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086 SapuraCrest Petroleum Berhad Annual Report 2010 noteS to the FinAnCiAl StAtementS 31 January 2010 2. SigniFiCAnt ACCounting PoliCieS (Cont’D) 2.2 Summary of significant accounting policies (cont’d) (l) employee benefits (cont’d) (ii) Defined contribution plans Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities or funds and will have no legal or constructive obligation to pay further contributions if any of the funds do not hold sufficient assets to pay all employee benefits relating to employee services in the current and preceding financial years. Such contributions are recognised as an expense in the profit or loss as incurred. As required by law, companies in Malaysia make such contributions to the Employees Provident Fund (“EPF”). Some of the Group’s foreign subsidiaries also make contributions to their respective countries’ statutory pension schemes. (iii) Share-based compensation The Company’s Employee Share Options Scheme (“ESOS”), an equity-settled, share-based compensation plan, allows the Group’s employees to acquire ordinary shares of the Company. The total fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in the share option reserve within equity over the vesting period and taking into account the probability that the options will vest. The fair value of share options is measured at grant date, taking into account, if any, the market vesting conditions upon which the options were granted but excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable on vesting date. At each balance sheet date, the Group revises its estimates of the number of options that are expected to become exercisable on vesting date. It recognises the impact of the revision of original estimates, if any, in the profit or loss, and a corresponding adjustment to equity over the remaining vesting period. The equity amount is recognised in the share option reserve until the option is exercised, upon which it will be transferred to share premium, or until the option expires, upon which it will be transferred directly to retained profits. The proceeds received net of any directly attributable transaction costs are credited to share capital when the options are exercised. (m) Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognised. (i) Revenue from services Revenue from services is recognised net of service taxes and discounts as and when the services are performed. (ii) Construction contracts Revenue from construction contracts is accounted for by the stage of completion method, as described in Note 2.2(f). (iii) interest income Interest income is recognised on accrual basis using the effective interest method. (iv) Dividend income Dividend income is recognised when the Group’s right to receive payment is established. (v) Rental income Rental income is recognised on an accrual basis.
2. SigniFiCAnt ACCounting PoliCieS (Cont’D) 2.2 Summary of significant accounting policies (cont’d) (m) Revenue recognition (cont’d) (vi) management fees Management fees are recognised when services are rendered. (vii) hire revenue Revenue earned on the hire of equipment and employees is accounted for on an accrual basis. (n) Foreign Currencies (i) Functional and presentation currency The individual financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in Ringgit Malaysia (RM), which is also the Company’s functional currency. (ii) Foreign currency transactions In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency (foreign currencies) are recorded in the functional currencies using the exchange rates prevailing at the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are translated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not translated. Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are included in profit or loss for the period except for exchange differences arising on monetary items that form part of the Group’s net investment in foreign operations. These are initially taken directly to the foreign currency translation reserve within equity until the disposal of the foreign operations, at which time they are recognised in income statement. Exchange differences arising on monetary items that form part of the Company’s net investment in foreign operations are recognised in income statement in the Company’s separate financial statements or the individual financial statements of the foreign operations, as appropriate. Exchange differences arising on the translation of non-monetary items carried at fair value are included in profit or loss for the period except for the differences arising on the translation of non-monetary items in respect of which gains and losses are recognised directly in equity. Exchange differences arising from such non-monetary items are also recognised directly in equity. (iii) Foreign operations The results and financial position of foreign operations that have a functional currency different from the presentation currency (RM) of the consolidated financial statements are translated into RM as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rate prevailing at the balance sheet date; • Income and expenses for each income statement are translated at average exchange rates for the year, which approximates the exchange rates at the dates of the transactions; and 087 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
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Tan Sri Datuk Amar (Dr.) Hamid Bugo
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Appointments held by Datuk Shahril
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Gee Siew Yoong (Independent Non-Exe
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MANAGEMENT Chief Executive Officer
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Page 51 and 52: AUDIT COMMITTEE REPORT TERMS OF REF
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Page 59 and 60: STATEMENT OF DIRECTORS’ RESPONSIB
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Page 73 and 74: BAlAnCe SheetS As at 31 January 201
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Page 81 and 82: noteS to the FinAnCiAl StAtementS 3
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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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