Change - S P Setia Berhad

114
Annual report 2008
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2008
17. INVENTORIES
2008 2007
At net
At net
realisable
realisable
At cost value Total At cost value Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Stock of completed properties 24,445 500 24,945 15,885 525 16,410
Raw materials 3,476 – 3,476 2,773 – 2,773
Work-in-progress 697 – 697 14 – 14
Finished goods 86 – 86 33 – 33
Consumable goods 426 – 426 90 – 90
29,130 500 29,630 18,795 525 19,320
18. ACCRUED BILLINGS/PROGRESS BILLINGS
Group
Company
2008 2007 2008 2007
RM’000 RM’000 RM’000 RM’000
Revenue recognised in income statement to-date 2,973,336 2,556,949 – –
Progress billings to-date (2,945,856) (2,564,028) – –
27,480 (7,079) – –
Accrued billings 56,164 55,725 – –
Progress billings (28,684) (62,804) – –
27,480 (7,079) – –
19. TRADE RECEIVABLES
Group
Company
2008 2007 2008 2007
RM’000 RM’000 RM’000 RM’000
Gross progress billings receivable 192,632 151,721 3,568 502
Gross retention sums receivable 40,603 50,706 891 891
Other gross receivables 11,055 10,909 – –
Total gross receivables 244,290 213,336 4,459 1,393
Allowance for doubtful debts (3,634) (3,353) (1,393) (1,393)
240,656 209,983 3,066 –
The progress billings are due within 14 to 90 days as stipulated in construction contracts and sale and purchase agreements.
The retention sums are due upon the expiry of the defect liability period stated in the respective construction contracts or sale
and purchase agreements. The defect liability periods range from 6 to 24 months.
Other receivables are collectible within 14 to 90 days.