Annual Report 2006 - Venture Corporation Limited

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independent auditors’ report TO THE MEMBERS OF VENTURE CORPORATION LIMITED We have audited the accompanying financial statements of Venture Corporation Limited (the company) and its subsidiaries (the group) which comprises the balance sheets of the group and the company as at December 31, 2006, the profit and loss statement, statement of changes in equity and cash flow statement of the group and the statement of changes in equity of the company for the year then ended, and a summary of significant accounting policies and other explanatory notes, as set out on pages 33 to 90. Directors’ Responsibility The company’s directors are responsible for the preparation and fair presentation of these financial statements in accordance with Singapore Financial Reporting Standards and the Singapore Companies Act, Cap. 50 (the “Act”). This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors’ Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance on whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts, and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion: a) the consolidated financial statements of the group and the balance sheet and statement of changes in equity of the company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the group and of the company as at December 31, 2006 and of the results, changes in equity and cash flows of the group, and changes in equity of the company for the year ended on that date; and b) the accounting and other records required by the Act to be kept by the company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. Deloitte & Touche Certified Public Accountants Singapore Chaly Mah Chee Kheong Partner March 26, 2007 32 venture corporation limited
alance sheets December 31, 2006 The Company The Group Note 2006 2005 2006 2005 $’000 $’000 $’000 $’000 ASSETS Current assets: Cash and bank balances 6 71,832 401,096 329,006 556,586 Available-for-sale investments 7 15,026 25,000 19,526 38,756 Trade receivables 8 150,993 220,083 624,110 590,598 Other receivables and prepayments 9 6,739 3,951 44,758 30,214 Inventories 10 85,827 98,892 581,390 408,136 Trade receivables due from subsidiaries 11 46,544 56,946 - - Other receivables due from subsidiaries 11 15,145 11,394 - - Asset classified as held for sale 36 - - 12,500 - Total current assets 392,106 817,362 1,611,290 1,624,290 Non-current assets: Investments in subsidiaries 11 1,184,545 223,867 - - Investments in associates 12 82,536 - 109,270 21,112 Investments in joint ventures 13 1,000 1,000 - - Available-for-sale investments 7 241,963 253,620 262,452 274,779 Property, plant and equipment 14 13,541 13,149 221,492 168,114 Intangible assets 15 179 432 174,199 4,851 Goodwill 16 - - 630,415 79,086 Deferred tax assets 21 - - 744 - Total non-current assets 1,523,764 492,068 1,398,572 547,942 Total assets 1,915,870 1,309,430 3,009,862 2,172,232 LIABILITIES AND EQUITY Current liabilities: Bank overdraft and loans 17 600,000 - 631,196 5,844 Trade payables 18 61,978 64,006 445,131 386,709 Other payables and accrued expenses 19 38,076 37,238 108,218 74,633 Trade payables due to subsidiaries 11 149,357 184,032 - - Other payables due to subsidiaries 11 5,991 6,006 - - Trade payables due to associates 12 - - 277 383 Other payables due to joint venture 13 32 48 25 59 Income tax payable 9,862 - 13,422 3,781 Total current liabilities 865,296 291,330 1,198,269 471,409 Non-current liabilities: Derivative financial instruments 20 3,661 27,281 3,661 27,281 Bank loans 17 - - - 236 Deferred tax liabilities 21 - - 40,305 2,522 Total non-current liabilities 3,661 27,281 43,966 30,039 Capital and reserves: Share capital 23 649,974 67,368 649,974 67,368 Share premium - 554,145 - 554,145 Share options reserve 23,318 21,299 23,958 21,299 Investments revaluation reserve 23 (8,160) (10,881) (11,222) (16,103) Translation reserve - - (66,402) (19,042) Reserve fund 23 - - 229 - Accumulated profits 381,781 358,888 1,162,422 1,055,522 Equity attributable to equity holders of the company 1,046,913 990,819 1,758,959 1,663,189 Minority interests - - 8,668 7,595 Total equity 1,046,913 990,819 1,767,627 1,670,784 Total liabilities and equity 1,915,870 1,309,430 3,009,862 2,172,232 See accompanying notes to financial statements. annual report 2006 33
Page 1 and 2: v e n t u r e c o r p o r a t i o n
Page 3 and 4: We aim to be the best and most reli
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Page 11 and 12: group of companies SINGAPORE Ventur
Page 13 and 14: 2006 was one of the best years in p
Page 15 and 16: “Our people remain a core busines
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Page 19 and 20: GOH GEOK LING Non-Executive Directo
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Page 31 and 32: eport of the directors 5 SHARE OPTI
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statement of directors In the opini
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notice of annual general meeting NO
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notice of annual general meeting By
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VENTURE CORPORATION LIMITED (Incorp
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Annual Report 2006 - Venture Corporation Limited

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