BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

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86 N O T E S T O T H E A C C O U N T S 30 APRIL 1998 7 DEVELOPMENT PROPERTIES Group 1998 1997 RM’000 RM’000 Freehold land 1,224,572 1,166,502 Leasehold land 178,380 28,399 Development expenditure 559,876 507,301 Interest capitalised 191,316 109,393 Attributable profits 166,443 162,171 2,320,587 1,973,766 Progress billings (591,840) (569,269) Transfer to stocks (1,022) (15,188) 1,727,725 1,389,309 Properties costing RM1,090,197,000 (1997: RM869,125,000) have been pledged to financial institutions for credit facilities granted to subsidiary companies. 8 CREDITORS Group Company 1998 1997 1998 1997 RM’000 RM’000 RM’000 RM’000 Trade creditors 444,971 856,110 - - Other creditors and accruals 1,397,264 1,380,661 29,027 80,123 Amount payable for acquisition of - subsidiary company - 232 - - - associated company - 10,076 - - - properties 150,115 120,092 - - Amounts due to subsidiary companies - - 1,634,202 836,437 Amounts due to associated companies 407 138 2 8 Block discounting creditors - portion repayable within 12 months (Note 19) 29,083 27,498 - - Unexpired interest (5,659) (3,966) - - 23,424 23,532 - - Hire purchase and leasing creditors (Note 19) 50,701 31,026 554 559 2,066,882 2,421,867 1,663,785 917,127 Included in other creditors and accruals of life insurance business is an amount to be transferred to shareholders’ funds of RM24,742,000 (1997: RM24,433,000). The amounts due to subsidiary companies are unsecured, interest bearing and have no fixed terms of repayment. The amount in respect of block discounting creditors is secured by assignment of the rights under leasing and hire purchase agreements.
87 N O T E S T O T H E A C C O U N T S 30 APRIL 1998 9 SHORT TERM BORROWINGS Group Company 1998 1997 1998 1997 RM’000 RM’000 RM’000 RM’000 Secured Long term loans - portion repayable within 12 months (Note 18) 383,113 86,909 50 50 Short term loans 717,025 746,866 - - Bank overdrafts 395,591 429,869 133,651 49,770 Revolving credits 598,890 909,858 174,379 153,645 Trade financing facilities 204,763 71,629 - - Unsecured 2,299,382 2,245,131 308,080 203,465 Long term loans - portion repayable within 12 months (Note 18) 1,450 1,000 - - Short term loans - 26,496 - - Bank overdrafts 109,606 18,108 - - Revolving credits 4,000 5,000 - - Trade financing facilities 124,288 211,669 - - 239,344 262,273 - - 2,538,726 2,507,404 308,080 203,465 The secured bank overdrafts, revolving credits, short term loans and trade financing facilities are secured by way of fixed charges on certain landed properties of the Group, certain quoted investments of the Group and the Company, or fixed and floating charges over the other assets of certain subsidiary companies. The borrowings bear interest at rates ranging from 1% to 4% (1997: 1% to 3%) per annum above the financial institutions’ applicable lending rates for the Group and from 1% to 2% (1997: 1% to 2%) per annum above the financial institutions’ applicable lending rates for the Company. 10 BONDS AND CONVERTIBLE UNSECURED LOAN STOCKS Group 1998 1997 RM’000 RM’000 Unsecured 5% Redeemable Unsecured Bonds 1994/1999 with Detachable Warrants (Note a) 147,749 - 5% Redeemable Unsecured Bonds 1993/1998 with Detachable Transferable Subscription Rights (Note b) 73,598 - 6% Redeemable Convertible Unsecured Loan Stocks 1993/1998 (Note c) 13,709 - 9% Redeemable Convertible Unsecured Loan Stocks 1992/1997 (Note d) - 4,515 Notes: 235,056 4,515 (a) 5% Redeemable Unsecured Bonds 1994/1999 with Detachable Warrants. The 5% Redeemable Unsecured Bonds 1994/1999 (“Bonds”) at nominal value of RM1.00 each are constituted by a Trust Deed dated 31 January 1994 made by a subsidiary company, <strong>Berjaya</strong> Land <strong>Berhad</strong> and the Trustee for the holders of the Bonds. Interest on the Bonds is payable semi-annually in arrears. The Bonds will mature on 10 April 1999.
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Strength In Diversity BERJAYA GROUP
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The corporate logo comprises the wo
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TAN SRI DATO’ TAN KOK PING EXECUT
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5 Corporate Profile The Berjaya Gro
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VACATION TIME-SHARE, HOTELS, RESORT
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9 Financial Highlights RM million T
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BEFORE CHANGE IN SHAREHOLDING * 199
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13 Group Addresses BERJAYA MAHE BEA
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15 Group Addresses RESTAURANTS ROAD
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17 Penyata Pengerusi Kegawatan ekon
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19 Penyata Pengerusi Pada bulan Jun
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151 F O R M O F P R O X Y BERJAYA G
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BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

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