Page 115 - ar2013.pdf

NOTES TO THE FINANCIAL STATEMENTS
For the Ànancial year ended 31 December 2013
113
Annual Report 2013
F i nanc i a l Statement s
21. Investments in subsidiaries
The Company
2013 2012
$’000 $’000
Unquoted equity shares
Beginning of financial year 388,746 388,746
Accumulated impairment losses (17,758) (18,477)
End of financial year 370,988 370,269
Movements in accumulated impairment losses are as follows:
2013 2012
$’000 $’000
Beginning of financial year 18,477 19,080
Reversal of impairment charge (719) (603)
End of financial year 17,758 18,477
Details of the subsidiaries are set out below:
Name of
subsidiaries
Principal
activities
Country of
incorporation/
business
Cost of
investment
% of paid–up capital held by
The Company Subsidiaries
2013 2012 2013 2012 2013 2012
$’000 $’000 % % % %
COSCO
(Singapore)
Pte Ltd (i)
Ship owning, ship
chartering and
investment
holding
Singapore 87,664 87,664 100 100 – –
COSCO Marine
Engineering
(Singapore)
Pte Ltd (i)
Ship repairing,
marine
engineering,
container repairs
and services,
fabrication works
services and
production of
marine
outfitting
components
Singapore 2,242 2,242 90 90 – –
Harington
Property
Pte Ltd (i)
Trading and
investing in
properties,
provide property
management
services and
investment
holding
Singapore 52,701 52,701 100 100 – –
COSCO Shipyard
Group Co., Ltd
(iii) and (iv)
Investment holding People’s
Republic of
China (“PRC”)
191,173 191,173 51 51 – –