35. RELATED PARTY DISCLOSURES (continued) (d) Transactions with corporation in which a Director of an associate has interest The aggregate value of transactions and outstanding balances relating to corporation in which a Director of an associate has interest were as follows: Transaction value Balance for the year ended outstanding as at 31 December 31 December 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Shann Australia Pty. Ltd. - Sales 1,619 768 - - The Group sells goods to Shann Australia Pty. Ltd., a company that previously owned 3.27% of Furnitech Components (Vietnam) Co., Ltd., a former associate of the Group. The related party transactions described above were carried out based on negotiated terms and conditions and mutually agreed with related parties. 36. OPERATING SEGMENTS The Group determines its operating segments based on the internal management reporting and operating results were reviewed by the Group’s management to make decisions about the resources to be allocated to the segments and to assess their performance. The Group has arrived at four (4) reportable segments that are organised and managed separately according to the nature of products and services, specific expertise and technologies requirements and which requires different business and marketing strategies. The reportable segments are summarised as follows: (i) Manufacturing Principally engaged in the manufacturing and sale of elastic textile, webbing and polyvinyl chloride (“PVC”) related products. (ii) Retail Principally engaged in the retail sale of clothing, footwear and ancillary accessories prior to the closure of retail store by the Group during the financial year. (iii) Property development and construction Development and construction of residential and commercial properties. (iv) Agriculture Principally engaged in the harvesting and selling of teak logs activities. Other operating segments that do not constitute reportable segments comprise operations related to investment holding and healthcare. NOTES TO THE FINANCIAL STATEMENTS 173 P R G H O L D I N G S B E R H A D A N N U A L R E P O R T 2 0 2 1 31 December 2021 (cont’d)
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