2018 UEM Edgenta Annual Report

17. INVESTMENT IN SUBSIDIARIES (CONT’D.) (e) Prior year disposal of a subsidiary On 4 December 2017, Opus International (NZ) Limited, a wholly-owned subsidiary of Opus Group Berhad, which in turn was a wholly-owned subsidiary of the Company, had completed the disposal of its entire shareholding of 90,511,615 shares in Opus International Consultants Limited (“OIC”), representing 61.2% of its total issued and paid-up share capital, for a cash consideration of NZD161.1 million (equivalent to RM463.0 million). The comparative statement of comprehensive income and relevant notes have been re-presented to show the discontinued operation separately from continuing operations. The results of the discontinued operation were as follows: 2017 RM’000 Revenue 1,320,293 Cost of sales (675,117) Gross profit 645,176 Other income 5,989 Expenses (578,403) Finance costs (7,309) Share of results of joint ventures 2,972 Profit before tax 68,425 Income tax (33,701) Results from operating activities 34,724 Gain on disposal of a subsidiary 274,909 Profit from discontinued operation 309,633 Cash flows attributable to discontinued operation are as follows: 2017 RM’000 Operating cash flows 56,665 Investing cash flows (5,581) Financing cash flows (36,304) Total cash flows from discontinued operation 14,780 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2018 Management Discussion & Analysis UEM Edgenta Berhad Annual Report 2018 About UEM Edgenta Chairman’s Statement 204