Notes to the Financial Statements - Swissco Holdings Limited

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Independent Auditor's Report To the Member 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 37 to 84, which comprise the balance sheets of the Company and of the Group as at 31 December 2009, the consolidated statement of comprehensive income, 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 2009, 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, 22 March 2010 Swissco International Limited Annual Report 2009 36
Consolidated Statement of Comprehensive Income For the financial year ended 31 December 2009 Note 2009 2008 $ $ Sales 3 58,552,122 52,927,707 Cost of sales (30,853,803) (24,964,689) Gross profit 27,698,319 27,963,018 Other income 3 312,621 665,850 Other gains/(losses) – net - Transfer from equity on disposal of financial assets, available for sale 4 6,722,860 – - Others 4 3,062,737 5,427,820 Expenses - Administrative (11,780,722) (9,394,620) - Finance 6 (663,078) (605,386) Share of profit/(loss) of an associated company 16 46,536 (210,653) Profit before income tax 25,399,273 23,846,029 Income tax expense 8 (1,222,568) (255,385) Net profit attributable to equity holders of the Company 24,176,705 23,590,644 Other comprehensive income: Financial assets, available-for-sale - Fair value gains/(losses) 15,400,539 (109,250,000) - Reclassification to profit or loss (6,722,860) – Other comprehensive income/(losses), net of tax 8,677,679 (109,250,000) Total comprehensive income/(losses) attributable to equity holders of the Company 32,854,384 (85,659,356) Earnings per share attributable to equity holders of the Company (cents per share) - Basic 9 12.26 11.98 - Diluted 9 12.21 11.96 The accompanying notes form an integral part of these financial statements. 37 Annual Report 2009 Swissco International Limited
Page 1 and 2: Swissco International Limited Steer
Page 3 and 4: Corporate Profile Swissco Internati
Page 5 and 6: Ship Repair and Maintenance Small t
Page 7 and 8: Financial Summary FY2009 FY2008 FY2
Page 9 and 10: Chairman’s Statement Dividend The
Page 11 and 12: ENTRY INTO ACCOMMODATION WORK BOAT
Page 13 and 14: Fleet Composition Our fleet has gro
Page 15 and 16: Operations Review Our vessels AHT B
Page 17 and 18: SW Marine (M) Sdn Bhd 49% PT Swissc
Page 19 and 20: Board of Directors Mr Phillip Chan
Page 21 and 22: Key Management Mr Sam Kwai Hoong Ch
Page 23 and 24: Corporate Governance Report Swissco
Page 25 and 26: Corporate Governance Report The NC
Page 27 and 28: Corporate Governance Report Executi
Page 29 and 30: Corporate Governance Report The Aud
Page 31 and 32: Directors' Report For the financial
Page 37: Statement by Directors For the fina
Page 41 and 42: Consolidated Statement of Changes i
Page 43 and 44: Notes to the Financial Statements F
Page 87 and 88: Statistics of Shareholdings As at 1
Page 89 and 90:
Notice of Sixth Annual General Meet
Page 91 and 92:
Notice of Sixth Annual General Meet
Page 93 and 94:
NOTES 1. A member entitled to atten
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Notes to the Financial Statements - Swissco Holdings Limited

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