FGV Annual Report 2017

FELDA GLOBAL VENTURES HOLDINGS BERHAD FINANCIAL STATEMENTS 296 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 49 PAYABLES (CONTINUED) Included in other payables and accruals are: (i) Provision for Voluntary Separation Scheme (“VSS”) amounting to RM10,964,000 for the Group and RM2,903,000 for the Company (2016: Nil for the Group and Company). (ii) Provision for onerous contract for the Group amounting to RM Nil (2016: RM19,367,000). (iii) Provision for Voluntary Early Retirement Scheme (“VERS”) for the Group amounting to RM3,446,000 (2016: RM13,135,000) due to rationalisation plans carried out by the Group. The payables are denominated as follows: Group Company 2017 RM’000 2016 RM’000 2017 RM’000 2016 RM’000 - Ringgit Malaysia 1,010,064 919,469 39,963 40,815 - United States Dollar 176,501 511,364 - - - Chinese Yuen Renminbi 22,612 7,578 - 92 - Indonesian Rupiah 3,592 16,000 - - - Pakistan Rupee 2,622 3,571 - - - Thai Baht 1,645 2,190 - - - Great Britain Pound 26 - - - - Others 2 68 - - 1,217,064 1,460,240 39,963 40,907 The credit terms of trade payables range up to 90 days (2016: up to 90 days). The fair value of the payables approximates their carrying values, as the impact of discounting is not significant. 50 CONSTRUCTION CONTRACTS Group 2017 RM’000 2016 RM’000 Cost incurred to date 150,250 50,543 Attributable profits less foreseeable losses 24,692 7,478 174,942 58,021 Less: Progress billings (161,129) (58,244) 13,813 (223) Amounts due from customers on contracts (Note 25) 14,926 357 Amounts due to customers on contracts (Note 49) (1,113) (580) 13,813 (223)