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MKH Annual Report 2021

Vision, Mission and Core Value 4
Corporate Milestone 6
Company Profile 8
Awards and Achievements 10
FY2021 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 30
Directors’ Profile 42
Profile of Key Senior Management 45
Corporate Governance Overview Statement 47
Audit Committee Report 66
Statement on Risk Management and Internal Control 74
Additional Compliance Information 79
Financial Statements 80
Directors’ Report 81
Statement By Directors 87
Statutory Declaration 87
Independent Auditors’ Report 88
Statements of Profit or Loss and Other Comprehensive income 93
Statements of Financial Position 95
Consolidated Statement of Changes in Equity 97
Statements of Changes in Equity 99
Statements of Cash Flows 100
Notes to the Financial Statements 105
GENERAL INFORMATION 105
BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS 105
SIGNIFICANT ACCOUNTING POLICIES 110
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
RIGHT-OF-USE ASSET 154
INTANGIBLE ASSETS 155
PREPAID LEASE PAYMENTS 157
INVESTMENT PROPERTIES 157
INVESTMENT IN SUBSIDIARIES 158
INVESTMENT IN ASSOCIATES 169
OTHER INVESTMENT 171
LAND HELD FOR PROPERTY DEVELOPMENT 172
DEFERRED TAX ASSETS AND LIABILITIES 173
RECEIVABLES, DEPOSITS AND PREPAYMENTS 175
PROPERTY DEVELOPMENT COSTS 182
INVENTORIES 183
CONTRACT ASSETS AND LIABILITIES 184
BIOLOGICAL ASSETS 184
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 189
PAYABLES AND ACCRUALS 193
LEASE LIABILITY 195
LOANS AND BORROWINGS 196
DIVIDEND 205
ACQUISITION OF AN ASSOCIATE 205
FINANCIAL GUARANTEE 206
CONTINGENT LIABILITIES 206
CAPITAL COMMITMENTS 207
RELATED PARTY DISCLOSURES 208
SEGMENT INFORMATION 210
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR AND SUBSEQUENT EVENTS 217
OPERATING LEASE ARRANGEMENTS - THE GROUP AS LESSOR 219
FINANCIAL INSTRUMENTS 220
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES 220
FAIR VALUE OF FINANCIAL INSTRUMENTS 227
FAIR VALUE HIERARCHY 229
CAPITAL MANAGEMENT 236
RECLASSIFICATION 237
List of Properties 238
Analysis of Shareholdings 247
Directors’ Shareholdings 250
Notice of Forty-Second Annual General Meeting 251
Statement Accompanying Notice of Forty-Second Annual General Meeting 257
Form of Proxy 259

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