Financial Statements Financial Statements Press Metal Aluminium Holdings Berhad 302 303 Integrated Annual Report 2023 Notes to the Financial Statements Notes to the Financial Statements 30. CAPITAL AND OTHER COMMITMENTS Group 2023 RM’000 2022 RM’000 Capital expenditure commitments Property, plant and equipment Contracted but not provided for 143,500 180,685 31. RELATED PARTIES Identity of related parties For the purposes of these financial statements, parties are considered to be related to the Group if the Group or the Company has the ability, directly or indirectly, to control or jointly control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group or the Company and the party are subject to common control. Related parties may be individuals or other entities. Related parties also include key management personnel defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. The key management personnel include all the Directors of the Group. The Group has related party relationship with its significant investors, subsidiaries, associates and key management personnel. In the context of these financial statements, associates also include the subsidiaries of the associates. Significant related party transactions Related party transactions have been entered into in the normal course of business under negotiated terms. The significant related party transactions of the Group and of the Company are shown below. The balances related to the below transactions are shown in Notes 12 and 18. Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 A. Subsidiaries Dividend income - - (692,400) (543,600) Management fee income - - (37,078) (29,046) Interest income on loans - - (103,598) (106,078) Short-term lease payments - - 659 659 31. RELATED PARTIES (CONT’D) Significant related party transactions (cont’d) Group Company 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 B. Associates Dividend received (51,250) (4,688) (43,470) (2,148) Interest income on ICULS (1,765) (1,765) (1,765) (1,765) Lease payments 19 114 - - Sale of goods (33,760) (31,909) - - Purchase of goods 2,342,419 1,901,563 - - C. Directors Fees 1,007 839 1,007 839 Remuneration 12,628 11,932 11,460 9,434 Total short-term employee benefits 13,635 12,771 12,467 10,273 Short-term lease payments - 210 - - 13,635 12,981 12,467 10,273 32. BUSINESS COMBINATIONS 2022 32.1 Acquisition of subsidiary In March 2022, the Group, via its 88.3%-owned subsidiary (2022: 92.4%), Press Metal International Limited, completed the acquisition of entire equity interest in Foshan Baiwen New Energy Co., Ltd. (“FBNE”) for a total cash consideration of RMB6,779,000 (equivalent to approximately RM4,500,000). The following summarised the major classes of consideration transferred, and the recognised amounts of assets and liabilities assumed at the acquisition date: Group 2022 RM’000 Fair value of consideration transferred Cash and cash equivalents 4,500
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