Annual Report 2011 - QuamIR

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Notes to the Consolidated Financial StatementsFor the year ended 31 March 201137. Acquisition of Subsidiaries (continued)(a)Acquisition of Favour South Limited (continued)Assets acquired and liabilities recognized at the date of acquisitionHK$’000Non-current assetsProperty, plant and equipment (Note 16) 16,878Mining rights (Note 18) 139,861Current assetsPrepayments, deposits and other receivables 7,086Bank balances and cash 554Current liabilitiesOther payables and accruals (7,158)Amount due to a non-controlling interest of a subsidiary (19,927)Amount due to a shareholder (3,123)Non-current liabilitiesDeferred tax liabilities (Note 30) (34,816)Provision for restoration costs (363 )98,992The fair value of receivables acquired, which principally comprised prepayments, deposits andother receivables approximated the gross contractual amounts. There are no contractual cashflows not expected to be collected.Non-controlling interestsThe non-controlling interests at the acquisition date were measured at the non-controllinginterests’ proportionate share of the acquiree’s identifiable net assets.Sino Prosper State Gold Resources Holdings Limited112
Notes to the Consolidated Financial StatementsFor the year ended 31 March 201137. Acquisition of Subsidiaries (continued)(a)Acquisition of Favour South Limited (continued)Goodwill arising on acquisitionHK$’000Consideration transferred 156,013Add: non-controlling interests 30,414Less: fair value of identifiable net assets acquired (98,992 )Goodwill arising on acquisition (Note 20) 87,435None of the goodwill arising on this acquisition is expected to be deductible for tax purposes.Goodwill arising from acquisition of Favour South and its subsidiaries (the “Favour SouthGroup”) is attributable to the anticipated profitability and future development of the FavourSouth Group in gold mining activities in the PRC and the anticipated future operating synergyfrom the combinations.Net cash outflow arising on acquisition of subsidiariesHK$’000Consideration paid in cash 159,136Less: Deposit paid in prior year (4,136 )Bank balances and cash acquired (554 )154,446Impact of acquisition on the results of the GroupThe Favour South Group contributed revenues of approximately HK$2,380,000 and net loss ofapproximately HK$11,018,000 to the Group for the period from the date of acquisition to 31 March2011. If the acquisition had occurred on 1 April 2010, Group revenue would have been approximatelyHK$2,380,000 and loss before allocations would have been approximately HK$12,893,000. Thispro forma information is for illustrative purposes only and is not necessarily an indication of therevenue and results of the Group that actually would have been achieved had the acquisitionoccurred on 1 April 2010, nor is it intended to be a projection of future results.Annual Report 2011113
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Sino Prosper State Gold Resources H
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Year in Review2010-2011April 2010HK
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Chairman’s MessageOver the course
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Chairman’s MessageFor its part, A
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Management Discussion & AnalysisAft
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Management Discussion & AnalysisInv
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Management Discussion & AnalysisTar
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Management Discussion & AnalysisDur
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Directors’ and Management Profile
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Directors’ and Management Profile
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Corporate Governance ReportDIRECTOR
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Corporate Governance ReportREMUNERA
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Directors’ ReportThe directors (t
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Directors’ ReportMr. Cai Wei Lun
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Directors’ ReportNotes:1. This pe
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Directors’ ReportThe emolument of
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Independent Auditors’ ReportWe be
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Consolidated Statement of Financial
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Consolidated Statement of Changes i
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Consolidated Statement of Cash Flow
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Notes to the Consolidated Financial
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Page 63 and 64: Notes to the Consolidated Financial
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Page 125 and 126: Financial SummaryFor the year ended
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Annual Report 2011 - QuamIR

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