Page 3 - HRC_AR2020

ABOUT ThIS REPORT

This Annual Report focuses on Hengyuan Refining Company developments concerning HRC up until the approval of the annual
Berhad (HRC) as a Company and our operations in Port Dickson. financial statements.
This report has been prepared with care and thought to provide
our stakeholders with a comprehensive and objective view of our We have prepared our financial statements in accordance with
the Malaysian Financial Reporting Standards, International
economic, social, governance and environmental performance, in
a timely, transparent and easy to understand manner. This report Financial Reporting Standards and the Malaysian Companies
Act 2016. They also comply with the applicable disclosure
also provides, where possible, insights into our business strategy
and future prospects. provisions of the Main Market Listing Requirements of Bursa
Malaysia Securities Berhad.
An accompanying Sustainability Report has also been prepared Our financial statements have been audited by Messrs
and is available for viewing at www.hrc.com.my/investor_relations. PricewaterhouseCoopers PLT, whose unmodified report is available
html. Pertinent information has been cross referenced for interested on pages 79 to 83.
stakeholders.
Our Annual Report can also be accessed online at
The scope of our reporting covers the financial year from www.hrc.com.my/annual_report.html.
1 January to 31 December 2020 and encompasses all material

INSIDE THIS REPORT

LEADERShIP 04 gOvERNANCE 05 FINANCIAL REPORTS 06

Board of Directors’ Profile 42 Corporate Governance 50 Directors’ Report 68
Overview Statement
Management Team Profile 46 Statement by Directors 71
Statement on Risk 58 Statutory Declaration 72
Management and Internal
Control Independent Auditors’ Report 73
Audit Committee Report 63 Statement of Comprehensive 78
Income
Statement of Financial Position 79
Statement of Changes In Equity 80
Statement of Cash Flows 81
Notes to the Financial 83
Statements
Company Properties 133
Analysis of Shareholdings 136
Additional Corporate 139
Governance Disclosures
Disclosure of Recurrent Related 144
Party Transactions
Acronyms & Abbreviation 145
Proxy Form