notes to the financial statements - Far East Orchard Limited

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 25. Borrowings (continued) (d) Fair value of non-current borrowings 66 The carrying amounts of non-current borrowings approximate their fair values as these instruments bear interest at variable rates except for a fixed-rate portion of the non-current bank borrowings where the fair values are as follows: The Group and the Company Carrying amount Fair value 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Long term secured loan - fixed, net of transaction costs 99,985 99,897 99,420 100,566 The fair values above are determined from the cash flow analysis, discounted at market borrowing rates of an equivalent instrument at the balance sheet date which the directors expect to be available to the Group and the Company as follows: The Group and the Company 2008 2007 Long term secured loan 7.60% 3.60% 26. Other non-current liabilities The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Rental deposits 907 792 447 445 Advances from minority shareholders of subsidiaries 2 2 - - Advances from associated companies 3,016 3,016 - - 3,925 3,810 447 445 The advances from minority shareholders and associated companies are unsecured and interest-free. There are no fixed terms of repayment but repayment is not expected within the next twelve months. At the balance sheet date, the carrying amounts of the advances from minority shareholders of subsidiaries and associated companies approximated their fair values. ANNUAL REPORT 2008 ORCHARD PARADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 27. Deferred income taxes Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fiscal authority. The following amounts, determined after appropriate offsetting, are shown on the balance sheets as follows: The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Deferred income tax assets (223) (1,700) - - Deferred income tax liabilities - to be settled within one year 331 455 315 357 - to be settled after one year 28,189 25,586 6,458 6,349 Movement in deferred income tax account (net) is as follows: 28,520 26,041 6,773 6,706 The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Beginning of financial year 24,341 13,765 6,706 6,986 Effect of change in Singapore tax rate - income statement - (437) - (314) - equity [Note (29)(b)(i)] - (940) - (384) Tax charged/(credited) to: - income statement 863 (385) (244) (187) - equity [Note (29)(b)(i)] 3,093 12,338 311 605 End of financial year 28,297 24,341 6,773 6,706 The deferred income taxes taken to equity during the year are as follows: The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Asset revaluation reserve in shareholders’ equity - land and buildings [Note 29(b)(i)] 3,093 11,398 311 221 The Group has unrecognised tax losses of approximately $88,874,500 (2007: $88,429,800) which can be carried forward and used to offset against future taxable income subject to meeting certain statutory requirements by those companies with unrecognised tax losses and capital allowances in their respective countries of incorporation. These tax losses have no expiry date. ORCHARD PARADE HOLDINGS LIMITED ANNUAL REPORT 2008 67
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Orchard Parade Holdings Limited Ann
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Corporate Information BOARD OF DIRE
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The Group sold 12 units of The Flor
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Profile of the Board of Directors &
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Organisation Chart as at 27 March 2
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Corporate Governance Statement as a
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Page 17 and 18: Corporate Governance Statement as a
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notes to the financial statements - Far East Orchard Limited

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