Annual - Johnson Electric

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42. Business combinations NOTES TO THE ACCOUNTS On 8th November 2005, the Group acquired 100% of the share capital of Parlex Corporation (Parlex), a world leader in the design and manufacture of flexible, interconnect products operating in the United States. The acquired business contributed revenues of US$47,237,000 and net loss of US$2,123,000 (after restructuring provisions of US$1,105,000) to the Group for the period from the date of acquisition to 31st March 2006. On 17th November 2005, the Group acquired 100% of the share capital of Saia-Burgess Electronics Holding AG, a leader supplier of stepper motors, switches, actuators and electronic controllers to customers within the automotive, industrial and infrastructure automation industry operating in Swiss and most western European countries. The acquired business contributed revenues of US$226,610,000 and net loss of US$994,000 (after restructuring provisions of US$7,842,000) to the Group for the period from the date of acquisition to 31st March 2006. During the year, the Group further acquired 34.1% of the share capital of China Autoparts, Inc., a manufacturer of engine blocks, to a total of 54.1% shares held. The acquired business contributed revenues of US$11,184,000 and net profit of US$1,149,000 to the Group for the period from the date of acquisition to 31st March 2006. It is impracticable to disclose the aggregate revenue and results of the acquired companies as though they had been acquired on 1st April 2005. The business and other conditions that might have prevailed throughout the financial year, and their possible impact on integration and other activities, are not known and cannot be estimated. Details of net assets acquired and goodwill are as follows: 2006 2005 US$’000 US$’000 Purchase consideration: 611,056 34,024 Fair value of net assets acquired – shown as below (279,366) (7,651) Goodwill (note 9) 331,690 26,373 Johnson Electric Holdings Limited 107
NOTES TO THE ACCOUNTS 42. Business combinations (Cont’d) The assets and liabilities arising from the acquisition are as follows: 108 Johnson Electric Holdings Limited Fair Value Acquiree’s carrying amount US$’000 US$’000 Properties, plant and equipment 143,124 168,317 Leasehold land and land use rights 301 301 Intangibles 272,330 491 Investment in associated companies 1,610 1,610 Deferred income tax assets 7,643 7,643 Stocks and work in progress 82,234 80,653 Trade and other receivables 143,853 143,853 Available-for-sale financial assets 612 612 Bank balances and cash 48,097 48,097 Bank loans and overdraft (159,251) (159,251) Trade and other payables (134,556) (134,849) Tax liabilities (9,546) (9,546) Deferred income tax liabilities (75,489) (10,550) Minority interests (602) (602) Provisions and other liabilities (32,819) (21,398) Net assets 287,541 115,381 Minority interests (8,175) Net assets acquired 279,366 Purchase consideration 611,056 Interest in associated company previously accounted for (3,799) Purchase consideration settled in cash 607,257 Cash and cash equivalents in subsidiary acquired (48,097) Cash outflow on acquisition 559,160 43. Related-party transactions Details of substantial equity holders are shown in Disclosure of Interests in the Report of the Directors on page 38. The Group had no other material related party transactions during the year except the senior management compensation as disclosed in note 32.
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Annual Report 2006 Johnson Electric
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CORPORATE PROFILE CONTENTS 2 Johnso
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FINANCIAL HIGHLIGHTS FINANCIAL HIGH
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A MESSAGE FROM PATRICK WANG A MESSA
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BUSINESS REVIEW AUTOMOTIVE MOTORS G
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BUSINESS REVIEW Power Tools Hand To
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BUSINESS REVIEW JOHNSON ELECTRIC CA
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FINANCIAL REVIEW FINANCIAL REVIEW O
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FINANCIAL REVIEW Other Gains Other
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AUDITORS’ REPORT AUDITORS’ REPO
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Annual - Johnson Electric

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