!"#$%&'!"#$%&'()*+, I N T E R N A T I O N A L H O L D I N G S L I M I T E D (Incorporated in Bermuda with limited liability)! " # $ # % A N N U A L R E P O R T 2 0 0 4-2 0 0 5
2 3 4 8 9 16 17 20 30 31 32 34 35 36 38 79 85 86 1
2001 2002 2003 2004 2005 4,847 5,176 5,392 6,003 6,873 2,406 2,677 2,913 3,206 3,683 325 332 279 323 348 2,116 2,167 2,200 2,474 2,842 246 255 262 279 279 3,775 3,339 3,332 3,199 4,290 173 114 84 186 282 0.70 0.45 0.32 0.69 1.01 0.3 0.175 0.175 0.3 0.45 8.60 8.50 8.40 8.87 10.2 01 3,775 01 173 02 3,339 02 114 03 3,332 03 84 04 3,199 04 186 05 4,290 05 282 01 0.3 0.70 01 2,116 02 0.175 0.45 02 2,167 03 0.175 0.32 03 2,200 04 0.3 0.69 04 2,474 05 0.45 1.01 05 2,842 2
O.B.E., J.P. O.B.E., J.P. Canon s Court 22 Victoria Street Hamilton, HM 12, Bermuda (852) 2318 1818 (852) 2757 5138 Butterfield Fund Services (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke, Bermuda Appleby Spurling Hunter 025 The Bank of New York American Depositary Receipts 101 Barclay Street, 22nd Floor West New York, NY 10286, USA http://www.chevalier.com 3
III II II 4
1 ISO 9001 CC1438 ISO 9001 CC2435 ISO 9001 CC140 ISO 9001 CC270 ISO 9001 CC393 ISO 9001 CC792 ISO 9001 CC242 ISO 9001 CC458 5
ISO 9001 CC2229 ISO 9001 ISO 9001 CC790 ISO 9001 CC259 ISO 9001 CC2794 ISO 9001 CC2222 ISO 9001 ISO 9001 6
III III 7
8
2003/2004 2004/2005 4,290,000,000 34% 2003/20043,199,000,000 282,000,000 52% 2003/2004 186,000,000 1.011 2003/200468.725 204550% 2003 2004/2005 40%2,287,000,000 9
160,000,00011% 8.8%7% 2003/2004 2004/2005 T21 1 2 Citygate 10
750 NordiTube Technologies AB Rib Loc Group LimitedRib Loc92% 74% 11
Rib Loc Plastream 283,000,000 516,000,000 2004/2005 103,000,000 56,000,000 600 2004/2005 60% 12
340,000,000 535,000,000 57% 44,000,000 172,000,000 500,000,000 1,100,000 13
570,000,000 3,300,000Action Honda 8.1% 14
2004/2005 Pacific Coffee 15
2,842,000,000 2,474,000,000 368,000,00015% 59% 51%15% 4% 2,842,000,000 2,474,000,000 1,688,000,000 1,260,000,000 1,260,000,000 1,156,000,000 428,000,000 104,000,000 100,000,000 27,000,000 43,000,000 16,000,000 765,000,000 878,000,000 16
174,600 100 16,000 100 A 118,300 100 177,500 100 163,000 49 427,500 56.25 9,500 100 5,300 100 Chevalier House, 23 Genting Road, 80,000 100 Singapore 349481 The Blue Building, 10 Genting Road, 17,000 100 Singapore 349473 17
4334-4340 Kingston Road, 20,200 100 Ontario, MIF 2M8 14535-14583, Yonge Street, 25,000 100 Aurora, Ontario Aurora 888 Hamilton Street, 66,000 76 Vancouver, B.C. 430 East Grand Avenue, 38,000 100 South San Francisco, CA 129,000 70 123,500 100 7,200 50.8 No.540 Bamrungmuang Road, 21,300 50.8 Debsirin Sub-district, Pomprab District, Bangkok Metropolis 18
Julius Strasse 12 245,000 92.43 32816 Schieder-Schwalenberg Germany Julius Strasse 6/10 227,000 100 32816 Schieder-Schwalenberg Germany An der Brehnaer Str I 218,000 100 06794 Glebizsch Germany 104,880 472,000 50 A4-01 15,500 100 23,600 100 8,870 100 251,000 80 19
79 86 34 3120 25 31 41 32 12 13 28 29 20
2 30% 5 1719 4,260 634,000,000 926,500 711,000 7986 21
Prosper Well Developments LimitedProsper Well PPR 11,935,000 1 1,000,000 19,300,000PPR 22
rabmer NordiTube NordiTube Technologies ABNordiTube 0.5 16,603,320 15,800,00017,800,000 NordiTubeNordiTube 92.4% NordiTubeProsper Well rabmer NordiTube PPRNordiTube PPR NordiTube2.5%14A.32PPRNordiTube XV XV78 352 (%) 144,146,359* 144,146,359 51.74 98,216 98,216 0.04 93,479 93,479 0.03 169,015 32,473 201,488 0.07 29,040 29,040 0.01 40,000 40,000 0.01 * 144,146,35951.74% 23
(%) 6,815,854 86,994,933* 93,810,787 54.75 2,400,000 2,400,000 1.40 2,580,000 2,580,000 1.50 400,000 10,400 410,400 0.24 451,200 451,200 0.26 * 144,146,35951.74% 86,994,933 XV XV78 352 24
25
Syracuse University 26
3.5% 16% 5% 1,000 27,856,000 1,231,000 131,000 27
XV2 3 336 (%) 144,146,359 51.74 144,146,359 1 51.74 16,248,000 5.83 16,248,000 2 5.83 1. XV 144,146,359 2. 31.82% XV 2 3 336 28
3.21 3.13 25% 29
3186 90 30
2005 2004 3 4,290,482 3,198,941 (3,741,546) (2,749,866) 548,936 449,075 4 140,599 118,314 (141,108) (124,048) (98,699) (98,664) 5 (45,697) (33,173) 404,031 311,504 6 (27,056) (43,032) (423) (11,166) 488 (2,467) 7 1,016 8 377,040 255,855 9 (73,052) (38,932) 303,988 216,923 (22,250) (30,923) 281,738 186,000 10 125,362 83,970 11 101.1 68.7 31
2005 2004 12 426,464 380,223 13 1,550,445 1,213,942 14 8,901 8,208 15 83,576 6,306 16 (12,244) (12,918) 17 46,842 8,713 19 23,772 43,270 20 64,903 21,743 21 13,744 12,026 2,169 2,169 30 12,497 6,043 241,800 7,800 2,462,869 1,697,525 22 249,965 222,253 23 657,609 853,109 24 868,399 1,087,926 24,100 16,544 86,442 3,000 25 344,674 318,600 21 1,115,729 651,586 45,915 3,843 89,386 1,017,747 1,058,805 4,410,580 4,305,052 26 1,254,737 1,174,914 53,933 102,405 338,074 313,351 1,892 352 25 107,270 165,294 24,133 11,629 27 3,543 2,082 23,342 21,723 11,733 14,654 28 1,266,437 544,539 29 250 169 1,895 7,255 3,087,239 2,358,367 1,323,341 1,946,685 32
2005 2004 3,786,210 3,644,210 28 412,110 702,149 29 2,105 2,194 27,784 67,110 30 152,381 74,854 27 1,869 1,275 596,249 847,582 348,229 322,779 2,841,732 2,473,849 31 348,228 348,228 32 2,493,504 2,125,621 2,841,732 2,473,849 3186 33
2005 2004 18 1,547,812 1,411,372 21 4,328 6,872 599 599 39,000 1,591,739 1,418,843 9,235 11,643 1,594,726 1,524,525 23,099 14,157 21 688,104 164,202 37,713 532 42,291 25,358 2,395,168 1,740,417 3,588 2,917 1,295,101 985,671 28 657,200 135,000 1,955,889 1,123,588 439,279 616,829 2,031,018 2,035,672 28 150,000 110,000 1,881,018 1,925,672 31 348,228 348,228 32 1,532,790 1,577,444 1,881,018 1,925,672 34
2005 2004 2,473,849 2,199,788 22,825 162,012 76,067 4,955 2,332 7,756 12,957 197,548 91,356 51,432 (329) 29 41 281,738 186,000 (111,432) (54,439) 2,841,732 2,473,849 35
2005 2004 377,040 255,855 423 11,166 (488) 2,467 (41,837) (39,817) 26,750 42,807 (3,238) (1,203) 306 225 71,732 50,803 4,665 1,055 (2,900) (473) 15,651 3,573 2,881 1,311 533 41 4,210 4,516 (21,264) 9,257 7,493 (431) 62 1,413 (9) 444,487 340,088 9,691 (10,355) 195,500 139,980 317,196 91,784 (9,860) 102,977 (463,807) (159,421) (42,072) (3,843) (93,826) (108,740) (87,798) (57,037) 24,723 87,049 (128,044) 12,616 12,504 (32,378) 1,619 506 (5,941) (9,855) 174,372 393,371 (26,194) (46,677) (306) (225) (52,029) (68,044) 1,427 2,952 97,270 281,377 36
2005 2004 41,161 37,627 1,000 (52,214) (22,014) (5,935) (600) 3,238 1,203 5,853 5,016 33 (34,108) 131,803 (93,361) (23,034) (338) (10,534) (5,125) (550) (36,899) (4,664) (31,120) (89,642) 301 (1,718) 89,425 (3,773) 7,800 12,234 (241,800) 6,971 (412,202) 98,405 (111,432) (19,672) (4,124) (2,438) 522,111 476,142 (130,981) (576,200) (329) 16,665 (3,013) (1,034) 3,809 7,660 276,370 (99,206) (38,562) 280,576 1,051,550 764,486 2,864 6,488 1,015,852 1,051,550 1,017,747 1,058,805 (1,895) (7,255) 1,015,852 1,051,550 37
(d) (e) 38
39
(i) (ii) 40
(iii) 16.67% 20% 40% 10%-20% 10%-20% 10 5 5-16 10 41
42
43
44
3 3 45
2005 2004 1,679,476 914,079 54,800 59,139 90,216 66,948 66,903 66,120 287,916 140,863 991,008 1,008,650 604,457 660,135 69,577 155,087 446,129 127,920 4,290,482 3,198,941 34 2005 2004 22,861 19,300 18,754 19,697 222 820 3,238 1,203 244 1,066 18,239 458 21,958 25,093 2,900 473 21,264 431 7,780 4,523 2005 2004 9,257 7,493 18,496 15,651 3,573 2,881 1,311 4,665 1,055 46
2005 2004 25,894 42,571 882 327 306 225 27,082 43,123 (26) (91) 27,056 43,032 3% 0.7% 645,000 408,00037,000 994 3,180 (1,394) 2,780 (1,369) 1,411 2,519 (3,845) (1,326) 653 (673) 3,301,000 159,000 3,675,000 47
2005 2004 73,699 53,229 2,306 1,477 76,005 54,706 (4,273) (3,903) 71,732 50,803 6,662 4,400 a 634,350 518,845 (69,063) (35,260) 565,287 483,585 16,521 22,051 5,520 2,251 22,041 24,302 4,210 4,516 2,814 63,050,000 62,069,000 b 43,300 48,546 4,795,000 4,051,000 4,358 3,425 25,402 (a) 36 1,254,000 6,110,000 27,856,000 22,436,000 (b) 2,028,000 1,668,000 1,132,000 1,229,000 48
2005 2004 26,601 35,889 20,932 12,237 47,533 48,126 30 26,033 (9,130) 73,566 38,996 (527) (65) 13 1 73,052 38,932 17.5% 17.5% 49
2005 2004 377,040 255,855 17.5% 17.5% 65,982 44,775 12,526 11,376 (15,697) (26,695) 11,127 27,806 (19,533) (23,136) (5,576) 410 53 (88) 1,042 (525) 2,321 23,883 812 1,121 73,052 38,932 30 2005 2004 2010 55,716 27,571 2520 69,646 55,716 683 125,362 83,970 25 20 50
281,738,000 186,000,000 278,582,000270,640,000 220,727 1,890 10,600 147,006 380,223 2,058 2,058 56,580 113 (12,510) 44,183 277,307 1,890 10,713 136,554 426,464 (a) 18,667,000 18,667,000 (b) CB Richard Ellis (Pte) Ltd (c) 214,530,000 212,356,000 (d) 17,293,000 14,995,000 51
290,000 149,298 653,259 117,102 184,572 9,629 1,403,860 5,445 2,453 3,834 1,564 163 13,459 48,476 68,807 7,500 124,783 7,878 18,913 22,486 5,071 54,348 (116) (2,494) (8,983) (19,219) (1,283) (32,095) 70,000 (1,596) 138,109 206,513 360,000 160,909 839,803 199,673 196,903 13,580 1,770,868 57,221 130,239 2,458 189,918 97 (176) 1,879 844 59 2,703 7,364 9,829 13,822 22,449 20,201 2,340 76,005 (86) (14) (6,270) (15,335) (327) (22,032) (7,364) (9,840) (13,632) (30,836) 4,665 4,665 79,944 135,949 4,530 220,423 360,000 160,909 839,803 119,729 60,954 9,050 1,550,445 290,000 149,298 653,259 59,881 54,333 7,171 1,213,942 199,673 196,903 13,580 410,156 360,000 150,910 837,452 1,348,362 9,999 2,351 12,350 360,000 160,909 839,803 199,673 196,903 13,580 1,770,868 52
(a) 2005 2004 298,600 232,600 730,370 587,820 38,785 52,446 45,046 45,875 226,798 152,619 15,901 16,549 4,575 4,211 637 437 1,360,712 1,092,557 (b) CIBI Information, Inc. CB Richard Ellis (Pte) Limited Prof. Dipl.-ing Hanns-Christian Thiele (c) 975,071,000 936,662,000 (d) 809,733,100 701,464,000 (e) 12,341,000 5,479,000 8,208 693 8,901 53
26,859 85,429 7,150 119,438 20,553 15,309 35,862 83,576 6,306 13,137 2,178 48 15,363 219 2,900 3,119 12,244 12,918 54
3,000 1,900 4,077 1,829 10,806 561 194 755 35,881 35,881 3,596 2,339 5,935 3,000 1,900 8,234 40,243 53,377 637 807 425 224 2,093 316 190 506 300 380 1,063 1,138 2,881 1,055 1,055 937 1,187 1,804 2,607 6,535 2,063 713 6,430 37,636 46,842 2,363 1,093 3,652 1,605 8,713 2005 2004 171,990 171,990 1,191,379 989,273 184,443 250,109 1,547,812 1,411,372 90,434 88,229 55
2005 2004 10,691 9,072 7,311 b (2,178) c 7,492 d 5,125 e 14,700 14,829 23,772 43,270 37,667 (a) (b) 2,432 (2,432) 254 (254) 2,178 56
(c) 9,159 (9,159) 1,667 342 (2,009) 7,492 (d) 7.43% (e) 14,700,000 14,156,000 1.5% 2005 2004 59,491 (12,698) b 5,412 34,441 64,903 21,743 (a) (b) 57
2005 2004 2005 2004 4,563 4,440 5,000 181,510 69,558 94,753 6,872 99,014 64,979 66,262 2,691 2,976 2,691 87,760 31,162 64,592 7,934 7,934 60,609 60,363 24,849 12,049 18,479 12,048 227,555 175,573 167,304 125,056 389,492 230,959 210,737 39,146 56,419 41,262 1,129,473 663,612 692,432 171,074 13,744 12,026 4,328 6,872 1,115,729 651,586 688,104 164,202 1,129,473 663,612 692,432 171,074 10,551,000 58
2005 2004 46,512 25,154 158,571 166,144 44,882 30,955 249,965 222,253 1,118,529,000 868,623,000 44,713,000 28,673,000 20,182,000 23,321,000 315,638,000 390,059,000 178,989,000 101,668,000 300,000 190,000 453,215,000 670,862,000 60 2005 2004 0 60 333,932 605,265 61 90 34,210 30,269 90 85,073 35,328 453,215 670,862 59
2005 2004 4,324,097 3,788,832 (41,359) (2,820) 4,282,738 3,786,012 (4,045,334) (3,632,706) 237,404 153,306 344,674 318,600 (107,270) (165,294) 237,404 153,306 110,543,000 101,189,0007,419,000 3,588,000 198,000 256,000 36,118,000 42,178,00012 23 24 348,191,000 283,779,000 2005 2004 0 60 226,605 176,528 61 90 10,012 8,418 90 111,574 98,833 348,191 283,779 60
2005 2004 2005 2004 3,682 2,334 3,543 2,082 1,967 1,426 1,869 1,275 5,649 3,760 5,412 3,357 (237) (403) 5,412 3,357 5,412 3,357 (3,543) (2,082) 1,869 1,275 5.3% 6.2% 61
2005 2004 2005 2004 1,266,437 544,539 657,200 135,000 94,780 303,645 110,000 278,430 353,893 150,000 38,900 44,611 1,678,547 1,246,688 807,200 245,000 (1,266,437) (544,539) (657,200) (135,000) 412,110 702,149 150,000 110,000 632,309 631,688 109,200 1,046,238 615,000 698,000 245,000 1,678,547 1,246,688 807,200 245,000 2005 2004 250 169 298 899 1,064 908 1,130 2,355 2,363 (250) (169) 2,105 2,194 62
(6) 60,623 3,137 1,833) (3,948) 57,973 872 872 1,167 5,808 (1,023) (688) (15,436) (10,172) 15,708 15,708 37 37 (86) 917 294 287 (370) 1,042 3,351 3,351 1,112 87,279 2,408 (2,234) (19,754) 68,811 387 1,459 (1,209) (55) 582 1,274 1,898 (4,015) 323 (2,397) 28,950 26,033 44,458 44,458 2,773 135,094 (1,607) (3,120) (22,206) 28,950 139,884 2005 2004 152,381 74,854 (12,497) (6,043) 139,884 68,811 63
1,434,000,000 1,456,000,000 127,000,000 109,000,000 1,307,000,000 1,347,000,000 51,000,000 65,000,000 4,000,000 4,000,000 38,000,000 35,000,000 2005 2004 540,000,000 1.25 675,000 675,000 278,582,090 1.25 348,228 348,228 0.25 1.259,905,7176,830,000 41 64
387,677 269,293 7,526 38,144 (10,158) 26,185 1,153,813 1,872,480 12,957 12,957 (26,185) (683) (26,868) 30,512 30,512 (329) (329) 88,482 88,482 (12,415) (12,415) 41 41 2,332 2,332 186,000 186,000 55,716 (83,287) (27,571) 417,860 269,334 7,526 116,543 2,799 55,716 1,255,843 2,125,621 7,756 7,756 (55,716) (55,716) 22,919 198,589 221,508 (94) (36,577) (36,671) 29 29 4,955 4,955 281,738 281,738 69,646 (125,362) (55,716) 417,860 269,363 7,526 22,825 283,510 10,555 69,646 1,412,219 2,493,504 (a) (b) 12,779,000 14,993,00020,980,000 21,393,000 84,905,000 84,934,00026,459,000 26,459,000 65
a 387,677 95,413 7,526 26,185 954,190 1,470,991 (26,185) (683) (26,868) 30,512 30,512 (329) (329) 130,709 130,709 55,716 (83,287) (27,571) 417,860 95,413 7,526 55,716 1,000,929 1,577,444 (55,716) (55,716) 66,778 66,778 69,646 (125,362) (55,716) 417,860 95,413 7,526 69,646 942,345 1,532,790 (a) (b) 1,107,404,000 1,152,058,000 Preussag Pipe Rehabilitation Emirates LLC100% 51% 2,130,000 21,607,000 614,000 Rib Loc Group LimitedRib Loc 43%KMG Holdings LimitedKMG50% 48,886,000 129,000Rib Loc KMG 64.1%NordiTube Technologies ABNordiTube11.82% 66
2005 2004 124,783 22,712 35,881 4,919 33,169 5,186 8,695 3,000 31,529 10,636 12,188 136,407 94,704 178,571 4,747 39,258 173,764 (173,080) (435,775) (71,236) (31,368) (37) (26,923) (2,902) (2,363) (12,483) (7,458) 51,719 104,805 (15,479) (33,210) (3,378) (9,916) 32,862 61,679 42,730 (2,226) (14,256) 73,366 47,423 73,366 41,961 5,462 73,366 47,423 39,258 173,764 (73,366) (41,961) (34,108) 131,803 181,687,000 95,894,0001,677,000 3,649,148 67
2,287,011 530,692 578,519 574,861 387,015 4,358,098 (301) (14,986) (43,278) (5,678) (3,373) (67,616) 2,286,710 515,706 535,241 569,183 383,642 4,290,482 160,389 56,181 171,887 3,311 10,086 401,854 (7,367) 9,544 404,031 (27,056) 2,309 (826) (1,906) (423) (128) 616 488 377,040 (73,052) 303,988 (22,250) 281,738 68
1,747,763 1,818,242 2,826,388 221,628 158,256 6,772,277 5,838 358 17,576 23,772 14,045 50,858 64,903 12,497 6,873,449 1,122,553 408,930 206,135 79,056 14,491 1,831,165 1,852,323 3,683,488 270,827 11 33,303 6,064 1,095 311,300 40,787 122 39,044 4,681 2,730 87,364 1,884 1,512 450 364 4,210 5,720 5,720 133 5,324 (8,271) (2,814) 69
1,636,785 308,230 384,715 546,107 399,673 1,818 3,277,328 (918) (25,223) (44,805) (4,593) (2,024) (824) (78,387) 1,635,867 283,007 339,910 541,514 397,649 994 3,198,941 143,918 102,576 44,296 4,345 3,116 2,780 301,031 (3,108) 13,581 311,504 (43,032) (4,767) (77) (6,322) (11,166) 60 (2,527) (2,467) 1,016 1,016 255,855 (38,932) 216,923 (30,923) 186,000 70
1,595,924 1,156,401 2,452,874 288,699 167,876 2,519 5,664,293 25,175 2,239 15,856 43,270 8,835 12,908 21,743 26,637 5,755,943 894,592 496,884 118,660 82,145 16,963 3,845 1,613,089 1,346,226 2,959,315 29,803 10 3,849 6,195 1,857 41,714 16,482 165 31,329 4,803 2,435 55,214 329 4,192 (5) 4,516 1,847 17,219 6,596 (260) 25,402 13,299 (8) 609 4,214 382 18,496 71
2005 2004 % 2,889,778 67 2,145,982 67 396,759 9 256,748 8 182,230 4 180,491 5 69,028 2 124,176 4 230,040 6 52,615 2 293,647 7 308,644 10 102,085 2 102,602 3 110,122 3 16,793 27,683 1 4,290,482 100 3,198,941 100 2005 2004 2005 2004 % % 3,986,135 59 3,983,015 70 85,753 27 8,690 21 918,862 13 764,894 14 5,446 2 2,041 5 286,753 4 310,436 5 1,135 1 5,109 12 53,142 1 65,042 1 3,004 7 556,545 8 66,838 1 116,605 37 20,463 49 378,345 6 398,907 7 7,668 2 1,719 4 359,223 5 82,223 1 43 1 135 1 178,820 3 92,221 29 54,452 1 13,532 1 2,429 1 553 1 6,772,277 100 5,684,887 100 311,300 100 41,714 100 72
2,134,000 (a) (b) 9,905,71734,767,000 NordiTube 5,462,000 NordiTube11.82% 33 2005 2004 375 375 20,458 16,495 778 540 21,611 17,410 375,000 375,000 2005 2004 1,000,000 3 6 1,000,001 1,500,000 1 1 1,500,001 2,000,000 3 2 2,500,001 3,000,000 1 3,000,001 3,500,000 1 3,500,001 4,000,000 1 8,000,001 8,500,000 1 1 10 11 73
3 2005 2004 18,357 16,331 4,933 514 542 23,804 16,873 2005 2004 1,500,001 2,000,000 3 2,000,001 2,500,000 1 2,500,001 3,000,000 1 3,000,001 3,500,000 1 3,500,001 4,000,000 1 6,500,001 7,000,000 1 8,000,001 8,500,000 1 1 5 5 632,309,000 631,688,000 1,682,027,000 1,746,423,000 89,386,000 74
(a) 2005 2004 2005 2004 764,945 878,106 94,830 67,563 94,830 67,563 1,125 1,821 235,951 405,435 81 1,753 95,955 69,384 1,095,807 1,352,857 (b) 124,200,000 257,200,000 2005 2004 14,369 19,667 2005 2004 8,920 5,906 18,733 3,629 13,266 40,919 9,535 75
316,000,000 348,000,000390,000,000 389,000,000 2005 2004 29,006 35,845 22,213 11,352 51,219 47,197 2.44 6,830,000 10%10% 30% 1% 0.1% 5,000,000 1 76
5%1,000 5%5% 7.5% 1,231,000 2,348,000 131,000 59,000 2,130,000 2,192,000 (a) (b) 642,418,000 898,022,000 634,000,000 650,000,000 77
(i) (ii) 226,000 2,083,000 635,000 24,066,0001,498,000 19 20 14,700,000 14,156,000 1.5%222,000 649,000 171,000 205,000,000Pacific Coffee (Holdings) Limited60,000,000Pacific Coffee (Holdings) Limited Pacific Coffee (Holdings) Limited 78
2 2 100 4 100 100 100 2 2 100 Chevalier 100 100 100 Automobiles Inc.4 100 100 100 2 2 100 100 100 100 45,837,002 45,837,002 100 24,964,002 24,964,002 100 2 2 56.25 60,500,000 60,500,000 99.6 8,938,544 89,385,444 100 1,000 100 100 10,000 1,000 100 Chevalier Development 2,500,000 2,500,000 100 (S) Pte. Limited4 40,000,000 100 1 4 79
69,200,000 69,200,000 100 Chevalier Engineering 500,000 500,000 100 (S) Pte. Limited4 127,600,000 127,600,000 100 143,085,000 572,340,000 100 1,000,000 1,000,000 100 200,000,000 200,000,000 100 Chevalier International 4,012,000 4,012,000 100 (USA) Inc.4 85,677,935 171,355,871 42.9 7.8 2 2 50.7 Chevalier itech Thai 18,980,000 189,800 50.7 Limited 3 4 1,020,000 10,200 23.5 10,000,000 100 1 4 80
100,000 100,000 50.7 2 2 50.7 230,000,000 230,000,000 100 100 100 100 1,002 1,002 100 365,002 365,002 50.7 11,250,000 112,500,000 100 4 Chevalier Network Solutions 15,000,000 150,000 50.7 Thai Limited Chevalier Telecom (Thailand) Limited4 1,500,000 15,000 100 4 100,000 100 100 400,000 40,000 100 Forth Bridge Company 20 2 100 Limited 10,000 1,000 100 4 1,000 1,000 100 2 2 56.25 4 100 100 100 2 2 100 81
4 2 2 100 149 149 100 51 51 100 Goodkent Limited4 100 100 100 2 2 100 200 2 100 25,936,200 259,362 25,000,000 100 1 4 KMG Holding GmbH 25,000 2 100 3,600,000 3,600,000 100 2 2 50.7 Macleh (Chevalier) Ltd.4 101,100 10,100 100 Macont Development 1,000 1,000 100 Inc.4 Matterhorn 1 1 100 Properties Limited 82
NordiTube 54,509,340 109,018,680 92.43 Technologies AB PHOENIX 4 360,000,000 360,000,000 100 51 51 100 4 20 2 100 PPR Technology (S) 1,000,000 1,000,000 92.8 Pte Ltd.4 Chevalier Pipe Rehabilitation Singapore Pte. Ltd. 43,400,000 43,400,000 100 4 20 2 100 20 2 100 Rib Loc Group Limited 14,907,000 28,397,332 74.17 18,000,000 80 2 4 Sup Aswin Limited4 15,000,000 150,000 50.7 83
270,000,000 270,000,000 100 51 51 100 2 2 100 2 2 100 74,142,781 70 2 4 30,000,000 90.1 2 4 757040 Ontario Limited4 10 10 100 (1) (2) (3) 10% (4) (5) 84
50 49 85
50 50 50 50 46 49 50% 86