Pg 147 - Berjaya Corporation Berhad

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Berjaya Land Berhad (201765-A) 88 Annual Report 2005 Notes To The Financial Statements 30 April 2005 37 SEGMENTAL INFORMATION (CONT’D) (a) Business segments: (Cont’d) 2005 2004 Results (Cont’d) RM’000 RM’000 Profit from operations brought forward 50,020 175,267 Results arising from investing activities - gaming 63,894 - - property development and investment 8,117 (1,166) - hotel, resort and recreation (27,427) (12,040) - unallocated 30,604 94,439 75,188 81,233 Finance costs (152,985) (155,958) Share of results of associated companies 168,354 90,850 Profit before taxation 140,577 191,392 Taxation (70,807) (89,561) Profit after taxation 69,770 101,831 Minority interests (2,312) (7,896) Net profit for the year 67,458 93,935 2005 2004 Assets Liabilities Assets Liabilities Assets and liabilities RM’000 RM’000 RM’000 RM’000 Gaming and related activities - - 114,833 12,855 Property development and property investment 1,415,733 354,088 1,428,464 100,268 Hotels, resorts and recreation 2,057,038 404,813 1,787,641 356,718 Inter-segment eliminations (261,904) (262,503) (12,745) (12,376) Segment assets/liabilities 3,210,867 496,398 3,318,193 457,465 Investment in associated companies 1,625,794 - 1,227,714 - Unallocated corporate assets/liabilities 2,093,708 2,837,363 2,264,765 2,819,739 Consolidated assets/liabilities 6,930,369 3,333,761 6,810,672 3,277,204 2005 2004 Capital Depreciation/ Other non Capital Depreciation/ Other non expenditure Amortisation cash items expenditure Amortisation cash items Other information RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Gaming and related activities 146 1,328 - 465 1,911 - Property development and property investment 4,405 7,201 (163) 3,116 7,140 (2,862) Hotels, resorts and recreation 42,272 41,322 3,782 68,745 25,487 12,178 Unallocated 474 813 (1) 648 1,133 413 47,297 50,664 3,618 72,974 35,671 9,729
Berjaya Land Berhad (201765-A) Annual Report 2005 89 37 SEGMENTAL INFORMATION (CONT’D) (a) Business segments: (Cont’d) 2005 2004 Impairment losses RM’000 RM’000 Property development and property investment 16,933 10,639 Hotels, resorts and recreation 30,192 13,384 Unallocated 43,538 4,115 90,663 28,138 (b) Geographical locations: 2005 2004 Segment Capital Segment Capital Revenue Assets Expenditure Revenue Assets Expenditure RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Malaysia 565,902 2,831,458 45,258 665,992 2,920,429 71,336 Outside Malaysia 103,049 379,409 2,039 110,912 397,764 1,638 668,951 3,210,867 47,297 776,904 3,318,193 72,974 The Group operates principally in Malaysia. Outside Malaysia comprises mainly the Republic of Mauritius, the Republic of Seychelles, United Kingdom, the Republic of Singapore and Sri Lanka. 38 FINANCIAL INSTRUMENTS (a) Financial Risk Management Objectives and Policies The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for the development of the Group’s businesses whilst managing its interest rate, liquidity and credit risks. The Group operates within clearly defined guidelines and the Group’s policy is not to engage in speculative transactions. (b) Interest Rate Risk The Group’s investments in financial assets are mainly short term in nature and they are not held for speculative purposes but have been mostly placed in fixed deposits or occasionally, in short term commercial papers which yield better returns than cash at bank. The information on maturity dates and effective interest rates of financial assets are disclosed in their respective notes. The Group manages its interest rate exposure by maintaining a prudent mix of fixed and floating rate borrowings. The Group actively reviews its debt portfolio, taking into account the investment holding period and nature of its assets. This strategy allows it to capitalise on cheaper funding in a low interest rate environment and achieve a certain level of protection against rate hikes. The information on maturity dates and effective interest rates of financial assets and liabilities are disclosed in their respective notes. (c) Foreign Exchange Risk The Group operates internationally and is exposed to various currencies, mainly United States Dollar, Mauritius Rupees, Seychelles Rupees, Singapore Dollar and Sterling Pound. The Group maintains a natural hedge, whenever possible, by borrowing in the currency of the country in which the property or investment is located.
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