notes to the financial statements - Investor Relations

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CWT Limited 100 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 23 NON-CURRENT ASSETS HELD-FOR-SALE Group 2011 2010 $’000 $’000 Property, plant and equipment 2,345 – During the year, the Group entered into a sale and purchase agreement to dispose of a warehouse property. The sale was completed on 6 February 2012 (see note 45(b)). 24 SHARE CAPITAL 2011 2011 2010 2010 No. of No. of Company shares shares (’000) $’000 (’000) $’000 Issued and fully paid, with no par value: At 1 January 590,305 161,965 574,305 149,390 Shares issued 10,000 12,373 16,000 12,575 At 31 December 600,305 174,338 590,305 161,965 Issue of ordinary shares During the year, 10,000,000 ordinary shares were issued for $12,373,000, being partial settlement of the purchase consideration for the acquisition of MRI Trading AG (see note 40a) (2010: 16,000 ordinary shares were issued for cash of $12,575,000). The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets. Capital management The Board defines “Capital” to include share capital, reserves and non-controlling interests. The Board’s policy is to maintain a sound capital base to sustain the future development and expansion of the Group’s business, so as to maintain investor and creditor confidence in the Group. The Board of Directors monitors the level of dividend payment by taking into account the Group’s business expansion requirements. The Board of Directors also seeks to maintain an optimal mix of equity and debt with a view to optimise financial return to shareholders. The Group targets to achieve a return on shareholders’ equity (“ROE”) of between 13.0% and 18.0%. In 2011, the Group achieved a ROE of 12% (2010: 40.8%). The Group monitors capital on the basis of the debt to equity ratio. This ratio is calculated as total borrowings divided by equity. Total borrowings refer to “financial liabilities” as shown in the consolidated statement of financial position; and equity refers to share capital, reserves and non-controlling interests as shown in the consolidated statement of financial position. The Group’s strategy, which is unchanged from 2010, is to maintain the debt to equity ratio under 1.0. The debt to equity ratio at 31 December 2011 and 2010 were as follows: Group 2011 2010 $’000 $’000 Debt to equity ratio 0.77 0.04 There were no changes in the Group’s approach to capital management during the year.
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 24 SHARE CAPITAL (CONT’D) Capital management (cont’d) Annual Report 2011 Straits Financial LLC (“SFLLC”), a subsidiary incorporated in the United States of America, is subject to minimum capital requirements pursuant to laws and regulations of the United States. Management has established controls and policies to ensure that the subsidiary complies with the minimum capital requirements. The Group and its subsidiaries, other than set out above, are not subject to externally imposed capital requirements. 25 RESERVES Group Company 2011 2010 2011 2010 $’000 $’000 $’000 $’000 Fair value reserve 8,509 14,890 9,232 14,868 Currency translation reserve (20,280) (21,852) – – Hedging reserve (1,856) (544) – – Statutory reserve 604 557 – – Capital reserve (1,364) – – – Retained profits 316,219 273,273 119,877 113,461 301,832 266,324 129,109 128,329 The fair value reserve comprises the cumulative net changes in the fair values of available-for-sale financial assets. The currency translation reserve of the Group comprises foreign exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from the functional currency of the Company. The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments. The statutory reserve relates to profits set aside in accordance with local legislation by certain foreign entities and is nondistributable. The capital reserve comprises the difference between purchase considerations and net assets acquired in group restructuring and acquisition of non-controlling interests that does not result in a change in control. 101
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CWT Limited Annual Report 2011 Annu
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ABOUT THE CWT GROUP VISION To Be A
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GROUP FIVE-YEAR FINANCIAL SUMMARY F
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Largest warehouse operator in Singa
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CWT Limited CHAIRMAN’S STATEMENT
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CWT Limited BOARD OF DIRECTORS Loi
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CWT Limited EXECUTIVE TEAM Loi Pok
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ELEVATION Rising through resilience
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COMMODITY SUPPLY CHAIN MANAGEMENT C
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MIDDLE EAST Kuwait Kuwait UK Estoni
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CWT Limited OPERATIONS REVIEW “Am
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CWT Limited OPERATIONS REVIEW 1. Br
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CHARACTER Our identity and performa
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EHS activities and related awards E
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Investor Relations We regularly eng
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CORPORATE GOVERNANCE Annual Report
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DIRECTORS’ REPORT YEAR ENDED 31 D
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STATEMENT BY DIRECTORS YEAR ENDED 3
Page 51 and 52: STATEMENT OF FINANCIAL POSITION AS
Page 53 and 54: Annual Report 2011 CONSOLIDATED STA
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Page 59 and 60: CONSOLIDATED STATEMENT OF CASH FLOW
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Page 135 and 136: STATISTICS OF SHAREHOLDINGS SHAREHO
Page 137 and 138: NOTICE OF ANNUAL GENERAL MEETING An
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Page 141 and 142: CWT LIMITED (Company Registration N
Page 143 and 144: CORPORATE DIRECTORY Loi Pok Yen Gro
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notes to the financial statements - Investor Relations

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