NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 9 INVESTMENT IN SUBSIDIARIES (CONTINUED) Subsequent to financial year end, the following are the changes to investment in subsidiaries: (a) On 16 January 2023, Wasco Coatings Norway AS, an indirect wholly-owned subsidiary of the Company has been struck off from the Brønnøysund Register Centre, Norway upon the completion of application by the Company. (b) On 15 February 2023, Wasco Coatings Finland Oy, an indirect wholly-owned subsidiary of the Company had completed the voluntary liquidation in accordance with the rules and regulations of the Finnish Trade Register. (c) On 1 April 2023, Wasco Coatings Limited, an indirect wholly-owned subsidiary of the Company disposed 455,000 ordinary shares, representing 91% of the shares of Wasco Infra Services Sdn. Bhd. (“WIS”), an indirect 91% owned subsidiary of the Company for a total sale consideration of RM200,000. Accordingly, WIS and its subsidiary, Eco Consortium Sdn. Bhd. ceased to be subsidiaries of the Company. Non-controlling interests in subsidiaries The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows: Wasco ISOAF S.R.L. 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 RM’000 2022 NCI percentage of ownership interest and voting interest 50% 40% 30% 30% Carrying amount of NCI 43,096 10,149 41,784 (1,369) 5,254 98,914 Net profit/(loss) allocated to NCI 42,110 2,888 2,814 (1,633) 3,251 49,430 Summarised financial information before intra-group elimination As at 31 December Non-current assets - 3,919 242,175 62,976 Current assets 299,766 82,740 162,258 86,608 Non-current liabilities - - (166,081) - Current liabilities (215,429) (61,287) (99,071) (91,830) Net assets 84,337 25,372 139,281 57,754 Financial year ended 31 December Revenue 286,459 133,907 128,699 64,165 Net profit/(loss) 82,408 7,221 9,380 (5,442) Cash flows generated from/(used in) operating activities 106,340 13,530 27,596 (10,548) Cash flows (used in)/generated from investing activities - (23,530) (28,532) 6,843 Cash flows generated from/(used in) financing activities 463 (5,428) 1,659 6,190 Net changes in cash and cash equivalents 106,803 (15,428) 723 2,485 Dividend paid/payable to NCI - 488 - - Wah Seong Corporation Berhad Annual Report 2022 152
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