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FRONTKEN CORPORATION BERHAD
(651020-T)
ANNUAL REPORT
2015
11.
INVESTMENTS IN SUBSIDIARIES (CONT’D)
(iii) the details of the assets, liabilities and cash flows arising from the acquisition of TTES were as follows:
The Group
2014
RM
Property, plant and equipment
2,078,771
Trade and other receivables
1,454,495
Cash and cash equivalents
3,635,707
Trade and other payables
(295,764)
Hire purchase payables
(410,581)
Tax liabilities
(537,267)
Fair value of net identifiable assets
5,925,361
Less: Non-controlling interests
(3,258,949)
Add: Goodwill on acquisition (Note 13)
8,366,591
Total cost of acquisition
11,033,003
Less: Cash and cash equivalents in subsidiary acquired
(3,635,707)
Net cash outflow on acquisition
7,397,296
The acquired subsidiary has contributed the following results to the Group:-
2014
RM
Revenue
19,791,906
Profit after tax
2,435,650
If the acquisition had taken place at the beginning of the previous financial year, the Group’s revenue and profit
after tax would have been RM320,679,057 and RM25,188,173 respectively.
12.
INVESTMENTS IN AN ASSOCIATE
The Group
2015
2014
RM
RM
Unquoted shares
- at cost
1,193,279
1,193,279
Share of post-acquisition results
390,827
365,641
Foreign currency translation differences
425,328
173,791
2,009,434
1,732,711
NOTES TO THE FINANCIAL STATEMENTS
(cont’d)