notes to the financial statements - Investor Relations

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.
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