O TTO M ARINE L IMITED - Microsoft Internet Explorer - SGX

12 Associates
2007 2006 2005
$’000 $’000 $’000
Cost of investment in associates .................................... 49 — —
Quasi capital .................................................. 4,928 — —
Share of post-acquisition results .................................... (268) — —
4,709 — —
Details of the associates at end of each financial year are as follows:
Name of Associate
OTTO MARINE LIMITED AND ITS SUBSIDIARIES
Country of
Incorporation/
(or Registration)
and Operation
Proportion of
Ownership
Interest/
Voting Power Held Principal Activities
2007 2006 2005
% % %
West African Invest Ltd (a) ...... St.Vincent and the
Grenadines
49 — — Investment holding
Otto 1 Limited (a) .............
Aries Offshore Singapore Pte
St.Vincent and the
Grenadines
49 — — Ship chartering
Ltd (a) .................... Singapore 49 — — Ship chartering
(a) Incorporated during year 2007
Summarised financial information in respect of the Group’s associates is set out below:
2007 2006 2005
$’000 $’000 $’000
Total assets .................................................. 51,379 — —
Total liabilities. ............................................... (41,769) — —
Net assets ................................................... 9,610 — —
Group’s share of associates’ net assets .............................. 4,709 — —
Revenue .................................................... 3,842 — —
Loss for the year .............................................. 548 — —
Group’s share of associates’ loss for the year ......................... 268 — —
13 Available-for-sale Investments
2007 2006 2005
$’000 $’000 $’000
Quoted equity shares, at fair value. .................................. 4,080 — —
Quoted equity shares offer the Group opportunity for return through dividend income and fair value
gains. They have no fixed maturity or coupon rate. The fair values of these shares are based on the
quoted closing market prices on the last market day of the financial year.
The Group’s available-for-sale investments are denominated in Norwegian Krone.
A1-21