Tropicana Corporation Berhad Annual Report 2020

20. INVESTMENTS IN JOINT VENTURES Group 2020 2019 RM'000 RM'000 Unquoted shares, at cost 144,243 112,471 Amount due from a joint venture 637 17,800 Share of post-acquisition results and reserves 142,082 143,250 Unrealised profits arising from transaction with a joint venture (8,634) (8,536) 278,328 264,985 Represented by: Share of net assets 278,328 264,985 The amount due from a joint venture represents outstanding amounts arising from the Group's proportionate share in the advances and working capital to the joint venture. The amount due from the joint venture is unsecured, non-interest bearing and is not repayable within the next twelve (12) months. The Group views these advances as part of the Group's investment in the joint venture. Details of the joint ventures are as follows: Country of Principal Equity interest held (%) Name of joint ventures incorporation activity 2020 2019 Tropicana Danga Cove Sdn Bhd (" TDCSB ") Malaysia Property development and 50 50 property investment Tropicana Temokin Sdn Bhd (" TTSB ") Malaysia Property development 51 51 All the joint ventures have been accounted for using the equity method of accounting. During the financial year, TDCSB issued 340,000,000 (2019: 66,500,000) of redeemable preference shares series A (" RPS-A ") of RM0.10 each. The Group subscribed for 50% of the RPS-A for a cash consideration of RM17,000,000 (2019: RM3,325,000). During the financial year, TTSB issued 28,965,000 (2019: nil) of redeemable non-cumulative preference shares (" RNCPS ") of RM1 each. The Group subscribed for 51% of the RNCPS for RM14,772,150 (2019: RM nil) by way of capitalisation of amount owing by TTSB. 20. INVESTMENTS IN JOINT VENTURES (CONT'D.) (a) Summarised financial information of the joint ventures that is material to the Group is set out below. The summarised financial information represents the amounts in the financial statements of the joint venture and not the Group's share of those amounts. The other joint venture is not material to the Group. (i) Summarised statement of financial position TDCSB 2020 2019 RM'000 RM'000 Non-current assets 497,341 468,313 Current assets 239,319 157,978 Non-current liabilities (33,562) (48,019) Current liabilities (162,617) (68,108) Net assets 540,481 510,164 (ii) Summarised statement of comprehensive income TDCSB 2020 2019 RM'000 RM'000 Revenue 121,845 88,974 Profit before tax 14,645 23,836 (Loss)/profit after tax, representing total comprehensive (loss)/income (3,683) 23,084 (iii) Reconciliation of the summarised financial information presented above to the carrying amount of the Group's interest in joint venture: TDCSB 2020 2019 RM'000 RM'000 Net assets as at 1 January 510,164 480,430 (Loss)/profit for the financial year (3,683) 23,084 506,481 503,514 Issuance of redeemable preference shares 34,000 6,650 Net assets as at 31 December 540,481 510,164 Interests in joint ventures 50% 50% Carrying amount of Group's interests in joint venture 270,241 255,082 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2020 ANNUAL REPORT 2020 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 242 243