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Notes to the financial statements
31 December 2012
(continued)
Annual Report 2012 KPJ Healthcare Berhad
31. Reserves (continued)
(d) Revaluation reserve (non-distributable).
Group
2012
2011
RM’000
RM’000
At 1 January
45,215
56,110
Transfer to retained earnings on disposal of property, plant and equipment
to Al-’Aqar Healthcare REIT net of non-controlling interest
-
(12,007)
Revaluation surplus, net of tax
5,200
1,112
5,200
(10,895)
At 31 December
50,415
45,215
The revaluation reserve includes surplus from the revaluation of the Group’s land and buildings and unrealised revaluation reserves retained in the
Group’s interest in Al-’Aqar Healthcare REIT.
(e) Under the single-tier tax system which came into effect from the year of assessment 2009, 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.
Companies with Section 108 credits as at 31 December 2012 may continue to pay franked dividends until the Section 108 credits are exhausted or
31 December 2013 whichever if earlier unless they opt to disregard the Section 108 credits to pay single-tier dividends under the special transitional
provisions of the Finance Act, 2009. As at 31 December 2012, the Company has fully utilised its Section 108 balance.
32. Non-cash transactions
The principal non-cash transactions during the financial year are as follows:
(i) The acquisition of property, plant and equipment of which RM6,891,000 (2011: RM3,976,000) is by means of hire purchase and finance lease.
(ii) KPJSB disposed its entire interest in Kluang Utama Specialist Hospital Building and Bandar Baru Klang Specialist Hospital Building to Al-‘Aqar Healthcare
REIT for a total sale consideration of RM96.50 million which was satisfied partly by cash consideration of RM40.99 million and RM55.51 million by the
issuance of 56.64 million new units in Al-‘Aqar at an issue price of RM0.98 per unit credited as fully paid-up.
The disposal of Kluang Utama Specialist Hospital Building was completed on 6 January 2012.
The disposal of Bandar Baru Klang Specialist Hospital Building was completed on 26 June 2012.