!" CORPORATE#INFORMATION Tropicana!Corporation!Berhad!(“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!o2ce!and!principal!place!of!business!of!the!Company!is!located!at!Unit! $+#$&!Level!$+&!Tropicana!Gardens!O2ce!Tower&!No'!"A&!Persiaran!Surian&!Tropicana!Indah&!10,$#!Petaling!Jaya&!Selangor!Darul!Ehsan' The!principal!activities!of!the!Company!are!investment!holding!and!provision!of!management!services'!The!principal!activities!of!the! subsidiaries&!associate!and!joint!ventures!are!disclosed!in!Notes!$,&!$-!and!"#!respectively'!There!have!been!no!significant!changes!in!the! nature!of!these!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! "-!April!"#"1' $" MATERIAL#ACCOUNTING#POLICY#INFORMATION +*# Basis!of!preparation The!financial!statements!of!the!Group!and!of!the!Company!have!been!prepared!in!accordance!with!the!Malaysian!Financial!Reporting! Standards!(“MFRS”)&!International!Financial!Reporting!Standards!(“IFRS”)!and!the!requirements!of!the!Companies!Act!"#$%!in!Malaysia'!!!! The!financial!statements!have!been!prepared!on!the!historical!cost!basis!except!as!disclosed!in!the!accounting!policies!below' The!financial!statements!are!presented!in!Ringgit!Malaysia!(“RM”)!and!all!values!are!rounded!to!the!nearest!thousand!(RM’###)!except! when!otherwise!indicated' The!Group!recorded!loss!before!tax!of!RM$##%&###!and!the!Company!recorded!profit!before!tax!of!RM%"&+#/&###!respectively'!In! the!previous!financial!year&!the!Group!and!the!Company!recorded!loss!before!tax!of!RM10"&+%#&###!and!RM+$&0+,&###!respectively'!In! particular&!as!disclosed!in!Note!+"&!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&!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!+$!December!"#"1'! These!conditions!may!a(ect!the!ability!of!the!Group!and!of!the!Company!to!meet!its!financial!obligations!as!and!when!they!fall!due'!! In!response!to!the!aforementioned&!the!Group!and!the!Company!have!executed!several!actions!to!address!the!cash!flow!requirements'! The!directors!have!prepared!a!cash!flow!forecast!as!part!of!the!assessment!on!whether!the!Group!and!the!Company!will!be!able! to!meet!their!loan!repayment!obligations!for!the!next!twelve!months!after!the!reporting!date!and!to!continue!as!a!going!concern'! Critical!to!the!going!concern!assessment!are!the!directors’!expectations!to!achieve!the!following)! - Estimated!net!cash!inflow!forecasted!to!be!generated!from!its!operating!activities!and!disposal!of!identified!assets!during!the! financial!year!ending!"#"1* - Secure!additional!loans!from!banks!amounted!to!RM"##!million*!and - Utilisation! of! available! undrawn! credit! facilities! (including! additional! project! financing! for! certain! development! projects! as! forecasted)!of!RM/%-!million' On!top!of!the!above&!the!directors!believe!they!have!the!ability!to!utilise!the!following!financial!facilities&!if!necessary&!to!meet!its! financial!obligations!as!and!when!they!fall!due)! - Issuance!of!the!additional!tranches!under!the!Perpetual!Sukuk!Program!up!to!RM$'+!billion*!and ! - Reissuance!of!Sukuk!Wakalah!facility!up!to!RM"$#!million' Based!on!the!cash!flow!forecast!which!incorporates!the!actions!taken!to!date&!the!directors!concluded!that!there!is!no!material! uncertainty!on!the!Group’s!and!the!Company’s!ability!to!continue!as!going!concerns'!The!directors!have!accordingly!prepared!the! financial!statements!of!the!Group!and!of!the!Company!on!a!going!concern!basis' NOTES TO THE FINANCIAL STATEMENTS FOR!THE!FINANCIAL!YEAR!ENDED!'$!DECEMBER!"%"' 196 ANNUAL REPORT 2023
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