Wah Seong Corporation Berhad Annual Report 2020

148 WAH SEONG CORPORATION BERHAD 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 2019 Summarised financial information As at 31 December Non-current assets 103,935 78,990 32,454 36,359 Current assets 32,132 11,992 44,564 2,835 Cash and cash equivalents 1,401 10,674 12,694 4,486 Non-current liabilities - (69,782) (3,257) (34,497) Current liabilities (7,689) (17,715) (16,151) (3,249) Non-controlling interest - - (35,088) - Net assets 129,779 14,159 35,216 5,934 Financial year ended 31 December Net loss (46,656) (7,663) (3,032) (6,413) Other comprehensive expense - (414) (865) (998) Total comprehensive expense (46,656) (8,077) (3,897) (7,411) Included in the total comprehensive expense are: Revenue 14,698 44,220 9,010 6,233 Interest income - - 137 319 Depreciation and amortisation (11,066) (7,138) (7,108) (3,307) Interest expense - (1,057) - (2,596) Tax (expense)/credit (96) - 1,512 - Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets 63,592 6,938 17,608 2,908 16,300 107,346 Goodwill 11,989 - - - 1,251 13,240 Less: Accumulated impairment loss - - - - (8,959) (8,959) Carrying amount in statement of financial position 75,581 6,938 17,608 2,908 8,592 111,627