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Notes to the Financial Statements (cont’d)
For the financial year ended 31 December 2011
9. Finance costs
Group Company
2011 2010 2011 2010
RM’000 RM’000 RM’000 RM’000
Interest expenses on bank borrowings 23,904 22,234 20,945 18,555
Commitment fees 16 9 16 9
Unwinding of discount on provisions (Note 27) 130 123 – –
10. Other expenses
24,050 22,366 20,961 18,564
Group Company
2011 2010 2011 2010
RM’000 RM’000 RM’000 RM’000
Administrative expenses 23,107 20,743 3,628 7,099
Marketing and distribution expenses 19,048 19,187 1,314 1,354
Impairment of receivables (Note 24) 14,808 2,854 8,936 5,932
Bad debts written off 7,471 37 9 37
Impairment of investment securities 29 472 29 472
Property, plant and equipment written-off 94 – 1 –
Share of joint operation loss – 2,718 – 2,718
Deferred exploration and evaluation expenditure
written-off (Note 21) – 2,654 – –
Impairment of property, plant and equipment
(Note 15) – 2,013 – –
Revaluation deficit on property – 265 – –
11. Exceptional losses/(gains), net
64,557 50,943 13,917 17,612
Group Company
2011 2010 2011 2010
RM’000 RM’000 RM’000 RM’000
Impairment of investment securities 16,602 – 16,602 –
Impairment of investment in associates, net 8,442 96,638 10,654 135,414
Net loss on disposal of disposal group classified as
held for sale (Note 22) 254 – 13,545 –
Impairment of non-current asset classified as held for
sale (Note 22) – – 810 –
Loss on disposal of an associate – 17,351 – 17,351
Gain on disposal of an associate – (21,056) – (17,173)
Impairment on mining assets (Note 21) – 56,357 – –
Impairment of goodwill (Note 17) – 5,188 – –
Reversal of impairment of investment in subsidiaries – – – (135)
25,298 154,478 41,611 135,457
MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 109