Positioning for the Future | 163
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
15 ASSETS HELD FOR SALE
The Group
Note
2014
$’000
2013
$’000
Restated
Somerset Grand Fortune Garden Property Beijing
(a)
87,403
87,033
Surbana International Consultants Holdings Pte Ltd
(b)
104,000
–
191,403
87,033
(a) In 2013, a subsidiary of the Group, ART, launched the strata sale of the 81 individual units in Somerset Grand
Fortune Garden Property Beijing, China. Accordingly, the investment property was reclassimed to assets held
for sale in 2013 and will remain in assets held for sale until the completion of the strata sale. Independent
valuation of Somerset Grand Fortune Garden Property Beijing was undertaken by an independent professional
valuer. In 2014, a fair value gain of $5.8 million (2013 nil) was recognised in AOther Operating Income’
(note 27(a)) in the promt or loss.
(b) On 16 February 2015, the Group entered into an agreement to dispose its 40% interest in Surbana International
Consultants Holdings Pte Ltd (Surbana) which was previously accounted for as investment in associate.
The interest in Surbana was reclassimed to assets held for sale as at 31 December 2014 and measured at
fair value less costs to sell based on the agreed selling price.
The fair value measurement for assets held for sale has been categorised as a Level 3 fair value based on
the inputs to the valuation techniques used (note 34).
16 CASH AND CASH EQUIVALENTS
The Group
The Company
Note
2014
$’000
2013
$’000
2014
$’000
2013
$’000
Restated
Fixed deposits
1,204,816
3,678,615
–
311,246
Cash at banks and in hand
1,544,581
2,627,710
10,753
19,193
Cash and cash equivalents
2,749,397
6,306,325
10,753
330,439
Restricted bank deposits
(a)
(43,324)
(17,694)
Cash and cash equivalents
in the statement of cash nows
2,706,073
6,288,631
(a) These are bank balances of certain subsidiaries pledged in relation to bankers’ guarantees issued to the
subsidiaries’ contractors and banking facilities.
(b) As at 31 December 2014, the Group’s cash and cash equivalents of $153.6 million (2013 $252.3 million)
were held under project accounts and withdrawals from which are restricted to payments for expenditure
incurred on projects.
(c) The Group’s cash and cash equivalents are held mainly in Singapore Dollars, US Dollars, Australian Dollars,
Chinese Renminbi and Japanese Yen. As at 31 December 2014, the effective interest rates for cash and
cash equivalents ranged from 0% to 9.00% (2013 0% to 9.25%) per annum.
The cash and cash equivalents are placed with banks and mnancial institutions which meet the appropriate credit
criteria.
