Wah Seong Corporation Berhad Annual Report 2019

138 WAH SEONG CORPORATION BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 10 INVESTMENT IN SUBSIDIARIES (CONTINUED) Non-controlling interests in subsidiaries The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows: Mackenzie Industries Sdn. Bhd. Wasco Coatings Malaysia Sdn. Bhd. Petro- Pipe (Sabah) Sdn. Bhd. Other individually immaterial subsidiaries Total Group RM’000 RM’000 RM’000 RM’000 RM’000 2019 NCI percentage of ownership interest and voting interest 40% 30% 30% Carrying amount of NCI 7,779 53,399 (5,394) 5,468 61,252 Net (loss)/profit allocated to NCI (2,882) (8,776) (1,284) 2,373 (10,569) Summarised financial information before intra-group elimination As at 31 December Non-current assets 6,229 213,418 75,810 Current assets 78,127 230,930 92,371 Non-current liabilities - (178,745) - Current liabilities (64,909) (87,606) (155,742) Net assets 19,447 177,997 12,439 Financial year ended 31 December Revenue 109,814 5,553 84,167 Net (loss)/profit (7,204) (29,253) 2,714 Cash flows used in operating activities (3,266) (28,036) (56,463) Cash flows generated from/(used in) investing activities 8,671 25,202 (677) Cash flows (used in)/generated from financing activities (3,197) 3,178 65,666 Net change in cash and cash equivalents 2,208 344 8,526 Dividends paid/payable to NCI 480 10,200 -