Another similar effort by the Group is to recover rubber tree bark for use as a substrate in the fungal cultivation sector. Promoting diversity and inclusion among our employees is in line with the Group's values and commitment.
CORPORATE STRUCTURE
HeveaBoard Berhad
CORPORATE INFORMATION
He is the son of Mr. Tenson Yoong, his deputy director and a substantial shareholder of the Company. Furthermore, he is the brother-in-law of Mr. Bailey Policarpio, a non-independent non-executive director of HeveaBoard.
PROFILE OF DIRECTORS
He is the brother of Ms. Yoong Li Yen, who is the CEO and major shareholder of the company. In addition, she is the sister of Mr. Yoong Hau Chun, who is the group's managing director and a significant shareholder of the company.
PROFILE OF KEY SENIOR MANAGEMENT
The Board assumes the overall management responsibilities to lead, control and supervise the performance of the Group and the Company to ensure business prosperity and the creation of sustainable long-term value for shareholders and stakeholders. It supervises and monitors the conduct and performance of the Group and the company's business, the effectiveness of risk management and internal control and ensures good management culture within the organization to achieve the strategic goals and objectives.
CORPORATE GOVERNANCE OVERVIEW STATEMENT
- Board Composition
- Remuneration
- Risk Management and Internal Control Framework
- Conduct of General Meeting
Sustainability has always been the board's central focus area for the group's long-term success. There is clarity about roles among board members, and the roles are defined in the company's board charter.
DIRECTORS’ RESPONSIBILITIES
- ULTILISATION OF PROCEEDS
- LIST OF PROPERTIES
- RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE
- MATERIAL CONTRACTS
- MATERIAL LITIGATION
- Financial Reporting
- External Auditors
- Internal Audit
- Review of related party transaction and conflict of interest situation
The Board approved the audit fees and non-audit fees based on the recommendation of the Audit Committee. The Audit Committee still considers the External Auditors to be suitable in their role as External Auditors of the Group and the Company; and.
STATEMENTS
58 Statements of financial position 60 Statements of comprehensive income 61 Statements of changes in equity capital 63 Statements of cash flows.
REPORT
During the financial year, no options were granted to anyone to acquire the unissued shares of the Company. The directors in office during the financial year and during the period from the end of the financial year to the date of the report are: Details of significant events during and after the end of the financial year are included in Note 34 to the annual accounts.
FINANCIAL POSITION
COMPREHENSIVE INCOME
Cash and cash equivalents at the. a) Purchase of tangible fixed assets and right-of-use assets.
NOTES TO THE
FINANCIAL STATEMENTS
CORPORATE INFORMATION
BASIS OF PREPARATION 1 Statement of compliance
- Adoption of amendments/improvements to MFRSs
BASIS OF PREPARATION (CONTINUED)
- New MFRS, and amendments/improvements to MFRSs that have been issued, but yet to be effective (a) The Group and the Company have not adopted the following new MFRS, and amendments/improvements
- New MFRS, and amendments/improvements to MFRSs that have been issued, but yet to be effective (Continued)
- Functional and presentation currency
- Basis of measurement
The changes require a company to disclose significant information about accounting practices instead of significant accounting practices. The amendments specify how a company must treat deferred tax on transactions such as leases and decommissioning liabilities. The individual financial statements of each entity in the Group are measured in the currency of the primary economic environment in which they operate ("the functional currency").
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- Basis of consolidation
A brief discussion of the above significant new MFRS and amendments/improvements to MFRS that may be applicable to the Group and the Company is summarized below. The consolidated financial statements are presented in Ringgit Malaysia ("RM"), which is also the Company's functional currency, and are rounded to the nearest thousand, unless otherwise stated. The Group's and the Company's accounts have been prepared on the basis of historical cost prices, unless otherwise stated in note 3 to the accounts.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 1 Basis of consolidation (Continued)
- Separate financial statements
Investments in associated companies are accounted for in the consolidated accounts according to the net asset value method. Subsequently, the accounting value is adjusted to take into account changes in the group's share of the associated companies' net assets. Unrealized gains arising from transactions with associated companies that are included in the net asset value are eliminated against the investment to the extent that the group's share in the company invested in.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 3 Translation of foreign currency transactions
- Financial instruments
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 4 Financial instruments (Continued)
- Property, plant and equipment (a) Recognition and measurement
The Group and the Company categorize the financial instruments as follows (continued):. i) Financial assets (continued) Debt instruments (continued). The Group and the Company have not classified any financial liability at fair value via the income statement. The Group and the Company assess whether and to what extent they have retained the risks and benefits of ownership.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 5 Property, plant and equipment (Continued)
- Leases
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 6 Leases (Continued)
Variable lease payments that are not dependent on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. If an entity in the Group is a lessor under a finance lease, it derecognises the underlying asset from the balance sheet and recognizes a lease receivable for an amount equal to the net investment in the lease. If an entity within the Group is a lessor in an operating lease, the underlying asset is not removed from the balance sheet, but presented in the statements of financial position based on the nature of the asset.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 7 Goodwill
- Biological asset
- Inventories
- Cash and cash equivalents
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 11 Impairment of assets
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 11 Impairment of assets (Continued)
The recoverable amount of a CGU asset is the higher of its fair value less costs of disposal and its value in use. When the carrying amount of an asset exceeds its recoverable amount, the carrying amount of the asset is reduced to its recoverable amount. In the latter case, the impairment is recognized in other comprehensive income up to the amount of any previous revaluation.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 12 Share capital
- Employee benefits
- Provisions
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 15 Revenue and other income
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 15 Revenue and other income (Continued)
- Borrowing costs
- Income tax
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 17 Income tax (Continued)
- Earnings per share
- Fair value measurements
The Board of Directors or respective Executive Committee of the Group, which is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the main operating decision maker making strategic decisions. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for treasury shares held. There were no transfers between levels of the fair value hierarchy during the financial year.
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
PROPERTY, PLANT AND EQUIPMENT (CONTINUED) (i) Buildings in relation to the leasehold land
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (a) Right of use assets
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (CONTINUED) (a) Right of use assets (Continued)
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (CONTINUED) (b) Lease liabilities
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (CONTINUED) (b) Lease liabilities (Continued)
INVESTMENT IN SUBSIDIARIES
INVESTMENT IN ASSOCIATE
INVESTMENT IN ASSOCIATE (CONTINUED)
GOODWILL ON CONSOLIDATION
DEFERRED TAX ASSETS/(LIABILITIES) Presented after appropriate offsetting as follows
DEFERRED TAX ASSETS/(LIABILITIES) (CONTINUED) (iii) Unrecognised deferred tax assets
INVENTORIES
BIOLOGICAL ASSET
BIOLOGICAL ASSET (CONTINUED)
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES (CONTINUED)
OTHER INVESTMENTS
CASH AND SHORT-TERM DEPOSITS
SHARE CAPITAL
TREASURY SHARES
RETAINED EARNINGS
PROVISIONS FOR RETIREMENT BENEFITS
LOANS AND BORROWINGS
LOANS AND BORROWINGS (CONTINUED)
TRADE AND OTHER PAYABLES
REVENUE
FINANCE COSTS
Except as disclosed elsewhere in the financial statements, the following items have been debited/(credited) in the computation of (loss)/profit before tax: (Continued). The estimated cash value of the director's remuneration in kind and claims other than money from the company was RM28,000).
INCOME TAX EXPENSE
INCOME TAX EXPENSE (CONTINUED)
DIVIDENDS
RELATED PARTIES
RELATED PARTIES (CONTINUED)
DIRECTORS’ REMUNERATION
CAPITAL COMMITMENT
SEGMENT INFORMATION
SEGMENT INFORMATION (CONTINUED) Segment liabilities
SEGMENT INFORMATION (CONTINUED)
SEGMENT INFORMATION (CONTINUED) Geographical information
FINANCIAL INSTRUMENTS
December 2021 Financial assets
- FINANCIAL INSTRUMENTS (CONTINUED)
The following table analyzes the financial instruments in the statements of financial position by the categories of financial instruments to which they are assigned: (Continued).
December 2020 Financial assets
- FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management
- FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (Continued)
The Group's and the Company's overall financial risk management objective is to optimize value for their shareholders. Credit risk is the risk of financial loss for the Group and the Company that may arise on outstanding financial instruments if a counterparty defaults on its obligations. The Group's and the Company's exposure to credit risk arises mainly from trade and other receivables.
December 2021
FINANCIAL INSTRUMENTS (CONTINUED)(b) Financial risk management (continued) (b) Financial risk management (continued). i) Credit risk (continued) Trade receivables (continued).
December 2020
The Group and the Company consider the other receivables and financial assets to be of low credit risk. Refer to Note 3.11(a) for the Group's and the Company's other accounting policies for impairment of financial assets. The Group's and the Company's exposure to liquidity risk arises primarily from trade and other payables, loans and borrowings.
The Group's and the Company's exposure to liquidity risk arises mainly from maturities mismatches between financial assets and liabilities. Maturity analysis of the Group's and the Company's financial obligations according to their respective maturities at the reporting date, based on undiscounted contractual repayment obligations are as follows: (Continued). Interest rate risk is the risk that the fair value or future cash flows of the Group's and the Company's financial instruments will fluctuate due to changes in market interest rates.
December 2021 Financial liability
FINANCIAL INSTRUMENTS (CONTINUED) (b) Financial risk management (Continued) (b) Financial risk management (Continued). iv) Interest rate risk (Continued). The following table shows the sensitivity to a reasonably possible change in interest rates, with all other variables held constant in the total capital and profit of the Group and the Company for the financial year. On December 31, 2021, the fair value of other investments as explained in note 14 of the financial statements is measured according to Level 1, from which it is determined directly by referring to the prices offered by investment banks.
December 2020 Financial liability
- CAPITAL MANAGEMENT
- SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO THE END OF THE FINANCIAL YEAR COVID-19 pandemic
SIGNIFICANT EVENTS DURING AND THROUGH THE END OF THE FINANCIAL YEAR COVID-19 The COVID-19 pandemic. The emergence of the COVID-19 pandemic since the beginning of 2020 has brought significant economic uncertainty to Malaysia and the markets in which the Group and the Company operate. Given the fluidity of the situation, the Group and the Company are unable to reasonably estimate the full financial impacts of the COVID-19 pandemic for the financial year ending 31 December 2022 to be disclosed in the financial statements as an estimate of the impacts of the COVID-19 pandemic is an ongoing process.
DECLARATION
The unrecognized deferred tax assets for the Group and the Company amounted to RM30,832,000 and RM34,858,000 respectively. The other information includes the information in the annual report, but does not include the group's and the company's accounts and our audit report on this. Our conclusion on the group's and the company's accounts does not cover the other information, and we express no type of conclusion with certainty in this regard.
SHAREHOLDINGS
- SHARE CAPITAL
- DISTRIBUTION OF SHAREHOLDINGS
- SUBSTANTIAL SHAREHOLDERS
- DIRECTORS’ SHAREHOLDINGS
- LIST OF THIRTY (30) LARGEST SHAREHOLDERS
Considered interested by virtue of its significant shareholdings in HeveaWood Industries Sdn. shareholdings via Firama Holdings Sdn. Bhd.)]; and by virtue of his family relationship with Tan Ya Ling, his spouse, Yoong Tein Seng @ Yong Kian Seng, his father and Yoong Li Yen, his sister; and is considered interested by virtue of HeveaWood Industries Sdn. be entitled to control the exercise of 100 percent of the votes attached to the voting shares of Gemas Ria Sdn. Deemed interested by virtue of her family relationship with Bailey Policarpio, her spouse, Yoong Tein Seng @ Yong Kian Seng, her father and Yoong Hau Chun, her brother; and is considered interested by virtue of HeveaWood Industries Sdn. be entitled to control the exercise of 100 percent of the votes attached to the voting shares of Gemas Ria Sdn.
ANNUAL GENERAL MEETING
- REMOTE PARTICIPATION AND VOTING
- PROXY
- POLL VOTING
- GENERAL MEETING RECORD OF DEPOSITORS
- EXPLANATORY NOTES ON ORDINARY/SPECIAL BUSINESS
- STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING Details of individual who is standing for election as Director
A proxy appointed to attend and vote at a meeting of the Society shall have the same rights as a member to speak at the meeting. ii). Mr. was recommended. Lim Kah Poon to continue to act as an Independent Director of the Company based on the following reasons: -. A proxy appointed to attend and vote at a meeting of the Society shall have the same rights as a member to speak at the meeting.
ANNUAL REPORT
