SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited
SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited
AUDITORS’ REPORT TO THE MEMBERS OF SWISSCO INTERNATIONAL LIMITED We have audited the accompanying financial statements of Swissco International Limited set out on pages 25 to 51 for the financial year ended 31 December 2004, comprising the balance sheet of the Company and the consolidated financial statements of the Group. These financial statements are the responsibility of the Company’s directors. Our responsibility is to express an opinion on these financial statements based on our audit. As set out in note 2(g) to the financial statements, the consolidated financial statements of the Group for the financial year ended 31 December 2004 and its comparative figures have been prepared and presented as if the Group has been in existence since 1 January 2003 using the “pooling-of-interest” method. These comparative figures have not been audited. We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan and perform our audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, (a) (b) the accompanying balance sheet of the Company and the consolidated financial statements of the Group are properly drawn up in accordance with the provisions of the Companies Act, Cap 50 (“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 2004, 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 auditors have been properly kept in accordance with the provisions of the Act. PricewaterhouseCoopers Certified Public Accountants Singapore, 28 March 2005 SWISSCO INTERNATIONAL LIMITED_24
CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004 Note 2004 2003 $ $ Sales 4 8,529,184 12,129,518 Cost of sales (6,480,504) (8,039,275) Gross profit 2,048,680 4,090,243 Other operating income 4 4,358,919 2,137,553 Administrative expenses (2,379,206) (1,849,557) Other operating expenses (756,106) (340,730) Profit from operations 5 3,272,287 4,037,509 Finance costs 6 (348,318) (266,411) Share of results of associated companies before tax 1,110,240 600,187 Profit before tax 4,034,209 4,371,285 Income tax expense 8 (161,609) (280,677) Net profit for the financial year 3,872,600 4,090,608 Earnings per share - basic and diluted (cents) 9 3.07 3.29 The accompanying notes form an integral part of these financial statements. Auditors’ report – Page 24. ANNUAL REPORT 2004_25
- Page 1 and 2: SWISSCO SAILING THE SEAS OF SUCCESS
- Page 3 and 4: GROUP STRUCTURE 100% 100% Swissc
- Page 5 and 6: CHAIRMAN’S STATEMENT “Our Group
- Page 7 and 8: CORPORATE PROFILE Out Port Limit (O
- Page 9 and 10: OUR HISTORY our business to support
- Page 11 and 12: BOARD OF DIRECTORS Mr Yeo Chong Lin
- Page 13 and 14: CORPORATE INFORMATION BOARD OF DIRE
- Page 15 and 16: OPERATIONS REVIEW Our Group’s two
- Page 17 and 18: our vessels OUT PORT LIMIT (OPL) BO
- Page 19 and 20: CORPORATE GOVERNANCE REPORT Swissco
- Page 21 and 22: CORPORATE GOVERNANCE REPORT Interna
- Page 23 and 24: DIRECTORS’ REPORT Directors’ co
- Page 25: STATEMENT BY DIRECTORS In the opini
- Page 29 and 30: CONSOLIDATED STATEMENT OF CHANGES I
- Page 31 and 32: NOTES TO THE FINANCIAL STATEMENTS F
- Page 33 and 34: NOTES TO THE FINANCIAL STATEMENTS F
- Page 35 and 36: NOTES TO THE FINANCIAL STATEMENTS F
- Page 37 and 38: NOTES TO THE FINANCIAL STATEMENTS F
- Page 39 and 40: NOTES TO THE FINANCIAL STATEMENTS F
- Page 41 and 42: NOTES TO THE FINANCIAL STATEMENTS F
- Page 43 and 44: NOTES TO THE FINANCIAL STATEMENTS F
- Page 45 and 46: NOTES TO THE FINANCIAL STATEMENTS F
- Page 47 and 48: NOTES TO THE FINANCIAL STATEMENTS F
- Page 49 and 50: NOTES TO THE FINANCIAL STATEMENTS F
- Page 51 and 52: NOTES TO THE FINANCIAL STATEMENTS F
- Page 53 and 54: NOTES TO THE FINANCIAL STATEMENTS F
- Page 55 and 56: STATISTICS OF SHAREHOLDINGS AS AT 1
- Page 57 and 58: NOTICE OF FIRST ANNUAL GENERAL MEET
- Page 59 and 60: NOTICE OF FIRST ANNUAL GENERAL MEET
- Page 61 and 62: SWISSCO INTERNATIONAL LIMITED (Inco
- Page 63: SWISSCO Swissco International Limit
CONSOLIDATED INCOME STATEMENT<br />
FOR <strong>THE</strong> FINANCIAL YEAR ENDED 31 DECEMBER 2004<br />
Note 2004 2003<br />
$ $<br />
Sales 4 8,529,184 12,129,518<br />
Cost of sales (6,480,504) (8,039,275)<br />
Gross profit 2,048,680 4,090,243<br />
Other operating income 4 4,358,919 2,137,553<br />
Administrative expenses (2,379,206) (1,849,557)<br />
Other operating expenses (756,106) (340,730)<br />
Profit from operations 5 3,272,287 4,037,509<br />
Finance costs 6 (348,318) (266,411)<br />
Share of results of associated companies before tax 1,110,240 600,187<br />
Profit before tax 4,034,209 4,371,285<br />
Income tax expense 8 (161,609) (280,677)<br />
Net profit for the financial year 3,872,600 4,090,608<br />
Earnings per share - basic and diluted (cents) 9 3.07 3.29<br />
The accompanying notes form an integral part of these financial statements. Auditors’ report – Page 24.<br />
ANNUAL REPORT 2004_25
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