FGV Annual Report 2012

116 Felda Global Ventures Holdings Berhad 53 SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD (a) On 29 January 2013, pursuant to the Board’s approval, the Company announced its acceptance of the Voluntary General Offer (‘VGO’) for Tradewinds (M) Berhad (“Tradewinds”) for a cash offer price of RM9.30 per offer share. The rationale for the proposed acceptance of the offer is as follows: (i) The Company will realise an attractive return on investment as the offer price is RM9.30 per share as compared to the original investment made in Tradewinds at RM3.50 per share within an investment period of three years; (ii) The Company will have minimal influence over the future strategic direction of Tradewinds given that the Company only owns a minority stake; and (iii) The proposed acceptance of offer represents an opportunity to utilise the proceeds for business expansion and working capital. On 28 February 2013, the disposal of 20% equity interest in Tradewinds was completed for a total consideration of RM551.43 million, which resulted in a gain on disposal of approximately RM26.24 million for the Group and RM343.82 million for the Company. (b) On 17 April 2013, Felda Global Ventures Downstream Sdn Bhd, a subsidiary of the Company, incorporated a wholly-owned subsidiary known as FGV Biotechnologies Sdn Bhd in Malaysia to carry out and undertake the business of all kinds of production of biodiesel activities and to venture into biodiesel business. 54 COMPARATIVES The following comparatives have been restated to reflect the impact of predecessor accounting arising from the acquisition of plantation estates as disclosed in Note 21(c) to the financial statements and to conform with current year presentation which more accurately reflect the nature of the relevant transactions. Group As Impact of previously predecessor As reported method restated RM’000 RM’000 RM’000 Statement of comprehensive income for the financial year ended 31 December 2011 – Revenue 4,201,168 3,251,909 7,453,077 – Cost of sales (3,950,976) (1,474,995) (5,425,971) – Other operating income 74,354 4,417 78,771 – Selling and distribution costs (96,983) (69,899) (166,882) – Administrative expenses (115,706) (50,849) (166,555) – Other operating expenses (83,812) 8,028 (75,784) – Taxation (87,387) (417,153) (504,540) Statement of financial position as at 31 December 2011 Non-current assets – Property, plant and equipment 1,001,764 695,262 1,697,026 – Biological assets 622 1,858,220 1,858,842 Currents assets – Inventories 406,629 24,164 430,793 – Biological assets 11,198 33,324 44,522 – Receivables 395,478 8,103 403,581 – Cash and cash equivalents 1,777,824 306 1,778,130 Reserves – Reorganisation reserve (Note 21(c)(ix)) – 2,347,742 2,347,742 Non-current liabilities – Deferred tax liabilities 136,908 17,874 154,782 – Provisions 7,398 (2,971) 4,427 Current liabilities – Payables 121,015 126,940 247,955 – Amounts due to other related companies 87,905 129,794 217,699 Notes to the Financial Statements for the financial year ended 31 December 2012