148
COSCO Corporation (Singapore) Limited
Annual Report 2015
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
Financial Statements
35. Related party transactions
(continued)
(a)
(continued)
The Group
2015
2014
$’000
$’000
Expenditure
Purchases from fellow subsidiaries
42,641
44,768
Purchases from associated companies
881
680
Purchases of plant and equipment from fellow subsidiaries
180
22
Rental paid/payable to fellow subsidiaries
1,343
844
Vessel rental paid/payable to a fellow subsidiary
–
813
Crew wages paid/payable to fellow subsidiaries
8,853
8,118
Sub-contractor costs paid/payable to fellow subsidiaries
15,719
10,372
Sub-contractor costs paid/payable to associated companies
4,723
12,748
Service expenses paid/payable to fellow subsidiaries
911
467
Service expenses paid/payable to an associated company
16
5
Service expenses paid/payable to related parties
92
84
Insurance premium paid/payable to a fellow subsidiary
155
243
Interest paid/payable to a fellow subsidiary
7,701
53
Commitments
Operating lease commitments with fellow subsidiaries where
the Group is a lessor
37
37
Operating lease commitments with an associated company
where the Group is a lessor
5
7
Operating lease commitments with a fellow subsidiary where
the Group is a lessee
998
–
Related parties refer to corporations related by common shareholders.
Outstanding balances as at 31 December 2015, arising from sales or purchases of goods and
services and loans from a fellow subsidiary, are set out in Notes 12, 25 and 26 respectively.
(b)
Share options granted to key management and non-executive directors
There were no share options granted to key management and non-executive directors of the
Group during 2015 and 2014. The share options granted previously were given on the same
terms and conditions as those offered to other employees of the Company (Note 29). There were
no outstanding number of share options granted to key management of the Group at the end of
the financial year 2015 and 2014.
