KENANGA ANNUAL REPORT 2019

198 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 14. INVESTMENTS IN ASSOCIATES (CONT’D.) (b) Summarised financial information of the material associate is as follows (cont’d.): (iii) Reconciliation of the summarised financial information presented above to the carrying amount of the Group’s interest in the material associate Wasatah Capital 2019 RM’000 2018 RM’000 Net assets at 1 January 218,234 216,677 Profit before taxation 1,119 9,044 Other comprehensive income/(loss) 18,966 (15,223) Movement of foreign exchange reserve (3,333) 5,134 Impact of adopting new accounting standard - 2,602 Audit adjustments: - Profit before taxation (1,163) - - Other comprehensive income (12,937) - - Retained profits 12,407 - Net assets at 31 December 233,293 218,234 Interest in Wasatah Capital 29.60% 29.60% Share of net assets at 31 December 69,055 64,598 Accumulated Bank’s share of tax credit/(expense) (670) (1,984) Accumulated impairment losses (4,549) (4,549) Carrying value of the Group’s interest in associate 63,836 58,065 (c) Aggregate information of associates that are not individually material 2019 RM’000 2018 RM’000 The Group’s share of results in associates, representing share of total comprehensive loss 70 83