BERJAYA SPORTS TOTO BERHAD

47
N O T E S T O T H E A C C O U N T S
30 APRIL 1998
16 9% REDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS 1992/1997
The 9% Redeemable Convertible Unsecured Loan Stocks 1992/1997 (CULS) were issued on 31
October 1992. A Trust Deed dated 7 September 1992 between the Company and the Trustees
provides that holders of CULS shall have the right at any time between the first day of January and
the last day of February and the first day of July and the last day of August in each year commencing
one year and ending five years from the date of issue to convert such amount of CULS into fully paid
ordinary shares at the rate of RM1.20 nominal amount of CULS for one new ordinary share of RM1.00
each in the Company.
The CULS matured on 30 October 1997, and the Company redeemed all the outstanding CULS, at
its nominal amount together with accrued interest less applicable Malaysian taxes.
Group and Company
1998 1997
RM’000 RM’000
At beginning of year 4,515 10,525
Conversion to fully paid ordinary shares during the year (3,900) (6,010)
Redemption at maturity date (615) -
At end of year - 4,515
17 DEFERRED LIABILITIES
Group
1998 1997
RM’000 RM’000
Agency deposits 26,093 29,353
Deferred taxation 7,087 7,600
18 TURNOVER
33,180 36,953
Turnover of the Company represents management fees charged to subsidiary companies and gross
dividends receivable from subsidiary companies, associated companies and long term investments.
Turnover of the Group (including share of associated companies turnover, as disclosed in Note 25),
comprises gross dividend income, gross stake collections from the sale of Toto betting tickets less
gaming tax, invoiced value of goods sold less returns and trade discounts, and sale of development
land and property. Intra-group transactions are excluded.