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 (continued): 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 2017 Summarised financial information As at 31 December Non-current assets 187,077 79,847 46,226 39,207 Current assets 34,682 14,094 8,106 3,165 Cash and cash equivalents 1,081 4,021 40,388 24,696 Non-current liabilities - (64,731) (5,232) (43,191) Current liabilities (13,808) (8,112) (19,444) (14,304) 209,032 25,119 70,044 9,573 Financial year ended 31 December Net profit/(loss) 1,085 19,315 6,004 (6,659) Other comprehensive expense - - (7,254) - Total comprehensive income/ (expense) 1,085 19,315 (1,250) (6,659) Included in the total comprehensive income/(expense) are: Revenue 41,868 216,157 26,611 86,509 Interest income - - 83 - Depreciation and amortisation (11,554) (4,468) (7,397) (2,620) Interest expense - (2,637) - (3,320) Tax expense (102) - (1,673) (1,406) 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 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 WAH SEONG CORPORATION BERHAD 136