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Tenaga Nasional Berhad 240 Annual Report 2009Notes to the financial statements (Cont’d.)31 August 200913 PROPERTY, PLANT AND EQUIPMENT (CONT’D.)Had the revalued property, plant and equipment been included in the financial statements at cost less depreciation, the net book value of the revaluedproperty, plant and equipment would have been as follows:GroupCompany2009 2008 2009 2008RM’million RM’million RM’million RM’millionFreehold land 50.5 50.6 43.6 43.7Buildings and civil works 95.5 103.5 95.5 103.5146.0 154.1 139.1 147.2The valuations of freehold land, buildings and civil works of the Company was based on an independent valuation by a professional firm of valuers onthe open market value basis in 1994. The net surplus on revaluation was incorporated into the financial statements at 31 August 1996 and transferredto revaluation reserve.The valuations of buildings of a subsidiary were carried out in 1982 and 1984 respectively based on independent valuations by professional firms of valuerson the open market value basis. The net surplus on revaluation was transferred to revaluation reserve.The title deeds of certain land are in the process of being registered in the name of the Company and certain subsidiaries.Included in transfers/reclassification in 2009 for the Group and the Company was RM46.9 million being the carrying amount of land and buildingreclassified as non-current assets held for sale (see Note 20).Interest capitalised during the financial year in capital project-in-progress amounted to RM268.0 million (2008: RM301.8 million) for the Group andthe Company.The capitalisation rate used to determine the amount of borrowing cost eligible for capitalisation is 6.23% (2008: 5.34%) for the Group andthe Company.Impairment test for property, plant and equipmentDuring the year, two subsidiary companies undertook annual impairment test for property, plant and equipment.(a)TNB Liberty Power LimitedTNB Liberty Power Limited has recognised in prior years, a provision for impairment totalling RM440.2 million. The assessment showed that nofurther impairment loss is required for the carrying amount of property, plant and equipment assessed, including where realistic variations areapplied to key assumptions. The carrying value of the property, plant and equipment at balance sheet date is RM463.8 million (2008:RM520.1 million).
Tenaga Nasional Berhad 241 Annual Report 200913 PROPERTY, PLANT AND EQUIPMENT (CONT’D.)(b)Sabah Electricity Sdn Bhd (‘SESB’)SESB undertook an annual test for impairment of its property, plant and equipment represented by cash-generating unit (‘CGU’) in accordance withNote 3(b). Based on the impairment test, no impairment loss is required for the carrying amount of property, plant and equipment as at 31 August2009 as its recoverable amount is in excess of its carrying amount. The carrying value of the property, plant and equipment at balance sheet dateis RM2,447.6 million (2008: RM2,269.8 million).(i)Key assumptions used in the value-in-use calculationsThe recoverable amount of the property, plant and equipment is determined based on value-in-use calculation. This value-in-use calculationapply a discounted cash flow model using cash flow projections covering a eleven-year period for the property, plant and equipment reflectingthe remaining average useful lives of the existing assets. The projections over these periods reflect the subsidiary’s expectation of usage,revenue growth, maximum capacity and operating costs of these assets based on past experience and current assessment of electricitydemand in Sabah, particularly market growth and industry growth. The value in use calculation also includes the assumption that thesubsidiary will receive tariff subsidy from the Federal Government to continue its operations, over the projection period. Tariff is assumed toremain constant over the projection period.Cash flow projections beyond year eleven are not extrapolated using estimated terminal growth rates. However, the cash flow projections areassumed to be derived from the residual value of the assets equivalent to the expected net book value of the assets depreciated inaccordance with the existing depreciation rates.For purposes of the value-in-use calculation, a discount rate of 5.80% (2008: 6.13%) has been applied. The discount rate reflects the SESB’scost of funds.(ii)Sensitivity AnalysisSensitivity analysis show that no impairment loss is required for the carrying amount of property, plant and equipment assessed, includingwhere realistic variations are applied to key assumptions.14 PREPAID OPERATING LEASESGroupCompany2009 2008 2009 2008RM’million RM’million RM’million RM’millionCost/ValuationAs at the beginning of the financial year 1,059.9 1,043.8 855.5 839.6Additions 0 0.3 0 0.1Disposals (2.1) (0.7) (2.1) (0.7)Reclassified to non-current assetsheld for sale (Note 20) (0.5) (3.0) (0.5) (3.0)Reclassification 15.7 19.5 15.7 19.5As at the end of the financial year 1,073.0 1,059.9 868.6 855.5
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years of nation building
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years of serving Malaysians
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Symphony Share Registrars Sdn. Bhd.
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