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092 SapuraCrest Petroleum Berhad Annual Report 2010 noteS to the FinAnCiAl StAtementS 31 January 2010 2. SigniFiCAnt ACCounting PoliCieS (Cont’D) 2.4 Significant accounting estimates and judgements (cont’d) (a) Critical judgement made in applying accounting policies (cont’d) treatment of contract variation Included in the financial statements are values of change orders that have not yet been approved which are at various stages of process with the customers. These are included in Note 22. In this respect, the values are estimated based on the management’s assessment and judgement as to the realisable amount. The complexity of estimation process, risks and uncertainties will affect the amounts reported in the financial statements. Depending on the outcome of negotiations with customers, this could result in reduction/increase in attributable profits/ losses. The directors are of the opinion that the change orders recognised in the financial statements represents the best estimate, with justifiable grounds for the claims submitted and favourable progress of discussions with the customers. (b) Key sources of estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: (i) impairment of goodwill The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value-in-use of the cash-generating units (“CGU”) to which goodwill is allocated. 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. The carrying amounts of goodwill as at 31 January 2010 were RM149,012,000 (2009: RM149,012,000). Further details are disclosed in Note 14. (ii) Construction contracts The Group recognises construction contracts revenue and expenses in the income statement by using the stage of completion method. The stage of completion is determined by the proportion that construction contracts costs incurred for work performed to date bear to the estimated total construction contracts costs. Significant judgement is required in determining the stage of completion, the extent of the construction contracts costs incurred, the estimated total construction contracts revenue and costs, as well as the recoverability of the construction projects. In making the judgement, the Group evaluates based on past experience and by relying on the work of specialists. (iii) Depreciation of vessels, plant and equipment The cost of vessels, plant and equipment is depreciated on a straight-line basis over the assets’ useful lives. Management estimates the useful lives of these vessels, plant and equipment to be within 2 to 30 years. These are common life expectancies applied in the industry. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore future depreciation charges could be revised. (iv) Deferred tax assets Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the 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.
3. Revenue Revenue of the Group and of the Company, consists of the following: group Company 2010 2009 2010 2009 Rm’000 Rm’000 Rm’000 Rm’000 Installation of pipelines and facilities 1,714,289 1,892,510 — — Offshore drilling services 844,286 905,561 — — Marine services 645,897 615,922 — — Operations and maintenance 52,571 37,709 — — Dividend income — — 95,624 66,070 Management fees from subsidiaries — — 50,442 31,664 3,257,043 3,451,702 146,066 97,734 4. CoSt oF SAleS Cost of sales comprise of costs related to construction contracts, services rendered and inventories sold. 5. otheR inCome group Company 2010 2009 2010 2009 Rm’000 Rm’000 Rm’000 Rm’000 Interest income 2,226 6,345 10,801 11,753 Reserves arising from: - acquisition of a subsidiary (Note 37) 5,982 — — — - additional investment in a subsidiary (Note 37) 5,810 — — — Miscellaneous income 9,402 6,911 4,658 83 23,420 13,256 15,459 11,836 093 SapuraCrest Petroleum Berhad Annual Report 2010
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SapuraCrest Petroleum Berhad (45631
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BUILDING ON VALUES The theme “bui
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Notes: 1. Proxy Forms A member of t
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005 SapuraCrest Petroleum Berhad An
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FINANCIAL HIGHLIGHTS 31 January 200
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100% Sapura Retail Solutions Sdn Bh
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We set high standards of profession
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Tan Sri Datuk Amar (Dr.) Hamid Bugo
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Appointments held by Datuk Shahril
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Gee Siew Yoong (Independent Non-Exe
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MANAGEMENT Chief Executive Officer
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Page 44: We will continually build up our kn
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Page 59 and 60: STATEMENT OF DIRECTORS’ RESPONSIB
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Page 71 and 72: Report on other legal and regulator
Page 73 and 74: BAlAnCe SheetS As at 31 January 201
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36. Segment inFoRmAtion (Cont’D)
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36. Segment inFoRmAtion (Cont’D)
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37. SuBSiDiARieS AnD ACtivitieS Det
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37. SuBSiDiARieS AnD ACtivitieS (Co
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ANALYSIS OF SHAREHOLDINGS As at 21
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SUBSTANTIAl SHAREHOlDERS Based on R
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No. Name No. of Shares Held % 23 CH
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PROXY FORM I/We of being a Member o
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