|
Group |
|
2008 |
2007 |
|
S$’000 |
S$’000 |
|
|
|
Interest in associates |
564,388 |
515,487 |
The carrying value as at year end includes goodwill on acquisition as follows:
|
Group |
|
2008 |
2007 |
|
S$’000 |
S$’000 |
|
|
|
Balance at beginning of the year |
55 |
— |
Additions |
— |
55 |
Balance at end of the year |
55 |
55 |
The fair value of the equity interest of a listed associate, with a carrying amount of S$204,426,000 (2007: S$202,902,000), amounts to S$69,247,000 (2007: S$562,631,000) based on the last transacted market price as at December 31, 2008 (December 31, 2007).
Summarised financial information of associates is as follows:
|
Group |
|
2008 |
2007 |
|
S$’000 |
S$’000 |
Combined results |
|
|
Turnover |
3,340,714 |
3,077,491 |
Profit for the year |
362,736 |
406,191 |
|
|
|
Combined assets and liabilities |
|
|
Total assets |
10,293,602 |
7,467,430 |
Total liabilities |
8,067,968 |
5,427,336 |
The summarised financial information relating to associates disclosed above is not adjusted for the percentage of ownership held by the Group.
The Group’s interest in an associate has been pledged to banks to secure credit facilities granted to the associate.
At December 31, 2008, an associate of a subsidiary has net liability of S$407.3 million (2007: S$123.5 million). As the Group has provided guarantees to the banks in respect of the bank loans taken up by the associate, the Group has accordingly taken up its share of the net liability of the associate to the extent of the Group’s legal obligation of S$139.6 million (2007: S$49.3 million).
The Group’s share of capital commitment of associates at balance sheet date was S$19,154,000 (2007: S$50,741,000).
Details of the significant associates are set out in Note 48 to the financial statements.
|
Group |
|
2008 |
2007 |
|
S$’000 |
S$’000 |
|
|
|
Interest in joint ventures |
280,816 |
270,389 |
The carrying value as at year end includes goodwill on acquisition as follows:
|
Group |
|
2008 |
2007 |
|
S$’000 |
S$’000 |
|
|
|
Balance at beginning of the year |
2,074 |
7,570 |
Translation during the year |
(155) |
16 |
Reclassified to assets held for sale (Note 21) |
— |
(5,512) |
Balance at end of the year |
1,919 |
2,074 |
Summarised financial information of joint ventures, representing the Group’s share, is as follows:
|
Group’s share |
|
2008 |
2007 |
|
S$’000 |
S$’000 |
Combined results |
|
|
Turnover |
330,568 |
371,984 |
Expenses |
(281,350) |
(307,298) |
Profit before income tax |
49,218 |
64,686 |
Income tax expense |
(3,994) |
(3,872) |
Impairment of goodwill |
— |
(4,471) |
Profit for the year |
45,224 |
56,343 |
|
|
|
Combined assets and liabilities |
|
|
Non-current assets |
456,958 |
389,508 |
Current assets |
327,449 |
232,649 |
Current liabilities |
(210,825) |
(119,769) |
Non-current liabilities |
(310,525) |
(234,073) |
Minority interest |
(836) |
— |
Net assets |
262,221 |
268,315 |
|
|
|
Capital commitments |
12,394 |
1,645 |
The Group’s interest in a joint venture with a carrying amount of S$50,088,000 (2007: S$64,837,000) as at the balance sheet date has been pledged to banks to secure credit facilities granted to the joint venture entity.
Details of significant joint ventures are set out in Note 48 to the financial statements.
|
|
Group |
|
|
2008 |
2007 |
|
Note |
S$’000 |
S$’000 |
|
|
|
|
a. Non-current Assets |
|
|
|
Available-for-sale financial assets: |
|
143,169 |
694,242 |
– Equity shares |
|
2,878 |
6,775 |
– Unit trusts and funds |
|
146,047 |
701,017 |
|
|
|
|
Financial assets at fair value through profit or loss: |
|
|
|
– Forward foreign exchange contracts |
|
— |
206 |
– Equity shares |
|
33 |
69 |
Cash flow hedges: |
|
|
|
– Interest rate swaps |
|
— |
828 |
– Fuel oil swaps |
|
— |
6,114 |
|
|
146,080 |
708,234 |
|
|
|
|
b. Current Assets |
|
|
|
Financial assets at fair value through profit or loss: |
|
|
|
– Interest rate swaps |
|
— |
800 |
– Forward foreign exchange contracts |
|
52 |
12,853 |
– Foreign exchange swap contracts |
|
2,386 |
541 |
– Others |
|
1 |
96 |
Cash flow hedges: |
|
|
|
– Interest rate swaps |
|
— |
2,481 |
– Forward foreign exchange contracts |
|
1,823 |
908 |
– Fuel oil swaps |
|
— |
49,970 |
– Forward electricity sale |
|
25,507 |
— |
|
19 |
29,769 |
67,649 |
|
|
|
|
|
