notes to the financial statements - Investor Relations

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CWT Limited 118 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 38 INCOME TAX EXPENSE Group 2011 2010 $’000 $’000 Current tax expense Current year 8,078 8,020 Over provision in prior years (1,749) (130) Deferred tax expense 6,329 7,890 Origination and reversal of temporary differences 735 (927) (Over)/under provision in prior years (1,455) 3 (720) (924) Total income tax expense 5,609 6,966 Income tax recognised in other comprehensive income Group Before Tax Tax (expense)/ benefit Net of Tax $’000 $’000 $’000 2011 Exchange differences arising from translation of foreign operations 1,923 – 1,923 Exchange differences realised on disposal of subsidiaries (1,195) – (1,195) Fair value changes on available-for-sale financial assets (4,230) – (4,230) Fair value changes on available-for-sale financial assets transferred to profit or loss upon disposal (2,194) – (2,194) Fair value changes on cash flow hedges (2,651) – (2,651) Share of other comprehensive income of associates and jointly-controlled entities 767 – 767 (7,580) – (7,580) 2010 Exchange differences arising from translation of foreign operations (20,755) – (20,755) Exchange differences realised on disposal of subsidiaries 33 – 33 Fair value changes on available-for-sale financial assets 9,689 – 9,689 Fair value changes on available-for-sale financial assets transferred to profit or loss upon disposal (1,607) – (1,607) Share of other comprehensive income of associates and jointly-controlled entities 2,695 – 2,695 (9,945) – (9,945)
NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2011 38 INCOME TAX EXPENSE (CONT’D) Reconciliation of effective tax rate Annual Report 2011 119 Group 2011 2010 $’000 $’000 Profit before income tax 65,082 189,379 Tax calculated using Singapore tax rate of 17% (2010: 17%) 11,064 32,254 Effect of different tax rates in other countries (1,839) (60) Income not subject to tax (8,565) (30,598) Tax incentives (436) – Effect of utilisation of tax losses and wear and tear allowances not previously recognised as deferred tax assets (63) (526) Expenses not deductible for tax purposes 5,770 1,895 Effect of deferred tax assets not recognised 2,882 4,128 Over provision in prior years (3,204) (127) 5,609 6,966 Certain of the tax returns of the Group entities (including the Company) for prior years have not yet been finalised with the respective tax authorities. In arriving at the current tax expense of the Group, management establishes the best estimate of the expenditure required to settle its current tax liabilities based on its actual experience of similar transactions in the past, and in some cases, advice from its legal advisors on certain transactions. In respect of the gains recognised on sale and leaseback of certain leasehold buildings, the Group continues to treat the disposals of the leasehold buildings as capital transactions and accordingly, the gains on disposal of leasehold buildings including the accretion of the deferred gain over the leaseback period are therefore not subject to tax. Subsequent to the tax affairs being finalised by the tax authorities, there may be significant adjustments affecting the Group’s results in future periods as there is no absolute certainty that the relevant tax authorities would accept the tax treatments of certain income and expenses submitted by the Group. 39 EARNINGS PER SHARE Group 2011 2010 $’000 $’000 The basic and diluted earnings per share are based on: Profit for the year attributable to shareholders 57,145 178,967 No. of shares 2011 2010 ’000 ’000 Issued ordinary shares in issue at beginning of the year 590,305 574,305 Weighted average number of ordinary shares in issue during the year 595,044 588,814 The Company does not have any dilutive potential ordinary shares in existence for the current and previous financial years.
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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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NOTES TO THE FINANCIAL STATEMENTS Y
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Page 69 and 70: NOTES TO THE FINANCIAL STATEMENTS Y
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