Untitled - Swissco Holdings Limited

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NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2005 21. Borrowings (continued) (c) Interest rate risk The weighted average effective interest rates at the balance sheet date are as follows: The Group 2005 2004 % % Short term advances 5.50 – Finance lease liabilities 2.76 2.62 Bank loans 5.00 5.58 The exposure of borrowings of the Group to interest rate changes and the periods in which the borrowings reprice are as follows: Less than 6 6 to 12 1 to 5 Over 5 The Group months months years years Total $ $ $ $ $ At 31 December 2005 3,479,448 274,108 1,626,278 – 5,379,834 At 31 December 2004 308,011 164,189 888,526 24,974 1,385,700 (d) Carrying amounts and fair values The carrying amounts of borrowings approximate their fair values. (e) Undrawn borrowing facilities The Group has the following undrawn borrowing facilities: The Group 2005 2004 $ $ Floating rates – Expiring within one year 10,512,750 – 10,512,750 – (f) All the borrowings are denominated in Singapore dollar. 60
NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2005 22. Finance Lease Liabilities The Group 2005 2004 $ $ Minimum lease payments due: Within 1 year 191,832 244,383 Between 1 and 5 years 349,595 418,100 More than 5 years – 3,137 541,427 665,620 Less: Future finance charges (58,648) (74,861) 482,779 590,759 The present value of finance lease liabilities is as follows: Within 1 year 172,218 220,473 Between 1 and 5 years 310,561 367,582 More than 5 years – 2,704 482,779 590,759 23. Deferred Income Deferred income, relating to the unrealised gain arising from disposal of vessels to an associated company in the previous financial year, is credited to the income statement on a systematic basis over the periods necessary to match with the depreciation charged on the disposed vessels which is included in the share of associated company’s results for the financial year. Movements in deferred income are as follows: The Group 2005 2004 $ $ Balance at beginning of the financial year 642,960 – Addition during the year – 657,800 Credited to income statement (note 5) (190,457) (14,840) Balance at the end of the financial year 452,503 642,960 24. Holding Company The immediate and ultimate holding company is Yeo <strong>Holdings</strong> Private <strong>Limited</strong>, a company incorporated in Singapore. 61
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 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 84 and 85: This page is left blank intentional
Page 86 and 87: NOTES 1. A member entitled to atten
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Untitled - Swissco Holdings Limited

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