NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 10 INVESTMENT IN ASSOCIATES (CONTINUED) The following table summarises the information of the Group’s material associates and reconciles the information to the carrying amount of the Group’s interest in the associates. The information has been adjusted to reflect the equity method of accounting, including fair value adjustments (continued): Petra Energy Berhad Evraz Wasco Pipe Protection Corporation Other individually immaterial associates Total Group RM’000 RM’000 RM’000 RM’000 2021 Summarised financial information As at 31 December Non-current assets 242,944 53,584 Current assets 307,220 113,461 Non-current liabilities (2,152) - Current liabilities (161,946) (37,779) Net assets 386,066 129,266 Financial year ended 31 December Revenue 322,342 24,203 Impairment of property, plant and equipment - (127,810)* Net profit/(loss) 15,954 (110,091) Other comprehensive income 519 - Total comprehensive income/(loss) 16,473 (110,091) Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets 103,852 63,340 19,606 186,798 Goodwill - - 9,328 9,328 Less: Accumulated impairment loss - (14,606) - (14,606) Reclass to other payables - - 78 78 Carrying amount in statement of financial position 103,852 48,734 29,012 181,598 Group’s share of results Financial year ended 31 December Group’s share of profit/(loss) 4,292 (53,945) 626 (49,027) Group’s share of other comprehensive income 139 - - 139 Dividend receivable/received 3,462 - 143 3,605 * In the previous financial year, there is an impairment indicator for property, plant and equipment in EWPPC due to the change in the market demand in the region that EWPPC operates in. EWPPC subsequently recognised an impairment loss of RM127,810,000 based on the recoverable amount which is the value-in-use of property, plant and equipment. Wah Seong Corporation Berhad Annual Report 2022 158
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