Press Metal Annual Report 2023

Financial Statements Financial Statements Press Metal Aluminium Holdings Berhad 258 259 Integrated Annual Report 2023 Notes to the Financial Statements Notes to the Financial Statements 17. PROVISIONS Employee entitlements (Note 17.1) RM’000 Restoration and rehabilitation (Note 17.2) RM’000 Total RM’000 Group At 1 January 2022 9,046 185,465 194,511 Provisions made during the year 285 - 285 Provisions reversed during the year - (18,060) (18,060) Unwinding of discount - 5,403 5,403 Effect of movements in exchange rates (132) (2,074) (2,206) At 31 December 2022/1 January 2023 9,199 170,734 179,933 Provisions reversed during the year - (32,730) (32,730) Unwinding of discount 736 6,274 7,010 Effect of movements in exchange rates 479 7,316 7,795 At 31 December 2023 10,414 151,594 162,008 2023 Non-current 1,034 150,637 151,671 Current 9,380 957 10,337 10,414 151,594 162,008 2022 Non-current 830 169,687 170,517 Current 8,369 1,047 9,416 9,199 170,734 179,933 17.1 Employee entitlements The long service leave provision is measured at the present value of expected future payments in respect of services provided by the employees up to the end of the reporting period. Forecast future salary levels, experience of employees, turnover and periods of service are considered in determining the liability. 17.2 Restoration and rehabilitation The provision for restoration and rehabilitation relates to the estimated costs associated with the joint operation’s obligation for decommissioning and demolition of all industrial and support infrastructure from the site and revegetation of the land. The rehabilitation is expected to occur in the next 60 years. Because of the long-term nature of the liability, the greatest uncertainty in estimating the provision is the costs that will be incurred. The provision is the best estimate of the present value of the expenditure required to settle the restoration obligation at the reporting date, based on current legal requirements and technology. The provision has been calculated using a nominal discount rate of 4.4% (2022: 3.7%). Future restoration costs are reviewed annually and any changes are reflected in the present value of the restoration provision at the end of the reporting period. The unwinding of the effect of discounting on provision is recognised as a finance cost. 18. TRADE AND OTHER PAYABLES Note Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Trade Trade payables 702,399 826,024 - - Amounts due to associates 18.1 155,926 126,584 - - 858,325 952,608 - - Non-trade Amounts due to subsidiaries 18.1 - - 19,405 18,517 Amounts due to associates 18.1 - 3,292 - - Other payables 173,491 171,575 1,222 1,125 Accrued expenses 217,097 216,957 40,326 44,006 390,588 391,824 60,953 63,648 1,248,913 1,344,432 60,953 63,648 18.1 Related party balances The non-trade balances due to subsidiaries and an associate are unsecured, interest free and repayable on demand. 19. REVENUE Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Revenue from contracts with customers 13,804,707 15,682,941 37,078 29,046 Other revenue - Dividend income - - 735,870 545,748 Total revenue 13,804,707 15,682,941 772,948 574,794 19.1 Disaggregation of revenue Revenue from contracts with customers of the Company consists of management and consultancy fee income received/receivable from certain subsidiaries based in Malaysia which is recognised in profit or loss over time when services are rendered. Payment is generally received within a month from invoice date.

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