Content2011 - PETRONAS Gas Berhad

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Notes to the Financial Statements 31 MarCh 2011 1. Basis of Preparation (Continued) 144 petronas gas berhad (101671-h) 1.1 Statement of compliance (Continued) xv) Amendment to FRS 132, Financial Instruments: Presentation (Puttable Financial Instruments and Obligations Arising on Liquidation/ Separation of Compound Instruments); xvi) Amendment to FRS 134, Interim Financial Reporting; xvii) Amendment to FRS 136, Impairment of Asset; and xviii) Amendments to FRS 139, FRS 7 and IC Interpretation 9, Financial Instruments: Recognition and Measurement; Financial Instruments: Disclosures; and Reassessment of Embedded Derivatives. The adoption of the above FRSs and Amendments to FRSs other than FRS 8, FRS 101 and FRS 117 do not have any impact on these financial statements. The principal changes in accounting policies and its effects resulting from the adoption of FRS 101, FRS 8 and FRS 117 are set out in Note 27 and Note 34 respectively. The Malaysian Accounting Standards Board (MASB) has also issued new pronouncement comprising FRSs, Statement of Interpretations and Amendments to FRSs and Statement of Interpretations, which are not yet effective for the Group and the Company. These pronouncements including their impact on the financial statements in the period of initial application are set out in Note 36. New pronouncements that are not relevant to the operations of the Group and the Company are set out in Note 37. The financial statements were approved and authorised for issue by the Board of Directors on 11 May 2011. 1.2 Basis of measurement The financial statements of the Group and the Company have been prepared on the historical cost basis, unless otherwise stated. The methods used to measure fair value are stated in Note 2.8 (iv). 1.3 Functional and presentation currency The individual financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The Group and the Company’s financial statements are presented in Ringgit Malaysia (RM), which is also the Company’s functional currency. All financial information presented in RM has been rounded to the nearest thousand, unless otherwise stated. 1.4 Use of estimates and judgements The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.
Notes to the Financial Statements 31 MarCh 2011 1. Basis of Preparation (Continued) 1.4 Use of estimates and judgements (Continued) 145 annUaL report 2011 In particular, information about signifi cant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most signifi cant effect on the amount recognised in the fi nancial statements are described in the following notes: i) Note 3 : Property, Plant and Equipment; ii) Note 16 : Deferred Tax; and iii) Note 32 : Financial Instruments. 2. Signifi cant Accounting Policies The accounting policies set out below have been applied consistently to all periods presented in these fi nancial statements, and have been applied consistently by Group entities, unless otherwise stated. 2.1 Basis of consolidation A subsidiary is an entity controlled by the Company. Control exists when the Company has the power, directly or indirectly, to govern the fi nancial and operating policies of an entity so as to obtain benefi ts from its activities. The fi nancial statements of the subsidiary are included in the consolidated fi nancial statements from the date that control commences until the date that control ceases. All inter-company transactions are eliminated on consolidation and revenue and profi ts relate to external transactions only. Unrealised losses resulting from inter-company transactions are also eliminated unless cost cannot be recovered. Acquisitions of subsidiaries are accounted for using the purchase method. The purchase method of accounting involves allocating the cost of the acquisition to the fair value of the assets acquired and liabilities and contingent liabilities assumed at the date of acquisition. The cost of an acquisition is measured as the aggregate of the fair values, at the date of exchange, of the assets given, liabilities incurred or assumed, and equity instruments issued, plus any costs directly attributable to the acquisition. Any excess of the cost of the acquisition over the Group’s interest in the net fair value of the identifi able assets, liabilities and contingent liabilities represents goodwill. Any excess of the Group’s interest in the net fair value of the identifi able assets, liabilities and contingent liabilities over the cost of acquisition is recognised immediately in profi t or loss. Minority interests at the reporting date, being the portion of the net assets of the subsidiary attributable to equity interests that is not owned by the Company, whether directly or indirectly through the subsidiary, is presented in the consolidated statement of fi nancial position and statement of changes in equity within equity, separately from equity attributable to the equity shareholders of the Company. Minority interests in the results of the Group are presented on the face of the consolidated statement of comprehensive income as an allocation of the total profi t or loss for the year between minority interests and the equity shareholders of the Company.
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ANNUAL REPORT 2011 In 2011, PGB is
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Our Vision, Mission and Shared Valu
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Our Vision A World Class Gas and Ut
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The Sabah-Sarawak Gas Pipeline (SSG
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2,982.3 2007 1,281.2 1,247.0 2007 9
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Corporate Information Our Operation
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Gas Processing Plant Operations Div
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Miri Pipeline System Network Bintul
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Corporate and Management Directory
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Dato’ N. Sadasivan s/o N.N. Pilla
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Samsudin bin Miskon, a Malaysian ag
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Muri bin Muhammad, a Malaysian aged
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Lau Nai Tuang, a Malaysian aged 53,
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Farehana binti Hanapiah, a Malaysia
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Karima binti M Noor General Manager
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Karima binti Mohd Noor General Mana
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Muhamed Ali bin Hashim Mohamed Mana
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Ahmad Nawawi bin Mohd Yatim General
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Liza binti Mustapha Liza, aged 40,
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Performance Review Q&A with the Cha
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39 annual report 2011 The Board of
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41 annual report 2011 PGB’s entry
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43 annual report 2011 The company i
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Clear and precise communication bet
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47 annual report 2011 The Company c
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49 annUaL report 2011 CEO’s Busin
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GATEWAY TO THE NEXT HORIZON Unlocki
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mainly attributable to the enhanced
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KIMANIS POWER PLANT Power Play - Fl
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We can have the best equipment, the
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monumental success in spite of them
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Due to PGB’s extensive experience
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Apart from the Chairmanship, the ye
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Comparison between 3 rd Term GPTA a
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stAtements of ComPrehensive inCome
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Earnings Per Share and Net Dividend
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Performance of Shares For the Year
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Drive + Innovation + Technology = P
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75 annual report 2011
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Awards and Achievements With collec
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79 annUaL report 2011 Corporate Res
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Sustainability - The PGB Way As a r
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PGB continues to invest for the fut
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Engagement with international and d
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This includes the annual ACD assess
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The Company’s training programmes
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The regular monitoring sessions are
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Page 99 and 100: The green initiative used pilot 3R
Page 101 and 102: AWARDS AND RECOGNITIONS RECEIVED To
Page 103 and 104: Apart from these, the students were
Page 105 and 106: A total of 65 CSR activities were c
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Page 109 and 110: H 6 SepteMber 2010 A CSR programme
Page 111 and 112: M N O 12 JANuAry 2011 To test the C
Page 113 and 114: 111 annual report 2011 Corporate Go
Page 115 and 116: As at the date of this report, the
Page 117 and 118: . Supply of and Access to Informati
Page 119 and 120: Fees for certain directors appointe
Page 121 and 122: ACCOuntAbIlIty And AudIt 1. Financi
Page 123 and 124: Risk management is fi rmly embedded
Page 125 and 126: Health, Safety and Environment (HSE
Page 127 and 128: • The Company’s organisational
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Page 133 and 134: Statement of Directors’ Responsib
Page 135 and 136: Financial Statements 133 annUaL rep
Page 137 and 138: Directors’ Report For the Year en
Page 139 and 140: Directors’ Report For the Year en
Page 141 and 142: Statements of Financial Position at
Page 143 and 144: Statement of Changes in Equity For
Page 145: Notes to the Financial Statements 3
Page 149 and 150: Notes to the Financial Statements 3
Page 195 and 196: Report of the Auditors to the MeMbe
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Other Information 195 annUaL report
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197 annUaL report 2011 A summary of
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Training Programmes Attended by Dir
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Analysis of Shareholdings as at 31
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Analysis of Shareholdings as at 31
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Corporate Directory PETRONAS Gas Be
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Notice of Annual General Meeting No
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