Table of Contents
1
212
Wah Seong Corporation Berhad Annual Report 2020
Annual Report 2020
1
ABOUT US
2
VISION AND MISSION
3
CORE VALUES
4
CORPORATE PROFILE
5
WORLDWIDE OPERATION
6
CORPORATE INFORMATION
7
THE YEAR IN BRIEF
8
FINANCIAL HIGHLIGHTS
8
CORPORATE CALENDAR
9
SUSTAINABILITY STATEMENT
11
FROM THE BOARD OF DIRECTORS AND KEY SENIOR MANAGEMENT
26
MANAGEMENT DISCUSSION AND ANALYSIS
26
PROFILE OF THE BOARD OF DIRECTORS
33
PROFILE OF THE KEY SENIOR MANAGEMENT
36
GOVERNANCE
42
AUDIT COMMITTEE
42
REMUNERATION COMMITTEE
46
NOMINATION COMMITTEE
50
CORPORATE GOVERNANCE OVERVIEW STATEMENT
55
ADDITIONAL COMPLIANCE INFORMATION
70
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
71
STATEMENT OF DIRECTORS’ RESPONSIBILITY
74
FINANCIAL STATEMENTS
75
DIRECTORS’ REPORT
75
STATEMENT BY DIRECTORS
79
INDEPENDENT AUDITORS’ REPORT
81
STATEMENTS OF FINANCIAL POSITION
87
STATEMENTS OF PROFIT OR LOSS
88
STATEMENTS OF OTHER COMPREHENSIVE INCOME
90
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
91
COMPANY STATEMENT OF CHANGES IN EQUITY
93
STATEMENTS OF CASH FLOWS
94
NOTES TO THE FINANCIAL STATEMENTS
97
GENERAL INFORMATION
97
SIGNIFICANT ACCOUNTING POLICIES
97
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
117
PROPERTY, PLANT AND EQUIPMENT
119
LEASES
122
INVESTMENT PROPERTIES
124
GOODWILL AND OTHER INTANGIBLE ASSETS
125
DEFERRED TAX ASSETS/(LIABILITIES)
128
INVESTMENT IN SUBSIDIARIES
129
INVESTMENT IN ASSOCIATES
141
INVESTMENT IN JOINT VENTURES
145
FINANCE LEASE RECEIVABLES
150
CONTRACT ASSETS/(LIABILITIES)
151
INVESTMENT IN EQUITY INSTRUMENTS
152
INVENTORIES
152
TRADE AND OTHER RECEIVABLES
152
AMOUNTS OWING BY/(TO) SUBSIDIARIES
155
AMOUNTS OWING BY/(TO) ASSOCIATES
157
AMOUNTS OWING BY/(TO) JOINT VENTURES
158
DERIVATIVE FINANCIAL ASSETS/(LIABILITIES)
159
TIME DEPOSITS
160
CASH AND BANK BALANCES
161
ASSETS CLASSIFIED AS HELD FOR SALE
161
SHARE CAPITAL
162
TREASURY SHARES
162
TRADE AND OTHER PAYABLES
163
LOANS AND BORROWINGS
165
PROVISION FOR WARRANTIES
167
GROSS REVENUE
168
COST OF SALES
168
OTHER GAINS/(LOSSES) - NET
168
(LOSS)/PROFIT FROM OPERATIONS
169
FINANCE COSTS
170
TAX EXPENSE/(CREDIT)
170
(LOSS)/EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY
172
DIVIDENDS
172
DISPOSAL OF SUBSIDIARIES
173
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
175
SIGNIFICANT RELATED PARTY DISCLOSURES
176
STAFF COSTS
178
DIRECTORS’ REMUNERATIONS
178
CAPITAL COMMITMENTS
179
SEGMENTAL ANALYSIS
179
FINANCIAL INSTRUMENTS BY CATEGORY
184
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
185
FAIR VALUES OF FINANCIAL INSTRUMENTS
192
CAPITAL MANAGEMENT
193
SUMMARY OF SIGNIFICANT RECURRENTRELATED PARTY TRANSACTIONS
194
TOP 10 LIST OF PROPERTIES
196
ANALYSIS OF SHAREHOLDINGS
198
NOTICE OF TWENTY-FIRST ANNUAL GENERAL MEETING
201
STATEMENT ACCOMPANYING NOTICE OF TWENTY-FIRST ANNUAL GENERAL MEETING
208
PROXY FORM
210
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