Directors - Boustead Holdings Berhad

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Notes to the Financial Statements 3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 94 The Group makes estimates and assumptions concerning the future. The resulting accounting estimates may differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed as follows: (a) Impairment of goodwill The Group tests whether goodwill has suffered any impairment at least on an annual basis. This requires the estimation of value in use of the assets or cash-generating units (CGU) to which the goodwill is allocated. Estimating a value in use amount requires management to make an estimate of the expected future cash flows from the CGU and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The preparation of the estimated future cash flows involves significant judgement and estimations. While the Group believes that the assumptions are appropriate and reasonable, significant changes in the assumptions may materially affect the assessment of recoverable amounts and may lead to future impairment charges. The carrying amount of goodwill as at 31 December 2006 was RM107.95 million. (b) Useful lives of property, plant and equipment The Group estimates the useful lives of property, plant and equipment based on the period over which the assets are expected to be available for use. The estimated useful lives of property, plant and equipment are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the relevant assets. In addition the estimation of the useful lives of property, plant and equipment and plantation assets are based on the internal technical evaluation and experience with similar assets. It is possible, however, that future results of operations could be materially affected by changes in the estimates brought about by changes in factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the estimated useful lives of the property, plant and equipment would increase the recorded expenses and decrease the non-current assets. In the current financial year, the estimated useful lives and residual values of certain property, plant and equipment were revised, resulting in an increase in depreciation charge for the year by RM691,000 for the Group and a decrease in depreciation charge for the year by RM190,000 for the Company.
3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS (cont’d.) (c) Impairment of biological assets and property, plant and equipment The Group reviews the carrying amounts of the biological assets and property, plant and equipment as at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets’ recoverable amount or value in use is estimated. Determining the value in use of biological assets and property, plant and equipment, which require the determination of future cash flows expected to be generated from the continued use and ultimate disposition of such assets, requires the Group to make estimates and assumptions that can materially affect the financial statements. Any resulting impairment loss could have a material adverse impact on the Group’s financial position and results of operations. The preparation of the estimated future cash flows involves significant judgement and estimations. While the Group believes that the assumptions are appropriate and reasonable, significant changes in the assumptions may materially affect the assessment of recoverable amounts and may lead to future impairment charges. As at 31 December 2006, RM19 million has been recognised as impairment loss in respect of the Group’s plantation assets. (d) Deferred tax assets The Group’s assessment on the recognition of deferred tax assets on non deductible temporary differences is based on the forecast taxable income of the following reporting period. This forecast is based on the Group’s past results and future expectations on revenue and expenses. As of 31 December 2006, the Group has deferred tax assets of RM82.84 million. 4. REVENUE Group Company 2006 2005 2006 2005 RM’000 RM’000 RM’000 RM’000 Sale of produce 468,391 437,060 69,332 60,103 Sale of goods 3,229,045 1,092,046 –– –– Sale of development properties 213,652 245,082 –– –– Revenue from agency business 50,204 42,449 –– –– Rental income – investment properties 48,969 30,815 –– –– – others 9,044 8,267 985 1,114 Others 95,021 68,451 –– –– 4,114,326 1,924,170 70,317 61,217 95
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www.boustead.com.my Boustead Holdin
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annual report
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Standing from left Y. BHG. LT. GEN.
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Y. BHG. TAN SRI DATO’ LODIN WOK K
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Y. BHG. DATUK AZZAT KAMALUDIN Non-I
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Corporate Calendar FINANCIAL YEAR 1
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En Hussin Abdul Jalil Boustead Esta
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Puan Azizah Aris Boustead Emasewa P
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Audit Committee Report Attendance N
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ACTIVITIES DURING THE FINANCIAL YEA
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THE BOARD OF DIRECTORS IS COMMITTED
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The composition of the Board and th
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Remuneration Committee The Board ha
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Internal Control The information on
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RISK MANAGEMENT The Board recognise
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MONITORING AND REVIEW OF THE ADEQUA
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2006 2005 2004 2003 2002 Gearing Bo
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It is often said that change is the
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AL-HADHARAH BOUSTEAD REIT The key h
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OUTLOOK AND PROSPECTS Barring unfor
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Chief Executive’s Review Each yea
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The Al-Hadharah Boustead REIT has b
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Recurrent Related Party Transaction
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Recurrent Related Party Transaction
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Group Oil Palm Agricultural Statist
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Location of Group Plantation Proper
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Shareholding Statistics 166 AS AT 3
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Statement of Directors’ Interest
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Notice of Annual General Meeting NO
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Notice of Annual General Meeting wh
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Statement Accompanying Notice of An
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Boustead Management Services Sdn Bh
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Directors - Boustead Holdings Berhad

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