167 ANNUAL REPORT 2023 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 5. INVESTMENT IN SUBSIDIARIES AND AMOUNTS DUE FROM/(TO) SUBSIDIARIES (CONT’D) Acquisition of businesses in 2022 (cont’d) Acquisition of business in Australia (cont’d) Impact on the acquisition on profit or loss Since the acquisition date, GenCom had contributed AUD 12,961,000 (approximately $12,412,000) of revenue. If the business combination had taken place at the beginning of the year, revenue contributed would have been AUD 15,578,000 (approximately $14,942,000). Acquisition of business in United Kingdom In February 2022, a wholly-owned subsidiary of the Group, CSE Crosscom UK Ltd (“CSE Crosscom UK”) acquired 100% of the issued share capital in DTS.Solutions (U.K.) Ltd. (“DTS”) for a consideration of GBP2.6 million (approximately $4.7 million). The acquisition allowed the Group to expand its business in the provision of communication systems in United Kingdom. The fair values of the identifiable assets and liabilities acquired as follows: Fair value recognised on acquisition $’000 Customer relationships 684 Property, plant and equipment 114 Inventories 694 Trade and other receivables 897 Cash and bank balances 3,375 Total assets 5,764 Trade and other payables (1,211) Tax payables (215) Deferred tax liability (130) Total liabilities (1,556) Total identifiable net assets at fair value 4,208 Goodwill arising from acquisition 511 Cash paid on acquisition 4,719 Less: cash and bank balances (3,375) Cash paid on acquisition, representing net cash outflow on acquisition 1,344
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