NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
132
COSCO Corporation (Singapore) Limited
32.
Dividends
(continued)
At the Annual General Meeting scheduled on 24 April 2015, a first and final tax-exempt one-tier dividend
of 0.5 cent per ordinary share (2013: first and final tax-exempt one-tier dividend of 1 cent per ordinary
share) amounting to a total of $11,196,000 (2013: $22,392,000), based on the number of shares issued
as of 31 December 2014, will be recommended. These financial statements do not reflect the dividends
recommended for the financial year ended 31 December 2014, which will be accounted for in equity as an
appropriation of retained earnings in the financial year ending 31 December 2015.
33.
Commitments
(a)
Capital commitments
Capital expenditure contracted for at the balance sheet date but not recognised in the financial
statements are as follows:
The Group
2014
2013
$’000
$’000
Property, plant and equipment
53,960
86,564
(b)
Operating lease commitments – where the Group is a lessee
The Group leases various office premises, docks and quays from non-related parties and related
parties under non-cancellable operating lease agreements. The leases have varying terms,
escalation clauses and renewal rights.
The future aggregate minimum lease payables under non-cancellable operating leases contracted
for at the balance sheet date but not recognised as liabilities, are as follows:
The Group
2014
2013
$’000
$’000
Not later than 1 year
10,304
11,782
Later than 1 year but not later than 5 years
35,876
34,499
Later than 5 years
68,018
67,441
114,198
113,722
(c)
Operating lease commitments – where the Group is a lessor
The Group leases out certain items of property, plant and equipment and investment properties to
non-related parties and related parties under non-cancellable operating leases.
The future minimum lease receivables under non-cancellable operating leases contracted for at the
balance sheet date but not recognised as receivables, are analysed as follows:
The Group
2014
2013
$’000
$’000
Not later than 1 year
6,865
17,711
Later than 1 year but not later than 5 years
25
434
6,890
18,145
