SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
15. Investment in associated companies
The Group
The Company
2004 2003 2004
$ $ $
Unquoted equity shares, at cost 2,174,512
At beginning of the financial year 2,174,512 1,608,809
Share of results before tax 1,110,240 600,187
Share of tax (note 8) (61,609) (34,484)
Share of results after tax 1,048,631 565,703
At end of the financial year 3,223,143 2,174,512
Details of associated companies are as follows:
Name of associated
companies held
by the Company
Principal business
Country of
incorporation/
place of business
Issued and
paid-up
capital
Effective
percentage of
equity held by
the Company
%
PT Swisko Berjaya (a)
Swiber Offshore Pte Ltd (b)
Transportation of oil and
gas services
Shipowners, operators and
charterers
Indonesia RP250,000,000 30
Singapore $100,000 30
Swisko Marine (Malaysia)
Sdn. Bhd. (c)
Asia Pacific Marine Limited
(c)
Chartering of bareboats Malaysia RM100,000 33.33
Supply of bareboats Malaysia US$3 33.33
Name of associated
company held by
Swiber Offshore
Camvale Pte Ltd (b)
Shipowners, operators and
charterers
Singapore $100,000 30
(a) Audited by Prasetio, Sarwoko & Sangjaja, Indonesia
(b) Audited by R Chan & Co, Singapore
(c) Audited by Deloitte and Touche, Malaysia
16. Other investments
The Group
The Company
2004 2003 2004
$ $ $
Unquoted shares, at cost 15,000 15,000 75,139
Club membership, at cost 4,000 4,000 –
19,000 19,000 75,139
Fair value of unquoted shares based on net tangible assets 161,261 75,139 161,261
Fair value of club membership based on market value 4,000 4,000 –
ANNUAL REPORT 2004_41