Table of Contents
1
213
DESTINI Annual Report 2020
DESTINI 2020 Annual Report
1
Overview
4
About This Report
4
Destini’s Presence
5
Our Business
6
Destini’s Corporate Diary
8
Corporate Information
12
Corporate Structure
14
Leadership
18
Board of Directors
18
Key Senior Management
30
Performance
33
Our Performance
33
Chairman’s Letter
34
Management Discussion and Analysis
36
Sustainability Report
44
Commitment to Sustainability
44
Sustainability Governance
46
Stakeholders Engagement
47
Material Sustainability Matters
48
Governance
56
Corporate Governance Overview Statement
56
Investor Relations
71
Additional Compliance Information
72
Risk Management and Internal Control Statement
74
Audit Committee Report
77
Financial Statements
79
Financial Report
79
Directors’ Report
81
Statement by Directors
86
Statutory Declaration
87
Independent Auditors’ Report to the Members
88
Statements of Financial Position
93
Statements of Profit or Loss and other Comprehensive Income
95
Statements of Changes in Equity
97
Statements of Cash Flows
99
Notes to the Financial Statements
102
Corporate Information
102
Basis of Preparation
102
Significant Accounting Policies
107
Property, Plant and Equipment
123
Right-of-Use Assets
130
Investments in Subsidiaries
134
Investment in Associates
144
Investment in Joint Ventures
146
Investment in Securities
148
Intangible Assets
148
Other Receivables
151
Other Investment
152
Inventories
152
Contract Assets/(Liabilities)
152
Trade Receivables
154
Amount Due from/(to) Subsidiaries
156
Amount Due from Joint Ventures
156
Amount Due from Associate Company
156
Fixed Deposits with Licensed Banks
156
Share Capital
156
Foreign Currency Translation Reserve
157
Lease Liabilities
157
Bank Borrowings
158
Deferred Tax Liabilities
162
Other Payables
165
Redeemable Preference Shares
165
Trade Payables
166
Revenue
166
Finance Costs
168
Loss Before Tax
168
Taxation
170
Loss Per Share
171
Staff Costs
171
Reconciliation of Liabilities Arising from Financing Activities
173
Related Party Disclosures
174
Segment Information
175
Contingent Liabilities
181
Financial Instruments
181
Material Litigation
196
Significant Events
197
Subsequent Events
198
Capital Management
198
Date of Authorisation for Issue
199
List of Properties Owned
200
Statistics of Shareholding
201
Notice of Seventeenth (17th) Annual General Meeting
205
Statement Accompanying Notice of Annual General Meeting
209
Proxy Form
210
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