HYFLUX LTD AND SUBSIDIARIES

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 HYFLUX LTD AND SUBSIDIARIES P.16.17 (AMOUNTS EXPRESSED IN SINGAPORE DOLLARS) 01. CORPORATE INFORMATION The financial statements of Hyflux Ltd and the consolidated financial statements of the Group for the year ended 31 December 2002 were authorised for issue in accordance with a directors’ resolution on 17 March 2003. The Company is a public limited company domiciled and incorporated in Singapore. The address of the Company’s registered office is 40 Changi South Street 1 Singapore 486764. The principal activities of the Company are those of an investment holding company and the manufacturing of membranes. The principal activities of the subsidiaries are shown in Note 15 to the financial statements. The Company and the Group employed Nil and 352 employees (2001: Nil and 257) as at 31 December 2002, respectively. A subsidiary, Hydrochem (S) Pte Ltd, provides operational and administrative support to the Company. 02. SIGNIFICANT ACCOUNTING POLICIES (A) BASIS OF PREPARATION The financial statements of the Company and of the Group which are expressed in Singapore dollars, are prepared in accordance with Singapore Statements of Accounting Standard (SAS) and under the historical cost convention. (B) PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the financial statements of the Company and its subsidiaries. The results of subsidiaries acquired or sold during the year are consolidated for the periods from or to the date of acquisition or disposal. All intercompany balances, transactions and any unrealised profit or loss on intercompany transactions are eliminated on consolidation. When a subsidiary or associated company is acquired, any difference between the consideration paid and the fair values of the net assets acquired is amortised on a straight-line basis to the consolidated profit and loss account over the period of expected benefit not exceeding 5 years. Investment in associated company is accounted for in the consolidated financial statements using the equity method. The Group’s share of the post-acquisition results of associated companies is included in the consolidated profit and loss account. The Group’s share of the post-acquisition accumulated profits and reserves of associated companies is included in the carrying value of the investment in the consolidated balance sheet. Goodwill and fair value adjustments arising on the acquisition of a foreign subsidiary are treated as assets or liabilities of the foreign subsidiary and translated at exchange rates ruling at the balance sheet date. In the preparation of the consolidated financial statements, the balance sheets of foreign subsidiaries and associated companies are translated into Singapore dollars at rates of exchange ruling at the balance sheet date except for share capital and reserves which are translated at historical rates of exchange. Operating results are translated at average rates of exchange for the year. Translation differences are taken to translation reserve.
Page 1 and 2: DIRECTORS Olivia Lum Ooi Lin Deirdr
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Page 9 and 10: HYFLUX LTD AND SUBSIDIARIES P.06.07
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Page 63 and 64: HYFLUX LTD 40 Changi South Street 1

HYFLUX LTD AND SUBSIDIARIES

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