Annual Report 2010 - Ophir Energy

58
Ophir energy plc | 2010 ANNUAL REPORT
grOUp AccOUnTs | NOTEs TO THE fiNANCiAL sTATEmENTs
Notes to the
financial statements
11 investments in subsidiaries
2010
Us$’000
cOMpAny
2009
Us$’000
(a) subsidiary companies
shares at cost
Balance at beginning of year
- -
Acquisitions - -
Balance at end of year
- -
non current loans to subsidiaries
Balance at beginning of year
398,812
355,745
Advances during the year
Ophir Holdings Limited
51,096 42,838
Ophir Services Pty Ltd
1,005
229
Balance at end of year
450,913
398,812
Allowance for impairment
Balance at the beginning of the year
(104,006) (103,545)
Additional allowance
(2,116) (461)
Balance at end of year
(106,122)
(104,006)
Total
344,791
294,806
Book value
At beginning of year
294,806 252,200
At end of year 344,791 294,806
Loans to subsidiaries are unsecured, interest free and form part of the Parent Company’s investments in subsidiaries.
The loans have no particular repayment terms and the Parent Company has indicated that it does not intend to demand
repayment in the foreseeable future. The impairment charge primarily relates to a reduction in value of the subsidiaries
associated with the write off of exploration expenditure.
Loans to subsidiaries are denominated in US Dollars.