FGV Annual Report 2014

22 Investment in Subsidiaries (continued) (b) Incorporation and acquisitions of subsidiaries during the financial year (continued) (iv) The total net cash outflows on acquisitions of subsidiaries during the financial year are as follows: RM’000 GP 29,693 PTTAA 14,331 APL 548,994 593,018 (v) Had the Group been consolidated since the beginning of the financial year, the consolidated statement of comprehensive income would show pro-forma revenue of RM16,485,585,000 and profit for the financial year of RM428,301,000. (vi) The effects of the acquisitions of other subsidiaries FGV Cambodia and FGV-CVC are newly incorporated subsidiaries of the Group. FGV Green Energy, FGV Rubber, FGV R&D Agri, FGV Applied Technologies, FGV Trading, MSM Trading and FGV Green Rubber are newly acquired dormant subsidiaries of the Group. The effects of the incorporations and acquisitions of these companies are not material. (c) Incorporation and acquisitions of subsidiaries in previous financial year Note 13 On 17 April 2013, Felda Global Ventures Downstream Sdn. Bhd. (“FGVD”), a subsidiary of the Company, incorporated a wholly-owned subsidiary known as FGV Biotechnologies Sdn. Bhd. (“FGV Bio”) in Malaysia with initial paid-up capital of RM2.00. FGV Bio subsequently acquired a biodiesel refinery business and glycerine purification plant. Refer to Note (c)(iii) for the effects of the acquisition of the business. Note 14 On 13 May 2013, the Company incorporated a wholly-owned subsidiary known as Felda Global Ventures Capital Sdn. Bhd. (“FGV Capital”) in Malaysia with initial paid-up capital of RM2.00. Note 15 On 23 May 2013, the Company incorporated a wholly-owned subsidiary known as FGV Investment (L) Pte Ltd (“FGV Investment”) in Labuan Federal Territory, Malaysia with issued paid-up capital of USD1.00. Note 16 On 28 May 2013, FGV Investment incorporated a wholly-owned subsidiary known as FGV Myanmar (L) Pte Ltd (“FGV Myanmar”) in Labuan Federal Territory, Malaysia with issued paid-up capital of USD1.00. Note 17 On 20 September 2013, the Company obtained control of Pontian United Plantations Berhad (“PUP”), a company incorporated in Malaysia. The acquisition of 100% equity interest was completed on 1 October 2013 for a cash consideration of RM1,203,840,576. Refer to Note c(i) for the effects of the acquisition of PUP. Note 18 On 18 November 2013, the Company entered into an agreement with Koperasi Permodalan Felda Malaysia Berhad (“KPF”) to acquire 112,199,999 shares in its associate, Felda Holdings Bhd. (“FHB”) representing the remaining 51% equity interest in FHB from KPF for a purchase consideration of RM2,200,000,000. The acquisition was completed on 27 December 2013. Refer to Note c(ii) for the effects of the acquisition of FHB. Note 19 On 16 December 2013, FGVD entered into a Sale Purchase Agreement (“SPA”) with the shareholders of Cambridge Nanosystems Limited (“CNL”) to acquire a 70% equity interest in CNL for a total consideration of GBP 10.0 million (RM54.13 million) which would be paid based on fulfilment of certain milestones. As at 31 December 2013, the Group had paid GBP4 (RM22) and gained control of CNL. Refer to Note (c)(iv) for the effects of the acquisition of the subsidiary. Introduction Performance Highlights About FGV Reports Financial Statements Others Strategy and Value Creation Performance Review & Progress Foreword to Shareholders Annual General Meeting Annual Report 2014 pg 255