FGV Annual Report 2015

284 Notes to the Financial Statements For The Financial Year Ended 31 December 2015 Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 22 INVESTMENT IN SUBSIDIARIES (CONTINUED) (c) Incorporation and acquisitions of subsidiaries in previous financial year (continued) (v) Had the Group been consolidated since the beginning of the previous 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 to the Group in the previous financial year. (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 previous 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. 2015 2014 2015 2014 RM’000 RM’000 RM’000 RM’000 Current Assets 1,354,704 1,353,655 626,899 1,357,983 Liabilities (610,011) (497,009) (136,719) (847,743) Total current net assets 744,693 856,646 490,180 510,240 Non-current Assets 1,367,701 1,164,548 1,794,146 1,710,615 Liabilities (75,378) (76,699) (159,793) (157,657) Total non-current net assets 1,292,323 1,087,849 1,634,353 1,552,958 Net assets 2,037,016 1,944,495 2,124,533 2,063,198