Our finance team always maintains transparency in reporting to various stakeholders both internally and externally. We strictly follow International Financial Reporting Standards (IFRS), industry best practices and provisions of relevant regulations in matters relating to accounting and financial reporting.
Not only do we ensure that transparency is maintained, we also ensure that we collaborate with various departments to support the growth of our organisation. This is reflected in our support to our colleagues in the investment team in matters relating to accounting, financial reporting, taxation and deal structuring.
Key milestones in 2017:
Throughout the year, our finance team met the many challenges associated with support of the organisation’s diverse assets and its new acquisitions. With the increase of ownership stake in McLaren and the respective reporting requirements that followed, the team managed all the statutory and internal reporting requirements within tight deadlines. At the same time, the team managed all financial, reporting risks and compliance risks with no exceptions.
A key element of the finance department’s role is to ensure that funds are available throughout the year to ensure that the various funding requirements of the company and repayment of debt are met by arranging banking facilities with attractive terms. This was reflected in 2017 when full repayment of the MYR 300 million Malaysian Sukuk was made.
The team also uses the Hyperion Planning Management system, implemented since 2011, in which effective and successful upgrades and re-implementation were completed in 2017 to meet management requirements. The upgraded system provides better quality budget variance reports and has the functionality of writing back the budget from the Hyperion system to the Oracle E-Business Suite which enables department heads to check the budget availability online before approving any transaction or purchase order in the system.