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Contents Directors’ Report 68 Statement by Directors 72 Statutory Declaration 72 Independent Auditors’ Report 73 Income Statements 75 Statements of Comprehensive Income 76 Statements of Financial Position 77 Statements of Changes in Equity 79 Statements of Cash Flows 82 Notes to the Financial Statements 85 Supplementary information - breakdown of retained profits into realised and unrealised 174
Directors’ Report The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2011. Principal activities The principal activities of the Company are investment holding and the smelting of tin concentrates and tin bearing materials, the production of various grades of refined tin metal under the MSC brand name and the sales and delivery of refined tin metal and by-products. The principal activities of the subsidiaries, associates and jointly controlled entity are set out in Notes 18 and 19 to the financial statements respectively. There have been no significant changes in the nature of the principal activities during the financial year. Results 68 Building on Success: Developing Resources for the Future Group Company RM’000 RM’000 Profit net of tax 56,656 38,602 Profit attributable to: Owners of the Company 60,523 38,602 Non-controlling interests (3,867) – 56,656 38,602 There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the statements of changes in equity. In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature other than the exceptional losses, stated in the income statement as disclosed in Note 11 to the financial statements. Dividends The amounts of dividends paid by the Company since 31 December 2010 were as follows: In respect of the financial year ended 31 December 2010 as reported in the directors’ report of that year: RM’000 Final dividend of 3 sen less 25% tax per share on 100,000,000 ordinary shares, paid on 12 May 2011 2,250 In respect of the financial year ended 31 December 2011: Interim dividend of 12 sen less 25% tax per share on 100,000,000 ordinary shares, paid on 28 September 2011 9,000 11,250 Subject to the approval of the members at the forthcoming Annual General Meeting of the Company, the directors recommend the payment of a final dividend of 18 sen per ordinary share less 25% tax, totalling RM13.5 million net for the financial year ended 31 December 2011. The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be accounted for in shareholders’ equity as an appropriation of retained earnings in the financial year ending 31 December 2012.
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ANNUAL REPORT 2011 Building on Succ
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viSion To be a successful world-cla
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Corporate Profile Malaysia Smelting
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Corporate Profile (cont’d) For of
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Notice of Annual General Meeting NO
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Group Financial Highlights 10 Build
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Board of Directors From left to rig
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Directors’ Profile 14 Building on
Page 17 and 18: Directors’ Profile (cont’d) 16
Page 19 and 20: Statement by the Chairman 18 Buildi
Page 21 and 22: Statement by the Chairman (cont’d
Page 23 and 24: Group Chief Executive Officer/Execu
Page 33 and 34: Securing the Future (cont’d) 32 B
Page 35 and 36: Securing the Future (cont’d) Ore
Page 37 and 38: Tin Market Review 2011-2012 (cont
Page 39 and 40: Tin Market Review 2011-2012 (cont
Page 41 and 42: New Opportunities for Tin Use (cont
Page 47 and 48: Corporate Social Responsibility (co
Page 49 and 50: Corporate Social Responsibility (co
Page 51 and 52: Statement on Corporate Governance (
Page 61 and 62: Audit Committee (cont’d) 3. Quoru
Page 63 and 64: Audit Committee Report Membership T
Page 65 and 66: Audit Committee Report (cont’d) I
Page 67: Statement on Internal Control (cont
Page 71 and 72: Directors’ Report (cont’d) Dire
Page 73 and 74: Statement by Directors Pursuant to
Page 75 and 76: Independent Auditors’ Report (con
Page 77 and 78: Statements of Comprehensive Income
Page 79 and 80: Statements of Financial Position (c
Page 81 and 82: Statements of Changes in Equity For
Page 83 and 84: Statements of Cash Flows For the fi
Page 85 and 86: Notes to the Financial Statements (
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Notes to the Financial Statements (
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Supplementary information 44. Break
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List of Properties of the Group 31
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Tin Statistics (cont’d) 178 Produ
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Shareholding Statistics as at 21 Ma
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Shareholding Statistics (cont’d)
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184 To: The Company Secretary MALAY
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