NON-CONTROLLING INTEREST

12 Months Ended

Dec. 31, 2021

Disclosure Of Noncontrolling Interests [Abstract]

NON-CONTROLLING INTEREST

42 NON-CONTROLLING INTEREST

Summarised financial information in respect of the Group’s subsidiary that had a material non-controlling interests is set out below. The non-controlling interest was acquired by the Group on 1 September 2021 and the equity balance was settled as part of the purchase price.

The summarised financial information below represents amounts for the period ended 31 December 2020 before intragroup eliminations.

	2020
	US$’000
IVS Bulk
Current assets		11,000
Non-current assets		252,447
Current liabilities		(15,428	)
Non-current liabilities		(104,264	)
Equity attributable to owners of the Company		98,990
Non-controlling interests		44,765
		143,755
Revenue		27,620
Cost of sales		(30,050	)
Gross loss		(2,430	)
Administration expenses		(968	)
Interest received		28
Interest paid		(4,568	)
Tax expense		(11	)
Loss for the year, representing total comprehensive loss for the year		(7,949	)
Loss attributable to the owners of the Company, representing total comprehensive loss for the year		(5,312	)
Loss attributable to the non-controlling interests, representing total comprehensive loss for the year		(2,637	)
Loss for the year, representing total comprehensive loss for the year		(7,949	)
Net cash inflow from operating activities		424
Net cash outflow from financing activities		(6,830	)
		(6,406	)

	2021			2020
	US$’000			US$’000
Balance at 1 January		41,782			-
Non-controlling interest arising on the acquisition of IVS Bulk Pte. Ltd. (Note 39.1)		-			44,087
Acquisition of the non-controlling interest of IVS Bulk Pte. Ltd. (Note 39.1)		(52,339	)		-
Share of profit (loss) for the year		10,557			(2,637	)
Adjustments		-			332
Balance at 31 December		-			41,782