Annual Report 2012 - singapore land limited
Annual Report 2012 - singapore land limited
Annual Report 2012 - singapore land limited
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Singapore Land Limited - <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong><br />
73<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
For the fi nancial year ended 31 December <strong>2012</strong><br />
14. I NVESTMENTS IN JOINT VENTURES (continued)<br />
The summarised fi nancial information of joint ventures, based on the proportionate ownership interest held by the<br />
Group, is as follows:<br />
The Group<br />
<strong>2012</strong> 2011<br />
$’000 $’000<br />
- Assets 303,017 174,623<br />
- Liabilities 303,017 174,623<br />
- Revenues 54,759 -<br />
- Net loss - 500<br />
The Company has provided several undertakings on cost overrun, interest shortfall, security margin and project<br />
completion on a joint venture basis in respect of term loans drawn down by the joint ventures. As at 31 December<br />
<strong>2012</strong>, the total outstanding term loans was $289,000,000 (2011: $195,000,000).<br />
Details of joint ventures are included in note 34.<br />
15. INVESTMENTS IN SUBSIDIARY COMPANIES<br />
The Company<br />
<strong>2012</strong> 2011<br />
$’000 $’000<br />
Unquoted equity investments, at cost 978,488 978,488<br />
Less: Allowance for impairment in value of investments (6,046) (6,046)<br />
972,442 972,442<br />
Details of subsidiary companies are included in note 34.<br />
16. INVESTMENT PROPERTIES<br />
The Group<br />
<strong>2012</strong> 2011<br />
$’000 $’000<br />
Completed leasehold properties, at valuation:<br />
Beginning of fi nancial year 4,486,400 4,350,000<br />
Upgrading 10,027 10,028<br />
Fair value gain 165,373 126,372<br />
End of fi nancial year 4,661,800 4,486,400
Change language