Table of Contents 1 261

MKH Annual Report 2019

MKH Annual Report 2019 1
Vision, Mission and Corporate Values 4
Corporate milestones 6
COMPANY profile 8
AWARDS and achievements 10
FY2019 highlights 11
5 YEARS GROUP financial highlights 12
CORPORATE information 14
CORPORATE structure 15
CHAIRMAN’S statement 18
MANAGEMENT DISCUSSION and analysis report 24
SUSTAINABILITY report 32
DIRECTORS’ profile 44
PROFILE OF key senior management 47
CORPORATE GOVERNANCE overview statement 49
AUDIT COMMITTEE report 65
STATEMENT ON RISK MANAGEMENT and internal control 71
ADDITIONAL COMPLIANCE information 75
FINANCIAL STATEMENTS 76
DIRECTORS’ Report 77
STATEMENT by directors 83
STATUTORY declaration 83
INDEPENDENT AUDITORS’ report 84
STATEMENTS OF PROFIT OR LOSS and other comprehensive income 89
STATEMENTS OF financial position 91
CONSOLIDATED STATEMENT of changes in equity 94
STATEMENTS OF changes in equity 98
STATEMENTS of cash flows 100
NOTES TO THE financial statements 104
GENERAL INFORMATION 104
BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS 104
SIGNIFICANT ACCOUNTING POLICIES 113
REVENUE 138
COST OF SALES 139
PROFIT BEFORE TAX 140
DIRECTORS’ REMUNERATION 142
TAX EXPENSE 143
EARNINGS AND NET ASSETS PER SHARE 146
PROPERTY, PLANT AND EQUIPMENT 147
INTANGIBLE ASSETS 155
PREPAID LEASE PAYMENTS 157
INVESTMENT PROPERTIES 157
INVESTMENT IN SUBSIDIARIES 158
INVESTMENT IN ASSOCIATES 169
LAND HELD FOR PROPERTY DEVELOPMENT 171
DEFERRED TAX ASSETS AND LIABILITIES 173
RECEIVABLES, DEPOSITS AND PREPAYMENTS 175
PROPERTY DEVELOPMENT COSTS 182
INVENTORIES 184
CONTRACT ASSETS AND LIABILITIES 184
BIOLOGICAL ASSETS 185
CASH, BANK BALANCES, TERM DEPOSITS AND FIXED INCOME FUNDS 185
NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE 186
SHARE CAPITAL 187
RESERVES 188
PROVISIONS 190
PAYABLES AND ACCRUALS 193
LOANS AND BORROWINGS 195
DIVIDEND 211
ACQUISITION OF SUBSIDIARIES AND ASSOCIATES 211
FINANCIAL GUARANTEE 212
CONTINGENT LIABILITIES 212
CAPITAL COMMITMENTS 213
RELATED PARTY DISCLOSURES 214
SEGMENT INFORMATION 216
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 224
OPERATING LEASE ARRANGEMENTS - THE GROUP AS LESSOR 225
FINANCIAL INSTRUMENTS 225
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 226
FAIR VALUE OF FINANCIAL INSTRUMENTS 232
FAIR VALUE HIERARCHY 234
CAPITAL MANAGEMENT 238
RESTATEMENT OF COMPARATIVE FIGURES 239
LIST OF properties 241
ANALYSIS of shareholdings 248
DIRECTORS’ shareholdings 251
NOTICE OF FORTIETH annual general meeting 252
Statement Accompanying Notice of fortieth annual general meeting 258

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