Wah Seong Corporation Berhad Annual Report 2018

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: Welspun Other Bayou Boustead Wasco individually Alam-PE Wasco Wah Coatings immaterial Holdings Insulation, Seong Private joint (L) Inc. LLC Sdn. Bhd. Limited ventures Total Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2018 Summarised financial information As at 31 December Non-current assets 151,364 79,346 39,788 38,302 Current assets 28,791 9,100 27,043 2,804 Cash and cash equivalents 4,021 726 29,823 8,523 Non-current liabilities - (53,776) (4,311) (46,340) Current liabilities (7,740) (12,758) (17,903) (3,122) 176,436 22,638 74,440 167 Financial year ended 31 December Net (loss)/profit (32,596) (2,859) 3,034 (8,708) Other comprehensive income/ (expense) - 998 1,361 (636) Total comprehensive (expense)/ income (32,596) (1,861) 4,395 (9,344 ) Included in the total comprehensive (expense)/income are: Revenue 18,329 55,813 19,391 2,509 Interest income - - 169 - Depreciation and amortisation (11,628) (2,891) (6,930) (4,044) Interest expense - (1,721) - (3,289) Tax expense (102) - 177 - Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets 86,454 11,093 18,531 82 16,949 133,109 Goodwill 11,989 - - - 1,148 13,137 Less: Elimination of unrealised profits - (10,948) - - - (10,948) Less: Accumulated impairment loss - - - - (8,930) (8,930) Carrying amount in statement of financial position 98,443 145 18,531 82 9,167 126,368 Group’s share of results Financial year ended 31 December Group’s share of (loss)/profit (15,972) (1,401) 753 (4,267) 1,427 (19,460) Group’s share of other comprehensive income/(expense) - 489 347 (312) (441) 83 Group’s share of total comprehensive (expense)/income (15,972) (912) 1,100 (4,579) 986 (19,377) Dividend receivable/received - - - - 412 412 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 ANNUAL REPORT 2018 135