NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
116
COSCO Corporation (Singapore) Limited
21.
Investments in subsidiaries
(continued)
(i)
Audited by PricewaterhouseCoopers LLP, Singapore.
(ii)
Audited by PricewaterhouseCoopers firms outside Singapore.
(iii)
Audited by Ruihua Certified Public Accountants, PRC.
(iv)
Audited by PricewaterhouseCoopers LLP, Singapore and firms outside Singapore for the purposes
of preparation of consolidated financial statements of the Group.
(v)
Dissolved on 22 December 2014 with cessation of registration with relevant companies’ registry.
(vi) Incorporated on 17 February 2014 through COSCO Shipyard Group Co., Ltd.
Significant restrictions
Cash and short-term deposits of $1,430,289,000 (2013: $1,892,926,000) are held in the PRC and are
subject to local exchange control regulations. These local exchange control regulations provide for
restrictions on exporting capital from the country, other than through normal dividends.
Carrying value of non-controlling interest
2014
2013
$’000
$’000
COSCO Shipyard Group Co., Ltd and its subsidiaries
860,230
835,164
Other subsidiaries with immaterial non-controlling interests
1,520
4,143
861,750
839,307
Summarised financial information of subsidiaries with material non-controlling interests
Set out below are the summarised financial information for COSCO Shipyard Group Co., Ltd and its
subsidiaries that has non-controlling interests that are material to the Group. These are presented before
inter-company eliminations and exclude direct interest held by the Company in COSCO (Dalian) Shipyard
Co., Ltd and COSCO (Nantong) Shipyard Co., Ltd.
There were no transactions with non-controlling interests for the financial years ended 31 December 2014
and 2013.
Summarised balance sheet
2014
2013
$’000
$’000
Current assets
Assets
7,230,336
6,065,674
Liabilities
(5,175,436)
(4,708,135)
Total current net assets
2,054,900
1,357,539
Non-current assets
Assets
2,430,179
2,370,304
Liabilities
(2,542,389)
(1,856,463)
Total non-current net (liabilities)/assets
(112,210)
513,841
Net assets
1,942,690
1,871,380
