Maxis Berhad | Annual Report 2012

Maxis Berhad // Annual Report 2012 103 FINANCIAL STATEMENTS CORPORATE GOVERNANCE ANALYSIS OF SHAREHOLDINGS OTHER INFORMATION ANNUAL GENERAL MEETING 1 GENERAL INFORMATION The principal activity of the Company is investment holding, whilst the principal activities of the Group, comprising the Company and its subsidiaries, are the provision of mobile, fixed line and international gateway telecommunications services as well as internet and broadband services, and corporate support functions for the Group. Details of the principal activities of the subsidiaries are shown in Note 18 to the financial statements. There have been no significant changes in the nature of the principal activities of the Group and of the Company during the financial year. The Directors regard Maxis Communications Berhad (“MCB”) as the immediate holding company and Binariang GSM Sdn. Bhd. (“BGSM”) as the ultimate holding company. Both companies are incorporated and domiciled in Malaysia. The address of the registered office of business of the Company is as follows: Level 18, Menara Maxis Kuala Lumpur City Centre Off Jalan Ampang 50088 Kuala Lumpur The address of the principal place of business of the Company is as follows: Level 8, 10 - 23, Menara Maxis Kuala Lumpur City Centre Off Jalan Ampang 50088 Kuala Lumpur 2 BASIS OF PREPARATION The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards and the requirements of the Companies Act, 1965 in Malaysia. The financial statements of the Group and of the Company for the financial year ended 31 December 2012 are the first set of financial statements prepared in accordance with MFRS, including MFRS 1 “First-time Adoption of MFRS”. Subject to certain transition elections disclosed in Note 38 to the financial statements, the Group and the Company have consistently applied the same accounting policies in the opening MFRS statements of financial position at 1 January 2011 (transition date) and throughout all periods presented, as if these policies had always been in effect. The financial statements issued prior to this set of financial statements were prepared in accordance with the Financial Reporting Standards (“FRS”) framework. There is no significant impact on the Group’s and the Company’s financial results, financial positions and cash flows, and changes to the accounting policies of the Group and of the Company arising from the adoption of the MFRS framework. The financial statements have been prepared under the historical cost convention except as disclosed in the summary of significant accounting policies in Note 3 to the financial statements. The preparation of financial statements in conformity with MFRS requires the use of critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported financial year. It also requires Directors to exercise their judgment in the process of applying the Group’s and the Company’s accounting policies. Although these estimates and judgments are based on the Directors’ best knowledge of current events and actions, actual results may differ. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 4 to the financial statements. NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2012