95 AUDITED FINANCIAL STATEMENTS 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 22 INVESTMENT PROPERTIES (CONTINUED) Freehold Leasehold land land Buildings Total Group RM’000 RM’000 RM’000 RM’000 2020 Cost At 1 January/31 December 2020 32,006 21,591 127,145 180,742 Accumulated depreciation/impairment At 1 January 2020 – 2,635 72,058 74,693 Charge for the financial year – 303 11,957 12,260 At 31 December 2020 – 2,938 84,015 86,953 Net book value at 31 December 2020 32,006 18,653 43,130 93,789 Buildings 2021 2020 Company RM’000 RM’000 Cost At 1 January/31 December 2021 17,627 17,627 Accumulated depreciation/impairment At 1 January 5,444 4,562 Charge for the financial year 882 882 At 31 December 6,326 5,444 Net book value at 31 December 11,301 12,183 The following amounts have been recognised in profit or loss: Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Rental income from investment properties 4,733 4,712 235 201 Direct operating expenses arising from investment properties that generate rental income (1,101) (1,959) (32) (35) Direct operating expenses arising from investment properties that did not generate rental income – – (32) (35) The fair value of the investment properties above as at 31 December 2021 is estimated at RM249,647,000 (2020: RM257,282,000) for the Group and RM19,006,485 (2020: RM19,044,500) for the Company based on independent valuations carried out by registered professional valuers using the comparison method by reference to recent transactions involving other similar properties in the vicinity. The valuation is a Level 2 fair value estimation. Leasing arrangements – Group and Company as a lessor The investment properties are leased to tenants under operating leases. The Group and the Company are not exposed to any variable lease considerations under the arrangements.
RkJQdWJsaXNoZXIy NDgzMzc=