Table of Contents 1 206

Wah Seong Corporation Berhad Annual Report 2019

Wah Seong Corporation Berhad 1
ABOUT US 3
Vision, 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 24
Management Discussion and Analysis 24
Profile of the Board of Directors 30
Profile of the Key Senior Management 34
GOVERNANCE 39
Audit COMMITTEE 39
REMUNERATION COMMITTEE 44
NOMINATION COMMITTEE 47
CORPORATE GOVERNANCE OVERVIEW STATEMENT 52
ADDITIONAL COMPLIANCE INFORMATION 68
STATEMENT OF DIRECTORS’ RESPONSIBILITY 72
FINANCIAL STATEMENTS 73
DIRECTORS’ REPORT 74
STATEMENT BY DIRECTORS 78
STATUTORY DECLARATION 78
INDEPENDENT AUDITORS’ REPORT 79
STATEMENTS OF FINANCIAL POSITION 84
STATEMENTS OF PROFIT OR LOSS 86
STATEMENTS OF OTHER COMPREHENSIVE INCOME 87
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 88
COMPANY STATEMENT OF CHANGES IN EQUITY 90
STATEMENTS OF CASH FLOWS 91
NOTES TO THE FINANCIAL STATEMENTS 94
GENERAL INFORMATION 94
SIGNIFICANT ACCOUNTING POLICIES 94
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS 117
PROPERTY, PLANT AND EQUIPMENT 119
LEASES 122
PREPAID LEASE PAYMENTS 123
INVESTMENT PROPERTIES 123
GOODWILL AND OTHER INTANGIBLE ASSETS 125
DEFERRED TAX ASSETS/(LIABILITIES) 127
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 156
AMOUNTS OWING BY/(TO) JOINT VENTURES 157
DERIVATIVE FINANCIAL ASSETS/(LIABILITIES) 158
TIME DEPOSITS 159
CASH AND BANK BALANCES 159
ASSETS CLASSIFIED AS HELD FOR SALE 160
SHARE CAPITAL 160
TREASURY SHARES 161
TRADE AND OTHER PAYABLES 162
LOANS AND BORROWINGS 163
PROVISION FOR WARRANTIES 165
GROSS REVENUE 166
COST OF SALES 166
OTHER (LOSSES)/GAINS - NET 166
PROFIT FROM OPERATIONS 167
FINANCE COSTS 168
TAX (CREDIT)/EXPENSE 168
EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY 169
DIVIDENDS 170
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 170
SIGNIFICANT RELATED PARTY DISCLOSURES 171
STAFF COSTS 173
DIRECTORS’ REMUNERATIONS 174
COMMITMENTS 174
SEGMENTAL ANALYSIS 175
FINANCIAL INSTRUMENTS BY CATEGORY 180
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 180
FAIR VALUES OF FINANCIAL INSTRUMENTS 187
CAPITAL MANAGEMENT 188
SUBSEQUENT EVENT 188
ADDITIONAL INFORMATION 189
Summary of Significant Recurrent Related Party Transactions 189
Top 10 List of Properties 191
ANALYSIS OF SHAREHOLDINGS 193
NOTICE OF TWENTIETH ANNUAL GENERAL MEETING 196
STATEMENT ACCOMPANYINGNOTICE OF TWENTIETH ANNUAL GENERAL MEETING 203

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