Pg 147 - Berjaya Corporation Berhad

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.