Financial Statements - Hemas Holdings, Ltd

Hemas Holdings PLC - Annual Report 2007 - 2008Notes to the Financial Statements33. ACQUISITION OF SUBSIDIARIES AND ASSOCIATE DURING THE YEAR - GroupThe acquisitions and disposals had the following effects on the groups Assets & Liabilities(a) Okanda Power Grid (Private) Ltd. (2008)/Mowbray Hotels Ltd and Giddawa Hydro Power (Private) Ltd. (2007)2008 2007Rs.Rs.AssetsProperty,Plant and Equipment 2,177,600 131,014,790Investments - 1,139,434Receivables - 214,133Cash and Cash Equivalents - 2,300,7062,177,600 134,669,063Less: LiabilitiesCreditors and Accruals - (44,832,964)Net Assets Acquired 2,177,600 89,836,099Minority Share - (10,139,893)Carrying value of the investment - (27,431,826)2,177,600 52,264,380Goodwill Acquired (negative Goodwill) 20,435,109 (19,012,486)Cash & cash equivalents - (2,300,706)Purchase Consideration 22,612,709 30,951,188(b) Hemas Hospital (Private) Limited 194,921,361 -(c) Serendib Hotels PLC - 27,095,279Total Cash Consideration 217,534,070 58,046,467Proceeds from Disposal of Associate Companies (103,029,381) (31,494,700)Net Cash Out flows 114,504,689 26,551,76734. EVENTS OCCURRING AFTER THE BALANCE SHEET DATEThere have been no material events occurring subsequent to the Balance Sheet date, that require adjustments to or disclosure in thefinancial statements.89