FGV Annual Report 2015

251 WHO WE ARE & WHAT WE DO OUR STRATEGIC INTENT & PERFORMANCE HOWWE ARE GOVERNED CREATING SUSTAINABLE VALUE OUR NUMBERS ADDITIONAL INFORMATION DETAILS OF THE ANNUAL GENERAL MEETING Notes to the Financial Statements For The Financial Year Ended 31 December 2015 ADDRESSING OUR RISKS & OPPORTUNITIES Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 20 INVESTMENT PROPERTIES (CONTINUED) Buildings Company 2015 2014 RM’000 RM’000 Cost At 1 January 8,715 - Additions - 8,715 At 31 December 8,715 8,715 Accumulated depreciation At 1 January 73 - Charge for the financial year 435 73 At 31 December 508 73 Net book value at 31 December 8,207 8,642 The following amounts have been recognised in profit or loss: Group Company 2015 2014 2015 2014 RM’000 RM’000 RM’000 RM’000 Rental income from investment properties 3,977 4,039 - - Direct operating expenses arising from investment properties that generate rental income (2,482) (3,300) - - Direct operating expenses arising from investment properties that did not generate rental income - (64) (66) - The fair value of the investment property above as at 31 December 2015 is estimated at RM208,630,000 (2014: RM191,892,000) for the Group and RM7,900,000 (2014: RM8,715,000) for the Company based on an independent valuation carried out by a registered professional valuer using the comparison method by reference to recent transactions involving other similar properties in the vicinity. The valuation is a Level 3 fair value estimation.