15. Investments in subsidiaries (cont’d.) a. (ii) Loss from remeasurement of previously held interest in the joint venture on the date of acquisition RM’000 Carrying amount of equity interests previously owned at the date of acquisition 2,569,265 Less: Fair value of equity interests previously owned at the date of acquisition (2,551,031) Loss from remeasurement of previously held interest in the joint venture 18,234 Gain on acquisition of subsidiary RM’000 Purchase consideration satisfied in cash 1,727,489 Fair value of equity interests previously owned at the date of acquisition, net of intra-group elimination 2,551,031 4,278,520 Less: Fair value of net identifiable assets (5,102,062) Gain on acquisition of subsidiary (823,542) a. (ii) Impact of acquisition in profit or loss In the current financial year, GKL contributed revenue of RM384,366,000 and a net profit of RM331,154,000 to the consolidated net profit for the year. If the acquisition had occurred on 1 January 2016, management estimates that the Group’s revenue and profit for the year would have increased by RM176,450,000 and RM109,738,000 respectively. In determining these amounts, management has assumed that the fair value adjustments that arose on the date of acquisition would have been the same had the acquisition occurred on 1 January 2016. (iii) In the previous financial year, the Corporation acquired the entire equity interest in PETRONAS Maritime Services Sdn. Bhd. (“PMSSB”) from its immediate holding company, Petroliam Nasional Berhad (“PETRONAS”) for a cash consideration of RM54,111,244. However, the Group did not complete the initial acounting for business combination in the prior year, pending determination of the fair value of the net assets acquired. The Group completed its assessment of the fair value of the net assets acquired in the current financial year and recognised intangible assets on the fair value of the long term customer contracts amounting to RM47,453,000 as disclosed in Note 14. MISC BERHAD • Annual Report 2016 238 notes to the financial statements - 31 december 2016
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