p 221 MISC BERHAD - Annual Report 2014 12. Ships, offshore floating assets and other property, plant and equipment (cont’d.) (c) During the financial year, the Group recognised a write-back of impairment losses on certain ships amounting to RM71,002,000 (2013: RM29,514,000). In arriving at the writeback of impairment losses, the carrying amount was compared with the recoverable amount of RM176,420,000. The recoverable amount was determined from the value-in-use calculations, using cash flow projections that are discounted at a rate of 7.80%. 13. Prepaid lease payments on land and buildings Group Corporation 2014 2013 2014 2013 RM’000 RM’000 RM’000 RM’000 At 1 January 251,750 264,232 2,361 5,561 Transfer to non-current assets classified as held for sale (Note 23) – (3,457) – (3,457) Transfer from other property, plant and equipment (Note 12) 6,298 – 6,298 – Amortisation for the year (Note 5) (8,207) (9,433) (387) (149) Currency translation differences 64 408 64 406 At 31 December 249,905 251,750 8,336 2,361 Analysed as: Long term leasehold land 237,635 244,730 – – Short term leasehold land 3,934 4,659 – – Leasehold buildings 8,336 2,361 8,336 2,361 249,905 251,750 8,336 2,361 Included in long term leasehold land of the Group is the carrying value of a long term leasehold and foreshore land of a subsidiary of RM237,635,000 (2013: RM244,730,000) which cannot be disposed off, charged or subleased without the prior consent of the Johor State Government.
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