Frontken Berhad Annual Report 2020

Annual Report 2020 106 FRONTKEN CORPORATION BERHAD 200401012517 (651020-T) Notes to the Financial Statements (cont’d) 13. INVESTMENTS IN SUBSIDIARIES (CONT’D) The summarised financial information (before intra-group elimination) for each subsidiary that has non-controlling interests that are material to the Group is as follows:- (Cont’d) TTES 2020 2019 RM RM At 31 December Non-current assets 1,646,385 1,878,463 Current assets 12,418,833 11,277,366 Non-current liabilities (182,132) (366,866) Current liabilities (4,782,980) (4,116,002) Net assets 9,100,106 8,672,961 Financial Year Ended 31 December Revenue 22,739,545 24,711,266 Profit for the financial year 1,047,145 1,143,214 Total comprehensive income 1,047,145 1,143,214 Total comprehensive income attributable to non-controlling interests 575,930 628,768 Dividends paid to non-controlling interests (341,000) (363,000) Net cash (for)/from operating activities (473,715) 2,824,006 Net cash from investing activities 1,130,349 79,184 Net cash for financing activities (733,962) (1,319,472) On 12 November 2020, Frontken Projects Sdn. Bhd., a dormant indirect wholly-owned subsidiary of the Company has been struck off from the Registrar of the Companies Commission of Malaysia pursuant to Section 550 of the Companies Act 2016. On 31 December 2020, a resolution was passed to strike off Frontship Pte. Ltd., a dormant indirect wholly-owned subsidiary of the Company from the Registrar. During the financial year, in the month of May 2020, the Company acquired 133,837 ordinary shares of NT$10 each representing 0.4% of the issued and paid-up share capital of AGTC for a total cash consideration of NT$5,353,480 (including incidental costs) (equivalent to RM775,870). Following the acquisition, the Group’s interest in AGTC increased from 90.85% to 91.25%. The carrying amount of AGTC’s net assets shared by the Group on the date of the acquisition was RM203,988,468. The Group recognised a decrease in non-controlling interests of RM880,653 and a increase in retained earnings of RM104,783.