notes to the financial statements - Far East Orchard Limited

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CONSOLIDATED CASH FLOW STATEMENT For the financial year ended 31 December 2008 Note 2008 2007 $’000 $’000 Cash flows from operating activities Net profit Adjustments for: 26,951 34,711 Income tax 4,384 4,325 Depreciation of property, plant and equipment 7,267 7,493 Dividend income (676) (784) Interest income (104) (152) Interest expense 15,383 20,574 Gain arising on dilution of interest in an associated company - (2,389) Gain on disposal of property, plant and equipment (3) (3) Fair value gains on investment properties (15,818) (18,933) Share of loss/(profit) of associated companies 2,058 (1,944) 39,442 42,898 Change in working capital: Trade receivables 1,168 29,381 Development properties (5,467) 18,227 Financial assets at fair value through profit or loss 7,811 334 Other current assets 264 164 Other non-current assets (15) - Trade payables 1,610 (1,665) Other payables 1,100 2,328 Cash generated from operations 45,913 91,667 Income tax paid - net 9(c) (2,944) (2,019) Net cash provided by operating activities 42,969 89,648 Cash flows from investing activities Payments for property, plant and equipment (2,910) (1,637) Payments for investment properties (406) (1,069) Proceeds from disposal of property, plant and equipment 4 8 Dividend received from associated company - 865 Dividend received from investee companies 676 784 Dividend paid to shareholders (7,015) - Interest received 104 152 Net cash used in investing activities (9,547) (897) Cash flows from financing activities Proceeds from borrowings 237,551 453,100 Repayment of borrowings (255,632) (525,125) Interest paid (15,344) (22,561) Proceeds from advances from associated companies - 973 Repayment of advances from minority shareholders - (149) Net cash used in financing activities (33,425) (93,762) Net decrease in cash and cash equivalents (3) (5,011) Cash and cash equivalents at beginning of financial year 20,309 25,320 Cash and cash equivalents at end of financial year 11 20,306 20,309 The accompanying notes form an integral part of these financial statements. 28 ANNUAL REPORT 2008 ORCHARD PARADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. General information Orchard Parade Holdings Limited (the “Company”) is incorporated and domiciled in Singapore. The address of its principal place of business is 1 Tanglin Road, #05-01, Orchard Parade Hotel, Singapore 247905. The Company is listed on the Singapore Exchange. The principal activities of the Company are hospitality, investment holding and property investment. The principal activities of the subsidiaries are set out in Note 40 to the financial statements. 2. Significant accounting policies 2.1 Basis of preparation These financial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”). The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below. The preparation of financial statements in conformity with FRS requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in Note 3. Interpretations and amendments to published standards effective in 2008 On 1 January 2008, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”) that are mandatory for application from that date. Changes to the Group’s accounting policies have been made as required, in accordance with the relevant transitional provisions in the respective FRS and INT FRS. The following are the new or amended FRS and INT FRS that are relevant to the Group: INT FRS 111 Group and Treasury Share Transactions In addition, amendments to FRS 39-Financial Instruments: Recognition and Measurement and FRS 107-Financial Instruments: Disclosures – Reclassifications of Financial Assets, were adopted by the Group with effect from 1 July 2008. The adoption of the above FRS and INT FRS did not result in any substantial changes to the Group’s accounting policies nor any significant impact on these financial statements. ORCHARD PARADE HOLDINGS LIMITED ANNUAL REPORT 2008 29
Page 1 and 2: Orchard Parade Holdings Limited Ann
Page 3 and 4: Corporate Information BOARD OF DIRE
Page 5 and 6: The Group sold 12 units of The Flor
Page 7 and 8: Profile of the Board of Directors &
Page 9 and 10: Organisation Chart as at 27 March 2
Page 11 and 12: Corporate Governance Statement as a
Page 21 and 22: DIRECTORS’ REPORT For the financi
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NOTES TO THE FINANCIAL STATEMENTS F
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STATISTICS OF SHAREHOLDINGS as at 2
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NOTICE OF ANNUAL GENERAL MEETING NO
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NOTICE OF ANNUAL GENERAL MEETING No
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ORCHARD PARADE HOLDINGS LIMITED (Re
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Orchard Parade Holdings Limited (Re
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notes to the financial statements - Far East Orchard Limited

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