Notes to the Financial Statements - Swissco Holdings Limited
Notes to the Financial Statements - Swissco Holdings Limited Notes to the Financial Statements - Swissco Holdings Limited
Notes to the Financial Statements For the financial year ended 31 December 2009 2. Significant accounting policies (continued) 2.20 Dividends to Company’s shareholders Dividends to Company’s shareholders are recognised when the dividends are approved for payment. 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 profit or loss. Any subsequent increase in fair value less costs to sell (not exceeding the accumulated impairment loss that has been previously recognised) is recognised in profit or loss. 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 borrowing entities 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 profit or loss over the period of the 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. 2.23 Government grants Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions. Government grants receivable are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income. Swissco International Limited Annual Report 2009 52
Notes to the Financial Statements For the financial year ended 31 December 2009 3. Revenue and other income Group 2009 2008 $ $ Rendering of services Chartering income, sale of out-port-limit services and related income 53,870,367 47,221,044 Ship repair and related services 4,681,755 5,706,663 Sales 58,552,122 52,927,707 Other income Interest income – Banks 11,712 195,058 Government grant – Jobs Credit Scheme 84,128 – Others 216,781 470,792 312,621 665,850 The Jobs Credit Scheme is a cash grant introduced in the Singapore Budget 2009 to help businesses preserve jobs in the economic downturn. The Jobs Credit is paid to eligible employers in 2009 in four payments and the amount an employer can receive is dependent on the fulfilment of the conditions as stated in the Scheme. 4. Other gains/(losses) – net Group 2009 2008 $ $ Transfer from equity on disposal of financial assets, available for sale [Note 25(b)(ii)] 6,722,860 – Others - 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 - Amortisation of deferred gain (Note 22) 68,530 47,250 - Currency translation (losses)/gains – net (482,173) 160,790 3,062,737 5,427,820 53 Annual Report 2009 Swissco International Limited
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<strong>Notes</strong><br />
<strong>to</strong> <strong>the</strong> <strong>Financial</strong> <strong>Statements</strong><br />
For <strong>the</strong> financial year ended 31 December 2009<br />
2. Significant accounting policies (continued)<br />
2.20 Dividends <strong>to</strong> Company’s shareholders<br />
Dividends <strong>to</strong> Company’s shareholders are recognised when <strong>the</strong> dividends are approved for payment.<br />
2.21 Non-current assets held for sale<br />
Non-current assets held for sale are carried at <strong>the</strong> lower of carrying amount and fair value less costs <strong>to</strong> sell<br />
if <strong>the</strong>ir carrying amount is recovered principally through a sale transaction ra<strong>the</strong>r than through continuing<br />
use. The assets are not depreciated or amortised while <strong>the</strong>y are classified as held for sale. Any impairment<br />
loss on initial classification and subsequent measurement is recognised in profit or loss. Any subsequent<br />
increase in fair value less costs <strong>to</strong> sell (not exceeding <strong>the</strong> accumulated impairment loss that has been<br />
previously recognised) is recognised in profit or loss.<br />
2.22 <strong>Financial</strong> guarantees<br />
The Company has issued corporate guarantees <strong>to</strong> banks for borrowings of its subsidiaries and an associated<br />
company. These guarantees are financial guarantees as <strong>the</strong>y require <strong>the</strong> Company <strong>to</strong> reimburse <strong>the</strong> banks if<br />
<strong>the</strong> borrowing entities fail <strong>to</strong> make principal or interest payments when due in accordance with <strong>the</strong> terms of<br />
<strong>the</strong>ir borrowings.<br />
<strong>Financial</strong> guarantees are initially recognised at <strong>the</strong>ir fair values (if material) plus transaction costs in <strong>the</strong><br />
Company’s balance sheet.<br />
<strong>Financial</strong> guarantees are subsequently amortised <strong>to</strong> profit or loss over <strong>the</strong> period of <strong>the</strong> borrowings,<br />
unless it is probable that <strong>the</strong> Company will reimburse <strong>the</strong> bank for an amount higher than <strong>the</strong> unamortised<br />
amount. In this case, <strong>the</strong> financial guarantees shall be carried at <strong>the</strong> expected amount payable <strong>to</strong> <strong>the</strong> bank<br />
in <strong>the</strong> Company’s balance sheet.<br />
Intragroup transactions are eliminated on consolidation.<br />
2.23 Government grants<br />
Grants from <strong>the</strong> government are recognised as a receivable at <strong>the</strong>ir fair value when <strong>the</strong>re is reasonable<br />
assurance that <strong>the</strong> grant will be received and <strong>the</strong> Group will comply with all <strong>the</strong> attached conditions.<br />
Government grants receivable are recognised as income over <strong>the</strong> periods necessary <strong>to</strong> match <strong>the</strong>m with <strong>the</strong><br />
related costs which <strong>the</strong>y are intended <strong>to</strong> compensate, on a systematic basis. Government grants relating <strong>to</strong><br />
expenses are shown separately as o<strong>the</strong>r income.<br />
<strong>Swissco</strong> International <strong>Limited</strong> Annual Report 2009<br />
52