Financial Statements Financial Statements Press Metal Aluminium Holdings Berhad 252 253 Integrated Annual Report 2023 Notes to the Financial Statements Notes to the Financial Statements 12. TRADE AND OTHER RECEIVABLES (CONT’D) 12.1 Related party balances The non-current non-trade balances due from subsidiaries are unsecured, interest free and are unlikely to be realised within twelve months after the end of the reporting period. Loans to a subsidiary are unsecured, subject to interest ranging from 3.0% to 5.0% (2022: 3.0% to 5.0%) per annum and repayable from year 2022 to 2029. The current non-trade balances due from subsidiaries and an associate are unsecured, interest free and are expected to be realised within twelve months after the end of the reporting period. 12.2 Other receivables Included in other receivables of the Group are advances made to purchasing agents for the procurement of capital work-in-progress, spare parts and materials on behalf of the Group entities amounting to RM168,703,000 (2022: RM350,353,000). 13. INVENTORIES Group 2023 RM’000 2022 RM’000 Raw materials 861,937 1,206,296 Work-in-progress 434,258 421,931 Finished goods 697,707 604,913 Consumable parts 398,069 420,257 Goods in transit 174,453 140,692 2,566,424 2,794,089 Recognised in profit or loss: Inventories recognised as cost of sales 11,448,093 12,686,024 13.1 Material accounting policy information Inventories are measured at the lower of cost and net realisable value. The cost of inventories is calculated using the first-in, first-out method. 14. CASH AND BANK BALANCES Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Deposits placed with licensed banks 250,052 288,177 78,955 78,333 Cash and bank balances 977,956 315,825 94,251 2,018 1,228,008 604,002 173,206 80,351 Deposits placed with licensed banks of the Group and of the Company comprise deposits pledged for bank facilities granted to the Group and to the Company of RM78,955,000 (2022: RM146,662,000) and RM78,955,000 (2022: RM78,333,000) respectively (see Note 16). 15. CAPITAL AND RESERVES Share capital Group and Company Amount 2023 RM’000 Number of shares 2023 ’000 Amount 2022 RM’000 Number of shares 2022 ’000 Ordinary shares with no par value, issued and fully paid: At 1 January 2,052,744 8,239,619 1,088,487 8,076,220 Issue of ordinary shares - - 970,588 163,399 Transaction costs for issued share capital - - (6,331) - At 31 December 2,052,744 8,239,619 2,052,744 8,239,619 Ordinary shares On 21 March 2022, the Company had proposed to undertake a private placement of up to 163,398,700 new ordinary shares (“Placement”). The issue price was fixed at RM5.94 per share on 28 March 2022 and the Placement was completed on 8 April 2022 following the listing and quotation of the 163,398,700 new ordinary shares on the Main Market of Bursa Malaysia Securities Berhad. The total gross proceeds raised was RM970,588,000. The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the Company. Reorganisation reserve The reorganisation reserve in the separate financial statements of the Company represents the difference between the value of the shares issued by the Company in exchange with the shareholders of PMB and the total equity of PMB at the date of exchange. Translation reserve The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedges related to hedged transactions that have not yet occurred.
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