notes to the financial statements - Investor Relations

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CWT Limited 110 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 32 PROVISIONS (CONT’D) The provisions made by the Group and the Company are in respect of: (i) warranty claims for completed projects. The provision is made based on estimates from historical warranty data and a weighting of all possible outcomes against their associated probabilities; (ii) claims by customers for damage of goods and liquidated damages for services rendered in the course of business including third party claims for accident; and (iii) obligations to carry out site restoration work on the leasehold buildings used for warehouse operations, estimated by third party consultants. 33 SEGMENT REPORTING Operating segments The Group has three reportable segments, as described below, which are the Group’s strategic divisions. The strategic divisions offer different products and services, and are managed separately because they require different technology and marketing strategies. For each of the strategic divisions, the Group CEO (the chief operating decision maker) reviews internal management reports on at least a quarterly basis. The following summary describes the operations in each of the Group’s reportable segments: (a) Logistics services. Include warehousing, transportation, freight forwarding and cargo consolidation, collateral management services, surface preparation of metal materials for corrosion control and container depot operations. The Group, being a one-stop logistics provider, views all logistics services as a total logistics solutions provided to customers. These logistics services are aggregated into a single operating segment since the aggregated operating results of this segment are regularly reviewed by the Group CEO to make decisions about resources to be allocated to it and to assess its performance. (b) Engineering services. Include design, building and construction management, maintenance and repair of vehicles, equipment and buildings. (c) Commodity marketing and supply chain management. Include physical trading and supply chain management of base metal non-ferrous concentrates with predominant focus on copper, lead, zinc and other minor metals and energy products like coal and fuel. Other services of the Group include asset management services, brokerage services and other investment holding activities. None of these segments meets any of the quantitative thresholds for determining reportable segments in 2011 or 2010. Performance is measured based on segment profit before income tax and is reviewed regularly by the GCEO. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these business environments. Inter-segment pricing is determined on an arm’s length basis.
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 33 SEGMENT REPORTING (CONT’D) Annual Report 2011 Segment profit before tax represents operating revenue less expenses. Corporate expenses represent the cost of Group function not allocated to the reportable segments. Segment assets represent assets directly managed by each segment, and primarily include receivables, property, plant and equipment. Segment liabilities represent liabilities directly managed by each segment, and primarily include payables and financial liabilities. Where there are material changes in the organisational structure and management reporting methodologies, segment information for prior periods is restated to allow comparability. 111
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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
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STATEMENT OF FINANCIAL POSITION AS
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Annual Report 2011 CONSOLIDATED STA
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CASH FLOW
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