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Gamuda Berhad (29579-T) • Annual Report 2012
25. Amount due from/(to) customers on contracts (cont’d.)
The costs incurred to date on construction contracts include the following charges made during the financial year:
Group
Company
2012
2011
2012
2011
RM’000
RM’000
RM’000
RM’000
Finance costs (Note 8)
3,198
1,516
-
-
Depreciation (Note 12)
11,458
27,979
80
1,601
Staff costs (Note 5)
147,905
118,170
460
2,587
hire of plant and equipment
2,741
18,596
-
17,157
Included in amount due from customers on contract is an amount due from the Government of Socialist Republic of
Vietnam to a subsidiary, Gamuda Land Vietnam Limited Liability Company (“GLVN”) amounting to RM376,421,000
(2011: RM461,582,000) which is pending issuance of investment certificates for property development in hanoi,
Vietnamas consideration for the constructionworks by GLVN. During the year, RM327,727,000 (2011: RM83,535,000)
was transferred to leasehold land under property development costs and RMnil (2011: RM142,235,000) was
transferred to leasehold land under land held for property development upon issuance of the investment certificates
by the Government of Socialist Republic of Vietnam.
The directors do not foresee any issue in obtaining the investment certificates and therefore are of the opinion that
this amount is recoverable.
The Group and the Company have no significant concentration of credit risk that may arise from exposures to a single
debtor or to groups of debtors, other than an amount due from the Government of Socialist Republic of Vietnam
amounting to RM376,421,000 (2011: RM461,582,000).
26. Due from subsidiaries
Company
Restated
2012
2011
RM’000
RM’000
Non-current
Due from a subsidiary - non-trade
517,843
292,549
Current
Due from subsidiaries
- trade
13,902
96,679
- non-trade
339,510
275,385
353,412
372,064
The trade amounts due from subsidiaries have a normal credit term which ranges from 30 to 90 days (2011: 30 to
90 days).
The non-trade amounts due from subsidiaries are unsecured, interest free and are repayable on demand except
for advances of RM702,570,000 (2011: RM427,057,000) given to subsidiaries which bear interest at 4.55% to 5.1%
(2011: 4.1% to 4.7%) per annum.
NoTES To ThE FINANCIAL STATEMENTS
31 July 2012