,798
D U N H A M - B U S H ( M A L AYS I A ) B H D

Share capital 23,780 90,364 88,331 88,331 44,148 43,998 43,998 43,998
Share premium 30,136 114,518 94,552 94,552 88,723 88,527 88,527 88,527
Reserves (28,854) (109,646) (70,012) (156) 20,208 45,578 (81,405) 36,078

Shareholdersí equity 25,062 95,236 112,871 182,727 153,079 178,103 213,930 168,603
ICULS - - 21,999 21,999 21,999 21,999 21,999 -
Incorporated in Malaysia

Minority interests 7,776 29,547 28,226 20,091 15,595 15,692 10,254 12,768
Reserve on consolidation 230 875 875 - - - - -

Capital funds 33,068 125,658 163,971 224,817 190,673 215,794 246,183 181,371
Deferred liabilities 8,289 31,498 25,144 9,177 48,198 19,660 51,629 35,136
Current liabilities 49,693 188,832 195,498 251,379 225,467 236,583 188,028 172,598

14 91,050 345,988 384,613 485,373 464,338 472,037 485,840 389,105

L A P O R A N TA H U N A N 2 0 0 3 A N N U A L R E P O R T

Property, plant and equipment 24,842 94,398 93,999 147,193 154,817 167,529 181,730 132,263
Intangible assets 109 414 11,781 27,777 28,954 35,182 35,097 21,896
Investment - - - - 122 68 70 36
Current assets 66,099 251,176 278,833 310,403 280,445 269,258 268,943 234,910

Total assets 91,050 345,988 384,613 485,373 464,338 472,037 485,840 389,105

Net tangible assets per

share (cents/sen) 27.7 105.2 115.4 175.4 281.2 324.8 406.5 333.4
Net assets per share
(cents/sen) 27.8 105.7 128.8 206.9 346.7 404.8 486.2 383.2
(Loss)/Earnings per share
(cents/sen) (12) (45) (79) (33) (44) (72) (18) 40
Dividend rate (%) - - - - 3 5 10 22
Dividend amount (RMí000) - - - - 1,325 1,892 4,030 6,776

Exchange Rate: US$1.00 = RM3.80

Notes:
- Where additional shares are issued, the earnings per share are calculated on a weighted average number of shares.
- Dividend for FY 1997/98 and FY 1998/99 included a tax exempt dividend of 7% & 2.5% respectively.
- Dividend for FY 1999/2000 are tax exempt.