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| 39 |
SUBSIDIARIES |
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| 39.1 |
Acquisition of subsidiary |
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2005 |
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On 7 May 2004,the group increased its interest
in, Bayport Management Limited, from 49,9% to 62,8%. |
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Book
value
US$m
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Fair value
adjustments
US$m |
Fair
value
US$m |
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i) Net assets acquired |
– |
– |
– |
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Equipment |
0,4 |
– |
0,4 |
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Investments and receivables |
0,1 |
– |
0,1 |
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Goodwill |
0,1 |
(0,1) |
– |
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Current assets |
3,3 |
0,2 |
3,5 |
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Cash and cash equivalents |
1,5 |
– |
1,5 |
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Current liabilities |
(0,6) |
– |
(0,6) |
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Non-current liabilities |
(2,8) |
– |
(2,8) |
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Minority interests |
(0,4) |
0,1 |
(0,3) |
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Total net assets at acquisition |
1,6 |
0,2 |
1,8 |
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Less: Minority interest of 37,2% |
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(0,7) |
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Total consideration for 62,8% |
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1,1 |
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At date of
acquisition
US$m |
After
acquisition
US$m |
Total for
current year
US$m |
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ii) Financial effect of business combination |
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Revenue |
0,3 |
8,3 |
8,6 |
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Profit before taxation for the period |
0,1 |
2,6 |
2,7 |
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2006 |
2005 |
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US$m |
US$m |
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| 39.2 |
Loans and advances to/(from) subsidiaries |
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Name |
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Brait South Africa Limited* |
12,3 |
34,2 |
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Capital Partners Group Holding Limited# |
(6,3) |
(8,9) |
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Brait III Investments Limited# |
– |
0,2 |
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SAPEF III International GP Ltd# |
1,5 |
0,7 |
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The Brait Executive Share Trust# |
– |
5,1 |
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Brait International Limited# |
3,2 |
21,1 |
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Total net loans and advances |
10,7 |
52,4 |
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| * |
This loan is Rand denominated, bears interest at South African prime overdraft rate with fixed quarterly interest payments in arrears and no fixed repayment terms for the capital. |
| # |
These loans are US dollar denominated, have no repayment terms and are interest free. |
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