NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
112
COSCO Corporation (Singapore) Limited
21.
Investments in subsidiaries
The Company
2014
2013
$’000
$’000
Unquoted equity shares
Beginning of financial year
388,746
388,746
Accumulated impairment losses
(17,102)
(17,758)
End of financial year
371,644
370,988
Movement in accumulated impairment losses are as follows:
2014
2013
$’000
$’000
Beginning of financial year
17,758
18,477
Reversal of impairment charge
(656)
(719)
End of financial year
17,102
17,758
There has been a favourable change in estimates used to determine the recoverable amount of a previously
loss-making subsidiary since the last impairment loss was recognised. Therefore, the Group recognised a
reversal of the impairment during the financial year.
The Group had the following subsidiaries as at 31 December 2014 and 2013:
Name
Principal
activities
Country of
incorporation/
business
Cost of
investment
Proportion of
ordinary shares
directly held by
the Company
Proportion of
ordinary shares
held by the
Group
Proportion of
ordinary shares
held by non-
controlling
interests
2014
2013
2014
2013
2014
2013
2014
2013
$’000
$’000
%
%
%
%
%
%
COSCO
(Singapore)
Pte Ltd (i)
Ship owning,
ship chartering
and investment
holding
Singapore
87,664
87,664
100
100
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
90
90
10
10
Harington
Property
Pte Ltd (i)
Trading and
investing in
properties,
provide property
management
services and
investment
holding
Singapore
52,701
52,701
100
100
100
100
–
–
