ANNUAL REPORT 2008 - KNM Steel Sdn Bhd

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NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 9. Deferred tax assets and liabilities Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: Group Assets Liabilities Net 2008 2007 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Property, plant and equipment – 37 (16,259) (8,965) (16,259) (8,928) Revaluation – – (317,320) (46,070) (317,320) (46,070) Provisions 11,433 2,311 – – 11,433 2,311 Other items 857 – (80,780) (1,329) (79,923) (1,329) Tax loss carry-forward 9,059 37,825 – – 9,059 37,825 Tax assets/(liabilities) 21,349 40,173 (414,359) (56,364) (393,010) (16,191) Set off of tax 15,002 (2,509) (15,002) 2,509 – – Net tax assets/(liabilities) 36,351 37,664 (429,361) (53,855) (393,010) (16,191) Company Provisions 556 – – – 556 – The unutilised tax losses do not expire under current tax legislation except for unutilised tax losses of RM28,664,000 (2007 - RM36,502,000) relating to an overseas subsidiary which will expire after 5 years under the legislation of that country. No deferred tax has been recognised for the following item: Group 2008 2007 RM’000 RM’000 Tax loss carry-forward 49,517 36,497 Unutilised capital allowances 27 – The deductible temporary differences do not expire under current tax legislation unless there is a substantial change in shareholders (more than 50%). If there is substantial change in shareholders, unutilised tax losses and unutilised capital allowances amounting to RM202,000 (2007 - RM233,000) and RM27,000 (2007- Nil) respectively will not be available to the Group. Deferred tax assets have not been recognised in respect of unutilised tax losses and unutilised capital allowances above because it is not probable that future taxable profit will be available against which the Group can utilise the benefits there from. KNM GROUP BERHAD 80 ANNUAL REPORT 2008
NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 9. Deferred tax assets and liabilities (cont’d) Movement in temporary differences during the year Group Recognised Recognised Acquired in income Acquired in income Recognised in business Effect of At statement in business At statement in equity combinations movements in At 1.1.2007 (Note 21) combinations 31.12.2007 (Note 21) (Note 21) (Note 32.1) exchange rates 31.12.2008 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Property, plant and equipment (7,658) (1,270) – (8,928) (7,331) – – – (16,259) Revaluation (48,569) 2,441 58 (46,070) – 470 (271,720) – (317,320) Provisions 3,778 (1,467) – 2,311 9,122 – – – 11,433 Other items 1,172 (2,501) – (1,329) (15,646) – (66,530) 3,582 (79,923) Tax loss carry-forward 43,999 (6,174) – 37,825 (28,766) – – – 9,059 (7,278) (8,971) 58 (16,191) (42,621) 470 (338,250) 3,582 (393,010) Company Provisions – – – – 556 – – – 556 10. Amount due from subsidiaries The amount due from subsidiaries relates to advances, is unsecured, interest free and is not repayable within the next twelve months. 11. Inventories Group 2008 2007 RM’000 RM’000 At cost: Raw materials 39,108 37,877 Tools and consumables 22,248 14,865 Work in progress 3,966 – Merchandise for resale 1,810 – Finished goods 1,448 – 68,580 52,742 At net realisable value: Raw materials 19,221 3,243 Tools and consumables 9,365 6,200 97,166 62,185 KNM GROUP BERHAD 81 ANNUAL REPORT 2008
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KNM GROUP BERHAD (521348-H) World C
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CONTENTS 2 Corporate Information 3
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CORPORATE STRUCTURE AS AT 18 MAY 20
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Malaysia China Canada USA Brazil Au
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CHAIRMAN'S MESSAGE (CONT’D) FINAN
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CHAIRMAN'S MESSAGE (CONT’D) GLOBA
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5-YEAR GROUP FINANCIAL HIGHLIGHTS K
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PROFILE OF DIRECTORS DATO’ MOHAMA
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PROFILE OF DIRECTORS (CONT’D) LEE
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CORPORATE GOVERNANCE STATEMENT The
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CORPORATE GOVERNANCE STATEMENT (CON
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Page 31 and 32: CORPORATE GOVERNANCE STATEMENT (CON
Page 33 and 34: CORPORATE GOVERNANCE STATEMENT (CON
Page 35 and 36: AUDIT COMMITTEE REPORT (CONT’D) 2
Page 37 and 38: AUDIT COMMITTEE REPORT (CONT’D) (
Page 39 and 40: STATEMENT ON INTERNAL CONTROL The B
Page 41 and 42: ANALYSIS OF SHAREHOLDINGS as at 18
Page 43 and 44: ANALYSIS OF SHAREHOLDINGS as at 18
Page 45 and 46: LIST OF MAJOR PROPERTIES OWNED BY T
Page 47 and 48: DIRECTORS’ REPORT for year ended
Page 49 and 50: DIRECTORS’ REPORT (CONT’D) Dire
Page 51 and 52: DIRECTORS’ REPORT (CONT’D) Opti
Page 53 and 54: BALANCE SHEETS AT 31 DECEMBER 2008
Page 55 and 56: INCOME STATEMENTS FOR THE YEAR ENDE
Page 57 and 58: CONSOLIDATED STATEMENT OF CHANGES I
Page 59 and 60: CASH FLOW STATEMENTS FOR THE YEAR E
Page 61 and 62: CASH FLOW STATEMENTS FOR THE YEAR E
Page 63 and 64: NOTES TO THE FINANCIAL STATEMENTS (
Page 81: NOTES TO THE FINANCIAL STATEMENTS (
Page 121 and 122: INDEPENDENT AUDITORS’ REPORT TO T
Page 123 and 124: NOTICE OF ANNUAL GENERAL MEETING NO
Page 125 and 126: NOTICE OF ANNUAL GENERAL MEETING (C
Page 127 and 128: KNM GROUP BERHAD (Company No. 52134
Page 129: (521348-H)
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ANNUAL REPORT 2008 - KNM Steel Sdn Bhd

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