Financial Statements - Mewah Group

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MEWAH INTERNATIONAL INC. ANNUAL REPORT 2011 Notes to the Financial Statements For the financial year ended 31 December 2011 33. Related party transactions In addition to the information disclosed elsewhere in the financial statements, the following transactions took place between the Group and related parties at terms agreed between the parties: (a) Sales and purchases of goods and services and other transactions Group 2011 2010 US$’000 US$’000 Sales to related parties - Sales of finished goods 97,711 32,230 Purchase from related parties - Purchases of raw materials (5,800) (9,446) Unrealised gains from derivative financial instruments 152 84 Service rendered by related parties - Transportation and forwarding (2,811) (2,359) - Packing material (10,357) (9,909) - Insurance (3,246) (3,195) - Consultation fees (860) - - Travelling expenses (367) (412) Rental paid/payable to related parties (118) (112) Rental received/receivable from related parties 41 - Service agreement 22 - Reimbursement of expenses for related parties - 358 Related parties are companies in which the directors/shareholders of the Company have significant influence or control. Outstanding balances at 31 December 2011 and 2010 arising from the above transactions are set out in Notes 14, 15, 22 and 23 respectively. (b) Key management personnel compensation Key management personnel compensation is as follows: Group 2011 2010 US$’000 US$’000 Wages, salaries and other short-term employee benefits 7,693 8,788 Employer’s contribution to defined contribution plans 114 89 7,807 8,877 116
Building Capabilities Notes to the Financial Statements For the financial year ended 31 December 2011 34. Segment information Management has determined the operating segments based on the reports reviewed by the Executive Committee that are used to make strategic decisions. The Executive Committee comprises the Chief Executive Officer, the Chief Financial Officer, and the department heads of each business within each segment. The Executive Committee considers the business from two segments: (i) (ii) The bulk segment which sources, manufactures and sells edible oils and specialty fats and oils in bulk for a variety of end uses; and The consumer pack segment which manufactures and sells edible oils and bakery fats to consumers in packaged form. The Group measures and tracks the profitability in terms of operating margin and earnings before interest, tax, depreciation and amortisation (“EBITDA”). Operating margin is calculated as revenue, less cost of sales (excluding depreciation), selling and distribution expenses and foreign exchange gains/(losses). Operating margin relating to inter-segment sales are reported under the segment where the final sales to third parties are made. EBITDA is calculated as operating margin add other income (excluding interest income), less administrative expenses (excluding depreciation and amortisation) and other operating expenses. 117
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Financial Statements - Mewah Group

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