FGV Annual Report 2018

139 01 02 05 03 07 06 04 08 09 EXAMINED OUR NUMBERS ANNUAL INTEGRATED REPORT 2018 1 GENERAL INFORMATION The Company is incorporated in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad. The registered office and principal place of business of the Company is located at Level 21, Wisma FGV, Jalan Raja Laut, 50350 Kuala Lumpur. On 29 June 2018, the Company changed its name to FGV Holdings Berhad. The Company is principally an investment holding company with investments primarily in oil palm plantation and its related downstream activities, sugar refining, trading, logistics, marketing, rubber processing, research and development activities and related agribusiness activities. The principal activities of the subsidiaries are stated in Note 22 to the financial statements. There have been no significant changes in the nature of these activities of the Group and of the Company during the financial year. 2 BASIS OF PREPARATION The financial statements of the Group and of the Company have been prepared in accordance with the Malaysian Financial Reporting Standards ( “ MFRS ” ), International Financial Reporting Standards ( “ IFRS ” ) and the requirements of the Companies Act 2016 in Malaysia. The financial statements of the Group and of the Company for the financial year ended 31 December 2018 are the first set of financial statements prepared in accordance with MFRS, including MFRS 1 “ First-time Adoption of Malaysian Financial Reporting Standards ” , MFRS 9 “ Financial Instruments ” , MFRS 15 “ Revenue from Contracts with Customers ” and MFRS 141 “ Agriculture ” . Subject to certain transition elections as disclosed in Note 62, the Group and the Company has consistently applied the same accounting policies in its opening MFRS statement of financial position as at 1 January 2017, being the transition date, and throughout all financial years presented, as if these policies had always been in effect. The impact of the transition to MFRS on the Group’s reported financial position, financial performance and cash flows are disclosed in Note 62. The financial statements of the Group and of the Company have been prepared under the historical cost convention unless otherwise indicated in the individual policy statements in Note 3 to the financial statements. The preparation of financial statements in conformity with MFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. It also requires Directors to exercise their judgment in the process of applying the Group and Company’s accounting policies. Although these estimates and judgment are based on the Directors’ best knowledge of current events and actions, actual results may differ. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 5. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018