KLInfra-AnnualReport2004 (1.1MB).pdf - Announcements - Bursa ...

KL Infrastructure Group Berhad (Company No. 425654-M) (Incorporated in Malaysia) and its subsidiaries
3. Project development expenditure (continued)
Capitalised in project development for the year are the following: Group
2004 2003
RM’000 RM’000
Depreciation of property, plant and equipment 35 96
Director’s remuneration - 885
Interest expense on
- Hire purchase 7 12
- Government support, infrastructure and term loans 23,295 64,902
Construction works payable to related companies 50,093 136,230
Project management fees payable to a related company 4,337 8,100
Staff costs capitalised 1,853 4,393
Project management fees payable to a related company
overprovided in previous years - (5,829)
Credit received on prior year project management - (399)
Interest income (360) (959)
Interest is capitalised in project development at a rate of 6.36% to 10.94% (2003 -7.49% to 10.94%) per annum for
hire purchase liabilities and 5% to 8.3% (2003 - 5% to 8.3% per annum) for the Government support, infrastructure
and term loans.
Included in the staff cost capitalised is RM125,000 which relates to contributions to the Employees’ Provident Fund.
The KL Monorail is predominantly constructed on State or Reserve land with some encroachment on private land.
Pursuant to the Concession Agreement, the Government has acquired those encroached land and has also delivered
the land rights to the Group.
4. Investments in subsidiaries
Company
2004 2003
RM’000 RM’000
Unquoted shares, at cost 260,325 162,029
Details of the subsidiaries are as follows:
Effective
Country of ownership
Name of Company Principal activities incorporation interest
2004 2003
KL Monorail System Holder of a concession Malaysia 100% 100%
Sdn. Bhd. (“KLMS”) * agreement on a build,
operate, and transfer
basis of an elevated
monorail transit system
called the KL Monorail
for a period of 40 years
from 15 December 2000.
Monorail Multimedia Providing advertising space Malaysia 100% -
Sdn. Bhd. on columns and stations
along the KL Monorail
project route.
Monorail City Property development. Malaysia 100% -
Development Sdn.
Bhd. and its
subsidiary :
Jalan-Jalan Xintiandi Dormant. Proposed to Malaysia 100% -
Development Sdn. Bhd. be in the business of
property management.
* Not audited by KPMG.
KL Infrastructure Group Bhd Annual Report 2004 39