| |
|
|
| |
48. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATED COMPANIES
(cont'd)
Consolidation of Special Purpose Entities
At 31 December 2002, NOL Group consolidated certain
entities in substance although these entities are not legally owned
by NOL Group.
The rationale for consolidation of the following
special purpose entities under Interpretation of Statement of Accounting
Standard (INT) 5: Consolidation — Special Purpose Entities ("SPEs")
together with the share of net assets/(liabilities) at 31 December
2002 are set out as follows :
|
| |
|
Name of entity
|
Country of
entity
|
Reason for consolidation
|
Share of net liabilities
US$'000
|
|
 |
 |
| |
|
| |
| Container Leasing (2001) Inc. |
British Virgin Islands |
In substance, NOL Group retains the majority of
the residual or ownership risks related to the SPE or its assets
in order to obtain benefits from its activities. |
(2,236) |
|
| |
|
|
| |
| |
Effective group
equity interest
|
|
Country of
incorporation/
Place of
operation
|
|
|
Subsidiaries
|
2002
%
|
|
2001
%
|
|
Principal activities
|
|
|
|
| |
|
|
|
|
|
|
|
| Indirect Interest : |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| APL Logistics Chile, S.A. + ² |
— |
|
50 |
|
Chile |
Logistics services |
| APL Logistics Hersan de Venezuela C.A. + |
51 |
|
— |
|
Venezuela |
Logistics services |
| APL Logistics — Improsa S.A. +++ |
50 |
|
50 |
|
Costa Rica |
Logistics services |
| First Logistics Development (JV)
Company ++ |
47 |
|
47 |
|
Vietnam |
Construction,
development
and operation
of a container
port |
|
| |
Notes :
Except as otherwise disclosed, the country of incorporation
and the place of operation of the subsidiaries and joint ventures
are the same.
All subsidiaries and joint ventures are audited
by PricewaterhouseCoopers, Singapore except for the following :
|
| |
| + |
Audited by associated firms of PricewaterhouseCoopers,
Singapore. |
| ++ |
Audited by other firms. |
| +++ |
Not required to be audited by law in country of
incorporation but their unaudited financial statements are
reviewed as part of the Group audit. |
| |
|
| ¹ |
Formerly an associated company. |
| ² |
During the financial year, the Group increased
its interest in APL Logistics Chile, S.A. from 50% to 100%.
Accordingly, it is reclassified from a joint venture to a
subsidiary.
|
|
| |
|
| |
|
