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 287 MISC BERHAD ANNUAL REPORT 2018 286 18. INVESTMENTS IN JOINT VENTURES (CONT'D.) The material joint ventures are Malaysia Deepwater Floating Terminal (Kikeh) Limited ("MDFT") and Malaysia Vietnam Offshore Terminal (L) Limited ("MVOT"). The following tables summarise the financial information of the Group’s material joint ventures, as adjusted for any differences in accounting policies and reconciles the information to the carrying amount of the Group’s interest in joint ventures. The summarised financial information of the material joint ventures are as follows: MDFT RM'000 MVOT RM'000 As at 31 December 2018 Non-current assets 1,244,019 305,956 Current assets 722 66,715 Cash and cash equivalents 2,942 136,011 Non-current liabilities (54,043) - Current liabilities (30,891) (16,944) Net assets 1,162,749 491,738 Year ended 31 December 2018 Profit after taxation/total comprehensive income 151,161 124,099 Included in the total comprehensive income is: Revenue 344,592 111,925 Other income - 68,026 Depreciation and amortisation (193,036) - Interest income 54 489 Interest expense - (311) Income tax expense (20) (1,193) 18. INVESTMENTS IN JOINT VENTURES (CONT'D.) MDFT RM'000 MVOT RM'000 As at 31 December 2017 Non-current assets 1,412,749 260,500 Current assets 750 52,594 Cash and cash equivalents 2,628 137,816 Current liabilities (5,520) (94,162) Net assets 1,410,607 356,748 Year ended 31 December 2017 Profit after taxation/total comprehensive income 244,747 65,078 Included in the total comprehensive income is: Revenue 449,670 205,416 Depreciation and amortisation (205,787) (59,102) Interest income 5 1,155 Interest expense - (4,311) Income tax expense (20) (923) Group 2018 MDFT RM'000 MVOT RM'000 Others* RM'000 Total RM'000 Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets 593,002 250,786 154,936 998,724 Elimination of unrealised profits (28,841) - (14,812) (43,653) Carrying amount in the statement of financial position 564,161 250,786 140,124 955,071 Group’s share of results Year ended 31 December Group’s share of profit after taxation 77,092 63,290 142,902 283,284 Group’s share of other comprehensive income - - 15 15 Group’s share of total comprehensive income 77,092 63,290 142,917 283,299