Yinson Annual Report 2018

46. SUMMARY OF EFFECTS OF ACQUISITION OF COMPANIES (CONTINUED) The amounts of revenue and loss before tax of the subsidiaries acquired during the financial year which have been included in the income statements of the Group for the period from the dates of acquisition to 31 January 2018 are amounted to approximately RM19,667,000 and RM79,758,000 respectively. Had the acquisitions taken effect at the beginning of the financial year, the revenue and loss before tax of the subsidiaries acquired would have been approximately RM28,237,000 and RM82,148,000 respectively. Details of the consideration paid, assets acquired and liabilities assumed, the non-controlling interests recognised and the effects on the cash flows of the Group, at the acquisition date, are as follows: Carrying value Fair value RM’000 RM’000 Property, plant and equipment 222,217 222,217 Intangible assets 62 62 Inventories 767 767 Trade and other receivables 8,002 8,002 Tax recoverable 98 98 Cash and bank balances 1,054 1,054 Trade and other payables (22,002) (22,002) Loans and borrowings (59) (59) Convertible note instruments (96,966) (96,966) Deferred tax liabilities (16) (16) Non-controlling interests (701) (701) Share of net assets acquired 112,456 112,456 Bargain purchase (21) Derecognition of associate and joint venture (77,190) Purchase consideration 35,245 Cash and bank balances arising from the acquisitions of subsidiaries (1,054) Net cash outflow from acquisitions 34,191 47. DISCONTINUED OPERATIONS On 29 June 2015, the Company had received a letter of offer from Liannex Labuan Limited (“Liannex Labuan”) to acquire from the Company the non-oil & gas business companies as well as the repayment of inter-company loans owing to the Company by the said subsidiaries at an offer price of RM228.0 million (“Offer Letter”). Target Subsidiaries under divestment: i) 100% equity interest in Yinson Corporation Sdn Bhd; ii) 100% equity interest in Yinson Transport Sdn Bhd; iii) 100% equity interest in Yinson Shipping Sdn Bhd; iv) 100% equity interest in Yinson Power Marine Sdn Bhd; and v) 100% equity interest in Yinson Overseas Limited (“YOL”). The Company undertook an internal restructuring whereby YOL acquired the entire equity interest of Yinson Port Ventures Pte Ltd* on 19 October 2015 and subsequent acquired the entire equity interest of Yinson Vietnam Company Limited**. * Yinson Port Ventures Pte Ltd, in turn owns 40% equity interest in PTSC Phu My Port Joint Stock Company. ** Yinson Vietnam Company Limited, in turn owns 51% equity interest in Yen Son Diversified Company Limited. Corporate Overview Stewardship Governance Accountability 185 Yinson Holdings Berhad Annual Report 2018