Yinson Annual Report 2019

The Company had implemented poll voting for all resolutions set out in the notice of 25 th AGM and appointed Coopers Professional Scrutineers Sdn Bhd as the independent scrutineers to observe the polling procedures and verify the poll results. A copy of the minutes of the AGM, including the Question and Answer session, is made available to the Shareholders on the Company’s website at www.yinson.com This CGOverview Statement was made in accordance with a resolution of the Board on 6 May 2019. Other Compliance Information 1. Utilisation of Proceeds Save as disclosed below, there were no proceeds raised from other corporate proposals during the financial year ended 31 January 2019. (a) Disposal of 26% equity interest of Yinson Production (West Africa) Pte Ltd to a consortium of Japanese companies The details of utilisation of proceeds are as follows: PURPOSE PROPOSED UTILISATION (RM’000) ACTUAL UTILISATION (RM’000) INTENDED TIMEFRAME FOR UTILISATION Capital expenditure 100,212 100,212 Within 24 months Repayment of borrowings 208,775 125,706 Within 24 months Working capital Up to 177,459 133,830 Within 24 months Estimated expenses 2,088 2,088 Within 6 months Total Up to 488,534 361,836 2. Audit and Non-Audit Fees The amount of audit and non-audit fees paid to the Company’s external auditors, PricewaterhouseCoopers PLT and its affiliates for the services rendered to the Company and the Group for the financial year ended 31 January 2019 are as follows: PARTICULARS COMPANY RM ‘000 GROUP RM ‘000 Audit Fees 270 1,999 Non-Audit Fees 260 834 Percentage of Non-Audit Fees over Audit Fees 96.3% 41.7% The Non-Audit services rendered by the external auditors were relating to the following: Company level 1) Due diligence works rendered on specific projects in certain countries – RM132,000 2) Accounting advice on proposed internal reorgansition – RM112,000 3) Professional services rendered in connection with income tax matters – RM16,000 Group level 1) Professional services rendered in connection with income tax matters – RM435,000 2) Due diligence works rendered on specific projects in certain countries – RM132,000 3) Professional services rendered for assisting the application for stamp duty refund – RM124,000 4) Accounting advice on proposed group structuring – RM112,000 5) Accounting advice on debt issuance exercise – RM31,000 89 Yinson Group Overview Strategy and Sustainability Governance Accountability Annual General Meeting