FGV Annual Report 2014

35 Assets held for Sale and Liabilities related to Assets held for Sale (continued) The details of assets held for sale and liabilities related to assets held for sale are as follows: (continued) Group 2014 2013 RM’000 RM’000 Liabilities Borrowings – 89,888 Payables – 4,912 Derivative financial liabilities – 324 Retirement benefits – 215 Liabilities related to assets held for sale – 95,339 (i) Included in the previous financial year was certain land that was idenfified for disposal. The disposal was completed in October 2014 and net proceeds of RM95,825,000 was received during the financial year. (ii) In 2013, the Group had approved a proposal to exit the cocoa business of Malaysia Cocoa Manufacturing Sdn. Bhd. (“MCM”), a subsidiary of FHB, with the disposal of 100% equity as the preferred option. In 2014, the Group had decided to sell the assets of the business instead of disposal of equity in the company. (iii) Included in the property, plant and equipment, are part of the assets of Feltex Company Limited, amounting to RM3,681,000, and RM11,584,000 of assets of MCM, both subsidiaries of FHB that have been classified as assets held for sale following the decision of the Group and commencement of efforts to sell. 36 Loan due from a Subsidiary Company 2014 2013 RM’000 RM’000 At 1 January 1,062 – Loan advanced – 1,062 At 31 December 1,062 1,062 Loan due from a subsidiary is unsecured, denominated in Pound sterling and repayable on demand at a profit rate of 1.5% (2013: 1.5%) per annum. Introduction Performance Highlights About FGV Reports Financial Statements Others Strategy and Value Creation Performance Review & Progress Foreword to Shareholders Annual General Meeting Annual Report 2014 pg 293