200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 7. (Loss)/Profit before tax (cont'd) 8. Employee benefits expenses 2022 2021 RM RM Wages, salaries and bonus 66,002,908 66,291,285 Defined contribution plan 5,257,085 6,133,214 Social security contributions 708,112 822,721 71,968,105 73,247,220 Less: Wages subsidy received - (1,693,200) 71,968,105 71,554,020 Group Included in employee benefits expenses of the Group are executive directors' remuneration amounting to RM4,586,715 (2021: RM4,123,146) as disclosed in Note 9. The construction of the Hospital and the supporting infrastructure and amenities had been completed and issued with the Certificate of Practical Completion on 19 August 2020 and the Certificate of Acceptance (“COA”) on 30 December 2020. Upon the issuance of the COA, the Assets Management Services Period has commenced. KLSB was informed by the Debtor that it is pursuing the issuance of SUKUK, the proceeds of which will be used, amongst other, to repay the outstanding construction loans and dues to KLSB. However, as the Debtor had missed its target of issuing the SUKUK in 2022, and the SUKUK is still not issued as at the date of finalisation of our financial results for financial year 2022, and on a prudent basis, KLSB has impaired the Debt and the Project H Contract Asset. The aforesaid impairment is a non-cash provision, i.e. it does not have any impact on the Group’s cash flow. Notwithstanding, any recovery of the Debt and Project H Contract Asset will increase the Group’s other operating income and operating cash inflow in the future. - 59 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 Annual Report 2022 124
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