Download PDF - ChartNexus

Notes to the Financial Statements (cont’d)
For the financial year ended 31 December 2011
19. Investment in associates and jointly controlled entity (cont’d)
Share of jointly controlled entity’s assets and liabilities
Assets and liabilities
2011 2010
RM’000 RM’000
Current assets 94,321 43,593
Non-current assets 103,871 118,384
Total assets 198,192 161,977
Current liabilities 37,916 27,820
Non-current liabilities 14,586 23,882
Total liabilities 52,502 51,702
Share of jointly controlled entity’s revenue and profit
Results
Revenue 128,812 79,206
Profit for the year 25,813 12,390
20. Investment securities
Group and Company
2011 2010
RM’000 RM’000
Available-for-sale (AFS) investments:
- Quoted shares, at fair value 18 47
- Unquoted investment, at fair value 17,718 34,320
(a) Quoted shares, at fair value
17,736 34,367
The quoted shares as at 31 December 2010 and 2011 comprise of the investment in Republic Gold Limited, a company
incorporated in Australia. During the financial year, the Group and the Company recognised an impairment loss of
RM29,000 (2010: RM472,000) in profit or loss as there was “significant” or “prolonged” decline in the fair value of this
investment.
(b) Unquoted investment, at fair value
The unquoted shares at fair value comprise of the Company’s 18.54% interest in TMR Ltd (“TMR”), a Bermuda incorporated
company. TMR has 99% shareholding in PT Tenaga Anugerah (“PTTA”), which holds tin mining rights in Indonesia. TMR
together with its subsidiary, PTTA, are principally involved in integrated tin business in Indonesia.
The fair value of investment in TMR at 31 December 2011 was determined based on an external valuation. The valuation
assumes the economically recoverable tin reserves of 15,537 tonnes in the concession areas, with the tin prices of
USD25,000 during the forecasted production period from 2012 to 2018. The discount rate used in the valuation is 17%.
During the financial year, the Group and the Company recognised an impairment loss of RM16,602,000 (2010: Nil) in
profit or loss as there was “significant” or “prolonged” decline in the fair value of this investment.
MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 125