notes to the financial statements - Investor Relations

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CWT Limited 120 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 40 ACqUISITION OF SUBSIDIARIES (a) Acquisition of subsidiaries in FY2011 The following summarises the major classes of consideration transferred, and the recognised amounts of assets acquired and liabilities assumed at the acquisition date for all acquisitions during the year: Purchase consideration Group 2011 $’000 Cash paid 81,078 Equity instrument issued (10,000,000 ordinary shares) 12,373 Deferred payment 36,083 Fair value of put and call options 50,630 Contingent considerations 10,079 Total considerations for the acquisitions 190,243 Effect on cash flows of the Group Cash paid (as above) 81,078 Add: Bank overdraft, net of cash acquired 329,073 Cash outflow at the acquisition date 410,151 Cash paid on exercise of first tranche of the put and call options 8,340 Cash outflow on acquisitions 418,491
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 40 ACqUISITION OF SUBSIDIARIES (CONT’D) (a) Acquisition of subsidiaries in FY2011 (cont’d) The following fair values have been determined on a provisional basis: Annual Report 2011 Note At fair value Identifiable assets acquired and liabilities assumed 2011 $’000 Property, plant and equipment 4 61,044 Intangible assets 5 54,038 Derivative financial instruments 19,792 Inventories 347,129 Trade and other receivables 420,202 Deferred tax assets 12 136 Cash and cash equivalents 44,075 Total assets 946,416 Trade and other payables 267,262 Derivative financial instruments 19,864 Subordinated employee benefit liability 13,480 Retirement benefit obligations 1,363 Financial liabilities 84,279 Bank overdraft 373,148 Long term contingency & loss provision 22 Current tax payable 1,881 Deferred tax liabilities 12 19,524 Reserves 6,466 Total liabilities 787,289 Total identifiable net assets 159,127 Less: Non-controlling interests, based on their proportionate interest in the recognised amounts of assets and liabilities of the acquiree (7,741) Add: Goodwill arising from consolidation 5 37,970 Add: Capital reserves arising from restructuring 887 Total considerations for the acquisitions 190,243 Acquisition-related costs The Group incurred acquisition-related costs of $3,423,000 (US$2,730,000) related to external legal fees and due diligence costs. The legal fees and due diligence costs have been included in other operating expenses in the Group’s income statement. 121
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CWT Limited Annual Report 2011 Annu
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ABOUT THE CWT GROUP VISION To Be A
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GROUP FIVE-YEAR FINANCIAL SUMMARY F
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Largest warehouse operator in Singa
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CWT Limited CHAIRMAN’S STATEMENT
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CWT Limited BOARD OF DIRECTORS Loi
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CWT Limited EXECUTIVE TEAM Loi Pok
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ELEVATION Rising through resilience
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COMMODITY SUPPLY CHAIN MANAGEMENT C
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MIDDLE EAST Kuwait Kuwait UK Estoni
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CWT Limited OPERATIONS REVIEW “Am
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CWT Limited OPERATIONS REVIEW 1. Br
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CHARACTER Our identity and performa
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EHS activities and related awards E
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Investor Relations We regularly eng
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CORPORATE GOVERNANCE Annual Report
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DIRECTORS’ REPORT YEAR ENDED 31 D
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STATEMENT BY DIRECTORS YEAR ENDED 3
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STATEMENT OF FINANCIAL POSITION AS
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Annual Report 2011 CONSOLIDATED STA
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CASH FLOW
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NOTES TO THE FINANCIAL STATEMENTS Y
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Page 71 and 72: NOTES TO THE FINANCIAL STATEMENTS Y
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notes to the financial statements - Investor Relations

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