Notes to the Financial Statements - Swissco Holdings Limited

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Consolidated Cash Flow Statement For the financial year ended 31 December 2009 Note 2009 2008 $ $ Cash flows from operating activities Net profit 24,176,705 23,590,644 Adjustments for - Income tax expense 1,222,568 255,385 - Share of (profit)/loss of an associated company (46,536) 210,653 - Employee share option expense 363,439 430,949 - Amortisation of deferred gain (68,530) (47,250) - Depreciation of property, plant and equipment 8,021,114 4,646,626 - Interest expense 663,078 605,386 - Interest income (11,712) (195,058) - Gain on disposal of property, plant and equipment (3,476,380) (3,515,035) - Gain on disposal of non-current asset classified as held for sale – (1,704,745) - Gain on disposal of financial assets, available-for-sale (6,722,860) – 24,120,886 24,277,555 Change in working capital - Trade and other receivables 638,505 (4,771,482) - Inventories 47,912 (114,096) - Other current assets 852,722 (375,791) - Trade and other payables 170,947 4,157,382 Cash generated from operations 25,830,972 23,173,568 Income tax paid (119,009) (663,976) Net cash provided by operating activities 25,711,963 22,509,592 Cash flows from investing activities Interest received 11,712 195,058 Proceeds from disposal of financial assets, available-for-sale 8,950,539 – Investment in an associated company – (210,653) Investment in joint venture (20,366) – Proceeds from disposal of property, plant and equipment 17,715,709 10,435,909 Proceeds from disposal of non-current asset classified as held for sale – 8,243,104 Purchases and construction of property, plant and equipment (40,125,840) (55,193,649) Net cash used in investing activities (13,468,246) (36,530,231) Cash flows from financing activities Proceeds from issuance of ordinary shares – 348,281 Interest paid (663,078) (605,386) Proceeds from borrowings 16,329,644 19,650,000 Repayment of borrowings (15,607,065) (8,523,582) Repayment of finance lease liabilities (65,806) (362,924) Dividends paid to equity holders of the Company (1,972,087) (1,967,837) Net cash (used in)/provided by financing activities (1,978,392) 8,538,552 Net increase/(decrease) in cash and cash equivalents 10,265,325 (5,482,087) Cash and cash equivalents at beginning of financial year 4,313,138 9,795,225 Cash and cash equivalents at end of financial year 10 14,578,463 4,313,138 The accompanying notes form an integral part of these financial statements. Swissco International Limited Annual Report 2009 40
Notes to the Financial Statements For the financial year ended 31 December 2009 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 Securities Trading Limited. Its registered office and principal place of business is located at No. 60 Penjuru Lane, Singapore 609214. The principal activity of the Company is that of investment holding. The principal activities of its subsidiaries are set out in Note 15 to the financial statements. 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 certain critical 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 2009 On 1 January 2009, 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: • FRS 1 (revised) “Presentation of financial statements” (effective from 1 January 2009). The revised standard prohibits the presentation of items of income and expenses (that is, “non-owner changes in equity”) in the statement of changes in equity. All non-owner changes in equity are shown in the performance statement, but entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income). The Group has chosen to adopt the former alternative. Where comparative information is restated or reclassified, a restated balance sheet is required to be presented as at the beginning comparative period. There is no restatement of the balance sheet as at 1 January 2008 in the current financial year. • FRS 108 “Operating segments” (effective from 1 January 2009) replaces FRS 14 “Segment reporting”, and requires a “management approach”, under which segment information is presented on the same basis as that used for internal reporting purposes. This has resulted in an increase in the number of reportable segments presented. Segment revenue, segment profits and segment assets are also measured on a basis that is consistent with internal reporting. 41 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 and 38: Statement by Directors For the fina
Page 39 and 40: Consolidated Statement of Comprehen
Page 41: Consolidated Statement of Changes i
Page 45 and 46: 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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