FGV Annual Report 2016

ANNUAL INTEGRATED REPORT 2016 303 FINANCIAL REPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2016 43 RETAINED EARNINGS Under the single-tier tax system which came into effect from the year of assessment 2008, companies are not required to have tax credits under Section 108 of the Income Tax Act, 1967 for dividend payment purposes. Dividends paid under this system are tax exempt in the hands of shareholders. 44 BORROWINGS Group Company 2016 RM'000 2015 RM'000 2016 RM'000 2015 RM'000 Current Secured: Islamic short term trade financing - 258,750 - - Short term trade financing 41,694 161,276 - - Term loans 558 23,677 - - Finance lease liabilities 1,186 2,224 - - Unsecured: Islamic short term trade financing 3,646,623 2,335,271 540,900 - Short term trade financing - 360,007 - - Islamic term loans 1,665 1,665 - - Finance lease liabilities 414 - - - 3,692,140 3,142,870 540,900 - Non-current Secured: Islamic term loans 189,867 - - - Term loans 468 394,973 - - Finance lease liabilities 823 919 - - Unsecured: Islamic term loans 7,834 11,657 - - 198,992 407,549 - - Total borrowings Islamic short term trade financing 3,646,623 2,594,021 540,900 - Short term trade financing 41,694 521,283 - - Islamic term loans 199,366 13,322 - - Term loans 1,026 418,650 - - Finance lease liabilities 2,423 3,143 - - 3,891,132 3,550,419 540,900 - Less: Repayable after more than one year (198,992) (407,549) - - 3,692,140 3,142,870 540,900 -