Group Company
1.7.2021 to 1.1.2020 to 1.7.2021 to 1.1.2020 to 30.6.2022 30.6.2021 30.6.2022 30.6.2021 (12 months) (18 months) (12 months) (18 months)
RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES
Profit before zakat and taxation 33,173 167,791 1,828 154,996
Adjustments for:
Depreciation of:
- property, plant and equipment 15,137 25,385 463 1,205
- investment properties 716 757 345 207
- right-of-use assets 1,388 1,227 455 151
Finance costs 879 5,201 366 21
Allowance for impairment on
trade and other receivables 964 6,481 - -
Impairment losses on property,
plant and equipment 522 116 - 116
Inventories written off/down 154 97 - -
Property, plant and equipment written off 105 522 - 188
Net unrealised loss on foreign exchange 13 246 - -
Loss on fair value changes of derivative instruments 5 18 - -
Finance income (4,281) (5,713) (3,051) (3,746)
Reversal of allowance for impairment on trade
and other receivables (3,178) (288) - -
Gain on deconsolidation of a subsidiary (1,141) - - -
Dividend income (282) (176) (7,632) (126,246)
Gain on fair value changes in biological assets (209) (1,160) - -
Reversal of provision for liquidated ascertained
damages (179) - - -
Reversal of allowance for impairment on contract assets (120) - - -
(Gain)/Loss on fair value changes in investment in
unquoted shares (111) 228 (111) 228
(Gain)/Loss on disposal of:
- property, plant and equipment (71) (168) - (10)
- investment properties - (8,237) - -
- non-current assets held for sale - (123,490) - (969)
- subsidiary - 18,815 - 26,649
- associate - (30,518) - (71,000)
Provision for liquidated ascertained damages - 2,356 - -
Reduction in unguaranteed residual value - 285 - -
Allowance for impairment on contract assets - 111 - -
Forfeiture of deposits payable - (805) - -
Allowance for impairment on investment in subsidiaries
- investment - - 8,123 27,360
- advances to subsidiaries - - - 40
Allowance for impairment on financial guarantee - - - 781
Reversal of allowance for impairment:
- amount due from subsidiaries - - (560) (1,472)
- advances to subsidiaries - - - (8,375)
Share of results of associates (85) (3,851) - -
Operating Profit Before Changes
in Working Capital 43,399 55,230 226 124
Group Company
1.7.2021 to 1.1.2020 to 1.7.2021 to 1.1.2020 to 30.6.2022 30.6.2021 30.6.2022 30.6.2021 (12 months) (18 months) (12 months) (18 months)
Note RM’000 RM’000 RM’000 RM’000
Changes in working capital:
Contract assets 2,229 (4,655) - -
Trade and other receivables (25,074) (10,169) 20 1,229
Trade and other payables (7,310) 11,601 (668) (7,402)
Inventories (1,661) 488 - -
Contract liabilities (617) (364) - -
Cash Generated From/(Used In) Operations 10,966 52,131 (422) (6,049)
Finance cost from lease liabilities (162) (214) (42) (17)
Zakat paid - (90) - -
Net tax paid (6,877) (9,358) - -
Net Cash From/(Used In) Operating Activities 3,927 42,469 (464) (6,066) CASH FLOWS (USED IN)/FROM
INVESTING ACTIVITIES
Interest received 4,281 5,713 3,051 3,746
Dividends received 282 176 7,632 126,246
Proceeds from disposal of property,
plant and equipment 115 598 - 17
Deconsolidation of a subsidiary 40 (25,593) - - -
Acquisition of property, plant
and equipment 15 (19,145) (19,555) (69) (2,309)
Proceeds from disposal of assets classified
as held for sale - 143,112 - 2,809
Proceeds from disposal of an associate - 80,000 - 80,000
Net proceeds from disposal of investment properties - 12,625 - -
Proceed from partial disposal of equity in a
subsidiary to non-controlling interest - 7,200 - -
Net proceeds from disposal of a subsidiary 18(e)(iii) - 6,908 - 10,549
Repayment of advances from subsidiaries - - 2,022 42,773
Repayment of amount due from subsidiaries - - 4,713 12,789
Repayment of amount due to subsidiaries - - (7,875) -
Advance to subsidiaries
- due from subsidiaries - - (4,070) -
- investment - - (1,196) (9,954)
Net Cash (Used in)/From Investing Activities (40,060) 236,777 4,208 266,666
Group Company
1.7.2021 to 1.1.2020 to 1.7.2021 to 1.1.2020 to 30.6.2022 30.6.2021 30.6.2022 30.6.2021 (12 months) (18 months) (12 months) (18 months)
Note RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES
Net drawdown of short-term borrowings 17,079 8,921 - -
Decrease of deposits pledged with licensed banks 5,789 5,888 - -
Dividend paid (8,347) - (8,347) -
Repayment of term loans (1,734) (4,052) - -
Repayment of lease liabilities 17 (1,304) (1,104) (415) (130)
Interest paid (717) (4,987) (324) (4)
Repayment of hire purchase (22) (543) - (116)
Net Cash From/(Used In) Financing Activities 10,744 4,123 (9,086) (250) NET (DECREASE)/INCREASE IN CASH AND
CASH EqUIVALENTS (25,389) 283,369 (5,342) 260,350
CASH AND CASH EqUIVALENTS AT BEGINNING
OF THE YEAR/PERIOD 396,978 113,609 308,269 47,919
CASH AND CASH EqUIVALENTS AT END
OF THE YEAR/PERIOD 25 371,589 396,978 302,927 308,269
The accompanying Notes form an integral part of the Financial Statements
STATEMENTS OF CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2022
(With comparative figures for the financial period from 1 January 2020 to 30 June 2021)
1. GENERAL INFORMATION
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad.
The consolidated financial statements of the Company as at and for the financial year ended 30 June 2022 comprise financial statements of the Company and its subsidiaries (together referred to as the “Group” and individually to as “Group entities”) and the Group’s interests in associates. The financial statements of the Company as at and for the financial year ended 30 June 2022 do not include other entities.
The principal activities of the Company are that of investment holding and provision of management services to its subsidiaries.
The subsidiaries are principally engaged in the business of liquefied petroleum gas (‘LPG’), agricultural businesses and others as stated in Note 41.
As disclosed in Note 40, on 15 June 2022, the Group had deconsolidated the financial position of KUB Sepadu Sdn Bhd (‘KUBS’) being the subsidiary of the Group carrying on the agricultural business. The Group subsequently classified KUBS as an associate.
The registered office and principal place of business of the Company is located at Suite A-22-1, Level 22, Hampshire Place Office, 157 Hampshire No. 1, Jalan Mayang Sari, 50450 Kuala Lumpur.
The financial statements were authorised for issue in accordance with a resolution by the Board of Directors on 26 September 2022.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of Preparation of the Financial Statements
The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (‘MFRS’), International Financial Reporting Standards and the requirements of the Companies Act, 2016 in Malaysia.
Adoption of Amendments to MFRSs
In the current financial year, the Group and the Company adopted all the Amendments to MFRSs issued by the Malaysian Accounting Standards Board (‘MASB’) that are effective for an annual financial period beginning on or after 1 July 2021 as follows:
MFRSs Amendments to References to the Conceptual
Framework in MFRS Standards
Amendments to MFRS 9, MFRS 139, MFRS 7, Interest Rate Benchmark Reform - Phase 2 MFRS 4, and MFRS 16
Amendments to MFRS 16 Covid-19-Related Rent Concessions beyond
30 June 2021
The adoption of these Amendments to MFRSs did not result in significant changes in the accounting policies of the Group and of the Company and has no significant effect on the financial performance or position of the Group and of the Company.