130 KEYFIELD INTERNATIONAL BERHAD 202001038989 (1395310-M) REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion We have audited the financial statements of Keyfield International Berhad, which comprise the statements of financial position of the Group and of the Company as at 31 December 2024, and the statements of profit or loss and other comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the Company for the financial year then ended, and notes to the financial statements, including material accounting policy information, as set out on pages 134 to 193. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and of the Company as at 31 December 2024, and of their financial performance and their cash flows for the financial year then ended in accordance with the Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. Basis for Opinion We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our opinion. Independence and Other Ethical Responsibilities We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the Group and of the Company for the current financial year. These matters were addressed in the context of our audit of the financial statements of the Group and of the Company as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matters How our audit addressed the key audit matters Impairment Assessment on Property, Plant and Equipment Refer to Note 7 to the financial statements As at 31 December 2024, the carrying amount of the property, plant and equipment was approximately RM618,201,000. A significant portion of the Group’s property, plant and equipment comprises vessels, for which a professional valuer was engaged to perform valuations for vessels owned by the Group. We determined this to be a key audit matter given the magnitude of the carrying amount and significant judgement and estimates involved in its impairment assessment. Our procedures included, amongst others: • Reviewed management assessment on the triggering event on impairment test; • Evaluated the objectivity, independence and capabilities of the professional valuers and obtained an understanding of the work of the professional valuers; and • Assessed the appropriateness of the valuation model, related data, including estimates used by the professional valuers. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF KEYFIELD INTERNATIONAL BERHAD (Incorporated in Malaysia) Registration No: 202001038989 (1395310-M)
RkJQdWJsaXNoZXIy NDgzMzc=