Untitled - Swissco Holdings Limited
Untitled - Swissco Holdings Limited
Untitled - Swissco Holdings Limited
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NOTES TO THE FINANCIAL STATEMENTS<br />
For the financial year ended 31 December 2005<br />
10. Tax (continued)<br />
(b)<br />
Movements in current income tax liabilities<br />
The Group<br />
2005 2004<br />
$ $<br />
At the beginning of financial year 300,843 203,593<br />
Income tax paid (103,527) (2,750)<br />
Current financial year’s income tax expense 488,125 100,000<br />
Over provision for preceding financial year (10,811) –<br />
At the end of financial year 674,630 300,843<br />
(c)<br />
Deferred income taxes<br />
The movement in the deferred tax liabilities during the financial year is as follows:<br />
Deferred tax liabilities<br />
The Group<br />
2005 2004<br />
$ $<br />
At the beginning of financial year 118,980 118,980<br />
Charged to income statement (17,450) –<br />
At the end of financial year 101,530 118,980<br />
Represented by:<br />
Accelerated tax depreciation 101,530 118,980<br />
11. Earnings Per Share<br />
(a)<br />
Basic earnings per share<br />
Basic earnings per share is calculated by dividing the net profit attributable to members of<br />
<strong>Swissco</strong> International <strong>Limited</strong> by the weighted average number of ordinary shares in issue<br />
during the financial year.<br />
The Group<br />
2005 2004<br />
Net profit for the financial year ($) 12,480,324 3,872,600<br />
Weighted average number of ordinary shares<br />
in issue for basic earnings per share 146,692,925 126,067,925<br />
Basic earnings per share (cents) 8.51 3.07<br />
48
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