NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
110
COSCO Corporation (Singapore) Limited
17.
Trade and other receivables - non-current
The Group
2014
2013
$’000
$’000
Trade receivables from non-related parties (i)
27,402
40,595
Less: Current portion
(23,025)
(15,380)
4,377
25,215
Other receivables from a non-related party (ii)
–
11,659
4,377
36,874
(i)
Trade receivables amounting to $19,038,000 (2013: $32,456,000) are unsecured, bear interest
ranging from 4% to 8% per annum with quarterly instalment payments that are repayable in full by
2016.
The remaining trade receivables amounting to $8,364,000 (2013: $8,139,000) are secured, bear
interest at 4.5% per annum in 2014 and 5.5% per annum in 2015, and are repayable in full by 2015.
The pledge was secured under a second preferred mortgage issued by the debtor to the subsidiary.
The fair values of the non-current trade receivables approximate its carrying amounts, determined
from cash flow analyses discounted at market borrowing rates of 2.97% (2013: 2.67%) per annum
which the directors expect to be available to the Group.
(ii)
Other receivables from a non-related party are unsecured and interest-free. As at 31 December
2013, the fair values of the non-current other receivables were not materially different from its
carrying amounts, determined from cash flow analyses discounted at market borrowing rates of
4.22% per annum which the directors expected to be available to the Group.
18.
Available-for-sale financial assets
The Group
2014
2013
$’000
$’000
Beginning of financial year
4,391
4,244
Currency translation differences
118
270
Fair value gain/(loss) recognised in other comprehensive income
(Note 31(b)(v))
332
(123)
End of financial year
4,841
4,391
At the balance sheet date, available-for-sale financial assets include the following:
The Group
2014
2013
$’000
$’000
Quoted equity shares in a corporation, at fair value
795
438
Unquoted equity shares in corporations, at cost
- A fellow subsidiary
2,989
2,921
- A non-related party
1,057
1,032
4,046
3,953
4,841
4,391
The directors have assessed that the range of reasonable fair value measurements is significant and the
probabilities of the various estimates cannot be reasonably assessed. Therefore, the unquoted equity
shares have been measured at cost.
