Change - S P Setia Berhad

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122 Annual report 2008 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2008 29. DEFERRED TAX LIABILITIES (cont’d) The deferred tax liabilities on temporary differences recognised in the financial statements were as follows: Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Tax effects of: – construction profit (80) – – – – excess of capital allowances claimed over accumulated depreciation on property, plant and equipment 1,450 2,846 – – – unpaid qualifying expenditure of hire purchase and finance lease liabilities (33) (66) – – – allowance for doubtful debts (143) (143) – – 1,194 2,637 – – 30. TRADE PAYABLES Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Sub-contractors’ claims 107,134 123,193 580 153 Retention sums 96,220 95,471 6,060 11,776 Others 17,396 9,605 190 148 220,750 228,269 6,830 12,077 The normal credit terms extended by sub-contractors and suppliers range from 30 to 90 days. The retention sums are repayable upon the expiry of the defect liability period of 12 to 24 months. Other trade payables are required to be settled within 30 to 60 days.
123 S P <strong>Setia</strong> <strong>Berhad</strong> Group NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2008 31. OTHER PAYABLES AND ACCRUALS Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Redeemable serial bonds interest payable 4,411 – 4,411 – Unsecured advances 8,774 12,493 – – Interest accrued 1,376 961 – – Contract advances received (see note 16) 10,000 1,149 10,000 – Deposits received – from disposal of development lands – 5,619 – – – from Agreement to Lease (see note 21) 3,510 3,510 – – – from others 3,285 2,289 4 6 Unpaid consideration for acquisition of development lands 47,731 – – – Unpaid consideration for property, plant and equipment acquired (see note 42) 50 325 – – Other sundry payables and accruals 38,810 40,166 1,809 3,588 117,947 66,512 16,224 3,594 The unsecured advances are from a minority shareholder of certain subsidiary companies and a joint venture partner. These advances are interest free and payable on demand. 32. SHORT TERM BORROWINGS Secured: Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Current portion of long term loans (see note 26) 33,647 79,831 – – Revolving credit 30,700 30,000 – – Unsecured: Revolving credit – 9,000 – – Bankers’ acceptance 1,758 – – – 66,105 118,831 – – The secured revolving credit of the Group is secured by fixed charges over various land belonging to the Group as indicated in notes 3, 4, 5 and 15 above. The revolving credits bear interests at 0.75% to 1.00% above the lender banks’ cost of funds. The effective interest rates are 4.62% to 5.08% (2007 : 4.49% to 5.10%) per annum. The bankers’ acceptance of the Group bear interest at 4.85% (2007 : Nil) per annum.
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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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