164 / 220
1 6 0
NOTES TO THE FINANCIAL STATEMENTS
31 MARCH 2018
fInanCIal StatementS
16. Investment in subsidiaries (cont’d.)
(ii) Summarised statement of comprehensive income
FCB Group
IFC
2018
2017
2018
2017
RM’000
RM’000
RM’000
RM’000
Revenue
284,646
372,101
122,673
108,208
Profit for the financial year
42,211
35,007
(210)
4,469
Other comprehensive loss
(13,614)
(81)
-
-
Total comprehensive income/(loss)
28,597
34,926
(210)
4,469
Dividends paid to non-controlling interests
25,128
11,739
-
-
(iii) Summarised statement of cash flows
FCB Group
IFC
2018
2017
2018
2017
RM’000
RM’000
RM’000
RM’000
Net cash (used in)/generated from
operating activities
(34,298)
188,686
13,579
(5,948)
Net cash used in investing activities
(25,448)
(27,441)
(4,726)
(4,011)
Net cash used in financing activities
(80,705)
(31,263)
-
(6,477)
Net (decrease)/increase in cash and
cash equivalents
(140,451)
129,982
8,853
(16,436)
Cash and cash equivalents at
beginning of year
313,309
177,593
11,866
26,005
Effect of exchange rate changes
(7,262)
5,734
(2,076)
2,297
Cash and cash equivalents at end of year
165,596
313,309
18,643
11,866
(a)
On 29 May 2017, a subsidiary of FCB, FCB Plantation Holdings Sdn. Bhd. (“FCBPH”) acquired 110 ordinary shares
representing the remaining 11% of the equity interest in Next Oasis Sdn. Bhd. from London Nusantara Plantations PLC
for a cash consideration of RM173,000.
(b)
Acquisition of subsidiary
On 6 October 2017, FCBPH has entered into a conditional Sale and Purchase Agreement with Java Berhad to acquire
1,000,000 ordinary shares representing the entire total issued and paid-up capital of Java Plantations Sdn. Bhd. (“JPSB”)
for a purchase consideration of RM4,613,941. JPSB holds an 80% interest in Ladang Bunga Tanjong Sdn. Bhd., which
operates an oil palm plantation held under the Individual Title Geran 36415, Lot 2429, Mukim Lubok Bongor, Jajahan
Jeli, Kelantan measuring approximately 3,289.9 acres or 1,331.0 hectares. The lease period for the land is for 66 years
and expiring on 28 September 2069. The acquisition was completed on 20 February 2018. On 6 April 2018, JPSB has
changed its name to FCB Eastern Plantations Sdn. Bhd..
The effect of the post acquisition results not taken in the financial statements of the Group during the year amounted to
RM181,000.