Osim FR 050407.indd

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Notes to the Financial Statements - 31 December 2006 (cont’d)2. Summary of significant accounting policies (cont’d)2.13 Impairment of non-financial assets (cont’d)An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s fair value less costs to sell and its value inuse and is determined for an individual asset, unless the asset does not generate cash infl ows that are largely independentof those from other assets or groups of assets. In assessing value in use, the estimated future cash fl ows are discounted totheir present value using a pre-tax discount rate that refl ects current market assessments of the time value of money and therisks specifi c to the asset. Where the carrying amount of an asset exceeds its recoverable amount, the asset is consideredimpaired and is written down to its recoverable amount. Impairment losses of continuing operations are recognised in theprofi t and loss account or treated as a revaluation decrease for assets carried at revalued amount to the extent that theimpairment loss does not exceed the amount held in the asset revaluation reserve for that same asset.An assessment is made at each reporting date as to whether there is any indication that previously recognised impairmentlosses recognised for an asset other than goodwill may no longer exist or may have decreased. If such indication exists, therecoverable amount is estimated. A previously recognised impairment loss is reversed only if there has been a change inthe estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that isthe case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceedthe carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for theasset in prior years. Reversal of an impairment loss is recognised in the profi t and loss account unless the asset is carried atrevalued amount, in which case the reversal in excess of impairment loss previously recognised through the profi t and lossaccount is treated as a revaluation increase. After such a reversal, the depreciation charge is adjusted in future periods toallocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. TheGroup does not reverse in a subsequent period, any impairment loss recognised for goodwill.2.14 Financial assetsFinancial assets are classifi ed as either fi nancial assets at fair value through profi t or loss, loans and receivables, held-tomaturityinvestments, or available-for-sale fi nancial assets, as appropriate. Financial assets are recognised on the balancesheet when, and only when, the Group becomes a party to the contractual provisions of the fi nancial instrument.When fi nancial assets are recognised initially, they are measured at fair value, plus, in the case of fi nancial assets not at fairvalue through profi t or loss, directly attributable transaction costs. The Group determines the classifi cation of its fi nancialassets after initial recognition and, where allowed and appropriate, re-evaluates this designation at each fi nancial year-end.All regular way purchases and sales of fi nancial assets are recognised on the trade date i.e. the date that the Group commitsto purchase the asset. Regular way purchases or sales are purchases or sales of fi nancial assets that require delivery ofassets within the period generally established by regulation or convention in the marketplace concerned.Notes to the Financial Statements 95Annual Report 2006
Notes to the Financial Statements - 31 December 2006 (cont’d)2. Summary of significant accounting policies (cont’d)2.14 Financial assets (cont’d)a) Financial assets at fair value through profit or lossFinancial assets classifi ed as held for trading (including derivative fi nancial instruments) are classifi ed as fi nancialassets at fair value through profi t or loss. Financial assets are classifi ed as held for trading if they are acquired for thepurpose of selling in the near term. Derivative fi nancial instruments are also classifi ed as held for trading unless theyare designated as effective hedging instruments. Gain or losses on fi nancial assets classifi ed at fair value throughprofi t or loss are recognised in the profi t and loss account.b) Loan and receivablesNon-derivative fi nancial assets with fi xed or determinable payments that are not quoted in an active market areclassifi ed as loans and receivables. Such assets are carried at amortised cost using the effective interest method,less impairment losses. Gains and losses are recognised in profi t and loss account when the loans and receivablesare derecognised or impaired, as well as through the amortisation process.The Group classifi es the following fi nancial assets as loan and receivables:• cash and cash equivalents• trade and other debtors, including amounts due from subsidiaries, associated companies, affi liated companiesand a joint venture, loans to associated companies and long-term depositsc) Available-for-sale financial assetsThe Group classifi es its long-term investment as available-for-sale fi nancial assets.Available-for-sale fi nancial assets are those non-derivative fi nancial assets that are designated as available-for-saleor are not classifi ed in any of the other categories. After initial recognition, available-for-sale fi nancial assets aremeasured at fair value with gains or losses being recognised in the fair value adjustment reserve until the investmentis derecognised or until the investment is determined to be impaired at which time the cumulative gain or losspreviously reported in equity is included in the profi t and loss account.The fair value of investments that are actively traded in organised fi nancial markets is determined by referenceto the relevant Exchange’s quoted market bid prices at the close of the business on the balance sheet date. Forinvestments where there is no active market, fair value is determined using valuation techniques. Investments inequity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliablymeasured are measured at cost less impairment losses.Notes to the Financial Statements 96Annual Report 2006
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Process and Performanceas the growt
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Customer Service Department“I put
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Sales Department“I look forward t
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Research & Development“Every prod
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Contents17 CEO’s Message22 The Ro
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... ensuring that as we grow,they g
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previous year. Q4 2006 revenue rose
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The Role ModelsThe Role Models 22 A
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Ms Teo Sway HeongNon-Executive Dire
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Mr Peter Lee Hwai KiatMs Celine Cha
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Result of our Growth StrategyThe Gr
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Performance ReviewIn building a glo
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ProfitabilityIn FY2006, buoyant rev
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An Environment of GrowthMarch 2006
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Financial HighlightsOur goal is to
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Number of OutletsOSIM OutletsNorth
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Capital ExpenditureCapexS$’000 Le
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Corporate Structure as at 21 Februa
Page 46 and 47: OSIM Global NetworkSINGAPORECHINATA
Page 48 and 49: Corporate InformationBoard of Direc
Page 50 and 51: Non Executive DirectorMs Teo Sway H
Page 52 and 53: Corporate Governance Report 51 Annu
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Page 65 and 66: Directors’ ReportFor the Year end
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Page 75 and 76: Balance Sheetsas at 31 December 200
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Notes to the Financial Statements -
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Major PropertiesUnexpiredterm ofDes
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Shareholdings Statistics as at 8 Ma
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Notice of Annual General Meeting (c
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Notice of Annual General Meeting (c
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Appendix (cont’d)DEFINITIONSIn th
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Appendix (cont’d)PROPOSED RENEWAL
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Appendix (cont’d)3.1.3 The Direct
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Appendix (cont’d)4. Rationale and
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Appendix (cont’d)11. ACTION TO BE
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OSIM INTERNATIONAL LTDCompany Regis
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SINGAPOREOSIM International Ltd65 U
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Osim FR 050407.indd

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