Financial Statements 2020

Emerging
STRONGER
TOGETHER
Financial Statements 2020
Table of Contents
1 Directors’ Report
7 Statement By Directors
8 Statutory Declaration
9 Independent Auditors’ Report
16 Statements of Profit or Loss
17 Statements of Comprehensive Income
18 Consolidated Statement of Financial Position
20 Statement of Financial Position
22 Statements of Changes In Equity
24 Statements of Cash Flows
27 Notes to the Financial Statements
Annual Report 2020 >> Financial Statements 1
Directors’ Report
The directors hereby presenting 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 investment holding.
Details of the subsidiaries are disclosed in Note 15 to the financial statements.
There have been no significant changes in the nature of the principal activities during the financial year.
Information in respect of the Group's Operating Agreements with the Government of Malaysia (GoM) and the foreign subsidiary's
Implementation Agreement, including both the obligations and operations are disclosed in Notes 1.2 and 1.3 to the financial
statements.
Results
Group Company
RM'000 RM'000
(Loss)/profit net of tax (1,116,196) 46,770
(Loss)/profit attributable to:

Owners of the Company (1,116,196) 46,770
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, 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 those as disclosed in the notes
to the financial statements.
Share capital
There was no issuance of equity during the current financial year.

2 Malaysia Airports Holdings Berhad >> Financial Statements
Directors’ Report
Dividends
The amount of dividends declared or paid by the Company since 31 December 2019 were as follows:
RM’000
In respect of the financial year ended 31 December 2019 as reported in the directors’ report of that year:
Single-tier final dividend of 10 sen, on 1,659,191,828 ordinary shares, declared on 28 February 2020 and paid
on 21 May 2020 165,919
The directors do not recommend the payment of any dividend in respect of the current financial year.
Directors
The names of the directors of the Company in office since the beginning of the financial year to the date of this report are:
Dato’ Seri Diraja Dr. Zambry bin Abd Kadir (appointed on 12 August 2020)
Tan Sri Datuk Zainun binti Ali (resigned on 11 August 2020)
Datuk Seri Yam Kong Choy
Datuk Zalekha binti Hassan
Rosli bin Abdullah
Dato’ Ir. Mohamad bin Husin
Datuk Azailiza binti Mohd Ahad
Ramanathan a/l Sathiamutty
Wong Shu Hsien
Dato’ Mohamad Nasir bin Ab Latif (appointed on 1 October 2020)
Dato’ Zamzuri bin Abdul Aziz (appointed on 10 February 2020)
Dato’ Dr. Amiruddin bin Muhamed [alternate director to Dato’ Zamzuri bin Abdul Aziz] (appointed on 10 February 2020)
Dato’ Jana Santhiran a/l Muniayan (resigned on 4 January 2021)
Jamilah binti Dato’ Hashim (resigned on 30 September 2020)
Directors’ Report
Directors (cont’d.)
Directors of subsidiaries
The following is a list of directors of the subsidiaries (excluding directors who are also directors of the Company) in office since the
beginning of the financial year to the date of this report:
Dato’ Mohd Shukrie bin Mohd Salleh

Dato’ Abu Bakar bin Mohd Nor
Dato’ Dr. Mohd Fauzi bin Ramlan
Dr. Anuar bin Ariffin (appointed on 10 March 2020)
Stien Van Lutam (appointed on 1 July 2020)
Mohamad Radzuan bin Mazlan (appointed on 1 July 2020)
Samuel Ooi Thean Aun
Mansoor bin Wan Abdullah
Vivienne Lee Swee Lian @ Lee Abdullah
Mohamed bin Rastam Shahrom
Ahmad Tarmizi bin Mohd Hashim
Darwish Abdulla D Al-Darwish
Hani Ezra binti Hussin (appointed on 2 June 2020)
Megat Ardian Wira bin Mohd Aminuddin (appointed on 19 August 2020)
Mohammad Nazli bin Abdul Aziz
Mohd Arif bin Jaafar (appointed on 31 December 2020)
Nornajihah binti Ismail
Randhill Singh a/l Amrick Singh
Rosli bin Abdul Wahab
Abdurrahman Seref Can
Halil Ucarer
Shameem Kureemun
Georges Valery Magon
Ir. Khairiah binti Haji Salleh
Mohammad Suhaimi bin Abdul Mubin (resigned on 1 January 2021)
Datin Nik Ruziah binti Nik Mohd Salleh (resigned on 31 December 2020)
Mohd Shihabuddin bin Mukhtar (resigned on 31 December 2020)
Navin Nagawa [alternate director to Georges Valery Magon] (resigned on 3 September 2020)
Karina binti Dato’ Muhammad Nor (resigned on 31 July 2020)
Dato’ Che Azmi bin Murad (resigned on 24 June 2020)
Ir. Suradini binti Abdul Ghani (resigned on 5 June 2020)
Ahmad Rizal bin Omar (resigned on 2 June 2020)
Lindayani binti Tajudin (resigned on 31 May 2020)
Dato’ Mohd Izani bin Ghani (resigned on 24 April 2020)
Veelayudan a/l Krishnan Nair (resigned on 21 April 2020)
Directors’ Report
Directors’ benefits
Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company
was a party, whereby the directors might acquire benefits by means of the acquisition of shares in or debentures of the Company
or any other body corporate.
Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits
included in the aggregate amount of emoluments received or due and receivable by the directors as shown in Note 8 to the
financial statements or the fixed salary of a full-time employee of the Company) by reason of a contract made by the Company or
a related corporation with any director or with a firm of which the director is a member, or with a company in which the director
has a substantial financial interest.
The directors and officers of the Group and of the Company are covered by the Directors and Officers liability insurance for any
liability incurred in the discharge of their duties, provided that they have not acted fraudulently or dishonestly or derived any
personal profit or advantage. The insurance is maintained on a group basis and the total premium paid by the Group during the
current financial year amounted to RM105,200.
Directors’ interests
According to the register of directors’ shareholdings, none of the directors in office at the end of the financial year had any interest
in shares in the Company or its related corporations during the financial year.
Other statutory information
(a) Before the statements of profit or loss, statements of comprehensive income and statements of financial position of the
Group and of the Company were made out, the directors took reasonable steps:
(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision
for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate provision
had been made for doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the
ordinary course of business have been written down to an amount which they might be expected so to realise.
(b) At the date of this report, the directors are not aware of any circumstances which would render:
(i) the amount written off for bad debts or the amount of the provision for doubtful debts in the financial statements of
the Group and of the Company inadequate to any substantial extent; and
(ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading.
Directors’ Report
Other statutory information (Cont’d.)
(c) At the date of this report, the directors are aware of the COVID-19 pandemic, which may have an impact on certain values
attributed to current assets and valuation methods adopted by the Group and the Company.
(d) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or the
financial statements of the Group and of the Company which would render any amount stated in the financial statements
misleading.
(e) At the date of this report, there does not exist:
(i) any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which
secures the liabilities of any other person; or
(ii) any contingent liability of the Group or of the Company which has arisen since the end of the financial year.
(f) In the opinion of the directors:
(i) no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve
months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet
their obligations when they fall due; and
(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the
financial year and the date of this report which is likely to affect substantially the results of the operations of the Group
and of the Company for the financial year in which this report is made.
(g) Note 37(i) to the financial statements discussed the management steps to address the current impact of the COVID-19
pandemic. The Board of Directors is confident that based on the strategies and the funding plans, the Group will be in a
good stead to weather the current challenging environment.
Significant events during the year
Significant events during the year are disclosed in Note 37 to the financial statements.
Auditors
The auditors, Ernst & Young PLT, have expressed their willingness to continue in office.
The remuneration of the auditors for the Group and the Company are disclosed in Note 7 to the financial statements.
Directors’ Report
Indemnification of Auditors
To the extent permitted by law, the Company has agreed to indemnify its auditors, Ernst & Young PLT, as part of the terms of its
audit engagement against claims by third parties arising from the audit. No payment has been made to indemnify Ernst & Young
PLT during the current financial year.
Signed on behalf of the Board in accordance with a resolution of the directors dated 26 February 2021.
Dato’ Seri Diraja Dr. Zambry bin Abd Kadir Datuk Seri Yam Kong Choy
Kuala Lumpur, Malaysia

Statement by Directors
Pursuant to Secti on 251(2) of the Companies Act, 2016
We, Dato' Seri Diraja Dr. Zambry bin Abd Kadir and Datuk Seri Yam Kong Choy, being two of the directors of Malaysia Airports
Holdings Berhad, do hereby state that, in the opinion of the directors, the accompanying financial statements set out on pages 16
to 157 are drawn up in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and
the requirements of the Companies Act, 2016 in Malaysia so as to give a true and fair view of the financial position of the Group
and of the Company as at 31 December 2020 and the financial performance and the cash flows of the Group and of the Company
for the year then ended.
Signed on behalf of the Board in accordance with a resolution of the directors dated 26 February 2021.
Dato' Seri Diraja Dr. Zambry bin Abd Kadir Datuk Seri Yam Kong Choy

Statutory Declaration
Pursuant to Secti on 251(1)(b) of the Companies Act, 2016
I, Mohamed bin Rastam Shahrom (MIA Number: 24197), being the officer primarily responsible for the financial management of
Malaysia Airports Holdings Berhad, do solemnly and sincerely declare that the accompanying financial statements set out on
pages 16 to 157 are, to the best of my knowledge and belief, correct, and I make this solemn declaration conscientiously believing
the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the

abovenamed Mohamed bin Rastam Shahrom
at Kuala Lumpur in the Federal Territory
on 26 February 2021. Mohamed bin Rastam Shahrom
Before me,
Independent Auditors’ Report

To The Members of Malaysia Airports Holdings Berhad
(Incorporated in Malaysia)
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Malaysia Airports Holdings Berhad, which comprise the statements of financial
position as at 31 December 2020 of the Group and of the Company, and statements of profit or loss and other comprehensive
income, statements of changes in equity and statements of cash flows of the Group and of the Company for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies, as set out on pages 16 to 157.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and of the
Company as at 31 December 2020, and of their financial performance and their cash flows for the year ended in accordance with
Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies
Act, 2016 in Malaysia.
Basis for opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing.
Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial
statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Independence and other ethical responsibilities
We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and
Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Code of Ethics for Professional Accountants
(including International Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in
accordance with the By-Laws and the IESBA Code.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the Group and of the Company for the current year. These matters were addressed in the context of our audit of
the financial statements of the Group and of the Company as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided
in that context.
We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the financial statements section
of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures,
including the procedures performed to address the matters below, provide the basis of our audit opinion on the accompanying
financial statements.

Key audit matters (cont’d.)
Key audit matters in respect of audit of the financial statements of the Group
Impairment of intangible assets
The intangible assets represent a significant amount on the statement of financial position of the Group as disclosed in Note 14
to the financial statements. Under Malaysian Financial Reporting Standards (“MFRS”), the Group is required to test the amount
of intangible assets with finite useful life for impairment by comparing its recoverable amount with its carrying amount whenever
there is an indication that the intangible assets may be impaired. COVID-19 has resulted in challenging operating environments in
Malaysia and Turkey. This is an indication that the assets in Malaysia Airports (Sepang) Sdn. Bhd. (“MA Sepang”), Malaysia Airports
Sdn. Bhd. (“Malaysia Airports”), and Istanbul Sabiha Gokcen Uluslararasi Havalimani Yatirim Yapim ve Isletme A.S. (“ISG”) may
be impaired. Arising from the assessment, an impairment loss of RM500.4 million was recorded in respect of Turkey’s operations.
We focused on this area because the determination of whether or not an impairment charge for intangible assets is necessary
involves significant judgements by the directors about the future results of the business and assessment of future plans for the
Group’s assets.
Malaysia’s Operations
We evaluated the directors’ impairment assessment, which includes assessment of the cash flow forecasts and projections used in
the models, the process by which they were drawn up and testing the underlying calculations. We challenged:
• The key assumptions for long-term growth rates in the forecasts by comparing them to historical results, and economic and
industry forecasts; and
• The discount rate by assessing the cost of capital and that of comparable organisations.
We have also performed sensitivity analysis around the key drivers of the growth rates of the cash flow forecasts including the
revenue growth. We have assessed the adequacy and appropriateness of the disclosures made in the financial statements.
Turkey’s Operations
In addressing the risk, the Component team considered the objectivity, independence and expertise of the firm of independent
valuer engaged by the Company. We evaluated the Component team’s procedures, which included the evaluation of the directors’
impairment calculations, assessment of the cash flow forecasts and projections used in the models, and the process by which they
were drawn up and testing the underlying calculations. The Component team challenged:
• The key assumptions for long-term growth rates in the forecasts by comparing them to historical results, and economic and
industry forecasts which were supported by an independent valuation report; and
• The discount rate by assessing the cost of capital and that of comparable organisations.
The Component team also performed sensitivity analysis around the key drivers of growth rates of the cash flow forecasts,
including revenue growth. Having ascertained the extent of change in those assumptions that either individually or collectively
would be required for the assets to be impaired, the Component team considered the range of outcomes from changes to the
key assumptions. We have also assessed the adequacy and appropriateness of the disclosures made in the financial statements.

Key audit matters in respect of audit of the financial statements of the Group (cont’d.)
Litigation
The recognition and measurement of provisions and the measurement and disclosure of contingent liabilities in respect of litigation
requires significant judgement. We focused on this area due to the significance of potential provisions and the complexities in
assessing and measuring obligations resulting from ongoing legal matters.
We assessed the controls over the identification, evaluation and measurement of potential obligations arising from legal matters.
For matters identified, we considered whether an obligation exists, the appropriateness of provisions and/or disclosure based
upon the facts and circumstances available. In order to determine facts and circumstances, we performed a series of procedures
including the examination of litigation related documents and discussions with Group’s internal and external legal advisors. We
then assessed the directors’ conclusions and key judgements applied.
Additionally, we considered whether the Group’s disclosures of the application of judgement in estimating provisions and
contingent liabilities adequately reflected the uncertainties associated with litigation.
Amortisation of intangible assets
As at 31 December 2020, the net book value of intangible assets amounted to RM15.9 billion as disclosed in Note 14 to the
financial statements. The useful lives of the intangible assets are amortised on based on usage.
We focused on this area because the Group’s amortisation policy in respect of intangible assets are determined using the method
which reflects the asset’s usage based on passenger volume and usage of airport activities over the concession period which
involves significant judgements made by the directors.
Malaysia’s Operations
We evaluated the directors’ amortisation calculations, assessing the future passenger volume forecasts used in the models over
the extended operating period, and the process by which they were drawn up and testing the underlying calculations. In testing
the underlying calculations, we challenged the key assumptions for long-term growth rates of the passenger volumes in the
forecast by comparing them to historical actual results, and economic and industry forecasts.
We also evaluated directors’ estimates of the passenger growth and maximum capacity of passengers by taking into consideration
external studies and industry benchmarks.
Turkey’s Operations
We evaluated the Component team’s evaluation of the directors’ amortisation calculations and the process by which they were
drawn up and testing the underlying calculations. The Component team challenged the key assumptions for long-term growth
rates of the passenger volumes in the forecasts by comparing them to historical actual results, and economic and industry forecasts.

Key audit matters in respect of audit of the financial statements of the Group (cont’d.)
Recoverability of deferred tax assets
As at 31 December 2020, the Group’s deferred tax assets amounted to RM465.0 million as disclosed in Note 22 to the financial
statements. We focused on this area as the recognition of these assets involves judgement by directors as to the likelihood of the
realisation of these deferred tax assets, which is based on a number of factors, including whether there will be sufficient taxable
profits in future periods to support recognition.
The assessment of future taxable profits is a complex process and required significant management’s judgements, in particular
the judgements applied in respect of the expected future economic conditions of the industry which impact the revenue growth
rates and operating costs of the Group.
Our procedures in relation to directors’ assessment about the recoverability of deferred tax assets included:
• Understanding and assessing the identification process of temporary differences and calculating deferred tax assets;
• Evaluating directors’ assessment on the sufficiency of future taxable profits in support of the recognition of deferred tax
assets by comparing director’s forecasts of future profits to historical results; and
• Evaluating the key assumptions applied in determining the profit forecasts and projections, supplemented by expectations
of the future economic conditions, business plans and approved budgets.
Key audit matters in respect of audit of the financial statements of the Company
Impairment assessment on investments in subsidiaries
The Company is required to perform an impairment test on its investments in subsidiaries whenever there is an indication that
these investments may be impaired.
There is an indication that the carrying amount of the Company’s cost of investments in subsidiaries may be impaired as the
entities had recorded losses during the year as a result of the COVID-19 pandemic.
Based on the impairment assessment performed by the management of the Company, there was no impairment loss recognised
on the investments in subsidiaries during the year.
We consider this to be an area of focus for our audit as the amounts involved are significant, the assessment process is complex
and involves significant management’s judgements about future market and economic conditions and changes in assumptions
may lead to a significant change in the recoverable amount of the investments in subsidiaries.
Our procedures to address this area of focus included, amongst others, the following:
• Obtaining an understanding of the relevant process and controls over management’s assessment of the impairment of the
investments in subsidiaries;
• Evaluating the appropriateness of the methodology and approach applied; and
• Evaluating whether key assumptions were reasonable, taking into consideration the current and expected operating outlook
for the Group and its subsidiaries.

Information other than the financial statements and auditors’ report thereon
The directors of the Company are responsible for the other information. The other information comprises the information included
in the annual report, but does not include the financial statements of the Group and of the Company and our auditors’ report
thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the financial statements of the
Group and of the Company or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate
the matter to the directors of the Group and of the Company and take appropriate action.
Responsibilities of the directors for the financial statements
The directors of the Company are responsible for the preparation of financial statements of the Group and of the Company that
give a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards
and the requirements of the Companies Act, 2016 in Malaysia. The directors are also responsible for such internal control as the
directors determine is necessary to enable the preparation of financial statements of the Group and of the Company that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the directors are responsible for assessing the Group’s
and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the Group or the Company or to cease
operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
approved standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Auditors’ responsibilities for the audit of the financial statements (cont’d.)
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we
exercise professional judgement and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Company’s
internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Group’s or the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditors’ report to the related disclosures in the financial statements of the Group and of
the Company or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group or the Company
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company,
including the disclosures, and whether the financial statements of the Group and of the Company represent the underlying
transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within
the Group to express an opinion on the financial statements of the Group. We are responsible for the direction, supervision
and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, actions taken to eliminate threats or safeguards applied.

Auditors’ responsibilities for the audit of the financial statements (cont’d.)
From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the
financial statements of the Group and of the Company for the current year and are therefore the key audit matters. We describe
these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Other matters
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies Act, 2016
in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
Ernst & Young PLT Ahmad Qadri Bin Jahubar Sathik

202006000003 (LLP0022760-LCA) & AF 0039 No. 03254/05/2022 J
Chartered Accountants Chartered Accountant

26 February 2021
Statements of Profit or Loss

For the financial year ended 31 December 2020
Group Company
Note 2020 2019 2020 2019
RM'000 RM'000 RM'000 RM'000
Revenue 3 1,866,345 5,213,107 4,455 295,877

Cost of inventories sold (90,917) (435,628) - -
Other income 4 186,225 265,539 381,511 438,809
Employee benefits expenses 5 (742,618) (919,960) (136,062) (203,067)
Depreciation and amortisation (609,751) (941,578) (18,676) (17,776)
Impairment on intangible assets 14 (500,380) - - -
Other expenses (1,197,418) (1,831,046) (51,267) (72,358)
Finance costs 6 (663,771) (726,001) (131,133) (140,629)
Share of results of associates 16 (15,988) 15,294 - -
Share of results of joint ventures 17 4,412 19,424 - -
(Loss)/profit before tax and zakat 7 (1,763,861) 659,151 48,828 300,856
Taxation and zakat 9 647,665 (122,109) (2,058) (50)
(Loss)/profit net of tax (1,116,196) 537,042 46,770 300,806
(Loss)/profit attributable to:

Owners of the Company (1,116,196) 537,042 46,770 300,806
Earnings per share attributable to

Owners of the Company
(sen per share)
- basic, for (loss)/profit for the year 10 (70.75) 28.90
The accompanying accounting policies and explanatory information form an integral part of the financial statements.
Statements of Comprehensive Income

Group Company
Note 2020 2019 2020 2019
RM'000 RM'000 RM'000 RM'000
(Loss)/profit net of tax (1,116,196) 537,042 46,770 300,806

Other comprehensive income:
Foreign currency translation 128,592 (66,249) - -
Unrealised (loss)/gain on derivative financial
instruments 31 (18,190) 6,871 - -
Actuarial gain/(loss) on retirement benefits 28(b)(iii) 3,035 (3,103) - -
Other comprehensive profit/(loss) for the
year, net of tax 113,437 (62,481) - -
Total comprehensive (loss)/income for the
year (1,002,759) 474,561 46,770 300,806
Total comprehensive (loss)/income

attributable to:
Owners of the Company (1,002,759) 474,561 46,770 300,806
Consolid ated Statement of Financial Position

As at 31 December 2020
Group
Note 2020 2019
RM'000 RM'000
Assets
Non-current assets
Property, plant and equipment 12 433,670 455,048
Right-of-use assets 13 93,874 137,242
Intangible assets 14 15,894,104 16,062,606
Investments in associates 16 110,989 126,977
Investments in joint ventures 17 104,167 104,210
Financial assets at fair value through profit or loss 18 328,489 332,898
Trade and other receivables 20 404,648 365,588
Employee loans 21 21,487 24,759
Deferred tax assets 22 465,033 172,373
17,856,461 17,781,701
Current assets
Inventories 23 163,672 169,809
Biological assets 24 3,257 2,365
Trade and other receivables 20 533,814 973,653
Tax recoverable 27,496 46,173
Financial assets at fair value through profit or loss 18 720,558 1,755,820
Cash and cash equivalents 25 973,657 1,453,136
2,422,454 4,400,956
Total assets 20,278,915 22,182,657
Consolidated Statement of Financial Position

Group
Note 2020 2019
RM’000 RM’000
Equity and liabilities
Equity attributable to Owners of the Company

Share capital 26 5,114,341 5,114,341
Perpetual Sukuk 30 997,842 997,842
Retained earnings 27 1,944,898 3,284,671
Hedging reserve 31 (36,221) (18,031)
Foreign exchange reserve 28(a) 74,387 (54,205)
Other reserves 28(b) 4,098 758
Total equity 8,099,345 9,325,376
Non-current liabilities
Borrowings 29 4,550,430 3,685,721
Derivative financial instruments 31 36,166 33,861
Lease liabilities 32 62,506 95,586
Trade and other payables 33 5,350,241 4,851,810
Deferred tax liabilities 22 702,492 901,183
10,701,835 9,568,161
Current liabilities
Borrowings 29 94,298 1,247,012
Lease liabilities 32 31,354 37,250
Trade and other payables 33 1,324,975 1,956,793
Income tax payable 14,108 31,867
1,477,735 3,289,120
Total liabilities 12,179,570 12,857,281
Total equity and liabilities 20,278,915 22,182,657
Statement of Financial Position

Company
Note 2020 2019
RM’000 RM’000
Assets
Non-current assets
Property, plant and equipment 12 51,603 94,681
Right-of-use assets 13 391 581
Intangible assets 14 9,169 -
Investments in subsidiaries 15 2,274,899 2,274,899
Investments in joint ventures 17 53,718 53,718
Other receivables 20 3,996,693 4,406,462
6,409,281 6,852,235
Current assets
Inventories 23 13 13
Other receivables 20 2,327,554 2,390,566
Tax recoverable 112 2,060
Cash and cash equivalents 25 50,693 37,860
2,740,123 2,814,150
Total assets 9,149,404 9,666,385
Statement of Financial Position

Company
Note 2020 2019
RM'000 RM'000
Equity and liabilities
Equity attributable to Owners of the Company

Share capital 26 5,114,341 5,114,341
Perpetual Sukuk 30 997,842 997,842
Retained earnings 27 54,404 231,211
Total equity 6,166,587 6,343,394
Non-current liabilities
Borrowings 29 2,800,000 2,100,000
Lease liabilities 32 130 200
2,800,130 2,100,200
Current liabilities
Borrowings 29 - 1,000,000
Lease liabilities 32 275 394
Other payables 33 182,412 222,397
182,687 1,222,791
Total liabilities 2,982,817 3,322,991
Total equity and liabilities 9,149,404 9,666,385
22
Attributable to Owners of the Company
Non-distributable
Foreign Distributable
Share Perpetual exchange Hedging Other retained Total
capital Sukuk reserve reserve reserves earnings equity
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
Note (Note 26) (Note 30) (Note 28(a)) (Note 31) (Note 28(b)) (Note 27)
Malaysia Airports Holdings Berhad
Group
At 1 January 2019 5,114,341 997,842 12,044 (24,902) 3,985 3,037,416 9,140,726
Total comprehensive
income - - (66,249) 6,871 (3,103) 537,042 474,561
Legal reserve 28(b)(ii) - - - - (124) - (124)
Distribution to
Perpetual Sukuk holder 30 - - - - - (57,500) (57,500)

>> Financial Statements
Transaction with Owners

of the Company
Dividends 11 - - - - - (232,287) (232,287)
At 31 December 2019 5,114,341 997,842 (54,205) (18,031) 758 3,284,671 9,325,376
Statements of Changes In Equity
At 1 January 2020 5,114,341 997,842 (54,205) (18,031) 758 3,284,671 9,325,376

Total comprehensive loss - - 128,592 (18,190) 3,035 (1,116,196) (1,002,759)
Legal reserve 28(b)(ii) - - - - 305 - 305
Distribution to
Perpetual Sukuk holder 30 - - - - - (57,658) (57,658)
Transaction with Owners
of the Company
Dividends 11 - - - - - (165,919) (165,919)
At 31 December 2020 5,114,341 997,842 74,387 (36,221) 4,098 1,944,898 8,099,345
Statements of Changes In Equity

Attributable to Owners of the Company

Non-distributable
Distributable
Share Perpetual retained Total
capital Sukuk earnings equity
RM'000 RM'000 RM'000 RM'000
Note (Note 26) (Note 30) (Note 27)
Company
At 1 January 2019 5,114,341 997,842 220,192 6,332,375

Total comprehensive income - - 300,806 300,806
Distribution to Perpetual
Sukuk holder 30 - - (57,500) (57,500)
Transaction with Owners of the
Company
Dividends 11 - - (232,287) (232,287)
At 31 December 2019 5,114,341 997,842 231,211 6,343,394
At 1 January 2020 5,114,341 997,842 231,211 6,343,394

Total comprehensive income - - 46,770 46,770
Distribution to Perpetual
Sukuk holder 30 - - (57,658) (57,658)
Transaction with Owners of the
Company
Dividends 11 - - (165,919) (165,919)
At 31 December 2020 5,114,341 997,842 54,404 6,166,587
Statements of Cash Flows

Group Company
2020 2019 2020 2019
RM'000 RM'000 RM'000 RM'000
Cash flows from operating activities

(Loss)/profit before tax and zakat (1,763,861) 659,151 48,828 300,856
Adjustments for:
Interest income (29,009) (32,648) (721) (2,258)
Unrealised (gain)/loss on fair value for:
- unit trust (2,490) (5,009) (1,619) (2,452)
- unquoted shares 5,323 3,802 - -
Dividend income - - (4,455) (295,877)
Interest expense 692,969 728,074 131,133 140,629
Gain from derivative financial instruments (29,198) (2,073) - -
Provision for liabilities 10,924 13,747 - -
Writeback of provision for liabilities (24,012) (3,677) (2,470) (1,050)
Allowance for inventories 3,997 1,171 - -
Gain on fair value of biological assets (892) (724) - -
Amortisation of:
- intangible assets 518,892 845,070 3,025 -
Depreciation of:
- property, plant and equipment 53,816 60,601 15,075 17,218
- right-of-use assets 37,043 35,907 576 558
Impairment on intangible assets 500,380 - - -
Net allowances/(writeback) of impairment on
receivables 80,245 (18,968) 2,353 (34)
Gain on disposal of:
- property, plant and equipment (415) - - -
- intangible assets (18) - - -
- quoted unit trust - (1,005) - (834)
Right-of-use assets written off 72 - - -
Property, plant and equipment written off 50 - - -
Intangible assets written off 305 13 - -
Inventories written off 356 419 - -
Investment income (52,115) (69,731) (12,443) (14,470)
Balance carried forward 2,362 2,214,120 179,282 142,286

Group Company
2020 2019 2020 2019
RM'000 RM'000 RM'000 RM'000
Cash flows from operating activities (cont'd.)

Adjustments for: (cont'd.)
Balance brought forward 2,362 2,214,120 179,282 142,286
Share of results of:
- associates 15,988 (15,294) - -
- joint ventures (4,412) (19,424) - -
Operating profit before working capital changes 13,938 2,179,402 179,282 142,286
Decrease/(increase) in inventories 2,264 (43,776) - -
Decrease in receivables 384,106 32,947 52,607 -
(Decrease)/increase in payables (410,552) 75,043 (39,477) (68,449)
Increase/(decrease) in concession liabilities 5,336 (15,182) - -
Decrease in provisions for liabilities (5,213) (5,107) - -
Changes in related company balances - - 441,944 (126,842)
Cash (used in)/generated from operations (10,121) 2,223,327 634,356 (53,005)
Taxes and zakat paid (57,132) (98,601) (114) (514)
Net cash (used in)/generated from operating activities (67,253) 2,124,726 634,242 (53,519)
Cash flows from investing activities

Purchase of:
- property, plant and equipment (30,990) (64,048) (3,196) (31,178)
- intangible assets (158,757) (425,838) (2,307) -
- quoted unit trust (1,379,872) (1,518,885) (1,023,351) (379,057)
Proceeds from disposal of:
- property, plant and equipment 509 - - -
- intangible assets 18 - - -
- quoted unit trust 2,426,308 1,132,255 1,045,955 505,301
Investment income received 42,519 29,739 11,696 13,985
Interest received 2,278 3,276 472 1,311
Dividend received from:
- associates - 2,100 - -
- joint ventures 4,455 12,032 4,455 12,032
- subsidiaries - - - 283,845
Net cash generated from/(used in) investing activities 906,468 (829,369) 33,724 406,239

Group Company
2020 2019 2020 2019
RM'000 RM'000 RM'000 RM'000
Cash flows from financing activities

Drawdown of borrowings 1,000,000 - 1,000,000 -
Repayment of borrowings (1,396,600) (162,600) (1,300,000) -
Swap payment (28,143) (17,980) - -
Concession payment (517,623) (539,430) - -
Lease liabilities payment (38,928) (42,685) (581) (574)
Interest paid (185,676) (228,743) (131,133) (140,629)
Loan amendment fee (33,461) - - -
Dividends paid to shareholders of the Company (165,919) (232,287) (165,919) (232,287)
Distribution paid to Perpetual Sukuk holder (57,500) (57,342) (57,500) (57,342)
Net cash used in financing activities (1,423,850) (1,281,067) (655,133) (430,832)
Net movement in cash and cash equivalents (584,635) 14,290 12,833 (78,112)
Effects of foreign currency translation 105,156 (11,625) - -
Cash and cash equivalents at beginning of year 1,453,136 1,450,471 37,860 115,972
Cash and cash equivalents at end of year
(Note 25) 973,657 1,453,136 50,693 37,860
Notes to the Financial Statements

31 December 2020
1. Corporate information and Operating Agreements
1.1 Corporate information
The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main
Market of Bursa Malaysia Securities Berhad. The registered office of the Company is located at Malaysia Airports
Corporate Office, Persiaran Korporat KLIA, 64000 KLIA, Sepang, Selangor Darul Ehsan.
The principal activity of the Company is investment holding. The principal activities of the subsidiaries are described
in Note 15. There have been no significant changes in the nature of the principal activities during the financial year.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the
directors on 26 February 2021.
1.2 Operating Agreements
On 12 February 2009, the Group signed the following:
(i) Operating Agreement for K.L. International Airport (KLIA) - between the Company, Malaysia Airports (Sepang)
Sdn. Bhd. (MA (Sepang)) and the Government of Malaysia (GoM); and
(ii) Operating Agreement for Designated Airports - between the Company, Malaysia Airports Sdn. Bhd. (MASB)
and the GoM.
The Operating Agreements include the following salient terms:
(a) To restate the Group’s respective rights and commitments with respect to the operation, management,
maintenance and development of KLIA and the Designated Airports, and to terminate all prior rights and
commitments arising from the concession agreement and lease agreement for KLIA entered into earlier
between the GoM and MA (Sepang) save for rights and commitments expressly provided in the Operating
Agreements for KLIA and the Designated Airports;
(b) The settlement of Residual Payment owing by MA (Sepang) to the GoM in a manner that could not significantly
deplete the cash reserves of the Group, and that would take into consideration the Group’s financial resources
and business plans;
(c) MA (Sepang) and MASB (Malaysia Airports) have been granted a lease of the airport lands co-terminus with
the operating period of 25 years commencing from 12 February 2009 via Lease Agreements signed between
Federal Land Commissioner and Malaysia Airports, respectively on 12 February 2009;
(d) In consideration for the GoM entering into the Operating Agreements for KLIA and Designated Airports, MA
(Sepang) and MASB agree to pay the GoM a User Fee. User Fee is equal to a specified percentage of revenue
that the Group derives from activities carried out at KLIA and Designated Airports;
(e) Under the Operating Agreement, the GoM shall assist MAHB in bearing its socio-economic obligations by
compensating MA (Sepang) and MASB with a marginal cost support sum (MARCS) as disclosed in Note 2.4(z)(iv)
for marginal losses suffered, arising from the undertaking of socio-economic activities and GoM policies;

31 December 2020
1. Corporate information and Operating Agreements (cont’d.)
1.2 Operating Agreements (cont’d.)
(f) The Operating Rights are granted by the GoM to further define and augment the rights of MA (Sepang) as
a licensed airport operator and manager of KLIA, and MASB as a licensed airport operator and manager of
the Designated Airports, and the Operating Rights shall run for a period of 25 years from 12 February 2009. In
2016, the GoM via a letter from the Ministry of Transport, dated 28 December 2016, has granted the Group an
extension of the Operating Agreements for a period of 35 years on top of the existing 25 years from 12 February
2009. The Group and the respective agencies of GoM are finalising the terms and conditions in relation to the
extension of the operating period; and
(g) Under the Operating Agreements, these rights may be terminated by the GoM for certain prescribed reasons,
including any default on the MAHB Group’s obligations, any order being made, or a resolution being passed,
for the winding-up, liquidation, or receivership of MAHB or its principal subsidiaries, MA (Sepang) or MASB, the
execution of any judgement against a substantial portion of the assets of MAHB or MA (Sepang) or MASB, if
MAHB, MA (Sepang) or MASB were to make an assignment or enter into an arrangement or composition with
its creditors or the licenses held by MA (Sepang) or MASB to operate airports being revoked or suspended
by the GoM. The Operating Agreements permit the GoM to expropriate the rights with three months’ written
notice if they determine, in their sole discretion, that it is in the national interest or in the interest of national
security. Upon the GoM exercising its rights of termination, the GoM shall pay an amount to be determined by
an independent valuer appointed by the GoM and the Group.
1.3 Implementation Agreement relating to Istanbul Sabiha Gokcen Uluslararasi Havalimani Yatirim Yapim ve
Isletme A.S. (ISG)
ISG, via the Implementation Agreement signed with the Undersecretariat for Defence Industries, Turkey (the
Administration) has been given the rights to operate Istanbul Sabiha Gokcen International Airport (ISGIA) for a period of
22 years commencing 1 May 2008. On 20 October 2017, ISG has signed an additional agreement with the Administration
and gained an additional right to operate Facility for an extended period of 2.5 years until 27 August 2032.
The Implementation Agreement includes the following salient information:
(a) The right to operate the ISGIA is transferred to ISG in exchange for the amount offered at the tender and
completion of the construction with regards to establishment of ISGIA’s New International Terminal Building and
its Complementaries (the Construction), which include the construction of all infrastructures and superstructures,
their connections to the main-system within the framework of the implementation including detailed projects to
be drafted in accordance with tender specifications.
(b) ISG is responsible for operating the domestic and international terminals currently available in the ISGIA in
accordance with the principles and requirements of International Civil Aviation Organization (ICAO), European
Civil Aviation Conference (ECAC), Airports Council International (ACI), European Organization for the Safety of
Air Navigation (EUROCONTROL), Joint Aviation Authorities (JAA) and International Air Transport Association
(IATA); principles and procedures set forth by the Airport Authority and other criteria set forth in the relevant
legislation of the Directorate of Air Transportation of the Ministry of Transportation, Turkey. In respect of this
operation, ISG charges all airlines with departing passenger service fee. In addition, the occupiers of the areas
within the ISGIA, other than public entities and agencies are charged for general utilities (such as heating,
cooling and ventilation).

31 December 2020
1. Corporate information and Operating Agreements (cont’d.)
1.3 Implementation Agreement relating to Istanbul Sabiha Gokcen Uluslararasi Havalimani Yatirim Yapim ve
Isletme A.S. (ISG) (cont’d.)
(c) The passenger service fees for international and domestic lines are determined by the Ministry of Transportation,
Turkey. In the event the passenger service fees increases above the amounts set in the Implementation
Agreement, ISG shall pay 50% of the incremental increase to the Administration. In the event the passenger
service fees decreases below the amounts set in the Implementation Agreement, 50% of the difference shall be
deducted from the Utilisation Fee.
(d) In accordance with the Implementation Agreement, the tariff regarding the counter, bridge revenues (bridge, 400
Hz, water), commercially important person (CIP), general aviation terminal, meeting, conference hall revenues
(except for space allocation, lease and advertisement revenues) together with ticket sales, office allocation, left
luggage offices, parking area, luggage carrying (porter), telephone, diaphone, public announcement, aviation
information and monitor utilisation, medical examination, treatment, electricity and water revenues shall be
determined based on the tariff applied in Istanbul Airport.
(e) ISG is responsible for:
- taking all measures to ensure that the operation continues without interruption during the operation
period;
- providing insurance coverage for the Construction and the ISGIA; and
- regular and continuous repair of all systems and equipment it possesses, keeping them in working order,
replacement of the assets subject to depreciation during the operation period, whose economic useful
lives determined by the Turkish Tax Procedural Law have ended or which have become out of order.
(f) According to the Implementation Agreement, ISG is responsible for ensuring the security of the ISGIA (including
the New International Terminal and its Complementaries), maintenance, periodic maintenance and repairs, and
transfer of the ISGIA to the Administration at the end of the operation period free from any obligation and
liability and free of charge in operational condition.
2. Significant accounting policies
2.1 Basis of preparation
The financial statements of the Group and of the Company are prepared in accordance with Malaysian Financial
Reporting Standards (MFRS) as issued by the Malaysian Accounting Standards Board (MASB), International Financial
Reporting Standards and the requirements of the Companies Act, 2016 in Malaysia.
The financial statements have been prepared under the historical cost basis unless otherwise disclosed in the
respective significant accounting policies below.
The financial statements are presented in Ringgit Malaysia (RM) which is also the Company’s functional currency and
all values are rounded to the nearest thousand (RM’000), except when otherwise indicated.

31 December 2020
2. Significant accounting policies (cont’d.)
2.2 Changes in accounting policies
On 1 January 2020, the Group and the Company adopted new and amended MFRSs which are mandatory for annual
financial periods beginning on or after 1 January 2020.
Effective for financial periods beginning on or after 1 January 2020
Amendments to MFRS 3 Business Combinations

(on Definition of a Business)
Amendments to MFRS 16 Leases
(COVID-19 Related Rent Concessions)
Amendments to MFRS 101 Presentation of Financial Statements
(on Definition of Material)
Amendments to MFRS 108 Accounting Policies, Changes in Accounting Estimates and Errors
(on Definition of Material)
The Conceptual Framework Revised Conceptual Framework for Financial Reporting
The adoption of the above amendments did not have any material impact on the financial performance or position of
the Group and of the Company.
2.3 Standards issued but not yet effective
The standards and interpretations that are issued but not yet effective up to date of issuance of the Group’s financial
statements are disclosed below:
Amendments to MFRS 4 Insurance Contracts

(on Interest Rate Benchmark Reform)
Amendments to MFRS 7 Financial Instruments: Disclosures
Amendments to MFRS 9 and MFRS 139 Financial Instruments
Amendments to MFRS 16 Leases

31 December 2020
2.3 Standards issued but not yet effective (cont’d.)
Amendments to MFRS 3 Business Combinations

(Reference to the Conceptual Framework)
Amendments to MFRS 116 Property, Plant and Equipment
(Proceeds before Intended Use)
Amendments to MFRS 137 Provisions, Contingent Liabilities and Contingent Assets
(Onerous Contracts-Cost of Fulfilling a Contract)
Amendments to MFRS 17 Insurance Contracts

Amendments to MFRS 101 Presentation of Financial Statements
(Classification of Liabilities as Current or Non-Current)
Effective date yet to be determined
Amendments to MFRS 10 Consolidated Financial Statements

(On Sale or Contribution of Assets between an Investor and its Associate or Joint
Venture)
Amendments to MFRS 128 Investments in Associates and Joint Ventures
(On Sale or Contribution of Assets between an Investor and its Associate or Joint
Venture)
The directors expect that the adoption of the above standards will have no material impact on the financial statements
in the period of initial application.
2.4 Summary of significant accounting policies
(a) Subsidiaries and basis of consolidation
(i) Subsidiaries
A subsidiary is an entity over which the Group has all of the following:
- Power over the investee (i.e. existing rights that give it the current ability to direct the relevant
activities of the investee);
- Exposure, or rights, to variable returns from its involvement with the investee; and
- The ability to use its power over the investee to affect its returns.

31 December 2020
2.4 Summary of significant accounting policies (cont’d.)
(a) Subsidiaries and basis of consolidation (cont’d.)
(i) Subsidiaries (cont’d.)
In the Company’s separate financial statements, investments in subsidiaries are stated at cost less
impairment losses. On disposal of such investments, the difference between net disposal proceeds and
their carrying amounts is included in profit or loss.
(ii) Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group and its subsidiaries
as at 31 December 2020. Control is achieved when the Group is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those returns through its power over
the investee. Specifically, the Group controls an investee if and only if the Group has:
- Power over the investee (i.e. existing rights that give it the current ability to direct the relevant
activities of the investee);
- Exposure, or rights, to variable returns from its involvement with the investee; and
- The ability to use its power over the investee to affect its returns.
When the Group has less than a majority of the voting or similar rights of an investee, the Group considers
all relevant facts and circumstances in assessing whether it has power over an investee, including:
- The contractual arrangements with the other vote holders of the investee;
- Rights arising from other contractual arrangements; and
- The Group’s voting rights and potential voting rights.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins
when the Group obtains control over the subsidiary and ceases when the Group loses control of the
subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year
are included in the statement of comprehensive income from the date the Group gains control until the
date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity
holders of the parent of the Group and to the non-controlling interests, even if this results in the non-
controlling interests having a deficit balance. When necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies.
All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions
between members of the Group are eliminated in full on consolidation.

31 December 2020
(a) Subsidiaries and basis of consolidation (cont’d.)
(ii) Basis of consolidation (cont’d.)
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity
transaction. If the Group loses control over a subsidiary, it:
- Derecognises the assets (including goodwill) and liabilities of the subsidiary;

- Derecognises the carrying amount of any non-controlling interests;
- Derecognises the cumulative translation differences recorded in equity;
- Recognises the fair value of the consideration received;
- Recognises the fair value of any investment retained;
- Recognises any surplus or deficit in profit or loss; and
- Reclassifies the parent’s share of components previously recognised in OCI to profit or loss or
retained earnings, as appropriate, as would be required if the Group had directly disposed of the
related assets or liabilities.
(b) Investments in associates and joint ventures
An associate is an entity, not being a subsidiary or joint venture, in which the Group has significant influence.
Significant influence is the power to participate in the financial and operating policy decisions of the investee,
but is not control or joint control over those policies.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement
have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of
an arrangement, which exists only when decisions about the relevant activities require unanimous consent of
the parties sharing control.
The considerations made in determining significant influence or joint control are similar to those necessary to
determine control over subsidiaries.
The Group’s investments in associates or joint ventures are accounted for using the equity method of accounting.
Under the equity method, the investment in associate or joint venture is measured in the consolidated statement
of financial position at cost plus post-acquisition changes in the Group’s share of net assets of the associate or
joint venture. Goodwill relating to associate or joint venture included in the carrying amount of the investment
and is neither amortised nor individually tested for impairment. Any excess of the Group’s share of the net fair
value of the associate or joint venture identifiable assets, liabilities and contingent liabilities over the cost of
the investment is excluded from the carrying amount of the investment and is instead included as income in
the determination of the Group’s share of the associate or joint venture profit or loss for the period in which
investment is acquired.

31 December 2020
(b) Investments in associates and joint ventures (cont’d.)
The statements of profit or loss reflect the Group’s share of the results of operations of the associate or joint
venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there
has been a change recognised directly in the equity of the associate or joint venture, the Group recognises
its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses
resulting from transactions between the Group and the associate or joint venture are eliminated to the extent
of the interest in the associate or joint venture.
The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shown on the face of
the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling
interests in the subsidiaries of the associate or joint venture.
The financial statements of the associate or joint venture are prepared for the same reporting period as the
Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group.
After application of the equity method, the Group determines whether it is necessary to recognise an impairment
loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether
there is objective evidence that the investment in the associate or joint venture is impaired. If there is such
evidence, the Group calculates the amount of impairment as the difference between the recoverable amount
of the associate or joint venture and its carrying value.
Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures
and recognises any retained investment at its fair value. Any difference between the carrying amount of the
associate or joint venture upon loss of significant influence or joint control and the fair value of the retained
investment and proceeds from disposal is recognised in profit or loss.
(c) Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible
assets acquired in a business combination is their fair values as at the date of acquisition. Following initial
recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated
impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible
assets with finite lives are amortised on usage based method and assessed for impairment whenever there
is an indication that the intangible assets may be impaired. The amortisation period and the amortisation
method for an intangible asset with a finite useful life are reviewed at least at each reporting date.

31 December 2020
(c) Intangible assets (cont’d.)
(i) Concession rights
(a) Airport operation rights in Malaysia
As disclosed in Note 1.2, the Group signed Operating Agreements on 12 February 2009 for a
period of 25 years ending 2034 (which was further extended for an additional 35 years ending 2069)
and the consideration paid to the GoM is classified as concession rights.
The Group’s amortisation policy in respect of the Operating Agreements is determined on the
method reflecting the asset’s usage based on passengers volume to reflect the usage of airport
activities over the concession period. The current amortisation used shall reflect the pattern in
which the concession’s future economic benefits are expected to be consumed by the Group and
is applied consistently from period to period, unless there is a change in the expected pattern of
consumption of those future economic benefits.
(b) Airport operations right in Turkey
As disclosed in Note 1.3, ISG via the Implementation Agreement signed with the Administration
has given the rights to operate ISGIA for the period of 22 years commencing 1 May 2008. On 20
October 2017, ISG has signed an additional agreement with the Administration and gained an
additional right to operate Facility for an extended period of 2.5 years, until 27 August 2032.
The right to charge users of an airport for services is recognised as an intangible asset. The airport
operations right is initially recognised at cost, being the fair value of Utilisation Fee liability at the
date of transfer of control of the ISGIA to ISG and the fair value of other consideration transferred
to acquire the asset, which is the fair value of the consideration receivable for the construction
services delivered. ISG estimates the fair value of the consideration receivable to be equal to the
construction costs, plus 10% margin. Other costs (including travel and consultancy costs) incurred
in regards to the project covered by the Implementation Agreement are regarded as part of the
consideration paid by ISG, and therefore included in the cost of airport operations right. The airport
has been operational since 31 October 2009.
The airport operations right is amortised over the operation period, starting from the date the right is
available for use. Accordingly, ISG started to amortise the first phase of the airport operations right,
cost of which is measured as the fair value of Utilisation Fees payable, on 1 May 2008 (for extended
period of 2 years on 15 October 2009), whereas the second phase, cost of which is measured as
the fair value of the consideration receivable for the construction services delivered started to be
amortised following the completion of the construction by November 2009. ISG’s amortisation policy
in respect of airport operations right is determined based on the method reflecting the asset’s usage
based on passengers volume to reflect the usage of airport activities over the operation period.
Amortisation method and underlying assumptions are reviewed for validity at each period.

31 December 2020
(c) Intangible assets (cont’d.)
(i) Concession rights (cont’d.)
(b) Airport operations right in Turkey (cont’d.)
The concession rights also includes identifiable intangible asset of SGC Havalimani Isletmeleri
Ticaret ve Turizm A.S. (SGC) (formerly known as LGM) long-term service contract with ISG to operate
the food and beverage operations, CIP lounges and the hotel. The contract expired at the end of
2019 and MAHB intends to extend this contract until the end of the operation period in 2030, which
was further extended for an additional 2.5 years ending 2032.
(ii) Infrastructure and construction assets
Infrastructure and construction assets comprise of assets which are constructed by the Group in exchange
for the right of the Group to charge users of the public service infrastructure that it has constructed or
upgraded and are stated at the fair value of construction services delivered including certain mark-up on
the actual costs incurred and are amortised over the respective economic useful lives. The capital work
in progress relating to these assets is not amortised until the assets are fully completed and brought
to use. Similar to concession rights, the infrastructure and construction assets are amortised based on
passengers volume and usage of airport activities over the operation period.
The Group’s amortisation policy in respect of infrastructure and construction assets are determined on the
method reflecting the asset’s usage based on passenger volume and usage of airport activities over the
operation period. The current amortisation used shall reflect the pattern in which the concession’s future
economic benefits are expected to be consumed by the Group and is applied consistently from period
to period, unless there is a change in the expected pattern of consumption of those future economic
benefits.
(d) Fair value measurement
The Group measures financial instruments, such as, derivatives, unit trusts, at fair value at each reporting date.
Fair values of financial instruments are disclosed in Note 19.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market for the asset or liability.

31 December 2020
(d) Fair value measurement (cont’d.)
The principal or the most advantageous market must be accessible to by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant
that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data
are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement
is directly or indirectly observable.
Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement
is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group
determines whether transfers have occurred between Levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period.
The Group’s valuation committee determines the policies and procedures for both recurring fair value
measurement, such as unquoted financial assets, and for non-recurring measurement, such as assets held for
distribution in discontinued operation. The valuation committee comprises of the heads of the Group’s internal
mergers and acquisition team, the head of the risk management department and chief financial officer.
At each reporting date, the valuation committee analyses the movements in the values of assets and liabilities
which are required to be re-measured or re-assessed as per the Group’s accounting policies. For this analysis,
the valuation committee verifies the major inputs applied in the latest valuation by agreeing the information in
the valuation computation to contracts and other relevant documents.

31 December 2020
(d) Fair value measurement (cont’d.)
The valuation committee, in conjunction with the Group’s external valuers, also compares the changes in
the fair value of each asset and liability with relevant external sources to determine whether the change is
reasonable.
On an interim basis, the valuation committee and the Group’s external valuers present the valuation results to
the audit committee and the Group’s independent auditors. This includes a discussion of the major assumptions
used in the valuations.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the
basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as
explained above.
(e) Property, plant and equipment and depreciation
All items of property, plant and equipment are initially recorded at cost. Subsequent costs are included in the
asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are
charged to the profit or loss during the financial period in which they are incurred.
Subsequent to recognition, property, plant and equipment are stated at cost less accumulated depreciation
and any accumulated impairment losses.
Capital work-in-progress comprises the construction of buildings, renovation in-progress and other assets
which have not been commissioned. Capital work-in-progress is not depreciated.
Capital work-in-progress is capitalised in accordance with MFRS 116 Property, Plant and Equipment and is
recognised as an asset when:
(i) it is probable that future economic benefits associated with the asset will flow to the enterprise;
(ii) the cost of the asset to the enterprise can be measured reliably; and
(iii) ready for its intended use.


31 December 2020
(e) Property, plant and equipment and depreciation (cont’d.)
Depreciation of property, plant and equipment is provided for on a straight-line basis to write off the
cost of each asset to its residual value over the estimated useful life, at the following annual rates:
Freehold land Not depreciated

Leasehold land Over lease period
Buildings and building renovation 2% - 20%
Hotel property 2%
Infrastructure, safety equipment and motor vehicles 4% - 50%
Office, communication and electronic equipment 10% - 50%
Furniture and fittings 10% - 20%
Plant and machinery 10% - 20%
Crockery, glassware, cutlery and linen 20%
Capital improvements 13%
Plantation development expenditure 4%
All property, plant and equipment located on Government leasehold land are depreciated over the estimated
useful life or the remaining concession period whichever is earlier.
The residual values, useful life and depreciation method are reviewed at each financial year end to ensure that
the amount, method and period of depreciation are consistent with previous estimates and the expected pattern
of consumption of the future economic benefits embodied in the items of property, plant and equipment.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits
are expected from its use or disposal. The difference between the net disposal proceeds, if any and the net
carrying amount is recognised in profit or loss.
(f) Impairment of non-financial assets
The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether there
is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated to
determine the amount of impairment loss. For goodwill, assets that have an indefinite useful life and intangible
assets that are not yet available for use, the recoverable amount is estimated at each reporting date or more
frequently when indicators of impairment are identified.

31 December 2020
(f) Impairment of non-financial assets (cont’d.)
For the purpose of impairment testing of these assets, recoverable amount is determined on an individual
asset basis unless the asset does not generate cash flows that are largely independent of those from other
assets. If this is the case, recoverable amount is determined for the cash generating unit (CGU) to which the
asset belongs to. Goodwill acquired in a business combination is, from the acquisition date, allocated to each
of the Group’s CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination,
irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.
An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs to sell and its value in use.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired
and is written down to its recoverable amount. Impairment losses recognised in respect of a CGU or groups
of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to those units or groups
of units and then, to reduce the carrying amount of the other assets in the unit or groups of units on a pro-rata
basis.
An impairment loss is recognised in profit or loss in the period in which it arises.
Impairment loss on goodwill is not reversed in a subsequent period. An impairment loss for an asset other
than goodwill is reversed only if, there has been a change in the estimates used to determine the asset’s
recoverable amount since the last impairment loss was recognised. The carrying amount of an asset other
than goodwill is increased to its revised recoverable amount, provided that this amount does not exceed the
carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss
been recognised for the asset in prior years. A reversal of impairment loss for an asset other than goodwill is
recognised in profit or loss, unless the asset is carried at revalued amount, in which case, such reversal is treated
as a revaluation increase.
(g) Inventories
Inventories relating to merchandise goods and food and beverages are stated at the lower of cost (determined
on a weighted average basis) and net realisable value. Cost of inventories comprises cost of purchase of goods.
Net realisable value represents the estimated selling price less all estimated costs to be incurred in marketing,
selling and distribution. Other inventories that are not for resale and for consumption purpose are classified as
spares and consumables.

31 December 2020
(h) Biological assets
Biological assets comprise of produce growing on bearer plants. Biological assets are classified as current
assets and measured at fair value for bearer plants that are expected to be harvested and sold or used for
production on a date not more than 1 month after the reporting date.
Biological assets are measured at fair value less costs to sell. Any gains or losses arising from changes in the fair
value less costs to sell are recognised in profit or loss.
(i) Planting development expenditure
New planting expenditure incurred on land clearing and upkeep of trees is capitalised under plantations.
Amortisation of plantation development expenditure is at a rate of 4% per annum.
(j) Replanting expenditure
Replanting expenditure incurred during the year is recognised in the income statement. Replanting expenditure
represents the total cost incurred from land clearing to the point of harvesting.
(k) Financial assets
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value
through other comprehensive income (OCI), and fair value through profit or loss (FVTPL).
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
characteristics and the Group’s business model for managing them. With the exception of trade receivables that
do not contain a significant financing component or for which the Group has applied the practical expedient,
the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component
or for which the Group has applied the practical expedient are measured at the transaction price determined
under MFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs
to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount
outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.
The Group’s business model for managing financial assets refers to how it manages its financial assets in order to
generate cash flows. The business model determines whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both.

31 December 2020
(k) Financial assets (cont’d.)
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation
or convention in the market place (regular way trades) are recognised on the trade date, i.e. the date that the
Group commits to purchase or sell the asset.
(i) Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group. The Group measures financial assets at amortised cost if
both of the following conditions are met:
- The financial asset is held within a business model with the objective to hold financial assets in order
to collect contractual cash flows; and
- The contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is
derecognised, modified or impaired.
The Group’s financial assets at amortised cost includes trade and other receivables, employee loans and
cash and cash equivalents.
(ii) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily
required to be measured at fair value. Financial assets are classified as held for trading if they are acquired
for the purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not
solely payments of principal and interest are classified and measured at fair value through profit or loss,
irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at
amortised cost or at fair value through OCI, as described above, debt instruments may be designated
at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an
accounting mismatch.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss.
This category includes quoted unit trust and bonds in Malaysia.


31 December 2020
(k) Financial assets (cont’d.)
(iii) Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial
position) when:
- The rights to receive cash flows from the asset have expired; or
- The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
pass-through arrangement; and either (a) the Group has transferred substantially all the risks and
rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks
and rewards of the asset, but has transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a
pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of
ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the
asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to
the extent of its continuing involvement. In that case, the Group also recognises an associated liability.
The transferred asset and the associated liability are measured on a basis that reflects the rights and
obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the
lower of the original carrying amount of the asset and the maximum amount of consideration that the
Group could be required to repay.
(l) Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at
fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due
in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash flows will include cash flows from the
sale of collateral held or other credit enhancements that are integral to the contractual terms.
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. The
ECLs is based on lifetime expected credit losses. Therefore, the Group does not track changes in credit risk, but
instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established
a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors
specific to the debtors and the economic environment.

31 December 2020
(l) Impairment of financial assets (cont’d.)
The Group considers a financial asset in default when contractual payment are 30 days past due. However, in
certain cases, the Group may also consider a financial asset to be in default when internal or external information
indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into
account any credit enhancements held by the Group.
(m) Derivative financial instruments and hedging activities
Derivative financial instruments are recognised and measured at fair value on the date a derivative contract
is entered into and are subsequently remeasured at fair value with changes in fair value recognised in the
statement of profit or loss at each reporting date. The method of recognising the resulting gain or loss depends
on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
The Group designates certain derivatives as either hedges of the fair value of recognised assets or liabilities (fair
value hedge) or hedges of a particular risk associated with a recognised asset or liability (cash flow hedge).
The Group documents at the inception of the transaction the relationship between hedging instruments
and hedged items, as well as its risk management objectives and strategy for undertaking various hedging
transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of
whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair
values or cash flows of hedged items.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining
maturity of the hedged item is more than 12 months, and as a current asset or liability when the remaining
maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or
liability.
(i) Fair value hedge
Changes in the fair value of derivatives that are designated and qualified as fair value hedges are
recorded in the statement of profit or loss, together with any changes in the fair value of the hedged asset
or liability that are attributable to the hedged risk. The Group applies fair value hedge accounting for
hedging fixed interest risk on borrowings. The gain or loss relating to the effective portion of interest rate
swaps hedging fixed rate borrowings is recognised in the statement of profit or loss within ‘finance cost’.
The gain or loss relating to the ineffective portion is recognised in the statement of profit or loss within
‘other gains or losses - net’. Changes in the fair value of the hedged fixed rate borrowings attributable to
interest rate risk are recognised in the statement of profit or loss within ‘finance cost’.
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of
a hedged item for which the effective interest method is used is amortised to the statement of profit or
loss over the period to maturity.

31 December 2020
(m) Derivative financial instruments and hedging activities (cont’d.)
(ii) Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualified as cash flow
hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is
recognised immediately in the statements of profit or loss within ‘other gains or losses - net’.
Amounts accumulated in equity are reclassified to the statements of profit or loss in the periods when the
hedged item affects the statements of profit or loss. The gain or loss relating to the effective portion of
cross currency interest rate swaps hedging fixed rate borrowings is recognised in the statements of profit
or loss within ‘finance cost’.
When a hedging instrument matures, or when a hedge no longer meets the criteria for hedge accounting,
any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the
hedged item is ultimately recognised in the statements of profit or loss.
(n) Cash and cash equivalents
Cash and short-term deposits in the statements of financial position comprise cash at banks and on hand and
short-term deposits with a maturity of three months or less, which are subject to an insignificant risk of changes
in value.
For the purposes of the statements of cash flows, cash and cash equivalents include cash on hand and at banks
and deposits.
(o) Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration.
(i) As lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term
leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and
right-of-use assets representing the right to use the underlying assets.

31 December 2020
(o) Leases (cont’d.)
(i) As lessee (cont’d.)
Right-of-use assets
The Group recognises right-of-use at the commencement date of the lease (i.e. the date the underlying
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation
and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments
made at or before the commencement date less any lease incentive received. Right-of-use assets are
depreciated on a straight-line basis over the lease term of the assets, as follows:
Airport equipment 3-12 years

Office equipment 3 years
Motor vehicles 3-5 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the
exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment. Refer to the accounting policies in Note 2.4(f).
The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. Generally,
the Group is restricted from assigning and subleasing the leased assets and these contracts do not
require the Group to maintain certain financial ratios.
The Group’s right-of-use assets are included in Note 13.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities at the present value of
lease payments to be made over the lease term. The lease payments include fixed payments (including
in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend
on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease also includes exercise price of a purchase option reasonably certain to be exercised by the
Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising
the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised
as expenses in the period in which the event or condition that triggers the payment occurs.

31 December 2020
(o) Leases (cont’d.)
(i) As lessee (cont’d.)
Lease liabilities (cont’d.)
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at
the lease commencement date or the interest rate implicit if it is determine in the contract. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to
future payments resulting from a change in an index or rate used to determine such lease payments) or a
change in the assessment of an option to purchase the underlying asset.
The Group’s lease liabilities are included in Note 32.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases
have a lease term of 12 months or less). The Group also applies the leases of low-value assets recognition
exemption to leases of airports and office equipment that are considered to be low value. Lease payments
on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis
over the lease term.
(ii) As lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership
of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis
over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying
amount of the leased asset and recognised over the lease term on the same basis as rental income.
(p) Borrowing costs
Borrowing costs are capitalised as part of the cost of a qualifying asset if they are directly attributable to the
acquisition, construction or production of that asset. Capitalisation of borrowing costs commences when the
activities to prepare the asset for its intended use or sale are in progress and the expenditures and borrowing
costs are incurred. Borrowing costs are capitalised until the assets are substantially completed for their intended
use or sale.
All other borrowing costs are recognised in profit or loss in the period they are incurred. Borrowing costs consist
of interest and other costs that the Group and the Company incurred in connection with the borrowing of funds.

31 December 2020
(q) Contract assets and contract liabilities
A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If
the Group performs by transferring goods or services to a customer before the customer pays consideration or
before payment is due, a contract asset is recognised for the earned consideration that is conditional.
Contract liability is the obligation to transfer goods or services to customers for which the Group has received
the consideration or has billed the customer. In the case of construction contracts, contract liability is the excess
of the billings to-date over the cumulative revenue earned. Contract liabilities include downpayments received
from customers and other deferred income where the Group has billed or has collected the payment before the
goods are delivered or services are provided to the customers.
(r) Income tax and zakat
(i) Current tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are
enacted or substantively enacted by the reporting date.
Current taxes are recognised in profit or loss except to the extent that the tax relates to items recognised
outside profit or loss, either in other comprehensive income or directly in equity.
(ii) Deferred tax
Deferred tax is provided using the liability method on temporary differences at the reporting date between
the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all temporary differences, except:
- where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability
in a transaction that is not a business combination and, at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss; and
- in respect of taxable temporary differences associated with investments in subsidiaries, associates
and interests in joint ventures, where the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

31 December 2020
(r) Income tax and zakat (cont’d.)
(ii) Deferred tax (cont’d.)
Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax
credits and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, and the carry forward of unused tax credits and unused tax
losses can be utilised except:
- where the deferred tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time
of the transaction, affects neither the accounting profit nor taxable profit or loss; and
- in respect of deductible temporary differences associated with investments in subsidiaries,
associates and interests in joint ventures, deferred tax assets are recognised only to the extent that
it is probable that the temporary differences will reverse in the foreseeable future and taxable profit
will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred
tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are
recognised to the extent that it has become probable that future taxable profit will allow the deferred tax
assets to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when
the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or
substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred
tax items are recognised in correlation to the underlying transaction either in other comprehensive income
or directly in equity and deferred tax arising from a business combination is adjusted against goodwill on
acquisition.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current
tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same
taxation authority.
(iii) Zakat
Zakat payable by the Group and the Company is a form of contribution according to the principles of
Shariah.

31 December 2020
(s) Provisions for liabilities
Provisions for liabilities are recognised when the Group and the Company have a present obligation as a result
of a past event and it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation, and a reliable estimate of the amount can be made. Provisions are reviewed at each
reporting date and adjusted to reflect the current best estimate. Where the effect of the time value of money
is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks
specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is
recognised as finance cost.
(t) Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into and
the definitions of a financial liability.
Financial liabilities, within the scope of MFRS 9, are recognised in the statements of financial position when,
and only when, the Group and the Company become a party to the contractual provisions of the financial
instrument. Financial liabilities are classified as either financial liabilities at fair value through profit or loss or
other financial liabilities.
Other financial liabilities
The Group’s and the Company’s other financial liabilities include trade payables, other payables and
borrowings.
Trade and other payables are recognised initially at fair value plus directly attributable transaction costs and
subsequently measured at amortised cost using the effective interest method.
Borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently measured at
amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the Group
has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.
For other financial liabilities, gains and losses are recognised in profit or loss when the liabilities are derecognised,
and through the amortisation process.
A financial liability is derecognised when the obligation under the liability is extinguished. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as a derecognition of
the original liability and the recognition of a new liability, and the difference in the respective carrying amounts
is recognised in profit or loss.

31 December 2020
(u) Concession liabilities
Concession liabilities are in respect of concession contracts and are recognised for the following
arrangements:
(i) Annual charges and land usage charges payable to GoM; and
(ii) Privatisation of the Development of a Generation Plant at klia2.
(v) Employee benefits
(i) Short-term benefits
Wages, salaries, bonuses and social security contributions are recognised as an expense in the year
in which the associated services are rendered by employees of the Group. Short-term accumulating
compensated absences such as paid annual leave are recognised when services are rendered by
employees that increase their entitlement to future compensated absences, and short-term non-
accumulating compensated absences such as sick leave are recognised when the absences occur.
(ii) Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Group pays fixed
contributions into separate entities or funds and will have no legal or constructive obligation to pay further
contributions if any of the funds do not hold sufficient assets to pay all employee benefits relating to
employee services in the current and preceding financial years. Such contributions are recognised as an
expense in the profit or loss as incurred. As required by law, companies in Malaysia make such contributions
to the Employees Provident Fund (EPF). For companies in Turkey, the contributions are made to a publicly
administered Social Security Fund.
(iii) Defined benefit plans
In accordance with the existing social legislation in Turkey, ISG and SGC (formerly known as LGM) are
required to make lump-sum termination indemnities to each employee who has completed one year of
service and whose employment is terminated due to retirement or for reasons other than resignation or
misconduct.
Provision for unemployment termination benefits is provided as requirement of Turkish Labour Law to
each employee who has completed one year of service and retires, whose employment is terminated
without due cause, who is called up for military service, or who dies; and represents the present value of
the estimated total reserve of the future probable obligation of the Group.

31 December 2020
(v) Employee benefits (cont’d.)
(iii) Defined benefit plans (cont’d.)
Malaysia Airports Consultancy Services Middle East L.L.C. (MACS ME) provides end of service benefits to
its expatriate employees in accordance with Qatar Labour Law. The entitlement to these benefits is based
upon the employees’ final salary and length of service, subject to the completion of minimum service
period. The expected costs of these benefits are accrued over the period of employment.
(w) Foreign currencies
(i) Functional and presentation currency
The individual financial statements of each entity in the Group are measured using the currency of the
primary economic environment in which the entity operates (the functional currency). The consolidated
financial statements are presented in Ringgit Malaysia (RM), which is also the Company’s functional
currency.
(ii) Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Monetary assets and liabilities in foreign currencies are
translated at exchange rates ruling at the statement of financial position date. All exchange differences are
recognised in the statement of profit or loss within the category of foreign exchange gain or loss.
(iii) Foreign operations
The results and financial position of foreign operations that have a functional currency different from the
presentation currency of the consolidated financial statements are translated into RM as follows:
- Assets and liabilities for each statements of financial position presented are translated at the closing
rate prevailing at the reporting date;
- Income and expenses for each profit or loss are translated at average exchange rates for the year,
which approximates the exchange rates at the dates of the transactions; and
- All resulting exchange differences are taken to the foreign currency translation reserve within equity.
Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as
assets and liabilities of the foreign operations and are recorded in the functional currency of the foreign
operations and translated at the closing rate at the reporting date.

31 December 2020
(w) Foreign currencies (cont’d.)
(iii) Foreign operations (cont’d.)
The principal exchange rates used for every unit of foreign currency ruling at the reporting date are as
follows:
2020 2019
RM RM
United States Dollar (USD) 4.02 4.09

Great Britain Pound (GBP) 5.49 5.38
Singapore Dollar (SGD) 3.04 3.04
Euro (EUR) 4.94 4.59
Switzerland Swiss Franc (CHF) 4.56 4.23
China Renminbi (RMB) 0.61 0.60
Hong Kong Dollar (HKD) 0.52 0.53
Qatari Riyal (QAR) 1.10 1.12
Australian Dollar (AUD) 3.10 2.87
Turkish Lira (TRY) 0.52 0.73
Indian Rupee (INR) 0.05 0.06
Canadian Dollar (CAD) 3.15 3.14
Danish Krone (DKK) 0.66 0.62
(x) User Fee
User Fee is payable to the GoM and equal to a specified percentage of all revenue the Group derived from
activities at KLIA and other airports in Malaysia that involves the use of airport infrastructure, assets provided
by or financed by the GoM or land belonging to the GoM. The User Fee increases over time by 0.25% per
annum and is payable on quarterly basis and increases further depending on the capital expenditure borne by
the GoM based on the criteria set out in the Operating Agreements. The revenue base used in calculating the
User Fee does not include any construction revenue, reimbursements, interest income, recovery of bad debt or
inter-company transactions.

31 December 2020
(y) Utilisation Fee
The Utilisation Fee liability represents the present value of amounts payable to the Administration in accordance
with the Implementation Agreement for the operation of the ISGIA for 20 years plus 22 months of extension
period. In the previous year, ISG has obtained a second extension of the Implementation Agreement for another
2.5 years to year 2032. The Utilisation Fee liability is discounted to present value, at a rate of 8.6% for payments
until 2014, and at a rate of 9% for the remaining payments, whereas the payments for first extension period is
discounted to present value at a rate of 10.5% and the payments for the second extension period is discounted
to present value at a rate of 8.55%.
(z) Revenue recognition
Under MFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects
to be entitled in exchange for transferring goods or services to a customer.
(i) Dividend income
Dividend income is recognised when the Group’s right to receive payment is established.
(ii) Sale of goods
Revenue is recognised net of sales taxes and upon transfer of significant risks and rewards of ownership
to the buyer. Revenue is not recognised to the extent where there are significant uncertainties regarding
recovery of the consideration due, associated costs or the possible return of goods.
(iii) Revenue from services
Revenue from airport operations and horticulture services rendered are recognised net of goods and
service taxes and discounts as and when the services are performed.
Revenue from contracts are recognised by reference to the stage of completion at the reporting date.
Stage of completion is measured by reference to labour hours incurred to date as a percentage of total
estimated labour hours for each contract. Where the contract outcome cannot be measured reliably,
revenue is recognised only to the extent of the expenses recognised that are recoverable.
(iv) Marginal Cost Support Sum (MARCS)
Under the Operating Agreements, the GoM shall assist the Group in bearing its socio-economic
obligations by compensating the Group with a MARCS for marginal losses suffered, arising from the
undertaking of socio-economic activities and GoM policies.

31 December 2020
(z) Revenue recognition (cont’d.)
(iv) Marginal Cost Support Sum (MARCS) (cont’d.)
The MARCS support is recognised in the financial statements throughout the concession year as revenue
when recovery is probable and the amount that is recoverable can be measured reliably. Further details
are disclosed in Notes 1.2 and 3.
As stipulated in the Operating Agreement, the Benchmark Passenger Service Charge (PSC) rate is
revised every 5 years based on the agreed calculation. The 3rd Tariff Cycle revision became effective on
12 February 2019. MARCS PSC of RM51,692,000 (2019: RM74,208,000) was recognised during the year for
the difference between actual PSC and Benchmark PSC rate.
Apart from this, included in MARCS is MARCS Express Rail Link (MARCS ERL) as disclosed in Note 3.
(v) Revenue from hotel operations
Revenue from rental of hotel rooms, sale of food and beverages and other related income are recognised
when the services are performed.
(vi) Interest income
Interest income is recognised on an accrual basis using the effective interest method.
(vii) Construction revenue
Under such concession agreements, the Group is engaged to build, operate and construct airport
buildings and related infrastructure. The Group recognises construction revenue over time as the project
being constructed has no alternative uses to the Group and it has an enforceable right to the payment
for performance completed to date. The stage of completion is measured using the input method, which
is based on the total actual construction cost incurred to date as compared to the total budgeted costs
for the respective construction projects. Where the outcome of the construction cannot be estimated
reliably, revenue is recognised to the extent of construction costs incurred if it is probable that they will
be recoverable. Construction costs are recognised as expenses in the year in which they are incurred.
(aa) Disposal groups classified as held for sale and discontinued operations
A component of the Group is classified as a ‘discontinued operation’ when the criteria to be classified as
held for sale have been met or it has been disposed of and such a component represents a separate major
line of business or geographical area of operations or is part of a single coordinated major line of business or
geographical area of operations. A component is deemed to be held for sale if its carrying amounts will be
recovered principally through a sale transaction rather than through continuing use.

31 December 2020
(aa) Disposal groups classified as held for sale and discontinued operations (cont’d.)
Upon classification as held for sale, non-current assets and disposal groups are not depreciated and are
measured at the lower of carrying amount and fair value less costs to sell. Any differences are recognised in
profit or loss.
(ab) Concession contracts
A substantial portion of the Group’s assets are used within the framework of concession contracts/Operating
Agreements granted by the GoM (the grantor). The characteristics of the Operating Agreements generally
provide, directly or indirectly, for customer involvement in the determination of the service and its remuneration,
and the return of the assets necessary to the performance of the service at the end of the contract.
In order to fall within the scope of concession contract, a contract must satisfy the following two criteria:
- The grantor controls or regulates what services the operator must provide with the infrastructure/assets,
to whom it must provide them, and at what price; and
- The grantor controls the significant residual interest in the infrastructure/assets at the end of the term of
the arrangement.
Such assets are not recognised by the Group as property, plant and equipment but as intangible assets as
described in Note 2.4(c)(i) and (ii). The intangible asset model applies where the operator is paid by the users or
where the concession grantor has not provided a contractual guarantee in respect of the amount recoverable.
The intangible asset corresponds to the right granted by the concession grantor to the operator to charge users
of the public service.
Intangible assets resulting from the application of this policy are recorded in the statement of financial position
under the heading ‘Intangible assets’ and are amortised on the method reflecting the asset’s usage based on
passengers volume to reflect the usage of airports activities over the concession period. Under the intangible
asset model, revenue includes revenue from the construction of the infrastructure/assets and operating revenue
of the infrastructure.
(ac) IC Interpretation 12 - Service Concession Arrangements
IC Interpretation 12 - Service Concession Arrangements (IC 12) adopted by the Group applies to contractual
arrangements whereby a private sector operator participates in the development, financing, operation and
maintenance of infrastructure for public sector services. Depending on the contractual terms, this interpretation
requires the operator to recognise a financial asset if it has an unconditional contractual right to receive cash or
an intangible asset if it receives a right (license) to charge users of the public service. Some contractual terms
may give rise to both a financial asset and an intangible asset.

31 December 2020
(ac) IC Interpretation 12 - Service Concession Arrangements (cont’d.)
The IC 12 considered the nature of the rights conveyed to the operator in a service concession arrangement. It
first examined whether the infrastructure used to provide public services could be classified as property, plant
and equipment of the operator under MFRS 116. It started from the principle that infrastructure used to provide
public services should be recognised as property, plant and equipment of the party that controls its use. This
principle determines which party should recognise the property, plant and equipment as its own.
The interpretation also concluded that treatment of infrastructure that the operator constructs or acquires or to
which the grantor gives the operator access for the purpose of the service arrangement should be determined
by whether the grantor controls or regulates what services the operator must provide with the infrastructure,
to whom it must provide them, and at what price; and the grantor control through ownership, beneficial
entitlement or otherwise any significant residual interest in the infrastructure at the end of the term of the
arrangement.
Under IC 12, the operator may provide construction services to the grantor in exchange for an intangible asset,
i.e. a right to collect revenue in accordance with the Operating Agreements. In accordance with MFRS 138
Intangible Assets, the operator recognises the intangible asset at its fair value. The fair value of the intangible
asset is calculated by including a certain mark-up on the actual cost incurred, estimated to reflect a margin
consistent where possible with other similar construction works.
In addition, pursuant to the Airport Facilities Arrangement (AFA) where the agreement is dependent on a
specified asset, the Group recognised an asset and a liability at an amount equal to the value of the underlying
asset as determined in the AFA and subsequently the liability shall be reduced as payments are made and an
imputed finance charge on the liability recognised using the purchaser’s incremental borrowing rate of interest.
(ad) Equity instruments and related expenses
An equity instrument is any contract that evidences a residual interest in the assets of the Group and the
Company after deducting all of its liabilities. Ordinary shares and Perpetual Sukuk are classified as equity
instruments.
Dividends on ordinary shares and distribution on Perpetual Sukuk are recognised in equity in the period in
which they are declared.
The transaction costs of an equity transaction are accounted for as a deduction from equity, net of tax. Equity
transaction costs comprise only those incremental external costs directly attributable to the equity transaction
which would otherwise have been avoided.

31 December 2020
2.5 Significant accounting judgements and estimates
The preparation of the Group’s financial statements require management to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of income, expenses, assets, liabilities, the
accompanying disclosures and the disclosure of contingent liabilities. Although these estimates and judgements are
based on management’s best knowledge of current events and actions, actual results may differ. The most significant
uses of judgements and estimates are as follows:
(i) Amortisation of concession rights and infrastructure and construction assets
The carrying amount of the concession rights and infrastructure and construction assets are amortised over the
concession period determined by the method where the amortisation method used shall reflect the pattern
which the concession’s future economic benefits are expected to be consumed by the Group based on the
expected number of passengers and the utilisation of the airports over the concession period.
The variable factors in determining the estimated amortisation includes projected total number of passengers
for subsequent years to the end of concession period. The assumptions to arrive at the passenger volume
projections and usage of airports also take into consideration the growth rate based on current market and
economic conditions. Changes in the expected passenger volume and usage of airports could impact future
amortisation charges.
(ii) Revenue recognition
Significant judgement is applied to determine the accrued revenue for aeronautical debtors based on the
number of airlines, landing, parking, aerobridge, counter check-in and timing of billings.
As at reporting date, the amount of accrued revenue for aeronautical debtors as disclosed in Note 20 comprised
approximately 1% (2019: 2%) of the total revenue.
(iii) Land use rights
The Group has assessed that the previous amount paid was in relation to the rights to occupy the land leased
by the Federal Land Commissioner, and accordingly the prepaid land lease payments was classified as right-
of-use assets.
(iv) Contingent liabilities - litigation
As disclosed in the Note 35(b), the Group has several pending litigations with various parties as at current
financial year end. The Group, after due consultation with the Group’s solicitors, assesses the merit of each case,
and makes the necessary provision for liabilities in the financial statements if their crystallisation are deemed as
probable.

31 December 2020
2.5 Significant accounting judgements and estimates (cont’d.)
(v) Impairment of intangible assets
The Group tests periodically whether the intangible assets is required to be impaired, by measuring the recoverable
amount of the CGU based on the value in use method, which requires the use of estimates of future cash flow
projections, terminal growth rates and discount rates. Changes to the assumptions used by management,
particularly the discount rate and the terminal value, may affect the results of the impairment assessment.
(vi) Expected credit losses (ECL)
The Group applies a simplified approach in calculating ECL. The ECL is based on lifetime expected credit losses.
The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for
forward-looking factors specific to the debtors and the economic environment.
(vii) Valuation of unquoted investments designated as FVTPL
As the fair value of the investments designated as FVTPL cannot be derived from active market, fair value is
determined using valuation techniques. The inputs to these models are taken from observable markets where
possible, but where this is not feasible, a degree of judgement is required in establishing fair values. The
judgements include considerations of inputs such as discount for lack of marketability. Changes in assumptions
about these factors could affect the reported fair value of financial instruments.
(viii) Income taxes
Significant estimation is involved in determining the provision for income taxes. There are certain transactions
and computations for which the ultimate tax determination is uncertain during the ordinary course of business.
The Group recognises liabilities for expected tax issues based on estimates of whether additional taxes will be
due. Where the final tax outcome of these matters is different from the amounts that were initially recognised,
such differences will impact the income tax and deferred tax provisions in the period in which such determination
is made.
(ix) Deferred taxation
Deferred tax assets are recognised for all unutilised tax losses, unabsorbed capital allowances and other
deductible temporary differences to the extent that it is probable that taxable profit will be available against
which the losses, capital allowances and other deductible temporary differences can be utilised. Significant
management judgement is required to determine the amount of deferred tax assets that can be recognised,
based upon the likely timing and level of future taxable profits together with future tax planning strategies.
Further details are contained in Note 22.

31 December 2020
2.5 Significant accounting judgements and estimates (cont’d.)
(x) Impairment of investments in subsidiaries, associates and joint ventures
Investments in subsidiaries, associates and joint ventures (investments) are for a long-term basis and the Group
and the Company determine whether the carrying amounts of its investments are impaired at least on an annual
basis at reporting date. This requires an estimation of the value in use of the CGU which is attributable to those
investments. Estimating a value in use amount requires management to make an estimate of the expected
future cash flows from the CGU and also to choose a suitable discount rate in order to calculate the present
value of those cash flows.
(xi) Concession liabilities
As disclosed in Notes 2.4(u) and 2.4(ac), the Group recognised an asset and a liability at an amount equal to
the fair value of the underlying asset as determined in the agreement and subsequently the liability shall be
reduced when payments are made.
The imputed finance charges estimated are as follows:
(i) Annual charges and land usage charges payable to GoM
6.0% per annum over the period of 60 years ending 2069. Had the estimation of the finance charge
increase or decrease by 10% of the discount rate used, the net interest charged would be higher by
approximately RM75,000 or lower by RM104,000 respectively.
(ii) Privatisation of the Development of a Generation Plant at klia2
5.5% per annum over the period of 20 years ending 2033. Had the estimation of the finance charge
increase or decrease by 10% of the discount rate used, the net interest charged would be higher by
approximately RM1,852,000 or lower by RM1,811,000 respectively.
(xii) Financial liability relating to the Utilisation Fee recognised in ISG
with the Implementation Agreement for the operation of the ISGIA for 20 years plus 22 months of extension
period, being the first extension period. In the previous year, ISG has obtained second extension period of 2.5
years after the first extension period ended. The Utilisation Fee liability is discounted to present value, at a rate
of 8.6% for payments until 2014, and at a rate of 9% for the remaining payments, whereas the payments for first
extension period is discounted to present value at a rate of 10.5% and the payments for the second extension
period is discounted to present value at a rate of 8.55%.
(xiii) Biological assets
The fair value of biological assets are computed based on the estimated quantity of fresh fruits bunches (FFBs)
forecasted and the observable current market price of FFBs at each point of fair value.

31 December 2020
3. Revenue
Revenue comprises of the following:
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Revenue from contracts with customers (a) 1,866,345 5,213,107 - -

Revenue from other source:
- dividend income from:
- subsidiaries - - - 283,845
- joint ventures - - 4,455 12,032
1,866,345 5,213,107 4,455 295,877
(a) Breakdown of the Group’s revenue from contracts with customers as follows:
For the year ended 31 December 2020

Malaysia Overseas Total
Note RM’000 RM’000 RM’000
Airport operations:
- Airport services:
- Aeronautical 557,212 370,677 927,889
Less: Rebate (i) (38,275) (3,374) (41,649)
518,937 367,303 886,240
- Non-aeronautical 590,288 191,873 782,161

Less: Rebate (ii) (124,153) (15,027) (139,180)
466,135 176,846 642,981
- Duty free and non-dutiable goods 153,222 - 153,222
Non-airport operations:
- Agriculture and horticulture 34,703 - 34,703
- Hotel operations 42,269 5,572 47,841
- Project and repair maintenance 18,605 82,753 101,358
Total revenue from contracts with customers 1,233,871 632,474 1,866,345
Timing of revenue recognition

- at a point in time 1,215,266 549,721 1,764,987
- over time 18,605 82,753 101,358
Total revenue from contracts with customers 1,233,871 632,474 1,866,345

31 December 2020
3. Revenue (cont’d.)
(a) Breakdown of the Group’s revenue from contracts with customers as follows: (cont’d.)
For the year ended 31 December 2019

Malaysia Overseas Total
RM’000 RM’000 RM’000
Airport operations:
- Airport services:
- Aeronautical 2,038,345 771,165 2,809,510
Less: Airline incentives (44,859) - (44,859)
1,993,486 771,165 2,764,651
- Non-aeronautical 800,574 510,730 1,311,304

- Duty free and non-dutiable goods 850,224 - 850,224
Non-airport operations:
- Agriculture and horticulture 26,932 - 26,932
- Hotel operations 88,577 9,675 98,252
- Project and repair maintenance 15,158 146,586 161,744
Total revenue from contracts with customers 3,774,951 1,438,156 5,213,107
Timing of revenue recognition

- at a point in time 3,759,793 1,291,570 5,051,363
- over time 15,158 146,586 161,744
Total revenue from contracts with customers 3,774,951 1,438,156 5,213,107
Included in aeronautical revenue is income from MARCS PSC and MARCS ERL total of RM69,814,000
(2019: RM169,924,000).
As a result of the impact of the COVID-19 pandemic, the Group had provided:
Malaysia’s operation
(i) Rebates - Aeronautical

30% of rebate on Non Passenger Service Charges (PSC) billings issued from July to December 2020 and to settle
the remaining outstanding up to 12 months instalment with 6% interest per annum effective January 2021.
(ii) Rebates - Non-aeronautical

Rental Relief Package which offers rental rebate subject to certain conditions to assist airport tenants who are
struggling from the financial impact of COVID-19. More than 250 tenants who have accepted the offer have
expressed great relief on the support given to help them continue operating at the airport and ease their cashflow.

31 December 2020
3. Revenue (cont’d.)
(a) Breakdown of the Group’s revenue from contracts with customers as follows: (cont’d.)
As a result of the impact of the COVID-19 pandemic, the Group had provided: (cont’d.)
Turkey’s operation
100% rebates for rental space to tenants from April to May 2020 due to the closure of airport and variable rebates up
to 50% of revenue from June to December 2020. In addition to that, 20% rebates on bridge revenues and check-in
counter revenues were given to airlines from July to December 2020.
4. Other income
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Interest income:
- Unquoted investments 1,153 2,034 721 1,311
- Employee loans 1,124 1,242 - -
- Other loans and receivables 26,732 29,372 - 947
Unrealised gain/(loss) on fair value for:
- quoted unit trust 2,490 5,009 1,619 2,452
- unquoted shares (5,323) (3,802) - -
Investment income:
Fair value through profit or loss:
- quoted in Malaysia 36,886 58,762 6,849 11,825
- unquoted outside Malaysia 6,160 - - -
- unquoted short-term investments 9,069 10,969 5,594 2,645
Rental income:
- Minimum lease payments 6,251 9,657 - -
Gain on disposal of:
- property, plant and equipment 415 - - -
- intangible assets 18 - - -
- quoted unit trust - 1,005 - 834
Net realised foreign exchange gain/(loss) 1,014 7,500 705 (658)
Management fee charged to subsidiaries - - 172,229 217,127
Recoupment of expenses 76,919 107,981 188,768 198,100
Miscellaneous 23,317 35,810 5,026 4,226
186,225 265,539 381,511 438,809

31 December 2020
5. Employee benefits expenses
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Wages and salaries 540,460 554,899 111,108 111,529

Bonus (11,255) 110,031 (9,153) 34,977
Contributions to defined contribution plans 80,423 94,794 16,662 24,306
Social security contributions 6,630 6,660 956 968
Net writeback of provision for short-term
accumulating compensated absences
(Note 33) (9,707) (3,574) (2,470) (1,050)
Other employee benefits 136,067 157,150 18,959 32,337
742,618 919,960 136,062 203,067
6. Finance costs
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Interest expense on:

- concession payables and borrowings 199,282 218,978 131,110 140,600
- financial liabilities 487,958 499,331 - -
- lease liabilities (Note 32) 5,729 9,765 23 29
Gain from derivative financial instruments
(Note 31) (29,198) (2,073) - -
663,771 726,001 131,133 140,629

31 December 2020
7. (Loss)/profit before tax and zakat
The following items have been included in arriving at (loss)/profit before tax and zakat:
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Non-executive directors’ remuneration

excluding benefits-in-kind (Note 8) 3,663 3,566 2,807 2,659
Auditors’ remuneration:
- statutory
- auditors of the Company (Malaysia
operations) 929 894 315 280
- auditors of the Company (Overseas
operations) 177 456 - -
- other auditors (other than Ernst &
Young PLT) 258 19 21 19
- other services
- auditors of the Company 111 382 30 30
- other than Ernst & Young PLT 184 - - -
User fee expenses 148,510 461,533 - -
Rental expenses 42,334 59,706 3,264 5,482
Gain on fair value of biological assets (892) (724) - -
Depreciation of:
- property, plant and equipment (Note 12) 53,816 60,601 15,075 17,218
- right-of-use assets (Note 13) 37,043 35,907 576 558
Amortisation of:
- intangible assets (Note 14) 518,892 845,070 3,025 -
Impairment on intangible assets (Note 14) 500,380 - - -
Property, plant and equipment written off
(Note 12) 50 - - -
Intangible assets written off (Note 14) 305 13 - -
Right-of-use assets written off (Note 13) 72 - - -
Net allowance/(writeback) of impairment of
receivables (Note 20) 80,245 (18,968) 2,353 (34)
Inventories written off 356 419 - -
Allowance for inventories 3,997 1,171 - -
Utility charges 324,700 437,787 2,883 2,842

31 December 2020
7. (Loss)/profit before tax and zakat (cont’d.)
The following items have been included in arriving at (loss)/profit before tax and zakat: (cont’d.)
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Repair and maintenance costs 263,462 375,439 15,489 15,037

Legal and other professional fees 29,046 28,256 7,198 8,143
User fee expenses amounting to RM148,510,000 (2019: RM461,533,000) relate to payments made to the GoM for operating
rights. User fee rates range from 12.26% to 12.45% (2019: 11.98% to 12.20%) and are calculated on gross revenues of
the Group from activities carried out at KLIA and other Designated Airports excluding reimbursements, interest income,
recovery of bad debts or inter-company transactions.
8. Directors’ remuneration
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Non-executive directors’ remuneration

(Note 7):
- Fees 2,368 2,199 1,640 1,461
- Other emoluments 1,295 1,367 1,167 1,198
3,663 3,566 2,807 2,659
Total directors’ remuneration 3,663 3,566 2,807 2,659

Estimated money value of benefits-in-kind 237 163 237 163
Total directors’ remuneration including
benefits-in-kind 3,900 3,729 3,044 2,822

31 December 2020
8. Directors’ remuneration (cont’d.)
The details of remuneration receivable by directors of the Group and of the Company during the year are as follows:
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Executive:
- Estimated money value of benefits-in-kind - 10 - 10
Non-executive:
- Fees 2,368 2,199 1,640 1,461
- Other emoluments 1,295 1,367 1,167 1,198
- Estimated money value of benefits-in-kind 237 153 237 153
3,900 3,729 3,044 2,822
Included in the Group non-executive directors’ fees and other emoluments were the subsidiaries directors’ fees and other
emoluments of RM728,000 (2019: RM738,000) and RM128,000 (2019: RM169,000) respectively.
The number of directors of the Company whose total remuneration during the financial year fell within the following bands
are analysed below:
Number of directors
2020 2019
Non-executive directors:
Less than RM50,000 5 2
RM50,001 – RM100,000 1 1
RM100,001 – RM150,000 - 1
RM150,001 – RM200,000 1 1
RM200,001 – RM250,000 5 2
RM250,001 – RM300,000 6 5
RM300,001 – RM350,000 - 1
RM350,001 – RM400,000 - 1

31 December 2020
9. Taxation and zakat
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Current income tax:

- Malaysian income tax 10,257 101,833 - -
- Foreign tax 5,819 10,355 - -
- (Over)/under provision of income tax in
prior years (135,568) (10,613) 2,058 -
(119,492) 101,575 2,058 -
Deferred tax (Note 22):

- Relating to origination and reversal of
temporary differences (561,490) 35,362 9,169 -
- Under/(over) provision of deferred tax in
prior years 31,822 (20,953) (9,169) -
(529,668) 14,409 - -
(649,160) 115,984 2,058 -
Income tax (credit)/expense (649,160) 115,984 2,058 -

Zakat 1,495 6,125 - 50
Total income tax (credit)/expense and zakat (647,665) 122,109 2,058 50

31 December 2020
9. Taxation and zakat (cont’d.)
Reconciliation between tax (credit)/expense and accounting (loss)/profit
The reconciliations between tax (credit)/expense and the product of accounting (loss)/profit multiplied by the applicable
corporate tax rate for the years ended 31 December 2020 and 2019 are as follows:
2020 2019
RM’000 RM’000
Group
(Loss)/profit before tax and zakat (1,763,861) 659,151
Taxation at Malaysian statutory tax rate of 24% (2019: 24%) (423,327) 158,196
Different tax rates in other countries 6,396 (3,727)
Tax effects of share of results of associates and joint ventures 2,778 (8,332)
Income not subject to tax (4,979) (9,355)
Expenses not deductible for tax purposes 49,299 38,656
Deferred tax asset recognised on investment tax allowances (246,394) (3,201)
Deferred tax assets not recognised in respect of current year’s tax losses,
unabsorbed capital allowances and other deductible temporary differences 79,297 -
Utilisation of previously unrecognised tax losses, unabsorbed capital allowances and
investment tax allowances (8,484) (24,687)
Overprovision of income tax in prior years (135,568) (10,613)
Under/(over) provision of deferred tax in prior years 31,822 (20,953)
Income tax (credit)/expense for the year (649,160) 115,984

31 December 2020
9. Taxation and zakat (cont’d.)
Reconciliation between tax (credit)/expense and accounting (loss)/profit (cont’d.)
The reconciliations between tax (credit)/expense and the product of accounting (loss)/profit multiplied by the applicable
corporate tax rate for the years ended 31 December 2020 and 2019 are as follows: (cont’d.)
2020 2019
RM’000 RM’000
Company
Profit before tax and zakat 48,828 300,856
Taxation at Malaysian statutory tax rate of 24% (2019: 24%) 11,719 72,205
Income not subject to tax (17,754) (82,912)
Expenses not deductible for tax purposes 11,267 12,745
Utilisation of previously unrecognised unabsorbed capital allowances (5,747) (2,038)
Deferred tax assets not recognised in respect of current year’s unabsorbed capital
allowances 9,684 -
Underprovision of income tax in prior years 2,058 -
Overprovision of deferred tax in prior years (9,169) -
Income tax expense for the year 2,058 -
Current income tax is calculated at the statutory tax rate of 24% (2019: 24%) of the estimated assessable (loss)/profit for the
year.
Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
During the year, Inland Revenue Board (IRB) upon completion of its audit, issued a ‘Notice of Reduced Assessment’ to
MA (Sepang) for the taxes paid in prior years and subsequently refunded RM164,469,000. The outcome of the IRB’s audit
also gave confirmation and clarity to the ability of the Company to utilise the investment allowance granted of which the
directors are of the view it can be utilised against its future taxable profits.
Deferred tax assets of the Group and of the Company have not been recognised in respect of the following items:
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Unutilised tax losses 344,781 25,780 66,103 25,751

Unabsorbed capital allowances 25,953 49,901 25,953 49,901
370,734 75,681 92,056 75,652
Deferred tax assets have not been recognised where it is not probable that future taxable profits will be available against
which the Company or subsidiaries can utilise the benefits.

31 December 2020
10. Earnings per share
(a) Basic
Basic earnings per share amounts are calculated by dividing profit for the year attributable to Owners of the Company
by the weighted average number of ordinary shares in issue during the financial year.
Group
2020 2019
RM’000 RM’000
(Loss)/profit attributable to Owners of the Company (1,116,196) 537,042

Distribution to Perpetual Sukuk holders (57,658) (57,500)
Net (loss)/profit attributable to Owners of the Company (1,173,854) 479,542
Group
2020 2019
Weighted average number of ordinary shares in issue (‘000) 1,659,192 1,659,192
Group
2020 2019
sen sen
Basic earnings per share for:

- Basic, for (loss)/profit for the year (70.75) 28.90
(b) Diluted
Weighted average number of ordinary shares outstanding during the period is the number of ordinary shares
outstanding at the beginning of the period, adjusted by the number of ordinary shares issued during the period
multiplied by a time-weighing factor. The time-weighing factor is the number of days that the shares are outstanding
as a proportion of the total number of days in the period.
There was no issuance of shares or outstanding shares between the current financial year end and the date of the
report.

31 December 2020
11. Dividends
Dividends in respect of year Dividends recognised in year

2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Recognised during the year:

Final dividend for 2019:
on 1,659,191,828 ordinary shares
- single-tier 10 sen, per ordinary share - 165,919 165,919 -
Interim dividend for 2019:
- single-tier 5 sen, per ordinary share - 82,960 - 82,960
Final dividend for 2018:
- single-tier 9 sen, per ordinary share - - - 149,327
- 248,879 165,919 232,287
Dividend paid during current financial year
A single-tier final dividend of 10 sen per ordinary share in respect of the financial year ended 31 December 2019 was
approved by the Board of Directors on 28 February 2020. The final dividend amounting to RM165,919,183 was paid on
21 May 2020.
The directors do not recommend the payment of any dividend in respect of the current financial year.

31 December 2020
12. Property, plant and equipment
Office, Plant and

communication machinery,
Safety and electronic crockery,
Property equipment equipment, glassware, Plantation Capital
and Hotel and motor furniture and cutlery development work-in-
buildings property vehicles fittings and linen expenditure progress Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Group
At 31 December 2020
Cost
At 1 January 2020 228,497 123,555 30,812 509,701 30,988 103,044 83,667 1,110,264
Additions 105 - 238 7,361 426 1,244 29,617 38,991
Written off - (28) (1,031) (15,653) (478) (190) - (17,380)
Transfers 42,967 - - 11,230 83 (404) (53,876) -
Reclassified to
intangible assets - - - - - - (7,692) (7,692)
Disposal - - - (405) - - - (405)
Foreign currency
translation 649 - 16 4,091 873 - 55 5,684
At 31 December 2020 272,218 123,527 30,035 516,325 31,892 103,694 51,771 1,129,462
Accumulated
depreciation and
impairment
At 1 January 2020 67,722 73,137 18,798 419,452 26,318 46,899 2,890 655,216
Charge for the year
(Note 7) 12,767 3,988 99 31,153 1,787 4,022 - 53,816
Written off - (9) (1,031) (15,624) (476) (190) - (17,330)
Disposal - - - (311) - - - (311)
Foreign currency
translation 191 - 13 3,178 1,019 - - 4,401
At 31 December 2020 80,680 77,116 17,879 437,848 28,648 50,731 2,890 695,792
Analysed as:
Accumulated
depreciation 79,489 77,116 8,369 415,942 28,648 50,731 - 660,295
Accumulated
impairment loss 1,191 - 9,510 21,906 - - 2,890 35,497
80,680 77,116 17,879 437,848 28,648 50,731 2,890 695,792
Net carrying amount 191,538 46,411 12,156 78,477 3,244 52,963 48,881 433,670

31 December 2020
12. Property, plant and equipment (cont’d.)
Office, Plant and

communication machinery,
Safety and electronic crockery,
Property equipment equipment, glassware, Plantation Capital
and Hotel and motor furniture and cutlery development work-in-
buildings property vehicles fittings and linen expenditure progress Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Group
At 31 December 2019
Cost
At 1 January 2019 213,578 121,620 30,504 465,122 28,619 105,881 54,062 1,019,386
Additions 1,433 - 337 21,312 1,564 1,116 38,286 64,048
Written off - - - (4,122) (384) - - (4,506)
Transfers 13,497 1,935 - 30,344 1,189 (3,953) (8,681) 34,331
Foreign currency
translation (11) - (29) (2,955) - - - (2,995)
At 31 December 2019 228,497 123,555 30,812 509,701 30,988 103,044 83,667 1,110,264
Accumulated
depreciation and
impairment
At 1 January 2019 59,805 69,187 18,198 383,063 24,476 42,918 2,890 600,537
Charge for the year
(Note 7) 7,924 3,950 627 41,893 2,226 3,981 - 60,601
Written off - - - (4,122) (384) - - (4,506)
Foreign currency
translation (7) - (27) (1,382) - - - (1,416)
At 31 December 2019 67,722 73,137 18,798 419,452 26,318 46,899 2,890 655,216
Analysed as:
Accumulated
depreciation 66,531 73,137 9,288 397,546 26,318 46,899 - 619,719
Accumulated impairment
loss 1,191 - 9,510 21,906 - - 2,890 35,497
67,722 73,137 18,798 419,452 26,318 46,899 2,890 655,216
Net carrying amount 160,775 50,418 12,014 90,249 4,670 56,145 80,777 455,048

31 December 2020
Capital
Motor Office work-in-
Building vehicles equipment progress Total
RM’000 RM’000 RM’000 RM’000 RM’000
Company
At 31 December 2020
Cost
At 1 January 2020 31,954 4,578 163,150 39,217 238,899
Additions - - 172 6,764 6,936
Reclassified to intangible assets - - - (7,692) (7,692)
Transfers 7 - 8,598 (8,605) -
Intercompany transfer - - - (27,247) (27,247)
At 31 December 2020 31,961 4,578 171,920 2,437 210,896
Accumulated depreciation
and impairment
At 1 January 2020 12,210 3,754 128,254 - 144,218
Charge for the year
(Note 7) 884 - 14,191 - 15,075
At 31 December 2020 13,094 3,754 142,445 - 159,293
Net carrying amount 18,867 824 29,475 2,437 51,603
At 31 December 2019
Cost
At 1 January 2019 31,758 4,262 141,136 30,573 207,729
Additions - 316 648 30,214 31,178
Written off - - (8) - (8)
Transfers 196 - 21,374 (21,570) -
At 31 December 2019 31,954 4,578 163,150 39,217 238,899
and impairment
At 1 January 2019 11,341 3,476 112,191 - 127,008
Charge for the year
(Note 7) 869 278 16,071 - 17,218
Written off - - (8) - (8)
At 31 December 2019 12,210 3,754 128,254 - 144,218
Net carrying amount 19,744 824 34,896 39,217 94,681

31 December 2020
Included in the cost of property, plant and equipment of the Group and of the Company are cost of fully depreciated
assets which are still in use amounting to RM337,711,000 (2019: RM311,860,000) and RM112,740,000 (2019: RM87,602,000),
respectively.
The addition in property, plant and equipment were acquired by way of:
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Cash 30,990 64,048 3,196 31,178

Payables 8,001 - 3,740 -
Total additions 38,991 64,048 6,936 31,178
13. Right-of-use assets
Land use Airport Office Motor

rights equipment equipment vehicles Total
RM’000 RM’000 RM’000 RM’000 RM’000
Group
At 31 December 2020
Cost
At 1 January 2020 9,196 142,971 365 22,822 175,354
Additions - 3,144 140 2,864 6,148
Remeasurement - (15,897) - (471) (16,368)
Written off (95) - - - (95)
Foreign currency translation - 3,703 - - 3,703
At 31 December 2020 9,101 133,921 505 25,215 168,742
At 1 January 2020 2,379 26,105 85 9,543 38,112
Depreciation during the year
(Note 7) 72 26,795 134 10,042 37,043
Remeasurement - - - 101 101
Written off (23) - - - (23)
Foreign currency translation - (365) - - (365)
At 31 December 2020 2,428 52,535 219 19,686 74,868
Net carrying amount 6,673 81,386 286 5,529 93,874

31 December 2020
13. Right-of-use assets (cont’d.)
Land use Airport Office Motor

rights equipment equipment vehicles Total
RM’000 RM’000 RM’000 RM’000 RM’000
Group (cont’d.)
At 31 December 2019
Cost
At 1 January 2019 9,196 142,971 365 15,710 168,242
Additions - - - 7,112 7,112
At 31 December 2019 9,196 142,971 365 22,822 175,354
At 1 January 2019 2,270 - - - 2,270
Depreciation during the year
(Note 7) 109 26,170 85 9,543 35,907
Foreign currency translation - (65) - - (65)
At 31 December 2019 2,379 26,105 85 9,543 38,112
Net carrying amount 6,817 116,866 280 13,279 137,242
Office Motor
equipment vehicles Total
RM’000 RM’000 RM’000
Company
At 31 December 2020
Cost
At 1 January 2020 116 1,023 1,139
Additions - 386 386
At 31 December 2020 116 1,409 1,525
At 1 January 2020 26 532 558
Depreciation during the year (Note 7) 26 550 576
At 31 December 2020 52 1,082 1,134
Net carrying amount 64 327 391

31 December 2020
13. Right-of-use assets (cont’d.)
Office Motor
RM’000 RM’000 RM’000
Company (cont’d.)
At 31 December 2019
Cost
At 1 January 2019 116 719 835
Additions - 304 304
At 31 December 2019 116 1,023 1,139
At 1 January 2019 - - -
Depreciation during the year (Note 7) 26 532 558
At 31 December 2019 26 532 558
Net carrying amount 90 491 581

31 December 2020
14. Intangible assets
Terminal Computer
building, Capital and
Concession plant and work-in- peripheral
rights infrastructures progress software Total
RM’000 RM’000 RM’000 RM’000 RM’000
Group
At 31 December 2020
Cost
At 1 January 2020 10,944,886 11,414,887 591,537 - 22,951,310
Additions - 42,084 210,551 4,502 257,137
Written off - (19,289) - - (19,289)
Transfers - 270,133 (270,133) - -
Reclassified from property,
plant and equipment - - - 7,692 7,692
Disposal - (195) - - (195)
Foreign currency translation 672,972 181,893 (315) - 854,550
At 31 December 2020 11,617,858 11,889,513 531,640 12,194 24,051,205
Accumulated amortisation
At 1 January 2020 2,922,284 3,966,420 - - 6,888,704
Charge for the year
(Note 7) 215,140 300,727 - 3,025 518,892
Written off - (18,984) - - (18,984)
Impairment loss (Note 7) 500,380 - - - 500,380
Disposal - (195) - - (195)
Foreign currency translation 184,105 84,199 - - 268,304
At 31 December 2020 3,821,909 4,332,167 - 3,025 8,157,101
Net carrying amount 7,795,949 7,557,346 531,640 9,169 15,894,104

31 December 2020
14. Intangible assets (cont’d.)
Terminal Computer
building, Capital and
Concession plant and work-in- peripheral
rights infrastructures progress software Total
RM’000 RM’000 RM’000 RM’000 RM’000
Group
At 31 December 2019
Cost
At 1 January 2019 11,157,366 11,181,739 509,358 - 22,848,463
Additions - 25,629 400,209 - 425,838
Written off - (6,001) - - (6,001)
Transfers - 283,689 (318,020) - (34,331)
Foreign currency translation (212,480) (70,169) (10) - (282,659)
At 31 December 2019 10,944,886 11,414,887 591,537 - 22,951,310
At 1 January 2019 2,510,849 3,572,620 - - 6,083,469
Charge for the year (Note 7) 415,971 429,099 - - 845,070
Written off - (5,988) - - (5,988)
Foreign currency translation (4,536) (29,311) - - (33,847)
At 31 December 2019 2,922,284 3,966,420 - - 6,888,704
Net carrying amount 8,022,602 7,448,467 591,537 - 16,062,606
Computer
and
peripheral
software
RM’000
Company
At 31 December 2020
Cost
At 1 January 2020 -
Additions 4,502
Reclassified from property, plant and equipment 7,692
At 31 December 2020 12,194

31 December 2020
Computer
and
peripheral
software
RM’000
Company (cont’d.)
At 31 December 2020 (cont’d.)
At 1 January 2020 -
Charge for the year (Note 7) 3,025
At 31 December 2020 3,025
Net carrying amount 9,169
At 31 December 2019
Net carrying amount -
The addition in intangible assets were acquired by way of:
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Cash 158,757 425,838 2,307 -

Payables 98,380 - 2,195 -
Total additions 257,137 425,838 4,502 -
Included in the cost of intangible assets of the Group is cost of fully depreciated intangible assets which are still in use
amounting to RM1,355,775,000 (2019: RM873,423,000).
The Group’s intangible assets comprises fair value of the consideration receivable for the construction service delivered
during the stage of construction, including certain mark-up on the actual costs incurred.

31 December 2020
Impairment test
(i) In the current financial year, the Group recognised impairment loss on ISG concession rights amounting to
EUR102,300,000 an amount equivalent to RM500,380,000 due to the adverse contraction of passenger traffic impacted
by the COVID-19 pandemic.
Key assumptions used in Value In Use calculation (VIU) are as follows:
The recoverable amounts of the concession rights of ISG have been determined based on Value-In-Use (VIU)
calculation using cashflow projection covering a 12-year period until the end of the concession period 27 August
2032.
(a) Traffic projection
Traffic projection is based on external market study by an independent consultant and internal assessment
taking into consideration impact of COVID-19 pandemic.
(b) Revenue growth
Management has taken into consideration the traffic projection, passenger service fees and other non-
aeronautical revenue in determining the revenue growth of ISGIA.
(c) Forecast margin
Operation margins are based on management’s expectation and past experience of the airport terminal
operational cost structure.
(d) Discount rate
The discount rate used reflects the specific risk relating to the airport industry. The post-tax discounted rate
used by the Group is 10.20% (2019: 9.20%).
(ii) No impairment loss is recognised during the year for concession rights in Malaysia’s operation based on the cash flow
forecasts. Furthermore, as disclosed in Note 1.2, the long term operating period up to 2069 will allow adequate time
to ensure the viability of the business as well as cushion the impact on COVID-19.

31 December 2020
15. Investments in subsidiaries
Company
2020 2019
RM’000 RM’000
Unquoted shares at cost 2,274,899 2,274,899
Proportion of
Issued and
ownership interest held
paid-up
Country of capital 2020 2019
Name of company incorporation RM % % Principal activities
Malaysia Airports Malaysia 360,113,847 100 100 Management, operations,

Sdn. Bhd. maintenance and provision of airport
199101020335 related services of Designated
(230646-U) Airports in Malaysia other than KLIA
and klia2.
Malaysia Airports Malaysia 300,000,002 100 100 Management, operations,
(Sepang) Sdn. Bhd. maintenance and provision of airport
199401034797 related services in KLIA and klia2.
(320480-D)
Malaysia Airports Malaysia 5,000,002 100 100 Operating duty free, non-duty free
(Niaga) Sdn. Bhd. outlets and providing management
199301026572 services in respect of food and
(281310-V) beverage outlets at airports.
Malaysia Airports Malaysia 500,002 100 100 Provision of maintenance and technical
Consultancy Services services in connection with the
Sdn. Bhd. (MACS) airport industry.
199601002899
(375245-X)
Malaysia Airports Malaysia 2 100 100 Provision of non-paasenger related
(Properties) services which involves property
Sdn. Bhd. (MAP) management and establishing fixed
199901009756 asset requirements.
(484656-H)
MAB Agriculture- Malaysia 10,000,000 100 100 Cultivation and selling of oil palm and
Horticulture other agricultural products, and
Sdn. Bhd. engaging in horticultural activities.
199801011774
(467902-D)

31 December 2020
15. Investments in subsidiaries (Cont’d.)
Proportion of
Issued and
paid-up
K.L. Airport Hotel Malaysia Owner of the hotel known as Sama-

Sdn. Bhd. Sama Hotel, Sama-Sama Express
199501001669 KL International Airport and Sama-
(330863-D) Sama Express klia2.
- ordinary shares 10,000,000 100 100
- preference shares 900,000 100 100
Malaysia Airports Malaysia 1,150,002 100 100 Operations and maintenance
Technologies services and Information and
Sdn. Bhd. Communication Technology
200001009656 business ventures.
(512262-H)
MAHB (Mauritius) Mauritius USD2 100 100 Investment holding.
Pte. Ltd. @
Eraman (Malaysia) Malaysia 2 100 100 Dormant. Intended principle activity
Sdn. Bhd. is general trading.
199401038644
(324329-K)
Malaysia International Malaysia 2 100 100 Planning, management and
Aerospace Centre marketing for the development of
Sdn. Bhd. Malaysia International Aerospace
199701022747 Centre at Sultan Abdul Aziz Shah
(438244-H) Airport and other airports in
Malaysia.
Airport Ventures Malaysia 2 100 100 Investment holding.
Sdn. Bhd.
200001009921
(512527-U)
Malaysia Airports Malaysia 500,000 100 100 Investment holding.
MSC Sdn. Bhd.
(MAMSC)
200001014248
(516854-V)
Malaysia Airports Malaysia USD1,000 100 100 Investment holding.
(Labuan) Pte. Ltd.
(LL05298)

31 December 2020
Proportion of
Issued and
paid-up
Urusan Teknologi Malaysia 750,000 100 100 Provision of mechanical, electrical

Wawasan Sdn. Bhd. and civil engineering services.
199801003752
(459878-D)
Malaysia Airports Malaysia 2 100 100 Investment holding.
Capital Berhad
201001022823
(906593-U)
Malaysia Airports Qatar QAR200,000 49 49 Facilities maintenance services at
Consultancy Services airports.
Middle East LLC @ ^
(62645)
Malaysia Airports Malaysia 3,000 100 100 Investment holding.
Cities Sdn. Bhd.
(MA Cities)
201401037916
(1114062-X)
Istanbul Sabiha Gokcen Turkey €178,741,000 100 100 Operation, management and
Uluslararasi Havalimani development and provision of
Yatirim Yapim ve airport related services.
Isletme A.S. *@@**(ISG)
SGC Havalimani Turkey € 22,629,619 100 100 Provision of management services in
Isletmeleri Ticaret ve respect of transportation, parking,
Turizm A.S. *@@ (SGC) food and beverages, cleaning
(formerly known as at the airport and construction
LGM Havalimani of hotel and car park within the
Isletmeleri Ticaret ve airport.
Turizm A.S. (LGM))
KLIA Aeropolis Malaysia 101 100 100 Investment holding.
Sdn. Bhd. (KASB)
201601041450
(1212392-H)
Malaysia Airports Malaysia 2 100 100 Investment holding.
International
Sdn. Bhd.
201701006660
(1220825-V)

31 December 2020
Proportion of
Issued and
paid-up
MA Elogistics Malaysia 62,000,100 100 100 Investment holding.

Sdn. Bhd.
(MA Elogistics)
201701039513
(1253685-H)
Malaysia Airports Malaysia 100 100 100 Undertake all business relating to
(Subang) Sdn. Bhd. Subang Airport Regeneration.
201801044711
(1306743-T)
@
Audited by a member firm of Ernst & Young Global.
@@
Audited by PWC Turkey
* Effective interest held in each subsidiary through:
2020 2019
% %
Company 20 20
MAMSC 40 40
MA Cities 40 40
100 100
** Investment in ISG with carrying amount of RM706,384,000 (2019: RM656,337,000) is pledged to financial institutions
for credit facilities granted to the subsidiary as disclosed in Note 29.
^ Even though the proportion of ownership is 49%, MAHB’s effective interest held is 100% due to certain terms and
conditions as stipulated in the shareholder’s agreement.

31 December 2020
16. Investments in associates
Group
2020 2019
RM’000 RM’000
Unquoted shares at cost:

- in Malaysia (a) 88,640 88,640
Share of post-acquisition reserve (b) 22,349 38,337
110,989 126,977
Analysed as:
(a) Unquoted shares at cost:
At 1 January 88,640 88,640
Additional investment - -*
At 31 December 88,640 88,640
(b) Share of post-acquisition reserve:

At 1 January 38,337 25,143
Share of results (15,988) 15,294
Distribution of profits - (2,100)
At 31 December 22,349 38,337
* Amount below RM1,000


31 December 2020
16. Investments in associates (cont’d.)
Details of the associates are as follows:
Proportion of
Issued and
paid-up
Country of capital 2020 2019 Financial
Name of associate incorporation RM % % year end Principal activities
Held through a subsidiary:
Kuala Lumpur Malaysia 3,000,000 20 20 31 December Development,

Aviation Fuelling management and
System Sdn. Bhd. operation of aviation
(KAF) ^ fuelling system at KLIA.
MFMA Development Malaysia 86,800,000 30 30 31 December Development, operation
Sdn. Bhd. (MFMA) ^ and maintenance of a
Factory Outlet Centre
and its complementary
components known as
Mitsui Outlet Park KLIA.
Cainiao KLIA Malaysia 206,667,000 30 30 31 December Development of a regional
Aeropolis e-Commerce and
Sdn. Bhd. ^^ logistics hub.
BP Malaysia Airports Malaysia 10 30 30 31 March Undertake the
Subang Aerotech development of an
Sdn. Bhd. **^ aerospace and high
(BP MASA) tech park within Subang
Aerotech Park in Subang.
Cooling Energy Malaysia 10 30 - 31 December Operate a district cooling
Supply Sdn. Bhd. plant and supply energy
***^^ at KLIA.
** On 22 March 2019, MA Subang Sdn. Bhd., a subsidiary of the Group has entered into a Shareholders’ Agreement with
BP Aerotech (Subang) Sdn. Bhd. (BP Aerotech), to participate in an associate company under the name of BP Malaysia
Airports Subang Aerotech Sdn. Bhd.
*** On 23 December 2020, Airport Ventures Sdn. Bhd. (AVSB), a subsidiary of Malaysia Airports Holdings Berhad (MAHB),
had entered into a Shareholders’ Agreement with TNB Engineering Corporation Sdn. Bhd. (TNEC), to participate in
a joint venture company under the name of Cooling Energy Supply Sdn. Bhd. (CES).
TNEC has been commissioned to operate a district cooling plant at Kuala Lumpur International Airport and supply
energy in the form of chilled water and electricity to KUL’s Main Terminal and its associated facilities under CES. Pursuant
to the Shareholders’ Agreement, AVSB holds 30% equity while TNEC holds the remaining 70% equity in CES.
^ Audited by KPMG KL
^^ Audited by PWC KL
(a) The summarised financial statements of associates are as follows:
Group
Annual Report 2020
2020 2019
Cainiao Cainiao
KLIA BP KLIA BP
KAF MFMA Aeropolis MASA Total KAF MFMA Aeropolis MASA Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Assets and liabilities

Current assets 14,663 50,793 9,854 839 76,149 36,858 66,992 13,228 - 117,078
Non-current assets 197,639 263,965 352,374 163 814,141 199,492 304,577 270,398 - 774,467
Current liabilities (26,067) (43,787) (14,625) (2,241) (86,720) (29,711) (182,852) (81,167) (631) (294,361)
Non-current liabilities (94,940) (156,231) (152,000) - (403,171) (104,917) (52,913) - - (157,830)
Equity 91,295 114,740 195,603 (1,239) 400,399 101,722 135,804 202,459 (631) 439,354
Results
Revenue 23,476 60,054 1,710 - 85,240 66,350 76,868 - - 143,218
Cost of sales (19,568) (19,885) (998) - (40,451) (19,550) (25,552) - - (45,102)
Other income 1,015 699 188 - 1,902 (4,908) 991 1,898 - (2,019)
Administrative
expenses (34,739) (55,877) (6,973) (606) (98,195) (12,370) (2,418) (4,519) (631) (19,938)
Finance costs (7,037) (2,561) (679) - (10,277) (1,883) (2,996) - - (4,879)
(Loss)/profit before
tax for the year (36,853) (17,570) (6,752) (606) (61,781) 27,639 46,893 (2,621) (631) 71,280
Income tax 733 (3,494) (791) - (3,552) (3,384) (8,375) (458) - (12,217)
(Loss)/profit for the
year (36,120) (21,064) (7,543) (606) (65,333) 24,255 38,518 (3,079) (631) 59,063
Group’s share of
(loss)/profit for
the year (7,224) (6,319) (2,263) (182) (15,988) 4,851 11,555 (923) (189) 15,294
Cost of investment
of the Group 600 26,040 62,000 - 88,640 600 26,040 62,000 - 88,640
31 December 2020
89
90
(b) Reconciliation of the summarised financial information to the carrying amount of the interest in the material associates recognised in the
consolidated financial statements: 31 December 2020
Group
2020 2019
Cainiao Cainiao
KLIA BP KLIA BP
KAF MFMA Aeropolis MASA Total KAF MFMA Aeropolis MASA Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Proportion of net
assets at date of
recognition 20% 30% 30% 30% - 20% 30% 30% 30% -
Carrying amount at
beginning of the
financial year 25,481 40,741 60,944 (189) 126,977 22,730 29,186 61,867 - 113,783
Share of net results for
the financial year (7,224) (6,319) (2,263) (182) (15,988) 4,851 11,555 (923) (189) 15,294
Distribution of profits - - - - - (2,100) - - - (2,100)
Carrying amount at
the end of the
financial year 18,257 34,422 58,681 (371) 110,989 25,481 40,741 60,944 (189) 126,977

31 December 2020
17. Investments in joint ventures
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Unquoted shares at cost:

- in Malaysia (a) 53,718 53,718 53,718 53,718
Share of post-acquisition reserve: (b) 50,449 50,492 - -
104,167 104,210 53,718 53,718
Analysed as:
(a) Unquoted shares at cost:
At 1 January/31 December 53,718 53,718 53,718 53,718
(b) Share of post-acquisition reserve:

At 1 January 50,492 43,100 - -
Share of results 4,412 19,424 - -
Distribution of profits (4,455) (12,032) - -
At 31 December 50,449 50,492 - -
Details of the joint ventures are as follows:
Effective
Issued and
interest held
paid-up
Country of capital 2020 2019 Financial
Name of entity incorporation RM % % year end Principal activities
Held by the Company:

Segi Astana Malaysia 106,060,000 30 30 31 December Development,
Sdn. Bhd. (SASB)* management and
operations of property.
Airport Cooling Malaysia 31 December Development,

Energy Supply management and
Sdn. Bhd. operations of chilled
(ACES)**^ water plant.
- ordinary shares 19,040,000 23 23
- redeemable
preference shares 761,600 23 23

31 December 2020
17. Investments in joint ventures (cont’d.)
Details of the joint ventures are as follows: (cont’d.)
* On 22 September 2011, the Company entered into a Joint Venture Agreement with WCT Land Sdn. Bhd. to provide
ancillary and complementary support services and facilities to the klia2 Terminal Building, through SASB.
** On 27 October 2011, the Company entered into a Joint Venture Agreement with TNB Engineering Corporation
Berhad and incorporated ACES for the operation and maintenance of a generation plant for the supply of chilled
water and power at klia2.
^ Audited by PWC KL
Both SASB and ACES are deemed to be joint ventures of the Group as the parties involved have the ability to jointly control
the key decisions affecting strategic decisions and operations of these companies pursuant to the shareholders agreements.
(a) The summarised financial statements of joint ventures are as follows:
Group
2020 2019
SASB ACES Total SASB ACES Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Assets and liabilities

Current assets 96,046 72,267 168,313 130,914 67,787 198,701
Non-current assets 512,718 338,665 851,383 531,885 349,633 881,518
Current liabilities (44,162) (47,952) (92,114) (77,526) (41,394) (118,920)
Non-current liabilities (412,059) (109,044) (521,103) (414,989) (147,825) (562,814)
Equity 152,543 253,936 406,479 170,284 228,201 398,485
Results
Revenue 82,508 61,616 144,124 134,018 73,676 207,694
Cost of sales (22,948) (16,287) (39,235) (33,921) (22,526) (56,447)
Other income 7,958 619 8,577 13,816 1,143 14,959
Administrative expenses (50,740) (6,632) (57,372) (40,148) (183) (40,331)
Finance costs (19,794) (5,903) (25,697) (21,815) (7,782) (29,597)
(Loss)/profit before tax for
the year (3,016) 33,413 30,397 51,950 44,328 96,278
Income tax 441 (10,869) (10,428) (13,395) (10,167) (23,562)
(Loss)/profit for the year (2,575) 22,544 19,969 38,555 34,161 72,716
Group’s share of (loss)/profit
for the year (773) 5,185 4,412 11,567 7,857 19,424
Cost of investment of the
Group 31,818 21,900 53,718 31,818 21,900 53,718

31 December 2020
17. Investments in joint ventures (cont’d.)
(b) Reconciliation of the summarised financial information to the carrying amount of the interest in the material joint
ventures recognised in the consolidated financial statements:
Group
2020 2019
SASB ACES Total SASB ACES Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Proportion of net assets at date

of recognition 30% 23% - 30% 23% -
Carrying amount at beginning
of the financial year 50,992 53,218 104,210 46,902 49,916 96,818
Share of net results for the
financial year (773) 5,185 4,412 11,567 7,857 19,424
Distribution of profits (4,455) - (4,455) (7,477) (4,555) (12,032)
Carrying amount at the end of the
financial year 45,764 58,403 104,167 50,992 53,218 104,210
18. Financial assets at fair value through profit or loss
Group
2020 2019
RM’000 RM’000
Current
Quoted unit trust in Malaysia at fair value 720,558 1,755,820
Non-current
Quoted bonds in Malaysia at fair value 8,368 8,228
Quoted unit trust in Malaysia at fair value 14,440 13,666
Unquoted shares at fair value outside Malaysia* 305,681 311,004
328,489 332,898
Total 1,049,047 2,088,718

31 December 2020
18. Financial assets at fair value through profit or loss (cont’d.)
Unquoted shares of RM210,705,000 (2019: RM214,374,000) of the Group are pledged as security in respect of certain
agreements entered into by the Group.
* On 2 February 2018, the Group has entered into a Share Purchase Agreement (SPA) with GMR Airports Limited
(Purchaser or GMR Airports), for the disposal of all the 41,580,000 equity shares of INR10 each which represents
11% of the total issued and paid-up share capital GMR Hyderabad International Airport Limited (GHIAL) to GMR
Airports, for a cash consideration of USD76,050,000, equivalent to RM314,806,000 subject to the terms and
conditions contained in the SPA (Proposed Disposal).
On 2 January 2019, MAHB announced that the SPA in relation to the Proposed Disposal of its entire 11% equity
interest in GHIAL has been automatically terminated due to failure of the Purchaser to complete their obligation in
accordance with the terms of the SPA by 31 December 2018.
On 10 December 2019, GMR Infrastructure Limited, the holding company of GMR Airports, had expressed their
interest in writing to acquire MAHB’s entire equity interest in GHIAL. However, during the year, MAHB had ceased
its intention to dispose due to changes in circumstances as a result of COVID-19 pandemic. The fair value of the
investment is arrived via valuation performed by certified external valuers based on the market approach, specifically
the guideline public company method (GPCM).
Company
2020 2019
RM’000 RM’000
Current
Non-current
Quoted bonds in Malaysia at fair value 8,368 8,228
22,808 21,894
Total 384,559 405,545

31 December 2020
19. Fair value measurement
The disclosure provides information on fair value measurements for both financial instruments and non-financial assets and
liabilities and is structured as follows:
(a) Valuation principles;

(b) Valuation technique;
(c) Fair value measurements and classification within the fair value hierarchy; and
(d) Movements of Level 3 instruments.
(a) Valuation principles
Fair value is defined as the price that would be received for the sale of an asset or paid to transfer liability in an orderly
transaction between market participants in the principal or most advantageous market as of measurement date.
Disclosure of fair value measurements are by level of the following fair value measurement hierarchy:
Level 1
Quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2
Inputs other than quoted price included within Level 1 that are observable for asset or liability, either directly (i.e.
prices) or indirectly (i.e. derived from prices).
Level 3
Valuation techniques for which significant inputs are not based on observable market data.
(b) Valuation technique
The valuation technique used for the financial instruments not determined by reference to quoted prices (Level 1) are
described below:
Quoted bond and quoted unit trust
The fair value of financial assets are determined by reference to prices quoted by independent data providers and
independent brokers.
Unquoted equity shares
The fair value of financial asset is derived from market approach using available market multiples derived from
guideline public companies method (GPCM).

31 December 2020
19. Fair value measurement (cont’d.)
(c) Fair value measurements and classification within the fair value hierarchy
Fair value measurement using

Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
Total (Level 1) (Level 2) (Level 3)
RM’000 RM’000 RM’000 RM’000
Group
Financial assets at FVTPL (Note 18)
Quoted bond 8,368 - 8,368 -
Quoted unit trust 734,998 - 734,998 -
Unquoted equity shares 305,681 - - 305,681
1,049,047 - 743,366 305,681
Note: The accounting policy for determining when transfers between levels of the fair value hierarchy occurred is
disclosed in Notes 2.4(d). There were no transfers between Level 1, Level 2 and Level 3 for the Group and Company
during the financial year ended 31 December 2020.

RM’000 RM’000 RM’000 RM’000
Group (cont’d.)
Financial assets at FVTPL (Note 18)
Quoted bond 8,228 - 8,228 -
Quoted unit trust 1,769,486 - 1,769,486 -
Unquoted equity shares 311,004 - - 311,004
2,088,718 - 1,777,714 311,004

31 December 2020
(c) Fair value measurements and classification within the fair value hierarchy (cont’d.)
Description of significant unobservable inputs to valuation:
Investments designated as fair value through profit or loss - unquoted equity shares
Fair value
Significant Sensitivity
unobservable of input to 2020 2019
Valuation technique inputs fair value RM’000 RM’000
Market comparable (i) (ii) 305,681 311,004
The Group holds an investment in equity shares of 11% of the total issued and paid-up share capital GMR Hyderabad
International Airport Limited (GHIAL) with a fair value of USD76,050,000, equivalent to RM305,681,000 at 31 December
2020 (2019: RM311,004,000). The Equity Value of GHIAL was derived from market approach using available market
multiples derived from guideline public companies method (GPCM). The fair value of this investment was categorized
as Level 3.
(i) Discount rate at 10% (2019: 10%). Discount for lack of marketability represents the amounts that the Company
has determined that market participants would take into account when pricing the instruments.
(ii) Equity price/valuation risk
Equity price/valuation risk is the risk that the fair value or future cash flows of the Group’s equity instrument will
fluctuate because of changes in the valuation. The Group is exposed to equity price/valuation risk primarily
through its investment in the unquoted equity shares.
Sensitivity analysis for equity price/valuation risk
The following table demonstrates the sensitivity of the Company’s profit or loss to a reasonable possible change
in valuation, with all other variables held constant.
Change Effect on
in rate Fair Value
RM’000
2020
Increase in 5% adjusted market multiple range +5% 281
Decrease in 5% adjusted market multiple range -5% 326
2019
Increase in 5% adjusted market multiple range +5% 286
Decrease in 5% adjusted market multiple range -5% 331

31 December 2020
(c) Fair value measurements and classification within the fair value hierarchy (cont’d.)

RM’000 RM’000 RM’000 RM’000
Company
Financial assets at FVTPL
(Note 18)
Quoted bond 8,368 - 8,368 -
384,559 - 384,559 -
Financial assets at FVTPL
(Note 18)
Quoted bond 8,228 - 8,228 -
405,545 - 405,545 -
(d) Movements of Level 3 instruments
The following table presents additional information about Level 3 financial assets and financial liabilities measured at
fair value:
2020 2019
Group Note RM’000 RM’000
At 1 January 311,004 314,806

Unrealised loss recognised in income statements 4 (5,323) (3,802)
At 31 December 305,681 311,004

31 December 2020
20. Trade and other receivables
Group
2020 2019
RM’000 RM’000
Current
Trade receivables
Third parties 529,222 688,824
Due from GoM 71,046 49,344
Accrued revenue 24,918 83,871
Contract asset 12,812 14,457
637,998 836,496
Less:
Accumulated allowances of impairment on receivables (243,009) (161,687)
Trade receivables, net 394,989 674,809
Other receivables
Due from GoM 22,250 150,150
Employee loans (Note 21) 2,824 3,129
Deposits 9,189 15,123
Prepayments 24,846 32,676
Sundry receivables 96,275 113,985
155,384 315,063
Less:
Other receivables, net 138,825 298,844
Total current 533,814 973,653
Non-current
Trade receivables
Third parties - 10

31 December 2020
20. Trade and other receivables (cont’d.)
Group
2020 2019
RM’000 RM’000
Non-current (cont’d.)
Other receivables
Due from GoM 308,228 315,651
404,648 365,578
Total non-current 404,648 365,588
Total trade and other receivables (current and non-current) 938,462 1,339,241
Add: Cash and cash equivalents (Note 25) 973,657 1,453,136
Less: Prepayments (24,846) (32,676)
Total financial assets at amortised cost 1,887,273 2,759,701
Company
2020 2019
RM’000 RM’000
Current
Other receivables
Due from GoM - 49,204
Amounts due from subsidiaries 2,322,342 2,331,367
Deposits 40 39
Prepayments 2,864 2,091
2,330,914 2,391,573
Less:
Other receivables, net 2,327,554 2,390,566
Non-current
Other receivables
Amounts due from a subsidiary 3,996,693 4,406,462
Total trade and other receivables (current and non-current) 6,324,247 6,797,028
Add: Cash and cash equivalents (Note 25) 50,693 37,860
Less: Prepayments (2,864) (2,091)
Total financial assets at amortised cost 6,372,076 6,832,797

31 December 2020
Ageing analysis of trade receivables
The ageing analysis of the Group’s total trade receivables, but excluding accrued revenue and contract asset is as
follows:
Group
2020 2019
RM’000 RM’000
Current 164,173 426,017

1 to 30 days 54,137 39,626
31 to 60 days 49,186 29,835
61 to 90 days 9,613 24,906
91 to 120 days 29,019 3,610
More than 121 days 51,131 52,497
193,086 150,474
Impaired 243,009 161,687
600,268 738,178
Receivables that are neither past due nor impaired
Trade receivables that are neither past due nor impaired are creditworthy debtors with good payment records with
the Group. More than 65% (2019: 60%) of the Group’s trade receivables arise from customers with more than 5 years of
experience with the Group.
None of the Group’s trade receivables that are neither past due nor impaired have been renegotiated during the financial
year.
Receivables that are impaired
An impairment analysis is performed at each reporting date using a provision matrix to measure ECL. The provision rates
are based on days past due for groupings of various customer segments. ECLs are based on the difference between the
contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The
shortfall is then discounted at an approximation to the asset’s original effective interest rate.
The Group considers a financial asset in default when contractual payment are 30 days past due. However, in certain cases,
the Group may also consider a financial asset to be in default when internal or external information indicates that the Group
is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held
by the Group.

31 December 2020
Receivables that are impaired (cont’d.)
The impact of COVID-19 on the recoverability of receivables from tenants and airlines have been considered. While the
methodologies and assumptions applied in the base ECL calculations remained unchanged from those applied in the
prior year financial year, the Company has introduced a number of support measures for customers impacted by COVID-19
pandemic, which include temporary extension of credit term and rental rebates for eligible tenants and airlines. Accordingly,
the ECL was adjusted to reflect the impact of the credit period extension and rebates which was off set against trade
receivables balances before ECL assessment.
Movement of impairment for trade and other receivables:
Group
2020 2019
RM’000 RM’000
Trade receivables
At 1 January 161,687 180,134
Net allowance/(writeback) of impairment on receivables (Note 7) 79,905 (18,281)
Foreign currency translation 1,417 (166)
At 31 December 243,009 161,687
Other receivables
At 1 January 16,219 16,906
Net allowance/(writeback) of impairment on receivables (Note 7) 340 (687)
At 31 December 16,559 16,219
Company
2020 2019
RM’000 RM’000
Other receivables
At 1 January 1,007 1,041
Net allowance/(writeback) of impairment on receivables (Note 7) 2,353 (34)
At 31 December 3,360 1,007
Trade receivables that are individually determined to be impaired at the reporting date relate to debtors that are in
significant financial difficulties and have defaulted on payments. These receivables are not secured by any collateral or
credit enhancements.

31 December 2020
(a) Credit risk
The Group’s primary exposure to credit risk arises through its trade receivables. The Group’s trading terms with its
customers are mainly on credit. The credit period is generally for a period of one month, extending up to three
months for major customers. Each customer has a maximum credit limit. The Group seeks to maintain strict control
over its outstanding receivables and has a credit control department to monitor the Group’s credit risk.
During the year ended 31 December 2020, the Group temporarily extended the credit terms to specific customers
with liquidity constraints arising as a direct result of the COVID-19 pandemic. All extensions were granted within
current sales limits after careful consideration of the impact of the COVID-19 pandemic on the creditworthiness of the
customer and each customer that was granted an extension is closely monitored for credit deterioration.
Overdue balances are reviewed regularly by senior management and bears interest at 1% (2019: 1%) per month on
overdue balances. In response to the COVID-19 pandemic, the credit control department has also been performing
more frequent reviews of receivables for customers in regions and industries that are severely impacted. As at
reporting date, the concentration of credit risk in the form of outstanding balances is mainly due to six (2019: six)
customers representing approximately 65% (2019: 56%) of the total trade receivables.
(b) Amounts due from subsidiaries
(i) Current
Amounts due from subsidiaries are non-interest bearing and are repayable on demand. All related parties
receivables are unsecured and are to be settled in cash.
(ii) Non-current
Amount due from a subsidiary is unsecured and bear interest at 4.65% (2019: 4.83%) per annum.
(c) Sundry receivables (Non-current)
Included in sundry receivables is Value Added Tax (VAT) receivable of RM89,126,000 (2019: RM41,996,000) classified
as long-term receivables. These amounts arose from the Utilisation Fee liability to the Administration, and will not be
refunded in cash or allowed to offset against other tax liabilities. ISG will be offsetting these long-term receivables
when it generates such a level of revenue that the VAT payable arising would exceed VAT paid for other operational
and investing activities.

31 December 2020
(d) Due from GoM
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Current
Trade receivable
MARCS (Note 2.4 (z)(iv)) 71,046 49,344 - -
Other receivables
Debts assumed from a former subsidiary - 121,200 - 49,204
Expansion and development 22,250 28,950 - -
22,250 150,150 - 49,204
Non-current
Other receivables
Racing circuit 288,594 275,842 - -
Expansion and development 19,634 39,809 - -
308,228 315,651 - -
Total amount due from GoM 401,524 515,145 - 49,204
Other information on financial risks of trade and other receivables are disclosed in Note 38.

31 December 2020
21. Employee loans
Group
2020 2019
RM’000 RM’000
Employee loans 24,311 27,888

Less: Current portion (Note 20) (2,824) (3,129)
Non-current portion 21,487 24,759
Analysed as:
Current 2,824 3,129
Non-current:
Later than 1 year but not later than 2 years 2,609 2,800
Later than 2 years but not later than 5 years 6,820 7,415
Later than 5 years 12,058 14,544
21,487 24,759
24,311 27,888
The employee loans attract interest rate at 4% (2019: 4%) per annum.
22. Deferred tax (assets)/liabilities
Group
2020 2019
RM’000 RM’000
At 1 January 728,810 728,730

Recognised in the statements of profit or loss (Note 9) (529,668) 14,409
Recognised in equity 919 2,703
Foreign currency translation 37,398 (17,032)
At 31 December 237,459 728,810
Presented in the statements of financial position as follows:

Deferred tax assets (465,033) (172,373)
Deferred tax liabilities 702,492 901,183
237,459 728,810

31 December 2020
22. Deferred tax (assets)/liabilities (cont’d.)
Company
2020 2019
RM’000 RM’000
At 1 January - -
Recognised in the statements of profit or loss (Note 9) - -
At 31 December - -
Presented in the statements of financial position as follows:

Deferred tax assets (8,590) (10,193)
Deferred tax liabilities 8,590 10,193
- -
The component and movement of deferred tax liabilities and assets during the financial year are as follows:
Deferred tax liabilities of the Group:
Property,
plant and
equipment and
intangibles Borrowings Total
RM’000 RM’000 RM’000
At 1 January 2020 1,772,910 224 1,773,134

Recognised in the statements of profit or loss (105,295) 2,204 (103,091)
Foreign currency translation 97,687 379 98,066
At 31 December 2020 1,765,302 2,807 1,768,109
Less: Offset against deferred tax assets (1,065,617)
702,492
At 1 January 2019 1,851,105 12,779 1,863,884

Recognised in the statements of profit or loss (35,700) (12,247) (47,947)
Foreign currency translation (42,495) (308) (42,803)
At 31 December 2019 1,772,910 224 1,773,134
Less: Offset against deferred tax assets (871,951)
901,183
Deferred tax assets of the Group:
Unutilised
Annual Report 2020
tax losses and

Investment Fair value unabsorbed
tax of the capital Retirement
allowances interest swap allowances Receivables benefits Payables Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2020 (143,956) (10,013) (58,040) (82,478) (309) (749,528) (1,044,324)

Recognised in the
statements of profit
or loss (203,279) - (223,580) 16,901 100 (16,719) (426,577)
Recognised in equity - 919 - - - - 919
Foreign currency
translation - (738) (4,457) 879 (24) (56,328) (60,668)
At 31 December 2020 (347,235) (9,832) (286,077) (64,698) (233) (822,575) (1,530,650)
Less: Offset against
deferred tax
liabilities 1,065,617
(465,033)
At 1 January 2019 (176,677) (11,419) (72,469) (62,528) (141) (811,920) (1,135,154)

Recognised in the
statements of profit
or loss 32,721 (1,624) 12,596 (19,950) (209) 38,822 62,356
Recognised in equity - 2,703 - - - - 2,703
Foreign currency
translation - 327 1,833 - 41 23,570 25,771
At 31 December 2019 (143,956) (10,013) (58,040) (82,478) (309) (749,528) (1,044,324)
Less: Offset against
deferred tax
liabilities 871,951
(172,373)
31 December 2020
107

31 December 2020
Deferred tax liability of the Company:
Property,
plant and
equipment
RM’000
At 1 January 2020 10,193

Recognised in the statements of profit or loss (1,603)
At 31 December 2020 8,590
At 1 January 2019 10,942

Recognised in the statements of profit or loss (749)
At 31 December 2019 10,193
Deferred tax assets of the Company:
Unutilised
tax losses
and capital
Receivables Payables allowances Total
RM’000 RM’000 RM’000 RM’000
At 1 January 2020 (72) (10,440) 319 (10,193)

Recognised in the statements of profit or loss (508) 9,715 (7,604) 1,603
At 31 December 2020 (580) (725) (7,285) (8,590)
At 1 January 2019 (250) (6,580) (4,112) (10,942)

Recognised in the statements of profit or loss 178 (3,860) 4,431 749
At 31 December 2019 (72) (10,440) 319 (10,193)
The unutilised tax losses and unabsorbed capital allowance are available for offsetting against future taxable profits for a
maximum period of seven years of assessment of the Company under the Income Tax Act, 1967 and guidelines issued by
the tax authority.

31 December 2020
23. Inventories
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Cost
Spares and consumables 50,038 39,505 13 13
Merchandise goods 112,943 128,879 - -
Food and beverages 691 1,425 - -
163,672 169,809 13 13
The cost of inventories relating to merchandise goods and food and beverages recognised as an expense during the
current financial year amounted to RM90,917,000 (2019: RM435,628,000).
24. Biological assets
Group
2020 2019
RM’000 RM’000
Fair value less cost to sell of biological assets 3,257 2,365
The fair value of biological assets was based on the estimated quantity of FFBs forecasted and the observable current
market price of FFBs at each point of fair value.
25. Cash and cash equivalents
Group
2020 2019
RM’000 RM’000
Cash on hand and at banks 360,456 286,561

Deposits with licensed banks 613,201 1,166,575
Cash and bank balances 973,657 1,453,136

31 December 2020
25. Cash and cash equivalents (cont’d.)
Company
2020 2019
RM’000 RM’000
Cash on hand and at banks 36,739 24,251

Deposits with licensed banks 13,954 13,609
Cash and bank balances 50,693 37,860
Other information on financial risks of cash and cash equivalents are disclosed in Note 38.
For the purpose of consolidated statements of cash flows, cash and cash equivalents comprise the following at the
reporting date:
Group
2020 2019
RM’000 RM’000
Cash and bank balances 973,657 1,453,136
26. Share capital
Number of shares
2020 2019
Issued and fully paid:

Special Rights Redeemable Preference Share 1 1
Ordinary shares 1,659,191,828 1,659,191,828
1,659,191,829 1,659,191,829
Group/Company
2020 2019
RM’000 RM’000
Issued and fully paid:

Ordinary shares
At 1 January/31 December 5,114,341 5,114,341
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote
per share at meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets.

31 December 2020
26. Share capital (cont’d.)
Special Rights Redeemable Preference Share
(a) The Special Rights Redeemable Preference Share (Special Share) of RM1 enables the GoM, through the Ministry of
Finance, to ensure that certain major decisions affecting the operations of the Company are consistent with GoM
policies. The Special Shareholder, which may only be the GoM or any representative or person acting on its behalf,
is entitled to receive notices of meetings but not entitled to vote at such meetings of the Company. However, the
Special Shareholder is entitled to attend and speak at such meetings. The Special Shareholder has the right to
appoint any person, but not more than six at any time, to be directors.
(b) The Special Shareholder has the right to require the Company to redeem the Special Share at par at any time by
serving written notice upon the Company and delivering the relevant share certificate.
(c) The Special Shareholder shall be entitled to repayment of the capital paid-up on the Special Share in priority to any
repayment of capital to any other member.
(d) The Special Shareholder does not have any right to participate in the capital or profits of the Company.
(e) Certain matters which vary the rights attached to the Special Share can only be effective with the written consent
of the Special Shareholder, in particular matters relating to the creation and issue of additional shares which carry
different voting rights, the dissolution of the Company, substantial disposal of assets, amalgamations, merger and
takeover.
27. Retained earnings
The Company may distribute dividends out of its entire retained earnings under the single-tier system.
28. Other reserves and foreign exchange reserve
(a) Foreign exchange reserve
Foreign exchange reserve represents exchange differences arising from the translation of the financial statements of
foreign operations whose functional currencies are different from that of the Group’s presentation currency.

31 December 2020
28. Other reserves and foreign exchange reserve (cont’d.)
(b) Other reserves
Group
Note 2020 2019
RM’000 RM’000
Reserve arising from acquisition of non-controlling interest

As at 1 January/31 December (i) 2,546 2,546
Legal reserve
As at 1 January 4,127 4,251
Foreign currency translation 305 (124)
As at 31 December (ii) 4,432 4,127
Actuarial loss on retirement benefit

As at 1 January (5,915) (2,812)
Actuarial gain/(loss) during the year (iii) 3,035 (3,103)
As at 31 December (2,880) (5,915)
4,098 758
(i) Reserve arising from acquisition of non-controlling interest
This relates to the discount on acquisition of non-controlling interest in prior years.
(ii) Legal reserve
(1) In accordance with Qatar Commercial Companies’ Law No. 11 of 2015, (the Qatari Law) and the Articles
of Association of MACS ME, 10% of the MACS ME’s profit for the period is required to be transferred to
a Legal Reserve until such time the reserve equals 50% of MACS ME’s paid-up capital. This reserve is not
available for distribution except in the circumstances stipulated under the Qatari Law.
(2) According to Turkish Commercial Code (TCC), legal reserve comprise first and second legal reserves.
The first legal reserve is generated by annual appropriations amounting to 5% of income disclosed in
the SGC’s (formerly known as LGM) statutory accounts until it reaches 20% of paid-in share capital. If the
dividend distribution is made in accordance with Dividend Distribution Communique II-19.1, a further
1/10 of dividend distributions, in excess of 5% of paid-in capital is to be appropriated to increase second
legal reserve. If the dividend distribution is made in accordance with statutory records, a further 1/11 of
dividend distributions, in excess of 5% of paid-in capital is to be appropriated to increase second legal
reserve. Under the TCC, the legal reserves can be used only to offset losses and are not available for any
other usage unless they exceed 50% of paid-in capital. As at 31 December 2020, total legal reserves in
SGC (formerly known as LGM) amounts to EUR874,000 equivalent to RM4,318,000 (2019: EUR874,000,
equivalent to RM4,012,000).

31 December 2020
28. Other reserves and foreign exchange reserve (cont’d.)
(b) Other reserves (cont’d.)
(iii) Actuarial loss on retirement benefits
Under the Turkish Labor Law, ISG is required to pay termination benefits to each employee who has completed
one year of service and whose employment is terminated without due cause, is called up for military service,
or who retires or resigns. The indemnity is one month’s salary for each working year and is limited to TL7,117,
equivalent to EUR743 or RM3,670 (2019: TL6,380, equivalent to EUR1,008 or RM4,627).
ISG made calculation for the retirement pay liability by applying the prescribed liability method, by the
experiences and by considering the personnel who become eligible for pension. This provision is calculated
by expecting the present value of the future liability which will be paid for the retired personnel. The provision
has been calculated by estimating the present value of the future probable obligation of ISG arising from the
retirement of employees. Accordingly, the following actuarial assumptions have been used in the calculation of
the total liability:
2020 2019
Discount ratio 4.00% 4.00%

Retention rate to estimate to probability of retirement 98.00% 98.00%
Movements of the provision for retirement pay liability:
2020 2019
RM’000 RM’000
Group
As at 1 January 8,827 4,808
Service cost 1,693 751
Interest cost 1,193 578
Actuarial (gain)/loss (3,035) 3,103
Payment (466) (413)
As at 31 December 8,212 8,827

31 December 2020
29. Borrowings
Group Company
Maturity 2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Current
Unsecured:
4.55% p.a. fixed rate
RM IMTN 2020 - 1,000,000 - 1,000,000
Secured:
Euribor + 2.5% p.a.
Senior Term Facility 2020 - 247,012 - -
Euribor + 3.0% p.a.
Senior Term Facility 2021 94,298 - - -
94,298 1,247,012 - 1,000,000
Non-current
Unsecured:
RM IMTN 2022 1,500,000 1,500,000 1,500,000 1,500,000
RM IMTN 2024 600,000 600,000 600,000 600,000
RM Senior Sukuk 2027 480,000 - 480,000 -
RM Senior Sukuk 2030 220,000 - 220,000 -
Secured:
Euribor + 2.5% p.a.
Senior Term Facility 2021 - 2023 - 1,585,721 - -
Euribor + 3.0% p.a.
Senior Term Facility 2022 - 2025 1,750,430 - - -
4,550,430 3,685,721 2,800,000 2,100,000

31 December 2020
29. Borrowings (cont’d.)
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Total borrowings
4.55% p.a. fixed rate RM IMTN - 1,000,000 - 1,000,000
4.68% p.a. fixed rate RM IMTN 1,500,000 1,500,000 1,500,000 1,500,000
4.15% p.a. fixed rate RM IMTN 600,000 600,000 600,000 600,000
3.30% p.a. fixed rate RM Senior Sukuk 480,000 - 480,000 -
3.60% p.a. fixed rate RM Senior Sukuk 220,000 - 220,000 -
Euribor + 2.5% p.a. Senior Term Facility - 1,832,733 - -
Euribor + 3.0% p.a. Senior Term Facility 1,844,728 - - -
4,644,728 4,932,733 2,800,000 3,100,000
The movement in the borrowings is as follows:
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
At 1 January 4,932,733 5,143,286 3,100,000 3,100,000

Interest accrual 54,237 60,894 - -
Drawdown of principal 1,000,000 - 1,000,000 -
Repayment of principal (1,396,600) (162,600) (1,300,000) -
Repayment of interest (49,128) (50,316) - -
Loan amendment fee (33,461) - - -
Foreign currency translation 136,947 (58,531) - -
At 31 December 4,644,728 4,932,733 2,800,000 3,100,000

31 December 2020
The remaining maturities of the borrowings are as follows:
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Within 1 year 94,298 1,247,012 - 1,000,000

More than 1 year and less than 2 years 1,752,937 1,906,664 1,500,000 1,500,000
More than 2 years and less than 5 years 2,097,493 1,779,057 600,000 600,000
5 years or more 700,000 - 700,000 -
4,644,728 4,932,733 2,800,000 3,100,000
(a) Short-Term Revolving Credit Facilities (collectively referred to as the RCF)
The Company has undertook revolving credit facilities (RCF) from several financial institutions with a total amount of
RM1,100,000,000 in nominal value.
On 24 August 2020, the Company had drawn down a RCF of RM300,000,000 with interest rate of 2.93% per annum.
Subsequently, the Company had paid the RCF on 23 November 2020.
(b) ICP Programme and IMTN Programme (collectively referred to as the Sukuk Programmes)
Malaysia Airports Capital Berhad (MACB or the Issuer), a wholly owned subsidiary of MAHB, is a special purpose
vehicle and its principal activity is to undertake the issuance of Ringgit-denominated Islamic Commercial Papers (ICPs)
and Islamic Medium Term Notes (IMTNs) pursuant to an Islamic Commercial Paper Programme (ICP Programme) and
an Islamic Medium Term Notes Programme (IMTN Programme), respectively in accordance with Shariah Principles
(collectively referred to as the Sukuk Programmes).
The Sukuk Programmes have a combined aggregate nominal value of up to RM3,100,000,000 (with a sub-limit of
RM1,000,000,000 in nominal value for the ICP Programme).
Proceeds raised from the Sukuk Programmes were utilised by MAHB to part finance the construction of a new terminal
(klia2) and/or to refinance MAHB’s existing borrowings/financing which were utilised for Shariah-compliant purposes
and/or for MAHB’s Shariah-compliant general corporate purposes.
The Sukuk Programmes has been accorded a short-term rating of P1 and long-term rating of AAA/Stable respectively
by RAM Rating Services Berhad (RAM). The Sukuk Programmes are issued under the Shariah Principle of Ijarah and
Murabahah utilising Commodity (Commodity Murabahah).
On 30 August 2010, MACB completed the issuance of the first tranche comprising RM1,000,000,000 nominal value
IMTNs under the Shariah Principle of Ijarah pursuant to the IMTN Programme. The IMTNs issued under the first
tranche have a tenure of ten (10) years from the date of issuance with a periodic distribution (coupon) rate of 4.55%
per annum.

31 December 2020
(b) ICP Programme and IMTN Programme (collectively referred to as the Sukuk Programmes) (cont’d.)
On 17 December 2010, MACB completed the issuance of the second tranche comprising RM1,500,000,000 nominal
value IMTNs pursuant to the IMTN Programme based on the Shariah Principle of Commodity Murabahah. The
IMTNs issued under the second tranche have a tenure of twelve (12) years from the date of issuance with a periodic
distribution (coupon) rate of 4.68% per annum.
On 28 December 2012, MACB completed the issuance of the final tranche comprising RM600,000,000 nominal value
IMTNs pursuant to the IMTN Programme based on the Shariah Principle of Commodity Murabahah. The IMTNs
issued under the final tranche have a tenure of twelve (12) years from the date of issuance with a periodic distribution
(coupon) rate of 4.15% per annum.
On 28 August 2020, the Company had paid the first tranche of ten (10) years IMTN amounting to
RM1,000,000,000.
These notes with total face value of RM2,100,000,000 are unsecured. Details of the notes are as follows:
Coupon rate Issue size Issue date Maturity date

(RM’000)
4.68% 1,500,000 17.12.2010 16.12.2022

4.15% 600,000 28.12.2012 27.12.2024
(c) Senior Sukuk Programme and Perpetual Subordinated Sukuk Programme (collectively referred to as the Sukuk
Musharakah Programmes)
The Company also undertook a Senior Sukuk Programme and Perpetual Subordinated Sukuk Programme with a
combined aggregate limit of up to RM2,500,000,000 under the Shariah Principle of Musharakah (collectively referred
to as the Sukuk Musharakah Programmes). MAHB is the issuer for the Sukuk Musharakah Programmes.
The proceeds from the Sukuk Musharakah Programmes issuance shall be utilised for the working capital requirements,
general investments and/or refinance any borrowings/ financing of MAHB and/or its subsidiaries, which are Shariah-
compliant.
The Senior Sukuk Programme has been accorded long-term rating of AAA/Stable respectively by RAM while the
Perpetual Subordinated Sukuk Programme has been accorded with long-term rating of AA2/Stable. Both the Senior
Sukuk Programme and the Perpetual Subordinated Sukuk Programme are issued under the Shariah Principle of
Musharakah.
On 6 September 2013, MAHB has completed the issuance of RM500,000,000 Senior Sukuk (Sukuk Musharakah) via a
dual tranche offering pursuant to the Senior Sukuk Programme. The Senior Sukuk offering comprises a three years,
RM250,000,000 tranche and a five years, RM250,000,000 tranche with a periodic distribution rate (per annum, payable
semi-annually) of 3.85% and 4.15% respectively.

31 December 2020
Musharakah Programmes) (cont’d.)
On 15 December 2014, the Company has completed the issuance of RM1,000,000,000 Perpetual Subordinated Sukuk
pursuant to the Perpetual Subordinated Sukuk Programme. The Perpetual Subordinated Sukuk is structured as a
Perpetual Sukuk and accounted as equity (as stated in Notes 2.4(ad) and 30).
The dual tranches of Senior Sukuk with total face value of RM500,000,000, which were issued on 6 September 2013
had been repaid on 6 September 2016 and 6 September 2018.
On 6 November 2020, MAHB had completed the issuance of RM700,000,000 Senior Sukuk (Sukuk Musharakah) via a
dual tranche offering pursuant to the Senior Sukuk Programme. The Senior Sukuk offering comprises a seven (7) years,
RM480,000,000 tranche and a ten (10) years, RM220,000,000 tranche with a periodic distribution rate (per annum,
payable semi-annually) of 3.30% and 3.60% respectively.
Details of the Senior Sukuk are as follows:
Coupon rate Issue size Issue date Maturity date

(RM’000)
3.30% 480,000 06.11.2020 05.11.2027

3.60% 220,000 06.11.2020 06.11.2030
The terms of the Sukuk Programmes and the Sukuk Musharakah Programmes contain various covenants including the
following:
MAHB shall maintain a Debt to Equity Ratio (D:E Ratio) not exceeding 1.25 times throughout the tenure of the Sukuk
Programmes. The D:E Ratio is the ratio of indebtedness of the Group represented by:
(i) the aggregate face value of all outstanding ICPs, and all outstanding principal amount payable under the
IMTNs and the Senior Sukuk Programme; and
(ii) all other indebtedness of the Company for borrowed monies (be it actual or contingent) for principal only, hire
purchase obligations, finance lease obligations, fair value of financial derivatives in connection with borrowed
monies recognised by the Company in its audited consolidated financial statements and other contingent
liabilities of the Company calculated in accordance with the applicable accounting standards; but excluding
any inter-company loans which are subordinated to the Sukuk, to the equity of the Group including, if any,
preference equity, subordinated shareholders’ advances/loans and retained earnings or accumulated losses
less goodwill (if any).

31 December 2020
Musharakah Programmes) (cont’d.)
The D:E Ratio shall be calculated on a yearly and half yearly basis and as and when such calculations are required to
be made under the terms of the transaction documents during the tenure of the Sukuk Programmes. In the case of
D:E Ratio calculated on a yearly basis, such calculations shall be based on the latest audited consolidated financial
statements of the Company and in the case of D:E Ratio calculated at any other times, the calculations shall be based
on the latest consolidated management accounts of the Company.
(d) Senior Term Facility
ISG has signed a facility agreement on 21 December 2014 with three financial institutions which provided a total credit
line of EUR500,000,000, equivalent to RM2,125,000,000 to refinance the Project Loan, Subordinated Loan, Trigen
Loan, Term Loan and all subordinated shareholder loans and payables.
According to the facility agreement, the re-pricing dates for the Senior Term Loan are set semi-annually. However, the
first re-pricing date has been agreed to be on a monthly basis until the Mandated Banks syndicate the Senior Project
Loan in the first half of 2015.
The Senior Term Loan has been syndicated on 26 March 2015 and the margin on the loan has been reduced from
2.75% to 2.50%.
ISG is required to fund a minimum Debt Service Reserve Account (DSRA) corresponding to the interest payable in
the next interest period amounting to EUR6,585,000, equivalent to RM32,530,000 (2019: EUR6,585,000, equivalent to
RM30,225,000).
As of 23 June 2017, ISG has signed an amendment and restatement agreement relating to the facility agreement
dated 21 December 2014. With the new agreement, repayment schedule has been revised and there has been
extension of facility maturity by two years until end of 2023.
In addition, 80% of the shares, MAMSC and MA Cities shares, are pledged for the benefit of the Senior Term Loan
creditors and MAHB has provided a 100% Corporate Guarantee for the Senior Term Loan.
ISG has, as security for fulfilment of its obligations to the financial institutions, assigned all of its present and future
receivables, rights, incomes, claims, interests and benefits in, to and under its receivables, as well as any and all kinds
of receivables arising out of or in connection with other agreements that ISG has entered into, as well as ISG’s VAT
refunds, to the security agent of the agreement.
On 1 December 2020, ISG has signed an amendment and restatement agreement relating to the facility agreement
dated on 21 December 2014 (as amended and restated by an amendment and restatement agreement dated on
23 June 2017) for its EUR385,000,000, equivalent to RM1,901,900,000 loan facility. With the new agreement, the
repayment schedule has been revised and there has been an extension of the loan facility’s maturity by two years
until the end of 2025.

31 December 2020
(d) Senior Term Facility (cont’d.)
In addition, the financial covenants of the Loan Facility have been amended as below:
Historic debt service coverage ratio : Minimum of 1.05:1.00 (waiver of compliance for 31 December 2020, 30 June
2021 and 31 December 2021)
Loan life cover ratio : Minimum of 1.05:1.00 (waiver of compliance for 31 December 2020, 30 June
2021 and 31 December 2021)
The lenders of the loan facility also required ISG to maintain a minimum unencumbered cash balance of
EUR105,000,000, equivalent to RM518,700,000 from June 2022 onwards.
These Senior Term Facility with total face value of EUR500,000,000, equivalent to RM2,470,000,000 are secured. The
remaining balances of the Senior Term Facility are as follows:
Maturity
amount Maturity
Coupon rate EUR’000 RM’000 Issue date (RM’000) date
Euribor + 3.0% p.a. 373,427 1,844,728 24.12.2014 23,640 28.06.2021

70,658 24.12.2021
116,393 24.06.2022
136,544 24.12.2022
132,572 24.06.2023
128,993 24.12.2023
147,425 24.06.2024
143,300 24.12.2024
160,488 24.06.2025
784,715 24.12.2025
1,844,728
Other information on financial risks of borrowings are disclosed in Note 38.


31 December 2020
30. Perpetual Sukuk
Group and Company

2020 2019
RM’000 RM’000
Nominal value 997,842 997,842
On 15 December 2014, the Group completed the issuance of RM1,000,000,000 Perpetual Subordinated Sukuk pursuant to
the Perpetual Subordinated Sukuk Programme. The Perpetual Subordinated Sukuk is structured as a Perpetual Sukuk and
accounted as equity.
The salient features of the Perpetual Sukuk are as follows:
(a) The Perpetual Sukuk is issued under the Islamic Principle of Musharakah;
(b) The Perpetual Sukuk is a perpetual non-call ten (10) - year with no fixed tenure and carries a fixed initial periodic
distribution rate of 5.75% (per annum, payable semi-annually) up to the 10th year anniversary of the issue date,
after which and for every 10 year onward the periodic distribution rate will be reset. The periodic distribution rate
will be reset to the prevailing 10 – year MGS benchmark rate plus 1.867% (Initial Spread) plus 1.00% step up rate.
As at 31 December 2020, a periodic distribution for Perpetual Sukuk was paid amounting to RM57,500,000 (2019:
RM57,342,000);
(c) Deferred periodic distribution, if any, will be cumulative and accrued at the prevailing periodic distribution rate.
MAHB, at its discretion, has the option to defer the periodic distribution in perpetuity;
(d) The Perpetual Sukuk has no fixed redemption date;
(e) MAHB has the option to redeem the Perpetual Sukuk in whole under the following circumstances:
i) Option of issuer – at the option of MAHB on each Call Date;

ii) Tax reasons – if MAHB is obliged to pay additional amount due to change in tax laws or regulations in Malaysia;
iii) Rating Event – if there is change in equity credit criteria, guidelines or methodology of rating agency which
results in lower equity credit of the Perpetual Sukuk;
iv) Accounting reasons – if there is change in accounting standards which results in the Perpetual Sukuk no longer
be classified as equity;
v) Tax deductibility – if there is change in tax laws or regulations in Malaysia which results in the periodic distribution
amount no longer eligible for full tax deductibility under corporate income tax;
vi) Minimal outstanding amount – if the outstanding Perpetual Sukuk is less than 10% of the nominal value originally
issued;
vii) Change of control – if the GoM ceases to hold the Special Share issued by MAHB; and
viii) Revocation of license – if the licenses issued by Minister of Transport to MAHB Group is being revoked/terminated
which results in the cessation of MAHB operations for a period more than 30 consecutive days.

31 December 2020
30. Perpetual Sukuk (cont’d.)
The salient features of the Perpetual Sukuk are as follows: (cont’d.)
(f) Payment obligations on the Perpetual Sukuk will at all times, rank in priority to other share capital instruments for
the time being outstanding, but junior to the claims of present and future creditors of MAHB (other than obligations
ranking pari passu with the Perpetual Sukuk);
(g) The Perpetual Sukuk is rated AA2 by RAM; and
(h) The Perpetual Sukuk is unsecured.
31. Derivative financial instruments
Two derivative contracts have been signed between two foreign banks and ISG with starting dates of 26 June 2015 and 29
December 2015 respectively.
ISG uses interest rate derivatives to manage its exposure to interest rate fluctuations in regard to funds utilised from the
project finance facility. According to the swap transactions (pay fixed, receive float), the notional amounts differ at each
period, as in the borrowing agreement.
Amendment of Interest Rate Swap Contract-II which covers 50% of outstanding loan amount has also been completed
by rescheduling cash flow structure of swap in line with the loan and four period zero floor protection has been set as of
8 December 2020. The details are provided below:
Due date of transaction
IRS Swap Contract - I IRS Swap Contract - II

Notional Fixed Notional Fixed
amounts Euribor amounts Euribor
(RM’000) (%) (RM’000) (%)
28 June 2021 370,500 1.3025 889,200 0.9400

24 December 2021 197,600 1.3025 802,750 0.9400
24 June 2022 - - 926,250 0.9400
26 December 2022 - - 876,850 0.9400
24 June 2023 - - 815,100 0.9400
24 December 2023 - - 753,350 0.9400
24 June 2024 - - 691,600 0.9400
24 December 2024 - - 617,500 0.9400
24 June 2025 - - 543,400 0.9400
24 December 2025 - - 456,950 0.9400

31 December 2020
31. Derivative financial instruments (cont’d.)
As of 31 December 2020, fair value of the above mentioned contracts are EUR9,952,000, equivalent to RM49,166,000
(2019: EUR10,906,000, equivalent to RM50,059,000). Fair value of cash outflows with respect to the derivative that fall within
one year from the financial position date, amounting to EUR2,631,000, equivalent to RM13,000,000 (2019: EUR3,529,000,
equivalent to RM16,198,000) is classified under current liabilities whereas the remaining amount of EUR7,321,000, equivalent
to RM36,166,000 (2019: EUR7,377,000, equivalent to RM33,861,000) is classified under non-current liabilities.
For IRS Swap Contract-I the hedge relationship was effective until 30 June 2016. The effective portion arising from the
hedge has been kept under equity until 30 June 2016 and started to be amortized thereafter by using the amortisation
pattern based on present value distribution of hedged item as of 30 June 2016.
The unrealised (gain)/loss on interest rate swaps that is recognised in the consolidated statement of comprehensive income
as at 31 December 2020 is as follows:
Group
2020 2019
RM’000 RM’000
Recognised in other comprehensive income 18,190 (6,871)

Recognised in profit or loss (Note 6) (29,198) (2,073)
Foreign currency translation 693 (126)
(10,315) (9,070)
32. Lease liabilities
Airport Office Motor

equipment equipment vehicles Total
RM’000 RM’000 RM’000 RM’000
Group
At 1 January 2020 119,135 268 13,433 132,836
Addition 3,144 140 2,956 6,240
Remeasurement (14,834) - (334) (15,168)
Accretion of interest (Note 6) 5,248 17 464 5,729
Payment (28,164) (146) (10,618) (38,928)
Foreign currency translation 3,467 - - 3,467
Gain on modification - - (316) (316)
At 31 December 2020 87,996 279 5,585 93,860
Analysed as:
Current 27,460 108 3,786 31,354
Non-current 60,536 171 1,799 62,506

31 December 2020
32. Lease liabilities (cont’d.)
Airport Office Motor

equipment equipment vehicles Total
RM’000 RM’000 RM’000 RM’000
Group
At 1 January 2019 142,971 365 15,710 159,046
Addition - - 7,112 7,112
Accretion of interest (Note 6) 9,268 12 485 9,765
Payment (32,702) (109) (9,874) (42,685)
Foreign currency translation (402) - - (402)
At 31 December 2019 119,135 268 13,433 132,836
Analysed as:
Current 27,434 95 9,721 37,250
Non-current 91,701 173 3,712 95,586
Office Motor
RM’000 RM’000 RM’000
Company
At 1 January 2020 91 503 594
Addition - 386 386
Remeasurement - (17) (17)
Accretion of interest (Note 6) 4 19 23
Payment (28) (553) (581)
At 31 December 2020 67 338 405
Analysed as:
Current 21 254 275
Non-current 46 84 130
At 1 January 2019 116 719 835

Addition - 304 304
Accretion of interest (Note 6) 5 24 29
Payment (30) (544) (574)
At 31 December 2019 91 503 594
Analysed as:
Current 25 369 394
Non-current 66 134 200

31 December 2020
32. Lease liabilities (cont’d.)
The following are the amounts recognised in profit or loss:
Group
2020 2019
RM’000 RM’000
Depreciation expense of right-of-use assets 37,043 35,907

Interest expense on lease liabilities 5,729 9,765
Expenses relating to short-term leases (include cost of sales) 4,401 10,077
Expenses relating to leases of low-value assets 14,460 16,987
Expense relating to variable lease payments not included in the measurement of
lease liabilities 3,754 -
65,387 72,736
Company
2020 2019
RM’000 RM’000
Depreciation expense of right-of-use assets 576 558

Interest expense on lease liabilities 23 29
Expenses relating to short-term leases (include cost of sales) 320 1,586
Expenses relating to leases of low-value assets 2,811 3,763
3,730 5,936
The Group and the Company had total cash outflows for leases of RM38,928,000 (2019: RM42,685,000) and RM581,000
(2019: RM574,000) respectively.
The discount rates of the lease obligation for the Group and the Company are as follows:
Airport equipment 4.0% - 8.9%

Office equipment 4.0% - 5.0%
Motor vehicles 3.2%

31 December 2020
33. Trade and other payables
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Current
Trade payables
Third parties 727,558 329,037 - -
Utilisation Fee liability (Note 33(e)) - 525,371 - -
727,558 854,408 - -
Other payables
Amounts due to subsidiaries - - 49,020 53,121
Accruals 141,611 211,679 13,114 26,234
Provisions for liabilities 11,802 30,103 1,811 4,285
Sundry payables 292,669 685,633 106,409 122,559
Deferred income (Note 33(c)) 18,435 31,306 - 3,016
Distribution to Perpetual Sukuk holder 2,572 2,414 2,572 2,414
Deposits received 111,784 122,107 9,486 10,768
Contract liabilities 1,251 2,775 - -
Concession liabilities (Note 33(d)) 17,293 16,368 - -
597,417 1,102,385 182,412 222,397
1,324,975 1,956,793 182,412 222,397
Non-current
Trade payables
Third parties - 151,450 - -
Utilisation Fee liability (Note 33(e)) 4,794,550 4,070,914 - -
4,794,550 4,222,364 - -
Other payables
Sundry payables 932 3,234 - -
Deferred income (Note 33(c)) 159,245 214,150 - -
Contract liabilities 30,039 29,663 - -
Retirement benefit obligations 10,240 9,871 - -
Concession liabilities (Note 33(d)) 355,235 372,528 - -
555,691 629,446 - -
5,350,241 4,851,810 - -

31 December 2020
33. Trade and other payables (cont’d.)
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Total trade and other payables

(current and non-current) 6,675,216 6,808,603 182,412 222,397
Add: Borrowings (Note 29) 4,644,728 4,932,733 2,800,000 3,100,000
Less: Provisions for liabilities (11,802) (30,103) (1,811) (4,285)
Deferred income (177,680) (245,456) - (3,016)
Total financial liabilities carried
at amortised cost 11,130,462 11,465,777 2,980,601 3,315,096
Set out below is the movement in the contract liabilities:
Group
2020 2019
RM’000 RM’000
Other payables
At 1 January 32,438 32,166
Movement (1,148) 272
At 31 December 31,290 32,438
Movement of provisions for liabilities during the year is as follows:
Short-term
accumulating
compensated Assessment
absences Fees Total
RM’000 RM’000 RM’000
Group
At 31 December 2020
At 1 January 2020 19,413 10,690 30,103
Additional provision during the year 65 10,859 10,924
Writeback of provision during the year (9,772) (14,240) (24,012)
Utilised during the year (32) (5,181) (5,213)
At 31 December 2020 9,674 2,128 11,802

31 December 2020
Movement of provisions for liabilities during the year is as follows: (cont’d)
Short-term
accumulating
compensated Assessment
absences Fees Total
RM’000 RM’000 RM’000
Group (cont’d.)
At 31 December 2019
At 1 January 2019 23,073 2,067 25,140
Additional provision during the year - 13,747 13,747
Writeback of provision during the year (3,574) (103) (3,677)
Utilised during the year (86) (5,021) (5,107)
At 31 December 2019 19,413 10,690 30,103
Short-term accumulating
compensated absences
2020 2019
RM’000 RM’000
Company
At 1 January 4,285 5,335
Writeback of provision during the year (2,470) (1,050)
Utilised during the year (4) -
At 31 December 1,811 4,285
Movement of retirement benefit obligations during the year is as follows:
Retirement benefit obligations

2020 2019
RM’000 RM’000
Group
At 1 January 9,871 7,194
Recognised in the statement of profit or loss 3,403 1,475
Utilised during the year (1,093) (1,636)
Actuarial (gain)/loss (3,035) 3,103
Foreign currency translation 1,094 (265)
At 31 December 10,240 9,871
The foreign subsidiary companies maintained separate unfunded retirement plans for its eligible employees in accordance
with the respective countries’ Labour Law.

31 December 2020
(a) Trade payables
Trade payables are non-interest bearing and the normal trade credit terms granted to the Group range from 30 to 90
(2019: 30 to 90) days.
(b) Amounts due to subsidiaries
Amounts due to subsidiaries are non-interest bearing and are repayable on demand. The amounts are unsecured and
are to be settled in cash.
(c) Deferred income
Deferred income are analysed as follows:
2020 2019
RM’000 RM’000
Analysed as:
Current 18,435 31,306
Non-current:
Later than 1 year but not later than 2 years 14,829 23,942
Later than 2 years but not later than 5 years 34,761 65,681
Later than 5 years 109,655 124,527
159,245 214,150
177,680 245,456
Deferred income are in respect of deferred lease rental from commercial activities.
(d) Concession liabilities
Concession liabilities are in respect of the following:
(i) Lease rental payable to the GoM for all airports managed by the Group; and
(ii) Privatisation of the Development of a Generation Plant at klia2.
Note (ii) above relates to Airport Facility Arrangements (AFA), where the arrangement with service providers in
supplying chilled water utility contains a lease arrangement and the fulfilment of the arrangement is dependent on a
specified asset pursuant to an Operating Agreement upon the adoption of IC 12.

31 December 2020
(d) Concession liabilities (cont’d.)
Concession liabilities are analysed as follows:
Group
Lease rental Airport Facility
payable to GoM Arrangements (AFA)
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Analysed as:
Current 350 330 16,943 16,038
Non-current:
Later than 1 year but not later than
2 years 371 350 17,898 16,943
Later than 2 years but not later than
5 years 1,253 1,182 59,984 56,781
Later than 5 years 87,995 88,437 187,734 208,835
89,619 89,969 265,616 282,559
Total minimum lease payment 89,969 90,299 282,559 298,597
2020 2019
RM’000 RM’000
Current 17,293 16,368

Non-current 355,235 372,528
Total concession liabilities 372,528 388,896
The AFA obligation is arrived at after discounting the future estimated finance charge of RM104,840,000 (2019:
RM120,862,000).
The lease rental payable to GoM for the extended period of Operating Agreements as disclosed in Note 1.2(f) has
been accounted for in concession liabilities.
Other information on financial risks of other payables are disclosed in Note 38.

31 December 2020
(e) Utilisation Fee liability
with the Implementation Agreement for the operation of the ISGIA for 20 years plus 22 months of extension period,
being the first extension period. In the previous year, ISG has obtained second extension period of 2.5 years after
the first extension. The Utilisation Fee liability is discounted to present value, at a rate of 8.6% for payments until
2014, and at a rate of 9% for the remaining payments, whereas the payments for first extension period is discounted
to present value at a rate of 10.5% and the payments for the second extension period is discounted to present value
at a rate of 8.55%.
2020 2019
RM’000 RM’000
Analysed as:
Current - 525,371
Non-current:
Later than 1 year but not later than 2 years 1,009,222 475,549
Later than 2 years but not later than 5 years 1,394,575 1,309,162
Later than 5 years 2,390,753 2,286,203
4,794,550 4,070,914
4,794,550 4,596,285
34. Commitments
Later than
Not 1 year but not
later than later than
1 year 5 years Total
RM’000 RM’000 RM’000
Group
31 December 2020
(i) Approved and contracted for:
Capital expenditure 290,709 - 290,709
(ii) Approved but not contracted for:
(iii) Other investment:
Investment in MFMA (a) 36,750 - 36,750
558,793 - 558,793

31 December 2020
34. Commitments (cont’d.)
Later than
Not 1 year but not
later than later than
1 year 5 years Total
RM’000 RM’000 RM’000
Group (cont’d.)
31 December 2019
Capital expenditure 1,744,045 - 1,744,045
(iii) Other investment:
Investment in MFMA (a) 45,000 - 45,000
2,115,365 - 2,115,365
Company
31 December 2020
4,957 - 4,957
31 December 2019
117,638 - 117,638
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Analysed as:
Not later than 1 year 558,793 2,115,365 4,957 117,638

31 December 2020
34. Commitments (cont’d.)
(a) MFMA had on 10 November 2014 entered into a loan facility agreement for amounts up to USD60,000,000, equivalent
to RM257,400,000 with Sumitomo Mitsui Banking Corporation Labuan Branch and Bank of Tokyo-Mitsubishi UFJ
(Malaysia) Berhad (collectively known as Lenders) to fund the development of Mitsui Outlet Park KLIA. The loan facility
is structured into two facilities namely Facility A and Facility B as per MFMA shareholdings between Mitsui Fudosan
Co. Ltd. (Mitsui) (70%) and MAHB (30%), with the loan amount of USD42,000,000, equivalent to RM180,180,000 and
USD18,000,000, equivalent to RM77,220,000, respectively for Facility A and Facility B.
In order to facilitate the loan financing arrangement, an Equity Contribution Agreement (ECA) dated 10 November
2014 was entered between MAHB, MA (Sepang), Mitsui, MFMA and the Lenders.
Under the ECA, Mitsui is to provide a corporate guarantee to the Lenders to repay all the outstanding aggregate
principal amount of the loans under the Facility A in the event of default by MFMA. However for Facility B, MAHB
and MA (Sepang) shall make to MFMA an additional capital injection or a shareholder loan (as the case may be)
of an amount equal to the outstanding aggregate principal amount of the loans under the Facility B, upon Capital
Acceleration Event.
On 17 November 2014, MFMA has drawdown USD43,600,000, equivalent to RM145,428,000, out of the total loan
facility of USD60,000,000, equivalent to RM257,400,000. On 15 September 2017, MFMA has further drawdown
USD2,340,000, equivalent to RM9,840,000. On 16 November 2017, the loan has been extended for an additional six
months to 14 May 2018. On 14 May 2018, the loan has been refinanced into a MYR denominated loan. The loan has
been refinanced with 3-year fixed rate term loan of RM130,000,000, with an extension option of one year (3+1). Total
outstanding loan as at 31 December 2020 is RM122,500,000 (total repayment of RM7,500,000 in August 2020 and
November 2020). The commitments by MAHB are in respect of the Facility B which amounted to RM36,750,000 (2019:
RM45,000,000).
35. Financial guarantees and contingencies
(a) Guarantees
(i) ISG has given five (2019: five) letters of guarantee to the Administration (representing 6% of the total amount
payable to the Administration for the right to operate the Facility as set out in the Implementation Agreement)
as follows:
2020 2019
EUR’000 RM’000 EUR’000 RM’000
Guarantee Letter 1 60,829 300,495 67,716 310,816

Guarantee Letter 5 315 1,556 315 1,446

31 December 2020
35. Financial guarantees and contingencies (cont’d.)
(a) Guarantees (cont’d.)
(ii) ISG has given 17 letters of guarantee to Tax Authority in Turkey for Value Added Tax (VAT) refund amounting to
EUR1,361,000, equivalent to RM6,723,000 (2019: EUR1,198,000, equivalent to RM5,499,000).
(iii) As of 31 December 2020, SGC (formerly known as LGM) has given a letter of guarantee to Havaalani Isletme
ve Havacilik Endustrileri A.S. (HEAS) amounting to EUR407,000, equivalent to RM2,011,000 (2019: EUR447,000,
equivalent to RM2,052,000) for the rental of the hangar operations.
(iv) MACS has provided the following guarantees for customers of MACS ME:
(a) Performance Bank Guarantee totalling to QAR41,250,000, equivalent to RM45,561,000 (2019:

QAR35,361,000, equivalent to RM39,604,000).
(b) Parent Company Guarantee (PCG) to guarantee the performance of obligations and liabilities of MACS
ME under contract for Facility Management Services for Airport Operational Facilities and Ancillary
Buildings.
The Group has assessed the guarantee contracts and concluded that the guarantees are more likely not to be called
upon and accordingly not recognised as financial liability as at 31 December 2020.
(b) Contingent liabilities
(i) Tax Authorities of Turkey has requested ISG to revise the Value Added Tax (VAT) refund requests and apply a
different methodology for the periods from 1 July 2012 to 30 September 2014. ISG has submitted the revised
refund request and filed the court case contesting the claim arising out of the revised refund request as the
management of ISG is of the opinion that the initial refund request for the said period is valid. The Court
decided that the tax office cannot reject ISG’s calculation without conducting a tax investigation therefore the
litigations are concluded in favour of ISG and ISG collected the missing VAT refund amounts. The tax office took
a further action at Supreme Court level and in the meantime carried out comprehensive VAT audits for ISG in
year 2016 and 2017 covering periods from 2012 to 2014.
The tax auditors claimed a principal of TL7,100,000, equivalent to EUR741,000 or RM3,661,000, late payment
interest of TL5,500,000, equivalent to EUR574,000 or RM2,836,000 and tax penalties of TL10,700,000, equivalent
to EUR1,117,000 or RM5,518,000 for that tax issue mentioned above. ISG has booked a provision of late
payment interest TL5,500,000, equivalent to EUR574,000 or RM2,836,000 in statement of profit or loss for the
year 2017.
ISG applied to the Tax Authority for settlement of the tax penalty. However, the Tax Authority postponed the
ISG’s settlement date and informed ISG to wait for the Tax Amnesty Law which was enacted and published in
the Official Gazette on 18 May 2018.

31 December 2020
(b) Contingent liabilities (cont’d.)
(i) (cont’d.)
ISG applied for Tax Amnesty on 26 July 2018 and received the confirmation for the application from Tax Authority
on 9 August 2018. On 17 September 2018, ISG paid TL3,500,000, equivalent to EUR365,000 or RM1,803,000
which is half of the principal amount (TL7,100,000, equivalent to EUR741,000 or RM3,661,000) and increased
VAT receivables carried forward and paid an additional TL99,700, equivalent to EUR10,000 or RM49,000 for the
late payment interest. The tax penalty has been waived by the Tax Authority and ISG has reversed the provision
amounting to EUR1,341,000, equivalent to RM6,625,000 in 2018.
The Supreme Court rendered a decision of reversal on 13 December 2018 stating that the VAT should not be
refunded in accordance with the related regulations. Subsequently, ISG appealed to the Supreme Court with
the request of revision of the reversed judgement based on a ruling of Constitutional Court dated 27 February
2019. The final decision from the Supreme Court is still pending. If the Supreme Court’s ruling will be against
ISG, ISG may have to pay the original tax base amount together with interest although benefited from the
Tax Amnesty. If such a case occurs in the future ISG may have to pay the original tax amount of TL7,100,000,
equivalent to EUR741,000 or RM3,661,000 plus interest and apply for the deduction of the TL3,600,000,
equivalent to EUR376,000 or RM1,857,000 tax amnesty payment from the total payable amount.
The TL7,100,000, equivalent to EUR741,000 or RM3,661,000 tax base amount will be added to the VAT receivables
in the statement of financial position that will be carried forward and recovered in the following years.
In addition to that, on 23 December 2016, a Special Consumption Tax (SCT) audit has been started for the
periods 2011, 2012, 2013 against ISG about jet fuel sales. ISG is not a SCT payer since jet fuel is exempted from
SCT. ISG has experienced cases of jet fuel theft in 2012 and was challenged by the tax authorities that stolen jet
fuel shall be regarded as a SCT base fuel. As a result of that, Special Consumption Tax exposure inclusive of tax
base charge, late payment interest charges and tax penalties amount to TL700,000, equivalent to EUR73,000 or
RM361,000 has been booked as a provision in the ISG’s accounts in statement of profit or loss for the year 2017.
ISG applied to tax court on 9 January 2018 and won the court case on June 2018 therefore the provision was
reversed in the current year financial statements. Tax Office has appealed to the next level court however it is
also rejected by the court on January 2019. Tax Office appealed to the Supreme Court on 28 January 2019 and
the process is still ongoing.
(ii) On 20 August 2015, Malaysia Airports (Properties) Sdn. Bhd. (MAP) received a Notice of Arbitration from Kuala
Lumpur Aviation Fuelling System Sdn. Bhd. (KAF) in respect of the alleged losses and damages in the sum of
RM28,277,000 pertaining to among others, design changes under AFA dated 26 September 2007. Both parties
have appointed an arbitrator. The hearing session for the arbitration has been conducted from 2 to 6 October
2017 and the parties had filed their respective closing submission by 8 December 2017. The oral hearing of
parties’ submission was conducted on 22 January 2018.
On 25 September 2018, MAP had received the award from the Arbitral Tribunal which is in favour of KAF. The
award is only in respect of liability and the quantum will be decided by the Arbitral Tribunal in a separate
proceeding at a later stage, subject to KAF providing further documents to substantiate the amount claimed.
Accordingly RM21,657,000 has been recognised as a provision, subject to final Arbitral Tribunal decision.

31 December 2020
(ii) (cont’d.)
On 5 December 2019, KAF had submitted further documents to substantiate the amount claimed. On
24 February 2020, a discussion was held with KAF to clarify the documents and KAF is to provide the document
as requested during the discussion.
On 7 August 2020, a discussion was held with KAF to go through the documents submitted. Based on the
discussion, MAHB Technical required further documents to assess the claim. It was agreed that both Technical
teams would convene another discussion to enable MAHB Technical team to clarify on the required documents.
Currently, MAP is reviewing the documents submitted by KAF.
(iii) On 26 February 2016, MAP received a Notice of Arbitration from KAF in respect of the alleged losses and
damages in the estimated claim amount of RM456,000,000 pertaining to inter alia, the changes of the concession
period under the AFA dated 26 September 2007. MAP has obtained a preliminary view from its solicitors who
consider that MAP has a reasonably good prospect of defending the claims as MAP has complied with all
the terms and conditions under the AFA. On 13 February 2017, MAP has informed KAF on the Operating
Agreements’ extension as disclosed in Note 1.2(f) and requested KAF to withdraw the arbitration notice.
However, KAF refused to withdraw the arbitration notice and grants MAP an extension until 30 May 2017 to
facilitate further negotiations on the matter. MAP had requested from KAF for further extension to 30 December
2017.
On 9 August 2017, KAF agreed to withhold the arbitration proceedings until 30 June 2018 pending the
negotiations between MAHB and the Government of Malaysia (GoM). MAP has sent a letter to request for an
extension of time to KAF to withhold proceedings until 31 December 2019. KAF has agreed with MAP’s request
to withhold the commencement of the arbitration proceeding against MAP until 31 December 2019 to facilitate
the negotiation on the Operating Agreements between MAHB and GoM.
MAP via a letter dated 27 December 2019, requested for a further extension till end of June 2020 to facilitate
the negotiation on the Operating Agreements between MAHB and GoM. KAF has agreed with MAP’s
request.
MAP via a letter dated 16 June 2020, requested for a further extension till end of December 2020 to facilitate
the negotiation on the Operating Agreements between MAHB and GoM. KAF has agreed with MAP’s
request.
Subsequently, MAP via a letter dated 15 February 2021, requested for a further extension till end of July 2021
to facilitate the negotiation on the Operating Agreements between MAHB and GoM. KAF via a letter dated 17
February 2021, has agreed with MAP’s request.

31 December 2020
(iv) Syarikat Pembinaan Anggerik Sdn. Bhd. (SPASB) via a Writ of Summons claims from MAHB for the sum of
RM44,000,000 for damages and other claims and interest in respect of the alleged losses and damages
pertaining to the works carried out by SPASB for the ‘Proposed Development and Upgrading Works at Penang
International Airport, Bayan Lepas, Pulau Pinang’ and the ‘Proposed Construction and Completion of Site
Office, Central Utilities Building and Airside Drainage Works at Penang International Airport’.
MAHB has filed an application for stay of proceedings in light of the arbitration provisions in the contract and
on 23 August 2017, the court had allowed MAHB’s ‘Stay Application’ with cost of RM10,000 to be paid by SPASB
to MAHB.
On 21 September 2017, SPASB filed its Notice of Appeal in respect of the court’s decision on the ‘Stay
Application’. The Court of Appeal however had allowed SPASB’s appeal with costs on 30 March 2018.
In furtherance to the Court of Appeal’s decision, MAHB had filed the ‘Application for Leave to Appeal’
(Application) at the Federal Court on 27 April 2018. Such Application nonetheless was dismissed by the
Federal Court on 1 August 2018 and therefore SPASB’s claim against MAHB shall be heard in the High Court
instead of arbitration.
On 9 August 2018, SPASB had filed its Amended Statement of Claim (Amended SOC). In the Amended SOC,
SPASB had raised its claim to RM59,853,000. MAHB had later filed its Statement of Defence on 21 September
2018 and SPASB filed its reply to MAHB’s Statement of Defence on 10 October 2018.
During the Case Management on 8 July 2019, the Court maintained the previously arranged trial dates on 11 to
15 November 2019. The court further directed both parties to exchange witness statements.
On 12 July 2019, SPASB had increased its amount of claim from RM59,853,000 to RM66,834,000. Subsequently,
on 31 July 2019 MAHB has filed its Amended Statement of Defence and Counterclaim. The amount claimed is
not expected to have any material impact on the financial statements of the Group since it is subject to strict
proof at the full trial. The next Case Management was set on 6 July 2020. In light of the Conditional Movement
Control Order (CMCO), the trial dates set on 22 October 2020 and 23 October 2020 was postponed to 24
February and 25 February 2021.
Subsequently, the court had fixed the next trial dates on 15 April to 16 April 2021, 26 April to 28 April 2021 and
19 May to 20 May 2021.
(v) On 21 March 2019, MA (Sepang) has received notice of Arbitration from SASB for the alleged losses and
damages pertaining to the delay in commencement of operations of klia2 Integrated Complex. This notice is
amounting to RM70,000,000 in respect of the alleged losses and damages pertaining to inter alia, the delay in
the commencement of the commercial operation of the klia2 Integrated Complex.

31 December 2020
(v) (cont’d.)
Hearing dates of 17 to 20, 23 to 27 and 30 November 2020 have been vacated pursuant to the direction from
the Tribunal during the virtual pre-hearing held on 3 November 2020. Tribunal will fix new dates for hearing and
the hearing is estimated to be held in the second quarter of 2021. The solicitors and internal legal department
are of the view that MA (Sepang) has a fair prospect of success in defending the amount claimed.
36. Related party disclosures
In addition to the related party information disclosed elsewhere in the financial statements, the following significant transactions
between the Group and related parties took place at terms agreed between the parties during the financial year:
Group
2020 2019
RM’000 RM’000
Related party balances

Amounts owing by associated companies 727 881
Amounts owing to joint ventures 33,124 6,448
Related party transactions

Revenue:
Associates:
Lease rental
- Kuala Lumpur Aviation Fuelling System Sdn. Bhd. 6,303 6,219
- MFMA Development Sdn. Bhd. 4,150 4,150
- Cainiao KLIA Aeropolis Sdn. Bhd. 2,328 2,322
Concession fee
- MFMA Development Sdn. Bhd. 568 568
Recoupment of water, electricity & sewerage
- MFMA Development Sdn. Bhd. 6,374 10,037
- Cainiao KLIA Aeropolis Sdn. Bhd. 436 -
Joint ventures:
Lease rental
- Segi Astana Sdn. Bhd. 1,273 1,273
- Airport Cooling Energy Supply Sdn. Bhd. 888 888

31 December 2020
36. Related party disclosures (cont’d.)
In addition to the related party information disclosed elsewhere in the financial statements, the following significant
transactions between the Group and related parties took place at terms agreed between the parties during the financial
year: (cont’d.)
Group
2020 2019
RM’000 RM’000
Related party transactions (cont’d.)

Expenses:
Joint ventures:
Airport Cooling Energy Supply Sdn. Bhd.
- Utilities (fixed) 32,124 32,124
- Utilities (variable) 9,995 14,070
- Less: Rebate (4,070) (3,397)
- Interest on concession payable 21,361 21,361
Other transactions:
Joint ventures:
Airport Cooling Energy Supply Sdn. Bhd.
- Payment on concession payable 10,699 10,699
Other related party:
Rakan Riang Sdn. Bhd.
- License fees 200 -

31 December 2020
36. Related party disclosures (cont’d.)
In addition to the related party information disclosed elsewhere in the financial statements, the following significant
transactions between the Group and related parties took place at terms agreed between the parties during the financial
year: (cont’d.)
Company
2020 2019
RM’000 RM’000
Subsidiaries:
Malaysia Airports (Sepang) Sdn. Bhd.
- Utilities charges 1,820 2,862
MAB Agriculture-Horticulture Sdn. Bhd.
- Landscape services 365 403
Malaysia Airports (Niaga) Sdn. Bhd.
- Catering services 509 1,299
K.L. Airport Hotel Sdn. Bhd.
- Event management 1,371 4,143
Urusan Teknologi Wawasan Sdn. Bhd.
- Repair and maintenance of building 245 1,740
Malaysia Airports Consultancy Services Sdn. Bhd.
- Consultancy service from subsidiary - 7
Compensation of key management personnel
Key management personnel is defined to include Group Chief Executive Officer, Group Chief Operating Officer, Group
Chief Financial Officer, Senior General Managers and General Managers.
The remuneration of other members of key management during the year was as follows:
Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
Short-term employee benefits 24,309 22,374 21,312 18,305

Post-employment benefits:
Defined contribution plans 3,157 3,276 2,659 2,762
Benefits-in-kind 442 578 345 478
27,908 26,228 24,316 21,545
Remuneration of directors is as disclosed in Note 8.


31 December 2020
37. Significant events during the year
i) The COVID-19 pandemic and the actions adopted by governments worldwide to mitigate the pandemic’s spread
have significantly impacted the global aviation industry. These actions, which includes border closures and travel
restrictions, has resulted in an unprecedented decline in passenger and air traffic performance for airports globally,
including those operated by the Group.
The Group has incurred a loss, net of tax of RM1,116,196,000 (2019: profit, net of tax of RM537,042,000) for the
financial year ended 31 December 2020. Notwithstanding the loss registered, as of that date, equity attributable
to Owners of the Company stood at RM8,099,345,000 whilst the Group’s current assets exceeded current liabilities
by RM944,719,000. The Group has undrawn borrowing facilities of RM2,900,000,000, cash and cash equivalents of
RM973,657,000 and quoted unit trust and bond investments of RM743,366,000 providing the Group the liquidity in
meeting its near-term cash needs.
In response to the adverse impact of COVID-19, the Group implemented the following measures to strengthen its
financial position and manage liquidity risk:
(a) Operational expenses containment and cash conservation
The Group had taken immediate and pre-emptive measures on implementing an aggressive cost optimisation
plan. These measures include recalibrating operational efficiencies, rebasing cost and prioritising capital
expenditure to conserve cash reserves. For the financial year ended 31 December 2020, total expenditure
after excluding provision for doubtful debts and variable costs linked to revenue (such as cost of inventories
sold, revenue share and user fees) had contracted by 26% or RM575,500,000. The Group had also prioritised
its capital expenditure program, leading to an expenditure of RM189,747,000 (2019: RM489,886,000) on critical
projects for the year.
(b) Addressing liquidity risk
As at 1 January 2020, the Group’s cash and cash equivalents of RM1,453,136,000 and quoted unit trust and
bond investments of RM1,777,714,000, meant that the Group entered into the COVID-19 pandemic on a
strong liquidity position. The Group has since undertaken several stress tests on its liquidity position and as
precautionary measure, secured additional revolving credit facilities (RCF) of RM1,100,000,000 as contingency
lines. As at 31 December 2020, the Group also had RM1,800,000,000 in unutilised Sukuk facilities under its two
(2) existing Sukuk Programmes.
During the year, the Group had:
- redeemed the ten (10) years Islamic Medium Term Notes Programme tranche of RM1,000,000,000 matured
on 28 August 2020 with a periodic distribution rate (per annum, payable semi-annually) of 4.55%;
- completed the issuance of RM700,000,000 Senior Sukuk on 6 November 2020 via a dual tranche offering
pursuant to the Senior Sukuk Programme. The Senior Sukuk offering comprises: (i) a seven (7) years,
RM480,000,000 tranche and (ii) a ten (10) years, RM220,000,000 tranche with a periodic distribution rate
(per annum, payable semi-annually) of 3.30% and 3.60% respectively; and

31 December 2020
37. Significant events during the year (cont’d.)
i) (b) Addressing liquidity risk (cont’d.)
During the year, the Group had: (cont’d.)
- successfully rescheduled its EUR385,000,000 loan commitment on 1 December 2020, with extension
of the loan tenure by two years to financial year 2025, revision of repayment schedules and relaxation
of certain key financial covenants. ISG has been granted the principal repayment moratorium of
EUR25,000,000 in December 2020 and EUR35,000,000 in June 2021. The revised semi-annual principal
repayment will commence between 24 December 2021 and 24 December 2025.
With the completion of the above exercises, the Group’s current borrowings reduced to RM94,298,000
(2019: RM1,247,012,000).
(c) Cash recovery
The Group proactively initiated a cash recovery plan on trade and other receivables outstanding, working
closely with the Government of Malaysia (GoM), airlines and commercial tenants. For the financial year ended
31 December 2020, the Group had collected over RM1,400,000,000 cash through various efforts including the
cash recovery initiatives.
(d) Divestment strategy
The Group aims to divest its non-strategic assets upon achieving the desired price consideration.
The financial statements have been prepared on a going concern basis, which assumes that the Group and the
Company will be able to meet its liabilities as and when they fall due. No adjustments have been made to the carrying
amounts and classification of assets, liabilities and reported expenses that may otherwise be required if the going
concern basis was not appropriate.
The Board and management of the Company diligently monitors ongoing developments throughout the current
pandemic and enhance the implementation of the above measures where possible. The ongoing initiatives on (a)
operational expenses containment and cash conservation, (b) addressing liquidity risk, (c) cash recovery and (d)
divestment strategy is expected to further strengthen the financial position of the Group and Company.
ii) On 4 October 2019, AirAsia Berhad and AirAsia X Berhad (AAX) had served a Writ of Summons on MA (Sepang)
claiming special damages amounting to RM479,781,000 for loss and damage occasioned by reason of the negligence
on the part of MA (Sepang), its servants or agents in the management, operation, maintenance or provision of airport
services and facilities at klia2.
MA (Sepang) has filed an application to strike out the Writ of Summons. The case was fixed for a decision on the
striking out application on 2 October 2020. However, the said decision date was vacated and new case management
was set on 18 December 2020.

31 December 2020
ii) (cont’d.)
On 10 December 2020, AirAsia Group had filed an application to expunge MA (Sepang)’s supplementary affidavit
dated 13 November 2020. The decision on AirAsia’s expungement application is fixed on 12 March 2021. The decision
on MA (Sepang)’s application to strike out the RM479,781,000 suit is fixed on 30 March 2021.
iii) On 22 October 2020, MA (Sepang) had filed a Writ of Summons and Statement of Claim at the Kuala Lumpur High
Court (the Civil Suit) against AAX claiming the sum of RM78,163,000 for the outstanding amount for various aeronautical
charges pursuant to the Malaysian Aviation Commission (Aviation Services Charges) Regulations 2016 and/or the
Condition of Use for Kuala Lumpur International Airport. The outstanding aeronautical charges are comprised of
passenger service charges (PSC), passenger service security charges, aerobridge charges, aircraft parking charges,
check-in counter charges, landing charges and late payment charges.
MA (Sepang) had on 11 November 2020, filed a summary judgement application in respect of the outstanding PSC
only, which amounts to approximately RM62,900,000.
On 17 December 2020, AAX had filed an application to stay the proceedings of this civil suit pending the outcome
of the PSC Appeals which will be heard before the Court of Appeal on 24 March 2021 and AAX’s proposed debt
restructuring scheme. The next case management is fixed on 1 March 2021.
The Civil Suit is not expected to have any material impact on the operational position of MA (Sepang).
iv) On 7 October 2020, AAX had filed an Originating Summons at the Kuala Lumpur High Court for leave to convene
a meeting with its unsecured creditors for purposes of considering its proposed debt restructuring scheme. In this
application, AAX had named MA (Sepang) as one of its unsecured creditors.
On 23 October 2020, MA (Sepang) had filed an application to intervene and be excluded from AAX’s proposed debt
restructuring scheme (the Intervention Application).
The Intervention Application seeks to exclude MA (Sepang) from this proposed debt restructuring scheme on
the basis that, pursuant to the express terms of the Conditions of Use for Kuala Lumpur International Airport (‘the
Conditions of Use’), MA (Sepang) is a secured creditor of AAX. In particular, MA (Sepang) is a lienholder whose debt
is secured by a contractual lien over the User Properties of AAX.
On 4 November 2020, AAX filed an amendment application to the Scheme. On 1 December 2020, the Court allowed
AAX’s amendment application with costs to be borne by AAX.

31 December 2020
iv) (cont’d.)
On 22 December 2020, AAX had served on MA (Sepang) the Notice of Application for a restraining order pursuant to
Section 368 of the Companies Act, 2016.
On 19 February 2021, the Court granted the leave for AAX to convene a creditors’ meeting with changes to the
classification of creditors. MA (Sepang) remains as secured creditors under the Scheme. The Court also granted an ad
interim restraining order to all parties except to MA (Sepang) and BOC Aviation. The interim restraining order is valid
until 17 March 2021 i.e. the hearing date of the restraining order.
38. Financial instruments
(a) Financial risk management objectives and policies
The Group and the Company are exposed to financial risks arising from their operations and the use of financial
instruments. The key financial risks include interest rate risk, foreign currency risk, liquidity risk and credit risk.
The Board of Directors reviews and agrees policies and procedures for the management of these risks, which are
executed by the management. The audit committee provides independent oversight to the effectiveness of the risk
management process.
It is, and has been throughout the current and previous financial year, the Group’s policy that no derivatives shall be
undertaken except for the use as hedging instruments where appropriate and cost-efficient.
The following sections provide details regarding the Group’s and the Company’s exposure to the above-mentioned
financial risks and the objectives, policies and processes for the management of these risks.
(b) Interest rate risk
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will
fluctuate due to changes in market interest rates. As the Group has no significant interest-bearing financial assets,
the Group’s income and operating cash flows are substantially independent of changes in market interest rates.
The Group’s interest-bearing financial assets are mainly short-term in nature and have been mostly placed in fixed
deposits.

31 December 2020
38. Financial instruments (cont’d.)
(b) Interest rate risk (cont’d.)
The Group has minimal exposure to interest rate risk at the reporting date. The following table sets out the carrying
amounts, the weighted average effective interest rates (WAEIR) as at the reporting date and the remaining maturities
of the Group’s and of the Company’s financial instruments that are exposed to interest rate risk:
Within 1-2 2-5 Over

WAEIR 1 year years years 5 years Total
Note % RM’000 RM’000 RM’000 RM’000 RM’000
At 31 December 2020
Group
Borrowings 29 3.87 94,298 1,752,937 2,097,493 700,000 4,644,728
Cash and cash
equivalents 25 0.78 613,201 - - - 613,201
Company
Borrowings 29 4.25 - 1,500,000 600,000 700,000 2,800,000
Cash and cash
equivalents 25 1.40 13,954 - - - 13,954
At 31 December 2019
Group
Borrowings 29 3.68 1,247,012 1,906,664 1,779,057 - 4,932,733
Cash and cash
equivalents 25 0.45 1,166,575 - - - 1,166,575
Company
Borrowings 29 4.53 1,000,000 1,500,000 600,000 - 3,100,000
Cash and cash
equivalents 25 2.80 13,609 - - - 13,609
The average maturity of financial instruments at the reporting date is 20 days (2019: 48 days). The other financial
instruments of the Group and of the Company that are not included in the above tables are not subject to interest
rate risks.

31 December 2020
(c) Foreign currency risk
Other than the Group’s investments in foreign associates and foreign subsidiaries, the Group is exposed to
transactional currency risk, mainly arising from the United States Dollar, Great Britain Pound, Euro, Singapore Dollar,
Switzerland Swiss Franc, China RMB, Hong Kong Dollar, Qatari Riyal, Australian Dollar, Canadian Dollar and Danish
Krone. Foreign exchange exposures in transactional currencies other than functional currencies of the operating
entities are kept to a manageable level and short-term imbalances are addressed by buying and selling foreign
currencies at spot rate.
The net unhedged financial assets and financial liabilities of the Group and the Company that are not denominated
in their functional currencies are as follows:
Net financial assets/(liabilities) held in non-functional currencies

Group Company
2020 2019 2020 2019
RM’000 RM’000 RM’000 RM’000
USD (7,323) 26,816 204 4,816

GBP (5) 3,392 6,167 3,748
EUR (253) 1,382 12,275 1,577
SGD 30 4,222 (47) 693
CHF (243) 314 - -
RMB 58 - - -
HKD - 46 - 46
QAR 17,724 18,364 - -
AUD (24) 461 (24) -
CAD (90) 211 - 89
DKK - - 22 -
Total 9,874 55,208 18,597 10,969

31 December 2020
(c) Foreign currency risk (cont’d.)
Sensitivity analysis for foreign currency risk
The following table demonstrates the sensitivity of the Group’s profit net of tax to a reasonably possible change in the
USD, GBP, EUR, SGD, CHF, RMB, HKD, QAR, AUD, CAD and DKK exchange rates against the respective functional
currencies of the Group entities, with all other variables held constant.
Group Company
2020 2019 2020 2019
Profit Profit Profit Profit
net of tax net of tax net of tax net of tax
RM’000 RM’000 RM’000 RM’000
USD/RM - strengthened 5% (366) 1,340 10 241

- weakened 5% 366 (1,340) (10) (241)
GBP/RM - strengthened 5% - 170 308 187
- weakened 5% - (170) (308) (187)
EUR/RM - strengthened 5% (13) 69 614 79
- weakened 5% 13 (69) (614) (79)
SGD/RM - strengthened 5% 2 212 (2) 35
- weakened 5% (2) (212) 2 (35)
CHF/RM - strengthened 5% (12) 16 - -
- weakened 5% 12 (16) - -
RMB/RM - strengthened 5% 3 - - -
- weakened 5% (3) - - -
HKD/RM - strengthened 5% - 2 - 2
- weakened 5% - (2) - (2)
QAR/RM - strengthened 5% 886 918 - -
- weakened 5% (886) (918) - -
AUD/RM - strengthened 5% (1) 23 (1) -
- weakened 5% 1 (23) 1 -
CAD/RM - strengthened 5% (4) 11 - 5
- weakened 5% 4 (11) - (5)
DKK/RM - strengthened 5% - - 1 -
- weakened 5% - - (1) -

31 December 2020
(d) Liquidity risk
The Group manages its debt maturity profile, operating cash flows and the availability of funding so as to ensure that
refinancing, repayment and funding needs are met. As part of its overall liquidity management, the Group maintains
sufficient levels of cash or cash convertible investments to meet its working capital requirements. In addition, the
Group strives to maintain available banking facilities at a reasonable level to its overall debt position. As far as
possible, the Group raises committed funding from both capital markets and financial institutions and balances its
portfolio with some short-term funding so as to achieve overall cost effectiveness.
Analysis of financial instrument by remaining contractual maturities
Below summarises the maturity profile of the Group’s and the Company’s liabilities at the reporting date on contractual
undiscounted repayment obligations:
On demand
within One to Over
one year five years five years Total
RM’000 RM’000 RM’000 RM’000
Group
31 December 2020
Financial liabilities:
Trade and other payables 1,861,713 3,239,080 2,890,101 7,990,894
Borrowings 213,158 3,583,666 1,271,358 5,068,182
Lease liabilities 35,051 74,811 - 109,862
Total undiscounted financial liabilities 2,109,922 6,897,557 4,161,459 13,168,938
31 December 2019
Trade and other payables 1,896,818 3,079,099 3,341,021 8,316,938
Borrowings 1,750,832 3,038,890 - 4,789,722
Lease liabilities 40,285 121,027 - 161,312
Total undiscounted financial liabilities 3,687,935 6,239,016 3,341,021 13,267,972

31 December 2020
(d) Liquidity risk (cont’d.)
Analysis of financial instrument by remaining contractual maturities (cont’d.)
Below summarises the maturity profile of the Group’s and the Company’s liabilities at the reporting date on contractual
undiscounted repayment obligations: (cont’d.)
On demand
within One to Over
one year five years five years Total
RM’000 RM’000 RM’000 RM’000
Company
31 December 2020
Other payables 180,601 - - 180,601
Borrowings 118,860 1,833,235 1,271,358 3,223,453
Lease liabilities 275 110 - 385
Total undiscounted financial liabilities 299,736 1,833,345 1,271,358 3,404,439
31 December 2019
Other payables 215,096 - - 215,096
Borrowings 1,125,142 2,337,171 - 3,462,313
Lease liabilities 62 546 - 608
Total undiscounted financial liabilities 1,340,300 2,337,717 - 3,678,017
(e) Credit risk
The Group’s credit risk is primarily attributable to trade receivables. The Group trades only with recognised and
creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit
verification procedures. In addition, receivable balances are monitored on an ongoing basis and the Group’s exposure
to bad debts is not significant. For transactions that are not denominated in the functional currency of the relevant
operating unit, the Group does not offer credit terms without the specific approval of the Head of Credit Control. Since
the Group trades only with recognised and creditworthy third parties, there is no requirement for collateral.
During the year ended 31 December 2020, the Group temporarily extended the credit terms to specific customers
with liquidity constraints arising as a direct result of the COVID-19 pandemic. All extensions were granted within
current sales limits after careful consideration of the impact of the COVID-19 pandemic on the creditworthiness of the
customer and each customer that was granted an extension is closely monitored for credit deterioration.
The credit risk of the Group’s other financial assets, which comprise cash and cash equivalents, arises from default of
the counterparty, with a maximum exposure equal to the carrying amounts of these financial assets.

31 December 2020
(e) Credit risk (cont’d.)
Exposure to credit risk
Majority of trade receivables are due from airport tenants, airline companies and representative firms. The customer
portfolio of the Group is diversified, with Malaysia Airlines, AirAsia Group, Malindo Airways, Hamad International
Airport and Pegasus Hava Tasimaciligi A.S., being the main customers. It is the Group’s policy that all customers
who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are
monitored on an ongoing basis and the Group’s exposure to bad debts is not significant. Since the Group trades
only with recognised and creditworthy third parties, there are no requirements for collateral. The Group obtains bank
guarantee from its major customer other than airlines.
Investments are acquired after assessing the quality of the relevant investments. Cash and cash equivalents are placed
with reliable financial institutions.
The credit risk of the trade and other receivables are disclosed in Note 20. The Group’s other financial assets, which
comprise investments and cash and cash equivalents arises from default of the counterparty, with a maximum
exposure equal to the carrying amounts of these financial assets as disclosed in Notes 20 and 25.
Credit risk concentration profile
At the reporting date, approximately 65% (2019: 56%) of the Group’s trade receivables were due from six (2019: six)
major customers who are reputable and located in Malaysia, Turkey and Qatar.
In addition, the Group’s concentration of risk also includes the amount receivable from the GoM as disclosed in Note
20 and the Group minimises its credit risk by maintaining regular communication with the GoM.
Financial assets that are neither past due nor impaired
Information regarding trade and other receivables that are neither past due nor impaired is disclosed in Note 20.
Deposits with banks and other financial institutions, investment securities and derivatives that are neither past due
nor impaired are placed with or entered into with reputable financial institutions or companies with high credit ratings
and no history of default.
Financial assets that are either past due or impaired
Information regarding financial assets that are either past due or impaired is disclosed in Note 20.

31 December 2020
(f) Fair values
The following are classes of financial instruments that are not carried at fair value and whose carrying amounts are
reasonable approximation of fair value:
Note
Trade and other receivables 20

Trade and other payables 33
The carrying amounts of these financial assets and liabilities are reasonable approximation of fair values due to their
short-term nature.
The methods and assumptions used by management to determine fair values of financial instruments other than
those whose carrying amounts reasonably approximate their fair values are as follows:
(i) Trade and other receivables (non-current), borrowings and trade and other payables (non-current)
Fair value has been determined by discounting the future cash flows expected to be received or paid.
The discount rates used are the current market incremental lending rates for similar types of lending and
borrowing.
The carrying amounts of the current portion of borrowings are reasonable approximations of fair values due to
the insignificant impact of discounting.
(ii) Unit trusts, bonds and medium term notes
The fair value of unit trusts, bonds and medium term notes is based on prices quoted by independent data
providers and independent brokers.
39. Capital management
The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy
capital ratios in order to support its business and maximise shareholder value.
The Group actively manages its capital structure and makes adjustments to it in light of changes in, amongst others, its
operating environment and economic conditions. To maintain or adjust the capital structure, the Group may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the
objectives, policies or processes during the years ended 31 December 2020 and 2019.

31 December 2020
39. Capital management (cont’d.)
Gearing ratio is not a standardised term under the Malaysian Financial Reporting Standards and its determination may
vary from one Company to another. The gearing ratio is included in management’s analysis because it is used as a
financial measure of potential capacity of the Group to incur and service its debt coverage and determined as aggregate
indebtedness over the equity of the Group. The Group’s policy is to keep its gearing ratio manageable so as to maintain its
strong credit ratings and in any event not exceeding 125% as provided in the Covenants under its Sukuk Programmes. The
Group indebtedness includes borrowings and certain financial guarantee and contingent liabilities within the aggregate
indebtedness, but excludes inter-company loans which are subordinated to the Sukuk Programmes. Equity of the Group
includes, if any, preference equity, subordinated shareholders’ advances or loans and retained earnings or accumulated
losses less goodwill.
Group
2020 2019
Note RM’000 RM’000
Borrowings 29 4,644,728 4,932,733

Contingent liabilities 35(b) 602,543 605,687
5,296,437 5,588,479
Equity attributable to Owners of the Company 8,099,345 9,325,376

Gearing ratio 65% 60%
40. Segment information
(a) Reporting format
The primary segment reporting format is determined to be business segments as the Group’s risks and rates of
return are affected predominantly by differences in the products and services offered. Secondary information is
reported geographically. The operating businesses are organised and managed separately according to the nature
of the products and services provided, with each segment representing a strategic business unit that offers different
products and serves different markets.
For management purposes, the Group is organised into business units and has the following reportable operating
segments:
Malaysia operations:
(i) Duty free and non-dutiable goods
To operate duty free, non-duty free outlets and provide management service in respect of retail, fashion, food
and beverage outlets at designated airports.

31 December 2020
40. Segment information (cont’d.)
(a) Reporting format (cont’d.)
For management purposes, the Group is organised into business units and has the following reportable operating
segments: (cont’d.)
Malaysia operations: (cont’d.)
(ii) Airport services
To manage, operate and maintain designated airports in Malaysia and to provide airport related services.
(iii) Agriculture and horticulture
To cultivate and sell oil palm and other agricultural products and to carry out horticulture activities.
(iv) Hotel
To manage and operate hotels, known as Sama-Sama Hotel, Sama-Sama Express K.L. International Airport and
Sama-Sama Express klia2.
(v) Project and repair maintenance
To provide consultancy, operations and maintenance of Information and Communication Technology business
ventures and provision of mechanical and electrical engineering.
Overseas operations:
(i) Airport services
To manage, operate and maintain the ISGIA in Turkey and to provide airport related services.
(ii) Project and repair maintenance
To provide facilities maintenance services at Hamad International Airport.
Other business segments include investment holding and other activities, none of which are of a sufficient size to be
reported separately.
(b) Allocation basis and transfer pricing
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items comprise mainly corporate assets, liabilities and expenses.
Transactions between business segments are set on an arm’s length basis in a manner similar to transactions with third
parties. Segment revenue, expenses and results include transfers between business segments. These transfers are
eliminated on consolidation.
154
The following table provides an analysis of the Group’s revenue, results, assets, liabilities and other information by business segment:
Continuing operations
31 December 2020
Malaysia Operations Overseas Operations

Airport Non-airport Airport Non-airport
operations operations operations operations
Duty free
and non- Agriculture Project Project
dutiable Airport and and repair Airport and repair Consolidation
goods services horticulture Hotel maintenance Others services maintenance adjustments Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Notes RM’000
31 December 2020
Revenue
External sales
Airport operations:
Aeronautical - 518,937 - - - - 367,303 - - 886,240

Non-aeronautical:
Retail 153,222 - - - - - - - - 153,222
Others 1,489 464,646 - - - - 176,846 - - 642,981
Non-airport operations - - 34,703 42,269 18,605 - 5,572 82,753 - 183,902
Inter-segment sales 654 117,604 7,738 1,476 110,406 9,152 91,011 - (338,041) A -
Total revenue 155,365 1,101,187 42,441 43,745 129,011 9,152 640,732 82,753 (338,041) 1,866,345
Results
Segment results (89,235) (247,461) 10,322 2,821 35,329 199,496 357,224 5,020 (251,899) B 21,617
Depreciation and
amortisation (12,853) (268,471) (4,883) (14,298) (1,715) (18,676) (204,973) (4,030) (79,852) C (609,751)
Impairment on
intangible assets - - - - - - - - (500,380) (500,380)
Finance costs (2,061) (206,489) (12) (1,064) (62) (131,133) (478,993) - 156,043 D (663,771)
Share of results of
associates - (13,725) - - - (2,263) - - - (15,988)
Share of results of
joint ventures - - - - - 4,412 - - - 4,412
(Loss)/profit before tax (104,149) (736,146) 5,427 (12,541) 33,552 51,836 (326,742) 990 (676,088) (1,763,861)
Taxation and zakat 20,028 510,689 (224) 5,884 (7,228) (2,539) (3,544) (503) 125,102 C 647,665
(Loss)/profit for the year (84,121) (225,457) 5,203 (6,657) 26,324 49,297 (330,286) 487 (550,986) (1,116,196)
Annual Report 2020

Duty
free and
non- Agriculture Project Project
31 December 2020 (cont’d.)

Assets
Segment assets 204,095 9,896,928 106,886 151,711 190,364 11,595,990 5,784,913 61,083 (8,230,487) E 19,761,483
Additions to non-current
assets 1,320 260,365 1,343 4,836 3,100 11,772 43,665 3,643 (27,768) 302,276
Investments in associates - 52,310 - - - 58,679 - - - 110,989
Investments in joint
ventures - - - - - 104,167 - - - 104,167
Total assets 205,415 10,209,603 108,229 156,547 193,464 11,770,608 5,828,578 64,726 (8,258,255) 20,278,915
Liabilities
Segment liabilities,
representing total
liabilities 133,800 5,634,642 25,062 44,464 40,604 5,200,192 7,196,167 58,856 (6,154,217) F 12,179,570
31 December 2019
Revenue
External sales
Airport operations:
Aeronautical - 1,993,486 - - - - 771,165 - - 2,764,651
Non-aeronautical:
Retail 850,224 - - - - - - - - 850,224
Others 2,696 797,878 - - - - 510,730 - - 1,311,304
Non-airport operations - - 26,932 88,577 15,158 - 9,675 146,586 - 286,928
Inter-segment sales 1,547 284,525 6,992 4,734 125,410 - 90,808 - (514,016) A -
Inter-segment dividends - - - - - 317,214 - - (317,214) A -
Total revenue 854,467 3,075,889 33,924 93,311 140,568 317,214 1,382,378 146,586 (831,230) 5,213,107
31 December 2020
155
156
31 December 2020
Duty
free and
non- Agriculture Project Project

31 December 2019 (cont’d.)

Results
Segment results 53,166 1,240,117 5,018 32,334 56,350 467,162 955,278 13,660 (531,073) B 2,292,012
Depreciation and
amortisation (8,452) (367,677) (5,086) (18,272) (1,145) (17,776) (325,126) (7,757) (190,287) C (941,578)
Finance costs (171) (266,133) (32) (1,784) (2,580) (141,640) (485,139) - 171,478 D (726,001)
Share of results of
associates - 16,217 - - - (923) - - - 15,294
Share of results of joint
ventures - - - - - 19,424 - - - 19,424
Profit/(loss) before tax 44,543 622,524 (100) 12,278 52,625 326,247 145,013 5,903 (549,882) 659,151
Taxation and zakat (13,174) (128,305) (850) 2,113 (7,658) (66) (15,769) (1,388) 42,988 C (122,109)
Profit/(loss) for the year 31,369 494,219 (950) 14,391 44,967 326,181 129,244 4,515 (506,894) 537,042
Assets
Segment assets 286,261 10,564,938 97,592 172,213 185,744 12,180,878 6,193,084 78,299 (8,311,060) E 21,447,949
Additions to non-current
assets 5,774 424,080 1,233 1,891 2,202 31,811 28,573 7,957 - 503,521
Investments in associates - 66,033 - - - 60,944 - - - 126,977
Investments in joint
ventures - - - - - 104,210 - - - 104,210
Total assets 292,035 11,055,051 98,825 174,104 187,946 12,377,843 6,221,657 86,256 (8,311,060) 22,182,657
Liabilities
Segment liabilities,
representing total
liabilities 136,299 6,329,295 20,862 55,363 61,410 5,570,271 7,168,443 81,209 (6,565,871) F 12,857,281

31 December 2020
Notes Nature of adjustments and eliminations to arrive at amounts reported in the consolidated financial
statements.
(A) Inter-segment sales and dividends are eliminated on consolidation.
(B) Segment results from continuing operations is derived after deducting mainly inter-segment dividend and
intercompanies finance charges.
(C) Fair value adjustments in relation to the Purchase Price Allocation exercise on the acquisition of subsidiaries.
(D) Inter-segment interest and fair value adjustments in relation to the Purchase Price Allocation exercise on the
acquisition of subsidiaries.
(E) The following items are deducted from segment assets to arrive at total assets reported in the consolidated
statement of financial position:
2020 2019
RM’000 RM’000
Investment in subsidiaries (2,274,899) (2,274,899)

Inter-segment assets (5,983,356) (6,036,161)
(8,258,255) (8,311,060)
(F) The following items are deducted from segment liabilities to arrive at total liabilities reported in the consolidated
statement of financial position:
2020 2019
RM’000 RM’000
Inter-segment liabilities (6,154,217) (6,565,871)

www.malaysiaairports.com.my
MALAYSIA AIRPORTS HOLDINGS BERHAD

Registration No. 199901012192 (487092-W)
Malaysia Airports Corporate Office,

Persiaran Korporat KLIA,
64000 KLIA, Sepang,
Selangor Darul Ehsan, Malaysia.
Tel : +603-8777 7000

Fax : +603-8777 7778
Malaysia Airports
@MY_Airports
malaysiaairports
Malaysia Airports
This Annual Report was printed

entirely on environment-friendly paper

Financial Statements 2020

Uploaded by

Copyright:

Available Formats

Financial Statements 2020

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Financial Statements 2020

Uploaded by

Copyright:

Available Formats

Emerging

The principal activity of the Company is investment holding.

Details of the subsidiaries are disclosed in Note 15 to the financial statements.

(Loss)/profit net of tax (1,116,196) 46,770

(Loss)/profit attributable to:

There was no issuance of equity during the current financial year.

Dato’ Mohd Shukrie bin Mohd Salleh

Other statutory information

Other statutory information (Cont’d.)

(e) At the date of this report, there does not exist:

(f) In the opinion of the directors:

Significant events during the year

Kuala Lumpur, Malaysia

Kuala Lumpur, Malaysia

Subscribed and solemnly declared by the

Independent Auditors’ Report

Basis for opinion

Independence and other ethical responsibilities

Key audit matters

Independent Auditors’ Report

Impairment of intangible assets

Independent Auditors’ Report

Amortisation of intangible assets

Independent Auditors’ Report

Recoverability of deferred tax assets

Impairment assessment on investments in subsidiaries

Independent Auditors’ Report

Responsibilities of the directors for the financial statements

Auditors’ responsibilities for the audit of the financial statements

Independent Auditors’ Report

Independent Auditors’ Report

Ernst & Young PLT Ahmad Qadri Bin Jahubar Sathik

Kuala Lumpur, Malaysia

Statements of Profit or Loss

Revenue 3 1,866,345 5,213,107 4,455 295,877

(Loss)/profit attributable to:

Earnings per share attributable to

Statements of Comprehensive Income

(Loss)/profit net of tax (1,116,196) 537,042 46,770 300,806

Total comprehensive (loss)/income

Consolid ated Statement of Financial Position

Consolidated Statement of Financial Position

Equity and liabilities

Equity attributable to Owners of the Company

Statement of Financial Position

Statement of Financial Position

Equity and liabilities

Equity attributable to Owners of the Company

Perpetual Sukuk holder 30 - - - - - (57,500) (57,500)

Transaction with Owners

At 1 January 2020 5,114,341 997,842 (54,205) (18,031) 758 3,284,671 9,325,376

Statements of Changes In Equity

Attributable to Owners of the Company

At 1 January 2019 5,114,341 997,842 220,192 6,332,375

At 1 January 2020 5,114,341 997,842 231,211 6,343,394

Statements of Cash Flows

Cash flows from operating activities

Statements of Cash Flows