NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 10. INVESTMENT IN ASSOCIATED COMPANIES (CONTINUED) Reconciliation of summarised financial information Reconciliation of summarised financial information presented to the carrying amount of the Group’s interest in the associated co-operative, is as follows: NTUC Choice Homes Co-operative Ltd 2019 $’000 2018 $’000 Net assets At 1 October 2018 / 2017 467,479 462,188 Profit for the year 3,198 6,985 Other comprehensive income – – Dividends paid / declared (3,926) (1,694) At 30 September 2019 / 2018 466,751 467,479 Interest in associated co-operative (2019: 25%, 2018: 25%) 118,834 119,019 Carrying amount of the Group’s interest 118,834 119,019 On 28 March 2019, the Group had entered into a shareholders’ agreement with NTUC Health Co-operative Limited and Davita Care Pte. Ltd. to form a company, Davita Singapore Pte. Ltd. with a 10% ownership interest. Summarised financial information for associated companies Set out below is the summarised financial information of associated company based on the management accounts as of 31 December which is used for equity accounting, as this is the latest financial information available. Summarised financial position Davita Singapore Pte. Ltd. As at 31 December 2019 $’000 Current assets 6,245 Current liabilities (1,525) Non-current assets 3,786 Non-current liabilities (1,008) Net assets 7,498 ANNUAL REPORT 2019 109