Yinson Annual Report 2022

304 YINSON HOLDINGS BERHAD ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 21. Investment in associates (continued) Details of associates are as follows: (continued) (d) On 11 June 2021, YVCPL completed the acquisition of 700,006 Series A Preference Shares in Oyika Pte Ltd representing 20.8% equity interest for a total cash consideration of RM21mil (USD5mil). (e) On 6 October 2021, YVCPL completed the acquisition of its 20% equity interest in Shift Clean Solutions Ltd for a total cash consideration of RM83 million (USD20 million). Summarised financial information of the material associate, based on its MFRS/IFRS financial statements are set out below: (continued) Shift Clean Solutions Ltd 2022 Summarised statement of financial position: RM million Current assets* 67 Non-current assets 341 Current liabilities (13) Non-current liabilities (1) Net assets 394 Proportion of the Group’s ownership 20% Carrying amount of the investment 79 * Included in current assets is cash and bank balances of RM34 million. 2022 Summarised statement of comprehensive income#: RM million Revenue 1 Administrative expenses * (12) Loss before tax (11) Income tax expense - Loss for the financial year (11) Other comprehensive income - Total comprehensive loss (11) Group’s share of loss for the financial year (2) Group’s share of other comprehensive (loss)/income - Group’s share of total comprehensive loss (2) * Included in administrative expense is depreciation of RM2 million. # For period from date of acquisition i.e. 6 October 2021 to 31 January 2022.

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