NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 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): 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 Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2022 (continued) Financial year ended 31 December Net loss (1,250) (9,411) (10,291) (3,405) Other comprehensive income - - 1,010 872 Total comprehensive expense (1,250) (9,411) (9,281) (2,533) Included in the total comprehensive expense are: Revenue 14,361 92 5,397 19,708 Interest income - - 335 118 Depreciation and amortisation (9,007) (7,580) (2,449) (1,864) Interest expense - (1,113) (981) (3,284) Tax expense - - (1,248) (94) Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets/ (liabilities) 23,297 (3,422) 1,966 (4,692) 15,324 32,473 Goodwill 11,989 - - - 1,782 13,771 Less: Accumulated impairment loss (11,989) - - - (9,669) (21,658) Less: Elimination of unrealised profits - (1,264) - - - (1,264) Reclass to other payables - 4,686 - 4,692 - 9,378 Carrying amount in statement of financial position 23,297 - 1,966 - 7,437 32,700 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. Group’s share of results Financial year ended 31 December Group’s share of (loss)/profit (613) (4,611) (5,146) (1,668) 702 (11,336) Group’s share of other comprehensive income - - 505 427 - 932 Dividend receivable/received - - - - 4,406 4,406 Wah Seong Corporation Berhad Annual Report 2022 162
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