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LEMBAGA TABUNG HAJI
F I N A N C I A L S TAT E M E N T S 2 0 1 2
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2012
FINANCIAL STATEMENTS
• Certificate of The Auditor General
on The Financial Statements of
Lembaga Tabung Haji
197
• Statement by Chairman and
A Member of the Board of Directors
198
• Statutory Declaration by the
Principal Officer Primarily Responsible
for the Financial Management of
Lembaga Tabung Haji
199
• Statements of Financial Position
200
• Statements of Income 202
• Statements of Comprehensive Income
203
• Statements of Changes in Fund
204
• Statements of Cash Flows
207
• Notes to the Financial Statements
210
Lembaga Tabung Haji
(Established under Tabung Haji Act 1995)
and its subsidiaries
CERTIFICATE OF THE AUDITOR GENERAL
ON THE FINANCIAL STATEMENTS OF
LEMBAGA TABUNG HAJI
FOR THE YEAR ENDED 31 DECEMBER 2012
I have audited the financial statements of Lembaga Tabung Haji and the Group for
the year ended 31 December 2012. These financial statements are the responsibility
of the management. My responsibility is to audit and express an opinion on these
financial statements.
The audit has been carried out in accordance with Audit Act 1957 and in conformity
with approved standards on auditing. Those standards require an audit to be planned
and performed to obtain reasonable assurance that the financial statements are free
of material misstatement or omission. The audit includes examining on a test basis,
evidence supporting the amounts and disclosures in the financial statements. It also
includes assessments of the accounting principles used, significant estimates made by
the management as well as evaluating the overall presentation of the financial statements.
I believe that the audit provides a reasonable basis for my opinion.
In my opinion, the financial statements give a true and fair view of the financial position
of Lembaga Tabung Haji and the Group as at 31 December 2012 and of the results of
its operations and its cash flows for the year ended in accordance with the approved
accounting standards.
I have considered the financial statements and the auditors’ report of the subsidiary
companies of which I have not acted as auditor as indicated in the notes to the
consolidated financial statements. I am satisfied that the financial statements of the
subsidiary companies that have been consolidated with Lembaga Tabung Haji’s
financial statements are in appropriate form and content, proper for the purpose of the
preparation of the consolidated financial statements. I have received satisfactory
information and explanations as required by me for those purposes.
The auditors’ reports on the financial statements of such subsidiary companies were
not subject to any observations that could affect the consolidated financial statements.
PUTRAJAYA
21 MAY 2013
LAPORAN TAHUNAN 2012 ANNUAL REPORT
197
Lembaga Tabung Haji
STATEMENT BY CHAIRMAN AND A
MEMBER OF THE BOARD OF DIRECTORS
We, TAN SRI DATO’ SRI ABI MUSA ASA’ARI MOHAMED NOR and DATO’ PADUKA ISMEE ISMAIL being respectively, the Chairman and a member
of the Board of Directors of LEMBAGA TABUNG HAJI, do hereby state that in the opinion of the Board of Directors, the accompanying Financial
Statements which consist of Statements of Financial Position, Statements of Income, Statements of Comprehensive Income, Statements of Changes
in Reserves and Statements of Cash Flows together with the Notes to the Financial Statements, are properly drawn up so as to give a true and fair view
of the state of affairs as at 31 December 2012 and of the results and cash flows for the year ended on that date.
On behalf of the Board, On behalf of the Board,
TAN SRI DATO’ SRI ABI MUSA ASA’ARI
MOHAMED NOR
CHAIRMAN
DATO’ PADUKA ISMEE ISMAIL
GROUP MANAGING DIRECTOR
AND CHIEF EXECUTIVE OFFICER
Bangunan Tabung Haji
201, Jalan Tun Razak
50400 Kuala Lumpur
Bangunan Tabung Haji
201, Jalan Tun Razak
50400 Kuala Lumpur
198
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
STATUTORY DECLARATION BY THE
PRINCIPAL OFFICER PRIMARILY
RESPONSIBLE FOR THE FINANCIAL
MANAGEMENT OF LEMBAGA TABUNG HAJI
I, ROZAIDA OMAR, being the principal officer primarily responsible for the financial management and accounting records of LEMBAGA TABUNG
HAJI, do solemnly and sincerely declare that the Statements of Financial Position, Statements of Income, Statements of Comprehensive
Income, Statements of Changes in Reserves and Statements of Cash Flows in the following financial position together with the Notes to the
Financial Statements, are, to the best of my knowledge and belief, correct and I make this solemn declaration conscientiously believing the same
to be true, and by virtue of the provisions of the Statutory Declaration Act, 1960.
Subscribed and solemnly declared by the above named, ROZAIDA OMAR
At
: Kuala Lumpur
On
: 8 April 2013
ROZAIDA OMAR
GROUP CHIEF FINANCIAL
OFFICER
Before me:
199
Lembaga Tabung Haji
STATEMENTS OF FINANCIAL POSITION
AS AT 31 DECEMBER 2012
Group
31.12.2012
Note
RM’000
Assets
Cash and cash equivalents
5
7,279,356
Deposits and placements with banks and
other financial institutions
6
519,646
Derivative assets
7
25,802
Securities held-for-trading
8
1,831,606
Securities available-for-sale
9
35,854,894
Assets held for sale
10
3,815,776
Tax recoverable
91,866
Trade and other receivables
11
2,148,498
Inventories
12
60,848
Financing
13
19,508,612
Takaful assets
14
531,316
Securities held-to-maturity
15
2,468,721
Statutory deposits with Bank Negara Malaysia
16
1,059,900
Deferred expenditure
17
–
Property development costs
18
299,658
Plantation development expenditure
19
455,920
Deferred tax assets
20
64,451
Investment in jointly controlled entities
21
147,045
Investment in associates
22
983,568
Investment in subsidiaries
23
–
Investment property 24
4,146,080
Property, plant and equipment
25
2,392,317
Intangible assets
26
340,536
Total assets
200
LEMBAGA TABUNG HAJI
84,026,416
TH
31.12.2011
RM’000
Restated
01.01.2011
RM’000
Restated
31.12.2012
RM’000
31.12.2011
RM’000
10,612,734
8,427,319
5,211,930
7,028,496
1,692,220
28,822
1,403,344
29,746,367
616,750
123,408
938,082
110,898
14,165,290
525,238
1,144,333
912,000
14,227
236,842
520,180
50,664
249,451
1,546,462
–
2,580,092
3,068,777
330,352
875,747
94,659
2,464,462
28,426,302
606,071
126,169
887,985
87,393
11,859,062
435,355
1,016,554
10,000
14,894
218,647
419,493
70,376
236,486
1,622,784
–
2,131,609
3,152,823
293,393
–
9,066
–
19,052,183
3,172,303
64,204
1,586,063
–
1,693,188
–
2,400,000
–
–
–
–
–
215,961
809,328
2,596,226
3,253,262
448,540
48,340
–
12,945
–
15,730,632
616,082
104,450
467,924
–
324,228
–
657,420
–
–
–
–
–
215,961
1,124,501
3,112,056
2,543,146
449,978
44,366
70,616,533
63,477,583
40,560,594
32,432,185
Lembaga Tabung Haji
AS AT DECEMBER 2012 (cont’d.)
Group
31.12.2012
Note
RM’000
Liabilities
Deposits from banking customers
27
31,932,539
Deposits and placements of banks and
other financial institutions
28
860,278
Derivative liabilities
7
14,339
Liabilities held for sale
10
150,200
Provision for zakat and tax
105,056
Trade and other payables
29
1,683,114
Takaful liabilities
30
5,580,755
Finance lease
31
415
Financing
32
388,642
Deferred income
33
10,908
Deferred tax liabilities
20
110,788
Provision for retirement benefits
34
223,901
TH
31.12.2011
RM’000
Restated
01.01.2011
RM’000
Restated
31.12.2012
RM’000
31.12.2011
RM’000
27,119,313
25,085,796
–
–
384,628
23,299
–
168,611
1,436,168
5,124,602
129
1,055,841
11,220
93,855
222,487
378,129
66,708
–
182,567
1,387,191
4,695,308
235
545,037
11,531
127,855
192,660
–
–
–
49,066
151,539
–
–
–
10,908
–
223,787
–
–
–
47,621
137,786
–
–
–
11,220
–
199,921
Total liabilities
41,060,935
35,640,153
32,673,017
435,300
396,548
Fund represented by:
Depositors’ savings fund
35
Reserves
38,284,221
2,098,857
31,694,409
866,262
27,114,551
1,623,049
38,284,221
1,841,073
31,694,409
341,228
Total TH depositors’ fund
Non-controlling interests
40,383,078
2,582,403
32,560,671
2,415,709
28,737,600
2,066,966
40,125,294
–
32,035,637
–
Total fund
42,965,481
34,976,380
30,804,566
40,125,294
32,035,637
Total liabilities and fund
84,026,416
70,616,533
63,477,583
40,560,594
32,432,185
The notes set out on pages 210 to 282 form an integral part of these financial statements.
201
Lembaga Tabung Haji
STATEMENTS OF INCOME
Group
2012
2011
Note
RM’000 RM’000
Restated
TH
2012
RM’000
2011
RM’000
Revenue
36
Cost of sales
5,740,986
(840,033)
4,813,037
(809,800)
2,751,508
–
2,160,168
–
Gross profit
36
Other income
Income attributable to banking depositors
37
Administrative expenses
Other expenses
4,900,953
64,298
(567,187)
(1,327,059)
(343,523)
4,003,237
36,024
(433,705)
(1,138,533)
(227,480)
2,751,508
24,633
–
(323,779)
(153,755)
2,160,168
15,456
–
(309,507)
(124,907)
Operating profit
38
Financing costs
Impairment and write off
39
Zakat
40
Share of (loss)/profit after tax and zakat
of associates
Share of profit/(loss) after tax and zakat
of jointly controlled entities
2,727,482
(30,554)
(211,547)
(58,222)
2,239,543
(24,780)
(53,635)
(54,352)
2,298,607
–
(133,546)
(47,100)
1,741,210
–
(8,424)
(44,162)
(26,772)
5,279
–
–
6,182
(3,486)
–
–
Profit before tax
Tax expense
41
2,406,569
(269,176)
2,108,569
(182,433)
2,117,961
(28,371)
1,688,624
–
Profit from continuing operations
Profit from discontinued operations
42
2,137,393
87,397
1,926,136
131,808
2,089,590
56,270
1,688,624
–
Profit for the year
2,224,790
2,057,944
2,145,860
1,688,624
Profit for the year attributable to:
Depositors of TH
1,891,058
333,732
1,724,054
333,890
2,145,860
–
1,688,624
–
2,224,790
2,057,944
2,145,860
1,688,624
202
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
STATEMENTS OF COMPREHENSIVE INCOME
Group
2012
2011
Note
RM’000 RM’000
Restated
TH
2012
RM’000
2011
RM’000
Profit for the year
2,224,790
2,057,944
2,145,860
1,688,624
Other comprehensive income:
Currency translation differences in respect of foreign operations
Changes in fair value of securities available-for-sale
Share of other comprehensive (loss)/income of associates
Share of other comprehensive loss of jointly controlled entities
Net surplus of TKJHM and TWT
43
(75,209)
1,792,990
(18,859)
(3,323)
10,846
11,943
(863,808)
3,383
(705)
10,650
–
1,784,199
–
–
10,846
–
(905,627)
–
–
10,650
Total other comprehensive income
1,706,445
(838,537)
1,795,045
(894,977)
Total comprehensive income for the year
3,931,235
1,219,407
3,940,905
793,647
Total comprehensive income for
the year attributable to:
Depositors of TH
3,595,455
335,780
867,265
352,142
3,940,905
–
793,647
–
3,931,235
1,219,407
3,940,905
793,647
203
Lembaga Tabung Haji
STATEMENTS OF CHANGES IN FUND
Attributable to Depositors of TH
Non-distributable
Distributable
Accumulated
Total
Depositors’
Fair reserve of
Other
TH
Non
savings
value Translation
TKJHM
reserves
Retained depositors’ controlling
fund
reserve
reserve
and TWT
(Note 45)
earnings
fund
interests
Group
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Total
RM’000
At 1 January 2012
Effects of changes in accounting
policies
31,694,409
(737,300)
(71,406)
271,008
230,104
1,163,042
32,549,857
2,410,873
34,960,730
–
–
–
–
–
10,814
10,814
4,836
15,650
Restated
Total comprehensive income
for the year
- Profit for the year
- Other comprehensive income
31,694,409
(737,300)
(71,406)
271,008
230,104
1,173,856
32,560,671
2,415,709
34,976,380
–
–
–
1,791,048
–
(80,266)
–
10,846
–
(17,231)
1,891,058
–
1,891,058
1,704,397
333,732
2,048
2,224,790
1,706,445
–
1,791,048
(80,266)
10,846
(17,231)
1,891,058
3,595,455
335,780
3,931,235
Net deposits for the year
Additions for the year
Depositors’ bonus:
44
- Annual bonus
- Special bonus
Dividends paid to non-controlling
interests
Issuance of shares to
non-controlling interests
Issuance of shares pursuant
to ESOS of subsidiaries
Transfers between reserves
Changes in Group structure
4,131,966
–
–
–
–
–
–
16,786
–
–
–
–
4,131,966
16,786
–
–
4,131,966
16,786
2,140,554
317,292
–
–
–
–
–
–
–
–
(2,140,554)
(317,292)
–
–
–
–
–
–
–
–
–
–
–
–
–
(177,510)
(177,510)
–
–
–
–
–
–
–
5,910
5,910
–
–
–
–
–
–
–
–
–
–
–
–
(836)
105,247
6
–
(46,276)
20,059
18,271
(58,971)
43,214
17,435
–
63,279
6,589,812
–
–
16,786
104,417
(2,484,063)
4,226,952
(169,086)
4,057,866
At 31 December 2012
38,284,221
1,053,748
(151,672)
298,640
317,290
580,851
40,383,078
2,582,403
42,965,481
204
LEMBAGA TABUNG HAJI
(836) 58,971
20,065
Lembaga Tabung Haji
FOR THE YEAR ENDED 31 DECEMBER 2012 (cont’d.)
Non-distributable
Distributable
Accumulated
Total
Depositors’
Fair reserve of
Other
TH Non
savings
value Translation
TKJHM
reserves
Retained depositors’ controlling
fund
reserve
reserve
and TWT
(Note 45)
earnings
fund
interests
Group
Note
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Total
RM’000
At 1 January 2011
Effects of changes in accounting
policies
27,114,551
139,621
(85,479)
225,834
137,037
1,190,545
28,722,109
2,067,431
30,789,540
–
–
–
–
–
15,491
15,491
(465)
15,026
Restated
Total comprehensive income
for the year
27,114,551
139,621
(85,479)
225,834
137,037
1,206,036
28,737,600
2,066,966
30,804,566
–
–
–
(876,921)
–
14,073
–
10,650
–
2,767
1,724,054
–
1,724,054
(849,431)
333,890
10,894
2,057,944
(838,537)
–
(876,921)
14,073
10,650
2,767
1,724,054
874,623
344,784
1,219,407
Depositors’ annual bonus
44
Dividends paid to non-controlling
interests
Issuance of shares to non-controlling
interests
Issuance of shares pursuant
to ESOS of subsidiaries
Transfers between reserves
Changes in Group structure
2,902,010
–
1,677,848
–
–
–
–
–
–
–
34,524
–
–
–
–
–
–
(1,677,848)
2,902,010
34,524
–
–
–
–
2,902,010
34,524
–
–
–
–
–
–
–
–
(92,102)
(92,102)
–
–
–
–
–
–
–
113,630
113,630
–
–
–
–
–
–
–
–
–
–
–
–
(786)
91,586
(500)
–
(91,586)
13,200
(786)
–
12,700
–
–
(17,569)
(786)
–
(4,869)
4,579,858
–
–
34,524
90,300
(1,756,234)
2,948,448
3,959
2,952,407
At 31 December 2011
31,694,409
(737,300)
(71,406)
271,008
230,104
1,173,856
32,560,671
2,415,709
34,976,380
TKJHM refers to Tabung Kebajikan Jemaaah Haji Malaysia and TWT refers to Tabung Warga Tua.
205
Lembaga Tabung Haji
Distributable
Non-distributable
Accumulated
Depositors’
Fair
reserve of
savings
value
TKJHM
Retained
fund
reserve
and TWT
earnings
TH
Note
RM’000
RM’000
RM’000
RM’000
Total
TH
depositors’
fund
RM’000
At 1 January 2012
Total comprehensive income for the year:
31,694,409
(824,897)
271,008
895,117
32,035,637
–
–
–
1,784,199
–
10,846
2,145,860
-
2,145,860
1,795,045
Depositors’ bonus:
- Annual bonus
44
- Special bonus
44
–
4,131,966
–
1,784,199
–
–
10,846
–
16,786
2,145,860
–
–
3,940,905
4,131,966
16,786
2,140,554
317,292
–
–
–
–
(2,140,554)
(317,292)
–
–
2,457,846
–
–
(2,457,846)
–
38,284,221
959,302
298,640
583,131
40,125,294
At 1 January 2011
Effects of changes in accounting policies
27,114,551
–
80,730
–
225,834
–
867,791
16,550
28,288,906
16,550
Restated
27,114,551
80,730
225,834
884,341
28,305,456
Total comprehensive income for the year:
–
–
–
(905,627)
–
10,650
1,688,624
–
1,688,624
(894,977)
–
(905,627)
10,650
1,688,624
793,647
Depositors’ annual bonus
44
2,902,010
–
1,677,848
–
–
–
–
34,524
–
–
–
(1,677,848)
2,902,010
34,524
–
4,579,858
–
34,524
(1,677,848)
2,936,534
At 31 December 2011
31,694,409
(824,897)
271,008
895,117
32,035,637
At 31 December 2012
206
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
STATEMENTS OF CASH FLOW
Note
Profit before tax from:
Continuing operations
Discontinued operations
Adjustments for:
Depreciation of property, plant and equipment
Loss/(Gain) on disposal of property, plant and equipment
Gain on disposal of investment properties
Dividends from associates
Share of loss/(profit) after tax and zakat of associates
Share of (profit)/loss after tax and zakat of jointly
controlled entities
Gain on trading of equities
Gain on disposal of subsidiaries
(Gain)/Loss on disposal of associates
Gain on sale of securities
Gain on sale of other financial assets
Net derivatives (gain)/losses
Changes in fair value of derivatives
Profit from corporate financing
Profit from financing to subsidiaries
Gain from capital repayment
Gain on negotiable debt certificates
Impairment of equities and debt securities
Impairment of receivables
Impairment of investment in associates
Impairment on financing from banking operations
Changes in fair value of investment properties
Other investment written off
Property, plant and equipment written off
Plantation development expenditure written off
Write back of impairment on investment in subsidiaries
and associates
Amortisation cost on financing to subsidiaries
Write back of doubtful debts
Amortisation of deferred expenditure
Amortisation of deferred income
Amortisation of intangible assets
Dividend income from banking operations
Fair value of employees’ share option scheme
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
2,406,569
70,064
2,108,569
159,192
2,117,961
56,270
1,688,624
–
2,476,633
2,267,761
2,174,231
1,688,624
239,151
7,635
(1,000)
–
26,772
240,695
(13,585)
–
–
(5,279)
29,835
7,561
(1,000)
(18,980)
–
36,246
(12,575)
–
(71,646)
–
(6,182)
(595,197)
–
(237,386)
(91,056)
(8,136)
(21,153)
2,455
(246)
–
(841)
(60,873)
63,906
1,069
53,229
77,429
15,914
–
4,640
70,572
3,486
(696,136)
–
4,475
(30,517)
(11,517)
6,351
(3,125)
(1,059)
–
(46)
(77,869)
114,855
406
–
21,124
(91,431)
8,681
1,355
7,868
–
(595,197)
(134,573)
(414,896)
(91,056)
(3,785)
(11,348)
2,455
(246)
(48,573)
(841)
(60,873)
63,906
402
53,229
–
16,009
–
–
–
–
(634,551)
(33,439)
(20,863)
(30,517)
(3,291)
(2,268)
(3,125)
(1,059)
(122,919)
(46)
(77,869)
99,449
406
–
–
(91,431)
–
–
–
–
–
(2,697)
3,703
(312)
8,236
(38,382)
1,156
–
–
(294)
7,519
(311)
8,236
(37,854)
3,449
(12,568)
(1,713)
(12)
–
(312)
–
–
–
(4,335)
(2,322)
(14)
–
(311)
–
–
–
207
Lembaga Tabung Haji
Note
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Provision for contingent liability
(Gain)/Loss on foreign exchange
Zakat
Financing costs
14,769
38,139
(8,719)
58,222
30,554
15,231
35,402
18,265
54,352
24,780
–
25,696
(6,841)
47,100
–
–
(16,163)
4,083
44,162
–
Operating profit before changes in working capital
Changes in working capital:
Inventories
Bills payable
Financing of banking customers
Deposits and placements of banks and other financial institutions
2,122,004
1,875,268
1,017,610
744,226
(5,048)
(186,381)
456,833
(147,900)
125,985
(5,360,731)
4,170,797
475,650
(27,129)
155,130
(42,110)
(902,000)
95,962
(2,272,671)
1,410,096
6,499
–
(401,374)
(10,691)
–
–
–
–
–
–
(174,317)
(35,704)
–
–
–
–
–
Cash generated from operations
Bonus paid to depositors
Zakat paid
Tax paid
Tax refund
Retirement benefits paid
Deferred expenditure paid
1,651,209
(2,457,846)
(53,314)
(276,806)
42,566
(5,820)
(210,082)
(42,803)
(1,328)
299,045
(1,677,848)
(54,601)
(225,526)
42,811
(5,675)
(121,005)
(18,194)
(6,368)
605,545
(2,457,846)
(45,655)
–
40,246
(5,805)
–
–
–
534,205
(1,677,848)
(40,104)
–
38,946
(5,224)
–
–
–
Net cash used in operating activities
(1,354,224)
(1,767,361)
(1,863,515)
(1,150,025)
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment
Proceeds from disposal of investment properties
Proceeds from disposal of assets held for sale
Proceeds from disposal of subsidiaries
Proceeds from disposal of associates
Proceeds from reduction of share capital of an associate
Purchase of equities
Proceeds from trading of financial derivatives
Proceeds from capital repayment
Purchase of debt securities
(Purchase of)/Proceeds from other financial assets
Derivative investments
Purchase of property, plant and equipment
Acquisition of subsidiaries
Net investment in associates
24,225
24,000
18,921
–
–
17,150
(321,370)
13,657
1,922
(2,787,251)
(1,383,897)
(25,194)
(290,087)
(72,500)
(52,544)
18,102
–
9,707
–
30,788
30,333
(1,375,113)
–
–
(2,014,582)
831,639
6,998
(348,170)
–
(54,332)
23,320
24,000
18,325
29,922
–
17,150
(321,370)
13,657
1,922
(2,787,251)
(1,383,897)
(25,194)
(59,891)
(24,011)
(52,544)
14,769
–
9,707
37,831
30,788
30,333
(1,375,113)
–
–
(2,014,582)
831,639
6,998
(75,536)
(85,233)
(31,769)
208
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
Note
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Net investment in jointly controlled entities
Decrease in deposits pledged
Net (purchase of)/proceeds from banking securities
Acquisition of investment property
Dividends from associates
Foreign exchange differences
(3,000)
(979)
(2,681,075)
(1,610,820)
5,600
(12,815)
(250)
206
3,712,783
(154,570)
11,200
(8,578)
–
–
–
(749,095)
18,980
(12,815)
(250)
–
–
(154,571)
71,646
(8,578)
Net cash (used in)/generated from investing activities
(9,136,057)
696,161
(5,268,792)
(2,711,921)
Cash flows from financing activities
Purchase of shares from non-controlling interests
Proceeds from long term financing
(Proceeds)/Repayment of financing to subsidiaries
Repayment of corporate financing
Repayment of bank borrowings
Dividends paid to non-controlling interests
Repayment of finance lease
Financing costs
(24,011)
251,486
–
2,886
(531,338)
(177,510)
6,589,811
(70)
(14,918)
(13,544)
412,300
–
2,403
(55,740)
(92,102)
4,579,859
(204)
(14,911)
–
–
(1,313,893)
2,886
–
–
6,589,811
–
–
–
–
516,754
2,403
–
–
4,579,859
–
–
Net cash generated from financing activities
6,096,336
4,818,061
5,278,804
5,099,016
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Net increase in cash and cash equivalents of TKJHM
Reclassification to assets held for sale (4,393,945)
12,291,929
36,937
(142,417)
3,746,861
8,519,258
25,810
–
(1,853,503)
7,028,496
36,937
–
1,237,070
5,765,616
25,810
–
Cash and cash equivalents at 31 December
7,792,504
12,291,929
5,211,930
7,028,496
4,891,542
1,553,168
6,504,469
1,233,078
5,038,732
173,198
6,879,502
148,994
834,646
2,875,187
–
–
5
Deposits and placements with banks and other financial institutions
6
Bank overdrafts
32
Deposits pledged
7,279,356
519,646
–
(6,498)
10,612,734
1,692,220
(441)
(12,584)
5,211,930
–
–
–
7,028,496
–
–
–
7,792,504
12,291,929
5,211,930
7,028,496
Cash and cash equivalents comprise:
Deposits and placements with licensed financial institutions
Cash and bank balances
Money at call and interbank placements with remaining maturity
not exceeding one month
209
Lembaga Tabung Haji
NOTES TO THE FINANCIAL STATEMENTS
1. Corporate information
Lembaga Tabung Haji (“TH”) is a statutory body established under the Tabung Haji Act, 1995 (Act 535).
The principal place of business is located at Bangunan Tabung Haji, 201 Jalan Tun Razak, 50400 Kuala Lumpur.
TH is principally engaged in the management of hajj operations, acceptance and management of deposits from depositors, investment activities
and letting of properties. The principal activities of the subsidiaries, associates and jointly controlled entities are respectively stated in Note 23,
22 dan 21 to the financial statements. There has been no significant change in the nature of these activities during the financial year.
The consolidated financial statements for the financial year ended 31 December 2012 comprised the financial statements of TH and its
subsidiaries, associates and jointly controlled entities (together referred to as the Group).
The financial statements of the Group and TH for the year ended 31 December 2012 were approved and authorised for issue by the Board
of Directors on 5 April 2013.
2. Basis of preparation
(a) Statement of compliance
The financial statements of the Group and TH have been prepared in accordance with Financial Reporting Standards (“FRSs”) issued
by the Malaysian Accounting Standards Board (“MASB”) for entities other than private entities, modified to comply with Syariah principles
and requirements.
On 19 November 2011, MASB published an approved accounting framework namely Malaysian Financial Reporting Standards (“MFRS”)
applicable to all entities other than private entities effective for annual periods beginning 1 January 2012.
MASB however, provides temporary exemption to entities that are within the scope of MFRS 141 Agriculture (MFRS 141) and
IC Interpretation 15 Agreements for the Construction of Real Estate (IC 15) from applying MFRS for annual periods beginning 1 January
2012. These entities are known as Transitioning Entities and are required to comply with MFRS including MFRS 141 and IC 15 effective
for annual periods beginning 1 January 2014.
MASB also provides temporary exemption to an investment holding company or an entity that has interest in the transitioning entities
from adopting MFRS for annual periods beginning 1 January 2012 if the transitioning entities have not adopted MFRS 141 or IC 15.
The adoption of MFRS will become mandatory for transitioning entities including a parent, significant investor and venturer of such
transitioning entities for annual periods beginning 1 January 2014.
Subsidiaries of the Group involved in plantations activities and property development and construction elected to apply MFRS 141 and
IC 15 for annual periods beginning 1 January 2014.
Effective accounting standards, amendments and interpretations
The following accounting standards, amendments and interpretations have been issued by the Malaysian Accounting Standards Board
(MASB) but have not been adopted by the Group and TH:
210
i)
Standards, interpretations and amendments effective for annual periods beginning on or after 1 July 2012
• Amendments to FRS 101, Presentation of Financial Statements – Presentation of Items of Other Comprehensive Income
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
2. Basis of preparation (cont’d.)
(a) Statement of compliance (cont’d.)
ii) Standards, interpretations and amendments effective for annual periods beginning on or after 1 January 2013
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
FRS 10, Consolidated Financial Statements
FRS 11, Joint Arrangements
FRS 12, Disclosure of Interests in Other Entities
FRS 13, Fair Value Measurement
FRS 119, Employee Benefits (2011)
FRS 127, Separate Financial Statements (2011)
FRS 128, Investments in Associates and Joint Ventures (2011)
IC Interpretation 20, Stripping Costs in the Production Phase of a Surface Mine
Amendments to FRS 7, Financial Instruments: Disclosures – Offsetting Financial Assets and Financial Liabilities
Amendments to FRS 1, First-time Adoption of Financial Reporting Standards – Government Loans
Amendments to FRS 1, First-time Adoption of Financial Reporting Standards (Annual Improvements 2009-2011 Cycle)
Amendments to FRS 101, Presentation of Financial Statements (Annual Improvements 2009-2011 Cycle)
Amendments to FRS 116, Property, Plant and Equipment (Annual Improvements 2009-2011 Cycle)
Amendments to FRS 132, Financial Instruments: Presentation (Annual Improvements 2009-2011 Cycle)
Amendments to FRS 134, Interim Financial Reporting (Annual Improvements 2009-2011 Cycle)
Amendments to FRS 10, Consolidated Financial Statements: Transition Guidance
Amendments to FRS 11, Joint Arrangements: Transition Guidance
Amendments to FRS 12, Disclosure of Interests in Other Entities: Transition Guidance
iii) Standards, interpretations and amendments effective for annual periods beginning on or after 1 January 2014
•
•
•
•
Amendments to FRS 10, Consolidated Financial Statements: Investment Entities
Amendments to FRS 12, Disclosure of Interests in Other Entities: Investment Entities
Amendments to FRS 127, Separate Financial Statements (2011): Investment Entities
Amendments to FRS 132, Financial Instruments: Presentation – Offsetting Financial Assets and Financial Liabilities
iv) Standards, interpretations and amendments effective for annual periods beginning on or after 1 January 2015
• FRS 9, Financial Instruments (2009)
• FRS 9, Financial Instruments (2010)
• Amendments to FRS 7, Financial Instruments: Disclosures – Mandatory Effective Date of FRS 9 and Transition Disclosures
The Group plans to apply the abovementioned standards, amendments and interpretations as follows:
a) from annual period beginning 1 January 2013 for standards, amendments or interpretations that are effective for annual periods
beginning on or after 1 January 2013;
b) from annual period beginning 1 January 2014 for standards, amendments or interpretations that are effective for annual periods
beginning on or after 1 January 2014; and
c) from annual period beginning 1 January 2015 for standards, amendments or interpretations that are effective for annual periods
beginning on or after 1 January 2015.
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Lembaga Tabung Haji
2. Basis of preparation (cont’d.)
(b) Basis of measurement
The financial statements of the Group and TH have been prepared on the historical cost basis except for investment property and financial
assets and liabilities which have been stated at fair value or amortised costs as disclosed in Note 3 to the financial statements.
(c) Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (RM), which is the functional currency of TH. All financial information presented
in RM has been rounded to the nearest thousands, unless otherwise stated.
(d) Use of estimates and judgements
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from
these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimates are revised and in any future periods affected.
3. Significant accounting policies
(a) Basis of consolidation
(i)
Subsidiaries
Subsidiary companies are entities in which the Group has power to govern the financial and operating policies in order to obtain
benefits from their activities. Potential voting rights are also considered when assessing control. The financial results of subsidiary
companies are included in the consolidated financial statements from the date control effectively commences until the date control
effectively ceases.
Investments in subsidiary companies are stated at cost less impairment loss, if any. Where there is an indication of impairment, the
carrying amount of the investment is assessed. Impairment is made if the carrying amount exceeds its recoverable amount.
(ii) Business combinations
212
Business combinations are accounted for using the acquisition method from the acquisition date, which is the date on which control
is transferred to the Group.
Acquisition on or after 1 January 2011
For acquisitions on or after 1 January 2011, the Group measures goodwill at the acquisition date as follows:
-
-
-
-
the fair value of the consideration transferred; plus
the recognised amount of any non-controlling interest in the acquiree; plus
if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree; less
the net fair value of the identifiable assets acquired and liabilities assumed.
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
3. Significant accounting policies (cont’d.)
(a) Basis of consolidation (cont’d.)
(ii) Business combinations (cont’d.)
When the excess is negative, a bargain purchase gain is recognised immediately in the statements of income.
For each business combinations, the Group elects whether it measures the non-controlling interests in the acquiree either at fair value
or at proportionate share of the acquiree’s identifiable net assets at the acquisition date..
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a
business combination are expensed as incurred.
Any contingent consideration is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity,
it has not been restated and are accounted for through equity solutions. If the contingent consideration is classified apart from equity,
any changes to the fair value of the contingent consideration is recognized in the statements of income.
Acquisitions between 1 January 2006 and 31 December 2010
For acquisitions between 1 January 2006 and 31 December 2010, goodwill represents the excess of the cost of the acquisition over
the Group’s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree. If the excess is
negative, a bargain purchase gain is recognised immediately in the statement of income.
Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with
business combinations are capitalised as part of the cost of acquisition.
Acquisitions prior to 1 January 2006
For acquisitions prior to 1 January 2006, goodwill represents the excess of the cost of acquisition over the Group’s interest in the fair
values of the net identifiable assets and liabilities
(iii) Acquisitions of non-controlling interests
The Group treats all changes in its ownership interest in subsidiary that do not result in loss of control as equity transactions between
Group and its non-controlling interest holders. Any difference between the Group’s share of net assets before and after the change,
and any consideration received or paid, is adjusted to or against Group reserves.
(iv) Associate company
Associate company is an entity in which the Group has significant influence, but not control, over the financial and operating policy
decisions of the associate company, but not the power to exercise control over the policies. Investment in an associate company is
accounted for in the Group’s consolidated financial statements using the equity method less any impairment losses.
Investments in associates are stated in the Group’s statement of financial position at cost less any impairment losses. The cost of
investment includes transaction costs. The consolidated financial statements include the Group’s share of the profit or loss and
other comprehensive income of the associates from the date that significant influence commences until the date that significant
influence ceases.
When the Group’s share of losses exceeds its interest in the associate company, the carrying amount of that interest, including any
long-term investments, is reduced to zero, and the recognition of further losses is discontinued except to the extent that the Group
has an obligation or has made payments on behalf of the associate company.
When the Group ceases to have significant influence over an associate, it is accounted for as a disposal of the entire interest in that
associate, with a resulting gain or loss being recognised in the profit or loss. Any retained interest in the former associate at the
date when significant influence is lost is re-measured at fair value and this amount is regarded as the initial carrying amount of a
financial asset.
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Lembaga Tabung Haji
(a) Basis of consolidation (cont’d.)
(v) Jointly controlled entities
Jointly controlled entities are based on a contractual agreement whereby the Group and other parties have joint control over an
economic entity.
Jointly controlled entities are accounted for in the consolidated financial statements using the equity method from the date that joint
control effectively commences until the date that joint control effectively ceases.
(vi) Non-controlling interests
Non-controlling interests at the end of the reporting period, being the equity in a subsidiary not attributable directly or indirectly to
the depositors of TH, are presented in the consolidated statement of financial position and statement of changes in fund, separately
from fund attributable to the depositors of TH. Non-controlling interests in the results of the Group is presented in the consolidated
statement of income and other comprehensive income as an allocation of the profit or loss and other comprehensive income for the
year between non-controlling interests and the depositors of TH.
Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes
the non-controlling interests to record a deficit balance.
(vii) Transactions eliminated on consolidation
In preparing the consolidated financial statements, intra-group balances and transactions, and any unrealised income and expenses
arising from intra-group transactions are eliminated.
Unrealised gains arising from transactions with associates are eliminated against the investment to the extent of the Group’s interest
in the associate. Unrealised losses are eliminated in the same way as unrealised gains but only to the extent that there is no evidence
of impairment.
(b) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits and placements with banks and financial institutions, money at call and interbank
placements and highly liquid investments which have an insignificant risk of change in value. For the purpose of the statement of cash flow,
cash and cash equivalents are presented net of bank overdrafts and pledged deposits.
(c) Financial instruments
Financial instruments are classified and measured using accounting policies as mentioned below:
Recognition and derecognition
Purchases and sales of financial instruments are recognised on the date that the Group commits to purchase or sell the instruments.
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and
the Group and the Company has transferred substantially all risks and rewards of ownership. A financial liability is derecognised from the
statement of financial position when the obligation specified in the contract is expired.
Initial measurement
A financial instrument is initially recognised at fair value plus, in the case of a financial instrument not at fair value through profit or loss,
transaction costs that are directly attributable to acquisition or issue of the financial assets.
214
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
(c) Financial instruments (cont’d.)
Categories of financial instruments and subsequent measurement
The Group and TH categorise financial assets as follows:
(a) Financing and receivables
Financing and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in active
market.
These financial assets are subsequently measured at amortised cost using effective profit rate method, less any impairment loss.
(b) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are either:
(i) Held-for-trading
Financial assets acquired or incurred principally for the purpose of selling or repurchasing it in the near term or it is part of a
portfolio that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; or
(ii) Designated under fair value option
Financial assets meet at least one of the following criteria upon designation:
- it eliminates or significantly reduces measurement or recognition inconsistencies that would otherwise arise from measuring
financial assets, or recognising gains or losses on them, using different bases; or
- the financial asset contains an embedded derivative that would otherwise need to be separately recorded
These financial assets are subsequently measured at their fair values and any gain or loss arising from a change in the fair value will
be recognised in profit or loss.
(c) Financial assets held-to-maturity
Financial assets held-to-maturity are non-derivative financial assets with fixed or determinable payments and fixed maturity that the
Group has the positive intention and ability to hold to maturity. These financial assets are subsequently measured at amortised cost
using effective profit rate method, less any impairment loss.
Any sale or reclassification of more than an insignificant amount of financial assets held-to-maturity not close to their maturity would
result in the reclassification of all financial assets held-to-maturity to financial assets availablefor-sale and the Group would be
prevented from classifying any financial assets as financial assets held-to-maturity for the current and following two financial years.
215
Lembaga Tabung Haji
(d) Financial assets available-for-sale
Financial assets available-for-sale are financial assets that are either designated in this category or not classified in any other category
and are measured at fair value.
Investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably
measured are stated at cost less any impairment loss.
Any gain or loss arising from a change in the fair value is recognised in the fair value reserve through other comprehensive income until
the securities are sold, disposed off or impaired, at which time the cumulative gains or losses previously recognised in equity will be
transferred to the profit or loss. Profit or loss from sale of the available-for-sale securities is recognised in statement of income.
All financial assets, except for those measured at fair value through profit or loss, are subject to review for impairment as disclosed in
Note 3(n) to the financial statements.
Derivative financial instruments
The Group holds derivative financial instruments to hedge its foreign currency and profit rate exposures. Foreign exchange trading positions,
including spot and forward contracts, are revalued at prevailing market rates at statement of financial position date and the resultant gains
and losses for the financial year are recognised in the statements of income.
An embedded derivative is recognised separately from the host contract and accounted for as a derivative if, and only if, it is not closely
related to the economic characteristics and risks of the host contract and the host contract is not categorised at fair value through profit or
loss. The host contract, in the event an embedded derivative is recognised separately, is accounted for in accordance with policy applicable
to the nature of the host contract.
Financial liabilities
Financial liabilities are initially recognised at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost
using the effective profit rate method, except for derivatives that are liabilities, which shall be measured at fair value.
A financial liability is removed or derecognised from the statement of financial position when the obligation specified in the contract is
discharged, cancelled or expired.
Financial guarantee contracts
A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs
because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instruments.
Financial guarantee is initially recognised in the financial statements at fair value on the date the guarantee was given. Subsequent to initial
recognition, each guarantee is measured at the higher of the initial amount less amortisation calculated to recognise the initial measurement
in the income statement over the year of the financial guarantee and the best estimate of the amount required to settle the guarantee.
When settlement of a financial guarantee contract becomes probable, an estimate of the obligation is made. If the carrying value of the
financial guarantee contract is lower than the obligation, the carrying value is adjusted to the obligation amount and accounted for as
a provision.
216
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
Determination of fair value
The fair values of financial instruments traded in active markets (such as over the-counter securities and derivatives) are based on quoted
market prices at the statement of financial position date. For unquoted financial instruments, fair value is determined using valuation
techniques. These include the use of recent arm’s length transactions, reference to other instruments that bear characteristic which are
substantially similar, discounted cash flow analysis, option pricing models and net tangible asset value.
Reclassification of financial assets
A non-derivative financial asset held for trading may be reclassified if the financial asset is no longer held for the purpose of selling in the
near term. In addition, a financial asset that meets the definition of financing and receivables may be reclassified out of held-for-trading or
available-for-sale categories if the Group has the intention and ability to hold the financial asset for the foreseeable future or until maturity
at the date of reclassification.
Reclassifications are made at fair value as of the reclassification date. The fair value becomes the new cost or amortised cost as applicable,
and no reversals of fair value gains or losses recorded before reclassification date are subsequently made. Effective profit rates for financial
assets reclassified to financing and receivables and held-to maturity categories are determined at the reclassification date. Changes in
estimates of cash flows are adjusted in accordance with the effective profit rate prospectively.
(d) Constructions contracts work-in-progress
Construction contracts work-in-progress represents the gross unbilled amount expected to be collected from contract customers for
contract works performed up to date of the financial statements. It is measured at cost plus profit recognised to date less progress billing
and recognised losses. Cost includes all expenditure related directly to specific projects and an allocation of fixed and variable overheads
incurred in the contract activities based on normal operating capacity.
Construction contracts work-in-progress is presented as part of trade receivables in the statements of financial position. If payments
received from customers exceed the income recognised, then the difference is presented as amount due to contract customers which forms
part of trade payables in the statements of financial position.
(e) Inventories
(i)
Development properties
Completed properties held for sale are measured at the lower of cost and net realisable value. Cost consists of costs associated with
the acquisition of land and direct costs which are appropriate proportions of common costs attributable to developing the properties
to completion.
(ii) Palm based products
Inventories are measured at the lower of cost and net realisable value.
The cost of palm based products is measured based on weighted average cost formula, and includes expenditure incurred in acquiring
the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition.
Stores are stated at cost.
Nurseries are stated at cost. This cost relates to nursery maintenance costs.
217
Lembaga Tabung Haji
(e) Inventories (cont’d.)
(iii) Computer equipments
Inventories are valued at the lower of cost and net realisable value after an adequate allowance has been made for all deteriorated,
damaged, obsolete or slow moving inventories. Cost is determined on a weighted average basis and includes import duties, transport
and handling costs and any other directly attributable costs.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the
estimated cost necessary to make the sale.
(f)
Deferred expenditure are costs incurred by a subsidiary company in Indonesia that can bring long-term benefits and is amortised over the
estimated useful period using the straight line method.
The costs incurred include improvement and maintenance costs of water canals surrounding the estates which form the main
transportation means and is amortised over 3 years.
Included in deferred expenditure are arrangement costs for acquisitions of land right certificate for land used by the subsidiary company in
Indonesia for oil palm plantations. The cost is amortised over the effective period of the land rights.
(g) Property development costs
(i)
Land held for property development
Land held for property development consist of land or such portions thereof on which no development activities have been carried out
or where development activities are not expected to be completed within the Group’s normal operating cycle. Such land is classified
as non-current asset and is stated at cost less accumulated impairment losses.
Land held for property development is reclassified as property development costs at the point when development activities
have commenced and where it can be demonstrated that the development activities can be completed within the Group’s normal
operating cycle.
Cost associated with the acquisition of land includes the purchase price of the land, professional fees, stamp duties, commissions,
conversion fees and other relevant levies.
(ii) Property development costs
218
Property development costs comprise costs associated with the acquisition of land and all costs that are directly attributable to
development activities or that can be allocated on a reasonable basis to such activities.
Costs incurred on development projects where the development activities are expected to be completed within the Group’s normal
operating cycle of 2 to 3 years are classified as current assets. Common costs allocated to future development projects within the
same geographical location as existing development projects are classified as noncurrent assets.
Property development costs not recognised as an expense is recognised as an asset and is stated at the lower of cost and net
realisable value.
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
(h) Plantation development expenditure
All expenditure relating to development of oil palm estate (immature estate) will be capitalised under plantation development expenditure.
This cost will be amortised when the expenditure is transferred to property, plant and equipment when the estate matures.
All expenditure relating to planting and maintenance of sentang trees will be capitalised under plantation development expenditure. The cost
will be expensed off to statements of income once the trees are felled.
All expenditure relating to planting and maintenance of rubber trees will be capitalised under plantation development expenditure. The cost
will be expensed off to statements of income once the trees are ready for tapping.
Estate overhead expenditure is apportioned to revenue and plantation development expenditure on the basis of the proportion of mature to
immature areas.
(i)
Investment property
Investment properties are land and buildings which are held either to earn rental income or for capital appreciation or for both and are not
significantly occupied by the Group. It includes land held for a currently undetermined future use and property work-in-progress which is
intended for future use as investment property.
Investment properties are measured initially at cost, including acquisition costs, and is subsequently measured at fair value. The fair value
is determined based on valuations performed by an independent firm of valuers. Increase or decrease in fair value is recognised directly in
the statement of income for the period in which they arise.
Upon disposal of an investment property, the difference between the last fair value and net sales proceeds is recorded as gain or loss in the
statements of income.
(j)
Items of property, plant and equipment except for freehold land and work-in-progress are measured at cost or valuation less any
accumulated depreciation and any accumulated impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly attributable to bringing
the asset to working condition for its intended use, and the costs of dismantling and removing the items and restoring the site on which
they are located. The cost of self-constructed assets also includes the cost of materials and direct labour. For qualifying assets, borrowing
costs are capitalised in accordance with the accounting policy on borrowing costs.
The cost of property, plant and equipment recognised as a result of a business combination is based on fair value at acquisition date.
The fair value of property is the estimated amount for which a property could be exchanged between knowledgeable willing parties in an
arm’s length transaction.
The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable
that the future economic benefits embodied within the part will flow to the Group, and its cost can be measured reliably. The carrying
amount of the replaced part is derecognised from the financial statements. The costs of the day-to-day servicing of property, plant and
equipment are recognised in the statement of income as incurred.
Items of property, plant and equipment which have been retired from active used are transferred to assets held for sale at the lower of net
carrying amount and net realisable value.
The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the
carrying amount of property, plant and equipment and is recognised net within other income or other expenses respectively in statements
of income.
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(j)
Property, plant and equipment (cont’d.)
Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property,
plant and equipment. Freehold land is not depreciated. Property, plant and equipment under construction are not depreciated until the
assets are ready for their intended use.
(i)
Property, plant and equipment are depreciated based on the estimated useful lives as follows:
Buildings Building improvement and renovations
Plant, machinery and equipments Computer equipment and software Motor vehicles (ii)
Estates consist of matured plantation development expenditure and are depreciated over 21 to 25 years, based on estimated annual
production yield table. An estate is declared mature when the palm age has reached 36 months or more at the beginning of the
financial year.
5 - 99 years
5 - 10 years
2 - 10 years
2 - 7 years
4 - 10 years
Amortisation
Rights on land, leasehold land and leasehold buildings are amortised based on the following lease periods:
Rights on land Leasehold land Leasehold building 30 - 97 years
20 - 999 years
50 years
(k) Leased assets
(i) Finance lease
Leases in which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases.
Upon initial recognition, the leased assets are measured at an amount equal to the lower of its fair value and the present value of
the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy
applicable to that asset.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the
outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic profit
rate on the remaining balance of the liability. Contingent lease payments are accounted for by revising the minimum lease payments
over the remaining term of the lease when the lease adjustment is confirmed.
Leasehold land which in substance is a finance lease is classified as property, plant and equipment.
(ii) Operating lease
220
Leases, where the Group does not assume substantially all risks and rewards of ownership are classified as operating leases and, the
leased assets are not recognised in the statement of financial position.
Payments made under operating leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease
incentives received are recognised in profit or loss as an integral part of the total lease expense, over the term of the lease. Contingent
rentals are charged to profit or loss in the reporting period in which they are incurred.
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
(l)
Takaful Fund
(i)
Family Takaful Fund
Included in family takaful fund is fund arising from:
(i) Family takaful;
(ii) Group family takaful; and
(iii) Family retakaful funds.
The family takaful fund is maintained in accordance with the requirements of the Takaful (Amendment) Act, 1984 and includes the
amounts attributable to participants which represents the participants’ share of the underwriting surplus and return on the investments,
where applicable and are distributable in accordance with the terms and conditions prescribed by the Group.
The surplus transfer from the family takaful fund to the statements of income is based on the predetermined profit sharing ratio of the
underwriting surplus and return on investments.
Contribution income
Contribution is recognised as soon as the amount of the contribution can be reliably measured. Initial contribution is recognised from
inception date and subsequent contribution is recognised when it is due. For individual family takaful contribution, recognition is up to
the extent of one due amount.
At the end of each financial year, all due contributions are accounted for to the extent that they can be reliably measured.
Actuarial reserves
Actuarial reserves comprise unearned contribution valuation and the reserve computed under the net contribution valuation as
explained below:
(i) Unearned contribution reserve
The Unearned Contribution Reserve (“UCR”) of group family fund (except for Mortgage Reducing Term Takaful (“MRTT”)) and
family retakaful fund represents the portion of the net contributions of takaful certificates written that relate to the unexpired
years of the certificates at the end of the financial year.
In determining the UCR at statement of financial position date, the method that most accurately reflects the actual unearned
contributions is used, as follows:
(a) 1/365th method for all group family takaful business within Malaysia
(b) A pro-rata basis based on a time apportionment method for family retakaful business
(ii) Net contribution valuation
The actuarial liabilities for MRTT products managed under group family fund and Ordinary Participants’ Special Account (“PSA”)
are calculated using the net contribution method of valuation (“NCV”). The liability is ascertained by deducting the present
value of future net contribution from the present value of the future amount-at-risk. As with all projections, there are elements of
uncertainty and the projected liability may be different from actual.
These uncertainties arise from changes in underlying risks, changes in spread of risks, claims settlement pattern as well as
uncertainties in the projection model and underlying assumptions.
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(l)
Takaful Fund (cont’d.)
(i)
Family Takaful Fund (cont’d.)
Provision for outstanding claims
Claims and provisions for claims arising on family and group family takaful certificates, including settlement costs, are accounted for
using the case basis method and for this purpose the benefits payable under a family takaful certificate are recognised as follows:
(i) Maturity or other policy benefit payments due on specified dates are accounted for as claims payable on the due dates.
(ii) Death, surrender and other benefits without due dates are treated as claims payable on the date of receipts of intimation of death
of the participant or occurrence of contingency covered.
(iii) For individual family, group health and medical business, provision is made for the cost of claims (together with related expenses)
and incurred but not reported (“IBNR”) at the end of the reporting period, using a mathematical method of estimation by a
qualified internal actuary where historical claims experience are used to project future claims. The provision includes a risk
margin for adverse deviation. As with all projections, there are elements of uncertainty and the projected claims may be different
from actual.
These uncertainties arise from changes in underlying risk, changes in spread of risks, claim settlement pattern as well as
(ii) General Takaful Fund
The general takaful fund is maintained in accordance with the Takaful Act, 1984 (amendment). Included in general takaful fund is fund
arising from:
(i) General takaful; and
(ii) General retakaful funds.
The general takaful underwriting results are determined for each class of takaful business after taking into account retakaful, unearned
contributions, claims incurred and administrative fees.
Contribution income
Contributions are recognised in a financial year in respect of risks assumed during that particular financial year based on the inception
date. Inward treaty retakaful contributions are recognised on the basis of periodic advices received from ceding takaful operators.
Unearned contributions reserve
The Unearned Contribution Reserves (”UCR”) represent the portion of the net contributions of takaful certificates written that relate to
the unexpired years of the certificates at the end of the financial year/years.
In determining the UCR at balance sheet date, the method that most accurately reflects the actual unearned contributions is used,
as follows:
(i) 1/365th method for all General Takaful business within Malaysia.
(ii) 1/8th method for all classes of General Treaty Inward Retakaful business.
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LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
(l)
Takaful Fund (cont’d.)
(ii) General Takaful Fund (cont’d.)
Provision for outstanding claims
A liability for outstanding claims is recognised in respect of direct takaful business. The amount of outstanding claims is the best
estimate of the expenditure required together with related expenses less recoveries, if any, to settle the present obligation at the
statement of financial position date. Any difference between the current estimated cost and subsequent settlement is dealt with in the
takaful revenue accounts for the Group in the year in which the settlement takes place.
Provision is also made for the cost of claims, together with related expenses, incurred but not reported (“IBNR”) at statement of
financial position date, using a mathematical method of estimation by a qualified external actuary where historical claims experience
are used to project future claims. As with all projections, there are elements of uncertainty and the projected claims may be different
from actual. These uncertainties arise from changes in underlying risk, changes in spread of risks, claims settlement pattern as well as
(m) Intangible assets
(i)
Goodwill
Goodwill represents the excess of the acquisition cost over the Group’s interest in the net fair value of the identifiable assets,
liabilities and contingent liabilities at the date of acquisition. Goodwill is not amortised but is reviewed annually to determine whether
impairment exists, or is reviewed more frequently if events or changes in circumstances indicates that it might be impaired. An
impairment loss is charged directly to the statement of income and is not reversed in the subsequent period.
(ii) Other intangible assets
Other intangible assets comprise intangible core deposits, customers’ relationship and brands arising from the acquisition of banking
and takaful business. It is stated at its fair value on the date of the acquisition and is amortised over the amortisation period of 10
to 12 years.
(n) Impairment
(i)
Financial assets
The Group assesses at each reporting date whether there is objective evidence that financing and receivables, financial assets
held-to-maturity or financial assets available-for-sale are impaired. A financial asset or a group of financial assets are impaired and
impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred
after the initial recognition of the assets and prior to the statement of financial position date (“a loss event”) and that loss event
or events has an impact on the estimated future cash flow of the financial asset or the group of financial assets as that can be
reliably estimated.
Financing undertaken by banking operation is classified as impaired when the principal or profit or both are past due for three (3) months
or more or where a financing is in arrears for less than three (3) months, the financing exhibits indications of credit weakness.
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(n) Impairment (cont’d.)
(i)
Financial assets (cont’d.)
For financing and receivables, the Group first assesses whether objective evidence of impairment exists individually for financing
and receivables that are individually significant, and collectively for financing and receivables that are not individually significant.
If the Group determines that no objective evidence of impairment exist for an individually assessed financing and receivables,
whether significant or not, it includes the assets in a group of financing and receivables with similar credit risk characteristics and
collectively assesses them for impairment. Financing and receivables that are individually assessed for impairment and for which an
impairment loss is or continues to be recognised are not included in the collective assessment for impairment.
The amount of impairment loss is measured as the difference between the asset’s carrying amount and the present value of
estimated future cash flows discounted at the asset’s original effective profit rate. The amount of loss is recognised in the statements
of income.
When a financing is uncollectable, it is written off against the related allowance for impairment. Such financing are written off after
all the necessary procedures have been completed and the amount of the loss has been determined. Subsequently recoveries of
amounts previously written off are credited to the profit or loss. If, in a subsequent year, the amount of the impairment loss decreases
and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised
impairment loss is reversed and the amount of reversal is recognised in the statements of income.
In the case of available-for-sale equity securities, a significant or prolonged decline in their fair value of the security below its cost
is also considered in determining whether impairment exists. Where such evidence exists, the cumulative net loss that has been
previously recognised directly in equity is removed from equity and recognised in the statements of income. In the case of debt
instruments classified as available-for-sale, impairment is assessed based on the same criteria as all other financial assets. Reversals
of impairment of debt instruments are recognised in other comprehensive income. Reversals of impairment of equity shares are not
recognised in the statements of income. Increases in the fair value of equity shares after impairment are recognised directly in equity.
The criteria used by the Group to determine whether there is an objective evidence of impairment for the financial assets include
the followings:
(i) Significant financial problems faced by issuers of financial instruments;
(ii) Breach of contracts such as default in paying principal and interest according to repayment schedule;
(iii) Cessation of business operations, bankruptcy (upon filing of the case), winding up order on business operations or restructuring of
financial position;
(iv) Decline in investment grade rating in a row up to two levels by external rating agencies.
(ii) Other assets
224
The carrying amounts of other assets are reviewed at the end of each reporting year to determine whether there is any indication of
impairment. If any such indication exists, the asset’s recoverable amount is estimated.
The recoverable amount of an asset is the greater of its value in use and its fair value less costs to sell. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.
Impairment loss is recognised in the statements of income.
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
(n) Impairment (cont’d.)
(ii) Other assets (cont’d.)
Impairment losses recognised in prior years are assessed at the end of each reporting year for any indications that the loss has
decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the
recoverable amount since the last impairment loss was recognised. An impairment loss is reversed only to the extent that the asset’s
carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised.
(o) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
(p) Finance lease
Property, plant and equipment acquired through a finance lease is capitalised and depreciated on the same basis with other assets of
the Group as stated in Note 3(j) and the corresponding obligation relating to the remaining principal payments is accounted for as liability.
Financing costs are charged to the statements of income over the lease period so as to produce a constant periodical rate of charges on
the remaining balance of the obligations for each accounting period.
(q) Deferred income
Deferred income represents a grant from the Government for the purpose of the constructions of haj pilgrims complexes. It is stated at cost
less accumulated amortisation over a period of 50 years based on the useful life of the haj pilgrims complexes.
(r)
Employees benefit
(i)
Short term benefits
Wages, salaries and bonuses are recognised as expenses in the year in which the associated services are rendered by employees
of the Group and TH. Short term accumulated compensated absences such as paid annual leave are recognised when services
are rendered by employees that increase their entitlement to future compensated absences, whereas short term non-accumulated
compensated absences such as sick leave are recognised when absences occur.
(ii) Defined contribution plans
The Group and TH contributes to Employment Provident Fund and approved pension scheme for its employees. The contributions
constitute a defined contribution plan, whereby it is recognised as an expense in the income statement in the year to which they relate.
Once the contributions have been paid, the Group and TH have no further payment obligations.
The Group and TH adopted FRS 119 - Employee Benefits, which is long term employee benefits payable upon retirement
recognised on an accrual basis in the statements of income as employee benefits payable and in the statements of financial position
as liabilites, described as Provision for Retirement Benefits Plan.
A subsidiary in Indonesia recognises the retirement employee benefits in accordance with the Manpower Law No.13/2003 dated 25
March 2003. Any actuarial gains or losses are recognised as income or expenditure if the accumulated actuarial gains or losses exceed
10% of the greater of the defined benefit obligation or the fair value of plan assets. The actuarial gains or losses that exceeds 10% is
amortised over the employees’ remaining period of services using the straight-line method.
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(r)
Employees benefit (cont’d.)
(ii) Defined contribution plans (cont’d.)
The liability in respect of defined benefit plan is the present value of the defined obligations at the statement of financial position
date. The plan is applicable to all permanent employees of TH who has been confirmed in service. The benefits payable on retirement
are based on the last drawn salary and length of service. The provision for retirement benefits is charged to the statements of income
so as to spread the cost over the service lives of employees in accordance with actuarial valuation.
(iii) Long term benefits
The calculation of the defined benefit obligation was performed by qualified actuarists based on the Projected Unit Credit
Method. Factors which have been taken into account are the estimated future cash outflows, using market yields of government
securities in which the maturity period approximates the terms of related liabilities at the statement of financial position date.
Types of long term retirement benefits recognised on an accrual basis is as follows:
i.
Post employment medical benefits;
ii. Cash award in lieu of annual leave upon retirement;
iii. Gratuity paid to staff stationed in Jeddah, Arab Saudi upon completion of service term; and
iv Hajj package for retirees.
It is the Group’s policy to undertake an actuarial valuation once every three years.
(s) Foreign currency
(i)
Foreign currency transaction and balances
In preparing the financial statements of the individual entities, transactions in foreign currencies are translated into the respective
entity’s functional currency at the exchange rates prevailing at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the closing exchange rate
ruling at the financial position date.
Foreign currency differences arising from settlement or translation of financial assets or liabilities at the statement of financial
position date are recognised in statements of income. Non-monetary assets and liabilities denominated in foreign currencies are not
retranslated at the end of the reporting date except for those that are measured at fair value are retranslated to the functional
currency at the exchange rate at the date that the fair value was determined.
Foreign currency differences arising on retranslation are recognised in statements of income, except for differences arising on the
retranslation of available-for-sale equity instruments which are recognised in other comprehensive income.
(ii) Foreign operations
226
The assets and liabilities of operations in functional currencies other than RM, including fair value adjustments arising on acquisition,
are translated to RM at exchange rates prevailing at the financial position date. The income and expenses of foreign operations are
translated to RM at average exchange rates for the period. All resulting exchange differences are recognised in other comprehensive
income in translation reserve.
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
(t)
Recognition of income
(i)
Investment income
Profits from Syariah compliance investments are recognised in the income statement on accrual basis.
Dividend income from investments are recognised when the rights to receive the dividend payment is established.
Gain arising from equity trading, debt securities financial instruments, investment in money market and rental income are accounted
for on accrual basis.
Income from non-Syariah sources are not recognised in the statement of income, in accordance with the guidelines issued by Syariah
Advisory Council of the Securities Commission. These income are accounted for in the statement of financial position.
(ii) Financing income
Financing income is recognised in the profit or loss on an accrual basis using the effective profit rate method. The effective profit rate
is the rate that discounts estimated future cash payments or receipts through the expected life of the financial instruments or, when
appropriate, a shorter year to the net carrying amount of the financial instruments. When calculating the effective profit rate, the Group
has considered all contractual terms of the financial instruments but does not consider future credit losses. The calculation includes
all fees and transaction costs integral to the effective profit rate, as well as premium or discounts.
Once a financial assets or a group of financial assets has been written down as a result of an impairment loss, income is recognised
using the profit rate used to discount the future cash flows for the purpose of measuring the impairment loss.
(iii) Goods sold and services
Revenue from the sale of goods is measured at fair value of the consideration received or receivable, net of returns and allowances,
trade discounts and volume rebates. Revenue is recognised when the significant risks and rewards of ownership have been transferred
to the buyer.
Revenue from services is recognised when the services have been rendered. Where the outcome of the transaction cannot be
estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
(iv) Construction contracts
Contract revenue includes the initial amount agreed in the contract plus any variations in contract work, claims and incentive
payments, to the extent that it is probable that they will result in revenue and can be measured reliably. As soon as the outcome of
a construction contract can be estimated reliably, contract revenue and contract cost are recognised in the statements of income in
proportion to the stage of completion of the contract.
The stage of completion is assessed by reference to the proportion that contract costs incurred for work performed todate bear to the
estimated total contract costs.
When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised only to the extent of
contract costs incurred that are likely to be recoverable. An expected loss on a contract is recognised immediately in the statements
of income.
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(t)
Recognition of income (cont’d.)
(v) Property development
Revenue from property development activities is recognised based on the stage of completion measured by reference to the
proportion that property development costs incurred for work performed to date bear to the estimated total property development
costs. Where the financial outcome of a property development activity cannot be reliably estimated, property development revenue is
recognised only to the extent of property development costs incurred that is probable will be recoverable, and property development
costs on the development units sold are recognised as an expense in the period in which they are incurred.
Any expected loss on a development project, including costs to be incurred over the defects liability period, is recognised immediately
in the statements of income.
Revenue from the land sales are recognised when the significant risks and rewards of ownership have been transferred to the buyer.
(vi) Fee and other income recognition
Financing arrangement, management and participation fees, underwriting commissions and brokerage fees are recognised as income
based on contractual arrangements. Fees from advisory and corporate finance activities are recognised net of service taxes and
discounts on completion of each stage of the assignment.
(u) Borrowing cost
Borrowing costs are recognised in the statements of income using the effective interest method except for borrowing costs directly
attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of
time to get ready for their intended use or sale, are capitalised as part of the cost of those assets.
The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset is being incurred,
borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress.
Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for
its intended use or sale are interrupted or completed.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalisation.
(v) Profit equalisation reserve (“PER”)
PER refers to the amount appropriated out of or written back to the total gross income to reduce the fluctuations in the profit rates
payable to the depositors. It is in conformity with ‘The Framework of the Rate of Return’ or BNM/GP2-i issued by Bank Negara Malaysia.
PER is reflected under other liabilities of the Group.
(w) Income tax
From year of assesment 2012 to 2016, TH is exempted from income tax on all types of income except for the statutory dividend
income under Section 127(3A) of the Income Tax Act, 1967.
Taxation charged on subsidiaries for the year comprised current tax expense and deferred tax. Current tax expense refers to the expected
tax payable on taxable income for the year, using tax rates enacted or substantially enacted at the statement of financial position date.
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LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
(w) Income tax (cont’d.)
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of assets and
liabilities in the statement of financial position and their tax bases. Deferred tax assets are recognised for all deductible temporary differences,
tax losses and unutilised tax credits to the extent that it is probable that taxable income will arise in the foreseeable future. Deferred tax is
not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a
transaction that is not a business combination and that affects neither accounting nor taxable profit or loss.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws
that have been enacted or substantively enacted by the end of the reporting period.
(x) Non-current assets held for sale
Non-current assets, or disposal group comprising assets and liabilities that are expected to be recovered primarily through sale or
distribution rather than through continuing use, are classified as held for sale.
This classification can only be done if the sale is highly probable to occur and the asset (or group of assets) can be sold immediately at the
existing conditions, subject to the terms and customary use.
Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance with the
Group’s accounting policies. Thereafter generally the assets, or disposal group are measured at the lower of their carrying amount and fair
value less costs to sell and the difference are recognised in the statements of income.
A component of the Group is classified as a discontinued operation when the criteria to be classified as assets held for sale have been met
or the asset has been disposed off and that component represents a separate major line of business or geographical area of operations, or
is a subsidiary acquired exclusively with a view to resale.
4. Changes in presentation of consolidated financial statements
The accounting policies as described in Note 3 to the financial statements have been adopted in the preparation of financial statements for the
year ended 31 December 2012, comparative figures shown in the financial statements for the year ended 31 December 2011 and statements of
financial position of the Group at 1 January 2011
The comparative figures in the statements of income and statements of financial position of the Group have been restated due to changes
implemented by banking and takaful group that affect the financial statements of the Group as follows:
a)
FRS 139 Financial Instruments - Recognition and Measurement
Bank Negara Malaysia (BNM) has revised the Guidelines on Classification and Impairment Provisions for Loans/Financing to align the
requirements on the determination of collective assessment allowance with that of FRS 139. The transitional provision which was allowed
under the earlier guidelines was removed with effect from 1 January 2012.
Financing and advances which are not individually significant are collectively assessed using the incurred loss approach. If it is determined
that no objective evidence of impairment exists for an individually assessed financing or the individually assessed financing does not
result in impairment provisions, the financing is also included in the group of financing with similar credit risk characteristics for collective
impairment assessment. The future cash flows of each group of financing with similar credit risk characteristic are estimated on the basis
of historical loss experience for such assets and discounted to present value. Collective assessment allowance is made on any shortfall in
these discounted cash flows against the carrying value of the group of financing.
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4. Changes in presentation of consolidated financial statements (cont’d.)
a)
FRS 139 Financial Instruments - Recognition and Measurement (cont’d.)
The adoption of the accounting policy has been accounted for retrospectively and the collective assessment allowances charged in the
statement of income of the Group have been restated. Consequently, the retained profits and the collective assessment allowances in the
statement of financial position have also been restated.
A summary of the financial impact of the change in accounting policy in determining collective assessment allowance in accordance with
BNM guidelines to the method as prescribed by FRS 139 on the financial statements of the Group are as follows:
Group
At At
1.1.2011
31.12.2011
RM’000
RM’000
Financing:
As previously stated
Effect of change in accounting policies 11,861,094 (2,032) 14,144,423
20,867
As restated 11,859,062 14,165,290
Current tax assets:
As previously stated Effect of change in accounting policies 125,661 508 122,900
508
As restated 126,169 123,408
Provision for zakat and tax:
As previously stated Effect of change in accounting policies
182,567 –
162,886
5,725
As restated 182,567 168,611
Retained earnings reserve:
As previously stated Effect of change in accounting policies 1,624,108 (1,059) 855,448
10,814
As restated 1,623,049 866,262
Non-controlling interests:
As previously stated Effect of change in accounting policies 2,067,431 (465) 2,410,873
4,836
As restated 2,066,966 2,415,709
230
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
4. Changes in presentation of consolidated financial statements (cont’d.)
a)
FRS 139 Financial Instruments - Recognition and Measurement (cont’d.)
For the year ended
31 December 2011
STATEMENTS OF INCOME
Impairment and write off:
As previously stated
Effect of change in accounting policies 76,534
(22,899)
As restated
53,635
Tax expense:
As previously stated Effect of change in accounting policies 204,092
5,725
As restated 209,817
Non-controlling interests:
As previously stated Effect of change in accounting policies 328,589
5,301
As restated 333,890
b)
FRS 127 Consolidated and Separate Financial Statements
FRS 127 requires an entity that prepares consolidated financial statements to combine the financial statements of the parent and its
subsidiaries line-by-line by adding together like items of assets, liabilities, equity, income and expenses.
Prior to this, the financial statements of Takaful were prepared in accordance with BNM guidelines on financial reporting, where a Takaful
Operator is required to separately report its assets and liabilities from the respective Takaful funds. The Group has been presenting the assets
and liabilities that belong to life and takaful funds in the consolidated statement of financial position on an aggregated basis as “General
Takaful and Family Takaful assets”, “General Takaful and Family Takaful liabilities” and “General Takaful and Family Takaful participants’
funds” respectively.
The Group is required to change the presentation of assets and liabilities that form part of life and takaful funds in the consolidated
statement of financial position at 1 January 2011. The effects of the change in the presentation are detailed as follows:
i)
Removal of line items namely “General Takaful and Family Takaful assets”, “General Takaful and Family Takaful liabilities” and “General
Takaful and Family Takaful participants’ funds” from the consolidated statement of financial position.
ii)
Creation of two new line items, namely “Takaful assets” and “Takaful liabilities” on the consolidated statement of financial position.
iii) Consolidation of the other assets and liabilities of general and takaful funds within the consolidated statement of financial position on
a line-by-line basis.
The reclassification of assets and liabilities of takaful fund does not have financial impact to the financial statements of the Group.
The effects of changes as described above are detailed out in Note 53 to the financial statements.
231
Lembaga Tabung Haji
5. Cash and cash equivalents
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Placements with licensed financial institutions
Cash and bank balances
Money at call and interbank placements with remaining maturity
not exceeding one month
4,891,542
1,553,168
6,504,469
1,233,078
5,038,732
173,198
6,879,502
148,994
834,646
2,875,187
–
–
7,279,356
10,612,734
5,211,930
7,028,496
Group
2012
2011
RM’000
RM’000
2012
RM’000
2011
RM’000
Cash and cash equivalents are denominated in the following currencies:
TH
Ringgit Malaysia
Saudi Riyal
Indonesian Rupiah
Pound Sterling
U.S. Dollar
7,075,332
48,489
64,987
44,632
45,916
10,518,416
61,316
33,002
–
–
5,147,751
47,155
–
17,015
9
6,967,180
61,316
–
–
–
7,279,356
10,612,734
5,211,930
7,028,496
Included in placements with licensed financial institutions and cash and bank balances of the Group and TH were short term placements and
cash and bank balances of TKJHM and TWT amounting to RM263,790,000 (2011: RM226,853,000).
Included in cash and bank balances of the Group was RM5,002,000 (2011: RM26,569,000), the utilisation of which is subject to the Housing
Developers (Control and Licensing) (Amendment) Act 2002.
The range of profit margin on short term placements with licensed financial institutions of the Group and TH was from 1.00% to 3.60%
(2011: 1.00% to 4.00%).
Included in cash and bank balances of the Group was RM6,498,000 (2011: RM6,584,000) pledged to banks for bank guarantee facilities.
6. Deposits and placements with banks and other financial institutions
Group
2012 2011
RM’000
RM’000
519,646 Licensed banks
232
LEMBAGA TABUNG HAJI
1,692,220
Lembaga Tabung Haji
7. Derivative assets/(liabilities)
Group 2012
Principal
RM’000
Fair value
Assets
Liabilities
RM’000
RM’000
680,789
11,521 1,434,000 114,095 2,523
9,066 12,200 2,013 (1,365)
–
(10,961)
(2,013)
2,240,405 25,802 (14,339)
1,684,899 9,820 171,740 500,000 137,005 5 ,589 12,945
7,549 –
2,739 (4,854)
–
(7,509)
(8,197)
(2,739)
2,503,464 28,822 (23,299)
TH
2012
Warrants 11,521 9,066 –
2011
Warrants 9,820 12,945
–
Forward contracts Warrants
Profit rate swaps Structured deposits 2011
Forward contracts Warrants Cross currency profit rate swap Profit rate swaps Structured deposits 8. Securities held-for-trading
At fair value
Group
2012 2011
RM’000
RM’000
Quoted securities
Shares Unit trusts 72,832 29,580 60,998
25,971
102,412 86,969
Unquoted securities
Malaysian Government Investment Issues Bank Negara Negotiable Notes Islamic debt securities Malaysian Islamic Treasury Bills Islamic commercial papers Investment funds 20,190 846,786 742,865 9,807
49,884 59,662 71,804
1,116,264
54,549
–
9,852
63,906
1,729,194 1,316,375
1,831,606 1,403,344
233
Lembaga Tabung Haji
9. Securities available-for-sale
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
At fair value
Shares
Quoted shares Less : Impairment during the year 8,870,075 (62,549) 7,892,912 (68,423) 8,352,854 (62,549) 7,597,114
(68,423)
8,807,526 7,824,489 8,290,305 7,528,691
Fund managers 722,937 617,935 722,937 617,935
Unquoted shares Less : Impairment during the year 320,492 (15,118)
340,868 (15,284)
296,662 (1,356) 316,506
(1,026)
305,374 325,584 295,306 315,480
9,835,837 8,768,008 9,308,548 8,462,106
Debt Securities
Government debt securities 12,255,071 10,116,596 1,180,661 1,430,483
Corporate debt securities Less : Impairment during the year 5,989,087 –
4,744,656 (30,000)
5,989,087
–
4,744,656
( 30,000)
5,989,087 4,714,656 5,989,087 4,714,656
18,244,158 14,831,252 7,169,748 6,145,139
Other Financial Assets
Unit trusts Negotiable Islamic Debt Certificate Corporate notes 868,865 6,896,243 9,791 692,590 5,276,967 177,550 405,160 2,158,936
9,791 328,214
617,623
177,550
7,774,899 6,147,107 2,573,887 1,123,387
35,854,894 29,746,367 19,052,183 15,730,632
234
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
10. Assets held for sale
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Assets classified as held for sale:
Cash and cash equivalents Trade and other receivables Inventories Deferred expenditure Deferred tax assets Plantation development expenditure Investment in subsidiaries Investment in associates Investment property
Property, plant and equipment Fair value adjustment of plantation assets 111,530
97,572 54,085
11,852 19,429
86,030
–
107,942
6,316 1,393,502 1,927,518
–
–
–
–
–
–
–
–
668
616,082 –
–
–
–
–
–
–
2,572,010
–
–
600,293 –
–
–
–
–
–
–
–
–
–
616,082
–
3,815,776 616,750 3,172,303
616,082
Liabilities classified as held for sale:
Trade and other payables Provision for zakat and tax Financing Provision for retirement benefits Deferred tax liabilities 13,358
66,679 41,000
28,187
976
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
150,200
–
–
–
Subsidiaries held for sale
Certain subsidiaries have been classified as held for sale following the agreement signed between two investment holding subsidiaries with
a third party on 20 April 2012 for the sale of PT TH Indo Plantations. At 31 December 2012, efforts to sell were still ongoing. Accordingly, the
assets and liabilities of subsidiary companies have been reclassified to assets and liabilities held for sale.
235
Lembaga Tabung Haji
11. Trade and other receivables
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Trade receivables
Trade receivables Construction contracts in progress (Note 11 (a))
1,436,036 –
400,769 776 1,271,023 –
205,338
–
1,436,036 401,545 1,271,023
205,338
160,871 521,522 23,261 79,693
372,164 28,067 –
111,530 23,261 –
19,036
28,067
–
6,808 –
56,613
180,249 –
215,483
–
712,462 536,537 315,040 262,586
2,148,498 938,082 1,586,063 467,924
Other receivables
Clients’ and dealers’ debit balances Other receivables, deposits and prepayments Staff financing
Amount due from:
- Subsidiaries
- Jointly controlled entities Note 11 (a) - Construction contracts in progress
Group
2012 2011
RM’000
RM’000
150,522 8,786 332,840
22,876
Progress billings` 159,308 (183,344) 355,716
( 370,070)
(24,036) ( 14,354)
Amount due from contract customers
Amount due to contract customers (Note 29) –
(24,036) 776
(15,130)
(24,036) (14,354)
Development costs Attributable profits 236
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
12. Inventories
Group
2012 2011
RM’000
RM’000
Stores Finished goods
Nurseries Completed properties 24,610 24,853 8,213
3,172 52,765
49,557
6,646
1,930
60,848 110,898
13. Financing
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Cash line Credit cards Discounted trade bills Trust receipts Term financing Islamic pawn-broking Financing to subsidiaries
618,555 430,984 1,480,215 50,314 17,304,054 80,572 –
406,590
451,538 1,309,598
48,897
12,320,533 47,352
–
–
–
–
–
16,573 –
1,692,375
–
–
–
–
19,213
–
320,775
19,964,694 14,584,508 1,708,948
339,988
Less : Accumulated impairment
- Collective assessment - Individual assessment (313,334) (142,748) (327,688)
(91,530) –
(15,760) –
(15,760)
(456,082) (419,218) (15,760) (15,760)
19,508,612 14,165,290 1,693,188 324,228
Included in financing to subsidiaries was financing granted to a subsidiary in Indonesia for the purpose of developing oil palm estate in Riau,
Indonesia. The financing was secured with a fixed term of repayment until year 2025.
Financing to subsidiaries in Malaysia were chargeable at a profit margin of 0% to 4.5% (2011: 0% to 4.5%) and repayable within one to
five years.
Financing to overseas subsidiaries were chargeable at a profit margin of 5% to 13% (2011: 13%).
237
Lembaga Tabung Haji
14. Takaful assets
Group
2012 2011
RM’000
RM’000
Retakaful assets:
Claims liabilities Contribution liabilities Actuarial liabilities 301,150 72,297 63,856 262,019
88,597
64,808
437,303 415,424
Takaful receivables:
Due contributions Due from retakaful/co-takaful 82,378 22,518 96,402
28,501
Less: Allowance for impaired receivables 104,896 (10,883) 124,903
(15,089)
94,013 109,814
531,316 525,238
15. Securities held-to-maturity
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
At amortised cost
Debt Securities
Quoted debt securities Malaysian Government Islamic papers Unquoted debt securities Less : Accumulated impairment –
145,502 2,342,957 (19,738) 63,369 145,609
955,670 (20,315) –
–
2,400,000 –
–
_
657,420
–
2,468,721 1,080,964 2,400,000 657,420
2,468,721 1,144,333 2,400,000 657,420
16. Statutory deposits with Bank Negara Malaysia
The non-interest bearing statutory deposits were maintained with Bank Negara Malaysia in compliance with Section 37(1)(c) of the Central Bank
of Malaysia Act, 1958 (revised 1994), the amount of which were determined as set percentages of total eligible liabilities.
238
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
17. Deferred expenditure
Group
2012 2011
RM’000
RM’000
28,706 (16,854) (11,852) Development expenditure Less : Accumulated amortisation
Reclassification to assets held for sale –
27,378
(13,151)
–
14,227
The costs incurred include improvement and maintenance of water canals surrounding the oil palm estates which formed the main
transportation channel within the plantation area. The costs were amortised over three years.
Included in deferred expenditure were the cost of reallocating and transferring from Rights to Undertake to Rights to Building by a subsidiary
in Indonesia for the development of oil palm estate. The costs were amortised over remaining period of 52 years.
18. Property development costs
Group
2012 2011
RM’000
RM’000
Property development costs comprise:
Land Development costs 24,597 732,943 24,597
622,354
Add : Development costs incurred during the year 757,540 106,524 646,951
90,575
Less : Transferred to inventories
Less : Development costs recognised as expense in the statement of income
- Previous years - Current year 864,064 (1,314)
737,526
–
(500,685) (62,407) (428,304)
(72,380)
299,658 236,842
239
Lembaga Tabung Haji
19. Plantation development expenditure
Group
2012 2011
RM’000
RM’000
At 1 January Acquisition of subsidiaries Additions Seedings
Transfer to property, plant and equipment (Note 25) Write off Foreign exchange difference Reclassification to assets held for sale 520,180 4,201 213,791
–
(120,962) (70,572)
(4,688) (86,030) 419,493
–
171,849
5,764
(69,246)
(7,868)
188
–
At 31 December 455,920 520,180
Included in additions during the year are as follows:
Depreciation (Note 25(a)) 3,709
5,911
20. Deferred tax
Total deferred tax assets and liabilities, after appropriate offsetting are as follows:
Group
2012 2011
RM’000
RM’000
Deferred tax assets Deferred tax liabilities 64,451
(110,788) 50,664
(93,855)
(46,337) (43,191)
Deferred tax assets and liabilities are offset when there is a legally enforceable right to adjust current tax assets against current tax liabilities and
where the deferred taxes relate to the same tax authority.
The recognised deferred tax assets and liabilities after offsetting are as follows:
Group
2012 2011
RM’000
RM’000
- capital allowances Impairment Unabsorbed capital allowance Unutilised tax losses Others (262,769) 60,372 142,036 20,171 (6,147) (140,771)
39,572
48,716
9,091
201
(46,337) (43,191)
240
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
21. Investment in jointly controlled entities
Group
2012
2011
RM’000
RM’000
2012
RM’000
TH
2011
RM’000
Unquoted
Shares at cost 255,712 237,348 215,961 215,961
Add:
Shares in jointly controlled entities:
- Retained profits - Other reserves - Foreign exchange differences
13,096 (4,028) (9,793) 12,115 (705)
693 –
–
–
–
–
–
(725) 12,103
–
–
Less:
Reclassification to assets held for sale (107,942) –
–
–
147,045 249,451 215,961 215,961
The Group’s interest in the assets, liabilities, income and expenses of jointly controlled entities are as follows:
Group
2012 2011
RM’000
RM’000
Assets Liabilities 670,030 (405,417) 602,693
(349,169)
Net assets at 31 December 264,613 253,524
Income Expenses 914,202 (899,288) 942,558
(929,725)
Net profit for the year ended 31 December 14,914 12,833
Details of jointly controlled entity are as follow:
Name of company
Principal activities
Direct holding
Incorporated in Malaysia
Trurich Resources Sdn. Bhd. 2012
%
2011
%
Investment holding 50 50
TH Alam Management Sdn. Bhd.
Ship operating and chartering services
50 50
Abraj Sdn. Bhd. Property investment 50 50
Abraj Management Co. Sdn. Bhd. Property management
50 50
241
Lembaga Tabung Haji
21. Investment in jointly controlled entities (cont’d.)
Name of company
Indirect holding
Theta Edge Berhad
and its jointly controlled entity:
Taha Alam Sdn. Bhd. Provision of advisory services for Haj and Umrah
2012
%
2011
%
50
–
–
70
50 50
TH Universal Builders Sdn. Bhd.
and its jointly controlled entity:
TH Universal Builders Sdn. Bhd./ Construction and completion of equipments for
Bina Darulaman Berhad Sungai Petani Hospital
Joint Venture Incorporated in Indonesia
PT Synergy Oil Nusantara Processing of crude palm oil and marketing of
refined palm oil products
22. Investment in associates
Group
2012
2011
RM’000
RM’000
2012
RM’000
2011
RM’000
640,421 (53,230) 898,280 –
640,421 (53,230)
898,280
_
587,191 898,280 587,191 898,280
384,153 (136,650) 400,805 (149,219) 341,201
(119,064) 370,422
(144,201)
Add:
Share of results of associates:
- Retained profit
- Reserves 247,503 251,586 222,137 226,221
167,734 (18,860)
392,944
3,652
–
–
–
–
148,874 396,596 –
–
983,568 1,546,462 809,328 1,124,501
273,251 911,927 273,251
911,927
Quoted
Shares at cost
Less : Accumulated impairment
Unquoted
Shares at cost Less : Accumulated impairment
Market value of quoted shares 242
LEMBAGA TABUNG HAJI
TH
Lembaga Tabung Haji
22. Investment in associates (cont’d.)
Details of associates, of which all are incorporated in Malaysia, are as follows:
Name of company
Effective ownership interest
2012
2011
%
%
Direct holding
Quoted
TH Heavy Engineering Berhad Construction and fabrication of oil and gas
(Formerly known as offshore structures
Ramunia Holdings Bhd) 32 25
Pelikan International Corporation Manufacture and distribution of stationeries
Berhad 31 30
Silver Bird Group Berhad Manufacture and marketing of breads and bakery products
22 22
KFC Holdings (Malaysia) Berhad Restaurants operation network
–
23
Unquoted
CCM Fertilizers Sdn. Bhd. Production and marketing of fertilizers 50 50
Maju TH Sdn. Bhd. Property management 49 49
Express Rail Link Sdn. Bhd. Design, construction, maintenance and management
of express railway system
40 40
Nihon Canpack (Malaysia) Manufacture and sale of canned beverages
Sdn. Bhd. 40 40
Swasta Setia Holdings Sdn. Bhd. 30 30
Gallant Precision Tool & Engineering Manufacture and repair of calliberation tools,
Enterprise (M) Sdn. Bhd. moulds and colouring
25 25
Perumahan Kinrara Bhd. Property development 25 25
I&P Kota Bayuemas Sdn. Bhd. Property management
23 23
Bata (Malaysia) Sdn. Bhd. Manufacture and marketing of footwear and allied products
20 20
Consolidated Fertiliser Corporation Sdn. Bhd.
Production and marketing of fertilizers 20 20
ASMTH Sdn. Bhd.* Property management
49 49
Prizevest Sdn. Bhd.* Property management 30 30
Victec Enterprise Sdn. Bhd.* Property management 30
30
Top Priority Sdn. Bhd. * Property management
30 30
Property management
243
Lembaga Tabung Haji
22. Investment in associates (cont’d.)
Name of company
Indirect holding
Unquoted
THP Bina Sdn. Bhd.
(Formerly known as
TH Technologies Sdn. Bhd.)
and its associates:
2012
2011
%
%
HCM-TH Technologies JV Upgrading and maintenance of roads
40 40
HCM-TH Technologies Sdn. Bhd. Upgrading and maintenance of roads
30 30
Roadcare (M) Sdn. Bhd. Upgrading and maintenance of roads
28 28
Islamic Banking and Finance Training and consultancy services
Institute Malaysia Sdn. Bhd. 25
25
Amana Bank Ltd 10 10
BIMB Holdings Bhd
and its associates:
Provision of Islamic financial services * TH no longer has significant influence towards the financial and operational policies of these companies because these companies had
been placed under the supervision of Receivers and Managers, despite the fact that TH still holds a portion of the shares. Therefore, these
companies were not consolidated and the investments had been fully written off.
23. Investment in subsidiaries
TH
2012 RM’000
2011
RM’000
Quoted
Shares at cost 1,568,226 1,020,273
Unquoted
Shares at cost Less : Accumulated impairment 1,029,500 (1,500)
2,093,283
(1,500)
1,028,000
2,091,783
2,596,226 3,112,056
Market value of quoted shares
2,601,327 1,813,748
244
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
23. Investment in subsidiaries (cont’d.)
Details of subsidiaries are as follows:
Name of company
2012
2011
%
%
Quoted
TH Plantations Berhad Investment holding, cultivation of oil palm, processing
and its subsidiaries: and marketing of palm products
72 60
THP Gemas Sdn. Bhd. Cultivation of oil palm, processing and marketing
of palm products
72
60
THP Bukit Belian Sdn. Bhd. Cultivation of oil palm and selling of fresh fruit bunches
72 60
THP Ibok Sdn. Bhd. Cultivation of oil palm and selling of fresh fruit bunches
72 60
THP Kota Bahagia Sdn. Bhd. Cultivation of oil palm, processing and marketing
of palm products
72 60
THP Agro Management Sdn. Bhd. Management services
72
60
THP Saribas Sdn. Bhd. Cultivation of oil palm and selling of fresh fruit bunches
58
48
THP-YT Plantation Sdn. Bhd. Cultivation of oil palm and selling of fresh fruit bunches
50 42
TH Bakti Sdn. Bhd. Cultivation of oil palm and selling of fresh fruit bunches
50 70
Hydroflow Sdn. Bhd. Cultivation of oil palm and selling of fresh fruit bunches
50 –
THP Sabaco Sdn. Bhd. Cultivation of oil palm, processing and marketing
of palm products
37 31
TH Ladang (Sabah & Sarawak) Sdn. Bhd.
and its subsidiaries:
Investment holding
72 100
Cempaka Teratai Sdn. Bhd. and its subsidiaries:
Investment holding 72
100
TH PELITA Gedong Cultivation of oil palm, processing and marketing
Sdn. Bhd. of palm products
50 70
Kee Wee Plantations Sdn. Bhd. and its subsidiaries:
Investment holding
72 100
TH PELITA Sadong Sdn. Bhd.
Cultivation of oil palm and selling of fresh fruit bunches
50 70
TH-Bonggaya Sdn. Bhd. Rubber plantation
72 100
Ladang Jati Keningau Sdn. Bhd.
Teak plantation
60
83
TH-USIA Jatimas Sdn. Bhd. Rubber plantation
50 70
245
Lembaga Tabung Haji
Name of company
Incorporated in Malaysia (cont’d.)
Quoted (cont’d.)
2012
2011
%
%
TH PELITA Meludam Sdn. Bhd. Cultivation of oil palm and selling of fresh fruit bunches
43 60
TH PELITA Simunjan Sdn. Bhd. Cultivation of oil palm and selling of fresh fruit bunches
43 60
TH PELITA Beladin Sdn. Bhd. Cultivation of oil palm and selling of fresh fruit bunches
40 55
Derujaya Sdn. Bhd. Dormant
72 100
Halus Riang Sdn. Bhd. Dormant 72 100
Kuni Riang Sdn. Bhd. Dormant
72 100
Manisraya Sdn. Bhd. Dormant
72 100
Pinekey Enterprise Sdn. Bhd. Dormant 72 100
BIMB Holdings Berhad and its subsidiaries:
Investment holding
51 52
Bank Islam Malaysia Berhad
Islamic banking business
45 45
BIMB Investment Management Berhad Trust Funds
Management of Islamic Unit Trust Funds
45 45
BIMB Foreign Currency Clearing Agency Sdn. Bhd.
Foreign currency clearing house
45
45
Al-Wakalah Nominees (Tempatan) Sdn. Bhd.
Nominee services
45 45
Farihan Corporation Sdn. Bhd. Management of Islamic pawn broking business
45 45
Bank Islam Trust Company
(Labuan) Ltd.
and its subsidiary:
Provision of services as Labuan registered trust company
45 45
BIMB Offshore Company Management Services Sdn. Bhd.
Dormant 45 45
Syarikat Takaful Malaysia Berhad and its subsidiary: Family and general takaful business
31
34
ASEAN Retakaful International (L) Ltd
Offshore retakaful business 20 21
246
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
Name of company
Quoted (cont’d.)
2012
2011
%
%
BIMB Securities (Holdings) Sdn. Bhd.
BIMB Securities Sdn. Bhd. and its subsidiaries:
Stockbroking
51 51
BIMSEC Asset Management
Sdn. Bhd.
Investment management services
51 51
BIMSEC Nominees (Tempatan)
Sdn. Bhd.
Nominee services 51 51
BIMSEC Nominees (Asing)
Sdn. Bhd.
Nominee services
51
51
Syarikat Al-Ijarah Sdn. Bhd. Leasing of assets
51 51
Advanced Business Solutions (M)
Provision of manpower for information
Sdn. Bhd. technology industry
69
69
Hi Pro Edar (M) Sdn. Bhd. Services related to information technology industry
69 69
Impianas Sdn. Bhd. Public mobile data network operator
69 69
Konsortium Jaya Sdn. Bhd. Sales and maintenance of computers and
telecommunication equipments
69 69
Lityan Applications Sdn. Bhd. Marketing of computer products and application
development services
69 69
Sistem Komunikasi Gelombang Supply of telecommunication equipments and
Sdn. Bhd. system integration services
69 69
THT Integrated Solutions Sdn. Bhd. Information technology solutions
69 69
TH Computers Sdn. Bhd. Distributor of computer equipments
69 69
TH2.0 Sdn. Bhd. Investment holding 69
69
Theta Edge Berhad and its subsidiaries:
247
Lembaga Tabung Haji
Name of company
2012
2011
%
%
Unquoted
TH Estates (Holdings) Sdn. Bhd. Investment holding 100 100
TH Indo Industries Sdn. Bhd. Investment holding and leasing of transportation equipment
100 100
TH Indopalms Sdn. Bhd. Investment holding 100 100
TH Properties Sdn. Bhd. and its subsidiaries:
Investment holding
100 100
Property construction
100 100
THT-HCM JV Sdn. Bhd.
Road construction 60 60
Ultimate Building Machine Sdn. Bhd.
Dormant
60 60
TH Universal Builders Sdn. Bhd. Property construction
100 100
THP Development Consultancy Sdn. Bhd.
Property development consultancy services
100 100
THP Hartanah Sdn. Bhd. Property development 100 100
Property development
100 100
TH Connectivity Sdn. Bhd. Dormant
100 100
THP-SBB JV Sdn. Bhd. Housing development 100
100
THP Sinar Sdn. Bhd. Provision of facility management services
60
60
THP Bina Sdn. Bhd. (formerly known as
TH Technologies Sdn. Bhd.)
THP Enstek Development Sdn. Bhd. (formerly known as
TH-NSTC Sdn. Bhd.)
and its subsidiary:
TH Travel & Services Sdn. Bhd. Provision of umrah and hajj services, ticketing and
tour agency
100 100
TH Global Services Sdn. Bhd. Supply of halal food products
100 100
TH Hotel & Residence Sdn. Bhd. Investment holding 100 100
TH Marine Sdn.Bhd Provision of marine services 100 100
THC International Sdn. Bhd. Dormant 60 60
248
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
Name of company
Unquoted (cont’d.)
TH Alam Holding (L) Inc. and its subsidiaries:
2012
2011
%
%
Investment holding
51 51
Alam JVDP 1 (L) Inc. Leasing of ships 51 51
Alam JVDP 2 (L) Inc. Dormant
51
51
95 95
Incorporated in Indonesia
Unquoted
TH Indopalms Sdn. Bhd.
and its subsidiary:
P.T. TH Indo Plantations Cultivation of oil palm, processing and marketing
of palm products
Syarikat Takaful Malaysia Berhad
P.T. Syarikat Takaful Indonesia and its subsidiaries:
Investment holding
17 19
P.T Asuransi Takaful Umum General takaful business
11 12
P.T. Asuransi Takaful Keluarga Family takaful business 13 14
Management of investment property
100 100
Investment holding
100
–
Rental of investment property 100
–
Incorporated in Saudi Arabia
Unquoted
TH Hotel & Residence Sdn. Bhd.
and its subsidiary:
TH Real Estate Company Incorporated in Jersey Island
Unquoted
LTH Property Holdings Limited and its subsidiary:
10 Queen Street Place London Limited
All subsidiaries, associates and jointly controlled entities of TH are not audited by the National Audit Department of Malaysia.
249
Lembaga Tabung Haji
24. Investment property
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
At fair value
At 1 January
Additions Disposal Transfer from property, plant and equipment (Note 25) Transfer to assets held for sale Changes in fair value
Foreign exchange difference
2,580,092 1,610,820 (23,000) 30 (5,856) (15,914) (92) 2,131,609 158,514 (7,700) 206,896 (668)
91,431 10 2,543,146
749,095 (23,000)
30 –
(16,009) –
2,095,519
154,571
–
201,625
–
91,431
–
At 31 December
4,146,080 2,580,092 3,253,262 2,543,146
Freehold land and building of a subsidiary were revalued in 1997 by an independent professional valuation firm on open market basis.
The subsidiary company follows the transitional provisions issued by the Malaysian Accounting Standards Board upon adoption of FRS 116 Property, Plant and Equipment. It allows the subsidiary company to maintain the carrying amount of the assets based on the previous valuation,
depending on the continuation of its depreciation method and the need to decrease the value of the assets to its net realisable value. Consequently,
the valuation stated above was not adjusted. The net carrying value of the freehold land and building was RM732,200 (2011: RM752,800).
250
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
25. Property, plant and equipment
Plant,
machineries,
fittings and
Freehold
Leasehold
Freehold
Leasehold
Building
motor
Work-in-
land
land
Estates
buildings
buildings renovations
vehicles
progress
Group
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Total
RM’000
Cost
At 1 January 2012 Reclassification Restated Acquisition of
subsidiaries
Additions Disposals Write off Transfer from plantation
development
expenditure
(Note 19)
Transfer to investment
property (Note 24)
Reclassification
Foreign exchange difference Transfer to assets held
for sale
317,993 (4,675) 1,274,086 –
523,921 114,171 247,770 41,564 154,446 (224) 1,846,784 (75,374) 150,513
75,416
4,572,920
196,287
102,816 313,318 1,274,086 638,092 289,334 154,222 1,771,410 225,929
4,769,207
–
–
(14,544)
–
87,020 7,549 (46,988) –
13,878 431 (24,171) (12,132) 245 17,830 (3,666) (438)
–
–
(85) –
–
21,564 (537) (579) 66
134,724 (19,830) (7,493)
–
112,889
(45,623)
–
101,209
294,987
(155,444)
(20,642)
–
120,962
–
–
–
(11) –
–
–
(4,446) 120,962
–
–
–
(65,960) –
14,092
(21,374)
–
–
–
(1,255) –
–
(30) (46) (4)
–
12,204 (26,306) –
(26,250)
(3,264)
(30)
–
(122,620)
–
–
(681,984) (233,450) –
–
(288,663) (37,555)
(1,241,652)
88,261 356,453 625,110 411,331 287,994 174,590 1,576,112 226,126
3,745,977
At 1 January 2012 Reclassification
–
–
41,351 (128) 366,385 –
181,833 530 101,993 1,903 118,735 –
888,008
(180) –
–
1,698,305
2,125
Restated Depreciation for the year
(Note 25(a)) Disposals
Write off Transfer to assets held
for sale
Reclassification
Foreign exchange difference –
41,223 366,385 182,363 103,896 118,735
887,828
–
1,700,430
–
–
–
5,501 (11,791) –
64,986 (6,154) (8,199) 25,972 (3,587) (204)
6,298 (49) –
8,491
(429) (439) 132,523
(18,849)
(7,160)
–
–
–
243,771
(40,859)
(16,002)
–
–
–
–
–
(637) (222,903) –
(19,671) (105,477)
(1) (9,488) –
–
(250) –
(54) (3) (159,588)
55
(15,663)
–
–
–
(487,968)
–
(45,712)
At 31 December 2012 –
34,296 174,444 89,578 109,895 126,301 819,146
–
1,353,660
88,261 322,157 450,666 321,753 178,099 48,289 756,966
226,126
2,392,317
At 31 December 2012 57,407 45,409 Accumulated depreciation
Net carrying amount at
31 December 2012 LAPORAN TAHUNAN 2012 ANNUAL REPORT
251
Lembaga Tabung Haji
25. Property, plant and equipment (cont’d.)
Plant,
machineries,
fittings and
Freehold
Leasehold
Freehold
Leasehold
Building
motor
Work-in-
land
land
Estates
buildings
vehicles
progress
Group
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Total
RM’000
Cost
At 1 January 2011 Reclassification
78,466 47,068 319,289 (4,094) 1,218,919 –
505,324 118,110 277,997 42,753
164,794 –
1,517,557
–
250,439
–
4,332,785
203,837
Restated Additions Disposals Write off Transfer from plantation
development
expenditure
(Note 19) Transfer to investment
property (Note 24)
Reclassification Foreign exchange difference Adjustments
Transfer to assets held
for sale 125,534 –
–
–
315,195 –
(2,076) –
1,218,919 1,227 (13,466) (8,542) 623,434 27,931 (3,428) (328) 320,750 208 –
–
164,794 12,320 (1,067) (1,816) 1,517,557 164,860 (20,073)
(10,316) 250,439
146,089
(24,143)
(44)
4,536,622
352,635
(64,253)
(21,046)
–
–
69,246
–
5,858 2,377 111,147
(135,152)
(11,742)
482
–
(206,896)
–
12,077
111,147
(20,325) –
–
–
–
–
–
–
(20,325)
At 31 December 2011 102,816 313,318 1,274,086 638,092 289,334 154,222 1,771,410 225,929
4,769,207
At 1 January 2011 Reclassification –
–
35,853 (60) 314,027 –
165,254 (6,324) 103,851 (5,829) 114,193 (4,590) 667,424 –
–
–
1,400,602
(16,803)
Restated
Depreciation for the year
(Note 25(a))
Disposals Write off Reclassification
Foreign exchange difference Adjustments –
35,793 314,027 158,930 98,022 109,603 667,424 –
1,383,799
–
–
–
–
–
–
5,496 (161) –
–
95 –
65,301 (5,733) (8,542) –
1,332 –
25,392 (1,728) (171) (17)
677 (720) 6,283 –
–
–
12
(421)
11,881 (1,137) (1,615)
–
3
–
133,133 (19,555)
(9,363)
17
1,213
114,959
–
–
–
–
–
–
247,486
(28,314)
(19,691)
–
3,322
113,818
41,223 366,385 182,363 103,896 118,735 887,828
–
1,700,430
102,816 272,095 907,701 455,729 185,438
35,487
883,582 225,929
3,068,777
–
(2,394) –
1
–
–
(245) –
444 –
69,246
–
–
6 ,702 –
–
(18,827) 7,370
1,940 –
–
(31,752) –
128 –
–
(18,526) (1,486) 3
–
Accumulated depreciation
Net carrying amount
at 31 December 2011 252
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
Plant,
machineries,
fittings and
Freehold
Leasehold
Freehold
Leasehold
Building
motor land
land
buildings
vehicles
TH
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Work-inprogress
RM’000
Total
RM’000
Cost
At 1 January 2012 Additions Disposals Write off Transfer to investment property (Note 24)
Transfer to assets held for sale
47,081 –
(14,544) –
–
–
17,517 –
(13) –
–
–
113,975
2,268 –
–
–
–
238,024 –
(85) –
–
–
117,912 19,204 –
–
(30) (2,512) 167,931 19,999
(1,528) (49) –
(588)
93,070
21,848
(16,267)
–
–
–
795,510
63,319
(32,437)
(49)
(30)
(3,100)
At 31 December 2012 32,537 17,504 116,243 237,939 134,574 185,765 98,651
823,213
At 1 January 2012 Depreciation for the year (Note 25(a)) Disposals
Write off
–
–
–
–
4,345 247 (4)
–
21,023 2,280 –
–
100,820 4,830
(49) –
95,958 6,498 –
–
123,386
16,891
(1,504)
(48)
–
–
–
–
345,532
30,746
(1,557)
(48)
4,588 23,303 105,601 102,456 138,725
–
374,673
32,537 12,916 92,940 132,338 32,118 47,040 98,651
448,540
At 1 January 2011 Additions
Disposals Write off
Transfer to investment property (Note 24)
Transfer to assets held for sale
68,140 –
–
–
(734)
(20,325) 19,838
–
(2,076) –
(245)
–
130,301 –
–
–
(16,326) –
268,666
–
–
–
(30,642) –
128,374 8,064 –
–
(18,526) –
146,774 26,237 (4,564) (516)
–
–
186,145
42,077
–
–
(135,152)
–
948,238
76,378
(6,640)
(516)
(201,625)
(20,325)
At 31 December 2011
47,081 17,517 113,975 238,024 117,912 167,931 93,070
795,510
At 1 January 2011
Adjustment for depreciation of
investment property
Depreciation for the year (Note 25(a))
Disposals
Write off
–
4,317 23,955 102,678
92,639 106,295
–
329,884
–
–
–
–
(60) 249 (161)
–
(5,211) 2,279 –
–
(6,689) 4,831 –
–
(4,590) 7,909 –
–
–
21,858
(4,272)
(495)
–
–
–
–
(16,550)
37,126
(4,433)
(495)
At 31 December 2011
–
4,345 21,023 100,820 95,958 123,386
–
345,532
47,081 13,172 92,952 137,204 21,954 44,545
93,070
449,978
Net carrying amount at 31 December 2012 Cost
Net carrying amount at 31 December 2011 LAPORAN TAHUNAN 2012 ANNUAL REPORT
253
Lembaga Tabung Haji
(a)
Depreciation for the year is allocated as follows:
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Statements of income Accumulated reserve of TKJHM and TWT (Note 43) Capitalised in plantation development expenditure (Note 19) 239,151 911 3,709 240,695 880 5,911
29,835 911 –
36,246
880
–
243,771 247,486 30,746 37,126
(b) The net carrying value of motor vehicles of subsidiaries acquired by means of hire purchase or finance lease agreements was RM190,000
(2011: RM132,000).
(c)
Marine vessels of a subsidiary with a net carrying value of RM230,948,000 (2011: RM239,958,000) were pledged as security for
bank borrowings.
26. Intangible assets
Group Goodwill
RM’000
Other
intangible assets
RM’000
Total
RM’000
Cost
At 1 January 2012 Additions 208,738 13,855 142,204 4,565 350,942
18,420
At 31 December 2012
222,593 146,769 369,362
Accumulated amortisation
At 1 January 2012
Amortisation for the year –
–
20,590 8,236 20,590
8,236
28,826 28,826
Net carrying amount at 31 December 2012 222,593 117,943
340,536
Cost
At 1 January 2011 Additions 208,738 –
97,009 45,195 305,747
45,195
At 31 December 2011 208,738 142,204 350,942
Accumulated amortisation
At 1 January 2011 Amortisation for the year
–
–
12,354 8,236 12,354
8,236
At 31 December 2011
–
20,590
20,590
Net carrying amount at 31 December 2011 208,738 121,614 330,352
254
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
26. Intangible assets (cont’d.)
TH Other
intangible
assets RM’000
Total
RM’000
At 1 January 2012 Additions Insurance claimed 44,366 4,754 (780) 44,366
4,754
(780)
At 31 December 2012 48,340 48,340
At 1 January 2011
Reimbursement right of takaful Additions Insurance claimed –
40,584 4,452 (670) –
40,584
4,452
(670)
At 31 December 2011 44,366 44,366
27. Deposits from banking customers
Group
2012 2011
RM’000
RM’000
Mudharabah fund Non Mudharabah fund 16,865,268 15,067,271 11,467,580
15,651,733
31,932,539 27,119,313
28. Deposits and placements of banks and other financial institutions
Group
2012 2011
RM’000
RM’000
Mudharabah fund Non Mudharabah fund 808,650 51,628 301,698
82,930
860,278 384,628
255
Lembaga Tabung Haji
29. Trade and other payables
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Trade payables
Trade payables Hajj reconciliations Deposits received Retention sum Amount due to contract customers (Note 11 (a)) Bill and acceptance payables 87,803 12,941 31,782 28,620 24,036 385,138 176,438 1,942 16,451 614 15,130
259,153
17,552 12,941 31,782 525 –
–
5,371
1,942
16,451
614
–
–
570,320 469,728 62,800 24,378
Other payables
Other payables and accruals Amount due to jointly controlled entities Clients’ and dealers’ credit balances 958,035 327 154,432 886,702 448 79,290
88,739 –
–
113,408
–
–
1,112,794 966,440 88,739 113,408
1,683,114 1,436,168 151,539 137,786
30. Takaful liabilities
Expense reserves
Takaful payables
- Due to retakaful companies - Due to intermediaries/participants Takaful contract liabilities
- Provision for outstanding claims - Provision for unearned contributions - Participants’ fund 256
LEMBAGA TABUNG HAJI
Group
2012 2011
RM’000
RM’000
89,486 19,739
31,743 11,383 34,194
11,343
733,074 295,439 4,419,630 634,182
352,154
4,072,990
5,580,755 5,124,602
Lembaga Tabung Haji
31. Finance lease
Group
2012 2011
RM’000
RM’000
Payable within:
Less than one year Between one and five years 107 308 35
94
415
129
Financing cost RM’000
Principal
RM’000
121 349 1
54 120
295
470 55 415
40 111 5
17 35
94
151 22 129
Finance lease liabilities are payable as follows:
Payments RM’000
2012
Less than one year Between one and five years 2011
Less than one year
Between one and five years LAPORAN TAHUNAN 2012 ANNUAL REPORT
257
Lembaga Tabung Haji
32. Financing
Current:
Unsecured
Bank overdraft
Revolving credit Term financing
Secured
Term financing Group
2012 2011
RM’000
RM’000
–
500 –
441
2,000
22,000
66,866 107,794
67,366 132,235
Non-current:
Unsecured
Term financing
Secured
Term financing –
41,000
321,276 882,606
321,276 923,606
388,642 1,055,841
Property, plant and equipment with a net carrying amount of RM516,289,000 (2011: RM518,264,000) is pledged as security for term financing.
Financing are payable as follows:
Group
2012 2011
RM’000
RM’000
Less than one year Between one and five years More than five years
69,848 282,514 36,280 161,592
287,586
606,663
388,642 1,055,841
33. Deferred income
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Development fund Less : Amortised to statement of income during the year
11,220 (312) 11,531 (311) 11,220 (312)
11,531
(311)
10,908 11,220 10,908 11,220
Deferred income in respect of accumulated development fund represents grant from the Government for the construction of hajj pilgrims
complexes at Bayan Lepas, Pulau Pinang and Kota Kinabalu, Sabah.
258
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
34. Provision for retirement benefits
Group
2012
2011
RM’000
RM’000
2012
RM’000
2011
RM’000
At 1 January Provision for the year Payment during the year Foreign exchange difference Reclassification to liabilities related to assets held for sale
222,487 38,139 (5,820) (2,718) (28,187)
192,660 35,402 (5,675)
100
–
199,921 29,671 (5,805) –
–
176,943
28,202
(5,224)
–
–
At 31 December 223,901 222,487 223,787 199,921
The provisions recognised in the statement of financial position are as follows:
Group
2012
2011
RM’000
RM’000
2012
RM’000
2011
RM’000
Present value of unfunded retirement benefit plan 223,901 222,487 223,787 199,921
Net liabilities 223,901 222,487 223,787 199,921
The provisions recognised in the statement of income are as follows:
Group
2012
2011
RM’000
RM’000
TH
TH
TH
2012
RM’000
2011
RM’000
Current service cost Interest cost Actuarial losses
16,613 19,212 2,314 15,444 17,275 2,683 10,921 16,658 2,092 10,500
15,320
2,382
Total 38,139 35,402 29,671 28,202
The principal assumptions used in the actuarial valuation are as follows:
2011
%
2012
%
2011
%
3.0 - 7.0 6.6 - 12.0 9.0 - 11.0 3.0 - 5.0 6.6 9.0 3.0 - 5.0
6.6
9.0
Inflation rate Discount rate Salary increment rate Group
2012
%
3.0 - 7.0 6.6 - 12.0 9.0 - 11.0 TH
259
Lembaga Tabung Haji
35. Depositors’ savings fund
Group/TH
2012 2011
RM’000
RM’000
At 1 January Deposits during the year
Bonus to depositors for the year 31,694,409 13,801,268 2,457,846 27,114,551
11,318,712
1,677,848
Less : Withdrawals during the year 47,953,523 (9,669,302) 40,111,111
(8,416,702)
38,284,221 31,694,409
At 31 December
36. Revenue and gross profit
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Revenue
Investment Dividends Islamic banking Plantations Services Properties Construction contracts 1,707,542 340,733 2,473,953 485,155 589,171 93,127 51,305 1,179,687 307,252 2,036,050
548,663
566,918 94,436 80,031
1,981,594 549,957
–
–
7,644 212,313 –
1,390,955
564,142
–
–
7,656
197,415
–
5,740,986 4,813,037 2,751,508 2,160,168
Less:
Cost of sales
Direct expenses attributable to investment of
banking depositors’ and shareholders’ funds Plantations Services Properties
Construction contracts
31,153 352,479 358,778 61,945 35,678
28,425
308,534
335,610 73,050 64,181
–
–
–
–
–
–
–
–
–
–
840,033 809,800
–
–
Gross profit 4,900,953 4,003,237 2,751,508 2,160,168
260
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
37. Income attributable to banking depositors
Deposits from customers
- Mudharabah fund - Non Mudharabah fund Deposits and placements of banks and other financial institutions
- Mudharabah fund Group/TH
2012 2011
RM’000
RM’000
364,491 190,924 253,305
161,185
11,772 19,215
567,187 433,705
38. Operating profit
Operating profit was arrived at after crediting/(charging):
Dividend income:
- quoted subsidiaries - unquoted subsidiaries
- quoted associates
- unquoted associates - jointly controlled entities
- quoted shares - unquoted shares - fund managers - unit trusts Return from fund managers Gain on disposals of:
- quoted subsidiaries - unquoted subsidiaries - quoted associates - unquoted associates
Gain on trading of equities:
- quoted shares - unquoted shares
- fund managers Gain from capital repayment
Net derivatives gain/(losses)
Changes in fair value of derivatives
Gain on debt securities Profit from financing to subsidiaries
Profit from corporate financing Returns from corporate notes Gain on negotiable debt certificates
Group
2012
2011
RM’000
RM’000
2012
RM’000
TH
2011
RM’000
–
–
–
–
–
289,690 20,694 12,569 20,842 3,807
–
–
–
–
–
269,118 21,770 14,420 17,067 2,835 135,741
54,338 1,541 17,439 238
289,682 17,477 12,659 20,842 3,807 68,688
116,557
17,982
53,664
–
265,651
11,344
14,420
15,838
2,835
–
–
237,386 –
–
–
3,713 762
18,224 116,349 414,896 –
27,534
5,905
3,713
17,150
534,600 29,593 31,004 841 21,153 (2,455) 516,131 –
246 3,785 60,873 604,266 61,821 30,049 46 (6,351) 3,125 333,921 –
1,059 3,291 77,869 534,600 29,593 31,004 841 11,348 (2,455) 516,131 48,573 246
3,785 60,873 604,266
236
30,049
46
2,268
3,125
333,921
122,919
1,059
3,291
77,869
261
Lembaga Tabung Haji
38. Operating profit (cont’d.)
Group
2012
2011
RM’000
RM’000
2012
RM’000
2011
RM’000
216,528 (7,635) 1,000
(4,640) (70,572) 196,232 13,585 –
(1,355)
(93)
219,957 (7,561) 1,000
(1) –
205,070
12,575
–
(21)
–
2,697 12,568 8,719
(8,236) (159,535) (3,514)
(66,018) (29,733) (823,044)
294 4,335 (18,265) (8,236)
(157,666) (3,235) (48,535) (28,229)
(744,443) 12 12,568 6,841 –
(29,835) (234) (10,166) (29,671) (179,577) 14
4,335
(4,083)
–
(36,246)
(213)
(8,939)
(28,202)
(181,507)
Rental income (Loss)/Gain on disposal of property, plant and equipment Gain on disposal of investment properties Property, plant and equipment written off
Plantation development expenditure written off Write back of:
- doubtful debts - equity investments Net gain/(loss) on foreign exchange differences Amortisation of intangible assets Depreciation of property, plant and equipment Audit fees Rental of premises
Provision for retirement benefits Staff costs TH
39. Impairment and write off
Impairment
- quoted shares - unquoted shares - debt securities
- associates - receivables Allowance for losses on financing undertaken by
banking operations Investment in unquoted shares written off Changes in fair value of investment properties Group 2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
62,549 1,357 –
53,229
1,069 68,423 19,184 27,248 –
406 62,549 1,357 –
53,229
402
68,423
1,026
30,000
–
406
77,429 –
15,914 21,124
8,681 (91,431) –
–
16,009 –
–
(91,431)
211,547 53,635 133,546 8,424
40. Zakat
Zakat refers to payment of business zakat mandatorily imposed upon TH and its subsidiaries in accordance with the Syariah principles. The basis
of calculating the business zakat is based on the adjusted working capital method. The basis period for the calculation of zakat is based on the
financial year.
262
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Lembaga Tabung Haji
41. Tax expense
Subsidiaries
- Current year - (Over)/Under provision in prior years Group
2012 2011
RM’000
RM’000
271,398 (410) 184,433
14,988
Deferred tax
- Current year - Prior years 270,988 199,421
(2,036) 224
18,385
(35,373)
269,176 182,433
TH has been exempted from income tax on its income except for statutory dividend income under Section 127(3A) of the Income Tax Act, 1967.
Commencing year of assesment 2012 to 2016.
A reconciliation of income tax expense of the Group applicable to profit before taxation at the statutory income tax rate to income tax expense at
the effective income tax rate are as follows:
Group
2012 2011
RM’000
RM’000
Profit before tax 2,406,569 2,108,569
Income tax using Malaysian tax rate of 25% (2011: 25%) Effects of change in tax rate
Non-deductible expenses Non-assessable income Effects of unrecognised deferred tax Recognition of deferred tax assets not previously recognised
Share of tax of associates
Share of tax of jointly controlled entities Others 601,642 2
48,835 (608,921) 28,002 –
(6,693) 1,546 204,949 527,142
3
46,325
(495,054)
(8,490)
(3,340)
(1,320)
(3,182)
140,734
(Over)/Under provision in prior years
- Current - Deferred tax 269,362 202,818
(410) 224 14,988
(35,373)
269,176 182,433
263
Lembaga Tabung Haji
42. Profits from discontinued operations
On 20 April 2012, two investment holding subsidiaries, TH Indopalms Sdn. Bhd. and TH Indo Industries Sdn. Bhd. signed a conditional
sale and purchase agreement with a third party in regards to the proposed sale of PT TH Indo Plantations, a subsidiary involved in cultivation of
oil palm, processing and marketing of palm products operating in Riau Sumatra, Indonesia.
At 31 December 2012, the assets and liabilities of the subsidiary were shown in the statement of financial position as assets and liabilities
held for sale and the results of subsidiaries were shown separately in the statements of income of the Group as discontinued operations. Total
investments in these subsidiaries have been classified to assets held for sale in the statements of financial position of TH.
Group
2012
2011
RM’000
RM’000
TH
2012
RM’000
2011
RM’000
Income
Expenses
559,081 (408,411)
704,548 (532,273)
56,270 – –
–
Operating profit
Financing costs
Share of profit of jointly controlled entities
150,670 (96,444)
15,838 172,275 (29,297)
16,214 56,270
– – –
–
–
Profit before tax
Tax expense
70,064 17,333 159,192 (27,384)
56,270 – –
–
Profit for the year
87,397 131,808 56,270 –
Included in expenses are:
Depreciation of property, plant and equipment
Plantation development expenditure written off
79,616 8,406 –
83,029 7,173 7,775 Profits from discontinued operations were attributable entirely to depositors of TH.
– – – –
–
–
Group/TH
2012 2011
RM’000
RM’000
Cash flows generated from/(used in) discontinued operations:
Net cash generated from operating activities
Net cash used in investing activities
Net cash generated from/(used in) financing activities
62,374 (70,790)
1,605 173,990
(72,814)
(32,157)
Net cash flow
(6,811)
69,019
264
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
43. Net surplus of Tabung Kebajikan Jemaah Haji Malaysia (“TKJHM”) and Tabung Warga Tua (“TWT”)
Group/TH
2012 2011
RM’000
RM’000
Surplus for the year:
- TKJHM
- TWT
10,847 (1)
10,661
(11)
10,846 10,650
Reserve of TKJHM can only be utilised for the purpose of community services, protection, monitoring and general welfare of hajj pilgrims,
in accordance with the guidelines of TKJHM. Reserve of TWT can only be utilised for funding elderly to perform hajj based on guidelines set by
the Committee of TWT.
Statement of income and expenditure of TKJHM is summarised as follows:
Group/TH
2012 2011
RM’000
RM’000
Receipts and income
Less:
Expenses and donations Depreciation (Note 25(a))
20,255 18,344
(8,497) (911) (6,803)
(880)
Net surplus for the year 10,847 10,661
44. Bonus to depositors
Total annual bonus credited to depositors for the financial year ended 31 December 2012 was at 6.5% (2011: 6%) and special bonus at
1.5% (2011: Nil). Annual bonus calculation is based on the lowest monthly savings balances during the year. Special bonus calculation is
based on monthly minimum deposit balance from financial year 2006 to 2012.
265
Lembaga Tabung Haji
45. Other reserves
Employees’
shares option
Capital Revaluation
Statutory
scheme
Group
reserve
reserve
reserve
reserve
RM’000
RM’000
RM’000
RM’000
Total
RM’000
At 1 January 2012 Share of other comprehensive income of associates Issuance of shares pursuant to employees’ share
option scheme
Transfer to statutory reserve Changes in Group structure 5,754 –
20,637 (17,231)
196,666 –
7,047 –
230,104
(17,231)
–
–
6
–
–
–
–
105,247
–
(836) –
–
(836)
105,247
6
At 31 December 2012 5,760 3,406 301,913 6,211 317,290
At 1 January 2011 Share of other comprehensive income of associates Issuance of shares pursuant to employees’ share
option scheme
Transfer to statutory reserve Changes in Group structure 6,254 –
17,870 2,767
105,080 –
7,833 –
137,037
2,767
–
–
(500)
–
–
–
–
91,586
–
(786) –
–
(786)
91,586
(500)
At 31 December 2011 5,754 20,637 196,666 7,047 230,104
266
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
46. Segment information
Investment
2012
RM’000
Banking
Total
& Takaful
Plantation
Others Adjustments consolidated
RM’000
RM’000
RM’000
RM’000
RM’000
Revenue
Revenue from external customers
Inter-segment revenue
2,260,475 491,033 2,473,953 –
485,228 23,344 521,330 190,622 –
(704,999)
5,740,986
–
Total
2,751,508 2,473,953 508,572 711,952 (704,999)
5,740,986
Profit for the year
Operating profit
2,298,607 793,136 155,866 67,123 (587,250)
Financing costs
Zakat
Share of loss after tax and zakat
of associates
Share of profit after tax and zakat of jointly
controlled entities
Tax expense
2,727,482
(30,554)
(211,547)
(58,222)
(26,772)
6,182
(269,176)
Profit for the year from continuing
operations
2,298,607 –
793,136 –
155,866 87,397 67,123 –
(587,250)
–
2,137,393
87,397
Total
2,298,607 793,136 243,263 67,123 (587,250)
2,224,790
Segment assets
Assets by segment
39,751,266 43,830,652 6,724,280 2,168,484 (9,496,285)
Investments in associates
809,328 22,913 –
31,365 119,962 Deferred tax assets
82,978,397
983,568
64,451
Total
(9,376,323)
84,026,416
Segment liabilities
Liabilities by segment
435,300 40,140,430 1,782,712 1,443,686 (2,851,981)
40,950,147
110,788
Total
41,060,935
40,560,594 435,300 43,853,565 40,140,430 6,724,280 1,782,712 2,199,849 1,443,686 (2,851,981)
267
Lembaga Tabung Haji
46. Segment information (cont’d.)
Investment
2011
RM’000
Banking
Total
& Takaful
Plantation
Others Adjustments consolidated
RM’000
RM’000
RM’000
RM’000
RM’000
Revenue
Revenue from external customers
Inter-segment revenue
1,680,894 479,274 2,036,050 –
548,663 25,834 547,430 66,453 –
(571,561)
4,813,037
–
Total
2,160,168 2,036,050 574,497 613,883 (571,561)
4,813,037
Profit for the year
Operating profit
1,741,210 628,412 242,219 61,017 (433,315)
Financing costs
Zakat
Share of profit after tax and zakat of
associates
Share of loss after tax and zakat of
jointly controlled entities
Tax expense
2,239,543
(24,780)
(53,635)
(54,352)
5,279
(3,486)
(182,433)
Profit for the year from continuing
operations
1,741,210 –
628,412 –
242,219 131,808 61,017 –
(433,315)
–
1,926,136
131,808
Total
1,741,210 628,412 374,027 61,017 (433,315)
2,057,944
Segment assets Assets by segment
31,307,684 38,162,961 4,325,998 1,353,984 (6,131,220)
Investments in associates
1,124,501 21,181 –
17,630 383,150 Deferred tax assets
69,019,407
1,546,462
50,664
Total
(5,748,070)
70,616,533
Segment liabilities
Liabilities by segment
396,548 34,769,451 1,691,571 637,663 (1,948,935)
35,546,298
93,855
Total
35,640,153
268
LEMBAGA TABUNG HAJI
32,432,185 396,548 38,184,142 34,769,451 4,325,998 1,691,571 1,371,614 637,663 (1,948,935)
Lembaga Tabung Haji
47. Capital commitment
Group
2012
2011
RM’000
RM’000
2012
RM’000
2011
RM’000
Contracted but not accounted for in the financial statements:
Property, plant and equipment Investment property Property development costs Investments 48,816 916,850 161,269 181,301 56,640
1,344,582 188,820
–
–
916,850 –
181,301
–
1,344,582
–
–
1,308,236 1,590,042 1,098,151 1,344,582
Authorised but not contracted for:
Property, plant and equipment Investment property Plantation development expenditure Investments 248,324 622,807 205,038 316,070 136,587
716,701 195,401
–
–
622,807 –
316,070
–
716,701
–
–
1,392,239 1,048,689 938,877 716,701
254,585 90,323
–
–
Authorised and contracted for:
Investments TH
48. Transactions with related parties
Identity of related parties
For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly,
to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa.
The Group has related party relationship with its subsidiaries (Note 23), associates (Note 22), jointly controlled entities (Note 21), Directors and
key management personnel (Note 48(b)).
(a) Significant related party transactions
In addition to transactions presented in the financial statements, the aggregate value of transactions and outstanding balances relating
to entities over which the Group and TH have controls or significant influence are as follows:
Jointly controlled entities
Amount due from Amount due to Group
Transaction value for the
Balance outstanding
year ended 31 December
at 31 December
2012
2011
2012
2011
RM’000
RM’000
RM’000
RM’000
6,808 327 56,613 448 6,808 327 LAPORAN TAHUNAN 2012 ANNUAL REPORT
56,613
448
269
Lembaga Tabung Haji
48. Transactions with related parties (cont’d.)
(a) Significant related party transactions (cont’d.)
TH
Transaction value for the
year ended 31 December
2012
2011
RM’000
RM’000
Balance outstanding
at 31 December
2012
2011
RM’000
RM’000
Subsidiaries
Dividend Financing Profit from financing
Amount due
Rental income 246,348 1,405,194 48,573 –
9,037 185,245 –
122,919 –
11,115
150,204 1,678,789 13,586
30,045 –
155,155
320,774
–
60,327
–
Associates
Dividend 18,980 71,646
–
–
Group
2012
2011
RM’000
RM’000
2012
RM’000
2011
RM’000
(b) Remuneration of directors and key management personnel
270
Directors:
Fees and other emoluments TH
11,307 9,283 793 663
Other key management personnel:
Short term employee benefits 53,617 44,173 17,818 16,370
Directors include Chairman and non-executive and non-independent directors. Other key management personnel comprise Group
Managing Director and Chief Executive Officer of TH and other personnel having authority and responsibility for planning, directing and
controlling the activities of the Group and TH either directly or indirectly.
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
49. Financial risk management policies
The Group has exposure to the following risks from its use of financial instruments:
i) ii)
iii)
Credit risk
Market risk
Liquidity risk
Credit risk
Credit risk is the risk of a financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
The Group’s exposure to credit risk arises principally from its investments in financial instruments, financing and advances undertaken by
banking operations and trade receivables.
- Investments in financial instruments
Credit risk arising from trade and investment activities are monitored by providing guidelines for the specific limits including counterparty
trading limits and investment limits allowed for instruments issued by private entities, subject to the prescribed minimum scoring limits.
Investments are allowed only in highly liquid securities and only with counterparties that have a same credit scoring or better than
the Group.
- Financing
The management of credit risk for banking activities is principally carried out by using sets of policies and guidelines approved by Board
of Directors.
The credit risk management of the banking sector includes the establishment of comprehensive credit risk policies, guidelines and
procedures which documents the financing standards, discretionary powers for financing approval, credit risk ratings methodologies and
models, acceptable collaterals and valuation, and the review, rehabilitation and restructuring of problematic and delinquent financing of the
banking sector.
The banking sector monitors its credit exposures either on a portfolio basis or individual basis by annual reviews. Credit risk is proactively
monitored through a set of early warning signals that could trigger immediate reviews of the portfolio. The affected portfolio or financing
is placed on a watch list to enforce close monitoring and prevent financing from turning non-performing and to increase chances of
full recovery.
- Takaful
The takaful sector has takaful and other receivables and investment securities balances that are subject to credit risk. To mitigate the risk
of the counterparties not paying the amount due, Takaful has established certain business and financial guidelines for brokers/retakaful
approval, incorporating ratings by major agencies where applicable and considering currently available market information. Takaful also
periodically review the financial stability of brokers/retakaful companies from public and other sources and the settlement trend of amounts
due from these parties.
- Trade receivables
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed
on all customers requiring credit over a certain amount and period.
Management has taken reasonable steps to ensure that receivables that are neither past due nor impaired are stated at their realisable values.
A significant portion of these receivables are regular customers that have been transacting with the Group. The Group uses ageing analysis
to monitor the credit quality of the receivables. Any receivables having significant balances past due more than 60 days, which are deemed to
have higher credit risk, are monitored individually.
271
Lembaga Tabung Haji
49. Financial risk management policies (cont’d.)
Credit risk (cont’d.)
- Trade receivables (cont’d.)
The ageing of trade receivables as at the end of the reporting period were:
2012
Group Gross
RM’000
Between 1 and 30 days Due from 31 to 60 days Due from 61 to 90 days
Due more than 90 days 2011
Between 1 to 30 days Due from 31 to 60 days
Due from 61 to 90 days
Due more than 90 days Impairment
RM’000
Net
RM’000
1,319,858
54,271 46,188 20,091
–
–
(2,953) (1,419) 1,319,858
54,271
43,235
18,672
1,440,408 (4,372) 1,436,036
332,504 6,874 45,538 19,181 –
–
(2,872) (456) 332,504
6,874
42,666
18,725
404,097 (3,328) 400,769
Market risk
Market risk is the risk that market prices and rates will move, affecting financial position and results of the Group’s cash flows. Furthermore,
significant or sudden movements in rates could affect the Group’s liquidity / funding position. The Group is exposed to the following main
market factors:
- Rate of return or profit rate risk
The potential impact on the Group’s profitability caused by changes in the market rate of return, either due to general market movements or
due to issuer/borrower specific causes.
- Foreign exchange risk
Changes in exchange rates may have an impact on the Group’s foreign currency position. The Group controls the overall foreign exchange
risk by limiting the open exposure to non-Ringgit positions on an aggregate basis. Foreign exchange limits are approved by the set up
committees and independently monitored daily by the Market Risk Management Department (“MRMD”) of the banking sector.
- Equity investment risk
The Group’s equity positions or investments are exposed to the changes in equity prices or values that may affect the profitability of
the Group.
272
LEMBAGA TABUNG HAJI
Lembaga Tabung Haji
49. Financial risk management policies (cont’d.)
Market risk (cont’d.)
- Commodity inventory risk
The risk of loss is due to movements in commodity prices.
- Displaced commercial risk
The risk arising from assets managed by the banking sector on behalf of depositors/investors as the banking sector follows the practice
of potentially foregoing part or all of its Mudharib share of profit on these assets.
The objective of the Group’s market risk management is to manage and control market risk exposures in order to optimise return on risk
while maintaining a market risk profile consistent with the Group’s approved risk appetite.
Liquidity risk
Liquidity risk is the risk that the Group does not have sufficient financial resources to meet its obligations when they fall due, or might have to
fund these obligations at excessive cost. This risk can arise from mismatches in the timing of cash flows. The Group’s exposure to liquidity
risk arises primarily from trade payables, financing, deposits from banking customers and deposits and placements of banks and other
financial institutions.
The management of liquidity and funding of the banking sector is primarily carried out in accordance with the Bank Negara Malaysia Liquidity
Framework and practices, and approved limits and triggers. These limits and triggers vary to take account of the depth and liquidity of the local
market in which the banking sector operates. The banking sector maintains a strong liquidity position and manages the liquidity profile of its
assets, liabilities and commitments to ensure that cash flows are appropriately balanced and all obligations are met when due.
50. Fair value of financial assets and liabilities
Financial instruments comprise financial assets, financial liabilities and off-balance sheet instruments. Fair value is the amount at which the
financial assets could be exchanged or a financial liability settled, between knowledgeable and willing parties in an arm’s length transaction.
The information presented herein represents the estimates of fair values as at the financial position date.
Quoted and observable market prices, where available, are used as the measure of fair values of the financial instruments. Where such quoted
and observable market prices are not available, fair values are estimated based on a range of methodologies and assumptions regarding risk
characteristics of various financial instruments, discount rates, estimates of future cash flows and other factors.
273
Lembaga Tabung Haji
50. Fair value of financial assets and liabilities (cont’d.)
The following summarises the carrying and the estimated fair values of the financial assets and liabilities of the Group and TH on the
date of the statements of financial position:
Group
Carrying value
31.12.2012
31.12.2011
RM’000
RM’000
Fair value
31.12.2012
31.12.2011
RM’000
RM’000
Financial assets
Cash and cash equivalents Deposits and placements with banks and other financial institutions Derivative assets Securities held-for-trading Securities available-for-sale
Trade and other receivables Financing Securities held-to-maturity 7,279,356 519,646 25,802 1,831,606 35,854,894 2,148,498 19,508,612 2,468,721 10,612,734 1,692,220 28,822 1,403,344 29,746,367 938,082 14,165,290 1,144,333 7,279,356 519,646 25,802 1,831,606 35,854,894 2,148,498 19,750,340 2,484,948 10,612,734
1,692,220
28,822
1,403,344
29,746,367
938,082
14,219,604
1,156,126
Deposits from banking customers Deposits and placements of banks and other financial institutions Derivative liabilities
Trade and other payables Finance lease
Financing 31,932,539 860,278 14,339 1,683,114 415 388,642 27,119,313 384,628 23,299 1,436,168 129 1,055,841 31,932,539 860,278 14,339 1,683,114 415 388,642 27,119,313
384,628
23,299
1,436,168
129
1,055,841
TH
Financial assets
Cash and cash equivalents Derivative assets
Financing Securities held-to-maturity 5,211,930 9,066 19,052,183 1,586,063 1,693,188 2,400,000 7,028,496 12,945 15,730,632 467,924 324,228 657,420 5,211,930 9,066 19,052,183 1,586,063 1,693,188 2,400,000
7,028,496
12,945
15,730,632
467,924
324,228
657,420
Trade and other payables 151,539 137,786 151,539 137,786
Fair value of financial instruments of the Group and TH which comprise cash and cash equivalents, deposits and placements with banks and
other financial institutions and short-term financing are not quite sensitive to changes in market gains due to the limited maturity of these financial
instruments. Therefore, the carrying amounts of financial assets and liabilities at the balance sheet date approximated their fair values.
274
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Lembaga Tabung Haji
The fair values are based on the following methodologies and assumptions:
For deposits and placements with financial instruments with maturities of less than six months, the carrying value is a reasonable estimate of
fair values. For deposits and placements with maturities six months and above, the estimated fair values are based on discounted cash flows
using prevailing money market profit rates at which similar deposits and placements would be made with financial instruments of similar credit
risk and remaining year to maturity.
Financial assets held-for-trading and financial assets available-for-sale
The estimated fair values are generally based on quoted and observable market prices. Where there is no ready market in certain securities,
fair values have been estimated by reference to market indicative yields or net tangible asset backing of the investee.
Financing
Their fair value is estimated by discounting the estimated future cash flows using the prevailing market rates of financings with similar credit
risks and maturities. The fair values are represented by their carrying value, net of specific allowance, being the recoverable amount.
The fair values of deposits are deemed to approximate their carrying amounts as rate of returns are determined at the end of their holding
periods based on the profit generated from the assets invested.
The estimated fair values of deposits and placements of banks and other financial institutions with maturities of less than six months
approximate the carrying values. For deposits and placements with maturities of six months or more, the fair values are estimated based on
discounted cash flows using prevailing money market profit rates for deposits and placements with similar remaining year to maturities.
Bills and acceptance payable
The estimated fair values of bills and acceptance payables with maturity of less than six months approximate their carrying values. For bills and
acceptance payable with maturities of six months or more, the fair values are estimated based on discounted cash flows using prevailing market
rates for borrowings with similar risks profile.
Fair value hierarchy
FRS 7 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques adopted are observable or
unobservable. Observable inputs reflect market data obtained from independent sources and unobservable inputs reflect the Group’s
assumptions. The fair value hierarchy is as follows:
a) Level 1 – Quoted price (unadjusted) in active markets for the identical assets or liabilities. This level includes listed equity securities and
debt instruments.
b) Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
This level includes profit rates swap and structured debt. The sources of input parameters include Bank Negara Malaysia indicative yields
or counterparty credit risk.
275
Lembaga Tabung Haji
Fair value hierarchy (cont’d.)
c)Level 3 – Inputs for asset or liability that are not based on observable market data (unobservable inputs). This level includes equity
instruments and debt instruments with significant unobservable components.
Group
At 31 December 2012
Securities held-for-trading Securities available-for-sale Derivative assets Derivatives liabilities
At 31 December 2011
Level 1
RM’000
Level 2
RM’000
Level 3
RM’000
Total
RM’000
102,412 9,703,719 9,066 –
1,669,532 23,321,529 16,736
14,339
59,662 2,819,091 –
–
1,831,606
35,844,339
25,802
14,339
Level 1
RM’000
Level 2
RM’000
Level 3
RM’000
Total
RM’000
86,969 8,545,886 12,945 –
1,252,469 19,925,420 15,877
23,299 63,906 1,259,296 –
–
1,403,344
29,730,602
28,822
23,299
Securities held-for-trading Securities available-for-sale
Derivative assets Derivatives liabilities
Securities held-for-trading and securities available-for-sale include Malaysian Government Investment Issues, Bank Negara Negotiable
Notes, Islamic Debt Securities, Negotiable Islamic Debt Certificates, Islamic Commercial Papers and Accepted Bills and exclude unquoted
securities at cost.
51. Contingent liabilities
Group
2012 2011
RM’000
RM’000
Guarantees
i) Bank guarantee issued to trade customers ii) Corporate guarantee issued for banking facilities extended to subsidiary companies Litigation
A minority shareholder of a subsidiary in Indonesia has taken civil legal action in the District Court, South Jakarta against certain subsidiaries
of the Group. Based on legal advice, the settlement amount involved cannot be estimated because the case is still in negotiation stage.
276
LEMBAGA TABUNG HAJI
6,847 48,500 5,412
48,500
Lembaga Tabung Haji
52. Acquisition and restructuring of subsidiaries
i)
Acquisition of Hydroflow Sdn. Bhd.
On 1 July 2012, TH Plantations Bhd., a subsidiary of TH, acquired 70% shares in Hydroflow Sdn. Bhd. (“HSB”) for RM72,500,000 satisfied
in cash. HSB is involved in oil palm plantations. The acquisition of HSB has further expanded the plantation operations in Sarawak.
The financial impact on the consolidated financial statements of the Group arising from the acquisition are as follows:
RM’000
RM’000
Total consideration transferred 72,500
Fair value of net assets:
i)
Fair value of total net assets of HSB
Property, plant and equipment Plantation development expenditure Inventories
101,210
4,201
1,066
(22,698) (83,779)
Non-controlling interest, based on their proportionate interest
in recognised amounts of the assets and liabilities of acquiree
25,134
Goodwill on acquisition 13,855
ii)
Restructuring of subsidiaries
On 23 November 2012, TH had completed the restructuring exercise of the Group’s plantation subsidiaries by way of transferring its
shareholdings in TH Ladang (Sabah & Sarawak) Sdn. Bhd. (“THLSS”) with operations in Sabah and Sarawak and TH Bakti Sdn. Bhd. (“THB”)
with operations in Terengganu to TH Plantations Bhd. (“THPB”).
The restructuring involves issuance of 209,234,375 new ordinary shares at RM2.04 a share by THPB on the completion date of the
acquisition and resulted in a gain of RM116,000,000 to TH. THPB recorded a total bargain purchase of RM101,241,000 from the acquisition
of THLSS and a goodwill of RM151,000 from the acquisition of THB.
The restructuring exercise of these plantation companies however, do not result in any financial impacts on the consolidated financial
statements of the Group.
277
Lembaga Tabung Haji
53. Comparative figures
Statements of financial position at 31 December 2011 and 1 January 2011 and the Statements of Income of the Group for the year ended
31 December 2011 have been restated due to the reclassification of assets and liabilities of takaful funds and changes in the assessment
method on determining allowances for financing and advances as described in Note 4 to the financial statements. Effects of reclassification and
assessment method to the statements of financial position and statements of income of the Group are shown as follows:
At 31.12.2011
Changes in Statements of financial position
As Reclassification
financing
previously of takaful assessment
stated funds method
Group
RM’000
RM’000 RM’000 Assets
Derivative assets
Tax recoverable
Inventories
Financing
Takaful assets
Deferred tax assets
Investment property
General takaful and family takaful assets Intangible assets
10,287,472 1,075,330 28,822 1,228,952 26,756,538 616,082 122,900 841,494 110,898 14,144,423 – 838,906 912,000 14,227 236,842 520,180 50,664 249,451 1,546,462 2,547,112 2,874,615 5,310,032 330,352 Total assets
70,643,754 278
LEMBAGA TABUNG HAJI
325,262 616,890 –
174,392 2,989,829 668 – 96,588 – – 525,238 305,427 – – – – – – – 32,980 194,162 (5,310,032)
– As
restated
RM’000
–
10,612,734
–
1,692,220
–
28,822
– 1,403,344
–
29,746,367
– 616,750
508 123,408
– 938,082
– 110,898
20,867 14,165,290
– 525,238
– 1,144,333
– 912,000
– 14,227
– 236,842
– 520,180
– 50,664
– 249,451
– 1,546,462
– 2,580,092
– 3,068,777
– –
– 330,352
70,616,533
Lembaga Tabung Haji
53. Comparative figures (cont’d.)
At 31.12.2011
Changes in Statements of financial position (cont’d.)
As Reclassification
financing
stated funds method
Group
RM’000
RM’000 RM’000 As
restated
RM’000
Liabilities
Takaful liabilities
Finance lease
Financing
Deferred income
General and family takaful liabilities
General and family takaful participants’ funds
27,119,313 384,628 23,299 162,886 1,299,334 – 129 1,055,841 11,220 93,855 222,487 1,210,991 4,099,041 Total liabilities
35,683,024 Fund represented by:
Reserves
31,694,409 855,448 Total TH depositors’ fund
32,549,857 2,410,873 – 4,836 32,560,671
2,415,709
Total fund
34,960,730 34,976,380
70,643,754 70,616,533
–
–
–
–
136,834 5,124,602 –
–
–
–
–
(1,210,991)
(4,099,041)
–
–
– 27,119,313
– 384,628
– 23,299
5,725 168,611
– 1,436,168
– 5,124,602
– 129
– 1,055,841
– 11,220
– 93,855
– 222,487
– –
– –
35,640,153
– 31,694,409
10,814 866,262
279
Lembaga Tabung Haji
At 01.01.2011
Changes in Statements of financial position
As Reclassification
financing
stated funds method
Group
RM’000
RM’000 RM’000 Assets
Derivative assets
Tax recoverable
Inventories
Financing
Takaful assets
Deferred tax assets
Investment property
General takaful and family takaful assets Intangible assets
8,113,446 412,798 94,659 2,279,891 25,581,219 606,071 125,661 786,550 87,393 11,861,094 – 723,364 10,000 14,894 218,647 419,493 70,376 236,486 1,622,784 2,099,485 2,948,733 4,786,882 293,393 Total assets
63,393,319 280
LEMBAGA TABUNG HAJI
313,873 462,949 –
184,571 2,845,083 –
–
101,435 –
–
435,355 293,190 –
–
–
–
–
–
–
32,124 204,090 (4,786,882)
–
As
restated
RM’000
– 8,427,319
– 875,747
– 94,659 – 2,464,462 – 28,426,302
– 606,071 508 126,169 – 887,985
– 87,393 (2,032) 11,859,062
– 435,355 – 1,016,554 – 10,000 – 14,894
– 218,647 – 419,493 – 70,376 – 236,486 – 1,622,784 – 2,131,609 – 3,152,823 – -
– 293,393
63,477,583
Lembaga Tabung Haji
At 01.01.2011
Changes in Statements of financial position (cont’d.)
As Reclassification
financing
stated funds method
Group
RM’000
RM’000 RM’000 As
restated
RM’000
Liabilities
Takaful liabilities
Finance lease
Financing
Deferred income
General and family takaful liabilities
General and family takaful participants’ funds
25,085,796 378,129 66,708 182,567 1,209,829 – 235 545,037 11,531 127,855 192,660 1,078,867 3,708,015 Total liabilities
32,587,229 Fund represented by:
Reserves
27,114,551 1,624,108 Total TH depositors’ fund
28,738,659 2,067,431 – (465)
28,737,600
2,066,966
Total fund
30,806,090 30,804,566
63,393,319 63,477,583
–
–
–
–
177,362 4,695,308 –
–
–
–
–
(1,078,867)
(3,708,015)
–
–
– 25,085,796
– 378,129
– 66,708
– 182,567
– 1,387,191
– 4,695,308
– 235
– 545,037
– 11,531
– 127,855
– 192,660
– –
– –
32,673,017
– 27,114,551
(1,059)
1,623,049
281
Lembaga Tabung Haji
For the year ended 31 December 2011
Reclassification Changes in As to
financing
Statement of income
previously discontinued assessment
As
stated operations
method
restated
Group
RM’000
RM’000 RM’000
RM’000
Revenue
Cost of sales
5,517,585 (1,219,260)
–
–
4,813,037
(809,800)
Gross profit
Other income
Income attributable to banking depositors
Administrative expenses
Other expenses
4,298,325 24,121 11,903 –
(433,705)
– –
(1,188,928)
50,395 –
(287,960)
60,480 –
4,003,237
36,024
(433,705)
(1,138,533)
(227,480)
Operating profit
Financing costs
Zakat
Share of profit after tax and zakat of associates
Share of profit/(loss) after tax and zakat of jointly controlled entities
2,411,853 (54,077)
29,297 –
(76,534)
–
22,899 (54,387)
35 –
5,279 –
–
12,728 (16,214)
–
2,239,543
(24,780)
(53,635)
(54,352)
5,279
(3,486)
Profit before tax
Tax expense
2,244,862 (204,092)
27,384 (5,725)
2,108,569
(182,433)
Profit from continuing operations
2,040,770 – 131,808 –
1,926,136
131,808
Profit for the year
2,040,770 2,057,944
Profit for the year attributable to:
Depositors of TH
1,712,181 328,589 11,873 5,301 1,724,054
333,890
2,040,770 2,057,944
282
LEMBAGA TABUNG HAJI
(704,548)
409,460 –
–

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