Page 188 - KWAP_AR2022

186 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) FoR BEttER REtURNS

notes to the
financial statements
for the year ended 31 december 2022

11. INVESTMENT IN ASSOCIATES (CONTINUED)
details of the associates, with the country of incorporation are as follows:

Effective
Country Of Ownership
Incorporation/ Interest Accounting
Principal Place 2022 2021 Model
Name Of Business % % Applied Principal Activities
aerodyne Ventures sdn. bhd. malaysia 6.67 3.47 equity method software and services
edotco group sdn. bhd. malaysia 5.29 5.29 equity method communications
infrastructure
Valuecap sdn. bhd. malaysia 33.33 33.33 equity method investment in quoted
securities
Vantage solar investment s.a.r.l luxembourg 45.00 45.00 equity method solar independent
(formerly known as Vortex power producer
Solar Investment S.a.r.l)
compass ip sdn. bhd. malaysia 20.00 20.00 equity method property development

aerodyne Ventures sdn. bhd. and edotco group sdn. bhd. were deemed as associates of the group based on the
existence of significant influence in the entities. the mfrs 128 defines significant influence as the power to participate
in the financial and operating policy decisions of the investee but not control or joint control of those policies.
compass ip sdn. bhd. is an associate of KWest sdn. bhd., a wholly-owned subsidiary of KWap.
details of the associate which the group has material significant influence are as follows:

edotco Sdn. Bhd.
2022 2021
RM’000 RM’000
Summarised Statement of Financial Position
total assets 12,439,323 8,949,694
total liabilities (8,493,093) (4,855,231)
total net assets 3,946,230 4,094,463
non-controlling interests (nci) (544,176) (524,963)
total net assets excluding nci 3,402,054 3,569,500

Extraction from Statement of Comprehensive Income
income 2,481,188 1,974,965
profit after tax for the financial year 191,370 297,316
other comprehensive (loss)/income for the financial year (210,902) 53,712
Total Comprehensive Income For The Financial Year 2,461,656 2,325,993
Dividend Received from Associates For The Financial Year - -
group’s share in % 5.29 5.29
group’s share of net assets 208,756 216,597
goodwill 461,931 461,931
Carrying Amount 670,687 678,528