WCT-Page 30 to ProxyForm (2.4MB).pdf - Announcements - Bursa ...

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11. CONCESSION ASSETS WCT Berhad (66538-K) annual report 2011 Group 2011 2010 RM'000 RM'000 Intangible assets Cost At 1 January - - Additions 129,732 - At 31 December 129,732 - On 22 September 2011, the Company entered into a concession agreement with Malaysia Airports Holdings Berhad and Segi Astana Sdn. Bhd. ("SASB" or "Concession Company") for the privatisation of the construction, development and financing of the Integrated Complex ("Integrated Complex") at KLIA2 on a build-operate-transfer model ("the Project"). The concession is for a period of up to twenty-five (25) years and may be extended for a futher period of ten (10) years at the option of the Concession Company. The commencement date of the concession was 1 August 2011. Upon the expiry of the concession period, SASB shall transfer the Integrated Complex including the building, fittings and relevant documents at no cost to Malaysia Airports Holdings Berhad. Further information on the concession assets are disclosed in Note 49(c). 12. INVENTORIES Group Company 2011 2010 2011 2010 RM'000 RM'000 RM'000 RM'000 Consumable stocks, at cost 4,558 14,424 - - Properties held for sale, at cost 38,427 48,351 5,008 6,748 Properties held for sale, at net realisable value 8,446 11,618 5,845 8,177 51,431 74,393 10,853 14,925 The Group and the Company wrote-down cost of properties of RM Nil (2010: RM902,705) and RM Nil (2010: RM902,705) respectively during the financial year. The costs of inventories recognised as an expense inclusive of the write-down mentioned above, are disclosed in Note 39. 133 NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 cont’d
134 WCT Berhad (66538-K) annual report 2011 NOTES TO THE FINANCIAL STATEMENTS 31 December 2011 cont’d 13. TRADE RECEIVABLES Group Company 2011 2010 2011 2010 RM'000 RM'000 RM'000 RM'000 Current Trade receivables Retention sum on contracts receivable due 423,068 560,157 224,348 170,059 within one year 185,130 263,338 27,941 26,474 Due from contract customers 35,863 43,805 16,765 608 644,061 867,300 269,054 197,141 Less: Provision for doubtful debts (9,999) (12,706) (3,526) (10,261) 634,062 854,594 265,528 186,880 Non-current Trade receivables Retention sum on contracts receivable due 14,896 21,548 - - after one year 139,581 162,242 47,886 39,467 Due from contract customers 220,163 205,534 - - 374,640 389,324 47,886 39,467 Total 1,008,702 1,243,918 313,414 226,347 Details of the Group's trade receivables subject to arbitration proceedings are disclosed in Note 51. (a) Credit risk The Group’s primary exposure to credit risk arises through its trade receivables. The normal credit term ranges from 30 to 90 days (2010: 30 to 90 days). Other credit terms are assessed and approved on a case-by-case basis. The Group seeks to maintain strict control over its outstanding receivables and has a credit control department to minimise credit risk. Overdue balances are reviewed regularly by senior management. Trade receivables are non-interest bearing. In determining the recoverability of a contract and trade receivables, the Group considers any change in the credit quality of the contract and trade receivables from the date the credit was initially granted up to the reporting date. At the reporting date, management has taken the current market conditions into account when assessing the credit quality of contract and trade receivables. The project directors also hold regular meetings with contract customers to renegotiate payment terms and to ensure the credit-worthiness of the ultimate end-users. In view of the aforementioned and the fact that the Group's and the Company's trade receivables are unrelated and in large number, there is no significant concentration of credit risk except as discussed below and in Note 51. Accordingly, after taking all pertinent considerations, the Directors believe that no further provision is required in excess of the provision for doubtful debts already made.
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financial statements Directors’ R
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DIVIDENDS cont’d In respect of th
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DIRECTORS' INTERESTS cont’d Taing
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ISSUE OF SHARES Ordinary shares WCT
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OTHER STATUTORY INFORMATION cont’
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REPORT ON THE FINANCIAL STATEMENTS
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Non-current assets WCT Berhad (6653
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WCT Berhad (66538-K) annual report
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Group WCT Berhad (66538-K) annual r
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Company WCT Berhad (66538-K) annual
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Cash flows from investing activitie
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1. CORPORATION INFORMATION WCT Berh
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Page 116 and 117: 24. TERM LOANS Secured WCT Berhad (
Page 118 and 119: 26. ISLAMIC SERIAL REDEEMABLE BONDS
Page 120 and 121: 29. SHARE CAPITAL WCT Berhad (66538
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Page 132 and 133: 33. NON�CONTROLLING INTEREST WCT
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47. FINANCIAL INSTRUMENTS cont’d
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49. SIGNIFICANT EVENTS During the f
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50. SUBSEQUENT EVENTS cont’d (i)
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51. CONTRACT DISPUTE cont’d State
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52. SEGMENT INFORMATION cont’d Bu
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52. SEGMENT INFORMATION cont’d Ge
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No. Location Description 1. Master
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No. Location Description 7. Seven (
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(2) Thirty Largest Shareholders con
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(2) Thirty Largest ICPS Holders WCT
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(2) Thirty Largest Warrants Holders
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(2) Thirty Largest Warrants Holders
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(2) Directors’ Interests in Warra
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WCT Berhad (66538-K) annual report
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Meeting : 31st Annual General Meeti
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I/We WCT Berhad (66538-K) (Incorpor
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IXORA CAMELLIA Double-storey bungal
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