DELEUM BERHAD UNISON IN DIVERSITY - ChartNexus

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74 Unison in Diversity Notes to the Financial Statements (continued) 31 December 2009 2 FINANCIAL RISK MANAGEMENT POLICIES (continued) Liquidity and cash flow risks The Group has sufficient cash and bank balances and maintains standby credit lines to ensure availability of funding to meet operational requirements. 3 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS Estimates and judgments are continually evaluated by the Directors and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (i) Critical accounting estimates and assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, rarely equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below. Taxation Significant judgment is required in determining the provision for income taxes. There are transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for tax based on estimates of assessment of the tax liability due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions, where applicable, in the period in which such determination is made. (ii) Critical judgment in applying the Group’s accounting policies In determining and applying accounting policies, judgment is often required in respect of items where the choice of specific policy could materially affect the reported results and financial position of the Group. The following accounting policies require subjective judgment. (a) Functional currency The consolidated financial statements are prepared in the functional currency of the Group of Ringgit Malaysia, which is the currency of the primary economic environment in which the Group operates. Factors considered by management when determining the functional currency for subsidiaries include the competitive forces and regulations affecting the sales price, the currency used to acquire raw materials, labour, services and supplies, and sources of financing. Based on the factors considered, the Group has determined that Ringgit Malaysia is the functional currency for all its subsidiaries in Malaysia. (b) Revenue recognition The Group measures its revenues based on the gross inflow of economic benefits received or receivable. In determining whether revenues are recognised on a gross basis, management considers whether: • the Group has latitude, within economic constraints, to set transaction terms with customers including selling price and payment terms; • part of the services provided to customers are rendered by the Group; and • the Group assumes risks associated with ownership, such as price risks, credit risks and contractual risks. If any of the above criteria is not met, only the marketing fee earned on the sale is recognised as revenue.
Notes to the Financial Statements (continued) 31 December 2009 4 SEGMENTAL REPORTING The Group is organised into three main business segments: Deleum Berhad Annual Report 2009 75 • Specialised Equipment and Services – Mainly consists of provision of subsea production development, gas turbine packages and umbilicals. • Oilfield Equipment and Services – Mainly consists of provision of wireline and wellhead equipment and related services, offshore drilling rig operations, gas turbine overhaul, supply of gas turbine parts and other oilfield equipment and technical services. • Oilfield Chemicals and Services – Development and provision of solid deposit removal solutions and speciality chemicals. Other operations of the Group comprise mainly investment holding. (a) Primary reporting format - business segments For the financial year ended 31 December 2009 Oilfield Specialised Oilfield chemicals equipment equipment and and services and services services Others Eliminations Group RM RM RM RM RM RM Revenue External revenue 229,901,166 283,964,957 426,795 0 0 514,292,918 Intersegment revenue 0 14,595,943 0 0 (14,595,943) 0 Total revenue 229,901,166 298,560,900 426,795 0 (14,595,943) 514,292,918 Results Segment results 24,727,287 28,019,939 (538,035) 699,531 0 52,908,722 Unallocated corporate expenses (15,593,887) Finance cost Share of results of (1,278,890) associates 9,650,912 Tax expense (9,952,749) Profit for the financial year 35,734,108
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DELEUM BERHAD UNISON IN DIVERSITY - ChartNexus

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