2020 UEM Edgenta Annual Report

1. CORPORATE INFORMATION The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad. The registered office of the Company is located at Level 17, Menara UEM, Tower 1, Avenue 7, The Horizon, Bangsar South City, No. 8 Jalan Kerinchi, 59200 Kuala Lumpur. The Company regards UEM Group Berhad and Khazanah Nasional Berhad, both incorporated in Malaysia, as its immediate and ultimate holding companies respectively. Related companies in these financial statements refer to member companies within the UEM Group of companies. The principal activities of the Company are investment holding and provision of management services to its subsidiaries. The principal activities of the subsidiaries, joint ventures and associates are described in Note 43. There have been no significant changes in the nature of the principal activities during the financial year. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 23 March 2021. 2. SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation T he financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards (“IFRS”) and the requirements of the Companies Act 2016 in Malaysia. T he financial statements of the Group and of the Company have been prepared on a historical cost basis except as disclosed in the accounting policies below. T he financial statements are presented in Ringgit Malaysia (“RM”) and all values are rounded to the nearest thousand (RM’000) except when otherwise indicated. 2.2 Changes in accounting policies T he accounting policies adopted are consistent with those of the previous nancial year, except as follows: O n 1 January 2020, the Group and the Company adopted the following amended MFRSs and interpretation mandatory for annual financial periods beginning on or after 1 January 2020. Effective for annual periods beginning on or after Amendments to MFRS 9, MFRS 139 and MFRS 7: Interest Rate Benchmark 1 January 2020 Amendments to MFRS 3: Definition of a Business 1 January 2020 Amendments to MFRS 101 and 108: Definition of Material 1 January 2020 Revised Conceptual Framework for Financial Reporting (The Conceptual Framework) 1 January 2020 The adoption of the above standards and framework did not have any effect on the nancial statements of the Group and of the Company. ANNUAL REPORT 2020 197 1 2 3 4 5 6 7 8 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2020