ANNUAL REPORT 2008 - KNM Steel Sdn Bhd

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NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 17. Payables and accruals Group Company Note 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Trade Trade payables 17.1 328,542 199,053 – – Amount due to contract customers (Note 12.2) 162,102 24,322 – – 490,644 223,375 – – Non-trade Related parties 17.2 14,882 13,792 - - Other payables 91,496 36,984 640 46 Accrued expenses 105,589 35,956 2,491 744 Share application monies – 272 – 272 211,967 87,004 3,131 1,062 702,611 310,379 3,131 1,062 17.1 Analysis of foreign currency exposure for significant payables Significant payables outstanding at year end that are not in the functional currencies of the Group entities are as follows: Group Functional Foreign 2008 2007 currency currency RM’000 RM’000 USD RM 42,107 17,573 USD AUD 1,037 1,356 USD EUR 17,298 213 USD GBP 318 65 USD SGD 7,221 3,944 USD CHF 1,221 – EUR NOK 843 199 EUR AED 4,448 353 EUR USD 9,910 14,155 EUR CAD 234 56 EUR GBP 456 604 EUR CHF 268 46 EUR SGD 119 22 EUR MYR 6,180 12,428 EUR JPY – 858 AED USD 37 162 AED EUR – 885 AED GBP – 38 17.2 Related parties The amounts due to related parties are unsecured, interest free and with no fixed term of repayment. KNM GROUP BERHAD 90 ANNUAL REPORT 2008
NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 18. Employee benefits Equity compensation benefits Employees’ Share Option Scheme On 22 July 2004, the shareholders of the Company approved a share option programme that entitles employees to purchase shares in the Company. On 7 December 2005 and 27 March 2008, a further grant on similar terms was offered to employees. In accordance with these programmes, the options are exercisable based on the weighted average market price of the Shares as shown in the daily official list issued by Bursa Malaysia Securities Berhad for the five (5) Market Days immediately preceding the date of offer subject to a discount of not more than ten percent (10%) at the date of grant. Additionally, 15,127,000 share option arrangements granted and vested before 1 January 2005 exist. As allowed by the transitional provisions in FRS 2, the recognition and measurement principles in FRS 2 have not been applied to these options granted since it was granted and vested before 1 January 2005. The terms and conditions of the grants are as follows; all options are to be settled by physical delivery of shares: Number of Contractual instruments life of Grant date ’000 Vesting conditions options Option granted on 25.08.2004* 15,127 Employees in service on 5 years grant date Option granted on 7.12.2005 5,034 Employees in service 4 years throughout the option period Option granted on 27.03.2008 300 Employee in service on grant date 1 year Total share options 20,461 * The recognition and measurement principles in FRS 2 have not been applied to these grants as they were granted and vested prior to the effective date of FRS 2. The number and weighted average exercise prices of share options are as follows: Weighted Weighted average Number average Number exercise of options exercise of options price (’000) price (’000) 2008 2008 2007 2007 Outstanding at 1 January 0.29 23,638 1.18 9,631 Granted during the year 4.58 300 – – Lapsed during the year 0.27 (327) 0.88 (145) Exercised during the year 0.41 (9,768) 0.36 (12,143) Bonus issue during the year 0.25 32,403 0.29 8,765 Share split during the year – – 0.29 17,530 Outstanding at 31 December 0.25 46,246 0.29 23,638 KNM GROUP BERHAD 91 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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AUDIT COMMITTEE REPORT (CONT’D) 2
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AUDIT COMMITTEE REPORT (CONT’D) (
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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 91: 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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