31 BIOLOGICAL ASSETS Group Oil Palm RM’000 Dairy Cow RM’000 Cash Crop RM’000 Total RM’000 2024 At 1 January 65,087 537 4,180 69,804 Transfer to inventories (65,087) – – (65,087) Addition – 1,537 506 2,043 Fair value changes 110,920 (311) (3,179) 107,430 Sales of livestock – (1,008) – (1,008) Written off – (105) (238) (343) At 31 December 110,920 650 1,269 112,839 2023 At 1 January 86,698 1,491 – 88,189 Transfer to inventories (85,953) – – (85,953) Transfer from property, plant and equipment (Note 19) – – 6,994 6,994 Disposal of subsidiaries (Note 23(c)) (799) – – (799) Addition – 1,034 1,959 2,993 Fair value changes 65,087 (246) (4,773) 60,068 Sales of livestock – (1,663) – (1,663) Written off – (79) – (79) Foreign exchange movement 54 – – 54 At 31 December 65,087 537 4,180 69,804 Analysed as: 2024 2023 RM’000 RM’000 Non-current 1,919 4,717 Current 110,920 65,087 112,839 69,804 Oil Palm Oil palm represents the fresh fruit bunches (“FFB”) of up to 15 days prior to harvest for use in the Group’s palm product operations. During the financial year ended 31 December 2024, the Group harvested approximately 3,966,380 metric tonnes (“MT”) of FFB (2023: 3,641,187 MT). As at 31 December 2024, the fair valuation of FFB included an unharvested quantity of 132,231 MT (2023: 121,737 MT), with an average FFB selling price of RM1,085 per MT (2023: RM722 per MT), In determining the fair value, the Group adopted the income approach which considers the net present value of all directly attributable cash inflows, cash outflows and imputed contributory asset charges where no actual cash flows associated with the use of assets essential to the agricultural activity. Changes to the assumed prices of the FFB and tonnage included in the valuation will have a direct effect on the reported valuation. The oil palm is measured at Level 3 fair value estimation. If the selling prices of FFB or tonnage changed by 10%, the Group’s fair value of FFB would have increased or decreased by approximately RM25.46 million (2023: RM15.31 million). FGV Holdings Berhad | Audited Financial Statements 2024 Notes to the Financial Statements For the financial year ended 31 December 2024 148
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