|
Statement of financial position for the ZX Group as at 31 December 2012 ASSETS (all workings in $000)
|
$000
|
|
Non-current assets
|
|
Property, plant and equipment (20,250 + 11,000)
|
31,250
|
|
Goodwill (W1)
|
2,324
|
|
33,574
|
|
Current assets (16,000 + 5,000)
|
21,000
|
|
Total assets
|
54,574
|
|
EQUITY AND LIABILITIES
|
|
Equity attributable to owners of the parent
|
|
Share capital ($1.00 shares)
|
5,000
|
|
Retained earnings (W2)
|
27,734
|
|
32,734
|
|
Non-controlling interest (W3)
|
2,240
|
|
Total equity
|
34,974
|
|
Total liabilities (14,800 + 4,800)
|
19,600
|
|
Total equity and liabilities
|
54,574
|
|
W1 Goodwill
|
$000
|
$000
|
|
|
Consideration transferred
|
8,750
|
|
|
Non-controlling interest (40% x $10,280,000)
|
4,112
|
|
|
12,862
|
|
|
Net assets at date of acquisition:
|
|
|
Share capital
|
1,000
|
|
|
Retained earnings at acquisition date
|
9,280
|
(10,280)
|
|
|
Goodwill at acquisition
|
2,582
|
|
|
Impairment 10% in 2011
|
(258)
|
|
|
Goodwill at 31 December 2012
|
2,324
|
|
|
W2 Consolidated retained earnings
|
ZX Group
|
CV
|
|
|
$000
|
$000
|
|
|
As reported in SOFP
|
28,200
|
10,200
|
|
|
Less pre-acquisition retained earnings
|
(9,280)
|
|
|
920
|
|
|
Group share of CV ($920,000 x 60%)
|
552
|
|
|
Impairment of goodwill (as in W1 above)
|
(258)
|
|
|
Adjustment to parent's equity (W4)
|
(760)
|
|
|
Consolidated retained earnings
|
27,734
|
|
|
W3 Non-controlling interest
|
$000
|
|
|
Non-controlling interest at acquisition (W1)
|
4,112
|
|
|
Plus NCI share of post acquisition retained earnings (as in W2 above) (40% x $920,000)
|
368
|
|
|
NCI at date of transfer of additional 20% to ZX
|
4,480
|
|
|
50% transferred on 31 December 2012
|
(2,240)
|
|
|
NCI at 31 December 2012
|
2,240
|
|
|
W4 Adjustment to parent's equity
|
$000
|
|
|
Consideration transferred
|
3,000
|
|
|
Net assets transferred (W3)
|
(2,240)
|
|
|
Debit to group retained earnings
|
760
|
|