NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
Financial Statements
141
Annual Report 2014
36.
Related party transactions
(continued)
(a)
(continued)
In addition to the related party information and transactions disclosed elsewhere in the consolidated
financial statements, the following is a summary of significant related party transactions entered into
the ordinary course of business between the Group and its related parties during the financial year.
The Group
2014
2013
$’000
$’000
Revenue
Sales to ultimate holding corporation
123
–
Sales to fellow subsidiaries
52,177
47,182
Sales to associated companies
221
83
Sales to related parties
–
873
Rental income received/receivable from fellow subsidiaries
931
975
Rental income received/receivable from associated companies
11
16
Rental income received/receivable from related parties
62
75
Service income received from ultimate holding corporation
81
101
Service income received from fellow subsidiaries
1,719
3,101
Service income receivable from associated companies
556
340
Interest received/receivable from a fellow subsidiary
13,210
13,708
Interest received/receivable from an associated company
18
33
Expenditure
Purchases from fellow subsidiaries
44,768
50,159
Purchases from associated companies
680
206
Purchases of plant and equipment from a fellow subsidiary
22
–
Rental paid/payable to fellow subsidiaries
844
7,422
Vessel rental paid/payable to a fellow subsidiary
813
13,440
Crew wages paid/payable to fellow subsidiaries
8,118
8,007
Sub-contractor costs paid/payable to fellow subsidiaries
10,372
5,464
Sub-contractor costs paid/payable to associated companies
12,748
8,640
Utilities expenses paid/payable to a related party corporation
–
503
Service expenses paid/payable to fellow subsidiaries
467
2,097
Service expenses paid/payable to an associated company
5
–
Service expenses paid/payable to related parties
84
83
Insurance premium paid/payable to a fellow subsidiary
243
248
Interest paid/payable to a fellow subsidiary
53
1,330
Commitments
Operating lease commitments with fellow subsidiaries where
the Group is a lessor
37
36
Operating lease commitments with an associated company
where the Group is a lessor
7
17
Related parties refer to corporations related by common shareholders.
Outstanding balances as at 31 December 2014, arising from sales or purchases of goods and
services and loan from a fellow subsidiary, are set out in Notes 13, 26 and 27 respectively.
