Yinson Annual Report 2021

309 ANNUAL REPORT 2021 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) (iv) Remeasurement of previously held equity interest The remeasurement to fair value of the Group’s existing 37.5% interest in RSE resulted in a gain of RM3 million (RM33 million less the carrying amount of the equity accounted investee at the date of acquisition of RM30 million). This amount was included in ‘other income’ (Note 8). (v) Revenue and profit contribution The acquired business contributed revenue of RM6 million and net loss after tax of RM1 million for the period from 24 December 2020 to 31 January 2021. Had RSE been acquired from 1 February 2020, the acquired business would have contributed additional revenue and additional loss after tax of RM69 million and RM2 million respectively, for the financial year ended 31 January 2021. These amounts have been calculated using the subsidiary's results and adjusting them for: (a) differences in the accounting policies between the Group and the subsidiary; and (b) the additional depreciation that would have been charged assuming the fair value adjustments to property, plant and equipment had applied from 1 February 2020, together with the consequential tax effects. (vi) Acquisition-related costs Transaction costs of RM4 million were incurred and included in administrative expenses in the consolidated income statement and in operating cash flows in the consolidated statement of cash flows. 2020 Internal re-organisation of companies During the financial year, the Group had completed the internal re-organisation for the following companies of which there were no consequential financial effects to the Group: (a) On 18 February 2019, Yinson Boronia Consortium Pte. Ltd., an indirect wholly owned subsidiary of the Company, completed the acquisition of 100% equity interest in Yinson Boronia Holdings (S) Pte. Ltd. ("YBHPL") from Yinson Acacia Ltd, an indirect wholly owned subsidiary of the Company for a consideration of USD1. YBHPL remains as an indirect wholly owned subsidiary of the Company. (b) On 17 June 2019, Yinson Global Corporation (HK) Limited, an indirect wholly owned subsidiary of the Company, completed the acquisition of 100% equity interest in Yinson Eden Pte. Ltd. ("YEPL") from Yinson Boronia Holdings (S) Pte. Ltd., an indirect wholly owned subsidiary of the Company for a consideration of USD1. YEPL remains as an indirect wholly owned subsidiary of the Company. (c) On 1 July 2019, Yinson Global Corporation (HK) Limited, an indirect wholly owned subsidiary of the Company, completed the acquisition of 100% equity interest in Yinson Production Offshore Pte. Ltd. ("YPOPL") from Yinson Production Limited, a direct wholly owned subsidiary of the Company for a consideration of USD1. YPOPL remains as an indirect wholly owned subsidiary of the Company. (d) On 2 October 2019, Yinson Production Offshore Pte. Ltd., a direct wholly owned subsidiary of the Company, completed the acquisition of 100% equity interest in Yinson International Pte. Ltd. ("YIPL") from Yinson Production Limited, a direct wholly owned subsidiary of the Company for a consideration of USD1. YIPL remains as an indirect wholly owned subsidiary of the Company.