KINGSMEN CREATIVES LTD
ANNUAL REPORT
2014
77
16.
Investments in associates
(cont’d)
Name of associate
Country of incorporation and principal place of business
Principal activities
(Independent Auditor)
Percentage of
effective equity
interest held by
the Group
2014 2013
% %
Held through Enterprise Sports Group Pte Ltd (cont’d)
ESG Timing Pte Ltd
(c)
30.00 30.00
Singapore
Sale, rental and provision of services for timing equipment
(VC Assurance PAC)
Enterprise Sports Singapore Pte Ltd
30.00 30.00
Singapore
Sports event marketing
(VC Assurance PAC)
Held through Kingsmen Sdn Bhd
Kingsmen KEG Sdn Bhd
28.40
–
(formerly known as Kingsmen Environmental Graphics Sdn Bhd)
(d)
Malaysia
Design and production of interiors, exhibitions, decorations and museums
(RSM Robert Teo, Kuan & Co)
(a)
Pursuant to the requirements of FRS 110 Consolidated Financial Statements, Kingsmen Middle East LLC was
accounted for as a 55.51% subsidiary of the Group with effect from 1 January 2014. Prior to the adoption of
FRS 110, Kingsmen Middle East LLC was treated as a 25% associate of the Group.
(b)
Pursuant to the Company’s acquisition of a 0.004% equity interest in Kingsmen C.M.T.I. Co., Ltd in January
2014, the Group’s effective interest in Kingsmen C.M.T.I. Co., Ltd increased to 20%. Consequently, Kingsmen
C.M.T.I. Co., Ltd became an associate of the Group. Prior to that, Kingsmen C.M.T.I. Co., Ltd was accounted
for as an available-for-sale financial asset of the Group.
(c)
Under members’ voluntary liquidation.
(d)
Pursuant to Kingsmen Sdn Bhd’s disposal of a 40% equity interest in Kingsmen KEG Sdn Bhd in August 2014,
the Group’s effective interest in Kingsmen KEG Sdn Bhd decreased to 28.40%. Consequently, Kingsmen KEG
Sdn Bhd became an associate of the Group.
The summarised unaudited financial information of all the associates, which are non-material, and the aggregated
amounts (and not the Group’s share of those amounts) based on the financial statements of the associates are as
follows:
2014
2013
$’000
$’000
Current assets
51,626
36,489
Non-current assets
11,736
7,109
Current liabilities
40,537
25,962
Non-current liabilities
1,998
2,256
Revenue
163,238
123,328
Profit for the reporting year
2,375
2,417
Notes to the Financial Statements
31 December 2014
