KUB Malaysia Berhad Annual Report 2021

1. GENERAL INFORMATION The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad. The consolidated financial statements of the Company as at and for the financial period from 1 January 2020 to 30 June 2021 comprise financial statements of the Company and its subsidiaries (together referred to as the “Group” and individually to as ‘Group entities’) and the Group’s interests in associates and joint ventures. The financial statements of the Company as at and for the financial period from 1 January 2020 to 30 June 2021 do not include other entities. The principal activities of the Company are that of investment holding and provision of management services to its subsidiaries. The subsidiaries are principally engaged in the business of liquefied petroleum gas (‘LPG’), agricultural businesses, information and communications technology (‘ICT’) and others as stated in Note 42. During the financial period, the Group and the Company have changed their financial year end from 31 December to 30 June. Accordingly, the financial statements of the Group and the Company for the current financial period are drawn up for a period of eighteen (18) months from 1 January 2020 to 30 June 2021, whereas comparative amounts are presented for a period of 12 months from 1 January 2019 to 31 December 2019. Therefore, the amounts presented in Statements of Profit or Loss and Other Comprehensive Income, Statements of Changes in Equity and Statements of Cash Flows are not comparable with the amounts presented for comparative year. The registered office and principal place of business of the Company is located at Suite A-22-1, Level 22, Hampshire Place Office, 157 Hampshire No. 1, Jalan Mayang Sari, 50450 Kuala Lumpur. The financial statements were authorised for issue in accordance with a resolution by the Board of Directors on 23 September 2021. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of Preparation of the Financial Statements The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (‘MFRS’), International Financial Reporting Standards and the requirements of the Companies Act, 2016 in Malaysia. Adoption of Amendments to MFRSs In the current financial period, the Group and the Company adopted all the Amendments to MFRSs issued by the Malaysian Accounting Standards Board (‘MASB’) that are effective for an annual financial period beginning on or after 1 January 2020 as follows: MFRSs Amendments to References to the Conceptual Framework in MFRS Standards Amendments to MFRS 3 Definition of a Business Amendments to MFRS 9, MFRS 139, and MFRS 7 Interest Rate Benchmark Reform Amendments to MFRS 101 and MFRS 108 Definition of Material The adoption of these Amendments to MFRSs did not result in significant changes in the accounting policies of the Group and the Company and has no significant effect on the financial performance or position of the Group and of the Company. NOTES TO THE FINANCIAL STATEMENTS 62 KUB MALAYSIA BERHAD