Hock Lian Seng Holdings Limited - Annual Report 2015 - page 77

Notes to the Financial Statements
31 December 2015
23. Amounts due from/(to) a joint venture
Loans due from a joint venture are unsecured, bear interest at 2.5% (2014: 2.5%) per annum, repayable on
demand and are to be settled in cash, except for an amount of S$4,000,000 (2014: S$4,000,000) which is non-
interest bearing.
Amounts due from/(to) a joint venture are non-trade related, unsecured, non-interest bearing, repayable on
demand and are to be settled in cash. The non-trade amounts due from a joint venture relates to payroll costs
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24. Provisions
Provision for
maintenance
and warranties
Provision for
share
of a joint
venture’s
losses Total
S$’000 S$’000 S$’000
At 1 January 2015 44,062 1,314 45,376
Utilised (3,750) – (3,750)
Current year provision 5,999 – 5,999
Write-back (923) (1,314) (2,237)
At 31 December 2015 45,388 ȫ 45,388
At 1 January 2014 5,609 1,359 6,968
Utilised (1,029) – (1,029)
Current year provision 39,884 – 39,884
Write-back (402) (45) (447)
At 31 December 2014 44,062 1,314 45,376
Current 2015 45,388 ȫ 45,388
Current 2014 44,062 1,314 45,376
Group
2015 2014
S$’000 S$’000
Loans due from a joint venture 55,310 49,810
Amounts due from a joint venture 5,147 3,420
60,457 53,230
Amounts due to a joint venture 6 –
ANNUAL REPORT 2015 75