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Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 12. Income tax expense (cont’d) Reconciliation between tax expense and accounting profit The reconciliation between tax expense and the product of accounting profit multiplied by the applicable corporate tax rate for the years ended 31 December 2011 and 2010 are as follows: Group Company 2011 2010 2011 2010 RM’000 RM’000 RM’000 RM’000 Profit/(Loss) before tax 91,132 (78,463) 62,837 (96,022) Taxation at Malaysian statutory tax rate of 25% (2010: 25%) 22,783 (19,616) 15,709 (24,006) Different tax rates in other countries (868) 435 – – Income not subject to tax (1,349) (5,828) (1,349) (5,096) Expenses not deductible for tax purpose 9,368 43,936 11,040 44,515 Benefits from previously unrecognised tax losses – (4) – – Deferred tax assets not recognised 901 1,605 – – (Over)/Under provision of deferred tax in prior years (1,098) (106) (27) 38 Under/(Over) provision of tax expense in prior years 4,034 (96) (1,843) (155) Foreign withholding tax 705 1,442 705 1,442 Income tax expense recognized in profit or loss 34,476 21,768 24,235 16,738 During the financial year, a subsidiary in Indonesia received various assessments for taxes and penalties for fiscal year 2008 from the tax office indicating an underpayment of corporate income tax (“CIT”) of USD1,499,709 (instead of an overpayment of USD3,235,579 as reported in its 2008 annual income tax return) and an underpayment of withholding taxes and value added tax of USD1,625,983. The subsidiary filed an objection to the tax office on 2 February 2012 and recognized an amount of USD1,052,632 as an additional tax expense (offset against the CIT overpayment of USD3,235,579 recorded in its 2008 annual income tax return) during the financial year. 13. Basic and diluted earnings/(loss) per share Basic and diluted earnings/(loss) per share are calculated by dividing profit/(loss) for the year attributable to owners of the Company by the weighted average number of ordinary shares in issue during the financial year. Group 2011 2010 Profit/(Loss) attributable to owners of the Company (RM’000) 60,523 (80,249) Weighted average number of ordinary shares for basic earnings/(loss) per share computation* (‘000) 98,288 75,000 Basic and diluted earnings/(loss) per share (sen) 61.6 (107.0) * The weighted average number of shares takes into account the weighted average effect of new issuance of ordinary shares during the year. MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 111
Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 14. Dividends 112 Amount Net dividend per share 2011 2010 2011 2010 Group and Company RM’000 RM’000 Sen Sen Final dividend for 2009: 3 sen less 25% tax per share paid on 28 May 2010 – 1,687 – 2.3 Final dividend for 2010: 3 sen less 25% tax per share paid on 12 May 2011 2,250 – 2.3 – Interim dividend for 2011: 12 sen less 25% tax per share paid on 28 September 2011 9,000 – 9.0 – Building on Success: Developing Resources for the Future 11,250 1,687 11.3 2.3 Subject to the approval of the members at the forthcoming Annual General Meeting of the Company, the directors recommend the payment of a final dividend of 18 sen per ordinary share less 25% tax, totalling RM13.5 million net for the financial year ended 31 December 2011. The financial statements for the financial year ended 31 December 2011 do not reflect this proposed dividend. Such dividend, if approved by the shareholders, will be accounted for in shareholders’ equity as an appropriation of retained earnings in the financial year ending 31 December 2012.
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ANNUAL REPORT 2011 Building on Succ
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viSion To be a successful world-cla
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Corporate Profile Malaysia Smelting
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Corporate Profile (cont’d) For of
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Notice of Annual General Meeting NO
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Group Financial Highlights 10 Build
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Board of Directors From left to rig
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Directors’ Profile 14 Building on
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Directors’ Profile (cont’d) 16
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Statement by the Chairman 18 Buildi
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Statement by the Chairman (cont’d
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Group Chief Executive Officer/Execu
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Securing the Future (cont’d) 32 B
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Securing the Future (cont’d) Ore
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Tin Market Review 2011-2012 (cont
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Tin Market Review 2011-2012 (cont
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New Opportunities for Tin Use (cont
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Corporate Social Responsibility (co
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Corporate Social Responsibility (co
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Statement on Corporate Governance (
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Notes to the Financial Statements (
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Supplementary information 44. Break
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List of Properties of the Group 31
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Tin Statistics (cont’d) 178 Produ
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Shareholding Statistics as at 21 Ma
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Shareholding Statistics (cont’d)
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184 To: The Company Secretary MALAY
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