Annual Report 2006 - Venture Corporation Limited

notes to financial statements
December 31, 2006
12 INVESTMENTS IN ASSOCIATES (Cont’d)
Details of the group’s significant associates as at December 31, 2006 are as follows:
Name of Associates
Country of
Incorporation
and Operation
Proportion of
Ownership Interest and
Voting Power Held
Principal Activities
2006 2005
% %
DMX Technologies
Group Ltd
Bermuda 20.7 - Provision of broadband network
infrastructure, digital video and
advanced mobile solutions
Acumen Engineering
Pte Ltd
Singapore 42.7 42.7 Trading of plastic resins
Fischer Tech Ltd (1) Singapore 22.9 22.9 Manufacture of plastic injection
moulds and mouldings with
secondary processes
Hartec Asia Pte Ltd (2) Singapore 30.0 52.0 Manufacturing of products and
provision of services with the
application of nano technology
All the companies are audited by Deloitte & Touche, Singapore except as follows:
(1)
Audited by Ernst & Young, Singapore.
(2)
Audited by Boon Suan Lee & Co.
Summarised financial information in respect of the group’s associates is set out below:
The Group
2006 2005
$’000 $’000
Total assets 481,524 147,422
Total liabilities (137,006) (67,297)
Net assets 344,518 80,125
Group’s share of associates’ net assets 109,270 21,112
Revenue 487,703 172,087
Profit for the year 33,838 9,383
Group’s share of associates’ profit for the year 6,347 2,478
Trade payables due to associates are unsecured, interest-free and repayable within 12 months.
64 venture corporation limited