Untitled - Swissco Holdings Limited

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AUDITORS’ REPORT To The Members of Swissco International Limited We have audited the accompanying financial statements of Swissco International Limited for the financial year ended 31 December 2005 set out on pages 27 to 70, comprising the balance sheet of the Company and the consolidated financial statements of the Group. These financial statements are the responsibility of the Company’s directors. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan and perform our audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, (a) (b) the accompanying balance sheet of the Company and the consolidated financial statements of the Group are properly drawn up in accordance with the provisions of the Companies Act, Cap 50 (“the Act”) and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Company and of the Group as at 31 December 2005, and the results, changes in equity and cash flows of the Group for the financial year ended on that date; and the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. PricewaterhouseCoopers Certified Public Accountants Singapore, 3 April 2006 26
CONSOLIDATED INCOME STATEMENT For the financial year ended 31 December 2005 Note 2005 2004 $ $ Sales 5 13,890,015 8,529,184 Cost of sales (9,646,989) (6,480,504) Gross profit 4,243,026 2,048,680 Other gains – Miscellaneous 5 10,339,548 4,358,919 – Exceptional gains 6 1,397,000 – Expenses – Administrative (4,642,383) (2,379,206) – Other operating (199,793) (756,106) – Finance 8 (135,965) (348,318) Share of profit of associated companies 1,938,755 1,048,631 Profit before tax 12,940,188 3,972,600 Income tax expense 10 (459,864) (100,000) Net profit for the financial year 12,480,324 3,872,600 Earnings per share (cents) 11 – Basic 8.51 3.07 – Diluted 8.50 3.07 The accompanying notes form an integral part of these financial statements. Auditors’ report – Page 26 27
Page 2 and 3: CORPORATE MILESTONES 1970 Sea Well
Page 4 and 5: CHAIRMAN’S STATEMENT Dear Fellow
Page 6 and 7: CORPORATE PROFILE Our Customers •
Page 8 and 9: OUR HISTORY It started back in 1970
Page 10 and 11: BOARD OF DIRECTORS Mr Phillip Chan
Page 12 and 13: KEY MANAGEMENT Mr E K Lim Mr Koh Ba
Page 14 and 15: CORPORATE STRUCTURE Swissco Interna
Page 16 and 17: OUR VESSELS Swissco Star Swissco 48
Page 18 and 19: Corporate Governance Report 17 Dire
Page 20 and 21: Corporate Governance Report Remuner
Page 22 and 23: DIRECTORS’ REPORT The directors p
Page 24 and 25: DIRECTORS’ REPORT Share Options (
Page 26 and 27: DIRECTORS’ REPORT Audit Committee
Page 30 and 31: BALANCE SHEETS As at 31 December 20
Page 32 and 33: CONSOLIDATED CASH FLOW STATEMENT Fo
Page 34 and 35: NOTES TO THE FINANCIAL STATEMENTS F
Page 74 and 75: STATISTICS OF SHAREHOLDINGS As at 2
Page 76 and 77: NOTICE OF SECOND ANNUAL GENERAL MEE
Page 78 and 79:
NOTICE OF SECOND ANNUAL GENERAL MEE
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
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Page 86 and 87:
NOTES 1. A member entitled to atten
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Untitled - Swissco Holdings Limited

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