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Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 40. Segmental information The revenue of the Group is derived from tin mining and smelting of tin concentrates and tin bearing materials, the production of various grades of refined tin metal and the sales and delivery of refined tin metal and by-products. For management purposes, the Group is organised into two business segments within the tin industry, and has three reportable operating segments as follows: (a) Tin Smelting Tin smelting includes the smelting of tin concentrates and tin bearing materials, the production of various grades of refined tin metal under the MSC brand name and the sale and delivery of refined tin metal and by-products. (b) Tin Mining Tin mining includes activities involving exploration for and mining of tin. (c) Others The investments in other metal and mineral resources have been aggregated to form a reportable operating segment. Business segments For purpose of better decision-making about resource allocation and performance assessment, management has changed from geographical method to business unit method in determining the reported segment profit or loss. Management monitors the operating results of each business unit separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit before tax. Transfer prices between operating segments are on an arm’s length basis in a manner similar to transactions with third parties. These intercompany transactions are eliminated on consolidation. MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 165
Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 40. Segmental information (cont’d) 166 Business segments (cont’d) The following tables provide an analysis of the Group’s revenue, results, assets, liabilities and other information by business segments: At 31 December 2011 Revenue Building on Success: Developing Resources for the Future Tin Smelting Tin Mining Others (Eliminations)/ Adjustments Total Note RM’000 RM’000 RM’000 RM’000 RM’000 Sales to external customers 3,091,298 7,251 2 – 3,098,551 Inter-segment sales – 652,676 1,796 (654,472) – Total revenue 3,091,298 659,927 1,798 (654,472) 3,098,551 Results Profit/(Loss) from operations 84,089 30,269 (1,596) 3,026 115,788 Finance costs Share of profit/(loss) of associates and jointly 9 (12,974) (6,321) (4,755) – (24,050) controlled entity Profit before exceptional (817) – 25,509 – 24,692 losses 70,298 23,948 19,158 3,026 116,430 Exceptional losses, net 11 (2,000) (16,602) (6,696) – (25,298) Profit before tax 68,298 7,346 12,462 3,026 91,132 Income tax expense 12 (13,884) (19,557) (279) (756) (34,476) Profit/(Loss) net of tax 54,414 (12,211) 12,183 2,270 56,656
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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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