Tropicana Corporation Berhad Annual Report 2020

STATEMENT OF DIRECTORS’ RESPONSIBILITY The Directors are required by the Companies Act 2016 (“ the Act ”) to prepare the financial statements for each financial year which have been properly drawn up in accordance with the provisions of the Act, the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and the applicable Financial Reporting Standards in Malaysia. The Directors are responsible for ensuring that the financial statements give a true and fair view of the state of affairs of the Group and of the Company at the end of the financial year and of the results and cash flows of the Group and of the Company for the financial year. In preparing the financial statements, the Directors have: • Adopted appropriate accounting policies and applied them consistently; • Made judgments and estimates that are reasonable and prudent; and • Prepared the financial statements on a going concern basis. The Directors are responsible to ensure that the Group and the Company keep accounting records which disclose the financial position of the Group and of the Company with reasonable accuracy, enabling them to ensure that the financial statements comply with the Act. The Directors are also responsible for taking such steps as are reasonably open to them to preserve the interests of stakeholders, to safeguard the assets of the Group and of the Company and to detect and prevent fraud and other irregularities. DIRECTORS' REPORT The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2020. PRINCIPAL ACTIVITIES The principal activities of the Company are investment holding and provision of management services. The principal activities of the subsidiaries, associate and joint ventures are disclosed in Notes 18, 19 and 20 to the financial statements respectively. There have been no significant changes in the nature of these principal activities during the financial year. RESULTS Group Company RM'000 RM'000 Profit/(loss) net of tax for the financial year 146,557 (29,297) Profit/(loss) attributable to: Owners of the parent 91,307 (46,658) Holders of perpetual bond 17,361 17,361 Non-controlling interests 37,889 – 146,557 (29,297) There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the financial statements. DIVIDEND The amount of dividend paid by the Company since 31 December 2019 was as follows: RM'000 In respect of the financial year ended 31 December 2020: First interim single-tier share dividend paid by way of distribution of treasury shares on the basis of 4.5 treasury shares for every 100 existing ordinary shares held in the Company. The share dividend was declared on 13 October 2020 and 63,104,998 ordinary shares were credited into entitled depositors’ securities accounts on 12 November 2020 53,829 The directors do not recommend a final dividend in respect of the financial year ended 31 December 2020. ANNUAL REPORT 2020 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 150 151