Annual Report 2012 - IOI Group

NOTES TO THEFINANCIAL STATEMENTS19. SUBSIDIARIES (Continued)19.2 Amounts due from and to subsidiariesThe amounts due from and to subsidiaries represent outstanding amounts arising from inter-company sales and purchases,advances and payments made on behalf of or by subsidiaries. These amounts are unsecured and bear interest at ratesranging from 0% to 7.30% (2011 – 0% to 7.30%) per annum.The non-current amounts due to subsidiaries are payable on a back-to-back basis with the corresponding borrowings of theGroup. The current amounts due from and to subsidiaries are payable upon demand in cash and cash equivalents.20. ASSOCIATES20.1 Investments in associatesGroupCompany2012RM’0002011RM’0002012RM’0002011RM’000Unquoted shares, at cost 483,744 327,190 20,350 22,850Negative goodwill recognised in prior years 44,146 44,146 – –527,890 371,336 20,350 22,850Share of post acquisition results and reserves 289,250 296,738 – –817,140 668,074 20,350 22,850Details of the associates are set out in Note 46 to the financial statements.An associate of the Group was listed on the Singapore Stock Exchange Limited on 12 April 2012. This listing of this associatehas resulted in a dilution of IOI Group’s interest in the associate from 36.05% to 30.44%. In relation to this, the Group hasrecorded a gain on dilution of interest in associate amounting to approximately RM124.51 million in its consolidated incomestatement for the current financial year.20.2 Summary of financial information of associates2012 2011RM’000RM’000Assets and liabilitiesTotal assets 3,942,194 3,006,625Total liabilities 1,309,106 1,333,760ResultsRevenue 2,620,376 2,448,004Profit for the financial year 401,154 393,62920.3 Amounts due from and to associatesAmounts due from and to associates represent outstanding amounts arising from agency income, purchases and paymentsmade on behalf of or by associates, which are unsecured, interest-free and payable upon demand in cash and cash equivalents.176IOI CORPORATION BERHADAnnual Report 2012