AUDITED FINANCIAL STATEMENTS 2022 99 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 21 INVESTMENT PROPERTIES (CONTINUED) The fair value of the investment properties above as at 31 December 2022 is estimated at RM246,222,000 (2021: RM249,647,000) for the Group and RM19,357,705 (2021: RM19,006,485) 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. Leasing arrangements – Group and Company as a lessor The investment properties are leased to tenants under operating leases. The Group and the Company are not exposed to any variable lease considerations under the arrangements. 22 INTANGIBLE ASSETS Group Goodwill RM’000 Brand RM’000 Software RM’000 Land use rights RM’000 Others RM’000 Intangible assets under development RM’000 Total RM’000 Net book value 2022 At 1 January 2022 809,072 71,337 19,101 45,348 928 2,596 948,382 Additions - - 2,046 26 - 4,352 6,424 Reclassification - - 5,929 - - (5,929) - Amortisation charge - (4,650) (8,002) (797) (260) - (13,709) Exchange differences - - - (1,165) 51 - (1,114) At 31 December 2022 809,072 66,687 19,074 43,412 719 1,019 939,983 Expected remaining useful lives (years) - 31 December 2022 8 – 15 1 – 5 28 4 Group Goodwill RM’000 Brand RM’000 Software RM’000 Land use rights RM’000 Others RM’000 Intangible assets under development RM’000 Total RM’000 Net book value 2021 At 1 January 2021 809,072 75,987 21,535 42,401 1,132 8,162 958,289 Additions - - 4,337 3,021 - 2,596 9,954 Reclassification - - 8,162 - - (8,162) - Amortisation charge - (4,650) (14,933) (741) (244) - (20,568) Exchange differences - - - 667 40 - 707 At 31 December 2021 809,072 71,337 19,101 45,348 928 2,596 948,382 Expected remaining useful lives (years) - 31 December 2021 9 – 16 1 – 5 29 5
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