The Case Study - Seylan Bank

Seylan Bank PLC Annual Report 2009 187Notes to the Consolidated Financial Statements25.b Investment Properties (Group) - 2009GROUPCostValuationMarketValueAddress Extent Date of Valuation Rs. ’000 Rs. ’000Kohalwila Road, Gonawala, Gampaha 0A 1R 19.14P 26.08.2008 6,166 10,900Walpolawatte, Kudawaskaduwa, Wadduwa 2A 0R 25.4P 06.04.2009 28,799 28,800Kahapola, Piliyandala 20A 1R 39.5P 10.04.2009 114,429 137,11997, Station Road, Kandana 1A 1R 9.84P 27.10.2008 139,319 150,850161, Galle Road, Wellawatta 0A 1R 27.48P 23.11.2009 232,099 233,42990, Galle Road, Colombo 3Seylan Towers (West Tower)** 54,897.52 Sq.Ft 29.12.2009 1,022,792 1,151,494257, Union Place, Colombo 2 52.27P 28.12.2008 204,535 250,2561,748,139 1,962,848** The rent income from the Seylan Towers (West Tower) for the year 2009 is Rs. 54.8 Mn. - (2008 Rs. 53.16 Mn.).BANKGROUP2009 2008 2009 2008(Restated)Rs. ’000 Rs. ’000 Rs. ’000 Rs. ’00026. Deferred TaxAtionBalance Brought Forward 91,582 – 95,790 13,332Transferred from Deferred Tax Liability – (93,684) – (93,684)Charge/(Reversal) for the Year - (Note 11) 362,631 185,266 358,874 176,142Adjustment for Seylan Merchant Bank PLC – – (304) –Balance Carried Forward - (Note 26.a & 26.b) 454,213 91,582 454,360 95,790TemporaryDifferenceRs. ‘00026.a Analysis of Deferred Tax Assets and LiabilitiesDeferred Tax - Liability2009 - BANK 2008 - BANKTemporaryTax DifferenceRs. ‘000 Rs. ‘000TaxRs. ‘000Property, Plant & Equipment 1,060,002 371,000 1,083,333 379,167Lease Rentals 242,702 84,946 289,417 101,2961,302,704 455,946 1,372,750 480,463Deferred Tax - AssetsDefined Benefit Obligation* – – 614,318 215,012Unclaimed Bad Debt Provision - Specific 2,451,368 857,979 874,778 306,172Bad Debt Provision - General** 149,087 52,180 128,474 44,966Tax Losses Carried Forward – – 16,843 5,8952,600,455 910,159 1,634,413 572,045Net Deferred Tax Assets/Liabilities - (Note 26.a.1) 1,297,751 454,213 261,663 91,582