DESTINI Annual Report 2019

NOTES TO THE FINANCIAL STATEMENTS 7. Investment in Associates (Cont’d) Details of the associates are as follows: EKSTB TFEMS 2019 2018 2017 2018 RM RM RM RM Summarised statements of financial position Non-current assets - - 123,099 10,131 Current assets 539,170 539,170 543,861 552,706 Current liabilities (7,360,812) (7,360,812) (994,864) (732,325) Net liabilities (6,821,642) (6,821,642) (327,904) (169,488) Interest in associate 49% 49% 49% 49% Group’s share of net assets/(liabilities) - - - - Carrying value of the Group’s interest in associate - - - - Summarised statements of profit or loss and other comprehensive income Revenue - - 431,327 564,934 Net loss for the financial financial year - (41,518) (63,546) (56,127) Total comprehensive loss for the financial year - (788,124) (63,546) (313,999) The Group has not recognised accumulated losses related to EKSTB and TFEMS totaling RM3,534,342 (2018: RM3,534,342) and RM322,918 (2018: RM291,780) respectively, since the Group has no obligation in respect of their losses. There are no commitment nor contingent liabilities relating to the Group’s interest in the associates. Name of company Country of Incorporation Effective equity interest Principal activities 2019 2018 % % Emirates Kejuruteraan Samudra Timur Berhad Petroleum Services L.L.C.* . Emirates of Abu Dhabi 49 49 Provides oil and gas production facilities operation and maintenance services, and onshore and offshore, oil fields and facilities services TF Emirates Marine Services L.L.C.* Emirates of Abu Dhabi 49 49 Engaged in the business of onshore and offshore oil and gas fields and facilities services, marine machines and equipment repairing and maintenance * Associates not audited by UHY The offshore project that an associate, Emirates Kejuruteraan Samudra Timur Berhad Petroleum Services L.L.C. (“EKSTB”) had ventured into previously has been called off during the financial year due to project feasibility and economic viability. As such, the Company is not expected to share any gain or loss in EKSTB as EKSTB is remained inactive and does not incurred any operating nor administrative cost during the financial year. Summarised financial information of the Group’s associate, TF Emirates Marine Services L.L.C. (“TFEMS”) is set out below. The summarised financial information represents the amounts in the MFRS financial statements of the associates and not the Group’s share of those amounts. 06 FINANCIAL STATEMENTS DESTINI BERHAD 148