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Statements of Changes in Equity (cont’d) For the financial year ended 31 December 2011 Company Non-distributable Distributable Share Share Revaluation Hedging Retained Total equity capital premium reserve AFS reserve reserve earnings Note RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 At 1 January 2011 157,295 75,000 – 5,108 – 712 76,475 Total comprehensive income 37,801 – – – – (801) 38,602 Issue of ordinary shares 30 104,187 25,000 79,187 – – – – Share issuance expense 30 (4,521) – (4,521) – – – – Realisation of revaluation reserve 31 – – – (88) – – 88 Dividend on ordinary shares 14 (11,250) – – – – – (11,250) At 31 December 2011 283,512 100,000 74,666 5,020 – (89) 103,915 At 1 January 2010 268,273 75,000 – 4,426 (354) (1,721) 190,922 Total comprehensive income (109,291) – – 682 354 2,433 (112,760) Dividend on ordinary shares 14 (1,687) – – – – – (1,687) At 31 December 2010 157,295 75,000 – 5,108 – 712 76,475 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 81
Statements of Cash Flows For the financial year ended 31 December 2011 Group Company Note 2011 2010 2011 2010 RM’000 RM’000 RM’000 RM’000 Operating activities Profit/(Loss) before tax Adjustments for: 91,132 (78,463) 62,837 (96,022) Amortisation of intangible assets Amortisation of deferred mine development and 17 176 558 – – deferred exploration and evaluation expenditure 21 29,698 12,563 – – Amortisation of land lease payments 16 74 71 – – Bad debts written-off 10 7,471 37 9 37 Decrease in impairment of investment in subsidiaries Deferred exploration and evaluation expenditure 11 – – – (135) written-off 10 – 2,654 – – Depreciation 15 13,618 16,466 1,448 1,092 Dividend income received from an associate 5 – – (28) (28) Dividend income received from subsidiaries Fair value changes in ineffective portion of derivatives designated as hedging instruments in 5 – – (41,382) (5,445) cash flow hedge 7 509 (3,751) 509 (212) Fair value changes in interest rate swap Loss/(Gain) on disposal of property, plant and 7 (510) 546 (510) 546 equipment 7 825 (20) (123) – Impairment of goodwill 17 – 5,188 – – Impairment of property, plant and equipment 15 – 2,013 – – Impairment of receivables 10 14,808 2,854 8,936 5,932 Impairment on mining assets 21 – 56,357 – – Impairment of investment in associates 11 8,442 96,638 10,654 135,414 Impairment of investment securities Impairment of non-current asset classified as held 10,11 16,631 472 16,631 472 for sale 11 – – 810 – Interest expense 9 23,904 22,234 20,945 18,555 Interest income Net (gain)/loss on disposal of investment in 6 (12,967) (6,374) (15,143) (9,171) associates Net loss on disposal of disposal group classified as – (3,705) – 178 held for sale 11 254 – 13,545 – Property, plant & equipment written-off Provision for mine rehabilitation and severance 10 94 – 1 – benefits 27 28,162 14,399 – – Revaluation deficit on property 10 – 265 – – Reversal of impairment of receivables Share of results of associates and jointly 7 – (104) – (104) controlled entity (24,692) (4,382) – – Unrealised loss/(gain) on exchange 1,288 (3,200) (2,072) 4,888 82 Building on Success: Developing Resources for the Future
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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
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Directors’ Profile (cont’d) 16
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Statement by the Chairman 18 Buildi
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Statement by the Chairman (cont’d
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Group Chief Executive Officer/Execu
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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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