20. INVESTMENTS IN JOINT VENTURES (CONT’D.) (b) Information of joint venture that is individually not material is as follows: 2021 2020 RM’000 RM’000 The Group’s share of profit before tax 1,929 1,031 The Group’s share of profit after tax, representing total comprehensive income 1,285 674 Carrying amount of the Group’s interest 9,814 8,087 (c) The joint ventures had no contingent liabilities as at 31 December 2021 and 31 December 2020. 21. OTHER INVESTMENTS Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 At FVTPL Non-current Transferable corporate golf club memberships 887 887 887 887 Current Quoted shares 166,700 150,974 – – Total other investments 167,587 151,861 887 887 22. INTANGIBLE ASSETS Licenses with indefinite Goodwill Software useful lives Total RM’000 RM’000 RM’000 RM’000 Group At 1 January 2021 20,523 2,293 25,643 48,459 Additions 5,306 – – 5,306 At 31 December 2021 25,829 2,293 25,643 53,765 Amortisation and impairment At 1 January 2021 18,170 719 25,643 44,532 Amortisation (Note 9) – 456 – 456 Impairment loss during the financial year (Note 9) 2,353 – – 2,353 At 31 December 2021 20,523 1,175 25,643 47,341 Carrying amount 5,306 1,118 – 6,424 22. INTANGIBLE ASSETS (CONT’D.) Licenses with indefinite Goodwill Software useful lives Total RM’000 RM’000 RM’000 RM’000 At 1 January 2020 18,170 1,414 25,643 45,227 Additions 2,353 879 – 3,232 At 31 December 2020 20,523 2,293 25,643 48,459 Amortisation and impairment At 1 January 2020 18,170 377 25,643 44,190 Amortisation (Note 9) – 342 – 342 At 31 December 2020 18,170 719 25,643 44,532 Carrying amount 2,353 1,574 – 3,927 During the financial year, an impairment loss of RM2,353,000 has been recognised in the profit or loss of the Group subsequent to the goodwill assessement exercise. (a) Key assumptions used in value-in-use calculations The recoverable amounts of the CGUs have been determined based on value-in-use calculations using cash flow projections based on financial budgets approved by management. The following describes each key assumption on which management has based its cash flow projections to undertake impairment testing of goodwill. (i) Budgeted gross margin The basis used to determine the value assigned to the budgeted gross margin is the average rate achieved in the financial year immediately before the budgeted year increased for expected efficiency improvements. (ii) Pre-tax discount rate The discount rates used are pre-tax ranging from 7% to 8% (2020: 7% to 8%) and reflect specific risks relating to the relevant segments. (b) Sensitivity to changes in assumptions With regard to the assessment of value-in-use of the CGUs, management believes that no reasonable possible change in any of the above key assumptions would cause the carrying amounts of the unit to materially differ from its recoverable amount. FINANCIAL STATEMENTS NOTES TO THE For the financial year ended 31 December 2021 Annual Report 2021 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 300 301
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