Page 142 - ar2013.pdf

NOTES TO THE FINANCIAL STATEMENTS
For the Ànancial year ended 31 December 2013
140
COSCO Corporation (Singapore) Limited
F i nanc i a l Statement s
36. Related party transactions (continued)
(a) (continued)
Related parties refer to corporations related by common shareholders.
Outstanding balances as at 31 December 2013, arising from sales or purchases of goods and services and
loans from a fellow subsidiary, are set out in Notes 13, 26 and 27 respectively.
(b) Share options granted to key management and non-executive directors
There were no share options granted to key management and non-executive directors of the Group during
2013 and 2012. The share options were given on the same terms and conditions as those offered to other
employees of the Company (Note 30). The outstanding number of share options granted to key management
of the Group at the end of the financial year was Nil (2012: 2,300,000).
(c) Key management personnel compensation
Key management personnel compensation is as follows:
The Group
2013 2012
$’000 $’000
Salaries and other short-term employee benefits 3,045 3,703
Directors’ fees of the Company 305 305
Employer’s contribution to defined contribution plans
including Central Provident Fund 9 8
3,359 4,016
Included in the above was total compensation to directors of the Company amounting to $3,014,000 (2012:
$3,670,000).
37. Segment information
Management has determined the operating segments based on the reports reviewed by the key management that
are used to make strategic decisions.
The key management considers the business from the business segment perspective. The segment in the People’s
Republic of China derives revenue from ship repair, ship building and marine engineering activities. On the other
hand, the segments in Singapore derive revenue from shipping, ship repair and marine engineering activities.
Other services included within Singapore include rental of property; but these are not included within the reportable
operating segments, as they are not included in the reports provided to the key management. The results of these
operations are included in the “all other segments” column.