Pg 147 - Berjaya Corporation Berhad

16 PAYABLESGroupCompany2006 2005 2006 2005RM’000 RM’000 RM’000 RM’000Trade payables 33,182 34,537 - -Progress billings in respect of property development costs 1,335 - - -Other payables 281,546 228,725 10,733 9,683Accruals 89,389 93,467 18,746 19,223Hire purchase and lease creditors (Note 23c) 5,310 24,207 253 154410,762 380,936 29,732 29,060Amount owing to:- subsidiary companies - - 98,524 105,717- associated company 550,309 692,922 152,836 316,915- related companies 6,191 4,539 2,015 752967,262 1,078,397 283,107 452,444The normal trade credit terms granted to the Group range from 30 to 90 (2005: 30 to 90) days.Approximately RM2,624,000 (2005: RM15,900,000) and RMNil (2005: RM77,000) included in the hire purchase and lease creditors ofthe Group and of the Company respectively represent amounts owing to a related company. The hire purchase and lease liabilitiesbear interest at rates ranging from 3.45% to 13.50% (2005: 3.65% to 12.75%) per annum.Approximately RM40,030,000 (2005: RM46,264,000) and RM2,102,000 (2005: RM2,102,000) included in the other payables of theGroup represent margin facilities bearing interest at rates ranging from 5.95% to 14.00% (2005: 7.50% to 13.50%) per annum,obtained by the Group, and advances from certain Directors of subsidiary companies respectively.Included in the other payables are:i) RM83,637,000 (2005: RMNil) representing the balance of accrued holding costs on ICULS 1999/2009 put options that wascompensated by BGB as disclosed in Note 22 to the financial statements; andii)RM9,000,000 (2005: RMNil) representing compensation payable for mutual termination of a sale and purchase agreement.The amounts owing to subsidiary, associated and related companies are unsecured, interest bearing and have no fixed terms ofrepayment.The amount owing to an associated company refers to the amount owing by the Group to BToto. The Company had given BToto anundertaking to settle the amount owing to BToto within three years from the date of the issue of BToto ICULS on 5 August 2002. Thisundertaking was subsequently extended to 4 August 2006. The Company has on aggregate repaid BToto RM176.7 million arisingfrom the conversion of BToto ICULS into BToto shares in the current financial year.Berjaya Land Berhad (201765-A) Annual Report 200669