Table of Contents 1 211

Wah Seong Corporation Berhad Annual Report 2017

WORLD WIDE OPERATION 4
CORPORATE PROFILE 5
CORPORATEI NFORMATION 6
FINANCIAL HIGHLIGHTS 7
CORPORATE CALENDAR 8
SUSTAINABILITY STATEMENT 10
MANAGEMENT DISCUSSION AND A NALYSIS 20
PROFILE OF THE B OARD OF DIRECTORS 26
PROFILE OF THE KEY SENIOR MANAGEMENT 29
AUDIT COMMITTEE 32
REMUNERATION COMMITTEE 36
NOMINATION COMMITTEE 39
CORPORATE GOVERNANCE OVERVIEW STATEMENT 43
ADDITIONAL COMPLIANCE INFORMATION 60
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL 61
STATEMENT OF DIRECTORS’ RESPONSIBILITY 64
FINANCIAL STATEMENTS 65
DIRECTORS’ REPORT 66
STATEMENT BY DIRECTORS 71
STATUTORY DECLARATION 71
INDEPENDENT AUDITORS’ REPORT 72
STATEMENTS OF FINANCIAL POSITION 77
STATEMENTS OF PROFIT OR LOSS 79
STATEMENTS OF OTHER COMPREHENSIVE INCOME 80
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 81
COMPANY STATEMENT OF CHANGES IN EQUITY 83
STATEMENTS OF CASH FLOWS 84
NOTES TO THE FINANCIAL STATEMENTS 88
GENERAL INFORMATION 88
SIGNIFICANT ACCOUNTING POLICIES 88
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS 110
PROPERTY, PLANT AND EQUIPMENT 111
PREPAID LEASE PAYMENTS 117
INVESTMENT PROPERTIES 118
INVESTMENT IN SUBSIDIARIES 119
INVESTMENT IN ASSOCIATES 133
INVESTMENT IN JOINT VENTURES 139
FINANCE LEASE RECEIVABLES 146
AVAILABLE-FOR-SALE FINANCIAL ASSETS 146
DERIVATIVE FINANCIAL ASSETS 147
GOODWILL AND OTHER INTANGIBLE ASSETS 148
DEFERRED TAX ASSETS/(LIABILITIES) 150
INVENTORIES 152
AMOUNTS DUE FROM/(TO) CUSTOMERS ON CONTRACTS 152
TRADE AND OTHER RECEIVABLES 153
AMOUNTS OWING BY/(TO) SUBSIDIARIES 156
AMOUNTS OWING BY/(TO) ASSOCIATES 157
AMOUNTS OWING BY/(TO) JOINT VENTURES 159
TIME DEPOSITS 161
CASH AND BANK BALANCES 162
ASSETS CLASSIFIED AS HELD FOR SALE 162
SHARE CAPITAL 163
SHARE PREMIUM 163
TREASURY SHARES 164
LOANS AND BORROWINGS 165
TRADE AND OTHER PAYABLES 168
PROVISION FOR WARRANTIES 169
GROSS REVENUE 170
COST OF SALES 170
OTHER (LOSSES)/GAINS - NET 170
PROFIT/(LOSS) FROM OPERATIONS 171
FINANCE COSTS 172
TAX EXPENSE 172
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY 173
DIVIDENDS 174
DISPOSAL OF SUBSIDIARIES 174
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 175
SIGNIFICANT RELATED PARTY DISCLOSURES 175
STAFF COSTS 177
DIRECTORS’ REMUNERATIONS 178
COMMITMENTS 178
SEGMENTAL ANALYSIS 179
FINANCIAL INSTRUMENTS BY CATEGORY 185
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 186
FAIR VALUES OF FINANCIAL INSTRUMENTS 190
CAPITAL MANAGEMENT 192
SUMMARY OF SIGNIFICANT RECURRENT RELATED PARTY TRANSACTIONS 193
TOP 10 LIST OF PROPERTIES 195
ANALYSIS OF SHAREHOLDINGS 197
NOTICE OF EIGHTEENTH ANNUAL GENERAL MEETING 200
STATEMENT ACCOMPANYING NOTICE OF EIGHTEENTH ANNUAL GENERAL MEETING 207

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