directors - The Lion Group

The effects of the abovementioned disposal and liquidation on the financial position of the Group as of 30 June
2005 are as follows:
68
Disposal/Liquidation
(Unaudited) (Audited)
(At the
dates of
disposal and
liquidation)
2005 2004
RM’000 RM’000
Property, plant and equipment 20,709 21,419
Investment property 109,315 109,315
Expenditure carried forward 1,852 1,893
Inventories 3,209 2,978
Trade receivables 339 4,888
Other receivables, deposits and prepayments 4,429 6,349
Deposits, cash and bank balances 1,929 2,502
Trade payables (6,744) (7,908)
Other payables, deposits and accruals (15,116) (16,113)
Short-term borrowings (5,967) (5,967)
Minority interests (3,604) (4,675)
Net assets 110,351 114,681
In 2004, Lion Diversified Holdings Berhad (“LDHB”), a former subsidiary company of the Company, completed
its corporate exercises on 1 June 2004. As part of LDHB’s corporate exercises, LDHB disposed of 50% equity
interests in its subsidiary companies which were principally involved in the brewery operations in January 2004.
Upon disposal, these subsidiary companies became associated companies of LDHB.
Also, upon completion of the corporate exercises undertaken by LDHB, the Group’s equity interest in LDHB was
diluted from 59% to 45%. Consequently, LDHB and its subsidiary companies ceased to be subsidiary companies
of the Group. LDHB became an associated company of the Group in 2004.
The effects of the abovementioned disposal and dilution on the financial results of the Group for 2004 are as
follows:
Disposal/
Dilution
(Unaudited)
(Up to
the dates
of disposal
and dilution)
2004
RM’000
Revenue 405,080
Operating expenses (363,935)
Profit from operations 41,145
Finance costs (8,952)
Profit before tax 32,193
Income tax expense (17,378)
Profit after tax 14,815
Minority interests (10,331)
Net profit attributable to shareholders of the Company 4,484