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125
BAKER TECHNOLOGY LIMITED ANNUAL REPORT 2012
BAKER TECHNOLOGY LIMITED ANNUAL REPORT 2012
14. Investment inassociates (cont’d)
Disposal of associate (cont’d)
On 23March 2012, TRF exercised its call option for the remaining 49% interest in York and accordingly, the
Company received net proceed of $21,850,674 from the disposal. After the disposal, York ceased to be an
associate of theCompany. The gain on disposal for theGroup andCompany are computed as follows:
Group
Company
$
$
Proceeds from disposal
22,178,235 22,178,255
Less:
Carrying value of the investment
(10,956,223)
(9,616,388)
Expenses on disposal
(327,561)
(327,581)
Gain on disposal
10,894,451 12,234,286
15. Available-for-sale investment
Group and Company
2012
2011
$
$
Equity instruments (quoted), at fair value
– 20,118,028
This related to 11,140,849 quoted equity shares in DO, representing approximately 17% in its issued share
capital.
This investment was designated as an available-for-sale financial asset as at 31December 2011 and recorded
at its fair value, whichwas determined by direct reference to its bid price quotations in an activemarket at the
end of the reporting period.
This investment has been re-designated as an associate during the current financial year ended 31 December
2012.
16. Deferred tax
Deferred tax as at 31December relates to the following :
Group
Balance sheet
Statement
of comprehensive income
2012
2011
2012
2011
$
$
$
$
Deferred tax assets:
Provisions
376,450
–
(376,450)
–
Differences in depreciation for
tax purposes
34,100
–
(34,100)
–
Deferred tax liability:
Differences in depreciation for
tax purposes
(18,550)
–
18,550
(159,000)
392,000
–
(392,000)
(159,000)
Tax consequence of proposed dividends
Thereare no income tax consequences attached to thedividends to the shareholders proposedby theCompany
but not recognised as a liability in the financial statements (Note 33).
for the financial year ended31december 2012
for the financial year ended 31december 2012
notestothe
financialstatements
notestothe
financialstatements
