NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
110
THE STRAITS TRADING COMPANY LIMITED
19.
ASSOCIATES AND JOINT VENTURES (CONT’D)
19.2 JOINT VENTURES (CONT’D)
Reconciliation of the summarised financial information presented above to the carrying amount of the Group’s interest in
joint venture:
KMR Group
2015
2014
$’000
$’000
Net assets at 31 December
71,242
67,027
Interest in joint venture
30%
30%
21,373
20,108
Cumulative impairment and exchange adjustment
(1,771)
(1,816)
Carrying value of Group’s interest in joint venture
19,602
18,292
20.
DEFERRED TAX ASSETS AND LIABILITIES
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Deferred tax assets
1,599
1,550
–
–
Deferred tax liabilities
(5,654)
(6,051)
(2,806)
(3,291)
(4,055)
(4,501)
(2,806)
(3,291)
Group
Company
Consolidated
balance sheet
Consolidated
income statement
Balance sheet
2015
2014
2015
2014
2015
2014
$’000
$’000
$’000
$’000
$’000
$’000
Provisions
36
1,477
1,160
314
–
–
Unutilised tax losses
1,175
–
(1,314)
–
–
–
Fair value changes on forward
currency contracts, forward
commodity contracts and interest
rate swap contracts
794
557
(80)
54
–
–
Revaluation of property, plant and
equipment
(693)
(604)
–
–
(45)
(55)
Difference in depreciation
(1,796)
(1,283)
722
(1)
(672)
(773)
Fair value changes on investment
properties
(2,280)
(2,191)
382
92
(2,089)
(2,176)
Fair value changes on available-
for-sale investment securities
(41)
(270)
–
–
–
–
Unremitted foreign income
and profits
(880)
(2,276)
(1,450)
(726)
–
(287)
Others
(370)
89
438
(23)
–
–
(4,055)
(4,501)
(2,806)
(3,291)
Deferred tax credit (note 13)
(142)
(290)
As at 31 December 2015, certain subsidiaries have unutilised tax losses amounting to $5,679,000 (2014: $8,935,000)
available for set off against future taxable income, subject to the provisions of the Income Tax Act and agreement by the
relevant authorities, for which deferred tax assets have not been recognised.
