ANNUAL REPORT 2024 FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 FINANCIAL STATEMENTS NOTES TO THE 179 44. CONTINGENT LIABILITIES No provisions are recognised on the following matters as it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement:- Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Performance guarantees extended to customers 18,476 17,052 18,476 17,052 45. RELATED PARTY DISCLOSURES (a) Subsidiaries The subsidiaries as disclosed in Note 7 to the financial statements. (b) Significant Related Party Transactions and Balances The transactions of the Company with its related parties are as follows:- Company 2024 2023 RM’000 RM’000 Subsidiaries Management service fees 25,959 19,908 Consultancy fee 695 510 Dividend income 84,500 56,000 Equipment transferred from 13 - Equipment transferred to 1 2 Rental income 1,490 1,486 Other than dividend income, related party transactions were made on terms equivalent to those that prevail in arm’s length transactions are made only if such terms can be substantiated. 46. OPERATING SEGMENTS Operating segments are prepared in a manner consistent with the internal reporting provided to the chief operating decision makers in order to allocate resources to segments and to assess their performance. For management purposes, the Group is organised into business units based on the products and services provided. The Group is organised into three main reportable segments as follows:- Customised smart card solutions (“CSCS”) - provision of large scale customised software and hardware systems for secure ID, total smart card solutions and ICT project management.
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