NOTES TO THE FINANCIAL STATEMENTS
7 Investment in jointly-controlled entity (Cont’d)
Details of the jointly-controlled entity are as follows:
Country of
Effective equity
interest held by
the Group
Name of jointly-controlled entity Principal activities
incorporation
2014
2013
%
%
^ Cambridge SPV1 LLP
Real estate activities
Singapore
60
60
^ Audited by KPMG Singapore
Summarised financial information relating to the jointly-controlled entity, which is not adjusted for the
percentage of ownership held by the Group, is set out below:
Group
2014
2013
$’000
$’000
Revenue
2,479
1,954
Profit after tax
(1)
826
23,251
Other comprehensive income
–
–
Total comprehensive income
826
23,251
Non-current asset
38,000 38,000
Current assets
(2)
1,372
1,775
Non-current liabilities
(3)
(11,634)
(10,388)
Current liabilities
(4)
(525)
(1,996)
Net assets
27,213
27,391
Group’s interest in net assets of the jointly-controlled entity
At beginning of the year
16,435
–
Capital contribution
–
3,078
Share of total comprehensive income
496
13,951
Distributions received/receivable during the year
(604)
(594)
At end of the year
16,327
16,435
(1)
In the previous financial year, profit after tax included a revaluation surplus of $21.8 million for the 3 Tuas South Avenue 4 property. During
the current financial year, there is no revaluation surplus as the valuation of the property was maintained at $38.0 million as at 31 December
2014 by independent valuer, Knight Frank Pte Ltd.
During the current financial year, the change in fair value of $0.8 million arises from the adjustment for the effect of recognition of rental
income on a straight line basis in accordance with FRS 17
Leases
.
Includes finance costs of $0.5 million (2013: $0.3 million).
(2)
Includes cash and cash equivalents of $0.9 million (2013: $0.7 million) and deferred marketing service fees of S$0.37 million (2013:
$0.35 million).
(3)
Includes borrowings of $11.6 million (2013: $10.4 million).
(4)
Includes retention sum withheld of $0.2 million (2013: $1.5 million).
CAMBRIDGE INDUSTRIAL TRUST | ANNUAL REPORT 2014
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