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Every Note Counts

N otes to the Financial Statements

Year ended 31 December 2010

6

Subsidiaries

Company

2010 $’000

2009 $’000

Equity investments, at cost Loans to subsidiaries

Impairment losses

1,120,481

1,056,366

8,950,224

7,558,814

10,070,705

8,615,180

(331,032)

(331,032)

9,739,673

8,284,148

The loans to subsidiaries form part of the Company’s net investments in these subsidiaries. The loans are unsecured and settlement is neither planned nor likely to occur in the foreseeable future. Accordingly, these loans are stated at cost less impairment losses.

The loans are principally denominated in Singapore dollars, US dollars and Hong Kong dollars, and comprise:

  • (i)

    $1,686.7 million (2009: $947.8 million) loans bearing fixed interest rates ranging from 2.50% to 4.63% (2009: 2.50% to 4.63%) per annum; and

  • (ii)

    $174.0 million (2009: $43.1 million) loans bearing floating interest rates ranging from 0.97% to 2.08% (2009: 1.14% to 4.43%) per annum and the interest rates are repriceable at intervals of one to six months.

The remaining loans to subsidiaries are interest-free.

Details of significant subsidiaries are as follows:

Name of subsidiary

Country of incorporation

PSA Corporation Limited PSA Marine (Pte) Ltd PSA Antwerp N.V.

Singapore Singapore Belgium

Effective percentage held by the Group

2010

2009

%

%

100

100

100

100

100

100

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