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Directors’ Report
The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the
Company for the financial year ended 31 December 2011.
Principal activities
The principal activities of the Company are investment holding and 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 sales and delivery of refined tin metal and
by-products. The principal activities of the subsidiaries, associates and jointly controlled entity are set out in Notes 18 and 19 to
the financial statements respectively.
There have been no significant changes in the nature of the principal activities during the financial year.
Results
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Building on Success: Developing Resources for the Future
Group Company
RM’000 RM’000
Profit net of tax 56,656 38,602
Profit attributable to:
Owners of the Company 60,523 38,602
Non-controlling interests (3,867) –
56,656 38,602
There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the statements
of changes in equity.
In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were
not substantially affected by any item, transaction or event of a material and unusual nature other than the exceptional losses,
stated in the income statement as disclosed in Note 11 to the financial statements.
Dividends
The amounts of dividends paid by the Company since 31 December 2010 were as follows:
In respect of the financial year ended 31 December 2010 as reported in the directors’ report of that year:
RM’000
Final dividend of 3 sen less 25% tax per share on 100,000,000 ordinary shares, paid on 12 May 2011 2,250
In respect of the financial year ended 31 December 2011:
Interim dividend of 12 sen less 25% tax per share on 100,000,000 ordinary shares,
paid on 28 September 2011 9,000
11,250
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 current financial year 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.