FGV Annual Report 2014

22 Investment in Subsidiaries (continued) (c) Incorporation and acquisitions of subsidiaries in previous financial year (continued) (v) The total cash outflows on acquisitions of subsidiaries and business in previous financial year were as follows: RM’000 PUP 997,946 FHB 543,408 Biodiesel refinery and glycerine purification business 36,922 CNL – 1,578,276 (d) Reversal of impairment loss on investment in a subsidiary The recoverable amounts of the Company’s investment in a subsidiary, Felda Global Ventures Downstream Sdn. Bhd. (“FGVD”) was reassessed during the financial year. As a result of the impairment assessment, there is no impairment loss required and the accumulated impairment of RM12,391,000 was reversed as the recoverable amount exceeds the carrying amount. The recoverable amount is determined based on fair value less cost to sell basis (Level 3 fair value computation) using cash flows projection based on financial budget approved by the Directors covering a five years period and applying post-tax discount rate of 10%. (e) Summarised financial information on subsidiaries with material non-controlling interests Set out below are the summarised financial information for each subsidiary that has non-controlling interests that are material to the Group. Summarised statement of financial position MSM Malaysia Holdings Berhad Group Felda Palm Industries Sdn. Bhd. 2014 2013 2014 2013 RM’000 RM’000 RM’000 RM’000 Current Assets 1,353,655 1,042,917 2,325,776 2,632,661 Liabilities (497,009) (235,240) (1,703,494) (2,056,308) Total current net assets 856,646 807,677 622,282 576,353 Non-current Assets 1,164,548 1,128,214 2,058,872 1,887,018 Liabilities (76,699) (79,694) (153,627) (129,698) Total non-current net assets 1,087,849 1,048,520 1,905,245 1,757,320 Net assets 1,944,495 1,856,197 2,527,527 2,333,673 Felda Global Ventures Holdings Berhad pg 262 NOTES TO THE FINANCIAL STATEMENTS For The Financial Year Ended 31 December 2014