INDEPENDENT AUDITORS’ REPORT TO!THE!MEMBERS!OF!TROPICANA!CORPORATION!BERHAD!(INCORPORATED!IN!MALAYSIA) REPORT!ON!THE!AUDIT!OF!THE!FINANCIAL!STATEMENTS Opinion We!have!audited!the!financial!statements!of!Tropicana!Corporation!Berhad&!which!comprise!the!statements!of!financial!position!as!at!+$! December!"#"+!of!the!Group!and!of!the!Company&!and!the!statements!of!comprehensive!income&!statements!of!changes!in!equity!and! statements!of!cash!flows!of!the!Group!and!of!the!Company!for!the!year!then!ended&!and!notes!to!the!financial!statements&!including!material! accounting!policy!information&!as!set!out!on!pages!$,/!to!+##' In!our!opinion&!the!accompanying!financial!statements!give!a!true!and!fair!view!of!the!financial!position!of!the!Group!and!of!the!Company!as! at!+$!December!"#"+&!and!of!their!financial!performance!and!their!cash!flows!for!the!year!then!ended!in!accordance!with!Malaysian!Financial! Reporting!Standards&!International!Financial!Reporting!Standards!and!the!requirements!of!the!Companies!Act!"#$%!in!Malaysia' BASIS!FOR!OPINION We! conducted! our! audit! in! accordance! with! approved! standards! on! auditing! in! Malaysia! and! International! Standards! on! Auditing'! Our! responsibilities!under!those!standards!are!further!described!in!the!Auditors’!responsibilities!for!the!audit!of!the!financial!statements!section!of! our!report'!We!believe!that!the!audit!evidence!we!have!obtained!is!su2cient!and!appropriate!to!provide!a!basis!for!our!audit!opinion' INDEPENDENCE!AND!OTHER!ETHICAL!RESPONSIBILITIES We!are!independent!of!the!Group!and!of!the!Company!in!accordance!with!the!By-Laws!(on!Professional!Ethics&!Conduct!and!Practice)!of! the!Malaysian!Institute!of!Accountants!(“By-Laws”)!and!the!International!Code!of!Ethics!for!Professional!Accountants!(including!International! Independence!Standards)!(“IESBA!Code”)&!and!we!have!fulfilled!our!other!ethical!responsibilities!in!accordance!with!the!By-Laws!and!the! IESBA!Code' KEY!AUDIT!MATTERS Key!audit!matters!are!those!matters!that&!in!our!professional!judgement&!were!of!most!significance!in!our!audit!of!the!financial!statements!of! the!Group!and!of!the!Company!for!the!current!year'!We!have!determined!that!there!are!no!key!audit!matters!to!communicate!in!our!report! on!the!financial!statements!of!the!Company'!The!key!audit!matters!for!the!audit!of!the!financial!statements!of!the!Group!are!described!below'! These!matters!were!addressed!in!the!context!of!our!audit!of!the!financial!statements!of!the!Group!as!a!whole&!and!in!forming!our!opinion! thereon&!and!we!do!not!provide!a!separate!opinion!on!these!matters'!For!each!matter!below&!our!description!of!how!our!audit!addressed!the! matter!is!provided!in!that!context' We!have!fulfilled!the!responsibilities!described!in!the!Auditors’!responsibilities!for!the!audit!of!the!financial!statements!section!of!our!report&! including!in!relation!to!these!matters'!Accordingly&!our!audit!included!the!performance!of!procedures!designed!to!respond!to!our!assessment! of!the!risks!of!material!misstatement!of!the!financial!statements'!The!results!of!our!audit!procedures&!including!the!procedures!performed!to! address!the!matters!below&!provide!the!basis!of!our!audit!opinion!on!the!accompanying!financial!statements' Going!concern!assessment As!disclosed!in!Note!+"!to!the!financial!statements&!the!Group!and!the!Company!have!obligations!to!repay!the!Tranche!%!of!Sukuk!Wakalah!of! RM$$#!million!in!June!"#"1'!In!addition&!term!loans!amounting!to!RM,--!million!and!other!short!term!borrowings!amounting!to!RM+/-!million! will!be!due!for!repayment!throughout!financial!year!ending!+$!December!"#"1'! 178 ANNUAL REPORT 2023
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