Ho Kim Swee @ Ho Kian Guan Executive Chairman Dato' Ho Cheng Chong @ Ho Kian Hock Managing Director. Ho is the brother of Dato' Ho Cheng Chong @ Ho Kian Hock (managing director) and Mr.
DATO’ HO CHENG CHONG @ HO KIAN HOCK (cont’d)
HO ENG CHONG @ HO KIAN CHEONG
CHAN LUI MING IVAN
LEE HUEE NAN @ LEE HWEE LENG
LEE HUEE NAN @ LEE HWEE LENG (cont’d)
TOO HING YEAP @ TOO HENG YIP
MAJ-GEN (R) DATO’ MUHAMMAD BIN YUNUS
TAI LAM SHIN
TAI LAM SHIN (cont’d)
MAHATHIR BIN MOHAMED ISMAIL
LIEW FOONG YUEN
HO CHUNG KAIN (HE CHONGJING)
HO CHUNG KAIN (HE CHONGJING) (cont’d)
HO CHUNG HUI
HO CHUNG HUI (cont’d)
HO CHUNG TAO
HO CHUNG KIAT, SYDNEY (HE CHONGJIE, SYDNEY)
PLANTATIONS HEE VUI YONG @ VINCENT
MANUFACTURING CHUA TECK NGIN
PROPERTY DEVELOPMENT CHONG KIN MENG, VINCENT
PROPERTY INVESTMENT PAULINE TAN
PROPERTY INVESTMENT (cont’d) SIM YOKE KENG
RESORT DATO' DR. ABDUL RAHIM BIN RAMLI
RESORT (cont’d) WOLFGANG BOETTCHER
HOTEL PETER WONG
HOTEL (cont’d) ROBERT ROY
DEREK SASANO
HOTEL (cont’d) DAVID KAM
DAVE WILLIAMS
INVESTMENT HOLDING PAUL TSE SEE FAN
GROUP FINANCE REUSON SEET
GROUP FINANCE (cont’d) GAN KIM BUAN
Board Duties and Responsibilities
Members of the Council are selected and appointed based on their experience, skills and abilities that will enhance the activities of the Council. Each Director is expected to devote sufficient time to the effective discharge of his duties and responsibilities, to act in good faith, to provide insight and to consider the interests of the Group at all times.
Board Duties and Responsibilities (cont’d)
Board Duties and Responsibilities (cont’d) Corporate Governance in 2021 and beyond
Board Duties and Responsibilities (cont’d) Company Secretaries
Board Duties and Responsibilities (cont’d) Board and Board Committee Charters (cont’d)
The Company Code of Conduct (“COC”) sets the standards expected of all its directors and employees. As part of the Company's commitment against all forms of bribery and corruption, the Company has established an independent Anti-Bribery and Anti-Corruption Policy (“ABAC”).
Board Composition
Board Composition (cont’d) Tenure of Independent Directors
Board Composition (cont’d) Diversity
Board Composition (cont’d) Appointments and Annual Assessment
Board Composition (cont’d)
Conducted an annual assessment that includes performance, independence, and peer and self-evaluations of the individual board, board and board committees combined. Based on the results of the assessments, the NC was satisfied with the performance and effectiveness of the board and the board committees.
Remuneration
Remuneration (cont’d)
Remuneration data for Key Senior Management is not disclosed by name as the Board considers that this would not be in the best interests of the Group given the competitiveness of the market and could potentially give rise to unnecessary rivalry between employees. Note: The remuneration of certain senior management personnel is paid in foreign currencies and converted at the exchange rate prevailing at the end of the year.
Audit Committee
Audit Committee (cont’d) Financial Reporting
Risk Management And Internal Control Framework Risk Management and Internal Control Function
Communication with Stakeholders Strengthening Relationship with Stakeholders
Conduct of General Meetings
- External Audit
- Internal Audit
- Financial Reporting
- Annual Report
No material contracts were entered into by the Company and/or its subsidiaries during the financial year involving the interests of the directors and major shareholders. The NC has conducted an annual assessment and evaluation of the AC's performance and effectiveness for the fiscal year ending December 31, 2020.
The directors are pleased to present their report together with the audited annual accounts of the Group and the Company for the financial year ended 31 December 2020. The principal activities and other information of the subsidiaries are described in Note 18 to the annual accounts. No dividend has been paid or declared by the Company since the end of the previous financial year.
The other board members who were in office at the end of the financial year had no interests in shares in the company or its affiliated companies during the financial year.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KECK SENG (MALAYSIA) BERHAD (Incorporated in Malaysia)
We involved the component auditors in our assessment of the assessments of recovery values for the CGUs' property, plant and equipment. A significant part of the group's and the company's profit comes from property development contracts. The gross profit from property development activities constitutes 42.3% and 52.2% of the group's and the Company's total gross profit for the year.
The amount of revenue and profit recognized from property development activities depends, among other things, on the rate of costs incurred in total estimated construction costs to derive the percentage of completion; the actual number of units sold and the estimated total revenue for each of the respective projects.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
SIGNIFICANT ACCOUNTING POLICIES (cont’d) 3 Standards issued but not yet effective
- Current versus non-current classification
Amendments to MFRS 3: Reference to the conceptual framework 1 January 2022 Amendments to MFRS 116: Property, plant and equipment. Assets and liabilities in the statements of financial position are presented based on current/non-current classification. Expected to be realized or intended to be sold or consumed in normal operating cycle;.
There is no unconditional right to postpone the repayment of the obligation for at least twelve months after the reporting period.
SIGNIFICANT ACCOUNTING POLICIES (cont’d) 5 Fair value measurement
SIGNIFICANT ACCOUNTING POLICIES (cont’d)
Transactions in foreign currencies are initially translated into the relevant functional currencies of the Company and its subsidiaries at the exchange rates on the date of the transaction. Exchange differences arising from the settlement of monetary items are also recognized in profit or loss, with the exception of exchange differences arising from items that are part of the Group's net investment in units abroad, which are initially recognized in other comprehensive income and accumulated in foreign currency translation reserves. in equity. The translation reserve is reclassified from equity to the Group's profit or loss when the unit is sold abroad.
State support received by a subsidiary for the purchase of necessary equipment and facilities is credited to related investments in fixed assets and is amortized in profit or loss over the useful life of the assets.
SIGNIFICANT ACCOUNTING POLICIES (cont’d) 9 Property, plant and equipment (cont’d)
- Patents
- Financial instruments - Initial recognition and subsequent measurement
- Financial instruments - initial recognition and subsequent measurement (cont'd) (a) Financial assets (cont'd)
- Financial instruments - initial recognition and subsequent measurement (cont'd) (b) Financial liabilities (cont'd)
- Employee benefits
The Group and the Company have no financial assets at fair value through OCI with recycling of accumulated gains and losses (debt instruments). The Group and the Company recognize a provision for expected credit losses (ECLs) for all debt instruments that are not held at fair value via the income statement. The Group and the Company have not classified any financial liability at fair value via the income statement.
The Group and the Company assess at the inception of the contract whether a contract is or contains a lease.
SIGNIFICANT ACCOUNTING POLICIES (cont’d) 21 Leases (cont'd)
- Revenue and other income recognition
- Revenue and other income recognition (cont'd)
- Revenue and other income recognition (cont'd) (i) Revenue (cont'd)
The Group and the Company enter into contracts with their customers for the sale of oil palm related products. The Group and the Company provide delivery services that are combined with the sale of goods to a customer. Accordingly, the Group and the Company allocate the transaction price based on the relative standalone sales prices of the goods and delivery services.
Property development revenue is recognized as control of the asset is transferred to the customer and it is probable that the Group and the Company will collect the consideration to which they will be entitled in exchange for the asset that will be transferred to the customer. customer.
SIGNIFICANT ACCOUNTING POLICIES (cont’d) 23 Taxation (cont'd)
- Share capital and share issuance expenses
- Treasury shares
- Contingencies
Immature bearing plants are not depreciated until they are available for use. Any gain or loss arising from changes in fair value less costs to sell the produce grown in the holding plants is recognized in profit or loss. Fair value is determined based on the present value of the expected net cash flows from the production grown in the holding plants.
The expected net cash flows are estimated using the expected output method and the estimated market price of the products growing on bearing plants.
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES
- Key sources of estimation uncertainty
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (cont’d)
REVENUE
REVENUE (cont’d) 1 CONTRACT BALANCES
COST OF SALES
OTHER INCOME
EMPLOYEE BENEFITS EXPENSE (excluding key management personnel)
The Group is in the midst of preparing amended tax returns for the affected return years. Deferred tax asset recognized on future tax benefits arising from real estate income tax paid on the transfer of land from property, plant and equipment to land held. Inland Revenue Tax is calculated at the Malaysian statutory tax rate of the estimated assessed profit for the year.
Basic (loss)/earnings per share amounts are calculated by dividing (loss)/profit for the year, net of tax, attributable to owners of the parent by the weighted average number of common shares after adjustment for treasury shares.
DIVIDENDS
Deferred tax assets are recognized by future tax benefits arising from property capital gains tax paid on the transfer of land from property. No diluted (loss)/earnings per share, as there were no outstanding potential dilutive ordinary shares per 31 December 2020 and 31 December 2019.
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT (cont’d)
PROPERTY, PLANT AND EQUIPMENT (continued). i) Details of the estates, golf course, land and buildings are as follows: (continued). The book value of property, plant and equipment in the Group's Hotels and Resorts segment was RM413.62 million (2019: RM321.75 million). The fair value less costs of disposal was based on the income capitalization approach, which uses the discounted cash flow technique, measures the present value of the projected income streams and the reversal of the sale of the property.
INVESTMENT PROPERTIES (cont’d)
The fair value measurement of the Group's and the Company's investment properties is categorized within Level 3 of the fair value hierarchy. No transfers took place between all three (3) levels of the fair value hierarchy during the financial year.
RIGHT-OF-USE ASSETS
INVESTMENT IN SUBSIDIARIES (cont’d)
YSIA) BERHAD D) 18. INVESTMENTS IN SUBSIDIARIES (continued) Summary financial information on subsidiaries with significant minority interests Summary financial information of Lusaka Holdings Sdn. The summarized financial information shown below is the pre-elimination amount between the companies. i) Summary statements of financial position Lusaka HoldingsK.S.F. NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED DECEMBER 31 YSIA) BERHAD D) 18. INVESTMENTS IN SUBSIDIARIES (continued) Summary financial information about subsidiaries with significant minority interests (continued) (ii) Summary statements of comprehensive income Lusaka HoldingsK.S.F.
ANNUAL REPORT 18. INVESTMENTS IN SUBSIDIARIES (continued) Summary of financial information on subsidiaries with significant non-controlling interests (continued) (iii) Summary of cash flow statements Lusaka HoldingsK.S.F. Companies # Tanjong Puteri Golf Sdn.
INTANGIBLE ASSETS
The unlisted instruments are related to investment in A2I Holdings S.A R.L. A2I''), a company incorporated in Luxembourg and dealing with investment holdings.
- INVENTORIES - OTHERS
- BIOLOGICAL ASSETS
- TRADE AND OTHER RECEIVABLES
- TRADE AND OTHER RECEIVABLES (cont’d) (a) Trade receivables
- TRADE AND OTHER RECEIVABLES (cont’d)
- OTHER CURRENT ASSETS
- DERIVATIVES
- SHORT TERM FUNDS
- CASH AND BANK BALANCES (cont’d)
- LOANS AND BORROWINGS
- LOANS AND BORROWINGS (cont’d) Bank overdrafts
- TRADE AND OTHER PAYABLES
- OTHER CURRENT LIABILITIES
- LEASE LIABILITIES
- SHARE CAPITAL
- OTHER RESERVES
- DEFERRED TAXATION
- DEFERRED TAXATION (cont’d)
- COMMITMENTS
- FAIR VALUE OF FINANCIAL INSTRUMENTS
- FAIR VALUE OF FINANCIAL INSTRUMENTS (cont’d)
The Group's and the Company's biological assets include fresh fruit bunches (“FFB”) before harvest. The Group's and the Company's biological assets are categorized within level 3 in the fair value hierarchy. The Group and the Company use forward exchange contracts to manage part of the exposure in transactions in foreign currency.
The remaining maturities of the loans and the admissions per 31 December 2020 and 2019 are as follows:-.
December 2020
- FAIR VALUE OF FINANCIAL INSTRUMENTS (cont’d) (b) Fair value hierarchy (cont’d)
The fair value measurement is negatively correlated with the discount due to lack of control and marketability.
December 2019
- FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d)
- FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d) (b) Foreign currency risk (cont'd)
- FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d) (c) Liquidity risk (cont'd)
- FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d) (d) Credit risk (cont'd)
- FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (cont’d) (f) Changes in liabilities arising from borrowings
- CAPITAL MANAGEMENT
- SEGMENT INFORMATION
- SEGMENT INFORMATION (cont’d)
- SEGMENT INFORMATION (cont’d) (b) Geographical segments
- SIGNIFICANT EVENT
- THIRTY (30) LARGEST SHAREHOLDERS
- THIRTY (30) LARGEST SHAREHOLDERS (cont’d)
- SUBSTANTIAL SHAREHOLDERS
- DIRECTORS' SHAREHOLDINGS
- LIST OF DIRECTORS' SHAREHOLDINGS IN SUBSIDIARY COMPANY: LIM & LIM PLANTATIONS BERHAD
Certain subsidiaries of the Group were subject to certain financial conditions imposed by the lenders. To re-elect the following board members retiring in accordance with section 76(3) of the company's articles of association:-. THAT such approval of the proposed 10% general mandate shall continue in effect until:. a) the end of the next ordinary general meeting of the company held after the approval is given;.
This authorization, unless it is revoked or changed at a general meeting, expires at the company's next general meeting.
