Wah Seong Corporation Berhad Annual Report 2020

147 ANNUAL REPORT 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 11 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 has been adjusted to reflect the equity method of accounting, including fair value adjustments (continued): 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 (continued) Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets 48,094 1,030 10,339 (2,717) 18,277 75,023 Goodwill 11,989 - - - 1,234 13,223 Less: Accumulated impairment loss - - - - (8,850) (8,850) Less: Elimination of unrealised profits - (1,154) - - - (1,154) Reclass to other payables - 124 - 2,717 - 2,841 Carrying amount in statement of financial position 60,083 - 10,339 - 10,661 81,083 The Group is committed to make good its share of losses of the investment in joint ventures. Accordingly, other payables related to the losses are recognised. Group’s share of results Financial year ended 31 December Group’s share of loss/(profit) (15,497) (6,385) (751) (5,676) 1,836 (26,473) Group’s share of other comprehensive income - - 174 273 - 447 Dividend receivable/received - - 6,692 - - 6,692