Yinson Annual Report 2019

Yinson Holdings Berhad ANNUAL REPORT 2019 208 46. SUMMARY OF EFFECTS OF ACQUISITION AND RE-ORGANISATION OF COMPANIES (CONTINUED) 2019 (continued) (ii) Internal re-organisation of companies (continued) (d) On 27 September 2018, Yinson Production Limited, a wholly owned subsidiary of the Group, completed the acquisition of 100% equity interest in Yinson Production Offshore Pte. Ltd. (“YPOPL”) (formerly known as OY Offshore Pte. Ltd.) from the Company for a cash consideration of USD1. As a result, YPOPL became an indirect wholly owned subsidiary of the Group. (e) On 27 September 2018, Yinson Production Limited, a wholly owned subsidiary of the Group, completed the acquisition of 100% equity interest in Yinson International Pte. Ltd. (“YIPL”) (formerly known as Yinson Corporate Services Pte. Ltd.) from the Company for a cash consideration of USD1. As a result, YIPL became an indirect wholly owned subsidiary of the Group. (f) On 31 October 2018, Yinson Production Offshore Pte. Ltd., an indirect wholly owned subsidiary of the Group, completed the acquisition of 100% equity interest in Yinson Production AS (“YPAS”) fromYinson Production Limited, a wholly owned subsidiary of the Group for a cash consideration of USD175,360,501. YPAS remains as an indirect wholly owned subsidiary of the Group. (g) On 31 October 2018, Yinson Production Offshore Pte. Ltd., an indirect wholly owned subsidiary of the Group, completed the acquisition of 100% equity interest in Yinson Acacia Ltd (“YAL”) from the Company for a cash consideration of USD1. As a result, YAL became an indirect wholly owned subsidiary of the Group. (h) On 1 November 2018, Yinson Offshore Marine Limited, an indirect wholly owned subsidiary of the Group, completed the acquisition of 100%equity interest in YinsonCamellia Limited (“YCL”) fromYinsonNereus Ltd, a wholly owned subsidiary of theGroup for a cash consideration of USD9,640,559. YCL remains as an indirect wholly owned subsidiary of the Group. (i) On 31 January 2019, Yinson Production AS, an indirect wholly owned subsidiary of the Group, completed the acquisition of 100% equity interest in Yinson Lavender Operations Sdn. Bhd. (“YLOSB”) from the Company for a cash consideration of RM1. As a result, YLOSB became an indirect wholly owned subsidiary of theGroup. 2018 (i) TheCompanyhadon6June2017 increased its investment inRegulusOffshoreSdn. Bhd. (“ROSB”) from49%to70% by acquiring 21,000 ordinary shares representing 21% of the issued share capital of ROSB for a total consideration of RM469,461. Subsequent to the acquisition, ROSB ceased to be an associate of the Group and became a 70% direct owned subsidiary of the Group. (ii) Yinson Heather Ltd, an indirect wholly owned subsidiary of the Group, had on 27 December 2017, acquired from Four Vanguard Servicos E Navegacao LDA 19,600,000 ordinary shares in Anteros Rainbow Offshore Pte. Ltd. (“ARO”), representing 49% equity interest of the issued and paid up share capital of ARO, for a consideration of USD9,000,000 (equivalent to approximately RM36,751,500). Following the completion of the acquisition, ARO ceased to be a joint venture entity of the Group and became an indirect wholly owned subsidiary of the Group. Theamountsof revenueand lossbeforetaxof thesubsidiariesacquiredduringthe financial yearwhichhavebeen 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 acquiredwouldhavebeen approximatelyRM28,237,000 and RM82,148,000 respectively. For the financial year ended 31 January 2019 Notes to the financial statements (cont’d)