FGV Annual Report 2017

FELDA GLOBAL VENTURES HOLDINGS BERHAD FINANCIAL STATEMENTS 246 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 23 INTERESTS IN JOINT VENTURES Group 2017 RM’000 2016 RM’000 Share of net assets of joint ventures 595,773 635,627 Accumulated impairment losses (10,000) (7,556) 585,773 628,071 The Group’s share of the revenue, results and capital commitments of the joint ventures are as follows: 2017 RM’000 2016 RM’000 Revenue 7,624,256 6,009,757 Group’s share of results for the financial year 6,188 (19,478) Share of capital commitments of joint ventures 8,814 10,829 During the financial year, the Group fully impaired its investment in MyBiomass Sdn. Bhd. amounting to RM2,444,000 (2016: Nil). In previous financial year, stock losses of TL71,960,000 (RM91,320,000) and overstatements of receivables of TL11,480,000 (RM14,564,000) had been identified by the Group due to the manipulation of financial statements perpetrated by previous management of Felda Iffco Gida Sanayi (“FIGS”), a subsidiary of Felda Iffco Sdn. Bhd., a joint venture of the Group which arose from overstatements of inventories and receivables in FIGS, from the beginning financial year 2011 to 2016, which were considered as deliberate misrepresentation of facts and fraud. The impact of fraud relating to previous financial year of RM16,123,000 had been included in the Group’s share of results from joint ventures in 2016.