FGV Annual Report 2015

FGV Annual Report 2015 1
WHO WE ARE & WHAT WE DO 8
Company Profile 8
Global Presence 10
Corporate Information 12
Vision 13
Market Landscape 14
Business Model 16
Our Relationship with Stakeholders 17
How We Manage Our Capitals 20
Global Strategic Blueprint (GSB) and Group Imperatives 22
Organisational Chart 26
Business Clusters 28
Key Milestones 30
Moments of the Year 32
Awards & Accolades 36
Chairman’s Statement 38
OUR STRATEGIC INTENT & PERFORMANCE 40
Group President/Chief Executive Officer’s Statement 40
Business Operations Review 45
Investor Relations 71
HOW WE ARE GOVERNED 74
Board of Directors 74
Directors’ Profile 76
Key Management 88
Chairman’s Statement on Corporate Governance 98
Statement on Corporate Governance 100
ADDRESSING OUR RISKS & OPPORTUNITIES 140
Mitigating Our Risks 140
Statement on Risk Management and Internal Control 142
Statement on Directors’ Responsibility 151
CREATING SUSTAINABLE VALUE 153
The Environmental, Social and Governance (ESG) Journey 153
Taking Safety and Health to the Next Level 162
OUR NUMBERS 170
4-Year Financial Summary 170
Chief Financial Officer’s Statement 171
Directors’ Report 177
Statement by Directors 181
Independent Auditors’ Report 182
Statements of Comprehensive Income 184
Statements of Financial Position 186
Consolidated Statement of Changes in Equity 188
Statement of Changes in Equity 190
Statements of Cash Flows 191
Notes to the Financial Statements 196
GENERAL INFORMATION 196
BASIS OF PREPARATION 196
SIGNIFICANT ACCOUNTING POLICIES 197
FINANCIAL RISK MANAGEMENT 219
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS 234
REVENUE 235
OTHER OPERATING INCOME 236
OTHER LOSSES, NET 237
FINANCE INCOME AND COSTS 237
PROFIT FOR THE FINANCIAL YEAR 238
DIRECTORS’ REMUNERATION 240
ZAKAT 241
TAXATION 241
PROFIT/(LOSS) FROM DISCONTINUED OPERATIONS 242
DIVIDEND PER SHARE 244
EARNINGS PER SHARE (CONTINUED) 245
SEGMENT REPORTING 245
PROPERTY, PLANT AND EQUIPMENT 249
INVESTMENT PROPERTIES 252
INTANGIBLE ASSETS 254
INVESTMENT IN SUBSIDIARIES 260
INTERESTS IN ASSOCIATES 289
INTERESTS IN JOINT VENTURES 291
PREPAID LEASE PAYMENTS 298
LOAN DUE FROM OTHER RELATED COMPANY 298
RECEIVABLES 299
AMOUNTS DUE FROM/(TO) A SIGNIFICANT SHAREHOLDER, SUBSIDIARIES, JOINT VENTURES, AN ASSOCIATE AND OTHER RELATED COMPANIES 302
BIOLOGICAL ASSETS 308
AVAILABLE-FOR-SALE FINANCIAL ASSETS 310
INVENTORIES 311
FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS 311
DERIVATIVE FINANCIAL ASSETS/(LIABILITIES) 312
CASH AND CASH EQUIVALENTS 313
ASSETS HELD FOR SALE 315
LOAN DUE FROM A SUBSIDIARY 315
SHARE CAPITAL 316
SHARE PREMIUM 317
FOREIGN EXCHANGE RESERVE 317
REORGANISATION RESERVE 317
OTHER RESERVES 317
RETAINED EARNINGS 317
BORROWINGS 318
LOANS DUE TO A SIGNIFICANT SHAREHOLDER 321
LOANS DUE TO SUBSIDIARIES 322
LAND LEASE AGREEMENT (“LLA”) LIABILITY 323
PROVISION FOR ASSET RETIREMENT 326
PROVISION FOR DEFINED BENEFIT PLAN 327
DEFERRED TAXATION 330
PAYABLES 332
CONSTRUCTION CONTRACTS 333
FINANCIAL INSTRUMENTS 334
SIGNIFICANT RELATED PARTY TRANSACTIONS 337
COMMITMENTS 341
CONTINGENT LIABILITIES 342
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 344
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD 347
ADJUSTMENT TO PURCHASE PRICE ALLOCATION FOR ACQUISITION OF SUBSIDIARY 348
APPROVAL OF FINANCIAL STATEMENTS 348
Supplementary Information 349
DETAILS OF THE ANNUAL GENERAL MEETING 366
Notice of Annual General Meeting 366
Statement Accompanying Notice of Annual General Meeting 368
Administrative Details 369
Proxy Form 371

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