He has no conflict of interest with the company and has no convictions for offenses within the past five (5) years and has no public sanction or penalty imposed by the relevant regulatory bodies during the financial year. He has no conflict of interest with the company and has no convictions for offenses within the past five (5) years and has no public sanction or penalty imposed by the relevant regulatory bodies during the financial year. He has no conflict of interest with the company and has no convictions for offenses within the past five (5) years and has no public sanction or penalty imposed by the relevant regulatory bodies during the financial year.
JOhN BIN SINdIN
Except as disclosed, John Bin Sindin has no directorships in the company and any other public companies. He has no conflict of interest with the Company and has no conviction for offenses within the last five (5) years and has no public sanction or penalty imposed by the relevant regulatory bodies during the financial year.
Business Overview
The Group is principally involved in cultivation of oil palm, processing of Fresh
The Group has obtained its Malaysian Sustainable Palm Oil (“MSPO”) certification
The purpose of this review is to provide an overview of key financial performance at Group level.
REvENuE (RM ‘000)
PROFIT NET OF TAx (RM ‘000)
PROFIT BEFORE INTEREST
RETuRN ON AvERAGE EQuITY RATIO
ROE)
NET GEARING RATIO
PROFIT BEFORE TAx (RM ‘000)
TOTAL ShAREhOLdER’S FuNd (RM ‘000)
NET CASh GENERATEd FROM OPERATING
The Group has declared a first interim single-tier tax-free dividend of 2.5 sen per ordinary share of RM11.971 million, which was paid on 2 September 2020. The Group has also declared a second interim single-tier tax-free dividend of an amount of to RM19.154 million. for the financial year ended 31 December 2020, which corresponds to 4.0 sen per which is in line with the above dividend policy.
This sustainability statement will outline our efforts at practicing and improving
Short-Term
Goals
Sustainability vision
Sustainability Mission
The Company will not do business with those who infringe the rights of others, such as using forced or child labour. The senior management succession plan includes attracting and developing talented and skilled people who fit the Company's culture and business strategy, as well as identifying successors for senior management positions. The Board of Directors of Innoprise Plantations Berhad ("IPB") ("the Board") recognizes that the exercise of good corporate governance in conducting the business and affairs of the Company with integrity, transparency and professionalism are key components to the continued progress and success of the the company. .
ROLE AND RESPONSIBILITIES Of THE BOARD
Accordingly, the Board has adopted IPB Corporate Governance Guidelines (“IPB Guidelines”) to assist the Board in the exercise of its responsibilities. The IPB guidelines, together with the Terms of Reference (“TORs”) of the Board and Board Committees provide the framework for corporate governance at IPB. ROLE AND RESPONSIBILITIES OF THE BOARD (CONTINUED) Clear functions of the Board and management (continued).
ROLE AND RESPONSIBILITIES Of THE BOARD (CONTINuED) Clear functions of the Board and management (continued)
ROLE AND RESPONSIBILITIES Of THE BOARD (CONTINuED) Code of Ethics
BOARD COmPOSITION AND INDEPENDENCE
BOARD COmPOSITION AND INDEPENDENCE (CONTINuED) Annual Assessment of Independent Directors
BOARD COmPOSITION AND INDEPENDENCE (CONTINuED) Diversity (continued)
BOARD COmPOSITION AND INDEPENDENCE (CONTINuED) Appointment of new Directors (continued)
- material Contracts
- Employee Share Scheme
- Employee Share Scheme (continued) Aggregate ESOS
- Recurrent Related Party Transactions of a revenue or trading nature
- Recurrent Related Party Transactions of a revenue or trading nature (continued)
- RISK mANAGEmENT fRAmEwORK
- BOARD mEETING
- PERfORmANCE mANAGEmENT fRAmEwORK
- OPERATIONAL POLICIES AND PROCEDuRES
- INTERNAL CONTROL SySTEm
- OTHER KEy ELEmENTS Of INTERNAL CONTROL
- fINANCIAL REPORTING AND COmPLIANCE
- ExTERNAL AuDIT
- INTERNAL AuDIT
- RECuRRENT RELATED PARTy TRANSACTIONS
- OTHER mATTERS
- corporate inFormation
- Summary oF SigniFicant accounting policieS 1 basis of preparation
- Changes in accounting policies
- Summary oF SigniFicant accounting policieS (COnTInuED) 2 Changes in accounting policies (continued)
- Standards issued but not yet effective
- Summary oF SigniFicant accounting policieS (COnTInuED) 3 Standards issued but not yet effective (continued)
- basis of consolidation
- Summary oF SigniFicant accounting policieS (COnTInuED) 4 basis of consolidation (continued)
- Property, plant and equipment
- Summary oF SigniFicant accounting policieS (continueD) 6 biological assets
- Impairment of non-financial assets
- Summary oF SigniFicant accounting policieS (continueD) 8 Current versus non-current classification
- financial instruments – initial recognition and subsequent measurement
- Summary oF SigniFicant accounting policieS (continueD)
- financial instruments – initial recognition and subsequent measurement (continued) (i) financial assets (continued)
- financial instruments – initial recognition and subsequent measurement (continued) (ii) financial liabilities (continued)
- Summary oF SigniFicant accounting policieS (continueD) 10 financial guarantee contract
- Cash and cash equivalents
- Inventories
- Provisions
- borrowing costs
- Summary oF SigniFicant accounting policieS (continueD) 14 borrowing costs (continued)
- Employee benefits (a) Short term benefits
- leases
- Summary oF SigniFicant accounting policieS (continueD) 16 leases (continued)
- fair value measurement
- Summary oF SigniFicant accounting policieS (continueD) 17 fair value measurement (continued)
- Revenue
- Summary oF SigniFicant accounting policieS (continueD) 19 Taxes
- Summary oF SigniFicant accounting policieS (continueD) 19 Taxes (continued)
- Segment reporting
- Share capital and share issuance expenses
- Contingencies
- SigniFicant accounting juDgementS anD eStimateS
- Judgements made in applying accounting policies
- Key sources of estimation uncertainty
- SigniFicant accounting juDgementS anD eStimateS (continueD) 2 Key sources of estimation uncertainty (continued)
- revenue
- coSt oF SaleS
- intereSt income
- other income
- Finance coStS
- proFit beFore tax
- employee beneFitS expenSe
- DirectorS’ remuneration
- DirectorS’ remuneration (continueD)
- income tax expenSe
- income tax expenSe (continueD)
- earningS per Share
- property, plant anD equipment (continueD)
Details of the remuneration of the directors of the company for the considered financial year are disclosed in note 11 to the financial statements. The key audit matters for the audit of the Group's financial statements are described below. REPORT ON AUDIT OF FINANCIAL STATEMENTS (CONTINUED) Directors' responsibilities for financial statements.
REPORT ON THE AUDIT OF FINANCIAL STATEMENTS (CONTINUED) Auditors' responsibilities for the audit of financial statements (continued). The accompanying accounting policies and explanatory notes form an integral part of the financial statements. The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
The financial statements of the Group and the Company are presented in Ringgit Malaysia (RM), which is also the functional currency of the Company. The consolidated annual accounts include the annual accounts of the Company and its subsidiaries as at the balance sheet date. The Group and the Company participate in national pension schemes as defined by the laws of the countries in which they operate.
The Group's and the Company's employees receive remuneration in the form of share options as remuneration for services rendered. The Group and the Company recognize right-of-use assets on the commencement date of the lease agreement (ie the date on which the underlying asset is available for use). Contingent liabilities and assets are not recognized in the group's and company's financial position.
December 2020 Cost
December 2019
- biological aSSetS
- biological aSSetS (continueD) Oil palm FFB
- leaSeS
- leaSeS (continueD)
- inveStmentS in SubSiDiarieS
- inventorieS
- traDe anD other receivableS
- traDe anD other receivableS (continueD) (a) Trade receivables
- caSh anD bank balanceS
- caSh anD bank balanceS (continueD)
- loanS anD borrowingS
- loanS anD borrowingS (continueD)
- traDe anD other payableS
- DeFerreD tax
- Share capital
- other reServe
- employee beneFitS
- employee beneFitS (continueD)
The oil palm plantation of the Group is being developed on a piece of land leased from Benta Wawasan Sdn. Rights, titles and interests of the Group on the oil palm plantation land are pledged to bank for loans granted to its subsidiary as detailed in Note 21. The valuation model adopted by the Group takes into account the present value of the net cash flows which is expected to be generated from the sale of FFB.
The changes in the fair value of the biological assets in each accounting period are recognized in the result. Bhd., the Company's wholly-owned subsidiary, entered into the Agreement for Oil Palm Plantation dated 18 November 2005 with Benta Wawasan Sdn. the licensee of the land) to develop a parcel of land of approx. 22,763 hectares located in the locality of Gunung Rara/Kalabakan, Sabah. Deposits with the Group's approved bank in the amount of RM542,355) are pledged as security for banking facilities granted to the Group.
The weighted average effective interest rate of deposits with the Group's authorized bank on the reporting date amounted to Loans and loans of the Group are secured by: i) Company guarantees given by the company. The use of these tax losses depends on the consent of the tax authority and compliance with certain provisions of the tax legislation.
The main features of ESOS are as follows: i) The ESOS Committee, appointed by the Board of Directors to manage ESOS, may from time to time grant options to eligible Group Executives to subscribe for new ordinary shares of the Company of RM1 each.
January
- commitmentS Capital commitments
- contingent aSSet anD contingent liability Contingent asset
- contingent aSSet anD contingent liability (continueD) Contingent liability (continued)
- relateD party tranSactionS
- relateD party tranSactionS (COnTInuED) (a) Sale and purchase of goods and services (continued)
- Fair value oF aSSetS anD liabilitieS Determination of fair value
- Financial riSk management objectiveS anD policieS
- Financial riSk management objectiveS anD policieS (COnTInuED) (a) Credit risk (continued)
- Financial riSk management objectiveS anD policieS (COnTInuED) (b) liquidity risk
- Financial riSk management objectiveS anD policieS (COnTInuED) (b) liquidity risk (continued)
- capital management
- Segment inFormation
- Segment inFormation (continueD)
- DiviDenDS
- eventS aFter the reporting perioD COvID-19 pandemic
- authoriSation oF Financial StatementS For iSSue
The Group's and the Company's exposure to liquidity risk arises mainly from mismatches in the maturities of financial assets and liabilities. Interest rate risk is the risk that the fair value or future cash flows of the Group's financial instruments will fluctuate due to changes in market interest rates. The operational and financial impact of the COVID-19 pandemic up to the reporting date is reflected in the financial statements.
To the extent that the ongoing impact has been estimated, the group and the company have considered the uncertainty arising from the COVID-19 pandemic when preparing the financial statements. However, the expected duration and extent of the pandemic and related economic, social and public health consequences of COVID-19 on the Group and the Company are uncertain. The accounts for the financial year ended 31 December 2020 were approved for publication in accordance with a decision of the board of directors on 16 April 2021.
According to the register to be maintained under section 59 of the Companies Act, 2016, the directors' shares in the Company are as follows: To receive the Audited Financial Statements for the financial year ended 31 December 2020 and the Directors' and Auditors' Reports thereon . To approve the payment of directors' fees for the Group in an amount up to but not exceeding RM600,000 from 25 May 2021 until the next Annual General Meeting of the Company;
Approve the payment of directors' allowances and benefits for the group up to RM80,000 but not exceeding 25 May 2021 until the next annual general meeting of the company;.
Resolution 4
To re-appoint Mr. SUBJECT at all times to the Companies Act 2016, the Company's Constitution and the approvals of the relevant statutory and regulatory authorities, where such approvals are necessary, full authority is given to the Directors pursuant to section 76 of the Companies Act 2016, to issue shares in Company from time to time at such price on such terms and conditions and for such purposes as the Directors, in their absolute discretion, may think fit, provided that the total number of shares to be issued pursuant to this Resolution not to exceed 10% of the total number of issued shares in the Company's Ordinary Share Capital for the time being and that the Directors be and be authorized to obtain approvals from Bursa Malaysia Securities Berhad for the listing and quotation of the new ordinary shares additional to is issued and that such.
Resolution 6
Proposed Renewal of the Existing Shareholder Mandate for Recurring Related Party Transactions of a Revenue or Trading Nature. Company after that date must be held in terms of Section 340(2) of the Companies Act 2016 (“the Act”) (but shall not extend to such extension as may be permitted in terms of Section 340(4) of the Act); or. c) revoked or amended by a resolution passed by the shareholders in general meeting, whichever is the earliest. To transact any other business of the Company of which due notice has been given to the Company in accordance with the Company's Constitution and the Act.
A member entitled to attend and vote is entitled to appoint a proxy to attend and vote in his place, and that proxy need not be a member of the Company. The proposed resolution 8 must, if adopted, give the board the authority to issue ordinary shares in the company's capital up to a total amount not exceeding 10% of the total number of issued shares in the company's share capital for the relevant time. being. The general mandate to issue shares is a renewal of the mandate approved by the shareholders on 17 August 2020.
The renewal of the general authorization is expected to give the company the flexibility to issue new shares without having to call a separate general meeting of shareholders to obtain shareholder approval to avoid additional costs and time. No individual is standing for election as a director at the 27th Annual General Meeting of the Company. For information regarding the general authorization to issue securities, see item (b) of the explanatory notes to the Notice of the 27th Annual Meeting of Shareholders.
Proposed renewal of existing shareholder mandate for recurring related party transactions of a revenue or trading nature.
