ANNUAL REPORT 2015
67
Notes to the Combined
Financial Statements
As at 30 September 2015
10
INVESTMENTS IN ASSOCIATES (cont’d)
Details of the associates are as follows:
Name
Principal activity
Country of
incorporation
and operation
Effective equity
interest of the
Company
2015
2014
%
%
Associates held by Jumbo Group of
Restaurants Pte. Ltd.
Seafood Republic Pte. Ltd. (“SRPL”)
(1)
Operation and
management of
restaurants
Singapore
20
20
Singapore Seafood Republic Pte. Ltd. (“SSRPL”)
(1)(2)(3)
Investment holding
Singapore
27
27
SSR Sentosa Pte. Ltd. (“SSR Sentosa”)
(1)(2)
Operation and
management of
restaurant
Singapore
27
27
Associate held by
Seafood Republic Pte Ltd (“SRPL”)
Claypot Venture Pte. Ltd. (“CVPL”)
(4)
Operation and
management of
restaurant
Singapore
–
40
(1)
Audited by Deloitte & Touche LLP, Singapore.
(2)
Although the Group holds 100% equity interests in SSR Sentosa, management has assessed that SSRPL, rather than the Group,
has the ability to direct the relevant activities of SSR Sentosa because of a loan financing arrangement by SSRPL to SSR Sentosa
which gives SSRPL authority to direct the activities of SSR Sentosa that significantly affect the returns of SSR Sentosa. As SSRPL
is an associate of the Group, SSR Sentosa is deemed to be an associate of the Group.
(3)
The Group has not recognised profits amounting to $133,319 (2014 : $70,266) for SSRPL as the investment in SSRPL had been
fully impaired. The accumulated losses not recognised were $401,528 (2014 : $534,847).
(4)
During the financial year ended 30 September 2015, the Group’s associate, SRPL, terminated the shareholders’ agreement for
its investment in CVPL and disposed its investment in CVPL for a total consideration of $1.
Summarised financial information of the Group’s material associate, Seafood Republic Pte Ltd, is set out below. The summarised financial
information below represents amounts shown in the associate’s financial statements prepared in accordance with FRSs.
2015
2014
$
$
Current assets
1,539,264 1,252,560
Non-current assets
552,547 569,035
Current liabilities
(163,832)
(177,699)
Revenue
1,222,492 1,226,906
Profit for the year
284,075
438,433
The Group has not recognised any profit from the operations of associates that are not individually material for the years ended
30 September 2015 and 2014.
