DAYANG ENTERPRISE HOLDINGS BHD
(712243-U)
|
Annual Report
2015
140
36. Acquisitions of subsidiary and non-controlling interests (cont’d)
Group
2015
(cont’d)
RM
Goodwill
Goodwill was recognised as a result of the acquisition as follows:
Total consideration transferred
1,099,645,276
Fair value gain of existing interest in the former associate
84,938,215
Fair value of identifiable net assets
(437,254,048)
Non-controlling interests, based on their proportionate interest
in the recognised amounts of the asset and liabilities of the
acquiree
7,920,731
Goodwill
755,250,174
The goodwill is attributablemainly to the synergies expected to be achieved from integrating the company
into the Group’s existing marine charter business. None of the goodwill recognised is expected to be
deductible for income tax purposes.
The remeasurement to fair value of the Group’s existing 32.71% interest in the acquiree resulted in a
gain of RM85 million (RM596 million less RM511 million carrying value of equity-accounted investee at
acquisition date), which has been recognised in other income in the statement of profit or loss and other
comprehensive income.
37. Prior year adjustments in former associate
During the financial year, a former associate, PPB, which is now a subsidiary to the Group, has made a
prior year adjustment to reflect a change in the accounting of certain assets from operating lease to
finance lease. The change in accounting treatment was applied retrospectively and had an insignificant
impact to the Group. A third statement of financial position is not presented as at the beginning of the
preceding period as the Group assessed it has immaterial effect on the information in that statement of
financial position. The following summarises the adjustments made to the statement of financial position
upon change in accounting policy:
31.12.2014
1.1.2014
As
As
As
previously
As previously
restated
stated restated
stated
RM
RM
RM
RM
Investment in associate
240,868,066 237,739,768 167,462,448 165,516,279
Accumulated reserves
374,909,380 372,135,886 280,187,679 278,358,290
In view that the prior year adjustment is not considered material to the Group based on the facts and
circumstances, hence the Group has not presented a third statement of financial position.
Notes to the
Financial Statements
(cont’d)
