Powering growth - Aztech Group Ltd - Investor Relations
Powering growth - Aztech Group Ltd - Investor Relations Powering growth - Aztech Group Ltd - Investor Relations
78a z t e c h a n n u a l r e p o r t 2 0 0 9F i n a n c i a l S t a t e m e n t s12 INVESTMENT IN SUBSIDIARIES (cont’d)Proportion ofPlace of ownership interest Cost ofincorporation and voting power investmentName of company and operation held by the Group by the Company Principal activity2009 2008 2009 2008% % $’000 $’000AZ Iris Pte Ltd Singapore 100 100 - - Ownership and charteringof sea going vesselAZ Jasmine Pte Ltd Singapore 100 100 - - Ownership and charteringof sea going vesselAZ Sakura Pte Ltd Singapore 100 - - - Ownership and charteringof sea going vesselAZ Ivy Pte Ltd Singapore 100 - - - Ownership and charteringof sea going vesselAZ Marigold Pte Ltd Singapore 100 - - - Ownership and charteringof sea going vessel90,728 102,049* Less than $1,000.All the companies are audited by Deloitte & Touche LLP, Singapore except for the subsidiaries that are indicated as follows:(1)Audited by overseas practices of Deloitte Touche Tohmatsu.(2)Not required to be audited by law in its country of incorporation. The net tangible asset and pre-tax profits of the entities are less than 20% of the Group’sconsolidated NTA and pre-tax profits respectively. Their unaudited financial statements have been reviewed as part of the Group audit.(3)Not audited as the company is in the process of liquidation.(4)Deemed interest arose from financial guarantees provided by the Company to banks in respect of financing facilities granted to its subsidiaries and the share optionsgranted under ESOS 2000 by the Company to employees of its subsidiaries. Management has assessed that the fair value of the financial guarantees equivalent to1.0% (2008 : 1.0%) per annum of the amount of financing facilities guaranteed from the dates when the financing facilities were issued.(5)The company was newly incorporated on December 8, 2009 and there were no transactions from date of incorporation to the end of the reporting period. Itsunaudited financial statements has been reviewed as part of the Group audit.(6)On January 22, 2009, the company was disposed at the consideration of $2. At the date of disposal, the company did not own any assets.(7)This subsidiary was newly incorporated on May 27, 2009. All the companies under the Electronics segment, except for Aztech Systems GmbH, were subsequentlytransferred to Aztech Electronics Pte Ltd on July 1, 2009, as part of the Group’s internal organisation exercise.
F i n a n c i a l S t a t e m e n t sa z t e c h a n n u a l r e p o r t 2 0 0 97913 PROPERTY, PLANT AND EQUIPMENTResearchandComputer Factory Assets Office developmentLeasehold and office Factory furniture Drydocking on board of furniture equipment Software Motor Constructionproperty equipments equipments and fittings Vessels expenditure the vessels and fittings and tools applications vehicles in progress Total$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000(a) GROUPAt cost:At January 1, 2008 8,282 6,862 34,344 1,332 - - - 3,671 4,350 2,159 1,586 33 62,619Additions - 32 335 51 37,611 1,700 231 3 81 17 232 - 40,293Disposals - (132) (211) - - - - (53) - - - (32) (428)Write off - (3,632) (4,774) (483) - - - (2,435) (3,012) (1,567) - - (15,903)Exchange differences 13 1 46 3 - - - 1 - - - (1) 63At December 31, 2008 8,295 3,131 29,740 903 37,611 1,700 231 1,187 1,419 609 1,818 - 86,644Additions - 29 330 151 24,493 800 411 7 - 113 260 - 26,594Disposals - (30) (3,713) (4,484) (200) (23) (75) - - (22) - (8,547)Transfer 1,208 - - - - - - - - - - - 1,208Exchange differences (251) (34) (677) (28) - - - (8) (5) (4) (18) - (1,025)At December 31, 2009 9,252 3,096 25,680 1,026 57,620 2,300 619 1,111 1,414 718 2,038 - 104,874Accumulated depreciation:At January 1, 2008 (737) (6,047) (17,411) (783) - - - (3,394) (4,094) (2,080) (709) - (35,255)Charge for the year (322) (248) (3,674) (160) (281) (77) (19) (90) (120) (29) (292) - (5,312)Disposals - 128 212 - - - - 26 - - - - 366Write off - 3,632 4,774 483 - - - 2,435 3,012 1,567 - - 15,903Exchange differences (11) (4) (123) (6) - - - (3) (1) (1) (4) - (153)At December 31, 2008 (1,070) (2,539) (16,222) (466) (281) (77) (19) (1,026) (1,203) (543) (1,005) - (24,451)Charge for the year (360) (240) (3,679) (181) (1,649) (403) (152) (79) (97) (59) (276) - (7,175)Disposals - 22 3,713 - 106 - 4 64 - - 20 - 3,929Exchange differences 40 30 451 18 - - - 7 5 3 16 - 570At December 31, 2009 (1,390) (2,727) (15,737) (629) (1,824) (480) (167) (1,034) (1,295) (599) (1,245) - (27,127)Carrying amount:At December 31, 2009 7,862 369 9,943 397 55,796 1,820 452 77 119 119 793 - 77,747At December 31, 2008 7,225 592 13,518 437 37,330 1,623 212 161 216 66 813 - 62,193(i) Factory equipment with net book value of $5,577,195 (2008 : $7,154,121) are under finance lease arrangements Note 21.
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- Page 123: HEAD OFFICEAZTECH GROUP LTD31 Ubi R
F i n a n c i a l S t a t e m e n t sa z t e c h a n n u a l r e p o r t 2 0 0 97913 PROPERTY, PLANT AND EQUIPMENTResearchandComputer Factory Assets Office developmentLeasehold and office Factory furniture Drydocking on board of furniture equipment Software Motor Constructionproperty equipments equipments and fittings Vessels expenditure the vessels and fittings and tools applications vehicles in progress Total$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000(a) GROUPAt cost:At January 1, 2008 8,282 6,862 34,344 1,332 - - - 3,671 4,350 2,159 1,586 33 62,619Additions - 32 335 51 37,611 1,700 231 3 81 17 232 - 40,293Disposals - (132) (211) - - - - (53) - - - (32) (428)Write off - (3,632) (4,774) (483) - - - (2,435) (3,012) (1,567) - - (15,903)Exchange differences 13 1 46 3 - - - 1 - - - (1) 63At December 31, 2008 8,295 3,131 29,740 903 37,611 1,700 231 1,187 1,419 609 1,818 - 86,644Additions - 29 330 151 24,493 800 411 7 - 113 260 - 26,594Disposals - (30) (3,713) (4,484) (200) (23) (75) - - (22) - (8,547)Transfer 1,208 - - - - - - - - - - - 1,208Exchange differences (251) (34) (677) (28) - - - (8) (5) (4) (18) - (1,025)At December 31, 2009 9,252 3,096 25,680 1,026 57,620 2,300 619 1,111 1,414 718 2,038 - 104,874Accumulated depreciation:At January 1, 2008 (737) (6,047) (17,411) (783) - - - (3,394) (4,094) (2,080) (709) - (35,255)Charge for the year (322) (248) (3,674) (160) (281) (77) (19) (90) (120) (29) (292) - (5,312)Disposals - 128 212 - - - - 26 - - - - 366Write off - 3,632 4,774 483 - - - 2,435 3,012 1,567 - - 15,903Exchange differences (11) (4) (123) (6) - - - (3) (1) (1) (4) - (153)At December 31, 2008 (1,070) (2,539) (16,222) (466) (281) (77) (19) (1,026) (1,203) (543) (1,005) - (24,451)Charge for the year (360) (240) (3,679) (181) (1,649) (403) (152) (79) (97) (59) (276) - (7,175)Disposals - 22 3,713 - 106 - 4 64 - - 20 - 3,929Exchange differences 40 30 451 18 - - - 7 5 3 16 - 570At December 31, 2009 (1,390) (2,727) (15,737) (629) (1,824) (480) (167) (1,034) (1,295) (599) (1,245) - (27,127)Carrying amount:At December 31, 2009 7,862 369 9,943 397 55,796 1,820 452 77 119 119 793 - 77,747At December 31, 2008 7,225 592 13,518 437 37,330 1,623 212 161 216 66 813 - 62,193(i) Factory equipment with net book value of $5,577,195 (2008 : $7,154,121) are under finance lease arrangements Note 21.
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