Notes to the Financial Statements - Swissco Holdings Limited

SWISSCO
Annual Report 2008
Unleashing
our Growth

OUR
Philosophy
To provide clients with the most comprehensive
service to meet all their needs for marine support
logistics...
Contents
01 corporate profile
02 financial highlights
03 financial summary
05 our services
07 snapshot of our fleet
08 chairman’s statement
12 operations review
14 board of directors
16 key management
18 corporate landmark
20 corporate structure
21 corporate governance
30 financial contents

Corporate Profile
Swissco International Limited is a Singapore-based marine service
provider for the shipping and offshore Oil and Gas industries. With
vessel deployment spanning from Indonesia, Malaysia, Vietnam and
Thailand – even as far as East Africa, Japan and Russia – our Group
is renowned for providing complete marine and shipping solutions to a
wide variety of customers. Our Group owns and operates a young fleet of
offshore support vessels, OPL boats, tugs and barges. Our investments
also include a private waterfront facility that handles fabrication and
warehousing in Singapore; a ship repair yard with a 3,000 DWT and two
slipways which has the capacity to provide dry dock and afloat repairs for
mid-sized support vessels.
Our customers include: -
• Companies in the oil and gas, shipping and other marine infrastructure
industries, who charter our offshore support vessels to transport cargo
fuel and potable water to our clients’ offshore facilities.
• Local and international ship owners and their local handling agents
who charter our OPL boats to transport stores, equipment, provisions
and crew to vessels passing Singapore at OPL.
• Seismic surveyors, dredging and mining operators who charter our
vessels for escort and to serve as a guard to prevent collision with
oncoming vessels during seismic surveys, dredging operations and
perform salvage or pollution control procedures.
Our Strengths
Young, modern and a good mix fleet of offshore
support vessels with average age of 2 years
to enable us to serve the higher value-added
sector of the industry;
Pioneers in the OPL business – we are reputed
and well positioned to expand our customer
base and to seize new business opportunities
that arise;
Well-established relations with our suppliers,
customers and shipyards;
Ability to retain and secure new customers
by offering competitively-priced value-added
services to customers, such as the use of
our private wharf facility, material handling
equipment, machinery and warehouse;
With two slipways, waterfront and a 3000 DWT
docking yard, this business segment has the
capability to carry out dry docking and afloat
repairs for a niche market of mid-sized vessels.
Repair work includes retrofitting, renewal
works, blasting and painting, electrical and
electronic works and mechanical works for our
customers;
Dedicated, competent and experienced
management team led by our Executive
Chairman, Mr Yeo Chong Lin who has been in
the marine logistics business since 1972. He is
well supported by Mr Alex Yeo Kian Teong, Chief
Executive Officer who has more than 16 years of
experience and expertise in the industry.
0
Swissco International Limited
Annual Report 2008

FINANCIAL
Highlights
Revenue S$million
Net Profit S$million
52.9
40.2
25.3
31.2
23.6
12.7
2006 2007 2008
2006 2007 2008
Revenue By Business Division S$million
2008
2007
Ship Repair
10.8%
S$5.7million
Ship Repair
15.1%
S$4.7million
Marine Logistics
89.2%
S$47.2million
Marine Logistics
84.9%
S$26.5million
0
Swissco International Limited
Annual Report 2008

Financial Summary
FY2008
FY2007
FY2006
Revenue Statement (S$’000)
Turnover
52,928
31,158
25,329
Gross Profit Margin
52.8%
50.7%
40.7%
Earnings Before Interest, Tax,
28,903
43,839
15,581
Depreciation & Amortisation (EBITDA)
Net Profit Before Taxation
23,847
40,656
13,216
Profit Attributable to Equity Holders
23,591
40,206
12,714
Financial Position (S$’000)
Number of shares in Issue
197,209
178,758
176,378
Total Shareholders Equity
123,307
210,155
85,885
Total Liabilities
51,270
33,497
29,249
Total Assets
174,577
243,652
115,134
Property, Plant and Equipment
131,474
85,040
51,128
Net Current Assets
383
132,636
46,592
Cash & Cash Equivalents
4,313
9,795
3,105
Debt to Equity Ratio - Gearing
17%
2%
11%
Financial Indicators
Return on Shareholders Equity
19.1%
19.1%
14.8%
Return on Total Assets
13.5%
16.5%
11.0%
Net Asset Value per Share (in S$)
0.63
1.18
0.49
Basic Earnings per Share (in cents)
11.98
22.61
7.58
Diluted Earnings per Share (in cents)
11.96
22.47
7.58
Dividend per Share (in cents)
1
4
1
0
Swissco International Limited
Annual Report 2008

GROWTH BY DELIVERING MORE
Revenue growth
from S$8.5million since our listing in FY2004 to
S$52.9million in FY2008
0
Swissco International Limited
Annual Report 2008

OUR
Services
Offshore Support
Services
Out-Port-Limit (OPL)
Shipping Services
Ship Repair and
Maintenance
Companies in the fastdiversifying
Oil and Gas
industry utilise offshore
support vessels, tugs and
barges for seismic work,
exploration, production,
construction and
maintenance operations
among others. Our
offshore support vessels
are available for charter to
carry out towages, cargo
and personel transport,
standby duties and
anchor handling. With
our own waterfront yard
in Singapore, we offer
logistics, engineering
and storage services for
increased efficiency in our
clients’ marine operations.
Ships calling or transiting
at the ever busy Singapore
port constantly require
marine support services
such as heavylift
operations, afloat repairs,
crew change, storage
and other services. We
operate a variety of OPL
boats to cater to ships for
their needs. Our clients
are major shipping lines,
agents, owners, etc.
Small to mid-sized marine
vessels that pass through
the busy Singapore ports
require regular repair and
maintenance to ensure
their seaworthiness and
to meet certification
requirements. Our
subsidiary, SML operates
our ship repair and
maintenance yard with
2 slipways, a waterfront
and a 3,000 DWT drydock.
Singapore’s stronghold in
logistics ensures spares
and equipment are
competitively priced and
available to reduce vessel
downtime for owners
while repairs are carried
out.
0
Swissco International Limited
Annual Report 2008

GROWTH BY RENEWAL
Our fleet renewal and expansion program achieved
a larger and well
balanced fleet mix
in FY2008 contributing to higher revenue and profitability
0
Swissco International Limited
Annual Report 2008

SNAPSHOT
of our fleet
SWISSCO 48
120-men
Accommodation
Workboat
2006
SWISSCO SPIRIT
30m Aluminium
Crewboat
2008
SWISSCO SUPERIOR
48m Anchor
Handling Tug
2008
SWISSCO SEARCHER
26m Work
Boat
2008
SWISSCO SUPPLIER
55m Anchor
Handling Tug
Supply
2008
SWISSCO 2301
230ft Deck
Cargo Barge
2007
0
Swissco International Limited
Annual Report 2008

CHAIRMAN’S
Statement
I am pleased that the Group
has performed well in 2008
and we have established
ourselves as a niche player
in the oil and gas industry
with a steady growth of our
specialised vessel strength
and enjoyed profitability from
our operations.
Dear Valued Shareholders,
It is with great pleasure that I share with you our
achievements in FY2008. Since our listing in 2004,
we have successfully grown our revenue from
S$8.5million in FY2004 to S$52.9million in FY2008;
established ourselves as a niche player in the oil and
gas industry with a steady growth of our specialized
vessel strength and enjoyed profitability from our
operations. These achievements are, I am proud to
stress, the work of a great, committed and dedicated
team with a shared vision riding on strong market
demand.
Besides these financial achievements, we are also
committed to maintaining good corporate governance
practices and highest standards of corporate
transparency and during the year had put in place
additional procedures to enhance compliance of the
listing regulations.
Financial Performance
The oil and gas continued its robust and buoyant
growth throughout FY2008 slowing only towards the
end of the fourth quarter. Strong demand led to better
utilization rates and with an increased fleet strength
from 26 at the end of FY2007 to 32 at the end of
FY2008, the Group was able to achieve increases in
both revenue and net profit in FY2008.
The Group registered a 69.6% growth in turnover to
S$52.9million in FY2008 from FY2007. Gross profit
rose by 77.2% from S$15.8million to S$28.0million.
0
Swissco International Limited
Annual Report 2008

Chairman’s Statement
Net profit achieved in FY2008 was S$23.6million
which was lower than FY2007 of S$40.2million.
The net profit in FY2007 included a capital gain of
S$29.4million arising from a partial divestment of the
Group’s long-time held investment.
The marine logistics business remains the Group’s
core revenue generator registering a turnover of
S$47.2million in FY2008 (FY2007: S$26.5million),
which is a marked improvement of 78.1% over
FY2007. Our fleet renewal and expansion program
achieved a larger and well balanced fleet mix in FY2008
contributing to higher revenue and profitability.
Our ship repair and maintenance business saw an
increase in turnover from S$4.7million in FY2007
to S$5.7million in FY2008. The Group managed to
secure higher value jobs in the marine industry during
FY2008 that contributed to higher earnings.
I am pleased that the Group has performed well in
2008 but in the light of the worst global economic
crisis, it is likely to face greater challenges in the years
ahead.
Dividends
The Board will be recommending a first and final taxexempt
(1-tier) dividend of 1.0 cent per ordinary share,
to be approved at the forthcoming Annual General
Meeting on 30 April 2009.
Growth Strategy
The severe adverse impact of the current financial
turmoil brings with it significant challenges to the
world economy. The configuration of our current and
planned fleet size in FY2009 and FY2010 will enable us
to meet the dynamic demands of our customers. We
will also continue exploring opportunities to expand
our business with strategic partners to enlarge our
market share by tapping into new markets.
Business Outlook
The current global economic upheavals will pose
additional challenges for the Group in 2009. To remain
competitive in this environment, we will continue to
focus and improve on our cost efficiency measures
and efforts as well as enhance our operational
productivity. We expect to take delivery of 15 new
offshore support vessels in FY2009 and another 3 in
FY2010. No new order for vessel has been contracted
since the end of FY2008 as we are nearing our optimal
fleet size. The new deliveries in FY2009/2010 together
with our existing fleet will further enhance our vessel
mix and strengthen our position as a niche player in
the oil and gas sector.
Acknowledgement and Appreciation
On behalf of the Board of Directors, I wish to express
our appreciation to the management and staff for
their hard work and dedication to the Group. We
are grateful to all our customers, bankers, business
associates and suppliers for their unwavering support
and we look forward to a closer working partnership
with them in years ahead.
In conclusion, we thank all shareholders for their
support and confidence in our Group and together
we will work towards steering the Group to greater
heights.
Yeo Chong Lin
Chairman
0
Swissco International Limited
Annual Report 2008

GROWTH WITH GLOBAL ASPIRATION
With vessel deployment spanning from
Indonesia, Malaysia, Vietnam and
Thailand- even as far as East Africa, Japan
and Russia
10
Swissco International Limited
Annual Report 2008

Fleet Composition
Our fleet has grown in size and composition over the years. Our offshore fleet as at end of FY2008 comprises :
VESSEL NAME TYPE YEAR BUILT SPECIFICATION CAPACITY (bhp)
SWISSCO SUPREME
SWISSCO SOVEREIGN
SWISSCO SKY
SWISSCO STEADFAST
SWISSCO SAPPHIRE
SWISSCO SUPERIOR
SWISSCO SUPPLIER
SWISSCO 81
SWISSCO 55
AMS TRITON
SWISSCO 56
SWISSCO 2301
SWISSCO SWAN
SWISSCO SCOUT
SWISSCO SPIRIT
SWISSCO SWIFT
SWISSCO STAR
SWISSCO SENTOSA
SWISSCO SUPER
SWISSCO 48
SWISSCO SURF
SWISSCO SHORE
SWISSCO SENTRY
SWISSCO SEARCHER
SWISSCO SERVER
AHT
AHT
AHT
AHT
AHT-ASD
AHT-ASD
AHTS
BARGE-DECK
BARGE-DECK
BARGE-DECK
BARGE-DECK
BARGE-DECK
ALUM. CREW BOAT
ALUM. CREW BOAT
ALUM. CREW BOAT
UTILITY TUG
UTILITY TUG
UTILITY TUG
UTILITY VESSEL
WORKBOAT-
SELF-PROPELLED
ACCOMMODATION
WORK BOAT
WORK BOAT
WORK BOAT
WORK BOAT
WORK BOAT
2006
2007
2008
2008
2007
2008
2008
2006
2006
2005
2006
2007
2007
2008
2008
2005
2005
2006
2008
2006
2007
2008
2008
2008
2008
40M
40M
45M
45M
48M
48M
55M
280X80X16
250X80X16
180X56X12
180X80X16
230X64X14
28M
28M
30M
32M
45M
30M
36M
230X64X14
26M
26M
31M
26M
26M
4000
3822
3500
3500
4750
4750
4200
NA
NA
NA
NA
NA
1800
1800
1800
2400
3000
2000
2400
1662
1440
1440
1440
1440
1440
REMARKS
50 PAX
50 PAX
50 PAX
120 PAX
Our fleet of vessels under construction as at end of FY2008 comprises :
VESSEL NAME TYPE YEAR BUILT SPECIFICATION CAPACITY (bhp)
REMARKS
SWISSCO SAMSON
SWISSCO SUPPLIER II
SWISSCO SCORPION
SWISSCO 57
SWISSCO 58
SWISSCO SUPPORTER
SWISSCO SEAL
SWISSCO SPUR
SWISSCO SPEAR
SWISSCO SERVICE
SWISSCO SUNRISE
SWISSCO SUMMIT
SWISSCO SYNERGY
HULL 08ESS-T5003
HULL LS194
HULL LS174
SWISSCO SEAHORSE
HULL LS177
AHT
AHTS
AHT/
ACCOMMODATION
VESSEL
BARGE
BARGE
WORKBOAT-
SELF-PROPELLED
ACCOMMODATION
ALUM. CREW BOAT
ALUM. CREW BOAT
ALUM. CREWBOAT
LANDING CRAFT
WORK BOAT
UTILITY TUG
UTILITY TUG
AHT
AHT
UTILITY VESSEL
UTILITY VESSEL
UTILITY VESSEL
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2010
2010
2009
2010
40M
55M
48M
250X80X16
250X80X16
70M
26M
26M
30M
57M
28M
36M
36M
47M
48M
40M
36M
45M
4200
4200
4400
NA
NA
2000
1430
1430
1800
1440
1440
2400
2400
4400
4750
4200
3200
3500
50 PAX
116 PAX
36 PAX
36 PAX
50 PAX
11
Swissco International Limited
Annual Report 2008

OPERATIONS
Review
Overview
The Group focused on two core business segments,
namely marine logistics services and ship repair
and maintenance services. Revenue from these
two businesses totalled S$52.9million for FY2008
(FY07: S$31.2million).
Our marine logistics business contributed significantly
to the Group’s revenue accounting for 89.2% of total
turnover (FY07: 84.9%). This was achieved as a result
of the robust oil and gas sector leading to strong
demand for our fleet. In line with our fleet renewal
and expansion program, our fleet size expanded from
Our vessels are :
26 as at 31 December 2007 to 32 as at 31 December
2008 and its composition included higher value and
newer vessels. The employment of the larger fleet
size, good utilization and charter rates and a stronger
US dollar contributed favorably to the Group’s revenue
and margins this year.
The Group expects to take delivery of four AHTs, two
barges and nine utility vessels totaling 15 vessels in
FY2009. Another three vessels mainly one AHT and
two utility vessels are expected to be delivered in
FY2010. These new deliveries will enhance the fleet
mix and provide the Group with a competitive edge.
AHT
Barge
Utility Tug/
Work and
Crew Boat
OPL
Boat
Total
31
December
2008
Fleet size
Composition %
7
22%
5
16%
16
50%
4
12%
32
100%
31
December
2007
Fleet size
Composition %
5
19%
7
27%
9
35%
5
19%
26
100%
12
Swissco International Limited
Annual Report 2008

Operations Review
borrowings which the Group had taken to fund the
delivery of new vessels and progress payments for
vessels under construction, finance cost decreased
to S$605,000 in FY2008 (FY07: S$699,000) as lower
interest rates had more than offset the additional
interest expense on the higher borrowings.
Our ship repair and maintenance services accounted
for the remaining 10.8% of the total revenue in FY2008
(FY07: 15.1%). Earning potential of this business
is limited by the two slipways, waterfront and a
3000 DWT docking yard. Nevertheless, the shipyard
managed to compete and secure higher value jobs,
leading to higher revenue and profitability.
The Group plans to improve operational efficiency
of this business through training dedicated staff to
reduce dependency on third party contractors. With
efficiencies and quality, profitability is expected to
improve.
Review of Performance
The Group’s total revenue rose by 69.6% to
S$52.9million compared to S$31.2million in FY2007.
The expanded fleet contributed to the higher chartering
revenue and consequently, gross profit rose 77.2% to
S$28.0million in FY2008 (FY07: S$15.8million). Net
profit before tax decreased 41.5% to S$23.8million
(FY07: S$40.7million) due to the absence of a capital
gain of S$29.4million recorded in FY2007 from the
part disposal of its long-held investment in financial
assets, available-for-sale.
Administrative expenses decreased by 14.5%
to S$9.4million in FY2008 from S$11.0million in
FY2007, mainly due to lower accrual of performance
bonuses for key executives. Despite increased
The Group’s marine logistics services to the oil and gas
industries registered strong growth in FY2008. This
business saw an increase in revenue to S$47.2million
in FY2008 (FY07: S$26.5million). Correspondingly,
the gross profit rose to S$25.4million in FY2008
(FY07: S$13.5million). The Group took delivery of
more higher value offshore vessels, operations of
which contributed to the higher earnings. Net profit
before tax for this business stood at S$28.3million
in FY2008 (FY07: S$18.2million) which included gain
of S$4.4million (FY07: $7.6million) from disposal of
vessels.
The Group’s ship repair and maintenance business
also saw an improvement in turnover to S$5.7million
in FY2008 (FY07: S$4.7million). The buoyant
marine industry contributed to higher value jobs
contracted in FY2008. Consequently, ship repair and
maintenance business registered a net profit before
tax of S$2.4million in FY2008 (FY07: S$1.5million).
Review of Balance Sheet and Cash Flows
The Group’s current and non-current assets, with
the exception of its cash and cash equivalents
and financial assets, available-for-sale, increased.
Investment in vessels rose 62.1% as more vessels
were added to our fleet. Current assets as well as
current liabilities were in line with higher activities
resulting from more vessels employed.
Funding of the fleet renewal and expansion program
came from bank borrowings as well as internally
generated funds. Net gearing rose as a result to 17%
as at 31 December 2008 (net gearing ratio is defined
as net external indebtedness to banks and financial
institutions to shareholders’ equity).
13
Swissco International Limited
Annual Report 2008

BOARD
of Directors
1. Mr Phillip Chan Yee Foo
Independent Director
2. Mr Kwah Thiam Hock
Independent Director
3. Mr Yeo Chong Lin
Executive Chairman
1 2 3 4 5
4. Mr Alex Yeo Kian Teong
Chief Executive Officer
5. Mr Fong Hin Tat
Independent Director
14
Swissco International Limited
Annual Report 2008

Board of Directors
Mr Yeo Chong Lin
Mr Yeo Chong Lin is our Executive Chairman since 29
January 2004, and a director of all the subsidiaries in
the Group.
Mr Yeo spearheads our Group’s long-term growth
and development and oversees its management.
He is responsible for the Group’s overall business
strategy and expansion. Under his leadership, our
Group has succeeded in its service strategy to
provide comprehensive solutions to our customers’
marine support and logistics needs at competitive
terms; complete with prompt, reliable and efficient
service anytime.
Mr Yeo founded Swissco Offshore in 1975. Prior to
that, he worked with the then Singapore Harbour
Front (Predecessor of the Port of Singapore Authority)
for 19 years.
Mr Alex Yeo Kian Teong
Mr Alex Yeo Kian Teong is our Chief Executive Officer
since 29 January 2004, and a director of all the
subsidiaries in the Group.
He oversees the day-to-day management of the
financial, corporate and administration matters of
our Group. He is also responsible for the sales and
marketing for key accounts. He assists the Executive
Chairman in developing business strategies of our
Group, and leads in the effective management of
our Group’s regional operations and expansion.
Mr Alex Yeo began his career as an Operations
Executive in Swissco Offshore in 1992. He then
assumed the role of an Operations Manager two
years later, and oversaw the business marketing for
the Group. Mr Alex Yeo graduated from the University
of San Francisco with a Bachelor of Science in
Business Administration.
Mr Alex Yeo is the son of the Executive Chairman, Mr
Yeo Chong Lin.
Mr Phillip Chan Yee Foo
Mr Phillip Chan was appointed as a Director on 7
June 2004. He is presently a director of Essen Pte
Ltd. He previously worked for Neptune Orient Lines
(NOL) for over 27 years in various executive positions
and completed his career with NOL as a Consultant
from 2000 to 2001.
Mr Phillip Chan graduated from the University of
London with a degree of Bachelor of Law (Honours).
He holds a Diploma in Management Studies with
Distinction conferred by the University of Chicago
Graduate School of Business, in association with
the National Productivity Board, Singapore (now
known as SPRING Singapore). He completed the
Programme in Management Development at the
Harvard University Graduate School of Business
Administration in Boston, USA.
Mr Fong Hin Tat
Mr Fong Hin Tat was appointed as a Director on 10
January 2007. Mr Fong is currently the Director of the
Technical Division of Global Maritime and Port Services
with focus on port and maritime consultancy.
Mr Fong started his career as a Deck Cadet in
PanOcean Anco (1974-1979) and then a Ship Officer
in Neptune Orient Lines Ltd (1979-1983). He joined
the Port of Singapore Authority as a Harbour Pilot in
1983 and was appointed the Port Master (1990-1993).
He was the Managing Director of Kim Heng Maritime
Pte Ltd from 1994 to 1997. In 1998, Mr Fong started
his own company, Far Sea Services Pte Ltd with
focus on project logistics. In 2002, he was elected
President of the Singapore Nautical Institute.
Mr Fong obtained his master mariner qualification
in 1982 and the Extra Master qualification (UK) in
1984.
Mr Kwah Thiam Hock
Mr Kwah Thiam Hock was appointed as a Director on
26 March 2008. Mr Kwah is a non executive director
of both listed IFS Capital Limited and its wholly
owned subsidiary, ECICS Limited. He is currently an
independent director of Wilmar International Limited,
Select Group Limited and Excelpoint Technology
Limited. He is also a member of the Singapore Turf
Club Management Committee and a member of the
Audit Committee of Singapore Tote Board.
Mr Kwah is a Fellow Member of the Australian
Society of Accountants and also a Fellow Member
of the Institute of Certified Public Accountants of
Singapore and the Association of Chartered Certified
Accountants (UK).
Dr Chiang Hai Ding
Dr Chiang Hai Ding resigned on 10 March 2008.
Mr Rohan Kamis
Mr Rohan Kamis resigned on 10 March 2008.
15
Swissco International Limited
Annual Report 2008

16
KEY
Management
Ms Yew Yin Fun
Ms Yew Yin Fun is our Finance and Administration Manager.
She is responsible for the finance, taxation and administrative matters of our
Group. Ms Yew has more than 20 years of experience in accounting and auditing.
Prior to joining our Group in 2003, she was a Finance and Administration Manager
for a year and a half with Omni Industries Limited. She has strong working
experience with multi-nationals and local companies. She graduated from the
National University of Singapore with a degree in Bachelor of Accountancy, and
is a member of the Institute of Certified Public Accountants in Singapore since
1986. She also holds an International Diploma in Computer Studies from TMC
Computer School.
Swissco International Limited
Annual Report 2008
Mr Sam Kwai Hoong
Mr Sam Kwai Hoong joined our Group as Chief Financial Officer in October 2008.
He is responsible for the financial matters of the Group. Mr Sam brings with him
18 years of experience in accounting and financial management. He started his
career as an auditor in an international accounting firm, responsible for audits of
multi-nationals and local listed companies. He left to join a SESDAQ company in
1993 as Finance and Administration Manager and was promoted to Executive
Director in 2000, responsible for its financial as well as operation matters. Mr
Sam holds a degree in Bachelor of Accountancy from the National University of
Singapore and is a fellow member of the Institute of Certified Public Accountants
of Singapore.
Mr Yeo Chong Boon
Mr Yeo Chong Boon is our Senior Operations Manager since January 2004. He
was promoted to General Manager (Operations) on 1 March 2007. He is in charge
of co-ordinating the movements of vessels, updating of vessel documentation,
and crew management. Mr Yeo joined Swissco Offshore as a Shipping Executive
in 1975. His role then was to co-ordinate the ship supplies, logistics and freight
forwarding. The company branched out into supply vessels and OPL business
in 1990, when he has since been in charge of this business area. Mr Yeo is the
brother of Executive Chairman, Mr Yeo Chong Lin and uncle of Chief Executive
Officer, Mr Alex Yeo Kian Teong.
Mr Raju Gnasegaran
Mr Raju Gnasegaran is our Operations/Business Development Manager since
2004. He was promoted to Deputy General Manager (Operations) on 1 March
2007. Mr Raju Gnasegaran oversees the management of all marine related services
including towage, heavylifts, and matters relating to oil pollution and support
operational and project activities. Prior to joining us in 2004, Mr Raju Gnasegaran
was with Briggs Environmental Service (Asia) Pte Ltd as an Operations/Business
Development Manager. He assisted in setting up the company in Singapore and
its operations regionally, and was responsible for the management of chemical/oil
spill and associated marine services. In his portfolio of achievements, he has more
than 10 years of experience in managing oil spill response services, maintenance
of machinery, salvage and ocean towage operations. He holds a supervisory
management certificate awarded by the School of Oil Pollution Control, Texas A &
M University.

Key Management
Mr Fazil Bin Salleh
Mr Fazil Bin Salleh is our Yard Manager since 2004. He has been working for
Swissco Offshore as a Yard and Safety Supervisor for more than 15 years. Mr
Fazil Bin Salleh is responsible for providing land and sea logistics support to the
General Manager (Operations). He supervises a team of workforce in ensuring
smooth loading of ship spares, stores, heavy equipment, and manages crew
change. He assists in co-ordinating with the sub-contractor for construction of
new shipbuildings at our yard, and is also responsible for maintenance of the fleet
of vessels, plant and equipment of the company. Mr Fazil Bin Salleh is trained and
equipped to take charge of hot works and ensure safety in the workplace.
Mr Tan Hung Peng
Mr Tan Hung Peng joined our group as Deputy General Manager of SML in January
2008. He currently oversees the repair operations in the shipyard. Prior to joining
the Group, Mr Tan worked with Asetanian Marine as a HSE Executive, in charge of
operations and HSE matters. Mr Tan started his marine career as a Cadet Officer
with Kapal Ship Management. Over a sailing career of 11 years, he has worked on
bulk carriers, containers, LPG, reefer and general cargo vessels. In 1994, Mr Tan
stepped ashore to join Jesselton Shipping as Supervisor, in charge of operations.
He has since worked with major shipping companies and involved in projects
with offshore oil industries. He obtained his Diploma in Nautical Studies from
Singapore Polytechnic in 1985. He earned his Marine Department Certificate of
Competency of foreign-going ship in 1986.
Mr Tham Meng Keong
Mr Tham Meng Keong joined our group as Ship Repair Manager of SML in August
2008. He is responsible for the ship repair operations providing engineering
solutions and technical co-ordinations for clients. Prior to joining the group, he
has 12 years of working experience with shipyards and vessel afloat. His working
experience includes handling different types of engineering projects ranging from
hull, mechanical and electrical repair and installations on vessels such as, tanker,
cargo vessels, tugs, barges, aluminum boats, GRP Boats, naval vessels, special
purpose platforms, underwater surveillance/works vessels, jack-up platforms,
semi-Submerged platforms, and FPSO. Mr Tham graduated from Singapore
Polytechnic with a Diploma in Mechanical and Electrical Engineering in 1995.
Mr Tham holds a degree in bachelor of Science in Marketing from the National
University of Ireland.
Mr Mok Heng Tak
Mr Mok Heng Tak resigned on 30 June 2008.
17
Swissco International Limited
Annual Report 2008

CORPORATE
Landmark
1975
ACQUIRED THE
FIRST OPL BOAT
1995
MOVED TO NO 9
PANDAN ROAD
1990
ENTRY INTO
OFFSHORE
SUPPORT VESSEL
1998
VENTURED INTO
SHIP REPAIR AND
MAINTENANCE
18
Swissco International Limited
Annual Report 2008

2007
2004
SWISSCO
INTERNATIONAL
LIMITED WAS
INCORPORATED
AND WAS LISTED
ON SGX-SESDAQ
RECEIVED
THE “MOST
TRANSPARENT
COMPANY”
AWARD AT
PRESTIGIOUS
SIAS INVESTORS’
CHOICE AWARDS
2007
UPGRADED FROM
SGX-SESDAQ TO
SGX-MAINBOARD
ENTRY INTO
CREWBOAT
2006
ENTRY INTO
ACCOMMODATION
WORK BOAT
2008
RE-ESTABLISHED
SWISSCO’S
PRESENCE IN
INDONESIA
SET UP A NEW
SUBSIDIARY-
SWISSCO
MARITIME PTE LTD
19
Swissco International Limited
Annual Report 2008

CORPORATE
Structure
PT Swissco
Indonesia
49%
Swissco
Offshore Pte Ltd
(“Swissco Offshore”)
100%
Singapore
Marine
Logistics Pte Ltd
(“SML”)
100%
SWISSCO
Swissco
Asia Pte Ltd
(“Swissco Asia”)
100%
SWISSCO
INTERNATIONAL
LIMITED
Swissco
Maritime Pte Ltd
100%
Swissco
Offshore Ltd
(“Swissco Seychelles”)
100%
Regional Marine
Supply Pte Ltd
(“RMS”)
99.998%
20
Swissco International Limited
Annual Report 2008

Corporate Governance Report
Swissco International Limited (the “Company”) is committed to uphold a higher standard of corporate
governance in the Company and its subsidiaries (the “Group”) in the interests of its shareholders, stakeholders
and investing public. This report sets out the corporate governance practices of the Company during the
financial year ended 31 December 2008 with specific reference to the principles of the Singapore Code of
Corporate Governance 2005 (the “Code”).
Principle 1: The Board’s Conduct of its Affairs
The Board held four scheduled meetings for the financial year. In addition, the Board also met on an ad-hoc
basis during the year to review and discuss corporate and strategic matters such as mid-year performance and
budgets.
The attendance of the directors at Board and Committee meetings during the financial year is tabled as follows:
Type of Meeting
Annual
General
Meeting
Board
Meeting
Audit
Committee
Remuneration
Committee
Nominating
Committee
Ad-Hoc
Meeting
Held in FY2008 1 5 5 2 2 6
Attendance
Yeo Chong Lin 1 5 NA NA NA 2
Alex Yeo Kian Teong 1 5 5¹ 2¹ 2 6
Phillip Chan Yee Foo² 1 5 5 2 1 6
Dr Chiang Hai Ding³ NA 1 1 NA 1 NA
Rohan Kamis³ NA 1 1 1 NA NA
Fong Hin Tat* 1 5 4 2 2 4
Kwah Thiam Hock** 1 4 4 1 1¹ 5
¹ attendance by invitation
² Mr Phillip Chan Yee Foo was appointed as the Chairman of Nominating Committee on 26 March 2008.
³ Dr Chiang Hai Ding and Mr Rohan Kamis resigned on 10 March 2008.
* Mr Fong Hin Tat was appointed as a Member of Audit Committee on 26 March 2008.
** Mr Kwah Thiam Hock was appointed as an independent director and Chairman of Audit Committee on 26 March 2008.
The Board oversees the overall management of the Group’s business and affairs and approves the corporate
and strategic policies and direction. Matters which require the approval of the Board include inter alia, all major
undertaking, material acquisitions and disposals of assets and investment decisions, funding and financing
obligations and commitments, corporate policies, corporate restructuring and equity related matters.
Principle 2: Board Composition and Guidance
For a significant part of FY2008, the Board comprised five directors of whom three were independent directors.
This composition exceeded the Code’s requirement that at least one-third of the Board should be made up of
independent directors.
21
Swissco International Limited
Annual Report 2008

Corporate Governance Report
The Board members are experienced and knowledgeable in their respective fields. They are able to exercise
objective and independent judgment, which is beneficial to the growth and advancement of the Group. The
Board is of the opinion that its current composition continues to reflect the broad range of experience, skills
and knowledge necessary for the effective stewardship of the Group.
All directors are provided with extensive information about the Group’s history and core values, its strategic
direction, and corporate governance practices as well as industry-specific information. Directors also have
the opportunity to visit the operational facilities of the Group and to meet with Management to gain a better
understanding of the business operations of the Group.
The Board has no dissenting view on the Chairman’s statement for the year in review.
Principle 3: Chairman and Chief Executive Officer
The Group’s Executive Chairman is Mr Yeo Chong Lin. As chairman, he sets strategic directions and growth
plans for the Group in addition to providing able stewardship to achieve sustainable progress. He is responsible
for among others, to lead in Board discussion and deliberation. Mr Yeo Chong Lin also ensures that board
meetings are held when necessary. He sets the meeting agenda, in consultation with the Chief Executive
Officer (“CEO”), and ensures that directors are provided with adequate and timely information. He also assists
in ensuring compliance with the Company’s guidelines on corporate governance.
The Group’s CEO is Mr Alex Yeo Kian Teong. Mr Alex Yeo is responsible for the day-to-day operations and
administration of the Group.
The separation of the roles of the Chairman and CEO ensures a balance of power and authority, such that
there is no considerable concentration of power on either party. This also ensures increased accountability, and
greater capacity of the Board for independent decision-making.
Mr Alex Yeo Kian Teong is the son of Mr Yeo Chong Lin.
Principle 4: Board Membership
Principle 5: Board Performance
The Board has established a Nominating Committee (“NC”) on 7 June 2004 to ensure that there is a formal and
transparent process for the appointment of new directors to the Board. The NC comprises the following:
Mr Phillip Chan Yee Foo Independent Director-Chairman (appointed on 26 March 2008)
Mr Alex Yeo Kian Teong
Executive Director-Member
Mr Fong Hin Tat
Independent Director-Member
Mr Phillip Chan Yee Foo is currently a director of Essen Pte Ltd. He has more than 25 years of working
experience in Neptune Orient Lines Ltd, where he was primarily responsible for the Group’s human resource
management including key executive selection and appointment, executive compensation practices and
policies.
The NC has established terms of reference that describe the responsibilities of its members, which include:
(a)
(b)
recommending appointment and re-nomination of directors having regard to the directors’ qualification,
contribution, performance and time availability;
determining annually whether or not a director is independent;
22
Swissco International Limited
Annual Report 2008

Corporate Governance Report
(c)
(d)
deciding where a director has multiple board representation, whether the director is able to or has been
adequately carrying out his duties as a director; and
providing assistance to the Board in the adoption, implementation and observance of good corporate
governance.
In recommending a candidate for appointment or re-election to the Board, the NC shall consider amongst other
things, his contributions to the Board and his independence. The Board has the discretion to accept or reject
the NC’s recommendation and its decision is final.
The NC considers Board Renewal as an important and integral process to enable and ensure that the
Company would remain dynamic, adaptable and progressive to meet new challenges. Following the NC’s
recommendations, the Board has fine-tuned the Board Renewal Process in FY2008 whereby the tenure of all
directors would be for a minimum of one year and renewed annually subject to his retirement under Articles of
Association of the Company or his re-appointment under Section 153(6) of the Companies Act, Chapter 50.
The NC is of the opinion that the Directors, who have been deemed as independent under the Board
Composition section, are indeed independent and the current size of the Board is adequate for the stewardship
of the Group.
The Company’s Articles of Association provide that one-third of the directors shall retire by rotation at the
Company’s Annual General Meeting (the “AGM”) annually except for the Managing Director or person holding
such equivalent position shall not be subject to retirement by rotation as other directors of the Company.
The NC has recommended Mr Fong Hin Tat, who is retiring under Article 87 at the forthcoming AGM, to be reelected.
The NC has also recommended the re-appointment of Mr Yeo Chong Lin who is retiring under Section 153(6)
of the Companies Act, Cap 50 at the forthcoming AGM.
The retiring directors have offered themselves for re-election/re-appointment.
recommendations of the NC.
The Board has accepted the
The dates of initial appointment and re-election of the Directors are set out below:
Director
Position
Date of Initial
Appointment
Date of Last
Re-election
Yeo Chong Lin Executive Chairman 29 January 2004 29 April 2008
Alex Yeo Kian Teong Chief Executive Officer 29 January 2004 NA
Phillip Chan Yee Foo Independent Director 7 June 2004 29 April 2008
Fong Hin Tat Independent Director 10 January 2007 27 April 2007
Kwah Thiam Hock Independent Director 26 March 2008 29 April 2008
The performance of the Board is ultimately reflected in the performance of the Group. The Board ensures
compliance with the applicable laws. Board members act in good faith, with due diligence and care in the best
interests of the Company and its shareholders.
23
Swissco International Limited
Annual Report 2008

Corporate Governance Report
The Board, through the delegation of its authority to the NC, has made its best efforts to ensure each director
possesses the experience, knowledge and skills critical to the Group’s business. This is necessary to enable the
Board to make sound and well-considered decisions. The NC, in considering the nomination of any Director for
re-election, evaluates the performance of the Director involved and makes the appropriate recommendation to the
Board.
In FY2008, the NC had put in place a formal Board Evaluation Process. This formal evaluation of the
performance of the Board is undertaken on a continuous basis by the NC with input from other Board
members, the Chairman and the CEO. The Board will act on the results of the evaluation and where
appropriate and in consultation with the NC, propose the appointment of new Directors or seek the resignation
of current Directors. Renewal or replacement of Directors does not necessarily reflect their contribution to date;
it may be driven by the need to position and shape the Board in line with the anticipated needs of the Company
and its business.
The search and nomination process for new directors, if any, will be through search companies, contacts and
recommendations that go through the normal selection process, to cast its net as wide as possible for the right
candidates.
New directors are appointed by the Board after the NC has reviewed and recommended their appointment.
Such new directors are however required to submit themselves for re-election at the next AGM of the
Company.
Principle 6: Access to Information
The members of the Board in their individual capacity have access to complete information on a timely basis
in the form, content and quality necessary for the discharge of their duties and responsibilities. Prior to each
Board meeting, the members of the Board are each provided with the relevant documents and information to
enable them to obtain a comprehensive understanding of the issues to be deliberated upon to enable them to
arrive at an informed decision.
The Directors have direct access to management and the advice and services of the Company Secretary, who
attends all Board meetings and is responsible for ensuring that Board meeting procedures are followed and
that applicable rules, acts and regulations are complied with.
Principle 7: Procedures for Developing Remuneration Policies
Principle 8: Level & Mix of Remuneration
Principle 9: Disclosure of Remuneration
The Board has established a Remuneration Committee (the “RC”) on 7 June 2004. The RC comprises the
following:
Mr Fong Hin Tat Independent Director-Chairman (appointed on 26 March 2008)
Mr Phillip Chan Yee Foo Independent Director-Member
Mr Kwah Thiam Hock Independent Director-Member (appointed on 26 March 2008)
Mr Fong Hin Tat is currently a director of the Technical Division of Global Maritime and Port Services where he is
responsible for technical matters in the design and implementation of all maritime and port projects undertaken
by the company. He was formerly the Port Master for the Port of Singapore Authority where he was responsible
for the operations of the Port of Singapore including the appointment, remuneration and discipline of the port’s
marine officers and the pool of professional harbour pilots. Mr Fong holds the Extra Master qualifications.
24
Swissco International Limited
Annual Report 2008

Corporate Governance Report
The RC has been mandated by the Board to carry out key duties and responsibilities in the matters of
remuneration including the following:
• review and establish executive remuneration policy;
• approve the remuneration packages and service terms of key executives;
• oversee the formulation of human resources policies and the adoption of best practices in line with
companies of comparable size;
• administer the Employee Share Option Scheme; and
• recommend directors’ fees to the Board.
Disclosure on Remuneration
Executive Directors of the Company have Service Agreements to govern their appointments.
In March 2008, the Company engaged an independent external compensation consultant to advise on key
executive remuneration to ensure fair, equitable and market-benchmarked compensation to align their
performance with the interests of all shareholders. Based on the advice of the external compensation
consultant, the RC recommended revisions to basic salary as well as performance-related elements of the key
Executive Directors’ remuneration package to the Board. The Board had approved the revision to basic salary
and performance-related elements of their remuneration.
The Executive Chairman’s Service Agreement was extended for an additional one year and the CEO’s Service
Agreement was renewed for three years.
For the independent directors, save for the Directors’ fees, which have to be approved by the Shareholders at
every AGM, they did not receive any other remuneration from the Company.
The remuneration of the Executive Directors include, among others, a fixed salary and a performance-driven
variable bonus which is designed to align their performance with the interests of the Shareholders.
Based on the existing terms and conditions of employment, there are no onerous compensation commitments
on the part of the Company in the event of termination of the services of the Executive Directors.
A summary compensation table of the directors’ remuneration (including share options granted) for the financial
year ended 31 December 2008 is set out below:
Remuneration Band Breakdown of Directors’ Remuneration (%)
Name of Director
S$3,750,000
and above
S$250,000
to below
S$500,000
Below
S$250,000 Salary
Variable
Bonus* Fees#
Other
Benefits Total
Yeo Chong Lin √ – – 12 80 – 8 100
Alex Yeo Kian Teong √ – – 9 83 – 8 100
Phillip Chan Yee Foo – – √ – – 65 35 ‡ 100
Dr Chiang Hai Ding † – – √ – – 100 – 100
Fong Hin Tat – – √ – – 65 35 ‡ 100
Kwah Thiam Hock – – √ – – 100 – 100
Rohan Kamis † – – √ – – 100 – 100
25
Swissco International Limited
Annual Report 2008

Corporate Governance Report
For the financial year ended 31 December 2008
* Variable bonus paid/payable for the financial year ended 31 December 2008.
# Proposed directors’ fees for the financial year ended 31 December 2008.
† Dr Chiang Hai Ding and Mr Rohan Kamis had resigned as directors of the Company with effect from 10 March 2008.
‡ Other benefits for independent directors relate to value of share options granted in FY2008 based on Black-Scholes Option Pricing
Model.
In FY2004, the shareholders had approved an employee share option scheme, known as Swissco Share
Option Scheme (the “Scheme”). During the financial year, the Company had granted 500,000 share options
under the Scheme to each of the executive directors at an exercise price of S$0.81.
Details of the Scheme that are granted to the Directors of the Company and employees of the Group are set
out in the Directors’ Report.
The remuneration (including share options granted) of the following Key Executives falls below S$250,000 for
the financial year ended 31 December 2008:
Variable Other
Salary Bonus Benefits Total
Name of Executive (%) (%) (%) (%)
Fazil Bin Salleh 47 12 41 100
Raju Gnasegaran 46 12 42 100
Sam Kwai Hoong 88 – 12 100
Yeo Chong Boon 52 13 35 100
Yew Yin Fun 54 13 33 100
Mr Yeo Chong Boon is the brother of the Executive Chairman, Mr Yeo Chong Lin and uncle of the Chief
Executive Officer, Mr Alex Yeo Kian Teong. His remuneration does not exceed S$150,000 for FY2008.
Principle 10: Accountability
The Company has taken steps to comply with the Listing Manual of the Singapore Exchange Securities
Trading Limited (“SGX-ST”) on the disclosure requirements of material information. The Board is mindful of the
obligation to provide shareholders with information on all major developments that affect the Group and strives
to maintain a high standard of transparency.
Management provides all members of the Board with management accounts which present a balanced and
understandable assessment of the Group’s performance, position and prospects on a monthly basis.
Principle 11: Audit Committee
Principle 12: Internal Controls
The Board has established the Audit Committee (the “AC”) on 7 June 2004. The AC comprises the following:
Mr Kwah Thiam Hock Independent Director-Chairman (appointed on 26 March 2008)
Mr Phillip Chan Yee Foo Independent Director-Member
Mr Fong Hin Tat Independent Director-Member (appointed on 26 March 2008)
26
Swissco International Limited
Annual Report 2008

Corporate Governance Report
For the financial year ended 31 December 2008
Mr Kwah Thiam Hock is currently a non executive director of IFS Capital Limited and its wholly owned
subsidiary, ECICS Limited (public company). He is an independent director of Wilmar International Limited,
Select Group Limited and Excelpoint Technology Limited. He is also a member of Singapore Turf Club
Management Committee and a member of the Audit Committee of Singapore Tote Board.
The role of the AC is to assist the Board of Directors in overseeing the adequacy of the overall internal control
functions, the internal audit functions within the Group, the relationship of those functions to external audit,
the scope of audit by the external auditors as well as their independence. The functions of the AC include the
following:
1. review with the external auditors the scope and results of the audit, their evaluation of the system of
internal accounting controls, their management letter and management’s response;
2. review the financial statements including annual budget and any forecast, before submission to the
Board for approval;
3. review the findings of the Internal Auditors to ensure possible precautions are taken to ensure no
irregularities;
4. review the interested person transactions in accordance with the Listing Rules of the SGX-ST;
5. review all non-audit services provided by the external auditors so as to ensure that any provision of such
services would not affect the independence and objectivity of external auditors;
6. consider and recommend the appointment or re-appointment of the external auditors; and
7. report actions and minutes of the AC meetings to the Board of Directors with recommendations, where
AC considers appropriate.
The AC has full access to and the co-operation of Management and full discretion to invite any Director
or Executive Officer to attend its meetings and reasonable resources to enable it to discharge properly its
functions.
The AC met the external auditors in February 2009 without the presence of management to review any matters
that might be raised privately.
The AC has reviewed the nature of non-audit services rendered by the External Auditors and is of the view that
the independence of the External Auditors has not been compromised.
The AC has recommended to the Board the re-appointment of PricewaterhouseCoopers LLP as External
Auditors for the year ending 31 December 2009.
The Company has put in place a whistle-blowing policy which will provide well-defined and accessible channels
in the Group through which employees may raise concerns in the event that they may encounter any improper
conduct within the Group.
During the year, the AC met five times, with full attendance of its members.
The Board is satisfied that there are adequate internal controls in the Group.
27
Swissco International Limited
Annual Report 2008

Corporate Governance Report
Principle 13: Internal Audit
The Group outsourced its internal audit function to a professional service firm, Yang Lee & Associates. The
Internal Auditor plans its audit schedules in consultation with the Management and its plan is submitted to the
AC for approval. The AC reviews and approves the internal audit plans and resources to ensure that Yang Lee
& Associates has the necessary resources to adequately perform its functions. The AC has also reviewed and
they believed that the Internal Auditor is independent and have the appropriate standing to perform its functions
effectively.
Principle 14: Communication with Shareholders
Principle 15: Shareholder Participation
The Board is mindful of the Company’s obligation to provide timely and fair disclosure of any material
information in accordance with the Corporate Disclosure of the SGX-ST.
During the year, there were two lapses in our reporting requirements pursuant to the SGX-Listing regulations,
namely in the announcements of resignation of directors and granting of share options. As a consequence, the
Group was directed to appoint a Compliance Advisor and KPMG Advisory Services Pte Ltd was appointed in
May 2008 to undertake this role.
The Group has also put in place appropriate procedures to ensure full compliance of the listing regulations.
Information is communicated to our shareholders through SGXNET, press releases on major developments and
disclosures to the SGX-ST. Annual Reports are prepared and issued to all shareholders. Notice of AGM is also
advertised in the newspapers.
The AGM is the principal forum for dialogue with shareholders. Shareholders may attend the AGM to raise
relevant questions to the Directors and Management regarding the Group’s business and operations. The
chairmen of the Audit, Nominating and Remuneration Committees are present to address questions at the
AGM. The external auditors are present too, to assist the directors in addressing any relevant queries raised by
shareholders.
In the event that the shareholder cannot attend the AGM, the Articles of Association of the Company allow a
member to appoint one or two proxies to attend and vote instead of the shareholder.
Resolutions to be passed at general meetings are always separate and distinct in terms of issue so that
shareholders are able to exercise their right to approve or deny the issue or motion. Shareholders can also
exercise their right to vote in absentia by use of proxies.
The Company has a website (www.swissco.net) which will also provide shareholders with current information
on the Group’s business and activities.
Disclosure of Material Contracts
There are no material contracts entered into by the Company or its subsidiaries involving the interest of the
chief executive officer, directors or controlling shareholders either still subsisting at the end of the financial year
or if not then subsisting, entered into since the end of the previous year, except for the service agreements
entered into between the Company and the Executive Directors.
28
Swissco International Limited
Annual Report 2008

Corporate Governance Report
Dealings in Securities
The Company has set out internal guidelines to the Directors and key employees of the Group to prohibit
dealings in the Company shares while in possession of price sensitive information. Directors and officers are
prohibited from dealing in the securities of the Company during the period commencing two weeks before
the announcement of the quarterly results and one month before the announcement of the Company’s annual
results and ending on the date of announcement of the results.
In addition, officers are expected to observe insider trading laws at all times even when dealing in securities
within the permitted trading period.
Interested Party Transactions
The Company has set out procedures governing all interested person transactions to ensure that they are
carried out on an arm’s length basis, on normal commercial terms and will not be prejudicial to the interests of
the Company and its shareholders.
Disclosure according to the Rule 907 of the SGX-ST Listing Manual in respect of interested person transactions
for the financial year ended 31 December 2008 is stated in the following table:
Name of Interested Person
Swissco Structural Mechanical Pte Ltd
Aggregate value of all interested person transactions during
the financial year under review (excluding transactions
less than S$100,000 and transactions conducted under
shareholders’ mandate pursuant to Rule 920)
Rental expense of S$720,000 paid for the use of the
premises at No 9 Pandan Road Singapore 609257
The Company has no general shareholders’ mandate pursuant to Rule 920 of the Listing Manual.
29
Swissco International Limited
Annual Report 2008

Financial Contents
31 Directors’ report
37 Statement by directors
38 Independent auditor’s report
39 Consolidated income statement
40 Balance sheets
41 Consolidated statement of changes in equity
42 Consolidated cash flow statement
43 Notes to the financial statements
87 Statistics of shareholdings
89 Notice of fifth annual general meeting

Directors’ Report
For the financial year ended 31 December 2008
The directors present their report to the members together with the audited financial statements of the Group
for the financial year ended 31 December 2008 and the balance sheet of the Company as at 31 December
2008.
Directors
The directors of the Company in office at the date of this report are as follows:
Yeo Chong Lin
Alex Yeo Kian Teong
Phillip Chan Yee Foo
Fong Hin Tat
Kwah Thiam Hock (appointed on 26 March 2008)
Arrangements to enable directors to acquire shares and debentures
Neither at the end of nor at any time during the financial year was the Company a party to any arrangement
whose object was to enable the directors of the Company to acquire benefits by means of the acquisition of
shares in, or debentures of, the Company or any other body corporate, other than as disclosed under “Share
options” in this report.
Directors’ interests in shares or debentures
(a)
According to the register of directors’ shareholdings, none of the directors holding office at the end of the
financial year had any interest in the shares or debentures of the Company or its related corporations,
except as follows:
Holdings registered in
name of director
At
31.12.2008
At 1.1.2008
or date of
appointment,
if later
Holdings in which director
is deemed to have an interest
At
31.12.2008
At 1.1.2008
or date of
appointment,
if later
The Company
(No. of ordinary shares)
Yeo Chong Lin 1,675,000 500,000 107,976,797 98,160,725
Alex Yeo Kian Teong 1,805,000 950,000 107,976,797 98,160,725
Phillip Chan Yee Foo 220,000 200,000 – –
Fong Hin Tat – – – –
Kwah Thiam Hock – – – –
31
Swissco International Limited
Annual Report 2008

Directors’ Report
For the financial year ended 31 December 2008
Directors’ interests in shares or debentures (continued)
Holdings registered in
name of director
At
31.12.2008
At 1.1.2008
or date of
appointment,
if later
Holdings in which director
is deemed to have an interest
At
31.12.2008
At 1.1.2008
or date of
appointment,
if later
Holding Corporation
- Yeo Holdings Private Limited
(No. of ordinary shares)
Yeo Chong Lin 5,592,298 5,592,298 – –
Alex Yeo Kian Teong 2,369,618 2,369,618 – –
(b)
According to the register of directors’ shareholdings, certain directors holding office at the end of the
financial year had interests in options to subscribe for ordinary shares of the Company granted pursuant
to the Swissco Share Option Scheme as set out below and under “Share options” in this report.
Number of unissued
ordinary shares under option
At
31.12.2008
At
1.1.2008
or date of
appointment,
if later
Yeo Chong Lin 1,000,000 500,000
Alex Yeo Kian Teong 700,000 500,000
Phillip Chan Yee Foo 200,000 100,000
Fong Hin Tat 150,000 50,000
(c)
(d)
Mr Yeo Chong Lin and Mr Alex Yeo Kian Teong, who by virtue of their interests of not less than 20% in
the issued share capital of the Company, are deemed to have interests in the whole of the share capital
of the Company’s wholly owned subsidiaries.
The directors’ interests in the ordinary shares of the Company as at 21 January 2009 were the same as
those as at 31 December 2008.
Directors’ contractual benefits
Since the end of the previous financial year, no director has received or become entitled to receive a benefit by
reason of a contract made by the Company or a related corporation with the director or with a firm of which
he is a member or with a company in which he has a substantial financial interest, except as disclosed in the
accompanying financial statements and in this report.
32
Swissco International Limited
Annual Report 2008

Directors’ Report
For the financial year ended 31 December 2008
Share options
(a)
Swissco Share Option Scheme
The Swissco Share Option Scheme (the “Scheme”) was approved by the members of the Company at
an Extraordinary General Meeting on 21 October 2004. The purpose of the Scheme is to provide an
opportunity for employees, executive directors and non-executive directors who have contributed to the
growth and development of the Group to participate in the equity of the Company as well as to motivate
and optimise their performance.
The aggregate number of Scheme shares issuable under the Scheme shall not exceed 15% of the
issued shares of the Company (“Scheme Limit”). The number of shares comprised in any options to be
offered to a participant in the Scheme shall be determined at the absolute discretion of the Remuneration
Committee, who shall take into account criteria such as the rank, the past performance, years of service,
potential for future development and contribution of the participant.
The Scheme does not allow options to be granted at a discount to a subscriber of the Scheme shares.
An employee who is a controlling shareholder of the Company or an associate of a controlling
shareholder shall be eligible to participate in the Scheme if (a) his participation in the Scheme and (b) the
actual number and terms of the options to be granted to him have been approved by the independent
shareholders of the Company in separate resolutions for each such person. The total number of Scheme
shares to be offered to the controlling shareholders and their associates shall not during the entire
operation of the Scheme exceed 25% of the Scheme Limit and the total number of shares to be offered
to a participant who is a controlling shareholder or an associate of a controlling shareholder shall not
during the entire operation of the Scheme exceed 10% of the Scheme Limit.
The exercise price for each Scheme share shall be the average of the last dealt prices of the shares on
the Mainboard of the Singapore Exchange Securities Trading Limited for the 5 consecutive market days
immediately preceding the Date of Grant in relation to an option granted to an employee or a director of
the Group who is not a controlling shareholder or an associate of a controlling shareholder.
In relation to an option granted to a person who is a controlling shareholder or an associate of a
controlling shareholder, the exercise price for each Scheme share shall be equal to the average of the
last dealt prices for the Company’s share for the 5 consecutive market days immediately preceding the
latest practicable date prior to the date of any circular, letter or notice to the shareholders proposing to
seek their approval of the grant of such options to the controlling shareholder or its associate.
Offers of options made to grantees, if not accepted by the grantees within 30 days will lapse. The
Scheme shall continue in operation for a maximum of 10 years commencing on the date which the
Scheme is adopted by the Company in general meeting, unless otherwise extended by the shareholders
by ordinary resolution in general meeting.
33
Swissco International Limited
Annual Report 2008

Directors’ Report
For the financial year ended 31 December 2008
Share options (continued)
(a)
Swissco Share Option Scheme (continued)
On 15 March 2008 and 29 April 2008, options on 550,000 shares with an exercise price of $0.76 per
ordinary share and options on 1,100,000 shares with an exercise price of $0.81 per ordinary share
respectively were granted pursuant to the Scheme (“2008 Options”). The 2008 Options are exercisable
from 15 March 2009 and 29 April 2009. Details of the options granted to the directors of the Company
are as follows:
Name of director
No. of unissued ordinary shares of the Company under option
Granted in
financial
year ended
31.12.2008
Aggregate
granted since
commencement
of scheme to
31.12.2008
Aggregate
exercised since
commencement
of scheme to
31.12.2008
Aggregate
outstanding as
at 31.12.2008
Yeo Chong Lin 500,000 1,800,000 800,000 1,000,000
Alex Yeo Kian Teong 500,000 1,800,000 1,100,000 700,000
Phillip Chan Yee Foo 100,000 380,000 180,000 200,000
Fong Hin Tat 100,000 150,000 – 150,000
Yeo Chong Boon 100,000 350,000 250,000 100,000
Mr Yeo Chong Lin and Mr Alex Yeo Kian Teong are controlling shareholders of the Company.
Mr Yeo Chong Boon is an associate of the controlling shareholders of the Company.
No participant under the Scheme has received 5% or more of the total number of options available
under the Scheme, except for Mr Yeo Chong Lin and Mr Alex Yeo Kian Teong who are directors of the
Company.
The Remuneration Committee administering the Scheme comprises the following directors:
Fong Hin Tat - Chairman
Phillip Chan Yee Foo
Kwah Thiam Hock
34
Swissco International Limited
Annual Report 2008

Directors’ Report
For the financial year ended 31 December 2008
Share options (continued)
(b)
Share options outstanding
The number of unissued ordinary shares of the Company under option in relation to the Swissco Share
Option Scheme outstanding at the end of the financial year was as follows:
Option granted on
No. of unissued
ordinary shares under
option at 31.12.2008 Exercise price Exercise period
15.3.2006 100,000 $0.390 15.3.2007 - 14.3.2016
15.3.2007 150,000 $0.587 15.3.2008 - 14.3.2012
15.3.2007 225,000 $0.587 15.3.2008 - 14.3.2017
27.4.2007 700,000 $0.678 27.4.2008 - 26.4.2017
15.3.2008 200,000 $0.760 15.3.2009 - 14.3.2013
15.3.2008 300,000 $0.760 15.3.2009 - 14.3.2018
29.4.2008 1,100,000 $0.810 29.4.2009 - 28.4.2018
2,775,000
Audit Committee
The members of the Audit Committee at the end of the financial year were as follows:
Kwah Thiam Hock - Chairman
Phillip Chan Yee Foo
Fong Hin Tat
All members of the Audit Committee were independent and non-executive directors.
The Audit Committee carried out its functions in accordance with Section 201B(5) of the Singapore Companies
Act. In performing those functions, the Committee reviewed:
• the scope and the results of internal audit procedures with the internal auditor;
• the audit plan of the Company’s independent auditor and its report on the weaknesses of internal
accounting controls arising from the statutory audit;
• the assistance given by the Company’s management to the independent auditor;
• the interested person transactions in accordance with the Listing Rules of the Singapore Exchange
Securities Trading Limited; and
• the balance sheet of the Company and the consolidated financial statements of the Group for the
financial year ended 31 December 2008 before their submission to the Board of Directors, as well as
the independent auditor’s report on the balance sheet of the Company and the consolidated financial
statements of the Group.
The Audit Committee has recommended to the Board that the independent auditor, PricewaterhouseCoopers
LLP, be nominated for re-appointment at the forthcoming Annual General Meeting of the Company.
35
Swissco International Limited
Annual Report 2008

Directors’ Report
For the financial year ended 31 December 2008
Independent Auditor
The independent auditor, PricewaterhouseCoopers LLP, has expressed its willingness to accept
re-appointment.
On behalf of the directors
Yeo Chong Lin
Director
Alex Yeo Kian Teong
Director
30 March 2009
36
Swissco International Limited
Annual Report 2008

Statement by Directors
For the financial year ended 31 December 2008
In the opinion of the directors,
(a)
(b)
the balance sheet of the Company and the consolidated financial statements of the Group as set out on
pages 39 to 86 are drawn up so as to give a true and fair view of the state of affairs of the Company and
of the Group as at 31 December 2008 and of the results of the business, changes in equity and cash
flows of the Group for the financial year then ended; and
at the date of this statement, there are reasonable grounds to believe that the Company will be able to
pay its debts as and when they fall due.
On behalf of the directors
Yeo Chong Lin
Director
Alex Yeo Kian Teong
Director
30 March 2009
37
Swissco International Limited
Annual Report 2008

Independent Auditor’s Report
To the Members of Swissco International Limited
We have audited the accompanying financial statements of Swissco International Limited (the “Company”) and
its subsidiaries (the “Group”) set out on pages 39 to 86, which comprise the balance sheets of the Company
and of the Group as at 31 December 2008, and the consolidated income statement, the consolidated
statement of changes in equity and the consolidated cash flow statement of the Group for the financial year
then ended, and a summary of significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with the provisions of the Singapore Companies Act (Cap. 50) (the “Act”) and Singapore Financial Reporting
Standards. This responsibility includes:
(a)
(b)
(c)
devising and maintaining a system of internal accounting control sufficient to provide a reasonable
assurance that assets are safeguarded against loss from unauthorised use or disposition; and
transactions are properly authorised and that they are recorded as necessary to permit the preparation
of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets;
selecting and applying appropriate accounting policies; and
making accounting estimates that are reasonable in the circumstances.
Auditor’s 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 as to 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 auditor’s judgement, including the assessment
of the 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 management, 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)
(b)
the balance sheet of the Company and the consolidated financial statements of the Group 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 Company and of the Group as at 31 December
2008, and the results, changes in equity and cash flows of the Group for the financial year ended on that
date; and
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 auditor, have been properly kept in
accordance with the provisions of the Act.
PricewaterhouseCoopers LLP
Public Accountants and
Certified Public Accountants
Singapore, 30 March 2009
38
Swissco International Limited
Annual Report 2008

Consolidated Income Statement
For the financial year ended 31 December 2008
Note 2008 2007
$ $
Sales 3 52,927,707 31,157,829
Cost of sales (24,964,689) (15,347,316)
Gross profit 27,963,018 15,810,513
Other income 3 665,850 861,535
Other gains/(losses) – net
- Transfer from equity on disposal of financial assets, available for sale 4 – 29,379,115
- Others 4 5,427,820 6,287,032
Expenses
- Administrative (9,394,620) (10,983,253)
- Finance 6 (605,386) (698,858)
Share of loss of an associated company 17 (210,653) –
Profit before income tax 23,846,029 40,656,084
Income tax expense 8 (255,385) (450,000)
Net profit attributable to equity holders of the Company 23,590,644 40,206,084
Earnings per share attributable to equity holders of the Company
(cents per share) 9
- Basic 11.98 20.55
- Diluted 11.96 20.42
The accompanying notes form an integral part of these financial statements.
39
Swissco International Limited
Annual Report 2008

Balance Sheets
As at 31 December 2008
Group
Company
Note 2008 2007 2008 2007
$ $ $ $
ASSETS
Current assets
Cash and cash equivalents 10 4,313,138 9,795,225 81,663 30,475
Financial assets, available-for-sale 11 21,090,000 130,340,000 21,090,000 130,340,000
Trade and other receivables 12 16,095,447 11,323,964 50,938,399 55,834,993
Inventories 13 146,637 32,541 – –
Other current assets 14 1,458,616 582,675 17,196 28,165
43,103,838 152,074,405 72,127,258 186,233,633
Non-current asset classified as held
for sale 15 – 6,538,359 – –
43,103,838 158,612,764 72,127,258 186,233,633
Non-current assets
Investments in subsidiaries 16 – – 7,785,782 7,735,782
Investment in an associated company 17 – – 210,653 –
Property, plant and equipment 18 131,473,704 85,039,928 – –
131,473,704 85,039,928 7,996,435 7,735,782
Total assets 174,577,542 243,652,692 80,123,693 193,969,415
LIABILITIES
Current liabilities
Trade and other payables 19 23,480,595 17,335,992 5,657,552 7,146,135
Borrowings 20 18,613,405 7,605,908 – –
Current income tax liabilities 626,439 1,035,030 – –
42,720,439 25,976,930 5,657,552 7,146,135
Non-current liabilities
Borrowings 20 7,235,398 7,418,900 – –
Deferred income tax liabilities 8 101,530 101,530 – –
Deferred gain 22 1,212,806 – – –
8,549,734 7,520,430 – –
Total liabilities 51,270,173 33,497,360 5,657,552 7,146,135
NET ASSETS 123,307,369 210,155,332 74,466,141 186,823,280
EQUITY
Capital and reserves attributable to
equity holders of the Company
Share capital 24 27,380,166 26,919,114 27,380,166 26,919,114
Other reserves 25 13,999,498 122,931,320 19,311,053 128,242,875
Retained earnings 26 81,927,705 60,304,898 27,774,922 31,661,291
Total equity 123,307,369 210,155,332 74,466,141 186,823,280
40
Swissco International Limited
Annual Report 2008
The accompanying notes form an integral part of these financial statements.

Consolidated Statement of Changes in Equity
For the financial year ended 31 December 2008
Note
Attributable to equity holders of the Company
Share Other Retained Total
capital reserves earnings equity
$ $ $ $
2008
Beginning of financial year 26,919,114 122,931,320 60,304,898 210,155,332
Financial assets, available-for-sale
- Fair value loss 25 – (109,250,000) – (109,250,000)
Net loss recognised directly in equity – (109,250,000) – (109,250,000)
Net profit – – 23,590,644 23,590,644
Total recognised loss/(income) – (109,250,000) 23,590,644 (85,659,356)
Issue of shares pursuant to employee
share option scheme 24 348,281 – – 348,281
Employee share option scheme
- Value of employee service 25 – 430,949 – 430,949
- Transfer to share capital upon
exercise of share options 25 112,771 (112,771) – –
Dividends 27 – – (1,967,837) (1,967,837)
End of financial year 27,380,166 13,999,498 81,927,705 123,307,369
2007
Beginning of financial year 25,825,450 32,816,658 27,242,630 85,884,738
Financial assets, available-for-sale
- Fair value gains 25 – 119,354,216 – 119,354,216
- Disposals 25 – (29,379,115) – (29,379,115)
Net gains recognised directly in equity – 89,975,101 – 89,975,101
Net profit – – 40,206,084 40,206,084
Total recognised income – 89,975,101 40,206,084 130,181,185
Issue of shares pursuant to employee
share option scheme 24 916,976 – – 916,976
Employee share option scheme
- Value of employee service 25 – 316,249 – 316,249
- Transfer to share capital upon
exercise of share options 25 176,688 (176,688) – –
Dividends 27 – – (7,143,816) (7,143,816)
End of financial year 26,919,114 122,931,320 60,304,898 210,155,332
The accompanying notes form an integral part of these financial statements.
41
Swissco International Limited
Annual Report 2008

Consolidated Cash Flow Statement
For the financial year ended 31 December 2008
42
Swissco International Limited
Annual Report 2008
Note 2008 2007
$ $
Cash flows from operating activities
Net profit 23,590,644 40,206,084
Adjustments for
- Income tax expense 255,385 450,000
- Share of loss of an associated company 210,653 –
- Employee share option expense 430,949 316,249
- Amortisation of deferred gain (47,250) –
- Depreciation of property, plant and equipment 4,646,626 2,941,793
- Club membership written off – 4,000
- Interest expense 605,386 698,858
- Interest income (195,058) (457,337)
- Gain on disposal of property, plant and equipment (3,515,035) (7,792,560)
- Gain on disposal of non-current asset classified as held for sale (1,704,745) –
- Gain on disposal of financial assets, available-for-sale – (29,379,115)
24,277,555 6,987,972
Change in working capital
- Trade and other receivables (4,771,482) (3,285,275)
- Inventories (114,096) 263,771
- Other current assets (375,791) 3,712
- Trade and other payables 4,157,382 7,718,603
Cash generated from operations 23,173,568 11,688,783
Income tax paid (663,976) (159,500)
Net cash provided by operating activities 22,509,592 11,529,283
Cash flows from investing activities
Interest received 195,058 457,337
Proceeds from disposal of financial assets, available-for-sale – 32,821,900
Investment in an associated company (210,653) –
Proceeds from disposal of property, plant and equipment 10,435,909 18,200,405
Proceeds from disposal of non-current asset classified as held for sale 8,243,104 –
Purchases and construction of property, plant and equipment (55,193,649) (51,136,287)
Net cash (used in)/provided by investing activities (36,530,231) 343,355
Cash flows from financing activities
Proceeds from issuance of ordinary shares 348,281 916,976
Interest paid (605,386) (698,858)
Proceeds from borrowings 19,650,000 18,607,923
Repayment of borrowings (8,523,582) (16,306,831)
Repayment of finance lease liabilities (362,924) (300,512)
Dividends paid to equity holders of the Company (1,967,837) (7,143,816)
Net cash provided by/(used in) financing activities 8,538,552 (4,925,118)
Net (decrease)/increase in cash and cash equivalents (5,482,087) 6,947,520
Cash and cash equivalents at beginning of financial year 9,795,225 2,847,705
Cash and cash equivalents at end of financial year 10 4,313,138 9,795,225
The accompanying notes form an integral part of these financial statements.

Notes to the Financial Statements
For the financial year ended 31 December 2008
These notes form an integral part of and should be read in conjunction with the accompanying financial
statements.
1. General information
Swissco International Limited (the “Company”) is a public company with limited liability and is domiciled
and incorporated in Singapore. The Company is listed on the Singapore Exchange. Its registered office
and principal place of business is located at No. 9 Pandan Road, Singapore 609257.
The principal activity of the Company is that of investment holding. The principal activities of its
subsidiaries are set out in Note 16 to the financial statements.
There have been no significant changes in the nature of these activities during the financial year.
2. Significant accounting policies
2.1 Basis of preparation
These financial statements have been prepared in accordance with Singapore Financial Reporting
Standards (“FRS”). The financial statements have been prepared under the historical cost convention,
except as disclosed in the accounting policies below.
The preparation of financial statements in conformity with FRS requires management to exercise
its judgement in the process of applying the Group’s accounting policies. It also requires the use of
accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity,
or areas where assumptions and estimates are significant to the financial statements, are disclosed in
Note 33.
Interpretations and amendments to published standards effective in 2008
On 1 January 2008, the Group adopted the new or amended FRS and Interpretations to FRS (“INT
FRS”) that are mandatory for application from that date. Changes to the Group’s accounting policies
have been made as required, in accordance with the transitional provisions in the respective FRS and
INT FRS.
The following are the new or amended FRS and INT FRS that are relevant to the Group:
INT FRS 111
Group and Treasury Share Transactions
The adoption of the above amended FRS or INT FRS did not result in any substantial changes to the
Group’s accounting policies nor any significant impact on these financial statements.
43
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.2 Revenue recognition
Sales comprise the fair value of the consideration received or receivable for the rendering of services in
the ordinary course of the Group’s activities. Sales are presented net of goods and services tax, rebates
and discounts, and after eliminating sales within the Group.
(a)
Chartering income, sale of out-port-limit services and related income
Chartering income is recognised in the income statement on a straight-line basis over the charter
hire period.
Sale of out-port-limit services and related income is recognised when the services are rendered.
(b)
Ship repair and related services
Revenue from rendering of services for short-term ship repair projects is recognised upon
completion of the job as certified by the service engineers. Provision is made in full where
applicable for anticipated losses on project in progress.
(c)
Interest income
Interest income is recognised using the effective interest method.
(d)
Dividend income
2.3 Group accounting
Dividend income is recognised when the right to receive payment is established.
(a)
Subsidiaries
Subsidiaries are entities (including special purpose entities) over which the Group has power to
govern the financial and operating policies, generally accompanied by a shareholding giving rise to
a majority of the voting rights. The existence and effect of potential voting rights that are currently
exercisable or convertible are considered when assessing whether the Group controls another
entity.
The purchase method of accounting is used to account for the acquisition of subsidiaries except
for the subsidiaries acquired by the Company as part of a restructuring exercise on 6 October
2004 from its controlling shareholders. These subsidiaries are Swissco Offshore Pte Ltd, Singapore
Marine Logistics Pte Ltd, Swissco Offshore Ltd and Regional Marine Supply Pte Ltd, and they are
consolidated using the “pooling of interest” method. Under the pooling of interest method, the
results and balance sheet of the Group were presented as if the Group had been in existence
prior to 6 October 2004 and the assets and liabilities were brought into the consolidated financial
statements at their existing carrying amounts.
44
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.3 Group accounting (continued)
(a)
Subsidiaries (continued)
Under the purchase method of accounting, the cost of an acquisition is measured as the fair
value of the assets given, equity instruments issued or liabilities incurred or assumed at the dates
of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and
liabilities and contingent liabilities assumed in a business combination are measured initially at their
fair value on the date of acquisition, irrespective of the extent of minority interest.
Subsidiaries are consolidated from the date on which control is transferred to the Group. They are
de-consolidated from the date on which control ceases.
In preparing the consolidated financial statements, transactions, balances and unrealised gains on
transactions between group entities are eliminated. Unrealised losses are also eliminated but are
considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries
have been changed where necessary to ensure consistency with the policies adopted by the
Group.
Please refer to the paragraph “Investments in subsidiaries and associated companies” for the
accounting policy on investments in subsidiaries in the separate financial statements of the
Company.
(b)
Associated companies
Associated companies are entities over which the Group has significant influence, but not control,
generally accompanied by a shareholding giving rise to between and including 20% and 50% of
the voting rights. Investments in associated companies are accounted for in the consolidated
financial statements using the equity method of accounting less impairment losses. Investments
in associated companies in the consolidated balance sheet includes goodwill (net of any
accumulated impairment losses) identified on acquisition.
Investments in associated companies are initially recognised at cost. The cost of an acquisition
is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or
assumed at the date of exchange, plus costs directly attributable to the acquisition.
In applying the equity method of accounting, the Group’s share of its associated companies’ postacquisition
profits or losses is recognised in the income statement and its share of post-acquisition
movements in reserves is recognised in equity directly. These post-acquisition movements are
adjusted against the carrying amount of the investment. When the Group’s share of losses in an
associated company equals or exceeds its interest in the associated company, including any other
unsecured non-current receivables, the Group does not recognise further losses, unless it has
obligations or has made payments on behalf of the associated company.
Unrealised gains on transactions between the Group and its associated companies are eliminated
to the extent of the Group’s interest in the associated companies. Unrealised losses are also
eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Accounting policies of associated companies have been changed where necessary to ensure
consistency with the accounting policies adopted by the Group.
45
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.3 Group accounting (continued)
(b)
Associated companies (continued)
Please refer to the paragraph “Investments in subsidiaries and associated companies” for the
accounting policy on investments in associated companies in the separate financial statements of
the Company.
2.4 Property, plant and equipment
(a)
Measurement
All property, plant and equipment are stated at cost less accumulated depreciation and
accumulated impairment losses (Note 2.6).
(b)
Components of costs
The cost of an item of property, plant and equipment initially recognised includes its purchase
price and any cost that is directly attributable to bringing the asset to the location and condition
necessary for it to be capable of operating in the manner intended by management.
(c)
Depreciation
Depreciation on property, plant and equipment items is calculated using the straight-line method
to allocate their depreciable amounts over their estimated useful lives. The estimated useful lives
are as follows:
Useful lives
Vessels/barges
Leasehold building
Motor vehicles
Furniture, fittings and computers
Plant and equipment
15 - 20 years
14 years
5 years
3 - 10 years
5 years
The residual values, estimated useful lives and depreciation method of property, plant and
equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of
any revision are recognised in the income statement when the changes arise.
The vessels/barges are subject to overhauls at regular intervals. The inherent components of
the initial dry docking are determined based on the estimated costs of the next dry docking
and are separately depreciated over a period of 5 years in order to reflect the estimated interval
between two dry dockings. The costs of the dry dockings subsequently incurred are capitalised
as additions and the carrying amounts of replaced components of the vessel are written off to the
income statement.
46
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.4 Property, plant and equipment (continued)
(d)
Vessels-under-construction and building-under-construction
Vessels-under-construction and building-under-construction are stated at cost, which include the
progress billings paid in accordance with the construction contracts and other directly attributable
costs incurred during the construction period.
No depreciation is provided on vessels-under-construction and building-under-construction.
(e)
Subsequent expenditure
Subsequent expenditure relating to property, plant and equipment that has already been
recognised is added to the carrying amount of the asset only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can
be measured reliably. All other repair and maintenance expense is recognised in the income
statement when incurred.
(f)
Disposal
On disposal of an item of property, plant and equipment, the difference between the disposal
proceeds and its carrying amount is recognised in the income statement.
2.5 Investments in subsidiaries and associated companies
Investments in subsidiaries and associated companies are stated at cost less accumulated impairment
losses in the Company’s balance sheet.
On disposal of investments in subsidiaries and associated companies, the difference between net
disposal proceeds and the carrying amounts of the investments is taken to the income statement.
2.6 Impairment of non-financial assets
Property, plant and equipment
Investments in subsidiaries and associated companies
Property, plant and equipment and investments in subsidiaries and associated companies are tested for
impairment whenever there is any objective evidence or indication that these assets may be impaired.
For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less
cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not
generate cash flows that are largely independent of those from other assets. If this is the case, the
recoverable amount is determined for the cash-generating-unit (“CGU”) to which the asset belongs.
If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the
carrying amount of the asset (or CGU) is reduced to its recoverable amount.
The difference between the carrying amount and recoverable amount is recognised as an impairment
loss in the income statement.
47
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.6 Impairment of non-financial assets (continued)
An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a
change in the estimates used to determine the asset’s recoverable amount since the last impairment
loss was recognised. The carrying amount of an asset other than goodwill is increased to its revised
recoverable amount, provided that this amount does not exceed the carrying amount that would have
been determined (net of any accumulated amortisation or depreciation) had no impairment loss been
recognised for the asset in prior years.
A reversal of impairment loss for an asset other than goodwill is recognised in the income statement.
2.7 Financial assets
(a)
Classification
The Group classifies its financial assets in the following categories: loans and receivables and
financial assets, available-for-sale. The classification depends on the purpose for which the
assets were acquired. Management determines the classification of its financial assets at initial
recognition.
(i)
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They are presented as current assets,
except for those maturing later than 12 months after the balance sheet date which are
presented as non-current assets. Loans and receivables are presented as “trade and other
receivables” and “cash and cash equivalents” on the balance sheet.
(ii)
Financial assets, available-for-sale
Financial assets, available-for-sale, are non-derivatives that are either designated in this
category or not classified in any of the other categories. They are presented as non-current
assets unless management intends to dispose of the assets within 12 months after the
balance sheet date.
(b)
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date – the date on
which the Group commits to purchase or sell the asset.
Financial assets are derecognised when the rights to receive cash flows from the financial assets
have expired or have been transferred and the Group has transferred substantially all risks and
rewards of ownership. On disposal of a financial asset, the difference between the carrying amount
and the sale proceeds is recognised in the income statement. Any amount in the fair value reserve
relating to that asset is transferred to the income statement.
(c)
Initial measurement
Financial assets are initially recognised at fair value plus transaction costs.
48
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.7 Financial assets (continued)
(d)
Subsequent measurement
Financial assets, available-for-sale are subsequently carried at fair value. Loans and receivables
are subsequently carried at amortised cost using the effective interest method.
Dividend income on financial assets, available-for-sale are recognised separately in the income
statement. Changes in fair values of available-for-sale equity securities (i.e. non-monetary items)
are recognised in the fair value reserve, together with the related currency translation differences.
(e)
Impairment
The Group assesses at each balance sheet date whether there is objective evidence that
a financial asset or a group of financial assets is impaired and recognises an allowance for
impairment when such evidence exists.
(i)
Loans and receivables
Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy,
and default or significant delay in payments are objective evidence that these financial
assets are impaired.
The carrying amount of these assets is reduced through the use of an impairment allowance
account which is calculated as the difference between the carrying amount and the present
value of estimated future cash flows, discounted at the original effective interest rate. When
the asset becomes uncollectible, it is written off against the allowance account. Subsequent
recoveries of amounts previously written off are recognised against the same line item in the
income statement.
The allowance for impairment loss account is reduced through the income statement
in a subsequent period when the amount of impairment loss decreases and the related
decrease can be objectively measured. The carrying amount of the asset previously
impaired is increased to the extent that the new carrying amount does not exceed the
amortised cost had no impairment been recognised in prior periods.
(ii)
Financial assets, available-for-sale
Significant or prolonged declines in the fair value of the security below its cost and the
disappearance of an active trading market for the security are objective evidence that the
security is impaired.
The cumulative loss that was recognised in the fair value reserve is transferred to the income
statement. The cumulative loss is measured as the difference between the acquisition
cost (net of any principal repayments and amortisation) and the current fair value, less any
impairment loss previously recognised in the income statement on equity securities. The
impairment losses recognised in the income statement on equity securities are not reversed
through the income statement.
49
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.8 Borrowings
Borrowings are presented as current liabilities unless the Group has an unconditional right to defer
settlement for at least 12 months after the balance sheet date.
Borrowings are initially recognised at fair value (net of transaction costs) and subsequently carried at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
value is recognised in the income statement over the period of the borrowings using the effective interest
method.
2.9 Trade and other payables
Trade and other payables are initially measured at fair value, and subsequently carried at amortised cost
using the effective interest method.
2.10 Borrowing costs
Borrowing costs are recognised in the income statement using the effective interest method.
2.11 Fair value estimation of financial assets and liabilities
The fair values of financial instruments traded in active markets (such as exchange-traded and over-thecounter
securities and derivatives) are based on quoted market prices at the balance sheet date. The
quoted market prices used for financial assets are the current bid prices; the appropriate quoted market
prices for financial liabilities are the current asking prices.
The fair values of financial instruments that are not traded in an active market are determined by using
valuation techniques. The Group uses a variety of methods and makes assumptions that are based
on market conditions existing at each balance sheet date. Where appropriate, quoted market prices
or dealer quotes for similar instruments are used. Valuation techniques, such as discounted cash flow
analyses, are also used to determine the fair values of the financial instruments.
The fair values of current financial assets and liabilities carried at amortised cost approximate their
carrying amounts.
2.12 Leases
(a)
When the Group is the lessee:
Finance leases
Leases where the Group assumes substantially all risks and rewards incidental to ownership of the
leased assets are classified as finance leases.
The leased assets and the corresponding lease liabilities (net of finance charges) under finance
leases are recognised on the balance sheet as property, plant and equipment and borrowings
respectively, at the inception of the leases based on the lower of the fair value of the leased assets
and the present value of the minimum lease payments.
50
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.12 Leases (continued)
(a)
When the Group is the lessee: (continued)
Each lease payment is apportioned between the finance expense and the reduction of the
outstanding lease liability. The finance expense is recognised in the income statement on a basis
that reflects a constant periodic rate of interest on the finance lease liability.
Operating leases
Leases of assets where substantially all risks and rewards incidental to ownership are retained by
the lessors are classified as operating leases. Payments made under operating leases (net of any
incentives received from the lessor) are taken to the income statement on a straight-line basis over
the period of the lease.
Contingent rents are recognised as an expense in the income statement when incurred.
When an operating lease is terminated before the lease period has expired, any payment required
to be made to the lessor by way of penalty is recognised as an expense in the period in which
termination takes place.
(b)
When the Group is the lessor:
2.13 Inventories
The Group leases certain property, plant and equipment under operating leases to non-related
parties.
Operating leases
Leases of property, plant and equipment where the Group retains substantially all risks and
rewards incidental to ownership are classified as operating leases. Rental income from operating
leases (net of any incentives given to the lessees) is recognised in the income statement on a
straight-line basis over the lease term.
Initial direct costs incurred by the Group in negotiating and arranging operating leases are
added to the carrying amount of the leased assets and recognised as an expense in the income
statement over the lease term on the same basis as the lease income.
Contingent rents are recognised as income in the income statement when earned.
Inventories are stated at the lower of cost and net realisable value. Cost is determined on a first-in,
first-out basis. Net realisable value is the estimated selling price in the ordinary course of business, less
applicable variable selling expenses.
51
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.14 Income taxes
Current income tax for current and prior periods is recognised at the amount expected to be paid
to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred income tax is recognised for all temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial statements except when the deferred income tax
arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business
combination and affects neither accounting nor taxable profit or loss at the time of the transaction.
A deferred income tax liability is recognised on temporary differences arising on investments in
subsidiaries and associated companies, except where the Group is able to control the timing of the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future.
A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be
available against which the deductible temporary differences and tax losses can be utilised.
Deferred income tax is measured:
(i)
(ii)
at the tax rates that are expected to apply when the related deferred income tax asset is realised
or the deferred income tax liability is settled, based on tax rates and tax laws that have been
enacted or substantively enacted by the balance sheet date; and
based on the tax consequence that will follow from the manner in which the Group expects, at the
balance sheet date, to recover or settle the carrying amounts of its assets and liabilities.
Current and deferred income taxes are recognised as income or expense in the income statement,
except to the extent that the tax arises from a business combination or a transaction which is recognised
directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on
acquisition.
2.15 Employee compensation
(a)
Defined contribution plans
Defined contribution plans are post-employment benefit plans under which the Group pays fixed
contributions into separate entities such as Central Provident Fund on a mandatory, contractual or
voluntary basis. The Group has no further payment obligations once the contributions have been
paid. The Group’s contributions are recognised as employee compensation expense when they
are due, unless they can be capitalised as an asset.
52
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.15 Employee compensation (continued)
(b)
Share-based compensation
The Group operates an equity-settled, share-based compensation plan. The fair value of the
employee services received in exchange for the grant of options is recognised as an expense in
the income statement with a corresponding increase in the share option reserve over the vesting
period. The total amount to be recognised over the vesting period is determined by reference to
the fair value of the options granted on the date of the grant. Non-market vesting conditions are
included in the estimation of the number of shares under options that are expected to become
exercisable on the vesting date. At each balance sheet date, the Group revises its estimates of
the number of shares under options that are expected to become exercisable on the vesting
date and recognises the impact of the revision of the estimates in the income statement, with a
corresponding adjustment to the share option reserve over the remaining vesting period.
When the options are exercised, the proceeds received (net of transaction costs) and the related
balance previously recognised in the share option reserve are credited to share capital account,
when new ordinary shares are issued.
2.16 Currency translation
(a)
Functional and presentation currency
Items included in the financial statements of each entity in the Group are measured using the
currency of the primary economic environment in which the entity operates (“functional currency”).
The financial statements are presented in Singapore Dollar, which is the functional currency of the
Company.
(b)
Transactions and balances
Transactions in a currency other than the functional currency (“foreign currency”) are translated
into the functional currency using the exchange rates at the dates of the transactions. Currency
translation differences from the settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies at the closing rates at the
balance sheet date are recognised in the income statement.
Non-monetary items measured at fair values in foreign currencies are translated using the
exchange rates at the date when the fair values are determined.
2.17 Segment reporting
A business segment is a distinguishable component of the Group engaged in providing products and
services that are subject to risks and returns that are different from those of other business segments.
A geographical segment is a distinguishable component of the Group engaged in providing products or
services within a particular economic environment that is subject to risks and returns that are different
from those of segments operating in other economic environments.
53
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
2. Significant accounting policies (continued)
2.18 Cash and cash equivalents
For the purpose of presentation in the consolidated cash flow statement, cash and cash equivalents
include cash on hand, deposits with financial institutions and bank overdrafts. Bank overdrafts are
presented as current borrowings on the balance sheet.
2.19 Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new
ordinary shares are deducted against the share capital account.
2.20 Dividends to Company’s shareholders
Dividends to Company’s shareholders are recognised when the dividends are approved for payments.
2.21 Non-current assets held for sale
Non-current assets held for sale are carried at the lower of carrying amount and fair value less costs
to sell if their carrying amount is recovered principally through a sale transaction rather than through
continuing use. The assets are not depreciated or amortised while they are classified as held for sale.
Any impairment loss on initial classification and subsequent measurement is recognised in the income
statement. Any subsequent increase in fair value less costs to sell (not exceeding the accumulated
impairment loss that has been previously recognised) is recognised in the income statement.
2.22 Financial guarantees
The Company has issued corporate guarantees to banks for borrowings of its subsidiaries and
an associated company. These guarantees are financial guarantees as they require the Company
to reimburse the banks if the subsidiaries fail to make principal or interest payments when due in
accordance with the terms of their borrowings.
Financial guarantees are initially recognised at their fair values (if material) plus transaction costs in the
Company’s balance sheet.
Financial guarantees are subsequently amortised to the income statement over the period of the
subsidiaries’ borrowings, unless it is probable that the Company will reimburse the bank for an amount
higher than the unamortised amount. In this case, the financial guarantees shall be carried at the
expected amount payable to the bank in the Company’s balance sheet.
Intragroup transactions are eliminated on consolidation.
54
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
3. Revenue and other income
Group
2008 2007
$ $
Rendering of services
Chartering income, sale of out-port-limit services and related income 47,221,044 26,464,996
Ship repair and related services 5,706,663 4,692,833
52,927,707 31,157,829
Other income
Interest income - Banks 195,058 457,337
Others 470,792 404,198
665,850 861,535
4. Other gains/(losses) – net
Group
2008 2007
$ $
Transfer from equity on disposal of financial assets, available for
sale [Note 25(b)(ii)] – 29,379,115
Others
- Gain on disposal of property, plant and equipment 3,515,035 7,792,560
- Gain on disposal of non-current asset classified as held for sale 1,704,745 –
- Amortisation of deferred gain (Note 22) 47,250 –
- Currency translation gains/(losses) – net 160,790 (1,505,528)
5,427,820 6,287,032
55
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
5. Expenses by nature
Group
2008 2007
$ $
Materials and supplies used 4,459,524 3,571,064
Hire of vessels/barges 8,253,759 3,737,667
Depreciation of property, plant and equipment (Note 18) 4,646,626 2,941,793
Employee compensation (Note 7) 10,666,964 11,572,901
Rental expense of office premises 885,752 773,134
Impairment loss on trade and other receivables 72,379 286,896
Upkeep of vessels/barges 1,252,643 914,671
Vessel insurance 466,846 374,940
Transportation expense 170,951 177,570
Commission expense 880,447 197,067
Non-audit fees to auditors of the Company 55,600 55,800
Other expenses 2,547,818 1,727,066
Total cost of sales and administrative expenses 34,359,309 26,330,569
6. Finance expenses
Group
2008 2007
$ $
Interest expense
- Bank borrowings 587,642 667,205
- Bank overdrafts 625 4,193
- Finance lease liabilities 17,119 27,460
605,386 698,858
7. Employee compensation
56
Swissco International Limited
Annual Report 2008
Group
2008 2007
$ $
Wages and salaries 9,793,758 10,996,169
Employer’s contribution to defined contribution plans
including Central Provident Fund 109,804 92,646
Other staff benefits 332,453 167,837
Share option expense [Note 25(b)(i)] 430,949 316,249
10,666,964 11,572,901

Notes to the Financial Statements
For the financial year ended 31 December 2008
8. Income taxes
(a)
Income tax expense
Group
2008 2007
$ $
Tax expense attributable to profit is made up of:
Profit from current financial year
- Current income tax 430,000 450,000
Over provision in prior financial years
- Current income tax (174,615) –
255,385 450,000
(b)
The tax expense on profit differs from the amount that would arise using the Singapore standard
rate of income tax is explained below:
Group
2008 2007
$ $
Profit before tax 23,846,029 40,656,084
Tax calculated at a tax rate of 18% (2007: 18%) 4,292,285 7,318,095
Effects of
- Singapore statutory stepped income exemption (82,350) (82,350)
- Income not subject to tax (4,272,267) (6,811,952)
- Expenses not deductible for tax purposes 492,332 104,026
- Utilisation of previously unrecognised capital allowances – (77,819)
Tax charge 430,000 450,000
57
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
8. Income taxes (continued)
(c)
Deferred income taxes
Movement in deferred income tax liabilities is as follows:
Group
Company
2008 2007 2008 2007
$ $ $ $
Beginning of financial year 101,530 8,268,846 – 9,704,870
(Credited)/charged to equity
[Note 25(b)(ii)] – (8,167,316) – (9,704,870)
End of financial year 101,530 101,530 – –
Represented by:
Accelerated tax depreciation 101,530 101,530 – –
Deferred tax liabilities are expected to be settled after one year.
In 2007, the Group and the Company wrote back the deferred tax liabilities provided on the fair
value gains of the financial assets, available for sale, to the fair value reserve as the directors,
having considered the full facts and justifications, available for sale, believed that the fair value
gains are capital in nature and not taxable.
9. Earnings per share
(a)
Basic earnings per share
Basic earnings per share is calculated by dividing the net profit attributable to equity holders of
the Company by the weighted average number of ordinary shares outstanding during the financial
year.
Group
2008 2007
Net profit attributable to equity holders of the Company ($) 23,590,644 40,206,084
Weighted average number of ordinary shares outstanding for
basic earnings per share 196,942,904 195,616,007
Basic earnings per share (cents per share) 11.98 20.55
58
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
9. Earnings per share (continued)
(b)
Diluted earnings per share
For the purpose of calculating diluted earnings per share, profit attributable to equity holders of
the Company and the weighted average number of ordinary shares outstanding are adjusted for
the effects of all dilutive potential ordinary shares. The dilutive potential ordinary shares of the
Company are share options.
For share options, the weighted average number of shares on issue has been adjusted as if all
dilutive share options were exercised. The number of shares that could have been issued upon
the exercise of all dilutive share options less the number of shares that could have been issued at
fair value (determined as the Company’s average share price for the financial year) for the same
total proceeds is added to the denominator as the number of shares issued for no consideration.
No adjustment is made to the net profit.
Diluted earnings per share attributable to equity holders of the Company is calculated as follows:
Group
2008 2007
Net profit attributable to equity holders of the Company ($) 23,590,644 40,206,084
Weighted average number of ordinary shares outstanding for
basic earnings per share 196,942,904 195,616,007
Adjustments for share options 287,915 1,245,359
197,230,819 196,861,366
Diluted earnings per share (cents per share) 11.96 20.42
The calculation of the basic and diluted earnings per share for 2008 and 2007 were adjusted
for the financial effects of the bonus issue of 1 bonus share for every 10 existing ordinary shares
during the year (Note 24).
10. Cash and cash equivalents
Group
Company
2008 2007 2008 2007
$ $ $ $
Cash at bank and on hand 3,787,512 2,492,042 71,613 20,459
Short-term bank deposits 525,626 7,303,183 10,050 10,016
4,313,138 9,795,225 81,663 30,475
Short-term bank deposits at balance sheet date have an average maturity of 1.58 weeks (2007: 1 week)
from that date and have a weighted average effective interest rate of 3.86% (2007: 4.70%) per annum.
59
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
11. Financial assets, available-for-sale
Group
Company
2008 2007 2008 2007
$ $ $ $
Beginning of financial year 130,340,000 51,975,000 130,340,000 51,975,000
Fair value (losses)/gains recognised in
equity [Note 25(b)(ii)] (109,250,000) 111,186,900 (109,250,000) 111,186,900
Disposals – (32,821,900) – (32,821,900)
End of financial year 21,090,000 130,340,000 21,090,000 130,340,000
Financial assets, available-for-sale are analysed as follows:
Group
Company
2008 2007 2008 2007
$ $ $ $
Listed security
- Equity security - Singapore 21,090,000 130,340,000 21,090,000 130,340,000
12. Trade and other receivables
Group
Company
2008 2007 2008 2007
$ $ $ $
Trade receivables:
- Non-related parties 16,966,404 11,675,641 – –
- Associated company 11,339 – – –
16,977,743 11,675,641 – –
Less: Allowance for impairment of
receivables
- Non-related parties (882,296) (873,268) – –
16,095,447 10,802,373 – –
Other receivables
- Non-related parties – 521,591 – –
- Subsidiaries – – 50,938,399 55,834,993
16,095,447 11,323,964 50,938,399 55,834,993
The non-trade receivables from subsidiaries are unsecured, interest-free and are repayable on demand.
60
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
13. Inventories
Group
2008 2007
$ $
Materials and supplies to be consumed in the production of services 146,637 32,541
The cost of inventories recognised as an expense and included in “cost of sales” amounted to $412,501
(2007: $528,535).
14. Other current assets
Group
Company
2008 2007 2008 2007
$ $ $ $
Prepayments 801,783 437,797 16,744 19,109
Advance payment for purchase of
property, plant and equipment 500,150 – – –
Deposits 156,683 144,878 452 9,056
1,458,616 582,675 17,196 28,165
15. Non-current asset classified as held for sale
On 25 June 2007, the Group entered into an agreement to sell a vessel and accordingly reclassified the
net book value of the vessel from property, plant and equipment to non-current asset held for sale as at
31 December 2007. The sale was completed during the current financial year.
16. Investments in subsidiaries
Group
2008 2007
$ $
Unquoted equity shares, at cost 7,785,782 7,735,782
61
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
16. Investments in subsidiaries (continued)
Details of subsidiaries are as follows:
Name of company
Principal activities
Country of
incorporation/
place of
business
Equity holding
2008 2007
% %
Swissco Offshore Pte Ltd (a)
Singapore Marine Logistics
Pte Ltd (a)
Operator of offshore support
vessels, ship chartering, provision
of marine logistics services and
related business
Ship repair and maintenance and
related services
Singapore 100 100
Singapore 100 100
Swissco Asia Pte Ltd (a) Ship owner and ship operator Singapore 100 100
Swissco Offshore Ltd (b)
Holding the Seychelles-flagged
vessels in trust for Swissco
Offshore
Republic of
Seychelles
100 100
Swissco Maritime Pte Ltd (a) Ship owner and ship operator Singapore 100 –
Regional Marine Supply
Private Limited (c)
Dormant Singapore 99.998 99.998
(a)
(b)
(c)
Audited by PricewaterhouseCoopers LLP, Singapore
Not required to be audited under the laws of the country of incorporation
Audited by R Chan & Co, Singapore
62
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
17. Investment in an associated company
Group
Company
2008 2007 2008 2007
$ $ $ $
Equity investment at cost 210,653 – 210,653 –
Share of losses (210,653) –
– –
The summarised financial information of
associated companies is as follows
- Assets 4,936,671 –
- Liabilities 5,378,670 –
- Revenue 658,494 –
- Net losses (999,598) –
Share of an associated company’s
contingent liabilities incurred jointly with
other investors – –
Contingent liabilities for which the Group
is severally liable – –
The Group has not recognised its share of losses of the associated company amounting to $279,150
because the Group’s cumulative share of losses exceeds its equity investment in that entity.
Details of the associated company are as follows:
Name of company
Principal activities
Country of
incorporation/
place of
business
Equity holding
2008 2007
% %
PT Swissco Indonesia (a) Ship owner and ship operator Indonesia 49 –
(a)
Audited by Johan Malonda Astika & Rekan
63
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
18. Property, plant and equipment
Group
Vessels/
barges
$
Leasehold
building
$
Motor
vehicles
$
Furniture,
fittings and
computers
$
Plant and
equipment
$
Vessels
under
construction
$
Building
under
construction
$
Total
$
Cost
At 1 January
2008 52,712,817 3,093,195 1,447,324 88,860 2,750,563 32,089,319 – 92,182,078
Additions 2,501 – 94,000 18,424 770,714 56,056,837 1,058,800 58,001,276
Disposals (6,937,097) – (720,692) – (712,500) – – (8,370,289)
Transferred
from vessels
under
construction 39,686,200 – – – – (39,686,200) – –
At 31
December 2008 85,464,421 3,093,195 820,632 107,284 2,808,777 48,459,956 1,058,800 141,813,065
Accumulated
depreciation
At 1 January
2008 3,096,197 1,845,563 684,977 57,373 1,458,040 – – 7,142,150
Depreciation 3,900,373 207,937 113,961 11,091 413,264 – – 4,646,626
Disposals (717,617) – (324,060) – (407,738) – – (1,449,415)
At 31
December 2008 6,278,953 2,053,500 474,878 68,464 1,463,566 – – 10,339,361
Net book value
At 31
December 2008 79,185,468 1,039,695 345,754 38,820 1,345,211 48,459,956 1,058,800 131,473,704
64
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
18. Property, plant and equipment (continued)
Group
Vessels/
barges
$
Leasehold
building
$
Motor
vehicles
$
Furniture,
fittings and
computers
$
Plant and
equipment
$
Vessels under
construction
$
Total
$
Cost
At 1 January 2007 36,107,045 3,093,195 1,386,505 83,576 2,166,483 14,910,323 57,747,127
Additions 416,893 – 676,823 7,684 748,080 51,950,087 53,799,567
Disposals (11,309,448) – (616,004) (2,400) (164,000) (566,755) (12,658,607)
Transferred from vessels
under construction 34,204,336 – – – – (34,204,336) –
Reclassified to non-current
asset held for sale
(Note 15) (6,706,009) – – – – – (6,706,009)
At 31 December 2007 52,712,817 3,093,195 1,447,324 88,860 2,750,563 32,089,319 92,182,078
Accumulated depreciation
At 1 January 2007 2,803,796 1,637,632 815,522 47,815 1,314,004 – 6,618,769
Depreciation 2,227,199 207,931 202,171 11,958 292,534 – 2,941,793
Disposals (1,767,148) – (332,716) (2,400) (148,498) – (2,250,762)
Reclassified to non-current
asset held for sale
(Note 15) (167,650) – – – – – (167,650)
At 31 December 2007 3,096,197 1,845,563 684,977 57,373 1,458,040 – 7,142,150
Net book value
At 31 December 2007 49,616,620 1,247,632 762,347 31,487 1,292,523 32,089,319 85,039,928
A motor vehicle with total carrying amount of $55,040 (2007: $683,704) is registered in the name of an
employee who holds it in trust for the Group.
Leasehold building and vessels with a total carrying amount of $33,199,235 (2007: $13,629,714) are
pledged as securities for bank borrowings (Note 20).
Additions for the year include motor vehicles of $94,000 (2007: $631,047) acquired under finance
leases. The carrying amounts of motor vehicles and plant and equipment held under finance leases are
$285,401 (2007: $693,007) and $28,461 (2007: $43,228) respectively at the balance sheet date.
65
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
19. Trade and other payables
Group
Company
2008 2007 2008 2007
$ $ $ $
Trade payables
- Non-related parties 6,324,890 3,263,190 – –
Other payables
- Non-related parties 306,627 123,253 – –
- Other related parties 51,166 56,406 – –
357,793 179,659 – –
Payables for purchase of property, plant
and equipment 6,331,462 3,084,184 – –
Accrual for directors’ fees and
performances bonus 5,099,000 6,844,030 5,099,000 6,844,030
Other accruals for operating expenses 2,959,699 2,970,906 558,552 302,105
Deposits received 2,407,751 994,023 – –
23,480,595 17,335,992 5,657,552 7,146,135
Other related parties comprise controlling shareholders of the Company and a company controlled by
the controlling shareholders of the Company.
The non-trade payables due to other related parties are unsecured, interest-free and are repayable on
demand.
20. Borrowings
66
Swissco International Limited
Annual Report 2008
Group
2008 2007
$ $
Current
Revolving credit facility 14,300,000 4,400,000
Bank term loans 4,247,581 3,039,240
Finance lease liabilities (Note 21) 65,824 166,668
18,613,405 7,605,908
Non-current
Bank term loans 7,080,594 7,062,515
Finance lease liabilities (Note 21) 154,804 356,385
7,235,398 7,418,900
Total borrowings 25,848,803 15,024,808

Notes to the Financial Statements
For the financial year ended 31 December 2008
20. Borrowings (continued)
Revolving credit facility and bank term loans are variable rate borrowings with repricing within 6 months
(2007: 6 months) of the balance sheet date.
(a)
Security granted
Total borrowings include secured liabilities of $15,798,797 (2007: $10,624,808). Bank term loans
are secured over certain vessels/barges and leasehold buildings (Note 18). Finance lease liabilities
are secured by the rights to the leased plant and equipment and motor vehicles (Note 18), which
will revert to the lessor in the event of default by the Group.
(b)
Fair value of non-current borrowings
Group
2008 2007
$ $
Bank term loans 7,080,594 7,062,515
Finance lease liabilities 154,804 356,385
The carrying amounts of non-current borrowings approximate their fair values as these are variable
rate borrowings.
21. Finance lease liabilities
Group
2008 2007
$ $
Minimum lease payments due
- Not later than one year 76,745 191,832
- Between one and five years 186,354 415,482
263,099 607,314
Less:
Future finance charges (42,471) (84,261)
Present value of finance lease liabilities 220,628 523,053
Group
2008 2007
$ $
The present values of finance lease liabilities are analysed as follows:
Not later than one year (Note 20) 65,824 166,668
Later than one but not later than five years (Note 20) 154,804 356,385
220,628 523,053
67
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
22. Deferred gain
Deferred gain, which relates to the Group’s share of the unrealised gain arising from the disposal of a
vessel to an associated company, is credited to the income statement on a straight-line basis over the
period to match the depreciation of the disposed vessel, which is included in the share of associated
company’s results for the financial year. Movements in deferred gain are as follows:
Group
2008 2007
$ $
Addition during the year 1,260,056 –
Credited to income statement (Note 4) (47,250) –
At 31 December 1,212,806 –
23. Immediate and ultimate holding company
The immediate and ultimate holding company is Yeo Holdings Private Limited, a company incorporated
in Singapore. Mr Yeo Chong Lin and Mr Alex Yeo Kian Teong are the ultimate controlling shareholders of
the Company.
24. Share capital
No. of ordinary
shares
Issued
share capital
Amount
Share
capital
$
Group and Company
2008
At 1 January 178,757,925 26,919,114
Bonus issue 17,875,792 –
Share issue - share options 575,000 348,281
Transfer from share option reserve upon exercise of share options – 112,771
At 31 December 197,208,717 27,380,166
2007
At 1 January 176,377,925 25,825,450
Share issue - share options 2,380,000 916,976
Transfer from share option reserve upon exercise of share options – 176,688
At 31 December 178,757,925 26,919,114
68
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
24. Share capital (continued)
All issued ordinary shares are fully paid. The newly issued shares rank pari passu in all respects with the
previously issued shares.
On 9 April 2008, the Company issued 17,875,792 new ordinary shares on the basis of 1 bonus share
credited as fully paid at nil consideration for every 10 existing ordinary shares held by the shareholders of
the Company.
Share options
Share options were granted to employees, executive directors and non-executive directors who have
contributed to the growth and development of the Group under the Swissco Share Option Scheme
(“Scheme”), which became operative on 21 October 2004.
The exercise price of the granted options is equal to the average of the last dealt price of the Company’s
ordinary shares on the Mainboard of the Singapore Exchange Securities Trading Limited for the five
consecutive market days immediately preceding the date of grant.
In relation to an option granted to a person who is a controlling shareholder or an associate of a
controlling shareholder, the exercise price for the share option shall be equal to the average of the last
dealt prices for the Company’s share for the five consecutive market days immediately preceding the
latest practicable date prior to the date of any circular, letter or notice to the shareholders proposing to
seek their approval of the grant of such options to the controlling shareholders or their associate.
The period of the exercise of an option granted under the Scheme shall be the period commencing after
the first anniversary of the relevant date of grant of the option but before the tenth anniversary of such
relevant date of grant of the option or date of expiry of the Scheme whichever is earlier.
On 15 March 2008 and 29 April 2008, options to subscribe for 550,000 ordinary shares and 1,100,000
ordinary shares of the Company at an exercise price of S$0.76 and S$0.81 per ordinary share
respectively were granted pursuant to the Scheme (“2008 Options”). The 2008 Options are exercisable
from 15 March 2009 and 29 April 2009.
Subsequent to the end of the financial year, on 16 March 2009, the Company issued options to
subscribe for 866,667 ordinary shares of the Company at an exercise price of S$0.29 pursuant to the
Scheme.
69
Swissco International Limited
Annual Report 2008

Statistics of Shareholdings
As at 16 March 2009
24. Share capital (continued)
Movement in the number of unissued ordinary shares under options and their exercise prices during the
financial year are as follows:
Number of ordinary shares under option
Group and
Company
Beginning
of financial
year
Granted
during
financial
year
Forfeited
during
financial
year
Exercised
during
financial
year
End of
financial
year
Exercise
price
Exercise
Period
2008
15.3.2005 50,000 – – (50,000) – S$0.256
15.3.2006 100,000 – – – 100,000 S$0.390
15.3.2007 350,000 – (200,000) – 150,000 S$0.587
15.3.2007 450,000 – – (225,000) 225,000 S$0.587
27.4.2007 1,000,000 – – (300,000) 700,000 S$0.678
15.3.2008 – 200,000 – – 200,000 S$0.760
15.3.2008 – 350,000 (50,000) – 300,000 S$0.760
29.4.2008 – 1,100,000 – – 1,100,000 S$0.810
15.3.2006
– 14.3.2015
15.3.2007
– 14.3.2016
15.3.2008
– 14.3.2012
15.3.2008
– 14.3.2017
27.4.2008
– 26.4.2017
15.3.2009
– 14.3.2013
15.3.2009
– 14.3.2018
29.4.2009
– 28.4.2018
1,950,000 1,650,000 (250,000) (575,000) 2,775,000
70
Swissco International Limited
Annual Report 2008

Statistics of Shareholdings
As at 16 March 2009
24. Share capital (continued)
Number of ordinary shares under option
Group and
Company
Beginning
of financial
year
Granted
during
financial
year
Forfeited
during
financial
year
Exercised
during
financial
year
End of
financial
year
Exercise
price
Exercise
Period
2007
15.3.2005 80,000 – – (80,000) – $0.256
15.3.2005 100,000 – – (50,000) 50,000 S$0.256
29.4.2005 300,000 – – (300,000) – S$0.244
15.3.2006 300,000 – – (300,000) – $0.390
15.3.2006 750,000 – – (650,000) 100,000 S$0.390
28.4.2006 1,000,000 – – (1,000,000) – S$0.440
15.3.2007 – 350,000 – – 350,000 $0.760
15.3.2007 – 550,000 (100,000) – 450,000 S$0.587
27.4.2007 – 1,000,000 – – 1,000,000 S$0.678
2,530,000 1,900,000 (100,000) (2,380,000) 1,950,000
15.3.2006
– 14.3.2010
15.3.2006
– 14.3.2015
29.4.2006
– 28.4.2015
15.3.2007
– 14.3.2011
15.3.2007
– 14.3.2016
28.4.2007
– 27.4.2016
15.3.2008
– 14.3.2012
15.3.2008
– 14.3.2017
27.4.2008
– 26.4.2017
Out of the outstanding options for 2,775,000 (2007: 1,950,000) shares, options for 1,175,000 (2007:
150,000) shares are exercisable at the balance sheet date. For share options exercised during the
financial year, the weighted average share price at the time of exercise was $0.62 (2007: $0.95) per
share.
The fair value of options granted on 15 March 2008 and 29 April 2008 (2007: 15 March 2007 and
27 April 2007), determined using the Black Scholes valuation model was $154,000 and $363,000
respectively (2007: $135,461 and $252,797 respectively). The significant inputs into the model were
share price of $0.76 and $0.81 (2007: $0.59 and $0.80) at the grant dates of 15 March 2008 and 29
April 2008 respectively (2007: 15 March 2007 and 27 April 2007 respectively), exercise prices shown as
above, standard deviation of expected share price returns of 80.26% and 71.06% (2007: 51.2% and
51.9%), dividend yield of 1.31% and 1.10% (2007: 1.69% and 1.25%) respectively, the option life shown
above and annual risk free rate of 0.91% to 1.11% (2007: 2.20% to 2.24%). The volatility measured as
the standard deviation of expected share price returns was based on the historical share price data.
71
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
25. Other reserves
2008
$
Group
2007
$
2008
$
Company
2007
$
(a)
Composition:
Share option reserve 605,133 286,955 605,133 286,955
Fair value reserve 13,394,365 122,644,365 18,705,920 127,955,920
13,999,498 122,931,320 19,311,053 128,242,875
Other reserves are non-distributable.
(b)
Movements:
(i)
Share option reserve
At 1 January 286,955 147,394 286,955 147,394
Employee share option
scheme:
- Value of employee
service (Note 7) 430,949 316,249 430,949 316,249
- Transfer to share capital
on exercise of share
options (112,771) (176,688) (112,771) (176,688)
At 31 December 605,133 286,955 605,133 286,955
(ii)
Fair value reserve
At 1 January 122,644,365 32,669,264 127,955,920 38,819,483
Financial assets, availablefor-sale
- Fair value (losses)/gains
(Note 11) (109,250,000) 111,186,900 (109,250,000) 111,186,900
- Tax on fair value gains
[Note 8(c)] – 8,167,316 – 9,704,870
(109,250,000) 119,354,216 (109,250,000) 120,891,770
Transfer to income
statement on disposal
(Note 4) – (29,379,115) – (31,755,333)
At 31 December 13,394,365 122,644,365 18,705,920 127,955,920
72
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
26. Retained earnings
(a)
(b)
The retained earnings of the Group and the Company are distributable.
Movement in retained earnings for the Company is as follows:
Company
2008 2007
$ $
At 1 January 31,661,291 2,673,901
Net (loss)/profit (1,918,532) 36,131,206
Dividends (Note 27) (1,967,837) (7,143,816)
At 31 December 27,774,922 31,661,291
Movements in retained earnings for the Group are shown in the Consolidated Statement of
Changes in Equity.
27. Dividends
Group and Company
2008 2007
$ $
Final tax exempt (one-tier) dividend paid in respect of the previous
financial year of 0.2 cents (2007: 0.2 cents) per share 393,567 356,216
Special final tax exempt (one-tier) dividend paid in respect of the
previous financial year of 0.8 cents (2007: 0.8 cents) per share 1,574,270 1,424,862
Interim tax exempt (one-tier) dividend paid in respect of the current
financial year of Nil cents (2007: 3 cents) per share – 5,362,738
1,967,837 7,143,816
At the Annual General Meeting on 30 April 2009, a final tax exempt (one-tier) dividend of 1 cent per
share amounting to S$1,972,087 will be recommended. These financial statements did not reflect these
dividends, which will be accounted for in shareholders’ equity as an appropriation of retained earnings in
the financial year ending 31 December 2009.
73
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
28. Commitments
(a)
Operating lease commitments - where the Group is a lessee
The Group leases office premises under non-cancellable operating lease agreements. The leases
have varying terms and renewal rights.
The future minimum lease payables under non-cancellable operating leases contracted for at the
balance sheet date but not recognised as liabilities, are as follows:
Group
2008 2007
$ $
Not later than one year
- Non-related parties 188,767 158,644
- A related party 240,000 720,000
428,767 878,644
Between one and five years
- Non-related parties 740,101 692,407
- A related party – 240,000
740,101 932,407
More than five years
- Non-related parties 4,370,195 –
5,539,063 1,811,051
The related party is a company controlled by the controlling shareholders of the Company.
(b)
Operating lease commitments – where the Group is a lessor
The Group has entered into charter hire leases on its fleet of vessels.
The future minimum lease receivables under non-cancellable operating leases contracted for at
the balance sheet date but not recognised as receivables, are as follows:
Group
2008 2007
$ $
Not later than one year 11,393,083 14,654,289
Between one and five years 7,792,623 249,630
19,185,706 14,903,919
74
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
28. Commitments (continued)
(c)
Capital commitments
Capital expenditure contracted for at the balance sheet date but not recognised in the financial
statements is as follows:
Group
2008 2007
$ $
Expenditure contracted for the purchase of vessels/barges 53,995,225 60,768,482
29. Contingent liabilities
Corporate guarantees
Group
Company
2008 2007 2008 2007
$ $ $ $
Unsecured corporate guarantees given
to banks in connection with banking
facilities provided to subsidiaries and
an associated company 2,870,861 – 30,745,861 25,875,000
30. Financial risk management
Financial risk factors
The Group’s activities expose it to market risk (including currency risk, interest rate risk and price risk),
credit risk and liquidity risk. The Group’s overall risk management strategy seeks to minimise adverse
effects from the unpredictability of financial markets on the Group’s financial performance.
The Board of Directors is responsible for setting the objectives and underlying principles of financial
risk management for the Group. The management team then establishes the detailed policies such as
authority levels, oversight responsibilities, risk identification and measurement and risk exposure limits
such as customer credit limits, in accordance with the objectives and underlying principles approved by
the Board of Directors.
Financial risk management is carried out by the Finance Department in accordance with policies set by
management team. The Finance Department measures the actual exposures against the limits set and
prepares regular reports for review by the management team and the Board of Directors.
75
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
30. Financial risk management (continued)
Financial risk factors
(a)
Market risk
(i)
Currency risk
The Group is exposed to foreign exchange risk primarily with respect to United States Dollar
(“USD”) as significant sales and purchases are denominated in USD. The Group does not
undertake any foreign exchange contracts to hedge its USD exposure as the management
matches financial assets and liabilities denominated in USD whenever possible.
The Company’s transactions are predominantly denominated in the Singapore Dollar
(“SGD”) and there is no significant exposure to foreign currency risk.
The Group’s currency exposure based on the information provided to key management is
as follows:
SGD
$
USD
$
Total
$
At 31 December 2008
Financial assets
Cash and cash equivalents 1,672,031 2,641,107 4,313,138
Financial assets, available-for-sale 21,090,000 – 21,090,000
Trade and other receivables 4,125,368 11,970,079 16,095,447
26,887,399 14,611,186 41,498,585
Financial liabilities
Trade and other payables 10,825,248 12,655,347 23,480,595
Borrowings 25,848,803 – 25,848,803
36,674,051 12,655,347 49,329,398
Net financial (liabilities)/assets (9,786,652) 1,955,839 (7,830,813)
Less: Net financial liabilities denominated in
the respective entities’ functional currencies 9,786,652 –
Less: Firm commitments* – (46,034,931)
Currency exposure on financial assets
and liabilities – (44,079,092)
* Expenditure contracted for the purchase of vessels/barges
76
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
30. Financial risk management (continued)
Financial risk factors (continued)
(a)
Market risk (continued)
(i)
Currency risk (continued)
SGD
$
USD
$
Total
$
At 31 December 2007
Financial assets
Cash and cash equivalents 1,242,268 8,552,957 9,795,225
Financial assets, available-for-sale 130,340,000 – 130,340,000
Trade and other receivables 4,792,317 6,531,647 11,323,964
136,374,585 15,084,604 151,459,189
Financial liabilities
Trade and other payables 13,820,792 3,515,200 17,335,992
Borrowings 15,024,808 – 15,024,808
28,845,600 3,515,200 32,360,800
Net financial assets 107,528,985 11,569,404 119,098,389
Less: Net financial assets denominated in
the respective entities’ functional currencies (107,528,985) –
Less: Firm commitments* – (47,222,482)
Currency exposure on financial assets
as liabilities – (35,653,078)
* Expenditure contracted for the purchase of vessels/barges
At 31 December 2008, if the USD had strengthened/weakened by 5% (2007: 4%) against
the SGD with all other variable including tax rate being held constant, the Group’s profit
after tax for the financial year would have been $97,792 (2007: $462,776) higher/lower
as a result of net currency translation gains/losses on USD-denominated cash and cash
equivalents, trade and other receivables and trade and other payables.
(ii)
Price risk
The Group and the Company are exposed to equity securities price risk on investments
classified as financial assets, available-for-sale. These securities are listed in Singapore.
The Group monitors closely the performance of the investee company, including its trading
price. The Group is not exposed to commodity price risk.
If prices for the equity securities listed in Singapore had changed by 5% (2007: 10%)
respectively with all other variables including tax rate being held constant, the Group’s and
Company’s equity would have been $1,054,500 (2007: $13,034,000) higher/lower.
77
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
30. Financial risk management (continued)
Financial risk factors (continued)
(a)
Market risk (continued)
(iii)
Cash flow interest rate risks
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk
that the fair value of a financial instrument will fluctuate due to changes in market interest
rates. As the Group has no significant interest-bearing assets other than fixed deposits,
the Group’s income and operating cash flows are substantially independent of changes in
market interest rates.
The Group is exposed to cash flow interest rate risk arising mainly from its variable-rate
borrowings. The Group’s borrowings are substantially floating rate instruments which are
undertaken specifically for purchases of vessels. The Group does not enter into derivative
contracts to hedge its interest rate risks.
The Group’s borrowings at variable rates on which effective hedges have not been entered
into, are denominated mainly in SGD. If the SGD interest rates increase/decrease by 1.5%
(2007: 1%) with all other variables including tax rate being held constant, the profit after
tax will be lower/higher by $384,423 (2007: $122,007) as a result of higher/lower interest
expense on these borrowings.
(b)
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting
in financial loss to the Group. For trade receivables, the Group adopts the policy of dealing only
with customers of appropriate credit history, and obtaining sufficient security where appropriate
to mitigate credit risk. For other financial assets, the Group adopts the policy of dealing only with
high credit quality counterparties. The Group regularly monitors the counterparty’s payment profile
and credit exposure at the entity level.
As the Group and the Company do not hold any collateral, the maximum exposure to credit risk
for each class of financial instruments is the carrying amount of that class of financial instruments
presented on the balance sheet, except as follows:
Group
Company
2008
$
2007
$
2008
$
2007
$
Corporate guarantees provided to
banks on subsidiaries’ and an
associated company’s loans 2,870,861 - 30,745,861 25,875,000
The Group’s and Company’s major classes of financial assets are bank deposits, financial assets,
available-for-sale and trade and other receivables.
78
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
30. Financial risk management (continued)
Financial risk factors (continued)
(b)
Credit risk (continued)
The credit risk for trade receivables based on the information provided to key management is as
follows:
Group
2008 2007
$ $
By business segments
Chartering 14,145,146 7,868,261
Ship repair and related services 2,832,597 3,807,380
16,977,743 11,675,641
(i)
Financial assets that are neither past due nor impaired
Bank deposits are neither past due nor impaired as these are mainly deposits with reputable
banks. Financial assets, available-for-sale which refers to an investment in a Singapore
listed security, is neither past due or impaired as there is an active trading market for the
security and there is no significant or prolonged decline in its fair value. Trade receivables
that are neither past due nor impaired are substantially companies with a good collection
track record with the Group.
(ii)
Financial assets that are past due and/or impaired
There is no other class of financial assets that is past due and/or impaired except for trade
receivables.
The age analysis of trade receivables past due but not impaired is as follows:
Group
2008 2007
$ $
Past due 0 to 3 months 7,118,661 4,714,966
Past due 3 to 6 months 3,801,886 1,368,748
Past due over 6 months 765,253 710,490
11,685,800 6,794,204
79
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
30. Financial risk management (continued)
(b)
Credit risk (continued)
(ii)
Financial assets that are past due and/or impaired (continued)
The carrying amount of trade receivables individually determined to be impaired and the
movement in the related allowance for impairment are as follows:
Group
2008 2007
$ $
Gross amount 882,296 873,268
Less: Allowance for impairment (882,296) (873,268)
– –
At 1 January 873,268 586,372
Allowance made 72,379 286,896
Allowance utilised (63,351) –
At 31 December 882,296 873,268
The individually impaired receivables mainly relate to customers that are in financial
difficulties and whose payments are not forthcoming.
(c)
Liquidity risk
The table below analyses the maturity profile of the Group’s and Company’s financial liabilities
based on contractual undiscounted cash flows.
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
Over 5
years
$ $ $ $
Group
At 31 December 2008
Trade and other payables 23,480,595 – – –
Borrowings 18,998,952 6,312,785 1,176,497 –
42,479,547 6,312,785 1,176,497 –
At 31 December 2007
Trade and other payables 17,335,992 – – –
Borrowings 7,932,477 6,019,686 1,747,872 –
25,268,469 6,019,686 1,747,872 –
80
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
30. Financial risk management (continued)
(c)
Liquidity risk (continued)
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
Over 5
years
$ $ $ $
Company
At 31 December 2008
Trade and other payables 5,657,552 - - -
At 31 December 2007
Trade and other payables 7,146,135 - - -
The Group and Company manage the liquidity risk by maintaining sufficient cash and marketable
securities, and available funding through an adequate amount of committed credit facilities to
enable them to meet their normal operating commitments.
(d)
Capital risk
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as
a going concern and to maintain an optimal capital structure so as to maximise shareholder value.
In order to maintain or achieve an optimal capital structure, the Group may adjust the amount of
dividend payment, issue new shares or obtain new borrowings.
Management monitors capital based on a gearing ratio. The Group’s policy, which was
unchanged from 2007, is to maintain a gearing ratio of not exceeding 50%.
The gearing ratio is calculated as net borrowings divided by total equity. Net borrowings is
calculated as borrowings less cash and cash equivalents.
Group
2008 2007
$ $
Net borrowings 21,535,665 5,229,583
Total equity 123,307,369 210,155,332
Total capital 144,843,034 215,384,915
Gearing ratio 17% 2%
The Group is in compliance with all externally imposed capital requirements for the financial years
ended 31 December 2008 and 2007.
81
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
31. Related party transactions
In addition to the information disclosed elsewhere in the financial statements, the following related party
transactions took place between the Group and related parties at terms agreed between the parties:
(a)
Sales and purchases of goods and services
2008
$
Group
2007
$
Rental expense paid to a related party 720,000 624,000
Hire of vessel from an associated company 208,735 –
Salaries paid to related parties 174,504 161,483
Sale of motor vehicles to related parties 217,554 –
Sale of a vessel to an associated company 5,197,313 –
The related parties comprise controlling shareholders of the Company, close members of their
family and companies controlled by the controlling shareholders of the Company.
Outstanding balances at 31 December 2008, arising from purchase of services, are set out in
Note 19.
A guarantee provided by the Company for loans made to an associate, is set out in Note 29.
(b)
Key management personnel compensation
The key management personnel compensation is as follows:
2008
$
Group
2007
$
Salaries and other short-term employee benefits 6,144,135 7,508,247
Employer’s contribution to defined contribution plans,
including Central Provident Fund 54,001 43,139
Directors’ fees 153,933 167,700
Share options expense 430,949 316,249
6,783,018 8,035,335
Included in the above is total compensation to directors of the Company amounting to $6,300,182
(2007: $7,623,116). Out of which, $6,096,736 (2007: $7,409,535) is compensation to directors
who are controlling shareholders of the Company.
82
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
32. Segment information
Primary reporting format – business segments
At 31 December 2008, the Group is organised into two main business segments:
• Chartering (including sale of out-port-limit services and related income)
• Ship repair and related services
Inter-segment transactions are recorded at their transacted price which is generally at fair value.
Unallocated costs represent corporate expenses. Segment assets consist primarily of property, plant
and equipment, cash and cash equivalents, trade and other receivables, inventories and other current
assets. Segment liabilities comprise operating liabilities and exclude items such as tax liabilities and
bank borrowings. Capital expenditure comprises additions to property, plant and equipment.
Primary reporting format – business segments
Group
Financial year ended
31 December 2008
Chartering
Ship repair
and related
services Elimination Total
$’000 $’000 $’000 $’000
Sales 58,085 5,829 (10,986) 52,928
Segment result 24,830 1,697 – 26,527
Unallocated costs (1,865)
Finance costs (605)
Share of loss of an associated company (211) – – (211)
Profit before tax 23,846
Income tax expense (255)
Net profit 23,591
Segment assets 195,984 5,908 (48,503) 153,389
Financial assets, available-for-sale 21,090
Unallocated assets 99
Consolidated total assets 174,578
Segment liabilities 119,049 1,934 (97,666) 23,317
Unallocated liabilities 27,953
Consolidated total liabilities 51,270
Other segment items
Capital expenditure 57,602 399 – 58,001
Depreciation 4,540 107 – 4,647
Impairment loss on trade and other
receivables 244 (172) – 72
83
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
32. Segment information (continued)
Primary reporting format - business segments (continued)
Group
Financial year ended
31 December 2007
Chartering
Ship repair
and related
services Elimination Total
$’000 $’000 $’000 $’000
Sales 30,068 4,980 (3,890) 31,158
Segment result 16,641 959 – 17,600
Financial assets, available-for-sale
- Transfer from equity on disposal 29,379
Unallocated costs (5,624)
Finance costs (699)
Profit before tax 40,656
Income tax expense (450)
Net profit 40,206
Segment assets 140,220 4,825 (31,791) 113,254
Financial assets, available-for-sale 130,340
Unallocated assets 59
Consolidated total assets 243,653
Segment liabilities 97,921 1,478 (86,932) 12,467
Unallocated liabilities 21,030
Consolidated total liabilities 33,497
Other segment items
Capital expenditure 53,708 91 – 53,799
Depreciation 2,881 61 – 2,942
Impairment loss on trade and other
receivables (63) 350 – 287
Secondary reporting format - geographical segments
No geographical segment information is presented as all of the Group’s assets are located in Singapore,
which is considered as one geographical location with similar risks and returns.
84
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
33. Critical accounting estimates, assumptions and judgements
Critical accounting estimates, assumptions and judgements are continually evaluated and are based on
historical experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
(i)
Impairment of trade receivables
The Group assesses at each balance sheet date whether there is objective evidence that trade
receivables have been impaired. Impairment loss is calculated based on a review of the current
status of existing receivables and historical collections experience. Such provisions are adjusted
periodically to reflect the actual and anticipated experience.
(ii)
Useful lives and residual values
The Group reviews the useful lives and residual values of its vessels and barges at each financial
year-end and any adjustments are made on a prospective basis. If estimates of the residual values
are revised, the amount of depreciation expenses in the future periods will be changed.
The useful lives of the vessels and barges are assessed periodically based on the condition of
the vessels and barges, market conditions and other regulatory requirements. If the estimates of
useful lives for the vessels and barges are revised or there is a change in useful lives, the amount
of depreciation expense recorded in future periods will be changed.
34. New or revised standards and interpretations
Certain new standards, amendments and interpretations to existing standards have been published and
are mandatory for the Group’s accounting periods beginning on or after 1 January 2009 or later periods
and which the Group has not early adopted. The Group’s assessment of the impact of adopting those
standards, amendments, and interpretations that are relevant to the Group is set out below:
(a) FRS 1(R) Presentation of Financial Statements (effective for annual periods beginning on or after 1
January 2009)
The revised standard requires:
• All changes in equity arising from transactions with owners in their capacity as owners to be
presented separately from components of comprehensive income;
• Components of comprehensive income not to be included in statement of changes in
equity;
• Items of income and expenses and components of other comprehensive income with
subtotals, or in two separate statements (a separate statement of profit and loss followed
by a statement of comprehensive income);
• Presentation of restated balance sheet as at the beginning of the comparative period when
entities make restatements or reclassifications of comparative information.
85
Swissco International Limited
Annual Report 2008

Notes to the Financial Statements
For the financial year ended 31 December 2008
34. New or revised standards and interpretations (continued)
(a) FRS 1(R) Presentation of Financial Statements (effective for annual periods beginning on or after 1
January 2009) (continued)
The revisions also include changes in the titles of some of the financial statements primary
statements.
The Group will apply the revised standard from 1 January 2009 and provide comparative
information that conforms to requirements of the revised standard. The key impact of the
application of the revised standard is the presentation of an additional primary statement that is
the statement of comprehensive income.
(b) FRS 108 Operating Segments (effective for annual periods beginning on or after 1 January 2009)
FRS 108 supersedes FRS 14 Segment Reporting and requires the Group to report the financial
performance of its operating segments based on the information used internally by management
for evaluating segment performance and deciding on allocation of resources. Such information
may be different from the information included in the financial statements, and the basis of its
preparation and reconciliation to the amounts recognized in the financial statements shall be
disclosed.
The Group will apply FRS 108 from 1 January 2009 and provide comparative information that
conforms to the requirements of FRS108. The expected impact is still being assessed in detail by
Management.
(c)
Revised FRS 23 Borrowing Costs (effective for annual periods beginning on or after 1 January
2009)
The revised standard removes the option to recognise immediately as an expense borrowing costs
that are attributable to qualifying assets, except for those borrowing costs on qualifying assets that
are measured at fair value or inventories that are manufactured or produced in large quantities on
a repetitive basis.
The Group will apply the revised FRS23 from 1 January 2009 but it is currently not expected to
have a material impact on the financial statements.
35. Authorisation of financial statements
These financial statements were authorised for issue in accordance with a resolution of the Board of
directors of Swissco International Limited on 30 March 2009.
86
Swissco International Limited
Annual Report 2008

Statistics of Shareholdings
As at 16 March 2009
Number of Issued and Fully Paid-up Shares : 197,208,717
Class of Shares : Ordinary Shares
Voting Rights : 1 vote per share
Analysis of Shareholdings
Size of Shareholdings
No of
Shareholders %
No.
of shares %
1 - 999 88 3.67 33,861 0.01
1,000 - 10,000 1,118 46.66 5,811,850 2.95
10,000 - 1,000,000 1,169 48.79 44,763,590 22.70
1,000,001 & above 21 0.88 146,599,416 74.34
TOTAL 2,396 100.00 197,208,717 100.00
List of Twenty Shareholders as at 16 March 2009
No. Shareholder’s Name No. of shares %
1 Yeo Holdings Private Limited 107,976,797 54.75
2 OCBC Securities Private Ltd 4,968,400 2.52
3 DBS Nominees Pte Ltd 3,415,219 1.73
4 Yeo Chong Lin 2,475,000 1.25
5 HSBC (Singapore) Nominees Pte Ltd 2,266,400 1.15
6 Teo Cheng Tuan Donald 2,200,000 1.11
7 Phillip Securities Pte Ltd 2,158,300 1.09
8 Chiang Tin Tiah 2,094,500 1.06
9 Yeo Kian Teong Alex 1,905,000 0.97
10 Citibank Nomines S’pore Pte Ltd 1,806,100 0.92
11 CIMB-GK Securities Pte Ltd 1,792,400 0.91
12 Meco Pte Ltd 1,700,300 0.86
13 Kim Eng Securities Pte Ltd 1,618,500 0.82
14 DMG & Partners Securities Pte Ltd 1,601,900 0.81
15 United Overseas Bank Nominees Pte Ltd 1,355,300 0.69
16 Chong Thim Pheng 1,298,000 0.66
17 Hong Leong Finance Nominees Pte Ltd 1,275,100 0.65
18 DBS Vickers Securities (S) Pte Ltd 1,234,100 0.63
19 UOB Kay Hian Pte Ltd 1,219,800 0.62
20 DBSN Services Pte Ltd 1,138,300 0.58
145,499,416 73.78
87
Swissco International Limited
Annual Report 2008

Statistics of Shareholdings
As at 16 March 2009
Substantial Shareholders
Name
Number of Issued and Fully Paid-up Shares
Direct Interest Deemed Interest
Yeo Holdings Private Limited 107,976,797 Nil
Yeo Chong Lin (Note 1) 2,475,000 107,976,797
Yeo Kian Teong Alex (Note 2) 1,905,000 107,976,797
Note 1 - Mr Yeo Chong Lin is deemed to be interested in the shares held by Yeo Holdings Private Limited by virtue of Section 7 of the
Companies Act, Chapter 50.
Note 2 - Mr Yeo Kian Teong Alex is deemed to be interested in the shares held by Yeo Holdings Private Limited by virtue of Section 7 of
the Companies Act, Chapter 50.
Based on the Register of Shareholders as at 16 March 2009, and to the best knowledge of the Company, the
percentage of shareholdings held in the hands of the public is approximately 42.9%. Accordingly, the Company
complies with Rule 723 of the Listing Manual.
88
Swissco International Limited
Annual Report 2008

Notice of Fifth Annual General Meeting
NOTICE IS HEREBY GIVEN THAT the Fifth Annual General Meeting of the Company will be held at 9 Pandan
Road, Singapore 609257 on 30 April 2009 at 10.00 a.m. for the purpose of transacting the following
businesses: -
ORDINARY BUSINESS
1. To receive and adopt the Directors’ Report and the Audited Accounts for the year
ended 31 December 2008 together with the Auditors’ Report thereon.
Resolution 1
2. To consider and if thought fit, to pass the following resolution:
“That pursuant to Section 153(6) of the Companies Act, Chapter 50, Mr Yeo Chong
Lin be and is hereby re-appointed as a Director of the Company to hold such office
until the next Annual General Meeting.”
3. To re-elect Mr Fong Hin Tat, a Director who is retiring pursuant to Article 87 of the
Company’s Articles of Association. [(see Explanatory Notes I (a)]
4. To approve the proposed payment of a first and final dividend of 1 cent per ordinary
share (tax exempt 1-tier) for the year ended 31 December 2008.
5. To approve the Directors’ fees of S$153,933 for the year ended 31 December 2008.
(2007: S$167,700)
6. To re-appoint PricewaterhouseCoopers LLP as Auditors and to authorise the Directors
to fix their remuneration.
Resolution 2
Resolution 3
Resolution 4
Resolution 5
Resolution 6
7. To transact any other business of the Company which may properly be transacted at
an Annual General Meeting.
SPECIAL BUSINESS
To consider and, if thought fit, to pass, with or without modifications, the following Ordinary
Resolutions:
8. Share Issue Mandate
Resolution 7
“That authority be and is hereby given to the Directors to issue:
(a) (i) shares in the capital of the Company (“shares”) whether by way of rights,
bonus or otherwise; and/or
(ii)
(iii)
(iv)
convertible securities;
additional convertible securities arising from adjustments made to the
number of convertible securities previously issued in the event of rights,
bonus or capitalisation issues; or
shares arising from the conversion of convertible securities,
89
Swissco International Limited
Annual Report 2008

Notice of Fifth Annual General Meeting
at any time and upon such terms and conditions and for such purposes and to such
persons as the Directors may, in their absolute discretion, deem fit; and
(b)
shares in pursuance of any convertible securities made or granted by the
Directors; notwithstanding the authority conferred by this Resolution may have
ceased to be in force,
provided that:
(1) the aggregate number of shares and convertible securities to be issued
pursuant to this Resolution (including shares to be issued in pursuance of
convertible securities made or granted pursuant to this Resolution):
(A)
(B)
by way of renounceable rights issues on a pro rata basis to shareholders
of the Company (“Renounceable Rights Issues”) shall not exceed 100%
of the total number of issued shares in the capital of the Company
excluding treasury shares (as calculated in paragraph (3) below); and
otherwise than by way of Renounceable Rights Issues (“Other Share
Issues”) shall not exceed 50% of the total number of issued shares in
the capital of the Company excluding treasury shares (as calculated in
accordance with paragraph (3) below), of which the aggregate number
of shares and convertible securities to be issued other than on a pro rata
basis to shareholders of the Company shall not exceed 20% of the total
number of issued shares in the capital of the Company excluding treasury
shares (as calculated in accordance with paragraph (3) below);
(2) the Renounceable Rights Issues and Other Share Issues shall not, in aggregate,
exceed 100% of the total number of issued shares in the capital of the
Company excluding treasury (as calculated in paragraph (3) below);
(3) for the purpose of determining the aggregate number of shares that may be
issued under paragraphs (1)(A) and (1)(B) above (subject to such manner of
calculation as may be prescribed by the Singapore Exchange Securities Trading
Limited (“SGX-ST”), the percentage of issued shares shall be based on the
total number of issued shares in the capital of the Company excluding treasury
shares at the time this Resolution is passed, after adjusting for:
(i)
(ii)
new shares arising from the conversion or exercise of any convertible
securities or share options or vesting of share awards which are
outstanding or subsisting at the time this Resolution is passed; and
any subsequent bonus issue or consolidation or subdivision of shares;
(4) in exercising the authority conferred by this Resolution, the Company shall
comply with the provisions of the Listing Manual of the SGX-ST in force for the
time being (unless such compliance has been waived by the SGX-ST) and the
Articles of Association of the Company; and
90
Swissco International Limited
Annual Report 2008

Notice of Fifth Annual General Meeting
(5) unless revoked or varied by the Company in General Meeting, the authority
conferred by this Resolution shall continue in force until the conclusion of
the next Annual General Meeting of the Company or the date by which the
next Annual General Meeting of the Company is required by law to be held,
whichever is the earlier.”[see Explanatory Note II(a)]
9. Placement of Shares under the Share Issue Mandate at more than 10% discount
but not exceeding 20%
“That notwithstanding Rule 811 of the listing manual issued by the SGX-ST, the
Directors of the Company be and are hereby authorized, pursuant to the terms and
conditions of the Share Issue Mandate under Resolution 7 above, to issue new shares
of the Company to subscribers or placees under a share placement at a discount that
is more than 10% but not exceeding 20% to the weighted average price for trades
done on the SGX-ST for the full market day on which the placement or subscription
agreement is signed. If, however, trading in the Company’s shares is not available
for a full market day, the weighted average price shall be based on trades done on
the preceding market day up to the time the placement agreement or subscription
agreement is signed.” [see Explanatory Note II(b)]
10. Authority to allot and issue shares pursuant to the Swissco Share Option Scheme
Resolution 8
Resolution 9
“That the directors be and are hereby authorised to allot and issue from time to time
such number of shares in the capital of the Company as may be required to be issued
pursuant to the exercise of the options under the Swissco Share Option Scheme (the
“Share Option Scheme”), provided always that the aggregate number of shares to
be issued pursuant to the Share Option Scheme shall not exceed 15% of the total
number of issued shares in the capital of the Company, excluding treasury shares, if
any, from time to time.”[see Explanatory Note II (c)]
By Order of the Board
Tan Ching Chek and Lo Swee Oi
Joint Company Secretaries
Dated: 13 April 2009
91
Swissco International Limited
Annual Report 2008

Notice of Fifth Annual General Meeting
NOTICE IS HEREBY GIVEN that the Transfer Books and Register of Members of the Company will be closed
on 12 May 2009, for the preparation of dividend warrants.
Duly completed transfers received by the Company’s Registrar, B.A.C.S. Private Limited, 63 Cantonment Road
Singapore 089758 up to the close of business at 5:00 p.m. on 11 May 2009 will be registered to determine
shareholders’ entitlement to the proposed dividends. The dividends, if approved, will be paid on 22 May 2009
to shareholders registered in the books of the Company on 11 May 2009.
In respect of shares in securities accounts with the Central Depository (Pte) Limited (“CDP”), the said dividends
will be paid by the Company to CDP which will in turn distribute the dividend entitlements to holders of shares
in accordance with its practice.
I Explanatory Notes to Ordinary Business to be transacted: -
(a)
Mr Fong Hin Tat, Chairman of the Remuneration Committee and member of the Audit Committee and Nominating Committee will
continue in office as Chairman of the Remuneration Committee and a member of the Audit Committee and Nominating Committee
upon his re-election as a Director of the Company and will be considered independent for the purposes of Rule 704(8) of the Listing
Manual of The Singapore Exchange Securities Trading Limited.
II Explanatory Notes to in relation to Ordinary Resolutions 7, 8 and 9 under Special Business: -
(a)
(b)
(c)
The Ordinary Resolution No. 7, if passed, is to empower the Directors to issue shares in the capital of the Company and to issue
convertible securities and to issue shares in pursuance of such convertible securities, up to a number not exceeding (i) 100% for
Renounceable Rights Issues and (ii) 50% for Other Share Issues, of which up to 20% may be issued other than on a pro rata basis
to shareholders, provided that the total number of shares which may be issued pursuant to (i) and (ii) shall not exceed 100% of
the issued shares (excluding treasury shares) in the capital of the Company. For the purpose of determining the aggregate number
of shares that may be issued, the percentage of issued shares shall be based on the total number of issued shares (excluding
treasury shares) in the capital of the Company at the time that Resolution No. 7 is passed, after adjusting for (a) new shares arising
from the conversion or exercise of any convertible securities or share options or vesting of share awards which are outstanding
or subsisting at the time that Resolution No. 7 is passed, and (b) any subsequent bonus issue or consolidation or subdivision
of shares. In February 2009, as part of further measures to accelerate and facilitate fund raising efforts by listed issuers, 100%
Renounceable Rights Issue is now permitted by Singapore Exchange Limited / Monetary Authority of Singapore subject to conditions
and shareholders’ approval. In this respect, the Company seeks such authority so as to give the Company a wider option of fund
raising should there be a need for such exercise to be undertaken.
The Ordinary Resolution No. 8, if passed, is to empower the Directors of the Company to undertake placement of new shares on
a non pro-rata basis priced at discounts of not exceeding 20%. In February 2009, as part of further measures to accelerate and
facilitate fund raising efforts by listed issuers, a discount limit of up to 20% for share placement is now permitted by Singapore
Exchange Limited/Monetary Authority of Singapore subject to conditions and shareholders’ approval. Similarly, the Company seeks
such authority so as to give the Company a wider option of fund raising should there be a need for such exercise to be undertaken.
The Ordinary Resolution No. 9 if passed, is to empower the Directors of the Company to issue shares in the Company pursuant to
the exercise of the options under the Swissco Share Option Scheme provided that the aggregate number of shares to be issued
does not exceed 15% of the total number of issued shares in the capital of the Company, excluding treasury shares, if any, at any
time. Shareholders who are eligible to participate in the Share Option Scheme will also abstain from voting on this resolution and
shall decline any appointment as proxies for shareholders to vote on this resolution unless the shareholders concerned have given
specific instructions in their respective proxy forms as to the manner in which their votes are to be cast in respect of this resolution.
Notes to Proxy Form:
(i)
(ii)
(iii)
(iv)
A member entitled to attend and vote at this meeting is entitled to appoint one or two proxies to attend and vote in his stead. A
proxy need not be a member of the Company.
If a proxy is to be appointed, the form must be deposited at the registered office of the Company at 9 Pandan Road Singapore
609257 not less than 48 hours before the time set for the meeting.
The form of proxy must be signed by the appointor or his attorney duly authorised in writing.
In the case of joint shareholders, all holders must sign the form of proxy.
92
Swissco International Limited
Annual Report 2008

SWISSCO INTERNATIONAL LIMITED
Company Reg. No.: 200401051D
(Incorporated in the Republic of Singapore)
ANNUAL GENERAL MEETING
PROXY FORM
I/We
of
Important
1. For investors who have used their CPF monies to buy Swissco International
Limited shares, this Annual Report is sent to them at the request of their CPF
Approved Nominees and is sent solely FOR INFORMATION ONLY.
2. This Proxy Form is FOR USE ONLY BY MEMBERS whose shares in Swissco
International Limited are registered in their names. It is not valid for use by
CPF investors and persons whose shares are not registered in their own
names, and shall be ineffective for all intents and purposes if used or purported
to be used by them.
3. CPF investors who wish to attend the Meeting as an observer must submit
their requests through their CPF Approved Nominees within the time frame
specified. If they also wish to vote, they must submit their voting instructions to
the CPF Approved Nominees within the time frame specified to enable them to
vote on their behalf.
(Name)
(Address)
being a member/members of SWISSCO INTERNATIONAL LIMITED hereby appoint:-
Name
Address
NRIC/Passport
Number
Proportion of
Shareholdings
(%)
and/or (delete as appropriate)
Name
Address
NRIC/Passport
Number
Proportion of
Shareholdings
(%)
or failing the person, or either or both of the persons, referred to above, the Chairman of the Meeting, as my/
our proxy/proxies to vote for me/us on my/our behalf, at the Annual General Meeting of the Company to be
held on 30 April 2009 at 10.00 a.m. and at any adjournment thereof in the following manner:
Resolution No For Against
1. Adoption of Reports and Accounts.
2. Re-appointment of Mr Yeo Chong Lin pursuant to Section 153(6) of
the Companies Act, Chapter 50.
3. Re-election of Mr Fong Hin Tat, a director retiring under Article 87.
4. To approve first and final dividend.
5. To approve Directors’ Fees.
6. Re-appointment of Auditors and authorisation of directors to fix their
remuneration.
7. To approve the Ordinary Resolution pursuant to Section 161 of the
Companies Act, Cap 50.
8. To authorise the Directors to issue new shares of the Company to
subscribers or placees under a share placement at a discount not
exceeding 20%.
9. To authorise the Directors to issue and allot shares in accordance
with the provisions of the Swissco Share Option Scheme.
If you wish to exercise all your votes For or Against, please tick with ‘√’. Alternatively, please indicate the
number of votes For or Against each resolution.
If this form of proxy contains no indication as to how the proxy should vote in relation to each resolution, the
proxy shall, as in the case of Any Other Business raised at the meeting, vote as the proxy deems fit.
Dated this day of 2009.
Signature(s) of Member(s)/Common Seal
IMPORTANT: PLEASE READ NOTES OVERLEAF
Total Number of shares in
(a) CDP Register
(b) Register of Members
No of Shares

NOTES
1. A member entitled to attend and vote at the Meeting is entitled to appoint one or two proxies to attend and vote in his stead. A
proxy need not be a member of the Company.
2. Where a member appoints more than one proxy, the appointments shall be invalid unless he specifies the proportion of his holding
(expressed as a percentage of the whole) to be represented by each proxy.
3. Completion and return of this instrument appointing a proxy shall not preclude a member from attending and voting at the Meeting.
Any appointment of a proxy or proxies shall be deemed to be revoked if a member attends the Meeting in person, and in such
event, the Company reserves the right to refuse to admit any person or persons appointed under the instrument of proxy, to the
Meeting.
4. A member should insert the total number of shares held. If the member has shares entered against his name in the Depository
Register (as defined in Section 130A of the Companies Act, Cap. 50 of Singapore), he should insert that number of shares. If the
member has shares registered in his name in the Register of Members of the Company, he should insert that number of shares. If
the member has shares entered against his name in the Depository Register and registered in his name in the Register of Members,
he should insert the aggregate number of shares. If no number is inserted, this form of proxy will be deemed to relate to all shares
held by the member.
5. The instrument appointing a proxy or proxies must be deposited at the Company’s registered office at 9 Pandan Road Singapore
609257 not less than 48 hours before the time set for the Meeting.
6. The instrument appointing a proxy or proxies must be under the hand of the appointor or of his attorney duly authorised in writing.
Where the instrument appointing a proxy or proxies is executed by a corporation, it must be executed either under its common seal
or under the hand of its attorney or a duly authorised officer.
7. Where an instrument appointing a proxy is signed on behalf of the appointor by an attorney, the letter or power of attorney or a duly
certified copy thereof must (failing previous registration with the Company) be lodged with the instrument of proxy, failing which the
instrument may be treated as invalid.
GENERAL
The Company shall be entitled to reject a Proxy Form which is incomplete, improperly completed, illegible or where the true intentions of
the appointor are not ascertainable from the instructions of the appointor specified on the Proxy Form. In addition, in the case of shares
entered in the Depository Register, the Company may reject a Proxy Form if the member, being the appointor, is not shown to have shares
entered against his name in the Depository Register as at 48 hours before the time appointed for holding the Meeting, as certified by The
Central Depository (Pte) Limited to the Company.

This page has been intentionally left blank.

This page has been intentionally left blank.

Corporate Information
Board of Directors
Mr Yeo Chong Lin
Executive Chairman
Mr Alex Yeo Kian Teong
Chief Executive Officer
Mr Phillip Chan Yee Foo
Independent Director
Mr Fong Hin Tat
Independent Director
Mr Kwah Thiam Hock
Independent Director
Company Secretaries
Tan Ching Chek
Lo Swee Oi
Registered Office
9 Pandan Road
Singapore 609257
Principal Place of Business
9 Pandan Road
Singapore 609257
Telephone: (65) 6265 2855
Facsimile: (65) 6264 1661
E-Mail: swissco@singnet.com.sg
Website: www.swissco.net
Share Registrar and Share Transfer Office
B.A.C.S. Private Limited
63 Cantonment Road
Singapore 089758
Auditors
PricewaterhouseCoopers LLP
Certified Public Accountants
8 Cross Street
#17-00 PWC Building
Singapore 048424
Partner-in-charge: Tan Bee Nah
(effective from 1 January 2007)
Principal Banker
United Overseas Bank Limited
80 Raffles Place
UOB Plaza 1
Singapore 048624

SWISSCO
9 Pandan Road
Singapore 609257
Telephone: (65) 6265 2855
Facsimile: (65) 6264 1661
E-Mail: swissco@singnet.com.sg
Website: www.swissco.net