notes to the financial statements - Food Empire Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS (cont’d)
For the year ended 31 December 2012
15. Investment in associates (cont’d)
Disposal
For the year ended 31 December 2011, the Group disposed of its 26% interest in Vayhan Coffee Limited for a total consideration of
approximately US$2,689,000. A loss on disposal of interest, amounting to US$342,000 was recognised in the profit or loss.
Details of the associates as at 31 December are as follows:
Name of company
(Country of incorporation)
Held by subsidiaries
Principal activities
Percentage of equity
held by the Group
2012
%
2011
%
Simonelo Limited (1)
(Cyprus)
Investment holding 50 50
Triple Ace Ventures Limited (2)
(British Virgin Islands)
Investment holding 50 50
PT Marindo Makmur Usahjaya (3)
(Indonesia)
Manufacturing of frozen seafood products 40 40
Empire Tea (PVT) Ltd (4)
(Sri Lanka)
Exporter of bulk, packet and bagged tea 30 30
(1) Audited by KPMG Cyprus.
(2) Not required to be audited by the law of its country of incorporation.
(3) Audited by Drs. Suprihadi dan Rekan, Indonesia.
(4) Audited by HLB Edirisinghe & Company, Sri Lanka.
The summarised financial information of the associates is as follows:
Group
2012
US$’000
2011
US$’000
Assets and liabilities:
Total assets 75,172 59,187
Total liabilities 49,207 39,213
Revenue 78,350 70,883
Profit for the year 3,306 1,547
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