Table of Contents 1 262

MKH Annual Report 2020

MKH Annual Report 2020 1
Vision, Mission and Corporate Value 4
Milestone 6
Company Profile 8
Awards and Achievements 10
FY2020 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 29
Director’s Profile 43
Profile of Key Senior Management 46
Corporate Governance Overview Statement 48
Audit Committee Report 65
Statement on Risk Management and Internal Control 72
Additional Compliance Information 76
Financial Statements 77
Directors’ Report 78
Statement By Directors 84
Statutory Declaration 84
Independent Auditors’ Report 85
Statements of Profit or Loss and Other Comprehensive Income 90
Statements of Financial Position 92
Consolidated Statement of Changes in Equity 94
Statement of Changes in Equity 96
Statements of Cash Flows 97
Notes to the Financial Statements 103
GENERAL INFORMATION 103
BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS 103
SIGNIFICANT ACCOUNTING POLICIES 110
REVENUE 137
COST OF SALES 138
PROFIT BEFORE TAX 139
DIRECTORS’ REMUNERATION 142
TAX EXPENSE 143
EARNINGS AND NET ASSETS PER SHARE 146
PROPERTY, PLANT AND EQUIPMENT 147
RIGHT-OF-USE ASSET 155
INTANGIBLE ASSETS 156
PREPAID LEASE PAYMENTS 158
INVESTMENT PROPERTIES 159
INVESTMENT IN SUBSIDIARIES 160
INVESTMENT IN ASSOCIATES 171
OTHER INVESTMENT 173
LAND HELD FOR PROPERTY DEVELOPMENT 174
DEFERRED TAX ASSETS AND LIABILITIES 175
RECEIVABLES, DEPOSITS AND PREPAYMENTS 177
PROPERTY DEVELOPMENT COSTS 183
INVENTORIES 185
CONTRACT ASSETS AND LIABILITIES 186
BIOLOGICAL ASSETS 186
CASH, BANK BALANCES, TERM DEPOSITS AND FIXED INCOME FUNDS 187
NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE 188
SHARE CAPITAL 189
RESERVES 190
PROVISIONS 191
PAYABLES AND ACCRUALS 195
LEASE LIABILITY 196
LOANS AND BORROWINGS 197
DIVIDEND 209
ACQUISITION OF SUBSIDIARIES AND ASSOCIATES 209
FINANCIAL GUARANTEE 210
CONTINGENT LIABILITIES 210
COMMITMENTS 212
RELATED PARTY DISCLOSURES 212
SEGMENT INFORMATION 215
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR AND SUBSEQUENT EVENTS 223
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 240
List of Properties 242
Analysis of Shareholdings 249
Directors’ Shareholdings 252
Notice of Forty-First Annual General Meeting 253
Statement Accompanying Notice of Forty-First Annual General Meeting 259

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