Table of Contents 1 194

Wah Seong Corporation Berhad Annual Report 2018

VISION, MISSION, CORE VALUES 3
CORPORATE PROFILE 5
WORLDWIDE OPERATION 5
CORPORATE INFORMATION 7
FINANCIAL HIGHLIGHTS 8
CORPORATE CALENDAR 9
SUSTAINABILITY STATEMENT 11
MANAGEMENT DISCUSSION AND ANALYSIS 24
PROFILE OF THE BOARD OF DIRECTORS 29
PROFILE OF THE KEY SENIOR MANAGEMENT 33
AUDIT COMMITTEE 37
REMUNERATION COMMITTEE 42
NOMINATION COMMITTEE 45
CORPORATE GOVERNANCE OVERVIEW STATEMENT 49
ADDITIONAL COMPLIANCE INFORMATION 65
Statement on Risk Management and Internal Control 66
STATEMENT OF DIRECTORS’ RESPONSIBILITY 69
DIRECTORS’ REPORT 71
STATEMENT BY DIRECTORS 75
STATUTORY DECLARATION 75
INDEPENDENT AUDITORS’ REPORT 76
STATEMENTS OF FINANCIAL POSITION 80
STATEMENTS OF PROFIT OR LOSS 82
STATEMENTS OF OTHER COMPREHENSIVE INCOME 83
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 84
COMPANY STATEMENT OF CHANGES IN EQUITY 86
STATEMENTS OF CASH FLOWS 87
NOTES TO THE FINANCIAL STATEMENTS 89
GENERAL INFORMATION 89
SIGNIFICANT ACCOUNTING POLICIES 89
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS 112
PROPERTY, PLANT AND EQUIPMENT 114
PREPAID LEASE PAYMENTS 117
INVESTMENT PROPERTIES 118
INVESTMENT IN SUBSIDIARIES 119
INVESTMENT IN ASSOCIATES 129
INVESTMENT IN JOINT VENTURES 134
FINANCE LEASE RECEIVABLES 138
INVESTMENT IN EQUITY INSTRUMENTS/AVAILABLE-FOR-SALE FINANCIAL ASSETS 138
DERIVATIVE FINANCIAL ASSETS 139
GOODWILL AND OTHER INTANGIBLE ASSETS 140
DEFERRED TAX ASSETS/(LIABILITIES) 142
INVENTORIES 143
CONTRACT ASSETS/(LIABILITIES) 144
AMOUNTS DUE FROM/(TO) CUSTOMERS ON CONTRACTS 144
TRADE AND OTHER RECEIVABLES 145
AMOUNTS OWING BY/(TO) SUBSIDIARIES 148
AMOUNTS OWING BY/(TO) ASSOCIATES 149
AMOUNTS OWING BY/(TO) JOINT VENTURES 150
TIME DEPOSITS 151
CASH AND BANK BALANCES 152
ASSETS CLASSIFIED AS HELD FOR SALE 152
SHARE CAPITAL 153
SHARE PREMIUM 153
TREASURY SHARES 153
LOANS AND BORROWINGS 154
TRADE AND OTHER PAYABLES 157
PROVISION FOR WARRANTIES 158
GROSS REVENUE 158
COST OF SALES 159
OTHER GAINS/(LOSSES) - NET 159
PROFIT FROM OPERATIONS 159
FINANCE COSTS 160
TAX EXPENSE 160
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY 161
DISPOSAL OF SUBSIDIARY 161
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 162
SIGNIFICANT RELATED PARTY DISCLOSURES 163
STAFF COSTS 164
DIRECTORS’ REMUNERATIONS 165
COMMITMENTS 165
SEGMENTAL ANALYSIS 166
FINANCIAL INSTRUMENTS BY CATEGORY 169
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 170
FAIR VALUES OF FINANCIAL INSTRUMENTS 175
CAPITAL MANAGEMENT 176
SUMMARY OF SIGNIFICANT RECURRENTRELATED PARTY TRANSACTIONS 177
TOP 10 LIST OF PROPERTIES 179
ANALYSIS OF SHAREHOLDINGS 181
NOTICE OF NINETEENTH ANNUAL GENERAL MEETING 184
Statement Accompanying Notice of Nineteenth Annual General Meeting 190

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