NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 8 INVESTMENTS IN AND BALANCES WITH ASSOCIATES Group Company Note 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Investments in associates Investments in associates 1,308,234 1,355,520 – – Impairment loss (3,000) (3,000) – – 1,305,234 1,352,520 – – Balances with associates Amounts owing by associates receivable within 1 year: – trade 11,798 10,417 1,284 1,289 – non-trade, interest-bearing – 7,195 – – – non-trade, interest free 1,537 455 – – 13,335 18,067 1,284 1,289 Impairment losses (364) (362) – – 16 12,971 17,705 1,284 1,289 Amount owing to an associate payable within 1 year: – trade 4,780 4,513 – – – non-trade, interest-free 2,183 2,419 – – 30 6,963 6,932 – – The non-trade amounts owing by associates are unsecured and repayable on demand. In respect of interest-bearing amounts owing by associates, interest of 6.00% per annum was charged by the Group in 2023. The non-trade amount owing to an associate is unsecured and repayable on demand. Included in the Group’s investments in associates are investments in three associates (2023: three associates) which are listed on the Mainboard of Singapore Exchange Securities Trading Limited (SGX-ST). As at the reporting date, the aggregate carrying amount of these investments was $1,206.5 million (2023: $1,247.9 million) and the fair values based on the published price quotation (Level 1 in the fair value hierarchy) was $822.9 million (2023: $980.6 million). In respect of these associates, management had assessed the recoverable amounts of the investments and determined that as their net asset values based on the latest available financial statements of the associates are higher than the carrying amount as at the reporting date, no impairment loss for these investments is considered necessary. The movements in impairment losses in respect of investments in associates and amounts owing by associates are as follows: Investments in associates Amounts owing by associates Lifetime ECL – not credit-impaired 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Group At 1 January 3,000 12,655 362 320 Impairment loss recognised – – – 57 Impairment loss utilised – (9,480) – – Translation differences on consolidation – (175) 2 (15) At 31 December 3,000 3,000 364 362 ANNUAL REPORT 2024 FINANCIALS 133
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