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| Subject: Reversal of prior year profit Prepayment Cards 47.1% previous 30% | |
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Author: anonymous |
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Date Posted: 06:17:58 11/12/02 Tue Reversal of prior year profit, exchange movements and equity losses applicable to Prepayment Cards Limited 13,990 ----------------------------------------------------------- http://www.erggroup.com/invst_relations/reports/paststat.cfm?PastFinancialID=25 ----------------------------------------------------------- http://www.erg.com.au/invst_relations/reports/annrept/2002_financials.pdf ----------------------------------------------------------- Investments in associates are accounted for in the consolidated financial statements using the equity method of accounting and arcarried at cost by the parent parententity (refer to note 16).During the financial year, the investments in Prepayment Cards Limited and ECard Pty Limited have been written down to theassessed recoverable amount of $5,355,186 and nil, respectively in the consolidated entity.The above shares in associates represent interests in associated entities which are involved in the development and commercialisation of the consolidated entity’s smart card and electronic ticketing solutions, further details of which are set out innote 1(k).Further details regarding the shares in associates are included in note 46. ------------------------------------------------------------ The total value of the contracts over the period of supply is approximately $45,500,000. ------------------------------------------------------------ Ownership interest 47.1% (30% prior year)Prepayment Cards Limited Supplying and servicing of prepaid fare collection systems 47.1 30.0 5,355 14,173 6,542 21,244 ------------------------------------------------------------ All of the aforementioned associated companies have a reporting date of 30 June, except for Prepayment Cards Limited which has a reporting date of 31 March. ------------------------------------------------------------ [ Next Thread | Previous Thread | Next Message | Previous Message ] |