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FRONTKEN CORPORATION BERHAD
(651020-T)
ANNUAL REPORT
2015
11.
INVESTMENTS IN SUBSIDIARIES (CONT’D)
TTES
1 January to
1 June to
31 December
31 December
2015
2014
RM
RM
Total comprehensive income attributable
to non-controlling interests
2,287,578
1,339,608
Dividends paid to non-controlling interests
(1,925,000)
(1,320,000)
Net cash from operating activities
4,475,854
209,311
Net cash for investing activities
(293,768)
(245,274)
Net cash for financing activities
(3,577,525)
(1,422,942)
FPPL
2015
2014
RM
RM
At 31 December
Non-current assets
183,259
363,954
Current assets
13,179,249
13,762,737
Non-current liability
(57,859)
(115,401)
Current liabilities
(9,625,141)
(9,859,645)
Net assets
3,679,508
4,151,645
Financial year ended 31 December
Revenue
4,209,253
13,023,012
Loss for the financial year
(1,010,110)
(259,893)
Total comprehensive expenses
(472,138)
(182,161)
Total comprehensive expenses attributable
to non-controlling interests
(154,987)
(89,259)
Net cash for operating activities
(2,503,735)
(993,054)
Net cash from/(for) investing activities
373
(6,604)
Net cash from financing activities
2,486,678
83,410
During the financial year:-
(i)
the Company acquired 2,135,610 ordinary shares of NT$10 each representing 6.46% of the issued and paid-up
share capital of AGTC for a total cash consideration of NT$42,192,117 (including incidental costs) (equivalent to
RM5,103,100). Following the acquisition, the Group’s interest in AGTC increased from 57.92% to 64.38%. The
carrying amount of AGTC’s net assets in the Group’s financial statements on the date of the acquisition was
RM55,380,737. The Group recognised a decrease in non-controlling interests of RM5,909,957 and an increase in
retained earnings of RM806,858.
(ii) the Company’s wholly-owned subsidiary, FSPL, had on 25 August 2015 entered into a Sale and Purchase Agreement
with Giga Group Pte. Ltd., to acquire the remaining 49% of the entire issued and paid-up share capital in FPPL for
a cash consideration of S$585,060 (equivalent to RM1,758,924). Following the completion of the acquisition on 28
August 2015, FPPL became a wholly-owned subsidiary of FSPL. The carrying amount of FPPL’s net assets in the
Group’s financial statements on the date of the acquisition was RM1,956,027. The Group recognised a decrease
in non-controlling interests of RM1,879,320 and an increase in retained earnings of RM120,395.
NOTES TO THE FINANCIAL STATEMENTS
(cont’d)