Amtel Holdings Berhad - Company Announcements - Bursa Malaysia

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27. TAXATION (CONT’D) GROUP COMPANY 2003 2002 2003 2002 RM RM RM RM Balance brought down 63,269 833,499 (312,700) (76,700) Tax effects arising from:- Non taxable revenue (786,976) (545,362) (500) (2,700) Depreciation of non-qualifying property, plant and equipment 133,094 108,616 25,000 19,000 Expenses not deductible for tax purposes 438,559 318,587 47,800 12,600 Double deduction of expenses (2,700) (3,800) - - Deferred tax assets not recognised during the year 338,613 213,821 240,400 47,800 Utilisation of previously unrecognised unabsorbed business loss (900) (70,000) - - Utilisation of previously unrecognised unabsorbed capital allowances - (226,000) - - Utilisation of current year’s tax losses 19,000 - - - Overprovision of deferred tax liability in prior year (200) (54,100) - - Share of associated companies taxes 364,094 515,427 - - Underprovision/(Overprovision) in prior year 94,054 63,530 8,320 (11,490) 659,907 1,154,218 8,320 (11,490) There is no tax charge during the year for the Company due to operating loss incurred. The Company has an estimated tax exempt income account of RM653,000/- (2002 : RM653,000/-) available for distribution by way of tax exempt dividend, subject to agreement by the Inland Revenue Board. The tax exempt income is in respect of chargeable income waived in accordance with the Income Tax (Amendment) Act 1999. The Company has an estimated unutilised tax losses and unabsorbed capital allowances of RM910,000/- (2002 : RM116,000/-) and RM960,000/- (2002 : RM892,000/-) respectively, subject to agreement by the Inland Revenue Board, available for set-off against future taxable profits. The Company has an estimated tax credit of RM2,136,300/- (2002 : RM2,136,300/-) under Section 108 of the Income Tax Act, 1967, to frank future payment of dividends of approximately RM5,493,000/- (2002 : RM5,493,000/-), without incurring additional tax liability, subject to agreement by the Inland Revenue Board. The Group has an estimated unutilised tax losses and unabsorbed capital allowances of RM26,416,000/- (2002 : RM25,560,000/-) and RM2,675,000/- (2002 : RM3,807,000/-) respectively, subject to agreement by the Inland Revenue Board, available for set-off against future taxable profits. 28. EARNINGS PER ORDINARY SHARE NOTES TO THE FINANCIAL STATEMENTS (Cont’d) The earnings per ordinary share of the Group is calculated based on the profit after taxation and minority interests of RM109,887/- (2002 : RM1,806,120/-) divided by the number of ordinary shares of RM1/- each in issue of 41,866,667 (2002 : 41,866,667 after adjustment for bonus issue) ordinary shares of RM1/- each. Amtel Holdings Berhad 2003 annual report 59
60 NOTES TO THE FINANCIAL STATEMENTS (Cont’d) 29. PRIOR YEAR ADJUSTMENT Previously, deferred taxation was provided in respect of all temporary differences except where it is thought reasonable that the tax effects of such deferrals will continue in the foreseeable future and deferred tax assets were not recognised unless there was a reasonable expectation of realisation in the near future. During the financial year, the Group changed its accounting policy on income taxes following the adoption of MASB 25 to recognise all temporary differences except where the temporary difference arises on initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit (tax loss) and where there will be insufficient taxable income in the foreseeable future against which deferred tax assets can be utilised. The effects of this change in accounting policy were applied retrospectively through prior year adjustments as follows:- As Effect of Previously Change in As Reported Policy Restated RM RM RM GROUP At 1 December, 2001 Balance Sheet - Interest in associated companies 7,516,678 28,170 7,544,848 - Deferred tax assets - 1,188,000 1,188,000 - Accumulated losses (10,904,240) 1,216,170 (9,688,070) At 30 November, 2002 Balance Sheet - Interest in associated companies 9,192,023 33,373 9,225,396 - Deferred tax assets - 1,010,000 1,010,000 - Accumulated losses (8,925,323) 1,043,373 (7,881,950) At 30 November, 2002 Income Statement - Taxation (981,421) (172,797) (1,154,218) - Net profit for the year 1,978,917 (172,797) 1,806,120 30. DISPOSAL OF A SUBSIDIARY COMPANY The subsidiary company, Amscope Corporation Sdn. Bhd. ("ACSB"), was disposed of on 11 November, 2002. (i) Effect On Consolidated Income Statements The results of the subsidiary company incorporated into the consolidated results of the Group for the previous period up to the effective date of disposal was as follow:- GROUP 2003 2002 RM RM Revenue - - Cost of sales - - Gross profit - - Other operating revenue - 121,583 Selling and distribution costs - - Administrative costs - (8,071) Other operating costs - (1,950) - (10,021) Profit from operations carried down - 111,562 Amtel Holdings Berhad 2003 annual report
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2003 Annual Report Amtel Holdings B
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2 Notice of the Seventh Annual Gene
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4 Statement Accompanying Notice of
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6 Profile of Directors Amtel Holdin
Page 9 and 10: 8 Amtel Holdings Berhad 2003 annual
Page 11 and 12: 10 Amtel Holdings Berhad 2003 annua
Page 17 and 18: 16 Chairman’s Statement It gives
Page 23 and 24: 22 Statement of Internal Control Am
Page 27 and 28: 26 DIRECTORS’ REPORT The Director
Page 29 and 30: 28 DIRECTORS OF THE COMPANY (CONT
Page 31 and 32: 30 REPORT OF THE AUDITORS to the me
Page 33 and 34: 32 BALANCE SHEETS (Cont’d) GROUP
Page 35 and 36: 34 STATEMENTS OF CHANGES IN EQUITY
Page 37 and 38: 36 CASH FLOW STATEMENTS (Cont’d)
Page 39 and 40: 38 NOTES TO THE FINANCIAL STATEMENT
Page 59: 58 NOTES TO THE FINANCIAL STATEMENT
Page 75 and 76: 74 LIST OF PROPERTIES (Cont’d) Ap
Page 77 and 78: 76 LIST OF PROPERTIES (Cont’d) Ap
Page 79 and 80: 78 ANALYSIS OF SHAREHOLDINGS as at
Page 81 and 82: 80 ANALYSIS OF SHAREHOLDINGS (Cont
Page 83 and 84: Then fold here First fold here Amte
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Amtel Holdings Berhad - Company Announcements - Bursa Malaysia

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