BIMB Integrated Annual Report 2019

DIRECTORS’ REPORT for the financial year ended 31 december 2019 RESERVES AND PROVISIONS During the financial year ended 31 December 2019, the Group has recognised the impact, net of tax, on the opening balance of retained earnings following the transition to MFRS 16, Leases amounting to RM67,491,000, as disclosed in Note 2.1(b). There were no other material transfers to or from reserves or provisions during the financial year under review except as disclosed in the financial statements. ISSUE OF SHARES AND DEBENTURES During the financial year, the Company increased its issued and paid-up capital from 1,693,566,014 to 1,764,282,714 via the issuance of 70,716,700 new ordinary shares at a consideration of RM3.18 each arising from the Dividend Reinvestment Plan. No warrants were converted during the financial year ended 31 December 2019 (2018: Nil). There were no other changes in the issued and paid-up capital of the Company during the financial year. There were no debentures issued during the financial year. OPTIONS GRANTED OVER UNISSUED SHARES No options were granted to any person to take up unissued shares of the Company during the financial year. As at 31 December 2019, 426,715,078 warrants remained unexercised. IMPAIRED FINANCING Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertain that proper actions had been taken in relation to the writing off of bad financing and the making of impairment provisions for impaired financing, and have satisfied themselves that all known bad financing have been written off and adequate impairment provisions made for impaired financing. At the date of this report, the Directors are not aware of any circumstances that would render the amount written off for bad financing, or the amount of impairment provisions for impaired financing in the financial statements of the Group and of the Company, inadequate to any substantial extent. CURRENT ASSETS Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps to ascertain that any current assets, other than financing, which were unlikely to be realised in the ordinary course of business at their values as shown in the accounting records of the Group and of the Company have been written down to their estimated realisable value. At the date of this report, the Directors are not aware of any circumstances that would render the values attributed to the current assets in the financial statements of the Group and of the Company to be misleading. VALUATION METHODS At the date of this report, the Directors are not aware of any circumstances which have arisen which render adherence to the existing methods of valuation of assets or liabilities of the Group and of the Company to be misleading or inappropriate. 163 BIMB HOLDINGS BERHAD 199701008362 (423858-X) Shareholders’ Information Financial Statements Additional Information Disclosure Summary