Fraser & Neave Holdings Bhd Annual Report 2019

WWW . F N . C O M . M Y 132 F R A S E R & N E A V E H O L D I N G S B H D DIRECTORS’ REPORT for the financial year ended 30 September 2019 The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the financial year ended 30 September 2019. PRINCIPAL ACTIVITIES The Company is principally engaged in investment holding activities whilst the principal activities of the subsidiaries are as stated in Note 7 to the financial statements. There has been no significant change in the nature of these activities during the financial year. HOLDING COMPANIES Fraser and Neave, Limited (“F&NL”), a corporation incorporated in the Republic of Singapore is the immediate holding company whilst TCC Assets Limited, a corporation incorporated in the British Virgin Islands is regarded by the Directors as the Company’s ultimate holding company, during the financial year and until the date of this report. SUBSIDIARIES The details of the Company’s subsidiaries are disclosed in Note 7 to the financial statements. RESULTS Group RM’000 Company RM’000 Profit for the year attributable to: Owners of the Company 410,260 229,277 Non-controlling interests (36) – 410,224 229,277 RESERVES AND PROVISIONS There were no material transfers to or from reserves and provisions during the financial year under review except as disclosed in Note 15 to the financial statements. DIVIDENDS Since the end of the previous financial year, the amount of dividends paid by the Company were as follows: i) In respect of the financial year ended 30 September 2018 as reported in the Directors’ Report of that financial year: • a final ordinary dividend of 30.5 sen per ordinary share totalling RM111,867,000 declared on 21 December 2018 and paid on 15 February 2019; and ii) In respect of the financial year ended 30 September 2019: • an interim ordinary dividend of 27.0 sen per ordinary share totalling RM99,031,000 declared on 29 April 2019 and paid on 13 June 2019. The final ordinary dividend recommended by the Directors in respect of the financial year ended 30 September 2019 is 33.0 sen per ordinary share totalling RM121,037,000, is subject to shareholders’ approval at the forthcoming Annual General Meeting of the Company. The financial statements for the current financial year do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be accounted for in equity as an appropriation of retained earnings in the financial year ending 30 September 2020.