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NOTES TO THE FINANCIAL STATEMENTSFOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2007 (Continued)27. Commitments and contingent liabilities (Continued)The GroupThe Company2007 2006 2007 2006$ $ $ $Letter of credit 42,789,099 14,168,256 37,714,571 13,235,279Credit facilities for subsidiaries 13,708,000 13,556,230 13,708,000 13,556,23056,497,099 27,724,486 51,422,571 26,791,509The amount of credit facilities utilised by the subsidiary company as at the balance sheet date amounted to $5,099,851 (2006: $10,890,416).In the opinion of the Directors, no loss is anticipated from these contingent liabilities.28. Segment reportingA segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment), or in providing products or serviceswithin a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those of other segments.Segment information is presented in respect of the Group’s business and geographical segments. The primary format, business segments, is based on the Group’smanagement and internal reporting structure.Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.Segment capital expenditure is the total costs incurred during the financial year to acquire segment assets that are expected to be used for more than one financial year.Business segmentsThe Group is organised into two main business segments. Segment assets consist primarily of property, plant and equipment, inventories, receivables, fixed deposits withbanks and cash and bank balances. Segment liabilities comprise operating liabilities. Capital expenditure comprises additions to property, plant and equipment.94 HG METAL MANUFACTURING LIMITED ANNUAL REPORT 2007
NOTES TO THE FINANCIAL STATEMENTSFOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2007 (Continued)28. Segment reporting (Continued)Financial year ended 30 September 2007Trading Manufacturing Elimination The Group$ $ $ $REVENUESales to external customers 395,964,694 42,177,694 - 438,142,388Inter-segment sales 9,051,441 4,613,606 (13,665,047) -Total 405,016,135 46,791,300 (13,665,047) 438,142,388RESULTSSegment results 28,420,938 3,200,852 (299,064) 31,322,726Interest expense (8,157,352) (888,278) - (9,045,630)Interest income 242,360 19,402 - 261,762Profit before income tax 20,505,946 2,331,976 (299,064) 22,538,858Income tax expense (3,890,228) (335,591) - (4,225,819)Profit after income tax 16,615,718 1,996,385 (299,064) 18,313,039Minority interests (101,782) (102,670) - (204,452)Net profit for the financial year 16,513,936 1,893,715 (299,064) 18,108,587OTHER INFORMATIONCapital expenditure 1,306,201 1,048,000 (91,372) 2,262,829Depreciation expense 715,756 816,788 (4,284) 1,528,260ASSETS AND LIABILITIESSegment assets 311,720,623 35,944,990 (22,034,991) 325,630,622Segment liabilities 201,548,127 20,596,210 (13,824,779) 208,319,558HG METAL MANUFACTURING LIMITED ANNUAL REPORT 200795
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Successfulimplementationof secondsa
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CHAIRMAN’S STATEMENT (CONT’D)pr
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6HG METAL MANUFACTURING LIMITED ANN
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8 HG METAL MANUFACTURING LIMITED AN
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OPERATIONS & FINANCIAL REVIEW (CONT
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Executive ChairmanMr Tan Chan Too,
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REAPING REWARDS
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CORPORATE INFORMATIONBOARD OF DIREC
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CORPORATE GOVERNANCE STATEMENTPrinc
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CORPORATE GOVERNANCE STATEMENTThe R
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CORPORATE GOVERNANCE STATEMENTExecu
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CORPORATE GOVERNANCE STATEMENTThe G
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REPORT OF THE DIRECTORSThe Director
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REPORT OF THE DIRECTORS (Continued)
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REPORT OF THE DIRECTORS (Continued)
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INDEPENDENT AUDITORS’ REPORTTO TH
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BALANCE SHEETSAS AT 30 SEPTEMBER 20
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CONSOLIDATED INCOME STATEMENTFOR TH
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STATEMENTS OF CHANGES IN EQUITYFOR
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CONSOLIDATED CASH FLOW STATEMENTFOR
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NOTES TO THE FINANCIAL STATEMENTSFO
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Page 102 and 103: APPENDIX1. INTRODUCTIONThe director
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Page 110 and 111: APPENDIX(b)Substantial Shareholders
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