Tropicana Danga Cove Sdn Bhd 2018 RM000 2017 RM000 2018 RM000 2017 RM000 Net

Tropicana danga cove sdn bhd 2018 rm000 2017 rm000

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Tropicana Danga Cove Sdn. Bhd.2018 RM’000 2017 RM’000 2018 RM’000 2017RM’000Net assets as at 1 January350,974 335,568 467,241 434,271 Profit for the financial year(1,157)15,406 2,689 32,970 Disposal of a joint venture(349,033)- - - Intra group eliminations(784)- - - - 350,974 469,930 467,241 Issuance of redeemable preference shares- - 10,500 - Net assets as at 31 December- 350,974 480,430 467,241 Interests in joint ventures0%55%50%50%Carrying amount of Group’s interests in joint ventures- 193,036 240,215 233,621(iv) Share of capital commitmentTropicana Ivory Sdn. Bhd.Tropicana Danga Cove Sdn. Bhd.2018 RM’000 2017 RM’000 2018 RM’000 2017 RM’000 Approved and contracted for:Acquisition of land- 84,464 - - (v) The joint ventures had no contingent liabilities as at 31 December 2018 and 31 December 2017. (vi) On 26 October 2018, Tropicana Development (Penang) Sdn. Bhd. (“TDPSB”), a wholly-owned subsidiary of the Company, entered into a Share Sale Agreement with Hemat Tuah Sdn. Bhd. to dispose entire 55% equity interest in Tropicana Ivory Sdn. Bhd. for a total cash consideration of RM70,700,000. The disposal was completed on 13 November 2018. Prior to the completion of the disposal, TDPSB has made of redemption of the redeemable preference shares at a total consideration of RM145,695,000.
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ANNUAL REPORT 2018175WHAT WE’VE GOVERNEDFINANCIAL STATEMENTSOTHER INFORMATIONNOTES TO THE FINANCIAL STATEMENTSAS AT 31 DECEMBER 201821. OTHER INVESTMENTSGroup and Company2018 RM’000 2017 RM’000 At FVTPL:Transferable corporate golf club memberships312 31222. INTANGIBLE ASSETSGoodwill Software Licences withindefiniteuseful life Total RM’000 RM’000 RM’000 RM’000 GroupCostAt 1 January 201818,170 - - 18,170 Additions- 1,593 25,643 27,236 At 31 December 201818,170 1,593 25,643 45,406 Amortisation and impairment At 1 January 2018(16,695)- - (16,695)Amortisation (Note 9)- (106)- (106)Impairment loss during the financial year (Note 9)(1,475)- - (1,475)At 31 December 2018(18,170)(106)- (18,276)Carrying amount- 1,487 25,643 27,130 CostAt 1 January/31 December 201718,170 - - 18,170 Amortisation and impairmentAt 1 January/31 December 2017(16,695)- - (16,695)Carrying amount1,475 - - 1,475
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TROPICANA CORPORATION BERHAD176ABOUT TROPICANAOUR STRATEGIC PERFORMANCEOUR LEADERSHIPSUSTAINABILITY AT TROPICANANOTES TO THE FINANCIAL STATEMENTSAS AT 31 DECEMBER 201822. INTANGIBLE ASSETS (CONT’D.)Goodwill has been allocated to the Group’s CGUs identified according to business segments as follows: Group2018 RM’000 2017 RM’000 Investment holding- 23 Property development- 1,452 - 1,475During the financial year, an impairment loss of RM1,475,000 (2017: nil) has been recognised in the profit or loss of the Group subsequent to the disposal of assets of the related subsidiaries.(a) Key assumptions used in value-in-use calculationsThe recoverable amounts of the CGUs have been determined based on value-in-use calculations using cash flow projections based on financial budgets approved by management.The following describes each key assumption on which management has based its cash flow projections to undertake impairment testing of goodwill.
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