Creative 2011 Annual Report Download - page 41

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41
CREATIVE TECHNOLOGY LTD AND ITS SUBSIDIARIES
In the nancial year ended 30 June 2011, the Group’s wholly-owned subsidiary, Vue Networks Pte Ltd, has issued 1,999,998
new ordinary shares for a cash consideration of S$1,999,998. As a result of the shares issuance, the Group’s interest in
Vue Networks Pte Ltd was reduced to 50% and consequently, it ceased to be a subsidiary and has become an associated
company of the Group.
In the nancial year ended 30 June 2011, the Company has disposed its equity interest in a wholly-owned subsidiary, Creative
Technology (Qingdao) Ltd, for a cash consideration of US$9,086,000.
The aggregate effects of the dilution and disposal of subsidiaries on the cashows of the Group in the nancial year ended
30 June 2011 are as follows:
Group
Disposal
Carrying
amount
US$’000
2011
Identiable assets and liabilities
Cash and cash equivalents (2,264)
Trade receivables (2,581)
Inventories (207)
Other current assets (39)
Property and equipment (Note 18) (6,205)
Total assets (11,296)
Trade payables 1,366
Accrued liabilities and provisions 1,590
Total liabilities 2,956
Identiable net assets (8,340)
Less: Non-controlling interests (218)
Identiable net assets disposed (8,558)
The aggregate cash inows arising from dilution and disposal of subsidiaries in the nancial year ended 30 June 2011 are
as follows:
Group
US$’000
Identiable net assets disposed (as above) 8,558
Gain on disposal 333
Non-cash proceeds – Other receivables (154)
Incidental costs on disposal of subsidiary 194
Currency translation dierences 16
8,947
Less: Cash and cash equivalents in subsidiary disposed (2,264)
Net cash inow on dilution and disposal 6,683
Details of signicant subsidiaries are included in Note 34.