BERJAYA SPORTS TOTO BERHAD

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38 1 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (e) Depreciation Freehold land and capital work-in-progress is not depreciated. On all other assets, depreciation is calculated to write-off the cost of fixed assets on the straight line basis over their expected useful lives at the following annual rates: Leasehold land Over the period of the lease Buildings 2% Computer and equipment 10% - 20% Office equipment, furniture and fittings 10% - 20% Motor vehicles 20% Renovations 10% (f) Long term investments Long term investments are stated at cost. Provision is made where in the opinion of the Directors, there is a permanent diminution in value. (g) Development properties Development properties are stated at cost plus attributable profits less progress billing. Cost includes land cost, incidental costs of acquisition and development expenditure, which includes interest costs where appropriate. (h) Stocks N O T E S T O T H E A C C O U N T S 30 APRIL 1998 Trading stocks are stated at the lower of cost and net realisable value. Cost is determined on a firstin-first-out basis. Ticket stocks are valued at cost on a first-in-first-out basis. (i) Income recognition (i) Development properties Profit from the sale of development properties is recognised on the “percentage of completion” method. Anticipated losses are provided in full in the profit and loss account. (ii) Investment income Dividend income from subsidiary companies are included in the profit and loss account of the Company when declared or proposed. Dividend income from associated companies and other investments are included in the profit and loss account of the Company as and when received.
39 N O T E S T O T H E A C C O U N T S 30 APRIL 1998 1 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (j) Deferred taxation Deferred taxation is provided using the liability method in respect of all material timing differences except where it can be demonstrated with reasonable probability that the timing differences will continue in the foreseeable future. (k) Foreign currencies (i) Transactions in foreign currencies Transactions in foreign currencies are recorded at rates ruling at transaction date or at contracted rates, where applicable. Foreign currency assets and liabilities at year end are reported at the rates then ruling. All gains and losses arising from foreign currency transactions are dealt with through the profit and loss account. (ii) Translation of foreign currency financial statements Assets, liabilities and profit and loss items of foreign subsidiary company are translated into Ringgit Malaysia at the exchange rates ruling at the balance sheet date. The translation differences arising therefrom are taken to an exchange reserve. (l) Interest capitalisation Interest costs are capitalised as part of development cost of the properties during the period when planning, development and construction activities are carried out. 2 FIXED ASSETS GROUP As at Write Reclassi- As at COST 1.5.1997 Additions Disposals - off fication 30.4.1998 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Freehold land and buildings Long term leasehold 3,931 20,200 - - - 24,131 land and buildings 642 - - - 234 876 Computer and equipment Office equipment, 57,571 462 35 65 - 57,933 furniture and fittings 9,354 336 597 10 - 9,083 Motor vehicles 9,258 1,951 640 - - 10,569 Renovations 1,084 532 55 - - 1,561 Capital work-in-progress 1,570 16,118 - - (234) 17,454 83,410 39,599 1,327 75 - 121,607
Page 1 and 2: BERJAYA SPORTS TOTO BERHAD (Company
Page 3 and 4: C O N T E N T S Board of Directors
Page 5 and 6: 3 C O R P O R A T E I N F O R M A T
Page 7 and 8: 5 C O R P O R A T E P R O F I L E B
Page 9 and 10: 7 F I N A N C I A L H I G H L I G H
Page 11 and 12: 9 P E N Y A T A P E N G E R U S I B
Page 13 and 14: 11 P E N Y A T A P E N G E R U S I
Page 23 and 24: HELPING TO TAKE CARE OF SOCIETY
Page 25 and 26: F I N A N C I A L S T A T E M E N T
Page 27 and 28: 25 D I R E C T O R S ’ R E P O R
Page 35 and 36: 33 R E P O R T O F T H E A U D I T
Page 37 and 38: 35 P R O F I T A N D L O S S A C C
Page 39: 37 N O T E S T O T H E A C C O U N
Page 43 and 44: 41 N O T E S T O T H E A C C O U N
Page 53 and 54: 51 L I S T O F P R O P E R T I E S
Page 55 and 56: 53 S T A T I S T I C S O N S H A R
Page 57 and 58: 55 NOTICE IS HEREBY GIVEN THAT the
Page 59 and 60: 57 I/We . . . . . . . . . . . . . .
Page 61: For further information, please con

BERJAYA SPORTS TOTO BERHAD

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