Change - S P Setia Berhad

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112 Annual report 2008 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2008 15. PROPERTY DEVELOPMENT COSTS Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Freehold land at cost 597,950 394,892 – – Leasehold land at cost 21,841 47 – – Development and construction costs 2,092,976 1,655,981 – – Costs recognised as an expense in previous years (1,852,719) (1,335,267) – – At 1 November 860,048 715,653 – – Costs transferred (to)/from land held for property development (see note 5) – freehold land at cost 56,694 41,252 – – – leasehold land at cost (6,650) 14,817 – – – development costs 27,303 7,933 – – Costs transferred from investment properties (see note 4) – freehold land – 18,822 – – Costs incurred during the financial year – freehold land at cost 1,390 180,841 – – – leasehold land at cost – 6,977 – – – development and construction costs 600,305 434,483 – – Exchange differences – development land at cost 319 – – – 679,361 705,125 – – Costs recognised as an expense in the current year (740,010) (557,975) – – Transferred to inventories (13,137) (2,755) – – At 31 October 786,262 860,048 – – Property development costs included above at a carrying amount of RM633,893,000 (2007 : RM583,577,000), have been charged to banks to partially secure the long term loans, revolving credit and bank overdrafts referred to in notes 26, 32 and 33 below. Included under development and construction costs is interest expense of RM19,670,000 (2007 : RM15,965,000) incurred during the financial year.
113 S P <strong>Setia</strong> <strong>Berhad</strong> Group NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2008 16. GROSS AMOUNT DUE FROM/TO CUSTOMERS Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Aggregate contract expenditure incurred to-date 764,932 725,139 376,841 408,403 Attributable profit recognised to-date 64,590 68,697 18,345 19,900 829,522 793,836 395,186 428,303 Progress billings (819,359) (785,535) (396,679) (424,527) 10,163 8,301 (1,493) 3,776 Gross amount due from customers 10,163 8,301 5,080 4,203 Gross amount due to customers – – (6,573) (427) 10,163 8,301 (1,493) 3,776 Progress billings comprise: Progress billings – received 780,312 728,328 386,003 410,190 – receivable 17,575 36,563 2,815 3,028 Retention sums 21,472 20,644 7,861 11,309 819,359 785,535 396,679 424,527 Advances received for contract work not yet performed by the Group and the Company included under other payables and accruals (see note 31) 10,000 1,149 10,000 – Contract expenditure included the following expenses incurred during the financial year: Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Depreciation 653 535 – – Hire of machinery 3,903 3,345 – – Rental expense 81 21 – –
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embracing Change Annual Report 2008
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1 S P Setia Berhad Group Table of c
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3 S P Setia Berhad Group CORPORATE
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7 S P Setia Berhad Group GROUP FINA
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13 S P Setia Berhad Group Corporate
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15 S P Setia Berhad Group CHAIRMAN
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21 S P Setia Berhad Group Setia Ala
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23 S P Setia Berhad Group REVIEW OF
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25 S P Setia Berhad Group REVIEW OF
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29 S P Setia Berhad Group World Env
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41 S P Setia Berhad Group 50% Green
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43 S P Setia Berhad Group Profile o
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45 S P Setia Berhad Group PROFILE O
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S P SETIA BERHAD (19698-X) (Incorpo
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group directory HEAD OFFICE S P SET
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