ANNUAL REPORT 2012 - Wawasan TKH Holdings Berhad

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WAWASAN TKH HOLDINGS BERHAD (540218-A) ANNUAL REPORT 2012 095 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 (cont’d) 28. COMMITMENTS (cont’d) (b) Operating lease commitments (i) The Group as lessor The Group has entered into non-cancellable lease arrangements on certain properties for a term of three (3) years. The leases include a clause to enable upward revision of the rental charge on an annual basis depending on prevailing market conditions. Not later than one (1) year Later than one (1) year and not later than five (5) years 29. CONTINGENCIES The Directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement. (a) Guarantees The Company has provided corporate guarantees for credit facilities of certain subsidiaries The Directors are of the view that the chances of the banks to call upon the corporate guarantees are remote. Accordingly, the fair values of the above corporate guarantees given to the subsidiaries for banking facilities are negligible. (b) Filling and leveling obligations (unsecured) As highlighted in the previous financial years, AKI has contingent liabilities, which are not readily ascertainable in respect of filling and leveling obligations stipulated in the Mining Enactment F.M.S. Chapter 147 (‘the Enactment’). The Board of Directors is of the view that there are no contingent liabilities in respect of filling and leveling obligations on these mining leases as AKI has fulfilled its obligations as stipulated in the Enactment. Moreover, the leases on these leasehold mining lands have expired and are currently awaiting the extension from the Mineral and Geosciences Department. As for the mining on the third party land, there are no obligation stipulated in the respective agreement in respect of filling and leveling. 30. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (a) On 24 April 2012, a major shareholder of the Company, namely WTKHSB, exercised 5 million detachable warrants 2008/2013 (‘Warrants’) at exercise price of RM0.21 per Warrant on the basis of one (1) new ordinary share for every one (1) Warrant exercised pursuant to the Deed Poll dated 24 July 2008. The new ordinary shares of RM0.10 each rank pari passu in all respect with the existing shares of the Company. (b) On 14 December 2012, a major shareholder of the Company, namely WTKHSB, exercised 11 million detachable warrants 2008/2013 (‘Warrants’) at exercise price of RM0.21 per Warrant on the basis of one (1) new ordinary share for every one (1) Warrant exercised pursuant to the Deed Poll dated 24 July 2008. The new ordinary shares of RM0.10 each rank pari passu in all respect with the existing shares of the Company
096 WAWASAN TKH HOLDINGS BERHAD (540218-A) ANNUAL REPORT 2012 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012 (cont’d) 31. EXPLANATION OF TRANSITION TO MFRSs The Group and the Company are non-transitioning entities as defined by the MASB, and has adopted the MFRS Framework during the financial year ended 31 December 2012. Accordingly, these are the first financial statements of the Group and of the Company prepared in accordance with MFRSs. The accounting policies set out in Note 4 to the financial statements have been applied in preparing the financial statements of the Group and of the Company for the financial year ended 31 December 2012, as well as comparative information presented in these financial statements for the financial year ended 31 December 2011 and in the preparation of the opening MFRS statements of financial position at 1 January 2011 (the date of transition of the Group to MFRSs). The Group has adjusted amounts previously reported in financial statements that were prepared in accordance with the previous FRS Framework. In preparing the opening statements of financial position at 1 January 2011, an explanation on the impact arising from the transition from FRSs to MFRSs on the Group’s financial position and financial performance is set out as follows: (a) Reconciliation of financial position as at 1 January 2011: Group ASSETS Note Previously reported under FRSs RM’000 Effect on adoption of MFRSs RM’000 Restated under MFRSs RM’000 Non-current assets Property, plant and equipment Intangible assets Trade and other receivables 31(d)(i) 104,224 11,062 584 141 -- 104,365 11,062 584 Current assets Inventories Trade and other receivables Derivative assets Current tax assets Cash and cash equivalents 115.870 8,414 10,520 44 1,170 1,862 141 - - - - - 116,011 8,414 10,520 44 1,170 1,862 22,010 - 22,010 TOTAL ASSETS 137,880 141 138,021 EQUITY AND LIABILITIES Equity attributable to owners of the parent Share capital Reserves Accumulated losses 31(d)(iii) 57,688 32,331 (69,155) - (24,736) 24,841 57,688 7,595 (44,314) TOTAL EQUITY 20,864 105 20,969 LIABILITIES Non-current liabilities Trade and other payables Borrowings Deferred tax liabilities 31(d)(ii) 33,552 27,903 7,319 - - 36 33,552 27,903 7,355 Current liabilities Trade and other payables Derivative liabilities Borrowings Current tax iabilities 68,774 29,793 1 18,434 14 36 - - - - 68,810 29,793 1 18,434 14 48,242 - 48,242 TOTAL LIABILITIES 117,016 36 117,052 TOTAL EQUITY AND LIABILITIES 137,880 141 138,021 There is no impact to the Company’s opening statement of financial position as at 1 January 2011 arising from the transition from FRSs to MFRSs.
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WAWASAN TKH HOLDINGS BERHAD (540218
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002 CORPORATE INFORMATION BOARD OF
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004 CHAIRMAN’S STATEMENT (cont’
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006 DIRECTORS' PROFILE ____________
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008 DIRECTORS' PROFILE (cont’d) Y
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010 STATEMENT ON CORPORATE GOVERNAN
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016 STATEMENT ON RISK MANAGEMENT &
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018 AUDIT COMMITTEE REPORT (cont’
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020 WAWASAN TKH HOLDINGS BERHAD (54
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ANNUAL REPORT 2012 - Wawasan TKH Holdings Berhad

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