Fraser & Neave Holdings Bhd Annual Report 2019

WWW . F N . C O M . M Y 146 F R A S E R & N E A V E H O L D I N G S B H D The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of Bursa Malaysia Securities Berhad. The address of the registered office of the Company is as follows: Level 3A, F&N Point No. 3, Jalan Metro Pudu 1 Fraser Business Park Off Jalan Yew 55100 Kuala Lumpur The consolidated financial statements of the Company as at and for the financial year ended 30 September 2019 comprise the Company and its subsidiaries (together referred to as the “Group” and individually referred to as “Group entities”) and the Group’s interests in associate and joint venture. The Company is principally engaged in investment holding activities while the other Group entities are primarily engaged in the manufacture and sale of soft drinks and dairy products, property development activities and the provision of management services. There has been no significant change in the nature of these principal activities during the financial year. Information on the Group’s structure is provided in Notes 7, 8 and 9. Information on other related party relationships of the Group is provided in Note 33. The immediate holding company is Fraser and Neave, Limited (“F&NL”), which is incorporated in the Republic of Singapore and is listed on the Singapore Exchange. The ultimate holding company is TCC Assets Limited, which is incorporated in the British Virgin Islands. These financial statements were authorised for issue by the Board of Directors on 5 November 2019. 1. BASIS OF PREPARATION (A) STATEMENT OF COMPLIANCE The financial statements of the Group and the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. The following are accounting standards, interpretations and amendments of the MFRSs that have been issued by the Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and the Company: MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2019 • MFRS 16, Leases • IC Interpretation 23, Uncertainty over Income Tax Treatments • Amendments to MFRS 3, Business Combinations (Annual Improvements to MFRS Standards 2015-2017 Cycle) • Amendments to MFRS 9, Financial Instruments – Prepayment Features with Negative Compensation • Amendments to MFRS 11, Joint Arrangements (Annual Improvements to MFRS Standards 2015-2017 Cycle) • Amendments to MFRS 112, Income Taxes (Annual Improvements to MFRS Standards 2015-2017 Cycle) • Amendments to MFRS 119, Employee Benefits – Plan Amendment, Curtailment or Settlement • Amendments to MFRS 123, Borrowing Costs (Annual Improvements to MFRS Standards 2015-2017 Cycle) • Amendments to MFRS 128, Investments in Associates and Joint Ventures – Long-term Interests in Associates and Joint Ventures MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2020 • Amendments to MFRS 3, Business Combinations – Definition of a Business • Amendments to MFRS 101, Presentation of Financial Statements and MFRS 108, Accounting Policies, Changes in Accounting Estimates and Errors – Definition of Material MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January 2021 • MFRS 17, Insurance Contracts MFRSs, interpretations and amendments effective for annual periods beginning on or after a date yet to be confirmed • Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture NOTES TO THE FINANCIAL STATEMENTS