Fraser & Neave Holdings Bhd Annual Report 2021

9. INVESTMENT IN AN ASSOCIATE #CONTINUED$ The associate is incorporated in Malaysia and the details are as follows: Name of associate Principal activity/Nature of relationship E'ective ownership and voting interest (%) 2021 2020 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 2021. 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 di!erences 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 2021 RM’000 2020 RM’000 Summarised financial information As at 30 June Non-current assets 118,997 110,189 Current assets 155,313 192,903 Non-current liabilities (4,240) (5,351) Current liabilities (21,712) (28,880) Net assets 248,358 268,861 Year ended 30 June Revenue 208,199 239,359 Profit for the year 20,685 28,774 Reconciliation of net assets to carrying amount as at 30 September Group’s share of net assets 67,529 73,103 Goodwill 18,158 18,158 Carrying amount in the statement of financial position 85,687 91,261 Group’s share of profit for the year 5,624 7,824 Financial Statements 205 Fraser & Neave Holdings Bhd ! Annual Report 2021