Annual Report 2020

DIRECTORS' REPORT The directors hereby present their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 December 2020. Principal activities The principal activity of the Company is that of an investment holding company. The principal activities of the subsidiaries are described in Note 12 to the financial statements. There were no significant changes in the nature of these activities during the financial year. Results Group RM’000 Company RM’000 Loss net of tax (5,887,928) (261,600) Loss net of tax attributable to: Owners of the Company (5,111,667) (261,600) Non-controlling interests (776,261) - (5,887,928) (261,600) There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements. In the opinion of the directors, with exception to the socioeconomic effects of the COVID-19 pandemic which impacted the financial circumstances of the Group and of the Company, the results of the operations of the Group and of the Company during the financial year were otherwise not substantially affected by any item, transaction or event of a material and unusual nature, other than, the impairment of aircraft-related property, plant and equipment and right-of-use assets totaling RM596 million and impairment of receivables, amount due from an associate and related parties and investment in an associate totaling RM1,427 million as disclosed in Note 6 to the financial statements. Dividends No dividend has been paid or declared by the Company since the end of prior year. The directors do not recommend the payment of any dividend in respect of the current financial year. 166 AIRASIA GROUP BERHAD