psc - Kufpec

KUWAIT FOREIGN PETROLEUM EXPLORATION COMPANY K.S.C. (CLOSED)
AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2010
26. ACQUISITION OF SUBSIDIARY
Subsidiary acquired
Principal
activity
Country of
incorporation
Date of
acquisition
Proportion
of shares
acquired
Cost of
acquisition
KD 000’s
Shell Upstream Holding
Company B.V. (“SUGH”) Oil & Gas Netherlands
1 January
2010 100 % 99,065
SUGH has a fully owned subsidiary-Kirthar Pakistan B.V. Subsequent to the acquisition, SUGH’s name has been changed
to KUFPEC Pakistan (Kirthar Holdings) B.V.
Analysis of assets and liabilities acquired
Net assets acquired
Book
value
Fair value
adjustment
Fair value on
acquisition
KD 000’s KD 000’s KD 000’s
Current assets:
Cash and bank balances 1,140 - 1,140
Trade and other receivables 27,444 - 27,444
Inventories 1,412 - 1,412
Non-current asset
Fixed assets 47,023 33,754 80,777
-
Current liabilities: -
Trade and other payables (8,914) - (8,914)
Tax liability (2,794) - (2,794)
Net assets 65,311 33,754 99,065
Purchase consideration 99,065
2010
KD 000’s
Total purchase consideration 99,065
Less: Purchase consideration settled in 2010 (20,428)
Purchase consideration payable 78,637
Subsequent to the reporting date, the Group has settled the purchase consideration payable of KD 78,637
thousand.
Net cash outflow on acquisition in 2010
2010
KD 000’s
Purchase consideration settled in 2010 20,428
Less: Cash and bank balances acquired (1,140)
Net cash outflow on acquisition in 2010 19,288
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