NTUC Income AR 2018

Notes to the Financial Statements For the Financial Year Ended 31 December 2018 10. Investment in associated companies (continued) On 12 March 2018 the Group through its wholly-owned subsidiary NTUC Income Holdings Pte. Ltd., entered into a strategic partnership with Fullerton Fund Management Company (“Fullerton”). Under this partnership, Fullerton is now the investment manager of the Co-operative’s assets and in exchange, the Group owns a 49% stake in Fullerton’s holding company, FFMC Holdings Pte Ltd. The acquisition was completed with no cash consideration. 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 November which is used for equity accounting, as this is the latest financial information available. Summarised financial position FFMC Holdings Pte Ltd As at 30 November 2018 $’000 Current assets 62,591 Current liabilities (29,917) Non-current assets 21,501 Non-current liabilities (7,057) Net assets 47,118 Summarised statement of comprehensive income FFMC Holdings Pte Ltd For the period from 12 March to 30 November 2018 $’000 Revenue 64,455 Profit from continuing operations 10,865 Post-tax profit from continuing operations 9,107 Other comprehensive income (108) Total comprehensive income 8,999 Dividends paid / declared – 103 2018 ANNUAL REPORT