Creative 2009 Annual Report Download - page 38

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38
CREATIVE฀TECHNOLOGY฀LTD฀AND฀ITS฀SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
– For the financial year ended 30 June 2009
17. INVESTMENTS IN SUBSIDIARIES
฀ Company
฀ ฀ 2009฀ 2008฀
฀ US$’000฀ US$’000
฀Equity฀investments฀at฀cost฀
฀ ฀ Beginning฀of฀financial฀year฀ 248,990฀ 252,562
฀ ฀ Additions฀฀ 138฀ 461
฀ ฀ Disposals฀฀ (274)฀ (4,033)
฀ ฀ End฀of฀financial฀year฀ 248,854฀ 248,990
฀Accumulative฀impairment฀
฀ Beginning฀and฀end฀of฀financial฀year฀ (203,464)฀ (203,464)
฀ Net฀carrying฀value฀at฀end฀financial฀year฀ 45,390฀ 45,526
In the financial year ended 30 June 2009, the Group acquired the remaining 51.2% interest in Qmax Pte Ltd for a consideration
of US$1,162,000 in cash and $511,000 in shares of Qala Singapore Pte Ltd, additional 14.3% interest in Grandeye Limited
for a cash consideration of US$668,000 and 100% of Creative Knowledge Limited for a cash consideration of US$4,000.
The aggregate effects of the acquisition and disposal of subsidiaries on the cashflows of the Group in the financial year
ended 30 June 2009 were:
฀ Group
฀ ฀ Acquisition฀ Disposal
฀ ฀ Fair฀value/฀
฀ carrying฀amount฀ ฀
฀ in฀acquiree’s฀ Carrying฀
฀ books฀ amount฀
฀US$’000฀ US$’000
฀ 2009
฀Identifiable฀assets฀and฀liabilities฀ ฀
฀ Cash฀and฀cash฀equivalents฀ 1,173฀ (270)
฀ Trade฀receivables฀ 1,635฀ (999)
฀ Inventories฀ 1,094฀ (139)
฀ Other฀current฀assets฀ 4,487฀ (564)
฀ Property฀and฀equipment฀(Note฀18)฀ 6,313฀ (1,105)
฀ Intangible฀assets฀(Note฀19)฀ 1,098฀ –
฀ Total฀assets฀ 15,800฀ (3,077)
฀
฀ Trade฀payables฀ (14,405)฀ 1,518
฀ Accrued฀liabilities฀and฀provisions฀ (4,991)฀ 687
฀ Deferred฀income฀tax฀liabilities฀(Note฀24)฀ (36)฀ –
฀ Total฀liabilities฀ (19,432)฀ 2,205
฀
฀ Identifiable฀net฀liabilities฀/฀assets฀ (3,632)฀ (872)
฀ Less:฀Minority฀interests฀ –฀ 363
฀ Identifiable฀net฀liabilities฀acquired฀/฀assets฀disposed฀ (3,632)฀ (509)
฀ Add:฀Equity฀share฀of฀losses฀recorded฀previously฀ 1,235฀
฀ Goodwill฀(Note฀19)฀ 4,231฀
฀ Cash฀consideration฀paid฀ 1,834
฀ Less:฀Exchange฀difference฀ (61)฀
฀ Less:฀Cash฀and฀cash฀equivalents฀in฀subsidiaries฀acquired฀฀ (1,173)฀
฀ Net฀cash฀outflow฀on฀acquisition฀ 600฀
AR09 pg1-64_Final.indd 38 10/2/2009 10:38:09 AM