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 company, is as follows: FFMC Holdings Pte. Ltd. 2019 $’000 2018 $’000 Net assets At 1 December 2018 / 12 March 2018 (date of acquisition) 47,118 22,519 Profit for the period 9,021 9,107 Other comprehensive income 66 (108) Adjustment due to adoption of FRS 116 (66) – Issuance of additional share capital – 15,600 At 30 November 2019 / 2018 56,139 47,118 Interest in associated company (2019: 49%, 2018: 49%) 27,507 23,087 Goodwill 4,582 4,582 Intangible assets 98,229 105,245 Carrying amount of the Group’s interest 130,318 132,914 Amortisation of intangible assets in relation to customer contracts amounting to $7,016,000 (2018: nil) is included in “Management expenses” in the statement of comprehensive income. 2019 $’000 2018 $’000 NTUC Choice Homes Co-operative Ltd 118,834 119,019 Davita Singapore Pte. Ltd. 750 – FFMC Holdings Pte. Ltd. 130,318 132,914 Total carrying amounts of the Group’s interest 249,902 251,933 112 HERE FOR SURE