MSM Malaysia Holdings Berhad Annual Report 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 41 EFFECTS OF CHANGES IN ACCOUNTING POLICY (CONTINUED) Impact on change in accounting policy on Statements of Profit or Loss The effects arising from these changes on the Group’s and Company’s statements of profit or loss, statements of financial position and statements of cash flows are set out in the reconciliations below: Effects on current year Restatement of comparative figures Financial year ended 31 December 2019 Financial year ended 31 December 2018 Group (in RM’000) As Impact on Statements Previous Effects of As previously Effects of of Profit or Loss: policy MFRS 16 presented stated MFRS 16 Restated Cost of sales (1,992,395) 135 (1,992,260) (2,016,168) 146 (2,016,022) Gross profit 14,516 135 14,651 198,208 146 198,354 Selling and distribution cost (25,545) 273 (25,272) (20,035) 273 (19,762) Administrative expenses (73,394) (167) (73,561) (71,809) (8) (71,817) (Loss)/Profit from operations (221,695) 241 (221,454) 100,426 411 100,837 Finance costs (81,813) (315) (82,128) (38,145) (363) (38,508) (Loss)/Profit before zakat and taxation (299,476) (74) (299,550) 66,338 48 66,386 Taxation 11,067 7 11,074 (27,515) 6 (27,509) (Loss)/Profit for the financial year from continuing operations (288,423) (67) (288,490) 37,323 54 37,377 (Loss)/Profit for the financial year (299,702) (67) (299,769) 35,606 54 35,660 * Certain amounts have been reclassified for consistency with the current year presentation for discontinuing operation. These reclassifications had no effect on the profit for the financial year ended 31 December 2018, as previously stated. Effects on current year Restatement of comparative figures Financial year ended 31 December 2019 Financial year ended 31 December 2018 Company (in RM’000) As Impact on Statements Previous Effects of As previously Effects of of Profit or Loss: policy MFRS 16 presented stated MFRS 16 Restated Revenue 146,122 (730) 145,392 71,378 13 71,391 Gross profit 146,122 (730) 145,392 71,378 13 71,391 Administrative expenses (24,331) 1,554 (22,777) (25,505) 1,712 (23,793) (Loss)/Profit from operations (284,263) 824 (283,439) (377,961) 1,725 (376,236) Finance costs (73,727) (117) (73,844) (43,565) (157) (43,722) Loss before zakat and taxation (359,363) 707 (358,656) (424,209) 1,568 (422,641) Loss for the financial year from continuing operations (359,363) 707 (358,656) (424,209) 1,568 (422,641) Loss for the financial year (359,363) 707 (358,656) (424,209) 1,568 (422,641) 219 FINANCIAL STATEMENTS 08