Wah Seong Corporation Berhad Annual Report 2021 148 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 9 INVESTMENT IN SUBSIDIARIES (CONTINUED) Non-controlling interests in subsidiaries (continued) The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows (continued): Mackenzie Industries Sdn. Bhd. Wasco Coatings Malaysia Sdn. Bhd. PetroPipe (Sabah) Sdn. Bhd. Other individually immaterial subsidiaries Total Group RM’000 RM’000 RM’000 RM’000 RM’000 2020 NCI percentage of ownership interest and voting interest 40% 30% 30% Carrying amount of NCI 7,281 41,776 (4,361) 5,142 49,838 Net (loss)/profit allocated to NCI (498) (11,692) 1,034 (397) (11,553) Summarised financial information before intra-group elimination As at 31 December Non-current assets 6,293 192,117 64,414 Current assets 65,950 165,682 65,751 Non-current liabilities - (174,762) - Current liabilities (54,040) (43,785) (113,178) Net assets 18,203 139,252 16,987 Financial year ended 31 December Revenue 87,497 22,452 108,071 Net (loss)/profit (1,244) (38,973) 4,549 Cash flows generated from/(used in) operating activities 7,138 3,284 53,569 Cash flows (used in)/generated from investing activities (420) 4,359 (1,146) Cash flows used in financing activities (7,680) (3,565) (46,150) Net change in cash and cash equivalents (962) 4,078 6,273 Dividends paid/payable to NCI - - -
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