SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
Note
Share
capital
Share
premium
Merger
reserves**
Retained
earnings
Total
$ $ $ $ $
Balance as at 1 January 2004* 1,558,716 – – 11,071,846 12,630,562
Total recognised gain for the
financial year – net profit – – – 3,872,600 3,872,600
Issue of share capital upon
incorporation 2 – – – 2
Movements arising from
Restructuring Exercise 2
Adjustment arising from
Restructuring Exercise (1,558,716) – (8,376,716) – (9,935,432)
Excess of cash consideration over
assets acquired – – – (2,755,269) (2,755,269)
Transferred from retained
earnings to Merger reserve – – 8,376,716 (8,376,716) –
Issue of share capital pursuant
to Restructuring Exercise 9,935,432 – – – 9,935,432
Sub-total 8,376,716 – – (11,131,985) (2,755,269)
Issue of shares pursuant to Initial
Public Offering 1,800,000 4,500,000 – – 6,300,000
Share issue expenses – (584,480) – – (584,480)
Balance as at 31 December 2004 11,735,434 3,915,520 – 3,812,461 19,463,415
Balance as at 1 January 2003* 1,558,716 – – 6,981,238 8,539,954
Total recognised gain for the
financial year – net profit – – – 4,090,608 4,090,608
Balance as at 31 December 2003 1,558,716 – – 11,071,846 12,630,562
* These balances represent the share capital and retained earnings of the subsidiaries prior to the Restructuring
Exercise (note 2).
** Merger reserves represent the difference between the nominal value of shares issued by the Company and the
nominal value of the shares of the subsidiaries acquired as part of the Restructuring Exercise.
The accompanying notes form an integral part of these financial statements. Auditors’ report – Page 24.
ANNUAL REPORT 2004_27