Annual Report 2011 - Food Junction

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92 Notes to the Financial Statements (cont’d) 31 December 2011 28. Capital management The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value. The Group manages its capital structure from various sources of funds to finance its overall operations and support its business growth. No changes were made in the objectives during the year ended 31 December 2011 and period ended 31 December 2010. The Group monitors capital using return on equity. Return on equity is derived using profit for the financial year attributable to owners of the parent over the equity attributable to owners of the Company. Equity comprises issued capital (net of Treasury shares), accumulated profits and translation reserve. The return on equity for the period ended 31 December 2011 is 2.7% (2010: 8.5%). 29. Events occurring after the reporting period (a) Arbitration against China Pub Food and Beverage Management Co., Ltd Annual Report The Company’s wholly owned subsidiary companies, Maibo Restaurant Management (Shanghai) Co., Limited and Malone’s Limited (collectively, the “Claimants”) had on 30 June 2011, applied (the “Application”) to China International Economic Trade Arbitration Commission (“CIETAC”), Shanghai Sub-Commission in the People’s Republic of China for arbitration of a claim against China Pub Food and Beverage Management Co., Ltd (the “Respondent”) for an aggregate sum of approximately RMB 4.78 million for the following: (a) Breach of (i) a General (Area Developer) Licence and Management Agreement; (ii) a Unit Licence and Management Agreement; and (iii) a Trademark Licence Agreement dated 12 September 2007 and supplemental agreements in relation thereto dated 17 September 2008; and (b) Breach of intellectual property rights of the Claimants. The arbitration is still ongoing as at 15 March 2012. (b) Incorporation of new subsidiary companies The Company has incorporated the following subsidiary companies as part of its ongoing business development. (i) Entities directly wholly-owned by Lifestyle Dining Pte. Ltd. Name: The Boxing Crab Pte. Ltd. Principal activity: Sale of food and beverages Issued share capital: $200,000 comprising 200,000 ordinary shares Place of incorporation: Singapore Name: Wan Style Pte. Ltd. Principal activity: Investment holding Issued share capital: $1,000 comprising 1,000 ordinary shares Place of incorporation: Singapore (ii) Entity directly wholly-owned by Wan Style Pte. Ltd. Name: Wan Style (Singapore) Pte. Ltd. Principal activity: Sale of food and beverages Issued share capital: $200,000 comprising 200,000 ordinary shares Place of incorporation: Singapore (iii) Entity directly wholly-owned by Food Junction International Pte. Ltd. Name: Food Junction (China) Pte. Ltd. Principal activity: Investment holding Issued share capital: $1,000 comprising 1,000 ordinary shares Place of incorporation: Singapore
Notes to the Financial Statements (cont’d) 31 December 2011 29. Events occurring after the reporting period (cont’d) (c) Acquisition of shares in the Company Since the end of the financial year till 15 March 2012, the Company acquired 679,000 shares in the Company through purchases on the Singapore Exchange for an amount of $128,846. 30. Authorisation of financial statements for issue The financial statements for the period ended 31 December 2011 were authorised for issue in accordance with a resolution of the directors on 15 March 2012. Annual Report 93
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Annual Report 2011 - Food Junction

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