Fraser & Neave Holdings Bhd Annual Report 2019

WWW . F N . C O M . M Y 174 F R A S E R & N E A V E H O L D I N G S B H D NOTES TO THE FINANCIAL STATEMENTS 8. INVESTMENT IN AN ASSOCIATE (CONTINUED) Group and Company 2019 RM’000 2018 RM’000 Market value Quoted shares 120,690 133,755 The associate is incorporated in Malaysia and the details are as follows: Name of associate Principal activity/Nature of relationship Effective ownership and voting interest (%) 2019 2018 Cocoaland Holdings Berhad (“CHB”) (Financial year end: 31 December) Investment holding company, manufacturing, trading and marketing of processed and preserved foods and fruits of all kinds/Strategic supplier of the Group 27.19 27.19 The share of results of an associate is derived from the sum total of its unaudited quarterly results recognised by the Group for the four quarters ended 30 June 2019. It is impracticable to use the financial results of the associate at the same reporting date of the Group because the associate is a public listed company and its financial results has not been announced to the public. The Group has assessed and determined that the financial adjustment and the disclosure required for effects of significant transactions or events that occurred between 30 June 2019 to 30 September 2019 (2018: 30 June 2018 to 30 September 2018) are not expected to be material. The following table summarises the information of CHB, adjusted for any differences in accounting policies and reconciles the information to the carrying amount of the Group’s interest in CHB, which is accounted for using the equity method. Group 2019 RM’000 2018 RM’000 Summarised financial information As at 30 September Non-current assets 102,030 111,245 Current assets 198,113 172,412 Non-current liabilities (6,690) (7,820) Current liabilities (30,487) (32,753) Net assets 262,966 243,084 Year ended 30 September Revenue 251,105 266,983 Profit for the year 33,611 31,521 Reconciliation of net assets to carrying amount as at 30 September Group’s share of net assets 71,500 66,094 Goodwill 18,158 18,158 Carrying amount in the statement of financial position 89,658 84,252 Group’s share of profit for the year 9,139 8,571 Capital commitments Share of associate’s capital commitments incurred jointly with other investors: – Amounts approved and contracted for purchase of property, plant and equipment 3,387 216 – Amounts approved but not contracted for purchase of property, plant and equipment 2,066 –