notes to the financial statements - Investor Relations

CWT Limited
86
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2011
7 ASSOCIATES (CONT’D)
The Group’s share of the associates’ commitments and contingent liabilities is as follows:
(a) Non-cancellable operating lease commitments
2011 2010
$’000 $’000
Payable:
Within 1 year 32 267
After 1 year but within 5 years 31 1,003
After 5 years 8 4,243
71 5,513
Receivable:
Within 1 year 16 1,437
After 1 year but within 5 years - 2,154
16 3,591
(b) Contingent liabilities
Share of associates’ contingent liabilities 1,079 786
8 JOINTLY-CONTROLLED ENTITIES
Group Company
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Investments in jointly-controlled entities 22,663 10,848 4,115 4,115
Quasi-equity loans 2,537 1,228 1,241 1,228
25,200 12,076 5,356 5,343
Investments in jointly-controlled entities include goodwill on acquisition of $9,426,000 (2010: nil).
The quasi-equity loans to jointly-controlled entities are interest-free and form part of the Group’s net investment in the jointlycontrolled
entities. The loans are unsecured and settlement is neither planned nor likely to occur in the foreseeable future.
Details of the jointly-controlled entities are as follows:
Name of jointly-controlled entities
Country of
incorporation/business
Effective
interest held
by the Group
2011 2010
% %
1 Fujian Atl-CWT Logistic Co., Ltd People’s Republic of China 49.0 49.0
2 JIC Inspection Services Pte Ltd Singapore 22.0 22.0
3 CWT-SML Logistics LLC United Arab Emirates 40.0 40.0
4 ARA-CWT Trust Management (CACHE) Limited Singapore 40.0 40.0
1 Globelink Unimar Logistics Inc Turkey 50.0 –