Carrying value as at 30 Apr 2013: - Gaming Rights 4,653,000,000 - Goodwill 809,343,000 - Computer software 1,619,000
BJCorp acquired additional shares of Btoto in order to turn the later become a subsidiary in year 2008. By recognizing revaluation surplus arising from the purchase price allocation relating to the block of equity interest prior to BToto becoming a subsidiary company of the Group, Gaming Rights 4.85 billion was taken in as Intangible Assets. If i am not mistaken, revaluation surplus comprises additional Fair Value reserve 1.17 billion and Minority Interest 3.37 billion.
Notes on GAMING RIGHTS extract from Annual Report 2008
10. SUBSIDIARY COMPANIES (vi) On 4 February 2008, BLand increased its interest in BToto to 48.96% due to BToto’s share buy back exercise and the purchase of 1,000,020, BToto shares by Gateway Benefit Sdn Bhd, a subsidiary company of BLand. Together with the equity interest in BToto which are held by other subsidiary companies of the Group, the total equity interest held by the Group exceeded 50% and as such, BToto is regarded as a subsidiary company of BLand as well as the Group.
BLand had undertaken a purchase price allocation exercise that resulted in the identification and measurement of gaming rights which is provisionally estimated to be at RM4.85 billion included as intangible assets on the balance sheet (Note 12).
The increase in equity interests resulted in the recognition of a fair value reserve of RM1.17 billion which was recognised directly in equity (as disclosed in the Consolidated Statement of Changes in Equity and Note 22(b)), representing the revaluation surplus arising from the above purchase price allocation relating to the block of equity interest prior to BToto becoming a subsidiary company of the Group;
22. RESERVES (CONT’D) (b) The fair value reserve arose from the increase in equity interests of the Group in BToto as disclosed in Note 10(a)(xi) whereby BToto became a subsidiary company, which resulted in the identification and recognition of gaming rights which was included in intangible assets on the consolidated balance sheet (Note 12).
Notes on GAMING RIGHTS extract from Annual Report 2013 (ii) Gaming Rights The costs of gaming rights (“Rights”) acquired in a business combination are their fair values at the date of acquisition. Following the initial recognition, the Rights are carried at cost less any accumulated impairment losses. The Rights comprise:
- a licence for Toto betting operations in Malaysia under Section 5 of the Pool Betting Act, 1967 (“Licence”) which is renewable annually; - an equipment lease agreement, maintenance and repair services agreements of on-line lottery equipment with Philippine Charity Sweepstakes Office, Luzon Island, Philippines (“ELA”) expiring in August 2015; and - trademarks, trade dress, gaming design and processes and agency network.
The Licence has been renewed annually since 1985 while the ELA has been entered into and renewed/ extended since 1995. The Rights with indefinite useful lives are not amortised but tested for impairment, annually or more frequently, when indications of impairment are identified. The useful lives of Rights are reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is made on a prospective basis.
sure....not yet rm10.......how to achieve rm10...when the operating result ang ki ki.......need disposal of aseet to turn it back toblack ....so, hv to wait until the year 2099 lor..kikiki
it is not about tp rm 10 or tp 100 ... but the REAL QUESTION ... is BERJAYA CORP worth more than 56 sen ... or better still ... how much BERJAYA CORP worth at least ? 60 sen ? 65 sen ? 70 sen ? Definitely more than 51 sen ... this one WE ALL ARE DAMN sure mar. Worth more than 51 sen doesn't mean price cannot go below 51 sen ... it mean all the MILLIONAIRES will definitely whack anything below 51 sen mar. HAHAHAHAHAH ... no wonder everione call leno the MOST PANLAI investor ... thank you thank you .... muwah !
There are those who sold off too early at below 51 cents and grudgingly realized that they could have made much more and is actively trying to talk price down as they know the window of opportunity is narrowing fast. Looks like they will end up buying at prices much higher than the price they sold off.
They think they can outsmart the market but mr market always knows best!!
For Datuk ok de.. he jus rebalance his portfolio..and channel cash to other counters but he is still maintaining substantial holding of BJCorp... he will still kikikikikikikikiki...until the end... and he is kampung kaki to Robin.., surely Robin will jaga la dia.. Atuk is ok de...still in BERJAYA Win Club...
price = individual cannot decide; masses can decide short term stability of price = quality of buyer and seller long term price = profit level, CAGR, 3CAGR,
Let look at HK market which is in deep correction now due to political turnoil... haha... it is always good frens for value investors... HKEX is off today and tomorrow ... good luck..! kakakaka///
cfoong......pak robin won't take care me but misai will....... n always.... if you still got paper gain , sell now!!!! otherwise.....just keep it.......................for future gain....kikikikikiki
Bjcorp is very good long term counter; strong NTA etc. When they start declaring high profit next quarter, this counter sure will fly. Use my spare money now to play HLind; 1.08 free Narra share for every Hlind share by 14/Oct. Official.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
traderman
7,854 posts
Posted by traderman > 2014-10-01 11:28 | Report Abuse
datuk you dont bluff lar, bjcorp not yet 10