BAKERTECHNOLOGYLIMITED
ANNUALREPORT2013
112
Notes to the
Financial Statements
for the financial year ended 31December 2013
14. Investment inANassociate
Group
Company
2013
2012
2013
2012
$
$
$
$
Shares, at cost
– 32,030,623
– 32,030,623
Share of post-acquisition reserves
–
(11,000)
–
–
– 32,019,623
– 32,030,623
The carrying cost of the investment in an associate is represented by:
Group
2013
2012
$
$
Share of net assets
– 29,659,623
Goodwill on acquisition
– 2,360,000
–
32,019,623
Associate
(Countryof incorporation)
Percentageof equityheld
by theGroup
Principal activity
2013
2012
%
%
(1)
DiscoveryOffshore S.A.
(Luxembourg)
–
20
Ownershipof jack-up rigs
to serve customers in the
exploration andproduction
sector
(1)
Audited by Ernst &Young LLP, Luxembourg
The summarised financial information of an associate, not adjusted for the proportion of ownership interest held by the Group,
is as follows :
Group
2013
2012
$
$
Assets and liabilities :
Total assets
– 149,609,810
Total liabilities
– 3,292,684
Results :
Revenue
–
–
Net loss for the year
– (1,919,038)
