Notes to the Financial Statements - Cahaya Mata Sarawak Bhd

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92 Notes to the Financial Statements For the fi nancial year ended 31 December 2011 2. Summary of signifi cant accounting policies (contd.) 2.15 Impairment of non-fi nancial assets (contd.) Impairment losses are recognised in profi t or loss except for assets that are previously revalued where the revaluation was taken to other comprehensive income. In this case the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised previously. Such reversal is recognised in profi t or loss unless the asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase. Impairment loss on goodwill is not reversed in a subsequent period. 2.16 Inventories Inventories are stated at lower of cost and net realisable value. Cost incurred in bringing the inventories to their present location and condition are accounted for as follows: - Raw materials and consumables: costs of purchases on a fi rst-in fi rst-out method or weighted average cost formula. - Finished goods and work-in-progress: costs of raw materials, direct labour, other direct costs and appropriate proportions of manufacturing overheads based on normal operating capacity. - Unsold properties: cost associated with the acquisition of land, direct costs and appropriate proportions of common costs. Net realisable value is the estimated selling price in the ordinary course of business less estimated costs of completion and the estimated costs necessary to make the sale. 2.17 Construction and service contracts Where the outcome of a construction or service contract can be reliably estimated, contract revenue and contract costs are recognised as revenue and expenses respectively by using the stage of completion method. The stage of completion is measured by reference to either the proportion of costs incurred todate to the total estimated costs or the completion of a physical proportion of contract work to-date. Where the outcome of a construction or service contract cannot be reliably estimated, contract revenue is recognised to the extent of contract costs incurred that are likely to be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately. Contract revenue comprises the initial amount of revenue agreed in the contract and variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue and they are capable of being reliably measured. When the total of costs incurred on construction or service contracts plus recognised profi ts (less recognised losses) exceed progress billings, the balance is classifi ed as amount due from customers on contracts. When progress billings exceed costs incurred plus, recognised profi ts (less recognised losses), the balance is classifi ed as amount due to customers on 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.) 2.18 Financial assets Financial assets are recognised in the statements of fi nancial position when, and only when, the Group and the Company become a party to the contractual provisions of the fi nancial instrument. When fi nancial assets are recognised initially, they are measured at fair value, plus, in the case of fi nancial assets not at fair value through profi t or loss, directly attributable transaction costs. The Group and the Company determine the classifi cation of their fi nancial assets at initial recognition, and the categories include fi nancial assets at fair value through profi t or loss, loans and receivables and available-for-sale fi nancial assets. (a) Financial assets at fair value through profi t or loss Financial assets are classifi ed as fi nancial assets at fair value through profi t or loss if they are held for trading or are designated as such upon initial recognition. Financial assets held for trading are derivatives (including separated embedded derivatives) or fi nancial assets acquired principally for the purpose of selling in the near term. Subsequent to initial recognition, fi nancial assets at fair value through profi t or loss are measured at fair value. Any gains or losses arising from changes in fair value are recognised in profi t or loss. Net gains or net losses on fi nancial assets at fair value through profi t or loss do not include exchange differences, interest and dividend income. Exchange differences, interest and dividend income on fi nancial assets at fair value through profi t or loss are recognised separately in profi t or loss as part of other losses or other income. Financial assets at fair value through profi t or loss could be presented as current or non-current. Financial assets that are held primarily for trading purposes are presented as current whereas fi nancial assets that are not held primarily for trading purposes are presented as current or noncurrent based on the settlement date. (b) Loans and receivables Financial assets with fi xed or determinable payments that are not quoted in an active market are classifi ed as loans and receivables. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method. Gains and losses are recognised in profi t or loss when the loans and receivables are derecognised or impaired, and through the amortisation process. Loans and receivables are classifi ed as current assets, except for those having maturity dates later than 12 months after the reporting date which are classifi ed as non-current. (c) Available-for-sale fi nancial assets Available-for-sale fi nancial assets are fi nancial assets that are designated as available for sale or are not classifi ed in any of the two preceding categories. After initial recognition, available-for-sale fi nancial assets are measured at fair value. Any gains or losses from changes in fair value of the fi nancial asset are recognised in other comprehensive income, except that impairment losses, foreign exchange gains and losses on monetary instruments and interest calculated using the effective interest method are recognised in profi t or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassifi ed from equity to profi t or loss as a reclassifi cation adjustment when the fi nancial asset is derecognised. Interest income calculated using the effective interest method is recognised in profi t or loss. Dividends on an available-for-sale equity instrument are recognised in profi t or loss when the Group and the Company’s right to receive payment is established. Annual Report 2011 93
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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
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 and 84: Statements of Cash Flows For the fi
Page 85 and 86: Notes to the Financial Statements F
Page 93: 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
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.)
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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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