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PSA International Pte Ltd Annual Report 2010

N otes to the Financial Statements

Year ended 31 December 2010

2010

2009

$’000

$’000

7

Associates

Group

5,701,744

6,046,942

1,933,760

2,105,422

7,635,504

8,152,364

(12,616)

(12,616)

7,622,888

8,139,748

Investments in associates Loans to associates

Impairment losses

The loans to associates form part of the Group’s net investments in these associates. 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 US dollars and Hong Kong dollars, and comprise:

(i)

$1.56 billion (2009: $1.70 billion) loans bearing floating interest rates of 1.21% to 3.25% (2009: 1.21% to 5.00%) per annum and the interest rates are repriceable at intervals of three to six months; and

(ii)

$368.9 million (2009: $401.2 million) loan bearing fixed interest rate of 1.00% (2009: 1.00%) per annum.

The Group’s net investments in associates include port concession rights of $1.03 billion (2009: $1.16 billion). The amortisation of port concession rights totalling $35.3 million (2009: $35.3 million) is included in the Group’s share of

profit of associates in the income statement.

The summarised aggregated financial information relating to associates set out below is not adjusted for the percentage of ownership held by the Group.

Group

Results

Revenue

6,615,197

Profit for the year

1,226,620

Assets and liabilities

Total assets

49,219,328

Total liabilities

9,982,527

2010 $’000

The Group’s share of contingent liabilities of the associates is $84.9 million (2009: $85.3 million).

2009 $’000

52,453,740 10,758,879

6,519,276 1,111,873

67

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