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COSCO Corporation (Singapore) Limited
Annual Report 2015
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF COSCO CORPORATION (SINGAPORE) LIMITED
For the financial year ended 31 December 2015
Financial Statements
Report on the Financial Statements
We have audited the accompanying financial statements of COSCO Corporation (Singapore) Limited (the
“Company”) and its subsidiaries (the “Group”) set out on pages 80 to 154, which comprise the consolidated
balance sheet of the Group and balance sheet of the Company as at 31 December 2015, and the
consolidated profit or loss, consolidated statement of comprehensive income, statement of changes in equity
and statement of cash flows of the Group for the financial year then ended, and a summary of significant
accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with the provisions of the Singapore Companies Act (the “Act”) and Singapore Financial Reporting
Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a
reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and
transactions are properly authorised and that they are recorded as necessary to permit the preparation of true
and fair financial statements and to maintain accountability of assets.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation
of financial statements that give a true and fair view in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the consolidated financial statements of the Group and the balance sheet of the Company are
properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards
so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December
2015, and of the financial performance, changes in equity and cash flows of the Group for the financial year
ended on that date.
Report on other Legal and Regulatory Requirements
In our opinion, the accounting and other records required by the Act to be kept by the Company and by those
subsidiary corporations incorporated in Singapore, of which we are the auditors, have been properly kept in
accordance with the provisions of the Act.
PricewaterhouseCoopers LLP
Public Accountants and Chartered Accountants
Singapore, 4 March 2016
