84
AVI-TECH ELECTRONICS LIMITED
| ANNUAL REPORT 2015
NOTES TO
FINANCIAL STATEMENTS
30 June 2015
31 LIQUIDATION OF SUBSIDIARY
As referred to in Note 13 to the financial statements, the Group has completed the voluntary liquidation of
one of its U.S subsidiaries, Aplegen, Inc., at the end of the reporting period.
Details of the disposal are as follows:
Book values of net assets over which control was lost
2015
$’000
Current assets
Cash and bank balances
249
Trade receivables
2
Other receivables
529
Total current assets
780
Current liabilities
Trade payables
(7)
Other payables
(17)
Total current liabilities
(24)
Net assets derecognised
756
Loss on disposal:
Consideration receivable
760
Net assets derecognised
(756)
Non-controlling interest derecognised
356
Cumulative exchange differences in respect of the net assets of the subsidiary
reclassified from equity on loss of control of subsidiary
(503)
Loss on disposal
(143)
The loss on disposal of the subsidiary is recorded as part of Profit for the year from discontinued operations
in the statement of profit or loss and other comprehensive income.
The impact of Aplegen, Inc. on the Group’s results and cash flows in the current and prior periods is disclosed
in Note 27.
32 OPERATING LEASE ARRANGEMENTS
(a)
The Group and Company as lessee
Group and Company
2015
2014
$’000
$’000
Minimum lease payments under operating leases
recognised as an expense in the year
219
211
