Strength & Stability - ECS Holdings Limited

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2 Summary of Significant Accounting Policies (Cont’D) 2.14 Finance Income and Expenses Finance income comprises interest income, dividend income, gains on the disposal of available-for-sale financial assets and gains on hedging instruments that are recognised in the income statement. Interest income is recognised as it accrues, using the effective interest method. Dividend income is recognised on the date that the Group’s right to receive payment is established, which in the case of quoted securities is the ex-dividend date. Finance expenses comprise interest expense on borrowings, impairment losses recognised on financial assets, and losses on hedging instruments that are recognised in the income statement. All borrowing costs are recognised in the income statement using the effective interest method, except to the extent that they are capitalised as being directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to be prepared for its intended use or sale. Foreign currency gains and losses are reported on a net basis. 2.15 Income Tax Expense Income tax expense comprises current and deferred tax. Income tax expense is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of prior years. Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries and joint ventures to the extent that it is probable that they will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. A deferred tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not be reversed in the foreseeable future. p. 62 Notes to the Financial Statements These notes form an integral part of the financial statements. ECS Holdings Limited
3 Property, Plant and Equipment Freehold Leasehold Office Furniture Motor Assets under Building Improvements Equipment and Fittings Computers Vehicles Construction Total Group $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Cost At 1 January 2007 1,596 1,977 2,251 1,463 14,061 1,537 383 23,268 Additions 9 389 227 161 1,745 220 660 3,411 Disposals - (65) (30) (60) (1,093) (181) - (1,429) Transfers/ Reclassifications - (22) (780) 106 1,011 (79) (236) - Translation adjustment 22 9 93 177 583 11 48 943 At 31 December 2007 1,627 2,288 1,761 1,847 16,307 1,508 855 26,193 Additions 102 148 401 384 2,093 346 279 3,753 Disposals - - (246) (243) (2,662) (23) - (3,174) Transfers/ Reclassifications - - - - 58 - (58) - Translation adjustment (86) 130 (123) (175) (161) 1 (88) (502) At 31 December 2008 1,643 2,566 1,793 1,813 15,635 1,832 988 26,270 Notes to the Financial Statements These notes form an integral part of the financial statements. Annual Report 2008 p. 63
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ECS HOLDINGS LIMITED Annual Report
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ECS Holdings Limited (“ECS” or
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Annual Report 2008 p. 03
Page 7 and 8:
Dear Stakeholders I am pleased to p
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Page 11 and 12:
Page 13 and 14: AN OVERVIEW FY2008 distinguishes it
Page 15 and 16: We believe that by honing these ope
Page 17 and 18: Stroll down memory lane and re-live
Page 19 and 20: SHAREHOLDERS’ EQUITY ($ million)
Page 21 and 22: Annual Report 2008 p. 19
Page 23 and 24: 1. CHAIRMAN Mr Li Jia Lin was appoi
Page 25 and 26: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
Page 27 and 28: 7. President (The Value Systems Co.
Page 29 and 30: 2008 AWARDS Group • ECS Holdings
Page 31 and 32: Financial Contents Corporate Govern
Page 33 and 34: The Board intends to hold about fou
Page 35 and 36: Level and Mix of Remuneration; Disc
Page 37 and 38: Audit Committee Principle 11 : The
Page 39 and 40: D) COMMUNICATION WITH SHAREHOLDERS
Page 41 and 42: Directors’ Interests (Cont’d) E
Page 43 and 44: Share Options (Cont’d) Except as
Page 45 and 46: In our opinion: (a) (b) the financi
Page 47 and 48: Opinion In our opinion: (a) (b) the
Page 49 and 50: Note 2008 2007 $’000 $’000 Reve
Page 51 and 52: Total attributable to equity Share
Page 53 and 54: Note 2008 2007 $’000 $’000 Fina
Page 55 and 56: 2 Summary of Significant Accounting
Page 63: 2 Summary of Significant Accounting
Page 67 and 68: 3 Property, Plant and Equipment (Co
Page 69 and 70: 5 Subsidiaries Company Note 2008 20
Page 71 and 72: 6 Interest in Associate Group 2008
Page 73 and 74: 10 Trade and Other Receivables Grou
Page 75 and 76: 11 Trade Receivables (Cont’d) The
Page 77 and 78: 15 Share Capital Group and Company
Page 79 and 80: 17 Equity Compensation Benefits The
Page 81 and 82: 18 Financial Liabilities (Cont’d)
Page 83 and 84: 18 Financial Liabilities (Cont’d)
Page 85 and 86: 23 Profit from Operations The follo
Page 87 and 88: 26 Earnings per Share Group 2008 20
Page 89 and 90: 27 Segment Information (Cont’d) R
Page 91 and 92: 28 Geographical Segments (Group) Th
Page 93 and 94: 29 Financial Risk Management (Cont
Page 95 and 96: 29 Financial Risk Management (Cont
Page 97 and 98: 32 Related Parties Transactions wit
Page 99 and 100: 34 New Accounting Standards and Int
Page 101 and 102: SUBSTANTIAL SHAREHOLDERS Number of
Page 103 and 104: at any time and upon such terms and
Page 105 and 106: (a) (b) market purchases (each a
Page 107 and 108: (ii) Resolution 6(b), if passed, wi
Page 109 and 110: Proxy Form Annual General Meeting E
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