NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2015
105
GKE CORPORATION LIMITED
ANNUAL REPORT 2015
15.
INVESTMENTS IN ASSOCIATES (cont’d)
Aggregate information about the Group’s investment in associates that are individually material are as
follows:
Summarised balance sheet
GKE Metal Logistics
Pte Ltd and its subsidiaries
Maoming City Hung Ji
Construction Materials Co. Ltd
As at
May 2015
As at
May 2014
As at
May 2015
As at
May 2014
$’000
$’000
$’000
$’000
Current assets
6,696
9,147
1,182
586
Intangible assets
2,627
2,627
1,353
1,339
Goodwill
2,541
2,541
–
–
Non-current assets
331
363
4,952
5,146
Total assets
12,195
14,678
7,487
7,071
Current liabilities
118
2,688
4,171
4,163
Total liabilities
118
2,688
4,171
4,163
Net assets excluding goodwill
and intangible assets
6,909
6,822
1,963
1,569
Less: non-controlling interest
(1,564)
(1,786)
–
–
Adjusted net assets
5,345
5,036
1,963
1,569
Proportion of the Group’s
ownership
49%
49%
40%
40%
Group’s share of net assets
2,619
2,468
785
628
Fair value adjustment on loss of
control of a subsidiary*
Goodwill
2,627
2,627
–
–
Intangible with indefinite useful life
2,541
2,541
–
–
Intangible with definite useful life
–
–
1,353
1,339
Deferred tax on undistributed
earnings
(95)
(90)
–
–
Carrying amount of the investment
7,692
7,546
2,138
1,967
* GKE Metal Logistics Pte Ltd was formerly a wholly owned subsidiary of the Company. On 22 June 2012, the Company
disposed 51% interest in GKE Metal Logistics Pte Ltd to LD Commodities Metals Asia Pte Ltd. Consequently, GKE
Metal Logistics Pte Ltd ceased to be a subsidiary of the Company. The remaining 49% of its shareholders’ interest
had been classified as investment in associate and was recorded at fair value in accordance with FRS 110.
