Change - S P Setia Berhad

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140 Annual report 2008 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2008 49. OTHER COMMITMENTS Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Commitments to purchase development land in (see note 21) – Contracted – Mukim of Pulai, District of Johor Bahru – 204,561 – – – Mukim of Dengkil, District of Sepang – 150,240 – – – Mukim 10 and 12, District of Barat Daya 61,080 – – – – Bandar and Daerah Kuala Lumpur 14,481 21,451 – – – Approved but not contracted – 7,940 – – Contractual commitment to subscribe for preference shares in an existing jointly controlled entity – – – 16,100 Contractual commitment for acquisition of investment properties 5,128 – – – Contractual commitment for acquisition of property, plant and equipment 3,185 47,468 – – 83,874 431,660 – 16,100 50. CONTINGENT LIABILITIES (unsecured) Group Company 2008 2007 2008 2007 RM’000 RM’000 RM’000 RM’000 Guarantees given to banks to secure banking facilities granted to subsidiary companies – – 843,934 948,641 Guarantees given to banks for performance bonds granted to subsidiary companies – – 12,917 16,640 Guarantees given to the suppliers of goods for credit terms granted to subsidiary companies – – 3,722 2,628 Guarantees given to banks for performance bonds granted to jointly controlled entities 240 – 800 – Guarantees given to banks to secure banking facilities granted to jointly controlled entities 40,200 15,000 334,474 92,000 40,440 15,000 1,195,847 1,059,909 Additionally, the Company has given a guarantee to the holders of 131,250,000 preference shares issued on 13 October 2004 by BE–SSB, for the prompt payment of dividends on the preference shares. The guarantee is enforceable after the third anniversary of the date of issue of the preference shares in respect of dividends payable for the first 3 years; after the sixth anniversary in respect of dividends payable for the fourth, fifth and sixth year; and after the seventh anniversary in respect of the dividend payable for the seventh year. The accrued dividend, net of tax, subject to the guarantee up to 31 October 2008 amounted to RM11,066,558 (2007 : RM7,723,728).
141 S P <strong>Setia</strong> <strong>Berhad</strong> Group NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2008 51. FINANCIAL INSTRUMENTS (i) Credit risk At balance sheet date, the Group and the Company did not have any significant concentration of credit risk that may arise from exposure to a single debtor or group of debtors. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet. (ii) Fair value The carrying amounts of the financial assets and liabilities of the Group and of the Company at the balance sheet date approximated their fair values except for the following: Group Company Carrying Fair Carrying Fair amount value amount value RM’000 RM’000 RM’000 RM’000 2008 Non-current assets Amounts owing by subsidiary companies – – 1,405,224 * Amounts owing by associated companies 304 * 288 * Other investments Unquoted shares 337 ** – – Non-current liabilities Other loans 1,446 * – – Amounts owing to subsidiary companies – – 131,738 * Redeemable serial bonds 460,577 456,653 460,577 456,653 2007 Non-current assets Amounts owing by subsidiary companies – – 1,115,565 * Amounts owing by associated companies 369 * 296 * Other investments Unquoted shares 337 ** – – Non-current liabilities Other loans 1,446 * – – Amounts owing to subsidiary companies – – 64,271 *
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embracing Change Annual Report 2008
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