86
SUNNINGDALE TECH LTD
ANNUAL REPORT 2014
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
NOTES TO THE FINANCIAL STATEMENTS
16.
Investment in subsidiaries (cont’d)
Acquisition of a subsidiary (cont’d)
Effect of the acquisition on cash flows
$’000
Consideration settled in cash
84,384
Less: Cash and cash equivalents of subsidiary acquired
(20,697)
Net cash outflow on acquisition
63,687
Transaction costs
Transaction costs related to the acquisition of $4,965,000 have been recognised in the “Administrative expenses” line item in
the Group’s profit or loss for the year ended 31 December 2014.
Impact of the acquisition on profit or loss
From the acquisition date, SSH Group has contributed $16,297,000 of revenue and $588,000 to the Group’s profit for the year.
If the business combination had taken place at the beginning of the year, the Group’s revenue would have been $629,328,000
and the Group’s profit for the year, net of tax would have been $31,600,000.
17.
Investment in joint venture
Group
2014
2013
$’000
$’000
Unquoted shares at cost
4,876
–
Share of post-acquisition reserves
136
–
Exchange differences
174
–
Balance at the end of the financial period
5,186
–
Information on the joint venture as at 31 December 2014 was as follow:
Name of company
(Country of incorporation)
Principal activities/
Country of business
Percentage of
equity interest held
2014
2013
%
%
Held through First Engineering Limited
First Engineering-Erwin Quarder
Pte Ltd
(1)
(Singapore)
Design, fabrication, manufacturing, assembly and
sale of moulded plastic products and investment
holding.
50
–
Held through First Engineering-Erwin Quarder Pte Ltd
FEQ Automotive System
(Shanghai) Co., Ltd.
(2)
(China)
Design, fabrication, manufacturing, assembly and sale
of moulded plastic products and investment holding.
50
–
(1)
Audited by Ernst & Young LLP, Singapore
(2)
Audited by Shanghai Roedl & Partner
