FGV Audited Financial Statements 2019

3 01 S E C T I O N AUDITED FINANCIAL STATEMENTS 2019 DIRECTORS’ REPORT FINANCIAL RESULTS Group RM’000 Company RM’000 Loss attributable to Owners of the Company (246,174) (80,094) Non-controlling interests (124,982) - Loss for the financial year (371,156) (80,094) DIVIDENDS No dividend on ordinary shares has been paid or declared by the Company since the end of the previous financial year. The Board of Directors are recommending the payment of a final single tier dividend of 2.0 sen per ordinary share amounting to RM72.96 million, which is not taxable in the hands of the shareholders pursuant to paragraph 12B of Schedule 6 of the Income Tax Act, 1967, and which is subject to the approval of the shareholders at the forthcoming Annual General Meeting of the Company. RESERVES AND PROVISIONS All material transfers to or from reserves or provisions during the financial year are shown in the financial statements. LONG TERM INCENTIVE PLAN The Company established a long term incentive plan (“LTIP”) in the form of employee share grant scheme which is governed by the By-Laws which was approved on 3 February 2016. Pursuant to the LTIP, the Company shall award the grant of up to 10% of the issued and paid-up ordinary share capital of the Company (excluding treasury shares, if any) at any point of time during the duration of the LTIP, to the employees of the Company and its subsidiaries (“Group”) and Executive Director of the Company who fulfil the eligibility criteria as eligible employees and is administered by the LTIP Committee. The LTIP comprises restricted share (“RS”) grant and performance share (“PS”) grant which shall be in force for a period of 10 years commencing from 3 February 2016, being the effective date of the implementation of the LTIP. Details of the LTIP are disclosed in Note 55 to the financial statements. During the financial year, no RS (2018: 11,666,800 RS) under the LTIP was granted to eligible employees of the Group. Subject to the terms and conditions of the By-Laws, the employees shall be awarded of ordinary shares in the Company, after meeting the vesting conditions as set out in the letter of offer for the shares under the LTIP. The RS granted in the previous financial year on 1 June 2018 has a three years vesting period where the first vesting date was on 30 September 2018. The first RS granted on 1 July 2016 had a three years vesting period and had fully vested or forfeited as at 31 December 2019.