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078 SapuraCrest Petroleum Berhad Annual Report 2010 ComPAny CASh Flow StAtement For the year ended 31 January 2010 2010 2009 Rm’000 Rm’000 Cash flows from operating activities Profit before tax 104,395 68,821 Adjustments for: Depreciation of property, plant and equipment 1,250 1,250 Short term accumulating compensated absences 36 19 Gain on disposal of property, plant and equipment — (51) Gain on disposal of investment in an associate company (4,648) — Interest expense 522 529 Dividends income (95,624) (66,070) Interest income (10,801) (11,753) Net unrealised foreign exchange (gain)/loss (219) 511 Operating loss before working capital changes (5,089) (6,744) Net changes in balances with related companies (58,569) (42,587) Decrease/(increase) in other receivables 2,991 (5,764) Increase in other payables 8,211 7,699 Cash used in operating activities (52,456) (47,396) Interest paid (383) (124) Taxes paid (1,823) (1,582) Net cash used in operating activities (54,662) (49,102) Cash flows from investing activities Proceeds from disposal of property, plant and equipment — 51 Purchase of property, plant and equipment (775) (591) Interest received 175 46 Dividends received from subsidiaries 96,821 44,256 Dividend received from an associated company — 1,581 Net cash generated from investing activities 96,221 45,343 Cash flows from financing activities Proceeds from issuance of new shares pursuant to warrants 53,342 16,338 Proceeds from issuance of new shares pursuant to ESOS 6,629 1,955 Repayment of hire purchase creditors (165) (165) Dividends paid (100,198) (17,495) Net cash (used in)/generated from financing activities (40,392) 633 net increase/(decrease) in cash and cash equivalents 1,167 (3,126) Cash and cash equivalents at beginning of year (514) 2,612 Cash and cash equivalents at end of year (note 23) 653 (514) The accompanying notes form an integral part of the financial statements.
noteS to the FinAnCiAl StAtementS 31 January 2010 1. CoRPoRAte inFoRmAtion The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad. The registered office of the Company is located at Sapura @ Mines, No. 7 Jalan Tasik, The Mines Resort City, 43300 Seri Kembangan, Selangor Darul Ehsan. The Company is a member of the Sapura Holdings Sdn. Bhd. Group of companies (“Sapura Group of companies”). Datuk Shahril Shamsuddin and Shahriman Shamsuddin have substantial interests in Sapura Holdings Sdn. Bhd., a substantial shareholder of the Company. The principal activities of the Company are investment holding and provision of management services to its subsidiaries. The principal activities of the subsidiaries are as described in Note 37. There have been no significant changes in the nature of the principal activities during the financial year. The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 12 May 2010. 2. SigniFiCAnt ACCounting PoliCieS 2.1 Basis of preparation The financial statements comply with Financial Reporting Standards and the Companies Act, 1965 in Malaysia. The financial statements of the Group and of the Company have also been prepared on a historical cost basis, other than as disclosed in the accounting policies below. The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand (RM’000) unless otherwise indicated. 2.2 Summary of significant accounting policies (a) Subsidiaries and basis of consolidation (i) Subsidiaries Subsidiaries are entities over which the Group has the ability to control the financial and operating policies so as to obtain benefits from their activities. The existence and effect of the potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group has such power over another entity. In the Company’s separate financial statements, investments in subsidiaries are stated at cost less impairment losses. On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is included in the income statement. (ii) Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the balance sheet date. The financial statements of the subsidiaries are prepared for the same reporting date as the Company. Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. In preparing the consolidated financial statements, intragroup balances, transactions and unrealised gains or losses are eliminated in full. Uniform accounting policies are adopted in the consolidated financial statements for like transactions and events in similar circumstances. 079 SapuraCrest Petroleum Berhad Annual Report 2010
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SapuraCrest Petroleum Berhad (45631
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BUILDING ON VALUES The theme “bui
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Notes: 1. Proxy Forms A member of t
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005 SapuraCrest Petroleum Berhad An
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FINANCIAL HIGHLIGHTS 31 January 200
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100% Sapura Retail Solutions Sdn Bh
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We set high standards of profession
Page 29 and 30: Tan Sri Datuk Amar (Dr.) Hamid Bugo
Page 31 and 32: Appointments held by Datuk Shahril
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Page 35 and 36: MANAGEMENT Chief Executive Officer
Page 38 and 39: 036 SapuraCrest Petroleum Berhad An
Page 44: We will continually build up our kn
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Page 51 and 52: AUDIT COMMITTEE REPORT TERMS OF REF
Page 53 and 54: 5.0 COMMITTEE MEETINGS 5.1 The Comm
Page 55 and 56: SUMMARY OF ACTIVITIES OF THE AUDIT
Page 57 and 58: ADDITIONAL COMPLIANCE INFORMATION P
Page 59 and 60: STATEMENT OF DIRECTORS’ RESPONSIB
Page 62: Financial Statements Director’s R
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Page 71 and 72: Report on other legal and regulator
Page 73 and 74: BAlAnCe SheetS As at 31 January 201
Page 75 and 76: ConSoliDAteD StAtement oF ChAngeS i
Page 77 and 78: ComPAny StAtement oF ChAngeS in equ
Page 79: 2010 2009 Rm’000 Rm’000 Cash fl
Page 83 and 84: 2. SigniFiCAnt ACCounting PoliCieS
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30. iStiSnA’ BonDS AnD muRABAhAh
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31. tRADe AnD otheR PAyABleS Curren
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33. CoRPoRAte guARAnteeS group Comp
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34. RelAteD PARty DiSCloSuReS (Cont
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35. FinAnCiAl inStRumentS (Cont’D
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36. Segment inFoRmAtion (Cont’D)
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36. Segment inFoRmAtion (Cont’D)
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37. SuBSiDiARieS AnD ACtivitieS Det
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37. SuBSiDiARieS AnD ACtivitieS (Co
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ANALYSIS OF SHAREHOLDINGS As at 21
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SUBSTANTIAl SHAREHOlDERS Based on R
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No. Name No. of Shares Held % 23 CH
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PROXY FORM I/We of being a Member o
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