NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 41 DIRECTORS’ REMUNERATIONS Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Executive Directors Salaries, wages and bonus 5,958 5,962 2,160 2,160 Defined contribution plan 474 452 260 260 Directors’ fees 120 120 120 120 Directors’ allowances 24 24 24 24 6,576 6,558 2,564 2,564 Non-Executive Directors Directors’ fees 410 410 410 410 Directors’ allowances 192 153 192 153 602 563 602 563 7,178 7,121 3,166 3,127 The estimated monetary value of benefits-in-kind received and receivable by Directors of the Group and the Company are RM76,000 (2021: RM90,000) and RM45,000 (2021: RM45,000) respectively. In addition to the amounts disclosed above, the Group and the Company have made a provision of RM2,400,000 and RM1,080,000 (2021: reversal of RM1,275,000 and a provision of RM1,080,000) respectively for amounts payable to executive directors at the end of their employment for their services to the Group and the Company as part of their employment contract. With this, the total remuneration (including unpaid gratuity provision) amounted to RM9,578,000 and RM4,246,000 (2021: RM5,846,000 and RM4,207,000) for the Group and the Company respectively. 42 CAPITAL COMMITMENTS Capital expenditure as at the reporting date is as follows: Group 2022 2021 RM’000 RM’000 Commitment to acquire property, plant and equipment not provided for in the financial statements: Approved and contracted 14,525 33,891 43 SEGMENTAL ANALYSIS For management purposes, the Group is organised into business units based on their products and services. The Group’s operating segments comprise: (a) Energy solutions services division (formerly known as Oil & Gas division): Pipe coating, pipe manufacturing for the oil and gas industry, building and operating offshore/onshore field development facilities and the provision of highly specialised equipment and services to the power generation, oleochemical and petrochemical industries. (b) Renewable energy division: Supplier and manufacturer of specialised equipment for biomass power plants; such as industrial fans, boilers and turbines that run primarily on biomass fuels. (c) Industrial trading & services division: Trading and distribution of building materials and the manufacturing and trading of industrial pipes for the construction industry. (d) Others: All other units within the Group that do not constitute a separately reportable segment. Annual Report 2022 Wah Seong Corporation Berhad 191
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