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218
Gamuda Berhad (29579-T) • Annual Report 2012
32. Payables and derivatives (cont’d.)
(b)
Derivatives
Derivatives represent effective hedges of interest rate swaps. The interest rate swaps are interest rate
arrangements entered into to partially hedge a loan obtained by the Company. The contract amount of loan
being hedged as at 31 July 2012 was USD45,000,000, equivalent to RM143,222,000 (2011: USD45,000,000,
equivalent to RM133,497,000). The loan was drawndown in November 2009 and is subjected to floating
interest rate. The Company had, in November 2009, entered into interest rate swaps agreement which entitled
the Company to pay fixed interest rates ranging from 1.845% to 2.495% (2011: 1.845% to 2.495%) per annum
until the maturity of the loan.
33. Deferred tax (assets)/liabilities
Group
Company
2012
2011
2012
2011
RM’000
RM’000
RM’000
RM’000
At beginning of year
67,027
(4,798)
(5,235)
(4,724)
Acquisition of a subsidiary
-
68,993
-
-
Recognised in opening retained earnings
-
(446)
-
-
Recognised in profit or loss (Note 9)
(5,725)
3,278
(308)
(511)
Exchange differences
(149)
-
(8)
-
At end of year
61,153
67,027
(5,551)
(5,235)
Presented after appropriate offsetting as follows:
Deferred tax assets
(23,473)
(19,280)
(5,551)
(5,235)
Deferred tax liabilities
84,626
86,307
-
-
61,153
67,027
(5,551)
(5,235)
The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are
as follows:
Deferred tax liabilities of the Group:
Accelerated
capital
Receivables
allowances
Land
Total
RM’000
RM’000
RM’000
RM’000
At 1 August 2011
(252)
21,250
68,993
89,991
Recognised in profit or loss
(2,838)
646
(4,274)
(6,466)
At 31 July 2012
(3,090)
21,896
64,719
83,525
NoTES To ThE FINANCIAL STATEMENTS
31 July 2012