88
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
for the financial year ended 31 December 2014
12.
INVESTMENT IN SUBSIDIARIES (CONT’D)
(c)
Summarised financial information about subsidiaries with material NCI (cont’d)
Summarised statement of comprehensive income
Niho (Singapore)
Pte Ltd
Jin Heng Li
Hardware Sdn Bhd
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Revenue
2,448
4,685
-
6,437
Loss before
Income tax
(933)
(140)
(736)
(243)
Income tax credit/
(expenses)
-
-
65
12
Loss after tax -
continuing operations
(933)
(140)
(671)
(231)
Other comprehensive
income
–
–
–
–
Total comprehensive
income
(933)
(140)
(671)
(231)
Other summarised information
Net cashflows from
operations
1,037
385
1,466
1,817
(d)
Acquisition of ownership interest in subsidiary
On 4 August 2014, the Company acquired an additional 20.15% equity interest in Jin Heng
Li Hardware Sdn Bhd (“JHL”) from its non-controlling interests for a cash consideration of
$626,000. As a result of this acquisition, the Company’s ownership interest in JHL increased
to 79.38% from 59.23%.
The carrying value of the net assets of JHL at 4 August 2014 was $2,230,000 and the
carrying value of the additional interest acquired was $449,000. The difference of $177,000
between the consideration and the carrying value of the additional interest acquired has
been recognised as “Premium paid on acquisition of non-controlling interests” within equity.
