ANNUAL REPORT 2012 - Wawasan TKH Holdings Berhad

More documents

Recommendations

Info

WAWASAN TKH HOLDINGS BERHAD (540218-A) ANNUAL REPORT 2012 081 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 (cont’d) 24. RELATED PARTY DISCLOSURES (a) Identities of related parties Parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other parties. The Company has controlling related party relationship with its direct and indirect subsidiaries. The related parties and their relationships with the Group as at 31 December 2012 are as follows: Name of related parties Wawasan TKH Sdn. Bhd. Relationship Corporate shareholder and a company in which certain Directors of the Company have substantial financial interests. Asia Experience Sdn. Bhd. ) Companies in which certain Directors of the Clear Expertise Sdn. Bhd. ) Company have substantial financial interests. PST Travel Services Sdn. Bhd. ) TKH Manufacturing Sdn. Bhd. ) Xilouette Manufacturer Sdn. Bhd. ) Xixili Intima Sdn. Bhd. ) (b) In addition to the transactions and balances detailed elsewhere in the financial statements, the Group and the Company had the following transactions with related parties during the financial year: Subsidiaries Advances to Interest receivable Interest payable Management fees receivable 2012 RM’000 - - - - Group 2011 RM’000 - - - - 2012 RM’000 4,540 158 62 374 Company 2011 RM’000 1,304 312 163 614 Related parties Advances from Interest payable Waiver of advances owing to Insurance brokerage commission Flight tickets paid or payable Sale of raw materials Rental income Purchase of motor vehicle Sale of office equipment 1,104 158 2,000 78 55 - 449 - - 3,670 2,513 - 64 49 217 10 66 2 1,104 158 2,000 - - - - - - 3,670 2,513 - - - - - - The Directors are of the opinion that the terms and conditions and prices of the above transactions are not materially different from those obtainable from transactions with unrelated parties.
082 WAWASAN TKH HOLDINGS BERHAD (540218-A) ANNUAL REPORT 2012 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 (cont’d) 24. RELATED PARTY DISCLOSURES (cont’d) (c) Compensation of key management personnel Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the entity, directly and indirectly, including any Director (whether executive or otherwise) of the Group and the Company. The remunerations of Directors and other key management personnel during the financial year are as follows: Group Company 2012 2011 2012 2011 RM’000 RM’000 RM’000 RM’000 Directors’ remuneration - fees - other emoluments 105 27 105 1,058 90 27 90 923 Other key management personnel - short term employee benefits 132 1,690 1,163 2,002 117 466 1,013 532 1,822 3,165 583 1,545 25. OPERATING SEGMENTS The Group has arrived at three (3) reportable segments that are organised and managed separately according to the nature of products and services, specific expertise and technologies requirements, which requires different business and marketing strategies. The reportable segments are summarised as follows: (i) Investment holding (ii) Manufacturing disposable foodwares (iii) Mining The Group’s chief operating decision maker monitors the operating results of its business units separately for the purpose of making decisions on resource allocation and performance assessment. The accounting policies of operating segments are the same as those described in the summary of significant accounting policies. The Group evaluates performance on the basis of profit or loss from operations before tax excluding non-recurring losses such as restructuring costs and goodwill impairment. Inter-segment revenue is priced on an arm’s length basis and is eliminated in the consolidated financial statements. These policies have been applied consistently throughout the current and previous financial years. Segment assets exclude tax assets. Segment liabilities exclude tax liabilities and deferred tax liabilities. Even though loans and borrowings arise from financing activities rather than operating activities, they are allocated to the segments based on funding requirements. Details are provided in the reconciliations from segment assets and liabilities to the position of the Group.
Page 1 and 2:
WAWASAN TKH HOLDINGS BERHAD (540218
Page 3 and 4:
002 CORPORATE INFORMATION BOARD OF
Page 5 and 6:
004 CHAIRMAN’S STATEMENT (cont’
Page 7 and 8:
006 DIRECTORS' PROFILE ____________
Page 9 and 10:
008 DIRECTORS' PROFILE (cont’d) Y
Page 11 and 12:
010 STATEMENT ON CORPORATE GOVERNAN
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
016 STATEMENT ON RISK MANAGEMENT &
Page 19 and 20:
018 AUDIT COMMITTEE REPORT (cont’
Page 21 and 22:
020 WAWASAN TKH HOLDINGS BERHAD (54
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32: 030 WAWASAN TKH HOLDINGS BERHAD (54
Page 81: 080 WAWASAN TKH HOLDINGS BERHAD (54
Page 113: FOLD THIS FLAP FOR SEALING FOLD HER
show all

ANNUAL REPORT 2012 - Wawasan TKH Holdings Berhad

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?