13.
INVESTMENT IN ASSOCIATES (CONTINUED)
During the year, the Company wrote back an impairment loss of $437,000 which was part of the
$645,000 impairment recognised in 2014 on its investment in associate (POS-SEA Pte Ltd).
Dividends of $2,739,000 (2014: $3,582,000) and Nil (2014: $61,000) were received from BRC Asia
Limited and POS-SEA Pte Ltd respectively.
The summarised financial information in respect of BRC Asia Limited and POS-SEA Pte Ltd based on
its FRS financial statements and a reconciliation with the carrying amount of the investment in the
consolidated financial statements are as follows:
BRC Asia Limited
POS-SEA Pte Ltd
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Currents
151,563
199,900
49,673
51,764
Non-current assets excluding goodwill
87,290
85,062
911
364
Goodwill
10,907
10,907
–
–
Total assets
249,760
295,869
50,584
52,128
Current liabilities
(49,408)
(91,473)
(49,029)
(51,916)
Non-current liabilities
(20,818)
(22,430)
–
(2)
Total liabilities
(70,226)
(113,903)
(49,029)
(51,918)
Net assets
179,534
181,966
1,555
210
Net assets excluding goodwill
168,627
171,059
1,555
210
Proportion of the Group’s ownership
22.42%
22.43%
32.45%
32.45%
Group’s share of net assets
37,806
38,369
505
68
Goodwill on acquisition
10,907
10,907
–
–
Other adjustments
315
152
(30)
(8)
Carrying amount of the investment
49,028
49,428
475
60
Summarised statement of comprehensive income
BRC Asia Limited
POS-SEA Pte Ltd
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Revenue
372,128
399,581
658,249
242,068
Profit/(loss) after tax from continuing
operations
11,665
24,639
1,298
(3,025)
Other comprehensive income
(1,250)
(451)
–
–
Total comprehensive income
10,415
24,188
1,298
(3,025)
91
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2015
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
