Fraser & Neave Holdings Bhd Annual Report 2020

186 FRASER & NEAVE HOLDINGS BHD 196101000155 (4205-V) Notes to The Financial Statements (Cont’d.) 9. INVESTMENT IN AN ASSOCIATE (CONTINUED) Group and Company 2020 RM’000 2019 RM’000 Market value Quoted shares 107,626 120,690 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 (%) 2020 2019 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 2020. 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 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 2020 RM’000 2019 RM’000 Summarised financial information As at 30 June Non-current assets 110,189 102,030 Current assets 192,903 198,113 Non-current liabilities (5,351) (6,690) Current liabilities (28,880) (30,487) Net assets 268,861 262,966 Year ended 30 June Revenue 239,359 251,105 Profit for the year 28,774 33,611 Reconciliation of net assets to carrying amount as at 30 September Group’s share of net assets 73,103 71,500 Goodwill 18,158 18,158 Carrying amount in the statement of financial position 91,261 89,658 Group’s share of profit for the year 7,824 9,139