Table of Contents 1 213

DESTINI Annual Report 2020

DESTINI 2020 Annual Report 1
Overview 4
About This Report 4
Destini’s Presence 5
Our Business 6
Destini’s Corporate Diary 8
Corporate Information 12
Corporate Structure 14
Leadership 18
Board of Directors 18
Key Senior Management 30
Performance 33
Our Performance 33
Chairman’s Letter 34
Management Discussion and Analysis 36
Sustainability Report 44
Commitment to Sustainability 44
Sustainability Governance 46
Stakeholders Engagement 47
Material Sustainability Matters 48
Governance 56
Corporate Governance Overview Statement 56
Investor Relations 71
Additional Compliance Information 72
Risk Management and Internal Control Statement 74
Audit Committee Report 77
Financial Statements 79
Financial Report 79
Directors’ Report 81
Statement by Directors 86
Statutory Declaration 87
Independent Auditors’ Report to the Members 88
Statements of Financial Position 93
Statements of Profit or Loss and other Comprehensive Income 95
Statements of Changes in Equity 97
Statements of Cash Flows 99
Notes to the Financial Statements 102
Corporate Information 102
Basis of Preparation 102
Significant Accounting Policies 107
Property, Plant and Equipment 123
Right-of-Use Assets 130
Investments in Subsidiaries 134
Investment in Associates 144
Investment in Joint Ventures 146
Investment in Securities 148
Intangible Assets 148
Other Receivables 151
Other Investment 152
Inventories 152
Contract Assets/(Liabilities) 152
Trade Receivables 154
Amount Due from/(to) Subsidiaries 156
Amount Due from Joint Ventures 156
Amount Due from Associate Company 156
Fixed Deposits with Licensed Banks 156
Share Capital 156
Foreign Currency Translation Reserve 157
Lease Liabilities 157
Bank Borrowings 158
Deferred Tax Liabilities 162
Other Payables 165
Redeemable Preference Shares 165
Trade Payables 166
Revenue 166
Finance Costs 168
Loss Before Tax 168
Taxation 170
Loss Per Share 171
Staff Costs 171
Reconciliation of Liabilities Arising from Financing Activities 173
Related Party Disclosures 174
Segment Information 175
Contingent Liabilities 181
Financial Instruments 181
Material Litigation 196
Significant Events 197
Subsequent Events 198
Capital Management 198
Date of Authorisation for Issue 199
List of Properties Owned 200
Statistics of Shareholding 201
Notice of Seventeenth (17th) Annual General Meeting 205
Statement Accompanying Notice of Annual General Meeting 209
Proxy Form 210

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