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Interests in affiliates | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Interests in affiliates | Investments in affiliates are accounted for using the equity method of accounting. Far East is holding 19.4% (2016: 19.7%) equity interests in Blue Sky, a company incorporated in the PRC, with total cost of investment US$5,540,000. Blue Sky provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants since 2000. Blue Sky has listed its shares on the New Third Board in the PRC since November 17, 2015 and suspended trading from August 15, 2017 and resumed trading on February 2, 2018. The Group interest in Blue Sky has been counted for as an affiliate using the equity method as the Group has representation on both the Board and Executive Committee of Blue Sky, and the ability to participate in the decision-making process. During the year, the Group’s equity in Blue Sky was diluted subsequent to the issuance of new ordinary shares by Blue Sky to other shareholders. A net profit on deemed disposal of an affiliate of US$128,000 (2016: US$24,000) had been recognized in the consolidated statement of operations and comprehensive income / (loss) for that year. A summary of the financial information of the affiliate, Blue Sky, is set forth below:
| 2017 | 2016
Balance Sheet: | US$’000 | US$’000
Current assets | 56,911 | 46,297
Non-current assets | 26,544 | 25,847
Total assets | 83,455 | 72,144
Total liabilities | (36,948) | (45,372)
Total shareholders’ equity | 46,507 | 26,772
| 2017 | 2016
Operating results: | US$’000 | US$’000
Net sales | 62,234 | 43,226
Operating income | 4,439 | 3,841
Net income | 3,863 | 3,473
Far East is holding 20% equity interests in Zhejiang Jia Huan Electronic Co. Ltd. (“Jia Huan”), a company incorporated in the PRC, with total cost of investment US$2,486,000. Jia Huan provides a comprehensive service for environmental protection business since 1969 and is based in Jin Hua, Zhejiang. A summary of the financial information of the affiliate, Jia Huan, is set forth below:
| 2017 | 2016
Balance Sheet: | US$’000 | US$’000
Current assets | 21,374 | 22,021
Non-current assets | 4,570 | 4,079
Total assets | 25,944 | 26,100
Total liabilities | (10,215) | (11,694)
Total shareholders’ equity | 15,729 | 14,406
| 2017 | 2016
Operating results: | US$’000 | US$’000
Net sales | 16,301 | 16,684
Operating income | 32 | 1,586
Net income | 597 | 1,564

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- Definition Tabular disclosure of investments in and advances to affiliates. Does not include the tabular disclosure of the disaggregation of investments in and advances to affiliates across legal entities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI http://asc.fasb.org/extlink&oid=50485924&loc=d3e611322-123010 + Details
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