SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited
SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited
SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited
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NOTES TO <strong>THE</strong> FINANCIAL STATEMENTS<br />
FOR <strong>THE</strong> FINANCIAL YEAR ENDED 31 DECEMBER 2004<br />
3. Significant accounting policies (continued)<br />
(p)<br />
Segment reporting<br />
Business segments provide products and services that are subject to risks and returns that are different from those<br />
of other business segments. Geographical segments provide products or services within a particular economic<br />
environment that is subject to risks and returns that are different from those of components operating in other<br />
economic environments.<br />
(q)<br />
Cash and cash equivalents<br />
For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise cash on hand,<br />
deposits held at call with banks and bank overdrafts. Bank overdrafts are included under borrowings in current<br />
liabilities on the balance sheet.<br />
(r)<br />
Share capital<br />
Incremental external costs directly attributable to the issue of new shares, other than on a business combination,<br />
are taken to equity as a deduction, net of tax, from the proceeds. Incremental costs directly attributable to the<br />
issuance of new shares for the acquisition of businesses are included in the cost of acquisition as part of the<br />
purchase consideration.<br />
(s)<br />
Dividend<br />
Dividends are recorded in the Group’s financial statements in the period in which they are approved by the<br />
Company’s shareholders.<br />
4. Revenue<br />
The Group<br />
2004 2003<br />
$ $<br />
Sales<br />
Chartering income, sale of out-port-limit services and related income 5,964,818 8,490,571<br />
Ship repair and related services 2,500,486 2,287,109<br />
Trading of marine equipment 63,880 1,351,838<br />
8,529,184 12,129,518<br />
Other operating income<br />
Gain on disposal of property, plant and equipment 4,332,020 2,060,559<br />
Foreign exchange gain (net) – 7,209<br />
Amortisation of deferred income 14,840 –<br />
Others 12,059 69,785<br />
4,358,919 2,137,553<br />
Total revenue 12,888,103 14,267,071<br />
ANNUAL REPORT 2004_35