SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
8. Tax (continued)
(c)
Deferred income taxes
The movement in the deferred tax liabilities during the financial year is as follows:
Deferred tax liabilities
The Group
2004 2003
$ $
At the beginning of financial year 118,980 15,200
Charged to income statement – 103,780
At the end of financial year 118,980 118,980
Represented by:
Accelerated tax depreciation 118,980 118,980
9. Earnings per share
Basic earnings per share is calculated by dividing the net profit attributable to members of Swissco International
Limited by the weighted average number of ordinary shares in issue during the financial year.
The Group
2004 2003
$ $
Net profit for the financial year($) 3,872,600 4,090,608
Weighted average number of ordinary shares in issue for
basic earnings per share 126,067,925 124,192,925
Basic earnings per share (cents) 3.07 3.29
The weighted average number of shares for both 2004 and 2003 has been adjusted to reflect the sub-division
and consolidation of shares in 2004 (note 23).
Diluted earnings per share is the same as basic earnings per share. As at 31 December 2004, the Company does
not have any potential ordinary shares that have a dilutive effect on earnings per share.
10. Cash and cash equivalents
The Group
The Company
2004 2003 2004
$ $ $
Cash at bank and on hand 1,733,422 1,025,364 47,110
Fixed deposits with financial institutions 2,000,000 – 2,000,000
3,733,422 1,025,364 2,047,110
The fixed deposits with financial institutions for the Group and Company mature on varying dates within 3
months from the financial year end. The weighted average effective interest rate of these deposits for the
Group and Company as at 31 December 2004 was 1.24% per annum.
The carrying amounts of cash and cash equivalents approximate their fair value.
SWISSCO INTERNATIONAL LIMITED_38