18. INVESTMENTS IN SUBSIDIARIES (CONT’D.) Financial information of subsidiaries that have material non-controlling interests are provided below. The financial information presented below are amounts before inter-company elimination: (i) Summarised statements of financial position TISB TISB TDBSB TDBSB TSDSB TSDSB LWBSB LWBSB 2021 2020 2021 2020 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Non-current assets 1,166,332 1,142,140 382,718 383,071 83,548 83,495 885,103 873,329 Current assets 280,247 235,753 98,523 97,847 749 977 37,415 50,084 Non-current liabilities (491,685) (456,253) – – – – (16,650) (25,140) Current liabilities (231,345) (303,216) (21,783) (13,863) (132,525) (125,845) (798,984) (777,957) Net assets/(liabilities) 723,549 618,424 459,458 467,055 (48,228) (41,373) 106,884 120,316 (ii) Summarised statements of comprehensive income TISB TISB TDBSB TDBSB TSDSB TSDSB LWBSB LWBSB 2021 2020 2021 2020 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Revenue 95,543 46,794 – (3,463) – – – 206,239 Profit/(loss) net of tax for the financial year 40,458 45,190 (6,815) (4,359) (6,855) (8,175) (13,432) 125,548 Profit/(loss) attributable to owners of the parent 28,321 31,633 (4,089) (2,615) (4,798) (4,905) (8,731) 75,329 Profit/(loss) attributable to non-controlling interests 12,137 13,557 (2,726) (1,744) (2,057) (3,270) (4,701) 50,219 Total comprehensive income/(loss) 40,458 45,190 (6,815) (4,359) (6,855) (8,175) (13,432) 125,548 Transactions with non-controlling interests: Dividend paid to non-controlling interest – – – – – – – – Issuance/(redemption) of redeemable preference shares 19,400 30,802 – (4,000) – – – – 18. INVESTMENTS IN SUBSIDIARIES (CONT’D.) Financial information of subsidiaries that have material non-controlling interests are provided below. The financial information presented below are amounts before inter-company elimination: (cont’d.) (iii) Summarised statements of cash flows TISB TISB TDBSB TDBSB TSDSB TSDSB LWBSB LWBSB 2021 2020 2021 2020 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Net cash (used in)/generated from operating activities (109,536) (89,776) (972) (2,777) (229) 82,528 6,816 31,745 Net cash (used in)/generated from investing activities (442) (2,581) (14) 823 – – 19 – Net cash generated from/(used in) financing activities 127,878 82,905 (5) (4,059) – (81,980) (7,387) (30,111) Net increase/(decrease) in cash and cash equivalents 17,900 (9,452) (991) (6,013) (229) 548 (552) 1,634 Cash and cash equivalents at beginning of financial year 64,885 74,337 14,148 20,161 826 278 5,952 4,318 Cash and cash equivalents at end of financial year 82,785 64,885 13,157 14,148 597 826 5,400 5,952 (a) Group restructuring During the financial year, the Group and the Company executed and completed an internal Group restructuring scheme involving the following: (i) The Company injected total additional working capital of RM2,587,000 into Tropicana Investment Consulting Pte. Ltd., a wholly-owned subsidiary of the Company. (ii) The Company completed the capitalisation of debts amounting to RM47,266,666 owed by several subsidiaries to the Company by way of issuance of Redeemable Non-Cumulative Preference Shares (“RNCPS”) issued by these subsidiaries at an issue price of RM1 each. (iii) On 25 January 2021, the Company had incorporated a wholly-owned subsidiary, Tropicana Landmark Education Sdn Bhd (“TLESB”) with 1 ordinary share representing 100% of total paid-up capital, for a total cash consideration of RM1. (iv) On 12 March 2021, the Company completed a capital reduction exercise to reduce its investment in a subsidiary, Tropicana Development (Sabah) Sdn Bhd by cancelling 19,400,000 Class-B Ordinary Shares, all of which are held by the Company amounting to RM19,400,000. (v) On 2 April 2021, the Company disposed its entire 1 ordinary share representing 100% of the total paid-up capital in Spring Garden Star Sdn Bhd (“SGSSB”) to Tropicana Golf & Country Resort Berhad (“TGCRB”), a wholly-owned subsidiary of the Company, for a total cash consideration of RM1. FINANCIAL STATEMENTS NOTES TO THE For the financial year ended 31 December 2021 Annual Report 2021 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 288 289
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