87
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
20.
Trade and other payables
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Trade payables
- non-related parties
14,540
14,663
–
–
Construction contracts
- Due to customers (Note 14)
4,819
1,656
–
–
Advances from customers
394
346
–
–
Deferred revenue
652
360
–
–
Amount due to subsidiaries (non-trade)
–
–
48,571
1,466
Amount due to former shareholders of
Top Great (non-trade)
–
1,332
–
1,332
Amount due to former shareholders
of Subsea (non-trade)
–
1,712
–
1,712
Amount due to former owners of Team
(non-trade)
–
1,200
–
1,200
Amount due to non-controlling
interests of Vac-Tech (non-trade)
2,100
4,200
2,100
4,200
Amount due to former shareholder of
Chinyee (non-trade)
5,500
9,491
5,500
9,491
Amount due to former shareholder of
S&W (non-trade)
3,600
5,100
3,600
5,100
Accruals for operating expenses
5,005
12,931
1,548
3,271
Other payables
3,392
4,372
975
257
40,002
57,363
62,294
28,029
Less non-current portion of:
Amount due to former shareholder of
Chinyee (non-trade)
2,750
5,500
2,750
5,500
Amount due to former shareholder of
S&W (non-trade)
2,350
2,350
2,350
2,350
5,100
7,850
5,100
7,850
34,902
49,513
57,194
20,179
The non-trade amount due to subsidiaries is unsecured, interest-free and is repayable on demand.
The amounts due to former shareholders of Top Great, Subsea, Chinyee and S&W, former owners
of Team and non-controlling interests of Vac-Tech pertain to the balance of purchase consideration
of $11,200,000 (2013: $23,035,000), which consist of $6,350,000 (2013: $16,335,000) to be settled via
cash and $4,850,000 (2013: $6,700,000) to be settled by issuance of ordinary shares of the Company.
These amounts are to be settled in accordance with the terms and conditions of the sales and
purchase agreements and supplemental agreements. These amounts are unsecured and interest-
free.
The fair values of non-current portion of amounts due to former shareholder of Chinyee and S&W
approximate its carrying amounts.
