252 YINSON HOLDINGS BERHAD ACCOUNTABILITY 36. TRADE AND OTHER PAYABLES (CONTINUED) (c) Deposits Included in the Group’s deposits as at 31 January 2024 was an amount of RM21 million relating to a deposit payment received by Yinson Acacia Ltd (“YAL”), an indirect wholly owned subsidiary of the Group, for the proposed disposal of a minority equity interest in Yinson Boronia Consortium Pte. Ltd. (“YBC”), another indirect subsidiary of the Group, to Kawasaki Kisen Kaisha, Ltd. (“K Line”) pursuant to a Share Sale and Purchase Agreement executed between YAL and “K Line” on 9 July 2020. The disposal was completed on 22 October 2024, and the deposit was fully utilised to offset against the total disposal consideration paid (refer to Note 48(a) for details). (d) Due to non-controlling interests On 11 May 2020, an indirect subsidiary of the Group issued a convertible loan of RM211 million (USD52 million) to its shareholders. RM53 million (USD13 million) of the issuance was to a minority shareholder (i.e. Japan Offshore Facility Investment 1 Pte. Ltd., a wholly owned subsidiary of Sumitomo Corporation), which is proportionate to its shareholdings in the subsidiary. In accordance with the terms and conditions (depending on the prevailing gearing once the finance agreements are executed) set out in the Convertible Loan Agreement, the loan may be jointly converted into ordinary shares of the subsidiary by the shareholders on a proportionate basis. Otherwise, the loan from the minority shareholder is due for repayment in equal quarterly repayments within 2 years from the date on which the conditions as set out in the Convertible Loan Agreement are met. The loan was adjusted to its fair value upon initial recognition with the discounting effect being recognised as a capital contribution from non-controlling interests of RM8 million in the financial year ended 31 January 2021, and the loan was subsequently carried at amortised cost. The deemed interest expense arising from the discounting effect on the fair value of the loan recognised during the current financial year was RM1 million (2024: RM2 million). During the current financial year, the loan with carrying amount of RM55 million (USD13 million) was fully settled. The Statement of Cash Flows reflects a cash outflow of RM58 million, which includes the RM3 million difference arising from the discounting effect under the amortised cost measurement. On 24 August 2021, an indirect subsidiary of the Group received an interest-free loan from JOFI amounting to RM171 million (USD41 million). The loan is unsecured, repayable at the borrower’s discretion and has no fixed term of repayment. The Group expects the loan to be repaid 5 years from the date of drawdown. The loan was adjusted to its fair value upon initial recognition with the discounting effect being recognised as a capital contribution from non-controlling interests of RM30 million in the financial year ended 31 January 2022, and the loan was subsequently carried at amortised cost. The deemed interest expense arising from the discounting effect on the fair value of the loan recognised during the current financial year was RM1 million (2024: RM7 million). During the current financial year, this interest-free loan was converted into ordinary shares of YBC by JOFI on a proportionate basis. As at conversion date of 5 February 2024, the Group’s carrying amount of the loans from JOFI was RM162 million (USD37 million). On 14 April 2023 and 12 May 2023, an indirect subsidiary of the Group received interest-free advances from JOFI amounting to RM48 million (USD10 million) during the financial year ended 31 January 2024. In the current financial year, these advances, with a carrying amount of RM45 million at the date of conversion, were capitalised and converted into equity through an increase in the subsidiary’s share capital. As a result of these conversions, the Group recognised an increase of RM223 million in non-controlling interests, which includes RM16 million arising from the discounting effect under the amortised cost measurement. (e) Due to subsidiaries Amounts due to subsidiaries are unsecured and the Company has the right to defer the settlement for at least 12 months from the reporting date. Included in the amounts due to subsidiaries is an interest-bearing loan of RM1,109 million (2024: RM979 million), which bears interest of 6.53% to 6.59% (2024: 6.57% to 6.91%) per annum. (f) Included in provisions for decommissioning as at 31 January 2025 and 31 January 2024 was RM9 million relating to the Rising Bhadla 1 & 2 Solar Parks and Nokh Solar Park in India. All other payables are unsecured, non-interest bearing and are repayable on demand, except for amounts due to subsidiaries which are revolving on daily basis.
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