Yinson Annual Report 2018

20. INVESTMENT IN JOINT VENTURES (CONTINUED) Proportion (%) of Name of Countries of ownership interest joint ventures incorporation 2018 2017 Principal activities Held through Yinson Heather Ltd: Anteros Rainbow Singapore – 51 Leasing of a FPSO unit Offshore Pte. Ltd. (a)(c) Held through Yinson Clover Ltd: PTSC Ca Rong Do Ltd (b)(d) Republic of the 49 – Provision of floating marine Marshall Islands assets for chartering (a) Audited by member firms of PricewaterhouseCoopers International Limited, which are separate and independent legal entities from PricewaterhouseCoopers PLT. (b) Auditor not appointed yet. (c) During the financial year, Yinson Heather Ltd, an indirect wholly-owned subsidiary of the Group, acquired the remaining 49% equity interest in Anteros Rainbow Offshore Pte. Ltd. (“ARO”). Following the completion of the acquisition, ARO became an indirect wholly-owned subsidiary of the Group. (d) Joint venture newly incorporated during the current financial year. Summarised financial information of the joint ventures, based on its MFRS/IFRS financial statements are set out below: (i) PTSC South East Asia Pte. Ltd. 2018 2017 RM’000 RM’000 Summarised statement of financial position: Current assets* 86,774 203,078 Non-current assets 459,646 549,544 Current liabilities** (27,585) (61,196) Non-current liabilities** – (118,676) Net assets 518,835 572,750 Proportion of the Group’s ownership 49% 49% Carrying amount of the investment 254,229 280,648 * Included in current assets is cash and bank balances of RM73,640,000 (2017: RM149,497,000). ** Included in current and non-current liabilities are borrowings of RM25,584,000 (2017: RM118,676,000) which are secured by property, plant and equipment of the Company and bear interest at LIBOR + 2.5% (2017: LIBOR + 2.5%) per annum. The loan was fully repaid on 15 February 2018. Notes to the Financial Statements (Cont’d) For the financial year ended 31 January 2018 150 Yinson Holdings Berhad Annual Report 2018 Accountability