FINANCIAL STATEMENTS - Mewah Group

More documents

Recommendations

Info

MEWAH INTERNATIONAL INC.NOTES TOTHE FINANCIAL STATEMENTSFor the financial year ended 31 December 201227. OTHER RESERVES (CONTINUED)(b) MovementsGroup2012 2011US$’000 US$’000(i)Merger reserveBeginning of financial year (50,749) (50,749)Acquisition of subsidiaries under common control 43 -End of financial year (50,706) (50,749)(ii) General reserveBeginning of financial year (2,608) (832)Acquisition of non-controlling interests - (516)Put option granted to non-controlling interests* - (1,260)End of financial year (2,608) (2,608)(iii) Asset revaluation reserveBeginning of financial year 10,146 10,281Realisation of reserve upon disposal (470) (135)Tax relating to asset revaluation reserve 382 -End of financial year 10,058 10,146(iv) Currency translation reserveBeginning of financial year 27,796 31,794Net currency translation differences of foreign subsidiaries 7,853 (3,798)Non-controlling interests 18 (200)End of financial year 35,667 27,796Other reserves are non-distributable.* Certain non-controlling interests have the option to put its shares to the Group for a cash consideration to be calculated inaccordance with the provisions of the shareholders’ agreement between the Group and the non-controlling interests. The Grouprecognises the present value of the estimated redemption amount as a financial liability (included in non-trade payables, Note 23)against equity.28. RETAINED PROFITS(a) Retained profits of the Group are distributable, to the extent that it is in compliance with the local guidelines of the countries inwhich the subsidiaries operate and the restrictions imposed by the covenant underlying our borrowings.88
ANNUAL REPORT 2012NOTES TOTHE FINANCIAL STATEMENTSFor the financial year ended 31 December 201228. RETAINED PROFITS (CONTINUED)(b) Movement in retained profits for the Company is as follows:Company2012 2011US$’000 US$’000Beginning of financial year 8,932 (3,105)Dividends (Note 29) (9,646) (4,333)Total comprehensive income for the financial year 15,627 16,370End of financial year 14,913 8,93229. DIVIDENDSDeclared and paid during the financial year:Group and Company2012 2011US$’000 US$’000Dividend on ordinary shares:- Final exempt one-tier dividends of S$0.0050 for 2011 per share 6,021 -- Interim exempt dividends of S$0.0030 (2011: S$0.0035) per share 3,625 4,3339,646 4,333Proposed but not recognised as a liability as at 31 December:Dividends on ordinary shares, subject to shareholders’ approval at the AGM:Final exempt one-tier dividends of S$0.0055 (2011: S$0.0050) per share 6,773 5,83089
Page 3 and 4: ANNUAL REPORT 2012DIRECTORS’ REPO
Page 5: ANNUAL REPORT 2012STATEMENT BY DIRE
Page 8 and 9: MEWAH INTERNATIONAL INC.CONSOLIDATE
Page 10 and 11: MEWAH INTERNATIONAL INC.STATEMENT O
Page 12 and 13: MEWAH INTERNATIONAL INC.CONSOLIDATE
Page 14 and 15: MEWAH INTERNATIONAL INC.NOTES TOTHE
Page 40 and 41: MEWAH INTERNATIONAL INC.NOTES TO TH

FINANCIAL STATEMENTS - Mewah Group

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?