Page 143 - S P Setia Annual Report 2013
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Annual Report 2013 S P SETIA BERHAD GROUP Financial Statements | 141





NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2013 (CONT’D)






15. PROPeRtY DeVelOPment cOStS (cOnt’D)

Property development costs included above at a carrying amount of RM1,520,497,000 (2012 : RM424,473,000), have been charged to banks
to partially secure the long term borrowings, revolving credits, bridging loans and bank overdrafts referred to in notes 25, 29 and 30 below.

Included under development and construction costs is borrowing costs of RM53,133,000 (2012 : RM36,779,000) incurred during the fnancial
year.



16. GROSS amOUnt DUe FROm/tO cUStOmeRS

Group
2013 2012
Rm’000 Rm’000

Aggregate contract expenditure incurred to-date 71,665 404,949
Attributable proft recognised to-date 13,340 56,545

85,005 461,494
Progress billings (86,675) (441,775)
(1,670) 19,719

Gross amount due from customers 641 25,741
Gross amount due to customers (2,311) (6,022)
(1,670) 19,719

Progress billings comprise:
Progress billings
- received 52,948 428,291
- receivable 12,944 7,534
Retention sums 20,783 5,950
86,675 441,775

Advances received for contract work not yet performed
by the Group included under other payables
and accruals (see note 28) - 2,559

Contract expenditure includes the following expenses incurred during the fnancial year:
Group
2013 2012
Rm’000 Rm’000

Depreciation 1,369 428
Hire of machinery 6,086 1,142
Rental expense 348 443
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