Page 159 - S P Setia Annual Report 2016
P. 159

S P Setia Berhad Group                                                                                157
          Annual Report 2016




                                                                               Notes To The Financial Statements

                                                                                  For The Financial Year Ended 31 December 2016

          12.   PROPERTY DEVELOPMENT COSTS (CONT’D.)

              Property development costs at a carrying amount of RM545,976,000 (2015: RM735,346,000) included above, have been charged to
              various banks to partially secure borrowings referred to in Note 23 below.

              Included under development and construction costs are borrowing costs and development rights of RM55,582,000 and RM132,025,000
              (2015: RM91,838,000 and RM20,014,000) respectively incurred and financial assistance of RM40,897,000 deducted against property
              development costs (2015: RM Nil) during the financial year/period.


          13.  INVENTORIES

                                                                                                     Group
                                                                                                  2016          2015
                                                                                                RM’000        RM’000

               At cost:
                 Stock of completed properties                                                  871,796       871,831
                 Raw materials                                                                    5,887         6,922
                 Consumable goods                                                                  222           173
                                                                                                877,905       878,926

              During the financial year/period, the amount of inventories recognised as an expense in cost of sales of the Group was RM233,757,000
              (2015: RM163,009,000).



         14.   OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

                                                                        Group                      Company
                                                                      2016          2015          2016          2015
                                                                   RM’000         RM’000        RM’000        RM’000
               Refundable deposits and part purchase considerations
                 paid for the acquisition of development land in
                 -  Seberang Perai Utara, Pulau Pinang              62,012             -             -             -
                 -  308-326 Exhibition Street, Melbourne, Australia  32,714            -             -             -
                 -  Kota Kinabalu, Sabah                             4,300             -             -             -
                 -  Pekan Templer, District of Gombak                    -        40,000             -             -
                 -  247-251 Neerim Road Carnegie, Australia              -         20,957            -             -
               Prepaid development expenditure                           -         28,779            -             -
               Dividend receivable                                       -             -           927           927
               Deposits                                             40,803         63,019          142          2,700
               Value Added Tax/Goods and Services Tax receivables   12,097         10,295            -             -
               Other sundry receivables and prepayments             78,294         70,510          411          2,318
                                                                   230,220       233,560         1,480          5,945
               Allowance for doubtful debts                          (3,100)       (3,504)           -             -
                                                                   227,120       230,056         1,480          5,945
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