MITRA-AnnualReport2011 (1.2MB).pdf - Announcements - Bursa ...

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Notes to The Financial Statements (cont’d) 8. INvESTMENT IN AN ASSoCIATE (CoNT’D) (a) Details of the associate is as follows:- During the financial year, the Company subscribed 4,500,000 shares of RM1/- each in Rawang Specialist Hospital Sdn. Bhd. for a total consideration of RM4,500,000/-. Country of Equity interest Name of Company incorporation 2011 2010 principal activity % % Held by the Company: Rawang Specialist Hospital Sdn. Bhd. (b) The summarised financial information of the associate is as follows:- Malaysia 20 - Operating and managing a specialist hospital and to provide healthcare solutions Group 2011 RM Assets and liabilities Total assets 21,176,989 Total liabilities 1,574,038 Results Revenue - Net loss for the financial period (49,589) 9. GooDwIll oN CoNSolIDATIoN Group 2011 2010 RM RM At 1st January 2,536,189 3,653,419 Exchange differences 538,361 (1,117,230) At 31st December 3,074,550 2,536,189 <strong>MITRA</strong>JAYA HOLDINGS BERHAD ANNUAL REPORT 2011 73
Notes to The Financial Statements (cont’d) 9. GooDwIll oN CoNSolIDATIoN (CoNT’D) Goodwill has been allocated to the Group’s cash generating units (“CGU”) identified according to business segments as follows:- property development others Total RM RM RM 31st December 2011 2,116,677 957,873 3,074,550 31st December 2010 1,578,316 957,873 2,536,189 Goodwill is tested for impairment on an annual basis by comparing the carrying amount with the recoverable amount. As the Directors are of the opinion that since all the CGU’s are to be held on a long term basis, value in use would best reflect its recoverable amount. The value in use is determined by discounting future cash flows over a five-years period. The future cash flows are based on management’s five-years business plan, which is the best estimate of future performance. The ability to achieve the business plan targets is a key assumption in determining the recoverable amount for each cashgenerating unit. There remains a risk that, due to unforeseen changes in the respective economies in which the cash-generating units operate and/or global economic conditions, the ability to achieve management’s business plan will be adversely affected. In calculating the value in use for each cash-generating unit, management has applied a discount rate of 6.0% and a growth rate of 5% to 10%. The following describes each key assumption on which management has based its cash flow projections for the purposes of impairment testing of goodwill. (a) The discount rate used reflected the management’s best estimate of return on capital employed required; (b) Growth rate has been used based on industry outlook for that segment; and (c) The profit margins used in the projections are based on the budgeted profit margins. The management believes that no reasonable possible change in any of the above key assumptions would cause the carrying values of the CGU to materially exceed their recoverable amounts. 10. DEfERRED TAXATIoN Group 2011 2010 RM RM At 1st January (1,148,612) 207,967 Recognised in profit or loss (Note 29) 275,699 (1,223,741) Exchange differences 26,987 (132,838) At 31st December (845,926) (1,148,612) Presented after appropriate offsetting:- Deferred tax assets (3,571,877) (3,694,123) Deferred tax liabilities 2,725,951 2,545,511 (845,926) (1,148,612) 74 <strong>MITRA</strong>JAYA HOLDINGS BERHAD ANNUAL REPORT 2011
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2011 Annual Report
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Corporate Information Board of dire
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Board of Directors from left to rig
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Directors’ Profile (cont’d) roL
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Operations Review For the financial
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Audit Committee Report The Audit Co
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