|
|
Group |
Company |
|
|
2008 |
2007 |
2008 |
2007 |
|
Note |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
Long-term trade receivables |
13 |
1,968 |
984 |
— |
— |
Service concession receivables |
(a) |
167,146 |
— |
— |
— |
Finance lease receivables due after 12 months |
14 |
18,025 |
21,400 |
— |
— |
Loan receivables (unsecured) |
|
— |
2,656 |
— |
— |
Amount due from related parties |
15 |
21,099 |
1,310 |
— |
— |
Prepayments |
(b) |
22,922 |
25,870 |
940 |
— |
Staff loans |
|
233 |
— |
— |
— |
Recoverables |
|
8 |
8 |
— |
— |
|
|
231,401 |
52,228 |
940 |
— |
Allowance for doubtful loan receivables |
|
— |
(2,656) |
— |
— |
|
|
231,401 |
49,572 |
940 |
— |
| a. |
Service concession receivables
This relates to a 25-year agreement between a subsidiary and PUB (grantor) to design, build, own and operate a NEWater plant. The construction of the new plant started in April 2008 and will treat and convert feedwater to NEWater starting from May 2010. At the end of the concession period, the subsidiary will transfer the plant to the grantor. This arrangement falls within the scope of INT FRS 112.
Under the terms of the agreement, the subsidiary will receive a minimum guarantee sum from the grantor in exchange for services performed. The subsidiary recognises this service concession receivable as it has a contractual right under the concession arrangement. The financial receivable is measured on initial recognition at its fair value. |
| |
|
| b. |
Prepayments
Prepayments relate primarily to:
Group
| i. |
Connection fees prepaid under the Generation Connection and Use of System Agreement for the use of the transmission lines; and |
| ii. |
Service fees prepaid under the Gasoil Supply and Storage Agreement for the usage of the tank. |
Company
| i. |
Prepayments relate to connection and capacity charges prepaid for the use of pipelines and piperacks. |
| ii. |
Prepayments are charged to the income statement on a straight-line basis over the period of prepayments. |
|
|
|
Group |
Company |
|
|
2008 |
2007 |
2008 |
2007 |
|
Note |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
Trade receivables including work completed but unbilled |
|
596,024 |
661,138 |
15,280 |
— |
Allowance for doubtful receivables |
|
(16,740) |
(15,171) |
— |
— |
|
|
579,284 |
645,967 |
15,280 |
— |
Trade receivables due within 1 year |
19 |
(577,316) |
(644,983) |
(15,280) |
— |
|
12 |
1,968 |
984 |
— |
— |
Included in trade receivables of the Group are retention monies on contracts amounting to S$755,000 (2007: S$1,235,602).
|
|
Minimum
lease
payment |
Estimated
residual
value |
Total gross
investment
in lease |
Unearned
interest
income |
Net value
of lease
receivables |
|
Note |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
|
Group |
|
|
|
|
|
|
2008 |
|
|
|
|
|
|
Within 1 year |
|
4,218 |
— |
4,218 |
(844) |
3,374 |
After 1 year but within 5 years |
|
16,875 |
3,000 |
19,875 |
(1,850) |
18,025 |
|
|
21,093 |
3,000 |
24,093 |
(2,694) |
21,399 |
Amount due within 1 year |
19 |
(4,218) |
— |
(4,218) |
844 |
(3,374) |
|
12 |
16,875 |
3,000 |
19,875 |
(1,850) |
18,025 |
2007 |
|
|
|
|
|
|
Within 1 year |
|
16,875 |
1,500 |
18,375 |
(2,824) |
15,551 |
After 1 year but within 5 years |
|
16,875 |
— |
16,875 |
(2,474) |
14,401 |
After 5 years |
|
4,219 |
3,000 |
7,219 |
(220) |
6,999 |
|
|
37,969 |
4,500 |
42,469 |
(5,518) |
36,951 |
Amount due within 1 year |
19 |
(16,875) |
(1,500) |
(18,375) |
2,824 |
(15,551) |
|
12 |
21,094 |
3,000 |
24,094 |
(2,694) |
21,400 |
Under the terms of the lease agreements, no contingent rents are recognised. These lease receivables relate mainly to leases of marine vessels, whereby the lessees have the option to purchase the marine vessels during the term of the leases.
|
|
Associates
 |
Joint ventures
|
Minority shareholders of subsidiaries
|
Total
|
|
|
2008 |
2007 |
2008 |
2007 |
2008 |
2007 |
2008 |
2007 |
|
Note |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
|
|
|
|
Group |
|
|
|
|
|
|
|
|
|
Amounts due from: |
|
|
|
|
|
|
|
|
|
Trade |
|
9,124 |
13,289 |
1,685 |
4,731 |
— |
41 |
10,809 |
18,061 |
Non-trade |
|
2,811 |
7,053 |
13,927 |
14,041 |
— |
2 |
16,738 |
21,096 |
Loans |
|
5,887 |
11,851 |
20,816 |
1,027 |
— |
— |
26,703 |
12,878 |
|
|
17,822 |
32,193 |
36,428 |
19,799 |
— |
43 |
54,250 |
52,035 |
Allowance for doubtful receivables |
|
(13,827) |
(18,339) |
(13,219) |
(13,225) |
— |
— |
(27,046) |
(31,564) |
|
|
3,995 |
13,854 |
23,209 |
6,574 |
— |
43 |
27,204 |
20,471 |
Amount due within 1 year |
19 |
(3,712) |
(13,571) |
(2,393) |
(5,547) |
— |
(43) |
(6,105) |
(19,161) |
|
12 |
283 |
283 |
20,816 |
1,027 |
— |
— |
21,099 |
1,310 |
The long-term loans to associates and joint ventures are unsecured and not expected to be repaid in the next 12 months.
|
|
Subsidiaries
|
Associates
|
Joint ventures
|
Total
|
|
|
2008 |
2007 |
2008 |
2007 |
2008 |
2007 |
2008 |
2007 |
|
Note |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
|
|
|
|
|
Amounts due from related parties |
|
8,333 |
21,424 |
190 |
— |
581 |
9 |
9,104 |
21,433 |
Allowance for doubtful receivables |
|
(187) |
— |
— |
— |
— |
— |
(187) |
— |
|
19 |
8,146 |
21,424 |
190 |
— |
581 |
9 |
8,917 |
21,433 |
The amounts due from subsidiaries are unsecured, repayable on demand and interest-free, except for an amount of S$178,000 (2007: S$535,000) which bears an effective interest rate of 2.17% per annum (2007: 4.45% per annum).
|
|
Goodwill |
Others |
Total |
|
Note |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
Group |
|
|
|
|
Cost |
|
|
|
|
Balance at January 1, 2008 |
|
105,440 |
8,163 |
113,603 |
Translation adjustments |
|
47 |
213 |
260 |
Additions |
|
4,573 |
1,865 |
6,438 |
Disposal of subsidiaries |
|
— |
(1,668) |
(1,668) |
Write-offs |
34(b) |
— |
(283) |
(283) |
Balance at December 31, 2008 |
|
110,060 |
8,290 |
118,350 |
|
|
|
|
|
Accumulated Amortisation and Impairment Losses |
|
|
|
|
Balance at January 1, 2008 |
|
110 |
3,983 |
4,093 |
Translation adjustments |
|
— |
47 |
47 |
Amortisation charge for the year |
34(b) |
— |
102 |
102 |
Disposal of subsidiaries |
|
— |
(480) |
(480) |
Write-offs |
34(b) |
— |
(183) |
(183) |
Balance at December 31, 2008 |
|
110 |
3,469 |
3,579 |
|
|
|
|
|
Carrying Amount |
|
|
|
|
At December 31, 2008 |
|
109,950 |
4,821 |
114,771 |
|
|
|
|
|
Cost |
|
|
|
|
Balance at January 1, 2007 |
|
107,222 |
4,582 |
111,804 |
Translation adjustments |
|
(13) |
(60) |
(73) |
Additions |
|
1,738 |
1,033 |
2,771 |
Reclassification (to) / from other categories of assets |
|
(3,507) |
2,611 |
(896) |
Write-offs |
34(b) |
— |
(3) |
(3) |
Balance at December 31, 2007 |
|
105,440 |
8,163 |
113,603 |
|
|
|
|
|
Accumulated Amortisation and Impairment Losses |
|
|
|
|
Balance at January 1, 2007 |
|
— |
1,892 |
1,892 |
Translation adjustments |
|
— |
(27) |
(27) |
Amortisation charge for the year |
34(b) |
— |
2,118 |
2,118 |
Allowance for impairment loss |
34(b) |
110 |
— |
110 |
Balance at December 31, 2007 |
|
110 |
3,983 |
4,093 |
|
|
|
|
|
Carrying Amount |
|
|
|
|
At December 31, 2007 |
|
105,330 |
4,180 |
109,510 |
|
|
At Jan 1, 2007 and Dec 31, 2007 |
Acquisition |
At Dec 31, 2008 |
|
Note |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
Company |
|
|
|
|
2007 & 2008 |
|
|
|
|
Corporate club membership |
|
90 |
— |
90 |
Goodwill |
37 |
— |
18,946 |
18,946 |
Total |
|
90 |
18,946 |
19,036 |
The Company’s goodwill relates to goodwill of SUT on the acquisition of the SUT Division during the year. |
|
|
|
|
