WCT-Page 30 to ProxyForm (2.4MB).pdf - Announcements - Bursa ...

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES cont’d 2.2 Changes in accounting policies cont’d FRS 127 : Consolidated and Separate Financial Statements cont’d WCT Berhad (66538-K) annual report 2011 The Group rephrased its minority interests as non-controlling interests and remeasured the non-controlling interests prospectively in accordance with the transitional provisions of the revised FRS 127. The adoption of the revised FRS 127 does not have any impact on the Group’s consolidated financial statements. Amendments to FRS 7: Improving Disclosures about Financial Instruments The amended standard requires enhanced disclosure about fair value measurement and liquidity risk. Fair value measurements related to items recorded at fair value are to be disclosed by source of inputs using a three level fair value hierarchy (Level 1, Level 2 and Level 3), by class, for all financial instruments recognised at fair value. A reconciliation between the beginning and ending balance for Level 3 fair value measurements is required. Any significant transfers between levels of the fair value hierarchy and the reasons for those transfers need to be disclosed. The amendments also clarify the requirements for liquidity risk disclosures with respect to derivative transactions and assets used for liquidity management. The liquidity risk disclosures are not significantly impacted by the amendments and are presented in Note 47(d). IC Interpretation 12: Service Concession Arrangements The new IC Interpretation 12 applies to service concession operators and explains how to account for the obligations undertaken and rights received in service concession arrangements. Consideration given by the grantor to the operator may be rights to a financial asset or an intangible asset. The operator shall recognise a financial asset model to the extent that it has unconditional right to receive cash or another financial asset from or at the discretion of the grantor for the construction services. The operator shall recognise an intangible asset to the extent that it receives a right (a licence) to charge users of the public service. For financial asset model, the amount due from grantor is accounted as receivable under FRS 139, and requires interest calculated using the effective interest method to be recognised in profit or loss. Intangible asset with a finite useful life shall be amortised on a systematic basis over its useful life. Where the operator has contractual obligations to maintain and restore infrastructure that it must fulfill as a condition of its licence, these obligations are recognised and measured at the best estimate of the expenditure that would be required to settle the present obligation at the end of the reporting period. Pursuant to IC Interpretation 12, the Group has applied the Interpretation retrospectively. 83 NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 cont’d
84 WCT Berhad (66538-K) annual report 2011 NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 cont’d 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES cont’d 2.2 Changes in accounting policies cont’d IC Interpretation 12: Service Concession Arrangements cont’d The following are effects arising from the above changes in accounting policies: Consolidated statements of financial position Group Increase/ (decrease) 2011 RM'000 Investment in associates 419 Retained profits 419 Consolidated statements of comprehensive income Share of results of associates (581) Profit before tax (581) Profit for the year (581) The following comparatives have been restated: Consolidated statements of financial position As previously stated Adjustments As restated RM'000 RM'000 RM'000 31 December 2010 Investment in associates 175,966 1,000 176,966 Retained profits 500,914 1,000 501,914 1 January 2010 Investment in associates 181,113 (8,177) 172,936 Retained profits 418,772 (8,177) 410,595 Consolidated statements of comprehensive income Share of results of associates 7,816 9,177 16,993 Profit before tax 257,594 9,177 266,771 Profit for the year 209,645 9,177 218,822 Profit attributable to equity holders of the Company 141,154 9,177 150,331
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30 WCT Berhad (66538-K) annual repo
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Page 30 and 31: financial statements Directors’ R
Page 32 and 33: DIVIDENDS cont’d In respect of th
Page 34 and 35: DIRECTORS' INTERESTS cont’d Taing
Page 36 and 37: ISSUE OF SHARES Ordinary shares WCT
Page 38 and 39: OTHER STATUTORY INFORMATION cont’
Page 40 and 41: REPORT ON THE FINANCIAL STATEMENTS
Page 42 and 43: Non-current assets WCT Berhad (6653
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Page 84 and 85: 4. PROPERTY, PLANT AND EQUIPMENT Fr
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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
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11. CONCESSION ASSETS WCT Berhad (6
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13. TRADE RECEIVABLES cont’d (a)
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13. TRADE RECEIVABLES cont’d (b)
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15. DUE FROM/(TO) RELATED PARTIES c
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19. OTHER PAYABLES WCT Berhad (6653
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20. BORROWINGS cont’d Total borro
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24. TERM LOANS Secured WCT Berhad (
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26. ISLAMIC SERIAL REDEEMABLE BONDS
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29. SHARE CAPITAL WCT Berhad (66538
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29. SHARE CAPITAL cont’d (b) Empl
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29. SHARE CAPITAL cont’d (b) Empl
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29. SHARE CAPITAL cont’d (c) Warr
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30. IRREDEEMABLE CONVERTIBLE PREFER
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32. RESERVES WCT Berhad (66538-K) a
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33. NON�CONTROLLING INTEREST WCT
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34. DEFERRED TAXATION cont’d WCT
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37. OTHER OPERATING INCOME/�LOSS
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39. PROFIT BEFORE TAXATION (a) The
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39. PROFIT BEFORE TAXATION cont’d
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40. TAXATION Tax expense for the ye
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41. EARNINGS PER SHARE (i) Basic WC
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42. DIVIDENDS cont’d Recognised d
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44. OPERATING LEASE ARRANGEMENTS co
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46. CONTINGENT LIABILITIES cont’d
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47. FINANCIAL INSTRUMENTS cont’d
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49. SIGNIFICANT EVENTS During the f
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50. SUBSEQUENT EVENTS cont’d (i)
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51. CONTRACT DISPUTE cont’d State
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52. SEGMENT INFORMATION cont’d Bu
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52. SEGMENT INFORMATION cont’d Ge
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No. Location Description 1. Master
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No. Location Description 7. Seven (
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(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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