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32. RESERVES WCT Berhad (66538-K) annual report 2011 Group (Restated) Company 2011 2010 2011 2010 Note RM'000 RM'000 RM'000 RM'000 Non-distributable Revaluation reserve (a) 20,653 7,935 2,416 2,416 Other reserve 476 476 - - Capital reserve (b) 2,846 2,846 - - Equity compensation reserve (c) 16,655 16,224 16,655 16,224 Exchange reserve (d) (90,305) (85,730) - - Warrants reserve (e) 87,782 34,688 87,782 34,688 38,107 (23,561) 106,853 53,328 Distributable General reserve (f) 1,438 2,616 - - Retained profits (g) 603,983 501,914 57,125 37,432 The nature and purpose of each category of reserves are as follows: (a) Revaluation reserve 605,421 504,530 57,125 37,432 643,528 480,969 163,978 90,760 The revaluation reserve of the Group and of the Company is used to record changes in fair values of certain freehold land and buildings. (b) Capital reserve Capital reserve of the Group arose from bonus issue of subsidiaries. (c) Equity compensation reserve The equity compensation reserve of the Group and of the Company represents the equity-settled share options granted to employees. This reserve is made up of the cumulative value of services received from employees recorded on grant of share options. (d) Exchange reserve The exchange reserve is used to record exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency. It is also used to record the exchange differences arising from monetary items which form part of the Group’s net investment in foreign operations, where the monetary item is denominated in either the functional currency of the reporting entity or the foreign operation. 159 NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 cont’d
160 WCT Berhad (66538-K) annual report 2011 NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 cont’d 32. RESERVES cont’d (e) Warrant reserve The proceeds from the issue of warrants, net of issue costs, were credited to warrant reserve account which is non-distributable. Warrant reserve will be transferred to the share premium accounts upon the exercise of warrants and the warrant reserve in relation to the unexercised warrants on the expiry date of the exercise period will be transferred to retained earnings. (f) General reserve (i) Under the provisions of the Bahrain Commercial Companies Law, a statutory reserve equivalent to 10% of the subsidiary's net profit before appropriations is required to be transferred to a non-distributable reserve account until no less than 50% of the share capital. (ii) Under the provisions of the India Companies Act, 1956, a statutory reserve equivalent to a certain percentage of the subsidiary's net profit before appropriation is required to be transferred to a non-distributable reserve account before any dividend can be declared or paid. (g) Retained profits Proposed dividend Amount to be transferred to statutory reserve ~ Exceeds 10% but less than 12.5% of paid-up capital Not less than 2.5% of current profits ~ Exceeds 12.5% but less than 15% of paid-up capital Not less than 5% of current profits ~ Exceeds 15% but less than 20% of paid-up capital Not less than 7.5% of current profits ~ Exceeds 20% of paid-up capital Not less than 10% of current profits Prior to 1 January 2008, Malaysian companies adopted the full imputation system. In accordance with the Finance Act, 2007 which was gazetted on 28 December 2007, companies shall not be entitled to deduct tax on dividend paid, credited or distributed to its shareholders, and such dividends will be exempted from tax in the hands of the shareholders ("single tier system"). However, there will be a transitional period of 6 years, expiring on 31 December 2013, to allow companies to pay franked dividends to their shareholders under limited circumstances. Companies also have an irrevocable option to disregard the Section 108 balance and opt to pay dividends under the single tier system. The change in the tax legislation also provides for the Section 108 balance to be locked-in as at 31 December 2007, in accordance with Section 39 of the Finance Act, 2007. The Company did not elect for the irrevocable option to disregard the Section 108 balance. Accordingly, during the transitional period, the Company can utilise the credit in the Section 108 balance as at 31 December 2007, to distribute cash dividend payments to ordinary shareholdings as defined under the Finance Act, 2007. As at 31 December 2010, the Company has sufficient credit in the Section 108 balance to frank dividends out of its entire retained earnings. The Company's Section 108 balance as at 31 December 2011 of RM8,230,858 will be utilised for the proposed final dividend payment of 3.0 sen per ordinary share of RM0.50 each less tax at 25%. The Company will elect for the irrevocable option to disregard the remaining Section 108 balance subsequent to the declaration and payment of final dividend for the financial year ended 31 December 2011. The Company may distribute dividends out of its entire retained earnings as at 31 December 2011 under the single tier system.
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financial statements Directors’ R
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DIVIDENDS cont’d In respect of th
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DIRECTORS' INTERESTS cont’d Taing
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ISSUE OF SHARES Ordinary shares WCT
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OTHER STATUTORY INFORMATION cont’
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REPORT ON THE FINANCIAL STATEMENTS
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Non-current assets WCT Berhad (6653
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WCT Berhad (66538-K) annual report
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Group WCT Berhad (66538-K) annual r
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Company WCT Berhad (66538-K) annual
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Cash flows from investing activitie
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1. CORPORATION INFORMATION WCT Berh
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2. SUMMARY OF SIGNIFICANT ACCOUNTIN
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Page 80 and 81: 3. SIGNIFICANT ACCOUNTING JUDGEMENT
Page 82 and 83: 3. SIGNIFICANT ACCOUNTING JUDGEMENT
Page 84 and 85: 4. PROPERTY, PLANT AND EQUIPMENT Fr
Page 86 and 87: 4. PROPERTY, PLANT AND EQUIPMENT co
Page 88 and 89: 4. PROPERTY, PLANT AND EQUIPMENT co
Page 90 and 91: 5. LAND HELD FOR PROPERTY DEVELOPME
Page 92 and 93: 6. INVESTMENT PROPERTIES WCT Berhad
Page 94 and 95: 7. INVESTMENT IN SUBSIDIARIES cont
Page 96 and 97: 7. INVESTMENT IN SUBSIDIARIES cont
Page 98 and 99: 8. INVESTMENT IN ASSOCIATES WCT Ber
Page 100 and 101: 8. INVESTMENT IN ASSOCIATES cont’
Page 102 and 103: 9. INVESTMENT IN JOINTLY CONTROLLED
Page 104 and 105: 11. CONCESSION ASSETS WCT Berhad (6
Page 106 and 107: 13. TRADE RECEIVABLES cont’d (a)
Page 108 and 109: 13. TRADE RECEIVABLES cont’d (b)
Page 110 and 111: 15. DUE FROM/(TO) RELATED PARTIES c
Page 112 and 113: 19. OTHER PAYABLES WCT Berhad (6653
Page 114 and 115: 20. BORROWINGS cont’d Total borro
Page 116 and 117: 24. TERM LOANS Secured WCT Berhad (
Page 118 and 119: 26. ISLAMIC SERIAL REDEEMABLE BONDS
Page 120 and 121: 29. SHARE CAPITAL WCT Berhad (66538
Page 122 and 123: 29. SHARE CAPITAL cont’d (b) Empl
Page 124 and 125: 29. SHARE CAPITAL cont’d (b) Empl
Page 126 and 127: 29. SHARE CAPITAL cont’d (c) Warr
Page 128 and 129: 30. IRREDEEMABLE CONVERTIBLE PREFER
Page 132 and 133: 33. NON�CONTROLLING INTEREST WCT
Page 134 and 135: 34. DEFERRED TAXATION cont’d WCT
Page 136 and 137: 37. OTHER OPERATING INCOME/�LOSS
Page 138 and 139: 39. PROFIT BEFORE TAXATION (a) The
Page 140 and 141: 39. PROFIT BEFORE TAXATION cont’d
Page 142 and 143: 40. TAXATION Tax expense for the ye
Page 144 and 145: 41. EARNINGS PER SHARE (i) Basic WC
Page 146 and 147: 42. DIVIDENDS cont’d Recognised d
Page 148 and 149: 44. OPERATING LEASE ARRANGEMENTS co
Page 150 and 151: 46. CONTINGENT LIABILITIES cont’d
Page 152 and 153: 47. FINANCIAL INSTRUMENTS cont’d
Page 164 and 165: 49. SIGNIFICANT EVENTS During the f
Page 166 and 167: 50. SUBSEQUENT EVENTS cont’d (i)
Page 168 and 169: 51. CONTRACT DISPUTE cont’d State
Page 170 and 171: 52. SEGMENT INFORMATION cont’d Bu
Page 172 and 173: 52. SEGMENT INFORMATION cont’d Ge
Page 174 and 175: No. Location Description 1. Master
Page 176 and 177: No. Location Description 7. Seven (
Page 178 and 179: (2) Thirty Largest Shareholders con
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(2) Thirty Largest ICPS Holders WCT
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(2) Thirty Largest Warrants Holders
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(2) Thirty Largest Warrants Holders
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(2) Directors’ Interests in Warra
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WCT Berhad (66538-K) annual report
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Meeting : 31st Annual General Meeti
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I/We WCT Berhad (66538-K) (Incorpor
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IXORA CAMELLIA Double-storey bungal
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