Osim FR 050407.indd

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Notes to the Financial Statements - 31 December 2006 (cont’d)11. Subsidiaries (cont’d)d) Acquisition of subsidiaries in financial year ended 31 December 2005 (cont’d)i) Effect of acquisition of interests in subsidiariesIn 2005, the fair value of the identifi able assets and liabilities of subsidiaries as at the date of acquisition were:CarryingRecognised on amount beforeacquisition* combination$’000 $’000(Restated)Fixed assets 12,843 12,843Investment in associated company 488 –Deferred tax assets 900 863Intangible assets (Note 13) 19,034 5,957Stocks 32,671 32,960Trade debtors 10,213 10,213Other debtors, deposits and prepayments 4,781 4,613Due from associated companies 4,398 4,398Due from affi liated companies 143 143Fixed deposits 829 829Cash and bank balances 2,167 2,16788,467 74,986Trade creditors (16,457) (16,457)Other creditors and accruals (9,277) (8,994)Due to fellow subsidiaries of the Group (11,638) (11,638)Due to affi liated companies (30) (30)Provision for income tax (1,539) (1,539)Bank overdraft (4,192) (4,192)Bank loans (9,493) (9,493)Lease obligations (4,298) (4,298)Bills payable to banks (4,129) (4,129)Deferred tax liabilities (4,074) (285)Revaluation reserve (Note 7) (5,237) –(70,364) (61,055)Net identifi able assets 18,103 13,931Notes to the Financial Statements 121Annual Report 2006
Notes to the Financial Statements - 31 December 2006 (cont’d)11. Subsidiaries (cont’d)d) Acquisition of subsidiaries in financial year ended 31 December 2005 (cont’d)i) Effect of acquisition of interests in subsidiaries (cont’d)Goodwill arising on acquisition (Note 13) 23,896Negative goodwill arising on acquisition (Note 30) (615)41,384Amount previously recorded as associated company (18,772)Minority interests (7,445)Purchase consideration 15,167Cash outflow on acquisition:Cash paid 15,167Due to fellow subsidiaries of the Group 11,638Negative cash balance acquired with the subsidiaries 1,196Net cash outfl ow on acquisition 28,001CarryingRecognised on amount beforeacquisition* combination$’000 $’000(Restated)* During the year, the purchase price allocation to goodwill, intangible assets (excluding goodwill) and other assetsrelating to the acquisition of Global Active Limited in 2005 was fi nalised.From the dates of acquisition, the acquired subsidiaries contributed net losses of $3,374,000 to the net profi t of theGroup. The management believes that the disclosure of the revenue and profi t of the Group had the combinationtaken place at the beginning of the year, would not provide meaningful information as these subsidiaries were lossmakingprior to their acquisitions.ii)Acquisition of additional interests in subsidiaries• Global Active LimitedSubsequent to April 2005, the Company acquired additional shares of GAL totaling 1.52% from the minorityshareholders. The cash consideration for acquiring the additional interests was $840,000 1 and this resulted inan increase in premium on purchase of minority interests’ shares of $505,000 (Note 8). As at 31 December2005, the total percentage of equity held in GAL is 67.17%.Notes to the Financial Statements 122Annual Report 2006
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Process and Performanceas the growt
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Customer Service Department“I put
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Sales Department“I look forward t
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Research & Development“Every prod
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Contents17 CEO’s Message22 The Ro
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... ensuring that as we grow,they g
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previous year. Q4 2006 revenue rose
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The Role ModelsThe Role Models 22 A
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Ms Teo Sway HeongNon-Executive Dire
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Mr Peter Lee Hwai KiatMs Celine Cha
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Result of our Growth StrategyThe Gr
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Performance ReviewIn building a glo
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ProfitabilityIn FY2006, buoyant rev
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An Environment of GrowthMarch 2006
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Financial HighlightsOur goal is to
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Number of OutletsOSIM OutletsNorth
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Capital ExpenditureCapexS$’000 Le
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Corporate Structure as at 21 Februa
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OSIM Global NetworkSINGAPORECHINATA
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Corporate InformationBoard of Direc
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Non Executive DirectorMs Teo Sway H
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Corporate Governance Report 51 Annu
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The Company worked closely with a p
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New directors are at present appoin
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In 2006, the Audit & Risk Managemen
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The aggregate value of interested p
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Financial Contents64 Directors’ R
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Directors’ ReportFor the Year end
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Directors’ Report (cont’d)Share
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Directors’ Report (cont’d)Share
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Page 75 and 76: Balance Sheetsas at 31 December 200
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Page 171 and 172: Major PropertiesUnexpiredterm ofDes
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Shareholdings Statistics as at 8 Ma
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Notice of Annual General Meeting (c
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Notice of Annual General Meeting (c
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Appendix (cont’d)DEFINITIONSIn th
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Appendix (cont’d)PROPOSED RENEWAL
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Appendix (cont’d)3.1.3 The Direct
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Appendix (cont’d)4. Rationale and
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Appendix (cont’d)11. ACTION TO BE
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OSIM INTERNATIONAL LTDCompany Regis
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SINGAPOREOSIM International Ltd65 U
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Osim FR 050407.indd

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