FGV Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 253 01 02 05 03 07 06 04 08 09 ANNUAL INTEGRATED REPORT 2018 EXAMINED OUR NUMBERS 22 INVESTMENT IN SUBSIDIARIES (CONTINUED) (c) Liquidation, incorporation and restructuring of subsidiaries in previous financial year (continued) Note 7 On 20 December 2017, Felda Global Ventures Plantations Sdn. Bhd. ( “ FGVP ” ), a wholly-owned subsidiary, entered into a Share Sale Agreement to acquire 100% of the total issued and paid-up share capital of Asian Plantations Limited ( “ APL ” ) from the Company at its carrying amount of RM567.90 million. Thereafter, on 27 December 2017, the APL shares were acquired by Felda Global Ventures Plantations (Malaysia) Sdn. Bhd. ( “ FGVPM ” ), a wholly-owned subsidiary of FGVP via a Share Sale Agreement for a total consideration of the same amount. The above arrangement is an internal re-organisation exercise which resulted in APL becoming a direct subsidiary of FGVPM and an indirect subsidiary of the Company. There is no change in the Group’s effective interest in APL arising from the internal re-organisation exercise. Note 8 On 31 May 2017, a subsidiary of the Company, Felda Holdings Berhad acquired additional equity interest of 0.35% shareholdings in its subsidiary, Felda-Johor Bulkers Sdn. Bhd. ( “ FJB ” ) comprising of 177,384, unit of shares for a total consideration of RM 1,000,000. The acquisition resulted in accretion of equity interest in FJB from 72.7% to 73.1%. Consequently, the equity interest in FJB’s subsidiaries, FGV Bulkers Sdn. Bhd. increased from 86.1% to 86.3%, FGV Grains Terminal Sdn. Bhd. increased from 70.1% to 70.3% and Langsat Bulkers Sdn. Bhd. increased from 72.7% to 73.1%. (d) 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 (other subsidiaries that have non-controlling interests are individually not significant). Summarised statements of financial position MSM Malaysia Holdings Berhad Group Felda Palm Industries Sdn. Bhd. 31.12.2018 RM’000 31.12.2017 RM’000 1.1.2017 RM’000 31.12.2018 RM’000 31.12.2017 RM’000 1.1.2017 RM’000 Current Assets 1,249,081 1,301,568 1,623,075 2,532,321 938,845 738,308 Liabilities (1,064,087) (1,038,555) (985,971) (1,630,309) (258,208) (131,446) Total current net assets 184,994 263,013 637,104 902,012 680,637 606,862 Non-current Assets 2,397,512 2,139,557 1,623,157 1,367,450 1,528,552 1,578,844 Liabilities (628,735) (449,046) (252,647) (295,953) (303,760) (296,238) Total non-current net assets 1,768,777 1,690,511 1,370,510 1,071,497 1,224,792 1,282,606 Net assets 1,953,771 1,953,524 2,007,014 1,973,509 1,905,429 1,889,468