Bradken Limited Annual Report 2015 - page 116

81 l BRADKEN LIMITED ANNUAL REPORT 2015
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
30 Investments in associates
2015
2014
$'000
$'000
(a) Movements in carrying amounts
Carrying amount at the beginning of the financial year
53,171
49,261
622
6,441
Share of (loss) / profit after income tax
(1)
(9,102)
(85)
Dividends received/receivable
-
(2,446)
Impairment of investment
(2)
(36,008)
-
Carrying amount at the end of the financial year
8,683
53,171
(b) Summarised financial information of associates
31-Dec14
31-Dec13
$'000
$'000
Current assets
76,003
113,205
Non-current assets
199,904
238,781
Current Liabilities
(45,930)
(63,973)
Non-current liabilities
(101,664)
(115,349)
Total Equity
128,313
172,664
Revenue
102,051
106,414
Net profit / (loss) for the period (from continuing operations)
(41,598)
860
Other comprehensive income / (loss)
4,190
(3,046)
Total other comprehensive income
(37,408)
(2,186)
(c) Market value of listed investment in associate based on last traded share price at 30 June 2015
2015
2014
$'000
$'000
Austin Engineering Ltd
(1)
8,683
28,442
8,683
28,442
As ANG are yet to announce their 30 June 2015 financial results, the following table contains the summarised financial
information of the most recent published financial results of ANG.
Increase in investment by way of share purchases in current
period
(1) This amount includes the Company's actual share of ANG's net loss after tax for the six months ended 31 December 2014,
and an estimate of the Company's share of ANG's net loss after tax for the six month period ending 30 June 2015 based on
market conditions, market updates and analyst estimates and an adjustment to reflect the Company's actual share of ANG's net
profit after tax for the year ending 30 June 2014. Differences identified when ANG publishes their results for the 30 June 2015
financial year will be adjusted in the Group's interim report for the half year ending 31 December 2015.
As the investment is written down to its recoverable amount at 30 June 2015, any future adverse change in the key assumptions
will result in further impairment.
(2) The Directors have assessed the investment in Austin Engineering Limited may not be held to maturity and accordingly the
recoverable amount has been assumed as the fair value less cost of disposal as at 30 June 2015. This resulted in an
impairment expense of $36.0m.
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