Untitled - Swissco Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2005
6. Other Gains – Exceptional Gains (continued)
(ii)
On 17 October 2005, Swiber Holdings Pte Ltd, the associated company of the Group increased
its issued and fully paid up share capital from $12million to $15million by an allotment of an
additional three million ordinary shares of $1 par value each at $2.34 per share to a new
shareholder. Consequently, the Company’s shareholding in Swiber Holdings Pte Ltd has been
diluted from 27.5% to 22% and has given rise to a gain from deemed disposal of $196,000.
7. Expenses by Nature
The Group
2005 2004
$ $
Raw materials, finished goods and consumables 2,395,649 1,539,225
Hire of vessels/barges 3,508,286 1,263,163
Depreciation of property, plant and equipment 1,083,950 1,156,827
Employee benefits expense (note 9) 4,795,897 2,826,194
Other expenses 1,139,333 716,141
Rental expense – operating leases 591,093 623,653
Foreign exchange loss – net – 61,363
Provision for impairment of receivables 199,793 124,954
Initial Public Offering expense – 584,480
Upkeep of launches 667,481 594,506
Transportation expense 107,683 125,310
Total cost of sales, administrative and other operating expenses 14,489,165 9,615,816
8. Finance Expense
The Group
2005 2004
$ $
Interest expense:
– Bank loans 93,593 153,239
– Bank overdrafts 16,086 162,139
– Finance leases 26,286 32,940
135,965 348,318
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