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Wah Seong Corporation Berhad Annual Report 2021

WASEONG AR2021 1
ABOUT US 3
Vision, Mission 3
Core Values 4
Corporate Profile 5
Worldwide Operation 6
Corporate Information 7
THE YEAR IN BRIEF 8
Financial Highlights 8
Corporate Calendar 9
Sustainability Statement 11
FROM THE BOARD OF DIRECTORS AND KEY SENIOR MANAGEMENT 36
Management Discussion and Analysis 36
Profile of the Board of Directors 43
Profile of the Key Senior Management 47
GOVERNANCE 52
Audit Committee 52
Remuneration Committee 57
Nomination Committee 60
Corporate Governance Overview Statement 65
Additional Compliance Information 81
Statement on Risk Management and Internal Control 82
Statement of Directors’ Responsibility 85
FINANCIAL STATEMENTS 86
Audited Financial Statements 86
Directors’ Report 87
Statement by Directors 91
Statutory Declaration 91
Independent Auditors’ Report 92
Statements of Financial Position 97
Statements of Profit Or Loss 99
Statements of Other Comprehensive Income 100
Consolidated Statement of Changes In Equity 101
Company Statement of Changes In Equity 102
Statements of Cash Flows 103
Notes to the Financial Statements 107
GENERAL INFORMATION 107
SIGNIFICANT ACCOUNTING POLICIES 107
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS 127
PROPERTY, PLANT AND EQUIPMENT 129
LEASES 133
INVESTMENT PROPERTIES 135
GOODWILL AND OTHER INTANGIBLE ASSETS 136
DEFERRED TAX ASSETS/(LIABILITIES) 138
INVESTMENT IN SUBSIDIARIES 139
INVESTMENT IN ASSOCIATES 150
INVESTMENT IN JOINT VENTURES 155
FINANCE LEASE RECEIVABLES 160
CONTRACT ASSETS/(LIABILITIES) 161
INVESTMENT IN EQUITY INSTRUMENTS 162
INVENTORIES 162
TRADE AND OTHER RECEIVABLES 162
AMOUNTS OWING BY/(TO) SUBSIDIARIES 165
AMOUNTS OWING BY/(TO) ASSOCIATES 167
AMOUNTS OWING BY/(TO) JOINT VENTURES 168
DERIVATIVE FINANCIAL ASSETS/(LIABILITIES) 169
TIME DEPOSITS 170
CASH AND BANK BALANCES 170
ASSETS CLASSIFIED AS HELD FOR SALE 171
SHARE CAPITAL 172
TREASURY SHARES 172
TRADE AND OTHER PAYABLES 173
LOANS AND BORROWINGS 175
PROVISION FOR WARRANTIES 177
GROSS REVENUE 177
COST OF SALES 178
OTHER (LOSSES)/GAINS - NET 178
PROFIT/(LOSS) FROM OPERATIONS 178
FINANCE COSTS 180
TAX EXPENSE/(CREDIT) 180
LOSS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY 181
DIVIDENDS 182
DISPOSAL OF SUBSIDIARIES 182
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 184
SIGNIFICANT RELATED PARTY DISCLOSURES 185
STAFF COSTS 187
DIRECTORS’ REMUNERATIONS 188
CAPITAL COMMITMENTS 188
SEGMENTAL ANALYSIS 188
FINANCIAL INSTRUMENTS BY CATEGORY 193
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 194
FAIR VALUES OF FINANCIAL INSTRUMENTS 201
CAPITAL MANAGEMENT 202
ADDITIONAL INFORMATION 203
Summary of Significant Recurrent Related Party Transactions 203
Top 10 List of Properties 205
Analysis of Shareholdings 207
Notice of Twenty-Second Annual General Meeting 210
Statement Accompanying Notice of Twenty-Second Annual General Meeting 217

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