GPERAK-AnnualReport2009 (1MB).pdf - Bursa Malaysia

annual report 2009 | Gula peraK BerHaD (8104-X)
NOTES TO THE FINANCIAL STATEMENTS (Cont’d)
15. INvESTMENT PROPERTIES
Fair value of investment properties:
The Group
2009 2008
RM’000 RM’000
As at beginning of year 284,500 347,500
Decrease in fair value during the financial year (50,300) –
Disposal during the year – (63,000)
As at end of year 234,200 284,500
Investment properties consist of two pieces of properties, of which one comprises retail lots, office spaces, car park bays
and service apartments and the other comprises a hotel property.
The fair values of the two said investment properties at 31st March, 2009 have been arrived at on the basis of a valuations
carried out on 29th January, 2009 respectively by an independent valuer, Henry Butcher, Lim & Long Sdn. Bhd., using an
open market value basis.
The investment properties with carrying value of RM234,200,000 (2008: RM284,500,000) have been charged to several
licensed financial institution to secure the RM288,820,655 Redeemable Convertible Secured Notes 2003/2008 and the
RM90,124,000 3% Redeemable Secured Bonds 2000/2005 issued by the Company.
16. PREPAID LEASE PAyMENTS
The Group The Company
2009 2008 2009 2008
RM’000 RM’000 RM’000 RM’000
Balance at begining of year 1,448 – – –
Reclassified from property, plant and equipment
(Note 14) – 1,466 – –
Amortisation of prepaid lease payments (17) (18) – –
Impairment loss (131) – – –
At end of year 1,300 1,448 – –
During the financial year ended 31st March, 2008, following the early adoption of FRS 117, two leases of land of the
Company and a lease of land of a subsidiary company, previously classified as finance leases with the amount of prepaid
lease payments recognised as property within their property, plant and equipment, are now being treated as operating
leases, with the unamortised carrying amount classified as prepaid lease payments in the balance sheet. The said two leases
of land of the Company have been accounted for as assets classified as held for sale in accordance with FRS 5, as disclosed
in Note 24.
The unexpired portion of lease of a subsidiary company is 83 (2008: 84) years.
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