Group Company
1.1.2020 to 1.1.2019 to 1.1.2020 to 1.1.2019 to 30.6.2021 31.12.2019 30.6.2021 31.12.2019 (18 months) (12 months) (18 months) (12 months)
RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES
Profit before zakat and taxation 167,791 20,590 154,996 44,826
Adjustments for:
Depreciation of:
- property, plant and equipment 25,385 15,512 1,205 1,056
- investment properties 757 424 207 73
- right-of-use assets 1,227 703 151 -
Finance costs 5,201 7,242 21 872
Loss on fair value changes of derivative instruments 18 21 - -
Loss on fair value changes in investment
in unquoted shares 228 17 228 17
Gain on fair value changes in biological assets (1,160) (550) - -
Allowance for impairment on trade
and other receivables 6,481 567 - -
Allowance/(Reversal) for impairment on contract assets 111 (94) - -
Allowance for impairment on amount due
from subsidiaries (Note 23) - - - 1,249
Allowance for impairment on investment in subsidiaries
- investment (Note 18) - - 27,360 -
- advances to subsidiaries (Note 18) - - 40 46
Allowance for impairment on financial guarantee - - 781 -
Impairment losses on property, plant and equipment 116 7,147 116 -
Reduction in unguaranteed residual value 285 - - -
Property, plant and equipment written off 522 1,634 188 -
Inventories written down/off 97 632 - -
Net unrealised loss on foreign exchange 246 55 - -
(Gain)/Loss on disposal of:
- property, plant and equipment (168) (2,038) (10) (21)
- investment properties (8,237) - - -
- non-current assets held for sale (123,490) (28,772) (969) (25,265)
- subsidiary 18,815 (293) 26,649 -
- associate (30,518) - (71,000) -
Dividend income (176) (281) (126,246) (12,781)
Finance income (5,713) (3,199) (3,746) (1,610)
Forfeiture of deposits payable (805) - - -
Provision for liquidated ascertained damages 2,356 - - -
Reversal of allowance for impairment on trade
and other receivables (288) (570) - -
Reversal of allowance for impairment:
- amount due from subsidiaries - - (1,472) (361)
- advances to subsidiaries - - (8,375) (15,125)
Share of results of associates (3,851) (5,273) - -
Operating Profit/(Loss) Before
Changes in Working Capital 55,230 13,474 124 (7,024)
Group Company
1.1.2020 to 1.1.2019 to 1.1.2020 to 1.1.2019 to 30.6.2021 31.12.2019 30.6.2021 31.12.2019 (18 months) (12 months) (18 months) (12 months)
RM’000 RM’000 RM’000 RM’000
Changes in working capital:
Inventories 488 1,500 - -
Trade and other receivables (10,169) 45 1,229 (1,106)
Trade and other payables 11,601 (1,804) (7,402) 70
Contract assets (4,655) 1,819 - -
Contract liabilities (364) 743 - -
Cash Generated From/(Used In) Operations 52,131 15,777 (6,049) (8,060)
Finance cost from lease liabilities (214) (167) (17) -
Zakat paid (90) (588) - -
Net tax paid (9,358) (2,298) - -
Net Cash Generated From/(Used In)
Operating Activities 42,469 12,724 (6,066) (8,060)
CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (Note 15) (19,555) (19,334) (2,309) (84)
Redemption of short-term investment - 21,108 - -
Advance to subsidiaries
- investment - - (9,954) (54)
- due from subsidiaries - - - (14,931)
Repayment of advances from subsidiaries - - 42,773 15,125
Repayment of amount due from subsidiaries - - 12,789 361
Repayment of amount due to subsidiaries - - - (9,349)
Dividends received 176 281 126,246 12,781
Interest received 5,713 3,199 3,746 1,610
Proceeds from disposal of property, plant and equipment 598 2,146 17 27
Net proceeds from disposal of investment properties 12,625 - - -
Proceeds from disposal of assets classified
as held for sale 143,112 76,745 2,809 33,858
Net proceeds from disposal of a subsidiary
(Note 18(d)(iii)) 6,908 - 10,549 -
Proceed from partial disposal of equity in a subsidiary
to non-controlling interest 7,200 - - -
Proceeds from disposal of an associate 80,000 - 80,000 -
Net Cash From Investing Activities 236,777 84,145 266,666 39,344
STATEMENTS OF CASH FLOWS
FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2021
(With comparative figures for the year from 1 January 2019 to 31 December 2019)
Group Company
1.1.2020 to 1.1.2019 to 1.1.2020 to 1.1.2019 to 30.6.2021 31.12.2019 30.6.2021 31.12.2019 (18 months) (12 months) (18 months) (12 months)
RM’000 RM’000 RM’000 RM’000
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES Decrease/(Increase) of deposits pledged
with licensed banks 5,888 (1,420) - -
Interest paid (4,987) (7,242) (4) (872)
Net drawdown/(repayment) of short-term borrowings 8,921 (18,941) - (1,000)
Repayment of lease liabilities (Note 17) (1,104) (598) (130) -
Repayment of hire purchase (543) (229) (116) (87)
Repayment of term loans (4,052) (47,556) - -
Net Cash From/(Used In) Financing Activities 4,123 (75,986) (250) (1,959)
NET INCREASE IN CASH AND CASH EqUIVALENTS 283,369 20,883 260,350 29,325 Effect of exchange rate changes on the balance
of cash held in foreign currency - (108) - -
CASH AND CASH EqUIVALENTS AT BEGINNING
OF THE PERIOD/YEAR 113,609 92,834 47,919 18,594
CASH AND CASH EqUIVALENTS AT END
OF THE PERIOD/YEAR (NOTE 25) 396,978 113,609 308,269 47,919
The accompanying Notes form an integral part of the Financial Statements.
61
ANNUAL REPORT 2021
FINANCIAL STATEMENTS
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 period from 1 January 2020 to 30 June 2021 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 and joint ventures. The financial statements of the Company as at and for the financial period from 1 January 2020 to 30 June 2021 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, information and communications technology (‘ICT’) and others as stated in Note 42.
During the financial period, the Group and the Company have changed their financial year end from 31 December to 30 June. Accordingly, the financial statements of the Group and the Company for the current financial period are drawn up for a period of eighteen (18) months from 1 January 2020 to 30 June 2021, whereas comparative amounts are presented for a period of 12 months from 1 January 2019 to 31 December 2019. Therefore, the amounts presented in Statements of Profit or Loss and Other Comprehensive Income, Statements of Changes in Equity and Statements of Cash Flows are not comparable with the amounts presented for comparative year.
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 23 September 2021.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Preparation of the Financial StatementsThe 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 period, 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 January 2020 as follows:
MFRSs Amendments to References to the Conceptual
Framework in MFRS Standards
Amendments to MFRS 3 Definition of a Business
Amendments to MFRS 9, MFRS 139, and MFRS 7 Interest Rate Benchmark Reform Amendments to MFRS 101 and MFRS 108 Definition of Material
The adoption of these Amendments to MFRSs did not result in significant changes in the accounting policies of the Group and the Company and has no significant effect on the financial performance or position of the Group and of the Company.