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4. INTANGIBlE ASSETS (Cont’d) Impairment testing for cash-generating units containing goodwill Masterskill Education Group Berhad / Annual Report 2012 81 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the purpose of impairment testing, goodwill is allocated to the Group’s operating division which represents the lowest level within the Group at which the goodwill is monitored for internal management purposes. The recoverable amount of the operating division was based on its value in use calculation. The estimated value in use was determined using pre-tax discount rate of 12.5% based on the following key assumptions: (i) Cash flows were projected based on past experience, actual operating results and prospective financial information. (ii) The values assigned to the key assumptions represent management’s assessment of trends in the education industry and are based on both external sources and internal sources (historical data). The estimated recoverable amount exceeds the carrying amount of goodwill. Management considers that no impairment should be recognised. 5. INvESTmENTS IN SuBSIDIARIES Note 31.12.2012 Company 31.12.2011 1.1.2011 Rm’000 Rm’000 Rm’000 At cost: Unquoted shares 91,381 83,831 83,800 Amounts due from subsidiaries 5.1 42,845 42,845 42,845 134,226 126,676 126,645 5.1 The amounts due from subsidiaries were non-trade in nature, unsecured and interest free. The settlement of the amounts was neither planned nor likely to occur in the foreseeable future. As these amounts were in substance, a part of the Company’s net investment in the subsidiaries, they were stated at cost less accumulated impairment losses.
Masterskill Education Group Berhad / Annual Report 2012 82 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 5. INvESTmENTS IN SuBSIDIARIES (Cont’d) Details of the subsidiaries are as follows: Name of subsidiary Country of incorporation principal activities Effective ownership interest 31.12.2012 31.12.2011 1.1.2011 % % % Masterskill (M) Sdn. Bhd. Malaysia Provision of education in nursing and allied health sciences in the healthcare industry Masterskill Campus Management Sdn. Bhd. Valencia Education Group Sdn. Bhd. (f.k.a. Masterskill Worldwide Management Sdn. Bhd.) 100 100 100 Malaysia Dormant 100 100 100 Malaysia Provision of education, training, management consultation and investment holding 70 100 100 Masterskill Resources Sdn. Bhd. Malaysia Provision of support services 100 100 100 Medic Express Sdn. Bhd. Malaysia Dormant 100 100 100 Masterskill International Sdn. Bhd. Malaysia Dormant 100 100 100 Masterskill Physiotherapy and Rehabilitation Centre Sdn. Bhd. Malaysia Provision of physiotherapy and rehabilitation services 100 100 100 MUCH Sdn. Bhd. Malaysia Dormant 100 100 100 Masterskill Dialysis Sdn. Bhd. Malaysia Provision of dialysis services and facilities 100 100 100 Unihealth (M) Sdn. Bhd. Malaysia Dormant 100 100 – Aspiration Achievers Network Sdn. Bhd. (f.k.a. Unihealth Education Group Sdn. Bhd.) Malaysia Dormant 100 100 – Masterskill Gerontology Sdn. Bhd. Malaysia Dormant 100 100 – Masterskill International Incorporated Malaysia Dormant 100 100 – In June 2012, the Group disposed 30% of its interest in Valencia Education Group Sdn. Bhd. (“VEG”) (f.k.a. Masterskill Worldwide Management Sdn. Bhd.) for RM3 in cash, decreasing its ownership from 100% to 70%. At the same time, VEG increased its issued and paid-up share capital from RM10 to RM500,000 by way of issuing of 499,990 new ordinary shares of RM1.00 each at par for cash. The carrying amount of VEG’s net assets in the Group’s financial statements on date of the disposal was RM53,000. The Group recognised non-controlling interests of RM131,000 in the statement of financial position and an increase in retained earnings of RM19,000.
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