Wah Seong Corporation Berhad Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 FINANCIAL STATEMENTS WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 130 7 INVESTMENT IN SUBSIDIARIES (CONTINUED) Non-controlling interests in subsidiaries (continued) The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows (continued): Group Mackenzie Industries Sdn. Bhd. RM’000 Wasco Coatings Malaysia Sdn. Bhd. RM’000 Petro- Pipe (Sabah) Sdn. Bhd. RM’000 Other individually immaterial subsidiaries RM’000 Total RM’000 2016 NCI percentage of ownership interest and voting interest 40% 30% 40% Carrying amount of NCI 11,154 87,212 (156) (6,297) 91,913 Net (loss)/profit allocated to NCI (570) (5,674) 1,780 (1,788) (6,252) Summarised financial information before intra-group elimination As at 31 December Non-current assets 4,585 60,458 80,020 Current assets 51,428 369,214 51,286 Current liabilities (28,128) (138,964) (131,695) Net assets/(liabilities) 27,885 290,708 (389) Financial year ended 31 December Revenue 59,202 85,115 89,014 Net (loss)/profit (1,425) (18,914) 4,450 Cash flows generated from/ (used in) operating activities 10,140 (3,636) 44,591 Cash flows (used in)/ generated from investing activities (549) 31,344 14,355 Cash flows used in financing activities (14,817) (37,790) (73,519) Net change in cash and cash equivalents (5,226) (10,082) (14,573) Dividends paid/payable to NCI 800 - -