Ecowise Annual Report 2007 - ecoWise Holdings Limited

Notes to FinancialStatements31 October 200716. ACQUISITION OF SUBSIDIARYDuring the financial year 2006, the group acquired 100% of Watertech Pte. Ltd. on 1 June 2006. The transactions wereaccounted for by the purchase method of accounting.The net assets acquired and the related fair values are as follows:GroupAcquiree’s carrying amountBeforeAtcombination fair values2006 2006$’000 $’000ASSETSNon-Current AssetsProperty, Plant and Equipment, Total 65 65Intangible Assets, Total – 597Total Non-Current Assets 65 662Current AssetsInventories 15 15Trade and Other Receivables, Current 205 205Cash and Cash Equivalents 214 214Total Current Assets 434 434Current LiabilitiesTrade and Other Payables, Current (576) (576)Total Current Liabilities (576) (576)Group2006$’000Consideration 520Issue of shares (520)Consideration paid in cash –Add: cash taken over 214Net cash inflow on acquisition 21473