Wah Seong Corporation Berhad Annual Report 2019

148 WAH SEONG CORPORATION BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 12 INVESTMENT IN JOINT VENTURES (CONTINUED) The following table summarises the information of the Group’s material joint ventures and reconciles the information to the carrying amount of the Group’s interest in the joint ventures. The information has been adjusted to reflect the equity method of accounting, including fair value adjustments (continued): Alam-PE Holdings (L) Inc. Bayou Wasco Insulation, LLC Boustead Wah Seong Sdn. Bhd. Welspun Wasco Coatings Private Limited Other individually immaterial joint ventures Total Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2018 Summarised financial information As at 31 December Non-current assets 151,364 79,346 39,788 38,302 Current assets 28,791 9,100 27,043 2,804 Cash and cash equivalents 4,021 726 29,823 8,523 Non-current liabilities - (53,776) (4,311) (46,340) Current liabilities (7,740) (12,758) (17,903) (3,122) Non-controlling interest - - (37,379) - 176,436 22,638 37,061 167 Financial year ended 31 December Net (loss)/profit (32,596) (2,859) 3,034 (8,708) Other comprehensive income/ (expense) - 998 1,361 (636) Total comprehensive (expense)/ income (32,596) (1,861) 4,395 (9,344) Included in the total comprehensive income/ (expense) are: Revenue 18,329 55,813 19,391 2,509 Interest income - - 169 - Depreciation and amortisation (11,628) (2,891) (6,930) (4,044) Interest expense - (1,721) - (3,289) Tax expense (102) - 177 - Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets 86,454 11,093 18,531 82 16,949 133,109 Goodwill 11,989 - - - 1,148 13,137 Less: Elimination of unrealised profits - (10,948) - - - (10,948) Less: Accumulated impairment loss - - - - (8,930) (8,930) Carrying amount in statement of financial position 98,443 145 18,531 82 9,167 126,368