NTUC Income AR 2018

Notes to the Financial Statements For the Financial Year Ended 31 December 2018 9. Investment in joint venture 2018 $’000 2017 $’000 Life Insurance Par Fund Equity investment at cost 82,525 82,525 Set out below is the joint venture of the Group as at 31 December 2018. The joint venture 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 % Street Square Pte Ltd (a) Singapore Property investment holding 50 50 (a) Financial year ends on 31 December The Group has no commitments relating to its joint venture. There are also no contingent liabilities relating to the Group’s interest in the joint venture. Summarised financial information for joint venture company Set out below is the summarised financial information of Street Square Pte Ltd based on the management accounts as of 30 September which is used for equity accounting, as this is the latest financial information available. Summarised financial position Street Square Pte Ltd As at 30 September 2018 $’000 2017 $’000 Current assets 24,152 16,864 Cash and cash equivalents 8,986 10,016 Current liabilities (175,657) (172,980) Financial liabilities (excluding trade payables) (175,197) (172,276) Other current liabilities (including trade payables) (460) (704) Non-current assets 980,715 952,000 Non-current liabilities (615,061) (614,575) Financial liabilities (605,449) (609,234) Other liabilities (9,612) (5,341) Net assets 214,149 181,309 97 2018 ANNUAL REPORT