208 YINSON HOLDINGS BERHAD ACCOUNTABILITY 14. INCOME TAX CREDIT/(EXPENSE) (CONTINUED) OECD Pillar Two model rules The Group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Malaysia, the jurisdiction in which the Company is incorporated, and will come into effect for the financial year beginning on 1 February 2025. The Group applies the MFRS 112 exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Under the legislation, the Group is liable to pay a top-up tax for the difference between the GloBE effective tax rate for each jurisdiction and the 15% minimum rate in jurisdictions that have implemented Pillar Two legislation. As a result, the Group has recognised top-up tax expenses of RM80 million (included within current income tax), arising from the Group’s subsidiaries in the Netherlands with its permanent establishment in Brazil. The Group continues to follow Pillar Two legislative developments, as further countries enact the Pillar Two model rules, to evaluate its exposure to the Pillar Two legislation for when it comes into effect. Based on the current assessment, there is no expected material impact from exposure to Pillar Two legislation on the going concern assessment or on any asset impairment. While the Group continues to evaluate potential exposure in all jurisdictions, it currently expects that any material top-up tax exposure under the GloBE rules over the next twelve months from the reporting date is likely to arise from its subsidiaries in the Netherlands with its permanent establishment in Brazil. 15. EARNINGS PER SHARE (a) Basic The calculation of the basic earnings per share is based on the net profit attributable to the ordinary equity shareholders of the Company for the financial year divided by the weighted average number of ordinary shares in issue or issuable during the year, if any, excluding ordinary shares purchased by the Company and held as treasury shares (Note 29). Group 2025 2024 Net profit attributable to owners of the Company (RM million) 1,249 964 Less: Distributions declared to holders of perpetual securities (RM million) (142) (136) Net profit attributable to ordinary equity shareholders of the Company (RM million) 1,107 828 Weighted average number of ordinary shares in issue at end of the financial year (‘000) 2,964,847 2,905,969 Basic earnings per share (sen) 37.3 28.5 The weighted average number of shares takes into account the weighted average effect of changes in ordinary shares transactions during the financial year. (b) Diluted The diluted earnings per share is calculated by dividing the net profit attributable to the ordinary equity shareholders of the Company for the financial year (adjusted for interest income, net of tax, earned on the proceeds arising from the conversion of the Employee Share Scheme (“ESS”) options, free detachable warrants (“Warrants”) and restricted share units (“RSU”)) (“Adjusted profit”) by the weighted average number of ordinary shares as adjusted for the basic earnings per share and includes all potential dilutive shares arising from the ESS options, Warrants and RSU granted by the reporting date, as if the ESS options, Warrants and RSU had been exercised on the first day of the financial year or the date of the grant, if later.
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