ENRA Group Berhad Annual Report 2020

ENRA Group Berhad - Annual Report 2020 113 NOTES TO THE FINANCIAL STATEMENTS 31 March 2020 22. TRADE AND OTHER PAYABLES (Cont’d) c. Non-current other payables amounting RM9,450,00 (2019: RM Nil) relates to land entitlement payment for the Group’s property development project. The entitlement is payable to the landowner upon completion of the development project. d. Contingent consideration for business acquisition arose from the Group’s acquisition of a subsidiary, ICE, in the previous financial year. The total contingent consideration of up to AUD1,800,000 is payable in proportion to ICE meeting the target of achieving EBITDA in excess of the EBITDA Guarantee each year for the next three years from the acquisition date. During the year, the Group renegotiated the terms of payment of contingent consideration with the former shareholders of ICE, resulting in the extension of the Guarantee period to four (4) years from the acquisition date. Also during the year, the Group made the first tranche payment of AUD409,000 (RM1,094,000 equivalent) upon ICE meeting its target for the first year. e. Amount owing to a related party represents advances received from a non-controlling interest, amounting to RM11,334,000 (2019: RM11,855,000) which are unsecured, non-interest bearing and payable on demand in cash and cash equivalents. f. Amounts due to subsidiaries represents payments on behalf, which are unsecured, interest free and payable within next twelve months in cash and cash equivalents. g. The currency exposure profile of payables are as follows: Group Company 2020 RM’000 2019 RM’000 2020 RM’000 2019 RM’000 Ringgit Malaysia 24,379 8,543 6,058 5,516 US Dollar 11,141 7,550 - - British Pound 11,884 12,984 - - Euro 5,981 5,142 - - Australian Dollar 3,222 170 - - 56,607 34,389 6,058 5,516 h. Information on financial risks of trade and other payables is disclosed in Note 41 to the financial statements.