Financial Statements 223 Integrated Annual Report 2023 Notes to the Financial Statements Financial Statements Press Metal Aluminium Holdings Berhad 222 Press Metal Aluminium Holdings Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad. The addresses of the principal place of business and registered office of the Company are as follows: Principal place of business Suite 61 & 62, Setia Avenue No. 2, Jalan Setia Prima S U13/S Setia Alam, Seksyen U13 40170 Shah Alam Selangor Darul Ehsan Registered office 12th Floor, Menara Symphony No. 5, Jalan Prof. Khoo Kay Kim Seksyen 13 46200 Petaling Jaya Selangor Darul Ehsan The consolidated financial statements of the Company as at and for the financial year ended 31 December 2023 comprise the Company and its subsidiaries (together referred to as the “Group” and individually referred to as “Group entities”) and the Group’s interests in associates. The financial statements of the Company as at and for the financial year ended 31 December 2023 also include a joint operation. The Company is principally engaged in investment holding activities whilst the principal activities of the subsidiaries are as stated in Note 7 to the financial statements. These financial statements were authorised for issue by the Board of Directors on 22 April 2024. 1. BASIS OF PREPARATION (a) Statement of compliance The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”), IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and the requirements of the Companies Act 2016 in Malaysia. The following are accounting standards, interpretations and amendments of the MFRSs that have been issued by the Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and by the Company: MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2024 • Amendments to MFRS 16, Leases – Lease Liability in a Sale and Leaseback • Amendments to MFRS 101, Presentation of Financial Statements – Non-current Liabilities with Covenants and Classification of Liabilities as Current or Non-current • Amendments to MFRS 107, Statement of Cash Flows and MFRS 7, Financial Instruments: Disclosures – Supplier Finance Arrangements MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2025 • Amendments to MFRS 121, The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability NOTES TO THE FINANCIAL STATEMENTS 1. BASIS OF PREPARATION (CONT’D) (a) Statement of compliance (cont’d) MFRSs, interpretations and amendments effective for annual periods beginning on or after a date yet to be confirmed • Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The Group and the Company plan to apply the abovementioned accounting standards, interpretations and amendments: • from the annual period beginning on 1 January 2024 for the amendments that are effective for annual periods beginning on or after 1 January 2024. • from the annual period beginning on 1 January 2025 for the amendments that are effective for annual periods beginning on or after 1 January 2025. The initial application of the abovementioned accounting standards, amendments and interpretations is not expected to have any material financial impact to the current period and prior period financial statements of the Group and of the Company. (b) Basis of measurement The financial statements have been prepared on the historical cost basis except for the following items, which are measured based on the measurement bases stated below: Items Measurement bases Derivative financial instruments Fair value Non-derivative financial instruments at FVTPL Fair value Debt and equity securities at FVOCI Fair value Contingent consideration in a business combination Fair value (c) Functional and presentation currency The financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional currency. All financial information is presented in RM and has been rounded to the nearest thousand, unless otherwise stated. (d) Use of estimates and judgements The preparation of the financial statements in conformity with MFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies that have significant effect on the amounts recognised in the financial statements other than those disclosed in the following notes: • Note 6 - measurement of the recoverable amounts of cash-generating units • Note 11 - measurement of deferred tax assets and liabilities • Note 17 - provisions
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