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PSA International Pte Ltd Annual Report 2010

N otes to the Financial Statements

Year ended 31 December 2010

Compensation

Site

sum

restoration costs

Total

$’000

$’000

$’000

18

Provisions

At 1 January 2010

50,389

15,845

66,234

Provisions made

-

3,401

3,401

Translation differences on consolidation

(7,521)

-

(7,521)

At 31 December 2010

42,868

19,246

62,114

Group

The compensation sum relates to a provision made by a foreign subsidiary arising from an existing customer’s termination of contract with a third party. The estimated amount provided is based on actual claim made against the foreign subsidiary. A corresponding recoverable amount of $13.0 million (2009: $17.7 million) from another third party is included in other receivables (see note 13).

An agreement to lease and grant the usage of pipeline wayleave between a subsidiary and a local authority requires the subsidiary to remove the pipeline at the end of the wayleave term. The provision for site restoration is based on an independent quotation received from a consultant. These costs are included as part of the carrying value of the pipeline capitalised in property, plant and equipment.

19

Other non-current obligations

Group

Note

2010 $’000

2009 $’000

Loans from non-controlling shareholders of subsidiaries Defined benefit obligations Other non-current obligations

25,945

26,106

12,187

15,220

15,896

1,592

54,028

42,918

20

The loans from non-controlling shareholders of subsidiaries form part of the shareholder’s investment in the subsidiaries. The loans are unsecured, interest-free and settlement is neither planned nor likely to occur in the foreseeable future. Accordingly, they are stated at cost.

77

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