186 | CapitaLand Limited Annual Report 2014
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
31 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
(cont’d)
(b) Effects of acquisitions
The cash nows and net assets of subsidiaries acquired are provided below
Recognised values
Note
2014
$’000
2013
$’000
Restated
The Group
Property, plant and equipment
95,154
7,010
Investment properties
5
363,514
746,708
Development properties for sale
306,509
251,565
Cash and cash equivalents
38,731
13,183
Other current assets
3,183
2,109
Current liabilities
(59,590)
(89,056)
Long-term bank borrowings
(34,950)
(41,055)
Shareholder’s loans
(115,116)
(83,344)
Deferred tax liabilities
(813)
(1,143)
Non-controlling interests
(183,116)
(173,550)
413,506
632,427
Amounts previously accounted for as associates,
joint ventures and other mnancial assets, at fair value
(22,176)
(36,303)
Net assets acquired
391,330
596,124
Goodwill arising from acquisition
4
–
13,214
Gain from bargain purchase
(12,790)
–
Assumption of shareholder’s loans
115,116
83,344
Total purchase consideration
493,656
692,682
Less
Deferred payment and other adjustments
(87,986)
–
Cash of subsidiaries acquired
(38,731)
(13,183)
Cash outnow on acquisition of subsidiaries
366,939
679,499
(c) Disposal of subsidiaries
There was no disposal of signimcant subsidiaries in 2014.
The list of signimcant subsidiaries disposed in 2013 is as follows
Name of subsidiary
Date disposed
Effective
interest disposed
Beijing CapitaLand Xin Ming Real Estate Development Co., Ltd.
March 2013
100%
Radiant I Pte. Ltd.
#
April 2013
65%
Crystal II Pte. Ltd.
#
April 2013
65%
Abbey Road Limited
#
July 2013
45%
Australand*
November 2013
20%
#
These subsidiaries were sold to CapitaMalls China Development Fund III, an associate, in which the Group has an effective
interest of 32.7% as at 31 December 2013.
* The Group retained an effective interest of 39.1% in Australand as at 31 December 2013. In March 2014, the Group completed
the sale of its remaining 39.1% interest in Australand.
For the year 2013, the disposed subsidiaries previously contributed net promt of $64.9 million from 1 January
2013 to the respective dates of disposal.
