Utusan Melayu (Malaysia) Bhd - Announcements

More documents

Recommendations

Info

Notes T O T HE A CCOUNTS for the year ended 31 December 1999 1. BASIS OF PREPARATION OF THE ACCOUNTS The accounts of the Group and of the Company have been prepared in accordance with the applicable approved Accounting Standards in Malaysia and the provisions of the Companies Act, 1965. 2. SIGNIFICANT ACCOUNTING POLICIES All significant accounting policies set out below are consistent with those applied in the previous financial year. Accounting convention The accounts are prepared under the historical cost convention, modified by the revaluation of land, buildings and plant and machinery. Basis of consolidation The consolidated profit and loss account and balance sheet include the accounts of the Company and all its subsidiary companies made up to the end of the financial year. The results of subsidiary companies acquired or disposed of during the financial year are included in the consolidated profit and loss account from the date of their acquisition or up to the date of disposal. Intercompany transactions are eliminated on consolidation and the consolidated accounts reflect external transactions only. The excess of the purchase price over the fair value of net assets of subsidiary companies at the date of acquisition is recognised as goodwill on consolidation and is written off in the year of acquisition. Associated companies The Group treats as associated companies those companies in which a long term equity interest of between 20 and 50 percent is held and where it exercises significant influence through management participation. The Group’s share of profits less losses of associated companies is included in the consolidated profit and loss account and the Group’s share of post-acquisition retained profits and reserves is added to the cost of investments in the consolidated balance sheet. These amounts are taken from the latest audited accounts of the associated companies with the same financial year end as the Group and where the financial year ends are not coterminous, the amounts are taken from the latest available management accounts. Investments Investments in quoted and unquoted shares held as long term investments are stated at cost unless there has been a permanent diminution in value, in which case, a provision is made. Income from these investments is included in the profit and loss account on a receipt basis. Currency translations Transactions in foreign currencies are translated to Ringgit Malaysia at exchange rates ruling at the transaction dates or at contracted rates, where applicable. At balance sheet date, monetary assets and liabilities resulting from foreign currency transactions are translated into Ringgit Malaysia at exchange rates ruling at the date or at contracted rates, where applicable. Exchange gain and losses are dealt with through the profit and loss account. The accounts of the foreign subsidiary company are translated into Ringgit Malaysia at the rates of exchange ruling at the balance sheet date. Exchange differences arising on the translation are included in the exchange fluctuation reserve account. 40 Utusan Melayu (Malaysia) Berhad
Notes T O T HE A CCOUNTS for the year ended 31 December 1999 2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D.) Fixed assets and depreciation Freehold land is stated at cost. All other fixed assets are stated at cost or valuation less accumulated depreciation. Freehold land and capital work-in-progress are not depreciated. Leasehold land is amortised over the period of the lease. Depreciation of other fixed assets is calculated so as to write off the cost or valuation on a straight line basis over the expected useful lives of the assets concerned. The annual rates are:- Buildings 2% or amortised over lease period whichever is higher Plant and machinery 7.5% Motor vehicles 20% Office equipment, furniture and fittings 20% – 33.3% Renovations 10% Billboards 16.7% – 100% Light box display 10% or over contracted period whichever is higher Certain assets of the Company have not been revalued since the last valuation. The Directors have applied the transitional provisions of International Accounting Standards No. 16 (Revised) Property, Plant and Equipment, adopted by Malaysian Accounting Standards Board which allow these assets to be stated at their last revalued amounts less depreciation. Stocks Stocks are stated at the lower of cost and net realisable value, after adequate provision has been made for all obsolete or slow moving stocks. Cost is determined on a first-in, first-out basis and includes all direct expenditure and production overheads. Debtors Known bad debts are written off and specific provision is made for any considered to be doubtful of collection. Retirement benefits Provision for retirement benefits is made against the profit and loss account of each year so as to provide for the total accrued liability at year end and is calculated based on actuarial valuation. Deferred taxation Provision is made, by the liability method, for taxation deferred in respect of all timing differences except where it is thought reasonably probable that the tax effects of such deferrals will continue in the foreseeable future. Capitalisation of borrowing costs Interest costs incidental to the construction of fixed assets are capitalised as part of the cost of the assets during the construction period. Capitalisation of interest costs will cease when assets are ready for their intended use. Cash and cash equivalents Cash comprise cash on hand, bank balances and demand deposits. Cash equivalents are short term, highly liquid investment that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. Utusan Melayu (Malaysia) Berhad 41
Page 1 and 2: UTUSAN MELAYU (MALAYSIA) BERHAD 717
Page 3 and 4: C o r p o r a t e M i s s i o n •
Page 5: 8. To transact any other ordinary b
Page 8 and 9: Corporate I NFORMATION BOARD OF DIR
Page 10 and 11: Senior M ANAGEMENT Tan Sri Kamarul
Page 13 and 14: Royal Code Of Conduct The Taj al-Sa
Page 15 and 16: AUTHORITY The Committee is authoris
Page 17: CONSOLIDATED PROFIT AND LOSS ACCOUN
Page 20 and 21: Chairman’s S TATEMENT Dear Shareh
Page 22 and 23: Chairman’s S TATEMENT Our Adverti
Page 24 and 25: Chairman’s S TATEMENT A new chapt
Page 26 and 27: Chairman’s S TATEMENT In the othe
Page 28 and 29: Corporate C ALENDAR 1 4 February 19
Page 31 and 32: Sentiments and Sensitivity of Love
Page 33 and 34: Directors’ R EPORT for the year e
Page 35 and 36: Directors’ R EPORT for the year e
Page 37 and 38: Consolidated P ROFIT A ND L OSS A C
Page 39 and 40: Profit A ND L OSS A CCOUNT for the
Page 41: Consolidated C ASH F LOW S TATEMENT
Page 45 and 46: Notes T O T HE A CCOUNTS for the ye
Page 69 and 70: List O F P ROPERTIES as at 31 Decem
Page 71 and 72: List O F P ROPERTIES as at 31 Decem
Page 73 and 74: I/We of being a member/members of U
Page 75: Azizi Meor Ngah 36, Jalan Jelutong

Utusan Melayu (Malaysia) Bhd - Announcements

Create successful ePaper yourself

Delete template?

Save as template?