Wah Seong Corporation Berhad Annual Report 2021 158 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 11 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): Group 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 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2020 Summarised financial information As at 31 December Non-current assets 92,219 73,691 22,528 23,323 Current assets 21,416 33,150 20,498 8,282 Cash and cash equivalents 1,046 2,546 14,168 2,776 Non-current liabilities - (63,822) (2,224) (18,433) Current liabilities (16,530) (43,462) (14,970) (21,493) Non-controlling interest - - (19,322) - Net assets/(liabilities) 98,151 2,103 20,678 (5,545) Financial year ended 31 December Net loss (31,627) (13,030) (3,199) (11,583) Other comprehensive income - - 674 558 Total comprehensive expense (31,627) (13,030) (2,525) (11,025) Included in the total comprehensive expense are: Revenue 2,227 11,559 9,491 10,401 Interest income - - 1,504 - Depreciation and amortisation (10,997) (7,244) (3,818) (2,134) Interest expense - (1,048) (748) (2,769) Tax expense (1) - (545) - Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets/ (liabilities) 48,094 1,030 10,339 (2,717) 18,277 75,023 Goodwill 11,989 - - - 1,234 13,223 Less: Accumulated impairment loss - - - - (8,850) (8,850) Less: Elimination of unrealised profits - (1,154) - - - (1,154) Reclass to other payables - 124 - 2,717 - 2,841 Carrying amount in statement of financial position 60,083 - 10,339 - 10,661 81,083 The Group is committed to make good its share of losses of the investment in joint ventures. Accordingly, other payables related to the losses are recognised.
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