Notes to the Financial Statements - Cahaya Mata Sarawak Bhd

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156 Notes to the Financial Statements For the fi nancial year ended 31 December 2011 41. Related party transactions (contd.) (a) Sales and purchases of goods and services (contd.) (i) One of the directors of the Company, Dato Sri Mahmud Abu Bekir Taib, through his 15.65% (2010: 15.65%) equity interest in Achi Jaya Communication Sdn. Bhd. (“AJC”), has an interest in a contract for the supply of telecommunication equipment and services to the Group. During the fi nancial year, the Group purchased telecommunication equipment and received services of RM19,473 (2010: RM31,526) from AJC. There was an outstanding amount of RM7,991 (2010: RM18,059) with AJC at the reporting date. (ii) The Group has transacted with Satria Realty Sdn. Bhd., a company controlled by Majaharta Sdn. Bhd. (a major shareholder of the Company) which in turn is controlled by Datin Hanifah Hajar Taib and Jamilah Hamidah Taib (major shareholders of the Company and persons connected to Dato Sri Mahmud Abu Bekir Taib and Datuk Syed Ahmad Alwee Alsree), for the provision of offi ce rental to the Group for an amount of RM908,081 (2010: RM920,086). No balance with the company was outstanding at the reporting date (2010: Nil). (iii) The Group has transacted with Centigrade Resources Sdn. Bhd. (”CR”), a subsidiary of Satria Realty Sdn. Bhd., for the provision of offi ce upkeep services to the Group for an amount of RM683,126 (2010: RM687,939). There was an outstanding amount of RM37,085 (2010: RM4,511) with CR at the reporting date. (iv) The Group has entered into a contract with KTA (Sarawak) Sdn. Bhd. (“KTA”), a fi rm of which the brother of one of the directors of the Company, Datu Michael Ting Kuok Ngie @ Ting Kok Ngie has 20% direct interest, for the provision of engineering consultancy services to the Group for an amount of RM5,771 (2010: RM394,448). There was no outstanding balance with KTA at the reporting date (2010: Nil). (v) The Group has incurred food and refreshments expenditure with Borneo Isthmus Development Sdn. Bhd. (“BID”), a company of which one of the directors of the Company, Dato Sri Mahmud Abu Bekir Taib, has relationship by virtue of his directorship. During the fi nancial year, the Group incurred an amount of RM120,676 (2010: RM41,212) with BID. There was no outstanding balance with BID at the reporting date (2010: Nil). (vi) During the year, the Group has not incurred any expenses relating to management advisory services and accommodation with AGI Asset Management Ltd. (“AGI”), a fi rm controlled by a director of a former subsidiary, Ian Tham Khean Hin (2010: RM226,542). There was no outstanding balance with AGI at the reporting date (2010: Nil). (vii) One of the directors of a subsidiary company, Azam Azman, by virtue of his directorship in Opus Asset Management Sdn. Bhd. (“OPUS”), has interest in a contract for the provision of investment management services to the Group for an amount of RM160,930 (2010: RM161,260). There was an outstanding amount of RM27,342 (2010: RM26,358) with OPUS at the reporting date. (viii) One of the directors of a subsidiary company, Azam Azman, by virtue of his directorship in Opus Capital Sdn. Bhd. (“OPUSCAP”), has interest in a contract for the provision of advisory services to the Group for an amount of RM127,200 (2010: RM42,000). There was no outstanding balance with OPUSCAP at the reporting date (2010: Nil). Cahya Mata Sarawak Berhad
41. Related party transactions (contd.) Notes to the Financial Statements For the fi nancial year ended 31 December 2011 (b) Compensation of key management personnel The remuneration of directors and other members of key management during the year was as follows: Group Company 2011 2010 2011 2010 RM’000 RM’000 RM’000 RM’000 Short-term employee benefi ts 6,576 6,767 4,494 5,039 Defi ned contribution plan 789 718 539 533 Share-based payments 1,370 872 924 588 8,735 8,357 5,957 6,160 During the previous fi nancial year, 1,950,000 share options were granted to two of the Company’s executive directors under the ESOS at an exercise price of RM2.20 each. 42. Fair value of fi nancial instruments (a) Determination of fair value The following methods and assumptions are used to estimate the fair value of each class of fi nancial instruments for which it is practicable to estimate that value: (i) Cash and bank deposits, other receivables and other payables The carrying amounts of these balances approximate their fair values due to the relatively short term nature of these fi nancial instruments. (ii) Trade receivables and trade payables The carrying amounts of trade receivables and trade payables approximate their fair values because they are subject to normal trade credit terms. (iii) Amounts due from/to related companies The carrying values of amounts due from/to related companies in current assets and current liabilities approximate their fair values due to the short term nature. No disclosure of fair value is made for non-current amounts due from/to related companies as it is not practicable to determine their fair values with suffi cient reliability since these balances have no fi xed terms of repayment. (iv) Investment securities The fair values of quoted investment securities are determined by reference to their stock exchange quoted closing bid price at the end of the reporting period. The unquoted investment securities do not have quoted market prices in an active market nor are there other methods of reasonably estimating the fair values readily available. It is not practicable to estimate the fair values with suffi cient reliability without incurring excessive costs. (v) Bank borrowings and term loan The carrying values of bank borrowings and term loan approximate their fair values as they bear interest rates which approximate the current incremental borrowing rates for similar types of lending and borrowing arrangements. Annual Report 2011 157
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Playing Our Role In Nation-building
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CONTENTS 2 3 4 8 13 14 15 20 Perfor
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Revenue (RM’000) Profi t before t
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“ Dear Shareholders, Group Chairm
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Whilst the opportunities for the Gr
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10 Mar 4 May 19 May 26 May 27 Jun 2
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24 Feb 1 Jul 19 Oct 30 Nov 24 Feb 1
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Board of Directors Tan Sri Dato’
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Y Bhg Dato’ Richard Alexander Joh
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Y Bhg Datu Michael Ting Kuok Ngie M
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DAVID LING KOAH WI Group General Co
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Segmental Analysis Segment Revenue
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Clinker CMS Cement owns East Malays
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Quarrying CMS Quarries Sdn Bhd and
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Construction & Road Maintenance The
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The Isthmus Property Development Th
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Education CMS Education Sdn Bhd own
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Strategic Investment: K&N Kenanga H
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CORPORATE RESPONSIBILITY
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Engagement & Communication Performa
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CMS Concrete Products Clay bricks m
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CMS Employees Volunteer in ‘Doing
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CSR Highlights Saving Lives Health
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Statement of Corporate Governance T
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Employees’ Share Option Scheme (
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Prior to each Board meeting, the Di
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Statement of Corporate Governance T
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Communicating with Shareholders and
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Responsibility The Board recognises
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Composition The Group Audit Committ
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Authority i. The Committee is autho
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Utilisation of Proceeds raised from
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FINANCIALS
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The directors have pleasure in pres
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Issue of Shares During the fi nanci
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Statement by Directors Pursuant to
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Independent Auditors’ Report To t
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ASSETS Group Company Note 2011 2010
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Statements of Changes In Equity For
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Statements of Cash Flows For the fi
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Statements of Cash Flows For the fi
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Notes to the Financial Statements F
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Page 107 and 108: 5. Interest income Notes to the Fin
Page 109 and 110: 8. Profi t before tax Notes to the
Page 111 and 112: 10. Directors’ remuneration (cont
Page 113 and 114: 12. Earnings per share (a) Basic ea
Page 115 and 116: 13. Property, plant and equipment (
Page 117 and 118: Notes to the Financial Statements F
Page 119 and 120: 14. Prepaid land lease payments Cos
Page 123 and 124: 18. Goodwill Notes to the Financial
Page 129 and 130: 19. Investments in subsidiaries (co
Page 131 and 132: 20. Investments in associates (cont
Page 135 and 136: 22. Deferred tax (contd.) Notes to
Page 137 and 138: 24. Trade and other receivables (co
Page 139 and 140: 25. Other current assets Notes to t
Page 141 and 142: 28. Cash and bank balances (contd.)
Page 143 and 144: 30. CMS Income Securities (contd.)
Page 145 and 146: 30. CMS Income Securities (contd.)
Page 147 and 148: 32. Trade and other payables Notes
Page 151 and 152: 36. Other reserves (contd.) Company
Page 153 and 154: 38. Employee benefi ts (contd.) Not
Page 155 and 156: 39. Commitments (contd.) Notes to t
Page 157: 40. Contingencies (contd.) (b) Othe
Page 165 and 166: 45. Segment information Notes to th
Page 169 and 170: 46. Dividends Notes to the Financia
Page 171 and 172: OTHER INFORMATION
Page 173 and 174: Name of Direct Indirect % of Substa
Page 175 and 176: List of Properties As at 31 Decembe
Page 177 and 178: ** Land owned by third party Revalu
Page 179 and 180: Construction & Road Maintenance CMS
Page 181 and 182: 1. To receive the Audited Financial
Page 183 and 184: Names of Directors who are standing
Page 185 and 186: Form of Proxy No. of Shares Held: C
Page 188: CAHYA MATA SARAWAK BERHAD (Company
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Notes to the Financial Statements - Cahaya Mata Sarawak Bhd

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