Yinson Annual Report 2021

308 YINSON HOLDINGS BERHAD SECTION 07 : ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2021 46. Summary of effects of acquisition and re-organisation of companies (continued) 2021 (continued) (b) Acquisition of a company (continued) (i) Details of the consideration paid, the fair values of assets acquired and liabilities assumed, the non-controlling interest recognised and the effects on the cash flows of the Group, at the acquisition date, are as follows: Book value Fair value RM million RM million Property, plant and equipment (Note 16) 456 465 Trade receivables 11 11 Other non-current assets 8 8 Other current assets 1 1 Inventories 1 1 Cash and cash equivalents 29 29 Loans and borrowings (384) (384) Deferred tax asset (net) (Note 35) 1 1 Trade payables (6) (6) Non-current provisions (23) (23) Other current liabilities (4) (5) Net assets acquired 90 98 Less: Fair value of previously held interest of 37.5% (33) Less: Non-controlling interest (4) Less: Deferred tax impact arising from acquisition (Note 35) (2) Purchase consideration 59 Less: Consideration payable (9) Less: Cash and cash equivalents of subsidiary acquired (29) Net cash outflow on acquisition for financial year ended 31 January 2021 21 (ii) Acquired receivables The acquired trade receivables of RM11 million is based on contractual terms agreed with the customer and approximates their fair value. (iii) Accounting policy choice for non-controlling interests The Group recognises non-controlling interests in an acquired entity either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. This decision is made on an acquisition-by-acquisition basis. For the non-controlling interests in RSE, the Group elected to recognise the non-controlling interests at its proportionate share of the acquired net identifiable assets.