Financial Statements Financial Statements Press Metal Aluminium Holdings Berhad 240 241 Integrated Annual Report 2023 Notes to the Financial Statements Notes to the Financial Statements 7. INVESTMENTS IN SUBSIDIARIES (CONT’D) 7.1 Non-controlling interests in subsidiaries (cont’d) 2022 Press Metal Sarawak Sdn. Bhd. RM’000 Press Metal Bintulu Sdn. Bhd. RM’000 Press Metal International Limited RM’000 Other subsidiaries with immaterial NCI RM’000 Total RM’000 NCI percentage of ownership interest and voting interest 20.0% 20.0% 7.6% Carrying amount of NCI 254,480 1,055,675 39,777 18,374 1,368,306 Profit allocated to NCI 28,377 319,600 13 11,781 359,771 Summarised financial information before intra-group elimination As at 31 December Non-current assets 694,055 6,778,049 510,075 Current assets 827,130 4,700,572 479,028 Non-current liabilities (104,397) (2,333,709) (68,575) Current liabilities (144,387) (3,866,536) (398,518) Net assets 1,272,401 5,278,376 522,010 Year ended 31 December Revenue 1,575,236 11,701,668 986,130 Profit for the year 141,885 1,597,999 169 Total comprehensive income 161,030 1,598,536 - Cash flows from operating activities 242,492 2,760,929 182,248 Cash flows from investing activities (34,780) (467,214) (66,519) Cash flows from financing activities (214,359) (2,394,937) (116,040) Net decrease in cash and cash equivalents (6,647) (101,222) (311) Dividends paid to NCI 15,100 120,800 - 7. INVESTMENTS IN SUBSIDIARIES (CONT’D) 7.2 Transactions with non-controlling interests In April 2014, the Group disposed 20% of its equity interest in PMBTU to the existing non-controlling interests holder (“NCI”) for a cash consideration of RM522,699,000. A gain on partial disposal amounting to RM405,962,000 was recognised in equity as the change in ownership interest did not result in a loss of control to the Group. During the previous financial year, both parties had agreed to further settlements on the previous cash consideration as follows: 2022 The NCI was not entitled to a preference dividend declared and paid to Press Metal Berhad (“PMB”), the former holding company of PMBTU amounted to RM74,000,000, which resulted in a dilution of its interest in PMBTU by RM14,800,000. 7.3 Impairment loss During the previous financial year, decline in business activities of a subsidiary caused the Company to assess the recoverable amount of investment in the subsidiary. The Company has estimated the recoverable amount of the investment in the subsidiary to be lower than its carrying amount. Arising from the above, an impairment loss of RM7,128,000 was recognised in profit or loss. The recoverable value of the investment in the subsidiary was based on the estimated value in use, determined by discounting future cash flows to be generated from the subsidiary. 7.4 Material accounting policy information Investments in subsidiaries are measured in the Company’s statement of financial position at cost less any impairment losses, unless the investment is classified as held for sale or distribution.
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