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 141 9 INVESTMENT IN JOINT VENTURES (CONTINUED) The following table summarises the information of the Group’s material joint ventures and reconciles the information to the carrying amount of the Group’s interest in the joint ventures. The information have been adjusted to reflect the equity method of accounting, including fair value adjustments (continued): Group Alam-PE Holdings (L) Inc. RM’000 Bayou Wasco Insulation, LLC RM’000 Boustead Wah Seong Sdn. Bhd. RM’000 Welspun Wasco Coatings Private Limited RM’000 Other individually immaterial joint ventures RM’000 Total RM’000 2017 (continued) Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets 102,426 12,308 17,431 4,691 16,489 153,345 Goodwill 11,989 - - - 648 12,637 Less: Elimination of unrealised profits - (10,756) - - - (10,756) Less: Accumulated impairment loss - - - - (8,780) (8,780) Carrying amount in statement of financial position 114,415 1,552 17,431 4,691 8,357 146,446 Group’s share of results Financial year ended 31 December Group’s share of profit or loss 532 9,464 1,774 (3,263) 1,370 9,877 Group’s share of other comprehensive expense - - (1,850) - - (1,850) Group’s share of total comprehensive income/ (expense) 532 9,464 (76) (3,263) 1,370 8,027 Dividend receivable/ received 7,350 - - - - 7,350