NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 39 ACQUISITION OF AND LOSS OF CONTROL IN SUBSIDIARIES, AND CHANGES IN INTERESTS IN SUBSIDIARIES WITHOUT LOSS OF CONTROL (CONT’D) (I) Acquisition of subsidiaries (cont’d) 2023 (cont’d) Identifiable assets acquired and liabilities assumed The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date: Recognised amounts Business combination Acquisition of assets Total $’000 $’000 $’000 Investment properties – 627,742 627,742 Development properties – 67,525 67,525 Trade and other receivables 102 10,400 10,502 Cash and cash equivalents 40,578 5,416 45,994 Trade and other payables (1,918) (21,844) (23,762) Shareholders loans – (4,450) (4,450) Provision for taxation (10) (2,147) (2,157) Interest-bearing borrowings – (6,713) (6,713) 38,752 675,929 714,681 Amount previously accounted for as joint venture – –^ –^ Amount owing by joint venture – (6,515) (6,515) Net identifiable assets acquired 38,752 669,414 708,166 Cash flows relating to the acquisition Consideration for equity interest –^ 669,414 669,414 Shareholder loans assumed – 4,450 4,450 Total consideration –^ 673,864 673,864 Add: Acquisition-related costs 77 8,072 8,149 Less: Acquisition-related costs not yet paid – (131) (131) Less: Cash and cash equivalents acquired (40,578) (5,416) (45,994) Total net cash outflow (40,501) 676,389 635,888 ^ Less than $1,000 Negative goodwill Negative goodwill arising from the acquisition of Summervale was recognised as follows: Total $’000 Consideration transferred –^ Less: Fair value of identifiable net assets 38,752 Negative goodwill (38,752) ^ Less than $1,000 The negative goodwill arising from the acquisition of Summervale was recognised in ‘other income” in the Group’s consolidated profit or loss. The negative goodwill was attributed to the Group’s commercial negotiation and agreement reached with the seller. FINANCIALS CITY DEVELOPMENTS LIMITED 170
RkJQdWJsaXNoZXIy ODIwNTc=