notes to the financial statements - Far East Orchard Limited

Recommendations

Info

NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 29. Revaluation and other reserves 70 The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 (a) Composition: Asset revaluation reserve 513,096 447,394 412,295 365,864 Currency translation reserve (14,305) (12,759) - - Fair value reserve (19,748) (695) - - 479,043 433,940 412,295 365,864 (b) Movements: (i) Asset revaluation reserve: Beginning of financial year 447,394 300,904 365,864 279,537 Effect of change in Singapore tax rate (Note 27) - 940 - 384 Revaluation gains on: - property, plant and equipment (Note 22) 62,206 151,724 46,742 86,548 Deferred tax liability on revaluation gains (Note 27) (3,093) (12,338) (311) (605) Share of associated company’s revaluation surplus (Note 17) 7,291 6,164 - - Share of associated company’s transfer to accumulated losses (702) - - - End of financial year 513,096 447,394 412,295 365,864 (ii) Currency translation reserve: Beginning of financial year (12,759) (12,856) - - Net currency translation differences of financial statements of a foreign subsidiary company (230) (12) - - Share of associated company’s translation reserve (Note 17) (1,316) 109 - - End of financial year (14,305) (12,759) - - (iii) Fair value reserve: Beginning of financial year (695) 2,771 - - Share of associated company’s fair value losses on available-for-sale financial assets (Note 17) (19,053) (3,466) - - End of financial year (19,748) (695) - - Revaluation and other reserves are non-distributable. ANNUAL REPORT 2008 ORCHARD PARADE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2008 30. Retained earnings Movement in retained earnings for the Company is as follows: The Company 2008 2007 $’000 $’000 Beginning of financial year 10,274 (30,282) Net profit 23,607 40,556 Dividend paid to shareholders (7,015) - End of financial year 26,866 10,274 Movement in accumulated losses for the Group is shown in the Consolidated Statement of Changes in Equity. 31. Contingent liabilities Subsequent to the sale of an investment property by a subsidiary in 2002, an injunction was obtained by the previous tenant of the investment property against the two existing owners and the subsidiary. The injunction prevents the existing owners and the subsidiary from disposing of the investment property until the conclusion of the trial. In the event the injunction is successful, the subsidiary will have to void the sale of the investment property and refund $3.0 million to the purchaser with a corresponding decrease of $0.7 million to the Group and subsidiary’s net profit. Based on legal advice on this matter, the directors are of the opinion that the outcome of the trial will be favourable to the subsidiary, and no significant liabilities will be incurred. Hence, no provision has been made in respect of the lawsuit. 32. Commitments (a) Corporate guarantees Corporate guarantees issued by the Company to banks in respect of banking facilities granted to the subsidiaries are disclosed in Note 33(b). In addition, a corporate guarantee issued by a subsidiary of the Company is disclosed in Note 25(b). (b) Capital commitments The Group The Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Capital expenditures contracted for: (i) Property under development (Note 18) 80,525 87,234 - - (ii) Property, plant and equipment - 123 - 123 80,525 87,357 - 123 ORCHARD PARADE HOLDINGS LIMITED ANNUAL REPORT 2008 71
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 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22: DIRECTORS’ REPORT For the financi
Page 23 and 24: DIRECTORS’ REPORT For the financi
Page 25 and 26: INDEPENDENT AUDITOR’S REPORT TO T
Page 27 and 28: CONSOLIDATED INCOME STATEMENT For t
Page 29 and 30: CONSOLIDATED STATEMENT OF CHANGES I
Page 31 and 32: NOTES TO THE FINANCIAL STATEMENTS F
Page 71: NOTES TO THE FINANCIAL STATEMENTS F
Page 87 and 88: STATISTICS OF SHAREHOLDINGS as at 2
Page 89 and 90: NOTICE OF ANNUAL GENERAL MEETING NO
Page 91 and 92: NOTICE OF ANNUAL GENERAL MEETING No
Page 93 and 94: ORCHARD PARADE HOLDINGS LIMITED (Re
Page 96: Orchard Parade Holdings Limited (Re
show all

notes to the financial statements - Far East Orchard Limited

Create successful ePaper yourself

Delete template?

Save as template?