Annual Report 2005 - Leeden Limited

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22Auditors’ Report to the Members ofAce Dynamics LimitedACE DYNAMICS LIMITEDWe have audited the accompanying fi nancial statements of Ace Dynamics Limited (the “Company”) and its subsidiary companies (the “Group”)set out on pages 23 to 66 for the year ended 31 December 2005. These fi nancial statements are the responsibility of the Company’sDirectors. Our responsibility is to express an opinion on these fi nancial statements based on our audit.We conducted our audit in accordance with Singapore Standards on Auditing. Those Standards require that we plan and perform the auditto obtain reasonable assurance about whether the fi nancial statements are free of material misstatement. An audit includes examining, ona test basis, evidence supporting the amounts and disclosures in the fi nancial statements. An audit also includes assessing the accountingprinciples used and signifi cant estimates made by the Directors, as well as evaluating the overall fi nancial statement presentation. Webelieve that our audit provides a reasonable basis for our opinion.In our opinion,(a)(b)the consolidated fi nancial statements of the Group and the balance sheet and statement of changes in equity of the Company areproperly drawn up in accordance with the provisions of the Singapore Companies Act, Cap. 50 (the “Act”) and Singapore FinancialReporting Standards so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 December2005, and the results, changes in equity and cash fl ows of the Group and the changes in equity of the Company for the fi nancial yearended on that date; andthe accounting and other records required by the Act to be kept by the Company and by those subsidiary companies incorporated inSingapore of which we are the auditors have been properly kept in accordance with the provisions of the Act.ERNST & YOUNGCertifi ed Public AccountantsSingapore31 March 2006ANNUAL REPORT 2005
Consolidated Profit and Loss Accountfor the financial year ended 31 December 200523GroupNote 2005 2004$’000 $’000(Restated)Turnover 3 73,307 39,935Cost of sales (58,339) (26,957)Gross profit 14,968 12,978Other income 4 1,389 209Distribution costs (8,839) (7,300)Administrative costs (4,349) (9,175)ACE DYNAMICS LIMITEDProfit/(loss) from operating activities 4 3,169 (3,288)Finance costs 5 (947) (430)Amortisation of goodwill arising on consolidation – (400)Impairment loss on goodwill arising on consolidation (1,600) –Share of profi t in associated companies 1,132 413Profit/(loss) before taxation 1,754 (3,705)Taxation 6 (1,133) (681)Profit/(loss) after taxation 621 (4,386)Attributable to :Equity holders of the Company 622 (4,493)Minority interest (1) 107621 (4,386)Basic earnings/(loss) per share (in cents) 7 0.44 (3.52)Diluted earnings/(loss) per share (in cents) 7 0.44 (3.50)The accompanying accounting policies and explanatory notes form an integral part of the financial statements.ANNUAL REPORT 2005
Page 2 and 3: 2ACE DYNAMICS LIMITED1 Mission, Vis
Page 4: 2ACE DYNAMICS LIMITEDMessage fromCh
Page 7 and 8: 5ACE DYNAMICS LIMITEDFinance cost w
Page 9 and 10: 7ACE DYNAMICS LIMITEDby 11% to $9.3
Page 11 and 12: 9Mr Tony Chan was appointed as a No
Page 13 and 14: Corporate Governance Report11Ace Dy
Page 15 and 16: Corporate Governance Report13BOARD
Page 17 and 18: Corporate Governance Report15Princi
Page 19 and 20: 17Report of the DirectorsThe Direct
Page 21 and 22: 19Report of the DirectorsDirectors
Page 23: Statement by Directors Pursuant to
Page 27 and 28: Statements of Changes in Equityfor
Page 29 and 30: Consolidated Statement of Cash Flow
Page 31 and 32: Notes to the Financial Statements-
Page 49 and 50: 47Notes to the Financial Statements
Page 69 and 70: Shareholding StatisticsAs at 20 Mar
Page 71 and 72: 69ACE DYNAMICS LIMITED(Company Regi
Page 73 and 74: ACE DYNAMICS LIMITED[Company Regist
Page 75:
ACE DYNAMICS LIMITED1 Shipyard Road
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Annual Report 2005 - Leeden Limited

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