AGM

108th AGM

Questions & Answers

No. Question Answer
Financial Matters

1.

What is the key assumption used in the calculation of the CGU? Who is the independent valuer used in the calculation?

The key assumptions are yield and CPO price. The appointed valuer is independent and professionally qualified. The auditors have assessed the competency, capabilities and the objectivity of the valuer accordingly.


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107th AGM

Summary of Key Matters

Summary of Key Matters Discussed at the One Hundred and Seventh Annual General Meeting ("107th AGM") of Boustead Plantations Berhad

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Questions & Answers

No. Question Answer
Financial Matters

1.

The impairment of RM176 million due to poor performance of the recently acquired Sabah estates was one of the main reasons for the loss in FY 2019.

What is the reason for such impairment and has the Group overvalued the said assets?

The RM176 million impairment was largely in respect of our Boustead Pertama and Tawai estates in Sabah.

This impairment is in line with the requirements of the accounting standard - MFRS 136 Impairment of Assets.

During the Financial year, the Group has identified indications of impairment in some of our underperforming cash generating units.

Based on the assessment, the recoverable amounts of these underperforming units were lower than the carrying amounts as at 31 December 2019.

Therefore, an impairment of RM176m was recognized to bring the carrying values to the recoverable amounts.

Our auditors, Ernst & Young, have agreed with the assessment to provide for impairment losses of RM176 million for the financial year ended 2019.


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