NOTES TO THE FINANCIAL STATEMENTS Cont’d 33. Business combinations cont’d 2022 cont’d 33.1 Acquisition of subsidiary cont’d Note Group 2022 RM’000 Identifiable assets acquired and liabilities assumed Property, plant and equipment 3 6,487 Trade and other receivables 11 Current tax assets 1,574 Cash and cash equivalents 56 Loans and borrowings (6,708) Trade and other payables (607) Total identifiable net assets 813 Net cash outflow arising from acquisition of subsidiaries Purchase consideration settled in cash and cash equivalents (4,500) Cash and cash equivalents acquired 56 (4,444) Goodwill Goodwill was recognised as a result of the acquisition as follows: Total consideration transferred 4,500 Fair value of identifiable net assets (813) Goodwill 3,687 The goodwill is attributable mainly to the skills and technical talent of FBNE. None of the goodwill recognised was expected to be deductible for income tax purposes. Acquisition-related costs The Group incurred acquisition-related costs of RM24,000 related to external legal fees. The legal fees had been included in administrative expenses in the Group’s consolidated statement of profit or loss and other comprehensive income. ANNUAL REPORT 2022 310
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