Creative 2012 Annual Report Download - page 42

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40
CREATIVE TECHNOLOGY LTD AND ITS SUBSIDIARIES
Available-for-sale nancial assets are analysed as follows:
Group Company
2012 2011 2012 2011
US$’000 US$’000 US$’000 US$’000
Listed equity securies 16,497 23,200 – –
Unlisted equity securies 10,154 13,276 – –
26,651 36,476 – –
The Group has recognised impairment losses of US$3,417,000 (2011: US$728,000) against securities whose fair values
were below cost during the nancial year.
16. OTHER NON-CURRENT RECEIVABLES
Group Company
2012 2011 2012 2011
US$’000 US$’000 US$’000 US$’000
Loan to associated company 1,088 460 – -
The loan to an associated company is unsecured and interest-free with no xed repayment terms.
Management has assessed the fair values of other non-current receivables and concluded that the fair values as at balance
sheet date approximate carrying values.
17. INVESTMENTS IN SUBSIDIARIES
Company
2012 2011
US$’000 US$’000
Equity investments at cost
Beginning of nancial year 233,486 248,086
Liquidaons / disposals (5,496) (14,600)
End of nancial year 227,990 233,486
Accumulated impairment
Beginning of nancial year (202,696) (202,696)
Addions (3,500) –
Write-o 5,496 –
End of nancial year (200,700) (202,696)
Net carrying value at end of nancial year 27,290 30,790
In the nancial year ended 30 June 2012, the Group has disposed its entire 51% equity interest in a subsidiary, Grandeye
Limited, for a cash consideration of US$3,500,000.
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.
NOTES TO THE FINANCIAL STATEMENTS
For the nancial year ended 30 June 2012
15. FINANCIAL ASSETS, AVAILABLE-FOR-SALE (cont’d)