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Investments in affiliates | 12 Months Ended
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Dec. 31, 2022
Investments in affiliates |
Investments in affiliates | Note 9: Investments in affiliates Investments in affiliates are accounted for using the equity method of accounting.
|  | December 31, |
|  | 2022 |  |  | 2021 |
Zhejiang Tianlan Environmental Protection Technology Co. Ltd. |  |  |  |  |  |
Interest held |  |  | 19.4 | % |  |  | 19.4 | %
|  | US$’000 |  |  | US$’000 |
Long-term investment, at cost, less impairment |  |  | 5,540 |  |  |  | 5,540 |
Share of undistributed profits |  |  | 2,711 |  |  |  | 2,537 |
|  |  | 8,251 |  |  |  | 8,077 |
Far East is holding 19.4% (2021: 19.4%) equity interests in Blue Sky, a company incorporated in the PRC, with total cost of investment of US$5,540,000. Blue Sky provides a comprehensive service for design, general contract, equipment manufacturing, installation, testing and operation management of the treatment of waste gases emitted from various boilers and industrial furnaces of power plants, steel works and chemical plants since 2000. Blue Sky has listed its shares on the New Third Board in the PRC since November 17, 2015 and suspended trading from August 15, 2017 and resumed trading on February 2, 2018 and suspended trading from November 24, 2020 and resumed trading on January 6, 2021. The Group’s interest in Blue Sky has been counted for as an affiliate using the equity method as the Group has representation on both the Board and Executive Committee of Blue Sky, and the ability to participate in the decision-making process and exercise significant influence. A summary of the financial information of the affiliate, Blue Sky, is set forth below:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Balance Sheet: |  | US$’000 |  |  | US$’000 |
Current assets |  |  | 54,228 |  |  |  | 42,510 |
Non-current assets |  |  | 13,167 |  |  |  | 15,172 |
Total assets |  |  | 67,395 |  |  |  | 57,682 |
Total liabilities |  |  | (38,582 | ) |  |  | (27,376 | )
Total shareholders’ equity |  |  | 28,813 |  |  |  | 30,306 |
|  | Year ended December 31, |
|  | 2022 |  |  | 2021 |
Operating results: |  | US$’000 |  |  | US$’000 |
Net sales |  |  | 59,983 |  |  |  | 51,280 |
Operating income |  |  | 1,175 |  |  |  | 1,997 |
Net income |  |  | 2,346 |  |  |  | 2,105 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -Section S99 -Paragraph 6 -Subparagraph (SX 210.12-14) -URI https://asc.fasb.org/extlink&oid=122147990&loc=d3e611322-123010 + Details
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