Strength & Stability - ECS Holdings Limited

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32 Related Parties (Cont’d) Other Related Party Transactions For the purpose of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. During the financial year, there were the following significant transactions with related parties, based on terms agreed by the parties:- Group Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Subsidiaries - sales - - - 81 - purchases - - - 81 - interest paid - - 369 646 Affiliates - sales 110,770 23,799 - - 33 Accounting Estimates and Judgement Management discussed with the Audit Committee the development, selection and disclosure of the Group’s and the Company’s critical accounting policies and estimates and the application of these policies and estimates. Key source of estimates uncertainty Note 4 contains information about the assumptions and their risk factors relating to goodwill impairment. p. 96 Notes to the Financial Statements These notes form an integral part of the financial statements. ECS Holdings Limited
34 New Accounting Standards and Interpretations Not Yet Adopted The Group has not applied the following accounting standards (including its consequential amendments) and interpretations that have been issued as of the balance sheet date but are not yet effective: FRS 1 (revised 2008) FRS 23 (revised) FRS 32 FRS 108 INT FRS 111 INT FRS 113 INT FRS 116 Amendments to FRS 1 (revised 2008) Amendments to FRS 102 Presentation of Financial Statements Borrowing Costs Amendments relating to puttable financial instruments and obligations arising on liquidation Operating Segments FRS 102 - Group and Treasury Share Transactions Customer Loyalty Programmes Hedges of a Net Investment in a Foreign Operation Amendments relating to puttable financial instruments and obligations arising on liquidation Amendments relating to vesting conditions and cancellation FRS 23 will become effective for financial statements for the year ending 31 December 2009. FRS 23 removes the option to expense borrowing costs and requires an entity to capitalise borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. This standard does not have any material impact on the recognition and measurement of the Group’s financial statements. FRS 108 will become effective for financial statements for the year ending 31 December 2009. FRS 108, which replaces FRS 14 Segment Reporting, requires identification and reporting of operating segments based on internal reports that are regularly reviewed by the Group’s chief operating decision maker in order to allocate resources to the segment and assess its performance. Currently, the Group represents segment information in respect of its business and geographical segments (see notes 27 and 28). Under FRS 108, the Group will present segment in respect of its operating segments. Other than the changes in disclosures relating to FRS 108, the initial application of these standards and interpretations is not expected to have any material impact on the Group’s financial statements. The Group has not considered the impact of accounting standards issued after the balance sheet date. Notes to the Financial Statements These notes form an integral part of the financial statements. Annual Report 2008 p. 97
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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
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Dear Stakeholders I am pleased to p
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AN OVERVIEW FY2008 distinguishes it
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We believe that by honing these ope
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Stroll down memory lane and re-live
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SHAREHOLDERS’ EQUITY ($ million)
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1. CHAIRMAN Mr Li Jia Lin was appoi
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
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7. President (The Value Systems Co.
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2008 AWARDS Group • ECS Holdings
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Financial Contents Corporate Govern
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The Board intends to hold about fou
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Level and Mix of Remuneration; Disc
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Audit Committee Principle 11 : The
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D) COMMUNICATION WITH SHAREHOLDERS
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Directors’ Interests (Cont’d) E
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Share Options (Cont’d) Except as
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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 65 and 66: 3 Property, Plant and Equipment Fre
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
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Page 97: 32 Related Parties Transactions wit
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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