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Notes to the financial statements(c)RAP 11 Pre-Completion Contracts for the Sale of Development Property (cont’d)The Group uses the POC method for recognising revenues from partly completed residential projects which are held forsale. Had the COC method been adopted, the impact on the financial statements will be as follows:2006 2005$’000 $’000Decrease in revenue recognised for the year (619,350) (21,414)Decrease in opening revenue reserve (72,314) (75,405)(Decrease)/increase in profit for the year (82,232) 3,091Decrease in carrying value of properties held for sale:Balance as at 1 January (97,134) (114,085)Balance as at 31 December (195,546) (97,134)Decrease in minority interests:Balance as at 1 January (1,632) (747)Share of profit for the year (7,694) (885)33. Significant Group CompaniesInformation relating to the significant subsidiary companies consolidated in these accounts and to the associatedcompanies whose results are included in the accounts is given on Pages 219 to 224.218 Notes to the financial statementsKeppel Land LimitedReport to Shareholders 2006