FINANCIAL STATEMENTS - Mewah Group

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MEWAH INTERNATIONAL INC.NOTES TOTHE FINANCIAL STATEMENTSFor the financial year ended 31 December 201234. SEGMENT INFORMATIONManagement has determined the operating segments based on the reports reviewed by the Executive Committee (“Exco”) that are used tomake strategic decisions. The Exco comprises the Chief Executive Officer, the Chief Financial Officer, and the department heads of each businesswithin each segment.The Executive Committee considers the business from two segments:(i) The bulk segment which sources, manufactures and sells edible oils and specialty fats and oils in bulk for a variety of end uses; and(ii) The consumer pack segment which manufactures and sells edible oils and bakery fats to consumers in packaged form.The Group measures and tracks the profitability in terms of operating margin and earnings before interest, tax, depreciation and amortisation(“EBITDA”).Operating margin is calculated as revenue, less cost of sales (excluding depreciation), selling and distribution expenses and foreign exchangegains/(losses). Operating margin relating to inter-segment sales are reported under the segment where the final sales to third parties are made.EBITDA is calculated as operating margin add other income, less administrative expenses (excluding depreciation and amortisation) and otheroperating expenses.108
ANNUAL REPORT 2012NOTES TOTHE FINANCIAL STATEMENTSFor the financial year ended 31 December 201234. SEGMENT INFORMATION (CONTINUED)The segment information provided to the Exco for the reportable segments for the financial year ended 31 December 2012 was as follows:Bulk Consumer Pack TotalUS$’000 US$’000 US$’000GroupSalesTotal segment sales 3,148,193 1,044,568 4,192,761Inter-segment sales (498,804) (73,176) (571,980)Sales to external parties 2,649,389 971,392 3,620,781Operating margin 64,479 43,753 108,232Other income 811 458 1,269Interest income 7,836 1,735 9,571Admin expenses, excluding depreciation and amortisation (34,715) (29,371) (64,086)Other gains 19 257 276EBITDA 38,430 16,832 55,262Fair value gains on put option - 1,260 1,260Impairment of goodwill - (3,161) (3,161)Segment results 38,430 14,931 53,361UnallocatedDepreciation (16,889)Amortisation (929)Finance expense (17,477)Income tax credit 5,399Share of profit of an associate 60Profit after tax 23,525Total segment assets 1,014,527 273,574 1,288,101UnallocatedCurrent income tax recoverable 16,518Investment in an associate 271Deferred income tax assets 661Total assets 1,305,551Total assets include:Additions to:- property, plant and equipment 29,114 29,418 58,532- leasehold prepayments 5,195 - 5,195Total segment liabilities (601,134) (128,218) (729,352)UnallocatedCurrent income tax liabilities (3,784)Deferred income tax liabilities (12,468)Total liabilities (745,604)109
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FINANCIAL STATEMENTS - Mewah Group

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