180 Annual Report 2022 The biological assets of the Group comprise fresh fruit bunches (“FFB”) prior to harvest. Management has considered FFB less than 15 days before harvesting in the calculation of fair value. FFB more than 15 days before harvesting are excluded from the valuation as their fair values are considered negligible. The fair value measurement of the biological assets is valued using present value of net cashflows expected to be generated from the sale of FFB, adjusted for estimated oil content of unharvested FFB, less harvesting, transport and other costs to sell and is categorised within Level 3 of the fair value hierarchy is disclosed in Note 46. During the financial year, the Group harvested approximately 382,752 metric tonnes (“MT”) of FFB (2021: 440,985 MT). The deposits bear effective interest at rates ranging from 0.6% to 5.85% (2021: 0.9% to 7.0%) per annum with maturity period ranging from 30 days to 83 days (2021: 1 day to 183 days). Cash held under housing development accounts represent amounts placed in Housing Development Accounts (“HDA”) in accordance with Section 7(A) of the Housing Development (Control and Licensing) Act, 1966 (Amended 2002). These HDA accounts, which consist of monies received from purchasers, are for the payment of property development costs incurred. The surplus monies in these accounts, if any, will be released to the Group in accordance with the provisions of the Housing Development (Control and Licensing) Act, 1966 (Amended 2002). Short-term placements of the Group and of the Company represent: (a) (b) (c) Notes to the Financial Statements For the Financial Year Ended 30 September 2022 BIOLOGICAL ASSETS (CONT’D) 25. CASH, BANK BALANCES, TERM DEPOSITS AND SHORT-TERM PLACEMENTS 26. 2022 RM Deposits with licensed banks 13,097,987 The Company 2021 RM The Group Cash and bank balances Cash held under housing development accounts 12,345,487 - - 142,406,575 215,276,195 427,546,675 2,466,373 - 7,008,055 7,484,069 - 33,763,775 136,413,315 155,374,926 391,251,444 Note (a) (b) Short-term placements 57,518,418 4,541,682 26,279,706 86,365,216 (c) 2021 RM 2022 RM investment in trust funds managed by licensed investment management companies, which are tax exempt, fixed-deposit-linked and allows prompt redemption at any time; and investment in highly liquid money market funds, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. (i) (ii)
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