Notes to the Financial Statements - Cahaya Mata Sarawak Bhd

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82 Notes to the Financial Statements For the fi nancial year ended 31 December 2011 1. Corporate information The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The registered offi ce is located at Level 6, Wisma Mahmud, Jalan Sungai Sarawak, 93100 Kuching, Sarawak. The Company is principally an investment holding company. It also provides centralised treasury and administrative services to the Group. The principal activities of the subsidiaries are set out in Note 19 of the fi nancial statements. There have been no signifi cant changes in the nature of the principal activities during the fi nancial year. 2. Summary of signifi cant accounting policies 2.1 Basis of preparation The fi nancial statements of the Group and of the Company have been prepared in accordance with Financial Reporting Standards and the Companies Act, 1965 in Malaysia. At the beginning of the current fi nancial year, the Group and the Company adopted new and revised FRS which are mandatory for fi nancial periods beginning on or after 1 January 2011 as described fully in Note 2.2. The fi nancial statements of the Group and of the Company have also been prepared on the historical cost basis except as disclosed in the accounting policies below. The fi nancial statements of the Group and of the Company are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand (RM’000) except when otherwise indicated. 2.2 Changes in accounting policies The accounting policies adopted are consistent with those of the previous fi nancial year except as follows: On 1 January 2011, the Group and the Company adopted the following new and amended FRS and IC Interpretations mandatory for annual fi nancial periods beginning on or after 1 January 2011. • Amendments to FRS 132: Classifi cation of Rights Issues • FRS 1: First-time Adoption of Financial Reporting Standards • FRS 3: Business Combinations (revised) • Amendments to FRS 2: Share-based Payment • Amendments to FRS 5: Non-current Assets Held for Sale and Discontinued Operations • Amendments to FRS 127: Consolidated and Separate Financial Statements • Amendments to FRS 138: Intangible Assets • Amendments to IC Interpretation 9: Reassessment of Embedded Derivatives • IC Interpretation 12: Service Concession Arrangements • IC Interpretation 16: Hedges of a Net Investment in a Foreign Operation • IC Interpretation 17: Distributions of Non-cash Assets to Owners • Amendments to FRS 1: Limited Exemption from Comparative FRS 7 Disclosures for First-time Adopters • Amendments to FRS 1: Additional Exemptions for First-time Adopters • Amendments to FRS 2: Group Cash-settled Share-Based Payment Transactions • Amendments to FRS 7: Improving Disclosures about Financial Instruments • Amendments to FRS ‘Improvements to FRS (2010)’ • IC Interpretation 4: Determining Whether An Arrangement Contains a Lease • IC Interpretation 18: Transfers of Assets from Customers • TR i-4: Shariah Compliant Sale Contracts Cahya Mata Sarawak Berhad
Notes to the Financial Statements For the fi nancial year ended 31 December 2011 2. Summary of signifi cant accounting policies (contd.) 2.2 Changes in accounting policies (contd.) Adoption of the above FRS and IC Interpretations did not have any effect on the fi nancial performance or position of the Group or of the Company except for those discussed below: Revised FRS 3 Business Combinations and Amendments to FRS 127 Consolidated and Separate Financial Statements The adoption of the two revised standards affects the way in which the Group accounts for business combinations and the preparation of its consolidated fi nancial statements. Under the revised FRS 3, all acquisition-related costs are recognised as an expense in the statement of comprehensive income in the period in which they are incurred. All considerations transferred, including contingent considerations, are measured at fair value as at the acquisition date. Any equity interests held prior to the date control is obtained is remeasured at fair value, with the resulting gains or losses recognised in the statement of comprehensive income. There is now an option on a case to case basis to measure non-controlling interests either at fair value or at the non-controlling interests’ proportionate share of the net identifi able assets of the assets acquired. Goodwill arising from the business combination is measured as the difference between the aggregate fair value of consideration transferred, any non-controlling interests in the acquiree and the fair value at acquisition date of any previously-held equity interest in the acquiree, and the fair value of identifi able assets acquired and liabilities assumed (including contingent liabilities) at acquisition date. The revised FRS 127 requires that changes in ownership interest which do not result in a loss of control be accounted for as equity transactions, instead of in the statement of comprehensive income. Where changes in ownership interest results in loss of control, any remaining interest in the entity is remeasured at fair value and any resulting gains or losses is recognised in the statement of comprehensive income. Total comprehensive income will be proportionately allocated to non-controlling interests, even if it results in the non-controlling interests being in a defi cit position. The revised FRS 3 and FRS 127 apply prospectively to acquisitions occurring on or after 1 January 2011. For the acquisitions of Samalaju Property Development Sdn. Bhd. on 1 January 2011 as well as CMS Roads Sdn. Bhd. and CMS Pavement Tech Sdn. Bhd. on 28 February 2011, the Group has chosen to measure the non-controlling interests in the acquiree at the non-controlling interest’s proportionate share of the acquiree’s net assets. Amendments to FRS 7: Improving Disclosures about Financial Instruments The amended standard requires enhanced disclosure about fair value measurement and liquidity risk. Fair value measurements related to items recorded at fair value are to be disclosed by source of inputs using a three level fair value hierarchy (Level 1, Level 2 and Level 3), by class, for all fi nancial instruments recognised at fair value. A reconciliation between the beginning and ending balance for Level 3 fair value measurements is required. Any signifi cant transfers between levels of the fair value hierarchy and the reasons for those transfers need to be disclosed. The amendments also clarify the requirements for liquidity risk disclosures with respect to derivative transactions and assets used for liquidity management. The fair value measurement disclosures are presented in Note 42. The liquidity risk disclosures are not signifi cantly impacted by the amendments and are presented in Note 43(b). Annual Report 2011 83
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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
Page 33 and 34: The Isthmus Property Development Th
Page 35 and 36: Education CMS Education Sdn Bhd own
Page 37 and 38: Strategic Investment: K&N Kenanga H
Page 39 and 40: CORPORATE RESPONSIBILITY
Page 41 and 42: Engagement & Communication Performa
Page 43 and 44: CMS Concrete Products Clay bricks m
Page 45 and 46: CMS Employees Volunteer in ‘Doing
Page 47 and 48: CSR Highlights Saving Lives Health
Page 49 and 50: Statement of Corporate Governance T
Page 51 and 52: Employees’ Share Option Scheme (
Page 53 and 54: Prior to each Board meeting, the Di
Page 55 and 56: Statement of Corporate Governance T
Page 57 and 58: Communicating with Shareholders and
Page 59 and 60: Responsibility The Board recognises
Page 61 and 62: Composition The Group Audit Committ
Page 63 and 64: Authority i. The Committee is autho
Page 65 and 66: Utilisation of Proceeds raised from
Page 67 and 68: FINANCIALS
Page 69 and 70: The directors have pleasure in pres
Page 71 and 72: Issue of Shares During the fi nanci
Page 73 and 74: Statement by Directors Pursuant to
Page 75 and 76: Independent Auditors’ Report To t
Page 77 and 78: ASSETS Group Company Note 2011 2010
Page 79 and 80: Statements of Changes In Equity For
Page 81 and 82: Statements of Cash Flows For the fi
Page 83: Statements of Cash Flows For the fi
Page 87 and 88: Notes to the Financial Statements F
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 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
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22. Deferred tax (contd.) Notes to
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24. Trade and other receivables (co
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25. Other current assets Notes to t
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28. Cash and bank balances (contd.)
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30. CMS Income Securities (contd.)
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30. CMS Income Securities (contd.)
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32. Trade and other payables Notes
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Notes to the Financial Statements F
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36. Other reserves (contd.) Company
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38. Employee benefi ts (contd.) Not
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39. Commitments (contd.) Notes to t
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40. Contingencies (contd.) (b) Othe
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41. Related party transactions (con
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45. Segment information Notes to th
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46. Dividends Notes to the Financia
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OTHER INFORMATION
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Name of Direct Indirect % of Substa
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List of Properties As at 31 Decembe
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** Land owned by third party Revalu
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Construction & Road Maintenance CMS
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1. To receive the Audited Financial
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Names of Directors who are standing
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Form of Proxy No. of Shares Held: C
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CAHYA MATA SARAWAK BERHAD (Company
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Notes to the Financial Statements - Cahaya Mata Sarawak Bhd

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