notes to the financial statements - Investor Relations

CWT Limited
84
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2011
6 SUBSIDIARIES (CONT’D)
Name of subsidiaries
Country of
incorporation/
business
Effective
interest held
by the Group
2011 2010
% %
7 CWT Mongolia LLC Mongolia 70.0 70.0
2 CWT Sitos B.V.* The Netherlands 70.0 –
1 Audited by KPMG LLP, Singapore
2 Audited by other member firms of KPMG International
3 Audited by Lee Seng Chan & Co
4 Audited by Tianjin Guangxin Certified Public Accountant Co., Ltd
5 Audited by Horwath Malaysia
6 Audited by Shanghai Huaxia Certified Public Accountants Co., Ltd
7 Audited by CMD Audit LLC
8 Audited by Ryan.& Juraska Certified Public Accountants, Chicago
* As a result of the Group’s restructuring in Europe, CWT Sitos B.V., an associate in the prior year, became a subsidiary
during the year. Pursuant to the restructuring, the Group’s interest in CWT Europe B.V. was reduced to 70%.
KPMG LLP Singapore is the auditor of all significant Singapore-incorporated subsidiaries. Other member firms of KPMG
International are auditors of significant foreign-incorporated subsidiaries.
7 ASSOCIATES
Group Company
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Investments in associates 23,270 23,517 200 200
Quasi-equity loans 346 346 – –
23,616 23,863 200 200
Investments in associates include goodwill on acquisition of $1,404,000 (2010: $1,706,000).
The quasi-equity loans to an associate are interest-free and form part of the Group’s net investment in associates. The loans
are unsecured and settlement is neither planned nor likely to occur in the foreseeable future.