$" MATERIAL#ACCOUNTING#POLICY#INFORMATION#(CONT’D") +*#) Cash!and!cash!equivalents Cash!and!bank!balances!comprise!cash!at!banks&!cash!in!hand!and!short-term!deposits!with!a!maturity!of!three!months!or!less!that! are!readily!convertible!to!known!amounts!of!cash!and!are!subject!to!an!insignificant!risk!of!changes!in!value'! For!the!purpose!of!statements!of!cash!flows&!cash!and!cash!equivalents&!if!any&!consist!of!cash!and!bank!balances&!net!of!outstanding! bank!overdrafts!and!exclude!sinking!fund&!debt!service!reserve&!escrow!accounts!and!short-term!deposits!pledged!to!secure!banking! facilities' +*#' Share!capital!and!Sukuk!Musharakah!(“Perpetual!bond”) Ordinary!shares!are!recorded!at!the!nominal!value'!Interim!dividends!to!shareholders!are!recognised!in!equity!in!the!period!in!which! they!are!declared'!Final!dividends!are!recognised!upon!approval!of!shareholders!in!a!general!meeting'! Perpetual!bond!is!classified!as!equity!when!there!is!no!contractual!obligation!to!deliver!cash!or!other!financial!assets!to!another! person!or!entity'!Perpetual!bond!holders’!entitlement!is!accounted!for!as!an!appropriation!in!equity!and!the!distribution!is!recognised! in!the!period!in!which!it!is!paid'! +*#& Irredeemable!convertible!preference!shares!(“ICPS”) ICPS!is!a!financial!instrument!that!contains!both!a!liability!and!an!equity!component!that!can!be!converted!to!share!capital!at!the! option!of!the!holder&!when!the!number!of!shares!to!be!issued!does!not!vary!with!changes!in!their!fair!value' The!proceeds!are!first!allocated!to!the!liability!component&!determined!based!on!the!fair!value!of!a!similar!liability!that!does!not! have!a!conversion!feature!or!similar!associated!equity!component'!Any!directly!attributable!transaction!costs!are!allocated!to!the! liability!and!equity!components!in!proportion!to!their!initial!carrying!amounts' Subsequent!to!initial!recognition&!the!liability!component!of!the!ICPS!is!measured!at!amortised!cost!using!the!e(ective!interest! method'!The!equity!component!of!the!ICPS!is!not!remeasured!subsequent!to!initial!recognition'! Interest!and!losses!and!gains!relating!to!the!ICPS!is!recognised!in!profit!or!loss'!On!conversion&!the!ICPS!is!reclassified!to!equity&!no! gain!or!loss!is!recognised!on!conversion'! +*#( Biological!assets Biological!assets!are!measured!on!initial!recognition!and!at!subsequent!reporting!dates!at!fair!value!less!estimated!costs!to!sell&! unless!fair!value!cannot!be!reliably!measured'!Changes!in!fair!value!are!recognised!in!profit!or!loss!as!part!of!cost!of!sales'!Costs! related!to!growing!the!biological!assets!and!harvesting!the!biological!assets!are!expensed!as!incurred' +*#. Subsidiaries In!the!Company’s!separate!financial!statements&!investments!in!subsidiaries!are!accounted!for!at!cost!less!impairment!losses'!On! disposal!of!such!investments&!the!di(erence!between!net!disposal!proceeds!and!their!carrying!amounts!is!included!in!profit!or!loss'! NOTES TO THE FINANCIAL STATEMENTS FOR!THE!FINANCIAL!YEAR!ENDED!'$!DECEMBER!"%"' 202 ANNUAL REPORT 2023
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