Untitled - Swissco Holdings Limited

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CONSOLIDATED CASH FLOW STATEMENT For the financial year ended 31 December 2005 Note 2005 2004 $ $ Cash flows from operating activities Profit before tax 12,940,188 3,972,600 Adjustments for: Share of results of associated companies (1,938,755) (1,048,631) Employee share option benefit 30,000 – Amortisation of deferred income (190,457) (14,840) Depreciation of property, plant and equipment 1,083,950 1,156,827 Interest expense 135,965 348,318 Interest income (62,415) – Property, plant and equipment written off 14,568 – Initial Public Offering expense – 584,480 Gain on disposal of property, plant and equipment (9,456,010) (4,332,020) Gain arising from restructuring of associates (1,201,000) – Gain arising from the deemed disposal of associate (196,000) – Operating cash flow before working capital changes 1,160,034 666,734 Changes in operating assets and liabilities: Trade and other receivables (2,016,883) 866,267 Inventories (29,019) 8,672 Other current assets (397,691) (30,914) Trade and other payables 2,662,906 (798,699) Cash generated from operations 1,379,347 712,060 Income tax paid (103,527) (2,750) Net cash inflow from operating activities 1,275,820 709,310 Cash flows from investing activities Interest received 62,415 – Proceeds from sale of property, plant and equipment 22,028,674 8,844,522 Purchase of property, plant and equipment (26,457,700) (6,624,077) Net cash (outflow)/inflow from investing activities (4,366,611) 2,220,445 Cash flows from financing activities Proceeds from issue of shares – 6,300,002 Initial Public Offering expense – (1,168,960) Interest expense (135,965) (348,318) Proceeds from borrowings 9,775,654 – Repayment of finance lease liabilities (402,980) (233,018) Repayment of short-term bank loans (5,673,540) (1,461,960) Net cash inflow from financing activities 3,563,169 3,087,746 Net increase in cash and cash equivalents held 472,378 6,017,501 Cash and cash equivalents at beginning of the financial year 3,733,422 (2,284,079) Cash and cash equivalents at end of the financial year 12 4,205,800 3,733,422 The accompanying notes form an integral part of these financial statements. Auditors’ report – Page 26 30
NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2005 These notes form an integral part of and should be read in conjunction with the accompanying financial statements. 1. General Swissco International Limited (“the Company”) is a public limited company which is domiciled and incorporated in Singapore. The Company is listed on the SESDAQ of the Singapore Exchange Securities Trading Limited. Its registered office and principal place of business is located at No. 9 Pandan Road, Singapore 609257. The principal activity of the Company is that of an investment holding company. The principal activities of its subsidiaries are set out in note 17 to the financial statements. There have been no significant changes in the nature of these activities during the financial year. 2. Significant Accounting Policies (a) Basis of preparation The 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 accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the financial year. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. Critical accounting estimates and assumptions used that are significant to the financial statements, and areas involving a higher degree of judgement or complexity, are disclosed in the Note 4 to the financial statements. In 2005, the Group and the Company adopted the new or revised FRS that are applicable in the current financial year. The 2004 financial statements have been amended as required, in accordance with the relevant transitional provisions in the respective FRS. The following are the FRS that are relevant to the Group: FRS 1 (revised 2004) FRS 2 (revised 2004) FRS 8 (revised 2004) FRS 10 (revised 2004) Presentation of Financial Statements Inventories Accounting Policies, Changes in Accounting Estimates and Errors Events after the Balance Sheet Date 31
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 28 and 29: AUDITORS’ REPORT To The Members o
Page 30 and 31: BALANCE SHEETS As at 31 December 20
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 82 and 83:
NOTICE OF SECOND ANNUAL GENERAL MEE
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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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