Pg 147 - Berjaya Corporation Berhad

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Berjaya Land Berhad (201765-A) 60 Annual Report 2005 Notes To The Financial Statements 30 April 2005 5 LAND HELD FOR DEVELOPMENT (CONT’D) Group 2005 2004 RM’000 RM’000 Disposals: - freehold land (1,207) (5,467) - short leasehold land (164) - - development costs (1,044) (6,930) (2,415) (12,397) Total cost at 30 April 2005/2004 364,095 356,694 Amortisation of short leasehold land: At 1 May 2004/2003 (453) (396) Amortisation for the year (52) (57) Disposal 63 - Total amortisation at 30 April 2005/2004 (442) (453) Accumulated impairment loss: At 1 May 2004/2003 (32,478) (32,478) Impairment loss for the year (6,000) - Total accumulated impairment loss at 30 April 2005/2004 (38,478) (32,478) Carrying value at 30 April 2005/2004 325,175 323,763 Properties at carrying value of RM71,382,000 (2004 : RM117,483,000) have been pledged to financial institutions for credit facilities granted to the Company and certain subsidiary companies. 6 SUBSIDIARY COMPANIES Company 2005 2004 RM’000 RM’000 Quoted shares in Malaysia, at cost - 37,839 Unquoted shares, at cost/written down value 1,781,887 1,376,422 1,781,887 1,414,261 Less: Accumulated impairment losses of unquoted shares (9,349) (9,349) 1,772,538 1,404,912 Market value of quoted shares in Malaysia - 29,272 The details of the subsidiary companies are set out in Note 41 to the financial statements.
Berjaya Land Berhad (201765-A) Annual Report 2005 61 6 SUBSIDIARY COMPANIES (CONT’D) As disclosed in Note 39(5) to the financial statements, the Group’s equity interest in Matrix International Berhad (“Matrix”) is diluted from 51.99% to 11.89% during the financial year. Thereafter, Matrix ceased to be a subsidiary company of the Group. Subsequently, the Group’s equity interest in Matrix increased to 12.89% after certain subsidiary companies received Matrix shares as LAD settlement as disclosed in Notes 34 and 39(6) to the financial statements. In accordance with the requirements of MASB 12 : Investment in Associates, the Group has demonstrated that it has retained significant influence in Matrix and would thus now regard Matrix as an associated company of the Group. a) The effects of the dilution of Matrix on the Group’s results for the year ended 30 April 2005 are as follows: RM’000 Revenue 109,395 Profit/(Loss) after taxation and minority interests: - as subsidiary company 2,594 - as associated company (2,667) (73) 7 ASSOCIATED COMPANIES Group Company 2005 2004 2005 2004 RM’000 RM’000 RM’000 RM’000 Quoted shares in Malaysia, at cost 1,741,037 1,432,675 454,919 365,794 Quoted shares outside Malaysia, at cost 78,432 - - - Unquoted shares, at cost/written down value 72,812 102,011 1,800 1,800 1,892,281 1,534,686 456,719 367,594 Share of post acquisition reserves (24,505) (27,659) - - Less: Accumulated loss on deemed disposal (202,884) (276,013) - - (227,389) (303,672) - - 1,664,892 1,231,014 456,719 367,594 Less: Accumulated impairment losses - quoted shares outside Malaysia (18,783) - - - - unquoted shares (20,315) (3,300) (1,800) (300) (39,098) (3,300) (1,800) (300) 1,625,794 1,227,714 454,919 367,294 Market value of quoted shares: - in Malaysia 2,131,841 1,670,900 814,692 688,575 - outside Malaysia 39,714 - - - The details of the associated companies are set out in Note 41 to the financial statements. Certain quoted shares of the Group and of the Company at cost of RM1,640,257,000 (2004 : RM1,261,227,000) and RM454,920,000 (2004 : RM241,308,000) respectively have been pledged to financial institutions for credit facilities granted to the Company, subsidiary, holding and related companies.
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