146 FGV HOLDINGS BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 31 BIOLOGICAL ASSETS (CONTINUED) Dairy Cow In arriving at the fair value, the Group had adopted the discounted cash flows method in which the dairy cows were considered for its projected quantity of milk to be produced over the life of the milkers as well as the projected market price of the transformation from calves to heifers and taking into account the expected feeding cost and both the calves and milkers’ mortality rate. Changes to the projected milk quantity per dairy cow per day, the culling rate per annum of the milkers and calves and the feed cost of milkers and calves per day per dairy cow included in the valuation will have a direct effect on the reported valuation. The Group’s biological assets computation is a Level 3 fair value estimation. If the projected milk quantity per dairy cow per day changed by 5%, the Group’s fair value of dairy cows would have increased or decreased by RM186,000 (2021: RM274,000). 32 INVENTORIES Group 2022 RM’000 2021 RM’000 At cost: - Finished goods 1,017,158 945,693 - Raw materials 974,705 689,963 - Work in progress 30,182 64,727 - Chemicals 141,878 59,226 - Stores, consumables and replaceable products 57,370 64,194 At net realisable value: - Finished goods 30,236 3,258 - Raw materials 54,995 58,145 - Work in progress 43,524 23,293 - Stores, consumables and replaceable products 11,375 5,904 2,361,423 1,914,403 33 LOANS DUE FROM SUBSIDIARIES Company 2022 RM’000 2021 RM’000 At 1 January 216,830 368,886 Additions 864,573 446,539 Repayment (874,392) (598,595) At 31 December 207,011 216,830 The loans are denominated as follows: - Ringgit Malaysia 207,011 216,830 207,011 216,830 Financing terms of short term loans due from subsidiaries are between 30 to 365 days (2021: 30 to 365 days) with interest ranging from 2.85% to 5.40% (2021: 0.70% to 2.10% per annum).
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