152
COSCO Corporation (Singapore) Limited
Annual Report 2015
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
Financial Statements
36. Segment information
(continued)
Geographical information
The Group’s business segments operate in two main geographical areas:
z
People’s Republic of China - the operations in this area are principally in ship repair, ship building
and marine engineering; and
z
Singapore - the operations in this area are principally in shipping, ship repair and marine related
activities and rental of property.
Sales are based on the country in which the services are rendered to the customer. Non-current assets
are shown by the geographical area where the assets are located.
Sales
Non-current assets
2015
2014
2015
2014
$’000
$’000
$’000
$’000
People’s Republic of China
3,466,635
4,189,859
2,447,808
2,438,684
Singapore *
53,138
70,846
129,644
134,114
3,519,773
4,260,705
2,577,452
2,572,798
*
The Group’s shipping companies operate in worldwide shipping routes. Hence, it would not be meaningful to allocate sales
to any geographical segments for shipping activities.
No single external customer has sales which exceed 10% of the Group’s total sales for the financial
years ended 31 December 2015 and 31 December 2014.
37. New or revised accounting standards and interpretations
Below are the mandatory standards, amendments and interpretations to existing standards that have
been published, and are relevant for the Group’s accounting periods beginning on or after 1 January
2016 and which the Group has not early adopted:
z
FRS 16
Property plant and equipment and
FRS 38
Intangible assets
(effective for annual periods
beginning on or after 1 January 2016)
This amendment clarifies that the use of revenue-based methods to calculate the depreciation of
an asset is not appropriate because revenue generated by an activity that includes the use of an
asset generally reflects factors other than the consumption of the economic benefits embodied
in the asset. This has also clarified that revenue is generally presumed to be an inappropriate
basis for measuring the consumption of the economic benefits embodied in an intangible
asset. The presumption may only be rebutted in certain limited circumstances. These are where
the intangible asset is expressed as a measure of revenue; or where it can be demonstrated
that revenue and the consumption of the economic benefits of the intangible asset are highly
correlated.
This amendment is not expected to have any significant impact on the financial statements of the
Group.
