MISC Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS HIGHLIGHTS OF THE YEAR OUR BUSINESS OUR LEADERSHIP OUR PERFORMANCE OUR COMMITMENT TO SUSTAINABILITY OUR GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION 50 TH ANNUAL GENERAL MEETING 285 MISC BERHAD ANNUAL REPORT 2018 284 16. INVESTMENTS IN SUBSIDIARIES (CONT'D.) Non-controlling interests in subsidiaries (cont'd.) Summarised financial information before intra-group elimination MHB RM’000 ALT RM’000 ALT 2 RM’000 As at 31 December 2018 Non-current assets 1,905,506 110,059 84,516 Current assets 1,275,687 102,964 51,822 Non-current liabilities (48,354) - - Current liabilities (726,027) (11,581) (7,252) Net assets 2,406,812 201,442 129,086 Year ended 31 December 2018 Revenue 974,354 42,488 - (Loss)/profit for the year (124,164) 14,330 (15,021) Total comprehensive (loss)/income (124,164) 18,546 (12,496) Cash inflows/(outflows) from operating activities 62,824 (41,162) (6,487) Cash (outflows)/inflows from investing activities (136,602) (195) 948 Cash outflows from financing activities (11,828) - - Net decrease in cash and cash equivalents (85,606) (41,357) (5,539) Dividends paid to NCI 16,080 - - As at 31 December 2017 Non-current assets 1,839,901 119,696 99,458 Current assets 1,524,574 143,557 56,246 Current liabilities (787,554) (80,432) (14,129) Net assets 2,576,921 182,821 141,575 Year ended 31 December 2017 Revenue 956,415 85,210 36,479 Profit for the year 31,742 16,775 11,101 Total comprehensive income/(loss) 38,303 (11,666) (11,375) Cash inflows from operating activities 69,984 28,768 27,788 Cash (outflows)/inflows from investing activities (46,144) 68,033 (4,468) Cash outflows from financing activities (20,000) (193,070) (168,219) Net increase/(decrease) in cash and cash equivalents 3,840 (96,269) (144,899) Dividends paid to NCI - 94,604 82,427 17. INVESTMENTS IN ASSOCIATES Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 Unquoted shares outside Malaysia, at cost 331 328 124 122 Share of post-acquisition profit 455 455 - - Share of other post-acquisition reserves (304) (255) - - Carrying amount of the investment 482 528 124 122 In the previous financial year, the Group has disposed its investment in Trans-ware Logistics (Private) Limited for a cash consideration of approximately RM4,042,000 and recognised a gain on disposal of investment in an associate amounting to RM1,593,000 in the financial year as disclosed in Note 4. Details of the associates are disclosed in Note 41. 18. INVESTMENTS IN JOINT VENTURES Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 Unquoted shares in Malaysia, at cost 178,016 171,476 172,596 169,057 Unquoted shares outside Malaysia, at cost 161,655 223,145 24,892 89,333 339,671 394,621 197,488 258,390 Share of post-acquisition profits 485,687 616,531 - - Share of other post-acquisition reserves 208,908 194,907 - - 1,034,266 1,206,059 197,488 258,390 Less: Accumulated impairment loss (79,195) (78,262) - - Carrying amount of the investment 955,071 1,127,797 197,488 258,390 (a) The Group had on 20 December 2018 surrendered 16,000,000 Redeemable Convertible Preference Shares ("RCPS") in Vietnam Offshore Floating Terminal (Ruby) Limited at the redemption price of USD1.00 per RCPS, equivalent to a total cash redemption sum of USD16,000,000 (RM64,548,000). The RCPS surrendered are cancelled and may not be reissued. (b) The Group has discontinued recognising its share of losses in a joint venture as the share of losses exceeds the Group's interest in this joint venture. As such, the Group did not recognise its share of losses of this joint venture in the current year and the Group's cumulative share of unrecognised losses in this joint venture amounting to RM4,295,000 (2017: RM3,902,000). (c) In the previous financial year, the Group has disposed its investment in Centralised Terminal Sdn. Bhd. for a cash consideration of RM193,000,000. The Group and the Corporation recognised a gain on disposal of investment in a joint venture amounting to RM43,527,000 and RM118,085,000 respectively as disclosed in Note 4. Details of the joint ventures are disclosed in Note 42.