| |
|
| |
| |
|
Leasehold and freehold land, buildings and wet berthage |
Improvements to premises |
Quays and dry docks |
Plant and machinery |
Furniture, fittings and office equipment |
Motor vehicles |
Capital work-in-progress |
Total |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
Balance at January 1, 2009 |
17,142 |
2,111 |
8,280 |
417,755 |
8,320 |
348 |
66,755 |
520,711 |
Additions |
2,793 |
67 |
— |
1,106 |
604 |
527 |
25,774 |
30,871 |
Reclassification |
— |
15 |
— |
74,478 |
900 |
54 |
(75,447) |
— |
Disposals / Write-offs |
(103) |
— |
— |
(465) |
(47) |
— |
(115) |
(730) |
Balance at December 31, 2009 |
19,832 |
2,193 |
8,280 |
492,874 |
9,777 |
929 |
16,967 |
550,852 |
|
|
|
|
|
|
|
|
|
Accumulated Depreciation and Impairment Losses |
|
|
|
|
|
|
|
Balance at January 1, 2009 |
883 |
2,043 |
407 |
26,130 |
5,686 |
159 |
— |
35,308 |
Depreciation for the year |
920 |
56 |
407 |
29,696 |
1,776 |
121 |
— |
32,976 |
Disposals / Write-offs |
(2) |
— |
— |
(58) |
(47) |
— |
— |
(107) |
Balance at December 31, 2009 |
1,801 |
2,099 |
814 |
55,768 |
7,415 |
280 |
— |
68,177 |
|
|
|
|
|
|
|
|
|
Carrying Amount |
|
|
|
|
|
|
|
|
At December 31, 2009 |
18,031 |
94 |
7,466 |
437,106 |
2,362 |
649 |
16,967 |
482,675 |
|
|
|
|
|
|
|
|
|
Company |
|
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
Balance at January 1, 2008 |
312 |
2,019 |
— |
— |
6,134 |
324 |
— |
8,789 |
Additions |
— |
92 |
— |
11,455 |
1,414 |
— |
54,105 |
67,066 |
Reclassification |
— |
— |
— |
23,982 |
— |
— |
(23,982) |
— |
Disposals / Write-offs |
(1) |
— |
— |
(2,097) |
(302) |
— |
— |
(2,400) |
Acquisition |
16,831 |
— |
8,280 |
384,415 |
1,074 |
24 |
36,632 |
447,256 |
Balance at December 31, 2008 |
17,142 |
2,111 |
8,280 |
417,755 |
8,320 |
348 |
66,755 |
520,711 |
|
|
|
|
|
|
|
|
|
Accumulated Depreciation and Impairment Losses |
|
|
|
|
|
|
|
Balance at January 1, 2008 |
15 |
1,534 |
— |
— |
3,748 |
70 |
— |
5,367 |
Depreciation for the year |
868 |
509 |
407 |
26,130 |
2,059 |
89 |
— |
30,062 |
Disposals / Write-offs |
— |
— |
— |
— |
(121) |
— |
— |
(121) |
Balance at December 31, 2008 |
883 |
2,043 |
407 |
26,130 |
5,686 |
159 |
— |
35,308 |
|
|
|
|
|
|
|
|
|
Carrying Amount |
|
|
|
|
|
|
|
|
At December 31, 2008 |
16,259 |
68 |
7,873 |
391,625 |
2,634 |
189 |
66,755 |
485,403 |
|
| |
Group
| i. |
Property, plant and equipment with the following net book values have been pledged to secure loan facilities granted to subsidiaries: |
|
| |
|
Group |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
Freehold land and buildings |
27,758 |
25,111 |
Leasehold land and buildings |
106,617 |
11,737 |
Plant and machinery |
854,385 |
756,964 |
Capital work-in-progress |
43,378 |
121,181 |
Other assets |
1,992 |
736 |
|
1,034,130 |
915,729 |
|
| |
| ii. |
Assets with net book value of S$1,383,000 (2008: S$1,587,000) were acquired under finance lease. |
| iii. |
Included in the cost of leasehold land and buildings, quays and dry docks and plant and machinery are amounts of
S$120,866,000, S$100,900,000 and S$667,000 respectively which were stated at valuation and determined by firms
of professional valuers. Also included in the cost of quays and dry docks is an amount of S$25,152,000 which was
stated at Directors’ valuation. These revaluations were done on a one-off basis prior to January 1, 1997. |
| iv. |
During the year, interest and direct staff costs amounting to S$1,037,000 (2008: S$1,076,000) and S$982,000 (2008:
S$1,849,000), respectively were capitalised as capital work-in-progress. |
| v. |
Change in estimates
During the year ended December 31, 2009, the Group revised its estimates for the useful lives of certain assets
within leasehold and freehold land, buildings and wet berthage, quays and dry docks and marine vessels after
conducting an operational review of their useful lives. As a result, there was a change in the expected useful
lives of these assets. The effect of these changes on depreciation expense in current and future periods on assets
currently held is as follows: |
|
| |
|
2009 |
2010 |
2011 |
2012 |
2013 |
Later |
|
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
S$’000 |
|
|
|
|
|
|
|
(Decrease) / increase in depreciation
expense and (increase) / decrease
in profit before tax |
(1,240) |
7,031 |
7,189 |
8,772 |
9,116 |
(31,220) |
|
| |
| |
|
|
Group |
|
|
2009 |
2008 |
|
Note |
S$’000 |
S$’000 |
Cost |
|
|
|
Balance at January 1 |
|
44,408 |
48,664 |
Translation adjustments |
|
842 |
(3,939) |
Transfer from property, plant and equipment |
6 |
1,453 |
— |
Disposals |
|
— |
(317) |
Balance at December 31 |
|
46,703 |
44,408 |
|
|
|
|
Accumulated Depreciation and Impairment Losses |
|
|
|
Balance at January 1 |
|
18,449 |
17,373 |
Transfer from property, plant and equipment |
6 |
642 |
— |
Depreciation for the year |
35(b) |
1,009 |
1,007 |
Allowance made for impairment – net |
35(b) |
— |
69 |
Balance at December 31 |
|
20,100 |
18,449 |
|
|
|
|
Carrying Amount |
|
|
|
At December 31 |
|
26,603 |
25,959 |
|
| |
Investment properties with net book value of S$10,293,000 (2008: S$9,451,000) have been pledged to secure loan
facilities granted to a subsidiary.
The fair value of the investment properties as at the balance sheet date is S$56,212,000 (2008: S$51,900,000). The fair value,
determined by independent professional valuers, is based on market values, being the estimated amount for which a
property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length
transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
In the absence of current prices in an active market, the fair values are determined by considering the aggregate of
the estimated cash flow expected to be received from renting out the properties. A yield that reflects the specific risks
inherent in the cash flows then is applied to the net annual cash flows to obtain the fair values. |
| |
| |
|
Company |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
At cost and carrying value: |
|
|
Quoted equity shares |
713,048 |
713,048 |
Unquoted equity shares |
453,912 |
503,951 |
Preference shares |
257,500 |
257,500 |
Share-based payments reserve |
11,046 |
12,071 |
|
1,435,506 |
1,486,570 |
|
| |
The fair value of the equity interest of the listed subsidiary with carrying amount of S$713,048,000 (2008: S$713,048,000), amounts to S$4,681,871,827 (2008: S$2,125,822,884) based on the last transacted market price as at December 31, 2009 (December 31, 2008).
Details of subsidiaries are set out in Note 48 to the financial statements. |
|
| |
|
| |
|
|
|
|
|
