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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