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NOTES TO THE FINANCIAL STATEMENTS (cont’d)
For the year ended 31 December 2012
14. Investment in subsidiaries (cont’d)
Acquisitions of subsidiaries
On 15 June 2012, 29 June 2012 and 28 September 2012 (the “acquisition dates”), the Group’s subsidiary companies, EPIQ Food
Services Pte Ltd (“EPIQ”), Lovena Limited (”Lovena”) and Bexar Limited (“Bexar”) acquired 100% equity interest in BVBA Food Expert
(“BVBA FE”), FES UKR LLC (“FES UKR”) and Ukragroinvest-2005 (“UAI2005”) respectively. Upon acquisitions, BVBA FE, FES UKR and
UAI2005 became subsidiaries of the Group.
The fair value of the identifiable assets and liabilities of BVBA FE, FES UKR and UAI2005 as at the acquisition dates were:
Fair value
recognised on
acquisitions
US$’000
Property, plant and equipment 5,745
Trade and other receivables 1,958
Inventories 2,749
Deferred tax assets 34
Cash and cash equivalents 183
10,669
Trade and other payables (10,054)
Provision for taxation (6)
Deferred tax liabilities (41)
(10,101)
Total identifiable net assets at fair value 568
Negative goodwill arising from acquisitions (Note 5) (414)
154
Effect of the acquisitions of subsidiaries on cash flows
Consideration settled in cash 154
Less: Cash and cash equivalents of subsidiaries acquired (183)
Net cash inflow on acquisitions (29)
104