105
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
30.
Segment information
(continued)
Revenue of $16,812,000 (2013: $16,364,000) is derived from one (2013: one) external customer. This
revenue is attributable to Singapore offshore & engineering and marine segments.
The following table provides an analysis of the Group’s non-current assets by geography which is
analysed based on the location of the non-current assets:
Group
2014
2013
$‘000
$‘000
Singapore
201,893
182,953
Asia
(1)
27,312
20,630
Middle East
896
903
Total
230,101
204,486
(1)
Asia refers to non-current assets located in China, Indonesia and Malaysia.
31.
Business combinations
In previous financial year, the Company acquired the entire issued and paid-up share capital
of Chinyee and S&W for purchase considerations of $9,491,000 and $5,100,000 respectively. The
Company took effective control of Chinyee and S&W on 1 December 2013. The principal activities of
Chinyee are to provide precision manufactured components and assemblies. The principal activities
of S&W are to manufacture, repair, supply and design heat exchangers, pressure vessels, air cooler
heat exchangers and skid packager.
Details of the consideration to be paid, the assets acquired and liabilities assumed and the effects
on the cash flows of the Group, at the acquisition date, are as follows:
Chinyee
S&W Total
$’000
$’000
$’000
2013
(a)
Purchase consideration:
Cash to be paid
6,741
3,850
10,591
Consideration to be settled via issuance
of ordinary shares
2,750
1,250
4,000
9,491
5,100
14,591
(b)
Effect on cash flows of the Group:
Cash paid
-
-
–
Less: cash and cash equivalents in
subsidiaries acquired (net of bank overdraft)
(678)
(1,959)
(2,637)
Cash outflow on acquisitions
(678)
(1,959)
(2,637)
