Wah Seong Corporation Berhad Annual Report 2020

146 WAH SEONG CORPORATION BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 11 INVESTMENT IN JOINT VENTURES (CONTINUED) Details of joint ventures are as follows (continued): Country of incorporation Group’s effective interest Principal activities 2020 % 2019 % PMT SHINKO Turbine Sdn. Bhd. Malaysia 49 49 Assembly and supply of equipment for palm oil and other agricultural industries Welspun Wasco Coatings Private Limited India 49 49 Provision of pipe coating services Alam-PE Holdings (L) Inc. Federal Territory of Labuan, Malaysia 49 49 Investment holding 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 has been adjusted to reflect the equity method of accounting, including fair value adjustments: Alam-PE Holdings (L) Inc. Bayou Wasco Insulation, LLC Boustead Wah Seong Sdn. Bhd. Welspun Wasco Coatings Private Limited Other individually immaterial joint ventures Total Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2020 Summarised financial information As at 31 December Non-current assets 92,219 73,691 22,528 23,323 Current assets 21,416 33,150 20,498 8,282 Cash and cash equivalents 1,046 2,546 14,168 2,776 Non-current liabilities - (63,822) (2,224) (18,433) Current liabilities (16,530) (43,462) (14,970) (21,493) Non-controlling interest - - (19,322) - Net assets/(liabilities) 98,151 2,103 20,678 (5,545) Financial year ended 31 December Net loss (31,627) (13,030) (3,199) (11,583) Other comprehensive income - - 674 558 Total comprehensive expense (31,627) (13,030) (2,525) (11,025) Included in the total comprehensive expense are: Revenue 2,227 11,559 9,491 10,401 Interest income - - 1,504 - Depreciation and amortisation (10,997) (7,244) (3,818) (2,134) Interest expense - (1,048) (748) (2,769) Tax expense (1) - (545) -