BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

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90 N O T E S T O T H E A C C O U N T S 30 APRIL 1998 12 FIXED ASSETS (CONTINUED) Company As at As at 1.5.1997 Additions Disposals 30.4.1998 RM’000 RM’000 RM’000 RM’000 At cost Renovation, equipment, furniture and fittings 4,445 660 29 5,076 Motor vehicles 4,709 1,007 163 5,553 Accumulated Depreciation 9,154 1,667 192 10,629 Renovation, equipment, furniture and fittings 1,661 654 7 2,308 Motor vehicles 2,417 933 159 3,191 Net Book Value 4,078 1,587 166 5,499 As at As at 30.4.1998 30.4.1997 RM’000 RM’000 Renovation, equipment, furniture and fittings 2,768 2,784 Motor vehicles 2,362 2,292 5,130 5,076 Long leasehold land comprises leasehold interests with an unexpired term in excess of 50 years. Long leasehold land and buildings and long leasehold hotel properties of the Group stated at valuations were revalued in 1992 by the Directors based on valuations carried out by professional valuers. In 1996, the hotel properties with a net book value of RM466,046,000 at 30 April 1996 were appraised by firms of professional valuers giving a valuation of RM526,689,000 based on open market value basis which resulted in a revaluation surplus of RM60,643,000. As a matter of prudence, the Directors did not recommend for the surplus to be incorporated in the accounts. The cost of fixed assets acquired under finance leases and hire purchase agreements amounted to RM132,745,000 (1997: RM107,850,000) for the Group and RM4,333,000 (1997: RM3,937,000) for the Company. Included in the cost of capital work-in-progress is interest capitalised amounting to RM1,827,000 (1997: RM74,000). Properties and aircraft costing RM1,044,218,000 (1997: RM587,250,000) have been pledged to financial institutions for facilities granted to subsidiary companies. The depreciation of fixed assets of the Group as disclosed in Note 25 includes depreciation charge of RM1,127,000 (1997: RM5,594,000) relating to subsidiary companies disposed of during the year. The depreciation charge of the Group for the year includes:- (i) RM348,000 (1997: RM255,000) capitalised as part of deferred expenditure by a subsidiary company; (ii) RM2,264,000 (1997: RM1,851,000) attributable to the life assurance subsidiary company which is included as part of the life assurance revenue account; and (iii) RM3,868,000 (1997: RM282,000) in respect of depreciation charge by certain subsidiary companies before they became members of the Group.
91 N O T E S T O T H E A C C O U N T S 30 APRIL 1998 13 OTHER INVESTMENTS Group Company 1998 1997 1998 1997 RM’000 RM’000 RM’000 RM’000 Quoted investments in Malaysia - shares 494,622 451,147 - - - unsecured loan stocks 19,994 27,571 - - - unit trust 20,000 - - - - TSR, options 7,444 205,234 - 4 Quoted investments outside Malaysia - shares 55,203 92,532 - - 597,263 776,484 - 4 Malaysian Government Securities 237,793 120,617 - - Malaysian Government Guaranteed loan 4,594 5,259 - - Unquoted shares 129,393 60,547 49,667 28,965 Unquoted guaranteed bonds 171,289 97,531 - - Treasury bills 43,738 110,926 - - Debentures in unquoted corporations 1,000 1,000 - - Loan stocks in unquoted corporations 6,911 - 6,461 - Golf clubs corporate memberships 880 460 - - Sinking fund investments (Note 5) - 141,581 - - 1,192,861 1,314,405 56,128 28,969 Provision for diminution in value (68,921) (2,805) - - Market value: 1,123,940 1,311,600 56,128 28,969 Quoted investments in Malaysia - shares 246,067 653,005 - - - unsecured loan stocks 18,191 18,951 - - - unit trust 17,318 - - - - TSR, options 4,506 385,712 - 1,950 Quoted shares outside Malaysia 67,941 92,239 - - Malaysian Government Securities 228,020 122,135 - - Investments with a total book value of RM695,332,000 (1997: RM684,530,000) are held by the insurance subsidiary companies of the Group. Provision for diminution in value of certain quoted investments in Malaysia has not been made as the Directors are of the opinion that the diminution is temporary in nature. 14 INVESTMENT PROPERTIES Group Company 1998 1997 1998 1997 RM’000 RM’000 RM’000 RM’000 Freehold land and buildings - at valuation 281,577 274,840 - - - at cost 341,423 257,748 - - Leasehold land and buildings - at cost 40,530 30,904 3,409 3,409 663,530 563,492 3,409 3,409 The freehold land and buildings were revalued by the Directors on 22 May 1990 based on independent professional valuations. In 1996, the investment properties with a net book value of RM362,124,000 at 30 April 1996 were re-appraised to give a valuation of RM553,490,000 based on open market value on an existing use basis by independent firms of professional valuers which resulted in a revaluation surplus of RM191,366,000. As a matter of prudence, the Directors did not recommend that the surplus be incorporated in the accounts.
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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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BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

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