FGV Audited Financial Statements 2020

22 INVESTMENT PROPERTIES (CONTINUED) Group Freehold land RM’000 Leasehold land RM’000 Buildings RM’000 Total RM’000 2019 Cost At 1 January/31 December 2019 32,006 21,591 127,145 180,742 Accumulated depreciation/impairment At 1 January 2019 - 2,325 60,047 62,372 Charge for the financial year - 310 12,011 12,321 At 31 December 2019 - 2,635 72,058 74,693 Net book value at 31 December 2019 32,006 18,956 55,087 106,049 Company Buildings 2020 RM’000 2019 RM’000 Cost At 1 January/31 December 2020 17,627 17,627 Accumulated depreciation/impairment At 1 January 4,562 3,680 Charge for the financial year 882 882 At 31 December 5,444 4,562 Net book value at 31 December 12,183 13,065 The following amounts have been recognised in profit or loss: Group Company 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Rental income from investment properties 4,712 5,099 201 187 Direct operating expenses arising from investment properties that generate rental income (1,959) (2,133) (35) (142) Direct operating expenses arising from investment properties that did not generate rental income - - (35) (38) The fair value of the investment properties above as at 31 December 2020 is estimated at RM257,282,000 (2019: RM256,566,000) for the Group and RM19,044,500 (2019: RM21,963,000) for the Company based on independent valuations carried out by registered professional valuers using the comparison method by reference to recent transactions involving other similar properties in the vicinity. The valuation is a Level 2 fair value estimation. 96 Notes to the Financial Statements For The Financial Year Ended 31 December 2020 FGV HOLDINGS BERHAD Audited Financial Statement 2020