Download - Axiata Group Berhad - Investor Relations

Intangible AssetsIntangible assets increase YoY by RM237.1 million mainly dueto increase in goodwill, as a result of the acquisition of 2.7%additional stake in XL during the rights issue exercise. Theincrease was also a result of re-valuation of goodwill in keyinvestments denominated in IDR and USD, where theexchange rates have strengthen against RM.TOTAL LIABILITIESThe Group’s total liabilities stood at RM18.3 billion as atFY09, a decrease of 28.8% as compared to RM25.7 billionrecorded in FY08, primarily attributed to the decrease inborrowings and full repayment of amount due to formerholding company.Property, Plant and Equipment (PPE)The Group’s PPE increased by 5.7% to RM15,815.3 millionfrom RM14,959.7 million in FY08 as a result of the increasein capital expenditure for network expansions in XL, Celcom,Dialog, Robi and Hello.The exchange translation gain arising from subsidiariesassets was recorded in foreign translation reserve in thebalance sheet.Long term receivablesThe Group’s long term receivables grew significantly bymore than 100% from RM0.4 million to RM129.9 million,primarily attributed to XL’s long term lease receivablesarising from finance lease arrangements of its optic fibrenetwork during the year.BorrowingsThe Group’s borrowings decreased by 22.8% from RM15,959.4million in FY08 to RM12,322.8 million in FY09 primarily dueto repayment of borrowings during the year with proceedsfrom rights issue exercise carried out by Axiata and XL inMay 2009 and December 2009 respectively.Deferred tax liabilitiesThe Group’s deferred tax liabilities increased by 60.5% YoYfrom RM777.3 million to RM1,247.8 million. This was primarilyresulted from net origination of temporary timing differencesof PPE, higher capital expenditure in FY09, unabsorbed taxlosses and provisions.Cash and Bank BalancesThe Group’s cash and bank balances decreased by 39.8% orRM1,324.6 million to RM2,006.2 million mainly due to netrepayment of borrowings and loans from former holdingcompany and purchase of PPE during the year.Annual Report 2009 • 291