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 2021 Summarised financial information As at 31 December Non-current assets 48,607 68,990 13,197 22,035 Current assets 8,201 56,273 2,191 2,658 Cash and cash equivalents 7,079 5,912 22,987 8,247 Non-current liabilities - (66,061) (1,195) (37,519) Current liabilities (15,090) (56,261) (7,334) (1,943) Non-controlling interest - - (16,634) - Net assets/(liabilities) 48,797 8,853 13,212 (6,522) Financial year ended 31 December Net (loss)/profit (49,355) 6,630 (7,975) (884) Other comprehensive income - - 509 219 Total comprehensive (expense)/ income (49,355) 6,630 (7,466) (665) Included in the total comprehensive (expense)/income are: Revenue 7,795 88,009 6,168 16,574 Interest income 186 - 186 118 Depreciation and amortisation (11,042) (7,206) (3,149) (1,866) Interest expense - (1,048) - (2,538) Tax expense - - (1,100) (94) Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets/ (liabilities) 23,911 4,338 6,606 (3,196) 18,837 50,496 Goodwill 11,989 - - - 1,591 13,580 Less: Accumulated impairment loss (3,000) - - - (9,139) (12,139) Less: Elimination of unrealised profits - (1,195) - - - (1,195) Reclass to other payables - - - 3,196 - 3,196 Carrying amount in statement of financial position 32,900 3,143 6,606 - 11,289 53,938 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. Annual Report 2022 Wah Seong Corporation Berhad 163
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