The following Statements of profit or loss and other comprehensive income relate to KING Ltd (KING) and its investee companies, DOOM Ltd (DOOM) and COUNTER Ltd (COUNTER).

Statements of profit or loss and other comprehensive Income for year ended 31 December 2019

	KING	DOOM	COUNTER
	N$ million	N$ million	N$ million
Revenue	1,750.00	1,080.00	480.00
Cost of Sales	- 865.00	- 540.00	- 189.00
Gross profit	885.00	540.00	291.00
Operating expenses	- 310.00	- 230.00	- 145.00
Finance costs	- 50.00	- 30.00	- 20.00
Other income	9.00
Investment income	36.00	-	-
Profit before taxation	570.00	280.00	126.00
Taxation	- 75.00	- 30.00	- 35.00
Profit for the year	495.00	250.00	91.00
Other comprehensive income (net of tax)	63.00	40.00	18.00
Total comprehensive income for the year	558.00	290.00	109.00

The following additional information is provided:

1. KING bought a 60% holding in the equity of DOOM on 1 July 2019. On that date the fair value of certain plant & equipment of DOOM was N$80million in excess of its book value. This plant & equipment had a useful economic life of 4 years from the date of acquisition. Depreciation charges are included in cost of sales. The revised values were not incorporated into the books of DOOM.

2. Goodwill on the acquisition of DOOM was reviewed for impairment on 31 December 2019 and an impairment loss of N$6 million was found to be necessary. No previous impairment losses had been recognised on goodwill. Impairment losses are to be recorded as part of operating expenses. Non-controlling interests in DOOM had been measured at their proportionate share of the fair values of the identifiable net assets of DOOM at the acquisition date, and this figure had been incorporated into the goodwill calculation.

3. During 2019, KING sold goods to DOOM for N$15 million. These goods were sold by KING at a mark-up on cost of 25%. One third of the goods remained in the inventory of DOOM at 31 December 2019. At 31 December 2018 there were goods to the value of N$2 million in the inventory of DOOM which had been supplied by KING during 2018 on the same terms. However, on 01 July 2019, all goods supplied by KING had been sold out. Sales to BOOM occurred evenly though out the year

4. DOOM declared a dividend of N$60 million during the year. KING has recognised its share of this dividend within investment income.

5. Since acquisition, KING has managed the administration of the entire group. KING invoiced DOOM N$5 million for its share of these costs. KING recorded this transaction within other income, and BOOM within operating expenses.

6. On 1 January 2019, KING purchased a 30% holding in COUNTER. KING exercises significant influence over COUNTER as a result of this acquisition.

7. On 1 January 2019, immediately following the purchase of shares in COUNTER, KING sold some land to COUNTER for N$20 million, recording a profit of N$6 million. This profit is included within other income in the books of KING.

Required:

Prepare the Consolidated Statement of profit or loss and other comprehensive income for the KING Ltd Group for year ended 31 December 2019, in accordance with IFRS