ANNUAL REPORT 2008 - KNM Steel Sdn Bhd

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NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 20. Financing costs Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Finance charges/Interest payable on: Bank overdraft 57 1,097 – – Term loans and bridging loan 41,937 2,238 – – Finance lease 25 1 – – CP/MTN 11,647 4,958 – 539 53,666 8,294 – 539 Bank and other charges 10,977 1,581 3 3 64,643 9,875 3 542 21. Tax expense Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Current tax expense Malaysian - current year 9,293 19,451 1,779 18,505 - (over)/under provision in prior year (10,185) (1,842) 153 134 Overseas - current year 75,508 2,302 – – - under provision in prior year 252 – – – 74,868 19,911 1,932 18,639 Deferred tax expense - current year 39,240 8,971 (556) – - under provision in prior year 3,381 – – – 42,621 8,971 (556) – Total tax expense 117,489 28,882 1,376 18,639 KNM GROUP BERHAD 94 ANNUAL REPORT 2008
NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 21. Tax expense (cont’d) Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Profit for the year 336,232 186,476 69,594 82,523 Total tax expense 117,489 28,882 1,376 18,639 Profit excluding tax 453,721 215,358 70,970 101,162 Income tax using Malaysian tax rate of 26% (2007 - 27%) 117,967 58,147 18,452 27,314 Effect of tax rates in foreign jurisdictions* 26,567 (3,962) – – Effect of change in tax rate ** (1,024) (437) 22 – Non-deductible expenses 11,088 2,465 328 15 Tax exempt income (21,452) (12,475) (17,420) (8,824) Tax incentives (12,236) (13,252) – – Effect of tax losses not recognised 3,062 2,444 – – Utilisation of previously unrecognised temporary differences (159) (2,489) (159) – Others 228 283 – – 124,041 30,724 1,223 18,505 (Over)/Under provision in prior year - Current tax expense (9,933) (1,842) 153 134 - Deferred tax expense 3,381 – – – Total tax expense 117,489 28,882 1,376 18,639 * Tax rates in several foreign jurisdictions are different from the tax rates in Malaysia. ** The corporate tax rates are 26% for year of assessment 2008 and 25% for the subsequent years of assessment. Consequently deferred tax assets and liabilities are measured using these tax rates. Tax recognised directly in equity Group 2008 2007 RM’000 RM’000 Reversal of deferred tax liabilities due to changes in tax rate (470) – KNM GROUP BERHAD 95 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
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ANALYSIS OF SHAREHOLDINGS as at 18
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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 (
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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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