Jurong Town Corporation Annual Report FY 2014 S. 18 of 2015

Transcription

Jurong Town Corporation Annual Report FY 2014
S. 18 of 2015
Presented to Parliament pursuant to Sections 21 and
22 of the Jurong Town Corporation Act.
Ordered by Parliament to lie upon the Table:
22 September 2015
contents
4
Joint Message from Chairman and CEO
8
Board Members
9
Senior Management
12
Land and Space Allocation
14
Strengthening Industry Clusters
18Developing Next-Generation
Industrial Facilities
22
Creating New Land and Space
24Promoting a Stable and Sustainable
Industrial Property Market
26Driving Innovation, Sustainability and
Construction Productivity
28Creation of an Integrated Urban
Solutions Platform
29
Key Initiatives for FY2015
30
Review of Subsidiary Companies
39
Financial Highlights
4
JTC Corporation • Annual Report FY2014
JOINT MESSAGE
FROM CHAIRMAN
AND CEO
Singapore’s economy remained
resilient, expanding by 2.9% in
2014. The demand for industrial
land and space also remained
stro n g a n d we a ll o c ate d a
total of 188.2 hectares of land
and 79,900 square metres of
ready-built facilities to support
our industries.
Marking Significant Milestones
JTC marked three significant milestones in
FY2014: the opening of Jurong Rock Caverns
(JRC) and JTC LaunchPad, and the merger of
JTC and Temasek subsidiaries.
In September 2014, Prime Minister Lee Hsien
Loong opened the JRC, Southeast Asia’s first
commercial underground rock cavern storage
facility. This mega-engineering project, located
150 metres below Jurong Island and 130
metres below the seabed, will provide a total
underground storage space of 1.47 million cubic
metres, and help free up 60 hectares of surface
land for high value-added economic activities.
The Prime Minister also opened JTC LaunchPad
@ one-north in January 2015, a multi-agency
initiative to boost entrepreneurship in Singapore.
LaunchPad, comprising three blocks, currently
hosts a vibrant mix of 36 incubators and 540
start-ups across industries and at various stages
of entrepreneurship. By 2017, JTC will complete
three more blocks to support a new generation
of budding entrepreneurs.
(From left to right) Dr Loo Choon Yong, Chairman, JTC
and Mr Png Cheong Boon, Chief Executive Officer, JTC.
Creating Tomorrow’s Industry Spaces
In February 2015, JTC and Temasek entered
into an agreement to merge four operating
subsidiaries: Ascendas, Singbridge Group,
JURONG International Holdings (JIH), and
Surbana International Consultants Holdings,
into an integrated platform for sustainable urban
development that will strengthen their value
proposition and provide them with the scale and
capabilities to tap urbanisation opportunities.
The merged group is jointly owned by JTC and
Temasek through a 49:51 partnership.
save up to 20% of operating costs. Developments
such as the JTC Food Hub @ Senoko will also
allow companies to transform their operations
and practices, resulting in significant productivity
improvements. We have also been developing
specialised facilities for key clusters, to catalyse
collaborations, encourage the exchange of ideas
and best practices, and sharing of resources
among companies. Some of these upcoming
specialised facilities include the JTC Furniture
Hub and JTC Integrated Logistics Hub.
Developing Next-Generation
Industrial Solutions
In FY2014, JTC continued to create innovative
space solutions to suppor t industries
and enterprises.
We have also pushed ahead to develop
future-ready high-rise facilities that cater to
a wide range of industries. JTC Space @
Tampines North, for example, is designed
with high technical specifications for heavier
manufacturing activities that are traditionally
land-based. Its flexible design with designated
vibration-sensitive space will also cater to
new and emerging industries such as additive
manufacturing and robotics.
At the estate level, we have enhanced our
specialised parks with innovative facilities to
cluster and support the growth of targeted
industry sectors. For instance, the JTC
CleanTech Two caters to heavy research
and prototyping of advanced manufacturing
technologies and remanufacturing, and further
enhances CleanTech Park’s value proposition
as a ‘living laboratory’ for companies to test-bed
cutting-edge sustainable solutions. To balance
the hard infrastructure in the Park with nature,
the Jurong Eco-Garden provides a unique
green space for the working population and the
surrounding communities.
At the development level, JTC completed and
broke ground for a number of next-generation
facilities. These include developments such
as the JTC Surface Engineering Hub and
JTC nanoSpace @ Tampines, which come
with shared facilities and services that have
helped our customers reduce upfront capital
investments and also tap economies of scale to
Creating New Land and Space
To support quality economic projects that
the government is continuing to attract to
Singapore, JTC has been exploring new
ways to create land and space. Aside from
going underground, as in the case of Jurong
Rock Caverns, we also reclaimed 88 hectares at
Jurong Island and Tuas to create more industrial
land to support the growth of existing and new
industries. Other approaches to create new
space include decking over and utilising air
spaces above major roads, and pursuing more
innovative use of underground space.
Driving Innovation, Construction
Productivity and Sustainability
As a leading developer of industrial space,
JTC has been driving efforts in innovation,
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6
construction productivity and sustainability.
Besides launching joint grant calls with
SPRING Singapore, and providing funding
for innovative projects, estates like one-north
and CleanTech Park were designated for our
partners to test-bed new urban solutions such
as LED street light solutions and Solar Thermal
Façade which lowers building heat in buildings.
To raise construction productivity for our new
developments, we strive to achieve high
scores for buildability and constructability
by standardising building components and
infrastructure elements, adopting precast
construction technologies, and implementing
more mechanisation and automation at
our construction sites. Some of our projects
have achieved scores higher than those set
by the Building and Construction Authority.
For example, the JTC Space @ Tampines
North achieved a buildability score of 91 and
constructability score of 70.
Promoting a Stable and Sustainable
Industrial Property Market
JTC adopted a multi-pronged strategy to
ensure a stable and sustainable industrial
property market. In 2014, 27 hectares of
industrial sites, including 13 hectares of
single-user sites and 14 hectares of multipleuser sites, were sold under the Industrial
Government Land Sales Programme to
provide a steady supply of space to end-user
industrialists as well as developers. This has
helped to stabilise prices and rents in the
industrial property market.
As part of our on-going efforts to ensure that
our policies remain relevant and meet the needs
of industrialists, we tightened our subletting
policy in October 2014 by reducing the sublet
quantum from 50% to 30%. This change was
also extended to third-party facility providers like
Real Estate Investment Trusts (REITs), requiring
them to sublet at least 70% of their space to
quality anchor subtenants for five years after
the TOP date. These moves aim to ensure that
valuable industrial space is put to productive
use and to curb speculation in the industrial
property market.
To improve market transparency and help
industrialists make better decisions when
buying or renting industrial properties, we have
been providing comprehensive and timely
quarterly statistics since 2014. More detailed
rental and pricing information was made
available for different zoning and geographical
areas, in response to industry feedback for
more granular data. We also released new
Industrial Property Price and Rental Indices,
compiled using an expanded coverage and
improved methodology.
Financial Performance
The Corporation’s operating revenue was
$1.7 billion in FY2014, 8% higher than
the previous year. JTC’s net surplus was
$1.2 billion, an improvement of 16% over
FY2013 on the back of higher land disposal
gains and higher dividend income from
Ascendas. JTC also continued to invest in the
purchase of industrial land and development of
projects as its capital expenditure increased by
15% to $1.6 billion in FY2014.
The JTC Group turned in a good performance
in FY2014 as net surplus increased to
$1.4 billion, 7% higher than the previous year.
This was achieved on the back of higher
operating revenue of $1.8 billion due to increase
in land and building rental income.
Co-creating the Future with our
Customers and Partners
JTC is committed to create tomorrow’s industry
spaces to support a future-ready economy.
We remain focused on meeting the needs of
our customers and partnering them as they
transform their businesses and processes
towards higher productivity. In FY2014, we
organised two Land and Space Optimisation
Forums to showcase the experiences of
JTC and our customers in enhancing land
productivity and optimising land use. Through
such platforms, as well as on-going dialogues
and networking sessions with customers,
partners and trade associations, we will keep
our policies and programmes in pace with
market trends, and our facilities relevant to
industry growth and transformation.
JTC’s demanding work and its achievements
over the years would not have been possible
if not for the guidance and support of the JTC
Board and the Boards of our subsidiaries;
and the dedication of our staff. To these
JTC stalwarts, we owe our deep thanks and
appreciation. Our thanks must also go to our
customers and partners for their support in
the past year. As we celebrate our nation’s
50th Anniversary in 2015, we remain focused
and determined to push the limits in innovating
and creating future-ready industry spaces for
a strong and thriving Singapore economy.
Dr Loo Choon Yong
Mr Png Cheong Boon
Chairman
JTC
Chief Executive Officer
JTC
7
8
board
members*
* as at 1 April 2015
Dr Loo Choon Yong
Chairman
JTC Corporation
Executive Chairman
Raffles Medical Group Limited
Mr Png Cheong Boon
Ms Jessie Yeo
Ms Chen Soon Bin
Mr Yeoh Oon Jin
JTC Corporation
Former Managing Director
Government of Singapore Investment
Corporation Pte Ltd
Mr Augustin Lee
Deputy Secretary
Ministry of Manpower
Lt-Gen Ng Chee Meng
Chief of Defence Force
Ministry of Defence
Mr Ngiam Shih Chun
Deputy Secretary (Industry)
Ministry of Trade & Industry
Mr Tan Chee Meng
Deputy Managing Partner
WongPartnership LLP
Mr Danny Teoh
Independent Director
Keppel Corporation
Executive Secretary, Union Centric
Metal Industries Workers’ Union
Executive Chairman
PricewaterhouseCoopers LLP
Mr Olivier Lim
Chairman
Certis CISCO Security Pte Ltd
Mr Guy Harvey-Samuel
HSBC Singapore
Mr Ng Lang
Urban Redevelopment Authority
Dr Moh Chong Tau
President & CEO
Makino Asia Pte Ltd
senior
managemenT*
Mr Png Cheong Boon
JTC Corporation
Mr Heah Soon Poh
Assistant Chief Executive Officer
Cluster Group 1
Ms Eunice Koh
Cluster Group 2
Mr Terence Seow
Corporate, Policy & Planning Group
Director, Human Resources Division
Mr David Tan
Development Group
Mr Seah Kee Pok
JTC Academy
Cluster Group 1
Mr Leow Thiam Seng
Director
Aerospace, Marine & CleanTech Cluster
Mr Dennis Tan
Director
Biomedical & Chemicals Cluster
Ms Khoo Wee Lin
Director
Electronics, Infocomm & Media Cluster
Mr Mark Koh
Director
Facilities & Estate Management Division
Mr Gerald Ng
Director
Housing & Commercial Cluster
9
10
senior
managemenT*
Cluster Group 2
Ms Nang Peck Yan
Director
Food & Lifestyle Cluster
Ms Susan Goh
Acting Director
Logistics & Land Transport Cluster
Mr Cheang Tick Kei
Director
Precision Engineering & Construction Cluster
Ms Ma Ping Nee
Director
SME Programmes Division
Corporate, Policy &
Planning Group
Mr Anil Das
Director
Corporate Planning Division /
Organisation Excellence Department
Ms Siew Yim Cheng
Chief Information Officer
Information Technology Division
Mr Mohd Hafiz Bin Sayuti
General Counsel
Legal Services Division
Mr Leong Hong Yew
Director
Policy & Research Division
Development Group
Infrastructure Development
Development Group
Mr Png Giok Hua
Group Director
Acting Director
Contracts & Procurement Division
Mr Teo Tiong Yong
Mr Koh Chwee
Ms Finn Tay
Finance Division
Acting Director
Innovative Space Division
Acting Director
New Estates Division
Mr Calvin Chung
Acting Director
Reclamation &
Infrastructure Division
Land Planning & Redevelopment
Ms Josephine Loke
Group Director
Ms Tang Hsiao Ling
Acting Director
Land Planning Division
Ms Vivien Tan
Director
Land Redevelopment Division
Mr Tham Wai Wah
Director
Technical Services Division
Mr Ho Tuck Chuen
Group Chief Financial Officer
Finance Division
Audit & Advisory Division
Mr William Lim
Director
Audit & Advisory Division
Communications Division
Ms Christine Wong
Director
Communications Division
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12
land and space
allocation
Prepared Industrial Land
Gross allocation of prepared industrial land, excluding industrial government land sales, was 188.2 hectares
in FY2014.
Chart 1: Gross Allocation and Returns for Prepared Industrial Land, FY2010 to FY2014
Gross allocation
Returns
Ha
400
300
200
100
0
FY10
FY11
FY12
FY13
FY14
Chart 2: Gross Allocation of JTC Prepared Industrial Land by Industry, FY2014
Manufacturing industries
Manufacturing related and
supporting industries
R&D, Professional &
Technical Activities
[4.1 ha]
Information &
Communication
[2.9 ha]
Construction
[11.7 ha]
6%
Chemicals
[41.0 ha]
22%
Logistics
[16.2 ha]
Others
[16.6 ha]
2%
2%
9%
9%
FY2014
12%
Real Estate Activities*
[27.0 ha]
Biomedical
Manufacturing
[1.3 ha]
Precision Engineering
[22.4 ha]
14%
11%
1% 5%
8%
General
Manufacturing
[9.8 ha]
*includes real estate developers and investment holding companies
Transport Engineering
[20.7 ha]
Electronics
[14.5 ha]
Ready-Built Facilities
Total gross allocation of ready-built facilities was 79,900 square metres in FY2014.
Chart 3: Gross Allocation, Returns and Occupancy Rate for JTC Space, FY2010 to FY2014
Gross allocation
Returns
Occupancy rate
Occupancy
Rate
100%
‘000sqm
120
80%
80
60%
40%
40
20%
0
FY10
FY11
FY12
FY13
FY14
0%
Chart 4: Gross Allocation of JTC Space by Industry, FY2014
Manufacturing industries
Manufacturing related and
supporting industries
Precision Engineering
[3,700 sqm]
Transport Engineering [100 sqm]
Logistics [600 sqm]
General Manufacturing
[6,300 sqm]
Construction
[2,800 sqm]
Information &
Communication
[8,700 sqm]
Others
[16,200 sqm]
11%
20%
1%
4% 5% 0.1%
8%
Biomedical Manufacturing
[1,400 sqm]
2%
0.1%
Electronics
[100 sqm]
FY2014
50%
R&D, Professional &
Technical Activities
[39,900 sqm]
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STRENGTHENING
INDUSTrY CLUSTERS
1.
2.
In FY2014, we allocated 188.2 hectares
of land in FY2014 with half of these
sites going to the chemicals, precision
engineering, transport engineering and
electronics industries. Together with
key agencies such as the Economic
Development Board and SPRING
Singapore, we supported many key
projects through direct land allocation.
1.Jurong Island continues to attract global players seeking to plug into
this integrated energy and chemicals hub.
2.JTC Aviation Two @ Seletar Aerospace Park will be completed
in 2016.
Jurong Island
Despite the recent volatility in oil prices, Jurong
Island continued to remain as a vibrant and
attractive petrochemical hub for new investments.
Key projects that took up new land included
Afton Chemical for its new chemical additives
manufacturing facility, ExxonMobil for its synthetic
rubber and patented adhesive plants, Vopak
Terminals for its Liquefied Petroleum Gas terminal,
and Huntsman for its polyol manufacturing facility.
Companies that celebrated plant openings
included: Zeon Corporation for its full-scale
commercial production of solution styrenebutadiene rubber (SSBR); Infineum for its new
salicylate manufacturing facility; Chevron Oronite for
the expansion of its Singapore plant; Nalco Asia for
its oxyalkylate manufacturing plant; Petrochemical
Corporation of Singapore for its second butadiene
plant; Katoen Natie for the extension to its Jurong
Logistics Terminal; and Evonik for its fifth global
methionine production complex which at €500
million is its largest chemical investment to date.
Tuas Biomedical Park
Over at the Tuas Biomedical Park, JTC’s dedicated
hub for global pharmaceutical and biotechnology
companies, several companies celebrated their
facility openings. Mead Johnson Nutrition for its
new production and research campus supplying
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1.
key paediatric nutritional ingredients and products
to a number of fast-growing Asian markets.
Abbott Nutrition for its Asia Pilot Plant to produce
prototypes and formulations tailored to the
preferences of Asian consumers.
Amgen, an American biopharmaceutical company,
for its next generation bio-manufacturing plant
that produces drug substances used to treat
osteoporosis and bone-related disorders in cancer
patients. Alcon, a global leader in eye care, for
its new state-of-the-art manufacturing facility to
produce ophthalmic pharmaceutical products to
address eye conditions.
one-north
one-north, JTC’s 200-hectare R&D hub at Buona
Vista, continued to host a vibrant community
of research institutes and companies in the
biomedical sciences, infocomm technology,
science and engineering, and media industries.
JTC’s Fusionopolis Two, which comprises three
new blocks of research facilities, office floors and
retail space, has obtained its Temporary Occupation
2.
1.A*STAR and Takeda Pharmaceutical set up new R&D facilities at
Biopolis @ one-north.
2. BASF Learning Campus @ Rochester Park
3. Aerial view of Tuas Biomedical Park
3.
Permit (TOP) and will celebrate its official opening
in October 2015. Other completed projects include
Galaxis @ Fusionopolis, developed by Ascendas,
and BASF Learning Campus @ Rochester Park
which is a hub for regional and global leadership
and business-related programmes. Over at Biopolis,
A*STAR set up the Diagnostics Development (DxD)
Hub to accelerate local development and production
of medical diagnostic devices, and Japanese drug
giant Takeda Pharmaceutical Co opened its new
office housing the headquarters of its emerging
markets business unit, its regional R&D centre, and
its vaccine business unit.
Seletar Aerospace Park
Seletar Aerospace Park (SAP) continued to attract
major players and SMEs in the aerospace industry.
Jet Aviation Asia Pacific opened its new hangar
facility next to its existing hangar to serve the
growing demand for large, long-range business jets
in the region. Turbomeca, a subsidiary of Safran
Group, will be moving from its Loyang premises
to its new expanded facility at SAP in 2016. Its
new premises will house its marketing, sales and
technical support teams as well as its regional
training centre. Matcor, a local SME, took up a
unit at JTC aeroSpace (Phase 1) to set up a new
laboratory and workshop. Another home-grown
company, JEP Precision Engineering, will build its
new facility, redesigned to improve productivity.
Airbus and Singapore Airlines also took up land
after signing an agreement to jointly develop a new
flight training centre, Airbus Asia Training Centre
(AATC) at SAP.
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DEVELOPING
NEXT-GENERATION
INDUSTRIAL FACILITIES
1.
In FY2014, JTC rolled out a suite
of next-generation industrial facilities
that were designed with inputs
from industrialists.
JTC Surface Engineering Hub was officially
opened on 9 October 2014. Costing $59-million,
the high-rise facility is a unique development
comprising 63 units to host an integrated ecosystem
of companies in the surface engineering industry. It
features a centralised wastewater treatment plant
that not only helps to reduce space requirements,
operational cost and upfront capital investment for
SMEs, but also will enable quick start-up.
JTC LaunchPad @ one-north was officially
opened by Prime Minister Lee Hsien Loong on
23 January 2015. Comprising Blocks 71, 73 and
79, JTC LaunchPad offers a range of facilities such
as co-working, incubator and start-up space that
can support the various stages of entrepreneurship.
Sports and recreational facilities, shared meeting
rooms, an events hall as well as F&B outlets have
also been provided to promote networking amongst
the start-ups. The privatised Action for Community
for Entrepreneurship (ACE) has also located at the
LaunchPad as a one-stop hub for the organising
of activities to engage the business community. In
addition, there will be an Ideation Lab set up at ACE
for aspiring entrepreneurs to tap on its resources.
2.
1. JTC Surface Engineering Hub has a centralised wastewater treatment plant to meet the needs of surface engineering companies.
2. JTC LaunchPad has attracted a vibrant community of accelerators, incubators, start-ups, venture capitalists and entrepreneurs.
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JTC BioMed Hub @ Tuas Biomedical Park (TBP)
was completed in February 2015. The eightstorey integrated development will bring vendors
and suppliers together under one roof to provide
supporting services to the TBP companies. It
has industrial units, laboratories, shared meeting
and training facilities, and supporting amenities
such as F&B outlets, a gymnasium, a clinic and
childcare services.
2.
JTC CleanTech Two @ CleanTech Park was
officially opened on 28 January 2015. The facility
is specially designed with workshop-like spaces
for heavy research and prototyping of advanced
manufacturing technologies, as well as fitted
laboratories and offices for start-ups.
JTC Space @ Tampines North integrates landbased facilities with high-rise, multi-user factories.
Launched on 21 May 2014, the development features
3.
higher floor loading, greater ceiling height and wider
corridors for heavy manufacturing activities. It is also
designed to be future-ready with designated vibrationsensitive space for new and emerging industries such
as additive manufacturing and robotics. The project is
targeted for completion in 2016.
JTC broke ground for JTC Chemicals Hub @ Tuas
View on 31 October 2014. The project is Singapore’s
first multi-user and high-rise development designed
to house chemicals companies involved in the
manufacturing, blending and distribution of chemicals,
including chemicals classified as Dangerous Goods. It
is targeted for completion in 2016.
1.
On 14 January 2015, JTC nanoSpace @
Tampines was launched. The multi-tenanted fourstorey development is designed with high technical
specifications such as a floor vibration criterion of
VC-B, heavy industrial floor loading of 20kN/square
metre and a high ceiling of up to 9.0 metres. It will
have centralised common utilities such as bulk gases
and chilled water, as well as space for specialty
chemical storage and waste water treatment plants
to help companies save on their operating costs and
improve their productivity. The project is scheduled to
be completed in early 2017.
JTC Space @ Tuas broke ground on 11 February
2015. The development with seven land-based
factories for heavy manufacturing and height
clearance of 13.5 metres has amongst JTC’s multitenanted developments, the highest floor loading
of 30 kN/square metre for manufacturing. Another
36 ramp-up units and 95 flatted factories will be
4.
stacked above the land-based units to support
lighter manufacturing industries. Scheduled to be
completed in 2017, the development will also house
supporting amenities such as a heavy vehicle park,
a workers’ dormitory and an amenity centre.
We also started construction work on the JTC
Food Hub @ Senoko, which will be Singapore’s
first multi-tenanted ramp-up development for the
food manufacturing industry. The seven-storey
development will cluster food companies in 50
modular factory units in a single location, with an
integrated cold-room warehouse facility. Food
companies can outsource logistics services to a
service provider located within the same building.
With the potential sharing of delivery fleet, the
number of trips and drivers required will be reduced.
This signifies transformation and productivity
improvement in their operations and practices. The
project is expected to be ready in 2017.
5.
1. JTC BioMed Hub will house vendors and suppliers under one roof.
2. JTC CleanTech Two was opened in January 2015.
3.Construction work is in progress on JTC Space @ Tampines North.
4. Launch of JTC nanoSpace @ Tampines
5. An artist’s impression of JTC Space @ Tuas
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CREATING NEw LAND
AND SPACE
1.
2.
Given Singapore’s limited industrial
land resource, JTC has adopted a
forward-thinking ethos in exploring
cutting-edge solutions to create new
spaces. We have reclaimed land from
the sea, tapped the subterranean
depths beneath the seabed to create
underground storage facilities — such
as the Jurong Rock Caverns — and
converted landfills to productive
industrial land. JTC is also masterplanning new integrated industrial
districts of the future.
3.
Jurong Island and Tuas
In FY2014, JTC reclaimed a total of 88 hectares
at Jurong Island and Tuas, and we will continue to
create more land over the next few years to meet
industrial demand.
Jurong Rock Caverns
On 2 September 2014, Prime Minister Lee
Hsien Loong officially opened the Jurong Rock
Caverns (JRC), Southeast Asia’s first commercial
underground storage facility for liquid hydrocarbons.
The project is the deepest known public works
project so far, and its five caverns have a total
capacity of 1.47 million cubic metres.
4.
Master-planning new Industrial Districts
JTC is master-planning new industrial districts of the
future, including a new innovation district in the west
that will revolutionise the liveability and sustainability
of industrial estates. It will be a mixed-use district
connecting Nanyang Technological University,
CleanTech Park, Jalan Bahar, Tengah and Bulim.
1.Located at 150 metres below Jurong Island, Jurong Rock
Caverns is the deepest public works project.
2 & 3.Prime Minister Lee Hsien Loong officiated at the opening of JRC
in September 2014.
4. Reclamation works in progress
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PROMOTING A STABLE AND
SUSTAINABLE INDUSTRIAL
PROPERTY MARKET
1.
2.
JTC continued to release land through
the Industrial Government Land
Sales (IGLS) programme to meet the
demand of industrialists while ensuring
a stable and sustainable industrial
property market. We also reviewed
our policies to discourage speculation
and ensure that industrial land sites
allocated to companies were put
to appropriate and productive use.
Detailed data on industrial property
prices and rentals will continue to be
provided on our website to further
improve market transparency.
Releasing Industrial Land
In 2014, 27 hectares of industrial land sites were
sold under the IGLS programme as part of the
Government’s continuing efforts to stabilise rents
and prices in the industrial property market. JTC
also revised the technical conditions on electrical
provision and provision of goods lift to better meet
the needs of industrialists. For the first time, a site
(at Tanjong Penjuru) was launched with a shorter
tenure of 20 years to meet the needs of industrialists
for multiple-user development at affordable prices.
Policy Reviews
During the year, JTC reviewed and tightened
its subletting policy to reinforce the message
that industrial space should be for lessees’ own
productive use. Under the revised policy, lessees
would be able to sublet up to 50% of their premises
within five years after obtaining TOP. The quantum
would be cut to 30% thereafter.
This change was also extended to third-party
facility providers like Real Estate Investment Trusts
1.More information and data on the industrial property market in
Singapore can be accessed from the JTC website.
2.More industrial land sites were released under the
IGLS programme
(REITS), requiring them to sublet at least 70% of
the built-up space to quality anchor subtenants for
five years after the TOP date. To ensure a smooth
transition, lessees, tenants and third-party facilities
providers were given until end 2017 to align their
sublet quantum with the new cap.
Enhancing Market Transparency
To enhance market transparency, we released new
Industrial Property Price and Rental Indices that used
an expanded coverage and improved methodology.
A wider range of sub-indices were also included to
provide industrialists with information on price and
rental movements based on property attributes
and to help them make more informed decisions in
purchasing or renting industrial properties.
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DRIVING INNOVATION,
SUSTAINABILITY AND
CONSTRUCTION PRODUCTIVITY
1.
2.
JTC stepped up its efforts to push
the boundaries in sustainable
infrastructure innovation to create
value for our customers. Under our
Environmental Sustainability Plan,
we continue to promote green
practices and introduce eco-friendly
features in all our existing and future
developments and industrial estates.
Industrial Infrastructure Innovation (I3) Centres
In addition to the two I3 Centres at the Nanyang
Technological University (NTU) and National
University of Singapore (NUS), JTC launched
its third I3 centre with the Singapore University
of Technology and Design (SUTD) in July 2014.
The SUTD-JTC I3 Centre will focus on three key
research thrusts — urban innovation, integrated
architecture and engineering, and design
and technology.
Driving Sustainability in our Developments
JTC signed a three-year Memorandum of
Understanding (MOU) with the Sustainable Energy
Association of Singapore (SEAS) to collaborate
in driving green initiatives for JTC developments.
Under the MOU on Energy Efficiency Solutions for
Industrial Buildings, JTC will collaborate with SEAS
to help identify, develop and implement sustainable
solutions in our developments.
Test-bedding of Green Solutions
JTC and SPRING Singapore jointly launched their
first grant call inviting proposals from industrialists
and companies on sustainable solutions for testbedding in JTC’s developments or facilities. The
aim was to provide companies with a platform
for large-scale experimentation in a real world
environment, and allow them to develop their
track record. In January 2015, six local small and
1.Jurong Eco-Garden was built to serve as a green lung for the
working community and residents in and around CleanTech Park.
2.Eco-friendly features have been introduced to JTC’s existing and
new developments.
medium-sized enterprises (SMEs) were awarded a
total of $2.5 million to support the test-bedding of
their sustainable technologies and solutions.
Opening of Jurong Eco-Garden
JTC opened the Jurong Eco-Garden located in the
heart of CleanTech Park, JTC’s eco-business park on
1 June 2014. Special efforts were made to recreate
the habitats to support and preserve the rich
biodiversity found in the park. The five-hectare
garden boasts a freshwater swamp forest, a
butterfly garden, and excavated rocks from Jurong
Rock Caverns which were used for landscaping
and art sculptures. Jurong Eco-Garden serves as a
green lung for the working community and nearby
residents to enjoy.
Improving Construction Productivity
To raise construction productivity, JTC pushed for
higher productivity in the construction of its projects.
In FY2014, we implemented several productivity
measures, including the adoption of standard
gridlines, precast construction technologies,
M&E and architectural productive technologies
during the design stage to improve construction
productivity and to achieve high buildability
and construction scores. We also adopted
mechanisation and automation at our construction
sites. Some of our projects have achieved
scores higher than those set by the Building and
Construction Authority. For example, the JTC
Space @ Tampines North achieved a buildability
score of 91 and constructability score of 70.
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28
creation of an
integrated urban
solutions platform
1.
In February 2015, JTC and Temasek
entered into an agreement
to merge their four subsidiaries,
A sc e nd a s, S ingbr idg e G rou p,
JURONG International Holdings (JIH),
and Surbana International Consultants
Holdings Pte Ltd, into an integrated
platform for sustainable urban
development. Following the agreement,
regulatory approvals were obtained
and the merger was completed in
June 2015.
The four subsidiaries were reorganised to create
two independent operating arms. Ascendas and
Singbridge, as the asset investment and holding
arm, will originate, aggregate and provide urban
solutions. Surbana and JIH will form the building
and engineering specialist services unit, enabling
sustainable solutions through technology. This
integrated platform creates greater scale and
synergies, and provides flexibility and nimbleness
in pursuing projects across the entire urban
development value chain.
2.
1.A partnership between JTC and Temasek was inked in February 2015
to merge their four subsidiaries.
2.The merged entities of Ascendas-Singbridge and Surbana-Jurong will
have the flexibility to pursue projects across the urban development
value chain.
key initiatives
for fy2015
Moving ahead in FY2015, JTC will
continue to raise the bar to support
a future-ready economy by creating
to m o r row’s i n d u s t r y s p a c e s.
We remain committed to develop
innovative facilities to meet the needs
of our customers as they transform
their businesses and processes
towards higher productivity.
Upcoming projects include:
JTC Furniture Hub
A high-rise, multi-tenanted development targeted
at furniture manufacturers, interior furnishing
companies and their materials suppliers.
An artist’s impression of JTC Space @ Gul
JTC Poultry Processing Hub
A high-rise, multi-tenanted development with
automated high-speed poultry slaughtering lines
and shared services such as boilers and a waste
water treatment plant.
JTC Integrated Logistics Hub
A high-rise, multi-tenanted logistics facility with
inland container depot, warehouse, and supporting
facilities such as heavy vehicle carpark and IT
management system.
JTC Space @ Gul
A development which offers three-storey factory
units with unique structural provisions to allow
production activities traditionally carried out on land
to be vertically integrated over multiple floors.
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30
Review of
Subsidiary
Companies
Ascendas
For the FY ending March 2015,
Asc e ndas’ tota l as sets u nde r
management grew approximately
12% year-on-year to S$16.8 billion,
while total space managed grew over
4.4% to 58.9 million sq ft.
Ascent in Singapore Science Park I
Singapore
In FY2014, Ascendas recognised total gains of S$155
million through several strategic divestments. In June
2014, Ascendas divested Changi City Point, the retail
component of Changi City in Changi Business Park,
to Frasers Commercial Trust. The divestment of the
hotel component, Capri by Fraser, was completed
in March 2015. During the year, Ascendas also
divested Standard Chartered @ Changi 2 (Phase II);
Avanstrate, a special-built single-lease facility in Tuas;
and Kendall, a six-storey research and development
building in Science Park II.
On the development front, Ascendas completed the
17-storey Galaxis in December 2014. The integrated
development located at one-north has received
over 70% pre-commitment for its space as at 31
March 2015. The redevelopment of Singapore
Science Park is underway, with the construction for
DSO National Laboratories’ Phase 2 facility and the
new seven-storey business park building, Ascent in
Science Park I, on schedule. Ascent received the
Building and Construction Authority’s (BCA) Green
Mark Platinum award, and will be completed in the
first quarter of 2016.
China
In the second half of 2014, Ascendas acquired
Ascendas Lotus Business Park and a research
and development park project, both located in
Shanghai’s Zhangjiang Hi-Tech Park. Ascendas also
deepened its presence in Xi’an with the acquisition
of Ascendas Innovation Towers, which commenced
development in June 2014.
In Suzhou, the final phase of Ascendas iHub Suzhou
was completed in June 2015. The park comprises
20 standalone office villas as well as approximately
120,000 square metres of business space within
four office towers. Ascendas also commenced
construction for a third multi-tenanted building within
Dalian Ascendas IT Park, as well as Phase 1B and
1C in Ascendas OneHub GKC in Guangzhou. In
Hangzhou, Ascendas started development for Phase
2 of Singapore-Hangzhou Science & Technology
Park, following the completion of Phase 1.
India
In Chennai, Ascendas completed infrastructure
works for Phase 1 at the integrated industrial
township, OneHub Chennai. Hitachi Automotive
Systems commenced trial production within the
township in August 2014, while Ajinomoto India and
Takasago are scheduled to commence operations
by September 2015 and mid-2016 respectively.
Liwayway, a Philippine snack manufacturer, plans
to commence operations by end-2016.
Cedar building, which makes up Phase 1 of
International Tech Park Pune (ITPP), is fully
committed to a leading IT solutions company.
Construction for Phase 2 building, named
Juniper, commenced in August 2014 and it is
expected to complete in 2016. In November 2014,
Ascendas secured its first tenant for Ascendas
OneHub Gurgaon.
Korea
Ascendas’ Korean portfolio comprises four office
buildings, which are held and managed through four
independent single asset funds, namely Ascendas
Korea Office Fund (AKOF), Ascendas Korea Office
Fund 2 (AKOF2), Ascendas Korea Office Private
Real Estate Trust (AKO-PREIT) and Ascendas Korea
Office Private Real Estate Trust 2 (AKO-PREIT2).
In FY2014, Ascendas attracted and retained major
tenants such as Kyobo Life and Samsung F&M,
achieving an average occupancy rate of 98% as at
31 March 2015.
Southeast Asia
In June 2014, Ascendas broke ground for the
210-hectare Nusajaya Tech Park, Iskandar
OneHub Saigon, Vietnam
Malaysia. A 28-hectare start-up phase comprising
ready-built facilities and land plots for Build-to-Suit
developments will be completed by 2016.
In Vietnam, Ascendas partnered with Saigon
Bund Capital Partners to develop OneHub
Saigon, a 12-hectare integrated business park in
Ho Chi Minh City. The joint venture received the
Investment Certificate to commence planning and
development at an official ceremony graced by
Singapore’s Emeritus Senior Minister Goh Chok
Tong. In Binh Duong, 15 of the 27 companies
invested in Ascendas-Protrade Singapore Tech
Park have commenced operations as at 31 March
2015, with the remaining expected to commence
by 2016 and beyond.
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32
Ascendas Lotus Business Park in Shanghai, China
Real Estate Fund Management
Ascendas Real Estate Investment Trust
(A-REIT)
A-REIT is Singapore’s largest business space
and industrial Reit with a diverse portfolio of 105
properties in Singapore and two in China. As at 31
March 2015, its total assets amount to about S$8.2
billion. A-REIT achieved a full-year distribution per
unit (DPU) of 14.60 cents, a 2.5% increase over
the previous year’s DPU of 14.24 cents. This was
underpinned by positive rental reversions of 8.3%
Award” in the REIT category for the tenth time at
the Securities Investors Association (Singapore)
Investors’ Choice Awards 2014.
Ascendas India Trust (a-iTrust)
a-iTrust manages about 8.1 million sq ft of business
space in India. The Trust’s portfolio comprises six
world-class IT business parks in India, namely the
International Tech Park Bangalore, International
Tech Park Chennai and CyberVale in Chennai,
and CyberPearl, The V and aVance Business Hub
in Hyderabad. a-iTrust’s portfolio achieved an
occupancy rate of 97% as at 31 March 2015.
a-iTrust’s revenue grew 6% to ₹6.1 billion in Indian
Rupee terms in FY2014. Its topline growth was
supported by income from Aviator building, which
became operational in January 2014, and positive
rental reversions in Chennai. Current developments
include Victor, a new IT building in Bangalore, as
well as a new IT building and a multi-level car park
at The V in Hyderabad. In December 2014, a-iTrust
announced the acquisition of BlueRidge Phase Two,
a 1.5 million sq ft IT Special Economic Zone (SEZ) in
Pune. In March 2015, the Trust acquired CyberVale
in Chennai, from its sponsor Ascendas.
Ascendas Hospitality Trust (A-HTRUST)
A-HTRUST, one of the first pan-Asian hospitality
trusts, is a stapled group comprising Ascendas
Hospitality Reit (A-HREIT) and Ascendas Hospitality
Business Trust (A-HBT). As at 31 March 2015, it
owns 12 quality hotels with over 4,500 rooms across
8 key cities in Australia, China, Japan and Singapore.
over preceding contracted rental rates. Net asset
value (NAV) per Unit increased year-on-year from
S$2.02 per unit to S$2.08.
During the year, A-REIT enhanced its Singapore
portfolio with the acquisition of three high quality
industrial properties for a combined value of
S$770.6 million. Highlights include the acquisition
of Hyflux Innovation Centre and Aperia. One of the
30 constituents of the FTSE Straits Times Index,
A-REIT won the “Most Transparent Company
In FY2014, A-HTRUST’s revenue, net property
income and distributable income grew by 6.0%,
11.8% and 3.0% respectively from a year ago. The
growth was mainly due to contributions from Osaka
Namba Washington Hotel Plaza and Park Hotel
Clarke Quay, as well as the overall improvement
in portfolio performance. On average, its hotels
under management contracts in Australia, China
and Japan posted growth in revenue per available
room of 5.1%, 2.2% and 57.7%, respectively, over
the same period last year.
33
34
Jurong International
1.
Against a competitive landscape
that is changing rapidly, JURONG
International Group continued to
focus on delivering value to its
clients. China remains a promising
growth region for the Group, with
its consulting business remaining
robust, winning eight projects in the
first quarter of FY2014.
Consulting
China
JURONG Consultants (JCP) signed a 6-month
consulting contract with Hunan Hengyang Xidu HiTec Zone to deliver industry positioning, conceptual
master planning, control planning and urban
design services. Subsequent notable projects
were secured with Zhejiang’s Ningbo Bonded
Area Xiangbao Cooperation Zone, Guangxi’s
Hezhou Wanggao Industrial Park, Yunnan’s
Yuxi Hi-tech Industry Development Zone, China
Fortune Land Development for Dachang Jiutong
Foundation Investment Advisory Co Ltd, Tianjin
Xiqing Economic Development Corporation and
Guilin Linsu EDZ for consulting services rendered
in industry positioning, master planning, control
planning and investment studies.
Leveraging on its consulting expertise in
petrochemical master planning and development,
China’s Nanshan Group signed a Memorandum
of Understanding with JCP in June, to develop
the Nanshan Artificial Island Petrochemical
Industrial Base.
India
JCP continued to extend its reach in India. Diligent
Pink City Center Pvt. Ltd commissioned Team India
to deliver urban design and concept infrastructure
engineering design services to 1.2 million sq ft
Jaipur Exhibition and Convention Center in a bid to
revitalise the 40-acre land area into a commercial
hub. Similar consulting services were also called
for in SunTec IT Campus at TechnoCity, Trivandrum
project, the first of its kind in India designed to meet
Green Mark Platinum.
In another development with Tata Steel, JCP was
appointed to master plan for Gopalpur Industrial
Park in Odisha as well as design for the proposed
1000-square metre gateway TATA Steel plant at
Kalinganagar Project Office in Duburi.
One key achievement was the master planning
of the new capital city of Andhra Pradesh state
(together with Surbana International Consultants)
which was jointly announced in January 2015 by
the ministers of Singapore and Andhra Pradesh.
The plan outlined the city’s future urban growth
in building commercial and residential properties,
public facilities, transport and infrastructure and
identifying joint venture and private investment
opportunities for Singapore companies as well as
growing the Singapore brand in India.
Emerging Markets
In June 2014, the Brazil’s Governor of the Federal
District, Agnelo Queiroz, unveiled ‘Brasilia 2060’
— a strategic plan proposed by JCP, to develop
Brasilia into a world-class financial and commercial
hub, enhancing employment and income levels
and raising the overall competitiveness of the
federal district.
Following its first management model project in
Moglino, Pskov Region in Russia, JCP signed
a contract with Kaznex Invest in July, to deliver
management model services to the Park of
Innovative Technologies Special Economic Zone
(PIT SEZ) in Kazakhstan. JCP also partnered
Kazakhstan’s Ministry of Industry and New
Technologies to develop an innovative model for
managing SEZs in Kazakhstan.
2.
1. An artist’s impression of Park of Innovative Technologies Special Economic Zone in Kazakhstan
2. SunTec IT Campus at TechnoCity, India
In August 2014, JCP secured a conceptual and
detailed master plan and infrastructure plan with
Hua Chou Investment for Yaeni Industrial Park in
Myanmar. Combining industrial, commercial and
residential amenities, the integrated development
will provide a work-live-play extension to the nearby
capital city of Naypyidaw.
Home Front
As uncertainty in major economies continued to
prevail, the consulting team focused on value-add
and delivering results to the local customers. One
noteworthy mention was the commendation award
received for Jurong Rock Caverns (JRC) project
in the category ‘Industrial or Process Structures
for excellent achievement in the structural
design of offshore facilities, chimneys, barrages,
petrochemical works, wafer plants, water treatment
plants and power stations’ — the team’s first award
since the engineering feat kicked off Phase 1 in
April 2014. This followed after the appointment of
the JRC operatorship in January 2014.
Design and Build (D&B)
Safety Accomplishments
The Group’s D&B arm, Jurong Primewide (JPW),
was successful in the execution and delivery of
projects and safety milestones. In April, JPW’s
HTTC Project (Phase 1) recorded a remarkable one
million accident-free man-hours and subsequently
launched a Working-At-Height Safety Campaign
for fall prevention at worksites.
In June 2014, a ground-breaking ceremony
organised by Land Transport Authority (LTA) at
Woodlands Station Project site was held to mark
the start of construction works on the Thomson
Line (TSL) project. The line’s S$329 million Mandai
Depot, built by JPW, housing the Operation Control
Centre and maintenance and berthing of trains
35
36
running on TSL, will be the largest of the five MRT
depots when completed.
JPW also won two awards for Workplace Health
and Safety (WSH) - WSH Safety and Health Award
Recognition for Projects (SHARP) and the WSH
Performance (Silver) Award, presented in July in
recognition of its commitment and outstanding
performance in promoting a safe and healthy
working environment.
Similar recognition was also acknowledged by LTA
who awarded JPW with the Accident-Free Million
Man-Hours (Category 1) Award in October at the
16th Annual Safety Award Convention.
Facilities Management (FM)
Making Headway in Healthcare and Defence
In another significant step towards establishing
itself as a leading FM services provider in the
healthcare sector, SMM secured its first healthcare
project from Singapore General Hospital for
Alteration and Addition (A&A) works at the new
rehabilitation centre for physiotherapy, occupational
therapy and speech therapy. Another FM contract
secured with Ang Mo Kio-Thye Hua Kwan Hospital
involved A&A works to convert part of its Level 2
wards into 110 units of new ‘Class C’ beds. For
defence, the Defence Science and Technology
Agency (DSTA) commissioned SMM to upgrade
its firearm shooting ranges in October.
Among the various achievements, the most
exceptional honour was the endorsement received
from the Institute of Mental Health (IMH) for SMM’s
services delivered during the preparation for its
fourth on-site Joint Commission International (JCI)
accreditation audit in May 2014.
Corporate Responsibility
Sustainability in Value Creation
A collaboration team, comprising Sustainability
Development and Team India, competed in a
national-level design competition organised
by the Indo-Swiss Building Energy Efficiency
Project (BEEP) in New Delhi, January 2015. Their
proposal was among the six entries out of a total
of 15 received in the Residential category to
successfully qualify for Stage 2 of the competition.
BEEP, a bilateral co-operation between India and
Switzerland, sets out to reduce energy consumption
in new commercial buildings and to disseminate
best practices for energy-efficient construction.
To improve the quality and professionalism in the
construction life cycle, JCP established its own
Building Information Modelling (BIM) guidelines
and standards manual aligned with the national
BIM requirements. The ‘JCP-BIM Execution Plan’
and ‘JCP-BIM Manual’ which aim to raise the
productivity and level of integration across the
various disciplines, provided a baseline document
in guiding the project team to achieve goals set to
BIM deliverables.
Jurong Port
FY2014 marked a significant milestone
for Jurong Port. The organisation
witnessed the handing over of the
leadership mantle to its new CEO
Mr Ooi Boon Hoe who joined in
August 2014. Over the course of the
financial year, the organisation has
also seen other new members join
the management team. Since January
2015, a new organisational structure
has been in place that is centred
on the port’s core competencies as
a multi-purpose port operator. The
fourth quarter of FY2014 also marked
the 50th anniversary of Jurong Port.
The port continued to achieve several awards,
recognising its accomplishments as well as its
emphasis on building a green and sustainable
port. It has formulated a new vision and strategy
focused on developing an organisation that will
strengthen its core competencies in multi-purpose
port operations, commercial engagement, port
business development and technical services.
Homeport
The general and bulk cargo business faced
challenging market conditions in FY2014 as a result
of a slowdown in the local construction industry.
As a result, the general and bulk cargo throughput
handled by the main terminal saw a 5% decrease
in cargo volumes to 17.33 million tonnes. As a multipurpose port operator, the port continued to handle
about 320,000 TEUs mainly to and from general
cargo vessels and barges.
The Offshore Marine Centre and Lighter Terminals
contributed 776,000 tonnes of throughput for
FY2014. This represented a 2.1% increase in volume
over FY2013 for this segment.
In FY2014, the port continued to emphasise the
enhancement of port infrastructure as well as to
pursue green initiatives. One such project was the
upgrading of two general cargo berths which would
increase their capacity to handle bigger vessels with
higher cargo volumes.
Sustainable methods were used for the construction
of the berths such as concrete from the existing
37
38
joint venture port located in Shandong Province,
China. In FY2014, the terminal handled a total
throughput of 8.5 million tonnes, comprising mainly
soya beans, tapioca and woodchips. The port also
completed and put into operation its state of the art
automated train loading facility for grains, supported
by 24 new silos which allow the port to better serve
inland markets.
Cement screw unloader at Jurong Port
berths and yards were cut up, crushed and
recycled for use in the upgrading, pre-cast beams
and slabs were used to obviate the need for
substantial formworks. Certified green construction
materials also helped reduce the carbon footprint of
the project. These materials include green cement,
green steel mesh and green reinforcement bars.
The pre-casting of slabs and beams was done on
site to minimise the need for their transportation
off-site, thus reducing carbon emissions. The
construction of the “World’s First Green Berths”
is underway and it is expected to be completed in
August 2015.
Another green initiative underway is the building of
the world’s largest port-based solar panel facility in
Jurong Port. The electricity generated from the solar
panels will reduce the amount of carbon footprint
that would have been accomplished by planting
about 300,000 trees. The system is expected to
generate 10 megawatts of electricity at its peak
capacity; the electricity produced is equivalent to
the consumption of 2,800 units of 4-room HDB
flats annually. More than 95,000 square metres of
warehouse roof space, equivalent to 13 football
fields, will be installed with solar panels. The project
is expected to complete by end 2015.
In FY2014, the port renewed three safety certificates
after undergoing an audit conducted by Certification
International Singapore, an MOM approved safety
auditor. The re-certification recognises the port’s
compliance with Singapore and International
standards for occupational health and safety
management system (OHSAS 18001 and SS
506 – Part 1:2009) and international environment
management system (ISO 14001).
Overseas Ventures
China, Rizhao
Rizhao Jurong Port Terminals is Jurong Port’s first
China, Yangpu
SDIC Jurong Yangpu Port is Jurong Port’s second
joint venture in Hainan Province, China. This joint
venture handled a total throughput of 8.1 million
tonnes in FY2014, of which general and bulk
cargo accounted for 4.9 million tonnes. The port
has positioned itself in FY2014 as a new gateway
for the import of grains into Hainan. The port, in
collaboration with a key shipping line customer,
introduced a new direct international service
connecting Yangpu to Vietnam. Container volumes
grew 5% to 268,000 TEUs.
Indonesia, Marunda
Marunda Center Terminal, a multi-purpose
terminal located in Bekasi, West Java, Indonesia,
is Jurong Port’s third overseas joint venture. In July
2014, the construction of a 300-metre berth and
ancillary facilities was completed successfully and
commercial operations began in August 2014. From
August 2014 to March 2015, the terminal handled
331,000 tonnes of bulk cargo.
Awards
Frost & Sullivan – Asia Pacific
Multi-Purpose Terminal Operator of the Year
For the fifth year running, Jurong Port was awarded
the Frost & Sullivan Asia Pacific Multi-Purpose
Terminal Operator of the year. The award recognises
the port’s achievements and performance in areas
such as leadership, technological innovation and
strategic development as a multi-purpose terminal
operator.
BCA – Green Mark (Gold)
Jurong Port received the Green Mark Award
(Gold) for the completion of the first of the two
“Green Berths”. The award recognises the berths’
green construction methods and environmental
sustainability features.
PUB – Active, Beautiful and Clean (ABC)
Waters Certification
Jurong Port’s green berths J10 & J11 and storage
yard upgrading project has been endorsed as an
ABC Waters Certified project by PUB. It was able
to satisfy the requirements of the certification which
requires the project to meet PUB’s Active, Beautiful,
Clean and Innovation standards.
FINANCIAL
HIGHLIGHTS
Overview
JTC Group
The JTC Group turned in a healthy performance in
FY2014 demonstrated by its robust operating surplus.
The Group’s operating revenue grew 7% to $1.8 billion
— primarily due to higher land and building rental
income. Non-operating income rose by 32%, largely
contributed by gains from Industrial Government
Land Sales by JTC. The Group achieved a net surplus
of $1.4 billion in FY2014.
During the year, the Group invested a total of $2.3 billion
in capital expenditure for the purchase of industrial
land and development of projects such as
Fusionopolis Two and Galaxis @ one-north, JTC
BioMed Hub @ Tuas Biomedical Park and JTC
CleanTech Two @ CleanTech Park.
JTC Corporation
JTC’s operating revenue grew by 8% to reach
$1.7 billion. Net surplus was $1.2 billion, an
improvement of 16% over the previous year. This
was achieved on the back of higher disposal gains
from Industrial Government Land Sales.
Capital expenditure during the year consisted of
$1.2 billion in industrial land acquisition and $0.4 billion
in infrastructure and building development.
39
40
Group Financial
Highlights
FINANCIAL HIGHLIGHTS
For the year ($’Mil)
$ 1,848 Mil
7% REVENUE
FY2014
Operating revenue
7% NET SURPLUS
Change
1,848
1,725
7%
604
459
32%
Net surplus
1,397
1,309
7%
Capital expenditure
2,331
1,781
31%
Non-operating income
$ 1,397 Mil
FY2013
(Restated)
FINANCIAL POSITION
At year end ($’Mil)
FY2014
7% TOTAL ASSETS
Change
Investment properties
12,074
14,146
-15%
Total assets
27,234
25,470
7%
494
2,472
-80%
7,866
7,627
3%
18,340
16,866
9%
Total borrowings
$ 27,234 Mil
FY2013
(Restated)
Total liabilities
Total equity
(excluding non-controlling interest)
key financial ratios
FY2014
Debt-equity ratio* (%)
0.2% RETURN ON
total assets
Change
2.6
14.7
-12%
134.8
111.8
21%
Return on total assets (%)
5.3
5.5
-0.2%
Return on capital employed (%)
7.0
6.9
0.1%
Value added per employee ($’Mil)
0.8
0.7
14%
Interest coverage (times)
5.3%
FY2013
(Restated)
*FY2014 exclude debt classified under liabilities directly associated with disposal group
classified as held for sale.
Corporation Financial
Highlights
FINANCIAL HIGHLIGHTS
For the year ($’Mil)
$ 1,687 Mil
8% REVENUE
$ 1,190 Mil
16% NET SURPLUS
Operating revenue
FY2014
FY2013
Change
1,687
1,566
8%
609
565
8%
Net surplus
1,190
1,027
16%
Capital expenditure
1,629
1,422
15%
Non-operating income
FINANCIAL POSITION
At year end ($’Mil)
7% TOTAL ASSETS
FY2013
Change
12,243
11,662
5%
Total assets
21,339
19,983
7%
494
509
-3%
5,263
5,097
3%
16,076
14,886
8%
Total borrowings
$ 21,339 Mil
FY2014
Total liabilities
Total equity
key financial ratios
FY2014
Debt-equity ratio (%)
0.4% RETURN ON
total assets
Change
3.1
3.4
-0.3%
129.0
112.8
14%
Return on total assets (%)
5.8
5.4
0.4%
Return on capital employed (%)
7.5
7.0
0.5%
Value added per employee ($’Mil)
2.7
2.5
8%
Interest coverage (times)
5.8%
FY2013
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42
Financial Review
Operating Revenue, Expenditure & Surplus
Group Operating Revenue, Expenditure and Surplus ($’Mil)
Operating revenue
Operating expenditure
Operating surplus
($’Mil)
2,000
1,600
1,200
800
400
1,848
1,121
727
1,725
971
754
0
FY2014
FY2013
Corporation Operating Revenue, Expenditure and Surplus ($’Mil)
Operating revenue
Operating expenditure
Operating surplus
($’Mil)
2,000
1,600
1,200
800
400
1,687
1,026
661
1,566
878
0
FY2014
FY2013
688
Operating Revenue
Distribution of Group’s Operating Revenue
Land and building rental income
Income from port operations
Other operating revenue
8%
2%
8%
3%
FY2014
FY2013
90%
89%
Distribution of Corporation’s Operating Revenue
Land and building rental income
Other operating revenue
2%
3%
FY2014
FY2013
98%
97%
43
44
Financial Review
Operating Expenses
Distribution of Group’s Operating Expenses
Property tax
Maintenance and conservancy
Employee compensation
Depreciation
1%
9%
Loss in recoverable amount of
investment properties
Finance expenses
Other expenses
6%
2%
12%
8%
11%
FY2014
6%
12%
13%
FY2013
41%
38%
20%
21%
Distribution of Corporation’s Operating Expenses
Property tax
Maintenance and conservancy
Depreciation
1%
8%
Loss in recoverable amount of
investment properties
Finance expenses
Other expenses
6%
2%
7%
7%
12%
FY2014
12%
9%
45%
10%
FY2013
42%
19%
20%
Capital Expenditure, Assets & Liabilities
Group Capital Expenditure ($’Mil)
Land
Land and building development
Others
2,500
26
2,000
14
1,500
1,077
790
1,000
500
1,228
977
FY2014
FY2013
0
Group Total Assets ($’Mil)
Group Capital, Reserves and Liabilities ($’Mil)
Assets of disposal group classified
as held for sale
Other assets
Cash and cash equivalents
Investment in associated companies
and joint venture companies
30,000
27,234
Liabilities directly associated with disposal group
classified as held for sale
Other liabilities
Borrowings
Deferred income
Capital and reserves
30,000
25,470
25,000
25,000
20,000
20,000
15,000
15,000
10,000
10,000
5,000
5,000
27,234
25,470
0
0
FY2014
FY2013
FY2014
FY2013
45
46
Financial Review
Capital Expenditure, Assets & Liabilities
Corporation Capital Expenditure ($’Mil)
Land
Land and building development
Others
2,000
8
1,500
393
5
440
1,000
500
1,228
977
FY2014
FY2013
0
Corporation Total Assets ($’Mil)
Corporation Capital, Reserves and Liabilities ($’Mil)
Assets of disposal group classified
as held for sale
Other assets
Investment in subsidiary companies
Other liabilities
Borrowings
Deferred income
25,000
25,000
21,339
20,000
19,983
21,339
20,000
15,000
15,000
10,000
10,000
5,000
5,000
0
19,983
0
FY2014
FY2013
FY2014
FY2013
ANNUAL REPORT
FOR THE FINANCIAL YEAR
ENDED 31 MARCH 2015
JURONG TOWN
CORPORATION AND
SUBSIDIARY COMPANIES
JURONG TOWN CORPORATION
(Incorporated in Singapore)
AND SUBSIDIARY COMPANIES
ANNUAL REPORT
For the financial year ended 31 March 2015
Contents
Page
Independent Auditor’s Report
49
Statements of Comprehensive Income
51
Statements of Financial Position
53
Consolidated Statement of Changes in Equity
55
Statement of Changes in Equity
57
Consolidated Statement of Cash Flows
58
Notes to the Financial Statements
60
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BOARD
OF JURONG TOWN CORPORATION
Report on the Financial Statements
We have audited the accompanying financial statements of Jurong Town Corporation (the
"Corporation") and its subsidiary companies (the "Group") set out on pages 51 to 167, which
comprise the statements of financial position of the Corporation and of the Group as at 31 March
2015, and the statements of comprehensive income, the statements of changes in equity of the
Corporation and the Group and the consolidated statement of cash flows of the Group for the year
then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements
in accordance with the provisions of the Jurong Town Corporation Act (Cap. 150) (“the Act”) and
Statutory Board Financial Reporting Standards ("SB-FRS"). This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error;
selecting and applying appropriate accounting policies; and making accounting estimates that are
reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with Singapore Standards on Auditing. Those Standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgement, including the assessment of the risk of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion, the financial statements are properly drawn up in accordance with the provisions of
the Jurong Town Corporation Act (Cap. 150) and Statutory Board Financial Reporting Standards
so as to give a fair view of the financial position of the Corporation and of the Group as at 31
March 2015, and of the financial performance, changes in equity of the Corporation and of the
Group, and the cash flows of the Group for the financial year ended on that date.
1
49
50
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BOARD
OF JURONG TOWN CORPORATION
Report on Other Legal and Regulatory Requirements
Management’s Responsibility for Compliance with Legal and Regulatory Requirements
Management is responsible for ensuring that the receipts, expenditure, investment of moneys and
the acquisition and disposal of assets, are in accordance with the provisions of the Act and the
Constitution of the Republic of Singapore. This responsibility includes implementing accounting
and internal controls as management determines are necessary to enable compliance with the
provisions of the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on management’s compliance based on our audit of the
financial statements. We conducted our audit in accordance with Singapore Standards on
Auditing. We planned and performed the compliance audit to obtain reasonable assurance about
whether the receipts, expenditure, investment of moneys and the acquisition and disposal of
assets, are in accordance with the provisions of the Act and the Constitution of the Republic of
Singapore.
Our compliance audit includes obtaining an understanding of the internal control relevant to the
receipts, expenditure, investment of moneys and the acquisition and disposal of assets; and
assessing the risks of material misstatement of the financial statements from non-compliance, if
any, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control. Because of the inherent limitations in any accounting and internal control system, noncompliances may nevertheless occur and not be detected.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion on management’s compliance.
Opinion
In our opinion:
(a)
the receipts, expenditure, investment of moneys and the acquisition and disposal of assets
by the Corporation during the year are, in all material respects, in accordance with the
provisions of the Act and the Constitution of the Republic of Singapore.
(b)
that accounting and other records of the Corporation and of those subsidiary companies
incorporated in Singapore, of which we are the auditors, have been properly kept.
ERNST & YOUNG LLP
Public Accountants and
Chartered Accountants
Singapore
07 July 2015
2
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
STATEMENTS OF COMPREHENSIVE INCOME
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
The Group
The Corporation
2.
Summary of significant accounting
(continued)
Note policies2015
2014
2015
2014
2.
Summary of significant accounting policies (continued)
(Restated)
2.3
Revenue
recognition
Continuing
operations
$ Mil
$ Mil
$ Mil
$ Mil
2.3
Revenue
recognition
Income
Revenue is recognised to the extent that it is probable that the economic benefits will flow to
RevenueRevenue is recognised to the extent
4
1,848
1,725
1,687 will flow
1,566
it is measured,
probable
that
the economic
benefits
the Group and the revenue can be that
reliably
regardless
of when
the payment to
is
Other income
5
604
459
609
565is
the
Group
and the
revenue can
be fair
reliably
regardless
of when
the payment
made.
Revenue
is measured
at the
valuemeasured,
of consideration
received
or receivable,
taking
2,452
2,184received or 2,296
2,131
made.
Revenue
is measured
at the
fair value
of consideration
taking
into
account
contractually
defined
terms
of payment
and excluding
taxes orreceivable,
duty.
Expenses
into account contractually defined terms of payment and excluding taxes or duty.
Property (a)
tax
(62)
(61)
(59)
(58)
Rental income
(a) and conservancy
Rental income
Maintenance
(135)
(123)
(124)
(110)
(129) is accounted
(132) for on a straight-line
(91)
(92)
Rental income arising from6 operating leases
basis
Rental
income
arising
from
operating
leases
is
accounted
for
on
a
straight-line
basis
Depreciation of property,
plant
and
over the lease terms. The aggregate costs of incentives provided to lessees are
11 of
(35) over
(32)leaseprovided
(6)
over
the lease
The
aggregate
costs
of incentives
toa lessees
are
equipment
recognised
as aterms.
reduction
rental income
the
term on(7)
straight-line
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Depreciation of investment
properties
12
(191)
(173)
(193)
(175)
basis.
basis.
Loss in recoverable
amount of investment
properties
12
(465)
(371)
(465)
(371)
(b)
(b)
Finance expense
7
(15)
(16)
(15)
(16)
Other expenses Revenue from services rendered
8
(79)is recognised
(87)when work
(66)
in (104)
port operations
is
Revenue from services rendered in(1,136)
port operations
is
completed.
(987)is recognised
(1,041)when work
(894)
completed.
Surplus before contribution to
(c)
Agency
fees
Consolidated
Fund
and taxation
1,316
1,197
1,255
1,237
(c)
Agency fees
Contribution to Consolidated Fund
9
(244)
(210)
(214)
(210)
Agency fees from the provision
of other(13)
consultancy(13)
services are recognised
when
Taxation
10
–
–
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Surplus from continuing
operations,
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
net of tax
1,059
974
actual service provided as a proportion
of the total services
to be 1,041
performed. 1,027
(d)
Interest income
Discontinued
disposal
(d) operations
Interest and
income
group classified as held for sale
Interest income, including income from finance lease and other financial
Dividend income from
disposal
group, net
Interest
income,
including
income
from interest
finance method.
lease and other financial
instruments,
is recognised
using
the effective
of contribution to instruments,
Consolidated Fund
–
149
–
is recognised22using the effective
interest –method.
Surplus from discontinued operations, net
(e)
Dividend income
of tax (e)
22
338
335
–
–
Dividend income
Surplus from discontinued
operations
Dividend income is recognised when the Group’s right to receive payment is
and disposal group
classified
as held
Dividend
income
is recognised when the Group’s right to receive payment is
established.
established.
for sale, net of tax
338
335
149
–
Surplus for the year
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss:
Currency translation reserve
- Exchange differences arising on
translation of foreign subsidiary
companies & associated companies
Other comprehensive income from
continuing operations, net of tax
Other comprehensive income from
discontinued operations, net of tax
Total comprehensive income
1,397
1,309
1,190
1,027
15
–
–
–
15
–
–
–
–
1,190
–
1,027
75
1,487
(32)
1,277
3
16
16
51
52
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
STATEMENTS OF COMPREHENSIVE INCOME
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.3
2.3
Summary of significant accounting policiesThe
(continued)
Group
The Corporation
2015
2015
2014
2014
Revenue recognition
(Restated)
Revenue recognition
$ Mil
$ Mil
$ Mil
$ Mil
Revenue
isand
recognised
to thecan
extent that
it is measured,
probable that
the economic
benefits
will flow to
the revenue
reliably
regardless
of when
the payment
is
Surplusthe
for Group
the year
attributable
to:can be
the
Group
and
the
revenue
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Equity holder
ofRevenue
the Corporation
made.
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined terms of payment and excluding taxes or duty.
Surplus
from
continuing
operations,
into
account
contractually
1,059
1,041
net of tax
974
1,027
(a)
Rental
income
Surplus
(a)from discontinued
Rental income
operations and disposal group
Rental
arising
from operating leases is accounted for on a straight-line basis
classified as held
forincome
sale, net
of
Rental
income
arising
from
for
on a straight-line
over
the
lease
terms.
The operating
aggregateleases
costs isofaccounted
incentives
provided
lesseesbasis
are
335
149to
tax
316
–
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
are
recognised as a reduction of rental income over the lease term on a lessees
straight-line
Total surplus attributable
to
equity
recognised
as a reduction of rental income over the lease term on a straight-line
basis.
holder of the Corporation
1,394
1,190
1,290
1,027
basis.
Non-controlling interests
(b)
Surplus
(b)from discontinued
operations and disposal group
Revenue from services rendered in port operations is recognised when work is
classified as held
for sale,
netservices
of
Revenue
from
rendered in port operations is recognised when work is
completed.
3
–
tax
19
–
completed.
Total surplus attributable to non(c)
Agency fees
controlling
3
–
19
–
(c) interests
Agency fees
1,397
1,190
1,309
1,027
Agency fees from the provision of other consultancy services are recognised when
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
the percentage
ofservices
completion
method
based on the
Total comprehensive
income
actual
service
provided
as ausing
proportion
of the total
to be
performed.
attributable to:actual service provided as a proportion of the total services to be performed.
Equity holder
the Corporation
(d) of Interest
income
(d)
Interestincome
incomefrom
Total comprehensive
1,074
1,190other financial
continuing operations,
of tax including income
974 lease and
1,027
Interest net
income,
from finance
Interest
income,
including
income
from
finance
lease
and
other
financial
Total comprehensive
income
from
instruments, is recognised using the effective interest method.
is recognised
using the effective
interest
414
–
discontinued instruments,
operations, net
of tax
316method.
–
Total comprehensive
income
(e)
Dividend income
(e) to Dividend
income
attributable
equity holder
of the
Corporation Dividend income is recognised when
1,488the Group’s
1,290 right to 1,190
1,027is
receive payment
established.
established.
Total comprehensive
income from
(1)
–
discontinued operations, net of tax
(13)
–
attributable to non-controlling
interests
(1)
–
(13)
–
1,487
1,190
1,277
1,027
4
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
STATEMENTS OF FINANCIAL POSITION
NOTES
THE2015
FINANCIAL STATEMENTS
As
at 31 TO
March
NOTES
TO
THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.3
2.3
Summary of significant accounting policies
(continued)
The Group
The Corporation
(continued)
2015
2015
Note
2014
2014
Revenue recognition
Revenue recognition
(Restated)
$ Mil
$ Mil
$ flow
Mil to
Revenue is recognised to the extent that it$isMil
probable that
the economic
benefits will
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
will
flow
ASSETSRevenue
the Group and the revenue can be reliably measured, regardless of when the payment to
is
the
Group
and the
revenue can
be fair
reliably
regardless
of when
the payment
is
Non-current
assets
made.
Revenue
is measured
at the
valuemeasured,
of consideration
received
or receivable,
taking
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
774
211
Property,into
plant
and
equipment
11
1,425
130
account contractually defined terms of payment and excluding taxes or duty.
intoproperties
account contractually defined
of payment and
excluding taxes
or duty. 11,662
12,243
Investment
12 terms 12,074
14,146
Investments
(a) in subsidiary
Rental income
(a)
Rental income
–
716
companies
13
–
1,313
Investments in associated
Rental income arising from operating leases is accounted for on a straight-line basis
Rental
income
on a straight-line
companies andover
jointthe
venture
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
are
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
196
–
companies
14
1,076
– are
recognised as a reduction of rental income over the lease term ontoa lessees
straight-line
recognised
as a reduction
of rental income
over the
–
Derivative financial
instruments
28
6 lease term –on a straight-line
–
basis.
basis.
1
1
Investment securities
15
55
29
–
–
Deferred(b)
incomeIncome
tax assets
16
14
–
from port operations
(b)
Income
516
530
Other non-current
assetsfrom port operations
17
596
510
– when work
Goodwill
19 rendered in –port operations
164 is recognised
– is
Revenue from services
Revenue
in port operations
work is
Total non-current
assets from services rendered
13,561
13,701 when
17,482 is recognised
13,644
completed.
completed.
Current(c)
assets Agency fees
(c) held for
Agency
–
–
Properties
sale fees
29
–
3
Contracts work-in-progress
21
24
–
Agency fees from the provision of other consultancy services are–recognised when
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
–
–
instruments
28
4
the services are rendered, using the percentage of completion method based on– the
the
services
rendered,
the 28
percentage
of10
completion
method
based on
28
Investment securities
15 as ausing
10 the
actual
serviceare
provided
proportion
of the total
services
to be
performed.
service provided
services to be171
performed. 178
189 of the total
Trade and other actual
receivables
23 as a proportion
438
7,185
6,792
Cash and
20
7,483
6,151
(d)bank balances
Interest income
(d)
Interest income
7,405
6,991
7,988
6,339
Assets of disposal
group classified
Interest
income, including income from finance lease and other financial
income,
including
income
from interest
finance
lease and
6,268
647 other financial
as held for saleInterest
22 using
– method.
–
instruments,
is recognised
the
effective
instruments,
is
recognised
using
the
effective
interest
method.
Total current assets
13,673
7,638
7,988
6,339
(e)
Dividend income
(e)
Dividend income
Total assets
27,234
21,339
25,470
19,983
established.
EQUITY
established.
167
167
Capital account
31
167
167
19
–
Other reserves
32
(160)
–
18,239
15,909
Accumulated surplus
16,859
14,719
Reserves of disposal group
(85)
–
classified as held for sale
22
–
–
18,340
16,076
16,866
14,886
1,028
–
33
977
–
16,076
Total equity
19,368
17,843
14,886
5
16
16
53
54
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
STATEMENTS OF FINANCIAL POSITION
NOTES
THE2015
As
at 31 TO
March
NOTES
TO
THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
The Group
The Corporation
2.
policies
(continued)
2015
2015
Note
2014
2014
2.
(Restated)
2.3
Revenue recognition
$ Mil
$ Mil
$ Mil
$ Mil
2.3
Revenue recognition
LIABILITIES
Revenue
is recognised to the extent that it is probable that the economic benefits will flow to
Non-current
liabilities
Revenue
isand
recognised
to thecan
extent that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the revenue
reliably
regardless
of when
payment
–measured,205
– the
Trade and
other
payables
26 be
– is
the
Group
and
the
revenue
can
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
480 of consideration
480
Borrowings
27
2,124
495
made.
Revenue
is
measured
at
the
fair
value
received
or
receivable,
taking
intofinancial
account contractually defined
of payment
and excluding
taxes or– duty.
–
Derivative
28 terms
15
–
into accountinstruments
contractually defined
terms of payment
and excluding
taxes or duty.
3,456
3,841
Deferred income
29
3,371
3,591
income
13
–
Deferred(a)
incomeRental
tax liabilities
16
95
–
(a)
Rental
income
120
120
Deferred capital grants
30
116
116
Rental
income arising from operating
accounted for 4,441
on a straight-line
basis
Total non-current
liabilities
4,069 leases is
5,926
4,202
Rental
income
on a straight-line
over
the
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
are
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
Current liabilities
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
462
421
Trade and other basis.
payables
26
1,004
544
basis.
Excess of progress billings over
(b)work-in-progress
–
–
contract
21
22
–
(b)
14
14
Borrowings
27
202
14
Revenue
from services
in port operations
is recognised
work
– when
instruments
28 rendered
5
– is
Revenue
from services
rendered in– port operations
is recognised
when work
is
completed.
143
143
Deferred incomecompleted.
29
127
127
16
–
Current income tax liabilities
131
–
(c)
Agency fees
Provision
for
contribution
to
(c)
Agency fees
244
244
Consolidated Fund
9
210
210
879
822
1,701
895
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Liabilities directlythe
associated
with
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
disposal groupactual
classified
as provided as a proportion of the total services to be performed.
service
2,918
–
held for(d)sale Interest income
22
–
–
Total current
liabilities
3,797
822
1,701
895
(d)
Interest income
income,
including
income
from 7,627
finance method.
lease 5,263
and other 5,097
financial
Total liabilities Interest
7,866
instruments,
is recognised
using
the effective
interest
Total equity
liabilities
27,234
21,339
25,470
19,983
(e) andDividend
income
(e)
Dividend income
established.
established.
Loo Choon Yong
Chairman
Png Cheong Boon
Ho Tuck Chuen
Group Chief Financial Officer
07 July 2015
6
16
16
JURONG
TOWN CORPORATION
AND
SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
Reserves
2.
2.
2.3
2.3
of disposal
Total
group
classified attributable
Nonto equity
Other
Accumulated as held for
controlling
Revenue recognition Capital
surplus
sale
holders
interests
Total equity
Revenue recognition account reserves
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
The Group Revenue is recognised to the extent that it is probable that the economic benefits will flow to
Revenue
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
will
flow to
the Group and the revenue can be reliably measured, regardless of when the payment
is
2015
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Beginning of financial year
167
(160)
16,860
–
16,867
440
17,307
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
duty.
Effect of adoption
of SB-FRS 110
–
–
(1)
–
(1) taxes or
537
536
Beginning of financial year,
restated (a)
(160)
16,859
–
16,866
977
17,843
Rental income 167
Net Surplus(a)
–
–
1,394
–
1,394
3
1,397
Rental income
Other comprehensiveRental
income income arising from operating leases is accounted for on a straight-line basis
Rentalthe
income
on a straight-line
Fair value reserve
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
are
- Fair value gain on available-forover
the
lease
terms.
The
aggregate
costs
of
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
–
–
sale financial assets
1
–
1
–
1
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
Cash flow hedge reserve
basis.
–
–
- Fair value gains
5
–
5
1
6
- Reclassification to profit or loss
(b)
Income
from
port
operations
–
–
upon settlement
–
9
–
9
(b)
Income from port operations9
- Exchange differences Revenue
arising on
from services rendered in port operations is recognised when work is
translation of foreignRevenue
subsidiary
completed.
companies & associated
–
–
completed.
companies
71
–
71
(5)
66
- Release on disposal of associated/
(c)
Agency
fees
–
–
subsidiary companies
(23)
–
(23)
–
(23)
(c) of associated
Agency fees
Share of reserves
–
–
companies
31
–
31
–
31
Agency fees from the provision
of other
consultancy services
are recognised
when
Other comprehensive income for the
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
–
–
the services are rendered, 94
using the percentage
of completion
method
on
the
year, net of tax
–
94
(4) based 90
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
actualfor
service provided
as a proportion of the total
services to be performed.
–
–
the year
94
1,394
1,488
(1)
1,487
(d)
Interest income
Contributions
(d)by and Interest income
distributions to equity holder:
Capital contribution by nonincome,
finance
lease
and111 other financial
controlling interest Interest
– including
– income
– from interest
–
–
111
instruments,
is recognised
using
the effective
method.
Capital returned to non-controlling
interests
–
–
–
–
–
(12)
(12)
(e)to non-controlling
Dividend income
Dividends paid
(e)
Dividend income –
interests
–
–
–
–
(51)
(51)
Changes in ownershipDividend
interests in income is recognised when the Group’s right to receive payment is
established.
subsidiary companies:
established.
Acquisition of subsidiary companies
Disposal of interest in subsidiary
companies
Others:
Reserve attributable to disposal
group classified as held for sale
Perpetual capital securities
distribution
End of financial year
–
–
–
–
–
53
53
–
–
–
–
–
(49)
(49)
–
85
–
(85)
–
–
–
–
167
–
19
(14)
18,239
–
(85)
(14)
18,340
–
1,028
(14)
19,368
Further details of other reserves are set out in Note 32.
7
16
16
55
56
JURONG
TOWN CORPORATION
AND
SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
Non2.
Summary of significant accounting policies (continued)Total
Capital
Other
Accumulated
attributable to
controlling
2.
policies
(continued)
account
reserves
surplus
equity holders
interests
Total equity
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
2.3
Revenue recognition
The Group Revenue recognition
2.3
2014
isand
recognised
to the
extent
probable
that
the economic
benefits
will
flow to
Beginning Revenue
of financial
year
167
(163) it is measured,
15,585
15,589
427
16,016
the
Group
the revenue
can
be that
reliably
regardless
of when
the payment
is
Effect of adoption
of SB-FRS
110 the revenue can
–
–
–
–
463 the payment
463
the
Group
and
be
reliably
measured,
regardless
of
when
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Beginning of financial year, restated
167at the fair
(163)value of
15,585
15,589
890receivable,
16,479taking
made.
Revenue
is
measured
consideration
received
or
terms– of payment
taxes or
Net Surplusinto account contractually defined
–
1,290 and excluding
1,290
19 duty.
1,309
Other comprehensive
income income
(a)
Rental
Fair value reserve
(a)
Rental income
- Fair value gain on available-for-sale
financial assets
1
– is accounted
1
Rental income arising– from operating
leases
for on a–straight-line1basis
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
- Fair value losses
–
(7)
–
(7)
(8) to lessees
(15) are
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
- Reclassification to profit
or loss upon as a reduction of rental income over the lease term on a straight-line
recognised
settlement
–
9
–
9lease term –on a straight-line
9
recognised
as
a
reduction
of
rental
income
over
the
basis.
basis.
- Exchange differences arising on
translation
of foreignIncome
subsidiary from port operations
(b)
companies
companies
–
8
–
8
(24)
(16)
(b)& associated
Income
- Release on disposal of associated/
–
(3)
–
(3)
rendered
in port– operations (3)is recognised
when work
is
Share of reserves of associated
completed.
companies
–
(8)
–
(8)
–
(8)
completed.
for the
year, net(c)
of tax
–
–
–
–
(32)
(32)
Agency fees
(c)
Agency fees
Total comprehensive income for the
year
1,290
1,290
(13)recognised
1,277when
Agency fees from the– provision– of other
consultancy
services are
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
services
Contributions by and the
distributions
to are rendered, using the percentage of completion method based on the
the
services
rendered,
the percentage
ofservices
completion
method
based on the
equity holder:
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
Dividends paid to non-controlling
actual service provided as a proportion of the total services to be performed.
interests
–
–
–
–
(42)
(42)
(d)
Interest income
(d)
Interest
income
Changes in ownership interests in
subsidiary companies:
Acquisition of subsidiaryInterest
companies income, including
–
–
–
–lease and
179 other financial
179
income
from
finance method.
instruments,
is recognised
using
the effective
interest
Disposal of interest in subsidiary
instruments, is recognised
using
the
effective
interest
method.
–
–
–
–
(37)
(37)
companies
Equity movement
from decrease
(e) arisingDividend
income
in shareholding
in a
(e) interest
Dividend
income
2
–
2
2
subsidiary without loss of control
–
–
Others:
established.
Perpetual capital securities
distribution
–
–
(15)
(15)
(15)
–
established.
Transfer between reserves
–
167
1
(160)
(1)
16,859
–
16,866
–
977
–
17,843
8
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
STATEMENT OF CHANGES IN EQUITY
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
Capital
Accumulated
Total
2.
account
surplus
equity
2.
$ Mil
$ Mil
$ Mil
2.3
Revenue recognition
The
Corporation
2.3
Revenue recognition
2015 Revenue
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
be that
reliably
regardless
of when
the payment
Beginning
of
financial
yearrevenue
167
14,719
14,886 is
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Total surplus
forRevenue
the year,isrepresenting
total
made.
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
contractually
defined terms of payment and excluding
taxes
or duty. 1,190
comprehensive
income
for the year
–
1,190
into account
contractually
taxes
or duty.
15,909
16,076
167
(a)
Rental income
(a)
Rental income
2014
Rentalthe
income
on a straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
are
Beginning of financial
year
167
13,692
13,859 are
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
straight-line
Total surplus for recognised
the year, representing
total of rental income over the lease term on a straight-line
as a reduction
basis.
comprehensivebasis.
income for the year
–
1,027
1,027
167
14,719
14,886
(b)
(b)
completed.
completed.
(c)
Agency fees
(c)
Agency fees
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
(d)
Interest income
(d)
Interest income
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
(e)
Dividend income
(e)
Dividend income
established.
established.
9
16
16
57
58
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
Note
2015
2014
(60)
49
4
1,537
(75)
(93)
(19)
1,506
(210)
(17)
370
46
(88)
(63)
38
(214)
–
745
40
(70)
(49)
452
(Restated)
2.
2.
$ Mil
$ Mil
Cash flows
from operating
activities
2.3
Revenue
recognition
2.3
Revenue
recognition
Surplus before
contribution
to Consolidated Fund and taxation:
1,316
- from continuing
operations
Revenue is recognised to the extent that it is probable that the economic
benefits will1,197
flow to
377
- from discontinued
operations
22
386 to
Revenue
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
will flow
the Group and the revenue can be reliably measured, regardless of when
the payment
is
1,693
1,583
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made. Revenue is measured at the fair value of consideration received or receivable, taking
Adjustments
for: Revenue is measured at the fair value of consideration received or receivable, taking
made.
into account
contractually
taxes 61
or duty.
Depreciation
of property,
plant and equipment
11
62
into account
contractually
taxes or duty.
264
Depreciation of investment properties
12
241
(a) of deferred
Rental capital
incomegrants
(3)
Amortisation
30
(2)
(a)
Rental
income
(131)
Amortisation of long term lease premium
29
(108)
Rental
arising
is accounted for on a straight-line basis
Impairment losses
made income
on property,
plantfrom
and operating
equipment leases
and
Rentalthe
income
on a1straight-line
associated companies
6are
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
465
Loss in recoverable
amount
of
investment
properties
12
371are
straight-line
recognised
as a reduction
rental income over the lease term on a straight-line
(Write back)/allowance
losses onof
investment
basis.for impairment
(16)
properties
12
11
basis.
(Gain)/loss on disposal of:
(b)
(7)
- property,
and equipment
3
(b) plant
Income
(566)
- investment properties
(397)
Revenuecompanies
from services rendered in port operations is recognised
(104) when work
- subsidiary/ associated
(6) is
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
is
completed.
Investment properties written off
–
6
completed.
Fair value gain on security deposits, hedging contracts and financial
2
instrument
–
(c)
Agency fees
(c) for foreseeable
Agency fees
61
Allowance
losses on contracts work-in-progress
19
Negative goodwillAgency
arising from
of interest in
feesacquisition
from the provision
ofsubsidiary
other consultancy services are recognised when
(16)recognised when
company and joint
venture
company
Agency
fees
from
the
provision
consultancy
services are
the services are rendered, usingof
theother
percentage
of completion
method
based on(8)the
Remeasurement the
of retained
interest
in
associated
companies
to
their
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
fair values
–
(42)
(164)
Share of profits of associated companies and joint venture companies
(112)
Interest
income shares
(4)
Gain on(d)
redemption
of preference
–
(d)
Interest income
(11)
Management fee received in units
(12)
(77) other financial
Interest income Interest income, including income from finance lease and
(68)
income,
including
income
from interest
finance method.
lease and
69 other financial
Finance expenseInterest
71
instruments,
is recognised
using
the effective
instruments,
is recognised using the effective interest method. 19
Unrealised exchange
differences
7
1,536
Operating(e)
cash flow
before
working
capital
changes
1,625
Dividend income
(e)
Dividend income
Change in working capital, net of effects from acquisition and
disposal of subsidiary
companies
Dividend
income is recognised when the Group’s right to receive payment is
established.
8
Development properties
68
established.
Trade and other receivables
Trade and other payables
Contracts work-in-progress
Cash generated from operations
Contribution to Consolidated Fund paid
Cash settlement of interest rate swap
Long term lease premium received
Interest received
Interest paid
Income tax paid (net)
Net cash generated from operating activities
1,575
1,958
10
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
CONSOLIDATED STATEMENT OF CASH FLOWS
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
Note
2015
2014
(Restated)
2.
2.
$ Mil
$ Mil
2.3
Revenue recognition
Cash flows
from investing
activities
2.3
Revenue
recognition
Purchase of property, plant and equipment
(70)
Revenue is recognised to the extent that it is probable that the economic(51)
benefits will flow
to
(2,338)
PurchaseRevenue
of investment
properties to the extent that it is probable that the economic
(1,697)
is
recognised
benefits
will
flow
to
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
10 the payment3 is
Redemption
of
held toand
maturity
investments
the
Group
the
revenue
can
be
reliably
measured,
regardless
of
when
is
Revenue
is measured
at the
fair value
of consideration received or receivable, taking
Proceedsmade.
from disposal
of property,
plant and
equipment
and
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
contractually defined terms of payment and excluding taxes
or duty.
1,001
investment
properties
553
236
–
Proceeds from disposal of subsidiary companies
income companies, joint venture
Dividend (a)
receivedRental
from associated
(a) andRental
income
171
companies
financial
assets
204
–
Rental
income arising
from operating leases is accounted for on a74straight-line basis
Repayment of loans
from associated
companies
Rentalthe
income
on a86straight-line
basis
Acquisition of subsidiary
companies,
net of from
cash
acquired
(531)
over
lease arising
terms.
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lessees
are
over
the
lease
The of
aggregate
costs over
of incentives
are
(36)ontoa lessees
Increase in investments
in joint
venture
companies
(52)
recognised
as
aterms.
reduction
rental income
the leaseprovided
term
straight-line
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
(69)
–
Increase in investments
in
associated
companies
basis.
41
Capital return frombasis.
associated company
10
2
Interest received
2
(b)
Net cash(b)
used inIncome
investing
activities
(873)
(1,578)
Cash flows from Revenue
financing activities
completed.from services rendered in port operations is recognised when work is
536
Proceeds from borrowings
688
completed.
7
Proceeds from deferred capital grants
30
25
Agency fees interests
(51)
Dividend (c)
paid to non-controlling
(42)
(c)
Agency fees
23
Decrease in fixed deposits pledged with financial institutions
1
Agency fees from the provision of other consultancy services are
when
(279)recognised(354)
Repayment of borrowings
Agency
feessecurities
from
theholders
provision
consultancy
services are
when
(14)recognised
Distribution to perpetual
capital
(15)
the services
are
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
rendered,
the percentage
ofservices
completion
method
based on
the
(12)
Capital return to non-controlling
interests
(35)
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
actual
service provided
as a proportion of the total services to be111
performed. 179
Capital contribution
by non-controlling
interests
Net cash(d)
generated
by financing
321
447
Interest
income activities
(d)
Interest income
Net increase in cash and cash equivalents
1,023
827
Interest income, including income from finance lease 7,313
and other financial
atincome,
beginningincluding
of financial income
year, restated
6,478
Interest
from
finance
lease
and
other
financial
instruments,
ison
recognised
using
the effective interest method. 13
Effects of exchange
rate changes
cash and cash
equivalents
8
instruments,
is recognised
using
the effective interest method.
Cash and cash equivalents at end of financial year
8,349
20
7,313
(e)
Dividend income
(e)
Dividend income
established.
established.
11
16
16
59
60
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES TO THE FINANCIAL STATEMENTS
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
These
notes
form an
integral partaccounting
of these financial
statements
and should be read in conjunction
2.
Summary
of significant
policies
(continued)
2.
Summary
of significant
accounting policies (continued)
with
the
accompanying
financial
statements.
2.
2.2
Changes in accounting policies (continued)
2.3
Revenue
1.
Corporaterecognition
information
2.3
Revenue recognition
SB-FRS 110 Consolidated Financial Statements (continued)
Revenue
is recognised
to the
extent
that it is probable
that the
economic in
benefits
will flow to
Jurong
Town
Corporation
(the
“Corporation”)
is a body
established
the Republic
of
Revenue
isand
recognised
to the
extent
that
it is measured,
probable
that
the
economic
benefits
will flow to
the
Group
the
revenue
can
be
reliably
regardless
of
when
the
payment
is
Singapore
under
the
Jurong
Town
Corporation
Act
(Cap.150)
with
its
registered
office
at
The
effects
of
adoption
on
the
financial
statements
are
as
follows:
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
The
JTC
Summit,is8measured
Jurong Town
Hall
Road,
Singapore
609434.
made.
Revenue
at
the
fair
value
of
consideration
received
or
receivable,
taking
The Group
The principal activities of the Corporation are to develop and manage industrial2014
estates in
(a)
Rental
income
Singapore
and
to
provide
facilities
to
enhance
the
operations
of
industries.
There
have
been
(Restated)
(a)
Rental income
no significant changes in the nature of these activities during the financial year. $ Mil
Rental income
Increase/(decrease)
in: arising
Rentalthe
income
arising
from
leases
is accounted
for
on a straight-line
over
lease
terms.
The operating
aggregate
costs
incentives
provided
to lesseesbasis
are
The principal
activities
ofterms.
the subsidiary
companies
areof
set
out in Note
41.
over
the
lease
The
aggregate
costs
of
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
Consolidated
statement
ofreduction
comprehensive
income
recognised
as
a
of
rental
income
over
the
lease
term
on
a
straight-line
Revenuebasis.
204
basis.
2.
Summary
of significant
Other gains/(losses)
– netaccounting policies
(13)
(b)
Income
Depreciation
of investment
properties
(10)
(b)
Income
2.1
Basis
of preparation
Depreciation
of property, plant and equipment
(27)
Revenue
from servicesexpenses
rendered in port operations is recognised when (19)
work is
Maintenance
and
conservancy
completed.
The
consolidated
financial statements of the Group and the statement of comprehensive
Employee
compensation
(49)
completed.
income,
statement of financial position and statement of changes in equity of
Property taxes
(3) the
(c)
Agency
fees
Corporation
have
been
prepared
in
accordance
with
the
provisions
of
Jurong
Town
Other
operating
expenses
(64)
(c)
Agency fees
Corporation
Act (Cap. 150) and Statutory Board Financial Reporting Standards (“SB-FRS”).
Finance expense
(16)
Agency fees from the provision of other consultancy services are recognised(6)
when
Income taxes
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
completion
method
based except
on
the
The
financial
statements
have been
prepared
under theofhistorical
cost
convention,
Surplus
for
the
year
the services
are
rendered,
using
the percentage
ofservices
completion
method
based (3)
on the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
as disclosed
in
the
accounting
policies
below.
Surplus for the year attributable to
(d)
Interest
The
preparation
of financial
statements in conformity with SB-FRS requires management
Equity
holder
of income
the
Corporation
(1) to
(d)
Interest
income
exercise
its judgement
It also
Non-controlling
interestsin the process of applying the Group’s accounting policies. (2)
income,
including
incomeestimates
from finance
lease andAreas
otherinvolving
financial
requiresInterest
the use of
certain critical
accounting
and assumptions.
a
(3)
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
theoreffective
higher degree
of judgement
or complexity
areas where
assumptions and estimates are
significant
to the financial
statements are disclosed in Note 3.
Other comprehensive
income
(e)
Dividend income
(15)
Cash flow
hedgesincome
– fair value losses
(e)
Dividend
The
statements
are presented
in or
Singapore
(SGD or $) and all values 2
in the
Cashfinancial
flow hedges
– reclassification
to profit
loss uponDollars
settlement
Dividend
income
is recognised
when
the
Group’s
right
to receive
payment is
tables
are
rounded
to
the
nearest
million
(“$
Mil”),
except
when
otherwise
indicated.
CurrencyDividend
translation
differences
arising from
consolidation
(37) is
income
is recognised
when
the Group’s right to receive payment
established.
Share ofestablished.
other comprehensive income of associated and
2.2
Changes
in accounting
policies
13
joint venture
companies
The
policies
adopted
areyear,
consistent
with those of the previous financial
year
Otheraccounting
comprehensive
income
for the
net of tax
(37)
except
in
the
current
financial
year,
the
Group
has
adopted
all
the
new
and
revised
Total comprehensive income for the year
(40)
standards and interpretation of SB-FRS (“INT SB-FRS”) that are effective for annual
periods beginning on or after 1 April 2014. The adoption of these standards and
interpretations
did notincome
have any
on the
financialto
performance or position of the Group,
Total comprehensive
foreffect
the year
attributable
except
for
the
following:
Equity holder of the Corporation
(1)
SB-FRS 110 Consolidated Financial Statements
(39)
(40)
Upon application of SB-FRS 110, the Group concluded that it has control over Ascendas
Hospitality Trust (“A-HTRUST”) which was previously accounted for as an associated
company. The change in accounting policy has been applied retrospectively in accordance
with the transitional provisions in SB-FRS 110. The assets, liabilities and non-controlling
interests in A-HTRUST are measured as if A-HTRUST had been consolidated from the date
when the Group obtained control in 2013, by applying the requirements of SB-FRS 103.
12
14
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.2
2.3
2.3
Revenue recognition
Revenue recognition
Revenue
is recognised
to the extent
it is measured,
probable that
the economic
benefits
will flow to
the Group
the revenue
be that
reliably
when
the payment
is
The
effectsand
of adoption
on thecan
financial
statements
are asregardless
follows: of
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
The Group
2014
(a)
Rental income
(Restated)
(a)
Rental income
$ Mil
Rental income
arising from operating leases is accounted for on a straight-line basis
Increase/(decrease)
in:
Rentalthe
income
on a straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
are
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
Consolidated
statement
ofreduction
financial position
recognised
as
a
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
basis.
Assets:
(b)
fromequipment
port operations
Property,Income
plant and
705
(b)
Income
489
Revenue
from services
rendered
in port
operations is recognised when work is
Investments
in associated
companies
and joint
venture
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work is
completed.
companies
(194)
completed.
Derivative financial assets
1
(c)
Agency
fees
Deferred
income
tax
assets
9
(c)
Agency fees
Other non-current assets
1
fees from the provision of other consultancy services are recognised 4
when
GoodwillAgency
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
Properties
held
for sale
1 the
the
services
are
rendered,
using
the percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
Contracts
work-in-progress
actual
service provided as a proportion of the total services to be performed. 1
Trade and other receivables
14
(d)
Interest
income
Cash
and
bank
balances
72
(d)
Interest income
Liabilities:
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
Trade and
other payables
47
instruments,
is recognised using the effective interest method.
Borrowings
486
(e)
Dividend income
Derivative
financial
liabilities
11
(e)
Dividend
income
Deferred income
15
DeferredDividend
income tax
liabilities
4 is
income
is
recognised
when
the
Group’s
right
to
receive
payment
established.
Current established.
income tax liabilities
4
Impact on net assets
536
Accumulated surplus
Impact on equity
(1)
537
536
13
16
16
61
62
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.2
2.3
2.3
Revenue recognition
Revenue recognition
Revenue
is recognised
to the extent
it is measured,
probable that
the economic
benefits
will flow to
the Group
the revenue
be that
reliably
when
the payment
is
The
effectsand
of adoption
on thecan
financial
statements
are asregardless
follows: of
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
The Group
2014
(a)
Rental income
(Restated)
(a)
Rental income
$ Mil
Rental income
Increase/(decrease)
in:
Rentalthe
income
on a straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
are
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
Consolidated
statement
ofreduction
comprehensive
income
recognised
as
a
of
rental
income
over
the
lease
term
on
a
straight-line
Revenuebasis.
204
basis.
Other gains/(losses) – net
(13)
(b)
Income
Depreciation
of investment
properties
(10)
(b)
Income
Depreciation of property, plant and equipment
(27)
Revenue
from servicesexpenses
rendered in port operations is recognised when (19)
work is
Maintenance
and
conservancy
completed.
Employee
compensation
(49)
completed.
Property taxes
(3)
(c)
Agency fees
Other
operating
expenses
(64)
(c)
Agency fees
Finance expense
(16)
Agency fees from the provision of other consultancy services are recognised(6)
when
Income taxes
Agency
fees are
from
the provision
consultancy
services are
recognised
when
services
rendered,
usingof
theother
percentage
of completion
method
based (3)
on
the
Surplus the
for
the
year
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
Surplus for the year attributable to
(d)
Interest
Equity holder
of income
the Corporation
(1)
(d)
Interest
income
(2)
(3)
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
(e)
Dividend income
(15)
Cash flow
hedgesincome
– fair value losses
(e)
Dividend
Cash flow hedges – reclassification to profit or loss upon settlement
2
CurrencyDividend
translation
differences
arising from
consolidation
(37) is
income
is
recognised
when
the
Group’s
right
to
receive
payment
established.
Share ofestablished.
other comprehensive income of associated and
13
joint venture companies
Other comprehensive income for the year, net of tax
Total comprehensive income for the year
Total comprehensive income for the year attributable to
Equity holder of the Corporation
(37)
(40)
(1)
(39)
(40)
14
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.2
2.3
2.3
Revenue recognition
Revenue recognition
Standards issued but not yet effective
Revenue
is recognised
to the extent
it is measured,
probable that the economic
benefits
will flow to
the Group
be that
reliably
when
the
is
The
Group and
has the
not revenue
adopted can
the following
standards thatregardless
have beenofissued
but payment
are not yet
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
effective:
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Effective for annual periods
(a)
Rental income
Description
beginning on or after
(a)
Rental income
Rentaltoincome
arising
from operating
leases is accounted for on a straight-line
basis
Amendments
SB-FRS
19: Defined
Benefit Plans:
1 July 2014
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Employee
Contributions
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Improvements
to SB-FRSs
(Januaryof2014)
recognised
as
a
reduction
rental
income
over
the
lease
term
on
a
straight-line
basis.
(a) Amendments
to SB-FRS 102 Share-based Payment
1 July 2014
basis.
(b) Amendments to SB-FRS 103 Business Combinations
1 July 2014
(b) (c) Amendments
Income fromtoport
operations
SB-FRS
108
Operating
Segments
1 July 2014
(b)
(d) Amendments to SB-FRS 16 Property, Plant and
1 July 2014
Equipment
completed.
(e) Amendments
1 July 2014
completed. to SB-FRS 24 Related Party
Disclosures
(c) (f) Amendments
Agency feesto SB-FRS 38 Intangible Assets
1 July 2014
(c)
Agency fees
Improvements to SB-FRSs (February 2014)
Agency feestofrom
the provision
of other
consultancy services are recognised
when
(a) Amendments
SB-FRS
103 Business
Combinations
1 July 2014
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
rendered,
using
theother
percentage
of completion
method
based
on
the
(b) Amendments
to
SB-FRS
113
Fair
Value
Measurement
1
July
2014
the
services
are
rendered,
using
the percentage
ofservices
completion
method
based on the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
1
July
2014
(c) Amendments
to provided
SB-FRS as
40 aInvestment
actual service
proportionProperty
of the total services to be performed.
SB-FRS 114 Regulatory Deferral Accounts
1 January 2016
(d)
Interest
income
Amendments
to
SB-FRS
27
Separate
Financial
Statements
1 January 2016
(d)
Interest income
Amendments to SB-FRS 16 Property, Plant and Equipment
1 January 2016
Interest38income,
including
income from finance lease and other financial
and SB-FRS
Intangible
Assets
Interest
income,
including income
from interest
finance method.
instruments,
is recognised
the effective
Amendments
to SB-FRS
111 Joint using
Arrangements
1 January 2016
instruments,
is recognised
using
(e)
Dividend income
(e)
Dividend income
The Group expects that the adoption of the standards above will have no material impact
Dividendstatements
income is recognised
the Group’s right to receive payment is
on the financial
period ofwhen
initial application.
Dividend income isin the
recognised
when
established.
established.
15
16
16
63
64
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.3
2.3
2.3
Revenue recognition
Revenue recognition
Revenue recognition
Revenue
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
regardless
of when
the payment
is
the
Groupis
the revenue
be that
reliably
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
and
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
taxesororreceivable,
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
(a)
Rental income
(a)
Rental income
(a)
Rental income
Rentalthe
income
accounted
on a straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs is
incentivesfor
provided
to lesseesbasis
are
Rentalthe
income
arising
from
operating
leases
isof
accounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
of
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
basis.
(b)
(b)
(b)
completed.
completed.
completed.
(c)
Agency fees
(c)
Agency fees
(c)
Agency fees
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
(d)
Interest income
(d)
Interest income
(d)
Interest income
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
(e)
Dividend income
(e)
Dividend income
(e)
Dividend income
established.
established.
established.
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.4
2.3
2.3
Group accounting
Revenue recognition
Revenue recognition
(a)
Basis of consolidation and business combinations
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the Group
revenue
be1that
reliably
regardless
of when
the payment
is
Basis
ofthe
consolidation
from
April 2010
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
consolidated defined
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
Corporation and its subsidiary companies as at the end of the reporting period.
(a)
Rental income
The
financial
(a)
Rental
incomestatements of the subsidiary companies used in the preparation of the
consolidated financial statements are prepared for the same reporting date as the
Corporation.
Consistent
accounting policies
are applied for
to on
likea transactions
and
Rentalthe
income
straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentives provided
to lesseesbasis
are
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised as a reduction of rental income over the lease term on a straight-line
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
All
intra-group balances, income and expenses and unrealised gains and losses
basis.
resulting
fromport
intra-group
transactions and dividends are eliminated in full.
(b)
Income from
operations
(b)
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
to beis consolidated
until the
dateis
completed.
completed.
that such control ceases.
(c)
Agency fees
(c)
Agency fees
Losses
within a subsidiary company are attributed to the non-controlling interest
Agency
feesresults
from the
of other consultancy services are recognised when
even
if that
in aprovision
deficit balance.
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change in the ownership interest of a subsidiary company, without a loss the
of
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
company at their carrying amounts at the date when control is lost;
- de-recognises the carrying amount of any non-controlling interest;
(e)
Dividend
income the cumulative translation differences recorded in equity;
- de-recognises
(e)
Dividend
income
- recognises the fair value of the consideration received;
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
right to receive payment is
established.
- recognises any surplus or deficit in profit or loss;
established.
- re-classifies the Group’s share of components previously recognised in other
comprehensive income to profit or loss or retained earnings, as appropriate.
17
16
16
65
66
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.4
2.3
2.3
2.3
Significant
(continued)
Summary ofaccounting
significantpolicies
accounting
policies (continued)
Group accounting
(continued)
Revenue
recognition
Revenue recognition
Revenue recognition
(a)
Basis
of consolidation
and business
Revenue
is recognised
to the extent
that it iscombinations
probable that(continued)
the economic benefits will flow to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Basis
of
consolidation
prior
to
1
April
2010
(continued)
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
Certain
of the above-mentioned
requirements
were
appliedtaxes
on aor
prospective
basis.
into account
contractually
defined terms of
payment and
excluding
duty.
(a)
Rental
income differences, however, are carried forward in certain instances from
The
following
(a)
Rental income
the
previous
basis of consolidation:
(a)
Rental
income
Rentalthe
income
from
leases
for
on a straight-line
basis
over
lease arising
terms.
The operating
aggregate
costs is
ofaccounted
incentives
provided
to lessees
are
- Acquisition
of non-controlling
interests,
prior
to 1 April
2010,
were
accounted
Rental
income
arising
from
operating
leases
is
accounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
for
the
parentThe
entity
extension
method,
whereby,
the
difference
between
over
theusing
lease
terms.
aggregate
costs
of incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
basis.
the
consideration
and
the
book
value
of
the
share
of
the
net
assets
acquired
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
basis.
were recognised in goodwill.
(b)
(b)
(b)
Income
from incurred
port operations
- Losses
by the Group were attributed to the non-controlling interest
until the
balance
wasrendered
reduced into port
nil. Any
further losses
were attributed
to theis
Revenue
from
services
operations
is recognised
when work
completed.
Revenue
from
services
rendered in port
operations
recognised
whentowork
Group,
unless
the non-controlling
interest
had a isbinding
obligation
coveris
completed.
completed.
these.
(c)
Agency
feesLosses prior to 1 April 2010 were not reallocated between non(c)
Agency
fees interest and the equity holders of the Company.
controlling
(c)
Agency fees
Agency
fees
from
the
provision
of
consultancy
services
are
recognised
when
- services
Upon
loss
ofrendered,
control,
the Group
accounted
the
investment
retained
at
its
the
using
theother
percentage
offor
completion
method
based on
the
Agency
fees are
from
the
provision
other
consultancy
services
are
recognised
when
the services
are
rendered,
using
the
percentage
completion
method
based
the
proportionate
share
of
netof
asset
value
atofthe
date tocontrol
was
lost.on
The
actual
service
provided
as
a
proportion
of
the
total
services
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of
to be
performed.
carrying
value
of such
investments
asthe
at 1total
April
2010 have
not
been restated.
(d)
Interest income
(d)
Interest income
Business
combinations from 1 April 2010
(d)
Interest income
Interest
income,
including
income
from
finance
lease
other method.
financial
Business
combinations
are
accounted
for by
applying
the and
acquisition
instruments,
is recognised
using
the effective
interest
method.
Interest
income,
including
income
from
finance
lease
and
other financial
instruments,
is
recognised
using
the
effective
interest
method.
Identifiable
acquiredusing
and the
liabilities
assumed
a business combination are
instruments,assets
is recognised
effective
interestinmethod.
(e)
Dividend income
measured
initially at their fair values at the acquisition date. Acquisition-related
(e)
Dividend income
costs
areincome
recognised as expenses in the periods in which the costs are incurred
(e)
Dividend
Dividend
incomeare
is received.
recognised when the Group’s right to receive payment is
and
the services
established.
established.
When
the Group acquires a business, it assesses the financial assets and liabilities
established.
assumed for appropriate classification and designation in accordance with the
contractual terms, economic circumstances and pertinent conditions as at the
acquisition date. This includes the separation of embedded derivatives in host
contracts by the acquiree.
Any contingent consideration to be transferred by the acquirer will be recognised at
fair value at the acquisition date. Subsequent changes to the fair value of the
contingent consideration which is deemed to be an asset or liability will be
recognised in accordance with SB-FRS 39 either in profit or loss or as a change to
other comprehensive income. If the contingent consideration is classified as equity,
it is not remeasured until it is finally settled within equity.
18
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.4
2.3
2.3
Significantofaccounting
(continued)
Summary
significantpolicies
accounting
Group accounting (continued)
Revenue recognition
Revenue recognition
(a)
Basis of consolidation and business combinations (continued)
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the Group
revenue
be1that
reliably
regardless
of when
the payment
is
Basis
ofthe
consolidation
from
Business
combinations
from
1April
April2010
2010
(continued)
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
Any excess
of the sum
of fair
thevalue
fair value
of the consideration
transferred
in
the
made.
Revenue
is
measured
at
the
of
consideration
received
or
receivable,
taking
into account
defined
terms
of payment
and excluding
taxes or
duty.
The contractually
consolidated
financial
statements
comprise
the financial
statements
of the
business
combination,
the
amount
of non-controlling
interest
in
the acquiree
(if
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
Corporation
andfair
its value
subsidiary
companies
as at the end
ofequity
the reporting
period.
any),
and
the
of
the
Group’s
previously
held
interest
in
the
(a)
Rental income
The
financial
statements
of the
companies
used inidentifiable
the preparation
the
acquiree
(if any),
over the
net subsidiary
fair value of
the acquiree’s
assetsofand
(a)
Rental
income
consolidated
financialas
statements
are
prepared
for the
same
reporting
date
as
the
liabilities
is
recorded
goodwill.
The
accounting
policy
for
goodwill
is
set
out
in
Corporation.
Consistent
accounting
policies
are
applied for
to on
like
transactions
and
Note
2.6.
In
instances
where
the
latter
amount
exceeds
the
former,
the
excess
is
Rental
income
arising
from
operating
leases
is
accounted
a
straight-line
basis
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
gain
on
bargain
purchase
in
profit
or
loss
on
the
acquisition
date.
recognised
basis.
All
intra-group
balances,
income
and 2010
expenses and unrealised gains and losses
basis.
Business
combinations
prior
to 1 April
resulting
fromport
intra-group
(b)
Income from
operations
(b)
Income
from porttooperations
In
comparison
the above mentioned requirements, the following differences
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
applied:
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
completed.
that
such control
ceases. are accounted for by applying the purchase method.
Business
combinations
(c)
Agency fees costs directly attributable to the acquisition formed part of the
Transaction
(c)
Agency fees
Losses
within
a subsidiary
company interest
are attributed
to the
non-controlling
interest
acquisition
costs.
The non-controlling
(formerly
known
as minority interest)
Agency
feesresults
from
the
provision
of other
services
are recognised
when
even
if that
in aproportionate
deficit balance.
was
measured
at the
shareconsultancy
of the acquiree’s
identifiable
net assets.
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A
changecombinations
in the ownership
interest
of a subsidiary
company,
a loss
of
Business
achieved
in stages
were accounted
for aswithout
separate
steps.
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
control,
is accounted
an equity
transaction.
If the
Group
loses
control
over
Adjustments
to those for
fair as
values
relating
to previously
held
interest
are
treated
as a
(d)
Interest income
subsidiary
company,
it:
revaluation
and recognised
in equity. Any additional acquired share of interest did
(d)
Interest income
not affect previously recognised goodwill.
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
(e)
Dividend
- de-recognises
(e)
Dividend
income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
established.
19
17
16
16
67
68
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.3
2.4
2.3
2.3
Summary
significantpolicies
accounting
(continued)
Revenue
recognition
Group
accounting
(continued)
Revenue recognition
Revenue recognition
Revenue
is recognised
to the extent
that it iscombinations
probable that(continued)
the economic benefits will flow to
(a)
Basis
of consolidation
and business
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Business
combinations
prior
to
1
April
2010
(continued)
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
When
the Group defined
acquired
a business,
embedded
derivatives
separate
into account
contractually
terms
of payment
and excluding
taxes or
duty. from the
(a)
Rentalcontract
income by the acquiree are not reassessed on acquisition unless the
host
(a)
Rental income
business
combination resulted in a change in the terms of the contract that
(a)
Rental income
Rental income
arisingthe
from
operating
leases
is accounted
for onbeen
a straight-line
basis
significantly
modified
cash
flows that
otherwise
would have
required under
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
the
contract.
Rental
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Contingent
consideration
was
recognised
if,
and
only
if,
the
Group
had
a
present
basis.
basis.
obligation,
the economic outflow was more likely than not and a reliable estimate
(b)
was
determinable.
Subsequent adjustments to the contingent consideration were
(b)
Income
(b)
Income fromasport
operations
recognised
part
of
goodwill.
Revenue
from
services
completed.
Revenue from
services
renderedinterests
in port operations is recognised when work is
(b)
Transactions
with
non-controlling
completed.
completed.
(c)
Agency fees
Non-controlling
interest represents the equity in subsidiary companies not
(c)
Agency fees
(c)
Agency fees directly or indirectly, to equity holder of the Corporation, and are
attributable,
presented
separately
theusing
consolidated
statement
ofservices
comprehensive
income
and
Agency
fees
from
the in
provision
of
consultancy
are
recognised
when
the
services
are
rendered,
theother
percentage
of completion
method
based
on
the
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
within
equity
in
the
consolidated
statement
of
financial
position,
separately
from
the services
are
rendered,
using
the percentage
ofservices
completion
method
based on the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the
ofservices
completion
method
based on the
equity
attributable
to equity
holder
of percentage
theofCorporation.
actual
serviceare
provided
as ausing
proportion
the total
to be
performed.
(d)
Interest income
Changes
in the Corporation’s ownership interest in a subsidiary company that do
(d)
Interest income
(d)
Interest
income
not
result
in a lossincluding
of controlincome
are accounted
for as equity
In such
Interest income,
from finance
lease transactions.
and other financial
Interest
income,
including
income
from
finance
lease
and
other
financial
circumstances,
the
carrying
amounts
of
the
controlling
and
non-controlling
interests
instruments,
is recognised
using
the effective
interest
method.
Interest
income,
including
income
finance
lease
andin other
financial
instruments,
istorecognised
the effective
method.
are
adjusted
reflect
theusing
changes
infrom
theirinterest
relative
interests
the subsidiary
instruments,
is
recognised
using
the
effective
interest
method.
company.
Any difference between the amount by which the non-controlling interest
(e)
Dividend income
(e)
Dividend
income
is
adjusted
and the fair value of the consideration paid or received is recognised
(e)
Dividend income
directly
equity and
to equity
of the Corporation.
Dividendin income
is attributed
recognised
when holder
the Group’s
established.
established.
(c)
Joint
arrangements
established.
A joint arrangement is a contractual arrangement whereby two or more parties
have joint control. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require
the unanimous consent of the parties sharing control.
A joint arrangement is classified either as joint operations or joint ventures, based
on the rights and obligations of the parties to the arrangement.
To the extent the joint arrangement provides the Group with rights to the assets
and obligations for the liabilities relating to the arrangement, the arrangement is a
joint operation. To the extent the joint arrangement provides the Group with rights
to the net assets of the arrangement, the arrangement is a joint venture.
16
20
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.4
2.3
2.3
(continued)
Summary
significantpolicies
accounting
Revenue recognition
Revenue recognition
(c)
Joint arrangements
(continued)
(a)
Basis
of consolidation
and business combinations
Revenue
is recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the Group
revenue
be1that
reliably
regardless
of when
the payment
is
(i) andofthe
Joint
operations
Basis
consolidation
from
April 2010
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
payment
excluding
or
duty.
The Groupdefined
recognises
inofrelation
to and
its interest
ataxes
joint operation,
The contractually
consolidated
financial
statements
comprise
the in
financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
(a)
Rental income
(a) itsstatements
assets, including
its share ofcompanies
any assetsused
heldinjointly;
The
financial
of the subsidiary
the preparation of the
(a)
Rental
income
Rental income
arising
from
operating
leasesofisany
accounted for
on a straight-line
basis
(b) itsConsistent
liabilities,
including
its share
incurred
jointly;
Corporation.
accounting
policies
are liabilities
applied to
likea transactions
and
Rentalthe
income
on
straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
are
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
(c) its revenue from the sale of its share of the output arising from the joint
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
operation;
All
intra-group
balances, income and expenses and unrealised gains and losses
basis.
resulting
fromport
intra-group
(b)
Income from
operations
(d) its
share
of the revenue from the sale of the output by the joint
(b)
Income from
port
operations
operation; and
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
(e) its expenses, including its share of any expenses incurred jointly.
completed.
(c)
Agency fees
The Group accounts for the assets, liabilities, revenues and expenses
(c)
Agency fees
Losses
within
attributed
to the non-controlling
interest
relatinga tosubsidiary
its interestcompany
in a joint are
operation
in accordance
with the accounting
Agency
feesresults
fromapplicable
the
of
other
consultancy
services
are recognised
when
even
if that
in aprovision
deficit to
balance.
policies
the
particular
assets,
liabilities,
revenues
and
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
expenses.
the
services
rendered,
the percentage
ofservices
completion
method
based
on the
actual
service
provided
as ausing
proportion
total
to be
performed.
A
change
inare
the
ownership
interest
ofofathe
subsidiary
company,
without
a loss
of
actual service
provided asasa an
proportion
to beloses
performed.
control,
is
accounted
equity transaction.
If the Group
control over a
(ii)
Joint
venture for
companies
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
The Group recognises its interest in a joint venture company as an
Interest
income, including
income
finance
and
other
financial
- de-recognises
the
(including
andlease
liabilities
the subsidiary
investment
andassets
accounts
for from
thegoodwill)
investment
using
theofequity
Interest
income,
including
income
from
finance method.
lease
and
other method.
financial
instruments,
is
recognised
using
the
effective
interest
company
theirto
carrying
amounts
at the
date when
control
lost;
Pleaseatrefer
Note 2.4(d)
for the
accounting
policy
for is
investment
in joint
venture companies.
- de-recognises
the carrying amount of any non-controlling interest;
(e)
Dividend
- de-recognises
(e)
Dividend
income
(d)
Joint
venture
companies
and associated
companies
- recognises
the fair value
received;
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the
Group’s
established.
An
company
entity
which
- associated
recognises any
surplusis orandeficit
in over
profit or
loss;the Group has the power to
established.
participate
in the the
financial
andshare
operating
policy decisions
of therecognised
investee but
- re-classifies
Group’s
of components
previously
in does
other
not have
control
or
joint
control
of
those
policies.
The Group accounts for its investments in associated companies and joint venture
companies using the equity method from the date on which it becomes an
associated company or joint venture company.
21
17
16
16
69
70
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.4
2.3
2.3
2.3
(continued)
Summary
significantpolicies
accounting
Group accounting
(continued)
Revenue
recognition
Revenue recognition
Revenue recognition
Revenue
is recognised
to the extent
it is probable
that the
economic benefits will flow to
(d)
Joint
venture companies
andthat
associated
companies
(continued)
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
On
acquisition
of
the
investment,
any
excess
of
the
cost
of
investment
over
the
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
terms
ofvalue
payment
andinvestee’s
excluding
taxes
orreceivable,
duty.assets taking
Group’s
share
ofdefined
the
net
fairvalue
of
the
identifiable
and
made.
Revenue
is
measured
at
the
fair
of
consideration
received
or
liabilities
is accounted
as terms
goodwill
and is included
in the taxes
carrying
amount of the
into account
contractually
defined
of payment
and excluding
or duty.
(a)
Rental
income
investment.
Please
refer
to
Note
2.5
for
the
Group’s
accounting
policy
on goodwill.
(a)
Rental income
Any excess
of the Group’s share of the net fair value of the investee’s identifiable
(a)
Rental
income
Rental
arising over
from operating
leases
is accounted
for on aasstraight-line
assets income
and liabilities
the cost of
investment
is included
income in basis
the
Rental
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to lesseesbasis
are
Rental
income
arising
from
operating
leases
is
accounted
for
on
a
straight-line
basis
determination
of
the
entity’s
share
of
the
associated
company’s
profit
or
loss
in
the
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
over
lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
periodthe
in which
the
investment
is acquired.
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
basis.
Under the equity method, investments in associated companies or joint venture
(b)
companies
in the statement of financial position at cost plus post(b)
Income
fromare
portcarried
operations
(b)
Income
fromchanges
port operations
acquisition
in the Group’s share of net assets of the associated
companiesfrom
or joint
venture
companies.
profit orisloss
reflects when
the share
Revenue
services
rendered
in portThe
operations
recognised
workofis
completed.
Revenue
services rendered
in port operations
work is
results of from
the operations
of the associated
companies is
or recognised
joint venturewhen
companies.
completed.
completed.
Distributions received from associated companies or joint venture companies
(c)
Agency fees
reduce the
(c)
Agency
feescarrying amount of the investment. Where there has been a change
(c)
Agency
feesin other comprehensive income by the associated companies or joint
recognised
venture
companies,
Group ofrecognises
its share
of such
changes
in other
Agency
fees
from
thethe
provision
consultancy
services
are
recognised
when
the
services
are
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees
from
the
provision
other
consultancy
services
are
recognised
when
comprehensive
income.
Unrealised
gains
resulting
from
transactions
between
the
the services
are
rendered,
using
the percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
are
rendered,
the percentage
ofservices
completion
method
on the
Group
and its
associated
companies
are
eliminated
to thetoextent
of based
the Group’s
actual
service
provided
as ausing
proportion
of the
total
be
performed.
actual
provided ascompanies.
a proportionUnrealised
of the totallosses
services
be performed.
interestservice
in the associated
aretoalso
eliminated unless
(d)
Interest income
the transaction
(d)
Interest
incomeprovides evidence of an impairment of the asset transferred.
(d)
Interest income
When theincome,
Group’s including
share of losses
infrom
an associated
company
joint venture
Interest
income
finance method.
lease
and orother
financial
instruments,
is recognised
using
the effective
interest
Interest
income,
including
income
from
finance
lease
and
other
financial
company
equals
or
exceeds
its
interest
in
the
associated
company
or
joint venture
instruments,
is recognised
using
the effective
interest method.
company,
including
any
other
unsecured
non-current
receivables,
the
Group
does
(e)
Dividend income
not
recognise
further
losses,
unless
it
has
obligations
or
has
made
payments
on
(e)
Dividend income
(e)
Dividend
income
behalf
of
the
associated
company
or
joint
venture
company.
established.
Dividend
income of
is recognised
thethe
Group’s
to receive
payment
established.
After application
the equity when
method,
Groupright
determines
whether
it isis
established.
necessary to recognise an additional impairment loss on the Group’s investment in
associated companies or joint venture companies. The Group determines at the
end of each reporting period whether there is any objective evidence that the
investment in the associated company or joint venture company is impaired. If this
is the case, the Group calculates the amount of impairment as the difference
between the recoverable amount of the associated company or joint venture
company and its carrying value and recognises the amount in profit or loss.
22
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.4
2.3
2.3
2.5
2.6
(continued)
Summary
significantpolicies
accounting
Revenue recognition
Revenue recognition
(a)
Basis
of consolidation
andand
business
combinations
(d)
Joint venture
companies
associated
companies (continued)
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the Group
the
be1that
reliably
regardless
of when
thecontrol
payment
Basis
of
consolidation
from
Aprilover
2010
Upon
loss
ofrevenue
significant
influence
the associated
company
or joint
overis
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made. Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the joint is
venture
company,
the
Groupofmeasures
the retained
interest
at fair value.
made.
Revenue
measured
at
the
fair
value
consideration
received
or
receivable,
taking
into account
defined
terms
of
payment
excluding
taxes
or
duty.interest
Any contractually
difference
between
the
fair
value
of comprise
theand
aggregate
of the
retained
The
consolidated
financial
statements
the financial
statements
of and
the
into account
contractually
defined
terms
of
payment
and
excluding
taxes
or
duty.
proceeds
from
disposal
and
the
carrying
amount
of
the
investment
at the date
the
Corporation and its subsidiary companies as at the end of the reporting
period.
(a)
Rental
income was discontinued is recognised in profit or loss.
equity
method
The
financial
(a)
Rental
Rental
incomestatements
arising from
operating
leases
is accounted
onventure
a straight-line
basis
The financial
of
the associated
companies
andfor
joint
companies
Corporation.
Consistent
accounting
policies
are
applied
to
likea transactions
and
Rental
income
arising
from
operating
leases
isof
accounted
for
on
straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
are prepared
asterms.
the same
reporting date
asofthe
Corporation.
Where
necessary,
events
in
similar
circumstances.
over
the
lease
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
adjustmentsasare
made to bring
the income
accounting
policies
in line
with
those
of the
recognised
a
reduction
of
rental
over
the
lease
term
on
a
straight-line
basis.
Group.
All
basis.
resulting
fromport
intra-group
(b)
Income
from
operations
GoodwillIncome
on acquisition
(b)
Subsidiaryfrom
companies
are consolidated
from the date of
acquisition, being
dateis
whenthe
work
GoodwillRevenue
represents
theservices
excess rendered
of the costin
ofport
an operations
acquisition is
of recognised
or
Revenue
from
services
rendered
port
operations
recognised
when
work
on
which the
Group
obtains
control,inand
continue
until the
dateis
completed.
associated
companies
or
joint
venture
companies
over
the
fair
value
of
the
Group’s
share
completed.
that
such control ceases.
of the identifiable assets, liabilities and contingent liabilities of the acquired subsidiary
(c)
Agency
fees
companies
or associated
companies or joint venture companies at the date of acquisition.
(c)
Agency
fees
Losses
Agency
feesresults
fromofthe
of other consultancy
services
are recognised
if that
insubsidiary
aprovision
deficit balance.
Goodwilleven
on acquisitions
companies
is recognised
separately
as an assetwhen
on
Agency
fees are
from
the
provision
of
other
consultancy
services
are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
the statement
of
financial
position.
Goodwill
on
acquisition
of
associated
or
joint
venture
the
services
rendered,
the percentage
ofservices
completion
method
based
on the
actual
service
provided
as ausing
proportion
ofathe
total
to be
performed.
A
change
inare
the
ownership
interest
ofof
subsidiary
company,
without
a loss
of
companies
is
included
in
the
carrying
amount
investments
in
associated
companies
or
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
joint venture
companies.
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
Goodwill recognised separately is tested at least annually for impairment and carried at cost
Interest
income,
income
finance
andof other
financial
- de-recognises
the
assets
(including
goodwill)
andlease
liabilities
the subsidiary
less accumulated
impairmentincluding
losses
(Note
2.10).from
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
de-recognises
the carrying
of any
non-controlling
interest;
Gains and- losses
on the disposal
of theamount
subsidiary
companies,
associated
or joint venture
(e)
Dividend
income
companies
include
the
carrying
amount
of
goodwill
relating
to
the
entity
sold.
de-recognises
the
cumulative
translation
differences
recorded
in
equity;
(e)
Dividend income
Dividend
income
is recognised
when the
Group’s joint
rightventure
to receive
payment
Gains and
on the
of ofsubsidiary
companies,
companies
andis
- losses
recognises
thedisposal
value
any
investment
retained;
Dividend
income
isfair
recognised
when
the
Group’s
right to receive
payment
is
established.
associated
the carrying
amount
of goodwill
- companies
recognisesinclude
any surplus
or deficit
in profit
or loss; relating to the entity sold.
established.
Investments comprehensive
in subsidiary companies
income to profit or loss or retained earnings, as appropriate.
Investments in subsidiary companies are stated at cost less accumulated impairment
losses (Note 2.10) in the Corporation’s statement of financial position. On disposal of
investments in subsidiary companies, the difference between disposal proceeds and the
carrying amount of the investment is taken to profit or loss.
23
17
16
16
71
72
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.3
2.7
2.3
2.3
Summary
significantpolicies
accounting
(continued)
Revenue
Currency recognition
translation
Revenue recognition
Revenue recognition
(a)
Functional
and presentation
Revenue
is recognised
to the extent currency
that it is probable that the economic benefits will flow to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
The
financial
statements
are
presented
in
Singapore
Dollars
(“SGD”),
which
is
also
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
the Corporation’s
functional
currency.
Each
entity
in the
Group
determines
itstaking
own
into
account
contractually
defined
terms
of payment
and
excluding
taxesor
orreceivable,
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
into account
contractually
terms
of payment
excluding
taxes orofduty.
functional
currencydefined
and items
included
in theand
financial
statements
each entity are
into account
contractually
defined
terms
of payment
and
excluding
taxes or duty.
(a)
Rental
income
measured
using that functional currency.
(a)
Rental income
(a)
Rental income
(b)
Transactions
balances
Rental
incomeand
arising
Rentalthe
income
arising
from
accounted
on a straight-line
over
lease
terms.
The operating
aggregateleases
costs is
incentivesfor
provided
to lesseesbasis
are
Rentalthe
income
arising
from
operating
leases
isof
accounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
of
incentives
provided
toa lessees
are
Transactions
in
a
currency
other
than
the
functional
currency
(“foreign
currency”)
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
are translated
into
the functional
currency
using
thethe
exchange
rates
atathe
dates of
basis.
recognised
as
a
reduction
of
rental
income
over
lease
term
on
straight-line
basis.
the transactions. Currency translation differences from the settlement of such
basis.
(b)
Income
from port
transactions
andoperations
from the translation of monetary assets and liabilities
(b)
Income
from port
operations
denominated
in
foreign
currencies at the closing rates at the balance sheet date
(b)
are recognised
in profitrendered
or loss inexcept
for exchange
differenceswhen
arising
Revenue
from services
port operations
is recognised
workonis
Revenue
from
services
rendered
in Group’s
port operations
is recognised
when
work is
monetary
items
that
form
part
of
the
net
investment
in
foreign
operations,
completed.
completed.
which are recognised initially in other comprehensive income and accumulated
completed.
(c)
Agency
fees
under foreign
currency translation reserve in equity. The foreign currency
(c)
Agency
feesreserve is reclassified from equity to profit or loss of the Group on
translation
(c)
Agency fees
disposalfees
of the
foreign
operation.of other consultancy services are recognised when
Agency
from
the provision
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
ofservices
completion
method
based
on
the
Non-monetary
items
that
are
measured
in
terms
of
historical
cost
in
a
foreign
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
are
rendered,
the percentage
ofservices
completion
method
based on the
actual
service
provided
asusing
ausing
proportion
of the total
to
be
performed.
currency
are
translated
the
exchange
rates
as
at
the
dates
of
the
initial
(d)
Interest
incomeNon-monetary items that are measured at fair values in foreign
transactions.
(d)
Interest
income
currencies
are translated using the exchange rates at the date when the fair values
(d)
Interest income
are measured.
translation
on non-monetary
Interest
income,Currency
including
income differences
from finance
lease and items
other whereby
financial
Interest
income,
including
income
from ininterest
finance
lease asand
other
financial
the
gains
or
losses
are
recognised
directly
equity,
such
equity
investments
instruments,
is
recognised
using
the
effective
method.
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
classified asisavailable-for-sale
financial
assets
aremethod.
included in the fair value
instruments,
recognised using the
effective
interest
(e)
Dividend
reserve. income
(e)
Dividend income
(e)
Dividend income
(c)
Translationincome
of Group
financial
statements
Dividend
is entities’
recognised
when
established.
established.
The results and financial position of all the Group entities (none of which has the
established.
currency of a hyperinflationary economy) that have a functional currency different
from the presentation currency are translated into the presentation currency as
follows:
(i)
assets and liabilities are translated at the closing rates at the balance sheet
date;
(ii)
income and expenses are translated at average rates; and
(ii)
all resulting exchange differences are recognised in the foreign currency
translation reserve.
16
24
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.7
2.4
2.3
2.3
2.8
(continued)
Summary
significantpolicies
accounting
Currency
translation (continued)
Group
accounting
Revenue recognition
Revenue recognition
(c)
Translation
of Group entities’
financial
statements (continued)
(a)
Basis
of consolidation
and business
combinations
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the Group
revenue
be1that
reliably
regardless
of of
when
the operations
payment
is
Goodwill
and
fair value
adjustments
arising on the
acquisition
foreign
Basis
ofthe
consolidation
from
April 2010
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made. Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
on or after
1 April 2005
are
treated
as of
assets
and liabilities
of theorforeign
operations
made.
Revenue
is
measured
at
the
fair
value
consideration
received
receivable,
taking
into account
contractually
defined
terms
of payment
and excluding
taxes
duty.
and translated
at the
closing
rates
at thecomprise
balance
sheet
date.
Foror
acquisitions
The
consolidated
financial
statements
the financial
statements
ofprior
the
into account
contractually
defined
terms
of payment
and excluding
taxes
or
duty.
to
1
April
2005,
the
exchange
rates
at
the
dates
of
acquisition
are
used.
(a)
Rental income
The
financial
(a)
Rental
For consolidation
purpose,
the assets
and liabilities
of foreign
operations
consolidated
financial
statements
are prepared
for the same
reporting
date as are
the
Rental
income
arising fromDollar
operating
leases
isexchange
accountedruling
for on
athe
straight-line
basis
translated
into
Singapore
at
the
rate
of
at
balance
sheet
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over
the lease
terms.
costsat of
to lessees
are
date and
their profit
or The
loss aggregate
are translated
theincentives
exchangeprovided
rates prevailing
at the
events
in lease
similar
circumstances.
over
the
terms.
The
aggregate
costs over
of
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
the
lease
term
on
straight-line
date of the as
transactions.
The
exchange
differences
arising
on
theontranslation
are
recognised
a
reduction
of
rental
income
over
the
lease
term
a
straight-line
basis.
recognised
in other
comprehensive
income.
On disposal
of a foreign
operation,
the
All
intra-group
balances,
income and
expenses
and unrealised
gains
and losses
basis.
component
of
other
comprehensive
income
relating
to
that
particular
foreign
resulting
fromport
intra-group
(b)
Income
from
operations
operation
is recognised
in profit or loss.
(b)
Income
from
port operations
Subsidiary
companies
arerendered
consolidated
from the date of
acquisition,
being
dateis
Revenue
in port
is a
recognised
whenthe
work
In the casefrom
of a services
partial disposal
without
lossoperations
of control of
subsidiary company
that
Revenue
from
services
rendered
port
operations
recognised
when
work
on
which the
Group
obtains
control,inand
continue
until the
dateis
completed.
includes
a
foreign
operation,
the
proportionate
share
of
the
cumulative
amount
of
completed.
that
such control
ceases. are re-attributed to non-controlling interest and are not
the exchange
differences
(c)
Agency
feesin profit or loss. For partial disposals of associated or joint venture
recognised
(c)
Agency
fees
Losses
within
subsidiary
company are
to the
non-controlling
interest
companies
thataare
foreign operations,
theattributed
proportionate
share
of the accumulated
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
even
if
that
results
in
a
deficit
balance.
exchange
differences
reclassified
to profit
or loss. services are recognised when
Agency
fees
from
the is
provision
consultancy
when
the services
are
rendered,
usingof
theother
percentage
of completion method based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
change
in
the ownership interest of a subsidiary company, without a loss the
of
Property,A
plant
and
equipment
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
(d)
Interest
income
subsidiary
company, it:
(a)
Measurement
(d)
Interest
income
Interest
income, plant
including
income
from
finance
andof other
financial
the and
assets
(including
goodwill)
andlease
liabilities
the subsidiary
(i)- de-recognises
Property,
equipment
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
All items ofthe
property,
andofequipment
are initially
recorded at cost.
- de-recognises
carryingplant
amount
any non-controlling
interest;
(e)
Dividend
income the
Subsequent
to
recognition,
property,
plant
and
equipment
areequity;
measured at
de-recognises
cumulative
translation
differences
recorded
in
(e)
Dividend income
cost
less
accumulated
depreciation
and
any
accumulated
impairment
Dividendlosses.
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
established.
(ii)
Components
of costs share of components previously recognised in other
- re-classifies
the Group’s
The cost of an item of property, plant and equipment includes its purchase
price and any cost that is directly attributable to bringing the asset to the
location and condition necessary for it to be capable of operating in the
manner intended by management, including borrowing costs incurred for
the capital projects-in-progress. The projected cost of dismantlement,
removal or restoration is also included as part of the cost of property, plant
and equipment if the obligation for the dismantlement, removal or
restoration is incurred as a consequence of acquiring or using the asset
during that period.
25
17
16
16
73
74
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.8
2.3
2.3
2.3
Properties,
plant and equipment (continued)
Revenue
recognition
Revenue recognition
Revenue recognition
(b)
Depreciation
Revenue
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the revenue
be that
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
The
Group
adopts
the
component
approach
to
depreciation
whereby
the
amount
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
initially
recognised
inat respect
anofitem
of property,
plant
and
equipment
is
into
account
contractually
defined
terms
of payment
and
excluding
taxesoror
duty.
made.
Revenue
is
measured
the
fair
value
consideration
received
receivable,
taking
into account
contractually
defined terms
payment
and excluding
taxes or duty.
allocated
to its significant
parts.of
significant
part is depreciated
separately if
into account
contractually
defined terms
ofEach
payment
and excluding
taxes or duty.
those parts
have different useful lives.
(a)
Rental
income
(a)
Rental income
(a)
Rental income
Capital
projects-in-progress
are not leases
depreciated.
Depreciation
other items
of
Rental income
arising from operating
is accounted
for on aonstraight-line
basis
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
property,
plant
and
equipment
is
calculated
using
the
straight-line
method
to
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
toafollows:
lessees
are
allocate
their
depreciable
amounts
over
their
estimated
useful
lives
as
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
over
the lease
The of
aggregate
costs over
of incentives
are
recognised
as aterms.
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
Leasehold
land and
basis.
land development
- over the lease period up to 99 years
(b)
Income
(b)
Incomeand
from
portstructures
operations
Wharf
base
over the lease period up to 40 years
(b)
Bulk
handling
3 to
15 years is recognised when work is
Revenue
fromfacilities
services rendered in- port
operations
Revenue from
services rendered in- port
operations
recognised
is
Leasehold
buildings
over
the lease is
period
up to 60when
yearswork
completed.
Revenue from services rendered in port operations
is
recognised
when
work is
completed.
Social
amenities
- 15 to 50 years
completed.
Computers,
(c)
Agency feesmotor vehicles,
(c)
Agency
feesequipment and
furniture,
(c)
Agency
fees
renovation
- 1consultancy
to 20 yearsservices are recognised when
Agency
fees from the provision of other
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
of
completion
method
based
on
the
The
residual
values,
estimated
useful
lives
and
depreciation
method
are
reviewed
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
the
services
are
rendered,
the percentage
ofservices
completion
method
based on the
actual
service
provided
as ausing
proportion
ofprospectively,
the total
to be
performed.
at
each
financial
year-end,
and
adjusted
if
appropriate.
The
effects
of
any revision
of the residual values and useful lives are included in profit or loss
(d)
Interest
income
(d)
Interest
when theincome
changes arise.
(d)
Interest
income
Interest
income,
including
income
from interest
finance method.
(c)
Subsequent
expenditure
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
Subsequent
expenditure relating to property, plant and equipment that has already
(e)
Dividend
income
(e)
Dividend
income is added to the carrying amount of the asset only when it is
been
recognised
(e)
Dividend income
probable that
future
associated
will flow
to theis
Dividend
income
is economic
recognisedbenefits
when the
Group’swith
righttheto item
receive
payment
Dividend
income
is of
recognised
whenbethe
Group’sreliably.
right to All
receive
payment
Group
and
the
cost
the
item
can
measured
other
repair
andis
established.
Dividend income is recognised when the Group’s right to receive payment
is
established.
maintenance expenses are recognised in profit or loss when incurred.
established.
(d)
Derecognition
An item of property, plant and equipment is derecognised upon disposal or when
no future economic benefits are expected from its use or disposal. Any gain or loss
on derecognition of the asset is included in profit or loss in the year the asset is
derecognised.
26
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.9
2.4
2.3
2.3
Investment
properties
Group
accounting
Revenue recognition
Revenue recognition
Investment
properties
comprise
of leasehold land and freehold office
(a)
Basis
of consolidation
andsignificant
business portions
combinations
Revenue
is recognised
to long-term
the extent rental
that it yields
is probable
that
economic
benefits will flow to
buildings
that
are
held
for
and/or
for the
capital
appreciation.
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the
economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
the payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Investment
properties
are initially
measured
atofcost,
including transaction
costs.
made.
Revenue
is
measured
at
the
fair
value
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
Subsequent
to
initial
recognition,
investment
properties
are
measured
at costperiod.
less
(a)
Rentaldepreciation
income
accumulated
and
accumulated
loss
in
recoverable
amount.
Depreciation
is
The
financial
(a)
Rental
calculated
using
a
straight-line
method
to
allocate
the
depreciable
amounts
over
the
Rental
income
arising
from operating
leases
is accounted
on a straight-line
basis
estimated
useful
lives.
The residual
values,
useful
lives
and for
depreciation
method
of
Corporation.
Consistent
accounting
policies
are
applied
to on
likea transactions
and
Rental
income
arising
from
operating
leases
isof
accounted
for
straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
investment
properties
are
reviewed,
and
adjusted
as
appropriate,
at
the
end
of
each
events
in lease
similaraterms.
circumstances.
over
the
The aggregate
costs over
of incentives
provided
lessees
are
reduction
rentalare
income
lease
termwhen
ontoathe
straight-line
reportingrecognised
period. Theas
effects
of any of
revision
included
inthe
profit
or loss
changes
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
arise. All
basis.
The Group
adopts
theintra-group
component
approach to
depreciation
whereby
the amount
resulting
from
transactions
and
dividends are
eliminated
in full. initially
(b)
Income
from
port
operations
recognised
in
respect
of
an
item
of
investment
properties
is
allocated
to
its
significant
parts.
(b)
Each significant part is depreciated separately if those parts have different useful lives.
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
No depreciation
is provided for 999 years leasehold land and freehold land.
completed.
(c)
Agency
Depreciation
on fees
other items of investment properties is calculated using the straight-line
(c)
Agency
fees
Losses
within
subsidiary amounts
companyover
are their
attributed
to the
non-controlling
interest
method to allocate
theiradepreciable
estimated
useful
lives as follows:
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
fees are
from
the provision
consultancy
services are
recognised
when
theland
services
rendered,
usingof
theother
of completion
method
based on
the
Leasehold
and land
development
-percentage
over the lease
period up
to 99 years
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
change in the ownership interest- of12a tosubsidiary
company, without a loss the
of
BuildingsA
99
years
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity- transaction.
If the Group
control over a
Social amenities
15 to 50 years
(d)
Interest
subsidiary
company, it:
Wharf and
base income
structures
- 50 years
(d)
Interest
income
income,
including
from
finance
andoftheir
other
financial
-in buildings
de-recognises
thefollowing
assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
IncludedInterest
are the
items which
depreciable
Interest
income,
including
income
from are
finance
lease over
and otherestimated
financial
instruments,
is
recognised
using
the
effective
interest
method.
company
at their carrying amounts at the date when control is lost;
useful lives
as
follows:
instruments,
(e)
Dividend
Renovations
and income
improvements
- 3 to 5 differences
years
de-recognises
the cumulative translation
recorded in equity;
(e)
Dividend
income
Plant, machinery
and
equipment
3
to
20
years
- recognises the fair value of the consideration
received;
income is recognised when
the
Group’s
to receive payment is
Air-cons,Dividend
and escalators
- 15
to 20
years right
-liftsrecognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the
Group’s
established.
established.
Transfers- arere-classifies
made to orthe
from
investment
only when
there is
a change inin other
use.
Group’s
shareproperties
of components
previously
recognised
Any transfer comprehensive
between investment
properties
and
owner-occupied
properties
does
not
result
in any change in the cost for disclosure purpose as the Group and Corporation use the cost
model.
Investment properties are subject to renovations or improvements at regular intervals. The
cost of major renovations and improvements is capitalised as additions and the carrying
amounts of the replaced components are written off to profit or loss. The cost of
maintenance, repairs and minor improvement is charged to profit or loss when incurred.
On disposal of an investment property, the difference between the disposal proceeds and
the carrying amount is recognised in profit or loss.
17
27
16
16
75
76
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.10
2.3
2.3
2.3
Impairment
of non-financial assets
Revenue
recognition
Revenue recognition
Revenue recognition
(a)
Goodwill
Revenue
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the revenue
be that
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
For
the
purpose
of
impairment
testing,
goodwill
acquired
in
a
business
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
combination
is, defined
fromat the
the
acquisition
date,
to the
Group’s cashinto
account
contractually
terms
of payment
and allocated
excluding
taxes
orreceivable,
duty.
made.
Revenue
is
measured
fair
value
of
consideration
received
or
taking
into account
contractuallythat
defined
of payment
andfrom
excluding
taxes or of
duty.
generating-units
are terms
expected
to benefit
the synergies
the business
into account
terms
of payment
and excluding
taxes or duty.
combination,
(a)
Rental
incomeirrespective of whether other assets or liabilities of the acquiree are
(a)
Rental
income
assigned
to those units.
(a)
Rental
income
Rental
income
arising
from
leases
isofaccounted
on
a straight-line
basis
The CGUs
to which
goodwill
has been
allocated
is testedfor
for
impairment
annually
over
the
lease
terms.
The operating
aggregate
costs
incentives
provided
to lessees
are
Rental
income
arising
from
operating
leases
isofaccounted
for
on
a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
and
whenever
there
is
an
indication
that
the
CGU
may
be
impaired.
Goodwill
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
included in as
theacarrying
amount
of an
investment
in lease
an associated
company
is
basis.
recognised
reduction
of
rental
income
over
the
term
on
a
straight-line
basis.
tested
for
impairment
as
part
of
the
investments
rather
than
separately.
basis.
Impairment
determined
(b)
Income
fromisport
operationsfor goodwill by assessing the recoverable amount of
(b)
Income
from
port
operations
each
CGU
(or
group
of CGUs) to which the goodwill relates.
(b)
Revenue
from loss
services
rendered when
in port operations
is recognised
when
work is
An impairment
is recognised
carrying amount
of a CGU,
including
completed.
Revenue
from services
rendered in porttheoperations
is recognised
when
work is
completed.
the goodwill, exceeds the recoverable amount of the CGU. Recoverable amount
completed.
of a CGU
is the higher of the CGU’s fair value less cost to sell and value-in-use.
(c)
Agency
fees
(c)
Agency fees
(c)
Agency fees
The totalfees
impairment
of a CGU
is allocated
first toservices
reduce the
amount
Agency
from theloss
provision
of other
consultancy
are carrying
recognised
when
Agency
feesallocated
from
thetoprovision
of
other
consultancy
services
are
recognised
when
of
goodwill
the
CGU
and
then
to
the
other
assets
of
the
CGU
pro-rata
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
ofin
completion
method
based on
the
on
the
basis
of
the
carrying
amount
of
each
asset
the
CGU.
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
An impairment
(d)
Interest
incomeloss on goodwill is recognised in profit or loss and is not reversed in
(d)
Interest
income
a
subsequent
period.
(d)
Interest income
Interest
income
from interest
finance method.
(b)
Property, income,
plant
and including
equipment
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
instruments,
Investments
in subsidiary companies, associated companies and joint venture
(e)
Dividend
income
(e)
Dividend
income
companies
(e)
Dividend income
Dividend
recognised investment
when the Group’s right
to receive
Property, income
plant andis
investments
in payment
subsidiaryis
established.
Dividend
income
is equipment,
recognised when the properties,
Group’s right
to receive
payment
is
established.
companies, associated companies and joint venture companies are tested for
established.
impairment whenever there is any objective evidence or indication that these
assets may be impaired.
If the recoverable amount of the asset (or CGU) is estimated to be less than its
carrying amount, the carrying amount of the asset (or CGU) is reduced to its
recoverable amount. The difference between the carrying amount and recoverable
amount is recognised as an impairment loss in profit or loss.
A previously recognised impairment loss for an asset other than goodwill is
reversed only if there has been a change in the estimates used to determine the
asset’s recoverable amount since the last impairment loss was recognised. If that
is the case, the carrying amount of the asset is increased to its recoverable
amount. That increase cannot exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognised
previously. Such reversal is recognised in profit or loss.
16
28
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.11
2.4
2.3
2.3
2.12
Loss inaccounting
recoverable amount of investment properties
Group
Revenue recognition
Revenue recognition
The lossBasis
in recoverable
amount
the amount which the carrying value of the
(a)
of consolidation
andrepresents
business combinations
Revenue
is recognised
to the extent
that
it is probable
that the
economic
benefits
will flow
to
investment
properties
exceed
their
recoverable
amounts.
The
recoverable
amounts
are
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable
that
the
economic
benefits
will flow
to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
determined
principally
using can
the
estimated
future
cashflows
expected
to bethe
generated
byis
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
be
measured,
regardless
of
when
payment
is
made.
Revenue isproperty
measured
at the fair to
value
consideration
receivedand
or receivable,
taking
each investment
by reference
the of
Corporation's
prevailing
estimated future
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
account
terms
oflower
payment
and
taxes
duty.in the ofopen
posted
rent
rates,
which defined
are
generally
than
the excluding
prevailing
rent or
rates
The contractually
consolidated
financial
statements
comprise
the financial
statements
the
into
account
contractually
defined
terms
of payment
and
excluding
taxes
or
duty.
market. Corporation and its subsidiary companies as at the end of the reporting period.
(a)
Rental income
The
financial
(a)
Rental
Financialconsolidated
instruments financial statements are prepared for the same reporting date as the
Corporation.
Consistent
accounting policies
are applied for
to on
likea transactions
and
Rentalthe
income
arising from
straight-line
over
lease
The operating
aggregateleases
costs isofaccounted
incentives provided
to lesseesbasis
are
(a)
Financial
assetsterms.
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
Classification
All
basis.
resulting
fromport
intra-group
(b)
Income
from
operations
The Group
its financial assets into the following categories: (a) financial
(b)
Income
fromclassifies
port operations
assets at fair value through profit or loss, (b) loans and receivables, (c) held-toSubsidiary
companies
arerendered
consolidated
from
the date of
being the
dateis
Revenue
from
services
operations
is acquisition,
recognised
maturity
financial
assets,
and in
(d)port
available-for-sale
financial when
assets.work
The
Revenue
from
services
rendered
port
operations
recognised
when
work
on
which the
Group
obtains
control,inand
continue
until the
dateis
completed.
classification
depends
on
the
purpose
for
which
the
assets
were
acquired.
completed.
that
such control
ceases. the classification of its financial assets at initial
Management
determines
(c)
Agency
fees
recognition.
The designation of financial assets at fair value through profit or loss is
(c)
Agency
fees
Losses
not revocable.
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
fees are
from
the provision of
consultancy
services are
recognised
when
the
rendered,
theother
percentage
of or
completion
method
based on
the
(i) services
Financial
assets atusing
fair value
through profit
loss
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actual service
provided asasa an
proportion
to beloses
performed. over a
control,
is
accounted
equity transaction.
If the assets
Group
This
categoryfor
has two sub-categories:
financial
held forcontrol
trading, and
(d)
Interest income
subsidiary
company,
it: designated at fair value through profit or loss at inception.
financial
assets
(d)
Interest income
Financial assets are classified as held for trading if they are acquired for
Interest
income,
including
from
finance
financial
the
purpose
sellingincome
or repurchasing
in and
thelease
near and
term.
Thissubsidiary
includes
- de-recognises
theof assets
(including
goodwill)
liabilities
of other
the
Interest
income,
including
income
from
finance
lease
and
other
financial
instruments,
is
recognised
using
the
effective
interest
method.
derivative
financial
instruments
entered
into
by
the
Group.
Derivatives,
instruments,
is
recognised
using
the
effective
interest
method.
including separated
embedded
are also classified
- de-recognises
the carrying
amount ofderivatives
any non-controlling
interest; as held for
(e)
Dividend
income
trading.
Financial
assets
designated
as
at
fair
value
through
or loss at
- de-recognises
the cumulative translation differences recorded inprofit
equity;
(e)
Dividend
income are
inception
those
that
are
managed
and
their
performances
are
on recognised
a fair value when
basis, the
in accordance
withtoa documented
Groupis
Dividendevaluated
income is
Group’s right
receive payment
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the
Group’s
to receive
payment
investment
strategy.
Assets
in this
category
areright
classified
as current
assetsis
established.
- recognises
any
surplus
or
deficit
in
profit
or
loss;
established.
if they are either held for trading or are expected to be realised within 12
- re-classifies
the Group’s
share
of components
months after
the end of
the reporting
period. previously recognised in other
(ii)
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. They are
presented as current assets, except for those maturing later than 12
months after the end of the reporting period which are presented as noncurrent assets. Loans and receivables are presented as trade and other
receivables, other non-current assets and cash and cash equivalents on
the statements of financial position.
17
29
16
16
77
78
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.12
2.3
2.3
2.3
Financial recognition
instruments (continued)
Revenue
Revenue recognition
Revenue recognition
(a)
Financial
assetsto(continued)
Revenue
is recognised
the extent that it is probable that the economic benefits will flow to
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be that
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Classification
(continued)
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account
definedinvestments
terms of payment and excluding taxes or duty.
(iii) contractually
Held-to-maturity
(a)
Rental income
(a)
Rental income
Held-to-maturity investments are non-derivative financial assets with fixed
(a)
Rental income
or
determinable
fixed
maturity that
Group hasbasis
the
Rental income
arising frompayments
operating and
leases
is accounted
for onthe
a straight-line
positive
intention
and
ability
to
hold
to
maturity.
If
the
Group
were
to
sell
Rental
income
arising
from
operating
leases
is
accounted
for
on
a
straight-line
basis
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
are
Rentalthe
income
on a investments,
straight-line
other
than
an The
insignificant
amount
of incentives
held-to-maturity
the
over
the
lease
terms.
aggregate
costs over
of
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
the
lease
term
on
straight-line
over
thewhole
lease
terms.
The
aggregate
costsand
of incentives
provided
toa lessees
are
category
would
be tainted
reclassified
as available-for-sale.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
They
are
presented
as
non-current
assets,
except
those
maturing
within
12
basis.
basis. months after the end of the reporting period which are presented as current
(b)
assets.
(b)
Income from
port operations
(b)
Revenue
from services rendered
(iv)
Available-for-sale
financial assets
Revenue
completed.
completed.
Available-for-sale financial assets are non-derivative financial assets that
completed.
(c)
Agency fees
are
(c)
Agency feeseither designated as available for sale or are not classified in any of the
other categories of financial assets. They are presented as non-current
(c)
Agency fees
Agency assets
fees from
the provision
of other
consultancy
services
areassets
recognised
unless
management
intends
to dispose
of the
withinwhen
12
Agency
fees are
from
the provision
of
other
consultancy
services
are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
months
after
the
end
of
the
reporting
period.
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
Initial recognition
and measurement
actual
service provided
as a proportion of the total services to be performed.
(d)
Interest income
(d)
Interest income
Financialincome
assets are recognised when, and only when, the Group becomes a party
(d)
Interest
Interest
income, provisions
including ofincome
from instrument.
finance lease
otherassets
financial
to the contractual
the financial
Whenand
financial
are
Interest
income,
including
income
from
finance
leasein the
andcase
other
financial
instruments,
is
recognised
using
the
effective
interest
method.
recognised
initially,
they
are
measured
at
fair
value,
plus,
of
financial
Interest
income,
including
income
from finance method.
instruments,
recognised
using
the effective
assets not atis
value through
or loss, interest
directly method.
attributable transaction costs.
instruments,
isfair
recognised
usingprofit
the effective
interest
(e)
Dividend
income
Transaction
costs for financial assets at fair value through profit or loss are
(e)
Dividend
income
recognised
immediately
in profit or loss.
(e)
Dividend income
Dividend
income
Subsequent
measurement
established.
established.
established.
(i)
Financial assets at fair value through profit or loss
Subsequent to initial recognition, financial assets at fair value through profit
or loss are measured at fair value. Any gains or losses arising from
changes in fair value of the financial assets are recognised in profit or loss.
Net gains or net losses on financial assets through profit or loss include
exchange differences, interest and dividend income.
(ii)
Loans and receivables
Subsequent to initial recognition, loans and receivables are measured at
amortised cost using the effective interest method, less impairment. Gains
and losses are recognised in profit or loss when the loans and receivables
are derecognised or impaired, and through the amortisation process.
30
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.12
2.4
2.3
2.3
Financial
Group
accounting
Revenue recognition
Revenue recognition
Financial
assets (continued)
(a)
Basis
of consolidation
Revenue
isand
recognised
to thecan
extent
that it is measured,
probable that
the economic
benefits
will flow to
the Group
revenue
be(continued)
regardless
of when
the payment
is
Subsequent
measurement
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
defined
terms
of payment
and excluding
taxes or
duty.
(iii) contractually
Held-to-maturity
investments
The
consolidated
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
(a)
Rental income
Subsequent
to ofinitial
recognition,
held-to-maturity
The
financial
statements
the subsidiary
companies
used in the investments
preparation of are
the
(a)
Rental
income
measured at amortised cost using the effective interest method, less
Rental income
arisingGains
from operating
leases
is accountedinfor
on aorstraight-line
impairment.
and losses
are recognised
profit
loss whenbasis
the
Corporation.
Consistent
accounting
policiesisare
applied for
to on
likea transactions
and
Rentalthe
income
operating
straight-line
basis
held-to-maturity
investments
are
derecognised
or provided
impaired,
through
over
lease arising
terms. from
The
aggregateleases
costs
ofaccounted
incentives
toand
lessees
are
events
inthe
similar
circumstances.
over
the
lease
The
aggregate
costs over
of incentives
are
amortisation
process.
recognised
as aterms.
reduction
of
rental income
the leaseprovided
term ontoa lessees
straight-line
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
All
balances, income
expenses and unrealised gains and losses
basis.
(v) intra-group
Available-for-sale
financialand
assets
resulting
fromport
intra-group
(b)
Income from
operations
(b)
Income from
After port
initialoperations
recognition, available-for-sale financial assets are subsequently
at fair
value.
Any
orthe
losses
changes in
fair value
ofis
Subsidiary
companies
arerendered
consolidated
from
datefrom
of
being
the
date
Revenuemeasured
from
services
in gains
port
operations
is acquisition,
recognised
when
work
Revenue
from
services
rendered
inand
portcontinue
operations
recognisedincome,
when
work
financial
assets
are
recognised
in othertocomprehensive
except
on
whichthe
the
Group
obtains
control,
beis consolidated
until the
dateis
completed.
completed.
impairment
that
suchthat
control
ceases. losses, foreign exchange gains and losses on monetary
instruments
and interest calculated using the effective interest method are
(c)
Agency fees
recognised
in profitcompany
or loss.are
The
cumulative
gain
or loss previously
(c)
Agency
fees
Losses within a subsidiary
attributed
to the
non-controlling
interest
recognised
in
other
comprehensive
income
is
reclassified
from equity
to
Agency
feesresults
from the
of other consultancy services are recognised
when
even
if that
in aprovision
deficit balance.
profit
or
loss
as
a
reclassification
adjustment
when
the
financial
asset
is
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
the services are rendered, using the percentage of completion method based on the
de-recognised.
the
services
rendered,
the percentage
ofservices
completion
method
based
on the
actual
service
provided
as ausing
proportion
total
to be
performed.
A
change
inare
the
ownership
interest
ofofathe
subsidiary
company,
without
a loss
of
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
control, is
accounted
for
as
an
equity
transaction.
If
the
Group
loses
control
over
Investments in equity instruments whose fair value cannot be reliablya
(d)
Interest income
subsidiary
company,
measured
areit:measured at cost less impairment loss.
(d)
Interest income
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Derecognition
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
- de-recognises
thederecognised
carrying amount
of any
interest;
Financial
assets are
when
thenon-controlling
contractual rights
to receive cash
(e)
Dividend
income
flows
from
the
financial
assets
have
expired
or
have
been
transferred
de-recognises
the
cumulative
translation
differences
recorded
in
equity;and the
(e)
Dividend income
Group
has transferred
substantially
all risks and
rewards of ownership. On
- recognises
the fair value
received;
Dividend
income
is recognised
when
the Group’s
right tobetween
receive payment
derecognition
ofthe
a financial
asset
in
its
entirety,
the
difference
carryingis
- recognises
value
of any
investment
retained;
Dividend
income
isfair
recognised
when
the Group’s
right to receive the
payment
is
established.
amount
and the any
sumsurplus
received
and any cumulative gain or loss
- recognises
or deficit in profit
or loss;
established.
that
been recognised
in other
is recognised
in profit
or
- had
re-classifies
the Group’s
sharecomprehensive
of componentsincome
previously
recognised
in other
loss.comprehensive income to profit or loss or retained earnings, as appropriate.
Regular way purchases and sales
All regular way purchases and sales of financial assets are recognised or
derecognised on the trade date i.e. the date that the Group commits to purchase or
sell the asset. Regular way purchases or sales are purchases or sales of financial
assets that require delivery of assets within the period generally established by
regulation or convention in the marketplace concerned.
31
17
16
16
79
80
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.12
2.3
2.3
2.3
Financial recognition
Revenue
Revenue recognition
Revenue recognition
(b)
Financial
liabilities
Revenue
is recognised
to the extent that it is probable that the economic benefits will flow to
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be that
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to and
thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Initial
recognition
measurement
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account
contractually
terms of payment
and only
excluding
or duty.becomes a
Financial
liabilitiesdefined
are recognised
when, and
when,taxes
the Group
into account
defined terms
of payment
and financial
excluding instrument.
taxes or duty.The Group
partycontractually
to
the contractual
provisions
of the
(a)
Rental
income
(a)
Rental
income
determines
the classification of its financial liabilities at initial recognition.
(a)
Rental income
Rental
income
arising
isofaccounted
for
on
a straight-line
basis
All financial
liabilities
are
recognised
initially
at
fair value
plus,
intothe
case
of
over
the
lease
terms. from
The operating
aggregateleases
costs
incentives
provided
lessees
are
Rental
income
arising
from
operating
leases
isofaccounted
for
ondirectly
a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
financial
liabilities
not
at
fair
value
through
profit
or
loss,
attributable
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the lease
The of
aggregate
costs over
of incentives
are
recognised
as aterms.
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
transaction
costs.
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
basis.
Subsequent
(b)
Income
from measurement
port operations
(b)
(b)
Income
from
port operations
(i)
Financial
liabilities
at fair value
through
profit orisloss
Revenue
from services
rendered
in port
operations
recognised when work is
Revenue
from
services rendered in port operations is recognised when work is
completed.
RevenueFinancial
from services
rendered
port through
operations
is recognised
whenfinancial
work is
completed.
liabilities
at fair in
value
profit
or loss include
completed.
liabilities held for trading. Financial liabilities are classified as held for
(c)
Agency fees
(c)
Agency fees
trading if they are acquired for the purpose of selling in the near term. This
(c)
Agency fees
derivative
instruments
into bywhen
the
Agency category
fees from includes
the provision
of otherfinancial
consultancy
services entered
are recognised
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
Group
that
are
not
designated
as
hedging
instruments
in
hedge
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees are
from
the Separated
provision
consultancy
services
are
recognised
when
the
services
are
rendered,
using
the
percentage
ofservices
completion
method
based
the
relationships.
embedded
derivatives
aretoalso
classified
ason
held
actual
service
provided
as
a
proportion
of
the
total
be
performed.
the
services
are
rendered,
the
percentage
completion
method
based on the
actual
service
provided
asthey
ausing
proportion
of the total
services
to be
performed.
for trading
unless
are
designated
asofeffective
hedging
instruments.
(d)
Interest income
(d)
Interest income
Subsequent to initial recognition, financial liabilities at fair value through
(d)
Interest income
or loss
are measured
Any gains
losses
arising
from
Interest profit
income,
including
incomeat fair
fromvalue.
finance
lease orand
other
financial
Interest
income,
including
income
from
finance
lease
and
other
financial
changes
in
fair
value
of
the
financial
liabilities
are
recognised
in
profit
or
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
interest
method.
loss.
(e)
Dividend income
(e)
Dividend
income
(ii)
Other
financial liabilities
(e)
Dividend income
DividendAfter
income
recognisedfinancial
when the
Group’s
to carried
receive atpayment
initialisrecognition,
liabilities
that right
are not
fair valueis
established.
Dividendthrough
incomeprofit
is recognised
the Group’s
right attoamortised
receive payment
established.
or loss are when
subsequently
measured
cost usingis
established.
the effective interest method. Gains and losses are recognised in profit or
loss when the liabilities are derecognised, and through the amortisation
process.
Derecognition
A financial liability is de-recognised when the obligation under the liability is
discharged or cancelled or expires. When an existing financial liability is replaced
by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is
treated as a de-recognition of the original liability and the recognition of a new
liability, and the difference in the respective carrying amounts is recognised in profit
or loss.
32
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.13
2.4
2.3
2.3
Impairment
of financial assets
Group
accounting
Revenue recognition
Revenue recognition
The Group
assesses
at the end
each reporting
period whether there is any objective
(a)
Basis
of consolidation
andof
business
combinations
Revenue
recognised
the extent
that itof
is financial
probableassets
that the
benefits
will flowanto
evidence is
that
a financialtoasset
or a group
is economic
impaired and
recognises
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
allowance
for
impairment
when
such
evidence
exists.
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
contractually
defined
of payment
and excluding
taxes or
duty.
(a) account
Financial
assets carried
atterms
amortised
costcomprise
The
consolidated
financial
statements
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
(a)
Rental
incomeassets carried at amortised cost, the Group first assesses whether
For financial
The
financial
(a)
Rental
objective evidence
of statements
impairment are
exists
individually
financial
assets
that
consolidated
financial
prepared
for thefor
same
reporting
date
as are
the
Rental
income
arising from
operating leases
is accounted
for
onare
a straight-line
basis
individually
significant,
or
collectively
for
financial
assets
that
not
individually
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over
the lease
aggregate
of incentives
provided
to lessees
are
significant.
If theterms.
GroupThe
determines
thatcosts
no objective
evidence
of impairment
exists
events
in lease
similar
circumstances.
over
the
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
for an individually assessed financial asset, whether significant or not, it includes
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
the asset in a group of financial assets with similar credit risk characteristics and
All
basis.
collectively assesses them for impairment. Assets that are individually assessed for
resulting
fromport
intra-group
(b)
Income
from
operations
impairment
and for
which an impairment loss is, or continues to be recognised are
(b)
not included in a collective assessment of impairment.
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
inand
portcontinue
operations
is consolidated
recognised when
work
is
on
which
the
obtains
control,
to
be
until
the
date
completed.
If there is objective evidence that an impairment loss on financial assets carried
at
completed.
that
such control
ceases.
amortised
cost has
been incurred, the amount of the loss is measured as the
(c)
Agency
fees
difference between the asset’s carrying amount and the present value of estimated
(c)
Agency fees
Losses
within
a subsidiary
are attributed
the non-controlling
interest
future cash
flows
discountedcompany
at the financial
asset’s to
original
effective interest
rate.
Agency
fees
from
of other
services
even
that
results
in
aprovision
deficitinterest
balance.
If a ifloan
has
a the
variable
rate,consultancy
the discount
rate are
for recognised
measuring when
any
Agency
fees are
from the provision
of
consultancy
services are
recognised
when
the
services
usingeffective
theother
percentage
completion
method
based of
on
the
impairment
loss rendered,
is the current
interest ofrate.
The carrying
amount
the
the
services
rendered,
the percentage
ofservices
completion
method
based
on the
actual
service
provided
as ausing
proportion
the
total
to be
performed.
A
change
inare
the
ownership
interest
subsidiary
company,
without
a loss
of
asset
is reduced
through
the
use ofofaan
impairment
allowance
account.
The
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
If the Group
control over a
impairment
loss is recognised
inequity
profit transaction.
or loss.
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
When the asset becomes uncollectible, the carrying amount of impaired financial
Interest
income,directly
including
income
finance
andof other
financial
asset
is reduced
or if an
amountfrom
was
charged
tolease
the
allowance
account,
the
- de-recognises
the assets
(including
goodwill)
and
liabilities
the
subsidiary
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
amounts
charged
to
the
allowance
account
are
written
off
against
the
carrying
value
of the financial
asset.
- de-recognises
the
carrying amount of any non-controlling interest;
(e)
Dividend
income
de-recognises
the
cumulative
translation differences recorded in equity;
(e)
Dividend income
To
thereofisthe
objective
evidence
that an impairment loss on
- determine
recogniseswhether
the fair value
consideration
received;
Dividend
income has
is recognised
whenthe
theGroup
Group’s
right tofactors
receivesuch
payment
financial
assets
been
incurred,
considers
as theis
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
probability
of insolvency
or significant
of the debtor and default
- recognises
any surplus
or deficit infinancial
profit or difficulties
loss;
established.
or- significant
delay
in
payments.
re-classifies the Group’s share of components previously recognised in other
If in a subsequent period, the amount of impairment loss decreases and the
decrease can be related objectively to an event occurring after the impairment was
recognised, the previously recognised impairment loss is reversed to the extent
that the carrying amount of the asset does not exceed its amortised cost at the
reversal date. The amount of reversal is recognised in profit or loss.
33
17
16
16
81
82
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.13
2.3
2.3
2.3
Impairment
of financial assets (continued)
Revenue
recognition
Revenue recognition
Revenue recognition
(b)
Financial
assetstocarried
at cost
Revenue
is recognised
the extent
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
If there isis objective
evidence
(such
asofsignificant
adverse
changes
in the business
made.
Revenue
measured
at
the
fair
value
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
environment
where
the
issuer
operates,
probability
of
insolvency
or
significant
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account
contractually
terms ofthat
payment
and excluding
or duty.
financial
difficultiesdefined
of the issuer)
an impairment
loss ontaxes
financial
assets carried
at cost income
had been incurred, the amount of the loss is measured as the difference
(a)
Rental
(a)
Rental
income
between
the asset’s carrying amount and the present value of estimated future
(a)
Rental income
cash flows
discounted
at the
currentleases
market
of return
for aastraight-line
similar financial
Rental
income
arising from
operating
is rate
accounted
for on
basis
Rental
income
arising
from
operating
isofaccounted
for
onperiods.
a straight-line
basis
asset.the
Such
impairment
losses
are notleases
reversed
in
subsequent
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
(c)
Available-for-sale financial assets
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
basis.
In the from
caseport
of operations
equity investments classified as available-for-sale, objective
(b)
Income
(b)
Income
operations
evidencefrom
of port
impairment
include (i) significant financial difficulty of the issuer or
(b)
obligor, (ii)from
information
significant
changes
with is
an recognised
adverse effect
thatwork
haveis
Revenue
servicesabout
rendered
in port
operations
when
Revenue
from
services
renderedmarket,
in port economic
operationsorislegal
recognised
wheninwork
taken place
in the
technological,
environment
whichis
completed.
completed.
the issuer operates, and indicates that the cost of the investment in equity
completed.
instrument
(c)
Agency
feesmay not be recovered; and (iii) a significant or prolonged decline in the
(c)
Agency
fair valuefees
of the investment below its costs.
(c)
Agency fees
Agency
fees are
from
the provision
other
consultancy
services
are
recognised
when
If an
available-for-sale
financial
asset
is impaired,
an amount
comprising
the
the
services
rendered,
usingof
the
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
of
completion
method
based on
the
difference
between
itsasacquisition
cost
(net
ofservices
any principal
repayment
and
actual
service
provided
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of theless
total
to be
performed.
amortisation)
and its current
fair value,
any impairment
loss previously
recognised
in profit or loss, is transferred from other comprehensive income and
(d)
Interest
income
(d)
Interest
income
recognised
in profit or loss. Reversals of impairment losses in respect of equity
(d)
Interest income
instruments
are notincluding
recognised
in profit
or loss;
increase
value
after
Interest
income,
income
from
finance
leasein their
and fair
other
financial
Interest
income,
including
income
fromcomprehensive
finance method.
lease
and other financial
impairment
are
recognised
directly
ineffective
other
income.
instruments,
is
recognised
using
the
interest
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
In the case
of debt instruments classified as available-for-sale, impairment is
(e)
Dividend
income
(e)
Dividend
assessedincome
based on the same criteria as financial assets carried at amortised cost.
(e)
Dividend income
However, income
the amount
recorded forwhen
impairment
is the cumulative
loss measured
Dividend
is recognised
the Group’s
right to receive
paymentasis
Dividend
income
is recognised
when cost
the Group’s
to fair
receive
the difference
between
the amortised
and the right
current
value,payment
less anyis
established.
established.
impairment loss on that investment previously recognised in profit or loss. Future
established.
interest income continues to be accrued based on the reduced carrying amount of
the asset, using the rate of interest used to discount the future cash flows for the
purpose of measuring the impairment loss. The interest income is recorded as part
of finance income. If, in a subsequent year, the fair value of a debt instrument
increases and the increases can be objectively related to an event occurring after
the impairment loss was recognised in profit or loss, the impairment loss is
reversed in profit or loss.
34
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.14
2.4
2.3
2.3
2.15
2.16
Cash and
cash equivalents
Group
accounting
Revenue recognition
Revenue recognition
Cash and
cashofequivalents
include
cash at bank
and on hand, fixed deposits with financial
(a)
Basis
consolidation
and business
combinations
Revenue
is recognised
to thehighly
extentliquid
that itinvestments
is probable that
that are
the economic
benefits will
flow to
institutions,
and short-term,
readily convertible
to known
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
amount Basis
of cash
and which arefrom
subject
to 2010
an insignificant risk of changes of value. Theseis
consolidation
April
the
Group
andofthe
revenue can
be1fair
reliably
measured,
regardless of when
the payment
is
made.
Revenue
is
measured
at
the
value
of consideration
receivable,
taking
also include bank overdrafts that form an integral
part of the received
Group’s or
cash
management.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
defined
terms
of payment
and excluding
taxes
or
duty.of financial
Bankaccount
overdrafts
are presented
as statements
current
borrowings
on
statements
The contractually
consolidated
financial
comprise
the the
financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
position.Corporation and its subsidiary companies as at the end of the reporting period.
(a)
Rental income
The
financial
(a)
Rental
For the purpose
of presentation
in the consolidated
statement
cashreporting
flow, cash
andascash
consolidated
financial statements
are prepared
for theofsame
date
the
Rental
income
arising
from operating
leases
is accounted
for on a straight-line
basis
equivalents
include
cash
on
hand,
fixed
deposits
with
financial
institutions,
cash
balances
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
the lease terms. Department
The aggregate
costs
incentives
to lessees
with theover
Accountant-General
which
areof subject
to provided
an insignificant
risk are
of
events
in lease
similar
circumstances.
over
the
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
change in value, and bank overdrafts.
recognised
basis.
All
basis.
Properties held for sale
resulting
fromport
intra-group
(b)
Income from
operations
(b)
Completed properties held for sale are carried at lower of cost and net realisable value.
Subsidiary
companies
arerendered
consolidated
from
the date of
acquisition,
being
the
dateis
Revenue
services
in
port
operations
recognised
when
work
Cost includes
costfrom
of land
and construction
and
borrowing
costsis incurred
during
the period
Revenue
fromGroup
services
rendered
inand
portcontinue
operations
is consolidated
recognised when
work
on
which
the
obtains
control,
to
be
until
the
dateis
completed.
of the construction. Net realisable value is the estimated selling price in the ordinary
completed.
that
such control
ceases. variable selling expenses.
course of
business,
less applicable
(c)
Agency fees
(c)
Agency fees
Losses
Development
properties
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
fees are
from
the provision
other
consultancy
services are
recognised
when
the services
rendered,
usingof
the
percentage
of completion
method
the
Development
properties
are properties
acquired
or being
constructed
for based
sale inonthe
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
changeof inbusiness,
the ownership
interest
of aheld
subsidiary
company,own
without
loss the
of
ordinaryAcourse
rather than
to be
for the Group’s
use, arental
or
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
capital appreciation.
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
Unsold development properties
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
Developmentcompany
properties
that are
unsold
are carried
the when
lower control
of cost isand
net realisable
at their
carrying
amounts
at theatdate
lost;
value. Net- realisable
value the
of development
properties
is the estimated
selling price in the
de-recognises
carrying amount
of any non-controlling
interest;
(e)
ordinaryDividend
course
ofincome
business, based on market prices at the reporting date and discounted
- de-recognises
(e)
Dividend
for the time
value
of money
material,
the estimated
costs of completion and the
- recognises
the fairif value
of theless
consideration
received;
Dividend
income is
recognised
when the Group’s right to receive payment is
estimated
costs
necessary
to
make
the
sale.
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
established.
Sold development
properties
- re-classifies
the Group’s share of components previously recognised in other
Revenue and cost of properties under development that have been sold are recognised
using the percentage of completion method. The stage of completion is measured by
reference to the physical surveys of construction work completed. When it is probable that
the total development costs will exceed the total revenue, the expected loss is recognised
as an expense immediately.
The aggregated costs incurred and the profit/loss recognised in each development
property that has been sold are compared against progress billings up to the financial yearend. Where costs incurred and recognised profits (less recognised losses) exceed
progress billings, the balance is shown as due from customers on development properties.
Where progress billings exceed costs incurred plus recognised profits (less recognised
losses), the balance is shown as due to customers on development properties.
35
17
16
16
83
84
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.3
2.17
2.3
2.3
2.18
2.19
Revenue
recognition
Contract work-in-progress
Revenue recognition
Revenue recognition
Revenue
recognised
the extent that
it is probable
the economic
flow to
When theisoutcome
of atoconstruction
contract
can be that
estimated
reliably,benefits
contractwill
revenue
Revenue
isand
recognised
to
thecan
extent
that
it is measured,
probable
that
the economic
benefits
will flowtoto
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
and
contract
costs
are
recognised
as
revenue
and
expenses
respectively
by
reference
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
becontract
reliably
regardless
of the
when
the payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
stage
of
completion
of
the
activity
at
the
end
of
reporting
period
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
(“percentage-of-completion
method”).
When
the
outcome
of a received
construction
contract cannot
made.
Revenue
is
measured
at
the
fair
value
of
consideration
taking
into
account contractually
definedrevenue
terms of payment
and excluding
taxes or
be estimated
reliably, contract
is recognised
to the extent
ofduty.
contract costs
into
defined terms of payment
and excluding
taxes or
duty.
(a)
Rental
income
incurred that are likely to be recoverable. When it is probable that total contract costs will
(a)
Rental income
exceed total
contract
(a)
Rental
incomerevenue, the expected loss is recognised as an expense immediately.
Rental
income
arising
from
leases
for
on arecognised
straight-line
basis
over
lease
terms.
The operating
aggregate
costs is
ofaccounted
incentives
provided
to lessees
are
At the end
ofthe
the
reporting
period,
the aggregated
costs
incurred
plus
profit
Rental
income
arising
from
operating
leases
is
accounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
(less recognised
loss)
on
each
contract
is
compared
against
the
progress
billings.
Where
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis. plusasthe
costs incurred
recognised
profits
(less recognised
losses)
exceed
progress
recognised
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
billings, basis.
the balance is presented within “Contracts work-in-progress”. Where progress
basis.
(b)
Incomecosts
from port
operations
billings exceed
incurred
plus recognised profits (less recognised losses), the balance
(b)
Income
from port
operations
is
presented
as
within
“trade
and
other payables”.
(b)
completed.
Provisions
completed.
completed.
(c)
Agency
fees
Provisions
are recognised
when the Group has a present obligation (legal or constructive)
(c)
Agency
fees event, it is probable that an outflow of resources embodying economic
as
a
result
of
a
past
(c)
Agency fees
fromtothe
provision
services
areobligation
recognised
when
benefits Agency
will be fees
required
settle
the obligation
and the amount
of the
can
be
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
estimated
reliably.
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
are
rendered,
using
the percentage
ofservices
completion
method
based on the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
Provisions
areservice
reviewed
at theas
end
of each reporting
period
and toadjusted
to reflect the
actual
provided
a proportion
of the total
services
be performed.
(d)
Interest
incomeIf it is no longer probable that an outflow of economic resources will
current best
estimate.
(d)
Interest
income
be required
to settle
the acquisition, the provision is reversed. If the effect of the time value
(d)
Interest
income
Interest
income,
including
income from
lease
andrate
other
financial
of money
is material,
provisions
are discounted
usingfinance
a current
pre-tax
that reflects,
Interest
income,
including
income
fromWhen
finance
lease isand
other
financial
instruments,
is
recognised
using
the
effective
interest
method.
where appropriate,
the
risks
specific
to
the
liability.
discounting
used,
the
increase
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
in the provision
due tois the
passageusing
of time
recognised
as a method.
finance cost.
instruments,
recognised
theiseffective
interest
(e)
Dividend income
(e)
Dividend
income
Government
grants
(e)
Dividend
income
Dividend
income
is recognised
Group’s assurance
right to receive
established.
Government
grants
are recognised
when when
there isthe
reasonable
that thepayment
grant willis
Dividend
income
is recognised
when
the
Group’s right to receive
payment
is
established.
be received
and all attaching conditions will be complied with.
established.
Government grants received for the purchase or the construction of depreciable assets are
accounted for as deferred capital grants. The deferred capital grants are amortised and
credited to profit or loss over the respective useful lives of the assets to match the annual
depreciation charge of these assets. When an asset is disposed of or written off, the whole
of the remaining balance of the deferred grant not yet amortised is credited to profit or loss
2.20
Trade and other payables are initially measured at fair value, and subsequently measured
at amortised cost, using effective interest method.
16
36
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.21
2.4
2.3
2.3
2.22
2.23
Borrowings
Group
accounting
Revenue recognition
Revenue recognition
Borrowings
areofpresented
as current
liabilities
unless the Group has an unconditional right
(a)
Basis
consolidation
and business
combinations
Revenue
is recognised
the extent
that itafter
is probable
thereporting
economic
to defer settlement
for attoleast
12 months
the end that
of the
period.
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
the payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is measured
at the at
fairfair
value
of consideration
received
or receivable,
Borrowings
are initially
recognised
value
(net of transaction
costs).
Borrowingstaking
are
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
account
defined
terms
payment
and excluding
taxes
duty.
subsequently
stated at amortised
cost.of Any
difference
between
the or
proceeds
(net
of
The contractually
consolidated
financial
statements
comprise
the
financial
statements
of the
into
account
contractually
defined
terms
ofvalue
payment
and excluding
taxes or
duty.
transaction
costs)
and
the
redemption
is
recognised
in
profit
or
loss
using
the
(a)
Rental
income
effectiveThe
interest
method.
financial
(a)
Rental
Rental
Borrowing
costsincomeConsistent
Corporation.
accounting policies
are applied for
to on
likea transactions
and
Rentalthe
income
straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentives provided
to lesseesbasis
are
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
a reduction
of rental
the lease
termif on
a are
straight-line
Borrowing
costs areas
capitalised
as part
of theincome
cost ofover
a qualifying
asset
they
directly
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
attributable
to the acquisition, construction or production of that asset. Capitalisation of
All
basis.
borrowing
costs commences when the activities to prepare the asset for its intended use or
fromport
intra-group
transactionsand
andborrowing
dividends costs
are eliminated
in full.Borrowing
(b)
Income
from
operations
sale areresulting
in progress
and
the expenditures
are incurred.
(b)
Income
from
port
operations
costs are capitalised until the assets are substantially completed for their intended use or
companies
consolidated
from
the
date they
of
being
dateis
Revenue
from
services
rendered
in port
operations
is acquisition,
recognised
whenthe
work
sale. AllSubsidiary
other borrowing
costsare
are
expensed
in
the
period
occur. Borrowing
costs
Revenue
from
services
inand
port
operations
recognised
work
on
which the
obtains
control,
continue
until
the
date
completed.
consist of
interest
andGroup
other
costsrendered
that
an entity
incurs
in connection
with the when
borrowing
ofis
completed.
funds that such control ceases.
(c)
Agency fees
(c)
Agency
fees
Losses
within
a subsidiary
companyactivities
are attributed to the non-controlling interest
Derivative
financial
instruments
and hedging
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
fees are
from
the provision
consultancy
servicesderivative,
are
recognised
when
the services
rendered,
usingof
theother
percentage
ofembedded
completion
method
based
on
the
A derivative
financial
instrument,
including
a separated
is initially
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change
in the
ownership
interest
of a subsidiary
company,
a loss the
of
recognised
at its fair
value
on the date
the contract
is entered
into andwithout
is subsequently
actual
service
provided
proportion
of thethe
totalresulting
services
to be
performed.
control,
isvalue.
accounted
forasasa an
transaction.
If the Group
loses
overona
carried at
its fair
The method
ofequity
recognising
gain
or
losscontrol
depends
(d)
Interest
income
whether subsidiary
the derivative
is designated
as a hedging instrument, and if so, the nature of the
company,
it:
(d)
Interest
income
item being
hedged.
The Group designates each hedge as a cash flow hedge or a fair value
income, including
from
finance
andof other
financial
hedge. Interest
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
instruments,
is
using
the
interest method.
Fair value
onrecognised
derivatives
thatamount
areeffective
not
or do not
qualify for hedge
- changes
de-recognises
the carrying
of designated
any non-controlling
interest;
(e)
Dividend
income
accounting
are
recognised
in
profit
or
loss
when
the
changes
arise.
- de-recognises
(e)
Dividend
Dividend
incomeat istherecognised
when
Group’s the
right
to receivebetween
paymenttheis
The Group
inception
of
the the
transaction
relationship
- documents
recognises
theisfair
value
of any
investment
retained;
Dividend
income
recognised
when
theasGroup’s
right
to receive
payment
hedgingestablished.
instruments
and
hedged
items,
as
well
its
risk
management
objective
andis
established.
strategies for undertaking various hedge transactions. The Group also documents its
assessment, both at hedge inception and on an ongoing basis, on whether the derivatives
designated as hedging instruments are highly effective in offsetting changes in fair value or
cash flow of the hedged items.
The carrying amount of a derivative designated as a hedge is presented as a non-current
asset or liability if the remaining expected life of the hedged item is more than 12 months
and as a current asset or liability if the remaining expected life of the hedged item is less
than 12 months. The fair value of a trading derivative is presented as a current asset or
liability.
37
17
16
16
85
86
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.23
2.3
2.3
2.3
Derivativerecognition
financial instruments and hedging activities (continued)
Revenue
Revenue recognition
Revenue recognition
(a)
Cash
flow hedge
Revenue
is recognised
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be that
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
(i)
Interest
rate
swaps
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account contractually
defined
terms of
payment
taxes
duty.flow hedges
The Group
has entered
into
interestand
rateexcluding
swaps that
areor
defined
terms of
payment
and
excluding
taxes
orcash
duty.
for the Group’s exposure to interest rate risk on its borrowings. These
(a)
Rental income
(a)
Rental income
contracts entitle the Group to receive interest at floating rates on notional
(a)
Rental income
principal
amounts
oblige leases
the Group
to pay interest
rates onbasis
the
Rental income
arising
fromand
operating
is accounted
for onatafixed
straight-line
Rentalthe
income
arising
from
operating
leases
isof
accounted
for
on
a straight-line
basis
same
notional
principal
amounts,
thus
allowing
the
Group
to
raise
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Rentalthe
income
arising
from
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The operating
aggregate
costs
incentives
provided
toa lessees
are
borrowings
at
floating
rates
and
swap
them
into
fixed
rates.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis. The fair value changes on the effective portion of interest rate swaps
basis.
designated
as cash flow hedges are recognised in the hedging reserve
(b)
Income from
port operations
(b)
Income from
port
operations
and
transferred
to profit or loss when the interest expense on the
(b)
is recognised
or loss. Theis fair
value changes
theis
Revenueborrowings
from services
rendered in
in profit
port operations
recognised
when on
work
Revenueineffective
from services
rendered
inrate
port
operations
is recognised
when inwork
is
portion
of
interest
swaps
are
recognised
immediately
profit
completed.
completed.
or loss.
completed.
(c)
Agency fees
(c)
Agency
fees
(ii)
Currency forwards
(c)
Agency
fees
Agency
fees are
from
the
provision
other
consultancy
services
are
recognised
when
The
Group
has
entered
into
currency
forwards
that qualify
as
cashon
flow
the
services
rendered,
usingof
the
percentage
of completion
method
based
the
Agency
fees are
from
the
provision
of
other
consultancy
services
are
recognised
when
the
services
rendered,
using
the
percentage
ofservices
completion
method
based
on
the
hedges
against
highly
probable
forecasted
transactions
in
foreign
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
are
rendered,
the percentage
ofservices
completion
method
based on the
actual
service
provided
as
ausing
proportion
of theontotal
toportion
be
performed.
currencies.
The
fair
value
changes
the
effective
of
the
currency
forwards designated as cash flow hedges are recognised in the hedging
(d)
Interest income
(d)
Interest income
reserve and transferred to either the cost of a hedged non-monetary asset
(d)
Interest income
acquisition
or profit
or loss
when
the hedged
transactions
Interest upon
income,
including
income
from
finance
lease forecast
and other
financial
Interest
income,
including
income
from interest
finance method.
are
recognised.
instruments,
is
recognised
using
the
effective
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
fair value changes on the ineffective portion of currency forwards are
(e)
DividendThe
income
(e)
Dividendrecognised
income
immediately in profit or loss. When a forecasted transaction is
(e)
Dividend income
longer is
expected
to occur,
and right
lossestothat
were payment
previouslyis
Dividendnoincome
recognised
whenthe
thegains
Group’s
receive
Dividendrecognised
income isin recognised
when the income
Group’s
to receive
payment
other comprehensive
areright
reclassified
to profit
or lossis
established.
Dividendimmediately.
established.
established.
(b)
Fair value hedge
The Group has entered into currency forwards that are fair value hedges for
currency risk arising from its firm commitments for purchases and sales
denominated in foreign currencies (“hedged item”). The fair value changes on the
hedged item resulting from currency risk are recognised in profit or loss. The fair
value changes on the effective portion of currency forwards designated as fair
value hedges are recognised in profit or loss within the same line item as the fair
value changes from the hedged item. The fair value changes on the ineffective
portion of currency forwards are recognised separately in profit or loss.
38
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.24
2.4
2.3
2.3
2.25
Employee
compensation
Group
accounting
Revenue recognition
Revenue recognition
Employee
benefits
are recognised
as ancombinations
expense, unless the cost qualifies to be
(a)
Basis
of consolidation
and business
Revenue
recognised
capitalisedisas
an asset. to the extent that it is probable that the economic benefits will flow to
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the Group
revenue
be1that
reliably
regardless
of when
the payment
is
Basis
ofthe
consolidation
from
April 2010
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is measuredplans
at the fair value of consideration received or receivable, taking
(a)
Defined contribution
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of
payment
and excluding
taxes
or
duty. which
Defined
contribution
plans
are
post-employment
benefit
plans
under
the
period.
(a)
Rental income
Group
pays
fixed
contributions
into
separate
entities
such
as
Central
Provident
The
financial
statements of the subsidiary companies used in the preparation of the
(a)
Rental
income
Fund
on
a mandatory
or contractual
The for
Group
participates
in the
national
consolidated
arebasis.
prepared
the same
reporting
date
as the
Rental income
arising
operating
leases
for on a in
straight-line
pension
schemes
as from
defined
by the
lawsis accounted
of the countries
which it basis
has
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over the lease
The aggregate
costs ofcompanies
incentives provided
to lessees
are
operations.
In terms.
particular,
the Singapore
in the Group
make
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised astoa the
reduction
of Provident
rental income
over
the lease
term on a straight-line
contributions
Central
Fund
scheme
in Singapore,
a defined
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
contribution
pension scheme. The Group has no further payment obligations once
All
intra-group
balances,
income
unrealisedaregains
and losses
basis.
the
contributions
have been
paid.and
Theexpenses
Group’s and
contributions
recognised
as
resulting
from
intra-group
transactions
dividends
employee
compensation
expense
whenand
they
are due.are eliminated in full.
(b)
Income from
port
operations
(b)
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
(b)
Employment
leave
entitlement
Revenue
from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
completed.
Employee
entitlements
to annual leave are recognised as a liability when they are
that
such control
ceases.
accruedfees
to the employees. A provision is made for the estimated liability for leave
(c)
Agency
(c)
Agency
fees
as a result
of services
rendered
by employees
up to the
of the reporting interest
period.
Losses
within
a subsidiary
company
are attributed
to end
the non-controlling
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
feesbenefits
from
the provision
consultancy
services are
recognised
when
(c)
Termination
the
services
are
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actual
service
provided
asasapayable
proportion
of the
total services
beloses
performed.
Termination
benefits
are
employment
is toterminated
before
thea
control,
is accounted
for
an
equitywhen
transaction.
If the Group
control
over
normal retirement
date,
(d)
Interest
income
subsidiary
company,
it: or whenever an employee accepts voluntary redundancy in
(d)
Interest
income
exchange
for these benefits. The Group recognises termination benefits when it is
demonstrably
committed
to either: from
terminating
the employment
of financial
current
Interest
income,
including
finance
andof other
- de-recognises
the assetsincome
(including goodwill)
andlease
liabilities
the subsidiary
employees
according
to
a
detailed
formal
plan
without
possibility
of
withdrawal;
or
Interest
income,
including
income
from
finance
lease
and
other
financial
instruments,
isatrecognised
using
the effective
interest
method.
company
their carrying
amounts
at of
thean
date
when
control
is lost; voluntary
providing
termination
benefits
asthe
a result
offer
made
to encourage
instruments,
is recognised
using
effective
interest
method.
- de-recognises
thefalling
carrying
of any
redundancy.
Benefits
dueamount
more than
12 non-controlling
months after theinterest;
end of the reporting
(e)
Dividend
income
de-recognises
the
cumulative
translation
differences
recorded in equity;
period
are
discounted
to
present
value.
(e)
Dividend income
- recognises
theisfair
value of any
investment
retained;
Leases established.
Dividend
income
recognised
when
the Group’s
established.
- re-classifies
thethe
Group’s
(a)
When
the Group is
lessee:share of components previously recognised in other
(i)
Lessee - Finance leases
Finance leases which transfer to the Group substantially all the risks and
rewards incidental to ownership of the leased item, are capitalised at the
inception of the lease at the fair value of the leased asset or, if lower, at the
present value of the minimum lease payments. Any initial direct costs are
also added to the amount capitalised.
Lease payments are apportioned between the finance charges and
reduction of the lease liability so as to achieve a constant rate of interest on
the remaining balance of the liability. Finance charges are charged to profit
or loss.
17
39
16
16
87
88
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.25
2.3
2.3
2.3
Leases (continued)
Revenue
recognition
Revenue recognition
Revenue recognition
(a)
When
the Grouptoisthe
theextent
lesseethat
(continued):
Revenue
is recognised
it is probable that the economic benefits will flow to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to
thecan
extent
that
it(continued)
is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
(i)
Lessee
Finance
leases
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
defined
of are
payment
and excluding
or duty.
Capitalised
leasedterms
assets
depreciated
over thetaxes
shorter
of the estimated
payment
and excluding
useful lifedefined
of theterms
assetofand
the lease
term, if taxes
there orisduty.
no reasonable
(a)
Rental income
(a)
Rental income
certainty that the Group will obtain ownership by the end of the lease term.
(a)
Rental income
(ii)
Lessee
- Operating
leases
Rental
income
from
accounted
on a straight-line
over
lease arising
terms.
The operating
aggregateleases
costs is
incentivesfor
provided
to lesseesbasis
are
Rentalthe
income
arising
from
operating
leases
isof
accounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
over
theLeases
lease
terms.
Theequipment
aggregate
costs over
ofsubstantially
incentives
provided
toaand
lessees
are
of
office
where
all
risks
rewards
recognised
as
a
reduction
of
rental
income
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis. incidental to ownership are retained by the lessors are classified as
basis. operating leases. Operating lease payments made under operating leases
(b)
(net port
of any
incentives received from the lessors) are recognised as an
(b)
Income from
operations
(b)
Income from
port in
operations
expense
profit
or loss onin aport
straight-line
basis
over the lease
term.
The
Revenue from services rendered
operations
is recognised
when
work
is
aggregate
benefit
of
incentives
provided
by
the
lessor
is
recognised
as
ais
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
completed.
Revenuereduction
from services
port
when
work is
of rentalrendered
expenseinover
theoperations
lease termisonrecognised
a straight-line
basis.
completed.
completed.
(c)
Agency fees
Contingent
(c)
Agency feesrents, if any, are charged as expenses in the periods in which they are
(c)
Agency fees
incurred.
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees
from
of
consultancy
services are
recognised
when
(b)
When
the
Group
isthe
theprovision
lessor:
the
services
are
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
actual
serviceleases
provided
as afactories
proportionand
of the
total services
to be
performed.
The Group
land,
workshops
under
finance
leases and
(d)
Interest
income
investment
properties and buildings under operating leases to non-related parties.
(d)
Interest
income
(d)
Interest income
(i)
Lessor
- Finance
leases
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
instruments,
is recognised
using
the effective
interest
method. all risks and rewards
Leases
of
investment
properties
where
substantially
(e)
Dividend income
(e)
Dividendincidental
income to ownership of the leased assets are transferred by the Group
(e)
Dividendtoincome
the lessees,
are classified
as finance
leases.right to receive payment is
Dividend income
is recognised
when
the Group’s
Dividend
income
is
recognised
when
the
Group’s
established.
DividendThe
income
is asset
recognised
when the Group’s
to value
receiveof payment
leased
is derecognised
and the right
present
the leaseis
established.
established.
receivable (net of initial direct costs for negotiating and arranging the
lease) is recognised on the statements of financial position and included in
“trade and other receivables”.
The difference between the gross
receivable and the present value of the lease receivable is recognised as
unearned finance income.
Each lease payment received is applied against the gross investment in
the finance lease receivable to reduce both the principal and the unearned
finance income. The finance income is recognised in profit or loss on a
basis that reflects a constant periodic rate of return on the net investment
in the finance lease receivable.
Initial direct costs incurred by the Group in negotiating and arranging
finance leases are added to finance lease receivables and recognised as
an expense over the lease term on the same basis as the lease income.
40
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.25
2.4
2.3
2.3
2.26
Leasesaccounting
(continued)
Group
Revenue recognition
Revenue recognition
(b)
When of
theconsolidation
Group is theand
lessor
(continued):
(a)
Basis
business
combinations
Revenue
is recognised
to thecan
extent
probable that
the economic
benefits
will flow to
the Group
revenue
beleases
regardless
of when
the payment
is
(ii) andofthe
Lessor
- Operating
Basis
consolidation
from
1reliably
April 2010
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
defined
of retains
payment
and excluding
taxes
or
duty.
Leases where
theterms
Group
substantially
the
risks
and rewards
of
The contractually
consolidated
financial
statements
comprise
the all
financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
ownership
of
the
asset
are
classified
as
operating
leases.
Rental
income
(a)
Rental income
arising from operating leases (net of any incentives given to the lessees)on
The
financial
(a)
Rental
investment
properties
is accounted
for for
onthe
a straight-line
basis
over
consolidated financial
statements
are prepared
same reporting
date
as the
the
Rental income
arisingThe
fromaggregate
operating costs
leasesofis incentives
accounted for
on a straight-line
basis
lease
term.
provided
to
lessees
are
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over therecognised
lease terms.
aggregate
incentives
to lessees
as The
a reduction
of costs
rentalofincome
overprovided
the lease
term onare
a
events
in lease
similar
circumstances.
over
the
The aggregate costs of incentives provided to lessees are
recognised
as aterms.
reduction
straight-line
basis. of rental income over the lease term on a straight-line
recognised
basis.
All
basis.
Initial direct costs incurred by the Group in negotiating and arranging
resulting
fromport
intra-group
(b)
Income from
operations
operating
leases are added to the carrying amount of the leased asset and
(b)
recognised over the lease term on the same bases as rental income.
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
inand
portcontinue
operations
is consolidated
recognised when
work
on
whichWhen
the
obtains
control,
to
be
until
the
dateis
completed.
a lease is terminated before the lease period expires, any payment
completed.
that suchmade
control
(orceases.
received) by the Group as penalty is recognised as an expense
(c)
Agency fees
(or income) when termination takes place.
(c)
Agency fees
Losses
Agency
feesresults
from the
services
are in
recognised
even
if that
inrents
aprovision
deficit
balance.
Contingent
are recognised
as revenue in
the period
which theywhen
are
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
earned.
the
services
rendered,
the percentage
ofservices
completion
method
based
on the
actual
service
provided
as ausing
proportion
total
to be
performed.
A
change
inare
the
ownership
interest
ofofathe
subsidiary
company,
without
a loss
of
actual service
provided
proportion
to beloses
performed.
control,
is accounted
foras
asa an
equity
transaction.
If the Group
control over a
Non-current
assets
(or disposal
groups)
held for
sale
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
Non-current assets and disposal groups classified as held for sale are measured at the
income,and
including
from
finance
and
financial
lower of Interest
carrying
amount
valueincome
less costs
to sell.
Non-current
assets
andsubsidiary
disposal
- de-recognises
thefair
assets
(including
goodwill)
andlease
liabilities
of other
the
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
groups are
classified
as
held
for
sale
if
their
carrying
amounts
will
be
recovered
through
a
sale transaction
rather
than
through
continuing
use.
This
condition
is
regarded
as
met
only
(e)
income
when theDividend
sale
is highly
probable and the asset or disposal group is available for immediate
de-recognises
(e)
Dividend
sale in its-present
condition.
Management
be committed
to the sale, which should be
recognises the fair
value of themust
consideration
received;
income
is recognised
when the sale
Group’s
right
receive
payment
expectedDividend
to
qualify
for
recognition
as
a
completed
within
one to
year
from the
date ofis
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
classification.
established.
A componentcomprehensive
of the Group is
classified
as aor“discontinued
operation”
when
the criteria to
income
to profit
loss or retained
earnings,
as appropriate.
be classified as held for sale have been met or has been disposed of and such a
component represents a separate major line of business or geographical area of
operations or is part of a single coordinated plan to dispose of a separate major line of
business or geographical area of operations.
In profit or loss of the current reporting period, and of the comparative period, all income
and expenses from discontinued operations are reported separately from income and
expenses from continuing activities, down to the level of profit after taxes, even when the
Group retains a non-controlling interest in the subsidiary after the sale. The resulting profit
or loss (after taxes) is reported separately in profit or loss.
Investment properties and property, plant and equipment and intangible assets once
classified as held for sale are not depreciated or amortised.
17
41
16
16
89
90
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.27
2.3
2.3
2.3
2.28
2.29
2.30
Fair valuerecognition
estimation
Revenue
Revenue recognition
Revenue recognition
The fair isvalues
of current
financial
and liabilities
carried atbenefits
amortised
cost
Revenue
recognised
to the extent
thatassets
it is probable
that the economic
will flow
to
Revenue
isand
recognised
to the
extent
that
it is measured,
probable that
the economic
benefits
will flow to
approximate
their
carrying
amounts.
the
Group
the
revenue
can
be
reliably
regardless
of
when
the
payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be fair
reliably
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenueinstruments
can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
The
fair
values
of
financial
traded
in
active
markets
(such
as
exchange-traded
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into
contractually
defined
terms
of payment
excluding
taxesmarket
or duty.
and account
over-the-counter
securities
and
derivatives)
areand
based
on quoted
prices at the
into
contractually
end account
of the
reporting
(a)
Rental
incomeperiod. The quoted market prices used for financial assets are the
(a)
income
current Rental
bid prices;
the appropriate quoted market prices for financial liabilities are the
(a)
Rental
income
current ask
prices.
Rentalthe
income
on a straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs is
ofaccounted
incentivesfor
provided
to lesseesbasis
are
Rental
income
arising
from
operating
leases
is
accounted
for
on active
a straight-line
basis
The fairover
values
of
financial
instruments
that
are
not
traded
in
an
are
the
lease
terms.
The
aggregate
costs
of
incentives
provided
toa market
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
over
the lease
terms.
The of
aggregate
costsuses
of incentives
provided
toa and
lessees
are
determined
using
valuation
techniques.
The
Group
a
variety
of
methods
makes
recognised
as
a
reduction
rental
income
over
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
assumptions
that
are
based
on
market
conditions
existing
at
the
end
of
each
reporting
basis.
basis. appropriate, quoted market prices or dealer quotes for similar instruments
period. Where
(b)
are used.
Valuation
techniques,
such as discounted cash flow analyses, are used to
(b)
Income
from port
operations
(b)
Income
from port
operations
determine
fair values
of the
financial instruments.
completed.
Revenue
from
servicesforwards
renderedare
in determined
port operations
is recognised
whenforward
work is
The faircompleted.
values of
currency
using
actively quoted
completed.
exchange
rates. The fair values of interest rate swaps are calculated as the present value
(c)
Agency fees
of the estimated
future cash flows discounted at actively quoted interest rates.
(c)
Agency fees
(c)
Agency fees
from liabilities
the provision
arebyrecognised
The fair Agency
value offees
financial
for disclosure
purposes is services
estimated
discountingwhen
the
Agency
fees
from
the provision
of
other
consultancy
services
are
recognised
when
the
services
are
rendered,
using
the
percentage
of
completion
method
basedto
on
the
future contractual
cash
flows
at
the
current
market
interest
rate
that
is
available
the
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
the services
are
rendered,
using
the percentage
ofservices
completion
method
based on the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
Group for
similar
financial
instruments.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
(d)
Interest
income
Transfers
between
levels of the fair value hierarchy
(d)
Interest
income
(d)
Interest income
Interest
income,
income
from are
finance
lease
and occurred
other financial
Transfers
between
levels ofincluding
the fair value
hierarchy
deemed
to have
on the
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
date of the
event
or
change
in
circumstances
that
caused
the
transfers.
Interest
income,
including
income
from
finance
lease
and
other
financial
(e)
SegmentDividend
reportingincome
(e)
Dividend income
(e)
Dividend income
Dividend
income
recognised
theconsistent
Group’s right
Operating
segments
are is
reported
in a when
manner
with to
thereceive
internalpayment
reportingis
established.
providedDividend
to the Executive
members
areright
responsible
for payment
allocatingis
income is Committee
recognised whose
when the
Group’s
to receive
established.
resources
and assessing performance of the operating segments.
established.
Income taxes
The Corporation is exempted from income tax.
For the other entities of the Group, current income tax assets and liabilities for the current
and prior periods are measured at the amount expected to be recovered from or paid to
the taxation authorities. The tax rates and tax laws used to compute the amount are those
that are enacted or substantially enacted at the end of the reporting period, in the countries
where the Group operates and generates taxable income. Current income taxes are
recognised in profit or loss except to the extent that the tax relates to items recognised
outside profit or loss, either in other comprehensive income or directly in equity.
42
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.30
2.4
2.3
2.3
Incomeaccounting
taxes (continued)
Group
Revenue recognition
Revenue recognition
(a)
of consolidation
andusing
business
combinations
DeferredBasis
income
tax is provided
the liability
method on temporary differences at the
Revenue
is recognised
to the extent
thatthe
it istax
probable
that
the economic
benefits and
will flow
end
of
the
reporting
period
between
bases
of assets
and liabilities
theirto
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
carrying
mounts
for
financial reporting
purposes.
Basis
ofthe
consolidation
from
1reliably
April
2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
account
terms
and
excluding
taxes or
duty.
Deferred
tax contractually
liabilities
are defined
recognised
forof
allpayment
temporary
differences
except:
The
consolidated
financial
statements
comprise
the financial
statements
of the
into
account
contractually
defined
terms
of
payment
and
excluding
taxes or
duty.
(a) - where
Rental
income
the
deferred
tax liability
from companies
the initial recognition
goodwill or
The
financial
statements
of thearises
subsidiary
used in the of
preparation
of an
the
(a)
Rental
income
asset
or
liability
in
a
transaction
that
is
not
a
business
combination
and
affects
neither
the
accounting
nor taxable
profitpolicies
or loss,isare
and applied for
Corporation.
Consistent
accounting
to on
likea transactions
and
Rentalthe
income
straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs ofaccounted
incentives provided
to lesseesbasis
are
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
- inrecognised
respect of taxable
temporary
differences
associated
with
investments
in straight-line
subsidiary
as
a
reduction
of
rental
income
over
the
lease
term
on
a
basis.
companies,
associated
companies
jointunrealised
venture companies,
All
intra-group
balances,
income and
and interests
expensesinand
gains and where
losses
basis.
the
timing
of
the
reversal
of
the
temporary
differences
can
be
controlled
resulting
fromport
intra-group
transactions and dividends are eliminated in full. and it is
(b)
Income from
operations
probable
temporary
differences will not reverse in the foreseeable future.
(b)
Income that
fromthe
port
operations
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Deferredon
tax
assets
are
recognised
for all
deductible
temporary
differences,
carry
Revenue
fromGroup
services
rendered
inand
portcontinue
operations
recognised
when
work
which
the
obtains
control,
untilthe
the
dateis
completed.
forward that
of unused
tax
credits
and
unused
tax
losses,
to
the
extent
that
it
is
probable
that
completed.
taxable
profit
will
be
available
against
which
the
deductible
temporary
differences,
and
the
(c)
Agency fees
carry forward
of
unused
tax
credits
and
unused
tax
losses
can
be
utilised
except:
(c)
Agency
fees
Losses within a subsidiary company are attributed to the non-controlling interest
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
- where
thefees
deferred
tax
relating
to the
deductible
temporary
difference
Agency
from
the asset
provision
of
consultancy
services
are
recognised
when
the services
are
rendered,
using
theother
percentage
of completion
method
basedarises
on
the
from
the
initial
recognition
of
an
asset
or
liability
in
a
transaction
that
is
not
aof
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
business
combination
and,
at
the
time
of
the
transaction,
affects
neither
the
control, is accounted for as an equity transaction. If the Group loses control over a
accounting
profit
nor taxable
profit or loss; and
(d)
Interest income
subsidiary
company,
it:
(d)
Interest income
- inInterest
of deductible
temporary
differences
associated
with
in
income,
including
income
from
finance
andofinvestments
other
financial
-respect
de-recognises
the assets
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from
finance
lease
and
other
financial
subsidiary
companies,
associated
companies
and
interests
in
joint
venture
instruments,
using
the effective
method.
companyisatrecognised
their carrying
amounts
at the interest
date when
control is lost;
instruments,
is recognised
using
the
effective interest
method.
companies,
deferred
tax
assets
are
recognised
only
to
the extent
that it is probable
- de-recognises the carrying amount of any non-controlling
interest;
that
the
temporary
differences
will
reverse
in
the
foreseeable
future
and taxable
(e)
Dividend
- de-recognises
(e)
Dividend
income
profit
will
be
available
against
which
the
temporary
differences
can
be
utilised.
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
rightoftoeach
receive
payment
established.
The carrying
amount
of deferred
tax assets
is reviewed
at the end
reporting
periodis
established.
and reduced to the extent that it is no longer probable that sufficient taxable profit will be
available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred
comprehensive
income
to profit
or loss
or retained
appropriate.
tax assets are
reassessed at
the end
of each
reporting
periodearnings,
and are as
recognised
to the
extent that it has become probable that future taxable profit will allow the deferred tax asset
to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply
in the year when the asset is realised or the liability is settled, based on tax rates (and tax
laws) that have been enacted or substantially enacted at the end of each reporting period.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit
or loss. Deferred tax items are recognised in correlation to the underlying transaction either
in other comprehensive income or directly in equity and deferred tax arising from a
business combination is adjusted against goodwill on acquisition.
43
17
16
16
91
92
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.31
2.3
2.3
2.3
2.32
2.33
Share capital
Revenue
recognition
Revenue recognition
Revenue recognition
Ordinary is
shares
are classified
as equity.
directly attributable
the
Revenue
recognised
to the extent
that it is Incremental
probable thatcosts
the economic
benefits will to
flow
to
Revenue
isand
recognised
to shares
thecan
extent
that
it is measured,
probable
the economic
benefits
will flow to
issuance
of
newthe
ordinary
are
deducted
against that
the
share
capital
account.
the
Group
revenue
be
reliably
regardless
of
when
the
payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be fair
reliably
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
Contingencies
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into
A contingent
liability
is: defined terms of payment and excluding taxes or duty.
(a)
Rental
income
(a)
Rental income
(a)
Rental
income
(a)
a possible
obligation
that arises
from
past isevents
and for
whose
willbasis
be
Rental
income
arising from
operating
leases
accounted
on aexistence
straight-line
confirmed
only
by
the
occurrence
or
non-occurrence
of
one
or
more
uncertain
Rental
income
arising
from
operating
leases
is
accounted
for
on
a
straight-line
basis
over
the
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
are
Rental
income
on a straight-line
futurethe
events
not
wholly
within
the control
of the
or provided
over
lease
terms.
The
aggregate
costs
of Group;
incentives
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
(b)
a
present
obligation
that
arises
from
past
events
but
is
not
recognised
because:
basis.
basis.
(b)
Income
from
(i)
It is port
not operations
probable that an outflow of resources embodying economic
(b)
Income
from
port
operations
benefits
be required to settle the obligation; or
(b)
Income from
portwill
operations
Revenue
from
services
completed.
(ii)
The
amount
of the
obligation
be measured
with sufficient
reliability.
Revenue
from
services
rendered
in cannot
port operations
is recognised
when
work is
completed.
completed.
(c)
Agency
feesis a possible asset that arises from past events and whose existence
A contingent
asset
(c)
Agency
fees
will
be
confirmed
only by the occurrence or non-occurrence of one or more uncertain future
(c)
Agency fees
Agency
from
provision
events not
whollyfees
within
thethe
control
of theofGroup.
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
Contingent
liabilities
and
assets
are
not
recognised
on
the
statement
of
financial
position
of
the
services
are
rendered,
the percentage
ofservices
completion
method
based on the
actual
service
provided
as ausing
proportion
of the total
to combination
be
performed.
the Group,
except
for
contingent
liabilities
assumed
in
a
business
that
are
present Interest
obligations
and which the fair values can be reliably determined.
(d)
income
(d)
Interest income
(d)
Interest income
Related Interest
parties income, including income from finance lease and other financial
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
A relatedinstruments,
party is defined
as follows:
is recognised
using the effective interest method.
(e)
Dividend income
(e)
Dividend
(a)
A
person income
or a close member of that person’s family is related to the Group and
(e)
Dividend
income
Dividend
income
Corporation
if that person:
established.
established.
(i)
Has control or joint control over the Corporation;
established.
(ii)
Has significant influence over the Corporation;
(iii)
Is a member of the key management personnel of the Corporation or of a
parent of the Corporation.
44
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
2.
2.
2.33
2.4
2.3
2.3
Relatedaccounting
parties (continued)
Group
Revenue recognition
Revenue recognition
(b)
An
entity
is related toand
the
Group combinations
and the Corporation if any of the following
(a)
Basis
of consolidation
business
Revenueconditions
is recognised
applies:
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the Group
revenue
be1that
reliably
regardless
of when
the payment
is
Basis
ofthe
consolidation
from
April 2010
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made. Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
(i)
The
entity and
the
Corporation
are membersreceived
of the same
group (which
made.
Revenue
is
measured
at
the
fair
value
of
consideration
or
receivable,
taking
into account
defined
terms
ofsubsidiary
payment
and
taxes or
duty.
The contractually
consolidated
financial
statements
comprise
the financial
statements
the
means that
each parent,
andexcluding
fellow
subsidiary
is
related of
to the
into account
contractually
defined
terms
of payment
and
excluding
taxes or
duty.
Corporation
and its subsidiary companies as at the end of the reporting period.
others);
(a)
Rental income
The
financial
(a)
Rental
consolidated
financial
are or
prepared
for the of
same
date (or
as the
(ii)
One entity
is statements
an associate
joint venture
the reporting
other entity
an
Corporation.
Consistent
accounting
policies
are
applied
to on
likea transactions
and
associate
or
joint
venture
of
a
member
of
a
group
of
which
the
other
entity
Rental
income
arising
from
operating
leases
is
accounted
for
straight-line
basis
events
in
similar
circumstances.
is lease
a member);
over
the
The of
aggregate
costs over
of incentives
are
recognised
as aterms.
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
All
intra-group
balances,
income
and of
expenses
gains and losses
basis.
(iii)
Both entities
are joint
ventures
the sameand
thirdunrealised
party;
resulting
fromport
intra-group
(b)
Income from
operations
(b)
Income One
from entity
port operations
(iv)
is a joint venture of a third entity and the other entity is an
Subsidiary
companies
consolidated
from
the date of
dateis
associate
of theare
third
entity; in port
Revenue
from
services
rendered
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
completed.
that such
control
(v)
The
entityceases.
is a post-employment benefit plan for the benefit of employees of
(c)
Agency either
fees the Corporation or an entity related to the Corporation. If the
(c)
Agency Corporation
fees
Losses
within a subsidiary
company
arethe
attributed
to the
non-controlling
is itself such
a plan,
sponsoring
employers
are also interest
related
Agency
fees
from
the
even
if that
results
in aprovision
deficit balance.
to
the
Corporation;
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change
the ownership
ofcontrolled
a subsidiary
withoutina(a);
loss the
of
(vi)
Theinentity
is controlledinterest
or jointly
by a company,
person identified
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
(d)
Interest A
income
subsidiary
company,
it:
(vii)
person
identified
in (a) (i) has significant influence over the entity or is a
(d)
Interest income
member of the key management personnel of the entity (or of a parent of
Interest
income,
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
the
entity). including
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
(e)
Dividend
- de-recognises
(e)
Dividend
income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
established.
45
17
16
16
93
94
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
3.
2.
2.
2.3
2.3
2.3
Summary
of significant
accounting
policies and
(continued)
Critical accounting
estimates,
assumptions
judgements
Estimates,recognition
assumptions and judgements are continually evaluated and are based on
Revenue
Revenue
historical recognition
experience and other factors, including expectations of future events that are
Revenue recognition
believed to
reasonable
under
the circumstances.
Revenue
is be
recognised
to the
extent
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
(a)
Impairment
of
property,
plant
and
equipment,
impairment
of
investment
properties
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and
the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
and
loss
in
recoverable
amount
of
investment
properties
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account
defined
terms ofusing
payment
and excluding
taxes
or duty. cash flow
The contractually
fairincome
values are
determined
the income
method,
discounted
(a)
Rental
(a)
Rental
income
method or direct comparison method. The income and discounted cash flow
(a)
Rental
income
methods
involve
the from
estimation
of leases
incomeisand
expenses,
into account
Rental
income
arising
operating
accounted
for ontaking
a straight-line
basis
expected
future
changes
in
economic
and
social
conditions,
which
may
affectbasis
the
Rental
income
arising
from
operating
leases
is
accounted
for
on
a
straight-line
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
Rental
income
arising
from
operating
leases
isofaccounted
for
on athe
straight-line
basis
value
of
the
properties.
The
direct
comparison
method
involves
comparison
of
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the
lease
terms.
The
aggregate
costs over
ofManagement
incentives
provided
toaview
lessees
are
recent
sales
transactions
of
similar
properties.
is
of
the
that
the
recognised
as
a
reduction
of
rental
income
the
lease
term
on
straight-line
basis.
recognised
as a reduction
of rental
over
thecurrent
lease market
term oncondition.
a straight-line
valuation methods
and estimates
are income
reflective
of the
basis.
basis.
(b)
Impairment
investment
in associated companies
(b)
Income
fromofport
operations
(b)
Investmentfrom
in associated
companiesinisport
tested
for impairment
wheneverwhen
therework
is anyis
Revenue
services rendered
operations
is recognised
completed.
Revenue
from services
rendered
portmay
operations
is recognised
when
work
objective evidence
or indication
thatinthey
be impaired.
The Group
follows
theis
completed.
guidance of SB-FRS 36 in determining when the investment in associated
completed.
(c)
Agency
fees is considered impaired. This determination requires significant
companies
(c)
Agency
fees
judgement.
(c)
Agency
feesThe Group evaluates, among other factors, the duration and extent to
Agency
fees
from the provision
of other
consultancy
recognised
which
the
recoverable
amount of
the investment
is services
below itsare
carrying
value,when
the
Agency
fees
from
the provision
of
other
consultancy
services
are
recognised
when
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
financial
health
of
and
near-term
business
outlook
for
the
associated
companies,
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
the services
are
rendered,
using
the percentage
ofservices
completion
method
based on the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
including
factors
such
as
industry
and
sector
performance,
changes
in
technology
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
and operational
and financial
cash flow.ofManagement
is of the
view
that the factors
actual
service provided
as a proportion
the total services
to be
performed.
(d)
Interest
income
considered
for the purpose of determining impairment are appropriate and meet
(d)
Interest income
the requirements
(d)
Interest
income of SB-FRS 36.
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the effective
(c)
Consultancy
and
construction
contracts
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
(e)
Dividend
income
The Group
recognises contract revenue to the extent of contract costs incurred
(e)
Dividend
income
where
it
is
probable those costs will be recoverable or based on the stage of
(e)
Dividend income
completionincome
method.isThe
stage of completion
measured
reference
the valueis
Dividend
recognised
when the is
Group’s
rightbyto
receive topayment
Dividend
income
is to
recognised
when revenue
the Group’s
right
to receive payment is
of work done
to date
the total contract
for the
project.
established.
established.
established.
Significant judgment is required in determining the percentage of completion, the
extent of the contract cost incurred, the estimated total contract revenue and
contract cost, as well as the recoverability of the contracts. Total contract revenue
also includes an estimation of the variation works that are recoverable from the
customers. In making these estimates, management has relied on past experience
and the work of specialists.
16
46
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
3.
2.
2.
2.
2.4
2.3
2.3
4.
5.
Critical accounting
estimates,
assumptions
judgements (continued)
Summary
of significant
accounting
policies and
(continued)
(d)
Consolidation of entities in which the Group holds less than majority of voting rights
Group
accounting
Revenue recognition
Revenue recognition
The Group
considers and
thatbusiness
it controls
A-HTRUST even though it owns less than
(a)
Basis
of consolidation
combinations
Revenue50%
is recognised
to the
extent
that
it is probable
that the economic
will flow to
of the voting
rights.
This
is because
two subsidiaries
of the benefits
Group, Ascendas
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
Hospitality
Fund Management
Pte. Ltd. and Ascendas Hospitality Trustis
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made. Revenue
is measured
at the
of consideration
received
or receivable,
taking
Management
Pte. Ltd.
act fair
as value
A-HTRUST’s
managers
with their
fees having
a
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
contractually
terms
of the
payment
and
excluding
taxes or
duty.
performance-based
element,
and
Group
is the
single
largest
shareholder
of the
AThe
financial
statements
comprise
the
financial
statements
of
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
HTRUST
with
a
26.55%
equity
interest.
The
remaining
73.45%
of
the
equity
(a)
Rental
income
shares
in A-HTRUST are widely held by many other unitholders. Since 27 July
The
financial
(a)
Rental
2012,
which
is the Listing
Date of
is no reporting
history ofdate
the as
other
statements
areA-HTRUST,
prepared forthere
the same
the
Rental
income
arising fromto
operating
leases
isvotes
accounted
for on or
a straight-line
basis
unitholders
collaborating
exercise
their
collectively
to
outvote
the
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over
the Accordingly,
lease terms. the
TheGroup
aggregate
costs of incentives
to lesseesand
are
Group.
consolidated
A-HTRUSTprovided
since inception
events
in lease
similar
circumstances.
over
the
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
restated the relevant amounts as if the investee had been consolidated from that
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
date. The quantitative impact of the change is set out in Note 2.2.
All
basis.
resulting
fromport
intra-group
(b)
Income from
operations
(b)
Revenue
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
The Group
The Corporation
completed.
2015
2015
2014
2014
(c)
Agency fees
(Restated)
(c)
Agency fees
Losses
$ Mil
$ Mil
$ Mil
$ Mil
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
fees from
the provision
other
consultancy
services are
recognised
when
the services
rendered,
usingof
the
percentage
of completion
method
based
on
the
1,260
1,260
Land rental
income are
1,155
1,159
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A
change
in
the
ownership
interest
of
a
subsidiary
company,
without
a
loss
401of the total374
388
Buildingactual
rentalservice
incomeprovided as a proportion
361 of
services
to
be
performed.
is operations
accounted for as an equity144
transaction.146
If the Group loses
1 control over
Income control,
from port
– a
(d)
Interest income
subsidiary
company, it:
19
18
Agency
fees
24
24
(d)
Interest income
15
15
Interest income on finance leases
15
15
income, including
from
finance
andof
other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
9
5
Sundry Interest
income
7
11
Interest
income, including
income
from interest
finance method.
instruments,
using
the effective
their carrying
amounts
at the date
when control
is lost;
1,848
1,687
1,725
1,566
(e)
Dividend
de-recognises
(e)
Dividend
income
Other income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
- recognises any surplus or deficitThe
in profit
or loss;
Group
The Corporation
established.
- re-classifies the Group’s share2015
of components
recognised in2014
other
2014previously 2015
comprehensive income to profit or loss(Restated)
or retained earnings, as appropriate.
$ Mil
$ Mil
$ Mil
$ Mil
Interest income from loans and
receivables
Dividend income
Gain on disposal of investment
properties
Share of profits of associated
companies and joint venture
companies
Others
55
–
44
–
52
31
42
122
530
394
520
394
4
15
604
4
17
459
–
6
609
–
7
565
47
17
16
16
95
96
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
6.
2.
2.
2.
2.3
2.3
2.3
7.
Employee of
compensation
Summary
significant accounting policies (continued)
The Group
The Corporation
Revenue recognition
Revenue recognition
2015
2015
2014
2014
Revenue recognition
(Restated)
Revenue is recognised to the extent that it is probable
that the economic benefits will flow to
Revenue
recognised
to thecan
extent
it is$measured,
probable
that
the economic
will$flow
Mil
$ benefits
Mil the payment
$ Mil
Mil to
the
Groupis
the revenue
be that
reliably
regardless
of when
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable
that
the economic
benefits
will flow
to
the
Group
and
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
Salaries
and contractually
other
employee
into
account
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into
account contractually defined terms of payment
excluding
taxes or83duty.
117 and
compensation
119
83
into
account contractually defined terms of payment
and excluding
taxes or duty.
(a)
Rental
income to defined
Employer’s
contribution
(a)contribution
Rentalplans
income
including
(a)
Rental income
12
8
Central
Provident
Fund
13
9
Rental
income
arising from operating leases
is accounted
basis
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a91
straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
129
132
92
Rentalthe
income
arising
from
leases
for
on a straight-line
basis
over
lease
terms.
The operating
aggregate
costs isover
ofaccounted
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
the
lease
term
on
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
The above
include the
remuneration
ofrental
key management
ofthe
thelease
Group
andon
thea Corporation
recognised
as
a
reduction
of
income
over
term
straight-line
basis.
as follows:
basis.
(b)
(b)
The Group
The Corporation
(b)
Revenue from services rendered in
port operations
work is
2015
2015 when 2014
2014 is recognised
completed.
Revenue from services rendered in port (Restated)
completed.
$ Mil
$ Mil
$ Mil
$ Mil
completed.
(c)
Agency fees
(c)
Agency fees
SalariesAgency
and other
employee
(c)
fees
Agency fees
from employer’s
the provision of other consultancy services are recognised when
compensation
including
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
contribution
to
Central
Provident
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
13
9
Fund the services are rendered, using the percentage
11
6
ofservices
completion
method
based on the
actual service provided as a proportion of the total
to be
performed.
(d) structure
Interest
The
of income
Directors’ fees is based on the guidelines provided by the Public Service
(d)
Interest
income
Division.
Total Directors’
(d)
Interest
income fees paid to the Board members of JTC Corporation amounted to
Interest
including income from finance lease and other financial
$0.3 million
(2014:income,
$0.2 million).
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
(e)
FinanceDividend
expenseincome
(e)
Dividend
income
(e)
Dividend income
Dividend income is recognised when
the
Group’s right toThe
receive
payment is
The
Group
Corporation
the
payment is
established.
2015the Group’s
2015
2014 right to receive
2014 is
payment
established.
(Restated)
established.
$ Mil
$ Mil
$ Mil
$ Mil
Interest expense
15
16
15
16
48
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
8.
2.
2.
2.4
2.3
2.3
9.
10.
Summary
of significant accounting policies (continued)
Other expenses
Group
accounting
Other expenses
include, among others, the following:
Revenue recognition
Revenue recognition
(a)
The Group
The Corporation
Revenue is recognised to the extent that it2015
is probable 2014
that the economic
benefits 2014
will flow to
2015
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
(Restated)
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made. Revenue is measured at the fair value
of
consideration
received
or
receivable,
taking
$ Milof consideration
$ Mil
$ Mil
$ Miltaking
made.
Revenue
is
measured
at
the
fair
value
received
or
receivable,
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
21
19
SecurityCorporation
service expenses
19
and its subsidiary companies as at the end of the reporting 16
period.
(a)
Rental income
14
14 preparation
IT professional
fees statements of the subsidiary
12 used in the
12of the
The
financial
companies
(a)
Rental
income
26
24
Professional
fees
11
consolidated financial statements are prepared for the same reporting date13
as the
Rental
income arising from operating leases is accounted for on a straight-line basis
Cargo and
container
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over
the lease terms. The aggregate
of incentives
provided
to lessees
11 costs
handling
expenses
14
–
– are
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
All
basis.
Contribution
to Consolidated
Fund/
Provision
Contribution
to Consolidated
resulting
fromport
intra-group
transactions
andfor
dividends
are eliminated
in full. Fund
(b)
Income from
operations
(b)
PursuantSubsidiary
to the Statutory
Corporations
(Contribution
tothe
Consolidated
Fund) Act, Cap.
319A,
companies
arerendered
consolidated
from
date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
the Corporation
makes
contribution
to
the
Consolidated
Fund
as
determined
by
the
Minister
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
on
which the Group obtains control, and continue to be consolidated until the dateis
completed.
for Finance.
completed.
that
(c)
Agency fees
(c)
Agency fees
Losses
Taxation
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
The
Group
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
2015
2014
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change in the ownership interest of a subsidiary company, without
a
loss
(Restated) of
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
control, is accounted for as an equity transaction. If the Group $loses
Mil control$over
Mil a
(d)
Interest income
subsidiary
company,
it:
Tax
expense
attributable
to
surplus
is
made
up
of:
(d)
Interest income
From continuing operations
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Current Interest
income
tax
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
company at their carrying amounts at the date when control is15
lost;
- Singapore
13
- de-recognises
(2)
Deferred
income
tax
–
(e)
Dividend
de-recognises
13
13
(e)
Dividend income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
From discontinued
operations
established.
- recognises
any surplus or deficit in profit or loss;
Current established.
income
tax
- re-classifies the Group’s share of components previously recognised
in other
55
- Singapore
54
15 appropriate.
- Foreign comprehensive income to profit or loss or retained earnings, as
11
(5)
Deferred income tax
2
65
67
Overprovision in respect of prior years
(25)
- Current tax expense
(16)
(1)
- Deferred tax expense
–
(26)
(16)
39
Attributable to discontinued operations (Note 22)
51
Total income tax expense
52
64
17
49
16
16
97
98
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
10.
2.
2.
2.
2.3
2.3
2.3
Taxation (continued)
Summary
The
tax expense
on surplus differs from the amount that would arise using the Singapore
Revenue
recognition
Revenue rate
recognition
standard
of
income
tax due to the following:
Revenue recognition
Revenue
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
The
Group
the
Groupis
the revenue
be that
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
and
the
revenue
be
reliably
regardless
of
when
the
payment
is
2015
2014
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
(Restated)
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account contractually defined terms of payment and excluding taxes$ or
Milduty.
$ Mil
into account contractually defined terms of payment and excluding taxes or
duty.
(a)
Rental income
(a)
Surplus Rental
before income
contribution to Consolidated Fund and taxation
(a)
Rental
income
1,316
from continuing
operations
1,197
Rental income
arising from operating leases is accounted for on
a straight-line
basis
Rental
income
arising
from
operating
leases
isof22)
accounted
for
on 377
a straight-line
basis
Surplus over
before
tax
from
discontinued
operations
(Note
386
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
1,693
1,583
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
288
Income tax
using the statutory tax rate of 17% (2014: 17%)
269
basis.
(b)
Effects of:
(b)
32
Expenses
not deductible
tax purposes
22
(b)
Income
from portfor
operations
from not
services
work is
(210) when (190)
Surplus Revenue
of Corporation
subjectrendered
to tax in port operations is recognised
completed.
(36) when work
Income not
subjectfrom
to tax
(23) is
Revenue
services rendered in port operations is recognised
completed.
(27)
Share ofcompleted.
profit of associated and joint venture companies
(19)
(c)
Agency fees
8
Tax on dividend
income from associated companies
8
(c)
Agency fees
Overprovision
in
respect
of
prior
years
from
discontinued
(c)
Agency fees
Agency fees from the provision of other consultancy services are
recognised(16)
when
(26)
operations
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
services
rendered,
using
the
percentage
of
completion
method
based
on
the
Deferredthe
tax
asset
not
recognised
from
discontinued
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
18
operations
12
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
5
Others actual service provided as a proportion of the total services to be performed.
1
(d)
Interest
income
52
Income tax
expense
64
(d)
Interest income
(d)
Interest income
Interest is
income,
including
income
other
financial
The Corporation
exempted
from income
tax from
underfinance
Section lease
13(1)(e)and
of the
Income
Tax
Interest
income,
including
income
from
finance
lease
and
other
financial
instruments,
is
recognised
using
the
effective
interest
method.
Act, Cap.
134.
Interest
income,
including
income
from
finance
lease
and
other
financial
(e)
Dividend income
(e)
Dividend income
(e)
Dividend income
established.
established.
established.
50
16
16
16
11.
11.
The
TheGroup
Group
#
43
(16)
(16)
135
135
––
––
151
151
––
––
37
37
151
151
$ Mil
224
4
11
(46) 286
286
–
–
39
–
–
–
–
(4)
(24)
––
––
43
–
–
–
43
286 285
285
4
––
–
––
38
248
248 248
––
$ Mil
$ Mil
$ Mil
––
43
43
––
––
43
43
––
––
––
43
43
437
–
–
–
3
–
434
5
(5)
–
434
––
434
434
––
13
13
421
421
––
––
––
421
421
Other assets include computers, motor vehicles, furniture, equipment and renovation.
$ Mil
2014
2014
2015
Cost
Cost
Cost
Beginning
of financial
year,
Beginning
financial
year,as
as
Beginning
of of
financial
year,
previously
previously
reported
as
previouslyreported
reported
–
Effect
adoption
Effect
of
adoption
ofSB-FRS
SB-FRS
Effect
ofof
adoption
of of
SB-FRS
110
110
110
135
Beginning
financial
year,
Beginning
ofof
financial
year,
Beginning
of
financial
year,
restated
restated
135
restated
Additions
–
Additions
Additions
Disposals/
write-offs
–
Disposals/
write-offs
Disposals/
write-offs
Transfer
from/(to)
investment
Transfer
from
Transfer
frominvestment
investment
properties
(Note 12)12)
57
properties
properties(Note
(Note 12)
Transfer to properties held
Transfers
Transfers
for sale
–
Currency
Currencytranslation
translation
Transfers/Reclassifications
–
differences
differences
Attributable
to discontinued
operations
(135)
End
ofoffinancial
End
financialyear
year
Currency translation
differences
(14)
The Group
$ Mil
$ Mil
148
–
–
–
–
–
183
–
(35)
–
183
–
–
(2)
146
(37)
––
183
183(476)
––
48
48
135
135658
–– 3
–– –
––448
135
135210
35
–
(44)
(44)
658
658 –
–
–
––
15
15 –
687
68735
11 –
(1)
(1) –
477
477 –
210
21035
Wharf
Bulk
Wharfand
and
Bulk
Freehold
Leasehold
Land
Leasehold
Freehold
Leasehold
Land Wharf and base
base Bulk handling
handling
Leasehold
Freehold
Land
handling facilities
Leasehold buildings
Social
land
land
development
land Leasehold
land
developmentbase structures
structures
facilities
buildings
land $ Mil
land $ Mil development
structures $ Milfacilities
buildings
amenities
$
Mil
$
Mil
$
Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
Property,
plant
and
equipment
Property,
plant
and
equipment
Property,
plant
and
equipment(continued)
(continued)
NOTES
TO
THE
FINANCIAL
STATEMENTS
NOTESTO
TOTHE
THE
FINANCIAL
STATEMENTS
NOTES
FINANCIAL
STATEMENTS
For
the
financial
year
ended
31
March
2015
Forthe
thefinancial
financial
year
ended
March
2015
For
year
ended
31 31
March
2015
JURONG
JURONGTOWN
TOWNCORPORATION
CORPORATION
JURONG
TOWN CORPORATION
AND
SUBSIDIARY
COMPANIES
AND
SUBSIDIARY
COMPANIES
7
70
(12)
––
(154)
35
35
–––
––
(9)
35
230
35
–17
–
––(9)
––
117
35
35
113
$ Mil
Social
Social
Other
amenities
amenities
#
$$assets
Mil
Mil
51
49
–
(6)
(6)
230
230(5)
(10)
30
66
25
25–
207
20711
11
1123
(13)
(13)–
108
108 1
99
9910
$ Mil
Capital
Other
Other
#
projects-inassets
assets #
progress
$$Mil
Mil
$ Mil
1,191
(59)
53
53
(1)
(1)
(816)
11
11
–
57
––
(101)
(101)
(9)
2,01571
71
5242
42
(49)––
16
73916
55
1,27655
Capital
Capital
projects-inprojects-inprogress
progress
Total
$$Mil
Mil
53
(66)
(66)
2,015
2,015
66
––
2,035
2,035
54
54
(14)
(14)
789
789
1,246
1,246
Total
Total
$$Mil
Mil
99
43
–
210
14
38
1
–
–
237
200
The Group
The Group
#
Segment liabilities
Other
Segment assets
$ Mil
$ Mil
38
–
(210)
14
1,237
–
–
(244)
–
1,255 –
–
210
–
210
943
142
14
–428
(8)(37)
– (54)
6
159
–
–
1 –
–
(111)
21
(1)637
22 –
637
$ Mil
38
1
–
–
–
–
38
807
105
1
396 –
(51)
(49) –
7
(3)
108
4
919 –
–
(96)
–
–
–
––
–
(3)
4
–
–4
4 919
$ Mil
237
1
–
–
(2)
200
(50)
1
–
1
–
–
14
(1)
–
(2)
–
–
(17)
–
356
188
373
188
$ Mil
21,374
20,017
6,336
5,960
220
139
1
–
237
200
–
–
187
38
110
– (16)
–
–
– (1) –
– –
–
5
(1)
–
14
(34)
– –
(2)
–
188
–294
–
307 139
188(13)
$ Mil
1,629
1,422 furniture,
683 equipment
326 and renovation.
2
1
computers,
motor vehicles,
43
–
–
(8)
(16)
–
42
43
–
–
–
–
52
–
(15) –
–
–
(181)
1
–
(371)
–
(3)
(1)
1,563
21
1,56622
$ Mil
$ Mil
–
(200)
–
–
–
(465) –
–
–
–
–
1,684 –
–
(3) –
1,687
–
$ Mil
$ Mil
(7)
123
23
$ Mil
–
–
1,130
26
38
–
196
110
73 –
(13)
180
–
(7)
31
–
171
76
(13)
(76)
1,088
123
23
–
2
4
6
(24)
13
–
–
(2)
112
14
–
98 180
$ Mil
(99)
– –
3
4
5
– –
(34)
(26)
139
180 –
139
–
180
$ Mil
(5,263) motor
(5,097)
(2,781)
(2,739)
(152)and renovation.
(116)
(76)
assets include computers,
vehicles,
furniture,
equipment
Additions to
# non-current assets
Other assets include
Investment in associates
Net book value
Net
book
value year
End
of financial
Investment in joint ventures
Assets:
$ Mil
–
110
–
$ Mil
17
18
(694)
(944)
17
(142)
406
(1,826)
123
23
18
(7)(390)
–
(99) 39
(7)
–
– 54
(160)
(2) –
–
112
6 –
–
13 –
– –
112
–
(1,009)
14
18
(1,029)
18
98 20
$ Mil
1
401
(1,782)
17
–
19
(7)
18
51
(496)
–
–52(5)
(108)
– (5)
(8)
(61)
–49
10
97
– 12
(8)
––
– –
18
21
(1,231)
–
108
1816
(1,247)
87
$ Mil
Property
WharfConsultancy
and
Wharf andBulk
Bulk
(Discontinued
(Discontinued
Adjustments Other
and
Freehold
Leasehold
Land
base
handling
Leasehold
Social
Freehold
Leasehold
Land
base
handling
Leasehold eliminations
Social #
operations)
operations)
Port
land Property land
development
structures
facilities
buildings
amenities
assets
land
development$ Mil structures$ Mil facilities
buildings
amenities
$ Mil
$ Mil land2015 $ Mil
$ Mil
$ Mil
2015
2014
2014
2015
2014
2015 $ Mil2014
2015
2014
Segment
information
(continued)
Property,
plant
and
equipment
(continued)
Property,
plant
and
equipment
(continued)
2015
2015
Accumulated
depreciation
Accumulated
impairment depreciation
losses
Revenue: and
and impairment
losses
Beginning
of financial
year,
Total revenue
as previously
reported year,
Beginning
of financial
Effect
adoption ofreported
SB-FRS
asofpreviously
Inter-segment
110 of adoption of SB-FRS
Effect
External customers
Beginning
110 of financial year,
restated of financial year,
Beginning
Results:
Depreciation
restated charge
Depreciation- of
property, operations
plant and
continuing
Depreciation
charge
equipment and investment
properties
- discontinued operations
- continuing operations
Disposals/
write-offs
Loss in recoverable
amount
of investment
- discontinued
operations
properties
Transfer
to investment
Disposals/
write-offs
properties
(Note
Share of profit of associated 12)
Transfer
investment
Transfer
to to
properties
held
companies/joint
venture
companies
for
sale
properties
(Note 12)
Interest income
Attributable
discontinued
Transfer totoproperties
held
operations
for sale
Interest expense
Currency
translation
Attributable
to discontinued
Contribution to
Consolidated Fund and
differences
operations
taxation
End
of financial
year
Currency
translation
Segment profit/(loss)
differences
39.
11.
11.
#
NOTES
TO
THE
FINANCIAL
STATEMENTS
NOTESTO
TOTHE
THEFINANCIAL
FINANCIAL
STATEMENTS
NOTES
STATEMENTS
For
the
financial
year
ended
31
March
2015
Forthe
thefinancial
financialyear
year
ended
March
2015
For
ended
31 31
March
2015
JURONG
TOWN
CORPORATION
JURONGTOWN
TOWNCORPORATION
CORPORATION
JURONG
AND
SUBSIDIARY
COMPANIES
AND
SUBSIDIARY
COMPANIES
Net book value
–
–
differences
(5)
52
D
D
D
D
D
A
C
C
C
C
C
C
B
A
–
–
1,848
–
– 1,848
19
51
1,646
–
196
1,316
52
(7,866)
27,234
49
(5)
–
(15)
55
4
(61) – (257)
(5) –
– –
–
(226)
10 –
–
12 (465)
(8) –
108
21
87
$ Mil
49
100
52
(7,627)
25,470
1,781
807
774
269
–
(12)–
(223)
417
1,197
–
4
(5)–
44
(168)–
(16)
–
35
(205)
26–
(44)
–
(371)
(5)–
––
34
1,725
–
590
1,725
556
$ Mil
#
assets
$ Mil 2015 progress
$2014
Mil
$ Mil
$ Mil
49
–
–
Capital
Capital
Per consolidated
projects-inOther
projects-inNotes
financial
statements
progress
Total
19
51
(12)
774
417
(12)
(168)
(5)
(5)
35
26
(44)
590
34
556
Total
$ Mil
774
417
100
11.
11.
Currency
translation
End
of financial
year
differences
differences
End
Endofoffinancial
financialyear
year
2014
2014
2014
Cost
Cost
Cost of financial year, as
Beginning
Beginning
financial
Beginning
of
financialyear,
year,as
as
previouslyof
reported
previously
reported
Effect
of adoption
of SB-FRS
previously
reported
Effect
110 of
Effect
ofadoption
adoptionofofSB-FRS
SB-FRS
110
Beginning
restated of
Beginning
Beginning
offinancial
financialyear,
year,
Additions
restated
restated
Disposals/
write-offs
Additions
Additions
Transfer
fromwrite-offs
investment
Disposals/
Disposals/
write-offs
properties (Note
12)
Transfer
from
Transfer frominvestment
investment
Transfers
properties
(Note
properties
(Note12)
12)
Currency
translation
Transfers
Transfers
differences
The Group
The
TheGroup
Group
151
151
––
135
(16)
(16)
135
135
––
–
(16) –
–
–
–
––
151
– 151
151
– –
151
–
$$Mil
Mil
37
37
248
248
286
1
–
–
11
286
286
––
––
–
––
285
– 285
285
–
–
37
248
$$Mil
Mil
$$Mil
Mil
$$Mil
Mil
$$Mil
Mil
$$Mil
Mil
$$Mil
Mil
43
–
–
–
43
–
–
–
43
––
43
43
––
––
43
43
––
––
––
43
43
434
–
–
13
421
–
–
–
421
––
434
434
––
13
13
421
421
––
––
––
421
421
183
–
–
48
135
–
–
–
135
477
210
–
15
–– 658
183
183
––
48
48 (44)
–
––
687
135
135 1
– (1)
––
135
135
–
35
35
(44)
(44)
658
658
––
15
15 –
–
1
(1)
(1) –
35
687
687 –
1 –
477
477
210
210
–230
–
35
35
––
––
(6)
25
–
––
6
207
35
3511
–(13)
––
108
99
35
35
Wharf and
Wharf
Bulk
Wharfand
andBulk
Bulk
Freehold
Leasehold
Land Land
base base handlinghandling
LeaseholdLeasehold
Social
Other
Freehold
Leasehold
Social
Freehold
Leasehold
Land
base
handling
Leasehold
Social
landland
land land development
structures
facilities facilities
buildings buildings
amenities amenities
assets #
development
structures
land
land
development
structures
facilities
buildings
amenities
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
Property,
plant
and
equipment
(continued)
Property,
plant
and
equipment
(continued)
Property,
plant
and
equipment
(continued)
NOTES
TO
THE
FINANCIAL
STATEMENTS
NOTESTO
TOTHE
THE
FINANCIAL
STATEMENTS
NOTES
FINANCIAL
STATEMENTS
For
the
financial
year
ended
31
March
2015
Forthe
thefinancial
financial
year
ended
March
2015
For
year
ended
31 31
March
2015
JURONG
TOWN
CORPORATION
JURONGTOWN
TOWN
CORPORATION
JURONG
CORPORATION
AND
SUBSIDIARY
COMPANIES
AND
SUBSIDIARY
COMPANIES
53
11
(6)
(6)
230
230
66
25
25 (1)
(101)
11
(13)
(13) –
71
207
20742
11 –
108
108
16
55
99
99
$$Mil
Mil
Capital
projects-inOther
Other
progress
##
assets
assets
$ Mil
55
55
53
53
(1)
(1)
11
11
2,015
––
(101)
(101)
(66)
–
42
–
6–
2,035
54
71
71
(14)
42
16
16
789
1,246
Capital
Capital
projects-inprojects-inTotal
progress
progress
$ Mil
$$Mil
Mil
53
(66)
(66)
2,015
2,015
66
––
2,035
2,035
54
54
(14)
(14)
789
789
1,246
1,246
Total
Total
$$Mil
Mil
101
43
–
210
14
38
1
–
–
237
200
The Group
The Group
#
Segment liabilities
Other
Segment assets
$ Mil
$ Mil
38
–
–
–
21,374
1,629
43
–
–
–
1,255 –
(244)
52
135
(15) –
–
20,017
1,422
–
–
1,237
(210)
42
265
(16)
–
(181) 1
–
–
(371)
21
–
–
(200)
– –
–
(465) –
– –
–
1,56619
(3)
1
1,563
20
$ Mil
6,336
683
210
943
142
14
–428
(8)(37)
– (54)
6
159
–
–
1 –
–
(111)
21
(1)637
22 –
637
$ Mil
$ Mil
1,687
–
(3) –
–
1,684 –
–
$ Mil
$ Mil
39
–
5,960
326
38
807
105
1
396 –
(51)
(49) –
7
(3)
108
4
–
– (96)
–
–
–
––
4
–
4 919
–4
–
919 –
4
$ Mil
–
220
2
1
–
(50)
(2)
246
1
1
14
–(1)
–
–
–
188
373
174
(17)
–
356
174
$ Mil
(1)
4
–
2
–
133
1
–
1
–
–
187
237
200
– (16)
– (1)
– – 44
–
14
– –
(2) 139
188
–294
–
307 133
188(13)
$ Mil
(7)
123
23
$ Mil
92 180
–
–
180
92
$ Mil
–
–
1,130
26
38
–
196
110
73 –
(13)
– –
3
4
31
–
171
76
(13)
–
(76)
1,088
546
2
4
7
13(24)
(26)
5
–
–
–
–
–
(34) 112
139
180 –
139
–
180
$ Mil
(5,263) motor
(5,097)
(2,781)
(2,739)
(116)
(76)
vehicles,
furniture,
equipment
Additions to non-current assets
Net book value
Assets:
Attributable to discontinued
Contribution to Consolidated Fund and
operations
taxation
differences
$ Mil
–
110
–
$ Mil
17
18
(694)
(944)
(142)
406
(1,826)
123
23
(7)(390)
(99) 39
(7)
– 17
54
(160)
(2)
–
–
112
6 –
13 ––
– 18
112
–
(1,009)
14
18
(1,029)
18
98 20
$ Mil
1
401
(1,782)
17
–
(7)
18
(496)
–
–52
(8)
122
–49
–
(108)
7
9716
– –
–(10)
–
–108
18
(1,247)
83
1816
12
(1,231)
–
95
$ Mil
Property
WharfConsultancy
and
Wharf andBulk
Bulk
(Discontinued
(Discontinued
Adjustments and
Freehold
Leasehold
Land Land
base base handlinghandling
LeaseholdLeasehold
Social
Other
Freehold
Leasehold
Social
Property
operations)
operations)
Port
eliminations
land
land
development
structures
facilities
buildings
amenities
assets #
land
land
development
structures
facilities
buildings
amenities
2014
2015 $ Mil 2014
2014$ Mil 2015
2014
$2015
Mil
$ Mil
$2015
Mil
$ Mil2014
$2015
Mil
$ Mil
Segment
information
(continued)
Property,
plant
and
equipment
(continued)
Property,
plant
and
equipment
(continued)
2014
2015
Accumulated
depreciation
depreciation
and impairment
losses
Revenue: Accumulated
and impairment
Beginning
of financiallosses
year, as
Total revenue
Beginning
financial year,
previouslyof
reported
asofpreviously
Effect
adoption ofreported
SB-FRS
Inter-segment
110 of adoption of SB-FRS
Effect
External customers
Beginning
restated of financial year,
Beginning
Results:
Depreciation
restated charge
continuing
Depreciation- of
property, operations
plant and
Depreciation
charge
discontinued
operations
equipment- and
investment
properties
- continuing
operations
Impairment
made
Loss in recoverable amount of investment
Disposals/ write-offs
properties - discontinued operations
End
of financial
year
Disposals/
write-offs
Share of profit of associated
Transfer
to investment
companies/joint
venture
companies
Net properties
book value (Note 12)
Interest income
for sale
Interest expense
39.
11.
11.
#
NOTES
TO
THE
FINANCIAL
STATEMENTS
NOTESTO
TOTHE
THE
FINANCIAL
STATEMENTS
NOTES
FINANCIAL
STATEMENTS
For
the
financial
year
ended
31
March
2015
Forthe
thefinancial
financial
year
ended
March
2015
For
year
ended
31 31
March
2015
JURONG
TOWN
CORPORATION
JURONGTOWN
TOWN
CORPORATION
JURONG
CORPORATION
AND
SUBSIDIARY
COMPANIES
AND
SUBSIDIARY
COMPANIES
Net book value
–
–
differences
(5)
$ Mil
$ Mil
49
52
–
–
D
D
D
D
D
A
C
C
C
C
C
C
B
A
55
4
19
51
(5)
(61)
54
(7,866)
27,234
1,646
–
196
1,316
(257)
(5) 11 (15)
–
–
– (226)
10 –
12 – (465)
(8) –
108
–1,848
–
–
21 1,848
–
87
49
100
52
(7,627)
25,470
1,781
807
269
–
1,197
–
–
(223)
44
1,425
–
(16)
4
–
–
32
30
(205)
2–
(10)
–
(371)
590–
1,725
523
––
13
1,725
–
536
Capital
Capital
Per consolidated
projects-inprojects-inOther
Notes
progress
Total
#
assets
progress
$ Mil 2015
$ 2014
Mil
$ Mil
$ Mil
19
51
(12)
774
417
(12)
(168)
(5)
(5)
35
26
(44)
590
34
556
Total
$ Mil
774
417
102
11.
11.
11.
The
TheGroup
Group
––
Net book value
Transfer
investment
Transferfrom
from
investmentand impairment
Accumulated
depreciation
properties
––
losses
properties(Note
(Note12)
12)
––
Transfers
Beginning
of financial year
Transfers
Currency
Depreciation
charge
Currencytranslation
translation
differences
(16)
Disposals/write-off
differences
(16)
Transfer
to
investment
properties
(Note
12)
End
135
Endofoffinancial
financialyear
year
135
Disposals/
Disposals/write-offs
write-offs
2015
Cost
Cost
Cost
Beginning
Beginningofoffinancial
financialyear,
year,as
as
Beginning
of financial
year
previously
reported
––
previously
reported
Additions
Effect
Effectofofadoption
adoptionofofSB-FRS
SB-FRS
Disposals/write-off
110
151
110
151
Transfer
from/(to)
investment
properties (Note 12)
Beginning
ofoffinancial
year,
Beginning
financial
year,
Transfers/Reclassifications
restated
151
restated
151
Additions
––
End
of financial year
Additions
2014
2014
The Corporation
Freehold
Freehold
land
land
$$Mil
Mil
57
–
1–1
–
286
286
–
––
–––
––
–
–
37
37
57
–
285
285
––
57
–
248
248
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
34
––
6 ––
1
– ––
–43
43
7
––
4243
43
–
– ––
(1)
–43
43
41 ––
––
2
––
13
13
3
–
––
–
(3) 434
434
–
5 421
421
–
–
––
(3)
– 421
421
––
2
62
40
2
–
(2)
40
104
–
–
(2)
–
102
––
183
183
–
–
–
18
16
––
48
48 18
––
–
–– –
–
135
135 –
–– 34
135
135 34
4
10
30
(44)
(44)(2)
658
658 –
––
15
1528
(1)
(1)
1
477
477 (2)
–
687
687 5
1140
210
21036
Wharf
Bulk
Wharfand
and
Bulk
Leasehold
Land
base
handling
Leasehold
Leasehold
Land
base
handling
Leasehold
Freehold
Leasehold
Leasehold
Social buildings
Other
land
development
structures
facilities
land
development Land
structures
facilities
buildings
#
Land
development
buildings $ Mil
amenities $ assets
$land
Mil
$
Mil
$
Mil
Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
Property,
plant
and
equipment
(continued)
Property,
plant
and
equipment
(continued)
Property,
plant
and
equipment
(continued)
NOTES
TO
THE
FINANCIAL
STATEMENTS
NOTESTO
TOTHE
THE
FINANCIAL
STATEMENTS
NOTES
FINANCIAL
STATEMENTS
For
the
financial
year
ended
31
2015
Forthe
thefinancial
financial
year
ended
31March
March
2015
For
year
ended
31 March
2015
JURONGTOWN
TOWN
CORPORATION
JURONG
CORPORATION
AND
SUBSIDIARY
COMPANIES
AND
SUBSIDIARY
COMPANIES
–
30
–
––
–
35
35
––
––
––
2
–––
29
(5)
35
35
––
30
4
35
35
$ Mil
Capital
Social
Social
projects-inamenities
amenities
progress
$$Mil
Mil
(13)
(13)
211
66
25
9525
7
(6)
(2)
(6)
(5)
230
230
95
22599
99
3
(2)
108
108
80
–
207
207
30611
11
$ Mil
Other
Other
#
assets
assets #
Total
$$Mil
Mil
55
2,035
2,035
54
54
(14)
(14)
71
71
42
42
––
53
53
(1)
(1)
11
11
(66)
(66)
2,015
2,015
66
––
789
789
16
16
––
(101)
(101)
1,246
1,246
Total
Total
$$Mil
Mil
55
55
Capital
Capital
projects-inprojects-inprogress
progress
$$Mil
Mil
53
103
43
–
210
14
38
1
–
–
237
200
The Group
2015
The Corporation
–
22 –
(1)637
(3)
1,563
#
Segment liabilities
Other
Segment assets
38
–
21,374
1,629
43
–
–
–
1,255 –
(244)
(15) –
52
–
20,017
1,422
–
–
1,237
(210)
(16)
42
159
6,336
683
210
943
142
14
–428
–
5,960
326
38
807
105
1
396 –
(51)
(49) –
– (54) 36
(8)(37)
7
(3)
108
–
––
–
(96)
4
919 –
–4
919
6
–
6
6
–
–
42
–
–
–
42
1
1
220
2
1
–
(50)
(2)
2–
3
3(1)
–
––
5
–
(17)
–
–
356
5
373
(1) 37
1
–
1
–
–
187
237
200
– (16)
– (1)
– – 64
–
14
3
– – –
(2) 40
188
104
104
–
188(13)
–
–294 –
307
–
–
1,130
26
38
–
196
110
73 –
(13)
– –
3
4
31
–
171
76
(13)
–
(76)
1,088
16
2
4
–
18 (24)
34
180
–
– –
– 180
34
5
–
–
– –
(34) 18
(26)
139
180 –
139
–
180
(5,263) motor
(5,097)
(2,781)
(2,739)
(116)
(76)
vehicles,
furniture,
equipment
Additions to non-current assets
Net book value
Assets:
Contribution to Consolidated Fund and
operations
taxation
differences
Net
book value
Interest income
Transfer
to properties held
End
of sale
financial year
for
Interest expense
–
1 –
–
(111)
21
637
1,566
Accumulated
depreciation
and impairment losses
Depreciation
of property, plant
and
Depreciation
charge
equipment
and investment
properties
(200)
(181)
Beginning
of financial
year
–
- continuing
operations
Depreciation
charge
Loss in recoverable amount of investment
- discontinued
Disposal/
write-off operations
properties
(465) –
(371)
Disposals/
write-offs
–
End
of
financial
year
Share of profit of associated
Transfer
to investment
companies/joint
venture
companies
–
–
restated
–
110
(7)
123
23
–
17
18
(5)
19
51
49
52
–
–
112
28
(694)
(944)
(142)
406
(1,826)
123
23
(7)(390)
(99) 39
(7)
8
– 54
(160)
(2)
6 3
13 (3)
–
– 28
112
32
(1,029)
1
98 20
(3)
6
(1,009)
14
36
–
1
401
(1,782)
17
–
(7)
18
(496)
–
–52
–49 4
(8)
–
(108)
97
– –
–– –
– –
18
4
4
–
1816
–
(1,231)
– –
(1,247)
D
D
D
D
D
A
C
C
C
C
C
C
B
A
92(226)
55
4
19
51
(5)
(61)
56
(7,866)
27,234
1,646
–
196
1,316
(257)
(5)130 (15)
–
10 6
12 (3)(465)
(8) 95
108
221
1,848
1
87
(3) –
21 61,848
225
49
100
52
(7,627)
25,470
1,781
807
269
–
1,197
–
–
(223)
–
(16)
44
4
–
–
–
(371)
–
(205)
–
1,725
–
––
1,725
Property
Consultancy
Wharf and
Bulk
Capital
(Discontinued
(Discontinued
Adjustments and
Per consolidated
Capital Notes
Freehold
Leaseholdoperations)Land
base
handling
Social
Other financial
projects-inProperty
operations)
Port
statements
Land structures
Leaseholdfacilities
Social buildings
Other amenities
projects-inassets #
land
land Leasehold
development
progress
2015
2014
2015 land 2014 development
2015
2014
2015 amenities
2014
2015 #
2014
2015
2014
progress
$ Mil
$ Mil
$ Mil
$ Milbuildings $ Mil
$ Milassets
$ Mil
$ MilTotal
$ Mil
$ Mil
$ Mil $ Mil
$ Mil$ Mil
$ Mil
Mil
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil $ Mil $ Mil
$ Mil
$ Mil
$
$ Mil
$ Mil
$ Mil
Segment
information
(continued)
Property,
plant
and
equipment
(continued)
Property,
plant
and
equipment
(continued)
2014
Accumulated depreciation
Revenue: Cost
and impairment
losses
Beginning
of financial
year
Total revenue
1,687
Additions
as previously reported
Inter-segment
(3) –
Disposals/write-off
Effect of adoption of SB-FRS
Transfer
from
investment
properties
(Note
External customers
1,68412)
110
–
Beginning
of
financial
year,
Results:
39.
11.
11.
#
NOTES
TO
THE
FINANCIAL
STATEMENTS
NOTESTO
TOTHE
THE
FINANCIAL
STATEMENTS
NOTES
FINANCIAL
STATEMENTS
For
the
financial
year
ended
31
March
2015
Forthe
thefinancial
financial
year
ended
March
2015
For
year
ended
31 31
March
2015
JURONG
TOWN
CORPORATION
JURONGTOWN
TOWN
CORPORATION
JURONG
CORPORATION
AND
SUBSIDIARY
COMPANIES
AND
SUBSIDIARY
COMPANIES
Net book value
–
–
differences
(12)
774
417
(12)
(168)
(5)
(5)
35
26
(44)
590
34
556
Total
$ Mil
774
417
104
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
12.
2.
2.
2.
2.4
2.3
2.3
Investmentofproperties
Summary
Group accounting
The Group
The Corporation
Revenue recognition
2015
2015
2014
2014
Revenue recognition
Note
(Restated)
(a)
Basis of consolidation
Revenue is recognised to the extent that it$isMil
probable that
economic
benefits will $flow
$ Mil
$ Milthe
Mil to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
CostGroup
the
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Beginning
of financial
year,
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
defined
terms
of payment
and
excluding
taxes
or
duty. 14,854
18,488
16,099
asaccount
previously
reported
16,655
The contractually
consolidated
financial
statements
comprise
the financial
statements
of the
into
account
contractually
defined
terms
of payment
and
excluding
taxes
or
duty.
Effect of adoption
of
SBCorporation and its subsidiary companies as at the end of the reporting period.
(a)FRS 110
Rental income
–
503
208 used in the preparation
The financial
statements of the subsidiary
companies
of –the
(a)
income
BeginningRental
of financial
year,
consolidated financial statements
are prepared
for the same reporting date
as the
18,991
restated
14,854
Rental income arising from operating
leases is16,863
accounted for 16,099
on a straight-line
basis
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
over the lease terms. The aggregate costs of incentives provided to lesseesbasis
are
events
in
similar
circumstances.
2,279
1,626
Additionsover
1,727
1,421
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
(1,112)
(322)
Disposals/
write-offs as a reduction of rental
(200)
(170)
recognised
income
over
the
lease
term
on
a
straight-line
basis.
Arising from
acquisition
All
intra-groupofbalances, income and expenses and unrealised gains and losses
basis.
–
subsidiary
companies
597 are eliminated– in full.
resulting
fromport
intra-group transactions6 and dividends
(b)
from
Transfer Income
to property,
plant operations
(b)
(57)
(80)
and equipment
11
(6)
(6)
companies
arerendered
consolidated
from
the date of
dateis
Revenue
from
in port
operations
is acquisition,
recognised being
whenthe
work
Transfer Subsidiary
to properties
heldservices
Revenue
fromGroup
services
rendered
operations
recognised
work
which the
obtains
control,inand
until the
date
–portcontinue
– when
– is
for saleon
(18)
completed.
completed.
Attributedthat
to discontinued
–
–
–
(3,010)
(c)operations
Agency fees
(c)
Agency
fees
–
–
79
Translation
differences
28
Losses within a subsidiary company are attributed to the non-controlling interest
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
17,176
End of financial
year
18,991 services17,323
16,099
Agency
fees are
from
the provision
consultancy
recognised
when
the services
rendered,
usingof
theother
percentage
of completion are
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A
change
in
the
ownership
interest
of
a
subsidiary
company,
without
a
loss
of
Accumulated
depreciation
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
control,
is accounted for as an equity transaction. If the Group loses control over a
and loss
in recoverable
(d)amount
Interest
income
subsidiary
company, it:
of investment
(d)properties
Interest income
income,
including
from
finance
andof other
financial
BeginningInterest
year,
-of financial
de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance
lease and
other financial
4,831
4,437
as previously
reported
4,253
3,914
instruments,
is
recognised
using
the
effective
method.
instruments,
Effect of adoption
of SB- de-recognises the carrying amount
interest;
–
–
14 of any non-controlling
4
(e)FRS 110
Dividend
income the cumulative translation
de-recognises
differences
recorded
in equity;
Beginning
of
financial
year,
(e)
Dividend income
consideration
received;
4,845
4,437
restated- recognises the fair value of the
4,257
3,914
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the
Group’s
right
to
receive
payment
is
established.
- charge
recognises any surplus or deficit in profit or loss;
Depreciation
established.
193
- operations
re-classifies the Group’s share191
of components
in other
- continuing
173 previously recognised
175
- discontinued
operations
68
comprehensive
income to profit 73
or loss or retained
earnings, as–appropriate. –
(Write back)/ allowance for
impairment losses for
discontinued operations
Loss in recoverable amount
for continuing operations
Transfer from property, plant
and equipment
operations
Translation differences
Net book value
11
(16)
11
465
(102)
371
(38)
–
465
(20)
–
371
(23)
–
5
–
–
3
–
–
–
–
5,102
4,845
5,080
4,437
12,074
14,146
12,243
11,662
5
(368)
9
57
17
16
16
105
106
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
12.
2.
2.
2.
2.3
2.3
2.3
Investmentofproperties
Summary
significant(continued)
(a)
Inrecognition
2014, investment properties of the Group with net book values of $1,413 million
Revenue
Revenuehad
recognition
been pledged as security to secure certain term loans (Note 27) and loans
Revenue recognition
non-controlling
26). that the economic benefits will flow to
Revenuefrom
is recognised
to theshareholders
extent that it (Note
is probable
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
(b)
The
fair
values
of
the
investment
properties
are
as
follows:
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account contractually defined terms of The
payment
excluding taxes
duty.
Groupand
Theor
into account contractually defined terms of payment
and excluding taxes
orCorporation
duty.
(a)
Rental income
2015
2015
2014
2014
(a)
Rental income
(Restated)
(a)
Rental income
for on
a straight-line
basis
$ Milleases is$accounted
$ Mil
Mil
$ Mil
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the lease
terms.
The of
aggregate
costs42,153
of incentives
provided
toa lessees
36,821
37,243
Fair value
38,301are
recognised
as
a
reduction
rental
income
over
the
lease
term
on
straight-line
basis.
recognised
basis.
basis. details of valuation techniques and inputs used are disclosed in Note 37.
Further
(b)
(b)
(b)
Income
from port
operationsrecognised in the statements of comprehensive income:
The following
Revenue
fromamounts
servicesare
Revenue
from
services
completed.
Revenue from services rendered The
in port
operations is recognised
when work is
completed.
Group
The Corporation
completed.
2015
2015
2014
2014
(c)
Agency fees
(c)
Agency fees
(Restated)
(c)
Agency fees
Mil consultancy
Milrecognised
$ Mil services $are
$ Mil
Agency fees from the provision of$ other
when
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
Rental
income
1,648
1,648
1,520
1,520
the services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
actual
service
provided
Property
tax and
direct as a proportion of the total services to be performed.
(d)
Interest
income
operating
expenses
(d)
Interest income
(d)
Interest
arisingincome
from investment
Interest
income,
properties
that generated
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
(151)
rental income
(143) method.
(143)
Interest
income,
including
income
from interest
finance
lease (151)
and other financial
instruments,
is recognised
using
the
effective
instruments,
is
recognised
using
the
effective
interest
method.
Property tax
and direct
(e)
Dividend
income
operating
expenses
(e)
Dividend
income
(e)
Dividend
arising income
from
investment
Dividend
income
properties
that
did
Dividend
income
is not
established.
Dividend
is recognised when
payment
(15) the Group’s
(15)
generateincome
rental income
(11) right to receive
(11) is
established.
established.
(c)
In 2014, borrowing costs of $4 million, arising from borrowings obtained specifically
for certain investment properties were capitalised. The rates used to determine the
amount of borrowing costs eligible for capitalisation ranged from 1.32% to 11.00%
per annum, which is the effective interest rate of the specific borrowings.
58
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
13.
2.
2.
2.
2.4
2.3
2.3
14.
Investments
in subsidiary
companies
Summary
of significant
accounting
The Corporation
Group accounting
Revenue recognition
2015
Note
2014
Revenue recognition
$ Mil
(a)
$ Mil
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
revenue
be1companies
reliably
regardless
of when
the payment
is
Investments
in subsidiary
(a) Group
Basis
ofthe
consolidation
from
April 2010
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made. Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
1,363
Unquoted
shares,
at cost
41 received
1,313
made.
Revenue
is
measured
at
the
fair
value
of
consideration
or
receivable,
taking
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
Attributable
to disposal
group
classified
as
held
The
consolidated
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
(647)
for
sale
–
(a)
Rental income
716
1,313
The
financial
(a)
Rental
Balances
with
subsidiary
companies
(b)
Corporation.
Consistent
accounting
policiesisare
applied to on
likea transactions
and
Rental
income
straight-line
over
the
lease arising
terms. from
The operating
aggregateleases
costs ofaccounted
incentivesfor
provided
to lesseesbasis
are
Loan
to
subsidiary
company
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
15on a straight-line
- non-trade,
interest
freeof rental income over 17
–
recognised
as
a
reduction
the
lease
term
basis.
Amounts
owingbalances,
to subsidiary
companies
All
intra-group
income
and expenses and unrealised gains and losses
basis.
Payable
within
12
months
resulting
fromport
intra-group
(b)
Income from
operations
(5)
- trade,
free
26
(4)
(b)
Income
frominterest
port operations
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
The loan
towhich
subsidiary
is unsecured,
interest
free
and istonot
to be
Revenue
fromGroup
services
rendered
inand
port
operations
recognised
when
work
on
the
obtains
control,
continue
beisexpected
consolidated
untilrepayable
the
dateis
completed.
within the
next
12
months.
completed.
(c)
Agency fees
The amounts
owing
to subsidiary
companies
tradeto
in the
nature,
unsecured, interest
(c)
Agency
fees
Losses
within
a subsidiary
companyare
aremainly
attributed
non-controlling
interest
free andeven
repayable
on
demand
in
cash.
Agency
feesresults
from the
if that
in aprovision
deficit balance.
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Further details
regarding
the subsidiary
companies
aretotal
set
out
in Note
41.
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
services
to
be
performed.
of
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
(d)
Interest income
subsidiary
company, it:
Investment
in associated
companies and joint venture companies
(d)
Interest
income
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
The other
Group
Interest
income,
including
income
from interest
finance method.
lease and
financial
instruments,
is
recognised
using
the
effective
company at their carrying amounts at the date Note
when control2015
is lost;
2014
instruments, is recognised using the effective interest
method.
- de-recognises the carrying amount of any non-controlling interest; (Restated)
(e)
Dividend
- de-recognises
$ Mil
$ Mil
(e)
Dividend
income
- in
recognises
the companies
fair value of the consideration received;
Investment
associated
- recognises
value of any
investment
retained;
748
Quoted shares,
at income
cost theisfair
739 is
Dividend
recognised
when
the Group’s
right to receive
payment
established.
- shares,
recognises
461
Unquoted
at costany surplus or deficit in profit or loss;
470
established.
- re-classifies the Group’s share of components 42
previously1,209
recognised in1,209
other
(Less)/add: comprehensive income to profit or loss or retained earnings, as appropriate.
(4)
Goodwill written off
(4)
(5)
Impairment
(5)
(258)
Share of post-acquisition accumulated losses
(367)
(106)
Share of post-acquisition reserves
(131)
(1)
(4)
185
Dilution of interest
185
Elimination of unrealised profits arising from
(76)
transactions with associated companies
(76)
(944)
Attributed to discontinued operations
–
–
807
59
17
16
16
107
108
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
14.
2.
2.
2.
2.3
2.3
2.3
Investmentofinsignificant
associated
companiespolicies
and joint
venture companies (continued)
Summary
accounting
(continued)
The Group
Revenue recognition
Revenue recognition
2015
Note
2014
Revenue recognition
(Restated)
Revenue is recognised to the extent that it is probable that the economic benefits
will flow to
Revenue
recognised
to thecan
extent
it is measured,
probable that
the economic
will $flow
$ benefits
Mil the payment
Mil to
the
Groupis
the revenue
be that
reliably
regardless
of when
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
to
the
Group
and
the
revenue
be
reliably
regardless
of
when
the
payment
is
Investment
in
joint
venture
companies
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
taxesoror
duty.
325
290
Unquoted
equity
investments,
atthe
cost
43received
made.
Revenue
is
measured
at
fair
value
of
consideration
receivable,
taking
into
(Less)/add:
into
(a)
income accumulated losses
(25)
Share ofRental
post-acquisition
(16)
(a)
Rental
income reserves
4
Share
of
post-acquisition
–
(a)
Rental income
Rental
income arising from operating leases is accounted for on a17
straight-line basis
Translation
differences
3
Rental
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Elimination
of
unrealised
profits
arising
from
transactions
Rentalthe
income
arising from
leases
basis
over
lease
The operating
aggregate
costs isover
ofaccounted
incentives
are
recognised
as aterms.
reduction
of
rental income
the leaseprovided
term 12
onto
a lessees
straight-line
with joint
venture
companies
(8)
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
(137)
Attributed
to discontinued
operationsof rental income over the lease term
–
recognised
as
a
reduction
on
a
straight-line
basis.
196
269
basis.
(b)
(b)
Total
investment
in associated
companies and joint
(b)
Income from
port operations
Revenue
work is
196 when 1,076
venture
companies
completed.
completed.
Fair value
of investment in associated companies for
completed.
(c)which Agency
–
there
arefees
published price quotations
1,087
(c)
Agency
fees
(c)
Agency fees
Summarised
financial
information
of associated
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees
from
the
provision
of
consultancy
services are
recognised
when
companies,
not
adjusted
for
the
proportion
of
ownership
the services
are
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
services
rendered,
the percentage
ofservices
completion
method
based on the
interestthe
held
by
theare
Group
are as
as ausing
follows:
actual
service
provided
proportion
of the total
to be
performed.
(d)
Interest income
Assets and
liabilities
(d)
Interest
income
(d)
696
753
Current Interest
assets income
10,973
9,441
Non-current
assets
Interest
income,
including
income
from
finance
lease
and
other
financial
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
lease 11,669
and other 10,194
financial
Total assets
instruments,
is recognised
using
the effective
interest
method.
(e)
Dividend income
(e)
920
1,303
Current Dividend
liabilities income
(e)
Dividend income
2,653 is
Non-current
liabilities
Dividend
income is recognised when the Group’s right to 4,206
receive payment
Dividend income is recognised when the Group’s right to 5,126
receive payment
3,956 is
Total liabilities
established.
established.
established.
Results
1,097
999
Revenue
297
410
Profit for the year
Share of associated companies’ contingent liabilities
incurred jointly with other investors
–
14
60
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
14.
2.
2.
2.
2.4
2.3
2.3
Investmentofinsignificant
associated
companiespolicies
and joint
venture companies (continued)
Summary
accounting
(continued)
Furtheraccounting
details regarding the associated companies are set out in Note 42.
Group
Revenue recognition
Revenue recognition
(a)
Basis investment
of consolidation
and
business
combinations
The Group’s
in the
joint
venture
companies are equity-accounted for in the
Revenue
is recognised
to of
thefinancial
extent that
it is probable
that the economic
benefits
flow to
consolidated
statements
position
and comprehensive
income.
The will
following
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable
that
the economic
benefits
will
flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
amounts
represent
the
Group’s
effective
of the assets
and liabilities
and
income
andis
Basis
ofthe
consolidation
from
1reliably
Aprilshare
2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
expenses
of the is
joint
venture at
companies
as atof 31
March 2015received
and 31 or
March
2014 should
made.
Revenue
measured
the
fair
value
consideration
receivable,
taking
into
account
terms
of payment
and excluding
taxes or
duty.
proportionate
consolidationdefined
be adopted.
The contractually
consolidated
financial
statements
comprise
the financial
statements
of the
into
account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
(a)
Rental income
The
Group of the
The
financial
preparation
(a)
Rental
incomestatements of the subsidiary companies used in the
2015
consolidated financial statements are prepared for the same reporting date2014
as the
Rental income arising from operating leases is accounted for on a straight-line
basis
(Restated)
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over the lease terms. The aggregate costs of incentives provided
to
lessees
$ Mil to lessees
$ Milare
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
43
Current basis.
assets
301
All
basis.
204
Non-current assets
414
resulting
fromport
intra-group
(b)
Income from
operations
247
715
(b)
companies
arerendered
consolidated
from
the date of
dateis
Revenue
services
in port
operations
is acquisition,
recognised
whenthe
work
27 being
Current Subsidiary
liabilities from
83
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
on
which
the
Group
obtains
control,
and
continue
to
be
consolidated
until
the
dateis
completed.
28
Non-current liabilities
351
completed.
55
434
(c)
Agency fees
(c)
Agency fees
within a subsidiary company are attributed to the non-controlling
interest
192
Share ofLosses
net assets
281
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency fees from the provision of other consultancy services are recognised
when
based 126
on
the
47
Revenuethe services are rendered, using the percentage of completion method
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change in the ownership interest of a subsidiary company,
without a loss
(43)
Expenses
(107)of
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
4 control over
Net profitcontrol, is accounted for as an equity transaction. If the Group loses
19 a
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
Capital commitments in relation to interest in joint venture
Interest
income, including
from
finance
and–of other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
companies
126
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
Proportionate
interest in joint
venture
companies’
- de-recognises
the
carrying
amount ofcapital
any non-controlling interest;
(e)commitments
Dividend
income
de-recognises
the
cumulative
translation
differences recorded–in equity; 253
(e)
Dividend income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
Details of
joint venture
set in
outprofit
in Note
43.
-therecognises
anycompanies
surplus orare
deficit
or loss;
established.
61
17
16
16
109
110
JURONG
TOWN
CORPORATION
JURONG
TOWN
CORPORATION
JURONG
TOWN CORPORATION
AND
SUBSIDIARY
COMPANIES
AND
SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TOTO
THE
FINANCIAL
STATEMENTS
NOTES
THE
FINANCIAL
STATEMENTS
NOTES
TO THE
FINANCIAL
STATEMENTS
For
the
financial
year
ended
31
March
2015
For
the
financial
year
ended
31
March
2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
15.2.
15.
2.
2.
2.3
2.3
2.3
16.16.
Investment
Investment
securities
Summary
ofsecurities
The
The
Group
Group
The
The
Corporation
Corporation
Revenue recognition
Revenue recognition
2015
2015
2015
2015
2014
2014
2014
2014
Revenue recognition
$ Mil
$ Mil that$the
Mil
$ Mil will flow
Mil
$ Mil
$ Mil
$ Mil
economic$benefits
to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
Group
the
revenue
be fair
reliably
regardless
of when
the payment
is
(a)the
(a)
Current
Current
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
Held-to-maturity
Held-to-maturity
debt
debt
securities,
securities,
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
intoat
account
contractually
terms of payment
excluding
or duty.
2828and
28
at
amortised
amortised
cost
cost defined
1010 taxes
1010
into account
contractually
defined terms of payment
and excluding
taxes or 28
duty.
(a)
Rental income
(a)
Rental income
(b)(a)
(b)
Non-current
Non-current
Rental income
Rental income
arising
Held-to-maturity
Held-to-maturity
debt
debt
securities,
securities,
Rentalthe
income
arising
from
is accounted
for
on a straight-line
basis
over
lease
terms.
The operating
aggregateleases
costs
incentives
provided
are
1 1isofaccounted
1to1 lesseesbasis
at at
amortised
amortised
cost
cost arising
3030 for
29
29
Rental
income
from
operating
leases
on a straight-line
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Available-for-sale
Available-for-sale
financial
financial
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
basis.
assets
assets
recognised
basis.
- Equity
- Equity
instruments
instruments
(unquoted),
(unquoted),
basis.
(b)at at
Income
fair
fair
value
value
– –
6 6
– –
– –
(b)
Equity
Equity
instruments
instruments
(unquoted),
(unquoted),
(b)
Revenue from services rendered in port– operations
is recognised– when
work– is–
at at
cost
cost
–
1919
–
completed.
Revenue from services rendered in port1 operations
is recognised1 when
work
is
1
1
5555
2929
completed.
completed.
(c)
Agency fees
(c)
Agencysecurities
fees
2929
2929
Total
Total
investment
investment
securities
6565
3939
(c)
Agency fees
Agency
fees
from
the provision
of
other
consultancy
services
are
recognised
when
Held-to-maturity
Held-to-maturity
debt
debtsecurities
securities
have
have
a arange
range
of of
coupon
coupon
rates
of of1.34%
1.34%
to to3.03%
3.03%
per
per
the
services
rendered,
using
the
percentage
ofrates
completion
method
based
on
the
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the services
rendered,
using
the
percentage
completion
based on
the
annum
annum
(2014:
(2014:
1.95%
1.95%
toare
to
5.00%
5.00%
perper
annum)
annum)
and
and
mature
mature
intotal
in
2of
months
2services
months
to to
2 years.
2method
years.
actual
service
provided
as
a
proportion
of
the
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
Further
Furtherdetails
detailsof income
ofvaluation
valuationtechniques
techniquesand
andinputs
inputsused
usedforforavailable-for-sale
available-for-salefinancial
financial
(d)
Interest
(d)
Interest
income
assets
assets
areare
disclosed
disclosed
in in
Note
Note
37.37.
(d)
Interest income
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
isassets/liabilities
recognised
using
the effective
Deferred
Deferred
income
income
taxtax
assets/liabilities
(e)
Dividend income
(e)
Dividend income
The
The
Group
Group
(e)
Dividend income
2014
2014 is
Dividend income is recognised when the Group’s right 2015
to2015
receive payment
Dividend income is recognised when the Group’s right to receive
payment is
(Restated)
(Restated)
established.
established.
$ Mil
$ Mil
$ Mil
$ Mil
established.
(a)(a) Deferred
Deferred
income
income
taxtax
assets
assets
Tax
Tax
losses
losses
Others
Others
Deferred
Deferred
income
income
taxtax
liabilities
liabilities
Accelerated
Accelerated
taxtax
depreciation
depreciation
Others
Others
Net
Net
deferred
deferred
income
income
taxtax
liabilities
liabilities
– –
– –
– –
(1)(1)
(13)
(13)
(14)
(14)
1515
(2)(2)
1313
2727
6868
9595
1313
8181
6262
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
16.
2.
2.
2.
2.4
2.3
2.3
Deferred income
tax assets/liabilities
(continued)
Summary
of significant
accounting policies
(continued)
Group accounting
The Group
Revenue recognition
2015
2014
Revenue recognition
(a)
(Restated)
benefits will$ flow
$ Mil
Mil to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
(b)
Deductible
temporary
differences
& unused
tax
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
contractually
terms
of payment
and excluding
taxes or
duty.
The
consolidated
financial
statements
comprise
the financial
statements
of the
losses
for which defined
no
deferred
tax
assets
are
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
recognised are
to companies
the following:
Corporation
and attributable
its subsidiary
as at the end of the reporting period.
(a)
Rental
income
–
Tax
losses
68the
The
financial
of
(a)
Rental
incomestatements of the subsidiary companies used in the preparation
DeferredCorporation.
income
tax assets
are recognised
tax losses
the extent basis
that
Consistent
accountingfor
policies
are carried
applied forward
to on
likea to
transactions
and
Rental
income
straight-line
over
the
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lessees are
realisation
of the
the
related
tax benefits
through future
taxable
profits provided
is probable.
The Group
events
in
similar
circumstances.
over
lease
terms.
The
aggregate
costs
of
incentives
to
lessees
are
had deductible
temporary
differences
and
unrecognised
tax
losses
atterm
the on
enda of
the 2014
recognised
as
a
reduction
of
rental
income
over
the
lease
straight-line
basis.
which could
be carried balances,
forward and
used to
offset
againstand
future
taxable income
subject
to
All
intra-group
income
and
expenses
unrealised
gains and
losses
basis.
the agreement
of
the
relevant
tax
authorities
and
compliance
with
certain
provisions
of
the
resulting
fromport
intra-group
(b)
Income from
operations
tax legislations
the port
respective
countries of incorporation.
(b)
Incomeof
from
operations
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
The movements
the
deferred
taxcontrol,
assetsinand
and
liabilities
to offsettingwhen
of balances
Revenue
from
services
rendered
portcontinue
operations
recognised
work
on
which in
the
Group
obtains
to(prior
beis consolidated
until
the
dateis
completed.
within the
same
tax
jurisdiction)
during
the
financial
year
are
as
follows:
completed.
(c)
Agency fees
The Group
(c)
Agency fees
Losses
interest
2015
2014
Agency
feesresults
from the
of other consultancy services are recognised
when
even
if that
in aprovision
deficit balance.
(Restated)
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based
on
the
$method
Mil
$ Mil
the
services
are
rendered,
using
the
percentage
of
completion
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
income
tax assets
(c) Deferred
(d)
Interest income
subsidiary
company,year,
it: as previously reported
of financial
(5)
(4)
(d) Beginning
Interest income
Effect of adoption of SB-FRS 110
(9)
(6)
Interest
income, including
income
from
finance
andof other
financial
- de-recognises
the assets
(including
goodwill)
andlease
liabilities
the subsidiary
Beginning
of
financial
year,
restated
(14)
(10)
Interest
income,
including
income
from interest
finance method.
instruments,
isatrecognised
using
the effective
company
their
carrying
amounts
at the date when
control is lost;
Tax
credited
to is
profit
or loss
instruments,
recognised
–
(5)
Tax
charged
to
equity
–
(e)
Dividend
income the cumulative translation differences recorded in equity; 1
- de-recognises
(e) Attributable
Dividend
income
to discontinued operations
14
–
Dividend
income
is recognised when the Group’s right to receive
payment
is
–
End- of recognises
financial
year
(14)
theisfair
value of any
investment
retained;
Dividend income
recognised
when
the Group’s
established.
established.
income tax liabilities
(d) Deferred
comprehensive
Beginning of financial year, as previously reported
91
34
4
4
95
38
Arising from acquisition of subsidiary company
(6)
50
Charged to profit or loss
(4)
7
Attributable to discontinued operations
(72)
–
13
95
63
17
16
16
111
112
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
17.
2.
2.
2.
2.3
2.3
2.3
Other non-current
assets
Summary
of significant
The Group
The Corporation
Revenue recognition
Revenue recognition
2015
2015
2014
2014
Revenue recognition
Revenue is recognised to the extentNote
that it is probable (Restated)
Revenue
recognised
to thecan
extent
it is measured,
probable
the
economic
benefits
will flow
to
$ Mil that
$ Mil
$ Mil
$ Mil
the
Groupis
the revenue
be that
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable
that
the
economic
benefits
will flow
to
the
Group
and
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
Loans
to
investee
companies
and
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into
account
or duty.
3
third
partiescontractually
6 taxes
3
into
account
contractually defined terms of payment6 and excluding
taxes or duty.
(a)
Rental
income
Less: Allowance for impairment of
(a)loans to
Rental
income
investee
companies and
(a)
Rental
income
Rental income arising from operating leases
basis
(3)
third parties
(6) is accounted
(3)
(6) for on a straight-line
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
–
–
Loans, net
–
–
Rentalthe
income
arising
from
leases
for
on a straight-line
basis
over
lease
terms.
The operating
aggregate
costs isover
ofaccounted
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
the
lease
term
on
straight-line
over the lease
The aggregate
costs over
of incentives
are
as aterms.
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
basis.
Loan to recognised
subsidiary company
and of
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis. company(i)
–
15
joint venture
75
–
basis.
(b)
(b)
DeferredIncome
trade receivables
– third
(b)
Income
in port
is recognised369
when work378
is
369operations378
partiesRevenue from services rendered
18
Revenue from services rendered in port –operations is5 recognised when
work is–
completed.
–
Trade receivables
completed.
132
132
Rent-free
incentive
117
117
completed.
(c)
15
14
Others Agency fees
21
15
(c)
Agency fees
516
530
596
510
(c)
Agency fees
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
usingtrade
theother
percentage
completion
method
based
on
the
The carrying
amounts
ofrendered,
non-current
andconsultancy
other of
receivables
their
fair
Agency
fees are
from
the
provision
of
servicesapproximate
are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
values atthe
theservices
end of the
reporting
period.
rendered,
the percentage
ofservices
completion
method
based on the
actual serviceare
provided
as ausing
proportion
of the total
to be
performed.
(i)
(d)
incomecompany of $15 million (2014: Nil) is unsecured, interest free and is
LoanInterest
to subsidiary
(d)
Interest income
to be repayable within the next 12 months. In 2014, loan to joint venture
(d) not expected
Interest income
Interest
income,
including
income
from
company
of
$75
million bore
interest
at a rate
of 1%finance
per annum.
Interest
income,
including
income
from
finance
instruments,
is
recognised
using
the
effective
interest
method.
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
(e)
Dividend income
(e)
Dividend income
(e)
Dividend income
established.
established.
established.
64
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
18.
2.
2.
2.
2.4
2.3
2.3
Deferred receivables
Summary
Deferred
trade receivables relate principally to rental receivable in respect of long-term
Group
accounting
Revenue
recognition
leases.
Revenue recognition
(a)
Basis of consolidation and businessThe
combinations
Group
The Corporation
Revenue is recognised to the extent
that it2015
is probable that
the economic
benefits will2014
flow to
2015
Note
2014
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
Mil
Mil the payment
$ Mil
$ Mil is
Basis
consolidation
from
April$2010
the
Group
andofthe
revenue can
be1fair
reliably
regardless
of $when
is
made.
Revenue
is measured
at the
valuemeasured,
of consideration
received
or receivable,
taking
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
account
contractually
terms
of payment
and excluding
taxes or
duty.
Deferred
trade
receivablesdefined
The
consolidated
financial
statements
comprise
the financial
statements
of the
into
account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
6
6
within Corporation
12 months and its subsidiary
24
12
10
companies as at the end of the reporting period.
(a)
Rental income
The
financial
(a)
Rental
Deferredconsolidated
trade receivables
financial statements are prepared for the same reporting date as the
Rental
income arising from
operating
leases is accounted
for on369
a straight-line378
basis
369
after 12
months
17accounting
378
Corporation.
Consistent
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
isof
accounted
straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
375 costs of incentives
375 to lessees
Total over
390
388are
events
in
similar
circumstances.
the
lease
terms.
The
aggregate
provided
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
Comprising:
All
basis.
- finance
lease from intra-group transactions
375and dividends
375 in full.
388
390are eliminated
resulting
(b)
Income from
port operations
375
375
388
Deferred
trade
receivables
390
(b)
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
Deferredon
trade
receivables
– obtains
finance
lease inand
which
the
control,
until the
dateis
completed.
completed.
DeferredAgency
trade receivables
– finance lease relate principally to rental receivable in respect
(c)
fees
(c)
Agency
fees
of long term
finance
leases.
Outstanding
payments
from deferred
receivablesinterest
range
Losses within a subsidiary
company
are attributed
to thetrade
non-controlling
from 188even
to
466
months
(2014:
7
to
478
months).
The
discount
rates
implicit
in
the
finance
Agency
feesresults
from the
if that
in aprovision
deficit balance.
Agency
fees2.76%
from
the
of
services
are
recognised
when
lease ranges
from
to provision
5.4%using
(2014:
2.6%consultancy
to 8.2%)
per
annum.
Future
minimum
the services
are
rendered,
theother
percentage
of completion
method
based
on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
receivables
under
the
lease
agreements
together
with
the
present
value
of
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change in the ownership interest of a subsidiary company, without a lossnet
of
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
minimumcontrol,
receivables
are
as
follows:
is accounted for as an equity transaction. If the Group loses control over a
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
2015
2014
Interest
income, including
from
finance
andof
other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
leaseTotal
and other financial
Total
instruments,
is
recognised
using
the
effective
instruments, is recognised using
the effective
interest method.
minimum
Present
minimum
- de-recognises the carrying
amount of any
non-controlling
interest; Present
lease
value
of
lease
value of
(e)
Dividend
- de-recognises
(e)
Dividend
income
receivables receivables receivables receivables
The Group
$ Mil
$ Mil
Dividend income is recognised$ Mil
when the Group’s
right $
toMil
receive payment
is
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
- recognises any surplus or deficit20
in profit or loss;
19
Within 1established.
year
26
25
re-classifies
the
Group’s
share
of
components previously recognised in other
After 1 year but not more than
or loss or retained
as appropriate.
71 earnings, 83
5 years comprehensive income to profit 85
70
More than 5 years
Total minimum lease receivables
Less: Amounts representing
finance charges
495
600
285
375
511
620
295
390
(225)
375
–
375
(230)
390
–
390
65
17
16
16
113
114
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
18.
2.
2.
2.
2.3
2.3
2.3
19.
Deferred receivables
(continued)
Summary
of significant
2015
2014
Revenue recognition
Revenue recognition
Total
Total
Revenue recognition
minimum
Present
minimum
Revenue is recognised to the extent that
it is probable
that the economic
benefitsPresent
will flow to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable
that
the economic
benefits
will flow
lease
value
of
lease
value
of to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
receivables
receivables
receivables
receivables
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
Theaccount
Corporation
$ofMil
$ Mil
$ Mil
into
contractually
defined
terms
payment
and
excluding
taxes
orreceivable,
duty. $ Miltaking
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
20
19
Within 1Rental
year income
24
23
(a)
(a)
Rental
income
After
1
year
but
not
more
than
(a)
Rental income
71
5 years
Rental income arising from operating85
leases is accounted
for on a83straight-line70
basis
Rental
income
arising
from
operating
leases
isofaccounted
for
on510
a straight-line
basis
495
285
More than
5
years
295
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
600
375
Total minimum
lease
receivables
617
388
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis. representing
Less: Amounts
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis. charges
(225)
finance
–
(229)
–
basis.
(b)
375
375
388
388
(b)
(b)
completed.
Goodwill
completed.
completed.
(c)
Agency fees
The Group
(c)
Agency fees
(c)
Agency fees
2015
2014
(Restated)
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
consultancy
services$ are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based
on
the
Milperformed.
$ Mil
actual
service
provided
as
a
proportion
of
the
total
to
be
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
Cost the
(d)
Interest
income
160
Beginning
of financial
year, as previously reported
112
(d)
Interest income
4
Effect ofInterest
adoption
of SB-FRS 110
4
(d)
income
Interest
income,
including
Beginning
of
financial
year,
restated
164
116
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
lease and
Additions
48
– other financial
instruments,
is recognised
using
the effective
instruments,
is
recognised
using
the
effective
interest
method.
Attributable
to discontinued
(164)
–
(e)
Dividend
income operations
(e)
Dividendyear
income
End of financial
164
–
(e)
Dividend income
established.
Impairment
tests for
goodwill
Dividend
income
established.
established.
Goodwill is allocated to the Group’s cash-generating units (“CGUs”) identified according to
country of operation and business segment.
Fund management CGU in Singapore
Goodwill allocated to the Group’s fund management CGU in Singapore last year amounted
to $112 million. The recoverable amount of the CGU was determined based on value-inuse calculations. Cash flow projections used in these calculations were based on financial
forecasts covering a 10-year period. The 10-year forecast is reviewed, updated and
approved by management on an annual basis. Cash flows beyond the 10-year period were
extrapolated using the estimated growth rates stated below.
66
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
19.
2.
2.
2.
2.4
2.3
2.3
Goodwill (continued)
Summary
Key assumptions
Group
accountingused for value-in-use calculations
Revenue recognition
Revenue recognition
(a)
The Group
2015
2014
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will
flow to
the Group
the
revenue
be1that
reliably
regardless
of when
the payment
is
Basis
of
consolidation
from
April
2010
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made. Revenue
is measured at the fair value of consideration received or receivable, taking
1
GrowthRevenue
rate
–receivable,1%
made.
is
measured
at
the
fair
value
of
consideration
received
or
taking
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
2
The
consolidated
financial
statements
comprise
the financial
statements
of the
Discount
ratecontractually
– duty. 7.37%
into
account
defined
terms
of payment
and excluding
taxes or
(a)
Rental income
The
financial
statements
of the subsidiary
in value
the preparation
the
(a)
Rental
income
The Group
has
assessed
and determined
that nocompanies
impairmentused
in the
of goodwillofhas
consolidated
financial
statements
are
prepared
for
the
same
reporting
date
as
the
arisen. Rental income arising from operating leases is accounted for on a straight-line basis
Corporation.
Consistent
accounting policies
are applied for
to on
likea transactions
and
Rentalthe
income
straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentives provided
to lesseesbasis
are
1 Forecasted
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
post-tax
EBITDA
annual
long-term
growth
rate
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
2 Weighted
All
intra-group
income and expenses and unrealised gains and losses
basis.
– average balances,
cost of capital
resulting
fromport
intra-group
(b)
Income from
operations
(b)
Income
from port
operations
Sensitivity
to changes
in assumptions
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised
when
work
Management
believes
that obtains
no reasonably
possible
changes
any of the
above
keyis
on
which
the
control,inand
to beis in
consolidated
until
the
date
completed.
completed.
assumptions
would
cause
the
carrying
value
of
the
unit
to
materially
exceed
its
recoverable
amount.Agency fees
(c)
(c)
Agency fees
Losses
Fund investment
CGU
in China
Agency
fees
from
the
even
if that
results
in aprovision
deficit balance.
Agency
fees
from
of
consultancy
services
when
The recoverable
amount
ofthe
theprovision
CGU
is determined
based
value in are
userecognised
calculation.
The
the services are rendered,
using
theother
percentage
of on
completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
value in A
use
calculation
is
a
discounted
cash
flow
model
using
cash
flow
projections
based
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
change in the ownership interest of a subsidiary company, without a loss the
of
actual
service
provided
asasa an
proportion
of the totalcovering
services
to beloses
on the most
recent
forecasts
approved
by management
three
toperformed.
fivecontrol
years.over
Cash
control,
is accounted
for
equity
transaction.
If the Group
a
flows beyond
periods it:are extrapolated using the estimated terminal growth rates
(d)
Interestthese
income
subsidiary
company,
(d)
income
stated inInterest
the table
below. The discount rates applied are the weighted average cost of
capital from
the
relevant
segment. The
key
assumptions
are
those
relating
to
Interest
income, business
including
from
finance
andof
other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
income,
including
income
from
finance
lease
and
other
financial
expectedInterest
changes
in
average
rental
rates
and
occupancy
and
direct
costs.
The
terminal
instruments,
using
the effective
method.
their carrying
amounts
at the interest
date when
control is lost;
instruments,
is recognised
using
the effective
interest expectation
method.
growth rates
used for
the CGU are
within
management’s
of the long term
de-recognises
the
carrying
amount
of
any
non-controlling
interest;
average
growth
rates
of
the
industry
and
country
in
which
the
CGU
operates.
(e)
Dividend
- de-recognises
(e)
Dividend
income
- recognisesfor
the fair value ofcalculations
the consideration received;
Key assumptions
Dividend used
income value-in-use
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
right to receive
payment is
The Group
established.
established.
2015
2014
income to profit or loss or retained earnings, as
– appropriate.
Capitalisationcomprehensive
rate
6.60%
The Group has assessed and determined that no impairment in the value of goodwill has
arisen.
Sensitivity to changes in assumptions
Management believes that no reasonably possible changes in any of the above key
assumptions would cause the carrying value of the unit to materially exceed its recoverable
amount.
67
17
16
16
115
116
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
20.
2.
2.
2.
2.3
2.3
2.3
Cash and cash
equivalents
Summary
of significant
The Group
The Corporation
Revenue recognition
Revenue recognition
2015
2015
2014
2014
Revenue recognition
(Restated)
Revenue
recognised
to thecan
extent
it is
probable that
the economic
benefits
will
flow to
$ measured,
Mil
Mil
$regardless
Mil
$ Mil
the
Groupis
the revenue
be that
reliably
of $when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is
probable that
the economic
benefits
will
flow to
the
Group
and
the
revenue
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
18
Cashaccount
atRevenue
bankcontractually
andis on
handdefined
469 received
3
into
terms
of payment
and excluding
taxesoror7receivable,
duty.
made.
measured
at
the
fair
value
of
consideration
taking
into
contractually defined terms of 6,785
payment and excluding taxes
or duty. 6,148
6,785
Cashaccount
with AGD
into
account
contractually defined terms of payment and6,148
excluding taxes
or duty.
382
–
Fixed deposits
866
–
(a)
Rental income
(a)
Rental
income
7,185
6,792
Cash
and
bank
balances
7,483
6,151
(a)
Rental income
Rental
income
is accounted
for on a–straight-line basis
–
Less: Fixed
deposits
pledged
(62)
–
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on
a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
7,185
6,792
7,421
6,151
Rentalthe
income
arising
from
leases
for
on a straight-line
basis
over
lease
terms.
The operating
aggregate
costs isover
ofaccounted
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
the
lease
term
on
straight-line
–
–
Less: Bank
overdrafts
(Note
27)
(1)
–
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis. cash
(85)
(85)
Less: Restricted
(107)
(101)
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
7,100
6,707
Cash and
cash equivalents
7,313
6,050
basis.
(b)
(b)
Cash atIncome
bank earns
interest
at floating rates based on daily bank deposit rates. Fixed
(b)
from port
operations
from at
services
renderedshort-term
in port operations
is recognised
when
work is
depositsRevenue
earn interest
the respective
deposit rates.
The range
of effective
completed.
interest Revenue
rates as at 31 March 2015 for the Group was 0.08% to 1.17% (2014: 0.25% to
completed.from services rendered in port operations is recognised when work is
9.44%) per
annum.
completed.
(c)
Agency fees
(c)
Agency fees
Cash with
the Accountant-General’s
Department (“AGD”) refers to cash that are managed
(c)
Agency
fees
fees
from the provision
areinrecognised
when
by AGD Agency
under the
Centralised
Liquidity Management
Schemeservices
as set out
the AccountantAgency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
General’s
Circular
No.4/2009
Centralised
Liquidity
Management
for
Statutory
Boards
and
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
Ministries.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
(d)
Interest
income of the Group of $58 million were pledged to lenders of a subsidiary
In
2014,
fixed deposits
(d)
Interest
income
companyInterest
in respect
of deposits put up by tenants of the subsidiary company and to
(d)
income
income,
including
income
finance companies.
lease andFixed
otherdeposits
financial
financialInterest
institutions
for banking
facilities
grantedfrom
to subsidiary
of
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
the Group
of theincome,
remainingincluding
$4 million
were pledged
to financial
institutions
for banking
Interest
income
from
finance
lease
and
other
financial
facilities instruments,
granted to anisassociated
recognisedcompany.
(e)
Dividend income
(e)
Dividend income
Restricted
cash under
the Group’s cash and cash equivalents of $85 million (2014: $107
(e)
Dividend
income
is recognised
when
Group’s from
right which
to receive
payment tois
million) Dividend
were heldincome
under project
accounts
and the
withdrawals
are restricted
established.
payments
for expenditure
on projects.
Dividend
income incurred
is recognised
established.
established.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents
comprise the following at the end of the reporting period:
The Group
2015
2014
(Restated)
$ Mil
$ Mil
Cash and cash equivalents:
- Continuing operations
- Discontinued operations
Cash and bank balances (Note 22)
Less: Fixed deposits pledged
Less: Bank overdrafts
Less: Restricted cash
7,100
7,313
1,272
(16)
(1)
(6)
–
–
–
–
7,313
8,349
68
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
20.
2.
2.
2.
2.4
2.3
2.3
Cash and cash
equivalents
(continued)
Summary
of significant
accounting
Acquisition
of subsidiary companies/business
Group
accounting
Revenue recognition
Revenue recognition
(a)
of consolidation
and year,
business
During Basis
the previous
financial
thecombinations
Group acquired the following subsidiary
Revenue
is recognised
toa the
extent
that it is of
probable
companies/business
for
total
consideration
$553 million.
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable
that
the economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of when
the payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made. Revenue is measured at the fair value of consideration received or
receivable,
taking
Effective
Interest
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
account
contractually
terms
of payment
and
taxes or
duty.
Name
of
Subsidiary/Business
Dateexcluding
Acquired
Acquiredof the
The
financial
statements
comprise
the financial
statements
into
account
contractually
defined
terms
of payment
and
excluding
taxes or
duty.
(a)
Rental
income
Ascendas
Plaza
Ptestatements
Ltd
6 June 2013
93.42%
The
financial
of the subsidiary companies
used in the preparation
of the
(a)
Rental
income
Ascendas
Development
(Shanghai)
Co
Ltd
6
June
2013
93.42%
consolidated financial statements are prepared for the same reporting date
as the
Rental
income
arising from operating leases is
accounted
on a straight-line
basis
Park Hotel
Clarke
Quay
28
June
2013for
100.00%
Corporation.
Consistent
accounting policies
are
applied
to on
likea transactions
and
Rental
income
straight-line
over
the
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentivesfor
provided
to lesseesbasis
are
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
The effect
of acquisition
ofreduction
the subsidiary
companies/businesss
on cash
flows
ofstraight-line
the Group
recognised
as
a
of
rental
income
over
the
lease
term
on
a
basis.
is as follows:
All
basis.
resulting
fromport
intra-group
(b)
Income from
operations
The Group
(b)
2015
2014 date
Subsidiary
companies
arerendered
consolidated
from
the date of
being
Revenue from
services
in port
operations
is acquisition,
recognised(Restated)
whenthe
work is
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
on
which the Group obtains control, and continue to be consolidated until the
dateis
completed.
$ Mil
$ Mil
completed.
(c)
Agency fees
Investment
properties
–
597
(c)
Agency
fees
Losses
Current assets
–
23
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Current Agency
liabilitiesfees from the provision of other consultancy services–are recognised
(10)
when
the services are rendered, using the percentage of completion method based on
the
–be
(57)
Non-current
liabilities
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
performed.
of
553
Identifiable
netservice
assets
acquired
actual
provided
proportion
to –beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
(d)
Interest income
subsidiary
company, it:
553
–
Total consideration
(d)
Interest income
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Cash consideration
paid
Interest
income,
including
income
from interest
finance method.
lease –and other 553
financial
instruments,
is
recognised
using
the
effective
instruments,
is recognised
using
the effective interest method.–
(22)
Less: Cash
of subsidiary
companies
acquired
Net
cash
outflow
–
531
(e)
Dividend
- de-recognises
(e)
Dividend
income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
Disposalestablished.
of subsidiary
companies
established.
- previous
re-classifies
the Group’s
of disposed/liquidated
components previously
recognised
in other
During the
financial
year, theshare
Group
the following
subsidiary
comprehensive
income
to
profit
or
loss
or
retained
earnings,
as
appropriate.
companies at NIL consideration with no effect on cash flows of the Group.
Name of Subsidiary
Date Disposed
Effective Interest
Disposed
Ascendas (Malta) Limited
Ascendas Hospitality Holdings Pte Ltd
Ascendas Hospitality Korea 1 Pte Ltd
Ascendas Hospitality Korea 2 Pte Ltd
Galen Pte Ltd
Ascendas Hospitality Trustee Pte Ltd
31 August 2013
10 October 2013
9 October 2013
9 October 2013
10 October 2013
9 October 2013
100%
100%
100%
100%
100%
100%
69
17
16
16
117
118
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
21.
2.
2.
2.
2.3
2.3
2.3
22.
Contracts of
work-in-progress
Summary
The Group
Revenue recognition
Revenue recognition
2015
2014
Revenue recognition
benefits will$flow
$ Mil
Mil to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be fair
reliably
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
3
Consumables
3
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into
accountcontract
contractually
defined and
terms
of payment and excluding taxes or duty.
Aggregate
cost incurred
recognised
(a)
Rental income
–
(less recognised
losses)
341
(a)profitsRental
income
(a)
Rental income
–
Less: Progress
billings
(342)
(1)
Rentalthe
income
accounted
on a –
straight-line
basis
over
lease arising
terms. from
The operating
aggregateleases
costs is
incentivesfor
provided
to lessees
are
Rentalthe
income
arising
from
operating
leases
isof
accounted
for
on a 3
straight-line
basis
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
Total over
2 are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the lease
The of
aggregate
costs over
of incentives
are
recognised
as aterms.
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
Comprising:
basis.
(b)
Incomeand
from
port operations
Consumables
contract
work-in-progress in
(b)excessIncome
from port
operations
3
of
progress
billings
24
(b)
from
services
Excess Revenue
of progress
billings
over contract
completed.
– when work
work-in-progress
(22) is
Revenue from services rendered in port operations is recognised
completed.
3
2
completed.
(c)
Agency fees
(c)
Agency fees
(c)
Agency
fees
Retentions
on consultancy
and construction contracts
–recognised when
(included
in
trade
receivables)
6
Agency
fees are
from
the provision
consultancy
services are
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
the services
are
rendered,
using
the percentage
ofservices
completion
method
based on the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
actual service
provided
as a proportion
ofclassified
the total services
to
be
performed.
Discontinued
operations
and
disposal
group
as
held
for
sale
(d)
Interest income
(d)
Interest income
(d) 16 February
Interest income
On
the Corporation
entered into
agreement
with Glenville
Investments
Interest 2015,
income,
including income
froman finance
lease
and other
financial
Pte. Ltd Interest
to
merge
the
businesses
of
its
subsidiaries,
Ascendas
Pte
Ltd
(“APL”)
andfinancial
Jurong
income,
including
income
from
finance
lease
and
other
instruments,
is
recognised
using
the
effective
interest
method.
Interest
income,
including
income
from International
finance method.
lease
and other
financial
International
Holdings
Ltd
(“JIH”),
with
Consultants
Holdings
Pte
instruments,
is Pte
recognised
using
theSurbana
effective
interest
instruments,Group
is recognised
using athe
effective
interest
method.
Ltd
and
Singbridge
Pte
Ltd
under
new
holding
company,
TJ
Holdings
(III)
Pte.
Ltd.
(e)
Dividend income
(e)
Dividend income
(e) at 31Dividend
income
As
March 2015,
the assets
and liabilities
to APL right
and JIH
are presented
in the
Dividend
income
is recognised
whenrelating
the Group’s
to receive
payment
is
statements
of
financial
position
as
“Assets
of
disposal
group
classified
as
held
for
sale”
and
Dividend
income
is
recognised
when
the
Group’s
right
to
receive
payment
is
established.
Dividend
is recognised
Group’s
to sale”,
receive
is
“Liabilities
directly income
associated
with disposalwhen
groupthe
classified
as right
held for
andpayment
the results
established.
established.
and dividend income recognised by the Corporation derived from the disposal group are
presented separately in the statement of comprehensive income as “Surplus from
discontinued operations, net of tax” and “Dividend income from disposal group, net of
contribution to Consolidated Fund” respectively.
The disposal was completed on 10 June 2015.
70
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
22.
2.
2.
2.4
2.3
2.3
Summary
of significant
policies
Discontinued
operationsaccounting
and disposal
group(continued)
classified as held for sale (continued)
Group
accounting
Statement
of financial position disclosures
Revenue recognition
Revenue recognition
(a)
Basis
of consolidation
and
business
The major
classes
of assets and
liabilities
of combinations
the discontinued operations and disposal group
Revenue
is
recognised
to the
extent
that itreserve
is probable
the economic
classified
as
held
for
sale,
and
the
related
as atthat
31 March
are as follows:
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable
that
the economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
the payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made. Revenue is measured at the fair value of consideration received
or
receivable,
taking
The Group
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes2015
or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
(a)
Rental income
$ Mil
The
financial
preparation of the
(a)
Rental
incomestatements of the subsidiary companies used in the
Assets:consolidated financial statements are prepared for the same reporting date as the
Rental
income arising from operating leases is accounted for on
a straight-line basis
2,642
Investment
properties
Corporation.
Consistent
accounting
policies
are
applied for
to on
like
and
Rental
income
arising
from
operating
leases
isof
accounted
a transactions
straight-line
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to lesseesbasis
are
Investment
in the
associated
companies
and joint venture
events
in
similar
circumstances.
over
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
1,081
companies
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
1,272
Cash and
bank
balances
All
intra-group
balances, income and expenses and unrealised
gains and losses
basis.
648in full.
Property,resulting
plant and
equipment
fromport
intra-group
transactions and dividends are eliminated
(b)
Income
from
operations
338
Trade and
other from
receivables
(b)
Income
port operations
287
Other assets
Subsidiary
companies
arerendered
consolidated
from
the date of
being
dateis
Revenue
from
services
in sale
port
operations
is acquisition,
recognised
whenthe
work
6,268
Assets of
disposal
group
classified
as
held
for
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
completed.
Liabilities:
(c)
Agency fees
(1,868)
Borrowings
(c)
Agency fees
Losses
interest
(493)
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Other liabilities
(557)
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Liabilities
directly
associated
with
disposal
group
classified
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
as heldactual
for sale
provided
proportion
to (2,918)
beloses
performed.
control,service
is accounted
forasasa an
equity transaction.
If the Group
control over a
Net assets
directly
associated with disposal group
(d)
Interest
income
subsidiary
company, it:
3,350
classified
as held
for sale
(d)
Interest
income
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Reserves:
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
Fair value
reserve is recognised using the effective interest method.
instruments,
(2)
de-recognises
Currency
translation
reserve
116
(e)
Dividend
- hedge
de-recognises
(e)
Dividend
income
Cash flow
reserve
(10)
Other reserve
(13)
Dividend income is recognised when the Group’s right to receive
payment is
-received
recognises
theisfair
value of any
investment
retained;
Premiumestablished.
from NCI
Dividend
income
recognised
when
the Group’s
right to receive
payment is
(6)
established.
85
The
Corporation
2015
Assets:
Investment in subsidiary companies
$ Mil
647
71
17
16
16
119
120
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
22.
2.
2.
2.3
2.3
2.3
Summary
of significant
policies
Discontinued
operationsaccounting
and disposal
group(continued)
classified as held for sale (continued)
Revenue recognition
Statement
of comprehensive income disclosures
Revenue recognition
Revenue recognition
Revenue
is recognised
to the extent
that it is
probable
that
the economic
benefits
willsale
flow for
to
The
results
of the discontinued
operations
and
disposal
group
classified as
held for
Revenue
is
recognised
to the
extent
that
it is measured,
probable that
the economic
benefits
will flow to
Group
and
the
revenue
can
be
reliably
regardless
of
when
the
payment
is
the
years
ended
31
March
are
as
follows:
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be fair
reliably
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
taxesor
orreceivable,
duty.
The
Group taking
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
into account contractually defined terms of payment and excluding taxes2015
or duty.
2014
(a)
Rental income
$ Mil
$ Mil
(a)
Rental income
Income
statement
disclosures
(a)
Rental income
Rentalthe
income
accounted
on a
straight-line
basis
lease arising
terms. from
The operating
aggregateleases
costs is
incentivesfor
provided
to lessees
are
993
Revenueover
1,213
Rentalthe
income
arising
from
operating
leases
isof
accounted
for
on a
straight-line
basis
over
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
354
Other gains
–
net
178
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
(916)
Expenses
(956)
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
431
Surplus basis.
from operations
435
basis.
(b)
Income
(54)
Finance
costs from port operations
(49)
(b)
Surplus
before
tax
from
discontinued
operations
(Note
10)
377
386
(b)
services
rendered
in portofoperations
is recognised when work is
TaxationRevenue
related tofrom
surplus
from ordinary
activities
the
Revenue
from services
rendered in port operations is recognised
work
completed.
(39) when
discontinued
operations
(Note
10)
(51) is
when work
is
completed.
338
Surplus completed.
from discontinued operations, net of tax
335
(c)
Agency fees income from discontinued
Other
comprehensive
(c)
Agency fees
75
operations,
netfees
of tax
(32)
(c)
Agency
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
The
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
Corporation
(d)
Interest income
2015
(d)
Interest income
$ Mil
(d)
Interest income
Interest income,
including
income
from interest
finance method.
is recognised
using
the effective
179
Dividendinstruments,
income income,
Interest
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
(30)
Contribution
to Consolidated
Fund using the effective interest method.
instruments,
is recognised
(e)
Dividend
income
Dividend
income
from
disposal
group,
net
of
contribution
(e)
Dividend income
149
Fund
(e)to Consolidated
Dividend income
established.
established.
Cash flow
statement disclosures
established.
The cash flows attributable are as follows:
Operating activities
Investing activities
Financing activities
Net cash inflow
The Group
2015
2014
$ Mil
$ Mil
29
59
343
431
273
(652)
438
59
72
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
23.
2.
2.
2.4
2.3
2.3
Summary
significant
Trade andof
other
receivables
Group accounting
The Group
The Corporation
Revenue recognition
2015
2015
2014
2014
Revenue recognition
(a)
Basis of consolidation and
Notebusiness combinations
(Restated)
Revenue is recognised to the extent that it is
probable that
the economic
benefits will
$ Mil
$ Mil
$ Mil
$ flow
Mil to
Revenue
isand
recognised
to thecan
extent
that
it is
probable that
the economic
benefits
will
flow
to
the Group
the
revenue
be
reliably
measured,
regardless
of
when
the
payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Trade Revenue
receivables
– third
made.
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
intoparties
account
of payment
and excluding
taxes or
duty.
66 comprise
52
24terms
115
20the
The contractually
financial
statements
the financial
statements
of
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
(a)
Rental income
Other receivables,
deposits
The
financial
(a)
Rental
income
119
117
and prepayments
25
261the same reporting
are
prepared for
date 157
as the
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
are
Amounts
owing
by:
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
- associated
companies
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
(i) intra-group balances, income and –
–
–
expenses and
and losses
basis.
- tradeAll
23 unrealised gains
resulting
fromport
intra-group
transactions and
(i) from
– dividends7 are eliminated
– in full.
–
(b)- non-trade
Income
operations
(b)
Income from port
operations
(ii)
–
–
–
- investee companies
1 of acquisition,
Subsidiary
companies
arerendered
consolidated
from
the date
being
date
Revenue from
services
in port
operations
is recognised
whenthe
work
(ii)
–
– is
- joint venture
companies
2 continue
11
Revenue
fromGroup
services
rendered
port
operations
recognised when
work
on
which
the
obtains
control,inand
until the
dateis
completed.
(ii)
2
1
completed.
- government
2
20
AmountAgency
owing –fees
net
4
2
62
1
(c)
(c)
Agency fees
Losses
within a subsidiary company
are attributed
interest
189
171
438 to the non-controlling
178
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
using
theother
percentage
of completion
method
based
on
the
The carrying
amounts
ofrendered,
current
trade
and
other
receivables
approximate
their
fair values
at
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
the end A
of change
the reporting
period.
in the
ownership interest of a subsidiary company, without a loss the
of
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
(i)
(d)
Interest
income
Amounts
owing
by associated
companies were unsecured, interest-free and repayable
subsidiary
company,
it:
(d) on demand
Interest in
income
cash.
Interest
income,
from
finance
andof other
financial
- de-recognises including
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from
finance
lease and
other financial
(ii)
instruments,
is
recognised
using
the
effective
interest
method.
Amounts
owing
by
joint
venture
companies,
investee
companies
and
government
are
instruments,
is recognised
using
the effective
interest
method.
mainly
trade
in
nature,
unsecured,
interest-free
and
repayable
on
demand
in
cash.
(e)
Dividend
de-recognises
(e)
Dividend
income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
established.
73
17
16
16
121
122
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
24.
2.
2.
2.3
2.3
2.3
25.
Summary
Trade receivables
Revenue recognition
The Group
The Corporation
Revenue recognition
2015
2015
Note
2014
2014
Revenue recognition
(Restated)
Revenue
recognised
to thecan
extent
it is$measured,
probable
that
the economic
will$flow
Mil
$ benefits
Mil the payment
$ Mil
Mil to
the
Groupis
the revenue
be that
reliably
regardless
of when
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable
that
the economic
benefits
will flow
to
the
Group
and
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
69
55
Trade
receivables
119
22
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into
account
Allowance
forcontractually
doubtful
(a)receivables:
Rental income
(a)
Rental
incomeyear
(16)
(12)
Beginning
of financial
(16)
(12)
(a)
Rental income
–
–
Allowance
made,
net arising from operating leases
(3)
(2)
Rental
income
is accounted
basis
Rental
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
Bad debts
written
off against
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Rentalthe
income
arising
from
leases
isofaccounted
basis
over
lease
terms.
The operating
aggregate
costs
incentives
3
3 toa lessees
allowance
3 leaseprovided
2are
recognised
as
a
reduction
of
rental
income
over
the
term
on
straight-line
over
the lease
The of
aggregate
costs over
of incentives
are
recognised
as aterms.
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
Attributable
to discontinued
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
4
–
operations
–
–
basis.
(9)
(9)
End
of
financial
year
(16)
(12)
(b)
(b)
60
46
103
10
(b)
DeferredRevenue
trade receivables
Revenue
from services18rendered in port
6 operations
6 when work
due within
12 months
12 is recognised
10 is
completed.
Revenue from services rendered in 66
port operations is recognised
when
work
is
completed.
52
23
115
20
completed.
(c)
Agency fees
(c)
Agency fees
(c)
Agency fees
Other receivables,
prepayments
Agency feesdeposits
from the and
provision
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
The
Group
The
Corporation
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
2015
2015
2014
2014
Note
(Restated)
(d)
Interest income
(d)
Interest income
$
Mil
$ Mil
$ Mil
$ Mil
(d)
Interest income
Interest
income,
including
income
finance
85from interest
Other receivables
212 lease and83 other financial
116
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
method.
Allowance for doubtful
(e)receivables:
Dividend income
(e)
Dividend
income
(5)
–
Beginning
of financial
year
(6)
–
(e)
Dividend
income
Dividend
income is recognised when– the Group’s1 right to receive
payment– is
–
Allowance
written back
Dividend
established.
Attributable
to discontinued
Dividend
established.
5
–
operations
–
–
established.
–
–
(5)
–
85
83
207
116
33
33
Prepayment of property tax
40
40
1
1
Other deposits
14
1
119
117
23
261
157
Other receivables comprise mainly accrued sales and GST receivables.
74
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
26.
2.
2.
2.4
2.3
2.3
Summary
significant
Trade andof
other
payables
Group accounting
The Group
The Corporation
Revenue recognition
2015
2015
2014
2014
Revenue recognition
(a)
Basis of consolidation andNote
business combinations
(Restated)
Revenue is recognised to the extent that it is $probable
that $the
benefits
flow
Mil
$ Mil will
Mileconomic
$ Milto
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable
that
the
economic
benefits
will flow
to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
(a)
Current
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
contractually
terms
of payment
and excluding
taxes or
duty.
Thepayables
consolidated
financial
statements
comprise
the financial
statements
of the
Trade
and defined
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
accrued
operating
Corporation
(a)
Rental income
60 companies
51
expenses
313
The
financial
used in the preparation
of 68
the
(a)
Rental
incomestatements of the subsidiary
Other
payables: financial statements are prepared for the same reporting date as the
consolidated
Rental
accounted
on a straight-line
basis
110 is
90
- Corporation.
capitalincome
expenditure
147 for
129
Consistent
accounting
policies
are
applied
to on
likea transactions
and
Rental
income
arising
from
operating
leases
isof
accounted
for
straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
13
6
- over
miscellaneous
108
5
events
in
similar
circumstances.
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Accrual
for
acquisition
of
recognised
basis.land and
State
All
intra-groupbuilding
basis.
30 dividends 79
development
79
resulting
fromport
intra-group
transactions and
are eliminated 30
in full.
(b) Accrual
Income
from
operations
11
11
for
property
tax
5
5
(b)
Interest
payable
on
Subsidiary
companies
arerendered
consolidated
from the date of
acquisition, being
dateis
Revenue from
services
in port
whenthe
work
32 operations
borrowings
35is recognised
35
Revenue
fromGroup
services
rendered
port
operations
recognised32when
work
on
which the
obtains
control,inand
continue
until the
dateis
completed.
Deposits,
advance
rentals
completed.
that
178
170
and collections
232
175
(c) Employees’
Agency fees
short
term
(c)
Agency fees
Losses
within
subsidiary company are attributed to the non-controlling interest
unutilised
leave aand
Agency
fees
from
the
of other26consultancy 69
when
even
if
that
results
in aprovision
deficit balance.
26
benefits
30
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
Amounts
owing
to:
the
services
are
rendered,
using
the percentage
ofservices
completion
method
based
on the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
A
change
in
the
ownership
interest
of
a
subsidiary
company,
without
a
loss
5
- actual
subsidiary
companies
13proportion of–the total services
–
4of
service
provided
to be performed.
is accounted
forasasa an
equity transaction.
If the
2
- control,
government
16 Group loses –control over
14a
(d)
Interest income
subsidiary
company, it:
462
421
1,004
544
(d)
Interest income
Interest
income, including
income
from
finance
andof other
financial
- de-recognises
the assets
(including
goodwill)
andlease
liabilities
the value
subsidiary
The carrying
amounts
of current
trade income
and
otherfrom
payables
approximate
their other
fair
at the
Interest
income,
including
finance
lease and
financial
instruments,
is
recognised
using
the
effective
interest
method.
company
at their carrying amounts at the date when control is lost;
end of the
reporting
period.
(e)
Dividend
de-recognises
The
amounts
owing
to subsidiary companies/ government are mainly trade in nature,
(e)
Dividend
income
- interest-free
recognises the
value ofon
thedemand
consideration
received;
unsecured,
andfair
repayable
in cash.
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the
Group’s
established.
The
Group
The Corporation
- recognises any surplus or deficit in
profit
or loss;
established.
2015
2014
- re-classifies the Group’s share 2015
of components
previously recognised
in 2014
other
(Restated)
$ Mil
$ Mil
$ Mil
$ Mil
(b) Non-current
Deposits
Loans from non-controlling
shareholders
Others
Total trade and other payables
–
46
–
–
–
–
–
146
13
205
–
–
–
–
–
–
462
1,209
421
544
75
17
16
16
123
124
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
26.
2.
2.
2.3
2.3
2.3
27.
Summary
significant
accounting
Trade andof
other
payables
(continued)
Revenue
recognition
In 2014, loans
from non-controlling shareholders were as follows:
Revenue recognition
Revenue recognition
Revenue
recognised
to the extent that
it is probable
that the economic
benefits
will flow to
Theisloan
from a non-controlling
shareholder
amounting
to $5 million
was unsecured
Revenue
isinterest-free.
recognised
toAlthough
thecan
extent
that
it is measured,
probable
that
theofeconomic
benefits
will
flowthe
to
the
Group
and
the
revenue
be
reliably
regardless
of
when
the
payment
is
there
were
no
fixed
terms
repayment
for
this
loan,
and
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will
flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
management
of
the
parties
involved
does
not
intend
for
the
loan
balance
to
be
repaid
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
excluding
taxes
orreceivable,
duty.
within
the
next
12 months.
Accordingly,
theconsideration
fairand
value
of the
loan
was
not determinable
made.
Revenue
is
measured
at
the
fair
value
of
received
or
taking
into account
contractually
terms
as there
are no fixeddefined
terms of
repayment.
into account
contractually
defined
terms
(a)
Rental income
(a)
Rental
income
The
loanincome
from a non-controlling shareholder of $141 million was secured by
(a)
Rental
Rental income
arising
from12)
operating
leases isonaccounted
for onInterest
a straight-line
basis
investment
properties
(Note
and repayable
27 May 2015.
was charged
Rental
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
at over
3.77%
per
annum.
The
fair
value
of
the
loan
was
$142
million.
Further
details
of
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
valuation
techniques
and
inputs
used
are
disclosed
in
Note
37.
over
the lease
The of
aggregate
costs over
of incentives
are
recognised
as aterms.
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
basis.
(b)
Borrowings
(b)
(b)
Revenue from services rendered inThe
portGroup
operations is recognised
when work is
The Corporation
Revenue from services rendered in
port operations
is recognised
when work is
completed.
2015
2015
2014
Revenue from services rendered in port operations is recognised when 2014
work is
completed.
(Restated)
completed.
(c)
Agency fees
$ Mil
$ Mil
$ Mil
$ Mil
(c)
Agency fees
(c)
Agency fees
(a) Current
fees(Note
from
the provision
are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
– consultancy
– based on
BankAgency
overdrafts
20)
1services
–the
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
–
–
Unsecured
medium
term
notes
50
the
services
are
rendered,
using
the percentage
ofservices
completion
method
based on–the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
– the total services
–
Secured
loans
38
–
actualterm
service
provided as a proportion of
to be performed.
(d) Unsecured
Interestterm
income
14
14
loans
113
14
(d)
Interest income
14
14
202
14
(d)
Interest income
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
(b) Non-current
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
–
–
Secured
term loans
836method.
–
instruments,
is recognised using the effective
interest
(e) Unsecured
Dividend
income
456
456
term
loans
1,264
471
(e)
Dividend income
24
24
24
24
(e) Non-interest
Dividend bearing
income notes
payment
480 the Group’s
480
2,124 right to receive
495 is
established.
established.
494
494
Total borrowings
2,326
509
established.
76
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
27.
2.
2.
2.4
2.3
2.3
28.
Summary
of (continued)
Borrowings
Group
accounting term loans comprise:
(i)
Unsecured
Revenue recognition
Revenue recognition
(a)
Basis
of consolidation
business
combinations
- SGD
loans of the and
Group
and Corporation
of $470 million (2014: $485 million),
Revenue is recognised
to the extent
that
it is probable
that
the economic
benefitsper
willannum.
flow to
with
fixed
interest
rates
of
2.76%
to
3.27%
(2014:
2.76% to 3.27%)
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Basis
ofthe
consolidation
from
April
2010
The
loans
are repayable
in
semi-annual
instalments
andofare
repayable
between
the
Group
and
revenue
can
be1fair
reliably
measured,
regardless
when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
1 year
to 36 years.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
Corporation
subsidiary
as$892
at the
end of
thebanks
reporting
period.
- In 2014, and
SGDits
term
loans of companies
the Group of
million,
from
with variable
(a)
Rental
income
interest
rates
of 0.78%
to 1.36%
per annum.
The used
loansinwere
fully repayable
on
The
financial
statements
of the
subsidiary
companies
the preparation
of the
(a)
Rental
income
maturity and
were statements
repayable between
1 yearfor
to the
5 years.
consolidated
financial
are prepared
same reporting date as the
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rentalthe
income
from
operating
leases
isof
accounted
straight-line
basis
over
lease arising
terms.
Thewere
aggregate
costs
incentives
provided
to lessees
are
(ii)
Inover
2014,
certain
term
loans
secured
by investment
properties
with
a net book
events
in
similar
circumstances.
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
value
of $1,413
million.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
All
basis.
Fair value
resulting
fromport
intra-group
(b)
Income from
operations
(b)
The fairSubsidiary
value of the
variable are
rateconsolidated
bank loans from
is expected
approximatebeing
their carrying
companies
the date to
of
dateis
Revenue
services
rendered in
operations
is acquisition,
recognised
whenthe
work
values as
interest from
rate of
these borrowings
areport
adjusted
for changes
in the relevant
market
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
on
dateis
completed.
interest completed.
rates. The fair values of fixed rate borrowings, which are determined from the cash
flow analysis and discounted at the effective market borrowing rates of an equivalent
(c)
Agency
fees corresponding carrying values, are as follows:
instrument
and their
(c)
Agency
fees
Losses
Agency
feesresults
from the
of other
consultancy servicesThe
areCorporation
recognised when
even
if that
in aprovision
deficit balance.
The Group
Agency
fees are
from
the provision
consultancy
services are
recognisedon
when
the services
rendered,
usingof
theother
percentage
of
completion
method
the
2015
2015 based
2014
2014
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change in the ownership interest of a (Restated)
subsidiary company, without a loss the
of
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity
transaction.
the Group
$ Mil
$ Mil control $over
$ IfMil
Mil a
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
486
486
Fair value
726
495
income, including
from
finance
and
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
of other
the subsidiary
470
470
CarryingInterest
value
707
485
Interest
income, including
income
from interest
finance method.
instruments,
using
the effective
their carrying
amounts
at the date when
control is lost;
(e)
Dividend
de-recognises
Derivative
financial
instruments
(e)
Dividend
income
The Group
- recognises
theisfair
value of any
investment
retained;
2015
2014 is
Dividend
income
recognised
when
the
Group’s
right
to
receive payment
established.
(Restated)
established.
$ Mil
- re-classifies the Group’s share of components previously
recognised in
other
$ Mil
–
Beginning of financial year, as previously reported
(7)
(10)
7
(10)
–
Fair value losses recognised in profit or loss
(7)
(5)
Fair value gain/(losses) included in equity
6
(15)
Cash settlement
18
10
–
(6)
Attributable to discontinued operations
–
(1)
–
(10)
77
17
16
16
125
126
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
28.
2.
2.
2.3
2.3
2.3
29.
Summary
significant
accounting
Derivativeof
financial
instruments
(continued)
Revenue
Analysed recognition
as:
Revenue recognition
2015
2014
Revenue recognition
will flow to
(Restated)
Revenue
isand
recognised
toContract/
thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Contract/
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
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is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
notional
Fair
values
notional
Fair
values
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
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is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
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defined
terms
of payment
and excluding
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orreceivable,
duty.Liabilities
amount
Assets
Liabilities
amount
Assets
made.
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is
measured
at
the
fair
value
of
consideration
received
or
taking
$ Mil terms
$ Mil
$ Mil
$ Mil taxes$or
Milduty. $ Mil
into account contractually defined
of payment
and excluding
(a)
Rental income
(a)
Cash flowRental
hedgeincome
(a)
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income
Rental
income arising from
basis
Interest rate
swaps
– operating
– leases is
– accounted
961for on a straight-line
6
(5)
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
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income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
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aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Fair valueover
hedge
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
Forward recognised
contracts
– of rental
– income –over the lease
48 term on
4 a straight-line
(5)
as
a
reduction
basis. swaps
Cross-currency
–
–
–
195
–
(10)
basis.
(b)
–
–
10
(20)
(b)
(b)
Revenue from services rendered– in port operations
is recognised
work
–
4 when
(5) is
Current portion
Revenue from services rendered in port operations
is recognised
when work
is
completed.
Non-current
portion from services rendered– in port operations
–
6 when work
(15) is
Revenue
is recognised
completed.
–
–
10
(20)
completed.
(c)
Agency fees
(c)
Agency fees
(c)
Agency
fees
The fixed
interest
rates on interest rate swaps varied from 0.51% to 4.43% per annum and
the floating
rates
were
based
3-monthofSwap
Offer
Rate. services are recognised when
Agency
fees are
from
theon
provision
consultancy
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees
from
the
provision
other
consultancy
services are
recognised
when
the services
are
rendered,
using
the percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based
on the
Period when
theservice
cashare
flows
on cash
flow
hedges
are
expected
to occurtoorbe
affect
profit
or loss
actual
provided
as ausing
proportion
of the
total
performed.
(d)
Interest
In
2014,
interestincome
rate swaps were entered to hedge floating quarterly interest payments on
(d)
Interest
income
borrowings
that income
will mature on 31 March 2015, 30 June 2015, 30 December 2016 and 29
(d)
Interest
Interest
including
income from
finance
lease and2019
other
financial
respectively.
December
2017, income,
14 May 2018,
24 September
2018 and
27 September
Interest
income,
including
income
from
finance
lease and other
financial
instruments,
is
recognised
using
the
effective
interest
method.
Fair value
gains and
on theusing
interest
ratefrom
swaps
recognised
the cash
hedge
Interest
income,
including
income
finance
leasein and
otherflow
financial
instruments,
islosses
recognised
the effective
interest
method.
reserve instruments,
were transferred
to profit using
or loss
part ofinterest
interestmethod.
expense over the period of
is recognised
theas
effective
(e)
Dividend income
borrowings.
(e)
Dividend income
(e)
Dividend income
established.
Deferred
income income is recognised when the Group’s right to receive payment is
Dividend
established.
The Group
The Corporation
established.
2015
2015
2014
2014
(Restated)
$ Mil
$ Mil
$ Mil
$ Mil
Beginning of financial year, as
previously reported
Effects of adoption of SB-FRS 110
Additions
Amortisation
operations
3,483
15
3,498
381
(131)
2,792
–
2,792
814
(108)
3,718
–
3,718
402
(136)
3,031
–
3,031
801
(114)
(149)
3,599
–
3,498
–
3,984
–
3,718
78
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
29.
2.
2.
2.4
2.3
2.3
30.
31.
Summary
of significant
Deferred income
(continued)
Group accounting
The Group
The Corporation
Revenue recognition
2015
2015
2014
2014
Revenue recognition
(a)
(Restated)
$ benefits
Mil the payment
Mil
$ the
Mil economic
Mil to
Revenue
isand
recognised
to thecan
extent
it is$measured,
probable
that
will $flow
the Group
revenue
be1that
reliably
regardless
of when
is
Basis
ofthe
consolidation
from
April 2010
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
143
143
Current
127
127
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
the financial
statements
of the
3,841
3,456comprise
into
account
contractually
defined
terms
of payment
and excluding
taxes
or
duty.
Non-current
3,371
3,591
Corporation and its subsidiary companies
as
at
the
end
of
the
reporting
period.
3,984
3,599
3,498
3,718
(a)
Rental income
The
financial
(a)
Rental
DeferredRental
incomeincome
relatesarising
principally
premium received
advance and
receivable
in respect
of
fromtooperating
leases isinaccounted
for on
a straight-line
basis
Corporation.
Consistent
accounting
are
applied
to on
likea transactions
andin
Rental
income
arising
from
leases
accounted
straight-line
basis
operatingover
leases
and
the
amount
isoperating
amortisedpolicies
to
theisof
statement
of for
comprehensive
income
the
lease
terms.
The
aggregate
costs
incentives
provided
to lessees
are
events
inthe
similar
circumstances.
over
the
lease
aggregate
costs over
of incentives
are
accordance
with
policy
of theThe
Group.
recognised
as aterms.
reduction
of
rental income
the leaseprovided
term ontoa lessees
straight-line
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
All
basis.
resulting
from
intra-group
Deferred
capitalfrom
grants
(b)
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port
operations
(b)
Subsidiary
companies
arerendered
consolidated
from
the date of
being
The Group
andthe
thedateis
Revenue from
services
in port
operations
is acquisition,
recognised
when
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised
when
work
on
which the
obtains
control,inand
until the
dateis
Corporation
completed.
completed.
2015
2014
$ Mil
$ Mil
(c)
Agency fees
(c)
Agency fees
Losses
Beginning
of financial
year the
93
Agency
feesresults
from
of other consultancy services are116
recognised when
even
if that
in aprovision
deficit balance.
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
7
Additions
the services are rendered, using the percentage of completion method based on25the
the
services
rendered,
the percentage
ofservices
completion
method
on(2)
the
(3) based
Amortisation
actual
service
provided
as ausing
proportion
total
to be
performed.
A
change
inare
the
ownership
interest
ofofathe
subsidiary
company,
without
a loss
of
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
120
End of financial
year
116
(d)
Interest income
subsidiary
company,
it: the Government since
Total capital
grants
received from
(d)
Interest
income
150
establishment of the Corporation
143
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income, including
income
from interest
finance method.
instruments,
using
the effective
their carrying
amounts
at the date when
control is lost;
Capital
account
(e)
Dividend
- de-recognises
(e)
Dividend
income
- and
recognises
the fair value of
theofconsideration
received;
The Group
the
Corporation
No.
ordinary
shares
Amount
Dividend
income
is recognised
when
the Group’s
right to receive
payment is
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the
Group’s
right
to
receive
payment
2015
2015
2014
2014 is
established.
- recognises any surplus or deficit in
profit
or
loss;
established.
Mil
$ Mil
Mil
$ Mil
110
167
Beginning and end of financial year
110
167
The shares are held by the Ministry of Finance, a body incorporated by the Minister for
Finance (Incorporation) Act.
All issued ordinary shares are fully paid. The shares carry neither voting rights nor par
value.
79
17
16
16
127
128
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
32.
2.
2.
2.3
2.3
2.3
Summary
Other reserves
Revenue recognition
The Group
Revenue recognition
2015
2014
Revenue recognition
will flow to
(Restated)
Revenue
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will$flow
the
Groupis
the revenue
be that
reliably
regardless
of when
the payment
is
$ Mil
Mil to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
to
the
Group
and
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
(a)
Composition
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
2duty.
Fair value
reserve
1
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account
contractually
defined
terms of payment and excluding taxes or
duty.
(99)
Currency
translation
reserve
(179)
into account
contractually
defined
terms of payment and excluding taxes or
duty.
(a)
Rental
income
10
(4)
(a)
Rental
income
15
Other reserves
16
(a)
Rental
income
Rental
income
arising
operating
Premium
received
fromfrom
acquisition
of leases
non-controlling
Rental
income
arising
from
operating
leases
isofaccounted
on a straight-line
over
the
lease
terms.
The
aggregate
costs
incentivesfor
provided
6 to lesseesbasis
interests
6are
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
(66)
(160)
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
Less: Other as
reserves
attributable
to discontinued
recognised
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
85
–
basis. operations (Note 22)
(b)
19
(160)
(b)
(b)
Revenue
(b)
Movements
Revenue
completed.
(i) Fair value
Revenue
from reserve
completed.
1
–
completed.
(c)
Agency
fees
1
Fair
value
gain
on
available-for-sale
financial
assets
1
(c)
Agency fees
2
Endfees
of financial year
1
(c)
Agency
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
(ii) services
Currency
translation
reserve
the
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
the percentage
ofservices
completion
method
based(174)
on the
(179)
Beginning
ofrendered,
financial
actual
serviceare
provided
as year
ausing
proportion
of the total
to be
performed.
actual
serviceon
provided
proportion of
the total services to be performed.
Release
disposalasofaassociated/
subsidiary
(d)
Interest income
(23)
companies
(3)
(d)
Interest
income
(d)
Interest
income
32
Share
of reserves of associated companies
(10)
Exchange
difference
arising
on translation
of foreignlease and other financial
Interest
income,
including
income
from interest
finance
instruments,
is recognised
using
the effective
method.
Interest
income,
including
income
from
finance
lease and71 other financial
subsidiary
companies
and
associated
companies
8
instruments,
is recognised
End of financial
year using the effective interest method. (99)
(179)
(e)
Dividend income
(e)
Dividend income
(e)
Dividend
(iii) Cashincome
flow hedge
reserve
Dividend
income
is recognised
(4) payment
(10) is
Dividend
income
is
recognised
when the Group’s right to receive
Beginning
of
financial
year
established.
Dividend
is recognised
when the companies
payment4 is
established.
–
Shareincome
of hedging
reserves of associated
established.
6
(15)
Fair value gains/ (losses), net of tax
9
9
Reclassification to profit or loss upon settlement
(1)
8
Non-controlling interests’ share of hedging
10
(4)
80
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
32.
2.
2.
2.4
2.3
2.3
33.
Summary
of significant
Other reserves
(continued)
Group accounting
The Group
Revenue recognition
2015
2014
Revenue recognition
(a)
(Restated)
will$flow
$ benefits
Mil
Mil to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
(b)
Movements
(continued)
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
Corporation
(iv) Other reserves
(a)
Rental income
The
financial
the subsidiary
companies
of15the
16
Beginning
of financialofyear,
as previously
reportedused in the preparation
(a)
Rental
incomestatements
consolidated
are
prepared for the same reporting
the
(1) date as(2)
Share of reserves
of associated
companies
Equity
movement
arising
from decrease
in
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
–
2are
shareholdings
events
in lease
similar
circumstances.
over
the
The of
aggregate
costs over
of incentives
recognised
as aterms.
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
–
1
Transfer
from
accumulated
surplus
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
16
End of financial
year income and expenses and unrealised 15
All
intra-group
balances,
gains and losses
basis.
resulting
fromport
intra-group
(b)
Income from
operations
(b)
Income
from portinoperations
Other reserves
(iv) relate to amounts appropriated from revenue reserve in
compliance
with
localare
laws
by overseas
subsidiary
companies
and
nonSubsidiary
companies
consolidated
from
the
date of
the
date
Revenue
from
services
rendered
in port
operations
is acquisition,
recognised being
whenare
work
is
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
distributable.
on
which the
obtains
control,inand
until the
dateis
completed.
completed.
that
(c)
Agency fees
(c)
Agency fees
Non-controlling
interests
Losses
within
a subsidiary company are attributed to the non-controlling interest
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
fees are
from
the provision
of
consultancy
services
are
recognised
when
Non-controlling
interests
include
$296
million
(2014:
$296
which
relate
to perpetual
the services
rendered,
using
theother
percentage
of million)
completion
method
based
on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
capital securities
issued
by
a
subsidiary
of
the
Group.
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
On 18 April
2012,
a subsidiary
(d)
Interest
income
subsidiary
company,
it: of the Group, Ascendas Pte Ltd issued and listed $300
(d)
income
million inInterest
aggregate
principal amount of 4.75% perpetual capital securities (the “Securities”)
on the Official
Listincome,
of the Singapore
Exchange Securities
Trading
Limited.
Securities
are
Interest
including
from
finance
andThe
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
of other
the subsidiary
Interest
income,
including
income
from
finance
lease
and
other
financial
issued in
denominations
of
$250,000,
will
be
perpetual
and
will
confer
a
right
to
receive
instruments,
using
the effective
method.
their carrying
amounts
at the interest
date when
control is lost;
instruments,
using per
the annum,
effectivewith
interest
method. rate reset on 18 April
distribution
paymentsisatrecognised
a rate of 4.75%
a distribution
2017. The
distribution
rate will be subject to a step-up on 18 April 2022 and followed by a
(e)
Dividend
income
- rate
de-recognises
thefive
cumulative
translationThe
differences
recorded
in equity;
(e)
Dividend
income
distribution
reset
every
years thereafter.
distribution
will be
payable semirecognises
the
fair
value
of
the
consideration
received;
annuallyDividend
in arrearsincome
on a discretionary
basis
andthe
will Group’s
be cumulative
in accordance
with the
is recognised
when
right to
receive payment
is
- conditions
recognises
value ofThe
any
investment
retained;
Dividend
income
recognised
when
the
Group’s
right
receive
payment
is
terms and
of the
theisfair
Securities.
cost
associated
with
thetolisting
of the
Securities
established.
- recognises
surplus or deficit in profit or loss;
established.
was approximately
$3.9 any
million.
81
17
16
16
129
130
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
34.
2.
2.
2.3
2.3
2.3
Summary
Commitments
Revenue
As at the recognition
end of the financial year, the Group (including discontinued operations) and the
Revenue
recognition
Corporation
have the following commitments:
Revenue
recognition
Revenue
recognised
toexpenditure:
the extent
it is measured,
probable that
the economic
benefits
will flow to
the
Groupis
thecapital
revenue
be that
reliably
regardless
of when
the payment
is
Development
and
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
and
the
revenue
can
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
taxes
orCorporation
duty.
The
Group
The
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
excluding taxes2015
or duty.
2015 and
2014
and2014
excluding taxes or duty.
(a)
Rental income
(Restated)
(a)
Rental income
$ Mil
$ Mil
$ Mil
$ Mil
(a)
Rental income
Rental
income
operating
leases
accounted
for
on a
straight-line
basis
the
lease
terms. from
Thefor
aggregate498
costs is
incentives
provided
to lessees
are
283
Amountsover
approved
andarising
contracted
742
362
Rental
income
arising
from
operating
leases
isof
accounted
for
on a
straight-line
basis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Amountsover
approved
but
not
contracted
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
251
for recognised
686
– a straight-line
–
as
a
reduction
of
rental
income
over
the
lease
term
on
basis.
749
283
1,428
362
basis.
(b)
(b)
Commitments
respect
investments are as follows:
(b)
Incomeinfrom
portofoperations
completed.
The Group
when work is
completed.
2015
2014
completed.
(c)
Agency fees
(Restated)
(c)
Agency fees
$ Mil
$ Mil
(c)
Agency fees
Agency
fees from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Investments
in: fees are
Agency
from
the provision
of
consultancy
services are
recognised
when
the
services
are
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
–
- subsidiary
companies
198
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
- associated
37
7
actual companies
service provided as a proportion of the total services to be performed.
(d)- joint venture
Interest companies
income
103
88
(d)
Interest income
(d)
Interest income
308
125
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance
leaseleases
and contracted
other financial
Future minimum
lease
payables
under
non-cancellable
operating
for at
instruments,
is recognised
using
the effective
method.
instruments,
is recognised
using
the effective
interest method.
the
end
of
the
reporting
period
but
not
recognised
as
liabilities,
are
analysed
as
follows:
(e)
Dividend income
(e)
Dividend income
(e)
Dividend income
The Group
2015
2014 is
Dividend
income
is
recognised
when
the
Group’s
right
to
receive
payment
established.
Dividend income is recognised when the Group’s right to receive(Restated)
payment is
established.
established.
$ Mil
$ Mil
Lease payments due:
- within 1 year
- after 1 year but within 5 years
8
7
15
4
4
8
82
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
34.
2.
2.
2.4
2.3
2.3
35.
Summary
of significant
Commitments
(continued)
Group
Future accounting
minimum lease receivables under non-cancellable operating leases contracted for at
Revenue
the
end ofrecognition
the reporting period but not recognised as assets, are analysed as follows:
Revenue
recognition
(a)
Revenue is recognised to the extent that it is probable that the economic The
benefits
will flow to
Group
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
Basis
ofthe
consolidation
from
1reliably
April 2010
2015 the payment
2014 is
the
Group
and
revenue
can
be
measured,
regardless
of
when
is
made. Revenue is measured at the fair value of consideration received or receivable,
taking
(Restated)
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes$or
duty.
The contractually
financial
statements
comprise
the financial
statements
Mil
$ofMilthe
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
(a)
Rental income
Lease receivables
due:
The
financial
(a)
Rental
income
- withinconsolidated
1 year
144 date as
184the
financial statements are prepared for the same reporting
- after Corporation.
1 year but
within
5 years
358
Consistent
accounting
policies
are
applied for
to on
likea304
transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
are
- after over
5 years
372 to lessees
421are
events
in
similar
circumstances.
the
lease
terms.
The
aggregate
costs
of
incentives
provided
963
recognised
as a reduction of rental income over the lease term820
on a straight-line
basis.
All
basis.
resulting
fromleases
intra-group
transactions
and buildings.
dividends The
are eliminated
in full.
These are
operating
on leasehold
land and
lease rentals
are subject to
(b)
Income
from
port
operations
(b)
Income The
frompayments
port operations
yearly revision.
due are computed without the yearly revision as the quantum
has not Subsidiary
been determined.
companies
arerendered
consolidated
from
the date of
dateis
Revenue
from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
completed.
Contingencies
(c)
Agency fees
(c)
Agency fees
Losses
Contingent
liabilities
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
In February
2015,
the
Corporation
had
given
a
commitment
to
TJ
Holdings
(II)
Pte.
Ltd.
to
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
subscribe
up
to
$50
million
in
redeemable
preference
shares
in
TJ
Holdings
(IV)
Pte.
Ltd.,
to
be paid subsidiary
upon theincome
occurrence
of certain events.
(d)
Interest
company, it:
(d)
Interest income
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
(e)
Dividend
- de-recognises
(e)
Dividend
income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
established.
83
17
16
16
131
132
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
36.
2.
2.
2.3
2.3
2.3
Summary
of significant
Financial risk
management
Revenue
recognition
The following
disclosures for financial risk management includes “Assets of disposal group
Revenue
recognition
classified
as held for sale” and “Liabilities directly associated with disposal group classified
Revenue recognition
Revenue
recognised to the extent that it is probable that the economic benefits will flow to
as held forissale”.
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the revenue
be that
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Categories
of
financial
instruments
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account contractually defined terms of
payment
excluding taxes
or duty.
The
Group and
The Corporation
into account contractually defined terms of
payment
and excluding taxes
or duty.
(a)
Rental income
2015
2015
2014
2014
(a)
Rental income
(Restated)
(a)
Rental income
is Mil
accounted for$on
basis
$ Mil leases $
Mila straight-line
$ Mil
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
9,511
7,485
Loans and
receivables
6,835 are
over
the lease
terms.
The of
aggregate
costs8,526
of incentives
provided
toa lessees
recognised
as
a
reduction
rental
income
over
the
lease
term
on
straight-line
basis.
recognised
basis.
Financialbasis.
liabilities at
(b)amortised
Income
915
costfrom port operations 3,335
3,510
1,053
(b)
(b)
Revenue
from are
services
rendered
in port
operationscurrency
is recognised
when
workrate
is
The Group’s
activities
exposed
to market
risk (including
risk and
interest
completed.
risk), credit
risk and
liquidity
risk. rendered in port operations is recognised when work is
Revenue
from
services
completed.
completed.
(c)
fees objective of the Group is to focus on minimising market risk, credit
The riskAgency
management
(c)
Agency fees
risk
and
liquidity
(c)
Agency feesrisk. The companies within the Group set policies, strategies and
Agency
feesaim
from
provision
services
are recognised
when
mechanisms,
which
at the
effective
management
of these risks
within their
unique operating
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
environment.
The
policies
for
managing
each
of
these
risks
are
discussed
below:
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
(a)
Marketservice
risk provided as a proportion of the total services to be performed.
actual
(d)
Interest income
(d)
Interest
income
(i)
Currency risk
(d)
Interest
income
Interest
income,
including
income
from
finance
lease mainly
and other
financial
The
Group’s
exposure
tothe
foreign
currency
riskmethod.
arises
from subsidiary
instruments,
is recognised
using
effective
interest
Interest
income,
including
income
from
finance
lease and other
financial
instruments,
is
recognised
using
the
effective
interest
method.
companies
outsideusing
Singapore,
which
generate
revenue and incur costs
instruments,
is recognised
the effective
interest
method.
(e)
Dividenddenominated
income
in foreign currencies. The Group is exposed to foreign
(e)
Dividendcurrency
income risk on rental income, purchases and borrowings that are
(e)
Dividend income
in currencieswhen
other the
thanGroup’s
the respective
functional
Dividenddenominated
right to
receive currencies
payment of
is
Dividendthe
income
is entities.
recognised
when
the Group’s
righttotothis
receive
payment
is
Group’s
The
currencies
giving
rise
risk
are
primarily
established.
established.
United States Dollar (“USD”), Chinese Renminbi (“RMB”), Australian Dollar
established.
(“AUD”), Korean Won (“KRW”) and Japanese Yen (“JPY”).
In addition, the Group is exposed to foreign currency movements on its
investment in foreign subsidiary companies, associated companies and
joint venture companies, which generate revenue and incur costs,
denominated in foreign currencies; and such changes impact the reserves
of the Group.
Where appropriate, the Group enters into foreign exchange forward
contracts and cross currency swaps to minimise its currency risk exposure
resulting from anticipated sale and purchase transactions in foreign
currencies, its foreign currency denominated investments and net assets of
its foreign subsidiary companies and associated companies.
Natural hedging is preferred as far as possible by matching assets and
liabilities of the same currency. Derivative financial instruments are only
used when necessary to reduce exposure to fluctuation in foreign exchange
rates.
84
16
16
16
JURONG
CORPORATION
JURONG
TOWN CORPORATION
AND SUBSIDIARY
SUBSIDIARY
COMPANIES
AND
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES TO THE
THE FINANCIAL
NOTES
FINANCIALSTATEMENTS
STATEMENTS
NOTES
TO THEyear
FINANCIAL
STATEMENTS
For the
the financial
ended
31
March
For
year
ended
31
March2015
2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
36.
2.
36.
2.
2.
2.4
2.3
2.3
Financial risk
management
(continued)
Summary
of significant
accounting
Financial
risk
management
(continued)
Summary
of significant
(a)
Market
Group
accounting
(a)
Marketrisk
risk(continued)
(continued)
Revenue recognition
Revenue(i)recognition
Currency risk (continued)
(i)
risk (continued)
(a)
Basis
of Currency
consolidation
The
Group’s
exposure
based on
the
information
provided
to
Revenue
isand
recognised
to thecurrency
extent
it is measured,
probable
that
the
economic
benefits
willkey
flow to
the Group
the
revenue
be1that
reliably
regardless
of when
the payment
The
Group’scan
currency
exposure
based on
the information
provided
to keyis
Basis
ofmanagement
consolidation
from
April
2010
is
as
follows:
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made. Revenue management
is measured at
fair value of consideration received or receivable, taking
is the
as follows:
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
Corporation
and its subsidiaryUSD
companies
the endKRW
of the reporting
period.
2015
RMBas atAUD
JPY
Others
(a)
Rental
income
2015
USD
RMB
AUD
KRW
JPY $
Others
The
financial
companies
used$inMil
the preparation
ofMil
the
$ Mil
Mil
$ Mil
$ Mil
(a)
Rental
incomestatements of the$subsidiary
$
Mil
$
Mil
$
Mil
$
Mil
$
Mil
$ Mil
Financial assets
consolidated
financial statements are prepared for the same reporting date as the
Rental
income
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assets
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and
cash
46
104
29
15
26
98
Corporation.
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accounting policies
are
applied for
to on
likea transactions
and
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income
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leases isof
accounted
straight-line basis
over
lease
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aggregate
are98
Cash
and
cashterms.
46 costs
104 incentives
29 provided
15 to lessees
26
equivalents
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
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recognised
as
a
reduction
of
rental
income
over
the
lease
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on
a
straight-line
equivalents
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and other
recognised
as
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on
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straight-line
basis.
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(include
All
intra-group
basis.
receivables
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contract
work-inresulting
fromport
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from
operations
contract in
work-inprogress
excess
of
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progress
1
41
8
4
1
34
progressbillings)
in excess of
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consolidated
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date
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when
work
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141
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– 1the
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progress
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services
rendered
inand
portcontinue
operations
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recognised when
work
is
on
which
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obtains
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to
be
until
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date
completed.
47 –
146 1
37 –
19 –
27 – 136 4
Other financial assets
completed.
47
146
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136
(c)
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fees
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liabilities
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attributed
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(23)
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(28)
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liabilities
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fees
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provision
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other
consultancy
services
are
recognised
when
even
if
that
results
in
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deficit
balance.
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(10)
(119)
(242)
(54)
(59)
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payables
–
(109)
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(6)recognised
(6) (43)
(28)
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feesother
from
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consultancy
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when
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services
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rendered,
usingof
the
percentage
of (12)
completion
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based
on
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liabilities
–other
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(3)
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(119)
(242)
(54)
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thechange
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rendered,
the percentage
of(277)
completion
method
based
on
the
actual
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provided
as ausing
proportion
total
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to
be
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(10)
(60)
(68)
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inare
the
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athe
subsidiary
company,
without
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liabilities
–
–
(12)
–
(3)
actual
service
provided
proportion
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performed. over a
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control,
is accounted
forasasa an
equity
the Group
(10) transaction.
(228) If(277)
(60) control
(68)
(71)
(d)
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income
assets/(liabilities)
37
(82)
(240)
(41)
(41)
65
subsidiary
company, it:
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financial
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income
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financial
37
(82)
(240)
(41)
(41)
65
(assets)/
liabilitiesincluding
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income,
from
finance
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-Less:
de-recognises
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(including
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including
income
from interest
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denominated
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the
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carrying
amounts
at the date when
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(assets)/
instruments,
is
recognised using the effective interest method.
respective
entities'
- denominated
de-recognises
in
functional
currencies
–
125
342
74
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- respective
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entities'
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- functional
recognises
the fair value of the– consideration
currencies
–
125 received;
342
74 (79) (9)
(64)
andincome
swaps
(23)
(23)
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is recognised when the
Group’s
right (18)
to receive
payment– is
-Less:
recognises
the
fair
value of any
investment
retained;
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forwards
Add:
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and
currency
Dividend
income
is
recognised
when
the
Group’s
right
to
receive
payment
is
established.
and swaps
(23)
(18)
(79)
–
- recognises
any surplus or deficit–in profit
or loss; (23)
swaps
designated
established.
Add:
Loan
and
currency
- re-classifies
the Group’s share of components previously recognised in other
as net investment
swaps designated
hedges
– or loss23or retained
– earnings,
– as appropriate.
122
–
comprehensive
income to profit
as net
investment
Currency
exposure
37
43
79
15
(7)
1
hedges
–
23
–
–
122
–
Currency exposure
37
43
79
15
(7)
1
85
85
17
16
16
133
134
JURONG
TOWN CORPORATION
CORPORATION
JURONG
TOWN
AND
SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND
COMPANIES
AND SUBSIDIARY
NOTES
TO THE
THEyear
FINANCIAL
STATEMENTS
NOTES
FINANCIAL
STATEMENTS
For
the financial
ended 31
March 2015
NOTES
TO THEyear
FINANCIAL
For
year
ended31
31STATEMENTS
March2015
2015
For the
the financial
financial
ended
March
2.
36.
36.
2.
2.
2.3
2.3
2.3
Summary
of significant
accounting
Financial risk
management
(continued)
Financial risk
management
(continued)
Summary
of significant
accounting
Revenue
recognition
(a)
Market
risk (continued)
(a)
Market
risk (continued)
Revenue
recognition
Revenue recognition
Revenue(i)is recognised
to risk
the extent
Currency
(continued)
(i)is recognised
Currencytorisk
(continued)
Revenue
thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
and
the
revenue
be
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
The
Group’s
currency
exposure
based
on
the
information
provided
to
key
the
Group
and The
the
revenue
can
be fair
reliably
measured,
of when
the payment
is
Group’s currency
exposure
based
onregardless
the information
provided
to key
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
management
isas
asfollows:
follows:
management
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
(a)
Rental
2014 income
2014
(a)
Rental
income
(Restated)
USD RMB
RMB AUD
AUD KRW
KRW JPYJPY Others
Others
(Restated)
USD
(a)
Rental
income
is accounted
on
a straight-line
$ Mil $basis
$MilMil leases
$ Mil
$ Mil for
$ Mil
$ Mil
$
Mil
$
$
Mil
$
Mil
$
Mil
Mil
Rentalthe
income
arising
on a straight-line
over
lease
terms. from
The operating
aggregateleases
costs is
ofaccounted
incentivesfor
provided
to lesseesbasis
are
Financial
assets
Financial
assets
Rental
income
arising
from
operating
leases
is
accounted
for
on
a
straight-line
basis
over
the lease
The of
aggregate
costs over
of incentives
toa lessees
are
recognised
as aterms.
reduction
rental
the
leaseprovided
term
straight-line
Cash
and
cash
158
34 onto14
14
Cash
and
cash
1616income
158
23 23
34
20
over
the
lease
terms.
The of
aggregate
costs
of incentives
provided
lessees
are20
recognised
as
a
reduction
rental
income
over
the
lease
term
on
a
straight-line
basis.
equivalents
equivalents
recognised
basis.
Trade
Tradeand
andother
other
basis.
(b)
Income
from port
operations
receivables
(include
receivables
(include
(b)
Income
from
port operations
contract
work-incontract
work-in(b)
progress
ininexcess
ofof rendered in port operations is recognised when work is
Revenue
from
services
progress
excess
Revenue
from
services rendered5 in port 14
operations7 is recognised
when
work
progress
billings)
5 5
–
37 is
completed.
progress
billings)
5 port operations
14
7 recognised
Revenue
from
services rendered in
is
when– work is37
completed.
Other
––
– –
– –
1 1
1 1
8 8
Otherfinancial
financialassets
assets
completed.
2121
172
30 30
40 40
15 15
65 65
(c)
Agency fees
172
(c)
Agency fees
(c)
Agency fees
Financial
liabilities
Agency
fees
from the provision of other consultancy services are recognised when
Financial
liabilities
Agency
fees
from
the provision
consultancy
services
recognised
when
Trade
and
other
payables
(3)other
(89)
(20)are
(5)
(17)
the
services
are
rendered,
usingof
the
percentage
completion
method
based
the
Trade
and
other
payables
(3)
(89) of (23)
(23)
(20)
(5) on
(17)
Agency
fees are
from
the provision
of
consultancy
services
are
recognised
when
the
services
rendered,
using
theother
percentage
of(257)
completion
method
based on
the
Borrowings
(10)
(197)
(73)
(62)
(24)
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
Borrowings
(10)
(197)
(257)
(73)
(62)
(24)
the
services
are
rendered,
the
ofservices
completion
method
based
on –the
actual
service
provided
as ausing
proportion
of (13)
the total
to be
performed.
Other
financial
liabilities
– percentage
(7)
(161)
–
Otherservice
financial
liabilities
– of the
(13)
(7) to (161)
–
–
actual
provided
as a proportion
total
services
be
performed.
(13)
(299)
(287)
(254)
(67)
(41)
(d)
Interest income
(13)
(299)
(287)
(254)
(67)
(41)
(d)
Interest
income
Net financial
Net
financial
(d)
Interest
income
8
(127) finance
(257) lease
(214)and other
(52) financial
24
Interest
income, including income
8 from
(127)
(257)
(214)
(52)financial
24
Interest
income,
including
income
from
finance
lease
and
other
Less:
Net
financial
instruments,
is recognised
using
the effective
interest
method.
Less:
Net
financial
Interest
income,
including
income
from
finance
lease
and
other
financial
(assets)/ liabilities
instruments,
(assets)/ liabilities
instruments,
denominated
(e)
Dividend
incomeininthe
denominated
the
respective
entities'
(e)
Dividend income
respective
entities'
(e)
Dividend
income
functional
currencies
(2)
125
397
237
(6)
(13)
Dividend
income
is recognised when
Group’s397
right to237
receive payment
is
functional
currencies
(2) the
125
(6)
(13)
Less:
Currency
forwards
Dividend
income
is
recognised
when
the
Group’s
right
to
receive
payment
is
established.
Less: and
Currency
Dividend
income
is recognised when
the
to receive
swapsforwards
–
(23) Group’s
46 right (18)
(12)payment– is
established.
andand
swaps
–
(23)
46
(18)
(12)
–
established.
Add: Loan
currency
Add: Loan
and
currency
swaps
designated
swaps
designated
as
net investment
hedges
–
23
–
–
61
–
as net investment
hedges
23
6–
(2)
186 –
5 –
(9) 61
11 –
Currency
exposure
6
(2)
186
5
(9)
11
Currency exposure
86
86
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
36.
2.
2.
2.4
2.3
2.3
Summary
of significant
accounting
Financial risk
management
(continued)
Group
accounting
(a)
Market risk (continued)
Revenue recognition
Revenue recognition
(a)
Basis
of Interest
consolidation
(ii)
rate risk
Revenue
isand
recognised
to thecan
extent
probable that
the economic
benefits
will flow to
the Group
revenue
berate
regardless
when
theofpayment
is
Basis
ofthe
consolidation
from
1reliably
April
Cash
flow interest
risk2010
ismeasured,
the risk that
the futureof
cash
flow
a financial
the
Group
and
the
revenue
can
be
reliably
regardless
of
when
the
payment
is
made. Revenue instrument
is measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
will
fluctuate
because
of changes in
marketorinterest
rates.taking
Fair
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
receivable,
into account
defined
payment
and
taxes
duty. instrument
The contractually
consolidated
financial
statements
thevalue
financial
statements
of the
value interest
rateterms
risk
isof
riskcomprise
that
theexcluding
fair
of a or
financial
into account
contractually
defined
terms
ofthe
payment
and
excluding
taxes
or
duty.
Corporation
and its subsidiary
companies
as interest
at the end
of the reporting period.
will fluctuate
due to changes
in market
rates.
(a)
Rental income
The
financial
(a)
Rental
The Group’s
to are
interest
rate risk
relates
to date
its interestconsolidated
financial exposure
statements
prepared
for the
sameprimarily
reporting
as the
Rental income
arising
from
operating
leases
is liabilities.
accounted The
for on
a straight-line
bearing
financial
assets
and
financial
Group
borrows
abasis
mix
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over theoflease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
fixed
and
variable
rate
debts
with
varying
tenors.
Where
appropriate,
the
events
in lease
similar
circumstances.
over
the
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
Group
uses
interest
rate
swaps
to
minimise
its
exposure
to
variable
interest
recognised
basis. rates
specificincome
underlying
debt obligations
over thegains
duration
of the
All
intra-group for
balances,
and expenses
and unrealised
and losses
basis.
obligations.
resulting
fromport
intra-group
(b)
Income from
operations
(b)
Thecompanies
interest rates
cash with AGD
are
on deposit rates
determined
Subsidiary
are for
consolidated
from
the based
date of
being
dateis
Revenuebyfrom
port
operations
is acquisition,
recognised
whenthe
work
the services
financial rendered
institutionsin
with
which
the cash
are deposited
and
are
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
on
dateis
completed.
expected
to
move
in
tandem
with
market
interest
rate
movements.
completed.
that
(c)
Agency fees
The Group currently holds interest rate swaps to exchange floating rate
(c)
Agency fees
Losses
within
a subsidiary
attributed
the non-controlling
interest
SGD loans
for fixed company
rate SGD are
loans.
Hedge to
accounting
is applied on
these
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
even
if that
results
in
a
deficit
balance.
swaps.
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change
in
the
ownership
interest
of
a
subsidiary
company,
without
a
loss
of
Sensitivity
analysis
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
(d)
Interest income
subsidiary
company,
The
Group’sit:interest-bearing financial assets at variable rates on which
(d)
Interest income
effective hedges have not been entered into, are denominated mainly in
Interest
income,
income
from
lease
andof
other
financial
- de-recognises
the
assets
(including
goodwill)
liabilities
the RMB,
subsidiary
SGD,
AUD,including
RMB,
KRW,
JPY, INR
andfinance
PHPand
(2014:
SGD,
AUD,
KRW
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
and JPY).
interest amounts
rates increase/decrease
by 150is (2014:
50) basis
company
at theirIf carrying
at the date when control
lost;
points, withthe
all carrying
other variables,
including
foreign currency
exchange rates,
- de-recognises
amount of
any non-controlling
interest;
(e)
Dividend
income
being
held
constant,
the
Group’s
surplus
after
tax
will
be
higher/lower by
- de-recognises
(e)
Dividend
approximately
$4
million
(2014:
$1
million)
as
a
result
of higher/lower
Dividendinterest
income
is recognised
when
the Group’s
right to
receive payment is
income
from
these
interest-bearing
financial
assets.
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
established.
The Group’s
borrowings
at variable
rates on
which effective
hedges
have
- re-classifies
the Group’s
share
of components
previously
recognised
in other
not
been
entered
into,
are
denominated
mainly
in
SGD,
RMB,
USD
comprehensive income to profit or loss or retained earnings, as appropriate. and
AUD (2014: SGD, RMB, USD, INR and AUD). If interest rates
increase/decrease by 150 (2014: 50) basis points, with all other variables,
including foreign currency exchange rates, being held constant, the Group’s
surplus after tax will be lower/higher by approximately $6 million (2014: $2
million) as a result of higher/lower interest expense on these borrowings. If
interest rates increase by 95 (2014: 25) basis points and decrease by 95
(2014: 22) basis points, with all other variables, including foreign currency
exchange rates, being held constant, other comprehensive income would
have been higher by $28 million (2014: $7 million) and lower by $28 million
(2014: $7 million) respectively, mainly as a result of higher/lower fair value
of interest rate swaps designated as cash flow hedges of variable rate
borrowings.
87
17
16
16
135
136
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
36.
2.
2.
2.3
2.3
2.3
Summary
of significant
accounting
Financial risk
management
(continued)
Revenue
recognition
(b)
Credit
risk
Revenue recognition
Revenue recognition
RevenueThe
is recognised
to the
extent
it is probable
that the economic
flow to
Group’s key
credit
riskthat
relates
to the customers’
inabilitybenefits
to meetwill
payment
Revenue
isand
recognised
to thecan
extent
that
it isexposure,
probable that
the
economic
benefits
will
flow to
the
Group
the
revenue
be
reliably
measured,
regardless
of
when
the
payment
is
obligations.
In
managing
credit
risk
credit
review
and
approval
processes
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
as
well
as
monitoring
mechanisms
are
applied.
To
mitigate
risk
exposure,
banker’s
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
terms
of payment
and excluding
taxesfrom
orreceivable,
duty.
guarantees,
cash defined
deposits
and
advanced
payments
arereceived
sought
customers.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
or
taking
(a)
Rental
income
The cash
balances and bank deposits are placed with financial institutions which
(a)
Rental
income The cash with AGD under Centralised Liquidity Management are
are regulated.
(a)
Rental
income
Rental
is accounted
placed income
with higharising
creditfrom
ratingoperating
financial leases
institutions
and are available
on demand.basis
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
over
lease
terms.
The
aggregate
costs
incentives
provided
to lesseesbasis
are
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
tointo
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Transactions
involving
derivative
financial
instruments
are
entered
only
with
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
counterparties
that
are of acceptable
quality. over the lease term on a straight-line
recognised
as
a
reduction
of
rental
income
basis.
basis.
(b)
Income
from
portreporting
operations
As at end
of the
period, the Group and the Corporation have no significant
(b)
Income
from port
operations
concentration
of
credit
risk.
(b)
Income from port operations As the Group and the Corporation do not hold any
Revenue
services rendered
operations
is recognisedbywhen
work is
collateral, from
the maximum
exposureintoport
credit
risk is represented
the carrying
Revenue
from
services
rendered
in statement
port operations
is recognised
when work is
completed.
amount
of
each
financial
asset
in
the
of
financial
position.
completed.
completed.
(c)
Agency
fees
(i)
Financial assets that are neither past due nor impaired
(c)
Agency fees
(c)
Agency fees
Agency Bank
fees from
the provision
of otherpast
consultancy
deposits
that are neither
due nor services
impaired are
are recognised
mainly fixedwhen
rate
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
deposits
with
banks
which
have
high
credit-rating
as
determined
by
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the services
rendered,
using
the
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
international
credit-rating
agencies.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
(d)
Interest income
Trade receivables that are neither past due nor impaired are substantially
(d)
Interest income
from companies with a good collection track record with the Group. Other
(d)
Interest income
Interest receivables
income, including
income past
fromduefinance
lease include
and other
financial
that are neither
nor impaired
amounts
due
Interest
income,
including
income
from interest
finance
lease and
other
financial
instruments,
is
recognised
using
the
effective
method.
from
non-related
parties,
associated
companies
and
joint
venture
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
companies.
These
companies
haveinterest
relatively
healthy financial positions
instruments,
is recognised
using
the effective
method.
(e)
Dividendand
income
management does not expect any of these companies to fail to meet
(e)
Dividendtheir
income
obligations.
(e)
Dividend income
established.
established.
established.
88
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
36.
2.
2.
2.4
2.3
2.3
Summary
of significant
accounting
Financial risk
management
(continued)
Group
accounting
(b)
Credit risk (continued)
Revenue recognition
Revenue recognition
(a)
Basis
of Financial
consolidation
andthat
business
combinations
(ii)
assets
are past
due and/or impaired
Revenue
isand
recognised
to thecan
extent
probable that
the economic
benefits
will flow to
the Group
revenue
be
regardless
of when
the payment
is
Basis
ofthe
consolidation
from
1reliably
April
There
is no other
class
of 2010
financial
assets
that is past
due and/or
impaired
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made. Revenue except
is measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
for trade
andfair
other
receivables.
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
Corporation
subsidiary
companies
as at the
thenot
reporting
period.
The and
agingitsanalysis
of trade
receivables
pastend
dueofbut
impaired
is as
(a)
Rental income
follows:
The
financial
(a)
Rental
income
The
Group are applied for
Corporation.
Consistent
accounting
policies
to The
likeaCorporation
transactions
and
Rentalthe
income
on
straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentives provided
to lesseesbasis
are
2015
2014
2015
2014
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
(Restated)
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
All
intra-group balances, income and
gains and $
losses
basis.
$ Milexpenses $and
Mil unrealised
$ Mil
Mil
resulting
fromport
intra-group
(b)
Income from
operations
(b)
Income
Past duefrom
lessport
thanoperations
3
Subsidiary
companies
arerendered
consolidated
from
the date
date
months from
24 of
4 being
3 is
Revenue
services
in 25
port
operations
is acquisition,
recognised
whenthe
work
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
on
which
the
Group
obtains
control,
and
continue
to
be
consolidated
until
the
date
completed.
Past due 3 to 6 months
3
5
1
– is
completed.
that
control
ceases.
Pastsuch
due over
6 months
8
4
4
3
(c)
Agency fees
36
33
9
6
(c)
Agency fees
Losses
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Theservices
carrying
amount
trade
and
other
receivables,
individually
determined
to the
be
Agency
fees are
from
the of
provision
of
consultancy
services
are
recognised
when
the
rendered,
using
theother
percentage
of completion
method
based on
impaired
are
as
follows:
the
services
rendered,
the percentage
ofservices
completion
method
based
on the
actual
service
provided
as ausing
proportion
total
to be
performed.
A
change
inare
the
ownership
interest
ofofathe
subsidiary
company,
without
a loss
of
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
The Group
The Corporation
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
2015
2014
2015
2014
(Restated)
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance
lease and
other financial
$
Mil
$
Mil
$
Mil
$ Mil
instruments,
is
recognised
using
the
effective
method.
(e)
Dividend
income the cumulative translation
Gross
amount
29
30
12in equity; 15
de-recognises
differences
recorded
(e)
Dividend
income
Allowance
for
impairment
(28)
(29)
(12)
(15)
Dividend income is recognised when1 the Group’s
right to receive
payment
1
–
– is
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
right to receive payment
is
established.
established.
- re-classifies
the
of components
previously
recognised in other
The
movements in
theGroup’s
related share
allowance
for impairment
are as follows:
29
30
15
15
difference
1
–
–
–
Allowance made
4
5
2
4
Allowance written back
(3)
(3)
(2)
(2)
Allowance utilised
(3)
(3)
(3)
(2)
12
15
28
29
Trade and other receivables that are individually determined to be impaired at the
end of the reporting period relate to debtors that are in significant financial
difficulties and have defaulted on payments.
89
17
16
16
137
138
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
36.
2.
2.
2.3
2.3
2.3
Summary
of significant
accounting
Financial risk
management
(continued)
RevenueLiquidity
recognition
(c)
risk
Revenue recognition
Revenue recognition
Revenue
is recognised
to the extent
it is probable
thatand
themaintains
economicabenefits
flowand
to
In the management
of liquidity
risk, that
the Group
monitors
level ofwill
cash
Revenue
isand
recognised
to the
extent
that
it is measured,
probable
that
the economic
benefits
will flow
to
the
Group
the
revenue
can
be
reliably
regardless
of
when
the
payment
is
cash
equivalents
deemed
adequate
to
meet
payment
obligations
in
a
timely
manner.
The
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Group
ensures
the
availability
of
financing
through
an
adequate
amount
of
banking
credit
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
defined
terms
of payment
and excluding
duty.
linesaccount
and
thecontractually
establishment
ofatmedium
term
note
issuance
programme.
made.
Revenue
is
measured
the
fair
value
of
consideration
received
taking
(a)
Rental
income
The table
below
analyses the maturity profile of the financial liabilities (including derivative
(a)
Rental
income
financialRental
liabilities)
of the Group and the Corporation based on contractual undiscounted
(a)
income
cash flows.
Rentalthe
income
accounted
on a straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs is
incentivesfor
provided
to lesseesbasis
are
Rentalthe
income
arising
from
operating
leases
isof
accounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
of
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
Between
over
the lease
terms.
The of
aggregate
costs over
ofBetween
incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Less
than
1
and
2
2
and
5
Over
5
The Group
basis.
basis.
2015
1 year
years
years
years
Total
(b)
(b)
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
(b)
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
Net-settled interest rate swaps
–
(1)
2
–
1 is
completed.
Net-settled
currency forwards
(1)
(3) operations2 is recognised
–
(2) is
Revenue
in port
when work
completed.
Trade andcompleted.
other payables
(886)
(7)
(10)
(10)
(913)
(c)
Agency fees
Borrowings
(248)
(462)
(1,383)
(701)
(2,794)
(c)
Agency fees
(c)
Agency fees
Other financial
liabilities
–
–
–
(5)
(5)
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
the
services
rendered,
usingof
theother
percentage
of
completion
method
based
on
the
(1,135)
(473)
(1,389)
(3,713)
Agency
fees are
from
the provision
consultancy
services (716)
are
recognised
when
the services
are
rendered,
using
the percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
2014
(d)
Interest income
(Restated)
(d)
Interest income
(d)
Interest income
Net-settled
interest rate
swaps including(1) income from
(1)
(10) lease and
4 other financial
(8)
Interest
income,
finance
instruments,
is recognised
using
the effective
interest
Interest
income,
including
from
finance–method.
lease and
– other financial
instruments,
is recognised
using
the effective
interest
method.
– income
Net-settled
currency forwards
(1)
(1)
(e)
income
Trade andDividend
other payables
(952)
(28)
(14)
(5)
(999)
(e)
Dividend income
Borrowings
(260)
(222)
(1,422)
(850)
(2,754)
(e)
Dividend income
Dividend
when
the Group’s– right to receive
payment
is
Other financial
liabilities
(5)
(143)
(5)
(153) is
Dividend
when
the Group’s right to receive
payment
established.
Dividend income is recognised
when
the Group’s
receive payment
established.
(1,218)
(395)
(1,446) right to (856)
(3,915) is
established.
The Corporation
2015
Borrowings
Between
Between
Less than
1 and 2
2 and 5
Over 5
1 year
years
years
years
$ Mil
$ Mil
$ Mil
$ Mil
–
Total
$ Mil
(389)
–
–
(33)
(32)
(97)
(571)
(389)
(733)
(422)
(32)
(97)
(571)
(1,122)
(509)
–
–
(32)
(33)
(98)
(593)
(756)
(541)
(33)
(98)
(593)
(1,265)
2014
Borrowings
–
(509)
90
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
36.
2.
2.
2.
2.4
2.3
2.3
Financial risk
management
(continued)
Summary
of significant
accounting
(d)
Capital risk
Group
accounting
Revenue recognition
Revenue recognition
The Group’s
objectivesand
when
managing
capital are to safeguard the Group’s ability
(a)
Basis
of consolidation
business
combinations
Revenuetoiscontinue
recognised
the extent
thatand
it is to
probable
that
economic
benefits
will so
flow
as atogoing
concern
maintain
anthe
optimal
capital
structure
asto
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
to
maximise
shareholder
value.
In
order
to
maintain
or
achieve
an
optimal
capital
Basis
consolidation
from
April 2010
the
Group
andofthe
revenue can
be1fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
measured
at the
of consideration
received
or receivable,
taking
structure,isthe
Group may
adjustvalue
the amount
of dividend
payment,
return capital
to
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
contractually
defined
terms
ofobtain
payment
and
excluding
taxes
duty. to reduce
shareholders,
issue
new shares,
new
borrowings
or
sell or
assets
The
consolidated
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
borrowings.
(a)
Rental income
The
financial
(a)
Rental
Management financial
monitorsstatements
capital based
the debt
ratio,reporting
which is date
calculated
consolidated
are on
prepared
forequity
the same
as the
Rental
income
arising
from operating
leases
is accounted
basis
as
total
external
borrowings
divided
by
total
equity
excluding
non-controlling
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
interests.
The Group’s
policy is to keep debt equity ratio to less than two-thirds are
of
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as a reduction
of rental income
total equity excluding
non-controlling
interests.over the lease term on a straight-line
recognised
basis.
All
basis.
resulting
fromport
intra-group
(b)
Income from
operations
The Group
The Corporation
(b)
2015
2015
2014
2014
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
(Restated)
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
$ Mil
$ Mil
$ Mil
$ Mil
completed.
Total Borrowings
(c)
Agency
fees loans from
(including
(c)
Agency
fees
Losses
non-controlling
Agency
feesresults
from the
are
when
even
if
that
in aprovision
deficit balance.
2,367
494recognised
interest)
2,472 services
509
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
Total Equity
(excluding
actual
service
provided
asasa an
proportion
to beloses
performed.
control,
is
accounted
for
equity
transaction.
If
the
Group
control
over
a
non-controlling
(d)
Interest income
subsidiary
company,
it:
18,340
16,076
interests)
16,866
14,886
(d)
Interest
income
Interest
income, including
income
from
finance
andof other
financial
- de-recognises
the assets12.91%
(including
goodwill)
andlease
liabilities
the subsidiary
Debt
equity
ratio including
Interest
income,
income
from 14.66%
finance method.
lease3.07%
and other 3.42%
financial
instruments,
is
recognised
using
the
effective
interest
- de-recognises
theCorporation
carrying amount
any non-controlling
The
Group
and the
are inof compliance
with all interest;
externally imposed
(e)
Dividend
income
de-recognises
the
cumulative
translation
differences
recorded
in equity;
capital
requirements
for
the
financial
years
ended
31
March
2015
and
2014.
(e)
Dividend income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
established.
91
17
16
16
139
140
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
37.
2.
2.
2.
2.3
2.3
2.3
Fair value of
of significant
assets andaccounting
liabilities policies (continued)
Summary
The following
disclosures for fair value of assets and liabilities includes “Assets of disposal
Revenue
recognition
Revenue
recognition
group classified
as held for sale” and “Liabilities directly associated with disposal group
Revenue recognition
classified is
asrecognised
held for sale”.
Revenue
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be that
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
(a)
Fair value
hierarchy
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account
defined
terms
of measurement
payment and excluding
or duty. using a fair
The contractually
Group classifies
its fair
value
of assets taxes
and liabilities
into account
valuecontractually
hierarchy
(a)
Rental
income that is dependent on the valuation inputs used as follows:
(a)
Rental income
(i)
Level 1 - Quoted prices (unadjusted) in active markets for identical assets
(a)
Rental
income
Rental income
arising
from
is at
accounted
basis
or
liabilities
that
the operating
Group canleases
access
the measurement
date;
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Rental
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
(ii)
Level
2
Inputs
other
than
quoted
prices
included
within
Level
1
that
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
theobservable
lease
terms.
Theasset
aggregate
costseither
of incentives
provided
toaand
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
for
the
or
liability,
directly
or
indirectly;
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
(iii)
Level 3 - Unobservable inputs for the asset or liability.
basis.
(b)
(b)
Fair value
(b)
Income
from measurements
port operations that use inputs of different hierarchy levels are
Revenue
from
services
in port
is recognised
is
categorised
in
entiretyrendered
in the same
leveloperations
of the fair value
hierarchy when
as thework
lowest
Revenue from its
services
rendered
in port
operations
is recognised
when
work
is
completed.
level inputfrom
that isservices
significant
to the entire
measurement.
Revenue
rendered
in port
completed.
completed.
(c)
Agency
feesbeen no transfers between Level 1 to Level 3 fair value measurements
There have
(c)
Agency
fees
during the
financial years ended 2015 and 2014.
(c)
Agency
fees
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
usingat
the
percentage
of completion
method
based on
the
(b)
Assets
and
fair
value
Agency
feesliabilities
from
themeasured
provision
of
other
consultancy
services are
recognised
when
the
services
are
rendered,
using
the
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
The following
table shows
an analysis
of total
eachservices
class of
assets
and liabilities
actual
service provided
as a proportion
of the
to be
performed.
(d)
Interest
income
measured
at fair value at the end of the reporting period:
(d)
Interest income
(d)
Interest income
Interest income, including income from finance The
lease
and other financial
Group
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
2015
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
1 interest
Levelmethod.
2
Level 3
Total
instruments, is recognised using theLevel
effective
(e)
Dividend income
$
Mil
$
Mil
$
Mil
$ Mil
(e)
Dividend income
Assets
(e)
Dividend income
established.
Financial assets
Dividend
established.
Available-for-sale financial
established.
assets
- Equity securities
–
–
8
8
Derivative financial instruments
–
–
11
11
–
8
11
19
–
(12)
–
(12)
Liabilities
Derivative financial instruments
92
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
37.
2.
2.
2.4
2.3
2.3
Summary
Fair value of
of significant
liabilities (continued)
Group
accounting
(b)
Assets and liabilities measured at fair value (continued)
Revenue recognition
Revenue recognition
The Group
(a)
Revenue is recognised to the extent that it is probable that the
economic
2014
(Restated)
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
payment
Basis
ofthe
consolidation
from
1reliably
April 2010
Level
1
Level 2
Level
3the
Total is
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made. Revenue is measured at the fair value$ofMil
consideration
received
or
receivable,
$ Milreceived $orMil
$ taking
Mil
made.
Revenue
is
measured
at
the
fair
value
of
consideration
receivable,
taking
into account
contractually
terms
of payment
and excluding
taxes or
duty.
Assets
The
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
(a)
Rental
income
Financial
assets
The
financial
(a)
Rental
income
Available-for-sale
financial
statements are prepared for the same reporting date as the
Rental
assets
Corporation.
Consistent
accounting policies
applied for
to on
likea transactions
and
Rental
income
arising
from
isare
accounted
straight-line
basis
over
the lease
terms. The operating
aggregateleases
costs
incentives
to
are6
- Equity
securities
– of
– provided
6 lessees
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
Derivative
financial
instruments
–
10
– and losses
10
All
intra-group
balances,
income and expenses
and unrealised
gains
basis.
–
10
6
16
resulting
fromport
intra-group
(b)
Income from
operations
(b)
Liabilities companies are consolidated from the date of acquisition, being the date
Subsidiary
Revenue from
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
Derivative
financial
instruments
–
(20)
–
(20)
completed.
(c)
Agency fees
Level 2 fair
value
measurements
(c)
Agency
fees
Losses
within
a subsidiary
company are attributed to the non-controlling interest
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Theservices
following
is a
description
of of
the
valuation
techniques
and inputs
used
in the
fair
Agency
fees are
from
the provision
consultancy
services
are
recognised
when
the
rendered,
using
theother
percentage
of completion
method
based
on
the
value
measurement
for
assets
and
liabilities
that
are
categorised
within
Level
2
of
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change in the ownership interest of a subsidiary company, without a loss of
the fairservice
value hierarchy:
actual
provided
as
a
proportion
of
the
total
services
to
be
performed.
(d)
Interest income
subsidiary
company, it:
(d)
Interest
income
Derivative
financial instruments
The
fair
values
of currency
forwards are
determined
using actively
quotedfinancial
forward
Interest
income,
including
from
finance
andof other
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from
finance
lease
and
other
financial
exchange
rates.
The
fair
values
of
interest
rate
swaps
are
calculated
as
the
present
instruments,
using
the effective
method.
their carrying
amounts
at the interest
date when
control is lost;
instruments,
is recognised
using
the
effective
interestatmethod.
value of the estimated
future
cash
flows
discounted
actively quoted interest rates.
(e)
Dividend
(e)
Dividend
income
(d)
Levelde-recognises
3 fair
value measurements
theisfair
value
of any
investment
retained;
(i)- recognises
Information
about
significant
unobservable
inputs
in Level payment
3 fair value
Dividend
income
recognised
when
the Group’s
rightused
to receive
is
established.
- recognises
measurements
established.
comprehensive
income
to profit or loss orequity
retained
earnings,
appropriate.
The fair values
of available-for-sale
securities
areas
determined
based
on net asset approach and the significant unobservable inputs used are the
latest available management accounts.
The estimated fair value would increase/decrease if the cost of equity is
higher/lower and yield adjustments based on management’s assumptions
are higher/lower.
93
17
16
16
141
142
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
37.
2.
2.
2.
2.3
2.3
2.3
Fair value of
of significant
Summary
(d)
Level
3 fair value measurements (continued)
Revenue
recognition
Revenue recognition
Revenue recognition
Movements
Level that
3 assets
measured
at the
fair economic
value
Revenue(ii)is recognised
to theinextent
it is probable
that
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable
that
the economic
benefits
will
flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
The
following
table
presents
the
reconciliation
for
all
assets
and
liabilities
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenueatcan
be fair
reliably
measured,
regardless
of when
the (Level
payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
measured
fair
value
based
on
significant
unobservable
inputs
3):
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
(a)
Rental income
(a)
Rental income
Available-for-sale financial
(a)
Rental income
assets for
– equity
securities basis
Rental income arising from operating leases is accounted
on a straight-line
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
2015
2014
over
lease
terms.
The
aggregate
costs
incentives
provided
to lessees
are
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
$
Mil
$ Milare
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the lease aterms.
The of
aggregate
costs over
of incentives
are
recognised
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
Group
basis. The as
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis. Beginning of financial year
5
6
basis.
Additions
–
1
(b)
(b)
Income Net
fromchange
port operations
in fair value of
(b)
financialin port operations is recognised when work is
Revenue available-for-sale
Revenue assets
when work
1
1 is
completed.
completed.
completed.
(8)
operations
–
(c)
Agency fees
(c)
Agency End
feesof financial year
6
–
(c)
Agency fees
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
(iii)
Valuation
policies
and
procedures
the services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
(d)
Interest income
The assessment of fair value of available-for-sale equity securities is
(d)
Interest income
performed
by the finance departments and operations teams of the
(d)
Interest income
Interest respective
income, entities
includingon income
from
finance
lease departments
and other report
financial
a monthly
basis.
The finance
to
Interest
income,
including
income
from
finance method.
instruments,
is
recognised
using
the
effective
interest
their
respective
Chief
Financial
Officers.
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
(e)
Dividend
incomevalues of current trade and other receivables and payables
The carrying
(e)
Dividend
income
approximate
their fair values. The carrying values of borrowings approximate their
(e)
Dividend income
Dividend
fair values.income is recognised when the Group’s right to receive payment is
established.
established.
established.
94
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
37.
2.
2.
2.4
2.3
2.3
Summary
Fair value of
of significant
Group
accounting
(e)
Assets and liabilities not carried at fair value but for which fair values are disclosed
Revenue recognition
Revenue recognition
(a)
Basis
of consolidation
and business
combinations
The following
table shows
an analysis
of the Group’s assets and liabilities not
Revenuemeasured
is recognised
to value
the extent
that
it is
probable
that the
economic
willvalue
flow to
at
fair
at
the
end
of
the
reporting
period
but forbenefits
which fair
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the
economic
benefits
will flow to
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Basis
of
consolidation
from
1
April
2010
disclosed:
the
Group
and the
revenue can
be fair
reliably
regardless
of when
the payment
is
made.
Revenue
is measured
at the
valuemeasured,
of consideration
received
or receivable,
taking
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
Theexcluding
Group
into account
contractually
defined
terms
of payment
and
excluding
taxes or
duty.
Corporation and its subsidiary companies as at
the end of the reporting period.
2015
(a)
Rental income
The
financial
the preparation
of the
Levelof1 the subsidiary
Level 2 companies
Level 3used inTotal
Carrying
(a)
Rental
incomestatements
amount
consolidated financial statements are prepared for the same reporting date
as the
$ Milaccounting
$ Mil
$ Mil
Mil
$ Mil and
Corporation.
Consistent
policiesisare
applied to $on
like
Rentalthe
income
a transactions
straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs ofaccounted
incentivesfor
provided
to lesseesbasis
are
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
Assets
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
Investment
All
basis.
–
– dividends
40,650in full. 14,716
properties
40,650
resulting
fromport
intra-group
transactions
and
are eliminated
(b)
Income from
operations
(b)
Liabilitiesfrom
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue
services
in port
operations
is acquisition,
recognised being
whenthe
work
Borrowings
– control,inand
– continue
659
659 when
651
Revenue
fromGroup
services
rendered
port
operations
recognised
work
on
which the
obtains
to
beis consolidated
until the
dateis
completed.
completed.
(c)
Agency fees
(c)
Agency fees
Losses
The Group
Agency
feesresults
from the
services are recognised when
even
if that
in aprovision
deficit balance.
Agency
fees
from
the
provision
of
other
consultancy
services are
recognised
when
2014
the services are rendered, using the percentage(Restated)
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
Level
1
Level
2
Level
3
Total
Carrying
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actual service
provided
proportion
to beloses
performed.
amount
control,
is accounted
forasasa an
equity transaction.
If the Group
control
over a
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
Assets
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
Investment
instruments,
is
recognised
using
the
effective
instruments,
using the effective
interest
method. 42,153
–
14,146
properties is recognised –
42,153
(e)
Dividend
- de-recognises
(e)
Dividend
income
Liabilities
- recognises
theisfair
value
investment
retained;
Dividend
income
recognised
when
payment
Borrowings
– of any
–the Group’s
726right to receive
726
707 is
established.
recognises
any
surplus
or
deficit
in
profit
or
loss;
established.
Loans from
-non-controlling
re-classifies the Group’s share of components previously recognised in other
comprehensive income– to profit or loss
shareholders
– or retained
142 earnings, as
142appropriate.
141
–
–
868
868
848
95
17
16
16
143
144
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
37.
2.
2.
2.3
2.3
2.3
Summary
Fair value of
of significant
Revenue
recognition
(e)
Assets
and liabilities not carried at fair value but for which fair values are disclosed
Revenue(continued)
recognition
Revenue recognition
Revenue
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the
Groupis
the revenue
be that
reliably
regardless
of when
the payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
and
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
The
Corporation
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and2015
excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
Level terms
1
2 andLevel
3
Total
into account contractually defined
ofLevel
payment
excluding
taxes
or duty. Carrying
(a)
Rental income
amount
(a)
Rental income
$ Mil
$ Mil
$ Mil
$ Mil
$ Mil
(a)
Rental income
Rentalthe
income
accounted
on a straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs is
incentivesfor
provided
to lesseesbasis
are
Assetsincome
Rental
arising
from
operating
leases
isof
accounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
Investment as a reduction of rental income over the lease term on a straight-line
recognised
basis.
properties
–
–
37,243
37,243
12,243
basis.
(b)
(b)
Liabilities
(b)
Income
Revenue
completed.
Borrowings
–
– operations
486is recognised
486 when work
470 is
Revenue
in port
completed.
completed.
(c)
Agency fees
(c)
Agency fees
The Corporation
(c)
Agency fees
Agency fees from the provision of other consultancy
are recognised when
2014 services
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based on
the
Agency
fees are
from
the
provision
other
are
recognised
when
Level
1usingof
Level
2 consultancy
Level
3servicesTotal
Carrying
the services
rendered,
the
percentage
ofservices
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based
on the
amount
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
actual service provided
as a proportion
services to$be
$ Mil
$ Milof the total
$ Mil
Milperformed.
$ Mil
(d)
Interest income
(d)
Interest income
(d)
Interest
Assetsincome
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
Investment
instruments,
is recognised
using
the effective
instruments,
interest
method. 38,301
properties is recognised –using the effective
–
38,301
11,662
(e)
Dividend income
(e)
Dividend income
(e)
Dividend
income
Liabilities
Dividend
established.
Dividend
when –the Group’s
payment
Borrowings
–
495right to receive
495
485 is
established.
established.
For the Corporation, the fair values of the investment properties are determined
annually by in-house professional valuers based on the properties’ highest and best
use, using the income method or direct comparison method as is appropriate to the
nature of each property.
For the subsidiary companies, valuations are made annually by independent
professional valuers, based on the properties’ highest and best use, using the
income method, discounted cash flow method or direct comparison method as is
appropriate to the nature of each property.
96
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
37.
2.
2.
2.4
2.3
2.3
Summary
Fair value of
of significant
(e)
Assets and liabilities not carried at fair value but for which fair values are disclosed
Group
accounting
Revenue(continued)
recognition
Revenue recognition
(a)
RevenueInvestment
is recognised
to the extent
properties
(continued)
Revenue
isand
recognised
to thecan
extent
probable that
the economic
benefits
will flow to
the Group
the
revenue
be
regardless
of when
the payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made. Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
For the is
Group,
the fair
values
of theof investment
properties
include
the premium
made.
Revenue
measured
at
the
fair
value
consideration
received
or
receivable,
taking
into account
contractually
defined
terms
of in
payment
and
excluding
taxes
or
duty.
received
or receivable
in advance
respect
of land
leases
contracted
as at the
The
consolidated
financial
statements
comprise
the
financial
statements
of end
the
into account
contractually
defined
terms
of payment
and
excluding
taxes
or
duty.
of
the
reporting
period
(a)
Rental income
The
financial
(a)
Rental
In determining
fair value,
the valuers
have used
involve
consolidated
financial
statements
are prepared
forvaluation
the samemethods
reportingwhich
date as
the
Rental
income
arising
from operating
leases
is accounted
for
on a straight-line
basis
certain
estimates.
These
valuation
methods
take
into
consideration
significant
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over
lease
terms. The aggregate
costs of incentives
provided
todiscount
lessees rate
are
inputsthe
such
as market-corroborated
capitalisation
yield, terminal
yield,
events
in lease
similar
circumstances.
over
the
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
and recent market
transactions
for similar
properties
in lease
the same
locations.
recognised
as
a
reduction
of
rental
income
over
the
term
on
a
straight-line
basis.
All
basis.
Loans and
borrowings
resulting
from
intra-group
(b)
Income from
port
operations
(b)
The fair values of borrowings are estimated by discounting expected future cash
Subsidiary
companies
arerendered
consolidated
from
the date
of
the
dateis
Revenue
from
services
port
is acquisition,
recognised
when
work
flows at market
incremental
lendinginrate
foroperations
similar
types
of
borrowingbeing
arrangements
Revenue
fromGroup
services
rendered
inand
portcontinue
operations
is consolidated
recognised when
work
on
which
the
obtains
control,
to
be
until
the
dateis
completed.
at the end of the reporting period.
completed.
(c)
Agency
In 2014,fees
the fair value of loans from non-controlling shareholders was discounted at
(c)
Agency
fees
Losses
within a subsidiary
company
market borrowing
rate of 5.29%
per annum.
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
fees
from
the instruments
provision
consultancy
are
recognised
when
the services
rendered,
usingof
theother
of completion
method
based
on
the
(f)
Fair
value
of are
financial
bypercentage
classes
that
areservices
not carried
at fair
value
and
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change
in the
ownership
interest
of a subsidiary
company,
without a loss the
of
whose
carrying
amounts
are not
reasonable
approximation
of fair value
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
(d)
Interest
income
subsidiary
company,
it: assets and liabilities by classes that are not carried at fair
The
fair value
of financial
(d)
Interest income
value and whose carrying amounts are not a reasonable approximation of fair value
Interest
income, including
from
finance
andof other
financial
are
follow:
- as
de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
Theinterest;
Group
- de-recognises the carrying amount of any non-controlling
(e)
Dividend
income
2015
Carrying
value
2014
- de-recognises
equity;
(e)
Dividend
income the cumulative translation differences recorded in
(Restated)
Dividend income is recognised when the Group’s$ right
payment is
Mil to receive
$ Mil
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
Financial assets:
established.
established.
Available-for-sale financial assets - equity
19
securities
19
Investment in available-for-sale financial assets - equity instruments carried at cost
Fair value information was not disclosed for the Group’s investments in equity
instruments that are carried at cost because fair value cannot be measured reliably.
These equity instruments represent ordinary shares in companies operating
business parks in China, Taiwan and Vietnam. These investments were not quoted
on any market and did not have any comparable industry peer that is listed. In
addition, the variability in the range of reasonable fair value estimates of these
investments derived from valuation techniques was significant. These investments
have been classified as “Assets of disposal group classified as held for sale” in
2015.
97
17
16
16
145
146
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
38.
2.
2.
2.3
2.3
2.3
.
Summary
significant
Significantofrelated
partyaccounting
transactions
Revenue
recognition
For the purposes
of these financial statements, parties are considered to be related to the
Revenue
recognition
Group
if
the
Group has the ability, directly or indirectly, to control the party or exercise
Revenue recognition
Revenue
recognised
to the
it is probable
thatand
the economic
will or
flow
to
significantisinfluence
over
theextent
party that
in making
financial
operating benefits
decisions,
vice
Revenue
isand
recognised
to the
extent
that
it issubject
probable
that
the economic
benefits
will flow
to
the
Group
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
versa,
or
where
the
Group
and
the
party
are
to
common
control.
Related
parties
may
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
be
individuals
or
other
entities.
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into
account
contractually
defined
terms of
payment
and excluding
taxes or duty. entities are
Under
the revised
SB-FRS
24 (Related
Party
Disclosures),
government-related
into
account
contractually
defined
terms of
payment
and excluding
taxes or duty.
(a)
Rental
income
exempted from full disclosure of related party transactions and could opt to provide
(a)
Rental
income
disclosures
only
in respect of those related party transactions which are considered to be
(a)
Rental
income
Rental
income arising
from operating
leases isthe
accounted
for onhas
a straight-line
basis
individually
or collectively
significant.
In this respect,
Corporation
elected to apply
Rental
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
the modified
disclosure
exemptions
provided
by
SB-FRS
24
(2010).
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis. board,
As a statutory
all
Government
ministries
and over
departments
and
statutory
boards are
recognised
as
a
reduction
of
rental
income
the
lease
term
on
a
straight-line
deemedbasis.
related parties of the Corporation.
basis.
(b)
(b)
Incomesignificant
The following
transactions took place between the Group and related parties
(b)
Revenue
during the
financialfrom
year:services rendered in port operations is recognised when work is
completed.
completed.
The Group and
completed.
(c)
Agency fees
Corporation
(c)
Agency fees
2015
2014
(c)
Agency fees
Agency fees from the provision of other consultancy services are recognised
when
(Restated)
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
$
Mil
$
Mil
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
The Corporation’s
transactions
with:
the
services
are
rendered,
using
the percentage
ofservices
completion
method
based on the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
Singapore
Land
Authority
actual
service
provided as a proportion of the total services to be performed.
(d)
Interest
income
(1,219)
- Purchase
of land
(913)
(d)
Interest income
(d)
Interest income
A*Star Interest income, including income from finance lease and other financial
including
income
from interest
finance method.
lease and90 other financial
instruments,
recognised
using
the effective
- RentalInterest
income income,
andisothers
86
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
(e)
Dividend
Ministry
of Law income
(e)
Dividend
Proceeds
from income
return of land to Government
(e)
Dividend
income
Dividend
income
is recognised
when the Group’s right to receive
payment
305
(with Singapore Land
Authority
acting as agent)
248 is
established.
established.
Subsidiary
companies’ transactions with Defence Science &
established.
Technology Agency
77
- Engineering services income and others
65
Subsidiary companies’ transactions with Land Transport
Authority
83
84
Subsidiary companies’ transactions with Other Ministries and
Statutory Boards
86
55
Subsidiary companies’ transactions with Other Organs of
State and Government Organisations
20
16
98
16
16
16
JURONG
TOWN CORPORATION
AND
SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
38.
2.
2.
2.4
2.3
2.3
39.
Summary ofrelated
significant
policies
(continued)
Significant
partyaccounting
transactions
(continued)
Group accounting
The Group and
Revenue recognition
Corporation
Revenue recognition
(a)
2015
2014
Revenue is recognised to the extent that it is probable that the economic benefits(Restated)
will flow to
Revenue
isand
recognised
to thecan
extent
it is measured,
probable that
the economic
benefits
will flow to
the Group
revenue
be1that
reliably
regardless
of when
the payment
Basis
ofthe
consolidation
from
April 2010
$ Mil
$ Milis
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
The Group’s
transactions
with:
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
account
defined
of payment
and excluding
taxes or
duty.
The contractually
consolidatedand
financial
statements
comprise
the financial
statements
of the
Associated
companies
jointterms
ventures
into
account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
AmountCorporation
received/receivable
(a)
Rental income
The
financial
statements
of the subsidiary
of 27
the
16
- Property
related
services
and management
feescompanies used in the preparation
(a)
Rental
income
- Fund consolidated
management financial
fees andstatements
trustee feesare prepared for the same reporting
73 date as 71
the
Corporation.
Consistent
accounting policies
are applied for
to on
likea transactions
and
–to lesseesbasis
- Purchase
ofthe
investment
properties
253
Rental
income
from
straight-line
over
lease arising
terms.
The operating
aggregateleases
costs isofaccounted
incentives provided
are
events
in
similar
circumstances.
282
- Sale of
subsidiary
companies
–
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
112
- Sale of
investment
property
–
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
All
basis.
resulting
from
intra-group
Key Management
Personnel
(b)
Income from
port
operations
(b)
Incomefees
from
porttooperations
Professional
paid
directors and firms in
Subsidiary
companies
arerendered
consolidated
from
the date of
being
date
which
directorsfrom
are aservices
member
3is
Revenue
in port
operations
is acquisition,
recognised 2
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
completed.
that
(c)
Agency
fees
Segment
information
(c)
Agency fees
Losses
Agency
feesresults
from
provision
ofsegments
other consultancy
services
recognised
when
The accounting
policies
of the
are the same
as theare
Group’s
accounting
even
if that
in areportable
deficit balance.
Agency
fees
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
policies described
in are
Note
2.
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actualhas
service
provided
asas
a an
proportion
of the total
services
toreports
beloses
performed.
Management
the
operating
segments
based
on the
reviewed
by the
control,
is determined
accounted
for
equity
transaction.
If the
Group
control over
a
(d)
Interest
income
Group’s
chief operating
decision
makers that are used to make strategic decisions. The
subsidiary
company,
it:
(d)
Interest
income decision makers consist of the Chief Executive Officer, Group Chief
Group’s
chief operating
income,
from
finance
andof
other
financial
FinancialInterest
and the including
executive
officers
of
each
business
within
each
- Officer
de-recognises
the
assetsincome
(including
goodwill)
andlease
liabilities
the geographic
subsidiary
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
segment.Interest
(e) Group’s
Dividend
The
chiefincome
operatingthe
decision
makers
considerdifferences
the business
from both
a geographic
- de-recognises
cumulative
translation
recorded
in equity;
(e) business
Dividend
incomeperspective.
and
segment
Geographically,
management
manages
and
monitors
Dividend
income
is recognised
whenareas:
the Group’s
right
receive Republic
payment of
is
the business
in the
six primary
geographic
Singapore,
thetoPeople’s
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
right to are
receive
payment
is
established.
China, Australia,
Japan, India
and Korea.
All geographic
locations
engaged
in the
established.
property business. In addition, the segment in Singapore, the People’s Republic of China
and India also derive revenue from consultancy services.
Other services included within Singapore are the provision of port services and investment
holding.
99
17
16
16
147
43
–
210
14
38
1
–
–
237
200
The Group
#
Segment
Segment liabilities
liabilities
Other
Segment
Segment assets
assets
–
21,374
21,374
1,629
1,629
43
––
––
–
1,255
1,255 –
(244)
(244)
20,017
20,017
1,422
1,422
––
––
1,237
1,237
(210)
(210)
(16)
(16)
42
42
––
(371)
(371)
(181)
(181)
6,336
6,336
683
683
210
943
943
142
142
14
428
–428
(8)(37)
(37)
– (54)
(54)
66
159
159
–
(111)
(111)
–
1 ––
–
21
637
(1)637
22 ––
637
637
$$ Mil
Mil
–
5,960
5,960
326
326
38
807
807
105
105
1
396
396 –
(51)
(51)
(49)
(49) –
77
(3)
108
108
–
–– –
–
(96)
(96)
4
919
919 –
–– 4
919
919
$$ Mil
Mil
220
220
22
11
––
(50)
(50)
(2)
(2)
––
11
11
––
(1)
(1)
356
356
(17)
(17)
373
373
$$ Mil
Mil
(1)
(1)
11
––
11
––
––
187
187
237
200
(16)
– (16)
– (1)
(1)
– ––
–
14
– ––
(2)
188
294
–294
188(13)
(13)
307
307
$$ Mil
Mil
development
structures
2014
2014
2015
2015
2014
2014
$ Mil
$ Mil
Consultancy
Consultancy
Wharf and
(Discontinued
(Discontinued
base
operations)
operations)
38
$$ Mil
Mil
(7)
$$ Mil
Mil
123
23
–
$$ Mil
Mil
17
18
–
–
1,130
1,130
26
26
38
––
196
196
110
73
73 –
(13)
(13)
–– –
33
44
5
–– –
(34)
(26)
(26)
139
180
180 –
139
––
180
180
(76)
(76)
1,088
1,088
31
31
––
171
171
76
76
(13)
(13)
––
22
44
––
(24)
(24)
180
180
––
180
180
––
112
112
(694)
(694)
(944)
(944)
(142)
(142)
406
406
(1,826)
(1,826)
123
23
(390)
(7)(390)
(99) 39
39
– 54
54
(7)
(7)
(160)
(160)
(2)
6
13
–
112
(1,009)
(1,009)
14
98 20
20
(1,029)
(1,029)
11
401
401
(1,782)
(1,782)
17
––
(7)
(7)
18
(496)
(496)
–
–52
52
–49
49
(8)
(8)
–
(108)
(108)
97
97
–
– ––
–
18
(1,231)
(1,231)
–
1816
16
(1,247)
(1,247)
Bulk
Adjustments
Adjustments and
and
handling
Social
Port
Port
eliminations
facilities
buildings
amenities
2015
2015
2014
2014
2015
2015
2014
2014
$ Mil
$ Mil
$ Mil
$$ Mil
Mil
–
110
(5,263)
(5,263) motor
(5,097)
(5,097)
(2,781)
(2,781)
(2,739)
(2,739)
(152)
(116)
(116)
(76)
(76)
vehicles,
furniture,
equipment
Additions
Additions to
to non-current
non-current assets
assets
Investment
Investment in
in associates
associates
Net book value
Investment
Investment in
in joint
joint ventures
ventures
Assets:
Assets:
–
(15)
(15) –
52
52
––
–
(465)
(465) –
–
(200)
(200)
1,563
1,563
1,684
1,684 –
–
(3)
(3)
1,566
1,566
$$ Mil
Mil
(3)
(3) –
1,687
1,687
$$ Mil
Mil
Freehold
Property
Property
land
land
2015
2015
2014
2014
2015
2015
$ Mil
$ Mil
Property
Property
(Discontinued
(Discontinued
Leaseholdoperations)
Land
operations)
Segment
Segment
information
(continued)
(continued)
Property,information
plant and equipment
(continued)
2015
Revenue:
Revenue: Accumulated depreciation
and impairment losses
Total
Total revenue
revenue
Inter-segment
Inter-segment as previously reported
Effect of adoption of SB-FRS
External
External customers
customers
110
Beginning
of financial year,
Results:
Results:
restated
Depreciation
Depreciation of
of property,
property, plant
plant and
and
charge
equipment
equipmentDepreciation
and
and investment
investment
properties
properties
- continuing operations
Loss
Loss in
in recoverable
recoverable amount
amount of
of investment
investment
properties
properties - discontinued operations
Share
Share of
of profit
profit of
of associated
associated
Transfer
to investment
companies/joint
companies/joint
venture
venture
companies
companies
Interest
Interest income
income
for sale
Interest
Interest expense
expense
Contribution
Contribution to
to Consolidated
Consolidated Fund
Fund and
and
operations
taxation
taxation
Segment
profit/(loss)
differences
39.
39.
11.
#
NOTES
NOTES
TO
THE
FINANCIAL
STATEMENTS
NOTES TO
TOTHE
THE FINANCIAL
STATEMENTS
For
the
financial
year
ended
31
For
the
financial
year
ended
31
March
2015
For the financial year ended 31 March
March2015
2015
JURONG
JURONG
TOWN
CORPORATION
JURONG TOWN
TOWN CORPORATION
CORPORATION
AND
AND
SUBSIDIARY
COMPANIES
AND SUBSIDIARY
COMPANIES
Net book value
–
–
differences
(5)
52
D
D
D
D
D
D
D
D
D
D
A
A
C
C
C
C
C
C
C
C
C
C
C
C
B
B
A
A
19
51
(5)
(61)
(5)
–
10
12
(8)
108
21
87
(7,866)
(7,866)
27,234
27,234
1,646
1,646
––
196
196
1,316
1,316
(257)
(257)
(15)
(15)
55
55
44
(465)
(465)
(226)
(226)
1,848
1,848
––
1,848
1,848
$$ Mil
Mil
49
100
52
(7,627)
(7,627)
25,470
25,470
1,781
1,781
807
807
269
269
–
1,197
1,197
–
–
(223)
(223)
–
(16)
(16)
44
44
44
–
–
–
(371)
(371)
–
(205)
(205)
–
1,725
1,725
–
–––
1,725
1,725
$$ Mil
Mil
assets #
progress
2015
2015
2014
2014
$ Mil
$ Mil
49
–
–
Capital
Per
Per consolidated
consolidated
Other financial
projects-inNotes
Notes
financial
statements
statements
19
51
(12)
774
417
(12)
(168)
(5)
(5)
35
26
(44)
590
34
556
Total
$ Mil
774
417
148
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
39.
2.
2.
2.
2.4
2.3
2.3
Segment information
(continued)
Summary
of significant
Notesaccounting
Nature of adjustments and eliminations to arrive at amounts reported in the
Group
Revenue recognition
Revenue recognition
(a) A Basis
ofamounts
consolidation
and
combinations
to business
the
discontinued
property
consultancy
segments
Revenue isThe
recognised
torelating
the extent
that
it is probable
that theand
economic
benefits
will flow to
has
been
excluded
to
arrive
at
amounts
shown
in
profit
or
loss
as
they
Revenue
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
willare
flow to
the Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
Basis
ofthe
consolidation
from
1reliably
April
2010
presented
separately
in
the
statement
of
comprehensive
income
within
one
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
line
item,
“Surplus
from
discontinued
operation,
net
of
tax”.
Intra-segment
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
The
consolidated
financial
statements
comprise
the financial
statements
of the
transactions
aredefined
eliminated
onofconsolidation.
into account
contractually
terms
payment
and excluding
taxes or
duty.
Corporation
and revenues
its subsidiary
companiesonas
at the end of the reporting period.
B
Inter-segment
are
eliminated
consolidation.
(a)
Rental income
financial
statements
of the
the discontinued
used
in the preparation
of the
The
amounts
relating to
property and
consultancy
segments
(a) C The
Rental
income
consolidated
are
prepared
for the
sameorreporting
date are
as the
has
been
excluded
to
arrive
at
amounts
shown
in
profit
loss
as
they
Corporation.
Consistent
accounting
policies
are applied for
to income
likea transactions
and
presented
separately
in
the
statement
of is
comprehensive
within
one
Rental
income
arising
operating
leases
on
straight-line
basis
over
the
lease
terms. from
The
aggregate
costs
ofaccounted
incentives provided
to
lessees
are
events
in
similar
circumstances.
line
item,
“Surplus
from
discontinued
operations,
net
of
tax”.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
D recognised
The
amounts
relating
to
the
discontinued
property
and
consultancy
segment
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
has
been excluded
arrive at
balancesand
shown
in the gains
statement
of
All
intra-group
balances,to income
andthe
expenses
unrealised
and losses
basis.
financial
position
as they
are presented
separately
in the statement
of
resulting
from
intra-group
transactions
and dividends
are eliminated
in full.
(b)
Income
from
port
operations
financial
as “Assets of disposal group classified as held for sale” and
(b)
Income
fromposition
port operations
“Liabilities
directly
associated
with
group
as held
for sale”.
Subsidiary
companies
arerendered
consolidated
from
the
dateclassified
of
being
the
dateis
Revenue
from
services
in disposal
port
operations
is acquisition,
recognised
when
work
Inter-segment
balances
are
eliminated
on
consolidation.
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
on
dateis
completed.
completed.
Geographical
(c)
Agencyinformation
fees
(c)
Agency fees
Losses
The Group
operates
in
six main
geographical
areas:
Agency
feesresults
from
the
of other
consultancy services are recognised when
even
if that
in aprovision
deficit
balance.
Agency
fees
from
the
provision
of
other
consultancy
services are
recognised
when
the services are rendered, using the percentage
of completion
method
based on
the
- Singapore
the
Corporation
is
headquartered
and
has
operations
in
Singapore.
The
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change in the ownership interest of a subsidiary company, without a loss
of
operations
in thisprovided
area are
principally
rental
from
properties,
sale
of properties,
actual
service
as
a
proportion
of
the
total
services
to
be
performed.
fund
management, provision of agency and consultancy services and
(d) property
Interest
income
subsidiary
company, it:
of income
port, marine and logistics services and facilities.
(d) provision
Interest
Interest
income, including
income
from
finance
andof other
financial
-People’s
de-recognises
theof assets
(including
goodwill)
andlease
liabilities
theareas
subsidiary
TheInterest
Republic
China
and
India
the
operations
these
are
income,
including
income
frominterest
finance
lease in
and
other
financial
instruments,
is
recognised
using
the
effective
method.
company
at their
carrying amounts
at the dateproperty
when control
lost;
principally
rental isfrom
properties,
sale
properties,
fund is
management
and
instruments,
recognised
using
theofeffective
interest method.
- de-recognises
the
carrying amount
of any non-controlling interest;
of agency
consultancy
services.
(e) provision
Dividend
incomeandthe
de-recognises
cumulative
translation
differences recorded in equity;
(e)
Dividend income
- recognises
the
fair value
of
the consideration
received;
Australia,
Japan
and
Korea
the
operations
in
these
areas
are to
principally
fromis
Dividend income is recognised when the Group’s
right
receive rental
payment
- recognises
theisfair
value
of
any
investment
retained;
properties,
sale
of
properties
and
property
fund
management.
Dividend
income
recognised
when
the
Group’s
right
to
receive
payment
is
established.
established.
- re-classifies the Group’s share of components previously
The Grouprecognised in other
comprehensive income to profit or loss or retained earnings,
2015as appropriate.
2014
(Restated)
$ Mil
$ Mil
Revenue
2,424
Singapore
2,553
162
164
Australia
124
110
The People’s Republic of China
43
India
37
37
Korea
36
26
Japan
18
25
Other countries
20
(993)
Discontinued operations
(1,213)
1,848
1,725
-
101
17
16
16
149
150
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
39.
2.
2.
2.3
2.3
2.3
40.
Summary
of significant
Segment information
(continued)
Revenue
recognition
Geographical
information (continued)
Revenue recognition
Revenue recognition
Revenue is recognised to the extent that it is probable that the economicThe
benefits
will flow to
Group
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will
flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
2015
2014
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will
flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
(Restated)
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
taxes
orreceivable,
duty. $ Mil
$ Mil
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
taking
into
Non-current
assets
into
(a)
Rental
income
15,297
Singapore
14,678
(a)
Rental
income
560
Australia
633
(a)
Rental income
RentalRepublic
income arising
from operating leases is accounted for1,045
on a straight-line
The People’s
of China
1,045basis
Rentalthe
income
accounted
on
a straight-line
lease arising
terms. from
The operating
aggregateleases
costs is
incentivesfor
provided
to lessees
are
239
India over
191basis
Rentalthe
income
arising
from
operating
leases
isof
accounted
for
on
a straight-line
basis
over
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
478
Korea over
463
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
269 on a straight-line
Japan recognised
185
as
a
reduction
of
rental
income
over
the
lease
term
basis.
242
Other countries
287
basis.
(b)
Income
(4,569)
Discontinued
operations
–
(b)
13,561
17,482
(b)
completed.
Events occurring
afterservices
the reporting
period
Revenue from
rendered
completed.
completed.
(c)
Agency
fees Pte Ltd (“APL”) and Jurong International Holdings Pte Ltd (“JIH”) with
Merger
of
Ascendas
(c)
Agency
fees
Surbana
International
(c)
Agency
fees Consultants Holdings Pte Ltd (“Surbana”) and Singbridge Group Pte
Ltd (“Singbridge”)
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the
services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
In February
2015,
the
Corporation
entered
into
an
agreement
with
Glenville
Investments
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
Pte. Ltd actual
to merge
the provided
businesses
APL and of
JIHthewith
Singbridge
under a
service
as aofproportion
totalSurbana
servicesand
to be
performed.
(d) holding
Interest
incomeTJ Holdings (III) Pte. Ltd. (“TJ3”).
new
company,
(d)
Interest income
(d)
Interest income
including
income
finance
lease share
and other
In June Interest
2015, theincome,
Corporation
subscribed
to 49from
percent
of the issued
capital financial
of TJ3
Interest
income,
including
income
from
finance
lease and other
financial
instruments,
is
recognised
using
the
effective
interest
method.
but it willInterest
not
have
any
economic
participation
in
the
earnings
of
TJ3.
income,
including
income
from
finance
lease
and
other
financial
(e)June Dividend
In
2015, theincome
Corporation transferred its shareholdings in APL and JIH to TJ3 at an
(e)
Dividend
income
estimated
gain
of
$2.4
(e)
Dividend incomebillion. The Corporation received as consideration $3.6 billion of
Dividend
income aiscoupon
recognised
when
Group’s
right to receive
is
unsecured
bonds bearing
of 3.5%.
The the
bonds
are redeemable
in June payment
2025.
Dividend
when
the
Group’s
right to receive
payment
is
established.
established.
As part established.
of the consideration, the Corporation will also be entitled to 40 percent of the
capital gains in the value of the properties and investments held by APL as at June 2015,
net of any capital losses. The net gain or loss will be ascertained over a period of ten
years. The Corporation is entitled to payment in June 2025 if there is a net gain but not
liable for any net loss. This entitlement is independent of the Corporation’s shareholdings
in TJ3.
As at 31 March 2015, the assets and liabilities relating to APL and JIH are presented in the
statements of financial position as “Assets of disposal group classified as held for sale”
and “Liabilities directly associated with disposal group classified as held for sale”, and the
results and dividend income recognised by the Corporation derived from the disposal
group are presented separately in the statement of comprehensive income as “Surplus
from discontinued operations, net of tax” and “Dividend income from disposal group, net of
contribution to Consolidated Fund” respectively.
102
16
16
16
JURONG
TOWN CORPORATION
CORPORATION
AND
SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
COMPANIES
FINANCIAL
STATEMENTS
NOTES
TO THE year
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
ended
March
For the financial
year
ended 31
31STATEMENTS
March2015
2015
2.
40.
40.
2.
2.
2.4
2.3
2.3
41.
Summary
of significant
accounting
(continued)
Events occurring
after the
reportingpolicies
period (continued)
Events occurring
after the
reporting policies
period (continued)
Summary
of significant
accounting
(continued)
Group
accounting
Issue of
of
$75 million
million Multicurrency Medium Term Note (“MTN”) by Ascendas Hospitality
Issue
$75
Revenue
recognition Multicurrency Medium Term Note (“MTN”) by Ascendas Hospitality
Trust
(“A-HTRUST”)
Revenue
recognition
Trust (“A-HTRUST”)
(a)
On 7Group
7 April
Aprilisand
2015,
A-HTRUST
issued
$75itmillion
million
aggregate
principal
amount
of
3.30%
Revenue
recognised
to thecan
extent
is measured,
probable
that
the principal
economic
benefits
will
flow to
On
2015,
A-HTRUST
issued
$75
ininaggregate
amount
3.30%
the
revenue
be1that
reliably
regardless
of when
theofpayment
is
Basis
ofthe
consolidation
from
April
2010
pursuant
to
$1
billion
Multicurrency
Medium
Term
Note
Programme
established
by
the
Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
pursuant
to $1 billion
Multicurrency
Medium
Term
Note Programme
by taking
A-A-is
made.
Revenue
is measured
at the fair
value of
consideration
receivedestablished
or receivable,
HTRUST
on contractually
15 October
October
2014.
The
proceeds
from
thereceived
issue
MTN
(netofofissue
issue
made.
Revenue
is
measured
atThe
the
fair
value
ofarising
consideration
or
receivable,
taking
HTRUST
on
15
2014.
proceeds
arising
from
the
ofofMTN
(net
into
account
defined
terms
of payment
and
excluding
taxes
or
duty.
The
consolidated
financial
statements
comprise
theissue
financial
statements
of the
expenses)
will
be
used
to
refinance
existing
borrowings,
acquisitions,
capex
requirements
into
account
contractually
defined
terms
of
payment
and
excluding
taxes
or
duty.
expenses)
will be used
to its
refinance
existing
borrowings,
acquisitions,
requirements
Corporation
and
companies
as at
the end ofcapex
the reporting
period.
and general
general
working
capital
ofsubsidiary
A-HTRUST.
(a)
Rental
income
and
working
capital
of
A-HTRUST.
The
financial
(a)
Rental
consolidated
financial
statements
areSecurities
prepared for the same reporting date as the
Redemption
of $300
$300 million
million
Perpetual
Capital
Rental
income
arising
from operating
leases is accounted for on a straight-line basis
Redemption
of
Perpetual
Capital
Securities
Corporation.
Consistent
accounting
policies
are applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
straight-line
over the lease terms. The aggregate costs isofaccounted
incentives provided
to lesseesbasis
are
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
On 13
13 April
April
2015, as
APL
made an
an of
invitation
thesecurity-holders
security-holders
$300
million
recognised
a made
reduction
rental income
over
the lease term
on$300
a straight-line
On
2015,
APL
invitation
toto the
ofofitsits
million
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Perpetual
Capital Securities
Securities (“Perps”)
(“Perps”)totoredeem
redeemtheir
theirholdings
holdingsofofthe
thePerps
Perpsforforcash
cashatat
basis.
Perpetual
Capital
balances,
income
basis.
101% of
ofAll
theintra-group
principal amount
amount
ofthe
the
Perps.and expenses and unrealised gains and losses
101%
the
principal
of
Perps.
resulting
fromport
intra-group
(b)
Income from
operations
(b) the close
Income
from
port
operations
of the
the invitation
invitation on
on 27
27 April
April2015,
2015,74%
74%oror$222
$222million
millionofofthe
thePerps
Perpswere
were
At the close of
Subsidiary
companies
consolidated
from
the date
of
acquisition,
being
dateis
Revenue
from
services
rendered
in
port
operations
is will
recognised
whenthe
work
offered by
by
security-holders
forare
redemption.
The
settlement
date
willbebe7 7business
business
days
offered
security-holders
for
redemption.
The
settlement
date
days
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
on
which
the
Group
obtains
control,
and
continue
to
be
consolidated
until
the
dateis
completed.
the legal
legal completion
completion of
of the
the merger
merger between
between APL
APLand
andJIH
JIHwith
withSurbana
Surbanaand
and
upon the
completed.
that(“Merger”).
Singbridge
(“Merger”).
Singbridge
(c)
Agency fees
(c)
Agency fees
Losses
within
a subsidiary
company
are
attributed
to the
non-controlling
interest
balance
of $78
$78
million
Perpswill
will
befully
fullyredeemed
redeemed
APL
theirprincipal
principalamount
amount
The balance
of
million
Perps
be
bybyAPL
atattheir
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
even
if
that
results
in
a
deficit
balance.
upon the
completion
the
Merger
as
ofofthe
trigger
ininrecognised
control
clause
theAgency
completion
of
thethe
Merger
asaaresult
result
the
triggerofofthe
thechange
change
control
clause
feesof
from
provision
of
other
consultancy
services
are
when
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
following
the
merger.
followingthe
theservices
merger.are rendered, using the percentage of completion method based on the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
(d)
Interest
income
subsidiary
company, it:
Subsidiary
companies
Subsidiary
companies
(d)
Interest
income
Interest
income,
including
income
from
finance
andof other
financial
- de-recognises
the assets
(including
goodwill)
andlease
liabilities
the subsidiary
The following
are
subsidiary
companies:
following
are the
the Corporation’s
Corporation’s
subsidiary
companies:
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
instruments, is recognised usingCountry
Countryof
- de-recognises the carrying amount
ofofany non-controlling interest;
(e)
Dividend
income the cumulative
incorporation
Percentage
incorporation
Percentageof
of
de-recognises
translation
differences
recorded
in equity;
(e)
Dividend income
Direct
Principal
/place
ofof
equity
held
byby
Direct subsidiary
subsidiary
Principal
/place
equity
held
recognises
the
fair
value
of
the
consideration
received;
companies
activities
ofof
investments
companies
activities
business
theCorporation
Corporation
Cost
investments
Dividend income
is recognisedbusiness
when the the
Group’s
right toCost
receive
payment is
- recognises
theisfair
value of any
investment
retained;
2015
2014
Dividend
income
recognised
when
the 2015
Group’s
right
is
2015 2014
2015 payment
2014 to receive
2014
established.
- recognises any surplus or deficit in profit or%%
loss; %%
$$
Mil
$ Mil
established.
Mil
$ Mil
Subsidiary
of
- companies
re-classifies
theCorporation
Group’s share of components previously recognised in other
Subsidiary
companies
ofthe
the
Corporation
Ascendas
Ascendas Pte
Pte Ltd*
Ltd* Investment
Investmentholding
holding
Singapore
Singapore
100
100
100
100
586
586
586
586
Jurong
Jurong
International
International
Holdings Pte Ltd*
Holdings Pte Ltd*
Investment
Investmentholding
holding
Singapore
Singapore
100
100
100
100
6161
1111
Jurong Port Pte
Jurong Port Pte
Ltd*
Ltd*
Provision of port,
Provision of port,
marine and
marine and
logistics services
logistics services
and facilities and
and facilities and
investment holding
investment holding
Singapore
Singapore
100
100
100
100
683
683
683
683
SLI Holdings Pte
SLI Holdings Pte
Ltd*
Ltd*
Investment holding
Investment holding
Singapore
Singapore
100
100
100
100
33
33
33
33
1,363
1,363
1,313
1,313
103
103
17
16
16
151
152
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.3
2.3
2.3
Summary
Subsidiaryofcompanies
Country of
Revenue recognition
Revenue
recognition
Indirect subsidiary
Principal
incorporation/
Class of
Effective interest
Revenue
recognition
companies
activities
place of business
shares
held by the Group
2015 will flow
2014 to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
%
% to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Subsidiary
companies
of AscendasatPte
Ltd
made.
Revenue
is
measured
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
100
Ascendas
Investment
holding
Singapore
Ordinary
100
Investment
Pte Ltd*
into account
contractually defined terms of payment and excluding taxes or duty.
(a)
Rental income
(a)
Rental
income
100
Ascendas Land
Investment holding
Singapore
Ordinary
100
(a)
Rental
income
International
Pte Ltd*
Rental
income
arising
from
operating
leases
accounted
for
on a straight-line
basis
100
Ascendas over
Land the
Property
owners,
the
Singapore
Ordinary
100
lease
terms.
Theand
aggregate
costs is
incentives
provided
to lessees
are
Rental
income
arising
from
operating
leases
isof
accounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
(Singapore)
Pte
Ltd*
planning,
developing,
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the lease
terms.
aggregate
costs over
of incentives
provided
toa lessees
are
marketing
andThe of
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
management
of
industrial
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
parks, science parks,
basis.
parks and
(b)
Income from business
port operations
(b)
Income from related
port operations
facilities and
(b)
Income from investment
port operations
holding
Revenue
from
services
rendered
port operations is recognised when work is
Subsidiary
companies of Ascendas Investment
Ptein
completed.
Revenue from services rendered
inLtdport operations is recognised when work is
completed.
63.75
Ascendas completed.
Holdings
Singapore/
Ordinary
63.75
(c)
Agency
fees Investment holding
(Manila)
Pte
Ltd*
Philippines
(c)
Agency
fees
(c)
Agency fees
100
Ascendas Agency
Utilities Pte
Singapore
Ordinary are recognised
100
fees Investment
from the holding
provision of other
consultancy services
when
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
Ltd*
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
100based on
Ascendas the
Funds
Property
fund as a
Singapore
Ordinary
100the
services
are
rendered,
using
the percentage
ofservices
completion
method
actual
service
provided
proportion
of the total
to be
performed.
Management
(S) Limited*
management
actual
service
provided as a proportion of the total services to be performed.
(d)
Interest income
(d)
Interest
100
Ascendas
Property income
Trustee for property trust
Singapore
Ordinary
100
(d) Trustee
Interest
income
Fund
Pte Ltd*
and property fund
Interest income,
management
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
100
Ascendas Services
Provision of
People’s Republic
Registered
100
instruments,
is
recognised
using
the
effective
interest
method.
(Shanghai)
Co., Ltd** income
e-infrastructure services
of China
Capital
(e)
Dividend
(e)
Dividend income
100
Ascendas
China Fundincome
Property fund
Singapore
Ordinary
100
(e)
Dividend
Dividend
income
Management
Pte. Ltd.****
management
Dividend
income
is
recognised
when
the
Group’s
right
to
receive
payment
is
established.
Dividend
income
is recognised when
the Group’s Ordinary
right to receive
payment
is
100
Ascendas established.
China
Property fund
Singapore
100
established.
Commercial Fund
management
Management Pte. Ltd.*
Ascendas Asia Fund
Property fund
management
Singapore
Ordinary
100
100
Ascendas India
Development Fund
and property fund
management
Singapore
Ordinary
100
100
AIDT2 Trustee Pte.
Ltd.****
Singapore
Ordinary
100
100
AIDT2 Fund
Property fund
Management Pte. Ltd.**** management
Singapore
Ordinary
100
100
Ascendas Japan Pte.
Ltd.*
Investment holding
Singapore
Ordinary
100
100
Ascendas Asset
Management Co., Ltd**
Property fund
management
South Korea
Ordinary
100
100
104
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.4
2.3
2.3
Summary
Country of
Group accounting
Revenue
recognition
Indirect subsidiary
Principal
incorporation/
Class of
Effective interest
Revenue
recognition
companies
activities
place of business
shares
held by the Group
(a)
2015
2014
will flow
to
% will flow%to
Revenue
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
the Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
Basis
consolidation
from
April 2010
the
Group
andofthe
revenue
can
be1fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is measured
atInvestment
the
value
of(continued)
consideration
received
or receivable,
taking
Subsidiary
companies
of
Ascendas
Pte Ltd
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
The
consolidated
financial
statements
comprise
the financial
statements
of the
100
Ascendas
Hospitality
Property
fund terms
Singapore
Ordinary
100
into
account
contractually
defined
of payment
and excluding
taxes or
duty.
Corporation
Fund Management
Pte management
(a)
Rental income
Ltd*
The
financial
(a)
Rental
consolidated
financial
statements
prepared for the Ordinary
same reporting100
date as the
Ascendas Rental
Hospitality
Trustee
for property
trust areleases
Singapore
100
income
arising
from operating
is accounted for on a straight-line
basis
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Trust Management
Pte
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
Ltd*
events
in lease
similar
circumstances.
over
the
The of
aggregate
costs over
of incentives
are
recognised
as aterms.
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
100
Ascendas recognised
China
Property
fund
Hong
Kong
Ordinary
100
basis.
Commercial
Fund
management
All
intra-group
basis.
Management
Limited****
resulting
fromport
intra-group
(b)
Income from
operations
(b)
port operations
100
Ascendas Income
Hospitalityfrom Property
fund
Australia
Ordinary
100
Australia Fund
management
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Management
Pty
Ltd**the
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which
obtains
control,inand
until the
dateis
completed.
completed.
Subsidiary
companies
(c)
Agency
feesof Ascendas Land International Pte Ltd
(c)
Agency
fees a subsidiary company are attributed to the non-controlling interest
100
Ascendas Losses
(China) within
Investment holding
Singapore/People’s
Ordinary
100
Agency
feesresults
from the
of other
consultancy
services are recognised when
if that
in aprovision
deficit balance.
Pte Ltd* even
Republic
of China
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Ascendas the
(Philippines)
Construction
and using the percentage
Philippines of completion
Ordinarymethod 100
100
services
are
rendered,
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
A change inProject
the ownership
Corporation**
management interest of a subsidiary company, without a loss of
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
100
Ascendas Interest
(India) income
Construction of
India
Equity
100
(d)
subsidiary
company,
it:
Private Limited**
infrastructure facilities,
(d)
Interest income
commercial and
Interest
income,
including
from
finance
andof other
financial
residential
complexes
- de-recognises
the
assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
and
townships
instruments,
is
recognised
using
the
effective
instruments,
+
- Limited
de-recognises
theholding
carrying amount
of any
non-controlling
Crystal Clear
Investment
Cayman
Islands
Ordinaryinterest; 100
100
(e)
Dividend
de-recognises
(e)
income
100
RiverbookDividend
Group
Investment holding
British Virgin
Ordinary
100
- recognises
the fair value of the consideration
received;
Limited+ Dividend income is recognised when Islands
the Group’s Redeemable
- recognises
theisfair
value of any
investment
retained;
preference
shares
Dividend
income
recognised
when
the Group’s
right to
receive payment is
established.
established.
100
Ascendas (Korea)
Investment holding
Singapore
Ordinary
100
Pte. Ltd.* - re-classifies the Group’s share of components previously recognised in other
a-kof2 ***
Private trust investing in
real estate in South
Korea
Ascendas (Malaysia)
Pte. Ltd.@
Investment holding
Ascendas IT SEZ
Development, owning
(Chennai) Private Limited and management of
information technology
**
parks
Ascendas China
Trustee Pte. Ltd.*
South Korea
Ordinary
57
57
Singapore
Ordinary
–
100
India
Equity
–
100
Singapore
Ordinary
100
100
105
17
16
16
153
154
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.3
2.3
2.3
Summary
Country of
Revenue recognition
Revenue
recognition
Indirect subsidiary
Principal
incorporation/
Class of
Effective interest
Revenue
recognition
companies
of business
shares
held by the Group
Revenue
is recognised to Activities
the extent that itplace
is probable
that the
economic benefits
will 2014
flow to
2015
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
%
% to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
the
Group
the
revenue
be fair
reliably
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue
can
be fair
reliably
measured,
regardless
of when
the payment
is
Subsidiary
companies
of
Ascendas
Land
International
Pte
Ltd
(continued)
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
100
Ascendas
China
Trustee for
propertyterms
trust of payment
Singaporeand excluding
Ordinarytaxes or duty.
100
into
account
contractually
defined
Commercial
Trustee
(a)
Rental
income
(a)
Pte. Ltd.* Rental income
(a)
Rental income
income
arising
from trust
operatingSingapore
leases is accounted
basis
100
Trustee
for property
Ordinary
100
AscendasRental
S.E. Asia
Rental
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Business over
Spacethe
Fund
Rental
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
Trustee Pte.
Ltd.*
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
66.74
Ascendasrecognised
(ACIBPF) Investment
holding of rental Singapore
Ordinary
66.74
as
a
reduction
income
over
the
lease
term
on
a
straight-line
basis.
Holdings Pte.
Ltd.****
basis.
(b)
71.88
AscendasIncome
(ACCF) from
Investment
holding
Singapore
Ordinary
71.88
(b)
port operations
(b)
Income
Holdings Pte.
Ltd.* from port operations
Revenue
from
services
port operations
is recognised
100when work
Ascendascompleted.
India
Investment
holdingrendered inSingapore
Ordinary
100 is
Revenue
from
services
rendered
in
port
operations
is
recognised
when
work
is
completed.
Development VII Pte
completed.
Ltd.*
(c)
Agency fees
(c)
fees
100
AscendasAgency
India Joint
Investment holding
Singapore
Ordinary
100
(c)
Agency
fees
Investments
Co.
Pte
Ltd*
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the
services
rendered,
usingof
theother
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
100
Ascendasthe
Land
Investment
holding
Singapore
Ordinary
100
services
rendered,
the percentage
ofservices
completion
method
based on the
serviceare
provided
as ausing
proportion
of the total
to be
performed.
(Malaysia)actual
Pte Ltd*
(d)
Interest income
65.71
AscendasInterest
Korea Office
South Korea
Ordinary
65.71
(d)
income
Private Real
Estate income
real estate in South Korea
(d)
Interest
Industrial Interest
Trust 2** income, including income from finance lease and other financial
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
income,
including
income
from interest
finance
lease and 100
other financial
instruments,
is recognised
the Singapore
effective
method.
AscendasInterest
Land
Investment
holding using
Ordinary
100
Indonesiainstruments,
Pte Ltd*
(e)
Dividend income
(e)
income
100
AscendasDividend
India
Investment holding
Singapore
Ordinary
100
(e)
Dividend income
Growth Programme
Holdings 1
Pte Ltd* income is recognised when the Group’s right to receive payment is
Dividend
established.
established.
100
Ascendas China
Singapore
Ordinary
100
established.
Commercial II Trustee
Pte Ltd*
Singapore
Ordinary
100
100
Ascendas China
Commercial Fund 2* real estate in China
Singapore
Ordinary
93.42
93.42
Ascendas Hospitality
Trust and its
subsidiary
companies*#β
Singapore
Ordinary
26.55
28.05
Ascendas China
Business Park IV
Trustee Pte Ltd*
Public hospitality trust
investing, directly or
indirectly, in
a diversified portfolio of
income-producing real
estate used predominantly
for hospitality purposes
located across Asia,
Australia and New Zealand
106
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.4
2.3
2.3
Summary
Country of
Group accounting
Revenue
recognition
Indirect subsidiary
Principal
incorporation/
Class of
Effective interest
Revenue
recognition
companies
Activities
place of business
shares
held by the Group
(a)
2015
2014
will flow
to
%
% to
Revenue
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
will
flow
the Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
Basis
consolidation
from
April 2010
the
Group
andofthe
revenue
can
be1fair
reliably
regardless
of when
the payment
is
made.
Revenue
is measured
at Land
the
valuemeasured,
ofPte
consideration
received
or receivable,
taking
Subsidiary
companies
of Ascendas
(Singapore)
Ltd
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into
account
terms
and excluding
taxes or
duty.
100
Ascendas
(Kakicontractually
Bukit) Propertydefined
owners and
the of payment
Singapore
Ordinary
100
Corporationplanning,
and itsdeveloping
subsidiary
companies as at the end of the reporting period.
Pte
Ltd*
and
(a)
Rental income
management
of industrial
The
financial
statements
of the subsidiary companies used in the preparation of the
(a)
Rental
income
parks
and related
facilities are prepared for the same reporting date as the
consolidated
financial
statements
Consistent
accounting
policies
are applied
to on
likea transactions
and
100
AscendasCorporation.
(Tuas) Pte
Property
owners
and
the
Singapore
Ordinary
100
Rental
income
arising
from
operating
leases
for
straight-line
basis
over
the
lease
terms.
The
aggregate
costs isofaccounted
incentives
provided
to lessees
are
Ltd*
planning,
developing
and
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised management
as a reduction
of rental income over the lease term on a straight-line
of industrial
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
parks and related facilities
basis.
All
basis.
100
Ascendasresulting
Services from
Marketing
and
Ordinary
100
intra-group
transactionsSingapore
and dividends are
eliminated in
full.
(b)
Income
from
port
operations
Pte
Ltd*
management
of
industrial
(b)
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Ascendason
(Ubi)
Pte the
Property
owners
and
the
Singapore
Ordinary
100
Revenue
from
services
rendered
portcontinue
operations
is consolidated
recognised100
when
work
which
Group
obtains
control,inand
to be
until the
dateis
completed.
Ltd*
planning, developing and
completed.
that such control
ceases.
management
of industrial
(c)
Agency fees
(c)
Agency fees
Losses
100
Ascendas
Investment holding
Singapore
Ordinary
100
Agency
feesresults
from the
even
if Ltd*
that
in aprovision
deficit balance.
Development
Pte
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
100
AscendasA
(KB
View)
Property
owners
and
the
Singapore
Ordinary
100
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
change in the ownership interest of a subsidiary company, without a loss the
of
Pte Ltd* actual service
planning,
developing
and
provided
asasa an
proportion
to beloses
performed.
control, is accounted
for
equity
transaction.
If
the
Group
control
over
a
management of industrial
(d)
Interest income
subsidiary
company,
it: facilities
parks and related
(d)
Interest income
AscendasInterest
(Admiralty)income,
Property owners
and theincome Singapore
Ordinary
100
including
from
finance
lease
andof 100
other
financial
- de-recognises
the assets
(including
goodwill)
and
liabilities
the subsidiary
Pte Ltd* Interest
planning,
developing
and
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
company at their carrying
amounts at the date when control is lost;
of industrial
instruments,management
is recognised
parks and the
related
facilitiesamount of any non-controlling interest;
- de-recognises
carrying
(e)
Dividend
- de-recognises
(e)
Dividend
income
100
Arcasia Properties,
Property
States of received;
Ordinary
100
- recognises
theleasing
fair value of the United
consideration
Inc+
Dividend income is recognised whenAmerica
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
100
iAxil Pte Ltd*
Incubation
Singapore
100
- recognises
any management
surplus or deficit in
profit or loss; Ordinary
established.
and business
advisory share of components previously recognised in other
- re-classifies
the Group’s
services
Tuas View
Property owners and the
Development Pte Ltd* planning, developing and
Singapore
Ordinary
100
100
Singapore Science
Park Ltd*
Singapore
Ordinary
100
100
Ascendas Media Hub Investment holding
Pte Ltd*
Singapore
Ordinary
100
100
Ascendas Venture Pte Property owners and the
Ltd*
Singapore
Ordinary
100
100
Teletech Park Pte Ltd* Property investment and
development
Singapore
Ordinary
100
100
Property owners and the
107
17
16
16
155
156
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.3
2.3
2.3
Summary
Summary of significant accounting policiesCountry
(continued)
of
Revenue recognition
Indirect subsidiary
Principal
incorporation/
Class of
Effective interest
Revenue
recognition
companies
activities
place of business
shares
held by the Group
Revenue
recognition
2015 will flow
2014 to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
% payment
% to
the
Group
the
revenue
be
reliably
regardless
of
when
the
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue
can
be fair
reliably
measured,
regardless
of when
the payment
is
Subsidiary
companies
of Ascendas
Land
(Singapore)
Pte
Ltd (continued)
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
100
Ascendas
Fusion
5
Investment
holdingterms of payment
Singapore
Ordinary
100
into
account
contractually
defined
and excluding
taxes or duty.
Holding Pte
Ltd* income
(a)
Rental
(a)
Rental income
(a)
Rental
income
Subsidiary
company
of Ascendas Fusion 5 Holding Pte Ltd
Rental
income
arising
from
operating
leases
accounted
for
on a straight-line
basis
the
lease
terms.
The
aggregate
costs is
incentives
provided
to lessees
are
75
Ascendasover
Fusion
5income
Property
owners
andoperating
the
Singapore
Ordinary
75
Rental
arising
from
leases
isof
accounted
for
on a straight-line
basis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
Pte Ltd* recognised planning,
developingof
andrental income over the lease term on a straight-line
as
a
reduction
over
the lease
terms.
The
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
the
lease
term
on
straight-line
management
of
industrial
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
parks
and
related
facilities
basis.
basis.
(b)
Income
from
port operations
Subsidiary
company
of Ascendas
Japan Pte Ltd
(b)
(b)
port operations
+
AscendasIncome
Japan Incfrom
Property
fund management
Japan
100 is
Revenue
from
services
rendered in port
operationsOrdinary
is recognised100when work
Revenue
from
services
rendered
in
port
operations
completed.
completed.
Subsidiary
companies of Ascendas (China) Pte Ltd
completed.
(c)
Agency fees
(c)
fees
100
AscendasAgency
(Shanghai)
Provision of project
People’s Republic
Registered
100
(c)
Co., Ltd**Agency fees
consultancy, project
of China
Capital
Agency fees
from the and
provision
management
other of other consultancy services are recognised when
Agency
fees
from
the provision
consultancy
services are
recognised
when
the
services
are
rendered,
usingof
theother
percentage
of completion
method
based on
the
related
services
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
are
rendered,
the
percentage
ofservices
completion
method
actual
service
provided
as ausing
proportion
of the
total
to be
performed.
99.8based on
Beijing AscendasBuilding,
managing,
leasing
People’s
Republic
Registered
99.8the
actual service
as a proportionofofChina
the total services
BETIDC Development
and provided
selling built-to-suit
Capitalto be performed.
(d)
Co., Ltd**Interest income
facilities
(d)
Interest income
(d)
Interest income
AscendasInterest
Services income,
Provision of
project
People’s
Republic
100
including
income
from
financeRegistered
lease and 100
other financial
including
income
finance method.
(Suzhou) Interest
Co., Ltd** income,
consultancy,
projectusing
offrom
China interest
Capital
instruments,
is
recognised
the
effective
Interest
income,
including
income
from interest
finance method.
management
and other
instruments,
is recognised
using
the effective
services
instruments,related
is recognised
(e)
Dividend income
(e)
Dividend income
80
Xi’an AscendasDevelopment, sale and
People’s Republic
Registered
80
(e)
Dividend income
Science Technology
leasing ofis
properties
of China
Dividend income
recognised when
the Group’s Capital
Investment
Co., Ltd** income is recognised when the Group’s right to receive payment is
Dividend
established.
established.
100
Ascendasestablished.Development, sale and
People’s Republic
Registered
100
Development
(Tianjin) Co., Ltd**
leasing of properties
Ascendas Nanjing
Investment holding
Jiangning Investment
Holding Pte Ltd@
of China
Capital
Singapore
Ordinary
–
100
Registered
Capital
100
100
Ordinary
100
100
Ascendas
Real estate development;
People’s Republic
Development
project management and
of China
(Wujiang) Co., Ltd**** consultancy; sales, lease
and management of the
properties it developed and
provision of related services
Ascendas Singapore- Investment holding
Hangzhou Science &
Technology Park I Pte.
Ltd.*
Singapore
108
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.4
2.3
2.3
Summary
Country of
Group accounting
Revenue
recognition
Indirect subsidiary
Principal
incorporation/
Class of
Effective interest
Revenue
recognition
companies
activities
place of business
shares
held by the Group
(a)
2015
will 2014
flow to
%
% to
Revenue
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
will flow
the Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
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Basis
of
consolidation
from
1
April
2010
the
Group
and the
revenue
can
be fair
reliably
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Subsidiary
companies
of Ascendas
Pte
Ltd measured,
(continued)
made.
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at (China)
the
value
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taking
made.
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at
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fair
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holdingterms
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into
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in similar
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over
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reduction
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as
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&
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portcontinue
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on
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feesresults
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even
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holding
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fees
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the
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of
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control over a
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it:
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Ltd*
-Pterecognises
established.
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Ascendas Investment Investment holding
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100
(Dalian) Pte Ltd*
Ascendas Zhangjiang Investment holding
C62 Pte Ltd*^
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100
–
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Ordinary
100
100
Ordinary
100
40
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100
40
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Pte Ltd*
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Masagana Holdings
Corporation**
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Philippines
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RBF Development
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Development, operation
and management of
industrial buildings
Philippines
109
17
16
16
157
158
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.3
2.3
2.3
Summary
Country of
Revenue recognition
Revenue
recognition
Indirect subsidiary
Principal
incorporation/
Class of
Effective interest
Revenue
recognition
companies
activities
place of business
shares
held by the Group
will2014
flow to
2015
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
%
%
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
to
the
Group
the
revenue
be fair
reliably
regardless
of when
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is
made.
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measured
at
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value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue
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be fair
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regardless
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measured
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value
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companies
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(Korea)
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Inc.** Management
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100
into
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basis.
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port operations
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company
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fees
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of Ltd
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fees are
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the
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asother
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management
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related services
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& Technology
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method.
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Software
technology
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Republic
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including
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method.
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process using the effective
of China interest Capital
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method.
Co., Ltd**Dividend income
outsourcing and leasing
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of buildings and
(e)
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equipment
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the Group’s
right Park
to receive
payment is
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company of Ascendas
Singapore-Hangzhou
& Technology
II Pte. Ltd.
established.
established.
80
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Software Technology software product, sales
Co., Ltd**
and provision of related
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Ascendas Hangzhou
Industrial Automatic
Co., Ltd**
R&D, design and test of
industry automation
product and related
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80
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Ascendas Hangzhou Manufacturing of
Data Processing Co., intelligent card and IC
Ltd**
card, sales, development
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80
80
110
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.4
2.3
2.3
Summary
Country of
Group accounting
Revenue
recognition
Indirect subsidiary
Principal
incorporation/
Class of
Effective interest
Revenue
recognition
companies
activities
place of business
shares
held by the Group
(a)
2015
2014
will flow
to
%
% to
Revenue
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
will
flow
the Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
Basis
consolidation
from
April 2010
the
Group
andofthe
revenue
be1fair
reliably
regardless
of
when
the
payment
is
Subsidiary
company
Ascendascan
Singapore-Hangzhou
Science &
Technology
Park
Pte.
Ltd.
made.
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is of
measured
at
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valuemeasured,
of consideration
received
orV receivable,
taking
made.
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is
measured
at
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fair
value
of
consideration
received
or
receivable,
taking
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defined
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ofPeople’s
payment
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taxes or
duty.
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consolidated
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statements
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financial
statements
of80the
80
Ascendas
Hangzhou
Development
of terms
Republic
Registered
into
account
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defined
of payment
and excluding
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multimedia
software,
Of
China
Capital
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income
Technology
Co., Ltd**
sales, development and
The
financial
statements
of the subsidiary companies used in the preparation of the
(a)
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leasing
of properties
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income
arising Singapore-Hangzhou
from operating leases
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basis
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company
of Ascendas
Science
& Technology
Pte. Ltd.
Corporation.
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80
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of
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computer
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Service Co.,
Ltd**
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and provisionincome
of
All
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and expenses and unrealised gains and losses
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related services and
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work
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work
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dateis
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74 when
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IT Park
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owning
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completed.
(Pune) Pte
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and management
that
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parks
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Services
Pte
Agency
feesresults
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of Ltd
even
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deficit
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theother
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100 based 100
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Services
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India
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services
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A
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(India) Private
management
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industrial
actual
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for as
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Limited** control, is accounted
parks and related
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subsidiary
company, it:
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100
AscendasInterest
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Malaysia Pte Ltd*
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income, including
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effective
100
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holding
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instruments,
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the fair value of the consideration received;
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Pte. the
Ltd. Group’s right to receive payment is
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established.
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components Ordinary
previously recognised
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other
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Ascendas Services
Real estate
Vietnam
Vietnam Co., Ltd**
and management
comprehensive
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Subsidiary company of Ascendas Services Malaysia Pte Ltd
Ascendas Services
Malaysia Sdn Bhd**
Marketing and
management of
commercial, industrial,
warehousing properties
and related facilities
Malaysia
Ordinary
100
100
111
17
16
16
159
160
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.3
2.3
2.3
Summary
Country of
Revenue recognition
Revenue
recognition
Indirect subsidiary
Principal
incorporation/
Class of
Effective interest
Revenue
recognition
companies
activities
place of business
shares
held by the Group
will 2014
flow to
2015
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
%
% to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
the
Group
the
revenue
be fair
reliably
regardless
of when
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is
made.
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is
measured
at
the
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue Land
can
be
reliably
measured,
regardless
of when
the payment
is
made.
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is
measured
at
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fair
value
of
consideration
received
or
receivable,
taking
Subsidiary
company
of
Ascendas
(Malaysia)
Pte
Ltd
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
Ascendas
Land contractually
Investment
holdingterms of payment
Malaysia and excluding
Ordinary
100
into account
defined
taxes or 100
duty.
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income
(Malaysia)
Sdn Bhd**
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(a)
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income
Subsidiary
company
of Ascendas
Indonesia
Pte leases
Ltd
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income
arisingLand
from
operating
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income
arising
from
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leases
isofaccounted
for
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over
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lease
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The
aggregate
costs
incentives
provided
are
100to lessees
Ascendas Indonesia
Investment
holding
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100
Rentalthe
income
arising
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over
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provided
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lessees
are
Investments
Pte Ltd*
recognised
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of
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income
over
the
lease
term
on
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straight-line
over
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The of
aggregate
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of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
basis.
Subsidiaryrecognised
company
of
Ascendas
Services
Philippines
Pte.
Ltd.
as
a
reduction
of
rental
income
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the
lease
term
on
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straight-line
basis.
basis.
(b)
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port management
operations of
100
Ascendas
Services
Project
Philippines
Ordinary
100
(b)
port operations
Philippines Income from
construction,
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port operations
Corporation**
development,
renovation
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services
and/orservices
maintenance
of
Revenue
from
rendered
completed.
land orservices
buildings and
to
Revenue from
rendered
completed.
services for asset
completed. provide
and/or property
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management of buildings
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Agency fees
(c)
Agency fees
from the
provision
ofLtd.
SubsidiaryAgency
companyfees
of Ascendas
Media
Hub Pte.
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of completion
method
based on
the
Agency
fees are
from
the provision
of
other
consultancy
services are
recognised
when
the
services
rendered,
using
the
percentage
of
completion
method
based
on
the
actual
service
provided
as
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proportion
of
the
total
services
to
be
performed.
70
Ascendas Citramas
Pte
Property
owners
and
the
Singapore
Ordinary
70
the
services
are
rendered,
the percentage
ofservices
completion
method
based on the
actual
service
provided
as ausing
proportion
of the total
to be
performed.
Ltd*
planning,
developing
and
actual service
providedofas
a proportion of the total services to be performed.
management
industrial
(d)
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parks and related
(d)
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facilities
(d)
Interest income
income,
including
income
from
SubsidiaryInterest
company of
Ascendas
India Joint
Investments
Co Ptefinance
Ltd
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
interest
method.
instruments,
is
recognised
using
the
effective
interest
method.
100
One
Development, owning
India
Equity
100
(e) Hub Developers
Dividend income
(Bangalore)
Private income
and management of
(e)
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Ltd***
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parks
established.
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income
is Services
recognised
whenCo.,the
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company of
Ascendas
(Shanghai)
Ltd Group’s right to receive payment is
established.
Ascendas Shanghai
Fund Management
LLP**
Property fund
management
People’s Republic
of China
Registered
Capital
100
100
112
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.4
2.3
2.3
Summary
Country of
Group accounting
Revenue
recognition
Indirect subsidiary
Principal
incorporation/
Class of
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recognition
companies
activities
place of business
shares
held by the Group
(a)
2015
2014
will flow
to
%
% to
Revenue
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
will
flow
the Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
is
Basis
consolidation
from
1reliably
April 2010
the
Group
andofthe
revenue India
can
be
measured,
regardless
the payment
is
made.
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isofmeasured
at the
fair value
of consideration
or receivable,
taking
Subsidiary
company
Ascendas
Growth
Programme
Holdings
1 Ptereceived
Ltd of when
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
The Growth
consolidated
financial
statements
comprise
theOrdinary
financial
statements
of100the
100
Ascendas
India
Investment
holding
Singapore
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
ProgrammeCorporation
1 Pte. Ltd.* and its subsidiary companies as at the end of the reporting period.
(a)
Rental income
The
financial
(a)
Rental
income
Subsidiary
company
of Ascendas China Commercial Fund 2
Corporation.
Consistent
accounting policies
are applied
to on
likea transactions
and
93.42
Ascendas Plaza
Pte.income
Investment
Singapore
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93.42
Rental
arising
from
for
straight-line
basis
over
theLtd.*
lease
terms.holding
The operating
aggregateleases
costs isofaccounted
incentives
provided
to lessees
are
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
Subsidiary company of Ascendas Plaza Pte. Ltd.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
All
intra-group
balances,
expenses
unrealised gains
basis.
93.42and losses
Ascendas Development
Development
andincome
leasing and
People’s
Republic andRegistered
93.42
(Shanghai)resulting
Co., Ltd.** from
properties
China
Capital
intra-group
transactions of
and
dividends are
eliminated in full.
(b)
Income
from ofport
operations
(b)
Subsidiary companies of Jurong International Holdings Pte Ltd
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
from
services
rendered
portcontinue
operations
is consolidated
recognised100
when
work
Jurong Consultants
Provision
of
project
Singapore
Ordinary
100
on
which the
Group
obtains
control,inand
to be
until the
dateis
completed.
Pte Ltd* that
consultancy
services
completed.
(c)
Agency
fees Investment holding
100
Jurong Overseas
Singapore
Ordinary
100
(c)Ltd* Losses
Agency fees
Pte
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
100
Jurong Axtra
Singapore
Ordinary are recognised
100
Agency
fees Investment
from
the holding
provision
of
consultancy
services
when
the
services
are
rendered,
using
theother
percentage
of completion
method
based on
the
Investments
Pte
Ltd*
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actual
provided
proportion
to beloses
performed.
100
Portella Ptecontrol,
Ltd* service
Dormant
Ordinary
100 a
is accounted
forasasa an
equity Singapore
transaction.
If the
Group
control over
(d)
Interest income
subsidiary
company, it:
Subsidiary
companies
of Jurong Overseas Pte Ltd
(d)
Interest
income
Interest
income,
from
finance
lease
andof other
financial
100
Jurong Consultants
(India)
Provisionincluding
of project
India
100
- de-recognises
the
assetsincome
(including
goodwill)
andEquity
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
Private Limited**
consultancy
services
and
instruments,
is
recognised
using
the
effective
management
instruments, project
is recognised
(e) International
Dividend
income
Jurong
Provisionthe
of project
People’s Republic
Registered
- de-recognises
cumulative translation
differences
recorded in 100
equity; 100
(e)
Dividend
Constructors
(Suzhou)income
consultancy services,
of China
capital
- recognises
the fairservices
value of
the consideration received;
Co Ltd** Dividend
construction
and
income
is recognised
- recognises
themanagement
fair
value of any
investment
retained;
project
Dividend
income
is
recognised
when
the Group’s
established.
established.
100
Jurong International
Provision of engineering,
Singapore
Ordinary
100
- Ltd*
re-classifies
the Group’s
share of components previously recognised in other
Consulting Pte
development
and related
consultingincome
services to profit or loss or retained earnings, as appropriate.
comprehensive
Jurong Infra Global
Pte Ltd*
Investment holding
Singapore
Ordinary
100
100
113
17
16
16
161
162
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
41.
2.
2.
2.3
2.3
2.3
Summary
Country of
Revenue recognition
Revenue
recognition
Indirect subsidiary
Principal
incorporation/
Class of
Effective interest
Revenue
recognition
companies
activities
place of business
shares
held by the Group
will 2014
flow to
2015
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
%
% to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow
the
Group
the
revenue
be fair
reliably
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
the
Group
and the
revenue
can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
Subsidiary
companies
of
Jurong
Axtra
Investments
Pte
Ltd
into
account
contractually
defined
terms
of payment
and excluding
duty.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
Jurong
Primewide
Provisiondefined
of designterms
and of payment
Singaporeand excluding
Ordinarytaxes or 100
100
into account
contractually
duty.
(a)Ltd* Rental income
Pte
build services
(a)
Rental income
(a)
Rental income
100
SMM Pte Ltd*
Management
Ordinary
100
Rental income
arising and
from operatingSingapore
leases is accounted
basis
maintenance
of
properties
Rental
income
arising
from
operating
leases
is
accounted
for
on
a
straight-line
basis
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
and buildings,
site
Rentalthe
income
arising
from
operating
leases
isofaccounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
management
and
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
the
lease
term
on
straight-line
technical advisory
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
services
basis.
(b) Integrated
Income from
port operations
100
Jurong
General
and building
Singapore
Ordinary
100
(b)
Income from
port operations
Solutions
Pte
Ltd
contractor
(b)
(PreviouslyRevenue
known as from services rendered in port operations is recognised when work is
Revenue
Jurong Builders
Pte Ltd)from services rendered in port operations is recognised when work is
completed.
*
completed.
completed.
(c)
Agency
Subsidiary
companyfees
of Jurong Primewide Pte Ltd
(c)
Agency fees
(c) Services
Agency
fees
100
MMR
Pte Ltd*
Defence
Singapore
100
Agency
fees
from activities
the provision of other
consultancyOrdinary
when
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
services
are
rendered,
using
the
percentage
of
completion
method
based
on
the
Subsidiarythe
companies
of
Jurong
Infra
Global
Pte
Ltd
Agency
fees are
from
the provision
of
consultancy
services are
recognised
when
the services
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
are
rendered,
the percentage
ofservices
completion
method
on the
actual
service
provided
as ausing
proportion
of the total
100 based 100
Jurong Infrastructure
Provision
of project
India
Equity to be performed.
actual
service
provided
as a proportion of the total services to be performed.
(India) Private
Limited**
consultancy
services,
(d)
Interest income
project
management
and
(d)
Interest income
design and build services
(d)
Interest income
SubsidiaryInterest
company of
Jurong Port
Pte Ltd income from finance lease and other financial
income,
including
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
interest
method.
100
Jurong Portinstruments,
Rizhao
Investment
holding
Singapore
100
is recognised using the effective interestOrdinary
method.
Holding
Ltd*
(e) PteDividend
income
(e)
Dividend income
100
Jurong
Hainan income
Investment holding
Singapore
Ordinary
100
(e) PortDividend
Holding PteDividend
Ltd*
Dividend
income
is
recognised
when
the
Group’s
right
to
receive
payment
is
established.
Dividend
income
is recognised when
the Group’sOrdinary
right to receive
payment
is
100
Jurong Portestablished.
Jakarta
Investment holding
Singapore
100
established.
Holding Pte Ltd*
Subsidiary company of Jurong Port Jakarta Holding Pte Ltd
Jurong Port Marunda
Holding Pte Ltd*
*
**
***
****
@
+
#
β

α
^
Investment holding
Singapore
Ordinary
100
100
Audited by Ernst & Young LLP, Singapore.
Audited by member firms of Ernst & Young in the respective countries.
Audited by other auditors.
Undergoing liquidation during the financial year.
Disposed/liquidated/struck off during the financial year.
Not subject to audit by law in the country of incorporation.
Includes 0.51% held by Ascendas Hospitality Fund Management Pte Ltd and Ascendas Hospitality
Trust Management Pte Ltd (2014: 0.51%).
Was consolidated by the Group upon adoption of SB-FRS 110
During the financial year, the Group has disposed of its shares in Ascendas IT SEZ (Chennai) Private
Limited to a-iTrust.
Includes 40% held by Ascendas Philippines Corporation (2014: 40%).
The subsidiary was incorporated during the financial year.
114
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
42.
2.
2.
2.4
2.3
2.3
Summary
ofcompanies
Associated
Country of
Percentage of
Group accounting
Revenue
recognition
Associated
Principal
incorporation/
equity held
Cost of
Revenue
recognition
companies
activities
place of business by the Group
investment
(a)
Basis of consolidation and business combinations 2015 2014
2015
2014
economic benefits
will flow
to
(Restated)
Revenue
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
will
flow
to
the Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
%
$ Mil
%
$ Milis
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Associated
companies
of
Ascendas
Land
International
Pte
Ltd
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
andbusiness
its subsidiary
companies
as at the
end22.96
of the reporting
period.
23.32
130
AscendasCorporation
India Trust Public
trust
Singapore
129
(a)
Rental income
and its subsidiary
investing
in Information
The
financial
statements
of
the
subsidiary
companies
used
in
the
preparation
of
the
(a)
Rental
income
companies*##
Technology Parks and IT
consolidated
financial
statements
are
prepared
for
the
same
reporting
date
as
the
related
properties
Rental income
arising
fromthrough
operating leases is accounted for on a straight-line basis
Corporation.
accounting policies
are applied for
to on
likea transactions
and
theConsistent
acquisition,
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income
arising
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over
lease
terms. from
The operating
aggregateleases
costs isofaccounted
incentives provided
to lesseesbasis
are
development,
reevents
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised development,
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.
management,
All
intra-group
balances,
income and expenses and unrealised gains and losses
basis.
maintenance,
operating
and intra-group
leasing of such
resulting
from
(b)
Income from
port
operations
properties
in India
(b)
Income from
port operations
companies
arerendered
consolidated
from
the date30of
being
the
date
Revenue from
services
inSouth
port
operations
is acquisition,
recognised
when
work
91
a-kof*** Subsidiary
Private
trust investing
in
Korea
30
91is
Revenue
from
services
rendered
portcontinue
operations
recognised when
work
income
generating
office
on
which the
Group
obtains
control,inand
until the
dateis
completed.
buildings
and office
completed.
that
such control
ceases.
development projects in
(c)
Agency fees
Seoul and Seoul
(c)
Agency fees
Losses
within
a subsidiary
company are attributed to the non-controlling interest
Metropolitan
area
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
30
a-kif*** Agency fees
trust
in of other
Korea
30 are recognised
19
from
theinvesting
provision
consultancy
services
when
the servicesPrivate
are
rendered,
using
the South
percentage
of completion
method 19
based on
the
logistics
and
industrial
the
services
are
rendered,
the percentage
ofservices
completion
method
based
on the
actual
service
provided
as ausing
proportion
total
to be
performed.
A
change
in
the
ownership
interest
ofofathe
subsidiary
company,
without
a loss
of
assets,
both
income
actual service
provided
proportion
to beloses
performed.
generating
and
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
developmentit:projects in
(d)
Interest income
subsidiary
company,
South Korea
(d)
Interest income
income,
including
from
finance
financial
20.5
35 subsidiary
AscendasInterest
ASEAN
Private trust
investing
inincome
Singapore
20.5 andof other
35
- de-recognises
the
assets
(including
goodwill)
andlease
liabilities
the
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
Business Interest
Space
Fund
principally
real
estate
or
instruments,real
is estate
recognised
and its subsidiary
related assets
carrying
amount of any non-controlling interest;
companies*- de-recognises
used or to the
be used
or
(e)
Dividend
de-recognises
predominantly
for
(e)
Dividend income
business
solutions
- recognises
thespace
fair value
of the consideration received;
Dividend income
located inis
Malaysia,
- recognises
the
fair
value
of
any
investment
retained;
Dividend
income
is
recognised
when
the Group’s
established.Vietnam and Philippines
established.
130
Ascendas India
Private the
trust Group’s
investing inshare of
Singapore
26 recognised
130
- re-classifies
components 26
previously
in other
Development Trust
the development of mixed
and its subsidiary
companies*
or multi-use projects
through the acquisition,
development, redevelopment, sale and
leasing of such assets in
India
115
17
16
16
163
164
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
42.
2.
2.
2.
2.3
2.3
2.3
Associated
Summary
ofcompanies
significant (continued)
(continued)
Country
of
Percentage of
Revenue recognition
Associated
Principal
incorporation/
equity held
Cost of
Revenue
recognition
companies
activities
investment
Revenue
recognition
to
2015economic
2015 will flow
2014 benefits
2014
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will
flow to
(Restated)
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the
economic
benefits
will flow
to
the
Group
the
revenue
be fair
reliably
regardless
of
is
% received
$the
Mil payment
% when
$ Mil
made.
Revenue
is
measured
at
the
value
of
consideration
or
receivable,
taking
the
Group
and the
revenue can
be fair
reliably
measured,
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of payment
and(continued)
excluding
duty.
Associated
companies
of Ascendas
Land
International
Pte
Ltd
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
121
–
AscendasRental
China income
People’s Republic 40.27
100
(a)
(a)
Business Rental
Parks income
real estate in China
of China
(a)
Rental
income
Fund 4 and
its
Rental
++
subsidiaries*
Rentalthe
income
accounted
on a straight-line
over
lease arising
terms. from
The operating
aggregateleases
costs is
incentivesfor
provided
to lesseesbasis
are
Rentalthe
income
arising
from
operating
leases
isof
accounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
of
incentives
provided
toa39lessees
are
40.17
–
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
Ascendasrecognised
Science & Development,
sale and
People’s
Republic
100
over
the lease
terms.
The of
aggregate
costs
of incentives
provided
toa lessees
are
recognised
as
a
reduction
rental
income
over
the
lease
term
on
straight-line
Technology
Park
leasing
of
properties
of
China
basis.
recognised
Development
(SIP)
basis.
¥
Co., Ltd**basis.
(b)
(b)
Income
from of
port
operations
Associated
companies
Ascendas
Land (Singapore) Pte Ltd
(b)
Income
from port
operations
Revenue
services
rendered
in Singapore
port operations
when work611is
17.22is recognised
618
Ascendascompleted.
Real Estatefrom
Investment
advisor
and
17.11
Revenue
Investment
Trust*** #+ from
property
completed.
completed. fund management
(c)
Agency fees
(c)
Agency
fees
Associated
company
of Ascendas Holdings (Manila) Pte Ltd
(c)
Agency fees
25.5
26
Carmelray-JTCI
Development
Philippines
25.5 are recognised
26
Agency
fees
from
the and
provision
consultancy
services
when
the
services
are
rendered,
usingof
theother
percentage
of completion
method
based on
the
Corporation***
management
of
industrial
Agency
fees
from
the
provision
of
other
consultancy
services
are
recognised
when
the services
areinrendered,
the percentage
ofservices
completion
method
based on the
actual
service
as ausing
proportion
of the total
to be
performed.
parkprovided
Philippines
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
actual
service
provided(Philippines)
as a proportion
of the total services to be performed.
Associated
company
of
Ascendas
Corporation
(d)
Interest income
(d)
Interest income
–
–
RBF Development
Development, operation
Philippines
40
2
(d)
Interest income
Interest income,
including
Corporation**
and management
of
Interest
income,
including
income
from interest
finance method.
industrial
buildings
instruments,
is recognised
using
the effective
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
instruments,
recognised
using
Associated
company of is
Krefelt
Investments
Ptethe
Ltdeffective interest method.
(e)
Dividend income
(e)
Dividend income
–
^
Masagana
Holdings income
Investment holding
Philippines
40
^
(e)
Dividend
Corporation**
established.
Dividend
is recognised
when
Associated
companyincome
of Ascendas
(ACCF) Holdings
Pte. the
Ltd. Group’s right to receive payment is
established.
established.
Ascendas China
Commercial Fund
and its subsidiary
companies@
real estate or real estate
related assets used or to
be used for commercial
purposes in the PRC
through the acquisition,
development, redevelopment,
management maintenance
operation and leasing
Singapore
–
30.55
–
166
116
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
42.
2.
2.
2.4
2.3
2.3
Summary
ofcompanies
significant (continued)
Associated
Country of
Percentage of
Group accounting
Revenue
recognition
Associated
Principal
incorporation/
equity held
Cost of
Revenue
recognition
companies
activities
investment
(a)
Basis of consolidation and business combinations 2015 2014
2015
2014
economic benefits
will flow
to
(Restated)
Revenue
is
recognised
to
the
extent
that
it
is
probable
that
the
economic
benefits
will
flow
to
the Group
and
the
revenue
can
be
reliably
measured,
regardless
of
when
the
payment
%
$ Mil
%
$ Milis
Basis
ofthe
consolidation
from
1reliably
April 2010
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
Associated
company
of
Jurong
Consultants
Pte
Ltd
into account
terms
of payment
and excluding
taxes or
duty.
The contractually
financial
statements
comprise
the financial
statements
of the
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
CorporationPetrochemical
and its subsidiary
companies
as at the
period.
20 end of
^
Banyan Caverns
Singapore
20 the reporting
^
Storage
(a)
Rental Pte
income
Storage Services
The
financial
Operator
(a)
Rental
income
Ltd*
Corporation.
Consistent
accounting policies
are applied for
to on
likea transactions
and
1,209
1,209
Rentalthe
income
straight-line
basis
over
lease arising
terms. from
The operating
aggregateleases
costs isofaccounted
incentives provided
to lessees
are
events
in
similar
circumstances.
over
the
lease
terms.
The
aggregate
costs
of
incentives
provided
to
lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis. by Ernst & Young LLP, Singapore.
*
Audited
All
intra-group
and unrealised gains and losses
basis.
**
Audited
by memberbalances,
firms of Ernstincome
& Young and
in theexpenses
respective countries.
resulting
from
intra-group
***
Audited byfrom
otherport
auditors.
(b)
Income
operations
#
Includes 1.93%
Ascendas Funds Management (S) Limited (2014: 1.80%).
(b)
Income
from held
portbyoperations
##
Includes 3.43% held by Ascendas Property Fund Trustee Pte Ltd (2014: 2.98%).
Subsidiary
companies
are as
consolidated
fromequity
the date
of acquisition,
being
the
date
+
Revenue
from
services
in port
work
Considered to
be an
associaterendered
in addition
to its operations
interestisinrecognised
the investee, when
the Group
alsois
Revenue
fromGroup
services
rendered
inand
port
operations
recognised
when
work
on
whichsignificant
the
obtains
control,
continue
to
beisdecisions
consolidated
until
the
dateis
completed.
exercises
influence
over
the financial
and
operating
policy
through
its subsidiary,
completed.
Ascendas
Management
that
suchFund
control
ceases.(S) Limited, as the Manager of the investee company.
++
During the financial year, the Group has diluted its interest in the subsidiary from 100% to 40.27%.
(c)
Agency
fees
¥
During thefees
financial year, the Group has diluted its interest in Ascendas Science & Technology Park
(c)
Agency
Losses
within
subsidiary
company
Development
(SIP)aCo.,
Ltd from 100%
to 40.17%.
Agency
feesresults
from the
otheryear.
consultancy services are recognised when
@
Disposed/liquidated/struck
during balance.
the of
financial
even
if that
in aoffprovision
deficit
Agency
from
the
provision
consultancy
services are
recognised
when
^
Amount
is fees
less than
$1
million.
the
services
are
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
(e)
Dividend
- de-recognises
(e)
Dividend
income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
established.
117
17
16
16
165
166
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
43.
2.
2.
2.3
2.3
2.3
Summary
of significant
Joint venture
companiesaccounting policies (continued)
Country of
Percentage of
Revenue recognition
incorporation/
equity held
Joint Venture
Principal
Cost of
Revenue
recognition
Revenue
recognition
Companies
activities
place of business
by the Group
investment
2015economic
2015 will flow
2014 benefits
2014to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will
flow
to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
(Restated)is
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the economic
benefits
will flow to
the
Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
%
$
Mil
%
$
Mil
made.
Revenue
is measured
at the
valuemeasured,
of consideration
received
or receivable,
taking
the
Group
and the
revenue can
be fair
reliably
regardless
of when
the payment
is
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into
account
contractually
defined
terms
of Pte.
payment
and excluding
duty.
Joint
venture
company
of Ascendas
Development
Ltd.
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
taking
into account
contractually
terms
and excluding
taxes
or duty.
50
17
Ascendas
Frasers
Propertydefined
owner and
the of payment
Singapore
50
17
(a)
Rental income
Pte
(a)Ltd* Rental income
(a)
Rental income
Rental income
arising
parks,
retail and
Rentalthe
income
arising
from
accounted
on a straight-line
hospitality
facilities
over
lease
terms.
The operating
aggregateleases
costs is
incentivesfor
provided
to lesseesbasis
are
Rentalthe
income
arising
from
operating
leases
isof
accounted
for
on a straight-line
basis
over
lease
terms.
The
aggregate
costs
of
incentives
provided
toa lessees
are
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
straight-line
over
the lease
terms.
The of
aggregate
costs over
of incentives
provided
toa lessees
are
Joint venture
company
of
Ascendas
(China)
Pte
Ltd income
recognised
as
a
reduction
rental
the
lease
term
on
straight-line
basis.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis.Co., Development,
50
41
DLSP Ascendas
People’s Republic of
50
41
basis.
Ltd**
management,
leasing and
China
(b)
Income from
port operations
(b)
Income from
portofoperations
selling
industrial
(b)
Income from
port operations
properties
and providing
Revenue from
services
real estate consultancy
Revenue
from
services
completed.
Revenue
from
services
completed.
Joint venture company of Ascendas GKC Investment Pte Ltd
completed.
(c)
Agency fees
53
GKC
Development,
People’s Republic of 48.92
48.92
29
(c) Ascendas
Agency fees
Business
Park
construction, selling,
China
(c)
Agency fees
Agency
fees
fromand
themanage
provision
Development
Co. Ltd**
leasing
self- of other consultancy services are recognised when
Agency
fees
from
the provision
consultancy
services are
recognised
when
built
properties
and using of
the
services
are
rendered,
theother
percentage
of completion
method
based on
the
Agency
fees
from
the provision
of
consultancy
services are
recognised
when
ancillary
facilities
the services
are
rendered,
using
theother
percentage
ofservices
completion
method
based on
the
actual
service
provided
as
a
proportion
of
the
total
to
be
performed.
the
services
rendered,
the percentage
ofservices
completion
method
based on the
actual
serviceare
provided
as ausing
proportion
of the total
to be
performed.
Joint venture
company
of Ascendas
SdnofBhd
actual
service
providedLand
as a(Malaysia)
proportion
the total services to be performed.
(d)
Interest income
(d)
Interest
60
3
Nusajaya
Tech
Park income
Property development
Malaysia
60
3
(d) Bhd** Interest income
Sdn
Interest
income,
including
income
from interest
finance method.
instruments,
recognised
thePte
effective
Joint venture
company
ofisAscendas
Landusing
Vietnam
Ltd
Interest
income,
including
income
from interest
finance method.
instruments,
is recognised
using
the effective
instruments,
is
recognised
using
the
effective
interest
method.
60
2
Ascendas
Saigon
Bundincome
Property development
Vietnam
–
–
(e)
Dividend
Co
(e)Ltd** Dividend income
(e)
Dividend income
Dividend
income
is recognised
Joint venture
companies
of Ascendas
Hospitality Trust
established.
established.
Notron No.346
Trust** Hotel investment
Australia
50
50
38
38
established.
Ascendas Cairns
Hotel operations
International Pty Limited
& Polaris Developments
Pty Limited**
Australia
50
50
^
–
Saudi Arabia
49
49
^
^
30
30
68
68
49
49
73
73
Joint venture company of Jurong Primewide Pte Ltd
Saudi Jurong Company Dormant
Limited***
Joint venture company of Jurong Port Rizhao Holding Pte Ltd
Rizhao Jurong Ports
Terminal Co. Ltd.***
Provision of port, marine
and logistics services
China
Joint venture company of Jurong Hainan Holding Pte Ltd
SDIC Jurong Yangpu
Port Co. Ltd.**
Provision of port, marine
and logistics services
China
118
16
16
16
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
JURONG
TOWN CORPORATION
AND SUBSIDIARY
COMPANIES
NOTES
TO THEyear
FINANCIAL
For
the financial
ended 31STATEMENTS
March 2015
NOTES
TO THEyear
FINANCIAL
For the financial
ended 31STATEMENTS
March 2015
2.
43.
2.
2.
2.4
2.3
2.3
Summary
of significant
Joint venture
companiesaccounting
(continued)
Group accounting
Revenue recognition
Country of
Percentage of
Revenue
recognition
Venture
Principal
Cost of
(a) Joint Basis
of consolidation
and businessincorporation/
combinations equity held
Companies
of business
by the
Group benefits
investment
Revenue
is recognised to activities
the extent that itplace
is probable
that the
economic
will flow to
2015economic
2015 will flow
2014 benefits
2014to
Revenue
isand
recognised
to thecan
extent
that
it is measured,
probable that
the
the Group
the
revenue
be
reliably
regardless
of
when
the
payment
is
Basis
ofthe
consolidation
from
1reliably
April 2010
(Restated)
the
Group
and
revenue
can
be
measured,
regardless
of
when
the
payment
is
made. Revenue is measured at the fair value of consideration% received
taking
$ Mil
% or receivable,
$ Mil
made.
Revenue
is
measured
at
the
fair
value
of
consideration
received
or
receivable,
taking
into account
contractually
defined
terms
of payment
and excluding
taxes or
duty.
Thecompany
consolidated
financial
statements
comprise
the financial
statements
of the
Joint
of Jurong
Port Marunda
Holding
Pte
Ltd
into venture
account
contractually
defined
terms
of
payment
and excluding
taxes or
duty.
(a)Pelabuhan
Rental
49
30
PT
Tegarincome
Provision of port services
Indonesia
49
21
The
financial
(a)
Rental
Indonesia***
consolidated financial statements are prepared for the same reporting
the
325date asbasis
290
Rental income arising from operating leases is accounted for on a straight-line
Corporation.
Consistent
accounting
policies
are
applied for
to on
likea transactions
and
Rental
income
arising
from
operating
leases
is
accounted
straight-line
basis
events
in lease
similar
circumstances.
over
the
terms.
The of
aggregate
costs over
of incentives
are
recognised
as& a
reduction
rental income
the leaseprovided
term ontoa lessees
straight-line
*
Audited
by Ernst
Young
LLP, Singapore.
recognised
as
a
reduction
of
rental
income
over
the
lease
term
on
a
straight-line
basis. by member firms of Ernst & Young Global in the respective countries.
**
Audited
All
intra-group
basis.
***
Audited
by other auditors.
^
Amount
less
than
$1 million. transactions and dividends are eliminated in full.
resulting
from
intra-group
(b)
Incomeisfrom
port
operations
(b)
Subsidiary
companies
arerendered
consolidated
from
the date of
dateis
Revenue from
services
in port
operations
is acquisition,
recognised being
whenthe
work
Revenue
fromGroup
services
rendered
portcontinue
operations
recognised when
work
on
which the
obtains
control,inand
until the
dateis
completed.
completed.
(c)
Agency fees
(c)
Agency fees
Losses
Agency
feesresults
from the
even
if that
in aprovision
deficit balance.
Agency
fees are
from
the provision
consultancy
services are
recognised
when
the services
rendered,
usingof
theother
percentage
of completion
method
based on
the
the
services
are
rendered,
using
the
percentage
of
completion
method
based
on
actual
service
provided
as
a
proportion
of
the
total
services
to
be
performed.
of
actual service
provided
proportion
to beloses
performed.
control,
is accounted
forasasa an
equity transaction.
If the Group
control over a
(d)
Interest income
subsidiary
company, it:
(d)
Interest income
Interest
income, including
from
finance
andof other
financial
- de-recognises
the assetsincome
(including
goodwill)
andlease
liabilities
the subsidiary
Interest
income,
including
income
from interest
finance method.
instruments,
is
recognised
using
the
effective
(e)
Dividend
- de-recognises
(e)
Dividend
income
- recognises
theisfair
value of any
investment
retained;
Dividend
income
recognised
when
the Group’s
established.
established.
119
17
16
16
167
THIS PAGE IS intentionally LEFT BLANK

Jurong Town Corporation Annual Report FY 2014 S. 18 of 2015

Transcription

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