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 160 22 CASH AND BANK BALANCES Group Company 2017 RM’000 2016 RM’000 2017 RM’000 2016 RM’000 Cash and bank balances 189,612 163,493 2,221 5,568 The Group’s and the Company’s cash and cash equivalents exposure to foreign currency (a currency which is other than the functional currency of the Group entities and the Company) risk, based on carrying amounts as at the end of the financial year, were: Group Company 2017 RM’000 2016 RM’000 2017 RM’000 2016 RM’000 - United States Dollar 34,544 39,463 740 3,907 - Singapore Dollar 5,054 16,554 174 216 - Euro Dollar 4,302 742 19 19 - Japanese Yen 1,711 5,127 - 1 - Ringgit Malaysia 1,602 1,259 - - - Indonesian Rupiah 1,518 4,268 - - - China Renminbi 343 355 - - - Norwegian Kroner 148 931 - - - Australian Dollar 22 43 22 21 - British Pound 2 303 - 14 49,246 69,045 955 4,178 Cash and bank balances are deposits held at call with banks and earn no interest.  23 ASSETS CLASSIFIED AS HELD FOR SALE On 8 August 2017, the Company’s wholly-owned subsidiary, Wasco Engineering International Limited (“WEIL”) entered into a sale and purchase agreement for the disposal of compressor units for a consideration of USD11,464,000 (equivalent to approximately RM49,351,000). The consideration includes additional refurbishment and modification cost on the existing compressor units. The completion of the disposal is subject to fulfilment of the condition precedent as stipulated in the sales and purchase agreement. Pursuant to MFRS 5 “Non-current Assets Held for Sales and Discontinued Operations”, the carrying amount of the compressors have been classified as assets held for sale. Details of the assets classified as held for sale are as follows: Group 2017 RM’000 2016 RM’000 Property, plant and equipments 18,143 -