Although United Resorts and Hotels Limited has been in a loss-making position in the past, the entity’s trading has
improved over the past two financial years and is generating positive cash flows.
The group joint ventures have no contingent liabilities of capital commitments.
The following total assets and liabilities of United Resorts and Hotels Limited are not included in the group’s financial
statements as the group accounts for its investment in the joint venture on an equity basis:
|
|
2019
Rm |
| Summarised financial information: |
|
|
|
| Summarised balance sheets |
|
|
|
| Assets |
|
|
|
| Non-current assets |
|
511 |
495 |
| Inventory |
|
5 |
5 |
| Trade and other receivables |
|
20 |
15 |
| Cash and cash equivalents |
|
71 |
43 |
| Total assets |
|
607 |
558 |
| Liabilities |
|
|
|
| Current financial liabilities (excluding trade payables) |
|
(42) |
(29) |
| Other current liabilities |
|
(6) |
(5) |
| Total liabilities |
|
(48) |
(34) |
| Net assets |
|
559 |
524 |
| Summarised statement of comprehensive income/(loss) |
|
|
|
| Income |
|
149 |
126 |
| Depreciation and amortisation |
|
(4) |
(6) |
| Profit before income tax |
|
18 |
7 |
| Income tax charge |
|
(10) |
(23) |
| Profit/(loss) for the year |
|
8 |
(16) |
| Other comprehensive income |
|
– |
– |
| Profit/(loss) for the year and total comprehensive income |
|
8 |
(16) |
| Reconciliation of summarised financial information |
|
|
|
| A reconciliation of the summarised financial information to the carrying amount |
|
|
|
| of the group’s interest in United Resorts and Hotels Limited is as follows: |
|
|
|
| Opening net assets attributable to owners |
|
591 |
468 |
| Profit/(loss) for the year |
|
8 |
(16) |
| Foreign currency translation reserve |
|
(41) |
139 |
| Closing net assets attributable to owners |
|
558 |
591 |
| Interest in joint venture (%) |
|
50 |
50 |
| Interest in joint venture |
|
279 |
296 |
| Translation |
|
(155) |
(176) |
| Carrying value of investments in joint venture |
|
124 |
120 |
