89
Annual Report 2015
TEHO INTERNATIONAL INC LTD.
27 ACQUISITION OF SUBSIDIARIES (CONT’D)
(ii) “Liha” Shipservice B.V. and Store Rijnmond B.V.
Identifiable assets acquired and liabilities assumed
The following table summarises the recognised amounts of assets acquired and
liabilities assumed at the acquisition date.
At fair values
2015
$
Cash and cash equivalents
2,591
Inventories
241,080
Trade and other receivables
134,338
Plant and equipment
286,840
Trade and other payables
(150,545)
Identifiable net assets acquired
514,304
An analysis of the cash flows in respect of the acquisition is as follows:
Group
2015
$
Cash paid
514,304
Cash and cash equivalent acquired
(2,591)
Net outflow of cash and cash equivalents on acquisition
511,713
2014
(iii) TIEC Holdings Pte. Ltd.
On 26 May 2014, the Group acquired the entire share capital of TIEC Holdings Pte.
Ltd. (“TIEC”). As a result, TIEC became a wholly owned subsidiary of the Company
(see Note 6 for the principal activities).
27 ACQUISITION OF SUBSIDIARIES (CONT’D)
(iii) TIEC Holdings Pte. Ltd. (cont’d)
Acquiring TIEC will enable the Group to be better positioned to achieve long-term
sustainable growth across diverse economic conditions and reduce any over-reliance
on its existing businesses.
The contributions from TIEC Holdings Pte. Ltd. for the period between the date of
acquisition and end of the financial year and if the acquisition had occurred on 1 July
2013, respectively, are as follows:
From date of From 1 July
acquisition in
2013 to
2014
30 June 2014
$
$
Revenue
5,090,107
38,769,172
Profit, net of tax
390,968
3,516,384
The consideration transferred is as follows:
Group
2014
$
Cash
7,278,844
25,000,000 ordinary shares issued (Note 12)
3,775,000
Total consideration transferred
11,053,844
The fair value of the ordinary shares issued was based on the listed share price of the
Company at 26 May 2014 of $0.15 per share.
Acquistion-related costs
The Group incurred acquisition-related costs of $70,900 on legal fees and due
diligence costs. The costs have been included in administrative expenses.
NOTES TO THE
FINANCIAL STATEMENTS
Year ended 30 June 2015
