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088 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) (n) Foreign Currencies (cont’d) (iii) Foreign operations (cont’d) • All resulting exchange differences are taken to the foreign currency translation reserve within equity. Goodwill and fair value adjustments arising on the acquisition of foreign operations on or after 1 January 2006 are treated as assets and liabilities of the foreign operations and are recorded in the functional currency of the foreign operations and translated at the closing rate at the balance sheet date. Goodwill and fair value adjustments which arose on the acquisition of foreign subsidiaries before 1 January 2006 are deemed to be assets and liabilities of the parent company and are recorded in RM at the rates prevailing at the date of acquisition. (o) Financial instruments Financial instruments are recognised in the balance sheet when the Group has become a party to the contractual provisions of the instrument. Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. Interest, dividends, and gains and losses relating to a financial instrument classified as a liability, are reported as expense or income. Distributions to holders of financial instruments classified as equity are charged directly to equity. Financial instruments are offset when the Group has a legally enforceable right to offset and intends to settle either on a net basis or to realise the asset and settle the liability simultaneously. (i) Cash and cash equivalents For the purposes of the cash flow statements, cash and cash equivalents include cash on hand and at bank, deposits at call and short term highly liquid investments which have an insignificant risk of changes in value, net of outstanding bank overdrafts. (ii) other non-current investments Non-current investments other than investments in subsidiaries, associates and jointly controlled entities are stated at cost less impairment losses. On disposal of an investment, the difference between net disposal proceeds and its carrying amount is recognised in income statement. (iii) Receivables Receivables are carried at anticipated realisable values. Bad debts are written off when identified. An estimate is made for doubtful debts based on a review of all outstanding amounts as at the balance sheet date. (iv) Payables Payables are stated at the fair value of the consideration to be paid in the future for goods and services received. (v) interest-bearing loans and borrowings All loans and borrowings are initially recognised at the fair value of the consideration received less directly attributable transaction costs. After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised costs using the effective interest method. (vi) equity instruments Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in which they are declared.
2. SigniFiCAnt ACCounting PoliCieS (Cont’D) 2.2 Summary of significant accounting policies (cont’d) (o) Financial instrumentt (cont’d) (vi) equity instruments (cont’d) The transactions costs of an equity transaction are accounted for as a deduction from equity, net of tax. Equity transaction costs comprise only those incremental external costs directly attributable to the equity transaction which would otherwise have been avoided. (vii) Derivative financial instruments Derivative financial instruments are not recognised in the financial statements. interest rate swap contract: Net differentials in interest receipt and payments arising from interest rate swap contracts are recognised as interest income or expense in the profit or loss over the period of contract. (p) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. 2.3 Standards and interpretation issued but not yet effective At the date of authorisation of these financial statements, the following new FRSs and Interpretations were issued but not yet effective and have not been applied by the Group and the Company: effective for financial periods beginning on or after 1 July 2009: FRS 8 Operating Segments effective for financial periods beginning on or after 1 January 2010: FRS 4 Insurance Contracts FRS 7 Financial Instruments: Disclosures FRS 101 Presentation of Financial Statements (revised) RS 123 Borrowing Costs FRS 139 Financial Instruments: Recognition and Measurement Amendments to FRS 1 and First-time Adoption of Financial Reporting Standards and Consolidated and Separate FRS 127 Financial Statements: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate Amendments to FRS 2 Share-based Payment: Vesting Conditions and Cancellations Amendments to FRS 132 Financial Instruments: Presentation 089 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 40 and 41: 038 SapuraCrest Petroleum Berhad An
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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
Page 65 and 66: DiviDenDS (Cont’D) In respect of
Page 67 and 68: iSSue oF ShAReS (a) During the fina
Page 69 and 70: StAtement By DiReCtoRS Pursuant to
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 and 80: 2010 2009 Rm’000 Rm’000 Cash fl
Page 81 and 82: noteS to the FinAnCiAl StAtementS 3
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Page 97 and 98: 7. PRoFit BeFoRe tAX (Cont’D) gro
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Page 105 and 106: 13. PRoPeRty, PlAnt AnD equiPment (
Page 107 and 108: 13. PRoPeRty, PlAnt AnD equiPment (
Page 109 and 110: 14. intAngiBle ASSetS (Cont’D) im
Page 111 and 112: 16. inveStmentS in ASSoCiAteS (Cont
Page 113 and 114: 17. inveStmentS in Jointly ContRoll
Page 115 and 116: 18. DeFeRReD tAX (Cont’D) The com
Page 117 and 118: 18. DeFeRReD tAX (Cont’D) Deferre
Page 119 and 120: 21. tRADe AnD otheR ReCeivABleS (Co
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Page 123 and 124: 24. ShARe CAPitAl AnD ShARe PRemium
Page 125 and 126: 25. emPloyee BeneFitS (Cont’D) em
Page 127 and 128: 27. Amount Due to SuBSiDiARieS Curr
Page 129 and 130: 28. BoRRowingS (Cont’D.) maturity
Page 131 and 132: 30. iStiSnA’ BonDS AnD muRABAhAh
Page 133 and 134: 31. tRADe AnD otheR PAyABleS Curren
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Page 137 and 138: 34. RelAteD PARty DiSCloSuReS (Cont
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35. FinAnCiAl inStRumentS (Cont’D
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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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