Income Statements for the financial year ended 31 December 2021 Group Company 2021 2020 2021 2020 Note RM'0 00 RM'0 00 RM'OOO RM'00 0 Restated Revenue 4(a) 1,836,186 3,274,399 Other income 4(b) 111,704 342,718 92 3,774 Operating expenses - Staff costs 5(a) (795,638) (1,166,181) (35,847) (14,095) - Depreciation of property, plant and equipment 11 (164,685) (150,920) - Depreciation of right-of-use assets 29 (1,655,887) (1,922,078) - Aircraft fuel expenses 7(a) (393,941) (1,962,679) - Maintenance and overhaul 7(b) (480,619) 533,746) - User charges 7(c) (760,537) (703,567) Other operating expenses 6 (542,192) (2,600,200) (22,946) (247,647) Operating loss (2,845,609) 5,422,254) (58,701) (257,968) Finance income 8(a) 35,314 115,944 40 298 Finance cost B(b) (679,807) 713,651) (1) (2) Net operating loss (3,490,102) (6,019,961) (58,662) (257,672) Foreign exchange (losses)/gains B(c) (71,084) 444,763 (5,186) 533 Net fair value gains/(losses) on derivatives B(d) 31,377 (141,953) Gain on disposal of investment in an associate 14 152,911 Fair value of retained interest in a previous associate 14 76,456 Share of results of joint ventures (453) (693) Share of results of associates (44,774) (62,822) Loss before taxation (3,575,036) (5,551,299) (63,848) (257,139) Taxation - Current taxation (4,974) (17 ,803) 150 (4,461) - Deferred taxation (140,765) (318, 826) (145,739) 336,629) 150 4,461) Net loss for the financial year (3,720,775) (5,887,928) (63,698) (261,600) Net loss for the financial year attributable to: - Owners of the Company (2,991,075) (5,111,667) - Non-controlling interests 729,700) (776,261) (3,720,775) 5,887,928) Loss per share attributable to owners of the Company (sen) - Basic 10 (79.0) (153.0) - Diluted 10 (79.0) (153.0)Statements of Financial Position as at 31 December 2021 Group Company 2021 2020 2021 2020 Note RM'OOO RM'OOO RM'OOO RM'OOO Restated Non-current assets Property, plant and equipment 11 933,474 1,085,639 Right-of-use assets 29 9,750,711 9,444,946 Finance lease receivables 29 266,233 505,499 Investment in subsidiaries 12 8,544,641 8,295,541 Investment in a joint venture 13 878 1,332 Investment in associates 14 438.004 482,754 Investment securities 15 243,323 472,719 175,291 Intangible assets 16 833,450 640,553 Deferred tax assets 17 738,760 774,155 Receivables and prepayments 18 3,599,414 3,106,941 Deposits on aircraft purchase 19 610,489 590,179 Derivative financial instruments 20 165,397 165,397 17,580,133 17,104,717 8,710,038 8,470,832 Current assets Inventories 21 153,600 141,421 Receivables and prepayments 18 608,405 1,105,069 80 18 Finance lease receivables 29 224,144 432,666 Derivative financial instruments 20 77,808 Amount due from subsidiaries 22 1,091,879 545,558 Amounts due from associates 23 67,285 360,385 10,260 Amounts due from related parties 24 134,153 107,047 1,150 637 Tax recoverable 5408 3,442 150 Deposits, cash and bank balances 25 1,256,753 533,278 561,887 859 2,449,748 2,761,116 1,665,406 547,072 Statements of Financial Position (cont'd.) as at 31 December 2021 Group Company 2021 2020 202 2020 Note RM'OOO RM'OOO RM'OOO RM'000 Restated Less: Current liabilities Trade and other payables 26 2,308,897 2,508,900 7,666 7,209 Aircraft maintenance provisions and liabilities 27 976,633 711,764 Sales in advance 930,510 933,376 Amounts due to subsidiaries 22 213,099 462,178 Amounts due to associates 23 43,297 35,907 Amounts due to related parties 24 129,717 49,923 Borrowings 28 887,228 1,016,312 Lease liabilities 29 3,905,769 3,247,138 Tax payables 21,873 25,629 1,627 Derivative financial instruments 20 134,655 9,203,924 8,663,604 220,765 471,014 Net current (liabilities)/assets (6,754,176) (5,902,488) 1,444,641 76,058 Non-current liabilities Other payables 26 292,691 273,455 Aircraft maintenance provisions and liabilities 27 4,860,637 4,857,292 Deferred tax liabilities 17 169477 18,132 32,892 Borrowings 28 1,422,661 272,557 822,437 Lease liabilities 29 10,389,525 9,188,102 Derivative financial instruments 20 32,785 64,818 Provision for retirement benefits 30 81,084 97,667 17,248,860 14,772,023 855,329 (6,422,903) (3,569,794) 9,299,350 8,546,890 Capital and reserves Share capital 31 8,457,172 8,023,268 8,457,172 8,023,268 Merger deficit 33 (5,507,594) (5,507,594) Foreign exchange reserve (118,439) (57,378) (Accumulated losses)/retained earnings (6,374,760) (3,447,215) 569,038 605,523 Reserves 34 161,321 (225,368) 273,140 (81,901) Total shareholders' (deficit)/funds (3,382,300) (1,214,287) 9,299,350 8,546,890 Non-controlling interests 12 (3,040,603) (2,355,507) Total equity (6,422,903) (3,569,794) 9,299,350 8,546,890Statements of Cash Flow for the financial year ended 31 December 2021 Group Company 2021 2020 2021 2020 Note RM'OOO RM'OOO RM'OOO RM'OOO Cash flows from operating activities Loss before taxation (3,575,036) (5,551,299) (63,848) (257,139) Adjustments for: Property, plant and equipment - depreciation 71 164,68 150,920 - gain on disposals 4(b) 32.921) (184,139) - write off 71 313 5,588 - impairment 43,670 Right-of-use assets - depreciation 1.655.887 1,922,078 - impairment 552,290 Loss on recognition of finance lease receivables $1.187 Amortisation of intangible assets 975 282 Impairment/(Reversal of impairment) on - trade and other receivables 3,081 397,959 - amounts due from associates 4,883) 264,071 269) 213,710 - amounts due from related parties 14.293 615,578 637 - investment in an associate 59,272 finance lease receivables 2,856 90,03 - intangible assets 5,094 Share-based payments 5,968 Dividend income from - investment securities (5,033) (3.637) Share of results of - joint ventures 453 693 - associates 14.750 62,822 Gain on disposal of investment in: - an associate 14 (152,912) (Reversal)/provision for retirement benefits (3,429) 16,209 Aircraft maintenance provisions 27 232,83 192,163 Net fair value (gain)/losses on derivatives 3(d) (31,377) 141,953 Remeasurement gain on retained interest in a previous associate (76,456) Net unrealised foreign exchange loss/(gain) 8(c) 49,996 (436,255) 7184 (2,300 Operating loss 1,425,275) 1,890,511) 56, 258) 49,366) Interest expense 8(b) 179,763 135,440 Interest expense - lease liabilities 8 (b ) 00,044 578.211 Interest income 8 (a) (19,171) (65,176) 40) (29 8) Interest income - finance lease receivables 8 (a) (16,143) (50,768) (780,782) (1,292,804) (56,297) (49,662) Statements of Cash Flow (cont'd.) for the financial year ended 31 December 2021 Group Company 2021 2020 2021 2020 Note RM'OOO RM'OOO RM'OOO RM'OOO Cash flows from operating activities (cont'd.) Changes in working capital: Inventories (12,179) 6,969 Receivables and prepayments 9.933 192,932 (21) 2,706 Payables and provisions 142,227 250,994 471 5.371 Sales in advance (2,897) (234,200) Amounts due from/to subsidiaries, associates, joint venture and related parties 356,619 (1,016,999) (908,788 54,008 Cash (used in)/generated from operations (571,533) (2,093,108) (964,635) 2,423 Interest paid (93,917) (58,707) ( 2) Interest received 1,456 10,908 298 Taxes paid (4,580) (25,298) 1,627) (2,834) Retirement benefits paid (9.125) (2,042) Net cash (used in)/generated from operating activities 677,699) (2,168,247) (966,262) 9.885 Cash flows from investing activities Property, plant and equipment - additions (47,804) (94,686 - proceeds from disposals 81,209 277 313 Addition in intangible assets 16 2,327 (5,811 Net cash from investing activities 31,078 176,816 Proceeds from disposal of. - an associate 152,912 239,979 . . - an investment security 239,979 Net changes: - deposits pledged as securities and restricted cash (11,440) 8.998 deposits with licensed banks with maturity period of more than 3 months (9) 9450 investment securities 9 587 (4,600) (4,377) Dividend received from: - investment securities 3,637 3,637 Acquisition of: - subsidiaries net of cash acquired 12 22,598) Additional subscription of shares in - subsidiaries (322) (49.412 - a joint venture (2,025) Receipt of finance lease receivables 02.440 134,128 Net cash generated from/(used in) investing activities 381,150 489,316 239,657 (50,152) Group Company 202 2020 2021 2020 Note M'OOO RM'OOO RM'OOO RM'OOO Cash flows from financing activities Proceeds from issuance of shares 336,464 336,464 Proceeds from issuance of RCUIDS 974,513 974,513 Proceeds from borrowings 771,334 604.585 Repayment of borrowings (565,102) (136,867) Payment of lease liabilities (423,777) (880,201) Transaction costs on issuance of shares and RCUIDS (23,084) (23.084) Net cash generated from/(used in) financing activities 1,070,348 (412,483) 1,287,893 Net increase/(decrease) for the financial year 773,799 (2,091,414) 561,288 (40,267) Currency translation differences (69,660) 65,043 (260) cash and cash equivalents at beginning of the financial year 165,905 2,492,27 859 41.126 Cash and cash equivalents at end of the financial year 1,177,931 465,905 561,887 859 For the purposes of the cash flow statements, cash and cash equivalents include the following: Group Company 202 2020 2021 2020 Note RM'0 00 RM'OOO RM'OOO RM'OO Restated Cash and cash equivalents at end of the financial year 1,177,931 465,905 561,887 Add Deposits pledged as securities and restricted cash 77.745 66,305 Deposits with licensed banks with maturity period of more than 3 months 1.077 1.068 Deposits, cash and bank balances at the end of the financial year 25 1,256,753 533,278 561,887 859 The deposits and restricted cash amounting to RM77.7 million (2020: RM66.3 million) are pledged as securities for banking acilities granted to the Group.Statements of Cash Flow for the financial year ended 31 December 2021 Group Company 2021 2020 2021 2020 Note RM'OOO RM'OOO RM'OOO RM'OOO Cash flows from operating activities Loss before taxation (3,575,036) (5,551,299) (63,848) (257,139) Adjustments for: Property, plant and equipment - depreciation 71 164,68 150,920 - gain on disposals 4(b) 32.921) (184,139) - write off 71 313 5,588 - impairment 43,670 Right-of-use assets - depreciation 1.655.887 1,922,078 - impairment 552,290 Loss on recognition of finance lease receivables $1.187 Amortisation of intangible assets 975 282 Impairment/(Reversal of impairment) on - trade and other receivables 3,081 397,959 - amounts due from associates 4,883) 264,071 269) 213,710 - amounts due from related parties 14.293 615,578 637 - investment in an associate 59,272 finance lease receivables 2,856 90,03 - intangible assets 5,094 Share-based payments 5,968 Dividend income from - investment securities (5,033) (3.637) Share of results of - joint ventures 453 693 - associates 14.750 62,822 Gain on disposal of investment in: - an associate 14 (152,912) (Reversal)/provision for retirement benefits (3,429) 16,209 Aircraft maintenance provisions 27 232,83 192,163 Net fair value (gain)/losses on derivatives 3(d) (31,377) 141,953 Remeasurement gain on retained interest in a previous associate (76,456) Net unrealised foreign exchange loss/(gain) 8(c) 49,996 (436,255) 7184 (2,300 Operating loss 1,425,275) 1,890,511) 56, 258) 49,366) Interest expense 8(b) 179,763 135,440 Interest expense - lease liabilities 8 (b ) 00,044 578.211 Interest income 8 (a) (19,171) (65,176) 40) (29 8) Interest income - finance lease receivables 8 (a) (16,143) (50,768) (780,782) (1,292,804) (56,297) (49,662) Statements of Cash Flow (cont'd.) for the financial year ended 31 December 2021 Group Company 2021 2020 2021 2020 Note RM'OOO RM'OOO RM'OOO RM'OOO Cash flows from operating activities (cont'd.) Changes in working capital: Inventories (12,179) 6,969 Receivables and prepayments 9.933 192,932 (21) 2,706 Payables and provisions 142,227 250,994 471 5.371 Sales in advance (2,897) (234,200) Amounts due from/to subsidiaries, associates, joint venture and related parties 356,619 (1,016,999) (908,788 54,008 Cash (used in)/generated from operations (571,533) (2,093,108) (964,635) 2,423 Interest paid (93,917) (58,707) ( 2) Interest received 1,456 10,908 298 Taxes paid (4,580) (25,298) 1,627) (2,834) Retirement benefits paid (9.125) (2,042) Net cash (used in)/generated from operating activities 677,699) (2,168,247) (966,262) 9.885 Cash flows from investing activities Property, plant and equipment - additions (47,804) (94,686 - proceeds from disposals 81,209 277 313 Addition in intangible assets 16 2,327 (5,811 Net cash from investing activities 31,078 176,816 Proceeds from disposal of. - an associate 152,912 239,979 . . - an investment security 239,979 Net changes: - deposits pledged as securities and restricted cash (11,440) 8.998 deposits with licensed banks with maturity period of more than 3 months (9) 9450 investment securities 9 587 (4,600) (4,377) Dividend received from: - investment securities 3,637 3,637 Acquisition of: - subsidiaries net of cash acquired 12 22,598) Additional subscription of shares in - subsidiaries (322) (49.412 - a joint venture (2,025) Receipt of finance lease receivables 02.440 134,128 Net cash generated from/(used in) investing activities 381,150 489,316 239,657 (50,152) Group Company 202 2020 2021 2020 Note M'OOO RM'OOO RM'OOO RM'OOO Cash flows from financing activities Proceeds from issuance of shares 336,464 336,464 Proceeds from issuance of RCUIDS 974,513 974,513 Proceeds from borrowings 771,334 604.585 Repayment of borrowings (565,102) (136,867) Payment of lease liabilities (423,777) (880,201) Transaction costs on issuance of shares and RCUIDS (23,084) (23.084) Net cash generated from/(used in) financing activities 1,070,348 (412,483) 1,287,893 Net increase/(decrease) for the financial year 773,799 (2,091,414) 561,288 (40,267) Currency translation differences (69,660) 65,043 (260) cash and cash equivalents at beginning of the financial year 165,905 2,492,27 859 41.126 Cash and cash equivalents at end of the financial year 1,177,931 465,905 561,887 859 For the purposes of the cash flow statements, cash and cash equivalents include the following: Group Company 202 2020 2021 2020 Note RM'0 00 RM'OOO RM'OOO RM'OO Restated Cash and cash equivalents at end of the financial year 1,177,931 465,905 561,887 Add Deposits pledged as securities and restricted cash 77.745 66,305 Deposits with licensed banks with maturity period of more than 3 months 1.077 1.068 Deposits, cash and bank balances at the end of the financial year 25 1,256,753 533,278 561,887 859 The deposits and restricted cash amounting to RM77.7 million (2020: RM66.3 million) are pledged as securities for banking acilities granted to the Group