89
11.Associates (cont’d)
(3)
Audited by Pricewaterhousecoopers LLP, Singapore.
During the year, the Group disposed its investment with NTUC Media Co-operative Ltd. The transaction has
resulted in the recognition of a loss in profit or loss, calculated as follows:
(4)
Audited by Ernst and Young LLP, Singapore.
(5)
Company is under members’ voluntary liquidation.
$’000
$’000
Proceeds from disposal
441
441
Less: Carrying amount of investment on the date of disposal
(450)
(546)
Loss recognised
(9)
(105)
Notes to Financial Statements
December 31, 2014
(6)
The Co-operative has a joint arrangement involving Singapore Press Holdings (“SPH”) and NTUC Income
Insurance Co-operative (“NTUC Income”) to fit-out and manage a mall being developed in Clementi Town
Centre by the Housing & Development Board. The Co-operative has 20% share in the project via an investment
of $30 million in SG Domain Pte Ltd. In previous financial period, Clementi Mall was disposed to SPH Reit. The
Co-operative received cash of $59,897,000 as full payment of the interest bearing advances. The principal
amount of the non-interest bearing loan of $29,352,000 has been discharged in the form of an exchange for
a quoted unit trust available-for-sale investment having a market value of $60,491,700 as at July 2013. The
excess consideration received is accounted for as an amount due to associate of $30,883,000 (Note 16).
The financial statements of SG Domain Pte Ltd are made up to August 31, 2014 and audited by KPMG LLP,
Singapore. For the purpose of applying the equity method of accounting, the management accounts of SG
Domain Pte Ltd for the period ended December 31, 2014 have been used with appropriate adjustments made
by management after taking into consideration the audit adjustments made for the financial year ended August
31, 2014 and significant transactions between August 31, 2014 and December 31, 2014.
(7)
In previous financial year, AlphaPlus Investments Pte Ltd, a subsidiary of the Co-operative, has a joint
arrangement with SMRT Investments Pte Ltd for the tendering of bid to Singapore Sports Hub Pte Ltd for the
development and management of the commercial and retail area in the new Singapore Sports Hub. AlphaPlus
Investments Pte Ltd has 30% share in the project via an investment of $0.45 million in SMRT Alpha Pte. Ltd. The
associate is audited by Ernst and Young LLP, Singapore.
(8)
Audited by Deloitte Vietnam.
GROUP CO-OPERATIVE
