SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited
SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited
SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
NOTES TO <strong>THE</strong> FINANCIAL STATEMENTS<br />
FOR <strong>THE</strong> FINANCIAL YEAR ENDED 31 DECEMBER 2004<br />
24. Retained earnings<br />
(a)<br />
(b)<br />
The retained earnings of the Group and the Company are distributable, except for accumulated retained earnings<br />
of associated companies amounting to $1,048,631 (2003: $2,174,512) which are included in the Group’s retained<br />
earnings.<br />
Movements in retained earnings for the Company are as follows:<br />
The Company<br />
2004<br />
$<br />
At the beginning of financial period –<br />
Net (loss) for the financial period (862,063)<br />
At the end of financial period (862,063)<br />
Movements in retained earnings for the Group are shown in the Consolidated Statement of Changes in Equity.<br />
25. Contingent liabilities<br />
Corporate guarantees given are as follows:<br />
The Company<br />
2004<br />
$<br />
Unsecured corporate guarantees given to banks in connection with banking facilities<br />
provided to a subsidiary 5,753,000<br />
26. Commitments<br />
(a)<br />
Operating lease commitments<br />
The Group has future minimum lease payments under non-cancellable operating leases payable as follows:<br />
The Group<br />
2004 2003<br />
$ $<br />
Within one year 623,407 191,407<br />
Between 1 and 5 years 1,341,629 765,628<br />
More than 5 years 669,925 861,331<br />
2,634,961 1,818,366<br />
(b)<br />
Capital commitments<br />
Capital expenditure contracted for at the balance sheet date but not recognised in the financial statements is<br />
as follows:<br />
The Group<br />
2004 2003<br />
$ $<br />
Expenditure contracted for purchase of vessels/barges 14,679,545 9,520,866<br />
ANNUAL REPORT 2004_47
Change language