NTUC Income AR 2018

Notes to the Financial Statements For the Financial Year Ended 31 December 2018 10. Investment in associated companies (continued) 2018 $’000 2017 $’000 Shareholders’ Fund Equity investment at cost 238,715 110,210 Set out below is the associated companies of the Group as at 31 December 2018. The associated company has share capital consisting solely of ordinary shares, which are held directly by the Group; the country of incorporation is also its principal place of business. Name of company Country of incorporation Principal activities % of ownership interest 2018 % 2017 % Direct associate: NTUC Choice Homes Co-operative Ltd (a) Singapore Property development 25 25 Indirect associate, held through fully-owned subsidiary: FFMC Holdings Pte Ltd (a) Singapore Asset management 49 – (a) Financial year ends on 31 December The Group has no commitments relating to its associated companies. There are also no contingent liabilities relating to the Group’s interest in the associated companies. Summarised financial information for associated companies Set out below is the summarised financial information of the associated companies based on the management accounts as at 30 September which is used for equity accounting, as this is the latest financial information available. Summarised financial position NTUC Choice Homes Co-operative Ltd As at 30 September 2018 $’000 2017 $’000 Current assets 15,199 9,664 Current liabilities (625) (4,175) Non-current assets 455,001 457,191 Non-current liabilities – – Adjustments made to align with Group accounting policies (2,096) (492) Net assets 467,479 462,188 101 2018 ANNUAL REPORT