Pg 147 - Berjaya Corporation Berhad

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Berjaya Land Berhad (201765-A) 82 Annual Report 2005 Notes To The Financial Statements 30 April 2005 31 TAXATION (CONT’D) A reconciliation of income tax expense applicable to profit/(loss) before taxation at the statutory income tax rate to income tax expense at the effective income tax of the Group and of the Company is as follows: Group 2005 2004 RM’000 RM’000 Profit before taxation 140,577 191,392 Taxation at Malaysian statutory tax rate of 28% (2004 : 28%) 39,362 53,590 Effect of different tax rates in other countries 487 586 Effect of lower tax rates for small and medium scale companies (288) (247) Effect of income subject to real property gains tax and withholding tax (6,572) (1,182) Effect of income not subject to tax (25,573) (12,971) Effect of expenses not deductible for tax purposes 75,053 46,221 Effect of utilisation of previously unrecognised tax losses, unabsorbed capital allowances and unabsorbed investment tax allowances (4,848) (8,696) Effect of utilisation of other previously unrecognised deductible temporary differences - (983) Effect of deferred tax no longer required due to reduction in foreign income tax rate (17,066) - Deferred tax assets not recognised in respect of current year’s tax losses, unabsorbed capital allowances and unabsorbed investment tax allowances 8,256 10,979 Deferred tax assets recognised on previously unrecognised tax losses and unabsorbed capital allowances (257) - Underprovision of deferred tax in prior years 1,776 246 Underprovision of tax expense in prior years 477 2,018 Tax expense for the year 70,807 89,561 Company 2005 2004 RM’000 RM’000 Profit/(Loss) before taxation 109,560 (14,300) Taxation at Malaysian statutory tax rate of 28% (2004 : 28%) 30,677 (4,004) Effect of income not subject to tax - (234) Effect of expenses not deductible for tax purposes 9,088 55,398 Deferred tax assets not recognised in respect of unabsorbed capital allowances 106 223 Underprovision of tax expense in prior years 1,238 1,669 Tax expense for the year 41,109 53,052 Tax savings during the financial year arising from: Group Company 2005 2004 2005 2004 RM’000 RM’000 RM’000 RM’000 Utilisation of current year tax losses 3,665 2,600 3,612 2,596 Utilisation of previously unrecognised tax losses 1,600 8,626 - -
Berjaya Land Berhad (201765-A) Annual Report 2005 83 32 DIVIDENDS Group and Company 2005 2005 2004 2004 Net Amount Net Amount dividend of dividend dividend of dividend per share net of tax per share net of tax Sen RM’000 Sen RM’000 First interim dividend of 5% less 28% income tax in respect of year ended 30 April 2004 - - 3.60 31,218 Final dividend of 5% less 28% income tax in respect of year ended 30 April 2005 3.60 31,251 - - In the previous financial year, the Company declared a first interim dividend of 5% less 28% income tax after 30 April 2004 which was not recognised as a liability then. This dividend was accounted for in the shareholders’ equity as an appropriation of retained profit in the current financial year. On 27 June 2005, the Company recommended a final dividend of 5% less 28% income tax in respect of the current financial year ended 30 April 2005 to be approved by the Company’s shareholders at the forthcoming Annual General Meeting. The financial statements for the current financial year do not reflect this dividend. This dividend will be accounted for in the shareholders’ equity as an appropriation of retained profit in the financial year ending 30 April 2006. 33 EARNINGS PER SHARE The earnings per share is calculated by dividing profit after taxation and minority interests of RM67,458,000 (2004 : RM93,935,000) on the weighted average of 867,413,000 (2004 : 867,173,000) ordinary shares of RM1.00 each in issue during the year. The fully diluted earnings per share which is calculated by dividing the net profit for the year by the weighted average number of shares issued and issuable assuming the full year effect of conversion of ICULS 1999/2009 at 30 April is as follows: Group 2005 2004 Net profit for the year (RM’000) 67,458 93,935 Increase in net profit as a result of interest expense saved from potential ICULS 1999/2009 conversion (RM’000) 15,643 21,192 Adjusted net profit for the year (RM’000) 83,101 115,127 Weighted average number of shares outstanding (’000) 867,413 867,173 Number of shares from potential ICULS 1999/2009 conversion (’000)* 271,856 557,509 Adjusted weighted average number of shares (’000) 1,139,269 1,424,682 Fully diluted earnings per share (sen) 7.3 8.1 The effects of options granted to employees are not included in the calculation of diluted earnings per share as these options had lapsed on 6 December 2004. * The significant decrease in number of shares from potential ICULS 1999/2009 conversion is attributable to the exclusion of ICULS 1999/2009 bought back by Immediate Capital Sdn Bhd, as the proposed offer for sale of the ICULS 1999/2009 under the put option is not expected to materialise, as disclosed in Note 39(10) to the financial statements.
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Pg 147 - Berjaya Corporation Berhad

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